Pimco Variable Insurance Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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: 811-8399

PIMCO Variable Insurance Trust

(Exact name of registrant as specified in charter)

840 Newport Center Drive, Newport Beach, CA 92660

(Address of principal executive offices)

John P. Hardaway

Treasurer

PIMCO Funds

840 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Brendan Fox

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Registrant’s telephone number, including area code: (949) 720-4761

Date of fiscal year end: December 31

Date of reporting period: January 1, 2004 – June 30, 2004

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

PIMCO VARIABLE INSURANCE TRUST

HIGH YIELD PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	13

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

High Yield Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                                                    Merrill Lynch
                      High Yield                   U.S. High Yield
                  Portfolio Admin. Class           BB-B Rated Index
                  ----------------------           ----------------
04/30/1998              $10,000                        $10,000
05/31/1998              $10,004                        $10,069
06/30/1998              $10,101                        $10,126
07/31/1998              $10,195                        $10,189
08/31/1998               $9,722                         $9,739
09/30/1998               $9,858                         $9,806
10/31/1998               $9,760                         $9,617
11/30/1998              $10,152                        $10,066
12/31/1998              $10,180                        $10,062
01/31/1999              $10,357                        $10,173
02/28/1999              $10,279                        $10,106
03/31/1999              $10,383                        $10,219
04/30/1999              $10,539                        $10,370
05/31/1999              $10,335                        $10,263
06/30/1999              $10,331                        $10,244
07/31/1999              $10,338                        $10,260
08/31/1999              $10,288                        $10,175
09/30/1999              $10,292                        $10,159
10/31/1999              $10,277                        $10,121
11/30/1999              $10,403                        $10,243
12/31/1999              $10,486                        $10,321
01/31/2000              $10,419                        $10,272
02/29/2000              $10,401                        $10,276
03/31/2000              $10,205                        $10,117
04/30/2000              $10,253                        $10,127
05/31/2000              $10,226                        $10,020
06/30/2000              $10,393                        $10,240
07/31/2000              $10,443                        $10,290
08/31/2000              $10,619                        $10,409
09/30/2000              $10,589                        $10,317
10/31/2000              $10,397                        $10,014
11/30/2000              $10,162                         $9,661
12/31/2000              $10,396                         $9,922
01/31/2001              $10,726                        $10,542
02/28/2001              $10,742                        $10,672
03/31/2001              $10,540                        $10,478
04/30/2001              $10,417                        $10,372
05/31/2001              $10,516                        $10,530
06/30/2001              $10,354                        $10,286
07/31/2001              $10,514                        $10,439
08/31/2001              $10,607                        $10,530
09/30/2001              $10,155                         $9,894
10/31/2001              $10,450                        $10,216
11/30/2001              $10,678                        $10,551
12/31/2001              $10,640                        $10,457
01/31/2002              $10,682                        $10,509
02/28/2002              $10,603                        $10,412
03/31/2002              $10,701                        $10,636
04/30/2002              $10,814                        $10,776
05/31/2002              $10,751                        $10,755
06/30/2002              $10,185                         $9,974
07/31/2002               $9,566                         $9,586
08/31/2002               $9,966                         $9,889
09/30/2002               $9,673                         $9,738
10/31/2002               $9,744                         $9,649
11/30/2002              $10,351                        $10,210
12/31/2002              $10,513                        $10,322
01/31/2003              $10,788                        $10,553
02/28/2003              $10,945                        $10,675
03/31/2003              $11,176                        $10,917
04/30/2003              $11,740                        $11,444
05/31/2003              $11,846                        $11,520
06/30/2003              $12,076                        $11,816
07/31/2003              $11,811                        $11,620
08/31/2003              $11,994                        $11,754
09/30/2003              $12,263                        $12,045
10/31/2003              $12,478                        $12,265
11/30/2003              $12,589                        $12,422
12/31/2003              $12,916                        $12,690
01/31/2004              $13,016                        $12,854
02/29/2004              $12,970                        $12,882
03/31/2004              $13,046                        $12,996
04/30/2004              $12,928                        $12,887
05/31/2004              $12,767                        $12,680
06/30/2004              $12,932                        $12,841

SECTOR BREAKDOWN^‡

Industrials	56.6	%
Utilities	12.7	%
Banking & Finance	10.8	%
Short-Term Instruments	6.5	%
Sovereign Issues	5.8	%
Other	7.6	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Administrative Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		5 Years*		Since Inception*
	High Yield Portfolio Administrative Class (Inception 04/30/98)	0.13	%	7.09	%	4.59	%	4.27	%
- - - - - - -	Merrill Lynch U.S. High Yield BB-B Rated Index	1.18	%	8.67	%	4.62	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,001.30	$	1,025.00
Expenses Paid During Period†	$	3.73	$	3.78

^†Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.75%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The High Yield Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of high yield securities rated below investment grade but rated at least Caa (subject to a maximum of 5% of total assets in securities rated Caa) by Moody’s or S&P, or, if unrated, determined by PIMCO to be of comparable quality.

• The Portfolio’s Administrative Class shares returned 0.13% for the six-month period ended June 30, 2004, compared to 1.18% for the Merrill Lynch U.S. High Yield BB-B Rated Index.

• During the semi-annual period, chemical issues outperformed the high yield market by more than 3%, thus the Portfolio’s underweight to the sector hurt performance.

• An overweight to telecom, with an emphasis on large-cap issues, was a detriment to relative performance as this sector was one of the worst performers during the period.

• Although an overweight to the cable/pay TV sector was a slight detractor to performance, security selection was a strong positive and more than offset the negative impact.

• As the airline sector fell lower, due in part to high fuel prices and the threat of terrorism, an emphasis on higher quality secured issues boosted returns.

• Modest exposure to emerging market sovereign debt detracted from performance, as this asset class declined approximately 2.25% over the 6-month period.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

High Yield Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			12/31/2000			12/31/1999
Net asset value beginning of period	$	8.19		$	7.17		$	7.88		$	8.33		$	9.18		$	9.67
Net investment income (a)		0.26	(c)		0.55	(c)		0.59	(c)		0.64			0.77			0.77
Net realized/unrealized gain (loss) on investments (a)		(0.25	)(c)		1.04	(c)		(0.70	)(c)		(0.45	)		(0.85	)		(0.49	)
Total income (loss) from investment operations		0.01			1.59			(0.11	)		0.19			(0.08	)		0.28
Dividends from net investment income		(0.27	)		(0.57	)		(0.60	)		(0.64	)		(0.77	)		(0.77	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			0.00			0.00
Total distributions		(0.27	)		(0.57	)		(0.60	)		(0.64	)		(0.77	)		(0.77	)
Net asset value end of period	$	7.93		$	8.19		$	7.17		$	7.88		$	8.33		$	9.18
Total return		0.13	%		22.85	%		(1.19	)%		2.35	%		(0.86	)%		3.01	%
Net assets end of period (000s)	$	338,692		$	955,599		$	481,473		$	264,718		$	169,557		$	151,020
Ratio of net expenses to average net assets		0.75	%*		0.75	%		0.75	%(b)		0.75	%(b)		0.75	%		0.75	%(b)
Ratio of net investment income to average net assets		6.55	%*(c)		7.14	%(c)		8.14	%(c)		7.88	%		8.81	%		8.25	%
Portfolio turnover rate		49	%		97	%		102	%		129	%		59	%		13	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.76%.

(c) Indicates a period in which, as a result of a change in generally accepted accounting principles, the portfolio has reclassified periodic payments made or received under certain derivative instruments, which were previously included within miscellaneous income, to a component of realized gain (loss) in the Statement of Operations. The effect of this reclassification was to (reduce) the net investment income ratio for the period ending June 30, 2004 by (0.05)% and the net investment income per share by $0.00. For consistency, similar reclassifications have been made to prior year amounts, resulting in (reductions) to the net investment income ratio of (0.07)% and (0.13)% and to the net investment income per share of $(0.01) and $(0.01) in the fiscal years ending December 31, 2003 and 2002, respectively. This change had no impact on the reported net asset value per share for any period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

High Yield Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	330,645
Cash		14
Foreign currency, at value		2,543
Receivable for investments sold		2,465
Unrealized appreciation on forward foreign currency contracts		101
Receivable for Portfolio shares sold		173
Interest and dividends receivable		6,596
Variation margin receivable		100
Unrealized appreciation on swap agreements		21
		342,658
Liabilities:
Payable for investments purchased	$	2,859
Unrealized depreciation on forward foreign currency contracts		9
Written options outstanding		398
Payable for Portfolio shares redeemed		12
Dividends payable		4
Accrued investment advisory fee		67
Accrued administration fee		94
Accrued servicing fee		32
Recoupment payable to Manager		2
Unrealized depreciation on swap agreements		171
		3,648
Net Assets	$	339,010
Net Assets Consist of:
Paid in capital	$	330,728
(Overdistributed) net investment income		(2,710	)
Accumulated undistributed net realized gain		11,543
Net unrealized (depreciation)		(551	)
	$	339,010
Net Assets:
Institutional Class	$	319
Administrative Class		338,692
Shares Issued and Outstanding:
Institutional Class		40
Administrative Class		42,722
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	7.93
Administrative Class		7.93
Cost of Investments Owned	$	332,203
Cost of Foreign Currency Held	$	2,530

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

High Yield Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	26,945
Dividends		384
Miscellaneous income		105
Total Income		27,434
Expenses:
Investment advisory fees		937
Administration fees		1,312
Distribution and/or servicing fees - Administrative Class		562
Trustees’ fees		8
Interest expense		5
Miscellaneous expense		2
Total Expenses		2,826
Net Investment Income		24,608
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		32,492
Net realized gain on futures contracts, options, and swaps		2,120
Net realized gain on foreign currency transactions		754
Net change in unrealized (depreciation) on investments		(60,044	)
Net change in unrealized (depreciation) on futures contracts, options, and swaps		(331	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		738
Net (Loss)		(24,271	)
Net Increase in Assets Resulting from Operations	$	337

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

High Yield Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	24,608		$	51,650
Net realized gain		35,366			15,242
Net change in unrealized appreciation (depreciation)		(59,637	)		74,319
Net increase resulting from operations		337			141,211
Distributions to Shareholders:
From net investment income
Institutional Class		(3	)		(1	)
Administrative Class		(24,831	)		(52,189	)
Total Distributions		(24,834	)		(52,190	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		298			0
Administrative Class		155,987			820,631
Issued as reinvestment of distributions
Institutional Class		3			1
Administrative Class		21,323			52,190
Cost of shares redeemed
Institutional Class		(1	)		0
Administrative Class		(769,715	)		(487,714	)
Net increase (decrease) resulting from Portfolio share transactions		(592,105	)		385,108
Total Increase (Decrease) in Net Assets		(616,602	)		474,129
Net Assets:
Beginning of period		955,612			481,483
End of period*	$	339,010		$	955,612
*Including (overdistributed) net investment income of:	$	(2,710	)	$	(2,484	)

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

High Yield Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

CORPORATE BONDS & NOTES 78.2%
Banking & Finance 10.6%
AES Ironwood LLC
8.857% due 11/30/2025	$	1,645	$	1,752
BCP Caylux Holdings Luxembourg S.A.
9.625% due 06/15/2014		1,425		1,484
Bluewater Finance Ltd.
10.250% due 02/15/2012		1,675		1,775
Bombardier Capital, Inc.
7.090% due 03/30/2007 (i)		1,000		1,008
Cedar Brakes II LLC
9.875% due 09/01/2013		572		573
Choctaw Resort Development Enterprise
9.250% due 04/01/2009		1,050		1,134
Dow Jones TRAC-X N.A. High Yield Index
7.375% due 03/25/2009		3,520		3,445
8.000% due 03/25/2009		3,500		3,402
Eircom Funding
8.250% due 08/15/2013		800		836
FINOVA Group, Inc.
7.500% due 11/15/2009		1,380		762
Ford Motor Credit Co.
7.000% due 10/01/2013		1,650		1,668
Forest City Enterprises, Inc.
7.625% due 06/01/2015		425		429
General Motors Acceptance Corp.
7.000% due 02/01/2012		400		412
6.875% due 08/28/2012		825		841
8.000% due 11/01/2031		425		437
JET Equipment Trust
10.000% due 06/15/2012 (b)		800		540
7.630% due 08/15/2012 (b)		403		259
JSG Funding PLC
9.625% due 10/01/2012		1,840		2,024
Mizuho Preferred Capital Co.
9.870% due 06/30/2008 (c)		1,575		1,783
8.790% due 12/29/2049 (c)		700		770
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		2,600		2,236
7.750% due 02/15/2031		140		111
Riggs Capital Trust
8.625% due 12/31/2026		150		151
8.875% due 03/15/2027		550		554
Rotech Healthcare, Inc.
9.500% due 04/01/2012		2,000		2,145
Targeted Return Index Securities Trust
4.149% due 08/01/2015 (b)		3,225		3,352
UGS Corp.
10.000% due 06/01/2012		375		401
Universal City Development Partners
11.750% due 04/01/2010		550		639
Ventas Capital Corp.
8.750% due 05/01/2009		825		895
				35,818
Industrials 55.2%
Abitibi-Consolidated, Inc.
6.950% due 12/15/2006		700		721
6.950% due 04/01/2008		250		254
5.250% due 06/20/2008		375		358
8.550% due 08/01/2010		350		371
6.000% due 06/20/2013		400		356
8.850% due 08/01/2030		1,053		1,031
Ahold Finance USA, Inc.
8.250% due 07/15/2010		150		159
Alderwoods Group, Inc.
12.250% due 01/02/2009		1,000		1,110
Allied Waste North America, Inc.
8.875% due 04/01/2008		600		660
8.500% due 12/01/2008		350		385
10.000% due 08/01/2009		1		1
6.375% due 04/15/2011		700		689
9.250% due 09/01/2012		2,500		2,812
7.875% due 04/15/2013		300		315
7.375% due 04/15/2014		400		391

American Media Operations, Inc.
10.250% due 05/01/2009	$	1,900	$	1,981
American Tower Escrow Corp.
0.000% due 08/01/2008		3,150		2,315
AmeriGas Partners LP
10.000% due 04/15/2006		120		130
8.830% due 04/19/2010		488		523
8.875% due 05/20/2011		200		214
Arco Chemical Co.
10.250% due 11/01/2010		50		51
ArvinMeritor, Inc.
6.625% due 06/15/2007		250		257
8.750% due 03/01/2012		1,050		1,144
Aviall, Inc.
7.625% due 07/01/2011		650		679
Boise Cascade Corp.
7.000% due 11/01/2013		500		514
Boyd Gaming Corp.
7.750% due 12/15/2012		900		913
Cablevision Systems Corp.
8.000% due 04/15/2012		1,000		990
Canwest Media, Inc.
10.625% due 05/15/2011		1,645		1,853
CCO Holdings LLC
8.750% due 11/15/2013		3,000		2,887
Chesapeake Energy Corp.
8.375% due 11/01/2008		650		705
7.500% due 06/15/2014		1,000		1,035
Circus & Eldorado Joint Venture Silver Legacy Capital Corp.
10.125% due 03/01/2012		575		581
Colorado Interstate Gas Co.
6.850% due 06/15/2037		200		206
Commonwealth Brands, Inc.
9.750% due 04/15/2008		650		699
10.625% due 09/01/2008		850		914
Continental Airlines, Inc.
7.461% due 04/01/2015		81		76
7.373% due 12/15/2015		342		273
6.545% due 02/02/2019		169		158
Crown Castle International Corp.
9.375% due 08/01/2011		380		420
10.750% due 08/01/2011		1,000		1,125
Crown European Holdings S.A.
9.500% due 03/01/2011		2,025		2,217
10.875% due 03/01/2013		450		515
CSC Holdings, Inc.
8.125% due 07/15/2009		250		261
8.125% due 08/15/2009		2,305		2,409
7.625% due 04/01/2011		1,000		1,007
6.750% due 04/15/2012		1,250		1,206
Delhaize America, Inc.
8.125% due 04/15/2011		1,725		1,892
Dex Media West LLC
8.500% due 08/15/2010		1,150		1,259
9.875% due 08/15/2013		1,650		1,819
Dimon, Inc.
7.750% due 06/01/2013		150		140
DirecTV Holdings LLC
8.375% due 03/15/2013		1,375		1,528
Dobson Communications Corp.
8.875% due 10/01/2013		650		497
Dresser, Inc.
9.375% due 04/15/2011		1,650		1,774
Dunlop Standard Aerospace Holdings PLC
11.875% due 05/15/2009		1,048		1,119
Dura Operating Corp.
8.625% due 04/15/2012		1,875		1,922
Dynegy Danskammer & Roseton LLC
7.270% due 11/08/2010		1,100		1,050
7.670% due 11/08/2016		1,400		1,218
Dynegy Holdings, Inc.
9.875% due 07/15/2010		600		648
10.125% due 07/15/2013		1,150		1,251

EchoStar DBS Corp.
10.375% due 10/01/2007	$	550	$	591
El Paso CGP Co.
7.500% due 08/15/2006		1,200		1,191
6.500% due 06/01/2008		250		226
7.625% due 09/01/2008		750		697
7.750% due 06/15/2010		250		227
9.625% due 05/15/2012		200		191
7.750% due 10/15/2035		400		316
El Paso Corp.
7.000% due 05/15/2011		100		88
7.875% due 06/15/2012		2,155		1,945
7.375% due 12/15/2012		300		262
7.800% due 08/01/2031		700		565
El Paso Production Holding Co.
7.750% due 06/01/2013		1,650		1,522
Encore Acquisition Co.
6.250% due 04/15/2014		550		520
Equistar Chemicals LP
10.125% due 09/01/2008		430		473
8.750% due 02/15/2009		1,435		1,503
10.625% due 05/01/2011		400		446
Evergreen Resources, Inc.
5.875% due 03/15/2012		700		710
EXCO Resources, Inc.
7.250% due 01/15/2011		500		510
Extendicare Health Services
9.500% due 07/01/2010		800		892
Ferrellgas Partners LP
6.990% due 08/01/2005 (i)		1,000		1,013
8.870% due 08/01/2009 (i)(l)		1,200		1,273
6.750% due 05/01/2014		400		388
Fimep S.A.
10.500% due 02/15/2013		385		441
Fisher Scientific International
8.000% due 09/01/2013		650		699
Fresenius Medical Care
7.875% due 06/15/2011		2,250		2,396
General Motors Corp.
8.250% due 07/15/2023		450		472
Georgia-Pacific Corp.
8.125% due 06/15/2023		600		619
8.000% due 01/15/2024		2,750		2,764
8.875% due 05/15/2031		650		697
Grief Brothers Corp.
8.875% due 08/01/2012		400		432
GulfTerra Energy Partners LP
8.500% due 06/01/2010		649		709
Hanover Compressor Co.
9.000% due 06/01/2014		500		521
Hanover Equipment Trust
8.500% due 09/01/2008		2,300		2,444
HCA, Inc.
7.875% due 02/01/2011		950		1,043
6.250% due 02/15/2013		1,350		1,344
6.750% due 07/15/2013		625		641
HealthSouth Corp.
8.500% due 02/01/2008 (b)		110		109
8.375% due 10/01/2011 (b)		1,000		972
Hilton Hotels Corp.
7.625% due 12/01/2012		1,500		1,620
HMH Properties, Inc.
7.875% due 08/01/2008		550		566
Hollinger International Publishing
9.000% due 12/15/2010		2,550		2,958
Hollinger Participation Trust
12.125% due 11/15/2010 (d)		389		398
Horizon Lines LLC
9.000% due 11/01/2012		275		277
Host Marriott LP
9.500% due 01/15/2007		250		274
9.250% due 10/01/2007		1,200		1,329
7.125% due 11/01/2013		185		182
Ingles Markets, Inc.
8.875% due 12/01/2011		1,000		1,032

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

Insight Midwest LP
9.750% due 10/01/2009	$	445	$	472
9.750% due 10/01/2009		900		954
10.500% due 11/01/2010		765		838
10.500% due 11/01/2010		150		164
Invensys PLC
9.875% due 03/15/2011		650		650
ISP Chemco, Inc.
10.250% due 07/01/2011		1,465		1,637
Johnsondiversey, Inc.
9.625% due 05/15/2012		390		427
K&F Industries, Inc.
9.625% due 12/15/2010		350		385
K2, Inc.
7.375% due 07/01/2014		150		153
Legrand S.A.
8.500% due 02/15/2025		550		569
Mail Well I Corp.
9.625% due 03/15/2012		1,000		1,080
Mandalay Resort Group
6.500% due 07/31/2009		750		766
9.375% due 02/15/2010		1,900		2,080
7.625% due 07/15/2013		200		200
MCI, Inc.
5.908% due 05/01/2007		300		292
6.688% due 05/01/2009		1,590		1,475
7.735% due 05/01/2014		257		231
Mediacom Broadband LLC
11.000% due 07/15/2013		1,515		1,621
Merisant Co.
9.500% due 07/15/2013		700		749
Meritor Automotive, Inc.
6.800% due 02/15/2009		250		256
MGM Mirage, Inc.
6.000% due 10/01/2009		350		345
8.375% due 02/01/2011		2,050		2,153
Midwest Generation LLC
8.300% due 07/02/2009		300		306
8.560% due 01/02/2016		3,575		3,593
8.750% due 05/01/2034		1,250		1,269
Nalco Co.
7.750% due 11/15/2011		2,750		2,894
Newpark Resources, Inc.
8.625% due 12/15/2007		890		908
Norampac, Inc.
6.750% due 06/01/2013		650		640
Owens-Brockway Glass Container, Inc.
8.875% due 02/15/2009		400		434
7.750% due 05/15/2011		150		157
8.750% due 11/15/2012		1,550		1,690
8.250% due 05/15/2013		850		882
PacifiCare Health Systems, Inc.
10.750% due 06/01/2009		417		477
PanAmSat Corp.
8.500% due 02/01/2012		625		713
Park Place Entertainment Corp.
9.375% due 02/15/2007		1,475		1,606
7.875% due 03/15/2010		600		636
7.000% due 04/15/2013		1,400		1,418
Peabody Energy Corp.
6.875% due 03/15/2013		1,800		1,832
Plains Exploration & Production Co
7.125% due 06/15/2014		1,625		1,662
Premcor Refining Group, Inc.
6.750% due 02/01/2011		1,000		1,033
6.750% due 05/01/2014		300		299
Pride International, Inc.
9.375% due 05/01/2007		1,330		1,360
Primedia, Inc.
7.625% due 04/01/2008		350		348
6.565% due 05/15/2010		150		153
8.000% due 05/15/2013		1,250		1,181
Quebecor Media, Inc.
11.125% due 07/15/2011		1,400		1,605
Qwest Communications International, Inc.
7.250% due 02/15/2011		2,400		2,250
7.500% due 02/15/2014		1,800		1,634

Qwest Corp.
7.200% due 11/01/2004	$	470	$	476
8.875% due 03/15/2012		1,650		1,790
Rayovac Corp.
8.500% due 10/01/2013		850		897
Rogers Cablesystems, Inc.
10.000% due 03/15/2005		235		245
Roundy’s, Inc.
8.875% due 06/15/2012		1,900		2,024
Safety-Kleen Corp.
9.250% due 06/01/2008 (b)		1,450		4
9.250% due 05/15/2009 (b)		250		13
Saks, Inc.
8.250% due 11/15/2008		1		1
Sinclair Broadcast Group, Inc.
8.750% due 12/15/2011		800		860
Six Flags, Inc.
9.750% due 04/15/2013		1,600		1,616
Sonat, Inc.
7.625% due 07/15/2011		2,650		2,378
SPX Corp.
6.250% due 06/15/2011		650		635
7.500% due 01/01/2013		1,875		1,931
Starwood Hotels & Resorts Worldwide, Inc.
7.375% due 05/01/2007		550		582
7.875% due 05/01/2012		900		968
Station Casinos, Inc.
6.000% due 04/01/2012		825		802
6.500% due 02/01/2014		225		218
Stone Container Corp.
11.500% due 08/15/2006		450		454
9.750% due 02/01/2011		525		580
8.375% due 07/01/2012		650		683
Suburban Propane Partners LP
6.875% due 12/15/2013		500		486
Tenet Healthcare Corp.
6.375% due 12/01/2011		975		858
7.375% due 02/01/2013		2,975		2,707
9.875% due 07/01/2014		450		460
Tenneco Automotive, Inc.
10.250% due 07/15/2013		525		596
10.250% due 07/15/2013		1,075		1,220
Time Warner Telecom, Inc.
9.750% due 07/15/2008		950		893
10.125% due 02/01/2011		500		458
Toys “R” Us, Inc.
7.625% due 08/01/2011		750		757
7.875% due 04/15/2013		550		555
Triad Hospitals, Inc.
7.000% due 05/15/2012		500		506
7.000% due 11/15/2013		550		525
Trinity Industries, Inc.
6.500% due 03/15/2014		900		828
TRW Automotive, Inc.
9.375% due 02/15/2013		1,220		1,382
Tyco International Group S.A.
6.750% due 02/15/2011		668		727
U.S. Airways, Inc.
9.625% due 09/01/2003 (b)		1,016		295
9.330% due 01/01/2006 (b)		84		22
United Airlines, Inc.
6.201% due 09/01/2008		225		185
7.730% due 07/01/2010		800		654
7.186% due 04/01/2011 (b)		196		163
6.602% due 09/01/2013		500		417
Valero Energy Corp.
7.800% due 06/14/2010		400		387
Vintage Petroleum, Inc.
7.875% due 05/15/2011		1,125		1,159
8.250% due 05/01/2012		790		841
Westlake Chemical Corp.
8.750% due 07/15/2011		400		436
Williams Cos., Inc.
8.625% due 06/01/2010		2,450		2,707
8.125% due 03/15/2012		450		483
7.625% due 07/15/2019		3,200		3,096
7.875% due 09/01/2021		700		677
8.750% due 03/15/2032		1,000		1,005

Young Broadcasting, Inc.
8.500% due 12/15/2008	$	574	$	607
8.500% due 12/15/2008		350		370
10.000% due 03/01/2011		580		593
				187,165
Utilities 12.4%
ACC Escrow Corp.
10.000% due 08/01/2011		1,600		1,388
AES Corp.
9.375% due 09/15/2010		300		321
8.875% due 02/15/2011		825		860
8.750% due 05/15/2013		2,850		3,067
8.540% due 11/30/2019		335		347
Calpine Corp.
8.500% due 07/15/2010		1,175		978
Centerpoint Energy, Inc.
7.250% due 09/01/2010		1,200		1,278
Cincinnati Bell, Inc.
7.250% due 07/15/2013		1,475		1,387
8.375% due 01/15/2014		900		806
CMS Energy Corp.
7.000% due 01/15/2005		1,950		1,970
8.900% due 07/15/2008		100		105
7.500% due 01/15/2009		2,200		2,200
7.750% due 08/01/2010		1,200		1,200
DPL, Inc.
6.875% due 09/01/2011		1,100		1,114
Edison International, Inc.
6.875% due 09/15/2004		1,000		1,009
El Paso Energy Partners
8.500% due 06/01/2011		321		349
IPALCO Enterprises, Inc.
8.375% due 11/14/2008		1,050		1,145
8.625% due 11/14/2011		490		534
MSW Energy Holdings LLC
7.375% due 09/01/2010		650		650
Nextel Communications, Inc.
9.500% due 02/01/2011		1		1
6.875% due 10/31/2013		2,300		2,291
7.375% due 08/01/2015		1,875		1,903
Northwestern Bell Telephone
7.750% due 05/01/2030		713		631
Northwestern Corp.
7.250% due 03/03/2008		650		621
NRG Energy, Inc.
8.000% due 12/15/2013		2,150		2,182
PSEG Energy Holdings, Inc.
7.750% due 04/16/2007		700		737
8.625% due 02/15/2008		350		378
10.000% due 10/01/2009		690		783
8.500% due 06/15/2011		2,050		2,204
Qwest Capital Funding, Inc.
7.900% due 08/15/2010		700		623
Reliant Resources, Inc.
9.250% due 07/15/2010		1,975		2,118
9.500% due 07/15/2013		350		379
Rogers Wireless Communications, Inc.
6.375% due 03/01/2014		350		324
Rural Cellular Corp.
8.250% due 03/15/2012		950		976
SESI LLC
8.875% due 05/15/2011		615		666
South Point Energy Corp.
8.400% due 05/30/2012		1,659		1,444
TECO Energy, Inc.
7.500% due 06/15/2010		1,950		1,979
Time Warner Telecom Holdings, Inc.
9.250% due 02/15/2014		500		483
Triton PCS, Inc.
8.500% due 06/01/2013		575		546
				41,977
Total Corporate Bonds & Notes (Cost $266,069)				264,960

See accompanying notes June 30, 2004 Semi-Annual Report 9

Schedule of Investments (Cont.)

High Yield Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

MUNICIPAL BONDS & NOTES 0.2%
New Jersey Tobacco Settlement Funding Corp. Revenue Bonds, Series 2003
6.375% due 06/01/2032	$	650	$	583
Total Municipal Bonds & Notes (Cost $623)				583
MORTGAGE-BACKED SECURITIES 0.2%
Continental Airlines, Inc.
6.920% due 04/02/2013 (i)(l)		840		829
Total Mortgage-Backed Securities (Cost $752)				829
ASSET-BACKED SECURITIES 3.9%
Allegheny Energy, Inc.
5.350% due 06/08/2011 (c)		36		37
5.430% due 06/08/2011 (c)		180		183
5.640% due 06/08/2011 (c)		1,584		1,615
Aquila, Inc.
8.000% due 04/15/2006 (c)		465		480
Brenntag
3.880% due 02/28/2012 (c)		1,250		1,268
Centennial Communications
3.875% due 01/20/2011 (c)		38		38
3.910% due 01/20/2011 (c)		754		759
3.910% due 01/20/2011 (c)		71		71
4.050% due 01/20/2011 (c)		35		36
DirecTV Holdings LLC
3.350% due 03/06/2010 (c)		330		335
3.950% due 04/06/2010 (c)		322		327
Inmarsat Ventures PLC
4.111% due 10/10/2010 (c)		600		607
4.611% due 10/10/2011 (c)		600		607
Invensys PLC
4.611% due 08/05/2009 (c)		87		89
4.611% due 09/30/2009 (c)		313		317
5.861% due 12/30/2009 (c)		900		925
Midwest Generation LLC
4.380% due 04/27/2011 (c)		1,000		1,013
4.570% due 04/27/2011 (c)		1,000		1,013
NRG Energy, Inc.
5.500% due 05/08/2010 (c)		378		390
5.070% due 12/23/2010 (c)		213		220
Qwest Corp.
6.500% due 06/30/2007 (c)		1,850		1,925
Tucson Electric Power Co.
5.000% due 03/30/2009 (c)		1,000		1,011
Total Asset-Backed Securities (Cost $13,090)				13,266
SOVEREIGN ISSUES 5.7%
Republic of Brazil
2.062% due 04/15/2006 (c)		1,056		1,042
11.000% due 01/11/2012		800		809
8.000% due 04/15/2014 (c)		3,987		3,662
8.250% due 01/20/2034		1,100		835
10.250% due 06/17/2013		200		194
11.000% due 08/17/2040		2,750		2,595
Republic of Guatemala
9.250% due 08/01/2013		225		245
Republic of Panama
9.625% due 02/08/2011		850		946
9.375% due 07/23/2012		375		412
8.875% due 09/30/2027		1,050		1,024

Republic of Peru
9.125% due 01/15/2008	$	600	$	654
9.125% due 02/21/2012		1,550		1,596
9.875% due 02/06/2015		350		367
4.500% due 03/07/2017 (c)		600		487
5.000% due 03/07/2017 (c)		228		199
Republic of Ukraine
11.000% due 03/15/2007		342		369
6.875% due 03/04/2011		500		472
7.650% due 06/11/2013		300		286
Russian Federation
5.000% due 03/31/2030 (c)		3,435		3,145
Total Sovereign Issues (Cost $20,262)				19,339
FOREIGN CURRENCY-DENOMINATED ISSUES (j)(k) 1.2%
El Paso Corp.
5.750% due 03/14/2006	EC	700		818
Johnsondiversey, Inc.
9.625% due 05/15/2012		350		462
JSG Funding PLC
10.125% due 10/01/2012		650		862
Kronos International, Inc.
8.875% due 06/30/2009		300		390
Lighthouse International Co. S.A.
8.000% due 04/30/2014		1,420		1,676
Total Foreign Currency-Denominated Issues (Cost $3,708)				4,208
CONVERTIBLE BONDS & NOTES 0.9%
Banking & Finance 0.5%
Fiat Finance Luxembourg S.A.
3.250% due 01/09/2007	$	1,600		1,612
Industrials 0.2%
Dimon, Inc.
6.250% due 03/31/2007		850		769
Utilities 0.2%
Rogers Communication, Inc.
2.000% due 11/26/2005		665		631
Total Convertible Bonds & Notes (Cost $2,880)				3,012
COMMON STOCKS 0.3%
	Shares
Communications 0.2%
MCI, Inc.		38,968		562
Industrials 0.1%
Dobson Communications Corp.		85,601		279
Total Common Stocks (Cost $1,253)				841
CONVERTIBLE PREFERRED STOCK 0.0%
Dobson Communications Corp.
6.000% due 08/19/2016		650		71
Total Convertible Preferred Stock (Cost $109)				71
PREFERRED SECURITY 0.3%
Riggs Capital Trust II
8.875% due 03/15/2027		950,000		957
Total Preferred Security (Cost $900)				957

	Value
Shares	(000s)

PREFERRED STOCK 0.3%
Fresenius Medical Care
7.875% due 02/01/2008		1,050	$	1,110
Total Preferred Stock (Cost $1,082)				1,110
PURCHASED PUT OPTIONS 0.0%
	# of Contracts
Eurodollar September Futures (CME)
Strike @ 96.500 Exp. 09/13/2004		400		2
Total Purchased Put Options (Cost $4)				2
SHORT-TERM INSTRUMENTS 6.3%
	Principal Amount (000s)
Commercial Paper 5.0%
Barclays U.S. Funding Corp.
1.280% due 09/27/2004	$	1,600		1,594
CDC Commercial Corp.
1.260% due 09/22/2004		4,000		3,986
Freddie Mac
1.200% due 08/09/2004		900		899
1.410% due 09/14/2004		200		200
1.560% due 10/20/2004		3,400		3,383
General Electric Capital Corp.
1.460% due 09/14/2004		1,600		1,595
1.480% due 09/15/2004		900		897
HBOS Treasury Services PLC
1.290% due 09/24/2004		600		598
TotalFinaElf Capital S.A.
1.420% due 07/01/2004		3,000		3,000
UBS Finance, Inc.
1.245% due 07/21/2004		900		900
				17,052
Repurchase Agreement 0.9%
State Street Bank
0.800% due 07/01/2004		3,019		3,019
(Dated 06/30/2004. Collateralized by Freddie Mac 5.500% due 07/15/2006 valued at $3,080. Repurchase proceeds are $3,019.)
U.S. Treasury Bills 0.4%
1.205% due 09/02/2004-09/16/2004 (a)(e)(f)		1,400		1,396
Total Short-Term Instruments (Cost $21,471)				21,467

Total Investments 97.5%	$	330,645
(Cost $332,203)
Written Options (h) (0.1%)		(398	)
(Premiums $2,085)
Other Assets and Liabilities (Net) 2.6%		8,763
Net Assets 100.0%	$	339,010

10 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Schedule of Investments

(amounts in thousands, except number of contracts):

(a) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(b) Security is in default.

(c) Variable rate security.

(d) Payment in-kind bond security.

(e) Securities with an aggregate market value of $649 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
Eurodollar March Long Futures	03/2005	20	$	(44	)
Eurodollar March Long Futures	03/2006	34		(106	)
Eurodollar June Long Futures	06/2005	34		(109	)
Eurodollar September Long Futures	09/2005	34		(109	)
Eurodollar December Long Futures	12/2005	34		(109	)
Euribor June Long Futures	06/2005	118		(47	)
Euribor Purchased Put Options Strike @ 89.000	03/2005	310		(4	)
Euribor September Long Futures	09/2005	71		(112	)
				$        (640	)

(f) Securities with an aggregate market value of $748 have been pledged as collateral for swap and swaption contracts at June 30, 2004.

(g) Swap agreements outstanding at June 30, 2004:

Type	Notional Amount		Appreciation/ (Depreciation)
Receive a fixed rate equal to 1.350% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Counterparty: UBS Warburg LLC
Exp. 09/20/2004	$	5,000	$	7
Receive a fixed rate equal to 1.400% and the Portfolio will pay to the counterparty at par in the event of default of Tyco International Group S.A. 2.750% due 01/15/2018.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 09/20/2004		4,000		12
Receive a fixed rate equal to 2.600% and the Portfolio will pay to the counterparty at par in the event of default of Bombardier, Inc. 6.750% due 05/01/2012.
Counterparty: Goldman Sachs & Co.
Exp. 09/20/2004		1,286		(11	)

Receive a fixed rate equal to 2.600% and the Portfolio will pay to the counterparty at par in the event of default of Clear Channel Communications, Inc. 7.650% due 09/15/2010.
Counterparty: Goldman Sachs & Co.
Exp. 09/20/2004	$	1,286	$	(11	)
Receive a fixed rate equal to 2.600% and the Portfolio will pay to the counterparty at par in the event of default of Comcast Cable Communications, Inc. 6.750% due 01/30/2011.
Counterparty: Goldman Sachs & Co.
Exp. 09/20/2004		1,286		(11	)
Receive a fixed rate equal to 2.600% and the Portfolio will pay to the counterparty at par in the event of default of Cox Communications, Inc. 7.750% due 11/01/2010.
Counterparty: Goldman Sachs & Co.
Exp. 09/20/2004		1,286		(11	)
Receive a fixed rate equal to 2.600% and the Portfolio will pay to the counterparty at par in the event of default of Harrah’s Operating Co. 8.000% due 02/01/2011.
Counterparty: Goldman Sachs & Co.
Exp. 09/20/2004		1,286		(11	)
Receive a fixed rate equal to 2.600% and the Portfolio will pay to the counterparty at par in the event of default of Sprint Capital Corp. 6.875% due 11/15/2028.
Counterparty: Goldman Sachs & Co.
Exp. 09/20/2004		1,286		(11	)
Receive a fixed rate equal to 2.600% and the Portfolio will pay to the counterparty at par in the event of default of Time Warner, Inc. 6.875% due 05/01/2012.
Counterparty: Goldman Sachs & Co.
Exp. 09/20/2004		1,286		(11	)
Receive a fixed rate equal to 1.000% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation 5.000% due 03/31/2030.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 09/30/2004		5,000		2
Receive a fixed rate equal to 0.720% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030.
Counterparty: Goldman Sachs & Co.
Exp. 10/21/2004		4,000		(2	)
Receive a fixed rate equal to 4.100% and the Portfolio will pay to the counterparty at par in the event of default of Dow Jones TRAC-X NA High Yield Series.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/20/2009		5,000		(92	)
			$	(150	)

See accompanying notes June 30, 2004 Semi-Annual Report 11

Schedule of Investments (Cont.)

High Yield Portfolio

June 30, 2004 (Unaudited)

(h) Premiums received on written options:

Name of Issuer		Exercise Price			Expiration Date	# of Contracts		Premium			Value
Call - CBOT U.S. Treasury Note September Futures		$	115.000		08/27/2004		76	$	36		$	2
Name of Issuer	Counterparty	Exercise Rate			Expiration Date	Notional Amount		Premium			Value
Put - OTC 7-Year Interest Rate Swap	Greenwich Capital Markets, Inc.		5.250	%*	07/19/2004	$	21,400	$	128		$	3
Call - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.		4.500	%**	08/02/2004		5,600		19			12
Call - OTC 10-Year Interest Rate Swap	Bear Stearns & Co., Inc.		4.000	%**	10/07/2004		27,000		416			1
Put - OTC 10-Year Interest Rate Swap	Bear Stearns & Co., Inc.		6.500	%*	10/07/2004		27,000		797			9
Call - OTC 7-Year Interest Rate Swap	Wachovia Bank N.A.		5.500	%**	01/07/2005		5,900		285			210
Call - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.		5.000	%**	01/07/2005		9,100		215			157
Put - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.		7.000	%*	01/07/2005		9,100		190			4
								$	2,050		$	396
* The Portfolio will pay a floating rate based on 3-month LIBOR.
**The Portfolio will receive a floating rate based on 3-month LIBOR.
(i) Restricted security or securities as of June 30, 2004:
Issuer Description					Acquisition Date	Cost as of June 30, 2004		Market Value as of June 30, 2004			Market Value as Percentage of Net Assets
Bombardier Capital, Inc.					08/11/2003	$	1,008	$	1,008			0.30	%
Continental Airlines, Inc.					07/01/2003		752		829			0.24
Ferrellgas Partners LP					06/30/2003		990		1,013			0.30
Ferrellgas Partners LP					06/30/2003		1,334		1,273			0.38
						$	4,084	$	4,123			1.22	%
(j) Forward foreign currency contracts outstanding at June 30, 2004:
Type	Currency	Principal Amount Covered by Contract			Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation
Buy	EC		1,152		07/2004	$	6	$	(5	)	$	1
Sell			6,621		07/2004		86		(4	)		82
Buy	JY		167,529		07/2004		9		0			9
						$	101	$	(9	)	$	92

(k) Principal amount denoted in indicated currency:

EC - Euro

JY - Japanese Yen

(l) Indicates a fair-valued security which has not been valued utilizing an independent quote but has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair-valued securities is $2,102, which represents 0.62% of net assets.

12 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The High Yield Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. 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. The Portfolio commenced operations on April 30, 1998.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company and distribute all of its taxable

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency. The accounting records of the Portfolio are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Forward Currency Transactions. The Portfolio may enter into forward currency contracts and forward cross-currency contracts 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 a part of an investment strategy. A forward 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 currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses 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 are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Loan Agreements. The Portfolio may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. 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. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. 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 lender selling the loan agreement and only upon receipt by the lender of payments from the borrower. The Portfolio generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Portfolio purchases assignments from lenders it acquires direct rights against the borrower on the loan.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for

14 Semi-Annual Report June 30, 2004

purchasing options which expire are treated as realized losses. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Payment In-Kind Securities. The Portfolio may invest in payment in-kind securities. Payment-in-kind securities (PIKs) give the issuer the option at each interest payment date of making interest payments in either cash 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 include the accrued interest (referred to as a dirty price) and require an adjustment in an amount equal to the accrued interest to the unrealized appreciation or depreciation on investment in the Statements of Assets and Liabilities.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Restricted Securities. The Portfolio is permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain (loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain (loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. This reclassification increased (decreased) net investment income by $(360,176), and $(526,777), and net realized gain by $377,876 and $505,063 and net change in unrealized appreciation (depreciation) by $(17,699) and $21,714 for the six months ended June 30, 2004 and year ended December 31, 2003, respectively. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase (decrease) in net assets from operations during any period.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at

June 30, 2004 Semi-Annual Report 15

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.35%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.60	%
Administrative Class	0.75	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S. Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$  249	$  0	$  322,435	$  849,926

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

	Premium
Balance at 12/31/2003	$1,902
Sales	961
Closing Buys	(418	)
Expirations	(360	)
Exercised	0
Balance at 06/30/2004	$2,085

6. In-Kind Transactions

For the six months ended June 30, 2004, the following Funds realized gain or losses from in-kind redemptions of approximately (amounts in thousands):

Realized Gains	Realized Losses
$  29,020	$    (5,409)

16 Semi-Annual Report June 30, 2004

7. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Depreciation
$               6,756	$             (8,314)	$          (1,558)

8. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	38		$	298		0		$	0
Administrative Class	19,173			155,987		106,916			820,631
Issued as reinvestment of distributions
Institutional Class	0			3		1			1
Administrative Class	2,632			21,323		6,690			52,190
Cost of shares redeemed
Institutional Class	0			(1	)	0			0
Administrative Class	(95,728	)		(769,715	)	(64,075	)		(487,714	)
Net increase (decrease) resulting from Portfolio share transactions	(73,885	)	$	(592,105	)	49,532		$	385,108

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	1	96
Administrative Class	3	89

9. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged

June 30, 2004 Semi-Annual Report 17

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

“market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

18 Semi-Annual Report June 30, 2004

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

TOTAL RETURN PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	12

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Total Return Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]


                 Total Return Portfolio               Lehman Brothers Aggregate
                     Admin. Class                           Bond Index
                 ----------------------               -------------------------
12/31/1997             $10,000                               $10,000
01/31/1998             $10,102                               $10,128
02/28/1998             $10,059                               $10,120
03/31/1998             $10,081                               $10,156
04/30/1998             $10,124                               $10,209
05/31/1998             $10,222                               $10,305
06/30/1998             $10,302                               $10,393
07/31/1998             $10,355                               $10,415
08/31/1998             $10,546                               $10,584
09/30/1998             $10,861                               $10,832
10/31/1998             $10,820                               $10,775
11/30/1998             $10,806                               $10,836
12/31/1998             $10,861                               $10,869
01/31/1999             $10,907                               $10,946
02/28/1999             $10,641                               $10,755
03/31/1999             $10,769                               $10,815
04/30/1999             $10,754                               $10,849
05/31/1999             $10,660                               $10,754
06/30/1999             $10,668                               $10,720
07/31/1999             $10,611                               $10,674
08/31/1999             $10,596                               $10,669
09/30/1999             $10,755                               $10,793
10/31/1999             $10,843                               $10,832
11/30/1999             $10,829                               $10,832
12/31/1999             $10,798                               $10,779
01/31/2000             $10,713                               $10,744
02/29/2000             $10,756                               $10,874
03/31/2000             $10,959                               $11,017
04/30/2000             $10,909                               $10,986
05/31/2000             $10,959                               $10,981
06/30/2000             $11,161                               $11,209
07/31/2000             $11,250                               $11,311
08/31/2000             $11,419                               $11,475
09/30/2000             $11,451                               $11,547
10/31/2000             $11,520                               $11,623
11/30/2000             $11,727                               $11,813
12/31/2000             $11,895                               $12,033
01/31/2001             $11,999                               $12,229
02/28/2001             $12,139                               $12,336
03/31/2001             $12,224                               $12,398
04/30/2001             $12,104                               $12,346
05/31/2001             $12,160                               $12,421
06/30/2001             $12,200                               $12,468
07/31/2001             $12,589                               $12,746
08/31/2001             $12,733                               $12,892
09/30/2001             $12,861                               $13,043
10/31/2001             $13,108                               $13,316
11/30/2001             $12,950                               $13,132
12/31/2001             $12,891                               $13,049
01/31/2002             $13,052                               $13,154
02/28/2002             $13,197                               $13,282
03/31/2002             $12,995                               $13,061
04/30/2002             $13,234                               $13,314
05/31/2002             $13,317                               $13,427
06/30/2002             $13,319                               $13,543
07/31/2002             $13,350                               $13,707
08/31/2002             $13,596                               $13,938
09/30/2002             $13,715                               $14,164
10/31/2002             $13,666                               $14,099
11/30/2002             $13,767                               $14,096
12/31/2002             $14,059                               $14,387
01/31/2003             $14,117                               $14,399
02/28/2003             $14,317                               $14,598
03/31/2003             $14,314                               $14,587
04/30/2003             $14,468                               $14,707
05/31/2003             $14,716                               $14,982
06/30/2003             $14,691                               $14,952
07/31/2003             $14,176                               $14,449
08/31/2003             $14,320                               $14,545
09/30/2003             $14,688                               $14,930
10/31/2003             $14,582                               $14,791
11/30/2003             $14,611                               $14,826
12/31/2003             $14,768                               $14,977
01/31/2004             $14,876                               $15,098
02/29/2004             $15,038                               $15,261
03/31/2004             $15,161                               $15,375
04/30/2004             $14,826                               $14,975
05/31/2004             $14,761                               $14,915
06/30/2004             $14,825                               $15,000

SECTOR BREAKDOWN^‡

Short-Term Instruments	62.2	%
U.S. Government Agencies	17.5	%
U.S. Treasury Obligations	4.2	%
Municipal Bonds & Notes	4.1	%
Mortgage-Backed Securities	3.5	%
Corporate Bonds & Notes	3.1	%
Other	5.4	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Administrative Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		5 Years*		Since Inception*
	Total Return Portfolio Administrative Class (Inception 12/31/97)	0.39	%	0.92	%	6.80	%	6.26	%
- - - - - - -	Lehman Brothers Aggregate Bond Index	0.15	%	0.32	%	6.95	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,003.90	$	1,025.00
Expenses Paid During Period†	$	3.24	$	3.27

^†Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.65%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Total Return Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities.

• The Portfolio’s Administrative Class shares outperformed the Lehman Brothers Aggregate Bond Index for the six-month period ended June 30, 2004, returning 0.39% versus 0.15% for the Index.

• The Portfolio’s below-Index duration helped returns, as yields rose over the period.

• An emphasis on short/intermediate maturities was negative, as the yield curve flattened in anticipation of Fed tightening. However, this strategy enhanced security returns via “roll down,” or price appreciation, as bonds are revalued at lower yields over time, given the steepness of the yield curve.

• Substituting Real Return Bonds (TIPS-Treasury Inflation Protected Securities) for nominal Treasuries was positive as TIPS benefited from strong demand for the inflation protection they provide.

• A mortgage underweight was slightly negative, as mortgages outpaced comparable Treasuries; mortgage security selection was positive, however, and more than offset this impact.

• The Portfolio’s underweight to corporate securities was slightly positive, as this sector lagged Treasuries modestly on like-duration basis.

• Emerging market bonds (“EM”) detracted from performance, as leveraged tactical investors sold EM bonds as rates rose.

• Non-U.S. positions were slightly positive, as Eurozone issues outperformed amid expectations for slower growth and lower inflation in Europe.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

Total Return Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			12/31/2000			12/31/1999
Net asset value beginning of period	$	10.36		$	10.23		$	9.89		$	9.77		$	9.45		$	10.09
Net investment income (a)		0.08	(d)		0.25	(d)		0.41	(d)		0.45	(d)		0.62	(d)		0.58
Net realized/unrealized gain (loss) on investments (a)		(0.04	)(d)		0.26	(d)		0.47	(d)		0.35	(d)		0.30	(d)		(0.64	)
Total income (loss) from investment operations		0.04			0.51			0.88			0.80			0.92			(0.06	)
Dividends from net investment income		(0.09	)		(0.30	)		(0.41	)		(0.49	)		(0.60	)		(0.58	)
Distributions from net realized capital gains		0.00			(0.08	)		(0.13	)		(0.19	)		0.00			0.00
Total distributions		(0.09	)		(0.38	)		(0.54	)		(0.68	)		(0.60	)		(0.58	)
Net asset value end of period	$	10.31		$	10.36		$	10.23		$	9.89		$	9.77		$	9.45
Total return		0.39	%		5.04	%		9.07	%		8.37	%		10.15	%		(0.58	)%
Net assets end of period (000s)	$	2,141,006		$	1,908,336		$	1,161,299		$	332,823		$	55,533		$	3,877
Ratio of net expenses to average net assets		0.65	%*		0.65	%		0.65	%(c)		0.65	%(c)		0.65	%(c)		0.65	%(b)
Ratio of net investment income to average net assets		1.63	%*(d)		2.45	%(d)		4.07	%(d)		4.55	%(d)		6.46	%(d)		5.96	%
Portfolio turnover rate		143	%		193	%		222	%		217	%		415	%		102	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.69%.

(c) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.66%.

(d) Indicates a period in which, as a result of a change in generally accepted accounting principles, the portfolio has reclassified periodic payments made or received under certain derivative instruments, which were previously included within miscellaneous income, to a component of realized gain (loss) in the Statement of Operations. The effect of this reclassification was to increase the net investment income ratio for the period ending June 30, 2004 by 0.01% and the net investment income per share by $0.00. For consistency, similar reclassifications have been made to prior period amounts, resulting in (reductions) to the net investment income ratio of 0.00%, (0.01)%, 0.00%, and 0.00% and to the net investment income per share of $0.00, $0.00, $0.00, and $0.00 in the fiscal years ending December 31, 2003, 2002, 2001, and 2000, respectively. This change had no impact on the reported net asset value per share for any period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Total Return Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	2,390,263
Cash		171
Foreign currency, at value		10,470
Receivable for investments sold		210
Receivable for investments sold on delayed delivery basis		67,810
Unrealized appreciation on forward foreign currency contracts		464
Receivable for Portfolio shares sold		10,067
Interest and dividends receivable		6,289
Variation margin receivable		5,328
Swap premiums paid		2,233
Unrealized appreciation on swap agreements		1,702
		2,495,007
Liabilities:
Payable for investments purchased	$	183,796
Payable for investments purchased on delayed delivery basis		36,097
Unrealized depreciation on forward foreign currency contracts		42
Payable for short sale		69,211
Written options outstanding		1,167
Payable for Portfolio shares redeemed		343
Dividends payable		585
Interest payable		10
Accrued investment advisory fee		442
Accrued administration fee		441
Accrued servicing fee		232
Swap premiums received		6,057
Unrealized depreciation on swap agreements		1,573
Other liabilities		2
		299,998
Net Assets	$	2,195,009
Net Assets Consist of:
Paid in capital	$	2,170,033
Undistributed net investment income		6,353
Accumulated undistributed net realized gain		11,635
Net unrealized appreciation		6,988
	$	2,195,009
Net Assets:
Institutional Class	$	54,003
Administrative Class		2,141,006
Shares Issued and Outstanding:
Institutional Class		5,236
Administrative Class		207,606
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.31
Administrative Class		10.31
Cost of Investments Owned	$	2,389,014
Cost of Foreign Currency Held	$	10,415

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Total Return Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	23,680
Dividends		283
Miscellaneous income		4
Total Income		23,967
Expenses:
Investment advisory fees		2,611
Administration fees		2,611
Distribution and/or servicing fees - Administrative Class		1,517
Trustees’ fees		18
Total Expenses		6,757
Net Investment Income		17,210
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		13,704
Net realized gain on futures contracts, options, and swaps		4,101
Net realized (loss) on foreign currency transactions		(2,077	)
Net change in unrealized (depreciation) on investments		(22,840	)
Net change in unrealized (depreciation) on futures contracts, options, and swaps		(5,474	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		319
Net (Loss)		(12,267	)
Net Increase in Assets Resulting from Operations	$	4,943

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Total Return Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase in Net Assets from:
Operations:
Net investment income	$	17,210		$	40,936
Net realized gain		15,728			19,113
Net change in unrealized appreciation (depreciation)		(27,995	)		16,279
Net increase resulting from operations		4,943			76,328
Distributions to Shareholders:
From net investment income
Institutional Class		(631	)		(2,155	)
Administrative Class		(17,872	)		(44,938	)
From net realized capital gains
Institutional Class		0			(652	)
Administrative Class		0			(14,348	)
Total Distributions		(18,503	)		(62,093	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		7,078			76,213
Administrative Class		355,600			979,977
Issued as reinvestment of distributions
Institutional Class		631			2,807
Administrative Class		14,564			48,536
Cost of shares redeemed
Institutional Class		(29,016	)		(50,575	)
Administrative Class		(124,164	)		(295,164	)
Net increase resulting from Portfolio share transactions		224,693			761,794
Total Increase in Net Assets		211,133			776,029
Net Assets:
Beginning of period		1,983,876			1,207,847
End of period *	$	2,195,009		$	1,983,876
*Including undistributed net investment income of:	$	6,353		$	7,646

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Total Return Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

CORPORATE BONDS & NOTES 3.4%
Banking & Finance 1.0%
Atlas Reinsurance II PLC
3.515% due 01/07/2005 (a)	$	1,250	$	1,258
CIT Group, Inc.
2.489% due 07/30/2004 (a)		2,220		2,221
Gemstone Investors Ltd.
7.710% due 10/31/2004		700		709
General Motors Acceptance Corp.
1.580% due 07/20/2004 (a)		500		500
1.499% due 07/21/2004 (a)		200		200
1.510% due 07/30/2004 (a)		600		600
2.400% due 10/20/2005 (a)		900		908
Pemex Project Funding Master Trust
8.000% due 11/15/2011		100		108
8.625% due 02/01/2022		1,800		1,881
Phoenix Quake Wind Ltd.
3.560% due 07/03/2008 (a)		800		822
3.560% due 07/03/2008 (a)		800		822
4.610% due 07/03/2008 (a)		400		412
Premium Asset Trust
1.465% due 11/27/2004 (a)		100		100
1.521% due 09/08/2007 (a)		100		96
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		657		565
Residential Reinsurance Ltd.
6.260% due 06/08/2006 (a)		8,100		8,222
UFJ Finance Aruba AEC
6.750% due 07/15/2013		2,300		2,382
Vita Capital Ltd.
2.460% due 01/01/2007 (a)		500		504
				22,310
Industrials 1.2%
El Paso Corp.
6.750% due 05/15/2009		6,000		5,460
7.875% due 06/15/2012		8,600		7,762
7.800% due 08/01/2031		1,500		1,211
ITT Corp.
6.750% due 11/15/2005		250		259
United Airlines, Inc.
8.030% due 07/01/2011		465		96
6.071% due 03/01/2013		6,920		5,745
1.340% due 03/02/2049 (a)		1,664		1,369
Williams Cos., Inc.
7.875% due 09/01/2021		3,500		3,386
				25,288
Utilities 1.2%
AEP Texas Central Co.
2.500% due 02/15/2005 (a)		900		901
Entergy Gulf States, Inc.
6.000% due 12/01/2012		6,500		6,451
Pacific Gas & Electric Co.
1.810% due 04/03/2006 (a)		18,500		18,513
				25,865
Total Corporate Bonds & Notes (Cost $72,944)				73,463
MUNICIPAL BONDS & NOTES 4.4%
Badger Asset Securitization Corporate Revenue Bonds, Series 2002
6.000% due 06/01/2017		3,700		3,351
California State Polytechnic University Revenue Bonds, Series 1972
5.000% due 07/01/2012		4,700		5,112
Durham County, North Carolina General Obligation Revenue Bonds, Series 2002
8.640% due 04/01/2021 (a)		2,733		2,921
Energy Northwest Washington Electric Revenue Bonds, Series 2003
5.500% due 07/01/2013		1,700		1,880
5.500% due 07/01/2014		1,300		1,436

Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033	$	20,000	$	17,745
Lewisville, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2004
5.000% due 08/15/2027		3,775		3,709
Los Angeles, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2003
5.000% due 01/01/2028		7,300		7,220
Massachusetts Bay Transportation Authority Sales Tax Revenue Bonds, Series 2004
5.000% due 07/01/2011		2,800		3,024
Massachusetts State Water Reserve Authority Revenue Bonds, (FSA Insured), Series 2002
5.000% due 08/01/2032		1,000		979
Nassau County, New York Interim Finance Authority Revenue Bonds, (AMBAC Insured), Series 2004
5.000% due 11/15/2011		4,005		4,346
New Jersery State Tobacco Settlement Financing Corp. Revenue Bonds, Series 2003
4.375% due 06/01/2019		4,870		4,730
New Jersey State Tobacco Settlement Financing Corp., Series 2003
6.750% due 06/01/2039		5,450		4,891
New Jersey Tobacco Settlement Financing Corp. Revenue Bonds, Series 2002
6.000% due 06/01/2037		1,530		1,245
New York City, New York Municipal Water Finance Authority Revenue Bonds, (FGIC Insured), Series 2003-E
5.000% due 06/15/2034		1,400		1,360
New York City, New York Municipal Water Finance Authority Revenue Bonds, (FSA-CR Insured), Series 2002
5.125% due 06/15/2034		10,460		10,463
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2004
5.000% due 11/01/2013		700		752
New York State Environmental Facilities Corporate Revenue Bonds, Series 2002
8.860% due 06/15/2023 (a)		850		898
Orange County, California Sanitation District Certificates of Participation Bonds, (FGIC Insured), Series 2003
5.000% due 02/01/2033		1,000		975
South Carolina State Public Service Authority Revenue Bonds, (FSA Insured), Series 2004
5.000% due 01/01/2009		700		755
South San Antonio, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2004
5.000% due 08/15/2029		3,150		3,132
State of California Tobacco Securitization Corp. Revenue Bonds, Series 2003-A1
6.250% due 06/01/2033		2,900		2,615
State of Illinois General Obligation Bonds, Series 2004
5.000% due 03/01/2034		1,000		964

State of Wisconsin General Obligation Bonds, (MBIA Insured), Series 2004
5.000% due 05/01/2011	$	2,300	$	2,493
University of Texas Revenue Bonds, Series 2003
5.000% due 08/15/2033		1,200		1,171
Washington State General Obligation Bonds, Series 2004
5.000% due 01/01/2028		9,200		9,013
Total Municipal Bonds & Notes (Cost $101,805)				97,180
U.S. GOVERNMENT AGENCIES 19.1%
Fannie Mae
7.000% due 04/25/2023		6,322		6,629
3.342% due 11/01/2025 (a)		5		5
4.165% due 10/01/2032 (a)		2,887		2,974
5.090% due 09/01/2034 (a)		5,540		5,642
4.294% due 11/01/2035 (a)		561		580
4.797% due 12/01/2036 (a)		5,109		5,279
6.340% due 09/01/2039 (a)		281		294
2.625% due 09/01/2040 (a)		200		203
1.650% due 03/25/2044 (a)		17,169		16,955
6.000% due 04/01/2013-05/01/2033 (b)		18,450		19,249
5.500% due 04/01/2014-07/15/2034 (b)		137,693		139,660
5.000% due 01/01/2018-07/15/2034 (b)		172,900		168,192
6.500% due 06/01/2029-07/01/2032 (b)		682		711
Federal Home Loan Bank
5.500% due 03/15/2015		127		127
Federal Housing Administration
7.430% due 01/25/2023		282		277
Freddie Mac
6.250% due 08/25/2022		1,391		1,405
7.000% due 06/15/2023		4,385		4,592
8.500% due 08/01/2024		40		44
3.579% due 07/01/2027 (a)		7		7
5.532% due 01/01/2028 (a)		7		7
7.813% due 07/01/2030 (a)		6		6
7.500% due 07/15/2030		125		131
1.738% due 09/15/2030 (a)		92		92
1.688% due 11/15/2030 (a)		132		132
6.000% due 07/01/2016-04/01/2033 (b)		10,203		10,479
5.000% due 09/15/2016-11/01/2018 (b)		7,072		7,112
6.500% due 04/15/2029-08/01/2032 (b)		2,759		2,874
Government National Mortgage Association
4.375% due 04/20/2026 (a)		276		276
3.375% due 02/20/2027 (a)		14		14
7.500% due 11/20/2029		563		611
3.500% due 05/20/2030 (a)		40		40
1.680% due 06/20/2030 (a)		10		10
1.780% due 09/20/2030 (a)		94		94
2.750% due 02/20/2032 (a)		3,257		3,158
4.000% due 10/20/2029-07/20/2030 (b)		1,009		1,014
3.000% due 04/20/2034-06/20/2034 (b)		2,200		2,144
Small Business Administration
8.017% due 02/10/2010		360		398
7.449% due 08/01/2010		52		57
6.344% due 08/01/2011		2,032		2,136
6.030% due 02/10/2012		12,822		13,321
7.500% due 04/01/2017		2,246		2,447
6.290% due 01/01/2021		316		335
5.130% due 09/01/2023		98		98
Total U.S. Government Agencies (Cost $418,153)				419,811

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

U.S. TREASURY OBLIGATIONS 4.6%
Treasury Inflation Protected Securities (f)
3.375% due 01/15/2007 (c)	$	3,559	$	3,814
3.625% due 01/15/2008		15,126		16,536
3.875% due 01/15/2009		25,102		27,993
4.250% due 01/15/2010		5,363		6,140
3.500% due 01/15/2011		10,585		11,755
3.375% due 01/15/2012		1,376		1,525
3.000% due 07/15/2012		15,264		16,507
3.875% due 04/15/2029		13,493		17,210
Total U.S. Treasury Obligations (Cost $99,059)				101,480
MORTGAGE-BACKED SECURITIES 3.8%
Amortizing Residential Collateral Trust
1.620% due 07/25/2032 (a)		3,299		3,305
Aurora Loan Services
2.000% due 05/25/2030 (a)		47		47
Bank of America Mortgage Securities, Inc.
6.500% due 10/25/2019		4,756		4,757
5.667% due 10/20/2032 (a)		758		771
6.500% due 02/25/2033		1,815		1,854
Bear Stearns Adjustable Rate Mortgage Trust
3.875% due 11/25/2030 (a)		23		23
6.057% due 08/25/2032 (a)		111		111
5.288% due 10/25/2032 (a)		224		225
5.380% due 01/25/2033 (a)		1,823		1,836
5.635% due 01/25/2033 (a)		607		610
5.134% due 03/25/2033 (a)		3,327		3,356
4.924% due 01/25/2034 (a)		8,983		9,027
Countrywide Home Loans, Inc.
1.570% due 04/25/2034 (a)		6,831		6,787
Credit-Based Asset Servicing & Securitization LLC
1.710% due 09/25/2029 (a)		51		51
CS First Boston Mortgage Securities Corp.
6.201% due 04/25/2032 (a)		131		136
6.222% due 06/25/2032 (a)		1,644		1,668
5.720% due 10/25/2032 (a)		930		943
First Nationwide Trust
6.750% due 08/21/2031		213		218
Impac CMB Trust
1.550% due 01/25/2034 (a)		7,093		7,101
Indymac Adjustable Rate Mortgage Trust
6.586% due 01/25/2032 (a)		56		57
Prime Mortgage Trust
1.500% due 02/25/2034 (a)		837		839
1.700% due 02/25/2034 (a)		3,530		3,530
Residential Asset Securitization Trust
7.130% due 07/25/2031		1,057		1,056
Residential Funding Mortgage Securities I, Inc.
6.500% due 12/25/2023		1,769		1,765
6.500% due 03/25/2032		3,623		3,682
5.603% due 09/25/2032 (a)		302		303
Structured Asset Mortgage Investments, Inc.
1.610% due 09/19/2032 (a)		1,121		1,117
Structured Asset Securities Corp.
7.000% due 02/25/2016		13		13
1.750% due 06/25/2017 (a)		1,365		1,367
6.111% due 02/25/2032 (a)		97		98
6.150% due 07/25/2032 (a)		292		297
1.590% due 01/25/2033 (a)		427		427
1.460% due 08/25/2033 (a)		4,050		4,053
Superannuation Members Home Loans Global Fund
1.775% due 06/15/2026 (a)		195		195
Torrens Trust
1.498% due 07/15/2031 (a)		834		836
Washington Mutual Mortgage Securities Corp.
5.159% due 10/25/2032 (a)		1,182		1,193
3.565% due 01/25/2041 (a)		27		27
2.628% due 08/25/2042 (a)		19,690		19,893
Wells Fargo Mortgage-Backed Securities Trust
4.959% due 09/25/2032 (a)		269		272
Total Mortgage-Backed Securities (Cost $83,988)				83,846

ASSET-BACKED SECURITIES 1.7%
ACE Securities Corp.
1.640% due 06/25/2032 (a)	$	287	$	288
Amortizing Residential Collateral Trust
1.570% due 06/25/2032 (a)		2,000		2,001
CDC Mortgage Capital Trust
1.590% due 01/25/2033 (a)		1,761		1,764
Conseco Finance Securitizations Corp.
1.608% due 10/15/2031 (a)		247		247
Credit-Based Asset Servicing and Securitization
1.550% due 09/25/2033 (a)		5,218		5,218
EMC Mortgage Loan Trust
1.670% due 05/25/2040 (a)		1,862		1,868
GRMT II Mortgage Loan Trust
1.530% due 06/20/2032 (a)		53		53
GSAMP Trust
1.490% due 10/25/2033 (a)		12,812		12,810
HFC Home Equity Loan Asset-Backed Certificates
1.630% due 10/20/2032 (a)		8,159		8,173
Household Mortgage Loan Trust
1.580% due 05/20/2032 (a)		474		475
Irwin Home Equity Loan Trust
1.590% due 06/25/2029 (a)		333		334
Irwin Low Balance Home Equity Loan Trust
1.675% due 06/25/2021 (a)		10		10
Morgan Stanley Dean Witter Capital I, Inc.
1.630% due 07/25/2032 (a)		645		647
Structured Asset Investment Loan Trust
1.420% due 06/25/2033 (a)		3,006		3,008
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013		764		766
Total Asset-Backed Securities (Cost $37,648)				37,662
SOVEREIGN ISSUES 1.9%
Republic of Brazil
2.062% due 04/15/2006 (a)		1,824		1,800
11.500% due 03/12/2008		2,300		2,469
2.125% due 04/15/2009 (a)		747		679
11.000% due 01/11/2012		2,840		2,871
11.000% due 08/17/2040		2,400		2,265
Republic of Panama
9.625% due 02/08/2011		800		890
9.375% due 01/16/2023		330		338
8.875% due 09/30/2027		5,200		5,070
Republic of Peru
9.125% due 02/21/2012		1,400		1,442
9.875% due 02/06/2015		5,100		5,355
Republic of South Africa
9.125% due 05/19/2009		500		583
United Mexican States
9.875% due 02/01/2010		100		120
8.375% due 01/14/2011		300		340
6.375% due 01/16/2013		930		930
11.375% due 09/15/2016		900		1,260
8.125% due 12/30/2019		4,200		4,505
8.300% due 08/15/2031		10,300		10,815
Total Sovereign Issues (Cost $40,884)				41,732
FOREIGN CURRENCY-DENOMINATED ISSUES (i)(j) 1.7%
Republic of Germany
5.250% due 07/04/2010	EC	22,200		29,051
5.250% due 01/04/2011		5,400		7,072
Total Foreign Currency-Denominated Issues (Cost $35,583)				36,123

PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME) Strike @ 95.500 Exp. 09/13/2004		100	$	1
Total Purchased Put Options (Cost $1)				1
PREFERRED SECURITY 0.6%
	Shares
DG Funding Trust
3.360% due 12/29/2049 (a)		1,239		13,319
Total Preferred Security (Cost $13,055)				13,319
SHORT-TERM INSTRUMENTS 67.7%
	Principal Amount (000s)
Certificates of Deposit 3.8%
Citibank New York N.A.
1.090% due 07/30/2004	$	1,300		1,300
1.190% due 08/20/2004		40,000		40,000
Wells Fargo Bank N.A.
1.090% due 07/07/2004		100		100
1.240% due 07/19/2004		43,200		43,200
				84,600
Commercial Paper 60.5%
Altria Group, Inc.
1.800% due 10/29/2004		2,800		2,800
Danske Corp.
1.195% due 08/20/2004		4,900		4,892
Fannie Mae
1.000% due 07/01/2004		4,600		4,600
1.010% due 07/01/2004		42,700		42,700
1.025% due 07/07/2004		23,700		23,696
1.015% due 07/14/2004		15,700		15,694
1.040% due 07/14/2004		21,800		21,792
1.060% due 07/21/2004		21,700		21,687
1.055% due 07/28/2004		21,800		21,783
1.056% due 07/28/2004		43,500		43,466
1.055% due 08/04/2004		21,800		21,778
1.063% due 08/04/2004		21,700		21,678
1.125% due 08/11/2004		59,200		59,124
1.150% due 08/18/2004		12,800		12,780
1.180% due 08/25/2004		46,600		46,516
1.215% due 09/01/2004		37,600		37,508
1.220% due 09/01/2004		21,600		21,547
1.240% due 09/01/2004		21,500		21,447
1.250% due 09/01/2004		21,600		21,547
1.120% due 09/08/2004		21,700		21,640
1.430% due 09/08/2004		2,800		2,792
1.410% due 09/15/2004		30,800		30,704
1.435% due 09/22/2004		17,000		16,941
1.010% due 10/01/2004		13,300		13,248
1.526% due 10/20/2004		16,400		16,320
1.530% due 10/20/2004		21,700		21,593
Federal Home Loan Bank
1.250% due 07/01/2004		20,000		20,000
1.250% due 09/01/2004		21,600		21,547
Ford Motor Credit Co.
2.076% due 09/03/2004		14,800		14,762
Freddie Mac
1.010% due 07/15/2004		14,000		13,995
1.055% due 08/03/2004		21,800		21,779
1.060% due 08/03/2004		21,800		21,779
1.120% due 08/10/2004		21,500		21,473
1.125% due 08/10/2004		21,500		21,473
1.079% due 08/23/2004		21,700		21,659
1.210% due 08/31/2004		21,600		21,548
1.215% due 08/31/2004		21,600		21,548

See accompanying notes June 30, 2004 Semi-Annual Report 9

Schedule of Investments (Cont.)

Total Return Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

1.275% due 09/07/2004	$	59,100	$	58,939
1.320% due 09/07/2004		21,500		21,441
1.200% due 09/08/2004		21,500		21,440
1.200% due 09/14/2004		500		499
1.440% due 09/14/2004		21,500		21,434
1.450% due 09/14/2004		21,500		21,434
1.260% due 09/20/2004		16,000		15,946
1.435% due 09/21/2004		21,600		21,526
1.280% due 09/22/2004		21,500		21,425
1.465% due 09/28/2004		9,900		9,863
1.298% due 09/30/2004		21,700		21,616
1.300% due 09/30/2004		21,500		21,417
1.436% due 09/30/2004		21,700		21,616
1.520% due 10/13/2004		10,800		10,751
1.560% due 10/20/2004		21,800		21,693
HBOS Treasury Services PLC
1.080% due 07/23/2004		15,400		15,390
1.120% due 08/24/2004		40,200		40,132
Rabobank USA Financial Corp.
1.110% due 08/23/2004		5,400		5,391
1.210% due 09/07/2004		21,700		21,641
Stadshypotek, Inc.
1.100% due 08/06/2004		59,800		59,734
TotalFinaElf Capital S.A.
1.420% due 07/01/2004		23,400		23,400
UBS Finance, Inc.
1.070% due 07/15/2004		39,200		39,184
				1,327,748
Repurchase Agreement 0.2%
State Street Bank
0.800% due 07/01/2004		4,012		4,012
(Dated 06/30/2004. Collateralized by Freddie Mac 5.500% due 07/15/2006 valued at $4,092. Repurchase proceeds are $4,012.)
U.S. Treasury Bills 3.2%
1.249% due 09/02/2004-09/16/2004 (b)(c)(d)		69,485		69,286
Total Short-Term Instruments (Cost $1,485,894)				1,485,646
Total Investments 108.9%			$	2,390,263
(Cost $2,389,014)
Written Options (g) (0.1%)				(1,167	)
(Premiums $2,007)
Other Assets and Liabilities (Net) (8.8%)				(194,087	)
Net Assets 100.0%			$	2,195,009

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(c) Securities with an aggregate market value of $19,197 have been segregated with the custodian to cover margin

requirements for the following open futures contracts at June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Eurodollar March Long Futures	03/2005	779	$	204
Eurodollar March Long Futures	03/2006	61		(68	)

Eurodollar June Long Futures	06/2005	840	$	(23	)
Eurodollar September Long Futures	09/2005	64		(87	)
Eurodollar December Long Futures	12/2004	296		(83	)
Eurodollar December Long Futures	12/2005	64		(80	)
Euribor December Long Futures	12/2005	674		(605	)
Euribor June Long Futures	06/2005	503		15
Euribor September Long Futures	09/2005	429		(148	)
Euribor Written Put Options Strike @ 97.000	12/2004	75		75
Euribor Written Put Options Strike @ 97.500	09/2004	76		25
Euro-Bobl 5-Year Note Long Futures	09/2004	241		14
U.S. Treasury 10-Year Note Long Futures	09/2004	5,227		6,120
U.S. Treasury 5-Year Note Long Futures	09/2004	838		565
			$	5,924

(d) Securities with an aggregate market value of $6,984 have been pledged as collateral for swap and swaption

contracts at June 30, 2004.

(e) Swap agreements outstanding at June 30, 2004:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation	)
Receive a fixed rate equal to 5.000% and pay floating rate based on 6-month BP-LIBOR.
Counterparty: Barclays Bank PLC
Exp. 06/16/2011	BP     1,800	$	(73	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: UBS Warburg LLC
Exp. 03/15/2017	700		1
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/15/2017	300		1
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Goldman Sachs & Co.
Exp. 03/15/2017	1,700		12
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/15/2032	900		5
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: UBS Warburg LLC
Exp. 03/15/2032	1,100		(4	)

Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 03/15/2007		EC  19,900	$	150
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: J.P. Morgan Chase & Co.
Exp. 12/21/2007		108,700		(776	)
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Citibank N.A.
Exp. 06/17/2008		46,800		(654	)
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Citibank N.A.
Exp. 06/17/2010		5,400		(66	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/15/2017		500		10
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Goldman Sachs & Co.
Exp. 03/15/2017		4,000		77
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/15/2032		1,500		27
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: UBS Warburg LLC
Exp. 03/15/2032		1,800		22
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Bear Stearns & Co., Inc.
Exp. 07/01/2004	$	1,600		0
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 09/30/2004		4,300		0
Receive a fixed rate equal to 0.625% and the Portfolio will pay to the counterparty at par in the event of default of the United Mexican States 11.500% due 05/15/2026.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 05/20/2005		900		3
Receive a fixed rate equal to 0.650% and the Portfolio will pay to the counterparty at par in the event of default of the United Mexican States 7.500% due 04/08/2033.
Counterparty: Barclays Bank PLC
Exp. 05/20/2005		300		1
Receive a fixed rate equal to 1.100% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Panama 9.375% due 04/01/2029.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 06/20/2005		800		3

10 Semi-Annual Report June 30, 2004 See accompanying notes

Receive a fixed rate equal to 1.800% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Panama 9.375% due 04/01/2029.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 06/20/2005	300	$	3
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: UBS Warburg LLC
Exp. 12/15/2006	11,800		17
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: Barclays Bank PLC
Exp. 12/15/2006	25,200		19
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: UBS Warburg LLC
Exp. 12/15/2009	52,100		431
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: Bank of America
Exp. 12/15/2009	99,700		920
		$	129

(f) Principal amount of security is adjusted for inflation.

(g) Premiums received on written options:

Name of Issuer		Exercise Price			Expiration Date	# of Contracts		Premium		Value
Call - CBOT U.S. Treasury Note September Futures		$	111.500		08/27/2004		62	$	27	$	4
Call - CBOT U.S. Treasury Note September Futures			115.000		08/27/2004		405		268		12
Call - CBOT U.S. Treasury Note September Futures			111.000		08/27/2004		106		53		53
Call - CBOT U.S. Treasury Note September Futures			114.000		08/27/2004		58		38		4
Call - CBOT U.S. Treasury Note September Futures			110.000		08/27/2004		261		237		224
Put - CBOT U.S. Treasury Note September Futures			107.500		08/27/2004		92		72		34
Put - CBOT U.S. Treasury Note September Futures			108.000		08/27/2004		184		229		124
Put - CBOT U.S. Treasury Note September Futures			105.000		08/27/2004		261		160		37
								$	1,084	$	492
Name of Issuer	Counterparty	Exercise Rate			Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.		5.970	%**	10/04/2004	$	6,400	$	257	$	416
Put - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.		5.970	%*	10/04/2004		6,400		257		4
Call - OTC 7-Year Interest Rate Swap	UBS Warburg LLC		3.800	%**	10/07/2004		9,200		44		1
Call - OTC 7-Year Interest Rate Swap	Bank of America		6.000	%**	10/19/2004		1,700		69		111
Put - OTC 7-Year Interest Rate Swap	Bank of America		6.000	%*	10/19/2004		1,700		69		2
Call - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.		5.500	%**	01/07/2005		3,900		95		139
Put - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.		7.000	%*	01/07/2005		3,900		132		2
								$	923	$	675

* The Portfolio will pay a floating rate based on 3-month LIBOR.

** The Portfolio will receive a floating rate based on 3-month LIBOR.

(h) Short sales open at June 30, 2004 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Bond	6.250	05/15/2030	$	18,600	$	20,831	$	20,287
U.S. Treasury Bond	5.375	02/15/2031		15,300		15,436		15,064
U.S. Treasury Note	3.875	02/15/2013		4,900		4,686		4,591
U.S. Treasury Note	4.750	05/15/2014		11,300		11,421		11,337
U.S. Treasury Note	6.250	08/15/2023		15,200		16,837		16,531
					$	69,211	$	67,810

(i) Forward foreign currency contracts outstanding at June 30, 2004:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BR	636	07/2004	$	0	$	(5	)	$	(5	)
Buy		1,328	08/2004		17		0			17
Buy		1,500	09/2004		8		0			8
Buy	CP	371,861	08/2004		1		(3	)		(2	)
Buy		303,010	09/2004		8		0			8
Sell	EC	12,099	07/2004		173		0			173
Buy	H$	3,427	07/2004		0		(1	)		(1	)
Buy		3,473	08/2004		0		(1	)		(1	)
Buy		3,887	09/2004		0		0			0
Buy	JY	2,917,263	07/2004		152		0			152
Buy	KW	510,840	07/2004		4		0			4
Buy		520,066	08/2004		12		0			12
Buy		590,000	09/2004		4		0			4
Buy	MP	4,737	08/2004		0		0			0
Buy		5,606	09/2004		0		(7	)		(7	)
Buy	PN	1,526	08/2004		3		0			3
Buy		1,740	09/2004		2		0			2
Buy	RP	33,915	09/2004		0		(13	)		(13	)
Buy	RR	12,522	07/2004		2		0			2
Buy		12,733	08/2004		3		0			3
Buy		14,270	09/2004		1		0			1
Buy	S$	743	07/2004		0		(7	)		(7	)
Buy		755	08/2004		0		(2	)		(2	)
Buy		852	09/2004		0		0			0
Buy	SR	2,955	08/2004		40		0			40
Sell		1,778	08/2004		0		(1	)		(1	)
Buy		3,429	09/2004		19		0			19
Sell		2,003	09/2004		0		(1	)		(1	)
Buy	SV	14,486	08/2004		10		0			10
Buy		16,715	09/2004		5		0			5
Buy	T$	14,791	08/2004		0		(1	)		(1	)
Buy		16,605	09/2004		0		0			0
				$	464	$	(42	)	$	422

(j) Principal amount denoted in indicated currency:

BP	-	British Pound
BR	-	Brazilian Real
CP	-	Chilean Peso
EC	-	Euro
H$	-	Hong Kong Dollar
JY	-	Japanese Yen
KW	-	South Korean Won
MP	-	Mexican Peso
PN	-	Peruvian New Sol
RP	-	Indian Rupee
RR	-	Russian Ruble
S$	-	Singapore Dollar
SR	-	South African Rand
SV	-	Slovakian Koruna
T$	-	Taiwan Dollar

See accompanying notes June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Total Return Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. 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. The Portfolio commenced operations on December 31, 1997.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Delayed Delivery Transactions. The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or

12 Semi-Annual Report June 30, 2004

sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. 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 net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Foreign Currency. The accounting records of the Portfolio are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Forward Currency Transactions. The Portfolio may enter into forward currency contracts and forward cross-currency contracts 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 a part of an investment strategy. A forward 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 currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses 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 are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Short Sales. The Portfolio may enter into short sales transactions. A short sale is a transaction in which the Portfolio sells securities it does not own in anticipation of a decline in the market price of the securities. The Portfolio is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain (loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain (loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. This reclassification increased (decreased) net investment income by $157,342 and $(31,206), and net realized gain (loss) by $(137,550) and $11,058 and net change in unrealized appreciation (depreciation) by $(19,792) and $20,148 for the six months ended June 30, 2004 and year ended December 31, 2003, respectively. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase (decrease) in net assets from operations during any period.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average

14 Semi-Annual Report June 30, 2004

daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.25%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and back overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.50	%
Administrative Class	0.65	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$1,049,636	$906,376	$305,244	$332,178

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Premium
Balance at 12/31/2003	$	2,357
Sales		2,374
Closing Buys		(638	)
Expirations		(2,086	)
Exercised		0
Balance at 06/30/2004		$2,007

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$            11,478	$          (10,229)	$	1,249

June 30, 2004 Semi-Annual Report 15

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	679		$	7,078		7,349		$	76,213
Administrative Class	34,019			355,600		94,450			979,977
Issued as reinvestment of distributions
Institutional Class	60			631		271			2,807
Administrative Class	1,399			14,564		4,687			48,536
Cost of shares redeemed
Institutional Class	(2,792	)		(29,016	)	(4,880	)		(50,575	)
Administrative Class	(11,949	)		(124,164	)	(28,502	)		(295,164	)
Net increase resulting from Portfolio share transactions	21,416		$	224,693		73,375		$	761,794

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	2	100
Administrative Class	6	79

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

16 Semi-Annual Report June 30, 2004

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

June 30, 2004 Semi-Annual Report 17

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

EMERGING MARKETS BOND PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	11

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Emerging Markets Bond Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                     Emerging Markets Bond             J.P. Morgan Emerging
                    Portfolio Admin. Class           Markets Bond Index Global
                    ----------------------           -------------------------
09/30/2002                $10,000                            $10,000
10/31/2002                $10,879                            $10,616
11/30/2002                $11,248                            $10,917
12/31/2002                $11,665                            $11,253
01/31/2003                $11,972                            $11,438
02/28/2003                $12,475                            $11,804
03/31/2003                $12,902                            $11,995
04/30/2003                $13,728                            $12,678
05/31/2003                $14,328                            $13,203
06/30/2003                $14,225                            $13,203
07/31/2003                $13,624                            $12,735
08/31/2003                $14,020                            $13,045
09/30/2003                $14,540                            $13,503
10/31/2003                $14,623                            $13,569
11/30/2003                $14,886                            $13,735
12/31/2003                $15,356                            $14,139
01/31/2004                $15,541                            $14,211
02/29/2004                $15,485                            $14,261
03/31/2004                $15,853                            $14,617
04/30/2004                $14,754                            $13,823
05/31/2004                $14,621                            $13,618
06/30/2004                $14,888                            $13,818

COUNTRY ALLOCATION^‡

Short-Term Instruments	29.5%
Brazil	23.6%
Russia	12.4%
Mexico	11.8%
Ecuador	3.4%
Peru	2.7%
Ukraine	2.6%
Other	14.0%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Administrative Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		Since Inception*
	Emerging Markets Bond Portfolio Administrative Class (Inception 09/30/02)	–3.05	%	4.66	%	25.60	%
- - - - - - -	J.P. Morgan Emerging Markets Bond Index Global	–2.27	%	4.66	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	969.50	$	1,025.00
Expenses Paid During Period†	$	4.95	$	5.09

^†Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 1.01%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Emerging Markets Bond Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in Fixed Income Securities of issuers that economically are tied to countries with emerging securities markets.

• The Portfolio’s Administrative Class shares returned –3.05% for the 6-month period ended June 30, 2004, underperforming the J.P. Morgan Emerging Markets Bond Index Global return of –2.27% for the same period.

• A significant underweight to Turkey was positive for performance; the country’s bonds fell amid concerns over its growing current account deficit and sizable funding needs.

• An overweight to Brazil was negative for performance. Brazilian bonds underperformed early in the year amidst political noise and the exiting of leveraged tactical investors in the asset class.

• An overweight to Ecuador bonds hurt returns; the country lagged due in part to slow progress on the structural reform agenda.

• An underweight to Venezuela bonds detracted from performance as strong oil prices continued to support the country’s bonds.

• Modest emerging market currency exposure was positive for performance due in part to strong appreciation of the South African Rand.

• The use of “structural alpha” strategies such as selling short-maturity credit default protection added to returns.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

Emerging Markets Bond Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			09/30/2002- 12/31/2002
Net asset value beginning of period	$	12.97		$	11.48		$	10.00
Net investment income (a)		0.20	(d)		0.62	(d)		0.18
Net realized/unrealized gain (loss) on investments (a)		(0.59	)(d)		2.90	(d)		1.48
Total income (loss) from investment operations		(0.39	)		3.52			1.66
Dividends from net investment income		(0.23	)		(0.65	)		(0.18	)
Distributions from net realized capital gains		0.00			(1.38	)		0.00
Total distributions		(0.23	)		(2.03	)		(0.18	)
Net asset value end of period	$	12.35		$	12.97		$	11.48
Total return		(3.05	)%		31.64	%		16.65	%
Net assets end of period (000s)	$	57,110		$	50,954		$	32,767
Ratio of net expenses to average net assets		1.01	%*(b)		1.04	%(b)		1.02	%*(b)(c)
Ratio of net investment income to average net assets		3.42	%*(d)		4.78	%(d)		6.58	%*
Portfolio turnover rate		292	%		451	%		91	%

 + Unaudited

 * Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 1.00%.

(c) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 1.11%.

(d) Indicates a period in which, as a result of a change in generally accepted accounting principles, the portfolio has reclassified periodic payments made or received under certain derivative instruments, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. The effect of this reclassification was to (reduce) the net investment income ratio for the period ending June 30, 2004 by (0.09)% and the net investment income per share by $(0.01). For consistency, similar reclassifications have been made to prior period amounts, resulting in (reductions) to the net investment income ratio of (0.13)% and to the net investment income per share of $(0.02) in the fiscal year ending December 31, 2003. This change had no impact on the reported net asset value per share for any period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Emerging Markets Bond Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	72,453
Cash		2
Foreign currency, at value		26
Receivable for investments sold		17,706
Unrealized appreciation on forward foreign currency contracts		64
Receivable for Portfolio shares sold		4
Interest and dividends receivable		1,254
Unrealized appreciation on swap agreements		108
		91,617
Liabilities:
Payable for investments purchased	$	217
Payable for investments purchased on a delayed delivery basis		34,112
Unrealized depreciation on forward foreign currency contracts		6
Written options outstanding		38
Accrued investment advisory fee		20
Accrued administration fee		18
Accrued servicing fee		6
Recoupment payable to Manager		1
Unrealized depreciation on swap agreements		36
Other liabilities		53
		34,507
Net Assets	$	57,110
Net Assets Consist of:
Paid in capital	$	52,446
Undistributed net investment income		4,226
Accumulated undistributed net realized gain		135
Net unrealized appreciation		303
	$	57,110
Net Assets:
Administrative Class	$	57,110
Shares Issued and Outstanding:
Administrative Class		4,625
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Administrative Class	$	12.35
Cost of Investments Owned	$	72,279
Cost of Foreign Currency Held	$	25

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Emerging Markets Bond Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	1,207
Total Income		1,207
Expenses:
Investment advisory fees		122
Administration fees		109
Distribution and/or servicing fees - Administrative Class		40
Interest expense		2
Miscellaneous expense		1
Total Expenses		274
Net Investment Income		933
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		281
Net realized gain on options, and swaps		40
Net realized gain on foreign currency transactions		12
Net change in unrealized (depreciation) on investments		(3,062	)
Net change in unrealized (depreciation) on options, and swaps		(51	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		47
Net (Loss)		(2,733	)
Net Decrease in Assets Resulting from Operations	$	(1,800	)

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Emerging Markets Bond Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase in Net Assets from:
Operations:
Net investment income	$	933		$	2,022
Net realized gain		333			7,988
Net change in unrealized appreciation (depreciation)		(3,066	)		1,092
Net increase (decrease) resulting from operations		(1,800	)		11,102
Distributions to Shareholders:
From net investment income
Administrative Class		(988	)		(2,081	)
From net realized capital gains
Administrative Class		0			(4,750	)
Total Distributions		(988	)		(6,831	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		9,527			24,324
Issued as reinvestment of distributions
Administrative Class		993			6,826
Cost of shares redeemed
Administrative Class		(1,576	)		(17,234	)
Net increase resulting from Portfolio share transactions		8,944			13,916
Total Increase in Net Assets		6,156			18,187
Net Assets:
Beginning of period		50,954			32,767
End of period *	$	57,110		$	50,954
*Including undistributed net investment income of:	$	4,226		$	4,281

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Emerging Markets Bond Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

BRAZIL 29.9%
Republic of Brazil
2.060% due 04/15/2006 (a)	$	80	$	79
2.062% due 04/15/2006 (a)		1,258		1,241
11.500% due 03/12/2008		400		429
2.130% due 04/15/2009 (a)		918		834
14.500% due 10/15/2009		540		632
12.000% due 04/15/2010		460		492
10.000% due 08/07/2011		1,250		1,219
11.000% due 01/11/2012		1,160		1,173
2.130% due 04/15/2012 (a)		1,925		1,621
2.130% due 04/15/2012 (a)		358		301
8.000% due 04/15/2014 (a)		815		749
2.060% due 04/15/2024 (a)		100		79
6.000% due 04/15/2024 (a)		120		94
8.875% due 04/15/2024		1,150		943
10.125% due 05/15/2027		1,540		1,378
12.250% due 03/06/2030		220		230
8.250% due 01/20/2034		540		410
11.000% due 08/17/2040		5,496		5,187
Total Brazil (Cost $17,056)				17,091
BULGARIA 0.7%
Republic of Bulgaria
2.000% due 07/28/2011 (a)	$	338		338
2.000% due 07/28/2012 (a)		81		81
Total Bulgaria (Cost $398)				419
CHILE 1.7%
Republic of Chile
5.625% due 07/23/2007	$	915		959
Total Chile (Cost $966)				959
COLOMBIA 1.0%
Republic of Colombia
9.750% due 04/23/2009	$	220		235
9.750% due 04/09/2011		87		97
10.750% due 01/15/2013		220		235
Total Colombia (Cost $577)				567
DOMINICAN REPUBLIC 0.4%
Dominican Republic
9.500% due 09/27/2006	$	320		229
9.040% due 01/23/2013		20		12
Total Dominican Republic (Cost $318)				241
ECUADOR 4.2%
Republic of Ecuador
7.000% due 08/15/2030 (a)	$	3,444		2,428
Total Ecuador (Cost $1,972)				2,428
GUATEMALA 1.1%
Republic of Guatemala
9.250% due 08/01/2013	$	570		617
Total Guatemala (Cost $570)				617

MALAYSIA 1.5%
Petronas Capital Ltd.
7.000% due 05/22/2012	$	325	$	355
Republic of Malaysia
8.750% due 06/01/2009		120		141
7.500% due 07/15/2011		325		368
Total Malaysia (Cost $887)				864
MEXICO 15.0%
Banco Mercantil del Norte S.A.
5.875% due 02/17/2014 (a)	$	145		141
Pemex Project Funding Master Trust
8.000% due 11/15/2011		250		271
7.375% due 12/15/2014		445		456
Petroleos Mexicanos
9.250% due 03/30/2018		217		242
United Mexican States
10.375% due 02/17/2009		375		454
8.375% due 01/14/2011		1,710		1,937
7.500% due 01/14/2012		485		524
6.375% due 01/16/2013		2,670		2,671
11.375% due 09/15/2016		25		35
8.125% due 12/30/2019		574		616
8.300% due 08/15/2031		1,165		1,223
Total Mexico (Cost $8,659)				8,570
MOROCCO 0.4%
Kingdom of Morocco
2.000% due 01/05/2009	$	250		247
Total Morocco (Cost $229)				247
PANAMA 1.6%
Republic of Panama
8.250% due 04/22/2008	$	15		16
9.625% due 02/08/2011		210		234
9.375% due 07/23/2012		310		340
8.875% due 09/30/2027		80		78
9.375% due 04/01/2029		200		222
Total Panama (Cost $887)				890
PERU 3.4%
Republic of Peru
9.125% due 01/15/2008	$	750		817
9.125% due 02/21/2012		920		948
4.500% due 03/07/2017 (a)		240		195
Total Peru (Cost $2,069)				1,960
POLAND 0.6%
Republic of Poland
4.000% due 10/27/2024 (a)	$	130		109
4.750% due 10/27/2024 (a)		250		224
Total Poland (Cost $354)				333
RUSSIA 15.8%
Gazprom
9.625% due 03/01/2013	$	150		155
Russian Federation
8.750% due 07/24/2005		550		581
5.000% due 03/31/2030 (a)		9,030		8,268
Total Russia (Cost $8,920)				9,004

SOUTH AFRICA (d)(e) 2.8%
Republic of South Africa
7.375% due 04/25/2012	$	310	$	338
5.250% due 05/16/2013	EC	400		475
6.500% due 06/02/2014		750		759
Total South Africa (Cost $1,549)				1,572
SOUTH KOREA 1.7%
Hyundai Motor Manufacturing Alabama LLC
5.300% due 12/19/2008	$	500		493
Industrial Bank of Korea
4.000% due 05/19/2014 (a)		110		103
Korea Development Bank
5.750% due 09/10/2013		15		15
Republic of Korea
8.875% due 04/15/2008		285		331
Total South Korea (Cost $963)				942
TUNISIA (d)(e) 2.8%
Banque Centrale De Tunisie
4.750% due 04/07/2011	EC	500		599
7.375% due 04/25/2012		900		986
Total Tunisia (Cost $1,602)				1,585
UKRAINE 3.3%
Republic of Ukraine
11.000% due 03/15/2007	$	400		433
6.875% due 03/04/2011		1,050		992
7.650% due 06/11/2013		500		479
Total Ukraine (Cost $1,978)				1,904
VENEZUELA 1.6%
Republic of Venezuela
5.375% due 08/07/2010	$	600		479
9.375% due 01/13/2034		500		424
Total Venezuela (Cost $966)				903
SHORT-TERM INSTRUMENTS 37.4%
Commercial Paper 36.9%
ABN AMRO North America Finance
1.040% due 07/06/2004	$	900		900
Anz (Delaware), Inc.
1.030% due 07/08/2004		900		900
CDC Commercial Corp.
1.100% due 08/04/2004		1,500		1,498
Den norske Bank
1.260% due 09/20/2004		800		797
1.280% due 09/20/2004		500		498
European Investment Bank
1.050% due 07/16/2004		500		500
Fannie Mae
1.125% due 08/11/2004		300		300
1.225% due 09/01/2004		300		299
Freddie Mac
1.560% due 10/20/2004		600		597
HBOS Treasury Services PLC
1.055% due 07/19/2004		500		500
ING U.S. Funding LLC
1.345% due 09/09/2004		200		199
KFW International Finance, Inc.
1.095% due 08/10/2004		400		399
Lloyds TSB Bank PLC
1.185% due 07/21/2004		1,500		1,499

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

National Australia Funding, Inc.
1.210% due 07/19/2004	$	1,400	$	1,399
Nordea North America, Inc.
1.470% due 09/07/2004		100		100
Royal Bank of Scotland PLC
1.235% due 09/01/2004		400		399
Shell Finance (UK) PLC
1.230% due 08/11/2004		900		899
Svenska Handlesbanken
1.295% due 08/03/2004		1,400		1,398
1.145% due 09/01/2004		900		898
Swedish National Housing Finance Corp.
1.060% due 07/16/2004		1,200		1,199
1.090% due 07/29/2004		400		400
Toyota Motor Credit Corp.
1.390% due 09/15/2004		1,400		1,396
UBS Finance, Inc.
1.060% due 07/01/2004		500		500
1.420% due 07/01/2004		100		100
1.195% due 07/21/2004		100		100
1.135% due 09/01/2004		400		399
UniCredit Delaware
1.470% due 09/14/2004		1,400		1,396
Westpac Capital Corp.
1.030% due 07/09/2004		400		400
Westpac Trust Securities NZ Ltd.
1.120% due 08/16/2004		1,200		1,198
				21,067
Repurchase Agreement 0.3%
State Street Bank
0.800% due 07/01/2004		165		165
(Dated 06/30/2004. Collateralized by Fannie Mae 1.875% due 09/15/2005 valued at $170. Repurchase proceeds are $165.)
U.S. Treasury Bills 0.2%
1.315% due 09/16/2004		125		125
Total Short-Term Instruments (Cost $21,359)				21,357
Total Investments 126.9%			$	72,453
(Cost $72,279)
Written Options (c) (0.1%)				(38	)
(Premiums $49)
Other Assets and Liabilities (Net) (26.8%)				(15,305	)
Net Assets 100.0%			$	57,110

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Variable rate security

(b) Swap agreements outstanding at June 30, 2004:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 0.950% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation 5.000% due 03/31/2030.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 12/09/2004	$	1,000	$	0
Receive a fixed rate equal to 1.250% and the Portfolio will pay to the counterparty at par in the event of default of the United Mexican States 11.375% due 09/15/2016.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 01/22/2005		100		0

Receive a fixed rate equal to 1.310% and the Portfolio will pay to the counterparty at par in the event of default of the United Mexican States 11.500% due 05/15/2026.
Counterparty: Goldman Sachs & Co.
Exp. 01/29/2005	$	300	$	2
Receive a fixed rate equal to 1.060% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030.
Counterparty: Goldman Sachs & Co.
Exp. 03/06/2005		300		0
Receive a fixed rate equal to 0.700% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Kazakhstan 11.125% due 05/11/2007.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 03/11/2005		100		0
Receive a fixed rate equal to 1.280% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 05/01/2005		1,000		2
Receive a fixed rate equal to 0.625% and the Portfolio will pay to the counterparty at par in the event of default of the United Mexican States 11.500% due 05/15/2026.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 05/20/2005		100		0
Receive a fixed rate equal to 0.650% and the Portfolio will pay to the counterparty at par in the event of default of the United Mexican States 7.500% due 04/08/2033.
Counterparty: Barclays Bank PLC
Exp. 05/20/2005		33		0
Receive a fixed rate equal to 2.840% and the Portfolio will pay to the counterparty at par in the event of default of the United Mexican States 9.750% due 04/06/2005.
Counterparty: J.P. Morgan Chase & Co.
Exp. 01/04/2013		1,600		99
Receive a fixed rate equal to 3.160% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 10/02/2013		450		5
Receive a fixed rate equal to 2.310% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 01/21/2014		525		(25	)
Receive a fixed rate equal to 2.550% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030.
Counterparty: Lehman Brothers, Inc.
Exp. 03/20/2014		350		(11	)
			$	72

See accompanying notes June 30, 2004 Semi-Annual Report 9

Schedule of Investments (Cont.)

Emerging Markets Bond Portfolio

June 30, 2004 (Unaudited)

(c) Premiums received on written options:

Name of Issuer	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury Note September Futures	$	115.000	08/27/2004	3	$	2	$	0
Put - CBOT U.S. Treasury Note September Futures		109.000	08/27/2004	40		47		38
					$	49	$	38

(d) Forward foreign currency contracts outstanding at June 30, 2004:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BR	163	07/2004	$	0	$	(1	)	$	(1	)
Buy		149	08/2004		2		0			2
Buy		90	09/2004		0		0			0
Buy	CP	27,622	08/2004		0		0			0
Buy		18,181	09/2004		0		0			0
Sell	CY	891	09/2004		0		(3	)		(3	)
Buy	EC	896	07/2004		13		0			13
Buy	H$	350	07/2004		0		0			0
Buy		389	08/2004		0		0			0
Buy		233	09/2004		0		0			0
Buy	KW	52,245	07/2004		1		0			1
Buy		58,225	08/2004		1		0			1
Buy		35,400	09/2004		0		0			0
Buy		456,522	11/2004		6		0			6
Buy	MP	5,952	08/2004		3		0			3
Buy		336	09/2004		0		0			0
Buy	PN	174	08/2004		0		0			0
Buy		104	09/2004		0		0			0
Buy	RP	2,035	09/2004		0		(1	)		(1	)
Buy	RR	1,281	07/2004		0		0			0
Buy		1,426	08/2004		0		0			0
Buy		856	09/2004		0		0			0
Buy	S$	76	07/2004		0		(1	)		(1	)
Buy		85	08/2004		0		0			0
Buy		51	09/2004		0		0			0
Buy	SR	1,583	08/2004		28		0			28
Sell		202	08/2004		0		0			0
Buy		206	09/2004		1		0			1
Sell		120	09/2004		0		0			0
Buy	SV	9,346	08/2004		9		0			9
Buy		1,003	09/2004		0		0			0
Buy	T$	1,656	08/2004		0		0			0
Buy		996	09/2004		0		0			0
				$	64	$	(6	)	$	58

(e) Principal amount denoted in indicated currency:

BR	-	Brazilian Real
CP	-	Chilean Peso
CY	-	Chinese Yuan Renminbi
EC	-	Euro
H$	-	Hong Kong Dollar
KW	-	South Korean Won
MP	-	Mexican Peso
PN	-	Peruvian New Sol
RP	-	Indian Rupee
RR	-	Russian Ruble
S$	-	Singapore Dollar
SR	-	South African Rand
SV	-	Slovakian Koruna
T$	-	Taiwan Dollar

10 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Emerging Markets Bond Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers one class of shares: Administrative. Information presented in these financial statements pertains to the Administrative Class of the Portfolio. 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. The Portfolio commenced operations on September 30, 2002.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Delayed Delivery Transactions. The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These 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 purchases are outstanding, the Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. 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 net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Foreign Currency. The accounting records of the Portfolio are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Forward Currency Transactions. The Portfolio may enter into forward currency contracts and forward cross-currency contracts 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 a part of an investment strategy. A forward 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 currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses 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 are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s 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.

Loan Agreements. The Portfolio may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. 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. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. 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 lender selling the loan agreement and only upon receipt by the lender of payments from the borrower. The Portfolio generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Portfolio purchases assignments from lenders it acquires direct rights against the borrower on the loan.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the

12 Semi-Annual Report June 30, 2004

repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain(loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. This reclassification increased(decreased) net investment income by $(49,821) and $(55,321), and net realized gain by $38,955 and $25,829 and net change in unrealized appreciation by $10,865 and $29,492 for the six months ended June 30, 2004 and year ended December 31, 2003, respectively. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase(decrease) in net assets from operations during any period.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.45%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.40%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses and (viii) any expenses allocated or allocable to a specific class of shares, which

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

include service fees payable with respect to the Administrative Class shares and may include certain other expenses as permitted by the Trust’s Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Administrative Class 1.00 %

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months. Expenses that have been waived and may still be reimbursed by the Administrator, to the extent the Portfolio’s annualized total portfolio operating expenses plus the amount so reimbursed does not exceed the operating expense limitation, are as follows (amounts in thousands):

		Year of Waiver
		12/31/2002		12/31/2003		06/30/2004
Amount Available for Reimbursement	$	4	$	0	$	0

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$  0	$  0	$  151,690	$  145,220

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Premium
Balance at 12/31/2003	$	0
Sales		70
Closing Buys		(1	)
Expirations		(20	)
Exercised		0
Balance at 06/30/2004	$	49

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)		Net Unrealized Appreciation
$                1,145	$	(971)	$	174

14 Semi-Annual Report June 30, 2004

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	744			9,527		1,871			24,324
Issued as reinvestment of distributions
Institutional Class	0			0		0			0
Administrative Class	78			993		531			6,826
Cost of shares redeemed
Institutional Class	0			0		0			0
Administrative Class	(127	)		(1,576	)	(1,327	)		(17,234	)
Net increase resulting from Portfolio share transactions	695		$	8,944		1,075		$	13,916

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Administrative Class	1	98

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

June 30, 2004 Semi-Annual Report 15

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

16 Semi-Annual Report June 30, 2004

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

REAL RETURN PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	11

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Real Return Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                           Real Return            Lehman Brothers Global Real:
                     Portfolio Admin. Class            U.S. TIPS Index
                     ----------------------      -----------------------------
 09/30/1999                $10,000                        $10,000
 10/31/1999                $10,013                        $10,020
 11/30/1999                $10,090                        $10,081
 12/31/1999                 $9,997                        $10,000
 01/31/2000                $10,060                        $10,045
 02/29/2000                $10,131                        $10,139
 03/31/2000                $10,441                        $10,434
 04/30/2000                $10,545                        $10,573
 05/31/2000                $10,489                        $10,545
 06/30/2000                $10,655                        $10,678
 07/31/2000                $10,737                        $10,769
 08/31/2000                $10,822                        $10,849
 09/30/2000                $10,913                        $10,905
 10/31/2000                $11,100                        $11,037
 11/30/2000                $11,269                        $11,197
 12/31/2000                $11,407                        $11,318
 01/31/2001                $11,711                        $11,555
 02/28/2001                $11,902                        $11,750
 03/31/2001                $12,000                        $11,863
 04/30/2001                $12,122                        $11,929
 05/31/2001                $12,263                        $12,070
 06/30/2001                $12,247                        $12,056
 07/31/2001                $12,461                        $12,257
 08/31/2001                $12,534                        $12,274
 09/30/2001                $12,659                        $12,345
 10/31/2001                $12,963                        $12,638
 11/30/2001                $12,625                        $12,357
 12/31/2001                $12,506                        $12,212
 01/31/2002                $12,579                        $12,284
 02/28/2002                $12,734                        $12,471
 03/31/2002                $12,667                        $12,393
 04/30/2002                $13,045                        $12,732
 05/31/2002                $13,260                        $12,934
 06/30/2002                $13,436                        $13,117
 07/31/2002                $13,710                        $13,334
 08/31/2002                $14,199                        $13,811
 09/30/2002                $14,557                        $14,159
 10/31/2002                $14,187                        $13,781
 11/30/2002                $14,191                        $13,771
 12/31/2002                $14,728                        $14,234
 01/31/2003                $14,778                        $14,342
 02/28/2003                $15,360                        $14,879
 03/31/2003                $15,126                        $14,638
 04/30/2003                $15,102                        $14,600
 05/31/2003                $15,843                        $15,293
 06/30/2003                $15,729                        $15,136
 07/31/2003                $15,023                        $14,438
 08/31/2003                $15,298                        $14,697
 09/30/2003                $15,815                        $15,183
 10/31/2003                $15,890                        $15,265
 11/30/2003                $15,872                        $15,275
 12/31/2003                $16,029                        $15,430
 01/31/2004                $16,246                        $15,607
 02/29/2004                $16,644                        $15,968
 03/31/2004                $16,888                        $16,223
 04/30/2004                $16,106                        $15,436
 05/31/2004                $16,388                        $15,714
 06/30/2004                $16,397                        $15,721
 

SECTOR BREAKDOWN^‡

U.S. Treasury Obligations	49.3	%
Short-Term Instruments	43.9	%
Other	6.8	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Administrative Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		Since Inception*
	Real Return Portfolio Administrative Class (Inception 09/30/99)	2.29	%	4.24	%	10.99	%
- - - - - - -	Lehman Brothers Global Real: U.S. TIPS Index	1.88	%	3.86	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,022.90	$	1,025.00
Expenses Paid During Period†	$	3.27	$	3.27

^†Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.65%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Real Return Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies, or government-sponsored enterprises and corporations.

• For the 6 months ended June 30, 2004, the Portfolio’s Administrative Class shares returned 2.29%, versus 1.88% for the benchmark Lehman Brothers Global Real: U.S. TIPS Index.

• For the 6 months, real yields in the U.S. increased by 0.10%, compared to a 0.39% rise for conventional U.S. Treasury issues of similar maturity.

• Breakeven inflation, defined as the difference between a real yield on a TIPS and a nominal yield on a Treasury of the same maturity, was 2.59% on June 30, 2004 for the 10-year maturity. This compares to a breakeven yield of 2.31% on December 31, 2003. The 12-month CPI-U change for the period ended June 30, 2004, was 3.22%.

• The effective duration of the Portfolio was 6.82 years on June 30, 2004, compared to a duration of 7.51 years for the benchmark; this strategy was positive for performance as real yields rose.

• The Portfolio reduced overall account duration through short positions in nominal treasuries, treasury futures, and swaps, which was positive for performance as nominal yields rose.

• The Portfolio was overweight shorter maturity TIPS. This was positive for performance compared to the benchmark as the real yield curve steepened.

• The Portfolio’s yield was improved by using a combination of TIPS buy-forward agreements and low duration, high quality conventional yield debt instruments. The steepness of the real yield curve made this an attractive option for the Portfolio.

• Option writing added income to the Portfolio as rates stayed within our forecasted range.

• An allocation to emerging market bonds was negative overall for returns, as spreads widened throughout the period.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

Real Return Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			12/31/2000			09/30/1999- 12/31/1999
Net asset value beginning of period	$	12.36		$	11.90		$	10.56		$	10.34		$	9.80		$	10.00
Net investment income (a)		0.04			0.27			0.48			0.61			0.64			0.20
Net realized/unrealized gain (loss) on investments (a)		0.24			0.77			1.36			0.38			0.69			(0.20	)
Total income from investment operations		0.28			1.04			1.84			0.99			1.33			0.00
Dividends from net investment income		(0.04	)		(0.32	)		(0.48	)		(0.63	)		(0.79	)		(0.20	)
Distributions from net realized capital gains		0.00			(0.26	)		(0.02	)		(0.14	)		0.00			0.00
Total distributions		(0.04	)		(0.58	)		(0.50	)		(0.77	)		(0.79	)		(0.20	)
Net asset value end of period	$	12.60		$	12.36		$	11.90		$	10.56		$	10.34		$	9.80
Total return		2.29	%		8.84	%		17.77	%		9.63	%		14.11	%		(0.03	)%
Net assets end of period (000s)	$	437,833		$	275,029		$	90,724		$	7,406		$	448		$	3,000
Ratio of net expenses to average net assets		0.65	%*		0.66	%(d)		0.66	%(d)		0.66	%(c)(d)		0.65	%		0.65	%(b)*
Ratio of net investment income to average net assets		0.67	%*		2.21	%		4.19	%		5.63	%		6.69	%		7.72	%*
Portfolio turnover rate		572	%		738	%		87	%		58	%		18	%		23	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.92%.

(c) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.67%.

(d) Ratio of expenses to average net assets excluding interest expense is 0.65%.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Real Return Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	935,373
Foreign currency, at value		267
Receivable for investments sold on a delayed delivery basis		10,239
Unrealized appreciation on forward foreign currency contracts		40
Receivable for Portfolio shares sold		1,231
Interest and dividends receivable		1,357
Swap premiums paid		2,839
Unrealized appreciation on swap agreements		142
		951,488
Liabilities:
Payable for investments purchased	$	6,200
Payable for investments purchased on a delayed delivery basis		460,125
Payable for short sale		10,356
Written options outstanding		16
Payable for Portfolio shares redeemed		171
Accrued investment advisory fee		93
Accrued administration fee		93
Accrued servicing fee		46
Variation margin payable		6
Swap premiums received		72
Unrealized depreciation on swap agreements		833
Other liabilities		1,550
		479,561
Net Assets	$	471,927
Net Assets Consist of:
Paid in capital	$	457,969
Undistributed net investment income		6,218
Accumulated undistributed net realized gain		5,266
Net unrealized appreciation		2,474
	$	471,927
Net Assets:
Institutional Class	$	34,094
Administrative Class		437,833
Shares Issued and Outstanding:
Institutional Class		2,706
Administrative Class		34,756
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	12.60
Administrative Class		12.60
Cost of Investments Owned	$	931,094
Cost of Foreign Currency Held	$	266

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Real Return Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	2,622
Total Income		2,622
Expenses:
Investment advisory fees		493
Administration fees		493
Distribution and/or servicing fees - Administrative Class		274
Trustees’ fees		3
Interest expense		5
Total Expenses		1,268
Net Investment Income		1,354
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		5,427
Net realized gain on futures contracts, options, and swaps		1,406
Net realized (loss) on foreign currency transactions		(52	)
Net change in unrealized (depreciation) on investments		(1,518	)
Net change in unrealized (depreciation) on futures contracts, options, and swaps		(291	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		90
Net Gain		5,062
Net Increase in Assets Resulting from Operations	$	6,416

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Real Return Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase in Net Assets from:
Operations:
Net investment income	$	1,354		$	4,341
Net realized gain		6,781			10,563
Net change in unrealized appreciation (depreciation)		(1,719	)		564
Net increase resulting from operations		6,416			15,468
Distributions to Shareholders:
From net investment income
Institutional Class		(123	)		(377	)
Administrative Class		(1,280	)		(3,967	)
From net realized capital gains
Institutional Class		0			(541	)
Administrative Class		0			(5,360	)
Total Distributions		(1,403	)		(10,245	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		7,848			25,638
Administrative Class		210,240			258,368
Issued as reinvestment of distributions
Institutional Class		123			917
Administrative Class		1,288			9,318
Cost of shares redeemed
Institutional Class		(841	)		(751	)
Administrative Class		(53,313	)		(87,884	)
Net increase resulting from Portfolio share transactions		165,345			205,605
Total Increase in Net Assets		170,358			210,829
Net Assets:
Beginning of period		301,569			90,740
End of period*	$	471,927		$	301,569
*Including undistributed net investment income of:	$	6,218		$	6,267

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Real Return Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

CORPORATE BONDS & NOTES 6.0%
Banking & Finance 4.2%
Countrywide Home Loans, Inc.
1.360% due 02/23/2005 (a)	$	3,600	$	3,599
Ford Motor Credit Co.
3.035% due 10/25/2004 (a)		200		201
1.600% due 07/18/2005 (a)		300		300
General Motors Acceptance Corp.
2.135% due 05/18/2006 (a)		1,500		1,504
Morgan Stanley Warehouse Facilities
1.390% due 07/06/2005 (j)		6,200		6,200
Pemex Project Funding Master Trust
7.375% due 12/15/2014		500		512
8.625% due 02/01/2022		200		209
Phoenix Quake Wind Ltd.
3.560% due 07/03/2008 (a)		500		514
3.601% due 07/03/2008 (a)		2,000		2,056
Residential Reinsurance Ltd.
6.260% due 06/08/2006 (a)		1,000		1,015
Travelers Property Casualty Corp.
3.750% due 03/15/2008		100		99
Verizon Wireless Capital LLC
1.350% due 05/23/2005 (a)		2,800		2,798
Vita Capital Ltd.
2.460% due 01/01/2007 (a)		700		706
				19,713
Industrials 1.0%
Alcan, Inc.
1.623% due 12/08/2004 (a)		1,100		1,100
DaimlerChrysler North America Holding Corp.
7.750% due 06/15/2005		100		105
Halliburton Co.
2.650% due 10/17/2005 (a)		1,700		1,718
1.920% due 01/26/2007 (a)		2,000		1,999
				4,922
Utilities 0.8%
Cleveland Electric Illuminating Co.
6.860% due 10/01/2008		100		109
Entergy Gulf States, Inc.
2.433% due 06/18/2007 (a)		1,500		1,504
Sprint Capital Corp.
7.900% due 03/15/2005		2,200		2,281
				3,894
Total Corporate Bonds & Notes (Cost $28,448)				28,529
MUNICIPAL BONDS & NOTES 0.2%
Badger Asset Securitization Corporate Revenue Bonds, Series 2002
6.000% due 06/01/2017		475		430
Rhode Island Tobacco Settlement Financing Corp. Revenue Bonds, Series 2002
6.000% due 06/01/2023		500		446
Total Municipal Bonds & Notes (Cost $871)				876
U.S. GOVERNMENT AGENCIES 0.5%
Fannie Mae
3.230% due 11/01/2024 (a)		25		25
Small Business Administration
4.504% due 02/01/2014		2,284		2166
Total U.S. Government Agencies (Cost $2,310)				2,191
U.S. TREASURY OBLIGATIONS 97.6%
Treasury Inflation Protected Securities (b)
3.375% due 01/15/2007		16,080		17,228
3.625% due 01/15/2008		66,931		73,167

3.875% due 01/15/2009	$	25,890	$	28,872
4.250% due 01/15/2010		37,855		43,338
3.500% due 01/15/2011		23,858		26,497
3.375% due 01/15/2012		17,539		19,437
3.000% due 07/15/2012		85,345		92,292
1.875% due 07/15/2013		16,443		16,248
2.000% due 01/15/2014		43,107		42,864
3.625% due 04/15/2028		16,291		19,880
3.875% due 04/15/2029		61,425		78,346
3.375% due 04/15/2032		2,127		2,589
Total U.S. Treasury Obligations (Cost $456,376)				460,758
MORTGAGE-BACKED SECURITIES 2.1%
Bank of America Mortgage Securities, Inc.
6.500% due 02/25/2033		665		680
Bear Stearns Adjustable Rate Mortgage Trust
4.368% due 01/25/2034 (a)		7,700		7,744
Sequoia Mortgage Trust
1.630% due 10/19/2026 (a)		1,422		1,423
Total Mortgage-Backed Securities (Cost $9,923)				9,847
ASSET-BACKED SECURITIES 3.2%
Ameriquest Mortgage Securities, Inc.
1.710% due 02/25/2033 (a)		617		619
Asset-Backed Securities Corp. Home Equity
1.738% due 01/15/2033 (a)		2,083		2,096
Bayview Financial Acquisition Trust
1.770% due 08/28/2034 (a)		3,758		3,772
Bear Stearns Asset-Backed Securities, Inc.
1.750% due 03/25/2043 (a)		1,128		1,130
Equity One ABS, Inc.
1.600% due 04/25/2034 (a)		2,323		2,320
GSAMP Trust
1.620% due 03/25/2034 (a)		1,000		1,000
Redwood Capital Ltd.
3.462% due 01/01/2006 (a)		1,000		1,002
5.012% due 01/01/2006 (a)		1,000		1,002
Renaissance Home Equity Loan Trust
1.680% due 12/25/2032 (a)		1,256		1,254
Residential Asset Securities Corp.
1.600% due 01/25/2034 (a)		88		89
Structured Asset Investment Loan Trust
1.420% due 06/25/2033 (a)		224		224
Truman Capital Mortgage Loan Trust
1.640% due 01/25/2034 (a)		428		423
Total Asset-Backed Securities (Cost $14,910)				14,931
SOVEREIGN ISSUES 0.6%
Republic of Brazil
2.062% due 04/15/2006 (a)		128		126
2.125% due 04/15/2009 (a)		118		107
8.000% due 04/15/2014 (a)		1,525		1,400
11.000% due 08/17/2040		200		189
Republic of Colombia
10.000% due 01/23/2012		350		364
United Mexican States
6.375% due 01/16/2013		700		701
Total Sovereign Issues (Cost $2,909)				2,887
FOREIGN CURRENCY-DENOMINATED ISSUES (h)(i) 1.0%
Pylon Ltd.
3.553% due 12/18/2008 (a)	EC	700		866
5.953% due 12/22/2008		1,100		1,368
Republic of France
3.000% due 07/25/2012 (b)		1,579		2,082

Republic of Italy
2.150% due 09/15/2014 (b)	EC	509	$	615
Total Foreign Currency-Denominated Issues (Cost $4,858)				4,931
PURCHASED PUT OPTIONS 0.0%
Treasury Inflation Protected Securities (OTC)
3.625% due 01/15/2008
Strike @ 99.000 Exp. 08/27/2004	$	57,000		0
Total Purchased Put Options (Cost $9)				0
SHORT-TERM INSTRUMENTS 87.0%
Certificates of Deposit 3.5%
Citibank New York N.A.
1.090% due 07/30/2004		900		900
1.190% due 08/20/2004		6,300		6,300
1.215% due 08/23/2004		200		200
Wells Fargo Bank N.A.
1.090% due 07/07/2004		500		500
1.240% due 07/19/2004		8,700		8,700
				16,600
Commercial Paper 83.2%
Anz (Delaware), Inc.
1.040% due 07/06/2004		1,200		1,200
ASB Bank Ltd.
1.140% due 08/30/2004		2,600		2,594
ASK Bank Ltd.
1.490% due 09/22/2004		6,400		6,378
Bank of Ireland
1.255% due 09/01/2004		12,200		12,170
1.285% due 09/03/2004		1,300		1,297
Barclays U.S. Funding Corp.
1.210% due 08/23/2004		8,900		8,884
1.110% due 08/25/2004		1,500		1,497
1.110% due 08/26/2004		2,600		2,595
CBA (de) Finance
1.050% due 07/02/2004		900		900
1.050% due 07/13/2004		3,900		3,899
CDC Commercial Paper, Inc.
1.085% due 08/04/2004		3,300		3,297
1.120% due 08/19/2004		900		899
1.120% due 08/24/2004		1,600		1,597
1.320% due 09/10/2004		600		598
1.250% due 09/16/2004		6,900		6,878
1.270% due 09/24/2004		300		299
Danske Corp.
1.260% due 09/14/2004		3,300		3,290
1.240% due 09/17/2004		7,900		7,875
1.270% due 09/20/2004		100		100
Den Norske Bank ASA
1.250% due 08/30/2004		2,000		1,995
European Investment Bank 1.030% due 07/02/2004		600		600
Fannie Mae
1.000% due 07/01/2004		3,600		3,600
1.005% due 07/01/2004		4,400		4,400
1.010% due 07/01/2004		8,300		8,300
1.025% due 07/07/2004		19,700		19,697
1.040% due 07/14/2004		900		900
1.056% due 07/28/2004		600		599
1.055% due 08/04/2004		3,300		3,297
1.063% due 08/04/2004		3,000		2,997
1.100% due 08/04/2004		4,300		4,296
1.125% due 08/11/2004		11,600		11,585
1.150% due 08/18/2004		4,200		4,194
1.180% due 08/25/2004		13,300		13,276
1.185% due 08/25/2004		4,500		4,492
1.105% due 09/01/2004		600		598
1.225% due 09/01/2004		4,500		4,489

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

1.230% due 09/01/2004	$	2,900	$	2,893
1.250% due 09/01/2004		4,500		4,489
1.130% due 09/08/2004		1,500		1,496
1.200% due 09/08/2004		200		199
1.405% due 09/08/2004		7,100		7,080
1.430% due 09/08/2004		3,800		3,789
1.426% due 09/22/2004		4,700		4,684
1.530% due 10/18/2004		4,600		4,578
1.530% due 10/20/2004		4,700		4,677
Federal Home Loan Bank
1.165% due 07/16/2004		4,600		4,598
1.240% due 09/01/2004		4,100		4,090
1.250% due 09/01/2004		4,500		4,489
Freddie Mac
1.010% due 07/15/2004		4,100		4,098
1.200% due 08/09/2004		4,500		4,494
1.120% due 08/10/2004		4,300		4,295
1.125% due 08/10/2004		4,200		4,195
1.205% due 08/20/2004		4,500		4,492
1.175% due 08/24/2004		4,400		4,392
1.180% due 08/24/2004		11,900		11,879
1.210% due 08/31/2004		4,500		4,489
1.215% due 08/31/2004		4,000		3,990
1.315% due 09/07/2004		3,400		3,391
1.320% due 09/07/2004		4,500		4,488
1.200% due 09/08/2004		2,100		2,094
1.200% due 09/14/2004		4,000		3,988
1.410% due 09/14/2004		4,500		4,486
1.440% due 09/14/2004		4,500		4,486
1.445% due 09/14/2004		7,900		7,876
1.435% due 09/21/2004		12,600		12,557
1.280% due 09/22/2004		1,300		1,295
1.465% due 09/28/2004		2,700		2,690
1.300% due 09/30/2004		4,400		4,383
1.560% due 10/20/2004		4,700		4,677
General Electric Capital Corp.
1.050% due 07/07/2004		1,200		1,200
1.040% due 07/08/2004		4,400		4,399
1.060% due 07/12/2004		900		900
1.140% due 09/03/2004		100		100
1.300% due 09/08/2004		3,400		3,391
HBOS Treasury Services PLC
1.055% due 07/16/2004		8,000		7,996
1.095% due 08/02/2004		100		100
1.250% due 08/25/2004		300		299
1.250% due 08/31/2004		100		100
1.335% due 09/09/2004		1,900		1,895
1.290% due 09/24/2004		200		199
1.640% due 10/26/2004		1,000		995
ING U.S. Funding LLC
1.275% due 09/01/2004		6,100		6,085
1.345% due 09/09/2004		1,000		997
Nestle Capital Corp.
1.240% due 09/14/2004		4,400		4,386
Pfizer, Inc.
1.160% due 07/30/2004		2,900		2,897
Rabobank USA Financial Corp.
1.240% due 09/13/2004		8,500		8,474
Royal Bank of Scotland
1.090% due 08/06/2004		4,900		4,895
1.235% due 09/13/2004		1,600		1,595
Shell Finance (UK) PLC
1.435% due 08/27/2004		2,700		2,694
Stadshypoket Delaware, Inc. 1.490% due 09/23/2004		400		399
Svenska Handelsbanken
1.075% due 07/28/2004		1,300		1,299
1.250% due 09/01/2004		12,100		12,070
1.390% due 09/13/2004		200		199
TotalFinaElf Capital S.A.
1.420% due 07/01/2004		9,700		9,700
UBS Finance, Inc.
1.040% due 07/06/2004		2,300		2,300
1.340% due 09/08/2004		600		598

1.245% due 09/13/2004	$	100	$	100
1.270% due 09/20/2004		200		199
Westpac Capital Corp.
1.030% due 07/07/2004		400		400
1.385% due 09/10/2004		5,600		5,584
Westpac Trust Securities NZ Ltd.
1.030% due 07/09/2004		300		300
1.220% due 08/25/2004		400		399
				392,503
Repurchase Agreement 0.2%
State Street Bank
0.800% due 07/01/2004		822		822
(Dated 06/30/2004. Collateralized by Fannie Mae 2.875% due 10/15/2005 valued at $838. Repurchase proceeds are $822.)
U.S. Treasury Bills 0.1%
1.354% due 09/16/2004 (c)(d)		500		498
Total Short-Term Instruments (Cost $410,480)				410,423
Total Investments 198.2%			$	935,373
(Cost $931,094)
Written Options (f) (0.0%)				(16	)
(Premiums $558)
Other Assets and Liabilities (Net) (98.2%)				(463,430	)
Net Assets 100.0%			$	471,927

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Principal amount of security is adjusted for inflation.

(c) Securities with an aggregate market value of $199 have been segregated with the custodian to cover margin

requirements for the following open futures contracts at June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 10-Year Note Long Futures	09/2004	8	$	(15	)

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Swap agreements outstanding at June 30, 2004:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Barclays Bank PLC
Exp. 06/17/2010	EC 9,400	$	(49	)
Received a fixed rate equal to 5.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Barclays Bank PLC
Exp. 06/17/2015	27,700		(126	)

Receive a fixed rate equal to 5.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: UBS Warburg LLC
Exp. 06/17/2015		EC 8,000	$	(19	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Bank of America
Exp. 12/15/2014	$	17,700		(277	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: J.P. Morgan Chase & Co.
Exp. 12/15/2014		6,000		(96	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Goldman Sachs & Co.
Exp. 12/15/2014		12,000		(176	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: UBS Warburg LLC
Exp. 12/15/2014		6,000		(90	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Counterparty: Bank of America
Exp. 12/18/2033		5,000		92
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Counterparty: UBS Warburg LLC
Exp. 12/18/2033		4,600		50
			$	(691	)

See accompanying notes June 30, 2004 Semi-Annual Report 9

Schedule of Investments (Cont.)

Real Return Portfolio

June 30, 2004 (Unaudited)

(f) Premiums received on written options:

Name of Issuer	Counterparty	Exercise Rate		Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.	4.000	%**	10/07/2004	$	6,400	$	71	$	3
Call - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.	3.800	%**	10/07/2004		9,300		81		2
Put - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.	6.500	%*	10/07/2004		6,400		38		1
Put - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.	6.000	%*	10/07/2004		9,300		91		6
Call - OTC 10-Year Interest Rate Swap	J.P. Morgan Chase & Co.	4.000	%**	11/02/2004		16,300		144		2
Put - OTC 10-Year Interest Rate Swap	J.P. Morgan Chase & Co.	7.000	%*	11/02/2004		16,300		133		2
							$	558	$	16
*   The Portfolio will pay a floating rate based on 3-month LIBOR.
** The Portfolio will receive a floating rate based on 3-month LIBOR.
(g) Short sales open at June 30, 2004 were as follows:
Type		Coupon (%)		Maturity	Par		Value		Proceeds
Republic of Italy		4.250		08/01/2014	$	2,000	$	2,397	$	2,373
U.S. Treasury Note		5.750		08/15/2010		3,100		3,381		3,328
U.S. Treasury Note		3.625		05/15/2013		300		281		276
U.S. Treasury Note		4.250		08/15/2013		4,400		4,297		4,247
							$	10,356	$	10,224
(h) Forward foreign currency contracts outstanding at June 30, 2004:
Type	Currency	Principal Amount Covered by Contract		Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation
Sell	EC	2,780		07/2004	$	40	$	0	$	40

(i) Principal amount denoted in indicated currency:

EC - Euro

(j) Indicates a fair-valued security which has not been valued utilizing an independent quote but has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair-valued securities is $6,200, which represents 1.31% of net assets.

10 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Real Return Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. 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. The Portfolio commenced operations on September 30, 1999.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Delayed Delivery Transactions. The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or sell

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. 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 net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Foreign Currency. The accounting records of the Portfolio are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Forward Currency Transactions. The Portfolio may enter into forward currency contracts and forward cross-currency contracts 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 a part of an investment strategy. A forward 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 currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses 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 are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

12 Semi-Annual Report June 30, 2004

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Short Sales. The Portfolio may enter into short sales transactions. A short sale is a transaction in which the Portfolio sells securities it does not own in anticipation of a decline in the market price of the securities. The Portfolio is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain (loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. There were no reclassifications to any period presented as a result of this change. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase(decrease) in net assets from operations during any period

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.25%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.50	%
Administrative Class	0.60	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S. Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$  2,823,602	$  2,675,437	$  61,360	$  46,138

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Premium
Balance at 12/31/2003	$	558
Exercised		0
Balance at 06/30/2004		$558

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)		Net Unrealized Appreciation
$                4,641	$	(362)	$	4,279

14 Semi-Annual Report June 30, 2004

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	616		$	7,848		2,134		$	25,638
Administrative Class	16,643			210,240		21,042			258,368
Issued as reinvestment of distributions
Institutional Class	10			123		74			917
Administrative Class	102			1,288		755			9,318
Cost of shares redeemed
Institutional Class	(67	)		(841	)	(62	)		(751	)
Administrative Class	(4,240	)		(53,313	)	(7,171	)		(87,884	)
Net increase resulting from Portfolio share transactions	13,064		$	165,345		16,772		$	205,605

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	1	100
Administrative Class	5	67

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

June 30, 2004 Semi-Annual Report 15

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

16 Semi-Annual Report June 30, 2004

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

LOW DURATION PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	11

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Low Duration Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                        Low Duration                Merrill Lynch
                   Portfolio Admin. Class      1-3 Year Treasury Index
                   ----------------------      -----------------------
 02/28/1999                  $10,000                   $10,000
 03/31/1999                  $10,082                   $10,070
 04/30/1999                  $10,151                   $10,102
 05/31/1999                  $10,116                   $10,095
 06/30/1999                  $10,164                   $10,127
 07/31/1999                  $10,165                   $10,159
 08/31/1999                  $10,162                   $10,188
 09/30/1999                  $10,243                   $10,255
 10/31/1999                  $10,293                   $10,282
 11/30/1999                  $10,303                   $10,301
 12/31/1999                  $10,292                   $10,316
 01/31/2000                  $10,290                   $10,312
 02/29/2000                  $10,308                   $10,381
 03/31/2000                  $10,386                   $10,445
 04/30/2000                  $10,406                   $10,472
 05/31/2000                  $10,432                   $10,516
 06/30/2000                  $10,584                   $10,625
 07/31/2000                  $10,646                   $10,692
 08/31/2000                  $10,727                   $10,771
 09/30/2000                  $10,806                   $10,848
 10/31/2000                  $10,859                   $10,906
 11/30/2000                  $10,971                   $11,009
 12/31/2000                  $11,054                   $11,141
 01/31/2001                  $11,234                   $11,280
 02/28/2001                  $11,251                   $11,354
 03/31/2001                  $11,314                   $11,448
 04/30/2001                  $11,395                   $11,479
 05/31/2001                  $11,488                   $11,544
 06/30/2001                  $11,464                   $11,583
 07/31/2001                  $11,681                   $11,713
 08/31/2001                  $11,754                   $11,780
 09/30/2001                  $11,949                   $11,974
 10/31/2001                  $12,055                   $12,087
 11/30/2001                  $11,947                   $12,061
 12/31/2001                  $11,896                   $12,065
 01/31/2002                  $12,008                   $12,090
 02/28/2002                  $12,101                   $12,148
 03/31/2002                  $12,043                   $12,066
 04/30/2002                  $12,153                   $12,201
 05/31/2002                  $12,218                   $12,250
 06/30/2002                  $12,294                   $12,353
 07/31/2002                  $12,355                   $12,503
 08/31/2002                  $12,464                   $12,546
 09/30/2002                  $12,530                   $12,650
 10/31/2002                  $12,587                   $12,679
 11/30/2002                  $12,625                   $12,641
 12/31/2002                  $12,735                   $12,759
 01/31/2003                  $12,777                   $12,758
 02/28/2003                  $12,876                   $12,811
 03/31/2003                  $12,889                   $12,835
 04/30/2003                  $12,941                   $12,859
 05/31/2003                  $13,027                   $12,907
 06/30/2003                  $13,043                   $12,927
 07/31/2003                  $12,883                   $12,856
 08/31/2003                  $12,914                   $12,865
 09/30/2003                  $13,031                   $12,982
 10/31/2003                  $12,982                   $12,934
 11/30/2003                  $12,981                   $12,927
 12/31/2003                  $13,033                   $13,002
 01/31/2004                  $13,068                   $13,028
 02/29/2004                  $13,128                   $13,091
 03/31/2004                  $13,164                   $13,131
 04/30/2004                  $13,074                   $13,005
 05/31/2004                  $13,059                   $12,993
 06/30/2004                  $13,084                   $12,992

SECTOR BREAKDOWN^‡

Short-Term Instruments	67.8	%
U.S. Government Agencies	9.3	%
Asset-Backed Securities	7.7	%
U.S. Treasury Obligations	5.9	%
Mortgage-Backed Securities	3.7	%
Corporate Bonds & Notes	2.5	%
Other	3.1	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Administrative Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		5 Years*		Since Inception*
	Low Duration Portfolio Administrative Class Inception (02/16/99)	0.39	%	0.32	%	5.18	%	5.08	%
- - - - - - -	Merrill Lynch 1-3 Year Treasury Index	–0.08	%	0.50	%	5.11	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,003.90	$	1,025.00
Expenses Paid During Period†	$	3.24	$	3.27

^†Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.65%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Low Duration Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 65% of its assets in a diversified portfolio of Fixed Income Instruments of varying maturities.

• The Portfolio’s Administrative Class shares returned 0.39% for the six-month period ended June 30, 2004, outperforming the Merrill Lynch 1-3 Year Treasury Index return of –0.08% for the same period.

• The Portfolio’s duration was positioned below the benchmark during the period. This hurt returns in the first quarter when rates fell and helped later in the period when market sold off, resulting in an overall neutral effect on performance.

• The Portfolio’s broader-than-Index maturity distribution had a positive impact on returns, as maturities within the Index fared the worst during the period.

• An emphasis on mortgage-backed securities was positive for performance, as this sector outperformed Treasuries during the period. Positive security selection within the sector further enhanced returns.

• The Portfolio’s limited holdings of corporate bonds did not have a significant effect on performance.

• A small allocation to emerging market bonds detracted from returns. Leveraged tactical investors sold emerging market bonds as interest rates rose, which negatively impacted this asset class.

• Exposure to developed non-U.S. markets, primarily short maturity Eurozone holdings, had a strong positive effect on performance. Eurozone issues benefited from expectations for lower growth and inflation in Europe.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

Low Duration Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			12/31/2000			02/16/1999- 12/31/1999
Net asset value beginning of period	$	10.27		$	10.23		$	9.95		$	9.82		$	9.74		$	10.00
Net investment income (a)		0.05	(f)		0.13	(f)		0.34	(f)		0.52	(f)		0.59	(f)		0.50
Net realized/unrealized gain (loss) on investments (a)		(0.01	)(f)		0.11	(f)		0.35	(f)		0.21	(f)		0.11	(f)		(0.25	)
Total income from investment operations		0.04			0.24			0.69			0.73			0.70			0.25
Dividends from net investment income		(0.05	)		(0.19	)		(0.35	)		(0.54	)		(0.62	)		(0.51	)
Distributions from net realized capital gains		0.00			(0.01	)		(0.06	)		(0.06	)		0.00			0.00
Total distributions		(0.05	)		(0.20	)		(0.41	)		(0.60	)		(0.62	)		(0.51	)
Net asset value end of period	$	10.26		$	10.27		$	10.23		$	9.95		$	9.82		$	9.74
Total return		0.39	%		2.34	%		7.05	%		7.61	%		7.41	%		2.56	%
Net assets end of period (000s)	$	216,146		$	115,419		$	19,495		$	5,175		$	742		$	5,149
Ratio of net expenses to average net assets		0.65	%*		0.65	%		0.66	%(c)(e)		0.69	%(c)(d)		0.65	%		0.65	%*(b)
Ratio of net investment income to average net assets		0.90	%*(f)		1.30	%(f)		3.39	%(f)		5.19	%(f)		6.07	%(f)		5.74	%*
Portfolio turnover rate		65	%		284	%		339	%		661	%		165	%		11	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.78%.

(c) Ratio of expenses to average net assets excluding interest expense is 0.65%.

(d) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.70%.

(e) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.67%.

(f) Indicates a period in which, as a result of a change in generally accepted accounting principles, the portfolio has reclassified periodic payments made or received under certain derivative instruments, which were previously included within miscellaneous income, to a component of realized gain (loss) in the Statement of Operations. The effect of this reclassification was to (reduce) the net investment income ratio for the period ending June 30, 2004 by 0.00% and the net investment income per share by $0.00. For consistency, similar reclassifications have been made to prior period amounts, resulting in increases (reductions) to the net investment income ratio of 0.00%, (0.01)%, 0.01% and 0.00% and to the net investment income per share of $0.00, $0.00, $0.00, and $0.00 in the fiscal years ending December 31, 2003, 2002, 2001, and 2000, respectively. This change had no impact on the reported net asset value per share for any period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Low Duration Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	244,126
Foreign currency, at value		358
Receivable for investments sold		3
Unrealized appreciation on forward foreign currency contracts		17
Receivable for Portfolio shares sold		857
Interest and dividends receivable		240
Variation margin receivable		285
Swap premiums paid		2
Unrealized appreciation on swap agreements		3
		245,891
Liabilities:
Payable for investments purchased	$	20,499
Unrealized depreciation on forward foreign currency contracts		14
Written options outstanding		6
Payable for Portfolio shares redeemed		45
Accrued investment advisory fee		43
Accrued administration fee		43
Accrued servicing fee		23
Recoupment payable to Manager		3
Unrealized depreciation on swap agreements		2
		20,678
Net Assets	$	225,213
Net Assets Consist of:
Paid in capital	$	225,406
Undistributed net investment income		71
Accumulated undistributed net realized (loss)		(537	)
Net unrealized appreciation		273
	$	225,213
Net Assets:
Institutional Class	$	9,067
Administrative Class		216,146
Shares Issued and Outstanding:
Institutional Class		884
Administrative Class		21,073
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.26
Administrative Class		10.26
Cost of Investments Owned	$	244,105
Cost of Foreign Currency Held	$	354

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Low Duration Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	1,249
Dividends		14
Miscellaneous income		2
Total Income		1,265
Expenses:
Investment advisory fees		202
Administration fees		202
Distribution and/or servicing fees - Administrative Class		119
Trustees’ fees		2
Miscellaneous expense		3
Total Expenses		528
Net Investment Income		737
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(184	)
Net realized (loss) on futures contracts, options, and swaps		(140	)
Net realized (loss) on foreign currency transactions		(76	)
Net change in unrealized (depreciation) on investments		(166	)
Net change in unrealized appreciation on futures contracts, options, and swaps		91
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		7
Net (Loss)		(468	)
Net Increase in Assets Resulting from Operations	$	269

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Low Duration Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase in Net Assets from:
Operations:
Net investment income	$	737		$	591
Net realized gain (loss)		(400	)		129
Net change in unrealized appreciation (depreciation)		(68	)		161
Net increase resulting from operations		269			881
Distributions to Shareholders:
From net investment income
Institutional Class		(21	)		0
Administrative Class		(793	)		(704	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(110	)
Total Distributions		(814	)		(814	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		9,077			0
Administrative Class		130,603			109,489
Issued as reinvestment of distributions
Institutional Class		21			0
Administrative Class		792			815
Cost of shares redeemed
Institutional Class		(29	)		0
Administrative Class		(30,136	)		(14,447	)
Net increase resulting from Portfolio share transactions		110,328			95,857
Total Increase in Net Assets		109,783			95,924
Net Assets:
Beginning of period		115,430			19,506
End of period*	$	225,213		$	115,430
*Including undistributed net investment income of:	$	71		$	148

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Low Duration Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

CORPORATE BONDS & NOTES 2.7%
Banking & Finance 1.2%
CIT Group, Inc.
2.489% due 07/30/2004 (a)	$	100	$	100
Ford Motor Credit Co.
6.700% due 07/16/2004		700		701
3.045% due 10/25/2004 (a)		500		502
General Motors Acceptance Corp.
1.499% due 07/21/2004 (a)		100		100
2.400% due 10/20/2005 (a)		700		706
Pemex Project Funding Master Trust
2.640% due 01/07/2005 (a)		100		100
Verizon Wireless Capital LLC
1.350% due 05/23/2005 (a)		500		500
				2,709
Industrials 0.6%
Altria Group, Inc.
7.650% due 07/01/2008		200		216
AOL Time Warner, Inc.
6.125% due 04/15/2006		250		262
Clear Channel Communications, Inc.
6.000% due 11/01/2006		250		263
DaimlerChrysler North America Holding Corp.
1.678% due 08/02/2004 (a)		200		200
Harrah’s Operating Co., Inc.
7.500% due 01/15/2009		200		219
International Paper Co.
7.625% due 01/15/2007		250		271
				1,431
Utilities 0.9%
Appalachian Power Co.
4.800% due 06/15/2005		40		41
Entergy Mississippi, Inc.
4.350% due 04/01/2008		100		100
France Telecom S.A.
8.200% due 03/01/2006		100		107
Northern Indiana Public Service Co.
6.500% due 07/22/2004		200		200
Pacific Gas & Electric Co.
1.810% due 04/03/2006 (a)		1,300		1,301
Progress Energy, Inc.
6.750% due 03/01/2006		250		264
Sprint Capital Corp.
6.125% due 11/15/2008		35		37
				2,050
Total Corporate Bonds & Notes (Cost $6,185)				6,190
U.S. GOVERNMENT AGENCIES 10.0%
Fannie Mae
1.700% due 11/25/2032 (a)		245		245
5.000% due 04/25/2033		261		262
1.420% due 03/25/2034 (a)		777		772
5.090% due 09/01/2034 (a)		175		179
4.797% due 12/01/2036 (a)		169		174
2.625% due 09/01/2040 (a)		36		37
1.650% due 03/25/2044 (a)		1,203		1,188
6.000% due 06/01/2016-03/01/2033 (b)		1,751		1,796
5.500% due 10/01/2017-07/15/2034 (b)		12,174		12,136
6.500% due 08/01/2032-01/01/2033 (b)		118		122
Federal Home Loan Bank
5.500% due 04/17/2006		1,000		1,046
Federal Housing Administration
7.430% due 10/01/2020		65		64

Freddie Mac
1.488% due 07/15/2016 (a)	$	1,738	$	1,740
5.000% due 10/01/2018		81		81
5.500% due 08/15/2030		183		186
6.000% due 09/01/2016-02/01/2033 (b)		1,569		1,622
6.500% due 08/01/2032-07/25/2043 (b)		450		471
Government National Mortgage Association
3.000% due 04/20/2034 (a)		500		487
Total U.S. Government Agencies (Cost $22,570)				22,608
U.S. TREASURY OBLIGATIONS 6.4%
Treasury Inflation Protected Securities (c)
3.625% due 01/15/2008		1,745		1,908
3.875% due 01/15/2009		1,994		2,224
U.S. Treasury Note
2.750% due 06/30/2006		10,300		10,310
Total U.S. Treasury Obligations (Cost $14,393)				14,442
MORTGAGE-BACKED SECURITIES 4.0%
Amortizing Residential Collateral Trust
1.620% due 07/25/2032 (a)		215		215
Bank of America Mortgage Securities, Inc.
6.500% due 10/25/2031		321		321
5.667% due 10/20/2032 (a)		14		15
Bear Stearns Adjustable Rate Mortgage Trust
5.974% due 06/25/2032 (a)		30		30
5.288% due 10/25/2032 (a)		4		4
5.380% due 01/25/2033 (a)		58		58
5.450% due 03/25/2033 (a)		87		88
5.134% due 04/25/2033 (a)		72		73
4.924% due 01/25/2034 (a)		384		386
Countrywide Alternative Loan Trust
6.500% due 06/25/2033		141		145
6.000% due 10/25/2033		409		411
Countrywide Home Loans, Inc.
1.570% due 04/25/2034 (a)		721		716
Credit-Based Asset Servicing and Securitization
1.800% due 01/25/2033 (a)		374		375
CS First Boston Mortgage Securities Corp.
2.478% due 03/25/2032 (a)		50		50
6.222% due 06/25/2032 (a)		6		6
5.720% due 10/25/2032 (a)		22		22
1.429% due 08/25/2033 (a)		58		58
GSR Mortgage Loan Trust
6.000% due 03/25/2032		21		21
Impac CMB Trust
1.700% due 07/25/2033 (a)		184		185
1.550% due 01/25/2034 (a)		473		473
MASTR Asset Securitization Trust
5.500% due 09/25/2033		130		127
Mellon Residential Funding Corp.
1.478% due 06/15/2030 (a)		1,147		1,140
MLCC Mortgage Investors, Inc.
2.821% due 01/25/2029 (a)		554		565
Prime Mortgage Trust
1.500% due 02/25/2034 (a)		70		70
1.700% due 02/25/2034 (a)		212		212
Residential Funding Mortgage Securities I, Inc.
5.603% due 09/25/2032 (a)		5		5
Salomon Brothers Mortgage Securities VII
4.000% due 12/25/2018		772		751
Sequoia Mortgage Trust
1.620% due 05/20/2032 (a)		70		70
1.580% due 08/20/2032 (a)		38		38
Structured Asset Mortgage Investments, Inc.
1.610% due 09/19/2032 (a)		96		96

Structured Asset Securities Corp.
1.600% due 10/25/2027 (a)	$	49	$	49
6.150% due 07/25/2032 (a)		4		5
1.460% due 08/25/2033 (a)		292		292
1.800% due 11/25/2033 (a)		258		254
Washington Mutual Mortgage Securities Corp.
6.230% due 07/25/2032 (a)		12		12
3.052% due 02/27/2034 (a)		137		137
3.565% due 01/25/2041 (a)		13		13
2.624% due 08/25/2042 (a)		501		506
Washington Mutual, Inc.
5.500% due 04/26/2032 (a)		107		109
4.820% due 10/25/2032		897		906
				9,009
Total Mortgage-Backed Securities (Cost $9,091)				9,009
ASSET-BACKED SECURITIES 8.5%
ACE Securities Corp.
1.640% due 06/25/2032 (a)		4		4
Ameriquest Mortgage Securities, Inc.
1.610% due 04/25/2032 (a)		118		119
Amortizing Residential Collateral Trust
1.590% due 07/25/2032 (a)		257		257
Asset Backed Securities Corp. Home Equity
2.338% due 03/15/2032 (a)		600		604
Chase Funding Mortgage Loan Asset-Backed Certificates
1.580% due 05/25/2030 (a)		1,944		1,947
CIT Group Home Equity Loan Trust
1.570% due 06/25/2033 (a)		34		34
Citifinancial Mortgage Securities, Inc.
1.400% due 05/25/2033 (a)		16		16
Countrywide Asset-Backed Certificates
1.550% due 07/25/2018 (a)		322		323
1.530% due 12/25/2034 (a)		1,400		1,399
Credit-Based Asset Servicing and Securitization
1.620% due 06/25/2032 (a)		9		9
1.550% due 09/25/2033 (a)		360		360
CS First Boston Mortgage Securities Corp.
1.610% due 01/25/2032 (a)		55		56
Equity One ABS, Inc.
1.580% due 11/25/2032 (a)		32		32
First Franklin Mtg Loan Asset-Backed Certificates
1.420% due 07/25/2033 (a)		1,550		1,552
GSAMP Trust
1.490% due 10/25/2033 (a)		1,088		1,088
1.620% due 03/25/2034 (a)		1,100		1,100
HFC Home Equity Loan Asset-Backed Certificates
1.630% due 10/20/2032 (a)		620		621
Household Mortgage Loan Trust
1.580% due 05/20/2032 (a)		7		7
Irwin Home Equity Loan Trust
1.590% due 06/25/2029 (a)		6		6
Long Beach Mortgage Loan Trust
1.750% due 11/25/2032 (a)		764		766
MMCA Automobile Trust
2.550% due 02/15/2007		698		701
Morgan Stanley Dean Witter Capital I, Inc.
1.630% due 07/25/2032 (a)		10		10
Residential Asset Mortgage Products, Inc.
1.640% due 09/25/2033 (a)		1,099		1,102
1.550% due 02/25/2034 (a)		1,104		1,104
Residential Asset Securities Corp.
1.450% due 06/25/2023 (a)		798		798
1.420% due 06/25/2025 (a)		345		346
Specialty Underwriting & Residential Finance
1.630% due 11/25/2034 (a)		2,296		2,298
Structured Asset Investment Loan Trust
1.400% due 04/25/2033 (a)		1,169		1,169
1.420% due 06/25/2033 (a)		359		359

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

Truman Capital Mortgage Loan Trust
1.640% due 01/25/2034 (a)	$	856	$	846
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013		15		15
Total Asset-Backed Securities (Cost $19,047)				19,048
SOVEREIGN ISSUES 0.3%
Republic of Brazil
2.062% due 04/15/2006 (a)		374		369
2.125% due 04/15/2009 (a)		353		321
Total Sovereign Issues (Cost $707)				690
FOREIGN CURRENCY-DENOMINATED ISSUES (g)(h) 2.7%
Kingdom of Netherlands
0.000% due 09/30/2004	EC	5,000		6,053
Total Foreign Currency-Denominated Issues (Cost $6,016)				6,053
PREFERRED SECURITY 0.3%
	Shares
DG Funding Trust
3.360% due 12/29/2049 (a)		60		645
Total Preferred Security (Cost $632)				645
SHORT-TERM INSTRUMENTS 73.5%
	Principal Amount (000s)
Commercial Paper 71.0%
ABN AMRO North America Finance
1.090% due 07/29/2004	$	4,500		4,496
Altria Group, Inc.
1.800% due 10/29/2004		200		199
Anz (Delaware), Inc.
1.040% due 07/06/2004		700		700
1.045% due 07/07/2004		100		100
Bank of Ireland
1.285% due 09/03/2004		5,500		5,486
1.235% due 09/08/2004		600		598
Barclays U.S. Funding Corp.
1.210% due 08/23/2004		200		200
1.110% due 08/25/2004		700		699
CBA (de) Finance
1.050% due 07/02/2004		500		500
1.040% due 07/07/2004		3,000		2,999
1.050% due 07/13/2004		200		200
1.080% due 07/27/2004		200		200
1.140% due 08/09/2004		300		300
CDC Commercial Paper, Inc.
1.050% due 07/07/2004		3,300		3,299
1.100% due 08/04/2004		900		899
1.120% due 08/24/2004		300		299
Danske Corp.
1.070% due 07/26/2004		1,200		1,199
1.240% due 09/17/2004		1,000		997
1.250% due 09/20/2004		1,900		1,894
Den Norske Bank ASA
1.260% due 09/20/2004		3,800		3,787
1.285% due 09/21/2004		1,100		1,096
European Investment Bank
1.030% due 07/02/2004		400		400
1.050% due 07/16/2004		2,800		2,799
Fannie Mae
1.030% due 07/01/2004		900		900
1.025% due 07/07/2004		9,600		9,598
1.040% due 07/14/2004		3,400		3,399

1.060% due 07/21/2004	$	4,800	$	4,797
1.055% due 08/04/2004		1,000		999
1.150% due 08/18/2004		800		799
1.105% due 09/01/2004		1,900		1,895
1.225% due 09/01/2004		2,000		1,995
1.230% due 09/01/2004		600		599
1.130% due 09/08/2004		1,100		1,097
1.430% due 09/08/2004		2,100		2,094
1.414% due 09/22/2004		300		299
1.426% due 09/22/2004		2,100		2,093
1.600% due 10/01/2004		1,300		1,295
Federal Home Loan Bank
1.170% due 07/16/2004		1,300		1,299
1.240% due 09/01/2004		700		698
Ford Motor Credit Co.
1.010% due 09/03/2004		1,200		1,197
Freddie Mac
1.025% due 07/06/2004		400		400
1.060% due 08/03/2004		100		100
1.200% due 08/09/2004		500		499
1.120% due 08/10/2004		1,100		1,099
1.205% due 08/20/2004		2,100		2,096
1.175% due 08/24/2004		3,300		3,294
1.180% due 08/24/2004		4,300		4,292
1.315% due 09/07/2004		800		798
1.320% due 09/07/2004		2,100		2,094
1.440% due 09/14/2004		2,100		2,094
1.445% due 09/14/2004		3,600		3,589
1.436% due 09/30/2004		600		598
1.560% due 10/20/2004		2,200		2,189
General Electric Capital Corp.
1.050% due 07/07/2004		100		100
1.040% due 07/08/2004		300		300
1.060% due 07/12/2004		100		100
1.140% due 09/03/2004		300		299
1.300% due 09/08/2004		3,600		3,590
1.460% due 09/14/2004		100		100
1.480% due 09/15/2004		1,600		1,595
HBOS Treasury Services PLC
1.040% due 07/08/2004		300		300
1.035% due 07/09/2004		200		200
1.055% due 07/16/2004		600		600
1.080% due 07/22/2004		2,500		2,498
1.080% due 07/26/2004		100		100
1.095% due 08/02/2004		200		200
1.250% due 08/25/2004		700		699
1.150% due 09/03/2004		100		100
1.305% due 09/07/2004		400		399
1.335% due 09/09/2004		700		698
1.290% due 09/24/2004		300		299
1.580% due 10/21/2004		300		298
1.585% due 10/26/2004		200		199
ING U.S. Funding LLC
1.310% due 09/02/2004		5,600		5,586
1.345% due 09/09/2004		600		598
KFW International Finance, Inc.
1.095% due 08/10/2004		1,300		1,298
1.110% due 08/20/2004		3,400		3,395
National Australia Bank Ltd.
1.050% due 07/02/2004		4,000		4,000
Nestle Capital Corp.
1.035% due 07/01/2004		500		500
1.110% due 08/24/2004		3,100		3,095
1.110% due 08/26/2004		2,200		2,196
1.240% due 09/14/2004		300		299
Royal Bank of Scotland PLC
1.045% due 07/06/2004		100		100
1.050% due 07/14/2004		100		100
1.070% due 07/14/2004		1,600		1,599
1.090% due 08/06/2004		300		300
1.135% due 08/26/2004		100		100
1.135% due 09/01/2004		1,300		1,297
Shell Finance (UK) PLC
1.035% due 07/02/2004		800		800

1.230% due 08/11/2004	$	1,800	$	1,797
1.350% due 08/27/2004		3,400		3,393
Spintab AB
1.490% due 09/02/2004		1,400		1,396
1.260% due 09/08/2004		2,100		2,094
Stadshypoket Delaware, Inc.
1.490% due 09/23/2004		2,800		2,790
Svenska Handlesbanken
1.070% due 07/21/2004		200		200
1.145% due 09/01/2004		1,900		1,895
Svenska Handlesbanken, Inc.
1.230% due 07/22/2004		1,400		1,399
1.090% due 08/03/2004		300		300
1.250% due 09/01/2004		3,000		2,993
TotalFinaElf Capital S.A.
1.420% due 07/01/2004		500		500
Toyota Motor Credit Corp.
1.390% due 09/15/2004		3,200		3,190
1.480% due 09/22/2004		1,600		1,594
UBS Finance, Inc.
1.060% due 07/01/2004		400		400
1.040% due 07/06/2004		100		100
1.055% due 07/13/2004		100		100
1.195% due 07/21/2004		1,300		1,299
1.240% due 08/31/2004		100		100
1.130% due 09/07/2004		400		399
1.340% due 09/08/2004		1,300		1,296
1.245% due 09/10/2004		100		100
1.270% due 09/20/2004		200		199
Westpac Capital Corp.
1.030% due 07/07/2004		100		100
1.030% due 07/08/2004		600		600
1.030% due 07/09/2004		100		100
1.030% due 07/12/2004		100		100
Westpac Trust Securities NZ Ltd.
1.120% due 08/16/2004		700		699
1.215% due 08/24/2004		1,300		1,298
				159,909
Repurchase Agreement 2.2%
State Street Bank
0.800% due 07/01/2004		4,823		4,823
(Dated 06/30/2004. Collateralized by Freddie Mac 5.500% due 07/15/2006 valued at $4,923. Repurchase proceeds are $4,823.)
U.S. Treasury Bills 0.3%
1.219% due 09/02/2004- 09/16/2004 (b)(d)		710		709
Total Short-Term Instruments (Cost $165,464)				165,441
Total Investments 108.4%			$	244,126
(Cost $244,105)
Written Options (f) (0.0%)				(6	)
(Premiums $68)
Other Assets and Liabilities (Net) (8.4%)				(18,907	)
Net Assets 100.0%			$	225,213

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

See accompanying notes June 30, 2004 Semi-Annual Report 9

Schedule of Investments (Cont.)

Low Duration Portfolio

June 30, 2004 (Unaudited)

(c) Principal amount of security is adjusted for inflation.

(d) Securities with an aggregate market value of $708 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Eurodollar March Long Futures	03/2005	1	$	0
Euribor December Long Futures	12/2005	37		(30	)
Euribor June Long Futures	06/2005	22		6
Euribor September Long Futures	09/2005	20		(2	)
Euribor Written Put Options Strike @ 97.000	12/2004	2		2
Euribor Written Put Options Strike @ 97.500	09/2004	4		1
U.S. Treasury 2-Year Note Long Futures	09/2004	534		207
			$	184

(e) Swap agreements outstanding at June 30, 2004:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 03/15/2032	BP	100	$	(2	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/15/2032	EC	200		3
Receive a fixed rate equal to 1.650% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Panama 8.875% due 09/30/2027.
Counterparty: Citibank N.A.
Exp. 05/30/2005	$	10		0
			$	1

(f) Premiums received on written options:

Name of Issuer		Exercise Price			Expiration Date	# of Contracts	Premium		Value
Put - CBOT U.S. Treasury Note September Futures		$	107.500		08/27/2004	7	$	5	$	3
Name of Issuer	Counterparty	Exercise Rate			Expiration Date	Notional Amount	Premium		Value
Call - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.		3.750	%**	08/02/2004	4,000	$	34	$	0
Put - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.		5.250	%*	08/02/2004	4,000		25		3
Call - OTC 7-Year Interest Rate Swap	UBS Warburg LLC		3.800	%**	10/07/2004	700		3		0
							$	62	$	3
*   The Portfolio will pay a floating rate based on 3-month LIBOR.
**The Portfolio will receive a floating rate based on 3-month LIBOR.
(g) Forward foreign currency contracts outstanding at June 30, 2004:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BR	95	08/2004	$	1	$	0		$	1
Buy		300	09/2004		2		0			2
Buy	CP	24,364	08/2004		0		0			0
Buy		60,602	09/2004		2		0			2
Sell	EC	5,224	07/2004		4		(11	)		(7	)
Buy	H$	250	08/2004		0		0			0
Buy		777	09/2004		0		0			0
Buy	KW	37,380	08/2004		1		0			1
Buy		118,000	09/2004		1		0			1
Buy	MP	1,121	09/2004		0		(2	)		(2	)
Buy	PN	112	08/2004		0		0			0
Buy		139	09/2004		0		0			0
Buy	RP	2,578	09/2004		0		(1	)		(1	)
Buy	RR	915	08/2004		0		0			0
Buy		2,854	09/2004		0		0			0
Buy	S$	54	08/2004		0		0			0
Buy		170	09/2004		0		0			0
Buy	SR	216	08/2004		3		0			3
Sell		130	08/2004		0		0			0
Buy		274	09/2004		2		0			2
Sell		160	09/2004		0		0			0
Buy	SV	1,061	08/2004		1		0			1
Buy		1,337	09/2004		0		0			0
Buy	T$	1,063	08/2004		0		0			0
Buy		3,321	09/2004		0		0			0
				$	17	$	(14	)	$	3

(h) Principal amount denoted in indicated currency:

BP	-	British Pound
BR	-	Brazilian Real
CP	-	Chilean Peso
EC	-	Euro
H$	-	Hong Kong Dollar
KW	-	South Korean Won
MP	-	Mexican Peso
PN	-	Peruvian New Sol
RP	-	Indian Rupee
RR	-	Russian Ruble
S$	-	Singapore Dollar
SR	-	South African Rand
SV	-	Slovakian Koruna
T$	-	Taiwan Dollar

10 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Low Duration Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. 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. The Portfolio commenced operations on February 16, 1999.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30,2004 (Unaudited)

Foreign Currency. The accounting records of the Portfolio are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Forward Currency Transactions. The Portfolio may enter into forward currency contracts and forward cross-currency contracts 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 a part of an investment strategy. A forward 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 currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses 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 are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell,

12 Semi-Annual Report June 30, 2004

the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain (loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain (loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. This reclassification increased (decreased) net investment income by $(415) and $(314), and net realized gain by $348 and $50 and net change in unrealized appreciation by $68 and $264 for the six months ended June 30, 2004 and year ended December 31, 2003, respectively. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase (decrease) in net assets from operations during any period.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.25%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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;

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

(vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.50%
Administrative Class	0.65%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S. Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$  54,302	$  21,503	$  35,481	$  13,017

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Premium
Balance at 12/31/2003	$	0
Sales		115
Expirations		(47	)
Exercised		0
Balance at 06/30/2004	$	68

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)		Net Unrealized Appreciation
$                  279	$	(258)	$	21

14 Semi-Annual Report June 30, 2004

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	884		$	9,077		0		$	0
Administrative Class	12,693			130,603		10,656			109,489
Issued as reinvestment of distributions
Institutional Class	2			21		0			0
Administrative Class	77			792		79			815
Cost of shares redeemed
Institutional Class	(3	)		(29	)	0			0
Administrative Class	(2,931	)		(30,136	)	(1,406	)		(14,447	)
Net increase resulting from Portfolio share transactions	10,722		$	110,328		9,329		$	95,857

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	1	100
Administrative Class	7	94

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

June 30, 2004 Semi-Annual Report 15

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

16 Semi-Annual Report June 30, 2004

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

STOCKSPLUS GROWTHAND INCOME PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	10

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

StocksPLUS Growth and Income Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                      StocksPLUS Growth
                     and Income Portfolio
                         Admin. Class          S&P 500 Index
                     -------------------       -------------
12/31/1997                 $10,000                $10,000
01/31/1998                 $10,140                $10,111
02/28/1998                 $10,820                $10,840
03/31/1998                 $11,370                $11,395
04/30/1998                 $11,490                $11,510
05/31/1998                 $11,260                $11,312
06/30/1998                 $11,701                $11,771
07/31/1998                 $11,570                $11,646
08/31/1998                  $9,906                 $9,962
09/30/1998                 $10,669                $10,600
10/31/1998                 $11,552                $11,462
11/30/1998                 $12,222                $12,157
12/31/1998                 $13,011                $12,858
01/31/1999                 $13,446                $13,395
02/28/1999                 $12,990                $12,979
03/31/1999                 $13,541                $13,498
04/30/1999                 $14,052                $14,021
05/31/1999                 $13,697                $13,690
06/30/1999                 $14,493                $14,450
07/31/1999                 $14,031                $13,999
08/31/1999                 $13,968                $13,929
09/30/1999                 $13,663                $13,548
10/31/1999                 $14,525                $14,405
11/30/1999                 $14,759                $14,698
12/31/1999                 $15,594                $15,564
01/31/2000                 $14,720                $14,782
02/29/2000                 $14,501                $14,502
03/31/2000                 $15,844                $15,920
04/30/2000                 $15,355                $15,441
05/31/2000                 $15,042                $15,125
06/30/2000                 $15,398                $15,497
07/31/2000                 $15,209                $15,255
08/31/2000                 $16,210                $16,203
09/30/2000                 $15,351                $15,347
10/31/2000                 $15,219                $15,282
11/30/2000                 $14,074                $14,077
12/31/2000                 $14,113                $14,146
01/31/2001                 $14,649                $14,648
02/28/2001                 $13,295                $13,313
03/31/2001                 $12,450                $12,469
04/30/2001                 $13,336                $13,438
05/31/2001                 $13,503                $13,528
06/30/2001                 $13,178                $13,199
07/31/2001                 $13,126                $13,069
08/31/2001                 $12,332                $12,251
09/30/2001                 $11,338                $11,262
10/31/2001                 $11,589                $11,476
11/30/2001                 $12,396                $12,357
12/31/2001                 $12,499                $12,465
01/31/2002                 $12,365                $12,283
02/28/2002                 $12,178                $12,046
03/31/2002                 $12,603                $12,499
04/30/2002                 $11,877                $11,742
05/31/2002                 $11,810                $11,655
06/30/2002                 $10,948                $10,825
07/31/2002                 $10,016                 $9,981
08/31/2002                 $10,178                $10,047
09/30/2002                  $9,078                 $8,955
10/31/2002                  $9,922                 $9,743
11/30/2002                 $10,534                $10,316
12/31/2002                  $9,972                 $9,710
01/31/2003                  $9,766                 $9,456
02/28/2003                  $9,669                 $9,314
03/31/2003                  $9,776                 $9,404
04/30/2003                 $10,592                $10,179
05/31/2003                 $11,172                $10,715
06/30/2003                 $11,300                $10,852
07/31/2003                 $11,439                $11,043
08/31/2003                 $11,675                $11,259
09/30/2003                 $11,601                $11,139
10/31/2003                 $12,227                $11,769
11/30/2003                 $12,338                $11,873
12/31/2003                 $13,001                $12,496
01/31/2004                 $13,240                $12,725
02/29/2004                 $13,451                $12,902
03/31/2004                 $13,251                $12,707
04/30/2004                 $12,970                $12,508
05/31/2004                 $13,139                $12,679
06/30/2004                 $13,382                $12,926

SECTOR BREAKDOWN^‡

Short-Term Instruments‡‡	71.9	%
Mortgage-Backed Securities	7.2	%
U.S. Treasury Obligations	6.0	%
Corporate Bonds & Notes	5.6	%
U.S. Government Agencies	5.1	%
Other	4.2	%

^‡ % of Total Investments as of June 30, 2004

^‡‡ Primarily serving as collateral for equity-linked derivative positions.

^à$10,000 invested at the beginning of the first full month following the inception of the Administrative Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		5 Years*		Since Inception*
	StocksPLUS Growth and Income Portfolio Administrative Class (Inception 12/31/97)	2.93	%	18.42	%	–1.58	%	4.60	%
- - - - - - -	S&P 500 Index	3.44	%	19.11	%	–2.20	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,029.30	$	1,025.00
Expenses Paid During Period†	$	3.28	$	3.27

^†Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.65%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The StocksPLUS Growth and Income Portfolio seeks to achieve its investment objective by investing under normal circumstances substantially all of its assets in S&P 500 derivatives, backed by a portfolio of Fixed Income Instruments.

• The Portfolio’s benchmark, the S&P 500 Index, posted a total return of 3.44% for the 6 months ended June 30, 2004. U.S. equity market sentiment was generally bullish based on strong analyst forecasts for second quarter earnings, although concerns about potentially destabilizing influences including terrorism, the situation in Iraq, inflation management, and the upcoming election loomed.

• In comparison, the Portfolio’s Administrative Class underperformed the S&P 500 Index by returning 2.93% for the same period.

• Interest rates rose during the first half of the year, resulting in negative fixed-income returns. While the structural yield advantage provided by non-money market holdings boosted returns, the yield contribution was eclipsed by the sharp rise in rates.

• Non-U.S. positions provided important diversification; short and intermediate maturity Eurozone issues outperformed U.S. alternatives amid expectations for slower growth and lower inflation in Europe.

• Exposure to real return bonds was positive for the first half of the year in general, as these securities benefited from strong demand for the inflation protection they provide.

• Curve strategies detracted from performance, as the Portfolio emphasized one to five year maturities relative to five year and longer maturity instruments. Rates on one to five year yields increased more than yields of five years or longer.

• Mortgage exposure provided diversification and incremental yield relative to money markets as the sector benefited from spread narrowings.

• Other strategies, including small positions in emerging market bonds, corporate bonds, and municipal bonds, were neutral for performance while adding important diversification.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

StocksPLUS Growth and Income Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			12/31/2000			12/31/1999
Net asset value beginning of period	$	9.26		$	7.25		$	9.35		$	11.05		$	13.56		$	12.58
Net investment income (a)		0.05	(e)		0.13	(e)		0.26	(e)		0.50	(e)		0.82	(e)		0.76
Net realized/unrealized gain (loss) on investments (a)		0.22	(e)		2.06	(e)		(2.14	)(e)		(1.78	)(e)		(2.04	)(e)		1.65
Total income (loss) from investment operations		0.27			2.19			(1.88	)		(1.28	)		(1.22	)		2.41
Dividends from net investment income		(0.05	)		(0.18	)		(0.22	)		(0.42	)		(0.75	)		(0.61	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			(0.54	)		(0.82	)
Total distributions		(0.05	)		(0.18	)		(0.22	)		(0.42	)		(1.29	)		(1.43	)
Net asset value end of period	$	9.48		$	9.26		$	7.25		$	9.35		$	11.05		$	13.56
Total return		2.93	%		30.38	%		(20.22	)%		(11.43	)%		(9.50	)%		19.85	%
Net assets end of period (000s)	$	265,443		$	267,880		$	218,993		$	259,926		$	272,751		$	�� 230,412
Ratio of net expenses to average net assets		0.65	%*		0.65	%		0.65	%(b)		0.67	%(c)(d)		0.65	%(b)		0.65	%
Ratio of net investment income to average net assets		1.14	%*(e)		1.54	%(e)		3.13	%(e)		5.02	%(e)		6.30	%(e)		5.69	%
Portfolio turnover rate		48	%		134	%		192	%		547	%		350	%		34	%

 + Unaudited

 * Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.66%.

(c) Ratio of expenses to average net assets excluding interest expense is 0.65%.

(d) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.67%.

(e) Indicates a period in which, as a result of a change in generally accepted accounting principles, the portfolio has reclassified periodic payments made or received under certain derivative instruments, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. The effect of this reclassification was to (reduce) the net investment income ratio for the period ending June 30, 2004 by (0.11)% and the net investment income per share by $(0.01). For consistency, similar reclassifications have been made to prior period amounts, resulting in increases(reductions) to the net investment income ratio of (0.65)%, 0.44%, 0.42% and 0.44% and to the net investment income per share of $(0.05), $0.04, $0.04 and $0.06 in the fiscal years ending December 31, 2003, 2002, 2001, and 2000, respectively. This change had no impact on the reported net asset value per share for any period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

StocksPLUS Growth and Income Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	266,611
Cash		1
Foreign currency, at value		1,035
Unrealized appreciation on forward foreign currency contracts		13
Receivable for Portfolio shares sold		6
Interest and dividends receivable		653
Variation margin receivable		1,884
		270,203
Liabilities:
Payable for Portfolio shares redeemed	$	317
Accrued investment advisory fee		88
Accrued administration fee		22
Accrued servicing fee		33
Variation margin payable		807
Recoupment payable to Manager		4
Swap premiums received		1
Other liabilities		9
		1,281
Net Assets	$	268,922
Net Assets Consist of:
Paid in capital	$	350,143
(Overdistributed) net investment income		(90	)
Accumulated undistributed net realized (loss)		(82,868	)
Net unrealized appreciation		1,737
	$	268,922
Net Assets:
Institutional Class	$	3,479
Administrative Class		265,443
Shares Issued and Outstanding:
Institutional Class		365
Administrative Class		28,000
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	9.52
Administrative Class		9.48
Cost of Investments Owned	$	266,818
Cost of Foreign Currency Held	$	1,029

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

StocksPLUS Growth and Income Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	2,379
Dividends		39
Total Income		2,418
Expenses:
Investment advisory fees		538
Administration fees		135
Distribution and/or servicing fees - Administrative Class		199
Trustees’ fees		2
Miscellaneous expense		5
Total Expenses		879
Net Investment Income		1,539
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		78
Net realized gain on futures contracts and swaps		16,963
Net realized (loss) on foreign currency transactions		(44	)
Net change in unrealized (depreciation) on investments		(442	)
Net change in unrealized (depreciation) on futures contracts and swaps		(10,257	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		20
Net Gain		6,318
Net Increase in Assets Resulting from Operations	$	7,857

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

StocksPLUS Growth and Income Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	1,539		$	3,744
Net realized gain		16,997			49,061
Net change in unrealized appreciation (depreciation)		(10,679	)		12,945
Net increase resulting from operations		7,857			65,750
Distributions to Shareholders:
From net investment income
Institutional Class		(19	)		(39	)
Administrative Class		(1,439	)		(5,180	)
Total Distributions		(1,458	)		(5,219	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		1,799			1,004
Administrative Class		13,449			59,278
Issued as reinvestment of distributions
Institutional Class		19			39
Administrative Class		1,439			5,180
Cost of shares redeemed
Institutional Class		(603	)		(51	)
Administrative Class		(23,663	)		(75,677	)
Net decrease resulting from Portfolio share transactions		(7,560	)		(10,227	)
Total Increase (Decrease) in Net Assets		(1,161	)		50,304
Net Assets:
Beginning of period		270,083			219,779
End of period*	$	268,922		$	270,083
*Including (overdistributed) net investment income of:	$	(90	)	$	(171	)

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

StocksPLUS Growth and Income Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

CORPORATE BONDS & NOTES 5.6%
Banking & Finance 2.9%
Ford Motor Credit Co.
7.500% due 03/15/2005	$	300	$	310
General Motors Acceptance Corp.
3.340% due 03/04/2005 (a)		900		909
2.400% due 10/20/2005 (a)		1,500		1,513
Pemex Project Funding Master Trust
2.640% due 01/07/2005 (a)		3,900		3,907
Verizon Wireless Capital LLC
1.350% due 05/23/2005 (a)		1,100		1,099
				7,738
Industrials 0.9%
Alcan, Inc.
1.623% due 12/08/2004 (a)		1,200		1,200
DaimlerChrysler N.A. Holding Corp.
2.386% due 09/26/2005 (a)		200		201
Enron Corp.
8.000% due 08/15/2005 (b)		1,700		663
Waste Management, Inc.
7.000% due 10/01/2004		300		303
				2,367
Utilities 1.8%
Entergy Gulf States, Inc.
2.433% due 06/18/2007 (a)		2,500		2,507
Pacific Gas & Electric Co.
1.810% due 04/03/2006 (a)		2,400		2,402
				4,909
Total Corporate Bonds & Notes (Cost $16,005)				15,014
MUNICIPAL BONDS & NOTES 0.8%
Golden State Tobacco Securitization Corp. Revenue Bonds, Series 2003
5.000% due 06/01/2021		915		896
North Carolina State Educational Assistance Authority Revenue Bonds, (GTD Insured), Series 2000
1.470% due 06/01/2009 (a)		1,279		1,281
Total Municipal Bonds & Notes (Cost $2,190)				2,177
U.S. GOVERNMENT AGENCIES 5.1%
Fannie Mae
6.500% due 09/01/2005		17		18
5.213% due 04/01/2033 (a)		564		567
5.090% due 09/01/2034 (a)		906		922
4.797% due 12/01/2036 (a)		844		872
6.000% due 04/01/2013- 11/01/2033 (e)		859		895
5.000% due 12/01/2017- 09/01/2018 (e)		1,581		1,588
8.000% due 05/01/2030- 09/01/2031 (e)		132		143
Freddie Mac
5.500% due 11/15/2015- 08/15/2030 (e)		715		725
6.000% due 07/01/2016- 05/01/2033 (e)		2,286		2,342
6.500% due 08/01/2032- 10/25/2043 (e)		1,429		1,492
Government National Mortgage Association
4.750% due 08/20/2024 (a)		40		41
3.375% due 02/20/2027 (a)		351		351
3.500% due 05/20/2028 (a)		702		697
4.000% due 11/20/2029 (a)		428		430
8.500% due 04/20/2030		10		11

4.375% due 04/20/2024- 04/20/2027 (a)(e)	$	1,553	$	1,556
8.000% due 04/15/2027- 02/15/2031 (e)		856		940
Total U.S. Government Agencies (Cost $13,668)				13,590
U.S. TREASURY OBLIGATIONS 5.9%
Treasury Inflation Protected Securities (d)
3.625% due 01/15/2008 (c)		14,196		15,518
3.875% due 01/15/2009		115		128
3.500% due 01/15/2011		324		360
Total U.S. Treasury Obligations (Cost $15,065)				16,006
MORTGAGE-BACKED SECURITIES 7.1%
Amortizing Residential Collateral Trust
1.620% due 07/25/2032 (a)		456		457
Bank of America Mortgage Securities, Inc.
6.500% due 10/25/2031		643		643
Bear Stearns Adjustable Rate Mortgage Trust
5.974% due 06/25/2032 (a)		249		252
5.380% due 01/25/2033 (a)		666		670
4.357% due 01/25/2034 (a)		693		697
4.802% due 01/25/2034 (a)		1,341		1,346
Countrywide Alternative Loan Trust
5.875% due 07/25/2032		10		10
6.000% due 10/25/2033		1,226		1,233
CS First Boston Mortgage Securities Corp.
1.700% due 02/25/2032 (a)		140		141
1.430% due 03/25/2032 (a)		634		632
1.727% due 03/25/2032 (a)		1,454		1,459
5.738% due 05/25/2032 (a)		361		367
5.192% due 06/25/2032 (a)		113		113
6.222% due 06/25/2032 (a)		196		199
DLJ Mortgage Acceptance Corp.
1.800% due 06/25/2026 (a)		110		110
GSR Mortgage Loan Trust
1.650% due 01/25/2034 (a)		296		296
Housing Securities, Inc.
1.789% due 07/25/2032 (a)		41		40
Impac CMB Trust
1.680% due 10/25/2033 (a)		178		178
1.550% due 01/25/2034 (a)		946		947
Mellon Residential Funding Corp.
1.478% due 06/15/2030 (a)		1,491		1,481
Merrill Lynch Mortgage Investors, Inc.
4.910% due 12/25/2032 (a)		271		271
Morgan Stanley Dean Witter Capital I, Inc.
5.500% due 04/25/2017		259		264
Prime Mortgage Trust
1.500% due 02/25/2034 (a)		140		140
1.700% due 02/25/2034 (a)		424		424
Resecuritization Mortgage Trust
1.570% due 04/26/2021 (a)		21		20
Residential Funding Mortgage Securities I, Inc.
6.500% due 03/25/2032		554		563
Salomon Brothers Mortgage Securities VII, Inc.
4.591% due 12/25/2030 (a)		510		521
Structured Asset Securities Corp.
1.600% due 10/25/2027 (a)		642		642
Washington Mutual Mortgage Securities Corp.
6.000% due 03/25/2017		129		131
5.420% due 02/25/2033 (a)		1,575		1,599
3.052% due 02/27/2034 (a)		857		858
2.624% due 08/25/2042 (a)		2,505		2,531
Total Mortgage-Backed Securities (Cost $19,303)				19,235

ASSET-BACKED SECURITIES 1.6%
Ameriquest Mortgage Securities, Inc.
1.610% due 06/25/2032 (a)	$	108	$	108
Chase Funding Mortgage Loan Asset-Backed Certificates
1.670% due 10/25/2032 (a)		503		505
Countrywide Asset-Backed Certificates
1.440% due 11/25/2020 (a)		225		225
1.560% due 05/25/2032 (a)		1,011		1,013
CS First Boston Mortgage Securities Corp.
1.610% due 01/25/2032 (a)		314		314
1.630% due 03/25/2034 (a)		353		353
Home Equity Mortgage Trust
1.550% due 04/25/2034 (a)		536		537
Residential Asset Securities Corp.
1.420% due 06/25/2025 (a)		691		691
Structured Asset Investment Loan Trust
1.440% due 08/25/2010 (a)		500		500
Total Asset-Backed Securities (Cost $4,240)				4,246
SOVEREIGN ISSUES 1.1%
Republic of Brazil
2.062% due 04/15/2006 (a)		832		821
2.125% due 04/15/2009 (a)		1,235		1,123
United Mexican States
1.840% due 01/13/2009 (a)		900		919
Total Sovereign Issues (Cost $2,881)				2,863
PURCHASED PUT OPTIONS 0.0%
	# of Contracts
Eurodollar September Futures (CME)
Strike @ 97.250 Exp. 09/13/2004		216		4
Strike @ 93.250 Exp. 03/14/2005		36		0
S&P 500 Index September Futures
Strike @ 700.000 Exp. 09/17/2004		155		4
Total Purchased Put Options (Cost $9)				8
PREFERRED SECURITY 0.7%
	Shares
DG Funding Trust
3.360% due 12/29/2049 (a)		173		1,860
Total Preferred Security (Cost $1,823)				1,860
SHORT-TERM INSTRUMENTS 71.2%
	Principal Amount (000)s
Commercial Paper 66.5%
AB Spintab
1.490% due 09/02/2004	$	1,400		1,396
Altria Group, Inc.
1.800% due 10/29/2004		400		398
Anz (Delaware), Inc.
1.060% due 07/19/2004		5,200		5,197
Bank of Ireland
1.285% due 09/03/2004		7,300		7,281
Barclays U.S. Funding Corp.
1.110% due 08/25/2004		200		200
CBA (de) Finance
1.050% due 07/02/2004		4,100		4,100
1.080% due 07/27/2004		4,000		3,997
CDC Commercial Paper, Inc.
1.085% due 08/04/2004		3,400		3,396
1.120% due 08/24/2004		2,100		2,096
1.320% due 09/10/2004		1,600		1,595

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

Danske Corp.
1.070% due 07/21/2004	$	200	$	200
1.070% due 07/26/2004		400		400
1.260% due 09/14/2004		2,500		2,492
1.240% due 09/17/2004		1,700		1,695
European Investment Bank
1.050% due 07/16/2004		4,700		4,698
Fannie Mae
1.030% due 07/01/2004		1,300		1,300
1.025% due 07/07/2004		2,700		2,700
1.040% due 07/14/2004		2,700		2,699
1.045% due 07/21/2004		3,200		3,198
1.060% due 07/21/2004		7,300		7,296
1.177% due 08/25/2004		2,600		2,595
1.180% due 08/25/2004		300		299
1.225% due 09/01/2004		4,600		4,589
1.230% due 09/01/2004		2,700		2,693
1.250% due 09/01/2004		2,700		2,693
1.200% due 09/08/2004		100		100
1.426% due 09/22/2004		2,700		2,691
1.530% due 10/18/2004		2,700		2,687
Federal Home Loan Bank
1.250% due 07/01/2004		5,000		5,000
1.165% due 07/16/2004		2,700		2,699
1.170% due 07/16/2004		2,700		2,699
1.180% due 08/25/2004		800		799
1.240% due 09/01/2004		1,400		1,397
1.250% due 09/01/2004		2,700		2,693
Freddie Mac
1.070% due 07/06/2004		2,700		2,700
1.200% due 08/09/2004		1,500		1,498
1.280% due 09/07/2004		2,700		2,693
1.440% due 09/14/2004		2,700		2,692
1.445% due 09/14/2004		500		498
1.435% due 09/21/2004		7,300		7,275
1.436% due 09/30/2004		800		797
1.560% due 10/20/2004		2,700		2,687
General Electric Capital Corp.
1.040% due 07/08/2004		500		500
1.060% due 07/09/2004		7,500		7,498
1.110% due 08/13/2004		200		200
HBOS Treasury Services PLC
1.035% due 07/01/2004		400		400
1.055% due 07/16/2004		100		100
1.055% due 07/16/2004		600		600
1.640% due 10/26/2004		500		497
KFW International Finance, Inc.
1.095% due 08/10/2004		6,300		6,292
1.110% due 08/20/2004		3,800		3,794
Nestle Capital Corp.
1.110% due 08/25/2004		5,100		5,091
1.110% due 08/26/2004		3,100		3,095
Pfizer, Inc.
1.300% due 08/17/2004		5,200		5,191
Royal Bank of Scotland PLC
1.030% due 07/06/2004		500		500
1.090% due 08/06/2004		2,100		2,098
1.135% due 08/26/2004		500		499
1.135% due 09/01/2004		3,000		2,993
Shell Finance (UK) PLC
1.035% due 07/02/2004		7,300		7,300
1.230% due 08/11/2004		700		699
Svenska Handlesbanken
1.070% due 07/21/2004		7,300		7,296
1.090% due 08/05/2004		700		699
TotalFinaElf Capital S.A.
1.420% due 07/01/2004		1,700		1,700
UBS Finance, Inc.
1.055% due 07/13/2004		800		800
1.195% due 07/21/2004		3,800		3,797
1.240% due 08/31/2004		1,100		1,097
1.245% due 09/13/2004		1,600		1,595
1.265% due 09/20/2004		700		698

Westpac Capital Corp.
1.385% due 09/10/2004	$	3,200	$	3,191
				179,028
Repurchase Agreement 0.4%
State Street Bank
0.800% due 07/01/2004		1,060		1,060
(Dated 06/30/2004. Collateralized by Freddie Mac 5.500% due 07/15/2006 valued at $1,082. Repurchase proceeds are $1,060.)
U.S. Treasury Bills 4.3%
1.190% due 09/02/2004-09/16/2004 (c)(e)		11,555		11,524
Total Short-Term Instruments (Cost $191,634)				191,612
Total Investments 99.1%			$	266,611
(Cost $266,818)
Other Assets and Liabilities (Net) 0.9%				2,311
Net Assets 100.0%			$	268,922

Notes to Schedule of Investments

(amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Security is in default.

(c) Securities with an aggregate market value of $22,977

have been segregated with the custodian to cover margin requirements for the following open futures contracts at

June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Eurodollar March Long Futures	03/2005	9	$	(13	)
Eurodollar March Long Futures	03/2006	24		(70	)
Eurodollar June Long Futures	06/2005	32		(99	)
Eurodollar September Long Futures	09/2005	31		(95	)
Eurodollar December Long Futures	12/2004	7		(3	)
Eurodollar December Long Futures	12/2005	31		(95	)
Euribor December Long Futures	12/2005	90		(69	)
Euribor June Long Futures	06/2005	76		(15	)

Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euribor Purchase Put Options Strike @ 94.500	06/2005	90	$	(1	)
Euribor Purchased Put Options
Strike @ 93.000	12/2004	55		(1	)
Euribor Purchased Put Options
Strike @ 95.000	03/2005	47		(1	)
Euribor September Long Futures	09/2005	62		(23	)
Euribor Written Put Options
Strike @ 97.000	12/2004	10		10
Euribor Written Put Options
Strike @ 97.500	09/2004	10		3
Euro-Bobl 5-Year Note Long Futures	09/2004	31		9
S & P 500 Index December
Long Futures	12/2004	11		(2	)
S&P 500 Index September
Long Futures	09/2004	883		2,096
U.S. Treasury 10-Year Note Long Futures	09/2004	61		(117	)
U.S. Treasury 5-Year Note Long Futures	09/2004	41		(41	)
United Kingdom 90-Day LIBOR Purchased Put Options Strike @ 92.500	09/2004	64		(1	)
			$	1,472

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

(e) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(f) Swap agreements outstanding at June 30, 2004:

Type		Notional Amount		Unrealized Appreciation
Receive total return on S&P 500 Index and pay a floating rate based on 1-month LIBOR plus 0.040%.
Counterparty: Credit Suisse First Boston
Exp. 04/29/2005	$	4	$	0
Receive total return on S&P 500 Index and pay a floating rate based on 1-month LIBOR plus 0.050%.
Counterparty: Credit Suisse First Boston Exp. 06/17/2005		5		0
			$	0

(g) Forward foreign currency contracts outstanding at June 30, 2004:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation
Sell	EC	931	07/2004	$	13	$	0	$	13

(h) Principal amount denoted in indicated currency:

EC     -     Euro

See accompanying notes June 30, 2004 Semi-Annual Report 9

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The StocksPLUS Growth and Income Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. 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. The Portfolio commenced operations on December 31, 1997.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared and distributed to shareholders quarterly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company and distribute all of its taxable

10 Semi-Annual Report June 30, 2004

income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency. The accounting records of the Portfolio are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Forward Currency Transactions. The Portfolio may enter into forward currency contracts and forward cross-currency contracts 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 a part of an investment strategy. A forward 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 currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses 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 are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain(loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. This reclassification increased(decreased) net investment income by $(286,748) and $(1,563,813), and net realized gain by $392,411 and $1,004,989 and net change in unrealized appreciation(depreciation) by $(105,663) and $558,823 for the six months ended June 30, 2004 and year ended December 31, 2003, respectively. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase(decrease) in net assets from operations during any period.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.40%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.10%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money,

12 Semi-Annual Report June 30, 2004

including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.50	%
Administrative Class	0.65	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months. Expenses that have been waived and may still be reimbursed by the Administrator, to the extent the Portfolio’s annualized total portfolio operating expenses plus the amount so reimbursed does not exceed the operating expense limitation, are as follows (amounts in thousands):

	Year of Waiver
		12/31/2001		12/31/2002		12/31/2003		06/30/2004
Amount Available for Reimbursement	$	0	$	28	$	0	$	0

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S. Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$  12,078	$  19,735	$  31,893	$  25,638

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Premium
Balance at 12/31/2003	$	88
Sales		149
Closing Buys		0
Expirations		(237	)
Exercised		0
Balance at 06/30/2004		$0

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Depreciation
$               1,166	$             (1,373)	$             (207)

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	190		$	1,799		131		$	1,004
Administrative Class	1,430			13,448		7,716			59,278
Issued as reinvestment of distributions
Institutional Class	2			19		4			39
Administrative Class	153			1,439		610			5,180
Cost of shares redeemed
Institutional Class	(64	)		(603	)	(6	)		(51	)
Administrative Class	(2,520	)		(23,663	)	(9,593	)		(75,677	)
Net decrease resulting from Portfolio share transactions	(809	)	$	(7,561	)	(1,138	)	$	(10,227	)

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	1	98
Administrative Class	3	92

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

14 Semi-Annual Report June 30, 2004

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

June 30, 2004 Semi-Annual Report 15

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

SHORT-TERM PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	11

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Short-Term Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                   Short-Term Portfolio          Citigroup 3-Month
                      Admin. Class              Treasury Bill Index
                   -------------------          -------------------
09/30/1999               $10,000                      $10,000
10/31/1999               $10,042                      $10,041
11/30/1999               $10,081                      $10,081
12/31/1999               $10,132                      $10,124
01/31/2000               $10,175                      $10,169
02/29/2000               $10,218                      $10,212
03/31/2000               $10,267                      $10,260
04/30/2000               $10,310                      $10,308
05/31/2000               $10,369                      $10,359
06/30/2000               $10,426                      $10,407
07/31/2000               $10,486                      $10,458
08/31/2000               $10,562                      $10,509
09/30/2000               $10,632                      $10,562
10/31/2000               $10,692                      $10,617
11/30/2000               $10,749                      $10,671
12/31/2000               $10,782                      $10,727
01/31/2001               $10,858                      $10,783
02/28/2001               $10,920                      $10,829
03/31/2001               $10,965                      $10,877
04/30/2001               $10,984                      $10,919
05/31/2001               $11,047                      $10,959
06/30/2001               $11,066                      $10,994
07/31/2001               $11,174                      $11,028
08/31/2001               $11,236                      $11,062
09/30/2001               $11,328                      $11,094
10/31/2001               $11,399                      $11,123
11/30/2001               $11,429                      $11,146
12/31/2001               $11,478                      $11,166
01/31/2002               $11,478                      $11,183
02/28/2002               $11,493                      $11,198
03/31/2002               $11,498                      $11,215
04/30/2002               $11,552                      $11,231
05/31/2002               $11,590                      $11,248
06/30/2002               $11,613                      $11,263
07/31/2002               $11,611                      $11,280
08/31/2002               $11,653                      $11,296
09/30/2002               $11,673                      $11,312
10/31/2002               $11,721                      $11,328
11/30/2002               $11,795                      $11,342
12/31/2002               $11,825                      $11,356
01/31/2003               $11,865                      $11,368
02/28/2003               $11,899                      $11,378
03/31/2003               $11,931                      $11,390
04/30/2003               $11,963                      $11,401
05/31/2003               $11,994                      $11,412
06/30/2003               $12,007                      $11,422
07/31/2003               $11,963                      $11,432
08/31/2003               $11,966                      $11,442
09/30/2003               $12,025                      $11,450
10/31/2003               $12,015                      $11,460
11/30/2003               $12,027                      $11,468
12/31/2003               $12,067                      $11,478
01/31/2004               $12,078                      $11,487
02/29/2004               $12,099                      $11,495
03/31/2004               $12,110                      $11,504
04/30/2004               $12,097                      $11,513
05/31/2004               $12,107                      $11,522
06/30/2004               $12,105                      $11,532

SECTOR BREAKDOWN^‡

Short-Term Instruments	75.2	%
Corporate Bonds & Notes	9.7	%
U.S. Government Agencies	5.7	%
Asset-Backed Securities	3.4	%
U.S. Treasury Obligation	2.9	%
Mortgage-Backed Securities	2.5	%
Other	0.6	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Administrative Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		Since Inception*
	Short-Term Portfolio Administrative Class (Inception 09/30/99)	0.32	%	0.82	%	4.10	%
- - - - - - -	Citigroup 3-Month Treasury Bill Index	0.47	%	0.96	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,003.20	$	1,025.00
Expenses Paid During Period†	$	2.99	$	3.02

^†Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.60%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Short-Term Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities.

• The total return performance of the Portfolio’s Administrative Class was 0.32% for the six-month period ended June 30, 2004, versus a return of 0.47% for the benchmark Citigroup 3-Month Treasury Bill Index during the same period.

• Interest rate strategies including a duration longer than the effective benchmark and yield curve positioning that was broader than benchmark were negative for returns as rates increased during the period.

• An emphasis on mortgage securities boosted returns. Heavy demand by banks during the first quarter 2004 and a decline in volatility late in the second quarter supported mortgage performance.

• An emphasis on corporate securities was slightly positive. During the first quarter, their yield advantage offset concerns about slower growth and profits, but during the second quarter returns were slightly negative as rates increased.

• Emerging market (“EM”) bonds detracted from performance during the period. Heightened new issuance weighed on the sector and leveraged tactical investors sold EM bonds as rates rose.

• Short maturity Eurozone issues added value amid expectations for slower growth and lower inflation in Europe.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

Short-Term Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			12/31/2000			09/30/1999- 12/31/1999
Net asset value beginning of period	$	10.10		$	10.08		$	10.08		$	10.01		$	10.00		$	10.00
Net investment income (a)		0.05	(f)		0.13	(f)		0.28	(f)		0.48	(f)		0.53			0.13
Net realized/unrealized gain (loss) on investments (a)		(0.02	)(f)		0.07	(f)		0.02	(f)		0.15	(f)		0.09			0.00
Total income from investment operations		0.03			0.20			0.30			0.63			0.62			0.13
Dividends from net investment income		(0.05	)		(0.17	)		(0.29	)		(0.52	)		(0.61	)		(0.13	)
Distributions from net realized capital gains		0.00			(0.01	)		(0.01	)		(0.04	)		0.00			0.00
Total distributions		(0.05	)		(0.18	)		(0.30	)		(0.56	)		(0.61	)		(0.13	)
Net asset value end of period	$	10.08		$	10.10		$	10.08		$	10.08		$	10.01		$	10.00
Total return		0.32	%		2.05	%		3.02	%		6.45	%		6.42	%		1.32	%
Net assets end of period (000s)	$	6,834		$	5,948		$	4,340		$	1,683		$	37		$	3,040
Ratio of net expenses to average net assets		0.60	%*		0.60	%		0.60	%(e)		0.61	%(c)(d)		0.60	%		0.60	%*(b)
Ratio of net investment income to average net assets		0.90	%*(f)		1.33	%(f)		2.81	%(f)		4.71	%(f)		5.27	%		5.17	%*
Portfolio turnover rate		136	%		199	%		60	%		94	%		281	%		N/A

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 1.42%.

(c) Ratio of expenses to average net assets excluding interest expense is 0.60%.

(d) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.62%.

(e) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.61%.

(f) Indicates a period in which, as a result of a change in generally accepted accounting principles, the portfolio has reclassified periodic payments made or received under certain derivative instruments which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. The effect of this reclassification was to (reduce) the net investment income ratio for the period ending June 30, 2004 by (0.03)% and the net investment income per share by $0.00. For consistency, similar reclassifications have been made to prior period amounts, resulting in increases(reductions) to the net investment income ratio of (0.10)%, 0.00% and (0.03)% and to the net investment income per share of $(0.01), $0.00 and $0.00 in the fiscal years ending December 31, 2003, 2002, and 2001, respectively. This change had no impact on the reported net asset value per share for any period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Short-Term Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	34,003
Cash		101
Foreign currency, at value		24
Receivable for investments sold on delayed delivery basis		794
Unrealized appreciation on forward foreign currency contracts		1
Receivable for Portfolio shares sold		2
Interest and dividends receivable		97
Variation margin receivable		11
Swap premiums paid		8
Unrealized appreciation on swap agreements		12
		35,053
Liabilities:
Payable for investments purchased	$	944
Payable for short sale		805
Written options outstanding		2
Payable for Portfolio shares redeemed		2
Accrued investment advisory fee		7
Accrued administration fee		5
Accrued servicing fee		1
Recoupment payable to Manager		1
Other liabilities		1
		1,768
Net Assets	$	33,285
Net Assets Consist of:
Paid in capital	$	33,263
(Overdistributed) net investment income		(32	)
Accumulated undistributed net realized gain		65
Net unrealized (depreciation)		(11	)
	$	33,285
Net Assets:
Institutional Class	$	26,451
Administrative Class		6,834
Shares Issued and Outstanding:
Institutional Class		2,623
Administrative Class		678
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.08
Administrative Class		10.08
Cost of Investments Owned	$	34,018
Cost of Foreign Currency Held	$	24

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Short-Term Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	190
Total Income		190
Expenses:
Investment advisory fees		32
Administration fees		25
Distribution and/or servicing fees - Administrative Class		5
Total Expenses		62
Net Investment Income		128
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		5
Net realized gain on futures contracts, options, and swaps		38
Net realized (loss) on foreign currency transactions		(1	)
Net change in unrealized (depreciation) on investments		(35	)
Net change in unrealized (depreciation) on futures contracts, options, and swaps		(26	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		1
Net (Loss)		(18	)
Net Increase in Assets Resulting from Operations	$	110

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Short-Term Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December��31, 2003
Increase in Net Assets from:
Operations:
Net investment income	$	128		$	207
Net realized gain		42			100
Net change in unrealized depreciation		(60	)		(13	)
Net increase resulting from operations		110			294
Distributions to Shareholders:
From net investment income
Institutional Class		(110	)		(160	)
Administrative Class		(34	)		(97	)
From net realized capital gains
Institutional Class		0			(18	)
Administrative Class		0			(8	)
Total Distributions		(144	)		(283	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		14,588			12,584
Administrative Class		1,448			3,690
Issued as reinvestment of distributions
Institutional Class		110			178
Administrative Class		34			105
Cost of shares redeemed
Institutional Class		(3,155	)		(2,724	)
Administrative Class		(586	)		(2,197	)
Net increase resulting from Portfolio share transactions		12,439			11,636
Total Increase in Net Assets		12,405			11,647
Net Assets:
Beginning of period		20,880			9,233
End of period*	$	33,285		$	20,880
*Including (overdistributed) net investment income of:	$	(32	)	$	(16	)

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Short-Term Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

CORPORATE BONDS & NOTES 9.9%
Banking & Finance 2.2%
Bear Stearns Cos., Inc.
1.940% due 09/21/2004 (a)	$	100	$	100
Bombardier Capital, Inc.
7.500% due 08/15/2004		100		100
Deutsche Telekom International Finance BV
8.250% due 06/15/2005		80		84
Ford Motor Credit Co.
6.700% due 07/16/2004		250		250
General Motors Acceptance Corp.
5.750% due 11/05/2004		50		51
2.400% due 10/20/2005 (a)		100		101
Household Finance Corp.
6.700% due 11/15/2005		40		42
				728
Industrials 3.6%
Alcan, Inc.
1.623% due 12/08/2004 (a)		40		40
DaimlerChrysler North America Holding Corp.
3.400% due 12/15/2004		220		221
7.400% due 01/20/2005		110		113
FedEx Corp.
1.390% due 04/01/2005 (a)		100		100
Fort James Corp.
6.625% due 09/15/2004		10		10
Halliburton Co.
2.650% due 10/17/2005 (a)		50		51
MGM Mirage, Inc.
6.950% due 02/01/2005		40		41
6.625% due 02/01/2005		20		20
PanAmSat Corp.
6.125% due 01/15/2005		40		41
Petroleos Mexicanos
6.500% due 02/01/2005		150		154
Pioneer National Resources Co.
8.875% due 04/15/2005		50		52
TCI Communications, Inc.
8.650% due 09/15/2004		40		41
Time Warner, Inc.
7.975% due 08/15/2004		100		101
Tyco International Group S.A.
5.875% due 11/01/2004		100		101
Weyerhaeuser Co.
5.500% due 03/15/2005		15		15
Yum! Brands, Inc.
7.450% due 05/15/2005		100		104
				1,205
Utilities 4.1%
Carolina Telephone & Telegraph
7.250% due 12/15/2004		200		204
Centerior Energy Corp.
7.670% due 07/01/2004		100		100
Dominion Resources, Inc.
2.800% due 02/15/2005		100		100
Edison International, Inc.
6.875% due 09/15/2004		160		161
Entergy Gulf States, Inc.
3.600% due 06/01/2008		100		97
Ohio Edison Co.
4.000% due 05/01/2008		30		29
PPL Capital Funding Trust I
7.290% due 05/18/2006		80		84
Reliant Energy Resources Corp.
8.125% due 07/15/2005		100		105
SBC Communications, Inc.
4.206% due 06/05/2005		110		112
Sprint Capital Corp.
7.900% due 03/15/2005		360		373
				1,365
Total Corporate Bonds & Notes (Cost $3,302)				3,298

U.S. GOVERNMENT AGENCIES 5.8%		��
Fannie Mae
4.500% due 02/25/2008	$100		$102
6.000% due 06/01/2017	60		63
5.337% due 10/01/2031 (a)	78		80
1.420% due 03/25/2034 (a)	214		213
1.880% due 08/25/2043	36		36
5.500% due 11/01/2016-09/01/2017 (d)	350		359
Federal Home Loan Bank
6.270% due 08/26/2004	175		173
Freddie Mac
3.960% due 08/02/2006	100		100
4.000% due 08/02/2006	100		100
4.250% due 07/12/2006	300		300
9.500% due 12/01/2019	88		99
5.750% due 06/15/2029	1		1
6.000% due 12/15/2031	100		101
6.500% due 08/01/2032	20		21
5.500% due 08/15/2004-08/15/2030 (d)	41		41
Government National Mortgage Association
3.000% due 02/20/2032 (a)	127		123
6.000% due 03/15/2032	23		24
Total U.S. Government Agencies (Cost $1,946)			1,936
U.S. TREASURY OBLIGATIONS 2.9%
Treasury Inflation Protected Securities (c)
3.375% due 01/15/2007	154		165
3.625% due 01/15/2008	396		433
U.S. Treasury Note
1.875% due 12/31/2005	390		387
Total U.S. Treasury Obligations (Cost $989)			985
MORTGAGE-BACKED SECURITIES 2.6%
Bank of America Mortgage Securities, Inc.
6.406% due 07/25/2032 (a)	16		16
5.667% due 10/20/2032 (a)	14		14
Bear Stearns Adjustable Rate Mortgage Trust
4.802% due 12/25/2033 (a)	39		40
4.357% due 01/25/2034 (a)	38		39
1.580% due 02/25/2034 (a)	61		62
Bear Stearns Commercial Mortgage Securities
1.500% due 05/14/2016 (a)	100		100
Countrywide Home Loans, Inc.
4.991% due 09/19/2032 (a)	9		9
CS First Boston Mortgage Securities Corp.
1.726% due 03/25/2032 (a)	150		151
5.738% due 05/25/2032 (a)	11		11
First Republic Mortgage Loan Trust
1.538% due 08/15/2032 (a)	83		83
Mellon Residential Funding Corp.
1.678% due 12/15/2030 (a)	55		55
Sequoia Mortgage Funding Co
0.800% due 10/21/2007 (b)	1,842		19
Structured Asset Mortgage Investments, Inc.
1.610% due 09/19/2032 (a)	80		80
Structured Asset Securities Corp.
1.590% due 01/25/2033 (a)	25		25
1.800% due 11/25/2033 (a)	17		17
Structured Assets Securities Corp.
1.800% due 07/25/2032 (a)	50		50
Wachovia Bank Commercial Mortgage Trust
1.428% due 06/15/2013 (a)	40		40
Washington Mutual Mortgage Securities Corp.
5.159% due 10/25/2032 (a)	12		12
2.629% due 06/25/2042 (a)	42		42
Total Mortgage-Backed Securities (Cost $865)			865

ASSET-BACKED SECURITIES 3.5%
Ameriquest Mortgage Securities, Inc.
1.460% due 06/25/2005 (a)	$151	$151
1.450% due 11/25/2033 (a)	30	30
Bear Stearns Asset-Backed Securities, Inc.
1.630% due 10/25/2032 (a)	12	12
CDC Mortgage Capital Trust
1.640% due 01/25/2032 (a)	10	10
1.670% due 08/25/2033 (a)	18	18
Centex Home Equity Loan Trust
1.600% due 09/25/2033 (a)	36	36
Chase Funding Loan Acquisition Trust
1.540% due 07/25/2030 (a)	7	7
1.650% due 07/25/2031 (a)	5	5
Contimortgage Home Equity Loan Trust
1.418% due 04/15/2029 (a)	58	58
Countrywide Asset-Backed Certificates
1.670% due 05/25/2032 (a)	17	17
CS First Boston Mortgage Securities Corp.
1.740% due 08/25/2032 (a)	7	7
Equifirst Mortgage Loan Trust
1.400% due 01/25/2034 (a)	94	94
Financial Asset Securities Corp. AAA Trust
1.230% due 09/25/2033 (a)	5	5
First Franklin Mortgage Loan Trust Asset-Backed Certificates
1.650% due 09/25/2032 (a)	17	17
2.820% due 02/25/2034 (a)	28	28
First Franklin Mtg Loan Asset Backed Certificates
1.420% due 07/25/2033 (a)	60	60
HFC Home Equity Loan Asset-Backed Certificates
1.630% due 10/20/2032 (a)	52	52
Home Equity Asset Trust
1.760% due 02/25/2033 (a)	35	35
1.710% due 03/25/2033 (a)	20	20
Home Equity Mortgage Trust
1.550% due 04/25/2034 (a)	33	34
Irwin Home Equity Loan Trust
1.570% due 07/25/2032 (a)	30	30
Morgan Stanley Asset-Backed Securities Capital I, Inc.
1.640% due 08/25/2033 (a)	39	39
Morgan Stanley Dean Witter Capital I, Inc.
1.670% due 07/25/2030 (a)	3	3
Novastar Home Equity Loan
1.630% due 09/25/2031 (a)	10	10
Quest Trust
1.291% due 06/25/2034 (a)	100	100
Renaissance Home Equity Loan Trust
1.740% due 08/25/2033 (a)	94	95
Residential Asset Mortgage Products, Inc.
1.630% due 12/25/2033 (a)	44	44
Residential Asset Securities Corp.
1.420% due 06/25/2025 (a)	86	86
Saxon Asset Securities Trust
1.570% due 01/25/2032 (a)	8	8
1.700% due 12/25/2032 (a)	11	12
Sears Credit Account Master Trust
5.250% due 10/16/2008	8	8
Structured Asset Investment Loan Trust
1.200% due 04/25/2033 (a)	13	13
Terwin Mortgage Trust
1.880% due 09/25/2033 (a)	9	9
Total Asset-Backed Securities (Cost $1,152)		1,153
SOVEREIGN ISSUES 0.5%
Republic of Brazil
2.062% due 04/15/2006 (a)	93	91
10.000% due 01/16/2007	10	11
2.125% due 04/15/2009 (a)	62	57
Total Sovereign Issues (Cost $154)		159

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

FOREIGN CURRENCY-DENOMINATED ISSUES (i)(j) 0.1%
Tyco International Group S.A.
4.375% due 11/19/2004	EC	20	$24
Total Foreign Currency-Denominated Issues (Cost $24)			24
SHORT-TERM INSTRUMENTS 76.9%
Commercial Paper 76.0%
AB Spintab
1.260% due 09/08/2004		$400	399
ABN AMRO North America
1.040% due 07/06/2004		600	600
1.090% due 07/29/2004		100	100
Anz (Delaware), Inc.
1.060% due 07/19/2004		200	200
Bank of Ireland
1.285% due 09/03/2004		900	898
Barclays U.S. Funding Corp.
1.110% due 08/25/2004		100	100
1.280% due 09/21/2004		200	199
CBA (de) Finance
1.050% due 07/02/2004		100	100
1.210% due 08/23/2004		600	599
1.225% due 08/23/2004		200	200
CDC Commercial Corp.
1.100% due 08/04/2004		600	599
Den Norske Bank ASA
1.260% due 09/20/2004		500	498
Dexia Delaware LLC
1.400% due 08/30/2004		300	299
European Investment Bank
1.050% due 07/16/2004		600	600
Fannie Mae
1.040% due 07/14/2004		300	300
1.060% due 07/21/2004		600	600
1.063% due 08/04/2004		300	300
1.130% due 08/11/2004		300	300
1.150% due 08/18/2004		300	299
1.177% due 08/25/2004		300	299
1.180% due 08/25/2004		500	499
1.120% due 09/01/2004		300	299
1.225% due 09/01/2004		200	199
1.380% due 09/01/2004		300	299
1.415% due 09/08/2004		300	299
1.200% due 09/15/2004		300	299
1.414% due 09/22/2004		100	100
1.426% due 09/22/2004		100	100
1.010% due 10/01/2004		300	299
Federal Home Loan Bank
1.165% due 07/16/2004		200	200
1.170% due 07/16/2004		300	300
1.180% due 08/25/2004		100	100
Ford Motor Credit Co.
1.870% due 09/03/2004		150	150
Freddie Mac
1.010% due 08/12/2004		400	399
1.150% due 08/17/2004		300	300
1.175% due 08/24/2004		600	599
1.180% due 08/24/2004		1,000	998
1.260% due 09/20/2004		200	199
1.280% due 09/22/2004		300	299
1.465% due 09/28/2004		300	299
1.300% due 09/30/2004		300	299
1.560% due 10/20/2004		300	298
General Electric Capital Corp.
1.040% due 07/08/2004		600	600
1.060% due 07/12/2004		100	100
1.300% due 09/08/2004		200	199
HBOS Treasury Services PLC
1.055% due 07/16/2004		200	200
1.290% due 09/24/2004		200	199
1.580% due 10/21/2004		500	497

1.585% due 10/26/2004	$100	$99
ING U.S. Funding LLC
1.040% due 07/02/2004	600	600
1.240% due 09/10/2004	100	100
KFW International Finance, Inc.
1.095% due 08/10/2004	300	300
1.110% due 08/23/2004	400	399
Lloyds TSB Bank PLC
185% due 07/21/2004	700	699
National Australia Funding, Inc.
1.050% due 07/02/2004	600	600
Nestle Capital Corp.
1.130% due 08/30/2004	500	499
Royal Bank of Scotland PLC
1.070% due 07/14/2004	600	600
1.235% due 09/13/2004	100	100
Shell Finance (UK) PLC
1.240% due 09/14/2004	600	598
Svenska Handlesbanken
1.065% due 07/14/2004	600	600
1.070% due 07/21/2004	100	100
1.240% due 09/13/2004	100	100
1.295% due 09/24/2004	200	199
Swedish National Housing Finance Corp.
1.060% due 07/16/2004	400	400
1.090% due 07/29/2004	500	500
Toyota Motor Credit Corp.
1.330% due 09/07/2004	900	898
UBS Finance, Inc.
1.060% due 07/01/2004	300	300
1.420% due 07/01/2004	100	100
1.055% due 07/13/2004	300	300
1.195% due 07/21/2004	100	100
1.240% due 08/31/2004	200	199
Westpac Capital Corp.
1.030% due 07/07/2004	100	100
Westpac Trust Securities NZ Ltd.
1.215% due 08/24/2004	700	699
		25,306
Repurchase Agreement 0.6%
State Street Bank
0.800% due 07/01/2004	192	192
(Dated 06/30/2004. Collateralized by Fannie Mae 5.250% due 06/15/2006 valued at $198. Repurchase proceeds are $192.)
U.S. Treasury Bills 0.3%
1.135% due 09/02/2004 (e)	85	85
Total Short-Term Instruments (Cost $25,586)		25,583
Total Investments 102.2%		$34,003
(Cost $34,018)
Written Options (g) (0.0%)		(2	)
(Premiums $6)
Other Assets and Liabilities (Net) (2.2%)		(716	)
Net Assets 100.0%		$33,285

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Interest only security.

(c) Principal amount of security is adjusted for inflation.

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Securities with an aggregate market value of $85 have been segregated with the custodian to cover margin

requirements for the following open futures contracts at June 30, 2004:

Type	Expiration Month	# of Contracts		Unrealized (Depreciation)
Eurodollar June Long Futures	06/2005	8	$	0
Euribor December Long Futures	12/2005	3		(4	)
Euribor June Long Futures	06/2005	1		(1	)
Euribor September Long Futures	09/2005	1		(1	)
Euro-Bobl 5-Year Note Long Futures	09/2004	3		0
U.S. Treasury 10-Year Note Long Futures	09/2004	8		(1	)
			$	(7	)

(f) Swap agreements outstanding at June 30, 2004:

Type		Notional Amount		Unrealized Appreciation
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 03/15/2007	EC	1,000	$	6
Receive a fixed rate equal to 1.000% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 07/18/2004	$	40		0
Receive a fixed rate equal to 16.500% and the Portfolio will pay to the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 01/16/2005		75		6
Receive a fixed rate equal to 1.000% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/11/2005		40		0
Receive a fixed rate equal to 1.000% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030.
Counterparty: Bear Stearns & Co., Inc.
Exp. 03/17/2005		25		0
Receive a fixed rate equal to 0.730% and the Portfolio will pay to the counterparty at par in the event of default of the United Mexican States 11.500% due 05/15/2026.
Counterparty: Bear Stearns & Co., Inc.
Exp. 06/20/2005		80		0
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: UBS Warburg LLC
Exp. 12/15/2006		200		0
			$	12

See accompanying notes June 30, 2004 Semi-Annual Report 9

Schedule of Investments (Cont.)

Short-Term Portfolio

June 30, 2004 (Unaudited)

(g) Premiums received on written options:

Name of Issuer	Counterparty	Exercise Rate		Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.	5.000	%**	01/07/2005	$	140	$	3	$	2
Put - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.	7.000	%*	01/07/2005		140		3		0
							$	6	$	2
*   The Portfolio will pay a floating rate based on 3-month LIBOR.
** The Portfolio will receive a floating rate based on 3-month LIBOR.
(h) Short sales open at June 30, 2004 were as follows:
Type		Coupon (%)		Maturity	Par		Value		Proceeds
U.S. Treasury Note		5.000		02/15/2011	$	200	$	210	$	206
U.S. Treasury Note		4.250		08/15/2013		610		595		588
							$	805	$	794
(i) Forward foreign currency contracts outstanding at June 30, 2004:
Type	Currency	Principal Amount Covered by Contract		Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation
Sell	EC	48		07/2004	$	1	$	0	$	1

(j) Principal amount denoted in indicated currency:

EC - Euro

10 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Short-Term Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. 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. The Portfolio commenced operations on September 30, 1999.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Delayed Delivery Transactions. The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. 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 net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Foreign Currency. The accounting records of the Portfolio are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Forward Currency Transactions. The Portfolio may enter into forward currency contracts and forward cross-currency contracts 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 a part of an investment strategy. A forward 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 currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses 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 are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

12 Semi-Annual Report June 30, 2004

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Short Sales. The Portfolio may enter into short sales transactions. A short sale is a transaction in which the Portfolio sells securities it does not own in anticipation of a decline in the market price of the securities. The Portfolio is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Stripped Mortgage-Backed Securities. The Portfolio may invest in stripped mortgage-backed securities (SMBS). SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (IOs), which receive all of the interest, and principal-only securities (POs), which receive all of the principal. If the underlying mortgage assets experience greater than anticipated payments of principal, the Portfolio may fail to recoup some or all of its initial investment in these securities. The market value of these securities is highly sensitive to changes in interest rates.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain(loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. This reclassification increased (decreased) net investment income by $(6,562) and $(14,282), and net realized gain by $7,256 and $8,419 and net change in unrealized appreciation (depreciation) by $(695) and $5,863 for the six months ended June 30, 2004 and year ended December 31, 2003, respectively. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase(decrease) in net assets from operations during any period.

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.20%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.50	%
Administrative Class	0.65	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$  7,852	$  6,215	$  4,347	$  3,554

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Premium
Balance at 12/31/2003	$	26
Sales		5
Closing Buys		(8	)
Expirations		(17	)
Exercised		0
Balance at 06/30/2004		$6

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Depreciation
$                   20	$                  (35)	$              (15)

14 Semi-Annual Report June 30, 2004

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	1,445		$	14,588		1,245		$	12,584
Administrative Class	144			1,448		365			3,690
Issued as reinvestment of distributions
Institutional Class	11			110		18			178
Administrative Class	3			34		10			105
Cost of shares redeemed
Institutional Class	(312	)		(3,155	)	(270	)		(2,724	)
Administrative Class	(58	)		(586	)	(217	)		(2,197	)
Net increase resulting from Portfolio share transactions	1,233		$	12,439		1,151		$	11,636

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	2	100
Administrative Class	1	98

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

June 30, 2004 Semi-Annual Report 15

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

16 Semi-Annual Report June 30, 2004

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

GLOBAL BOND PORTFOLIO (UNHEDGED)

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	12

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Global Bond Portfolio (Unhedged)

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                      Global Bond                            J.P. Morgan
                Portfolio Admin. Class                 Global Index (Unhedged)
                ----------------------                 -----------------------
 01/31/2002             $10,000                               $10,000
 02/28/2002              $9,978                               $10,053
 03/31/2002              $9,907                               $10,009
 04/30/2002             $10,267                               $10,364
 05/31/2002             $10,566                               $10,646
 06/30/2002             $11,031                               $11,143
 07/31/2002             $11,146                               $11,266
 08/31/2002             $11,291                               $11,472
 09/30/2002             $11,474                               $11,607
 10/31/2002             $11,450                               $11,558
 11/30/2002             $11,470                               $11,562
 12/31/2002             $12,016                               $12,131
 01/31/2003             $12,222                               $12,289
 02/28/2003             $12,422                               $12,466
 03/31/2003             $12,400                               $12,497
 04/30/2003             $12,566                               $12,647
 05/31/2003             $13,094                               $13,196
 06/30/2003             $12,895                               $12,988
 07/31/2003             $12,441                               $12,582
 08/31/2003             $12,401                               $12,519
 09/30/2003             $13,121                               $13,227
 10/31/2003             $13,033                               $13,157
 11/30/2003             $13,222                               $13,366
 12/31/2003             $13,749                               $13,891
 01/31/2004             $13,785                               $13,936
 02/29/2004             $13,810                               $13,968
 03/31/2004             $14,013                               $14,165
 04/30/2004             $13,461                               $13,557
 05/31/2004             $13,543                               $13,653
 06/30/2004             $13,603                               $13,683

COUNTRY ALLOCATION^‡

Short-Term Instruments	31.9	%
United States	25.7	%
Germany	8.4	%
Japan	7.1	%
United Kingdom	6.9	%
Italy	4.1	%
France	4.0	%
Other	11.8	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Administrative Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		Since Inception*
	Global Bond Portfolio (Unhedged) Administrative Class (Inception 01/10/02)	–1.07	%	5.49	%	13.37	%
- - - - - - -	J.P. Morgan Global Index (Unhedged)	–1.50	%	5.35	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	989.30	$	1,025.00
Expenses Paid During Period†	$	4.45	$	4.53

^†Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.90%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Global Bond Portfolio (Unhedged) seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in Fixed Income Instruments of issuers located in at least three countries, one of which may be the United States.

• The Portfolio’s Administrative Class shares returned –1.07% for the six-months ended June 30, 2004, outperforming the -1.50% return of the J.P. Morgan Global Index (Unhedged) for the same period.

• An underweight to U.S. duration was positive for performance as yields rose given stronger growth and fears of aggressive Fed tightening.

• An overweight to Euroland duration relative to benchmark was a positive for relative performance; these yields rose less as Euroland lagged global growth.

• An underweight to Japanese government bonds (“JGB”) relative to benchmark was positive for returns. JGB yields rose on strong growth and speculation that the Bank of Japan’s highly accommodative monetary policy stance would soon shift.

• Currency strategies detracted from performance. The yen and Canadian dollar retreated as rising U.S. rates forced market participants to unwind leveraged strategies.

• Real return bonds added to returns, outperforming more volatile Treasuries of similar duration, as rates rose.

• Modest holdings of mortgage securities helped returns, as heavy demand from banks supported the mortgage market.

• Tactical strategies to exploit wider swap spreads in the U.S. and Europe were positive, as swap spreads widened given the rapid rise in yields.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

Global Bond Portfolio (Unhedged) (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			1/10/2002- 12/31/2002
Net asset value beginning of period	$	13.03		$	11.69		$	10.00
Net investment income (a)		0.13	(d)		0.25	(d)		0.28	(d)
Net realized/unrealized gain (loss) on investments (a)		(0.27	)(d)		1.42	(d)		1.75	(d)
Total income (loss) from investment operations		(0.14	)		1.67			2.01
Dividends from net investment income		(0.12	)		(0.25	)		(0.27	)
Distributions from net realized capital gains		0.00			(0.08	)		(0.05	)
Total distributions		(0.12	)		(0.33	)		(0.32	)
Net asset value end of period	$	12.77		$	13.03		$	11.69
Total return		(1.07	)%		14.43	%		20.35	%
Net assets end of period (000s)	$	34,815		$	29,415		$	20,456
Ratio of net expenses to average net assets		0.90	%*		0.92	%(c)		0.90	%*(b)
Ratio of net investment income to average net assets		2.08	%*(d)		2.03	%(d)		2.65	%(d)
Portfolio turnover rate		153	%		592	%		581	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 1.01%.

(c) Ratio of expenses to average net assets excluding interest expense is 0.90%.

(d) Indicates a period in which, as a result of a change in generally accepted accounting principles, the portfolio has reclassified periodic payments made or received under certain derivative instruments, which were previously included within miscellaneous income, to a component of realized gain (loss) in the Statement of Operations. The effect of this reclassification was to increase the net investment income ratio for the period ending June 30, 2004 by 0.12% and the net investment income per share by $0.02. For consistency, similar reclassifications have been made to prior period amounts, resulting in increase to the net investment income ratio of 0.10% and 0.07% and to the net investment income per share of $0.01 and $0.01 in the fiscal year or period ending December 31, 2003, and 2002, respectively. This change had no impact on the reported net asset value per share for any period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Global Bond Portfolio (Unhedged)

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	34,729
Cash		1
Foreign currency, at value		593
Receivable for investments sold		1
Receivable for investments sold on delayed delivery basis		5,202
Unrealized appreciation on forward foreign currency contracts		69
Receivable for Portfolio shares sold		2
Interest and dividends receivable		304
Variation margin receivable		121
Swap premiums paid		470
Unrealized appreciation on swap agreements		71
Unrealized appreciation on forward volatility options		3
		41,566
Liabilities:
Payable for investments purchased	$	944
Unrealized depreciation on forward foreign currency contracts		47
Payable for short sale		5,256
Written options outstanding		43
Payable for Portfolio shares redeemed		67
Accrued investment advisory fee		7
Accrued administration fee		14
Accrued servicing fee		6
Recoupment payable to Manager		1
Swap premiums received		190
Unrealized depreciation on swap agreements		167
Other liabilities		9
		6,751
Net Assets	$	34,815
Net Assets Consist of:
Paid in capital	$	32,241
Undistributed net investment income		1,387
Accumulated undistributed net realized gain		151
Net unrealized appreciation		1,036
	$	34,815
Net Assets:
Administrative Class	$	34,815
Shares Issued and Outstanding:
Administrative Class		2,727
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Administrative Class	$	12.77
Cost of Investments Owned	$	33,653
Cost of Foreign Currency Held	$	590

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Global Bond Portfolio (Unhedged)

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	476
Miscellaneous income		1
Total Income		477
Expenses:
Investment advisory fees		40
Administration fees		80
Distribution and/or servicing fees - Administrative Class		24
Total Expenses		144
Net Investment Income		333
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		26
Net realized gain on futures contracts, options, and swaps		91
Net realized (loss) on foreign currency transactions		(20	)
Net change in unrealized (depreciation) on investments		(639	)
Net change in unrealized appreciation on futures contracts, options, and swaps		31
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(195	)
Net (Loss)		(706	)
Net Decrease in Assets Resulting from Operations	$	(373	)

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Global Bond Portfolio (Unhedged)

Amounts in thousands
	Six Months June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase in Net Assets from:
Operations:
Net investment income	$	333		$	464
Net realized gain		97			1,588
Net change in unrealized appreciation (depreciation)		(803	)		845
Net increase (decrease) resulting from operations		(373	)		2,897
Distributions to Shareholders:
From net investment income
Administrative Class		(303	)		(472	)
From net realized capital gains
Administrative Class		0			(165	)
Total Distributions		(303	)		(637	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		8,715			29,887
Issued as reinvestment of distributions
Administrative Class		308			631
Cost of shares redeemed
Administrative Class		(2,947	)		(23,819	)
Net increase resulting from Portfolio share transactions		6,076			6,699
Total Increase in Net Assets		5,400			8,959
Net Assets:
Beginning of period		29,415			20,456
End of period*	$	34,815		$	29,415
*Including undistributed net investment income of:	$	1,387		$	1,357

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Global Bond Portfolio (Unhedged)

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

BRAZIL 0.4%
Republic of Brazil
2.125% due 04/15/2009 (a)	$	76	$	69
2.125% due 04/15/2012 (a)		67		56
Total Brazil (Cost $129)				125
CANADA (i)(j) 2.3%
Commonwealth of Canada
6.000% due 06/01/2008	C$	800		638
5.500% due 06/01/2009		100		79
5.500% due 06/01/2010		100		78
Total Canada (Cost $755)				795
CAYMAN ISLANDS (i)(j) 1.6%
Pylon Ltd.
5.953% due 12/22/2008	EC	250		312
Vita Capital Ltd.
2.460% due 01/01/2007 (a)	$	250		252
Total Cayman Islands (Cost $554)				564
FRANCE (i)(j) 4.0%
Republic of France
6.500% due 04/25/2011	EC	1,000		1,404
Total France (Cost $1,416)				1,404
GERMANY (i)(j) 8.4%
Republic of Germany
5.000% due 08/19/2005	EC	100		125
6.000% due 01/05/2006		300		384
6.250% due 04/26/2006		100		129
5.250% due 01/04/2011		900		1,182
6.250% due 01/04/2024		200		289
6.500% due 07/04/2027		200		298
5.500% due 01/04/2031		400		531
Total Germany (Cost $2,517)				2,938
ITALY (i)(j) 4.0%
Republic of Italy
9.500% due 02/01/2006	EC	650		876
Seashell Securities PLC
2.359% due 10/25/2028 (a)		74		90
Siena Mortgages
2.283% due 12/16/2038 (a)		300		367
Telecom Italia SpA
5.625% due 02/01/2007 (a)		60		77
Total Italy (Cost $1,115)				1,410
JAPAN (i)(j) 7.1%
Government of Japan
0.300% due 12/20/2007	JY	100,000		914
1.500% due 12/20/2011		150,000		1,387
1.600% due 09/20/2013		20,000		182
Total Japan (Cost $2,443)				2,483
LIBERIA 0.1%
Royal Caribbean Cruises Ltd.
8.125% due 07/28/2004	$	30		30
Total Liberia (Cost $30)				30

LUXEMBOURG 0.3%
Tyco International Group S.A.
5.875% due 11/01/2004	$	100	$	101
Total Luxembourg (Cost $101)				101
MEXICO (i)(j) 0.8%
Pemex Project Funding Master Trust
8.625% due 02/01/2022	$	200		209
United Mexican States
6.750% due 06/06/2006	JY	2,000		21
United Mexican States Series 6BR
6.750% due 06/06/2006		5,000		51
Total Mexico (Cost $283)				281
NETHERLANDS (i)(j) 2.6%
Kingdom of Netherlands
6.000% due 01/15/2006	EC	700		897
Total Netherlands (Cost $672)				897
RUSSIA 0.2%
Russian Federation
10.000% due 06/26/2007	$	50		56
Total Russia (Cost $58)				56
SOUTH AFRICA 0.2%
Republic of South Africa
8.375% due 10/17/2006	$	53		58
Total South Africa (Cost $60)				58
SPAIN (i)(j) 3.4%
Kingdom of Spain
5.150% due 07/30/2009	EC	900		1,174
Total Spain (Cost $1,135)				1,174
UNITED KINGDOM (i)(j) 6.9%
Holmes Financing PLC
2.278% due 10/15/2009 (a)	EC	100		122
2.298% due 07/25/2010 (a)		100		122
United Kingdom Gilt
5.000% due 03/07/2012	BP	500		901
5.000% due 09/07/2014		700		1,248
Total United Kingdom (Cost $2,285)				2,393
UNITED STATES 25.6%
Asset-Backed Securities 5.9%
Ameriquest Mortgage Securities, Inc.
1.510% due 03/25/2033 (a)	$	75		76
1.010% due 08/25/2034 (a)		200		200
Amortizing Residential Collateral Trust
1.450% due 10/25/2031 (a)		15		15
1.390% due 07/25/2032 (a)		26		26
Centex Home Equity Loan Trust
1.380% due 01/25/2034 (a)		85		86
CS First Boston Mortgage Securities Corp.
1.410% due 01/25/2032 (a)		5		5
6.500% due 04/25/2033		47		48
1.430% due 05/25/2043 (a)		141		141

Fieldstone Mortgage Investment Corp.
1.390% due 01/25/2035 (a)	$	92	$	92
First Franklin Mortgage Loan Trust Asset-Backed Certificates
2.820% due 02/25/2034 (a)		93		94
GSAMP Trust
1.620% due 03/25/2034 (a)		200		200
Home Equity Asset Trust
1.510% due 03/25/2033 (a)		20		20
1.240% due 08/25/2034 (a)		96		96
Home Equity Mortgage Trust
1.350% due 04/25/2034 (a)		67		67
Irwin Home Equity Loan Trust
1.620% due 06/25/2028 (a)		34		34
Long Beach Mortgage Loan Trust
1.620% due 07/25/2033 (a)		120		120
Morgan Stanley Dean Witter Capital I, Inc.
1.470% due 07/25/2030 (a)		6		7
Residential Asset Mortgage Products, Inc.
1.200% due 04/25/2025 (a)		196		196
1.430% due 12/25/2033 (a)		89		88
Residential Asset Securities Corp.
1.200% due 08/25/2019 (a)		16		16
Saxon Asset Securities Trust
1.370% due 01/25/2032 (a)		19		19
1.500% due 12/25/2032 (a)		10		10
Structured Asset Investment Loan Trust
1.200% due 04/25/2033 (a)		26		26
Structured Asset Securities Corp.
1.740% due 05/25/2034 (a)		200		200
Truman Capital Mortgage Loan Trust
1.440% due 01/25/2034 (a)		171		169
				2,051
Corporate Bonds & Notes 2.3%
Entergy Gulf States, Inc.
2.433% due 06/18/2007 (a)		50		50
Ford Motor Credit Co.
7.500% due 03/15/2005		200		207
General Motors Acceptance Corp.
2.135% due 05/18/2006 (a)		200		201
Morgan Stanley Capital I, Inc.
1.378% due 04/15/2016 (a)		200		200
Pacific Gas & Electric Co.
1.810% due 04/03/2006 (a)		110		110
UFJ Finance Aruba AEC
6.750% due 07/15/2013		30		31
				799
Mortgage-Backed Securities 5.3%
Bear Stearns Commercial Mortgage Securities
1.350% due 05/14/2016 (a)		200		200
Countrywide Home Loan Mortgage Pass Through Trust
1.380% due 08/25/2034 (a)		200		200
Countrywide Home Loans, Inc.
5.703% due 03/19/2032 (a)		2		2
4.997% due 09/19/2032 (a)		9		9
1.748% due 07/28/2034 (a)		200		200
CS First Boston Mortgage Securities Corp.
1.358% due 02/15/2014 (a)		200		200
GMAC Commercial Mortgage Securities, Inc.
6.420% due 05/15/2035		100		108
GSR Mortgage Loan Trust
3.492% due 06/01/2034		200		196
Harborview Mortgage Loan Trust
1.470% due 02/25/2034 (a)		80		80
Mellon Residential Funding Corp.
1.678% due 12/15/2030 (a)		110		110

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

Sequoia Mortgage Trust
1.400% due 08/20/2032 (a)	$	61	$	60
Structured Asset Mortgage Investments, Inc.
1.450% due 03/19/2034 (a)		194		194
1.390% due 07/19/2034 (a)		199		199
Structured Asset Securities Corp.
1.550% due 06/25/2017 (a)		8		8
1.600% due 07/25/2032 (a)		31		31
Washington Mutual Mortgage Securities Corp.
6.000% due 03/25/2017		9		9
5.159% due 10/25/2032 (a)		15		15
3.091% due 02/27/2034 (a)		34		34
				1,855
Municipal Bonds & Notes 1.1%
Connecticut State General Obligation Bonds, Series 2001
5.500% due 12/15/2013		100		112
New York City Transitional Finance Authority Revenue Bonds, Series 2004
5.000% due 02/01/2028		25		25
5.000% due 02/01/2033		25		24
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2002
5.250% due 08/01/2011		100		110
New York, New York General Obligation Bonds, Series 2003
5.250% due 06/01/2028		100		100
				371
U.S. Government Agencies 7.1%
Fannie Mae
4.640% due 01/30/2008		200		200
5.500% due 10/01/2016-04/01/2018 (d)		1076		1,104
5.000% due 11/01/2018		602		604
1.420% due 08/25/2030 (a)		200		200
5.229% due 04/01/2033 (a)		47		47
1.220% due 03/25/2034 (a)		194		193
Freddie Mac
5.000% due 09/15/2016		45		46
3.438% due 02/01/2029 (a)		60		62
Government National Mortgage Association
4.625% due 11/20/2024 (a)		16		16
				2,472
U.S. Treasury Obligations 3.9%
Treasury Inflation Protected Securities (b)
3.500% due 01/15/2011	$	432	$	480
3.000% due 07/15/2012		105		113
2.000% due 01/15/2014		102		101
U.S. Treasury Note
6.500% due 02/15/2010		300		338
U.S. Treasury Strips
0.000% due 05/15/2017		430		219
0.000% due 08/15/2020		300		123
				1,374
Total United States (Cost $8,998)				8,922
PURCHASED CALL OPTIONS 0.0%
30-Year Interest Rate Swap (OTC)
Strike @ 5.750%** Exp. 04/27/2009	$	100		4
Total Purchased Call Options (Cost $5)				4

PURCHASED PUT OPTIONS 0.0%
30-Year Interest Rate Swap (OTC)
Strike @ 6.250%** Exp. 04/27/2007	$	100	$	7
Total Purchased Put Options (Cost $7)				7
SHORT-TERM INSTRUMENTS 31.9%
Commercial Paper 29.0%
Altria Group, Inc.
1.800% due 10/29/2004		100		100
Bank of Ireland
1.285% due 09/03/2004		500		499
Barclays U.S. Funding Corp.
1.110% due 08/25/2004		600		599
CDC Commercial Corp.
1.085% due 08/04/2004		900		899
Danske Corp.
1.240% due 09/14/2004		800		798
Den Norske Bank ASA
1.350% due 09/08/2004		500		499
Fannie Mae
1.105% due 09/01/2004		300		299
1.380% due 09/01/2004		200		200
1.010% due 10/01/2004		200		199
Freddie Mac
1.440% due 09/14/2004		200		199
General Electric Capital Corp.
1.110% due 08/13/2004		500		499
1.480% due 09/15/2004		500		498
HBOS Treasury Services PLC
1.095% due 08/02/2004		100		100
1.475% due 09/13/2004		500		498
Nestle Capital Corp.
1.110% due 08/26/2004		600		599
Royal Bank of Scotland PLC
1.070% due 07/14/2004		400		400
Shell Finance (UK) PLC
1.230% due 08/11/2004		800		799
Svenska Handlesbanken
1.090% due 08/05/2004		900		899
1.390% due 09/13/2004		100		100
1.285% due 09/21/2004		500		498
Toyota Motor Credit Corp.
1.390% due 09/15/2004		900		897
				10,078
Repurchase Agreement 0.9%
State Street Bank
0.800% due 07/01/2004		306		306
(Dated 06/30/2004. Collateralized by Fannie Mae 1.875% due 09/15/2005 valued at $314. Repurchase proceeds are $306.)
U.S. Treasury Bills 2.0%
1.248% due 09/02/2004-09/16/2004 (c)(d)		705		703
Total Short-Term Instruments (Cost $11,089)				11,087
Total Investments 99.8%			$	34,729
(Cost $33,653)
Written Options (g) (0.1%)				(43	)
(Premiums $92)
Other Assets and Liabilities (Net) 0.3%				129
Net Assets 100.0%			$	34,815

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Principal amount of security is adjusted for inflation.

(c) Securities with an aggregate market value of $454

have been segregated with the custodian to cover margin

requirements for the following open futures contracts at June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euribor June Long Futures	06/2005	13	$	(8	)
Euribor Purchased Put Options
Strike @ 95.250	12/2004	4		0
Euro-Bund 10-Year Note Long Futures	09/2004	82		65
Government of Japan 10-Year Note
Long Futures	09/2004	3		(21	)
U.S. Treasury 10-Year Note Long Futures	09/2004	61		5
U.S. Treasury 30-Year Note Short Futures	09/2004	1		(2	)
			$	39

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Swap agreements outstanding at June 30, 2004:

Type		Notional Amount		Unrealized Appreciation/ (Depreciation	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 03/15/2017	BP	600	$	5
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 03/15/2017		400		7
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: UBS Warburg LLC
Exp. 03/20/2018		400		(1	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 03/20/2018		400		2
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/20/2018		600		4
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/15/2007	EC	200		(1	)

See accompanying notes June 30, 2004 Semi-Annual Report 9

Schedule of Investments (Cont.)

Global Bond Portfolio (Unhedged)

June 30, 2004 (Unaudited)

Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 03/15/2007	EC	100	$	0
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Goldman Sachs & Co.
Exp. 03/15/2007		400		(2	)
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Barclays Bank PLC
Exp. 03/15/2007		400		(1	)
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Barclays Bank PLC
Exp. 12/21/2007		400		(4	)
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Goldman Sachs & Co.
Exp. 06/17/2010		700		(17	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 4.000%.
Counterparty: Barclays Bank PLC
Exp. 06/17/2010		410		0
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 3.750%.
Counterparty: Goldman Sachs & Co.
Exp. 06/17/2012		800		2
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Goldman Sachs & Co.
Exp. 06/17/2012		100		(6	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 4.000%.
Counterparty: Citibank N.A.
Exp. 12/15/2014		460		(4	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 4.000%.
Counterparty: UBS Warburg LLC
Exp. 12/15/2014		1,600		(13	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: UBS Warburg LLC
Exp. 12/15/2014		1,700		(18	)
Receive a fixed rate equal to 5.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: UBS Warburg LLC
Exp. 06/17/2015		400		(1	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 03/15/2017		1,200		11
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: UBS Warburg LLC
Exp. 03/20/2018		500		3

Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/20/2018	EC	1,800	$	1
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.500%.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 12/15/2031		100		(10	)
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.753%.
Counterparty: Goldman Sachs & Co.
Exp. 02/08/2006	H$	1,200		1
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 4.235%.
Counterparty: Goldman Sachs & Co.
Exp. 12/17/2008		5,800		(13	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.800%.
Counterparty: UBS Warburg LLC
Exp. 03/20/2012	JY	50,000		0
Receive a fixed rate equal to 4.500% and pay floating rate based on 3-month SK-STIBOR.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 06/17/2008	SK	2,400		1
Receive a fixed rate equal to 4.500% and pay floating rate based on 3-month SK-STIBOR.
Counterparty: J.P. Morgan Chase & Co.
Exp. 06/17/2008		5,500		2
Receive a fixed rate equal to 4.500% and pay floating rate based on 3-month SK-STIBOR.
Counterparty: Barclays Bank PLC
Exp. 06/17/2008		1,200		0
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Bear Stearns & Co., Inc.
Exp. 08/01/2004	$	200		0
Receive a fixed rate equal to 0.960% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030.
Counterparty: Goldman Sachs & Co.
Exp. 01/28/2005		100		0
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: J.P. Morgan Chase & Co.
Exp. 12/15/2009		3,200		32
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Bank of America
Exp. 12/15/2014		200		(3	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: J.P. Morgan Chase & Co.
Exp. 12/15/2014		2,600		(42	)

Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Goldman Sachs & Co.
Exp. 12/15/2014	$	900	$	(12	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Lehman Brothers, Inc.
Exp. 12/15/2014		600		(8	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Counterparty: Bank of America
Exp. 12/15/2024		400		(11	)
			$	(96	)

(f) Written options with premiums to be determined on a future date:

Type	# of Contracts	Unrealized Appreciation
Call & Put - OTC % U.S. Dollar Forward Delta / Neutral Straddle vs. Japanese Yen Strike and premium determined on 12/18/2007, based upon implied volatility parameter of 18.500%.
Counterparty: AIG International, Inc.
Exp. 12/18/2012	50	$             3

10 Semi-Annual Report June 30, 2004 See accompanying notes

(g) Premiums received on written options:

Name of Issuer		Exercise Price			Expiration Date	# of Contracts		Premium			Value
Call - CBOT U.S. Treasury Note September Futures		$	115.000		08/27/2004		7	$	3		$	0
Name of Issuer	Counterparty	Exercise Rate			Expiration Date	Notional Amount		Premium			Value
Call - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.		3.800	%**	10/07/2004	$	1,200	$	12		$	0
Put - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.		6.000	%*	10/07/2004		1,200		10			2
Call - OTC 7-Year Interest Rate Swap	Lehman Brothers, Inc.		5.750	%**	08/04/2005		700		31			28
Put - OTC 7-Year Interest Rate Swap	Lehman Brothers, Inc.		5.750	%*	08/04/2005		700		31			12
Call - OTC 7-Year Interest Rate Swap	Merrill Lynch & Co., Inc.		4.000	%**	09/23/2005		100		2			0
Put - OTC 7-Year Interest Rate Swap	Merrill Lynch & Co., Inc.		6.000	%*	09/23/2005		100		3			1
								$	89		$	43
*   The Portfolio will pay a floating rate based on 3-month LIBOR.
**The Portfolio will receive a floating rate based on 3-month LIBOR.
(h) Short sales open at June 30, 2004 were as follows:
Type		Coupon (%)			Maturity	Par		Value			Proceeds
U.S. Treasury Note			5.500		05/15/2009	$	200	$	215		$	213
U.S. Treasury Note			3.000		02/15/2009		5,200		5,041			4,989
								$	5,256		$	5,202
(i) Forward foreign currency contracts outstanding at June 30, 2004:
Type	Currency	Principal Amount Covered by Contract			Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	A$		183		07/2004	$	0	$	(1	)	$	(1	)
Sell	BP		338		07/2004		2		0			2
Buy	BR		33		07/2004		0		0			0
Sell	C$		176		07/2004		0		(2	)		(2	)
Buy	CP		1,246		08/2004		0		0			0
Buy	DK		2,200		09/2004		0		(3	)		(3	)
Buy	EC		3,321		07/2004		2		(37	)		(35	)
Sell			46		07/2004		0		0			0
Buy	H$		47		07/2004		0		0			0
Buy			560		09/2004		0		0			0
Buy	JY		866,645		07/2004		64		(1	)		63
Buy	KW		6,966		07/2004		0		0			0
Buy			26,749		09/2004		0		0			0
Buy	MP		156		08/2004		0		0			0
Buy	PN		21		08/2004		0		0			0
Buy	RR		171		07/2004		0		0			0
Buy	S$		10		07/2004		0		0			0
Buy	SK		2,122		09/2004		0		(3	)		(3	)
Buy	SR		67		08/2004		1		0			1
Sell			24		08/2004		0		0			0
Buy	SV		364		08/2004		0		0			0
						$	69	$	(47	)	$	22

(j) Principal amount denoted in indicated currency:

A$	-	Australian Dollar	KW	-	South Korean Won
BP	-	British Pound	MP	-	Mexican Peso
BR	-	Brazilian Real	PN	-	Peruvian New Sol
C$	-	Canadian Dollar	RR	-	Russian Ruble
CP	-	Chilean Peso	S$	-	Singapore Dollar
DK	-	Danish Krone	SK	-	Swedish Krona
EC	-	Euro	SR	-	South African Rand
H$	-	Hong Kong Dollar	SV	-	Slovakian Koruna
JY	-	Japanese Yen

See accompanying notes June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Global Bond Portfolio (Unhedged) (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Portfolio. 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. The Portfolio commenced operations on January 10, 2002.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Delayed Delivery Transactions. The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These 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

12 Semi-Annual Report June 30, 2004

delayed delivery purchases are outstanding, the Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. 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 net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Foreign Currency. The accounting records of the Portfolio are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Forward Currency Transactions. The Portfolio may enter into forward currency contracts and forward cross-currency contracts 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 a part of an investment strategy. A forward 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 currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses 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 are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Short Sales. The Portfolio may enter into short sales transactions. A short sale is a transaction in which the Portfolio sells securities it does not own in anticipation of a decline in the market price of the securities. The Portfolio is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Stripped Mortgage-Backed Securities. The Portfolio may invest in stripped mortgage-backed securities (SMBS). SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (IOs), which receive all of the interest, and principal-only securities (POs), which receive all of the principal. If the underlying mortgage assets experience greater than anticipated payments of principal, the Portfolio may fail to recoup some or all of its initial investment in these securities. The market value of these securities is highly sensitive to changes in interest rates.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain(loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. This reclassification increased(decreased) net investment income by $38,636, and $22,215, and net realized (loss) by $(47,583) and $(8,749) and net change in unrealized appreciation (depreciation) by $8947 and $(13,466) for the six months ended June 30, 2004 and year ended December 31, 2003, respectively. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase(decrease) in net assets from operations during any period.

14 Semi-Annual Report June 30, 2004

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.50%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Administrative Class 0.90%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months. Expenses that have been waived and may still be reimbursed by the Administrator, to the extent the Portfolio’s annualized total portfolio operating expenses plus the amount so reimbursed does not exceed the operating expense limitation, are as follows (amounts in thousands):

		Year of Waiver
		12/31/2002		12/31/2003		06/30/2004
Amount Available for Reimbursement	$	4	$	0	$	0

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$ 31,554	$ 36,018	$ 6,937	$ 3,280

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Premium
Balance at 12/31/2003	$	104
Sales		40
Closing Buys		(19	)
Expirations		(33	)
Exercised		0
Balance at 06/30/2004	$	92

June 30, 2004 Semi-Annual Report 15

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)			Net Unrealized Appreciation
$	1,201	$	(125	)	$	1,076

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	673			8,715		2,430			29,886
Issued as reinvestment of distributions
Institutional Class	0			0		0			0
Administrative Class	24			308		51			631
Cost of shares redeemed
Institutional Class	0			0		0			0
Administrative Class	(227	)		(2,947	)	(1,973	)		(23,819	)
Net increase resulting from Portfolio share transactions	470		$	6,076		508		$	6,698

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Administrative Class	3	100

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing”

16 Semi-Annual Report June 30, 2004

arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

June 30, 2004 Semi-Annual Report 17

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

ALL ASSET PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	9

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

The All Asset Portfolio invest in a portfolio of mutual funds. The cost of investing in the Portfolio will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

All Asset Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                    All Asset          Lehman Global           All Asset
                Portfolio Admin.      U.S. TIPS 1-10           Benchmark
                     Class                Index             Composite Index
               ----------------       ---------------       ----------------

04/30/2003         $10,000                $10,000               $10,000
05/31/2003         $10,550                $10,296               $10,394
06/30/2003         $10,464                $10,275               $10,360
07/31/2003          $9,991                 $9,949               $10,089
08/31/2003         $10,182                $10,081               $10,249
09/30/2003         $10,511                $10,351               $10,488
10/31/2003         $10,682                $10,368               $10,624
11/30/2003         $10,763                $10,337               $10,715
12/31/2003         $11,079                $10,397               $11,026
01/31/2004         $11,192                $10,496               $11,175
02/28/2004         $11,449                $10,701               $11,365
03/31/2004         $11,661                $10,845               $11,506
04/30/2004         $10,909                $10,488               $11,065
05/31/2004         $11,208                $10,618               $11,159
06/30/2004         $11,276                $10,610               $11,257

PIMCO Funds Allocation^‡

CommodityRealReturn Strategy	14.7	%
RealEstateRealReturn Strategy	12.7	%
StocksPLUS	12.0	%
Real Return	8.1	%
Emerging Markets Bond	8.0	%
Real Return Asset	8.0	%
Low Duration	7.5	%
International StocksPLUS TR Strategy	6.7	%
StocksPLUS Total Return	6.3	%
GNMA	5.1	%
High Yield	4.4	%
Other	6.5	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Administrative Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		Since Inception*
	All Asset Portfolio Administrative Class (Inception 04/30/03)	1.77	%	7.76	%	10.84	%
- - - - - - -	Lehman Global Real: U.S. TIPS 1-10 Year Index	2.05	%	3.26	%	—
-  —  - —	All Asset Benchmark Composite Index	2.09	%	8.66	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,017.70	$	1,025.00
Expenses Paid During Period†	$	2.91	$	2.92

^†Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.58%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The expense ratio excludes the expenses of the underlying PIMCO Funds, which based upon the allocation of the Portfolio’s assets among the underlying Funds are indirectly borne by the shareholders of the Portfolio. The Underlying Fund Expenses for the Portfolio are estimated at 0.60%.

PORTFOLIO INSIGHTS

• The All Asset Portfolio seeks to achieve its investment objective by investing under normal circumstances substantially all of its assets in Institutional Class shares of the PIMCO Funds: Pacific Investment Management Series (“PIMS”), except the All Asset Fund and the All Asset All Authority Fund.

• The Portfolio may invest in any PIMCO mutual fund except the All Asset Fund and the All Asset All Authority Fund; however, PIMCO has identified 14 core funds on which the All Asset Portfolio will focus.

• For the 6 months ended June 30, 2004, the Portfolio’s Administrative Class shares were up 1.77%, versus the 2.05% return of the Lehman Global Real: U.S. TIPS 1-10 Year Index and the 2.09% return of the average performance of the benchmarks for the core funds.

• The equally weighted average of the core funds returned 2.27% for the 6 months ended June 30, 2004.

• The average performance of the core funds outperformed the average performance of the 14 benchmarks by 0.19%. This outperformance is a measure of the value added by PIMCO portfolio managers.

• The PVIT All Asset Portfolio underperformed the average performance of the core funds by 0.50%.

• While the Portfolio’s overweight to real return strategies versus other Underlying PIMS Funds contributed to performance, the Portfolio’s exposure to other strategies contributed to underperformance versus the Lehman Global Real: U.S. TIPS 1-10 Year Index.

• The Lehman US TIPS, DJAIG Commodity, and Wilshire REIT indices outperformed the average performance of the 14 benchmarks.

• An overweight to TIPS strategies in the beginning of the period while scaling down exposure throughout the period was positive as yields gradually rose.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

All Asset Portfolio (Administrative Class)

Selected Per Share Data for the Period Ended:	06/30/2004+			04/30/2003- 12/31/2003
Net asset value beginning of period	$	10.77		$	10.00
Net investment income (a)		0.21			0.53
Net realized/unrealized gain (loss) on investments (a)		(0.02	)		0.54
Total income from investment operations		0.19			1.07
Dividends from net investment income		(0.03	)		(0.30	)
Distributions from net realized capital gains		0.00			0.00
Total distributions		(0.03	)		(0.30	)
Net asset value end of period	$	10.93		$	10.77
Total return		1.77	%		10.79	%
Net assets end of period (000s)	$	18,845		$	1,017
Ratio of net expenses to average net assets		0.58	%*(c)(d)		0.60	%*(b)(c)
Ratio of net investment income to average net assets		3.87	%*		7.56	%*
Portfolio turnover rate		54	%		136	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 10.92%.

(c) Ratio of expenses to average net assets excluding Underlying PIMS Funds’ expenses in which the Portfolio invests.

(d) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.60%.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

All Asset Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments in Affiliates, at value	$	21,932
Cash		545
Receivable for Portfolio shares sold		353
Dividends receivable from Affiliates		20
Manager reimbursement receivable		53
		22,903
Liabilities:
Payable for investments in Affiliates purchased	$	565
Accrued investment advisory fee		3
Accrued administration fee		3
Accrued servicing fee		3
		574
Net Assets	$	22,329
Net Assets Consist of:
Paid in capital	$	21,983
Undistributed net investment income		87
Accumulated undistributed net realized (loss)		(6	)
Net unrealized appreciation		265
	$	22,329
Net Assets:
Administrative Class	$	18,845
Advisor Class		10
Class M		3,474
Shares Issued and Outstanding:
Administrative Class		1,724
Advisor Class		1
Class M		318
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Administrative Class	$	10.93
Advisor Class		10.93
Class M		10.91
Cost of Investments in Affiliates Owned	$	21,667

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

All Asset Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Dividends from Affiliates	$	105
Total Income		105
Expenses:
Investment advisory fees		4
Administration fees		6
Distribution and/or servicing fees - Administrative Class		3
Distribution and/or servicing fees - Advisor Class		0
Distribution fees - Class M		1
Total Expenses		14
Net Investment Income		91
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments in Affiliates		(17	)
Net change in unrealized appreciation on investments in Affiliates		238
Net Gain		221
Net Increase in Assets Resulting from Operations	$	312

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

All Asset Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Period from April 30, 2003 to December 31, 2003
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	91		$	39
Net realized gain (loss) on investments in Affiliates		(17	)		6
Net capital gain distributions received from underlying Funds		0			15
Net change in unrealized appreciation on investments in Affiliates		238			27
Net increase resulting from operations		312			87
Distributions to Shareholders:
From net investment income
Administrative Class		(24	)		(25	)
Advisor Class		0			0
Class M		(4	)		0
Total Distributions		(28	)		(25	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		17,926			1,543
Advisor Class		10			0
Class M		3,658			0
Issued as reinvestment of distributions
Administrative Class		24			25
Advisory Class		0			0
Class M		4			0
Cost of shares redeemed
Administrative Class		(367	)		(613	)
Advisor Class		0			0
Class M		(227	)		0
Net increase resulting from Portfolio share transactions		21,028			955
Total Increase in Net Assets		21,312			1,017
Net Assets:
Beginning of period		1,017			0
End of period*	$	22,329		$	1,017
*Including undistributed net investment income of:	$	87		$	24

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

All Asset Portfolio

June 30, 2004 (Unaudited)

	Value
Shares	(000s)

PIMCO FUNDS (a) 98.2%
CommodityRealReturn Strategy	222,894	$	3,223
Convertible	810		10
Emerging Markets Bond	177,261		1,762
European Convertible Bond	51,283		626
Foreign Bond (Unhedged)	959		10
GNMA	102,930		1,129
High Yield	101,468		955
International StocksPLUS TR Strategy	135,120		1,462
Low Duration	161,272		1,643
Real Return	157,642		1,776
Real Return Asset	150,982		1,748
RealEstateRealReturn Strategy	259,588		2,793
Short-Term	77,249		775
StocksPLUS	272,154		2,632
StocksPLUS Total Return	114,209		1,388
Total Investments 98.2%		$	21,932
(Cost $21,667)
Other Assets and Liabilities (Net) 1.8%			397
Net Assets 100.0%		$	22,329

Notes to Schedule of Investments:

(a) Institutional Class of each PIMCO Fund.

8 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The All Asset Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Administrative, Advisor and Class M. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Trust. 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. The Portfolio commenced operations on April 30, 2003.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Investments in Funds within the PIMS Funds are valued at their net asset value as reported by the underlying PIMS Funds.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared and distributed to shareholders quarterly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Underlying PIMS Funds. The Underlying PIMS Funds are the Institutional Class shares of the PIMCO Funds: Pacific Investment Management Series, an affiliated open-end investment company, except All Asset and All Asset All Authority Funds. Though it is anticipated that the All Asset Portfolio will not currently invest in the European StocksPLUS Total Return Strategy, Far East (ex-Japan) StocksPLUS Total Return Strategy, Japanese StocksPLUS TR Strategy, StocksPLUS Municipal-Backed and StocksPLUS TR Short Strategy Funds, the Portfolio may invest in these Funds in the future, without shareholder approval, at the discretion of the Portfolio’s asset allocation sub-adviser.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.20%.

PIMCO has contractually agreed, for the All Asset Portfolio’s current fiscal year, to reduce its Advisory Fee to the extent that the Underlying Fund Expenses attributable to Advisory and Administrative Fees exceed 0.60%. PIMCO may recoup these waivers in future period, not to exceed three years, provided total expenses, including such Recoupment, do not exceed the annual expense limit.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.25%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned

June 30, 2004 Semi-Annual Report 9

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Administrative Class	0.60	%
Advisor Class	0.70	%
Class M	0.90	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months. Expenses that have been waived and may still be reimbursed by the Administrator, to the extent the Portfolio’s annualized total portfolio operating expenses plus the amount so reimbursed does not exceed the operating expense limitation, are as follows (amounts in thousands):

		12/31/2003	06/30/2004
Amount Available for Reimbursement	$	53	0

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Risk Factors of the Portfolio

Investing in the Underlying PIMS Funds through the All Asset Portfolio involves certain additional expenses and tax results that would not be present in a direct investment in the Underlying PIMS Funds. Under certain circumstances, an Underlying PIMS Funds may pay a redemption request by the All Asset Portfolio wholly or partly by a distribution in kind of securities from its portfolio, instead of cash, in accordance with the rules of the Securities and Exchange Commission. In such cases, the Portfolio may hold securities distributed by an Underlying PIMS Funds until the Adviser determines that it is appropriate to dispose of such securities.

Each of the Underlying PIMS Funds may invest in certain specified derivative securities, including: interest rate swaps; commodity swaps; credit default swaps; currency swaps; total return swaps; Forward Foreign Currency Contracts; caps and floors for hedging purposes; exchange-traded options; over-the-counter options executed with primary dealers, including long calls and puts and covered calls and financial futures and options. Certain of the Underlying PIMS Funds may invest in restricted securities, instruments issued by trusts, partnerships or other issuers, including pass-through certificated representing participation in, or debt instruments backed by, the securities owned by such issuers. There Underlying PIMS Funds also may engage in securities lending, reverse repurchase agreements and dollar roll transactions. In addition, certain of the Underlying PIMS Funds may invest in below-investment grade debt, debt obligations of foreign issuers and stocks of foreign corporations, securities in foreign investment funds or trusts, foreign derivatives securities including future contracts, options, interest rate and currency swap transactions, and various other investment vehicles, each with inherent risks.

The officers and trustees of the Trust also serve as officers and trustees of the Underlying PIMS Funds. Conflicts may arise as these companies seek to fulfill their fiduciary responsibilities to both the Portfolio and the Underlying PIMS Funds.

5. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)		Net Unrealized Appreciation
$                   341	$	(76)	$	265

10 Semi-Annual Report June 30, 2004

6. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$  0	$  0	$  22,400	$  1,626

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Period From 04/30/2003 to 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Administrative Class	1,662			17,926		149			1,543
Advisor Class	1			10		0			0
Class M	339			3,658		0			0
Issued as reinvestment of distributions
Administrative Class	2			24		2			25
Advisor Class	0			0		0			0
Class M	0			4		0			0
Cost of shares redeemed
Administrative Class	(34	)		(367	)	(57	)		(613	)
Advisor Class	0			0		0			0
Class M	(21	)		(227	)	0			0
Net increase resulting from Portfolio share transactions	1,949		$	21,028		94		$	955

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Administrative Class	2	96

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have

12 Semi-Annual Report June 30, 2004

responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

June 30, 2004 Semi-Annual Report 13

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Sub-Adviser

Research Affiliates, LLC

800 E. Colorado Boulevard

Pasadena, California 91101

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

LONG-TERM U.S. GOVT. PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	10

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Long-Term U.S. Government Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                   Long-Term U.S. Gov't             Lehman Brothers
                  Portfolio Admin. Class        Long-Term Treasury Index
                  ----------------------        ------------------------
04/30/1999             $10,000                        $10,000
05/31/1999              $9,882                         $9,843
06/30/1999              $9,766                         $9,739
07/31/1999              $9,730                         $9,692
08/31/1999              $9,672                         $9,654
09/30/1999              $9,758                         $9,726
10/31/1999              $9,754                         $9,731
11/30/1999              $9,686                         $9,665
12/31/1999              $9,572                         $9,521
01/31/2000              $9,680                         $9,657
02/29/2000              $9,944                         $9,949
03/31/2000             $10,257                        $10,289
04/30/2000             $10,164                        $10,207
05/31/2000             $10,119                        $10,170
06/30/2000             $10,372                        $10,391
07/31/2000             $10,582                        $10,570
08/31/2000             $10,837                        $10,811
09/30/2000             $10,719                        $10,680
10/31/2000             $10,933                        $10,846
11/30/2000             $11,270                        $11,189
12/31/2000             $11,605                        $11,452
01/31/2001             $11,660                        $11,472
02/28/2001             $11,886                        $11,668
03/31/2001             $11,831                        $11,609
04/30/2001             $11,488                        $11,294
05/31/2001             $11,513                        $11,308
06/30/2001             $11,609                        $11,406
07/31/2001             $12,079                        $11,830
08/31/2001             $12,366                        $12,083
09/30/2001             $12,503                        $12,174
10/31/2001             $13,117                        $12,771
11/30/2001             $12,517                        $12,164
12/31/2001             $12,285                        $11,936
01/31/2002             $12,479                        $12,089
02/28/2002             $12,701                        $12,230
03/31/2002             $12,176                        $11,736
04/30/2002             $12,675                        $12,182
05/31/2002             $12,736                        $12,219
06/30/2002             $12,945                        $12,439
07/31/2002             $13,333                        $12,822
08/31/2002             $13,864                        $13,382
09/30/2002             $14,351                        $13,940
10/31/2002             $13,912                        $13,539
11/30/2002             $13,842                        $13,390
12/31/2002             $14,446                        $13,938
01/31/2003             $14,368                        $13,891
02/28/2003             $14,793                        $14,312
03/31/2003             $14,608                        $14,132
04/30/2003             $14,780                        $14,275
05/31/2003             $15,578                        $15,078
06/30/2003             $15,351                        $14,848
07/31/2003             $14,062                        $13,520
08/31/2003             $14,286                        $13,735
09/30/2003             $15,106                        $14,451
10/31/2003             $14,728                        $14,049
11/30/2003             $14,813                        $14,116
12/31/2003             $15,009                        $14,284
01/31/2004             $15,245                        $14,529
02/29/2004             $15,593                        $14,819
03/31/2004             $15,865                        $15,044
04/30/2004             $14,957                        $14,200
05/31/2004             $14,856                        $14,130
06/30/2004             $14,984                        $14,259

SECTOR BREAKDOWN^‡

U.S. Government Agencies	28.7	%
U.S. Treasury Obligations	23.3	%
Mortgage-Backed Securities	16.4	%
Corporate Bonds & Notes	12.8	%
Short-Term Instruments	7.9	%
Asset-Backed Securities	7.5	%
Other	3.4	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Administrative Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		5 Years*		Since Inception*
	Long-Term U.S. Government Portfolio Administrative Class (Inception 04/30/99)	–0.17	%	–2.39	%	8.94	%	8.13	%
- - - - - - -	Lehman Brothers Long-Term Treasury Index	–0.17	%	–3.96	%	7.92	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	998.30	$	1,025.00
Expenses Paid During Period†	$	3.28	$	3.32

^†Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.66%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Long-Term U.S. Government Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of fixed income securities that are issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises.

• The Portfolio’s Administrative Class shares matched its benchmark, the Lehman Brothers Long-Term Treasury Index, for the 6-month period ended June 30, 2004, by returning -0.17%.

• Below-Index duration enhanced performance for the first half of the year as interest rates rose; however, an overweight to intermediate maturities negatively impacted the Portfolio, as these rates experienced the most dramatic rate increases.

• Modest holdings of longer duration structured mortgages detracted slightly from performance despite decreasing levels of volatility.

• An allocation to longer duration corporate securities negatively impacted portfolio performance, as long maturity credit issues lagged Treasuries of similar maturities.

• Allocations to real return and municipal bonds helped returns; these less volatile assets outperformed amid rising rates.

• A focus on high-quality, intermediate, and long maturity agency bonds was unfavorable for portfolio returns, as the sector’s yield premiums widened relative to Treasuries.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

Long-Term U.S. Government Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			12/31/2000			04/30/1999- 12/31/1999
Net asset value beginning of period	$	11.01		$	11.09		$	10.27		$	10.56		$	9.22		$	10.00
Net investment income (a)		0.15			0.30			0.44			0.51			0.56			0.36
Net realized/unrealized gain (loss) on investments (a)		(0.17	)		0.12			1.31			0.09			1.34			(0.78	)
Total income (loss) from investment operations		(0.02	)		0.42			1.75			0.60			1.90			(0.42	)
Dividends from net investment income		(0.16	)		(0.33	)		(0.44	)		(0.52	)		(0.56	)		(0.36	)
Distributions from net realized capital gains		0.00			(0.17	)		(0.49	)		(0.37	)		0.00			0.00
Total distributions		(0.16	)		(0.50	)		(0.93	)		(0.89	)		(0.56	)		(0.36	)
Net asset value end of period	$	10.83		$	11.01		$	11.09		$	10.27		$	10.56		$	9.22
Total return		(0.17	)%		3.90	%		17.59	%		5.86	%		21.24	%		(4.28	)%
Net assets end of period (000s)	$	83,766		$	94,003		$	92,256		$	33,013		$	9,625		$	7,173
Ratio of net expenses to average net assets		0.66	%*(d)		0.66	%(d)		0.65	%(c)		0.65	%(c)		0.65	%		0.65	%*(b)
Ratio of net investment income to average net assets		2.80	%*		2.72	%		4.05	%		4.75	%		5.70	%		5.55	%*
Portfolio turnover rate		161	%		619	%		586	%		457	%		533	%		294	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.71%.

(c) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.66%.

(d) Ratio of expenses to average net assets excluding interest expense is 0.65%.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Long-Term U.S. Government Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	85,724
Cash		12
Receivable for investments sold		700
Receivable for investments sold on delayed delivery basis		18,636
Receivable for Portfolio shares sold		6
Interest and dividends receivable		1,077
Variation margin receivable		344
		106,499
Liabilities:
Payable for investments purchased	$	2,080
Payable for investments purchased on delayed delivery basis		20,242
Written options outstanding		17
Accrued investment advisory fee		17
Accrued administration fee		17
Accrued servicing fee		8
		22,381
Net Assets	$	84,118
Net Assets Consist of:
Paid in capital	$	83,362
Undistributed net investment income		80
Accumulated undistributed net realized gain		579
Net unrealized appreciation		97
	$	84,118
Net Assets:
Institutional Class	$	352
Administrative Class		83,766
Shares Issued and Outstanding:
Institutional Class		32
Administrative Class		7,731
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.83
Administrative Class		10.83
Cost of Investments Owned	$	86,338

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Long-Term U.S. Government Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	1,538
Total Income		1,538
Expenses:
Investment advisory fees		111
Administration fees		111
Distribution and/or servicing fees - Administrative Class		66
Trustees’ fees		1
Interest expense		4
Total Expenses		293
Net Investment Income		1,245
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		263
Net realized gain on futures contracts and options		217
Net change in unrealized (depreciation) on investments		(1,919	)
Net change in unrealized appreciation on futures contracts and options		134
Net (Loss)		(1,305	)
Net Decrease in Assets Resulting from Operations	$	(60	)

6 Semi-Annual Report June 30, 2004 See accompanying notesS

Statements of Changes in Net Assets

Long-Term U.S. Government Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	1,245		$	2,727
Net realized gain		480			1,377
Net change in unrealized (depreciation)		(1,785	)		(620	)
Net increase (decrease) resulting from operations		(60	)		3,484
Distributions to Shareholders:
From net investment income
Institutional Class		(2	)		0
Administrative Class		(1,323	)		(3,025	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(1,459	)
Total Distributions		(1,325	)		(4,484	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		339			0
Administrative Class		11,160			41,837
Issued as reinvestment of distributions
Institutional Class		2			1
Administrative Class		1,323			4,476
Cost of shares redeemed
Institutional Class		(5	)		0
Administrative Class		(21,332	)		(43,567	)
Net increase (decrease) resulting from Portfolio share transactions		(8,513	)		2,747
Total Increase (Decrease) in Net Assets		(9,898	)		1,747
Net Assets:
Beginning of period		94,016			92,269
End of period*	$	84,118		$	94,016
*Including undistributed net investment income of:	$	80		$	159

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Long-Term U.S. Government Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

CORPORATE BONDS & NOTES 13.1%
Banking & Finance 11.7%
Ford Motor Credit Co.
1.500% due 07/19/2004 (a)	$	900	$	900
1.590% due 07/18/2005 (a)		100		100
7.600% due 08/01/2005		100		105
General Electric Capital Corp.
1.650% due 03/15/2005 (a)		1,400		1,402
International Bank for Reconstruction & Development
3.500% due 10/22/2004		1,000		1,006
7.625% due 01/19/2023		2,700		3,336
Merrill Lynch & Co, Inc.
6.750% due 06/01/2028		202		213
National Rural Utilities Cooperative Finance Corp.
5.250% due 07/15/2004		400		400
Travelers Property Casualty Corp.
6.375% due 03/15/2033		1,000		988
U.S. Trade Funding Corp.
4.260% due 11/15/2014		909		897
Verizon Wireless Capital LLC
1.350% due 05/23/2005 (a)		500		500
				9,847
Industrials 1.4%
Continental Airlines, Inc.
6.320% due 11/01/2008		1,000		967
DaimlerChrysler North America Holding Corp.
1.570% due 08/16/2004 (a)		200		200
				1,167
Total Corporate Bonds & Notes (Cost $11,102)				11,014
MUNICIPAL BONDS & NOTES 3.5%
Chicago, Illinois Motor Fuel Tax Revenue Bonds, (AMBAC Insured), Series 2003
5.000% due 01/01/2033		200		195
Chicago, Illinois Water Revenue Bonds, (AMBAC Insured), Series 2001
5.000% due 11/01/2031		200		196
Dawson Ridge Metropolitan District No. 1 General Obligation Bonds, Series 1992
0.000% due 10/01/2022		800		305
Detroit City School District General Obligation Bonds, (FGID Q-SBLF Insured), Series 2003
5.000% due 05/01/2033		100		98
Florida State Board of Education General Obligation Bonds, (FGIC Insured), Series 2002
5.000% due 06/01/2031		500		494
Illinois Educational Facilities Authority Revenue Bonds, Series 2003
5.000% due 07/01/2033		400		389
Irving Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2003
5.000% due 02/15/2031		200		195
Metropolitan Transportation Authority Revenue Bonds, (FSA Insured), Series 2002
5.000% due 11/15/2032		300		295
New York City Municipal Water Finance Authority Revenue Bonds, Series 2002
5.125% due 06/15/2034		200		198
New York State Triborough Bridge & Tunnels Authority Revenue Bonds, Series 2002
5.000% due 11/15/2032		200		194

San Antonio, Texas Water Revenue Bonds, (FSA Insured), Series 2002
5.000% due 05/15/2032	$	250	$	244
South Putnam School Building Corp. Revenue Bonds, (FSA insured), Series 2003
5.000% due 01/15/2022		100		102
Total Municipal Bonds & Notes (Cost $2,936)				2,905
U.S. GOVERNMENT AGENCIES 29.2%
Aid-Israel
5.500% due 09/18/2023		1,000		986
Fannie Mae
2.125% due 02/10/2006 (a)		1,000		991
4.875% due 03/11/2007		1,000		1,005
2.210% due 04/25/2021 (a)		45		46
1.760% due 08/25/2021 (a)		48		49
1.910% due 08/25/2022 (a)		26		26
2.200% due 04/25/2032 (a)		75		76
5.500% due 05/01/2034		397		395
5.000% due 07/20/2019-01/01/2034 (d)		3,348		3,288
Federal Home Loan Bank
4.250% due 09/28/2009		1,000		1,005
5.120% due 01/10/2013 (a)		5,000		4,974
Federal Housing Administration
6.896% due 07/01/2020 (a)		535		526
Financing Corp.
10.700% due 10/06/2017		650		976
Freddie Mac
6.000% due 02/15/2015		165		165
5.200% due 03/05/2019		1,500		1,413
2.250% due 02/15/2021 (a)		55		55
1.950% due 02/15/2027 (a)		44		45
5.500% due 08/15/2030		41		41
1.863% due 10/25/2030		252		252
7.000% due 07/15/2023-12/01/2031 (d)		254		269
Government National Mortgage Association
6.000% due 08/20/2033		1,051		978
5.000% due 08/20/2033-04/20/2034 (d)		4,161		3,226
Overseas Private Investment Corp.
3.800% due 08/15/2007		1,000		967
5.140% due 08/15/2007		1,000		1,049
5.590% due 11/30/2010		700		788
Small Business Administration
5.240% due 08/01/2023 (a)		984		988
Total U.S. Government Agencies (Cost $24,647)				24,579
U.S. TREASURY OBLIGATIONS 23.8%
Treasury Inflation Protected Securities (c)
3.375% due 01/15/2007 (b)		178		191
3.000% due 07/15/2012		732		791
3.875% due 04/15/2029		1,143		1,459
U.S. Treasury Bonds
6.000% due 02/15/2026		7,400		7,976
5.500% due 08/15/2028		2,900		2,939
5.250% due 11/15/2028		1,900		1,862
U.S. Treasury Note
1.750% due 12/31/2004		4,000		4,002
U.S. Treasury Strip
0.000% due 11/15/2021		2,000		764
Total U.S. Treasury Obligations (Cost $38,940)				19,984
MORTGAGE-BACKED SECURITIES 16.7%
Bear Stearns Adjustable Rate Mortgage Trust
5.130% due 03/25/2033 (a)		1,266		1,277
5.440% due 03/25/2033 (a)		484		490

4.924% due 01/25/2034 (a)	$	230	$	231
1.580% due 02/25/2034 (a)		246		247
Countrywide Alternative Loan Trust
5.500% due 10/25/2033		1,042		898
Countrywide Home Loans, Inc.
6.000% due 02/25/2033		275		277
5.250% due 01/25/2034		933		937
CS First Boston Mortgage Securities Corp.
4.960% due 11/25/2032 (a)		240		244
1.850% due 04/25/2033 (a)		338		339
Federal Agricultural Mortgage Corp.
7.238% due 07/25/2011 (a)		184		190
First Republic Mortgage Loan Trust
1.590% due 11/15/2031 (a)		753		755
GMAC Mortgage Corp. Loan Trust
1.500% due 10/25/2033 (a)		337		337
MASTR Asset Securitization Trust
5.500% due 09/25/2033		713		697
Nomura Asset Acceptance Corp.
2.420% due 09/25/2028		12		12
Residential Accredit Loans, Inc.
1.700% due 01/25/2033 (a)		152		152
1.700% due 03/25/2033 (a)		244		244
Residential Funding Mortgage Securities I, Inc.
6.500% due 03/25/2032		231		235
Sequoia Mortgage Trust
1.620% due 06/20/2032 (a)		278		278
1.630% due 07/20/2033 (a)		903		898
Structured Asset Mortgage Investments, Inc.
6.690% due 02/25/2030 (a)		79		81
6.513% due 03/25/2032 (a)		139		143
1.610% due 09/19/2032 (a)		2,002		1,995
1.700% due 06/18/2033 (a)		543		544
Structured Asset Securities Corp.
1.800% due 07/25/2032 (a)		1,248		1,252
1.590% due 01/25/2033 (a)		126		126
Washington Mutual Mortgage Securities Corp.
6.000% due 03/25/2017		139		140
5.390% due 02/25/2031 (a)		233		239
1.850% due 01/25/2033 (a)		36		36
5.120% due 02/25/2033 (a)		182		185
5.420% due 02/25/2033 (a)		168		170
5.040% due 05/25/2033 (a)		371		376
3.565% due 01/25/2041 (a)		13		13
Total Mortgage-Backed Securities (Cost $14,156)				14,038
ASSET-BACKED SECURITIES 7.6%
ACE Securities Corp.
1.640% due 06/25/2032 (a)		103		103
AmeriCredit Automobile Receivables Trust
1.350% due 10/12/2006 (a)		176		176
Ameriquest Mortgage Securities, Inc.
1.710% due 03/25/2033 (a)		172		173
Argent Securities, Inc.
1.550% due 03/25/2034 (a)		1,281		1,282
Bayview Financial Acquisition Trust
1.770% due 08/28/2034 (a)		626		629
Bear Stearns Asset-Backed Securities, Inc.
1.800% due 11/25/2042 (a)		867		868
Countrywide Asset-Backed Certificates
1.560% due 05/25/2032 (a)		30		30
1.420% due 09/25/2033 (a)		77		77
CS First Boston Mortgage Securities Corp.
1.740% due 08/25/2032 (a)		178		178
Financial Asset Securities Corp. AAA Trust
1.450% due 09/25/2033 (a)		121		121
Home Equity Mortgage Trust
1.700% due 09/25/2033 (a)		69		69
Household Mortgage Loan Trust
1.580% due 05/20/2032 (a)		316		317
Long Beach Mortgage Loan Trust
1.700% due 03/25/2033 (a)		419		420

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

Los Angeles Arena Funding LLC
7.656% due 12/15/2026 (a)	$	94	$	97
Novastar Home Equity Loan
1.580% due 01/25/2031 (a)		69		69
Renaissance Home Equity Loan Trust
1.740% due 08/25/2033 (a)		79		79
1.800% due 12/25/2033 (a)		267		269
Saxon Asset Securities Trust
1.380% due 03/25/2018 (a)		286		285
SMS Student Loan Trust
1.940% due 10/27/2025 (a)		132		132
Specialty Underwriting & Residential Finance
1.630% due 06/25/2034 (a)		670		671
Terwin Mortgage Trust
1.880% due 06/25/2033 (a)		376		377
Total Asset-Backed Securities (Cost $6,421)				6,422
PURCHASED CALL OPTIONS 0.0%
	# of Contracts
Eurodollar December Futures (CME)
Strike @ 98.000 Exp. 12/13/2004		100		9
Eurodollar September Futures (CME)
Strike @ 98.875 Exp. 09/13/2004		100		0
Total Purchased Call Options (Cost $30)				9
PURCHASED PUT OPTIONS 0.0%
Eurodollar September Futures (CME)
Strike @ 97.250 Exp. 09/13/2004		66		1
Total Purchased Put Options (Cost $2)				1

SHORT-TERM INSTRUMENTS 8.0%
Commercial Paper 4.1%
Fannie Mae
1.380% due 09/01/2004	$	600	$	598
1.415% due 09/08/2004		300		299
1.530% due 10/18/2004		400		398
Freddie Mac
1.300% due 07/01/2004		700		700
1.540% due 10/18/2004		700		697
1.560% due 10/20/2004		800		796
				3,488
Repurchase Agreement 2.1%
State Street Bank
0.800% due 07/01/2004		1,803		1,803
(Dated 06/30/2004. Collateralized by Freddie Mac 5.500% due 07/15/2006 valued at $1,843. Repurchase proceeds are $1,803.)
U.S. Treasury Bills 1.8%
1.385% due 09/16/2004 (b)(d)		1,485		1,481
Total Short-Term Instruments (Cost $6,772)				6,772
Total Investments 101.9%			$	85,724
(Cost $86.338)
Written Options (e) (0.0%)				(17	)
(Premiums $64)
Other Assets and Liabilities (Net) (1.9%)				(1,589	)
Net Assets 100.0%			$	84,118

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Securities with an aggregate market value of $1,672 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Eurodollar March Long Futures	03/2005	114	$	(77	)
Eurodollar September Long Futures	09/2005	1		0
Eurodollar December Long Futures	12/2004	11		(16	)
U.S. Treasury 10-Year Note Long Futures	09/2004	225		384
U.S. Treasury 30-Year Note Long Futures	09/2004	168		395
U.S. Treasury 5-Year Note Short Futures	09/2004	34		(21	)
			$	665

(c) Principal amount of security is adjusted for inflation.

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Premiums received on written options:

Name of Issuer	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury Bond September Futures	$	108.000	08/27/2004	11	$	9	$	9
Call - CBOT U.S. Treasury Note September Futures		115.000	08/27/2004	15		19		0
Call - CBOT U.S. Treasury Note September Futures		114.000	08/27/2004	24		15		2
Put - CBOT U.S. Treasury Bond September Futures		100.000	08/27/2004	11		9		2
Call - CME Eurodollar December Futures		98.250	12/13/2004	1,000		12		4
					$	64	$	17

See accompanying notes June 30, 2004 Semi-Annual Report 9

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Long-Term U.S. Government Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. 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. The Portfolio commenced operations on April 30, 1999.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Delayed Delivery Transactions. The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or

10 Semi-Annual Report June 30, 2004

sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. 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 net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain(loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. There were no reclassification to any period as a result of this change. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase(decrease) in net assets from operations during any period.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.25%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.50	%
Administrative Class	0.65	%

12 Semi-Annual Report June 30, 2004

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S. Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$162,158	$157,582	$2,850	$4,704

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Premium
Balance at 12/31/2003	$	269
Sales		146
Closing Buys		(236	)
Expirations		(115	)
Balance at 06/30/2004		$64

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)		Net Unrealized Depreciation
$              332	$	(946)	$	(614)

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	32		$	339		0		$	0
Administrative Class	989			11,160		3,771			41,837
Issued as reinvestment of distributions
Institutional Class	0			2		0			1
Administrative Class	119			1,323		403			4,476
Cost of shares redeemed
Institutional Class	(1	)		(5	)	0			0
Administrative Class	(1,917	)		(21,332	)	(3,950	)		(43,567	)
Net increase (decrease) resulting from Portfolio share transactions	(778	)	$	(8,513	)	224		$	2,747

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	1	96
Administrative Class	4	99

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have

14 Semi-Annual Report June 30, 2004

responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

June 30, 2004 Semi-Annual Report 15

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

FOREIGN BOND PORTFOLIO (U.S. DOLLAR-HEDGED)

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	12

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Foreign Bond Portfolio (U.S. Dollar-Hedged)

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                      Foreign Bond                 J.P. Morgan Non-U.S.
                 Portfolio Admin. Class              Index (Hedged)
                 ----------------------            --------------------
02/28/1999               $10,000                         $10,000
03/31/1999               $10,069                         $10,119
04/30/1999               $10,186                         $10,248
05/31/1999               $10,075                         $10,205
06/30/1999                $9,857                         $10,047
07/31/1999                $9,787                         $10,021
08/31/1999                $9,706                         $10,039
09/30/1999                $9,693                         $10,077
10/31/1999                $9,870                         $10,102
11/30/1999                $9,868                         $10,160
12/31/1999                $9,942                         $10,191
01/31/2000                $9,964                         $10,192
02/29/2000                $9,997                         $10,267
03/31/2000               $10,119                         $10,417
04/30/2000               $10,170                         $10,473
05/31/2000               $10,210                         $10,557
06/30/2000               $10,286                         $10,608
07/31/2000               $10,351                         $10,684
08/31/2000               $10,356                         $10,686
09/30/2000               $10,392                         $10,778
10/31/2000               $10,400                         $10,865
11/30/2000               $10,570                         $11,058
12/31/2000               $10,773                         $11,180
01/31/2001               $10,919                         $11,313
02/28/2001               $11,019                         $11,410
03/31/2001               $11,146                         $11,496
04/30/2001               $11,051                         $11,418
05/31/2001               $11,115                         $11,478
06/30/2001               $11,174                         $11,541
07/31/2001               $11,322                         $11,646
08/31/2001               $11,425                         $11,744
09/30/2001               $11,433                         $11,792
10/31/2001               $11,756                         $12,008
11/30/2001               $11,649                         $11,956
12/31/2001               $11,591                         $11,857
01/31/2002               $11,671                         $11,870
02/28/2002               $11,705                         $11,881
03/31/2002               $11,672                         $11,820
04/30/2002               $11,783                         $11,916
05/31/2002               $11,776                         $11,931
06/30/2002               $11,962                         $12,085
07/31/2002               $12,045                         $12,202
08/31/2002               $12,158                         $12,349
09/30/2002               $12,285                         $12,490
10/31/2002               $12,301                         $12,484
11/30/2002               $12,376                         $12,507
12/31/2002               $12,540                         $12,687
01/31/2003               $12,699                         $12,787
02/28/2003               $12,847                         $12,875
03/31/2003               $12,774                         $12,859
04/30/2003               $12,829                         $12,888
05/31/2003               $13,003                         $13,092
06/30/2003               $12,964                         $13,024
07/31/2003               $12,800                         $12,880
08/31/2003               $12,699                         $12,787
09/30/2003               $12,816                         $12,927
10/31/2003               $12,693                         $12,807
11/30/2003               $12,684                         $12,818
12/31/2003               $12,823                         $12,938
01/31/2004               $12,864                         $12,996
02/29/2004               $12,977                         $13,120
03/31/2004               $13,003                         $13,156
04/30/2004               $12,973                         $13,053
05/31/2004               $12,955                         $13,031
06/30/2004               $12,932                         $13,014
                 

COUNTRY ALLOCATION^‡

Short-Term Instruments	23.0	%
United States	21.3	%
Germany	14.3	%
Italy	12.5	%
United Kingdom	8.9	%
Japan	6.3	%
Spain	4.5	%
Canada	2.7	%
Other	6.5	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Administrative Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		5 Years*		Since Inception*
	Foreign Bond Portfolio (U.S. Dollar-Hedged) Administrative Class (Inception 02/16/99)	0.85	%	–0.25	%	5.58	%	4.88	%
- - - - - - -	J.P. Morgan Non-U.S. Index (Hedged)	0.59	%	–0.08	%	5.31	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,008.50	$	1,025.00
Expenses Paid During Period†	$	4.49	$	4.53

^†Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.90%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Foreign Bond Portfolio (U.S. Dollar-Hedged) seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in Fixed Income Securities of issuers located outside the United States, representing at least three foreign countries.

• The Portfolio’s Administrative Class shares returned 0.85% for the six-months ended June 30, 2004, outperforming the 0.59% return of the J.P. Morgan Non-U.S. Index (Hedged) for the same period.

• An underweight to U.S. duration was positive for performance as yields rose given stronger growth and fears of aggressive Fed tightening.

• An overweight to Euroland duration relative to benchmark was a positive for relative performance; these yields rose less as Euroland lagged global growth.

• An overweight to Brazil was negative for performance. Brazilian bonds underperformed early in the year amidst political noise and the exiting of leveraged tactical investors in the asset class.

• Currency strategies detracted from performance. The yen and Canadian dollar retreated as rising U.S. rates forced market participants to unwind leveraged strategies.

• Real return bonds added to returns, outperforming more volatile Treasuries of similar duration, as rates rose.

• Modest holdings of mortgage securities helped returns, as heavy demand from banks supported the mortgage market.

• Tactical strategies to exploit wider swap spreads in the U.S. and Europe were positive, as swap spreads widened given the rapid rise in yields.

See accompanying notes June 30, 2004 Semi-Annual Report 3

Financial Highlights

Foreign Bond Portfolio (U.S. Dollar-Hedged) (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			12/31/2000			02/16/1999- 12/31/1999
Net asset value beginning of period	$	10.03		$	10.07		$	9.69		$	9.40		$	9.42		$	10.00
Net investment income (a)		0.11	(f)		0.26	(f)		0.36	(f)		0.42	(f)		0.51	(f)		0.41
Net realized/unrealized gain (loss) on investments (a)		(0.02	)(f)		(0.03	)(f)		0.42	(f)		0.28	(f)		0.25	(f)		(0.49	)
Total income (loss) from investment operations		0.09			0.23			0.78			0.70			0.76			(0.08	)
Dividends from net investment income		(0.11	)		(0.27	)		(0.36	)		(0.41	)		(0.52	)		(0.41	)
Distributions from net realized capital gains		0.00			0.00			(0.04	)		0.00			(0.26	)		(0.09	)
Total distributions		(0.11	)		(0.27	)		(0.40	)		(0.41	)		(0.78	)		(0.50	)
Net asset value end of period	$	10.01		$	10.03		$	10.07		$	9.69		$	9.40		$	9.42
Total return		0.85	%		2.26	%		8.19	%		7.59	%		8.36	%		(0.78	)%
Net assets end of period (000s)	$	33,843		$	32,355		$	16,776		$	4,856		$	924		$	5,215
Ratio of net expenses to average net assets		0.90	%*		0.93	%(c)		0.93	%(c)(e)		0.90	%(d)		0.90	%		1.10	%*(b)(c)
Ratio of net investment income to average net assets		2.29	%*(f)		2.53	%(f)		3.67	%(f)		4.43	%(f)		5.41	%(f)		4.83	%*
Portfolio turnover rate		222	%		600	%		321	%		285	%		306	%		285	%

 + Unaudited

 * Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 1.25%.

(c) Ratio of expense to average net assets excluding interest expense is 0.90%.

(d) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.91%.

(e) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.94%.

(f) Indicates a period in which, as a result of a change in generally accepted accounting principles, the portfolio has reclassified periodic payments made or received under certain derivative instruments, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. The effect of this reclassification was to increase the net investment income ratio for the period ending June 30, 2004 by 0.14% and the net investment income per share by $0.01. For consistency, similar reclassifications have been made to prior period amounts, resulting in increases to the net investment income ratio of 0.10%, 0.10%, 0.26% and 0.03% and to the net investment income per share of $0.01, $0.01, $0.02, and $0.00 in the fiscal years ending December 31, 2003, 2002, 2001, and 2000, respectively. This change had no impact on reported net asset value per share for any period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Foreign Bond Portfolio (U.S. Dollar-Hedged)

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	38,651
Cash		1
Foreign currency, at value		923
Receivable for investments sold		466
Receivable for investments sold on delayed delivery basis		7,663
Unrealized appreciation on forward foreign currency contracts		104
Receivable for Portfolio shares sold		32
Interest and dividends receivable		475
Variation margin receivable		123
Swap premiums paid		374
Unrealized appreciation on swap agreements		56
Unrealized appreciation on forward volatility options		5
		48,873
Liabilities:
Payable for investments purchased	$	674
Payable for investments purchased on delayed delivery basis		6,139
Unrealized depreciation on forward foreign currency contracts		35
Payable for short sale		7,741
Written options outstanding		64
Accrued investment advisory fee		7
Accrued administration fee		14
Accrued servicing fee		3
Recoupment payable to Manager		1
Swap premiums received		81
Unrealized depreciation on swap agreements		246
Other liabilities		12
		15,017
Net Assets	$	33,856
Net Assets Consist of:
Paid in capital	$	33,668
(Overdistributed) net investment income		(1,509	)
Accumulated undistributed net realized gain		734
Net unrealized appreciation		963
	$	33,856
Net Assets:
Institutional Class	$	13
Administrative Class		33,843
Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		3,381
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.01
Administrative Class		10.01
Cost of Investments Owned	$	37,676
Cost of Foreign Currency Held	$	919

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Foreign Bond Portfolio (U.S. Dollar-Hedged)

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	522
Dividends		3
Total Income		525
Expenses:
Investment advisory fees		41
Administration fees		82
Distribution and/or servicing fees - Administrative Class		24
Miscellaneous expense		1
Total Expenses		148
Net Investment Income		377
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		113
Net realized gain on futures contracts, options, and swaps		12
Net realized gain on foreign currency transactions		552
Net change in unrealized (depreciation) on investments		(1,698	)
Net change in unrealized appreciation on futures contracts, options, and swaps		152
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		773
Net (Loss)		(96	)
Net Increase in Assets Resulting from Operations	$	281

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Foreign Bond Portfolio (U.S. Dollar-Hedged)

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase in Net Assets from:
Operations:
Net investment income	$	377		$	687
Net realized gain (loss)		677			(492	)
Net change in unrealized appreciation (depreciation)		(773	)		99
Net increase resulting from operations		281			294
Distributions to Shareholders:
From net investment income
Institutional Class		0			0
Administrative Class		(346	)		(709	)
Total Distributions		(346	)		(709	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		0			0
Administrative Class		5,130			21,710
Issued as reinvestment of distributions
Institutional Class		0			0
Administrative Class		346			709
Cost of shares redeemed
Institutional Class		0			0
Administrative Class		(3,923	)		(6,424	)
Net increase resulting from Portfolio share transactions		1,553			15,995
Total Increase in Net Assets		1,488			15,580
Net Assets:
Beginning of period		32,368			16,788
End of period*	$	33,856		$	32,368
*Including (overdistributed) net investment income of:	$	(1,509	)	$	(1,540	)

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Foreign Bond Portfolio (U.S. Dollar-Hedged)

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

AUSTRALIA 0.2%
Crusade Global Trust
1.580% due 02/15/2030 (a)	$	14	$	14
Medallion Trust
1.370% due 07/12/2031 (a)		27		27
National Australia Bank Ltd.
1.883% due 05/19/2010 (a)		50		50
Total Australia (Cost $91)				91
AUSTRIA (i)(j) 1.5%
Republic of Austria
5.250% due 01/04/2011	EC	300		393
3.800% due 10/20/2013		100		117
Total Austria (Cost $447)				510
BRAZIL 0.3%
Republic of Brazil
2.062% due 04/15/2006 (a)	$	32		32
2.125% due 04/15/2009 (a)		17		15
2.125% due 04/15/2012 (a)		67		56
Total Brazil (Cost $105)				103
CANADA (i)(j) 3.1%
Commonwealth of Canada
6.000% due 06/01/2008	C	$500		399
5.500% due 06/01/2009		200		157
5.500% due 06/01/2010		300		235
6.000% due 06/01/2011		300		241
Total Canada (Cost $966)				1,032
CAYMAN ISLANDS (i)(j) 1.6%
Pylon Ltd.
3.553% due 12/18/2008 (a)	EC	250		310
Vita Capital Ltd.
2.460% due 01/01/2007 (a)	$	250		252
Total Cayman Islands (Cost $554)				562
DENMARK (i)(j) 0.2%
Nykredit Konvertible
6.000% due 10/01/2029	DK	358		61
Total Denmark (Cost $39)				61
FRANCE (i)(j) 0.8%
Republic of France
4.000% due 04/25/2009	EC	80		99
4.000% due 10/25/2009		30		37
5.500% due 04/25/2010		110		146
Total France (Cost $200)				282
GERMANY (i)(j) 16.3%
KFW International Finance, Inc.
3.500% due 11/15/2005	EC	100		124
Landesbank Baden-Wuerttemberg AG
5.500% due 04/02/2007		30		39
Republic of Germany
4.500% due 07/04/2009		10		13
5.250% due 07/04/2010		300		394
5.250% due 01/04/2011		300		394
5.000% due 01/04/2012		100		129

4.500% due 01/04/2013	EC	80	$	100
6.250% due 01/04/2024		600		866
5.000% due 07/04/2027		590		880
5.625% due 01/04/2028		1,800		2,414
4.750% due 07/04/2028		30		36
5.500% due 01/04/2031		100		133
Total Germany (Cost $5,173)				5,522
ITALY (i)(j) 14.3%
First Italian Auto Transaction
2.240% due 07/12/2008 (a)	EC	26		32
Republic of Italy
2.125% due 02/01/2006		400		539
3.500% due 01/15/2008		2,700		3,311
4.500% due 05/01/2009		360		456
4.250% due 11/01/2009		60		75
5.500% due 11/01/2010		110		146
Seashell Securities PLC
2.359% due 10/25/2028 (a)		148		180
Telecom Italia SpA
5.625% due 02/01/2007 (a)		70		90
Total Italy (Cost $4,738)				4,829
JAPAN (i)(j) 7.3%
Government of Japan
0.300% due 12/20/2007	JY	60,000		548
1.500% due 12/20/2011		167,000		1,544
1.600% due 09/20/2013		30,000		273
Japan Financial Corp.
5.875% due 03/14/2011	$	80		86
Total Japan (Cost $2,399)				2,451
LIBERIA 0.1%
Royal Caribbean Cruises Ltd.
8.125% due 07/28/2004	$	30		30
Total Liberia (Cost $30)				30
LUXEMBOURG 0.3%
Tyco International Group S.A.
5.875% due 11/01/2004	$	100		101
Total Luxembourg (Cost $101)				101
MEXICO 0.3%
Pemex Project Funding Master Trust
8.625% due 02/01/2022	$	20		21
Petroleos Mexicanos
8.850% due 09/15/2007		20		22
9.375% due 12/02/2008		30		34
Total Mexico (Cost $70)				77
NETHERLANDS (i)(j) 0.8%
Kingdom of Netherlands
6.000% due 01/15/2006	EC	200		256
Total Netherlands (Cost $192)				256
NEW ZEALAND (i)(j) 0.2%
Commonwealth of New Zealand
4.500% due 02/15/2016 (b)	N$	86		68
Total New Zealand (Cost $47)				68

PANAMA 0.1%
Republic of Panama
9.375% due 01/16/2023	$	40	$	41
Total Panama (Cost $40)				41
PERU 0.1%
Republic of Peru
5.000% due 03/07/2017 (a)	$	36		32
Total Peru (Cost $30)				32
RUSSIA 0.2%
Russian Federation
10.000% due 06/26/2007	$	60		68
Total Russia (Cost $70)				68
SOUTH AFRICA 0.3%
Republic of South Africa
8.375% due 10/17/2006	$	105		115
Total South Africa (Cost $118)				115
SPAIN (i)(j) 5.1%
Kingdom of Spain
4.950% due 07/30/2005	EC	30		38
5.150% due 07/30/2009		1,210		1,579
4.000% due 01/31/2010		100		123
Total Spain (Cost $1,608)				1,740
SUPRANATIONAL (i)(j) 0.2%
Eurofima
4.750% due 07/07/2004	SK	600		80
Total Supranational (Cost $70)				80
UNITED KINGDOM (i)(j) 10.2%
Haus Ltd.
2.347% due 12/14/2037 (a)	EC	72		88
Lloyds TSB Bank PLC
5.625% due 07/15/2049		40		52
1.500% due 11/29/2049 (a)	$	100		86
United Kingdom Gilt
5.000% due 03/07/2012	BP	700		1,262
5.000% due 09/07/2014		1,100		1,962
Total United Kingdom (Cost $3,461)				3,450
UNITED STATES (i)(j) 24.3%
Asset-Backed Securities 3.2%
Ameriquest Mortgage Securities, Inc.
1.710% due 03/25/2033 (a)	$	43		43
Amortizing Residential Collateral Trust
1.650% due 10/25/2031 (a)		15		15
1.590% due 07/25/2032 (a)		26		26
AMRESCO Residential Securities Corp. Mortgage Loan Trust
1.770% due 06/25/2029 (a)		5		5
Credit-Based Asset Servicing and Securitization
1.620% due 06/25/2032 (a)		36		36
CS First Boston Mortgage Securities Corp.
1.610% due 01/25/2032 (a)		9		9
6.500% due 04/25/2033		47		48

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

Fieldstone Mortgage Investment Corp.
1.590% due 01/25/2035 (a)	$	92	$	92
First Alliance Mortgage Loan Trust
1.320% due 12/20/2027 (a)		6		6
First Franklin Mortgage Loan Trust Asset-Backed Certificates
2.820% due 02/25/2034 (a)		186		187
Home Equity Asset Trust
1.710% due 03/25/2033 (a)		20		20
1.450% due 08/25/2034 (a)		96		96
Household Mortgage Loan Trust
1.390% due 05/20/2032 (a)		32		32
Irwin Home Equity Loan Trust
1.820% due 06/25/2028 (a)		34		34
Long Beach Mortgage Loan Trust
1.620% due 07/25/2033 (a)		30		30
MLCC Mortgage Investors, Inc.
1.618% due 03/15/2025 (a)		38		38
Morgan Stanley Dean Witter Capital I, Inc.
1.670% due 07/25/2030 (a)		6		6
1.630% due 07/25/2032 (a)		22		22
Novastar Home Equity Loan
1.575% due 04/25/2028 (a)		11		11
1.580% due 01/25/2031 (a)		10		10
Providian Home Equity Loan Trust
1.590% due 06/25/2025 (a)		9		9
Quest Trust
1.291% due 06/25/2034 (a)		200		200
Residential Asset Securities Corp.
1.550% due 07/25/2032 (a)		66		66
Structured Asset Investment Loan Trust
1.200% due 04/25/2033 (a)		26		26
				1,067
Corporate Bonds & Notes 3.3%
Comcast Corp.
7.050% due 03/15/2033		100		104
Entergy Gulf States, Inc.
2.433% due 06/18/2007 (a)		100		100
Ford Motor Credit Co.
7.500% due 03/15/2005		200		T207
General Motors Acceptance Corp.
6.875% due 09/09/2004	B	P75		137
2.135% due 05/18/2006 (a)		100		100
J.P. Morgan Chase & Co., Inc.
6.772% due 02/15/2012 (a)	$	10		10
KFW International Finance, Inc.
1.750% due 03/23/2010	JY	11,000		105
Morgan Stanley Capital I, Inc.
1.378% due 04/15/2016 (a)	$	200		200
Pacific Gas & Electric Co.
1.810% due 04/03/2006 (a)		110		110
UFJ Finance Aruba AEC
6.750% due 07/15/2013		40		41
				1,114
Mortgage-Backed Securities 6.0%
Bear Stearns Adjustable Rate Mortgage Trust
6.912% due 12/25/2040 (a)		1		1
Bear Stearns Commercial Mortgage Securities
1.350% due 05/14/2016 (a)		200		200
Commercial Mortgage Asset Trust
6.975% due 01/17/2032		100		112
Commercial Mortgage Pass-Through Certificates
1.408% due 07/15/2015 (a)		197		197
1.280% due 11/15/2015 (a)		199		199
CS First Boston Mortgage Securities Corp.
1.082% due 08/25/2033 (a)		58		58
First Horizon Asset Securities, Inc.
7.000% due 05/25/2030		5		5
GMAC Commercial Mortgage Securities, Inc.
6.420% due 05/15/2035		100		108
Impac Secured Assets CMN Owner Trust
1.490% due 08/25/2034 (a)		200		200

Mellon Residential Funding Corp.
1.678% due 12/15/2030 (a)	$	110	$	110
Sequoia Mortgage Trust
1.390% due 08/20/2032 (a)		76		75
Structured Asset Mortgage Investments, Inc.
1.390% due 09/19/2032 (a)		199		199
1.421% due 09/19/2032 (a)		80		80
1.450% due 03/19/2034 (a)		194		193
Structured Asset Securities Corp.
1.590% due 01/25/2033 (a)		25		25
Wachovia Bank Commercial Mortgage Trust
1.428% due 06/15/2013 (a)		200		200
Washington Mutual Mortgage Securities Corp.
6.000% due 03/25/2017		9		9
5.159% due 10/25/2032 (a)		15		15
3.065% due 02/27/2034 (a)		51		51
Wells Fargo Mortgage-Backed Securities Trust
4.614% due 09/25/2032 (a)		4		4
				2,041
Municipal Bonds & Notes 1.2%
Connecticut State General Obligation Bonds, Series 2001
5.500% due 12/15/2013		100		112
Illinois Educational Facilities Authority Revenue Bonds, Series 2003
5.000% due 07/01/2033		100		97
Lower Colorado River Authority Revenue Bonds, (FSA Insured), Series 2003
5.000% due 05/15/2023		100		101
Seattle, Washington Water System Revenue Bonds, (MBIA Insured), Series 2003
5.000% due 09/01/2033		100		97
				407
U.S. Government Agencies 8.2%
Fannie Mae
4.640% due 01/30/2008		200		200
1.650% due 01/25/2016 (a)		15		15
5.500% due 11/01/2016-07/15/2034 (c)		1305		1,335
5.000% due 09/01/2018		177		177
5.213% due 04/01/2033 (a)		47		47
1.420% due 03/25/2034 (a)		194		193
Freddie Mac
6.530% due 11/26/2012		300		319
5.000% due 09/15/2016		45		46
3.430% due 02/01/2029 (a)		60		62
Government National Mortgage Association
4.375% due 04/20/2028 (a)		5		5
4.000% due 04/20/2030-05/20/2030 (a)(c)		33		34
3.250% due 06/20/2030 (a)		38		38
Tennessee Valley Authority
4.875% due 12/15/2016		300		313
				2,784
U.S. Treasury Obligations 1.8%
3.500% due 01/15/2011		324		360
1.875% due 07/15/2013		102		101
3.625% due 04/15/2028		116		142
				603
Preferred Security 0.6%
	Shares
DG Funding Trust
3.360% due 12/29/2049 (a)		20		215
Total United States (Cost $8,204)				8,231
PURCHASED CALL OPTIONS 0.0%
	Principal Amount (000s)
30-Year Interest Rate Swap (OTC)
Strike @ 5.750%** Exp. 04/27/2009	$	200		8
Total Purchased Call Options (Cost $10)				8

PURCHASED PUT OPTIONS 0.1%
30-Year Interest Rate Swap (OTC)
Strike @ 6.250% ** Exp. 04/27/2009	$	200	$	13
Total Purchased Put Options (Cost $14)				13
SHORT-TERM INSTRUMENTS 26.3%
Commercial Paper 23.3%
AB Spintab
1.260% due 09/08/2004	$	200		199
Bank of Ireland
1.285% due 09/03/2004		500		499
CBA (de) Finance
1.210% due 08/23/2004		200		200
Fannie Mae
1.010% due 10/01/2004		200		199
Freddie Mac
1.440% due 09/14/2004		200		199
1.465% due 09/28/2004		300		299
HBOS Treasury Services PLC
1.035% due 07/01/2004		300		300
1.475% due 09/13/2004		600		598
1.585% due 10/26/2004		100		99
ING U.S. Funding LLC
1.325% due 09/07/2004		100		100
1.345% due 09/09/2004		300		299
KFW International Finance, Inc.
1.110% due 08/20/2004		400		399
Lloyds TSB Bank PLC
1.185% due 07/21/2004		400		400
National Australia Funding, Inc.
1.050% due 07/02/2004		900		900
Royal Bank of Scotland PLC
1.030% due 07/06/2004		900		900
Shell Finance (UK) PLC
1.230% due 08/11/2004		500		499
Svenska Handlesbanken
1.090% due 08/05/2004		400		399
1.295% due 09/24/2004		600		598
Toyota Motor Credit Corp.
1.330% due 09/07/2004		400		399
UBS Finance, Inc.
1.245% due 09/13/2004		400		399
				7,884
Repurchase Agreement 1.8%
State Street Bank
0.800% due 07/01/2004		594		594
(Dated 06/30/2004. Collateralized by Freddie Mac 2.875% due 10/15/2005 valued at $606. Repurchase proceeds are $594.)
U.S. Treasury Bills 1.2%
1.256% due 09/02/2004-09/16/2004 (c)(d)		420		420
Total Short-Term Instruments (Cost $8,899)				8,898
Total Investments 114.2%			$	38,651
(Cost $37,676)
Written Options (g) (0.2%)				(64	)
(Premiums $128)
Other Assets and Liabilities (Net) (14.0%)				(4,731	)
Net Assets 100.0%			$	33,856

See accompanying notes June 30, 2004 Semi-Annual Report 9

Schedule of Investments (Cont.)

Foreign Bond Portfolio (U.S. Dollar-Hedged)

June 30, 2004 (Unaudited)

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Principal amount of security is adjusted for inflation.

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(d) Securities with an aggregate market value of $419 have been segregated with the custodian to cover margin

requirements for the following open futures contracts at June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euribor June Long Futures	06/2005	8	$	(5)
Euro-Bund 10-Year Note Long Futures	09/2004	55		58
Government of Japan 10-Year
Note Long Futures	09/2004	5		(21	)
U.S. Treasury 10-Year Note Long Futures	09/2004	66		85
U.S. Treasury 5-Year Note Long Futures	09/2004	4		1
			$	118

(e) Swap agreements outstanding at June 30, 2004:

Type		Notional Amount		Unrealized Appreciation/ (Depreciation	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 03/15/2017	BP	200	$	3
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: UBS Warburg LLC
Exp. 03/20/2018		300		(1	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 03/20/2018		500		5
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Goldman Sachs & Co.
Exp. 03/20/2018		800		10
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/20/2018		600		4
Receive a fixed rate equal to 3.500% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: UBS Warburg LLC
Exp. 09/15/2005	EC	2,800		16
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Barclays Bank PLC
Exp. 03/15/2007		200		(1	)
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Goldman Sachs & Co.
Exp. 06/17/2010		200		(5	)

Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: J.P. Morgan Chase & Co.
Exp. 06/17/2012	EC	100	(16	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Citibank N.A.
Exp. 06/18/2012		200	(10	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 4.000%.
Counterparty: Citibank N.A.
Exp. 12/15/2014		1,080	(10	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 4.000%.
Counterparty: UBS Warburg LLC
Exp. 12/15/2014		200	(2	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: UBS Warburg LLC
Exp. 12/15/2014		2,500	(27	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Goldman Sachs & Co.
Exp. 03/20/2018		1,000	0
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: UBS Warburg LLC
Exp. 03/20/2018		400	2
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/20/2018		200	1
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 03/15/2031		100	(18	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/17/2031		100	(19	)
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.753%.
Counterparty: Goldman Sachs & Co.
Exp. 02/08/2006	H$	3,000	(22	)
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 4.235%.
Counterparty: Goldman Sachs & Co.
Exp. 12/17/2008		7,100	(16	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.020%.
Counterparty: Goldman Sachs & Co.
Exp. 05/18/2010	JY	17,000	(8	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.300%.
Counterparty: Goldman Sachs & Co.
Exp. 09/21/2011		40,000	4
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.800%.
Counterparty: UBS Warburg LLC
Exp. 03/20/2012		50,000	7
Receive a fixed rate equal to 4.500% and pay floating rate based on 3-month SK-STIBOR.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 06/17/2008	SK	2,600	1

Receive a fixed rate equal to 4.500% and pay floating rate based on 3-month SK-STIBOR.
Counterparty: J.P. Morgan Chase & Co.
Exp. 06/17/2008	$	4,100		2
Receive a fixed rate equal to 4.500% and pay floating rate based on 3-month SK-STIBOR.
Counterparty: Barclays Bank PLC
Exp. 06/17/2008		2,500		1
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 09/30/2004		100		0
Receive a fixed rate equal to 0.960% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030.
Counterparty: Goldman Sachs & Co.
Exp. 01/28/2005		100		0
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 4.000%.
Counterparty: J.P. Morgan Chase & Co.
Exp. 12/15/2009		1,900		(18	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 4.000%.
Counterparty: Lehman Brothers, Inc.
Exp. 12/15/2009		100		0
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Bank of America
Exp. 12/15/2014		1,800		(28	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Goldman Sachs & Co.
Exp. 12/15/2014		600		(9	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: UBS Warburg LLC
Exp. 12/15/2014		800		(12	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Counterparty: Bank of America
Exp. 12/15/2024		900	(24)
			$          (190)
(f) Written options with premiums to be determined on a future date:
Type		# of Contracts	Unrealized Appreciation
Call & Put–OTC % U.S. Dollar Forward Delta /Neutral Straddle vs. Japanese Yen Strike and premium determined on 12/18/2007, based upon implied volatility parameter of 18.500%.
Counterparty: AIG International, Inc.
Exp. 12/18/2012		80	$              5

10 Semi-Annual Report June 30, 2004 See accompanying notes

See accompanying notes June 30, 2004 Semi-Annual Report 11

(g) Premiums received on written options:

Name of Issuer		Exercise Price			Expiration Date	# of Contracts		Premium		Value
Call - CBOT U.S. Treasury Note September Futures		$	115.000		08/27/2004		6	$	2	$	0
Call - CBOT U.S. Treasury Note September Futures			114.000		08/27/2004		1		1		0
								$	3	$	0
Name of Issuer	Counterparty	Exercise Rate			Expiration Date	Notional Amount		Premium		Value
Call - OTC 10-Year Interest Rate Swap	J.P. Morgan Chase & Co.		4.000	%**	10/07/2004	$	300	$	3	$	0
Call - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.		3.800	%**	10/07/2004		800		8		0
Put - OTC 10-Year Interest Rate Swap	J.P. Morgan Chase & Co.		6.000	%*	10/07/2004		300		2		1
Put - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.		6.000	%*	10/07/2004		800		7		1
Call - OTC 7-Year Interest Rate Swap	Lehman Brothers, Inc.		5.750	%**	08/04/2005		1,000		43		40
Put - OTC 7-Year Interest Rate Swap	Lehman Brothers, Inc.		5.750	%*	08/04/2005		1,000		43		17
Call - OTC 7-Year Interest Rate Swap	Merrill Lynch & Co., Inc.		4.000	%**	09/23/2005		300		8		1
Put - OTC 7-Year Interest Rate Swap	Merrill Lynch & Co., Inc.		6.000	%*	09/23/2005		300		11		4
								$	125	$	64

* The Portfolio will pay a floating rate based on 3-month LIBOR.

**The Portfolio will receive a floating rate based on 3-month LIBOR.

(h) Short sales open at June 30, 2004 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Note	5.500	05/15/2009	$	400	$	431	$       426
U.S. Treasury Note	5.750	08/15/2010		100		109	107
U.S. Treasury Note	4.375	08/15/2012		500		498	494
U.S. Treasury Note	3.875	02/15/2013		900		861	846
U.S. Treasury Note	3.625	05/15/2013		2,400		2,248	2,212
U.S. Treasury Note	4.250	08/15/2013		1,100		1,074	1,055
U.S. Treasury Note	3.000	02/15/2009		2,600		2,520	2,524
					$	7,741	$    7,664

(i) Forward foreign currency contracts outstanding at June 30, 2004:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell	BP	1,058	07/2004	$	5	$	0		$	5
Buy	BR	36	07/2004		0		0			0
Sell	C$	1,431	07/2004		0		(17	)		(17	)
Buy	CP	1,246	08/2004		0		0			0
Sell	DK	679	09/2004		1		0			1
Buy	EC	266	07/2004		0		(1	)		(1	)
Sell		8,362	07/2004		96		0			96
Buy	H$	47	07/2004		0		0			0
Buy		420	09/2004		0		0			0
Sell	JY	226,587	07/2004		0		(17	)		(17	)
Buy	KW	6,966	07/2004		0		0			0
Buy		27,912	09/2004		0		0			0
Buy	MP	156	08/2004		0		0			0
Sell	N$	87	07/2004		0		0			0
Buy	PN	24	08/2004		0		0			0
Buy	RR	199	07/2004		0		0			0
Buy	S$	10	07/2004		0		0			0
Sell	SK	559	09/2004		1		0			1
Buy	SR	67	08/2004		1		0			1
Sell		24	08/2004		0		0			0
Buy	SV	364	08/2004		0		0			0
				$	104	$	(35	)	$	69

(j) Principal amount denoted in indicated currency:

BP	-	British Pound
BR	-	Brazilian Real
C$	-	Canadian Dollar
CP	-	Chilean Peso
DK	-	Danish Krone
EC	-	Euro
H$	-	Hong Kong Dollar
JY	-	Japanese Yen
KW	-	South Korean Won
MP	-	Mexican Peso
N$	-	New Zealand Dollar
PN	-	Peruvian New Sol
RR	-	Russian Ruble
S$	-	Singapore Dollar
SK	-	Swedish Krona
SR	-	South African Rand
SV	-	Slovakian Koruna

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Foreign Bond Portfolio (U.S. Dollar-Hedged) (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. 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. The Portfolio commenced operations on February 16, 1999.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Delayed Delivery Transactions. The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and

12 Semi-Annual Report June 30, 2004

delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. 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 net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Foreign Currency. The accounting records of the Portfolio are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Forward Currency Transactions. The Portfolio may enter into forward currency contracts and forward cross-currency contracts 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 a part of an investment strategy. A forward 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 currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses 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 are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Short Sales. The Portfolio may enter into short sales transactions. A short sale is a transaction in which the Portfolio sells securities it does not own in anticipation of a decline in the market price of the securities. The Portfolio is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are

reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain(loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. This reclassification increased(decreased) net investment income by $46,353 and $26,213, and net realized (loss) by $(52,329) and $(14,876) and net change in unrealized appreciation(depreciation) by $5,976 and $(11,338) for the six months ended June 30, 2004 and year ended December 31, 2003, respectively. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase(decrease) in net assets from operations during any period.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

14 Semi-Annual Report June 30, 2004

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.50%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.90	%
Administrative Class	0.75	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$41,893	$44,886	$31,637	$32,974

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Premium
Balance at 12/31/2003	$	141
Sales		43
Closing Buys		(19	)
Expirations		(37	)
Exercised		0
Balance at 06/30/2004	$	128

June 30, 2004 Semi-Annual Report 15

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)			Net Unrealized Appreciation
$            1,188	$	(213	)	$	975

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	511			5,130		2,126			21,710
Issued as reinvestment of distributions
Institutional Class	0			0		0			0
Administrative Class	34			346		70			709
Cost of shares redeemed
Institutional Class	0			0		0			0
Administrative Class	(390	)		(3,923	)	(635	)		(6,424	)
Net increase resulting from Portfolio share transactions	155		$	1,553		1,561		$	15,995

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	1	100
Administrative Class	3	98

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated

16 Semi-Annual Report June 30, 2004

and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

June 30, 2004 Semi-Annual Report 17

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

MONEY MARKET PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	9

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Money Market Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                         Money Market                   Citigroup 3-Month
                    Portfolio Admin Class              Treasury Bill Index
                    ---------------------              -------------------
09/30/1999                $10,000                          10,000
10/31/1999                $10,041                          10,041
11/30/1999                $10,082                          10,081
12/31/1999                $10,130                          10,124
01/31/2000                $10,174                          10,169
02/29/2000                $10,218                          10,212
03/31/2000                $10,268                          10,260
04/30/2000                $10,311                          10,308
05/31/2000                $10,361                          10,359
06/30/2000                $10,415                          10,407
07/31/2000                $10,466                          10,458
08/31/2000                $10,520                          10,509
09/30/2000                $10,570                          10,562
10/31/2000                $10,617                          10,617
11/30/2000                $10,680                          10,671
12/31/2000                $10,739                          10,727
01/31/2001                $10,791                          10,783
02/28/2001                $10,836                          10,829
03/31/2001                $10,881                          10,877
04/30/2001                $10,919                          10,919
05/31/2001                $10,961                          10,959
06/30/2001                $10,996                          10,994
07/31/2001                $11,027                          11,028
08/31/2001                $11,063                          11,062
09/30/2001                $11,088                          11,094
10/31/2001                $11,112                          11,123
11/30/2001                $11,132                          11,146
12/31/2001                $11,150                          11,166
01/31/2002                $11,164                          11,183
02/28/2002                $11,178                          11,198
03/31/2002                $11,192                          11,215
04/30/2002                $11,206                          11,231
05/31/2002                $11,222                          11,248
06/30/2002                $11,235                          11,263
07/31/2002                $11,249                          11,280
08/31/2002                $11,263                          11,296
09/30/2002                $11,275                          11,312
10/31/2002                $11,288                          11,328
11/30/2002                $11,296                          11,342
12/31/2002                $11,306                          11,356
01/31/2003                $11,317                          11,368
02/28/2003                $11,325                          11,378
03/31/2003                $11,332                          11,390
04/30/2003                $11,340                          11,401
05/31/2003                $11,348                          11,412
06/30/2003                $11,354                          11,422
07/31/2003                $11,361                          11,432
08/31/2003                $11,366                          11,442
09/30/2003                $11,371                          11,450
10/31/2003                $11,377                          11,460
11/30/2003                $11,383                          11,468
12/31/2003                $11,388                          11,478
01/31/2004                $11,394                          11,487
02/29/2004                $11,399                          11,495
03/31/2004                $11,404                          11,504
04/30/2004                $11,410                          11,513
05/31/2004                $11,414                          11,522
06/30/2004                $11,420                          11,532

SECTOR BREAKDOWN^‡

Commercial Paper	79.7	%
Repurchase Agreements	10.4	%
Certificates of Deposit	8.2	%
Other	1.7	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Administrative Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		7-Day Yield		30-Day Yield		6 Months		1 Year		Since Inception*
	Money Market Portfolio Administrative Class (Inception 09/30/99)	0.69	%	0.65	%	0.28	%	0.58	%	2.83	%
- - - - - - -	Citigroup 3-Month Treasury Bill Index	—		—		0.47	%	0.96	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,002.80	$	1,025.00
Expenses Paid During Period†	$	2.49	$	2.52

^†Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Money Market Portfolio seeks to achieve its investment objective by investing at least 95% of its total assets in a diversified portfolio of money market securities that are in the highest rating category for short-term obligations.

• The total return performance of the Portfolio’s Administrative Class shares was 0.28% for the six-month period ended June 30, 2004, versus a return of 0.47% for the benchmark Citigroup 3-Month Treasury Bill Index during the same period.

• Interest rates increased for shorter maturities, as markets anticipated the beginning of a tightening cycle by the Federal Reserve. The Fed met market expectations with a 0.25% rate hike at the end of June.

• The Portfolio’s average duration was maintained near one-month, providing for ample liquidity and limiting the price effects from increasing yields.

• U.S. issued high quality (A1/P1) commercial paper was emphasized due to attractive yields, limited interest rate sensitivity, and low credit exposure.

• The Portfolio invested in high quality U.S. agency paper and short-term fixed and floating rate U.S. corporates in an attempt to boost portfolio income, while limiting credit risk.

• Seven-day and thirty-day effective yields were 0.69% and 0.65%, respectively, at June 30, 2004. These yields are competitive with yields on similar duration portfolios.

See accompanying notes June 30, 2004 Semi-Annual Report 3

Financial Highlights

Money Market Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			12/31/2000			09/30/1999- 12/31/1999
Net asset value beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (a)		0.00			0.01			0.01			0.04			0.06			0.01
Net realized/unrealized gain on investments (a)		0.00			0.00			0.00			0.00			0.00			0.00
Total income from investment operations		0.00			0.01			0.01			0.04			0.06			0.01
Dividends from net investment income		0.00			(0.01	)		(0.01	)		(0.04	)		(0.06	)		(0.01	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			0.00			0.00
Total distributions		0.00			(0.01	)		(0.01	)		(0.04	)		(0.06	)		(0.01	)
Net asset value end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.28	%		0.72	%		1.41	%		3.83	%		6.01	%		1.30	%
Net assets end of period (000s)	$	29,272		$	27,032		$	25,850		$	12,860		$	4,334		$	3,605
Ratio of net expenses to average net assets		0.50	%*		0.50	%		0.50	%		0.50	%(c)		0.50	%		0.50	%(b)*
Ratio of net investment income to average net assets		0.57	%*		0.70	%		1.41	%		3.37	%		5.88	%		5.14	%*

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 1.27%.

(c) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.51%.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Money Market Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	29,303
Interest and dividends receivable		2
		29,305
Liabilities:
Payable for Portfolio shares redeemed		9
Accrued investment advisory fee		4
Accrued administration fee		5
Accrued servicing fee		3
		21
Net Assets	$	29,284
Net Assets Consist of:
Paid in capital	$	29,284
Undistributed net investment income		3
Accumulated undistributed net realized (loss)		(3	)
	$	29,284
Net Assets:
Institutional Class	$	12
Administrative Class		29,272
Shares Issued and Outstanding:
Institutional Class		12
Administrative Class		29,272
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	1.00
Administrative Class		1.00
Cost of Investments Owned	$	29,303

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Money Market Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	150
Total Income		150
Expenses:
Investment advisory fees		21
Administration fees		28
Distribution and/or servicing fees - Administrative Class		21
Total Expenses		70
Net Investment Income	$	80

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Money Market Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase in Net Assets from:
Operations:
Net investment income	$	80		$	198
Net realized gain		0			6
Net increase resulting from operations		80			204
Distributions to Shareholders:
From net investment income
Institutional Class		0			0
Administrative Class		(80	)		(203	)
Total Distributions		(80	)		(203	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		1			0
Administrative Class		11,524			18,326
Issued as reinvestment of distributions
Institutional Class		0			0
Administrative Class		80			203
Cost of shares redeemed
Institutional Class		0			0
Administrative Class		(9,364	)		(17,348	)
Net increase resulting from Portfolio share transactions		2,241			1,181
Total Increase in Net Assets		2,241			1,182
Net Assets:
Beginning of period		27,043			25,861
End of period*	$	29,284		$	27,043
*Including undistributed net investment income of:	$	3		$	3

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Money Market Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

SHORT-TERM INSTRUMENTS 100.1%
Certificates of Deposit 8.2%
Chase Manhattan Bank USA
1.150% due 08/06/2004	$	600	$	600
Citibank New York N.A.
1.190% due 08/20/2004		500		500
1.290% due 09/07/2004		500		500
1.340% due 09/10/2004		400		400
Well Fargo Bank N.A.
1.240% due 07/19/2004		400		400
				2,400
Commercial Paper 79.8%
Anz (Delaware), Inc.
1.030% due 07/08/2004		500		500
Barclays U.S. Funding Corp.
1.110% due 08/25/2004		700		699
CBA (de) Finance
1.150% due 08/09/2004		500		499
1.210% due 08/23/2004		400		399
CDC Commercial Corp.
1.120% due 08/19/2004		700		699
Fannie Mae
1.000% due 07/01/2004		600		600
1.045% due 07/14/2004		300		300
1.055% due 08/04/2004		500		499
1.155% due 08/18/2004		1,400		1,398
1.180% due 08/25/2004		300		299
1.520% due 10/15/2004		1,000		995
Federal Home Loan Bank
1.165% due 07/16/2004		1,000		1,000
1.210% due 09/01/2004		600		599
1.410% due 09/15/2004		500		498
ForeningsSparbanken AB
1.240% due 09/13/2004		500		499
1.560% due 10/21/2004		500		498
Freddie Mac
1.030% due 07/06/2004		400		400
1.200% due 08/09/2004		500		499
1.125% due 08/10/2004		500		499
1.130% due 08/10/2004		1,900		1,898
1.150% due 08/17/2004		500		499
1.220% due 09/20/2004		500		499
1.260% due 09/24/2004		1,000		997
General Electric Capital Corp.
1.040% due 07/08/2004		500		500
1.120% due 08/25/2004		500		499
HBOS Treasury Services PLC
1.145% due 08/09/2004		500		499
1.235% due 09/10/2004		500		499
ING U.S. Funding LLC
1.310% due 09/02/2004		200		200
1.240% due 09/10/2004		500		499
KFW International Finance, Inc.
1.110% due 08/23/2004		700		699
Lloyds TSB Bank PLC
1.185% due 07/21/2004		600		600
National Australia Bank Ltd.
1.210% due 07/19/2004		500		500
Pfizer, Inc.
1.300% due 08/18/2004		500		499
Rabobank USA Financial Corp.
1.390% due 09/07/2004		300		299
Shell Finance (UK) PLC
1.340% due 08/23/2004		600		599
Svenska Handlesbanken
1.295% due 09/24/2004		600		598
Swedish National Housing Finance Corp.
1.070% due 07/15/2004		600		600
Toyota Motor Credit Corp.
1.480% due 09/22/2004		500		498

UBS Finance, Inc.
1.130% due 09/01/2004	$	500	$	499
				23,359
Repurchase Agreements 10.4%
Credit Suisse First Boston
1.200% due 07/01/2004		2,700		2,700
(Dated 06/30/2004. Collateralized by Treasury Inflation Protected Securities 3.000% due 07/15/2012 valued at $2,777. Repurchase proceeds are $2,700.)
State Street Bank
0.800% due 07/01/2004		345		345
(Dated 06/30/2004. Collateralized by Fannie Mae 2.875% due 10/15/2005 valued at $354. Repurchase proceeds are $345.)
				3,045
U.S. Treasury Bills 1.7% 1.225% due 09/09/2004		500		499
Total Short-Term Instruments				29,303
(Cost $29,303)
Total Investments 100.1%			$	29,303
(Cost $29,303)
Other Assets and Liabilities (Net) (0.1%)				(19	)
Net Assets 100.0%			$	29,284

8 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Money Market Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Trust. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. 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. The Portfolio commenced operations on September 30, 1999.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities held by the Portfolio are valued at amortized cost, which approximates current market value.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.15%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.20%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for

June 30, 2004 Semi-Annual Report 9

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organizational expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.35%
Administrative Class	0.50	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)		Net Unrealized Appreciation
$                0	$	0	$	0

5. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	1		$	1		0		$	0
Administrative Class	11,524			11,524		18,326			18,326
Issued as reinvestment of distributions
Institutional Class	0			0		0			0
Administrative Class	80			80		203			203
Cost of shares redeemed
Institutional Class	0			0		0			0
Administrative Class	(9,364	)		(9,364	)	(17,348	)		(17,348	)
Net increase resulting from Portfolio share transactions	2,241		$	2,241		1,181		$	1,181

10 Semi-Annual Report June 30, 2004

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	1	100
Administrative Class	1	99

6. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

12 Semi-Annual Report June 30, 2004

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

TOTAL RETURN II PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	11

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Total Return Portfolio II

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                Total Return Portfolio           Lehman Brothers Aggregate
                   II Admin. Class                      Bond Index
                ----------------------           -------------------------
05/31/1999              $10,000                          $10,000
06/30/1999              $10,071                           $9,968
07/31/1999              $10,025                           $9,926
08/31/1999              $10,001                           $9,921
09/30/1999              $10,127                          $10,036
10/31/1999              $10,134                          $10,073
11/30/1999              $10,180                          $10,072
12/31/1999              $10,141                          $10,024
01/31/2000              $10,115                           $9,991
02/29/2000              $10,224                          $10,112
03/31/2000              $10,435                          $10,245
04/30/2000              $10,452                          $10,215
05/31/2000              $10,436                          $10,211
06/30/2000              $10,627                          $10,423
07/31/2000              $10,697                          $10,518
08/31/2000              $10,869                          $10,670
09/30/2000              $10,883                          $10,737
10/31/2000              $10,961                          $10,808
11/30/2000              $11,193                          $10,985
12/31/2000              $11,287                          $11,189
01/31/2001              $11,448                          $11,372
02/28/2001              $11,583                          $11,471
03/31/2001              $11,651                          $11,529
04/30/2001              $11,543                          $11,481
05/31/2001              $11,625                          $11,550
06/30/2001              $11,644                          $11,594
07/31/2001              $12,035                          $11,853
08/31/2001              $12,159                          $11,989
09/30/2001              $12,444                          $12,128
10/31/2001              $12,698                          $12,382
11/30/2001              $12,465                          $12,211
12/31/2001              $12,384                          $12,134
01/31/2002              $12,553                          $12,232
02/28/2002              $12,677                          $12,350
03/31/2002              $12,491                          $12,145
04/30/2002              $12,690                          $12,381
05/31/2002              $12,693                          $12,486
06/30/2002              $12,689                          $12,594
07/31/2002              $12,668                          $12,746
08/31/2002              $12,951                          $12,961
09/30/2002              $13,068                          $13,171
10/31/2002              $13,068                          $13,111
11/30/2002              $13,148                          $13,107
12/31/2002              $13,371                          $13,378
01/31/2003              $13,322                          $13,389
02/28/2003              $13,566                          $13,575
03/31/2003              $13,574                          $13,564
04/30/2003              $13,657                          $13,676
05/31/2003              $14,046                          $13,931
06/30/2003              $14,009                          $13,903
07/31/2003              $13,476                          $13,436
08/31/2003              $13,633                          $13,525
09/30/2003              $14,002                          $13,883
10/31/2003              $13,897                          $13,754
11/30/2003              $13,916                          $13,787
12/31/2003              $14,042                          $13,927
01/31/2004              $14,138                          $14,039
02/29/2004              $14,301                          $14,191
03/31/2004              $14,417                          $14,297
04/30/2004              $14,058                          $13,925
05/31/2004              $14,025                          $13,870
06/30/2004              $14,093                          $13,948

SECTOR BREAKDOWN‡
Short-Term Instruments	62.4	%
U.S. Government Agencies	16.3	%
Corporate Bonds & Notes	6.2	%
Mortgage-Backed Securities	5.4	%
U.S. Treasury Obligations	4.3	%
Municipal Bonds & Notes	4.1	%
Other	1.3	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Administrative Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		5 Years*		Since Inception*
	Total Return Portfolio II Administrative Class (Inception 05/28/99)	0.36	%	0.59	%	6.95	%	6.98	%
- - - - - - -	Lehman Brothers Aggregate Bond Index	0.15	%	0.32	%	6.95	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,003.60	$	1,025.00
Expenses Paid During Period†	$	3.24	$	3.27

^†Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.65%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Total Return Portfolio II seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, with quality, U.S. issuer, and U.S. dollar-denominated security restrictions.

• The Portfolio’s Administrative Class shares outperformed the Lehman Brothers Aggregate Bond Index for the six-month period ended June 30, 2004, returning 0.36% versus 0.15% for the Index.

• The Portfolio’s below-Index duration helped returns, as yields rose over the period.

• An emphasis on short/intermediate maturities was negative, as the yield curve flattened in anticipation of Fed tightening. However, this strategy enhanced security returns via “roll down,” or price appreciation, as bonds are revalued at lower yields over time, given the steepness of the yield curve.

• Substituting Real Return Bonds (TIPS-Treasury Inflation Protected Securities) for nominal Treasuries was positive as TIPS benefited from strong demand for the inflation protection they provide.

• A mortgage underweight was slightly negative, as mortgages outpaced comparable Treasuries; mortgage security selection was positive, however, and more than offset this impact.

• The Portfolio’s underweight to corporate securities was slightly positive, as this sector lagged Treasuries modestly on like-duration basis.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

Total Return Portfolio II (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			12/31/2000			05/28/1999- 12/31/1999
Net asset value beginning of period	$	10.31		$	10.09		$	10.12		$	10.24		$	9.82		$	10.00
Net investment income (a)		0.07	(e)		0.17	(e)		0.38	(e)		0.48	(e)		0.61	(e)		0.32
Net realized/unrealized gain (loss) on investments (a)		(0.03	)(e)		0.33	(e)		0.41	(e)		0.49	(e)		0.46	(e)		(0.18	)
Total income from investment operations		0.04			0.50			0.79			0.97			1.07			0.14
Dividends from net investment income		(0.07	)		(0.19	)		(0.40	)		(0.48	)		(0.65	)		(0.32	)
Distributions from net realized capital gains		0.00			(0.09	)		(0.42	)		(0.61	)		0.00			0.00
Total distributions		(0.07	)		(0.28	)		(0.82	)		(1.09	)		(0.65	)		(0.32	)
Net asset value end of period	$	10.28		$	10.31		$	10.09		$	10.12		$	10.24		$	9.82
Total return		0.36	%		5.01	%		7.97	%		9.72	%		11.30	%		1.41	%
Net assets end of period (000s)	$	17,373		$	17,474		$	16,882		$	2,403		$	2,203		$	5,128
Ratio of net expenses to average net assets		0.65	%*		0.65	%		0.66	%(d)		0.65	%(c)		0.65	%		0.65	%*(b)
Ratio of net investment income to average net assets		1.33	%*(e)		1.62	%(e)		3.71	%(e)		4.55	%(e)		6.14	%(e)		5.38	%*
Portfolio turnover rate		116	%		863	%		418	%		606	%		937	%		378	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.78%.

(c) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.66%.

(d) Ratio of expenses to average net assets excluding interest expense is 0.65%.

(e) Indicates a period in which, as a result of a change in generally accepted accounting principles, the portfolio has reclassified periodic payments made or received under certain derivative instruments, which were previously included within miscellaneous income, to a component of realized gain (loss) in the Statement of Operations. The effect of this reclassification was to increase the net investment income ratio for the period ending June 30, 2004 by 0.08% and the net investment income per share by $0.01. For consistency, similar reclassifications have been made to prior period amounts, resulting in (reductions) to the net investment income ratio of 0.00%, (0.02)%, (0.01)% and (0.20)% and to the net investment income per share of $0.00, $0.00, $0.00 and $(0.02) in the fiscal years ending December 31, 2003, 2002, 2001, and 2000, respectively. This change had no impact on the reported net asset value per share for any period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Total Return Portfolio II

June 30, 2004 (unaudited)
Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	18,903
Cash		1
Receivable for investments sold on a delayed delivery basis		625
Interest and dividends receivable		43
Variation margin receivable		67
Swap premiums paid		1
Unrealized appreciation on swap agreements		4
		19,644
Liabilities:
Payable for investments purchased	$	1,461
Payable for short sale		638
Written options outstanding		14
Payable for Portfolio shares redeemed		14
Accrued investment advisory fee		4
Accrued administration fee		4
Accrued servicing fee		2
Variation margin payable		2
Swap premiums received		15
		2,154
Net Assets	$	17,490
Net Assets Consist of:
Paid in capital	$	17,089
Undistributed net investment income		248
Accumulated undistributed net realized gain		89
Net unrealized appreciation		64
	$	17,490
Net Assets:
Institutional Class	$	117
Administrative Class		17,373
Shares Issued and Outstanding:
Institutional Class		11
Administrative Class		1,690
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.28
Administrative Class		10.28
Cost of Investments Owned	$	18,887

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Total Return Portfolio II

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	171
Dividends		2
Total Income		173
Expenses:
Investment advisory fees	��	22
Administration fees		22
Distribution and/or servicing fees - Administrative Class		13
Total Expenses		57
Net Investment Income		116
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		87
Net realized gain on futures contracts, options, and swaps		13
Net change in unrealized (depreciation) on investments		(115	)
Net change in unrealized (depreciation) on futures contracts, options, and swaps		(40	)
Net (Loss)		(55	)
Net Increase in Assets Resulting from Operations	$	61

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Total Return Portfolio II

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	116		$	279
Net realized gain		100			359
Net change in unrealized appreciation (depreciation)		(155	)		213
Net increase resulting from operations		61			850
Distributions to Shareholders:
From net investment income
Institutional Class		0			(2	)
Administrative Class		(115	)		(323	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(150	)
Total Distributions		(115	)		(475	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		106			0
Administrative Class		4			0
Issued as reinvestment of distributions
Institutional Class		0			2
Administrative Class		115			473
Cost of shares redeemed
Institutional Class		(6	)		(1,200	)
Administrative Class		(164	)		(260	)
Net increase (decrease) resulting from Portfolio share transactions		55			(984	)
Total Increase (Decrease) in Net Assets		1			(609	)
Net Assets:
Beginning of period		17,489			18,099
End of period*	$	17,490		$	17,489
*Including undistributed net investment income of:	$	248		$	246

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Total Return Portfolio II

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

CORPORATE BONDS & NOTES 6.6%
Banking & Finance 3.9%
CIT Group, Inc.
2.490% due 07/30/2004 (a)	$	40	$	40
2.670% due 01/31/2005 (a)		100		101
Ford Motor Credit Co.
3.045% due 10/25/2004 (a)		200		201
General Motors Acceptance Corp.
1.499% due 07/21/2004 (a)		100		100
3.158% due 05/19/2005 (a)		100		101
UBS Preferred Funding Trust I
8.622% due 10/29/2049 (a)		100		119
Verizon Wireless Capital LLC
1.350% due 05/23/2005 (a)		30		30
				692
Industrials 0.8%
El Paso Corp.
6.750% due 05/15/2009		50		46
Williams Cos., Inc.
7.875% due 09/01/2021		100		97
				143
Utilities 1.9%
AEP Texas Central Co.
2.500% due 02/15/2005 (a)		10		10
Appalachian Power Co.
4.800% due 06/15/2005		20		20
Entergy Gulf States, Inc.
2.433% due 06/18/2007 (a)		100		100
Pacific Gas & Electric Co.
1.810% due 04/03/2006 (a)		200		200
				330
Total Corporate Bonds & Notes				1,165
(Cost $1,141)
MUNICIPAL BONDS & NOTES 4.4%
California State Polytechnic University Revenue Bonds, Series 1972
5.250% due 01/01/2010		100		109
City of Chicago, Illinois General Obligation Bonds, (MBIA Insured), Series 2003
5.000% due 01/01/2035		100		97
Energy Northwest Washington Electric Revenue Bonds, Series 2003
5.500% due 07/01/2014		100		111
La Quinta, California Redevelopment Agency Tax Allocation Bonds, (AMBAC Insured), Series 2001
5.100% due 09/01/2031		100		99
New Jersey State Tobacco Settlement Financing Corp. Revenue Bonds, Series 2003
4.375% due 06/01/2019		70		68
New Jersey State Tobacco Settlement Financing Corp., Series 2003
6.750% due 06/01/2039		100		90
New Jersey Transportation Trust Fund Revenue Bonds, Series 2003
5.000% due 06/15/2013		50		53
New York State Environmental Facilities Corp. Revenue Bonds, Series 2002
8.860% due 06/15/2023 (a)		25		26
New York Transitional Finance Authority Revenue Bonds, Series 2003
5.000% due 02/01/2033		100		97
University of Texas Revenue Bonds, Series 2003
5.000% due 08/15/2033		20		20
Total Municipal Bonds & Notes				770
(Cost $791)

U.S. GOVERNMENT AGENCIES 17.6%
Fannie Mae
6.500% due 08/01/2032	$	33	$	34
1.420% due 03/25/2034 (a)		97		97
5.090% due 09/01/2034 (a)		58		60
4.797% due 12/01/2036 (a)		56		58
6.000% due 06/01/2016- 07/25/2024 (b)		280		290
5.000% due 06/01/2018- 07/15/2034 (b)		1,128		1,112
5.500% due 10/01/2017- 07/15/2034 (b)		1,163		1,159
Federal Home Loan Bank
5.500% due 03/15/2015		2		2
Freddie Mac
6.000% due 09/01/2016		22		23
3.579% due 07/01/2027 (a)		7		7
3.532% due 01/01/2028 (a)		7		7
5.500% due 08/15/2030		35		36
6.500% due 08/01/2032		24		26
5.000% due 10/01/2018- 10/15/2026 (b)		111		112
Government National Mortgage Association
3.375% due 02/20/2027 (a)		28		28
3.500% due 05/20/2030 (a)		20		20
1.780% due 09/20/2030 (a)		9		9
Total U.S. Government Agencies				3,080
(Cost $3,079)
U.S. TREASURY OBLIGATIONS 4.7%
Treasury Inflation Protected Securities (d)
3.375% due 01/15/2007 (c)		119		127
3.625% due 01/15/2008		163		178
3.875% due 01/15/2009		458		512
Total U.S. Treasury Obligations				817
(Cost $799)
MORTGAGE-BACKED SECURITIES 5.9%
Bank of America Mortgage Securities, Inc.
6.500% due 10/25/2031		64		64
6.500% due 02/25/2033		15		15
Bear Stearns Adjustable Rate Mortgage Trust
6.053% due 08/25/2032 (a)		3		3
5.134% due 03/25/2033 (a)		36		37
4.802% due 12/25/2033 (a)		79		79
Countrywide Home Loans, Inc.
5.699% due 03/19/2032 (a)		3		3
CS First Boston Mortgage Securities Corp.
6.202% due 04/25/2032 (a)		1		1
5.192% due 06/25/2032 (a)		16		16
6.222% due 06/25/2032 (a)		12		13
2.360% due 08/25/2033 (a)		17		17
GSMPS Mortgage Loan Trust
7.000% due 07/25/2043		65		68
GSR Mortgage Loan Trust
6.000% due 03/25/2032		17		17
Impac CMB Trust
1.700% due 07/25/2033 (a)		84		84
1.550% due 01/25/2034 (a)		95		95
MASTR Asset Securitization Trust
5.500% due 09/25/2033		65		63
Merrill Lynch Mortgage Investors, Inc.
2.825% due 01/25/2029 (a)		92		94
1.600% due 01/20/2030 (a)		4		4
Prime Mortgage Trust
1.700% due 02/25/2034 (a)		71		71
Residential Funding Mortgage Securities I, Inc.
5.603% due 09/25/2032 (a)		3		3

Structured Asset Mortgage Investments, Inc.
1.610% due 09/19/2032 (a)	$	8	$	8
Structured Asset Securities Corp.
6.150% due 07/25/2032 (a)		2		2
1.460% due 08/25/2033 (a)		32		32
Washington Mutual Mortgage Securities Corp.
3.052% due 02/27/2034 (a)		34		34
2.624% due 08/25/2042 (a)		200		203
Total Mortgage-Backed Securities				1,026
(Cost $1,032)
ASSET-BACKED SECURITIES 0.7%
Amortizing Residential Collateral Trust
1.570% due 06/25/2032 (a)		15		15
CIT Group Home Equity Loan Trust
1.570% due 06/25/2033 (a)		10		10
CS First Boston Mortgage Securities Corp.
1.610% due 01/25/2032 (a)		18		18
Equity One ABS, Inc.
1.580% due 11/25/2032 (a)		17		17
HFC Home Equity Loan Asset-Backed Certificates
1.630% due 10/20/2032 (a)		52		52
Household Mortgage Loan Trust
1.580% due 05/20/2032 (a)		3		3
Irwin Home Equity Loan Trust
1.590% due 06/25/2029 (a)		3		3
Morgan Stanley Dean Witter Capital I, Inc.
1.630% due 07/25/2032 (a)		5		5
Total Asset-Backed Securities				123
(Cost $123)
PURCHASED PUT OPTIONS 0.0%
	# of Contracts
Eurodollar December Futures (CME)
Strike @ 95.000 Exp. 12/13/2004		5		0
Eurodollar June Futures (CME) Strike @ 91.000 Exp. 06/13/2005		16		0
Total Purchased Put Options				0
(Cost $0)
PREFERRED SECURITY 0.7%
	Shares
DG Funding Trust
3.360% due 12/29/2049 (a)		11		118
Total Preferred Security				118
(Cost $116)
SHORT-TERM INSTRUMENTS 67.5%
	Principal Amount (000s)
Certificates of Deposit 3.4%
Citibank New York N.A.
1.215% due 07/30/2004		300		300
Well Fargo Bank N.A.
1.090% due 07/07/2004		300		300
				600
Commercial Paper 57.1%
Fannie Mae
1.010% due 07/01/2004		800		800
1.030% due 07/01/2004		200		200
1.025% due 07/07/2004		300		300
1.045% due 07/21/2004		400		400
1.060% due 07/21/2004		400		400
1.056% due 07/28/2004		400		400
1.063% due 08/04/2004		100		100
1.150% due 08/18/2004		200		200

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

1.180% due 08/25/2004	$	200	$	200
1.185% due 08/25/2004		200		200
1.225% due 09/01/2004		200		199
1.230% due 09/01/2004		200		199
1.240% due 09/01/2004		200		199
1.380% due 09/01/2004		200		200
1.130% due 09/08/2004		200		199
1.415% due 09/08/2004		200		199
1.430% due 09/08/2004		200		199
1.415% due 09/15/2004		400		399
1.414% due 09/22/2004		100		100
1.426% due 09/22/2004		200		199
1.435% due 09/22/2004		400		399
Federal Home Loan Bank
1.165% due 07/16/2004		100		100
1.170% due 07/16/2004		200		200
1.180% due 08/25/2004		200		200
1.090% due 08/27/2004		200		200
1.240% due 09/01/2004		400		399
1.240% due 09/03/2004		200		199
Ford Motor Credit Co.
1.010% due 09/03/2004		100		100
Freddie Mac
1.010% due 07/15/2004		100		100
1.200% due 08/09/2004		200		399
1.150% due 08/17/2004		300		100
1.195% due 08/17/2004		200		200
1.175% due 08/24/2004		100		100
1.210% due 08/31/2004		200		200
1.275% due 09/07/2004		200		199
1.410% due 09/14/2004		200		199
1.440% due 09/14/2004		200		199
1.445% due 09/14/2004		200		199
1.465% due 09/28/2004		100		100
1.436% due 09/30/2004		200		199
1.540% due 10/18/2004		200		199
General Electric Capital Corp.
1.050% due 07/07/2004		200		200
1.300% due 09/08/2004		300		299
				9,981
Repurchase Agreement 3.1%
State Street Bank
0.800% due 07/01/2004		550		550
(Dated 06/30/2004. Collateralized by Freddie Mac 5.500% due 07/15/2006 valued at $562. Repurchase proceeds are $550.)
U.S. Treasury Bills 3.9%
1.256% due 09/02/2004- 09/16/2004 (b)(c)		675		673
Total Short-Term Instruments				11,804
(Cost $11,806)
Total Investments 108.1%			$	18,903
(Cost $18,887)
Written Options (f) (0.1%)				(14	)
(Premiums $26)
Other Assets and Liabilities (Net) (8.0%)				(1,399	)
Net Assets 100.0%			$	17,490

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(c) Securities with an aggregate market value of $501 have been segregated with the custodian to cover margin

requirements for the following open futures contracts at

June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Eurodollar March Long Futures	03/2005	6	$	(8	)
Eurodollar March Long Futures	03/2006	2		(2	)
Eurodollar June Long Futures	06/2005	8		(11	)
Eurodollar September Long Futures	09/2005	7		(12	)
Eurodollar December Long Futures	12/2004	2		1
Eurodollar December Long Futures	12/2005	7		(11	)
U.S. Treasury 10-Year Note Long Futures	09/2004	52		66
U.S. Treasury 5-Year Note Long Futures	09/2004	31		21
			$	44

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

(e) Swap agreements outstanding at June 30, 2004:

Type		Notional Amount		Unrealized Appreciation
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Bear Stearns & Co., Inc.
Exp. 07/01/2004	$	10	$	0
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Bank of America
Exp. 07/31/2004		50		0
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Bear Stearns & Co., Inc.
Exp. 08/01/2004		100		0
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Bear Stearns & Co., Inc.
Exp. 09/01/2004		0		0
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 09/30/2004		100		0

Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: UBS Warburg LLC
Exp. 12/15/2006	$	100	$	0
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: Barclays Bank PLC
Exp. 12/15/2006		200		0
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: Bank of America
Exp. 12/15/2009		400		4
			$	4

See accompanying notes June 30, 2004 Semi-Annual Report 9

Schedule of Investments (Cont.)

Total Return Portfolio II

June 30, 2004 (Unaudited)

(f) Premiums received on written options:

Name of Issuer	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury Note September Futures	$	111.500	08/27/2004	1	$	1	$	0
Call - CBOT U.S. Treasury Note September Futures		115.000	08/27/2004	4		2		0
Call - CBOT U.S. Treasury Note September Futures		111.000	08/27/2004	1		0		1
Call - CBOT U.S. Treasury Note September Futures		114.000	08/27/2004	2		1		0
Call - CBOT U.S. Treasury Note September Futures		110.000	08/27/2004	2		2		2
Put - CBOT U.S. Treasury Note September Futures		107.500	08/27/2004	1		1		0
Put - CBOT U.S. Treasury Note September Futures		108.000	08/27/2004	2		3		1
Put - CBOT U.S. Treasury Note September Futures		105.000	08/27/2004	2		1		0
					$	11	$	4

Name of Issuer	Counterparty	Exercise Rate		Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	UBS Warburg LLC	3.800	%**	10/07/2004	$	100	$	1	$	0
Call - OTC 7-Year Interest Rate Swap	Bank of America	6.000	%**	10/19/2004		100		4		7
Put - OTC 7-Year Interest Rate Swap	Bank of America	6.000	%*	10/19/2004		100		4		0
Call - OTC 7-Year Interest Rate Swap	Bank of America	5.200	%**	11/02/2004		100		3		3
Put - OTC 7-Year Interest Rate Swap	Bank of America	6.700	%*	11/02/2004		100		3		0
							$	15	$	10

* The Portfolio will pay a floating rate based on 3-month LIBOR.

** The Portfolio will receive a floating rate based on 3-month LIBOR.

(g) Short sales open at June 30, 2004 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Bond	6.250	08/15/2023	$	100	$	111	$	109
U.S. Treasury Bond	6.250	05/15/2030		200		224		218
U.S. Treasury Bond	5.375	02/15/2031		200		202		198
U.S. Treasury Note	4.750	05/15/2014		100		101		100
					$	638	$	625

10 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Total Return Portfolio II (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. 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. The Portfolio commenced operations on May 28, 1999.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Delayed Delivery Transactions. The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. 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 net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Short Sales. The Portfolio may enter into short sales transactions. A short sale is a transaction in which the Portfolio sells securities it does not own in anticipation of a decline in the market price of the securities. The Portfolio is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The

12 Semi-Annual Report June 30, 2004

Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain (loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. This reclassification increased(decreased) net investment income by $13,839 and $(463), and net realized gain(loss) by $(14,308) and $581 and net change in unrealized appreciation(depreciation) by $469 and $(118) for the six months ended June 30, 2004 and year ended December 31, 2003, respectively. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase(decrease) in net assets from operations during any period.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.25%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.50	%
Administrative Class	0.65	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$7,979	$7,308	$1,297	$654

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Premium
Balance at 12/31/2003	$	30
Sales		25
Closing Buys		(5	)
Expirations		(24	)
Exercised		0
Balance at 06/30/2004	$	26

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)		Net Unrealized Appreciation
$                    71	$	(55)	$	16

14 Semi-Annual Report June 30, 2004

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	10		$	106		0		$	0
Administrative Class	0			4		0			0
Issued as reinvestment of distributions
Institutional Class	0			0		0			2
Administrative Class	11			115		45			473
Cost of shares redeemed
Institutional Class	(1	)		(6	)	(119	)		(1,200	)
Administrative Class	(15	)		(164	)	(25	)		(260	)
Net increase (decrease) resulting from Portfolio share transactions	5		$	55		(99	)	$	(985	)

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	2	100
Administrative Class	1	100

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

June 30, 2004 Semi-Annual Report 15

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

16 Semi-Annual Report June 30, 2004

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

ALL ASSET PORTFOLIO

CLASS M

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	9

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

The All Asset Portfolio invest in a portfolio of mutual funds. The cost of investing in the Portfolio will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

All Asset Portfolio

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

	Since Inception*
All Asset Portfolio Class M (Inception 04/30/04)	3.16	%
* Cumulative.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (04/30/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,031.60	$	1,025.00
Expenses Paid During Period†	$	1.51	$	1.50

^†Expenses are equal to the Portfolio’s Class M annualized expense ratio of 0.89%, multiplied by the average account value over the period, multiplied by 61/366 (to reflect the period since the Portfolio commenced operation on 04/30/04). The expense ratio excludes the expenses of the underlying PIMCO Funds, which based upon the allocation of the Portfolio’s assets among the underlying Funds are indirectly borne by the shareholders of the Portfolio. The Underlying Fund Expenses for the Portfolio are estimated at 0.60%.

PORTFOLIO INSIGHTS

• The All Asset Portfolio seeks to achieve its investment objective by investing under normal circumstances substantially all of its assets in Institutional Class shares of the PIMCO Funds: Pacific Investment Management Series (“PIMS”), except the All Asset Fund and the All Asset All Authority Fund.

• The Portfolio may invest in any PIMCO mutual fund except the All Asset Fund and the All Asset All Authority Fund; however, PIMCO has identified 14 core funds on which the All Asset Portfolio will focus.

• For the period from its inception on April 30, 2004 through June 30, 2004, the Portfolio’s Class M shares returned 3.16%, versus the 1.16% return of the Lehman Global Real: U.S. TIPS 1-10 Year Index and the 2.09% return of the average performance of the benchmarks for the core funds for the same period.

• The equally weighted average of the core funds returned 2.27% for the 6 months ended June 30, 2004.

• The average performance of the core funds outperformed the average performance of the 14 benchmarks by 0.19%. This outperformance is a measure of the value added by PIMCO portfolio managers.

• The PVIT All Asset Portfolio underperformed the average performance of the core funds by 0.50%.

• The Portfolio’s overweight to real return strategies versus other Underlying PIMS Funds contributed to performance during the period since the Class M inception on April 30, 2004 through June 30, 2004; in addition, the Portfolio’s exposure to other strategies contributed to outperformance versus the Lehman Global Real: U.S. TIPS 1-10 Year Index during the two-month period.

• The Lehman US TIPS, DJAIG Commodity, and Wilshire REIT indices outperformed the average performance of the 14 benchmarks.

• An overweight to TIPS strategies in the beginning of the period while scaling down exposure throughout the period was positive as yields gradually rose.

PIMCO FUNDS ALLOCATION^‡

CommodityRealReturn Strategy	14.7	%
RealEstateRealReturn Strategy	12.7	%
StocksPLUS	12.0	%
Real Return	8.1	%
Emerging Markets Bond	8.0	%
Real Return Asset	8.0	%
Low Duration	7.5	%
International StocksPLUS TR Strategy	6.7	%
StocksPLUS Total Return	6.3	%
GNMA	5.1	%
High Yield	4.4	%
Other	6.5	%

^‡ % of Total Investments as of June 30, 2004

June 30, 2004 Semi-Annual Report 3

Financial Highlights

All Asset Portfolio (Class M)

Selected Per Share Data for the Period Ended:	04/30/2004- 06/30/2004+
Net asset value beginning of period	$	10.59
Net investment income (a)		0.07
Net realized/unrealized gain on investments (a)		0.26
Total income from investment operations		0.33
Dividends from net investment income		(0.01	)
Distributions from net realized capital gains		0.00
Total distributions		(0.01	)
Net asset value end of period	$	10.91
Total return		3.16	%
Net assets end of period (000s)	$	3,474
Ratio of net expenses to average net assets		0.89	%*(b)(c)
Ratio of net investment income to average net assets		4.38	%*
Portfolio turnover rate		54	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding Underlying PIMS Funds’ expenses in which the Portfolio invests.

(c) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.90%.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

All Asset Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments in Affiliates, at value	$	21,932
Cash		545
Receivable for Portfolio shares sold		353
Dividends receivable from Affiliates		20
Manager reimbursement receivable		53
		22,903
Liabilities:
Payable for investments in Affiliates purchased	$	565
Accrued investment advisory fee		3
Accrued administration fee		3
Accrued servicing fee		3
		574
Net Assets	$	22,329
Net Assets Consist of:
Paid in capital	$	21,983
Undistributed net investment income		87
Accumulated undistributed net realized (loss)		(6	)
Net unrealized appreciation		265
	$	22,329
Net Assets:
Administrative Class	$	18,845
Advisor Class		10
Class M		3,474
Shares Issued and Outstanding:
Administrative Class		1,724
Advisor Class		1
Class M		318
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Administrative Class	$	10.93
Advisor Class		10.93
Class M		10.91
Cost of Investments in Affiliates Owned	$	21,667

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

All Asset Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Dividends from Affiliates	$	105
Total Income		105
Expenses:
Investment advisory fees		4
Administration fees		6
Distribution and/or servicing fees - Administrative Class		3
Distribution and/or servicing fees - Advisor Class		0
Distribution fees - Class M		1
Total Expenses		14
Net Investment Income		91
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments in Affiliates		(17	)
Net change in unrealized appreciation on investments in Affiliates		238
Net Gain		221
Net Increase in Assets Resulting from Operations	$	312

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

All Asset Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Period from April 30, 2003 to December 31, 2003
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	91		$	39
Net realized gain (loss) on investments in Affiliates		(17	)		6
Net capital gain distributions received from underlying Funds		0			15
Net change in unrealized appreciation on investments in Affiliates		238			27
Net increase resulting from operations		312			87
Distributions to Shareholders:
From net investment income
Administrative Class		(24	)		(25	)
Advisor Class		0			0
Class M		(4	)		0
Total Distributions		(28	)		(25	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		17,926			1,543
Advisor Class		10			0
Class M		3,658			0
Issued as reinvestment of distributions
Administrative Class		24			25
Advisory Class		0			0
Class M		4			0
Cost of shares redeemed
Administrative Class		(367	)		(613	)
Advisor Class		0			0
Class M		(227	)		0
Net increase resulting from Portfolio share transactions		21,028			955
Total Increase in Net Assets		21,312			1,017
Net Assets:
Beginning of period		1,017			0
End of period*	$	22,329		$	1,017
*Including undistributed net investment income of:	$	87		$	24

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

All Asset Portfolio

June 30, 2004 (Unaudited)

	Value
Shares	(000s)

PIMCO FUNDS (a) 98.2%
CommodityRealReturn Strategy	222,894	$	3,223
Convertible	810		10
Emerging Markets Bond	177,261		1,762
European Convertible Bond	51,283		626
Foreign Bond (Unhedged)	959		10
GNMA	102,930		1,129
High Yield	101,468		955
International StocksPLUS TR Strategy	135,120		1,462
Low Duration	161,272		1,643
Real Return	157,642		1,776
Real Return Asset	150,982		1,748
RealEstateRealReturn Strategy	259,588		2,793
Short-Term	77,249		775
StocksPLUS	272,154		2,632
StocksPLUS Total Return	114,209		1,388
Total Investments 98.2%		$	21,932
(Cost $21,667)
Other Assets and Liabilities (Net) 1.8%			397
Net Assets 100.0%		$	22,329

Notes to Schedule of Investments:

(a) Institutional Class of each PIMCO Fund.

8 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The All Asset Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Administrative, Advisor and Class M. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Class M of the Trust. 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. The Portfolio commenced operations on April 30, 2003.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Investments in Funds within the PIMS Funds are valued at their net asset value as reported by the underlying PIMS Funds.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared and distributed to shareholders quarterly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Underlying PIMS Funds. The Underlying PIMS Funds are the Institutional Class shares of the PIMCO Funds: Pacific Investment Management Series, an affiliated open-end investment company, except All Asset and All Asset All Authority Funds. Though it is anticipated that the All Asset Portfolio will not currently invest in the European StocksPLUS Total Return Strategy, Far East (ex-Japan) StocksPLUS Total Return Strategy, Japanese StocksPLUS TR Strategy, StocksPLUS Municipal-Backed and StocksPLUS TR Short Strategy Funds, the Portfolio may invest in these Funds in the future, without shareholder approval, at the discretion of the Portfolio’s asset allocation sub-adviser.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.20%.

PIMCO has contractually agreed, for the All Asset Portfolio’s current fiscal year, to reduce its Advisory Fee to the extent that the Underlying Fund Expenses attributable to Advisory and Administrative Fees exceed 0.60%. PIMCO may recoup these waivers in future period, not to exceed three years, provided total expenses, including such Recoupment, do not exceed the annual expense limit.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.25%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned

June 30, 2004 Semi-Annual Report 9

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Administrative Class	0.60	%
Advisor Class	0.70	%
Class M	0.90	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months. Expenses that have been waived and may still be reimbursed by the Administrator, to the extent the Portfolio’s annualized total portfolio operating expenses plus the amount so reimbursed does not exceed the operating expense limitation, are as follows (amounts in thousands):

		12/31/2003	06/30/2004
Amount Available for Reimbursement	$	53	0

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Risk Factors of the Portfolio

Investing in the Underlying PIMS Funds through the All Asset Portfolio involves certain additional expenses and tax results that would not be present in a direct investment in the Underlying PIMS Funds. Under certain circumstances, an Underlying PIMS Funds may pay a redemption request by the All Asset Portfolio wholly or partly by a distribution in kind of securities from its portfolio, instead of cash, in accordance with the rules of the Securities and Exchange Commission. In such cases, the Portfolio may hold securities distributed by an Underlying PIMS Funds until the Adviser determines that it is appropriate to dispose of such securities.

Each of the Underlying PIMS Funds may invest in certain specified derivative securities, including: interest rate swaps; commodity swaps; credit default swaps; currency swaps; total return swaps; Forward Foreign Currency Contracts; caps and floors for hedging purposes; exchange-traded options; over-the-counter options executed with primary dealers, including long calls and puts and covered calls and financial futures and options. Certain of the Underlying PIMS Funds may invest in restricted securities, instruments issued by trusts, partnerships or other issuers, including pass-through certificated representing participation in, or debt instruments backed by, the securities owned by such issuers. There Underlying PIMS Funds also may engage in securities lending, reverse repurchase agreements and dollar roll transactions. In addition, certain of the Underlying PIMS Funds may invest in below-investment grade debt, debt obligations of foreign issuers and stocks of foreign corporations, securities in foreign investment funds or trusts, foreign derivatives securities including future contracts, options, interest rate and currency swap transactions, and various other investment vehicles, each with inherent risks.

The officers and trustees of the Trust also serve as officers and trustees of the Underlying PIMS Funds. Conflicts may arise as these companies seek to fulfill their fiduciary responsibilities to both the Portfolio and the Underlying PIMS Funds.

5. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)		Net Unrealized Appreciation
$                   341	$	(76)	$	265

10 Semi-Annual Report June 30, 2004

6. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$  0	$  0	$  22,400	$  1,626

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Period From 04/30/2003 to 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Administrative Class	1,662			17,926		149			1,543
Advisor Class	1			10		0			0
Class M	339			3,658		0			0
Issued as reinvestment of distributions
Administrative Class	2			24		2			25
Advisor Class	0			0		0			0
Class M	0			4		0			0
Cost of shares redeemed
Administrative Class	(34	)		(367	)	(57	)		(613	)
Advisor Class	0			0		0			0
Class M	(21	)		(227	)	0			0
Net increase resulting from Portfolio share transactions	1,949		$	21,028		94		$	955

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Administrative Class	2	96

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have

12 Semi-Annual Report June 30, 2004

responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

June 30, 2004 Semi-Annual Report 13

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Sub-Adviser

Research Affiliates, LLC

800 E. Colorado Boulevard

Pasadena, California 91101

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

ALL ASSET PORTFOLIO

ADVISOR CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	9

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

The All Asset Portfolio invest in a portfolio of mutual funds. The cost of investing in the Portfolio will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

All Asset Portfolio

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

	Since Inception*
All Asset Portfolio Advisor Class (Inception 04/30/04)	3.32	%
* Cumulative.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (04/30/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,033.20	$	1,025.00
Expenses Paid During Period†	$	1.15	$	1.15

^†Expenses are equal to the Portfolio’s Advisor Class annualized expense ratio of 0.68%, multiplied by the average account value over the period, multiplied by 61/366 (to reflect the period since the Portfolio commenced operation on 04/30/04). The expense ratio excludes the expenses of the underlying PIMCO Funds, which based upon the allocation of the Portfolio’s assets among the underlying Funds are indirectly borne by the shareholders of the Portfolio. The Underlying Fund Expenses for the Portfolio are estimated at 0.60%.

PORTFOLIO INSIGHTS

• The All Asset Portfolio seeks to achieve its investment objective by investing under normal circumstances substantially all of its assets in Institutional Class shares of the PIMCO Funds: Pacific Investment Management Series (“PIMS”), except the All Asset Fund and the All Asset All Authority Fund.

• The Portfolio may invest in any PIMCO mutual fund except the All Asset Fund and the All Asset All Authority Fund; however, PIMCO has identified 14 core funds on which the All Asset Portfolio will focus.

• For the period from its inception on April 30, 2004 through June 30, 2004, the Portfolio’s Advisor Class shares returned 3.32%, versus the 1.16% return of the Lehman Global Real: U.S. TIPS 1-10 Year Index and the 2.09% return of the average performance of the benchmarks for the core funds for the same period.

• The equally weighted average of the core funds returned 2.27% for the 6 months ended June 30, 2004.

• The average performance of the core funds outperformed the average performance of the 14 benchmarks by 0.19%. This outperformance is a measure of the value added by PIMCO portfolio managers.

• The PVIT All Asset Portfolio underperformed the average performance of the core funds by 0.50%.

• The Portfolio’s overweight to real return strategies versus other Underlying PIMS Funds contributed to performance during the period since the Advisor Class inception on April 30, 2004 through June 30, 2004; in addition, the Portfolio’s exposure to other strategies contributed to outperformance versus the Lehman Global Real: U.S. TIPS 1-10 Year Index during the two-month period.

• The Lehman US TIPS, DJAIG Commodity, and Wilshire REIT indices outperformed the average performance of the 14 benchmarks.

• An overweight to TIPS strategies in the beginning of the period while scaling down exposure throughout the period was positive as yields gradually rose.

PIMCO FUNDS ALLOCATION^‡

CommodityRealReturn Strategy	14.7	%
RealEstateRealReturn Strategy	12.7	%
StocksPLUS	12.0	%
Real Return	8.1	%
Emerging Markets Bond	8.0	%
Real Return Asset	8.0	%
Low Duration	7.5	%
International StocksPLUS TR Strategy	6.7	%
StocksPLUS Total Return	6.3	%
GNMA	5.1	%
High Yield	4.4	%
Other	6.5	%

^‡% of Total Investments as of June 30, 2004

June 30, 2004 Semi-Annual Report 3

Financial Highlights

All Asset Portfolio (Advisor Class)

Selected Per Share Data for the Period Ended:	04/30/2004- 06/30/2004+
Net asset value beginning of period	$	10.59
Net investment income (a)		0.05
Net realized/unrealized gain on investments (a)		0.30
Total income from investment operations		0.35
Dividends from net investment income		(0.01	)
Distributions from net realized capital gains		0.00
Total distributions		(0.01	)
Net asset value end of period	$	10.93
Total return		3.32	%
Net assets end of period (000s)	$	10
Ratio of net expenses to average net assets		0.68	%*(b)(c)
Ratio of net investment income to average net assets		3.11	%*
Portfolio turnover rate		54	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding Underlying PIMS Funds’ expenses in which the Portfolio invests.

(c) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.70%.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

All Asset Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments in Affiliates, at value	$	21,932
Cash		545
Receivable for Portfolio shares sold		353
Dividends receivable from Affiliates		20
Manager reimbursement receivable		53
		22,903
Liabilities:
Payable for investments in Affiliates purchased	$	565
Accrued investment advisory fee		3
Accrued administration fee		3
Accrued servicing fee		3
		574
Net Assets	$	22,329
Net Assets Consist of:
Paid in capital	$	21,983
Undistributed net investment income		87
Accumulated undistributed net realized (loss)		(6	)
Net unrealized appreciation		265
	$	22,329
Net Assets:
Administrative Class	$	18,845
Advisor Class		10
Class M		3,474
Shares Issued and Outstanding:
Administrative Class		1,724
Advisor Class		1
Class M		318
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Administrative Class	$	10.93
Advisor Class		10.93
Class M		10.91
Cost of Investments in Affiliates Owned	$	21,667

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

All Asset Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Dividends from Affiliates	$	105
Total Income		105
Expenses:
Investment advisory fees		4
Administration fees		6
Distribution and/or servicing fees - Administrative Class		3
Distribution and/or servicing fees - Advisor Class		0
Distribution fees - Class M		1
Total Expenses		14
Net Investment Income		91
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments in Affiliates		(17	)
Net change in unrealized appreciation on investments in Affiliates		238
Net Gain		221
Net Increase in Assets Resulting from Operations	$	312

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

All Asset Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Period from April 30, 2003 to December 31, 2003
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	91		$	39
Net realized gain (loss) on investments in Affiliates		(17	)		6
Net capital gain distributions received from underlying Funds		0			15
Net change in unrealized appreciation on investments in Affiliates		238			27
Net increase resulting from operations		312			87
Distributions to Shareholders:
From net investment income
Administrative Class		(24	)		(25	)
Advisor Class		0			0
Class M		(4	)		0
Total Distributions		(28	)		(25	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		17,926			1,543
Advisor Class		10			0
Class M		3,658			0
Issued as reinvestment of distributions
Administrative Class		24			25
Advisory Class		0			0
Class M		4			0
Cost of shares redeemed
Administrative Class		(367	)		(613	)
Advisor Class		0			0
Class M		(227	)		0
Net increase resulting from Portfolio share transactions		21,028			955
Total Increase in Net Assets		21,312			1,017
Net Assets:
Beginning of period		1,017			0
End of period*	$	22,329		$	1,017
*Including undistributed net investment income of:	$	87		$	24

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

All Asset Portfolio

June 30, 2004 (Unaudited)

	Value
Shares	(000s)

PIMCO FUNDS (a) 98.2%
CommodityRealReturn Strategy	222,894	$	3,223
Convertible	810		10
Emerging Markets Bond	177,261		1,762
European Convertible Bond	51,283		626
Foreign Bond (Unhedged)	959		10
GNMA	102,930		1,129
High Yield	101,468		955
International StocksPLUS TR Strategy	135,120		1,462
Low Duration	161,272		1,643
Real Return	157,642		1,776
Real Return Asset	150,982		1,748
RealEstateRealReturn Strategy	259,588		2,793
Short-Term	77,249		775
StocksPLUS	272,154		2,632
StocksPLUS Total Return	114,209		1,388
Total Investments 98.2%		$	21,932
(Cost $21,667)
Other Assets and Liabilities (Net) 1.8%			397
Net Assets 100.0%		$	22,329

Notes to Schedule of Investments:

(a) Institutional Class of each PIMCO Fund.

8 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The All Asset Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Administrative, Advisor and Class M. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Advisor Class of the Trust. 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. The Portfolio commenced operations on April 30, 2003.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Investments in Funds within the PIMS Funds are valued at their net asset value as reported by the underlying PIMS Funds.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared and distributed to shareholders quarterly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Underlying PIMS Funds. The Underlying PIMS Funds are the Institutional Class shares of the PIMCO Funds: Pacific Investment Management Series, an affiliated open-end investment company, except All Asset and All Asset All Authority Funds. Though it is anticipated that the All Asset Portfolio will not currently invest in the European StocksPLUS Total Return Strategy, Far East (ex-Japan) StocksPLUS Total Return Strategy, Japanese StocksPLUS TR Strategy, StocksPLUS Municipal-Backed and StocksPLUS TR Short Strategy Funds, the Portfolio may invest in these Funds in the future, without shareholder approval, at the discretion of the Portfolio’s asset allocation sub-adviser.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.20%.

PIMCO has contractually agreed, for the All Asset Portfolio’s current fiscal year, to reduce its Advisory Fee to the extent that the Underlying Fund Expenses attributable to Advisory and Administrative Fees exceed 0.60%. PIMCO may recoup these waivers in future period, not to exceed three years, provided total expenses, including such Recoupment, do not exceed the annual expense limit.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.25%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned

June 30, 2004 Semi-Annual Report 9

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Administrative Class	0.60	%
Advisor Class	0.70	%
Class M	0.90	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months. Expenses that have been waived and may still be reimbursed by the Administrator, to the extent the Portfolio’s annualized total portfolio operating expenses plus the amount so reimbursed does not exceed the operating expense limitation, are as follows (amounts in thousands):

		12/31/2003	06/30/2004
Amount Available for Reimbursement	$	53	0

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Risk Factors of the Portfolio

Investing in the Underlying PIMS Funds through the All Asset Portfolio involves certain additional expenses and tax results that would not be present in a direct investment in the Underlying PIMS Funds. Under certain circumstances, an Underlying PIMS Funds may pay a redemption request by the All Asset Portfolio wholly or partly by a distribution in kind of securities from its portfolio, instead of cash, in accordance with the rules of the Securities and Exchange Commission. In such cases, the Portfolio may hold securities distributed by an Underlying PIMS Funds until the Adviser determines that it is appropriate to dispose of such securities.

Each of the Underlying PIMS Funds may invest in certain specified derivative securities, including: interest rate swaps; commodity swaps; credit default swaps; currency swaps; total return swaps; Forward Foreign Currency Contracts; caps and floors for hedging purposes; exchange-traded options; over-the-counter options executed with primary dealers, including long calls and puts and covered calls and financial futures and options. Certain of the Underlying PIMS Funds may invest in restricted securities, instruments issued by trusts, partnerships or other issuers, including pass-through certificated representing participation in, or debt instruments backed by, the securities owned by such issuers. There Underlying PIMS Funds also may engage in securities lending, reverse repurchase agreements and dollar roll transactions. In addition, certain of the Underlying PIMS Funds may invest in below-investment grade debt, debt obligations of foreign issuers and stocks of foreign corporations, securities in foreign investment funds or trusts, foreign derivatives securities including future contracts, options, interest rate and currency swap transactions, and various other investment vehicles, each with inherent risks.

The officers and trustees of the Trust also serve as officers and trustees of the Underlying PIMS Funds. Conflicts may arise as these companies seek to fulfill their fiduciary responsibilities to both the Portfolio and the Underlying PIMS Funds.

5. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)		Net Unrealized Appreciation
$                   341	$	(76)	$	265

10 Semi-Annual Report June 30, 2004

6. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$  0	$  0	$  22,400	$  1,626

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Period From 04/30/2003 to 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Administrative Class	1,662			17,926		149			1,543
Advisor Class	1			10		0			0
Class M	339			3,658		0			0
Issued as reinvestment of distributions
Administrative Class	2			24		2			25
Advisor Class	0			0		0			0
Class M	0			4		0			0
Cost of shares redeemed
Administrative Class	(34	)		(367	)	(57	)		(613	)
Advisor Class	0			0		0			0
Class M	(21	)		(227	)	0			0
Net increase resulting from Portfolio share transactions	1,949		$	21,028		94		$	955

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Administrative Class	2	96

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have

12 Semi-Annual Report June 30, 2004

responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

June 30, 2004 Semi-Annual Report 13

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Sub-Adviser

Research Affiliates, LLC

800 E. Colorado Boulevard

Pasadena, California 91101

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

STOCKSPLUS GROWTHAND INCOME PORTFOLIO

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	10

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

StocksPLUS Growth and Income Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]


                 StocksPLUS Growth and
                   Income Portfolio          S&P 500 Index
                 --------------------        -------------
04/30/2000             $10,000                  $10,000
05/31/2000              $9,803                   $9,795
06/30/2000              $9,999                  $10,036
07/31/2000             $10,038                   $9,879
08/31/2000             $10,567                  $10,493
09/30/2000             $10,012                   $9,939
10/31/2000              $9,927                   $9,897
11/30/2000              $9,179                   $9,117
12/31/2000              $9,209                   $9,161
01/31/2001              $9,559                   $9,486
02/28/2001              $8,676                   $8,621
03/31/2001              $8,126                   $8,075
04/30/2001              $8,709                   $8,703
05/31/2001              $8,817                   $8,761
06/30/2001              $8,605                   $8,548
07/31/2001              $8,571                   $8,464
08/31/2001              $8,052                   $7,934
09/30/2001              $7,403                   $7,293
10/31/2001              $7,567                   $7,432
11/30/2001              $7,567                   $8,002
12/31/2001              $8,170                   $8,072
01/31/2002              $8,083                   $7,955
02/28/2002              $7,961                   $7,801
03/31/2002              $8,238                   $8,095
04/30/2002              $7,764                   $7,604
05/31/2002              $7,720                   $7,548
06/30/2002              $7,158                   $7,010
07/31/2002              $6,549                   $6,464
08/31/2002              $6,664                   $6,507
09/30/2002              $5,946                   $5,799
10/31/2002              $6,488                   $6,310
11/30/2002              $6,888                   $6,681
12/31/2002              $6,530                   $6,288
01/31/2003              $6,386                   $6,124
02/28/2003              $6,323                   $6,032
03/31/2003              $6,402                   $6,090
04/30/2003              $6,934                   $6,592
05/31/2003              $7,314                   $6,939
06/30/2003              $7,397                   $7,028
07/31/2003              $7,488                   $7,152
08/31/2003              $7,651                   $7,291
09/30/2003              $7,603                   $7,214
10/31/2003              $8,011                   $7,622
11/30/2003              $8,084                   $7,689
12/31/2003              $8,517                   $8,092
01/31/2004              $8,673                   $8,241
02/29/2004              $8,820                   $8,355
03/31/2004              $8,690                   $8,229
04/30/2004              $8,506                   $8,100
05/31/2004              $8,616                   $8,211
06/30/2004              $8,775                   $8,371
                 

SECTOR BREAKDOWN^‡

Short-Term Instruments‡‡	71.9	%
Mortgage-Backed Securities	7.2	%
U.S. Treasury Obligations	6.0	%
Corporate Bonds & Notes	5.6	%
U.S. Government Agencies	5.1	%
Other	4.2	%

^‡ % of Total Investments as of June 30, 2004

^‡‡ Primarily serving as collateral for equity-linked derivative positions.

^à$10,000 invested at the beginning of the first full month following the inception of the Institutional Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		Since Inception*
	StocksPLUS Growth and Income Portfolio Institutional Class (Inception 04/28/00)	3.03	%	18.63	%	–3.09	%
- - - - - - -	S&P 500 Index	3.44	%	19.11	%	—
	* Annualized. All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,030.30	$	1,025.00
Expenses Paid During Period†	$	2.52	$	2.52

^†Expenses are equal to the Portfolio’s Institutional Class annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The StocksPLUS Growth and Income Portfolio seeks to achieve its investment objective by investing under normal circumstances substantially all of its assets in S&P 500 derivatives, backed by a portfolio of Fixed Income Instruments.

• The Portfolio’s benchmark, the S&P 500 Index, posted a total return of 3.44% for the 6 months ended June 30, 2004. U.S. equity market sentiment was generally bullish based on strong analyst forecasts for second quarter earnings, although concerns about potentially destabilizing influences including terrorism, the situation in Iraq, inflation management, and the upcoming election loomed.

• In comparison, the Portfolio’s Institutional Class underperformed the S&P 500 Index by returning 3.03% for the same period.

• Interest rates rose during the first half of the year, resulting in negative fixed-income returns. While the structural yield advantage provided by non-money market holdings boosted returns, the yield contribution was eclipsed by the sharp rise in rates.

• Non-U.S. positions provided important diversification; short and intermediate maturity Eurozone issues outperformed U.S. alternatives amid expectations for slower growth and lower inflation in Europe.

• Exposure to real return bonds was positive for the first half of the year in general, as these securities benefited from strong demand for the inflation protection they provide.

• Curve strategies detracted from performance, as the Portfolio emphasized one to five year maturities relative to five year and longer maturity instruments. Rates on one to five year yields increased more than yields of five years or longer.

• Mortgage exposure provided diversification and incremental yield relative to money markets as the sector benefited from spread narrowings.

• Other strategies, including small positions in emerging market bonds, corporate bonds, and municipal bonds, were neutral for performance while adding important diversification.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

StocksPLUS Growth and Income Portfolio (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			04/28/2000- 12/31/2000
Net asset value beginning of period	$	9.29		$	7.27		$	9.36		$	11.05		$	13.21
Net investment income (a)		0.06	(e)		0.14	(e)		0.26	(e)		0.49	(e)		0.57	(e)
Net realized/unrealized gain (loss) on investments (a)		0.22	(e)		2.06	(e)		(2.13	)(e)		(1.75	)(e)		(1.56	)(e)
Total income (loss) from investment operations		0.28			2.20			(1.87	)		(1.26	)		(0.99	)
Dividends from net investment income		(0.05	)		(0.18	)		(0.22	)		(0.43	)		(0.63	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			(0.54	)
Total distributions		(0.05	)		(0.18	)		(0.22	)		(0.43	)		(1.17	)
Net asset value end of period	$	9.52		$	9.29		$	7.27		$	9.36		$	11.05
Total return		3.03	%		30.44	%		(20.08	)%		(11.28	)%		(7.91	)%
Net assets end of period (000s)	$	3,479		$	2,203		$	786		$	187		$	63
Ratio of net expenses to average net assets		0.50	%*		0.50	%		0.50	%(d)		0.52	%(b)(c)		0.50	%*
Ratio of net investment income to average net assets		1.29	%*(e)		1.65	%(e)		3.28	%(e)		4.98	%(e)		6.41	%*(e)
Portfolio turnover rate		48	%		134	%		192	%		547	%		350	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.50%.

(c) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.53%.

(d) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.51%.

(e) Indicates a period in which, as a result of a change in generally accepted accounting principles, the portfolio has reclassified periodic payments made or received under certain derivative instruments, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. The effect of this reclassification was to (reduce) the net investment income ratio for the period ending June 30, 2004 by (0.10)% and the net investment income per share by $(0.01). For consistency, similar reclassifications have been made to prior period amounts, resulting in increases(reductions) to the net investment income ratio of (0.66)%, 0.44%, 0.38% and 0.62% and to the net investment income per share of $(0.05), $0.03, $0.04 and $0.08 in the fiscal years or periods ending December 31, 2003, 2002, 2001, and 2000, respectively. This change had no impact on the reported net asset value per share for any period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

StocksPLUS Growth and Income Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	266,611
Cash		1
Foreign currency, at value		1,035
Unrealized appreciation on forward foreign currency contracts		13
Receivable for Portfolio shares sold		6
Interest and dividends receivable		653
Variation margin receivable		1,884
		270,203
Liabilities:
Payable for Portfolio shares redeemed	$	317
Accrued investment advisory fee		88
Accrued administration fee		22
Accrued servicing fee		33
Variation margin payable		807
Recoupment payable to Manager		4
Swap premiums received		1
Other liabilities		9
		1,281
Net Assets	$	268,922
Net Assets Consist of:
Paid in capital	$	350,143
(Overdistributed) net investment income		(90	)
Accumulated undistributed net realized (loss)		(82,868	)
Net unrealized appreciation		1,737
	$	268,922
Net Assets:
Institutional Class	$	3,479
Administrative Class		265,443
Shares Issued and Outstanding:
Institutional Class		365
Administrative Class		28,000
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	9.52
Administrative Class		9.48
Cost of Investments Owned	$	266,818
Cost of Foreign Currency Held	$	1,029

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

StocksPLUS Growth and Income Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	2,379
Dividends		39
Total Income		2,418
Expenses:
Investment advisory fees		538
Administration fees		135
Distribution and/or servicing fees - Administrative Class		199
Trustees’ fees		2
Miscellaneous expense		5
Total Expenses		879
Net Investment Income		1,539
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		78
Net realized gain on futures contracts and swaps		16,963
Net realized (loss) on foreign currency transactions		(44	)
Net change in unrealized (depreciation) on investments		(442	)
Net change in unrealized (depreciation) on futures contracts and swaps		(10,257	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		20
Net Gain		6,318
Net Increase in Assets Resulting from Operations	$	7,857

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

StocksPLUS Growth and Income Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	1,539		$	3,744
Net realized gain		16,997			49,061
Net change in unrealized appreciation (depreciation)		(10,679	)		12,945
Net increase resulting from operations		7,857			65,750
Distributions to Shareholders:
From net investment income
Institutional Class		(19	)		(39	)
Administrative Class		(1,439	)		(5,180	)
Total Distributions		(1,458	)		(5,219	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		1,799			1,004
Administrative Class		13,449			59,278
Issued as reinvestment of distributions
Institutional Class		19			39
Administrative Class		1,439			5,180
Cost of shares redeemed
Institutional Class		(603	)		(51	)
Administrative Class		(23,663	)		(75,677	)
Net decrease resulting from Portfolio share transactions		(7,560	)		(10,227	)
Total Increase (Decrease) in Net Assets		(1,161	)		50,304
Net Assets:
Beginning of period		270,083			219,779
End of period*	$	268,922		$	270,083
*Including (overdistributed) net investment income of:	$	(90	)	$	(171	)

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

StocksPLUS Growth and Income Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

CORPORATE BONDS & NOTES 5.6%
Banking & Finance 2.9%
Ford Motor Credit Co.
7.500% due 03/15/2005	$	300	$	310
General Motors Acceptance Corp.
3.340% due 03/04/2005 (a)		900		909
2.400% due 10/20/2005 (a)		1,500		1,513
Pemex Project Funding Master Trust
2.640% due 01/07/2005 (a)		3,900		3,907
Verizon Wireless Capital LLC
1.350% due 05/23/2005 (a)		1,100		1,099
				7,738
Industrials 0.9%
Alcan, Inc.
1.623% due 12/08/2004 (a)		1,200		1,200
DaimlerChrysler N.A. Holding Corp.
2.386% due 09/26/2005 (a)		200		201
Enron Corp.
8.000% due 08/15/2005 (b)		1,700		663
Waste Management, Inc.
7.000% due 10/01/2004		300		303
				2,367
Utilities 1.8%
Entergy Gulf States, Inc.
2.433% due 06/18/2007 (a)		2,500		2,507
Pacific Gas & Electric Co.
1.810% due 04/03/2006 (a)		2,400		2,402
				4,909
Total Corporate Bonds & Notes (Cost $16,005)				15,014
MUNICIPAL BONDS & NOTES 0.8%
Golden State Tobacco Securitization Corp. Revenue Bonds, Series 2003
5.000% due 06/01/2021		915		896
North Carolina State Educational Assistance Authority Revenue Bonds, (GTD Insured), Series 2000
1.470% due 06/01/2009 (a)		1,279		1,281
Total Municipal Bonds & Notes (Cost $2,190)				2,177
U.S. GOVERNMENT AGENCIES 5.1%
Fannie Mae
6.500% due 09/01/2005		17		18
5.213% due 04/01/2033 (a)		564		567
5.090% due 09/01/2034 (a)		906		922
4.797% due 12/01/2036 (a)		844		872
6.000% due 04/01/2013- 11/01/2033 (e)		859		895
5.000% due 12/01/2017- 09/01/2018 (e)		1,581		1,588
8.000% due 05/01/2030- 09/01/2031 (e)		132		143
Freddie Mac
5.500% due 11/15/2015- 08/15/2030 (e)		715		725
6.000% due 07/01/2016- 05/01/2033 (e)		2,286		2,342
6.500% due 08/01/2032- 10/25/2043 (e)		1,429		1,492
Government National Mortgage Association
4.750% due 08/20/2024 (a)		40		41
3.375% due 02/20/2027 (a)		351		351
3.500% due 05/20/2028 (a)		702		697
4.000% due 11/20/2029 (a)		428		430
8.500% due 04/20/2030		10		11

4.375% due 04/20/2024- 04/20/2027 (a)(e)	$	1,553	$	1,556
8.000% due 04/15/2027- 02/15/2031 (e)		856		940
Total U.S. Government Agencies (Cost $13,668)				13,590
U.S. TREASURY OBLIGATIONS 5.9%
Treasury Inflation Protected Securities (d)
3.625% due 01/15/2008 (c)		14,196		15,518
3.875% due 01/15/2009		115		128
3.500% due 01/15/2011		324		360
Total U.S. Treasury Obligations (Cost $15,065)				16,006
MORTGAGE-BACKED SECURITIES 7.1%
Amortizing Residential Collateral Trust
1.620% due 07/25/2032 (a)		456		457
Bank of America Mortgage Securities, Inc.
6.500% due 10/25/2031		643		643
Bear Stearns Adjustable Rate Mortgage Trust
5.974% due 06/25/2032 (a)		249		252
5.380% due 01/25/2033 (a)		666		670
4.357% due 01/25/2034 (a)		693		697
4.802% due 01/25/2034 (a)		1,341		1,346
Countrywide Alternative Loan Trust
5.875% due 07/25/2032		10		10
6.000% due 10/25/2033		1,226		1,233
CS First Boston Mortgage Securities Corp.
1.700% due 02/25/2032 (a)		140		141
1.430% due 03/25/2032 (a)		634		632
1.727% due 03/25/2032 (a)		1,454		1,459
5.738% due 05/25/2032 (a)		361		367
5.192% due 06/25/2032 (a)		113		113
6.222% due 06/25/2032 (a)		196		199
DLJ Mortgage Acceptance Corp.
1.800% due 06/25/2026 (a)		110		110
GSR Mortgage Loan Trust
1.650% due 01/25/2034 (a)		296		296
Housing Securities, Inc.
1.789% due 07/25/2032 (a)		41		40
Impac CMB Trust
1.680% due 10/25/2033 (a)		178		178
1.550% due 01/25/2034 (a)		946		947
Mellon Residential Funding Corp.
1.478% due 06/15/2030 (a)		1,491		1,481
Merrill Lynch Mortgage Investors, Inc.
4.910% due 12/25/2032 (a)		271		271
Morgan Stanley Dean Witter Capital I, Inc.
5.500% due 04/25/2017		259		264
Prime Mortgage Trust
1.500% due 02/25/2034 (a)		140		140
1.700% due 02/25/2034 (a)		424		424
Resecuritization Mortgage Trust
1.570% due 04/26/2021 (a)		21		20
Residential Funding Mortgage Securities I, Inc.
6.500% due 03/25/2032		554		563
Salomon Brothers Mortgage Securities VII, Inc.
4.591% due 12/25/2030 (a)		510		521
Structured Asset Securities Corp.
1.600% due 10/25/2027 (a)		642		642
Washington Mutual Mortgage Securities Corp.
6.000% due 03/25/2017		129		131
5.420% due 02/25/2033 (a)		1,575		1,599
3.052% due 02/27/2034 (a)		857		858
2.624% due 08/25/2042 (a)		2,505		2,531
Total Mortgage-Backed Securities (Cost $19,303)				19,235

ASSET-BACKED SECURITIES 1.6%
Ameriquest Mortgage Securities, Inc.
1.610% due 06/25/2032 (a)		$	108	$	108
Chase Funding Mortgage Loan Asset-Backed Certificates
1.670% due 10/25/2032 (a)			503		505
Countrywide Asset-Backed Certificates
1.440% due 11/25/2020 (a)			225		225
1.560% due 05/25/2032 (a)			1,011		1,013
CS First Boston Mortgage Securities Corp.
1.610% due 01/25/2032 (a)			314		314
1.630% due 03/25/2034 (a)			353		353
Home Equity Mortgage Trust
1.550% due 04/25/2034 (a)			536		537
Residential Asset Securities Corp.
1.420% due 06/25/2025 (a)			691		691
Structured Asset Investment Loan Trust
1.440% due 08/25/2010 (a)			500		500
Total Asset-Backed Securities (Cost $4,240)					4,246
SOVEREIGN ISSUES 1.1%
Republic of Brazil
2.062% due 04/15/2006 (a)			832		821
2.125% due 04/15/2009 (a)			1,235		1,123
United Mexican States
1.840% due 01/13/2009 (a)			900		919
Total Sovereign Issues (Cost $2,881)					2,863
PURCHASED PUT OPTIONS 0.0%
		# of Contracts
Eurodollar September Futures (CME)
Strike @ 97.250 Exp. 09/13/2004			216		4
Strike @ 93.250 Exp. 03/14/2005			36		0
S&P 500 Index September Futures
Strike @ 700.000 Exp. 09/17/2004			155		4
Total Purchased Put Options (Cost $9)					8
PREFERRED SECURITY 0.7%
		Shares
DG Funding Trust	��
3.360% due 12/29/2049 (a)			173		1,860
Total Preferred Security (Cost $1,823)					1,860
SHORT-TERM INSTRUMENTS 71.2%
		Principal Amount (000)s
Commercial Paper 66.5%
AB Spintab
1.490% due 09/02/2004		$	1,400		1,396
Altria Group, Inc.
1.800% due 10/29/2004			400		398
Anz (Delaware), Inc.
1.060% due 07/19/2004			5,200		5,197
Bank of Ireland
1.285% due 09/03/2004			7,300		7,281
Barclays U.S. Funding Corp.
1.110% due 08/25/2004			200		200
CBA (de) Finance
1.050% due 07/02/2004			4,100		4,100
1.080% due 07/27/2004			4,000		3,997
CDC Commercial Paper, Inc.
1.085% due 08/04/2004			3,400		3,396
1.120% due 08/24/2004			2,100		2,096
1.320% due 09/10/2004			1,600		1,595

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

Danske Corp.
1.070% due 07/21/2004	$	200	$	200
1.070% due 07/26/2004		400		400
1.260% due 09/14/2004		2,500		2,492
1.240% due 09/17/2004		1,700		1,695
European Investment Bank
1.050% due 07/16/2004		4,700		4,698
Fannie Mae
1.030% due 07/01/2004		1,300		1,300
1.025% due 07/07/2004		2,700		2,700
1.040% due 07/14/2004		2,700		2,699
1.045% due 07/21/2004		3,200		3,198
1.060% due 07/21/2004		7,300		7,296
1.177% due 08/25/2004		2,600		2,595
1.180% due 08/25/2004		300		299
1.225% due 09/01/2004		4,600		4,589
1.230% due 09/01/2004		2,700		2,693
1.250% due 09/01/2004		2,700		2,693
1.200% due 09/08/2004		100		100
1.426% due 09/22/2004		2,700		2,691
1.530% due 10/18/2004		2,700		2,687
Federal Home Loan Bank
1.250% due 07/01/2004		5,000		5,000
1.165% due 07/16/2004		2,700		2,699
1.170% due 07/16/2004		2,700		2,699
1.180% due 08/25/2004		800		799
1.240% due 09/01/2004		1,400		1,397
1.250% due 09/01/2004		2,700		2,693
Freddie Mac
1.070% due 07/06/2004		2,700		2,700
1.200% due 08/09/2004		1,500		1,498
1.280% due 09/07/2004		2,700		2,693
1.440% due 09/14/2004		2,700		2,692
1.445% due 09/14/2004		500		498
1.435% due 09/21/2004		7,300		7,275
1.436% due 09/30/2004		800		797
1.560% due 10/20/2004		2,700		2,687
General Electric Capital Corp.
1.040% due 07/08/2004		500		500
1.060% due 07/09/2004		7,500		7,498
1.110% due 08/13/2004		200		200
HBOS Treasury Services PLC
1.035% due 07/01/2004		400		400
1.055% due 07/16/2004		100		100
1.055% due 07/16/2004		600		600
1.640% due 10/26/2004		500		497
KFW International Finance, Inc.
1.095% due 08/10/2004		6,300		6,292
1.110% due 08/20/2004		3,800		3,794
Nestle Capital Corp.
1.110% due 08/25/2004		5,100		5,091
1.110% due 08/26/2004		3,100		3,095
Pfizer, Inc.
1.300% due 08/17/2004		5,200		5,191
Royal Bank of Scotland PLC
1.030% due 07/06/2004		500		500
1.090% due 08/06/2004		2,100		2,098
1.135% due 08/26/2004		500		499
1.135% due 09/01/2004		3,000		2,993
Shell Finance (UK) PLC
1.035% due 07/02/2004		7,300		7,300
1.230% due 08/11/2004		700		699
Svenska Handlesbanken
1.070% due 07/21/2004		7,300		7,296
1.090% due 08/05/2004		700		699
TotalFinaElf Capital S.A.
1.420% due 07/01/2004		1,700		1,700
UBS Finance, Inc.
1.055% due 07/13/2004		800		800
1.195% due 07/21/2004		3,800		3,797
1.240% due 08/31/2004		1,100		1,097
1.245% due 09/13/2004		1,600		1,595
1.265% due 09/20/2004		700		698

Westpac Capital Corp.
1.385% due 09/10/2004	$	3,200	$	3,191
				179,028
Repurchase Agreement 0.4%
State Street Bank
0.800% due 07/01/2004		1,060		1,060
(Dated 06/30/2004. Collateralized by Freddie Mac 5.500% due 07/15/2006 valued at $1,082. Repurchase proceeds are $1,060.)
U.S. Treasury Bills 4.3%
1.190% due 09/02/2004-09/16/2004 (c)(e)		11,555		11,524
Total Short-Term Instruments (Cost $191,634)				191,612
Total Investments 99.1%			$	266,611
(Cost $266,818)
Other Assets and Liabilities (Net) 0.9%				2,311
Net Assets 100.0%			$	268,922

Notes to Schedule of Investments

(amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Security is in default.

(c) Securities with an aggregate market value of $22,977

have been segregated with the custodian to cover margin requirements for the following open futures contracts at

June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Eurodollar March Long Futures	03/2005	9	$	(13	)
Eurodollar March Long Futures	03/2006	24		(70	)
Eurodollar June Long Futures	06/2005	32		(99	)
Eurodollar September Long Futures	09/2005	31		(95	)
Eurodollar December Long Futures	12/2004	7		(3	)
Eurodollar December Long Futures	12/2005	31		(95	)
Euribor December Long Futures	12/2005	90		(69	)
Euribor June Long Futures	06/2005	76		(15	)

Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euribor Purchase Put Options Strike @ 94.500	06/2005	90	$	(1	)
Euribor Purchased Put Options
Strike @ 93.000	12/2004	55		(1	)
Euribor Purchased Put Options
Strike @ 95.000	03/2005	47		(1	)
Euribor September Long Futures	09/2005	62		(23	)
Euribor Written Put Options
Strike @ 97.000	12/2004	10		10
Euribor Written Put Options
Strike @ 97.500	09/2004	10		3
Euro-Bobl 5-Year Note Long Futures	09/2004	31		9
S & P 500 Index December
Long Futures	12/2004	11		(2	)
S&P 500 Index September
Long Futures	09/2004	883		2,096
U.S. Treasury 10-Year Note Long Futures	09/2004	61		(117	)
U.S. Treasury 5-Year Note Long Futures	09/2004	41		(41	)
United Kingdom 90-Day LIBOR Purchased Put Options Strike @ 92.500	09/2004	64		(1	)
			$	1,472

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

(e) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(f) Swap agreements outstanding at June 30, 2004:

Type		Notional Amount		Unrealized Appreciation
Receive total return on S&P 500 Index and pay a floating rate based on 1-month LIBOR plus 0.040%.
Counterparty: Credit Suisse First Boston
Exp. 04/29/2005	$	4	$	0
Receive total return on S&P 500 Index and pay a floating rate based on 1-month LIBOR plus 0.050%.
Counterparty: Credit Suisse First Boston Exp. 06/17/2005		5		0
			$	0

(g) Forward foreign currency contracts outstanding at June 30, 2004:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation
Sell	EC	931	07/2004	$	13	$	0	$	13

(h) Principal amount denoted in indicated currency:

EC     -     Euro

See accompanying notes June 30, 2004 Semi-Annual Report 9

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The StocksPLUS Growth and Income Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Portfolio. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. 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. The Portfolio commenced operations on December 31, 1997.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared and distributed to shareholders quarterly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company and distribute all of its taxable

10 Semi-Annual Report June 30, 2004

income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency. The accounting records of the Portfolio are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Forward Currency Transactions. The Portfolio may enter into forward currency contracts and forward cross-currency contracts 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 a part of an investment strategy. A forward 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 currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses 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 are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain(loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. This reclassification increased(decreased) net investment income by $(286,748) and $(1,563,813), and net realized gain by $392,411 and $1,004,989 and net change in unrealized appreciation(depreciation) by $(105,663) and $558,823 for the six months ended June 30, 2004 and year ended December 31, 2003, respectively. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase(decrease) in net assets from operations during any period.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.40%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.10%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money,

12 Semi-Annual Report June 30, 2004

including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.50	%
Administrative Class	0.65	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months. Expenses that have been waived and may still be reimbursed by the Administrator, to the extent the Portfolio’s annualized total portfolio operating expenses plus the amount so reimbursed does not exceed the operating expense limitation, are as follows (amounts in thousands):

	Year of Waiver
		12/31/2001		12/31/2002		12/31/2003		06/30/2004
Amount Available for Reimbursement	$	0	$	28	$	0	$	0

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S. Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$  12,078	$  19,735	$  31,893	$  25,638

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

	Premium
Balance at 12/31/2003	$	88
Sales		149
Closing Buys		0
Expirations		(237	)
Exercised		0
Balance at 06/30/2004	$	0

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Depreciation
$               1,166	$             (1,373)	$             (207)

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	190		$	1,799		131		$	1,004
Administrative Class	1,430			13,448		7,716			59,278
Issued as reinvestment of distributions
Institutional Class	2			19		4			39
Administrative Class	153			1,439		610			5,180
Cost of shares redeemed
Institutional Class	(64	)		(603	)	(6	)		(51	)
Administrative Class	(2,520	)		(23,663	)	(9,593	)		(75,677	)
Net decrease resulting from Portfolio share transactions	(809	)	$	(7,561	)	(1,138	)	$	(10,227	)

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	1	98
Administrative Class	3	92

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

14 Semi-Annual Report June 30, 2004

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

June 30, 2004 Semi-Annual Report 15

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

LONG-TERM U.S. GOVERNMENT PORTFOLIO

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	10

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Long-Term U.S. Government Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                   Long-Term U.S. Gov't              Lehman Brothers
                  Portfolio Inst. Class          Long-Term Treasury Index
                  ---------------------          ------------------------
04/30/2000              $10,000                           $10,000
05/31/2000               $9,957                            $9,964
06/30/2000              $10,207                           $10,180
07/31/2000              $10,414                           $10,355
08/31/2000              $10,668                           $10,591
09/30/2000              $10,552                           $10,463
10/31/2000              $10,765                           $10,626
11/30/2000              $11,097                           $10,962
12/31/2000              $11,429                           $11,220
01/31/2001              $11,485                           $11,239
02/28/2001              $11,708                           $11,431
03/31/2001              $11,657                           $11,374
04/30/2001              $11,320                           $11,065
05/31/2001              $11,346                           $11,079
06/30/2001              $11,443                           $11,174
07/31/2001              $11,908                           $11,590
08/31/2001              $12,192                           $11,838
09/30/2001              $12,328                           $11,927
10/31/2001              $12,935                           $12,512
11/30/2001              $12,346                           $11,918
12/31/2001              $12,118                           $11,694
01/31/2002              $12,311                           $11,844
02/28/2002              $12,532                           $11,982
03/31/2002              $12,016                           $11,498
04/30/2002              $12,509                           $11,935
05/31/2002              $12,572                           $11,972
06/30/2002              $12,779                           $12,187
07/31/2002              $13,164                           $12,562
08/31/2002              $13,690                           $13,111
09/30/2002              $14,173                           $13,657
10/31/2002              $13,741                           $13,265
11/30/2002              $13,674                           $13,118
12/31/2002              $14,272                           $13,656
01/31/2003              $14,197                           $13,609
02/28/2003              $14,618                           $14,021
03/31/2003              $14,437                           $13,845
04/30/2003              $14,609                           $13,986
05/31/2003              $15,400                           $14,772
06/30/2003              $15,178                           $14,547
07/31/2003              $13,905                           $13,246
08/31/2003              $14,128                           $13,457
09/30/2003              $14,941                           $14,158
10/31/2003              $14,569                           $13,764
11/30/2003              $14,655                           $13,830
12/31/2003              $14,850                           $13,995
01/31/2004              $15,086                           $14,235
02/29/2004              $15,433                           $14,518
03/31/2004              $15,703                           $14,739
04/30/2004              $14,807                           $13,912
05/31/2004              $14,708                           $13,844
06/30/2004              $14,837                           $13,970


                 

SECTOR BREAKDOWN^‡

U.S. Government Agencies	28.7	%
U.S. Treasury Obligations	23.3	%
Mortgage-Backed Securities	16.4	%
Corporate Bonds & Notes	12.8	%
Short-Term Instruments	7.9	%
Asset-Backed Securities	7.5	%
Other	3.4	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Institutional Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		Since Inception*
	Long-Term U.S. Government Portfolio Institutional Class (Inception 04/10/00)	–0.09	%	–2.25	%	9.13	%
- - - - - - -	Lehman Brothers Long-Term Treasury Index	–0.17	%	–3.96	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	999.10	$	1,025.00
Expenses Paid During Period†	$	2.49	$	2.52

^†Expenses are equal to the Portfolio’s Institutional Class annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Long-Term U.S. Government Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of fixed income securities that are issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises.

• The Portfolio’s Institutional Class shares outperformed its benchmark, the Lehman Brothers Long-Term Treasury Index, for the 6-month period ended June 30, 2004, by returning –0.09% versus –0.17%.

• Below-Index duration enhanced performance for the first half of the year as interest rates rose; however, an overweight to intermediate maturities negatively impacted the Portfolio, as these rates experienced the most dramatic rate increases.

• Modest holdings of longer duration structured mortgages detracted slightly from performance despite decreasing levels of volatility.

• An allocation to longer duration corporate securities negatively impacted portfolio performance, as long maturity credit issues lagged Treasuries of similar maturities.

• Allocations to real return and municipal bonds helped returns; these less volatile assets outperformed amid rising rates.

• A focus on high-quality, intermediate, and long maturity agency bonds was unfavorable for portfolio returns, as the sector’s yield premiums widened relative to Treasuries.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

Long-Term U.S. Government Portfolio (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			04/10/2000- 12/31/2000
Net asset value beginning of period	$	11.01		$	11.09		$	10.27		$	10.56		$	9.90
Net investment income (a)		0.18			0.32			0.46			0.54			0.43
Net realized/unrealized gain (loss) on investments (a)		(0.19	)		0.12			1.31			0.08			0.66
Total income (loss) from investment operations		(0.01	)		0.44			1.77			0.62			1.09
Dividends from net investment income		(0.17	)		(0.35	)		(0.46	)		(0.54	)		(0.43	)
Distributions from net realized capital gains		0.00			(0.17	)		(0.49	)		(0.37	)		0.00
Total distributions		(0.17	)		(0.52	)		(0.95	)		(0.91	)		(0.43	)
Net asset value end of period	$	10.83		$	11.01		$	11.09		$	10.27		$	10.56
Total return		(0.09	)%		4.05	%		17.77	%		6.03	%		11.32	%
Net assets end of period (000s)	$	352		$	13		$	13		$	11		$	10
Ratio of net expenses to average net assets		0.50	%*		0.51	%(c)		0.50	%(b)		0.50	%		0.50	%*
Ratio of net investment income to average net assets		3.37	%*		2.85	%		4.22	%		5.05	%		5.97	%*
Portfolio turnover rate		161	%		619	%		586	%		457	%		553	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.51%.

(c) Ratio of expenses to average net assets excluding interest expense is 0.50%.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Long-Term U.S. Government Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	85,724
Cash		12
Receivable for investments sold		700
Receivable for investments sold on delayed delivery basis		18,636
Receivable for Portfolio shares sold		6
Interest and dividends receivable		1,077
Variation margin receivable		344
		106,499
Liabilities:
Payable for investments purchased	$	2,080
Payable for investments purchased on delayed delivery basis		20,242
Written options outstanding		17
Accrued investment advisory fee		17
Accrued administration fee		17
Accrued servicing fee		8
		22,381
Net Assets	$	84,118
Net Assets Consist of:
Paid in capital	$	83,362
Undistributed net investment income		80
Accumulated undistributed net realized gain		579
Net unrealized appreciation		97
	$	84,118
Net Assets:
Institutional Class	$	352
Administrative Class		83,766
Shares Issued and Outstanding:
Institutional Class		32
Administrative Class		7,731
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.83
Administrative Class		10.83
Cost of Investments Owned	$	86,338

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Long-Term U.S. Government Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	1,538
Total Income		1,538
Expenses:
Investment advisory fees		111
Administration fees		111
Distribution and/or servicing fees - Administrative Class		66
Trustees’ fees		1
Interest expense		4
Total Expenses		293
Net Investment Income		1,245
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		263
Net realized gain on futures contracts and options		217
Net change in unrealized (depreciation) on investments		(1,919	)
Net change in unrealized appreciation on futures contracts and options		134
Net (Loss)		(1,305	)
Net Decrease in Assets Resulting from Operations	$	(60	)

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Long-Term U.S. Government Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	1,245		$	2,727
Net realized gain		480			1,377
Net change in unrealized (depreciation)		(1,785	)		(620	)
Net increase (decrease) resulting from operations		(60	)		3,484
Distributions to Shareholders:
From net investment income
Institutional Class		(2	)		0
Administrative Class		(1,323	)		(3,025	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(1,459	)
Total Distributions		(1,325	)		(4,484	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		339			0
Administrative Class		11,160			41,837
Issued as reinvestment of distributions
Institutional Class		2			1
Administrative Class		1,323			4,476
Cost of shares redeemed
Institutional Class		(5	)		0
Administrative Class		(21,332	)		(43,567	)
Net increase (decrease) resulting from Portfolio share transactions		(8,513	)		2,747
Total Increase (Decrease) in Net Assets		(9,898	)		1,747
Net Assets:
Beginning of period		94,016			92,269
End of period*	$	84,118		$	94,016
*Including undistributed net investment income of:	$	80		$	159

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Long-Term U.S. Government Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

CORPORATE BONDS & NOTES 13.1%
Banking & Finance 11.7%
Ford Motor Credit Co.
1.500% due 07/19/2004 (a)	$	900	$	900
1.590% due 07/18/2005 (a)		100		100
7.600% due 08/01/2005		100		105
General Electric Capital Corp.
1.650% due 03/15/2005 (a)		1,400		1,402
International Bank for Reconstruction & Development
3.500% due 10/22/2004		1,000		1,006
7.625% due 01/19/2023		2,700		3,336
Merrill Lynch & Co, Inc.
6.750% due 06/01/2028		202		213
National Rural Utilities Cooperative Finance Corp.
5.250% due 07/15/2004		400		400
Travelers Property Casualty Corp.
6.375% due 03/15/2033		1,000		988
U.S. Trade Funding Corp.
4.260% due 11/15/2014		909		897
Verizon Wireless Capital LLC
1.350% due 05/23/2005 (a)		500		500
				9,847
Industrials 1.4%
Continental Airlines, Inc.
6.320% due 11/01/2008		1,000		967
DaimlerChrysler North America Holding Corp.
1.570% due 08/16/2004 (a)		200		200
				1,167
Total Corporate Bonds & Notes (Cost $11,102)				11,014
MUNICIPAL BONDS & NOTES 3.5%
Chicago, Illinois Motor Fuel Tax Revenue Bonds, (AMBAC Insured), Series 2003
5.000% due 01/01/2033		200		195
Chicago, Illinois Water Revenue Bonds, (AMBAC Insured), Series 2001
5.000% due 11/01/2031		200		196
Dawson Ridge Metropolitan District No. 1 General Obligation Bonds, Series 1992
0.000% due 10/01/2022		800		305
Detroit City School District General Obligation Bonds, (FGID Q-SBLF Insured), Series 2003
5.000% due 05/01/2033		100		98
Florida State Board of Education General Obligation Bonds, (FGIC Insured), Series 2002
5.000% due 06/01/2031		500		494
Illinois Educational Facilities Authority Revenue Bonds, Series 2003
5.000% due 07/01/2033		400		389
Irving Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2003
5.000% due 02/15/2031		200		195
Metropolitan Transportation Authority Revenue Bonds, (FSA Insured), Series 2002
5.000% due 11/15/2032		300		295
New York City Municipal Water Finance Authority Revenue Bonds, Series 2002
5.125% due 06/15/2034		200		198
New York State Triborough Bridge & Tunnels Authority Revenue Bonds, Series 2002
5.000% due 11/15/2032		200		194

San Antonio, Texas Water Revenue Bonds, (FSA Insured), Series 2002
5.000% due 05/15/2032	$	250	$	244
South Putnam School Building Corp. Revenue Bonds, (FSA insured), Series 2003
5.000% due 01/15/2022		100		102
Total Municipal Bonds & Notes (Cost $2,936)				2,905
U.S. GOVERNMENT AGENCIES 29.2%
Aid-Israel
5.500% due 09/18/2023		1,000		986
Fannie Mae
2.125% due 02/10/2006 (a)		1,000		991
4.875% due 03/11/2007		1,000		1,005
2.210% due 04/25/2021 (a)		45		46
1.760% due 08/25/2021 (a)		48		49
1.910% due 08/25/2022 (a)		26		26
2.200% due 04/25/2032 (a)		75		76
5.500% due 05/01/2034		397		395
5.000% due 07/20/2019-01/01/2034 (d)		3,348		3,288
Federal Home Loan Bank
4.250% due 09/28/2009		1,000		1,005
5.120% due 01/10/2013 (a)		5,000		4,974
Federal Housing Administration
6.896% due 07/01/2020 (a)		535		526
Financing Corp.
10.700% due 10/06/2017		650		976
Freddie Mac
6.000% due 02/15/2015		165		165
5.200% due 03/05/2019		1,500		1,413
2.250% due 02/15/2021 (a)		55		55
1.950% due 02/15/2027 (a)		44		45
5.500% due 08/15/2030		41		41
1.863% due 10/25/2030		252		252
7.000% due 07/15/2023-12/01/2031 (d)		254		269
Government National Mortgage Association
6.000% due 08/20/2033		1,051		978
5.000% due 08/20/2033-04/20/2034 (d)		4,161		3,226
Overseas Private Investment Corp.
3.800% due 08/15/2007		1,000		967
5.140% due 08/15/2007		1,000		1,049
5.590% due 11/30/2010		700		788
Small Business Administration
5.240% due 08/01/2023 (a)		984		988
Total U.S. Government Agencies (Cost $24,647)				24,579
U.S. TREASURY OBLIGATIONS 23.8%
Treasury Inflation Protected Securities (c)
3.375% due 01/15/2007 (b)		178		191
3.000% due 07/15/2012		732		791
3.875% due 04/15/2029		1,143		1,459
U.S. Treasury Bonds
6.000% due 02/15/2026		7,400		7,976
5.500% due 08/15/2028		2,900		2,939
5.250% due 11/15/2028		1,900		1,862
U.S. Treasury Note
1.750% due 12/31/2004		4,000		4,002
U.S. Treasury Strip
0.000% due 11/15/2021		2,000		764
Total U.S. Treasury Obligations (Cost $38,940)				19,984
MORTGAGE-BACKED SECURITIES 16.7%
Bear Stearns Adjustable Rate Mortgage Trust
5.130% due 03/25/2033 (a)		1,266		1,277
5.440% due 03/25/2033 (a)		484		490

4.924% due 01/25/2034 (a)	$	230	$	231
1.580% due 02/25/2034 (a)		246		247
Countrywide Alternative Loan Trust
5.500% due 10/25/2033		1,042		898
Countrywide Home Loans, Inc.
6.000% due 02/25/2033		275		277
5.250% due 01/25/2034		933		937
CS First Boston Mortgage Securities Corp.
4.960% due 11/25/2032 (a)		240		244
1.850% due 04/25/2033 (a)		338		339
Federal Agricultural Mortgage Corp.
7.238% due 07/25/2011 (a)		184		190
First Republic Mortgage Loan Trust
1.590% due 11/15/2031 (a)		753		755
GMAC Mortgage Corp. Loan Trust
1.500% due 10/25/2033 (a)		337		337
MASTR Asset Securitization Trust
5.500% due 09/25/2033		713		697
Nomura Asset Acceptance Corp.
2.420% due 09/25/2028		12		12
Residential Accredit Loans, Inc.
1.700% due 01/25/2033 (a)		152		152
1.700% due 03/25/2033 (a)		244		244
Residential Funding Mortgage Securities I, Inc.
6.500% due 03/25/2032		231		235
Sequoia Mortgage Trust
1.620% due 06/20/2032 (a)		278		278
1.630% due 07/20/2033 (a)		903		898
Structured Asset Mortgage Investments, Inc.
6.690% due 02/25/2030 (a)		79		81
6.513% due 03/25/2032 (a)		139		143
1.610% due 09/19/2032 (a)		2,002		1,995
1.700% due 06/18/2033 (a)		543		544
Structured Asset Securities Corp.
1.800% due 07/25/2032 (a)		1,248		1,252
1.590% due 01/25/2033 (a)		126		126
Washington Mutual Mortgage Securities Corp.
6.000% due 03/25/2017		139		140
5.390% due 02/25/2031 (a)		233		239
1.850% due 01/25/2033 (a)		36		36
5.120% due 02/25/2033 (a)		182		185
5.420% due 02/25/2033 (a)		168		170
5.040% due 05/25/2033 (a)		371		376
3.565% due 01/25/2041 (a)		13		13
Total Mortgage-Backed Securities (Cost $14,156)				14,038
ASSET-BACKED SECURITIES 7.6%
ACE Securities Corp.
1.640% due 06/25/2032 (a)		103		103
AmeriCredit Automobile Receivables Trust
1.350% due 10/12/2006 (a)		176		176
Ameriquest Mortgage Securities, Inc.
1.710% due 03/25/2033 (a)		172		173
Argent Securities, Inc.
1.550% due 03/25/2034 (a)		1,281		1,282
Bayview Financial Acquisition Trust
1.770% due 08/28/2034 (a)		626		629
Bear Stearns Asset-Backed Securities, Inc.
1.800% due 11/25/2042 (a)		867		868
Countrywide Asset-Backed Certificates
1.560% due 05/25/2032 (a)		30		30
1.420% due 09/25/2033 (a)		77		77
CS First Boston Mortgage Securities Corp.
1.740% due 08/25/2032 (a)		178		178
Financial Asset Securities Corp. AAA Trust
1.450% due 09/25/2033 (a)		121		121
Home Equity Mortgage Trust
1.700% due 09/25/2033 (a)		69		69
Household Mortgage Loan Trust
1.580% due 05/20/2032 (a)		316		317
Long Beach Mortgage Loan Trust
1.700% due 03/25/2033 (a)		419		420

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

Los Angeles Arena Funding LLC
7.656% due 12/15/2026 (a)	$	94	$	97
Novastar Home Equity Loan
1.580% due 01/25/2031 (a)		69		69
Renaissance Home Equity Loan Trust
1.740% due 08/25/2033 (a)		79		79
1.800% due 12/25/2033 (a)		267		269
Saxon Asset Securities Trust
1.380% due 03/25/2018 (a)		286		285
SMS Student Loan Trust
1.940% due 10/27/2025 (a)		132		132
Specialty Underwriting & Residential Finance
1.630% due 06/25/2034 (a)		670		671
Terwin Mortgage Trust
1.880% due 06/25/2033 (a)		376		377
Total Asset-Backed Securities (Cost $6,421)				6,422
PURCHASED CALL OPTIONS 0.0%
	# of Contracts
Eurodollar December Futures (CME)
Strike @ 98.000 Exp. 12/13/2004		100		9
Eurodollar September Futures (CME)
Strike @ 98.875 Exp. 09/13/2004		100		0
Total Purchased Call Options (Cost $30)				9
PURCHASED PUT OPTIONS 0.0%
Eurodollar September Futures (CME)
Strike @ 97.250 Exp. 09/13/2004		66		1
Total Purchased Put Options (Cost $2)				1

SHORT-TERM INSTRUMENTS 8.0%
Commercial Paper 4.1%
Fannie Mae
1.380% due 09/01/2004	$	600	$	598
1.415% due 09/08/2004		300		299
1.530% due 10/18/2004		400		398
Freddie Mac
1.300% due 07/01/2004		700		700
1.540% due 10/18/2004		700		697
1.560% due 10/20/2004		800		796
				3,488
Repurchase Agreement 2.1%
State Street Bank
0.800% due 07/01/2004		1,803		1,803
(Dated 06/30/2004. Collateralized by Freddie Mac 5.500% due 07/15/2006 valued at $1,843. Repurchase proceeds are $1,803.)
U.S. Treasury Bills 1.8%
1.385% due 09/16/2004 (b)(d)		1,485		1,481
Total Short-Term Instruments (Cost $6,772)				6,772
Total Investments 101.9%			$	85,724
(Cost $86.338)
Written Options (e) (0.0%)				(17	)
(Premiums $64)
Other Assets and Liabilities (Net) (1.9%)				(1,589	)
Net Assets 100.0%			$	84,118

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Securities with an aggregate market value of $1,672 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Eurodollar March Long Futures	03/2005	114	$	(77	)
Eurodollar September Long Futures	09/2005	1		0
Eurodollar December Long Futurbes	12/2004	11		(16	)
U.S. Treasury 10-Year Note Long Futures	09/2004	225		384
U.S. Treasury 30-Year Note Long Futures	09/2004	168		395
U.S. Treasury 5-Year Note Short Futures	09/2004	34		(21	)
			$	665

(c) Principal amount of security is adjusted for inflation.

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Premiums received on written options:

Name of Issuer	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury Bond September Futures	$	108.000	08/27/2004	11	$	9	$	9
Call - CBOT U.S. Treasury Note September Futures		115.000	08/27/2004	15		19		0
Call - CBOT U.S. Treasury Note September Futures		114.000	08/27/2004	24		15		2
Put - CBOT U.S. Treasury Bond September Futures		100.000	08/27/2004	11		9		2
Call - CME Eurodollar December Futures		98.250	12/13/2004	1,000		12		4
					$	64	$	17

See accompanying notes June 30, 2004 Semi-Annual Report 9

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Long-Term U.S. Government Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Portfolio. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. 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. The Portfolio commenced operations on April 30, 1999.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Delayed Delivery Transactions. The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or

10 Semi-Annual Report June 30, 2004

sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. 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 net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain(loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. There were no reclassification to any period as a result of this change. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase(decrease) in net assets from operations during any period.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.25%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.50	%
Administrative Class	0.65	%

12 Semi-Annual Report June 30, 2004

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S. Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$162,158	$157,582	$2,850	$4,704

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Premium
Balance at 12/31/2003	$	269
Sales		146
Closing Buys		(236	)
Expirations		(115	)
Balance at 06/30/2004		$64

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)		Net Unrealized Depreciation
$              332	$	(946)	$	(614)

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	32		$	339		0		$	0
Administrative Class	989			11,160		3,771			41,837
Issued as reinvestment of distributions
Institutional Class	0			2		0			1
Administrative Class	119			1,323		403			4,476
Cost of shares redeemed
Institutional Class	(1	)		(5	)	0			0
Administrative Class	(1,917	)		(21,332	)	(3,950	)		(43,567	)
Net increase (decrease) resulting from Portfolio share transactions	(778	)	$	(8,513	)	224		$	2,747

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	1	96
Administrative Class	4	99

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have

14 Semi-Annual Report June 30, 2004

responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

June 30, 2004 Semi-Annual Report 15

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

MONEY MARKET PORTFOLIO

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	9

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Money Market Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                   Money Market Portfolio       Citigroup 3-Month
                        Inst. Class            Treasury Bill Index
                   ----------------------      -------------------
04/30/2000                $10,000                   $10,000
05/31/2000                $10,050                   $10,049
06/30/2000                $10,103                   $10,096
07/31/2000                $10,153                   $10,145
08/31/2000                $10,207                   $10,195
09/30/2000                $10,257                   $10,246
10/31/2000                $10,304                   $10,299
11/30/2000                $10,366                   $10,352
12/31/2000                $10,426                   $10,407
01/31/2001                $10,478                   $10,460
02/28/2001                $10,523                   $10,505
03/31/2001                $10,569                   $10,552
04/30/2001                $10,607                   $10,592
05/31/2001                $10,649                   $10,631
06/30/2001                $10,684                   $10,665
07/31/2001                $10,716                   $10,699
08/31/2001                $10,752                   $10,731
09/30/2001                $10,778                   $10,762
10/31/2001                $10,803                   $10,790
11/30/2001                $10,824                   $10,813
12/31/2001                $10,842                   $10,832
01/31/2002                $10,857                   $10,849
02/28/2002                $10,872                   $10,864
03/31/2002                $10,887                   $10,879
04/30/2002                $10,903                   $10,895
05/31/2002                $10,919                   $10,911
06/30/2002                $10,933                   $10,927
07/31/2002                $10,948                   $10,943
08/31/2002                $10,964                   $10,958
09/30/2002                $10,977                   $10,974
10/31/2002                $10,990                   $10,989
11/30/2002                $10,999                   $11,003
12/31/2002                $11,011                   $11,016
01/31/2003                $11,023                   $11,028
02/28/2003                $11,032                   $11,038
03/31/2003                $11,041                   $11,049
04/30/2003                $11,050                   $11,060
05/31/2003                $11,059                   $11,071
06/30/2003                $11,067                   $11,081
07/31/2003                $11,074                   $11,090
08/31/2003                $11,081                   $11,099
09/30/2003                $11,087                   $11,108
10/31/2003                $11,095                   $11,117
11/30/2003                $11,101                   $11,126
12/31/2003                $11,108                   $11,134
01/31/2004                $11,115                   $11,143
02/29/2004                $11,121                   $11,151
03/31/2004                $11,128                   $11,160
04/30/2004                $11,135                   $11,169
05/31/2004                $11,141                   $11,178
06/30/2004                $11,149                   $11,187

                                                 

SECTOR BREAKDOWN^‡

Commercial Paper	79.7	%
Repurchase Agreements	10.4	%
Certificates of Deposit	8.2	%
Other	1.7	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Institutional Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		7-Day Yield		30-Day Yield		6 Months		1 Year		Since Inception*
	Money Market Portfolio Institutional Class (Inception 04/10/00)	0.86	%	0.80	%	0.37	%	0.75	%	2.70	%
- - - - - - - -	Citigroup 3-Month Treasury Bill Index	—		—		0.47	%	0.96	%	—
	* Annualized. All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,003.70	$	1,025.00
Expenses Paid During Period†	$	1.74	$	1.76

^†Expenses are equal to the Portfolio’s Institutional Class annualized expense ratio of 0.35%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Money Market Portfolio seeks to achieve its investment objective by investing at least 95% of its total assets in a diversified portfolio of money market securities that are in the highest rating category for short-term obligations.

• The total return performance of the Portfolio’s Institutional Class shares was 0.37% for the six-month period ended June 30, 2004, versus a return of 0.47% for the benchmark Citigroup 3-Month Treasury Bill Index during the same period.

• Interest rates increased for shorter maturities, as markets anticipated the beginning of a tightening cycle by the Federal Reserve. The Fed met market expectations with a 0.25% rate hike at the end of June.

• The Portfolio’s average duration was maintained near one-month, providing for ample liquidity and limiting the price effects from increasing yields.

• U.S. issued high quality (A1/P1) commercial paper was emphasized due to attractive yields, limited interest rate sensitivity, and low credit exposure.

• The Portfolio invested in high quality U.S. agency paper and short-term fixed and floating rate U.S. corporates in an attempt to boost portfolio income, while limiting credit risk.

• Seven-day and thirty-day effective yields were 0.86% and 0.80%, respectively, at June 30, 2004. These yields are competitive with yields on similar duration portfolios.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

Money Market Portfolio (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			04/10/2000- 12/31/2000
Net asset value beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (a)		0.00			0.01			0.02			0.04			0.04
Net realized/unrealized gain (loss) on investments (a)		0.00			(0.00	)		0.00			0.00			0.00
Total income from investment operations		0.00			0.01			0.02			0.04			0.04
Dividends from net investment income		0.00			(0.01	)		(0.02	)		(0.04	)		(0.04	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			0.00
Total distributions		0.00			(0.01	)		(0.02	)		(0.04	)		(0.04	)
Net asset value end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.37	%		0.88	%		1.56	%		3.99	%		4.60	%
Net assets end of period (000s)	$	12		$	11		$	11		$	11		$	80
Ratio of net expenses to average net assets		0.35	%*		0.35	%		0.35	%		0.35	%		0.35	%*
Ratio of net investment income to average net assets		0.72	%*		0.85	%		1.58	%		4.59	%		6.02	%*

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Money Market Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	29,303
Interest and dividends receivable		2
		29,305
Liabilities:
Payable for Portfolio shares redeemed		9
Accrued investment advisory fee		4
Accrued administration fee		5
Accrued servicing fee		3
		21
Net Assets	$	29,284
Net Assets Consist of:
Paid in capital	$	29,284
Undistributed net investment income		3
Accumulated undistributed net realized (loss)		(3	)
	$	29,284
Net Assets:
Institutional Class	$	12
Administrative Class		29,272
Shares Issued and Outstanding:
Institutional Class		12
Administrative Class		29,272
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	1.00
Administrative Class		1.00
Cost of Investments Owned	$	29,303

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Money Market Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	150
Total Income		150
Expenses:
Investment advisory fees		21
Administration fees		28
Distribution and/or servicing fees - Administrative Class		21
Total Expenses		70
Net Investment Income	$	80

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Money Market Portfolio

Amounts in thousands
		Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase in Net Assets from:
Operations:
Net investment income		$	80		$	198
Net realized gain			0			6
Net increase resulting from operations			80			204
Distributions to Shareholders:
From net investment income
Institutional Class			0			0
Administrative Class			(80	)		(203	)
Total Distributions			(80	)		(203	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class			1			0
Administrative Class			11,524			18,326
Issued as reinvestment of distributions
Institutional Class			0			0
Administrative Class			80			203
Cost of shares redeemed	��
Institutional Class			0			0
Administrative Class			(9,364	)		(17,348	)
Net increase resulting from Portfolio share transactions			2,241			1,181
Total Increase in Net Assets			2,241			1,182
Net Assets:
Beginning of period			27,043			25,861
End of period*		$	29,284		$	27,043
*Including undistributed net investment income of:		$	3		$	3

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Money Market Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

SHORT-TERM INSTRUMENTS 100.1%
Certificates of Deposit 8.2%
Chase Manhattan Bank USA
1.150% due 08/06/2004	$	600	$	600
Citibank New York N.A.
1.190% due 08/20/2004		500		500
1.290% due 09/07/2004		500		500
1.340% due 09/10/2004		400		400
Well Fargo Bank N.A.
1.240% due 07/19/2004		400		400
				2,400
Commercial Paper 79.8%
Anz (Delaware), Inc.
1.030% due 07/08/2004		500		500
Barclays U.S. Funding Corp.
1.110% due 08/25/2004		700		699
CBA (de) Finance
1.150% due 08/09/2004		500		499
1.210% due 08/23/2004		400		399
CDC Commercial Corp.
1.120% due 08/19/2004		700		699
Fannie Mae
1.000% due 07/01/2004		600		600
1.045% due 07/14/2004		300		300
1.055% due 08/04/2004		500		499
1.155% due 08/18/2004		1,400		1,398
1.180% due 08/25/2004		300		299
1.520% due 10/15/2004		1,000		995
Federal Home Loan Bank
1.165% due 07/16/2004		1,000		1,000
1.210% due 09/01/2004		600		599
1.410% due 09/15/2004		500		498
ForeningsSparbanken AB
1.240% due 09/13/2004		500		499
1.560% due 10/21/2004		500		498
Freddie Mac
1.030% due 07/06/2004		400		400
1.200% due 08/09/2004		500		499
1.125% due 08/10/2004		500		499
1.130% due 08/10/2004		1,900		1,898
1.150% due 08/17/2004		500		499
1.220% due 09/20/2004		500		499
1.260% due 09/24/2004		1,000		997
General Electric Capital Corp.
1.040% due 07/08/2004		500		500
1.120% due 08/25/2004		500		499
HBOS Treasury Services PLC
1.145% due 08/09/2004		500		499
1.235% due 09/10/2004		500		499
ING U.S. Funding LLC
1.310% due 09/02/2004		200		200
1.240% due 09/10/2004		500		499
KFW International Finance, Inc.
1.110% due 08/23/2004		700		699
Lloyds TSB Bank PLC
1.185% due 07/21/2004		600		600
National Australia Bank Ltd.
1.210% due 07/19/2004		500		500
Pfizer, Inc.
1.300% due 08/18/2004		500		499
Rabobank USA Financial Corp.
1.390% due 09/07/2004		300		299
Shell Finance (UK) PLC
1.340% due 08/23/2004		600		599
Svenska Handlesbanken
1.295% due 09/24/2004		600		598
Swedish National Housing Finance Corp.
1.070% due 07/15/2004		600		600
Toyota Motor Credit Corp.
1.480% due 09/22/2004		500		498

UBS Finance, Inc.
1.130% due 09/01/2004	$	500	$	499
				23,359
Repurchase Agreements 10.4%
Credit Suisse First Boston
1.200% due 07/01/2004		2,700		2,700
(Dated 06/30/2004. Collateralized by Treasury Inflation Protected Securities 3.000% due 07/15/2012 valued at $2,777. Repurchase proceeds are $2,700.)
State Street Bank
0.800% due 07/01/2004		345		345
(Dated 06/30/2004. Collateralized by Fannie Mae 2.875% due 10/15/2005 valued at $354. Repurchase proceeds are $345.)
				3,045
U.S. Treasury Bills 1.7% 1.225% due 09/09/2004		500		499
Total Short-Term Instruments				29,303
(Cost $29,303)
Total Investments 100.1%			$	29,303
(Cost $29,303)
Other Assets and Liabilities (Net) (0.1%)				(19	)
Net Assets 100.0%			$	29,284

8 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Money Market Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Trust. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. 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. The Portfolio commenced operations on September 30, 1999.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities held by the Portfolio are valued at amortized cost, which approximates current market value.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.15%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.20%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for

June 30, 2004 Semi-Annual Report 9

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organizational expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.35%
Administrative Class	0.50	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)		Net Unrealized Appreciation
$                0	$	0	$	0

5. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	1		$	1		0		$	0
Administrative Class	11,524			11,524		18,326			18,326
Issued as reinvestment of distributions
Institutional Class	0			0		0			0
Administrative Class	80			80		203			203
Cost of shares redeemed
Institutional Class	0			0		0			0
Administrative Class	(9,364	)		(9,364	)	(17,348	)		(17,348	)
Net increase resulting from Portfolio share transactions	2,241		$	2,241		1,181		$	1,181

10 Semi-Annual Report June 30, 2004

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	1	100
Administrative Class	1	99

6. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

12 Semi-Annual Report June 30, 2004

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

FOREIGN BOND PORTFOLIO (U.S. DOLLAR-HEDGED)

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	12

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Foreign Bond Portfolio (U.S. Dollar-Hedged)

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]


                        Foreign Bond                  J.P. Morgan
                   Portfolio Inst. Class        Non-U.S. Index (Hedged)
                   ---------------------        -----------------------
04/30/2000               $10,000                       $10,000
05/31/2000               $10,041                       $10,080
06/30/2000               $10,115                       $10,128
07/31/2000               $10,181                       $10,201
08/31/2000               $10,187                       $10,203
09/30/2000               $10,223                       $10,291
10/31/2000               $10,232                       $10,374
11/30/2000               $10,401                       $10,558
12/31/2000               $10,602                       $10,675
01/31/2001               $10,747                       $10,802
02/28/2001               $10,847                       $10,895
03/31/2001               $10,973                       $10,977
04/30/2001               $10,882                       $10,903
05/31/2001               $10,947                       $10,959
06/30/2001               $11,005                       $11,019
07/31/2001               $11,152                       $11,120
08/31/2001               $11,255                       $11,213
09/30/2001               $11,264                       $11,259
10/31/2001               $11,584                       $11,465
11/30/2001               $11,479                       $11,416
12/31/2001               $11,424                       $11,321
01/31/2002               $11,504                       $11,334
02/28/2002               $11,541                       $11,344
03/31/2002               $11,511                       $11,286
04/30/2002               $11,620                       $11,377
05/31/2002               $11,615                       $11,392
06/30/2002               $11,800                       $11,539
07/31/2002               $11,883                       $11,651
08/31/2002               $11,996                       $11,791
09/30/2002               $12,123                       $11,925
10/31/2002               $12,140                       $11,920
11/30/2002               $12,215                       $11,942
12/31/2002               $12,379                       $12,114
01/31/2003               $12,538                       $12,209
02/28/2003               $12,685                       $12,293
03/31/2003               $12,614                       $12,278
04/30/2003               $12,670                       $12,305
05/31/2003               $12,843                       $12,501
06/30/2003               $12,806                       $12,436
07/31/2003               $12,645                       $12,298
08/31/2003               $12,547                       $12,209
09/30/2003               $12,664                       $12,343
10/31/2003               $12,543                       $12,228
11/30/2003               $12,536                       $12,239
12/31/2003               $12,675                       $12,354
01/31/2004               $12,716                       $12,409
02/29/2004               $12,829                       $12,528
03/31/2004               $12,855                       $12,561
04/30/2004               $12,827                       $12,463
05/31/2004               $12,810                       $12,442
06/30/2004               $12,788                       $12,426


                   

COUNTRY ALLOCATION ^‡

Short-Term Instruments	23.0	%
United States	21.3	%
Germany	14.3	%
Italy	12.5	%
United Kingdom	8.9	%
Japan	6.3	%
Spain	4.5	%
Canada	2.7	%
Other	6.5	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Institutional Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year			Since Inception*
	Foreign Bond Portfolio (U.S. Dollar-Hedged) Institutional Class (Inception 04/10/00)	0.89	%	–	0.14	%	6.05	%
- - - - - - -	J.P. Morgan Non-U.S. Index (Hedged)	0.59	%	–	0.08	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,008.90	$	1,025.00
Expenses Paid During Period†	$	3.75	$	3.78

^†Expenses are equal to the Portfolio’s Institutional Class annualized expense ratio of 0.75%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Foreign Bond Portfolio (U.S. Dollar-Hedged) seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in Fixed Income Securities of issuers located outside the United States, representing at least three foreign countries.

• The Portfolio’s Institutional Class shares returned 0.89% for the six-months ended June 30, 2004, outperforming the 0.59% return of the J.P. Morgan Non-U.S. Index (Hedged) for the same period.

• An underweight to U.S. duration was positive for performance as yields rose given stronger growth and fears of aggressive Fed tightening.

• An overweight to Euroland duration relative to benchmark was a positive for relative performance; these yields rose less as Euroland lagged global growth.

• An underweight to Japanese government bonds (“JGB”) relative to benchmark was positive for returns. JGB yields rose on strong growth and speculation that the Bank of Japan’s highly accommodative monetary policy stance would soon shift.

• Currency strategies detracted from performance. The yen and Canadian dollar retreated as rising U.S. rates forced market participants to unwind leveraged strategies.

• Real return bonds added to returns, outperforming more volatile Treasuries of similar duration, as rates rose.

• Modest holdings of mortgage securities helped returns, as heavy demand from banks supported the mortgage market.

• Tactical strategies to exploit wider swap spreads in the U.S. and Europe were positive, as swap spreads widened given the rapid rise in yields.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

Foreign Bond Portfolio (U.S. Dollar-Hedged) (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			04/10/2000- 12/31/2000
Net asset value beginning of period	$	10.03		$	10.07		$	9.69		$	9.40		$	9.48
Net investment income (a)		0.12	(c)		0.27	(c)		0.32	(c)		0.46	(c)		0.40	(c)
Net realized/unrealized gain (loss) on investments (a)		(0.03	)(c)		(0.03	)(c)		0.47	(c)		0.26	(c)		0.17	(c)
Total income from investment operations		0.09			0.24			0.79			0.72			0.57
Dividends from net investment income		(0.11	)		(0.28	)		(0.37	)		(0.43	)		(0.39	)
Distributions from net realized capital gains		0.00			0.00			(0.04	)		0.00			(0.26	)
Total distributions		(0.11	)		(0.28	)		(0.41	)		(0.43	)		(0.65	)
Net asset value end of period	$	10.01		$	10.03		$	10.07		$	9.69		$	9.40
Total return		0.89	%		2.39	%		8.36	%		7.75	%		6.18	%
Net assets end of period (000s)	$	13		$	13		$	12		$	935		$	5,185
Ratio of net expenses to average net assets		0.75	%*		0.78	%(b)		0.75	%		0.75	%		0.74	%*
Ratio of net investment income to average net assets		2.38	%*(c)		2.69	%(c)		3.36	%(c)		4.80	%(c)		5.67	%*(c)
Portfolio turnover rate		222	%		600	%		321	%		285	%		306	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expense to average net assets excluding interest expense is 0.75%.

(c) Indicates a period in which, as a result of a change in generally accepted accounting principles, the portfolio has reclassified periodic payments made or received under certain derivative instruments, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. The effect of this reclassification was to increase the net investment income ratio for the period ending June 30, 2004 by 0.14% and the net investment income per share by $0.01. For consistency, similar reclassifications have been made to prior period amounts, resulting in increases(reductions) to the net investment income ratio of 0.09%, (0.88)%, 0.24% and 0.09% and to the net investment income per share of $0.01, $(0.09), $0.02, and $0.01 in the fiscal years or periods ending December 31, 2003, 2002, 2001, and 2000, respectively. This change had no impact on the reported net asset value per share for any period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Foreign Bond Portfolio (U.S. Dollar-Hedged)

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	38,651
Cash		1
Foreign currency, at value		923
Receivable for investments sold		466
Receivable for investments sold on delayed delivery basis		7,663
Unrealized appreciation on forward foreign currency contracts		104
Receivable for Portfolio shares sold		32
Interest and dividends receivable		475
Variation margin receivable		123
Swap premiums paid		374
Unrealized appreciation on swap agreements		56
Unrealized appreciation on forward volatility options		5
		48,873
Liabilities:
Payable for investments purchased	$	674
Payable for investments purchased on delayed delivery basis		6,139
Unrealized depreciation on forward foreign currency contracts		35
Payable for short sale		7,741
Written options outstanding		64
Accrued investment advisory fee		7
Accrued administration fee		14
Accrued servicing fee		3
Recoupment payable to Manager		1
Swap premiums received		81
Unrealized depreciation on swap agreements		246
Other liabilities		12
		15,017
Net Assets	$	33,856
Net Assets Consist of:
Paid in capital	$	33,668
(Overdistributed) net investment income		(1,509	)
Accumulated undistributed net realized gain		734
Net unrealized appreciation		963
	$	33,856
Net Assets:
Institutional Class	$	13
Administrative Class		33,843
Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		3,381
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.01
Administrative Class		10.01
Cost of Investments Owned	$	37,676
Cost of Foreign Currency Held	$	919

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Foreign Bond Portfolio (U.S. Dollar-Hedged)

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	522
Dividends		3
Total Income		525
Expenses:
Investment advisory fees		41
Administration fees		82
Distribution and/or servicing fees - Administrative Class		24
Miscellaneous expense		1
Total Expenses		148
Net Investment Income		377
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		113
Net realized gain on futures contracts, options, and swaps		12
Net realized gain on foreign currency transactions		552
Net change in unrealized (depreciation) on investments		(1,698	)
Net change in unrealized appreciation on futures contracts, options, and swaps		152
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		773
Net (Loss)		(96	)
Net Increase in Assets Resulting from Operations	$	281

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Foreign Bond Portfolio (U.S. Dollar-Hedged)

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase in Net Assets from:
Operations:
Net investment income	$	377		$	687
Net realized gain (loss)		677			(492	)
Net change in unrealized appreciation (depreciation)		(773	)		99
Net increase resulting from operations		281			294
Distributions to Shareholders:
From net investment income
Institutional Class		0			0
Administrative Class		(346	)		(709	)
Total Distributions		(346	)		(709	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		0			0
Administrative Class		5,130			21,710
Issued as reinvestment of distributions
Institutional Class		0			0
Administrative Class		346			709
Cost of shares redeemed
Institutional Class		0			0
Administrative Class		(3,923	)		(6,424	)
Net increase resulting from Portfolio share transactions		1,553			15,995
Total Increase in Net Assets		1,488			15,580
Net Assets:
Beginning of period		32,368			16,788
End of period*	$	33,856		$	32,368
*Including (overdistributed) net investment income of:	$	(1,509	)	$	(1,540	)

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Foreign Bond Portfolio (U.S. Dollar-Hedged)

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

AUSTRALIA 0.2%
Crusade Global Trust
1.580% due 02/15/2030 (a)	$	14	$	14
Medallion Trust
1.370% due 07/12/2031 (a)		27		27
National Australia Bank Ltd.
1.883% due 05/19/2010 (a)		50		50
Total Australia (Cost $91)				91
AUSTRIA (i)(j) 1.5%
Republic of Austria
5.250% due 01/04/2011	EC	300		393
3.800% due 10/20/2013		100		117
Total Austria (Cost $447)				510
BRAZIL 0.3%
Republic of Brazil
2.062% due 04/15/2006 (a)	$	32		32
2.125% due 04/15/2009 (a)		17		15
2.125% due 04/15/2012 (a)		67		56
Total Brazil (Cost $105)				103
CANADA (i)(j) 3.1%
Commonwealth of Canada
6.000% due 06/01/2008	C$	500		399
5.500% due 06/01/2009		200		157
5.500% due 06/01/2010		300		235
6.000% due 06/01/2011		300		241
Total Canada (Cost $966)				1,032
CAYMAN ISLANDS (i)(j) 1.6%
Pylon Ltd.
3.553% due 12/18/2008 (a)	EC	250		310
Vita Capital Ltd.
2.460% due 01/01/2007 (a)	$	250		252
Total Cayman Islands (Cost $554)				562
DENMARK (i)(j) 0.2%
Nykredit Konvertible
6.000% due 10/01/2029	DK	358		61
Total Denmark (Cost $39)				61
FRANCE (i)(j) 0.8%
Republic of France
4.000% due 04/25/2009	EC	80		99
4.000% due 10/25/2009		30		37
5.500% due 04/25/2010		110		146
Total France (Cost $200)				282
GERMANY (i)(j) 16.3%
KFW International Finance, Inc.
3.500% due 11/15/2005	EC	100		124
Landesbank Baden-Wuerttemberg AG
5.500% due 04/02/2007		30		39
Republic of Germany
4.500% due 07/04/2009		10		13
5.250% due 07/04/2010		300		394
5.250% due 01/04/2011		300		394
5.000% due 01/04/2012		100		129

4.500% due 01/04/2013	EC	80	$	100
6.250% due 01/04/2024		600		866
5.000% due 07/04/2027		590		880
5.625% due 01/04/2028		1,800		2,414
4.750% due 07/04/2028		30		36
5.500% due 01/04/2031		100		133
Total Germany (Cost $5,173)				5,522
ITALY (i)(j) 14.3%
First Italian Auto Transaction
2.240% due 07/12/2008 (a)	EC	26		32
Republic of Italy
2.125% due 02/01/2006		400		539
3.500% due 01/15/2008		2,700		3,311
4.500% due 05/01/2009		360		456
4.250% due 11/01/2009		60		75
5.500% due 11/01/2010		110		146
Seashell Securities PLC
2.359% due 10/25/2028 (a)		148		180
Telecom Italia SpA
5.625% due 02/01/2007 (a)		70		90
Total Italy (Cost $4,738)				4,829
JAPAN (i)(j) 7.3%
Government of Japan
0.300% due 12/20/2007	JY	60,000		548
1.500% due 12/20/2011		167,000		1,544
1.600% due 09/20/2013		30,000		273
Japan Financial Corp.
5.875% due 03/14/2011	$	80		86
Total Japan (Cost $2,399)				2,451
LIBERIA 0.1%
Royal Caribbean Cruises Ltd.
8.125% due 07/28/2004	$	30		30
Total Liberia (Cost $30)				30
LUXEMBOURG 0.3%
Tyco International Group S.A.
5.875% due 11/01/2004	$	100		101
Total Luxembourg (Cost $101)				101
MEXICO 0.3%
Pemex Project Funding Master Trust
8.625% due 02/01/2022	$	20		21
Petroleos Mexicanos
8.850% due 09/15/2007		20		22
9.375% due 12/02/2008		30		34
Total Mexico (Cost $70)				77
NETHERLANDS (i)(j) 0.8%
Kingdom of Netherlands
6.000% due 01/15/2006	EC	200		256
Total Netherlands (Cost $192)				256
NEW ZEALAND (i)(j) 0.2%
Commonwealth of New Zealand
4.500% due 02/15/2016 (b)	N$	86		68
Total New Zealand (Cost $47)				68

PANAMA 0.1%
Republic of Panama
9.375% due 01/16/2023	$	40	$	41
Total Panama (Cost $40)				41
PERU 0.1%
Republic of Peru
5.000% due 03/07/2017 (a)	$	36		32
Total Peru (Cost $30)				32
RUSSIA 0.2%
Russian Federation
10.000% due 06/26/2007	$	60		68
Total Russia (Cost $70)				68
SOUTH AFRICA 0.3%
Republic of South Africa
8.375% due 10/17/2006	$	105		115
Total South Africa (Cost $118)				115
SPAIN (i)(j) 5.1%
Kingdom of Spain
4.950% due 07/30/2005	EC	30		38
5.150% due 07/30/2009		1,210		1,579
4.000% due 01/31/2010		100		123
Total Spain (Cost $1,608)				1,740
SUPRANATIONAL (i)(j) 0.2%
Eurofima
4.750% due 07/07/2004	SK	600		80
Total Supranational (Cost $70)				80
UNITED KINGDOM (i)(j) 10.2%
Haus Ltd.
2.347% due 12/14/2037 (a)	EC	72		88
Lloyds TSB Bank PLC
5.625% due 07/15/2049		40		52
1.500% due 11/29/2049 (a)	$	100		86
United Kingdom Gilt
5.000% due 03/07/2012	BP	700		1,262
5.000% due 09/07/2014		1,100		1,962
Total United Kingdom (Cost $3,461)				3,450
UNITED STATES (i)(j) 24.3%
Asset-Backed Securities 3.2%
Ameriquest Mortgage Securities, Inc.
1.710% due 03/25/2033 (a)	$	43		43
Amortizing Residential Collateral Trust
1.650% due 10/25/2031 (a)		15		15
1.590% due 07/25/2032 (a)		26		26
AMRESCO Residential Securities Corp. Mortgage Loan Trust
1.770% due 06/25/2029 (a)		5		5
Credit-Based Asset Servicing and Securitization
1.620% due 06/25/2032 (a)		36		36
CS First Boston Mortgage Securities Corp.
1.610% due 01/25/2032 (a)		9		9
6.500% due 04/25/2033		47		48

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

Fieldstone Mortgage Investment Corp.
1.590% due 01/25/2035 (a)	$	92	$	92
First Alliance Mortgage Loan Trust
1.320% due 12/20/2027 (a)		6		6
First Franklin Mortgage Loan Trust Asset-Backed Certificates
2.820% due 02/25/2034 (a)		186		187
Home Equity Asset Trust
1.710% due 03/25/2033 (a)		20		20
1.450% due 08/25/2034 (a)		96		96
Household Mortgage Loan Trust
1.390% due 05/20/2032 (a)		32		32
Irwin Home Equity Loan Trust
1.820% due 06/25/2028 (a)		34		34
Long Beach Mortgage Loan Trust
1.620% due 07/25/2033 (a)		30		30
MLCC Mortgage Investors, Inc.
1.618% due 03/15/2025 (a)		38		38
Morgan Stanley Dean Witter Capital I, Inc.
1.670% due 07/25/2030 (a)		6		6
1.630% due 07/25/2032 (a)		22		22
Novastar Home Equity Loan
1.575% due 04/25/2028 (a)		11		11
1.580% due 01/25/2031 (a)		10		10
Providian Home Equity Loan Trust
1.590% due 06/25/2025 (a)		9		9
Quest Trust
1.291% due 06/25/2034 (a)		200		200
Residential Asset Securities Corp.
1.550% due 07/25/2032 (a)		66		66
Structured Asset Investment Loan Trust
1.200% due 04/25/2033 (a)		26		26
				1,067
Corporate Bonds & Notes 3.3%
Comcast Corp.
7.050% due 03/15/2033		100		104
Entergy Gulf States, Inc.
2.433% due 06/18/2007 (a)		100		100
Ford Motor Credit Co.
7.500% due 03/15/2005		200		T207
General Motors Acceptance Corp.
6.875% due 09/09/2004	B	P75		137
2.135% due 05/18/2006 (a)		100		100
J.P. Morgan Chase & Co., Inc.
6.772% due 02/15/2012 (a)	$	10		10
KFW International Finance, Inc.
1.750% due 03/23/2010	JY	11,000		105
Morgan Stanley Capital I, Inc.
1.378% due 04/15/2016 (a)	$	200		200
Pacific Gas & Electric Co.
1.810% due 04/03/2006 (a)		110		110
UFJ Finance Aruba AEC
6.750% due 07/15/2013		40		41
				1,114
Mortgage-Backed Securities 6.0%
Bear Stearns Adjustable Rate Mortgage Trust
6.912% due 12/25/2040 (a)		1		1
Bear Stearns Commercial Mortgage Securities
1.350% due 05/14/2016 (a)		200		200
Commercial Mortgage Asset Trust
6.975% due 01/17/2032		100		112
Commercial Mortgage Pass-Through Certificates
1.408% due 07/15/2015 (a)		197		197
1.280% due 11/15/2015 (a)		199		199
CS First Boston Mortgage Securities Corp.
1.082% due 08/25/2033 (a)		58		58
First Horizon Asset Securities, Inc.
7.000% due 05/25/2030		5		5
GMAC Commercial Mortgage Securities, Inc.
6.420% due 05/15/2035		100		108
Impac Secured Assets CMN Owner Trust
1.490% due 08/25/2034 (a)		200		200

Mellon Residential Funding Corp.
1.678% due 12/15/2030 (a)	$	110	$	110
Sequoia Mortgage Trust
1.390% due 08/20/2032 (a)		76		75
Structured Asset Mortgage Investments, Inc.
1.390% due 09/19/2032 (a)		199		199
1.421% due 09/19/2032 (a)		80		80
1.450% due 03/19/2034 (a)		194		193
Structured Asset Securities Corp.
1.590% due 01/25/2033 (a)		25		25
Wachovia Bank Commercial Mortgage Trust
1.428% due 06/15/2013 (a)		200		200
Washington Mutual Mortgage Securities Corp.
6.000% due 03/25/2017		9		9
5.159% due 10/25/2032 (a)		15		15
3.065% due 02/27/2034 (a)		51		51
Wells Fargo Mortgage-Backed Securities Trust
4.614% due 09/25/2032 (a)		4		4
				2,041
Municipal Bonds & Notes 1.2%
Connecticut State General Obligation Bonds, Series 2001
5.500% due 12/15/2013		100		112
Illinois Educational Facilities Authority Revenue Bonds, Series 2003
5.000% due 07/01/2033		100		97
Lower Colorado River Authority Revenue Bonds, (FSA Insured), Series 2003
5.000% due 05/15/2023		100		101
Seattle, Washington Water System Revenue Bonds, (MBIA Insured), Series 2003
5.000% due 09/01/2033		100		97
				407
U.S. Government Agencies 8.2%
Fannie Mae
4.640% due 01/30/2008		200		200
1.650% due 01/25/2016 (a)		15		15
5.500% due 11/01/2016-07/15/2034 (c)		1305		1,335
5.000% due 09/01/2018		177		177
5.213% due 04/01/2033 (a)		47		47
1.420% due 03/25/2034 (a)		194		193
Freddie Mac
6.530% due 11/26/2012		300		319
5.000% due 09/15/2016		45		46
3.430% due 02/01/2029 (a)		60		62
Government National Mortgage Association
4.375% due 04/20/2028 (a)		5		5
4.000% due 04/20/2030-05/20/2030 (a)(c)		33		34
3.250% due 06/20/2030 (a)		38		38
Tennessee Valley Authority
4.875% due 12/15/2016		300		313
				2,784
U.S. Treasury Obligations 1.8%
3.500% due 01/15/2011		324		360
1.875% due 07/15/2013		102		101
3.625% due 04/15/2028		116		142
				603
Preferred Security 0.6%
	Shares
DG Funding Trust
3.360% due 12/29/2049 (a)		20		215
Total United States (Cost $8,204)				8,231
PURCHASED CALL OPTIONS 0.0%
	Principal Amount (000s)
30-Year Interest Rate Swap (OTC)
Strike @ 5.750%** Exp. 04/27/2009	$	200		8
Total Purchased Call Options (Cost $10)				8

PURCHASED PUT OPTIONS 0.1%
30-Year Interest Rate Swap (OTC)
Strike @ 6.250% ** Exp. 04/27/2009	$	200	$	13
Total Purchased Put Options (Cost $14)				13
SHORT-TERM INSTRUMENTS 26.3%
Commercial Paper 23.3%
AB Spintab
1.260% due 09/08/2004	$	200		199
Bank of Ireland
1.285% due 09/03/2004		500		499
CBA (de) Finance
1.210% due 08/23/2004		200		200
Fannie Mae
1.010% due 10/01/2004		200		199
Freddie Mac
1.440% due 09/14/2004		200		199
1.465% due 09/28/2004		300		299
HBOS Treasury Services PLC
1.035% due 07/01/2004		300		300
1.475% due 09/13/2004		600		598
1.585% due 10/26/2004		100		99
ING U.S. Funding LLC
1.325% due 09/07/2004		100		100
1.345% due 09/09/2004		300		299
KFW International Finance, Inc.
1.110% due 08/20/2004		400		399
Lloyds TSB Bank PLC
1.185% due 07/21/2004		400		400
National Australia Funding, Inc.
1.050% due 07/02/2004		900		900
Royal Bank of Scotland PLC
1.030% due 07/06/2004		900		900
Shell Finance (UK) PLC
1.230% due 08/11/2004		500		499
Svenska Handlesbanken
1.090% due 08/05/2004		400		399
1.295% due 09/24/2004		600		598
Toyota Motor Credit Corp.
1.330% due 09/07/2004		400		399
UBS Finance, Inc.
1.245% due 09/13/2004		400		399
				7,884
Repurchase Agreement 1.8%
State Street Bank
0.800% due 07/01/2004		594		594
(Dated 06/30/2004. Collateralized by Freddie Mac 2.875% due 10/15/2005 valued at $606. Repurchase proceeds are $594.)
U.S. Treasury Bills 1.2%
1.256% due 09/02/2004-09/16/2004 (c)(d)		420		420
Total Short-Term Instruments (Cost $8,899)				8,898
Total Investments 114.2%			$	38,651
(Cost $37,676)
Written Options (g) (0.2%)				(64	)
(Premiums $128)
Other Assets and Liabilities (Net) (14.0%)				(4,731	)
Net Assets 100.0%			$	33,856

See accompanying notes June 30, 2004 Semi-Annual Report 9

Schedule of Investments (Cont.)

Foreign Bond Portfolio (U.S. Dollar-Hedged)

June 30, 2004 (Unaudited)

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Principal amount of security is adjusted for inflation.

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(d) Securities with an aggregate market value of $419 have been segregated with the custodian to cover margin

requirements for the following open futures contracts at June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euribor June Long Futures	06/2005	8	$	(5)
Euro-Bund 10-Year Note Long Futures	09/2004	55		58
Government of Japan 10-Year
Note Long Futures	09/2004	5		(21	)
U.S. Treasury 10-Year Note Long Futures	09/2004	66		85
U.S. Treasury 5-Year Note Long Futures	09/2004	4		1
			$	118

(e) Swap agreements outstanding at June 30, 2004:

Type		Notional Amount		Unrealized Appreciation/ (Depreciation	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 03/15/2017	BP	200	$	3
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: UBS Warburg LLC
Exp. 03/20/2018		300		(1	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 03/20/2018		500		5
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Goldman Sachs & Co.
Exp. 03/20/2018		800		10
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/20/2018		600		4
Receive a fixed rate equal to 3.500% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: UBS Warburg LLC
Exp. 09/15/2005	EC	2,800		16
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Barclays Bank PLC
Exp. 03/15/2007		200		(1	)
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Goldman Sachs & Co.
Exp. 06/17/2010		200		(5	)

Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: J.P. Morgan Chase & Co.
Exp. 06/17/2012	EC	100	(16	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Citibank N.A.
Exp. 06/18/2012		200	(10	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 4.000%.
Counterparty: Citibank N.A.
Exp. 12/15/2014		1,080	(10	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 4.000%.
Counterparty: UBS Warburg LLC
Exp. 12/15/2014		200	(2	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: UBS Warburg LLC
Exp. 12/15/2014		2,500	(27	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Goldman Sachs & Co.
Exp. 03/20/2018		1,000	0
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: UBS Warburg LLC
Exp. 03/20/2018		400	2
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/20/2018		200	1
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 03/15/2031		100	(18	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/17/2031		100	(19	)
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.753%.
Counterparty: Goldman Sachs & Co.
Exp. 02/08/2006	H$	3,000	(22	)
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 4.235%.
Counterparty: Goldman Sachs & Co.
Exp. 12/17/2008		7,100	(16	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.020%.
Counterparty: Goldman Sachs & Co.
Exp. 05/18/2010	JY	17,000	(8	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.300%.
Counterparty: Goldman Sachs & Co.
Exp. 09/21/2011		40,000	4
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.800%.
Counterparty: UBS Warburg LLC
Exp. 03/20/2012		50,000	7
Receive a fixed rate equal to 4.500% and pay floating rate based on 3-month SK-STIBOR.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 06/17/2008	SK	2,600	1

Receive a fixed rate equal to 4.500% and pay floating rate based on 3-month SK-STIBOR.
Counterparty: J.P. Morgan Chase & Co.
Exp. 06/17/2008	$	4,100		2
Receive a fixed rate equal to 4.500% and pay floating rate based on 3-month SK-STIBOR.
Counterparty: Barclays Bank PLC
Exp. 06/17/2008		2,500		1
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 09/30/2004		100		0
Receive a fixed rate equal to 0.960% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030.
Counterparty: Goldman Sachs & Co.
Exp. 01/28/2005		100		0
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 4.000%.
Counterparty: J.P. Morgan Chase & Co.
Exp. 12/15/2009		1,900		(18	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 4.000%.
Counterparty: Lehman Brothers, Inc.
Exp. 12/15/2009		100		0
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Bank of America
Exp. 12/15/2014		1,800		(28	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Goldman Sachs & Co.
Exp. 12/15/2014		600		(9	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: UBS Warburg LLC
Exp. 12/15/2014		800		(12	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Counterparty: Bank of America
Exp. 12/15/2024		900	(24)
			$          (190)
(f) Written options with premiums to be determined on a future date:
Type		# of Contracts	Unrealized Appreciation
Call & Put–OTC % U.S. Dollar Forward Delta /Neutral Straddle vs. Japanese Yen Strike and premium determined on 12/18/2007, based upon implied volatility parameter of 18.500%.
Counterparty: AIG International, Inc.
Exp. 12/18/2012		80	$              5

10 Semi-Annual Report June 30, 2004 See accompanying notes

(g) Premiums received on written options:

Name of Issuer		Exercise Price			Expiration Date	# of Contracts		Premium		Value
Call - CBOT U.S. Treasury Note September Futures		$	115.000		08/27/2004		6	$	2	$	0
Call - CBOT U.S. Treasury Note September Futures			114.000		08/27/2004		1		1		0
								$	3	$	0
Name of Issuer	Counterparty	Exercise Rate			Expiration Date	Notional Amount		Premium		Value
Call - OTC 10-Year Interest Rate Swap	J.P. Morgan Chase & Co.		4.000	%**	10/07/2004	$	300	$	3	$	0
Call - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.		3.800	%**	10/07/2004		800		8		0
Put - OTC 10-Year Interest Rate Swap	J.P. Morgan Chase & Co.		6.000	%*	10/07/2004		300		2		1
Put - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.		6.000	%*	10/07/2004		800		7		1
Call - OTC 7-Year Interest Rate Swap	Lehman Brothers, Inc.		5.750	%**	08/04/2005		1,000		43		40
Put - OTC 7-Year Interest Rate Swap	Lehman Brothers, Inc.		5.750	%*	08/04/2005		1,000		43		17
Call - OTC 7-Year Interest Rate Swap	Merrill Lynch & Co., Inc.		4.000	%**	09/23/2005		300		8		1
Put - OTC 7-Year Interest Rate Swap	Merrill Lynch & Co., Inc.		6.000	%*	09/23/2005		300		11		4
								$	125	$	64

* The Portfolio will pay a floating rate based on 3-month LIBOR.

**The Portfolio will receive a floating rate based on 3-month LIBOR.

(h) Short sales open at June 30, 2004 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Note	5.500	05/15/2009	$	400	$	431	$       426
U.S. Treasury Note	5.750	08/15/2010		100		109	107
U.S. Treasury Note	4.375	08/15/2012		500		498	494
U.S. Treasury Note	3.875	02/15/2013		900		861	846
U.S. Treasury Note	3.625	05/15/2013		2,400		2,248	2,212
U.S. Treasury Note	4.250	08/15/2013		1,100		1,074	1,055
U.S. Treasury Note	3.000	02/15/2009		2,600		2,520	2,524
					$	7,741	$    7,664

(i) Forward foreign currency contracts outstanding at June 30, 2004:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell	BP	1,058	07/2004	$	5	$	0		$	5
Buy	BR	36	07/2004		0		0			0
Sell	C$	1,431	07/2004		0		(17	)		(17	)
Buy	CP	1,246	08/2004		0		0			0
Sell	DK	679	09/2004		1		0			1
Buy	EC	266	07/2004		0		(1	)		(1	)
Sell		8,362	07/2004		96		0			96
Buy	H$	47	07/2004		0		0			0
Buy		420	09/2004		0		0			0
Sell	JY	226,587	07/2004		0		(17	)		(17	)
Buy	KW	6,966	07/2004		0		0			0
Buy		27,912	09/2004		0		0			0
Buy	MP	156	08/2004		0		0			0
Sell	N$	87	07/2004		0		0			0
Buy	PN	24	08/2004		0		0			0
Buy	RR	199	07/2004		0		0			0
Buy	S$	10	07/2004		0		0			0
Sell	SK	559	09/2004		1		0			1
Buy	SR	67	08/2004		1		0			1
Sell		24	08/2004		0		0			0
Buy	SV	364	08/2004		0		0			0
				$	104	$	(35	)	$	69

(j) Principal amount denoted in indicated currency:

BP	-	British Pound
BR	-	Brazilian Real
C$	-	Canadian Dollar
CP	-	Chilean Peso
DK	-	Danish Krone
EC	-	Euro
H$	-	Hong Kong Dollar
JY	-	Japanese Yen
KW	-	South Korean Won
MP	-	Mexican Peso
N$	-	New Zealand Dollar
PN	-	Peruvian New Sol
RR	-	Russian Ruble
S$	-	Singapore Dollar
SK	-	Swedish Krona
SR	-	South African Rand
SV	-	Slovakian Koruna

See accompanying notes June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Foreign Bond Portfolio (U.S. Dollar-Hedged) (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Portfolio. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. 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. The Portfolio commenced operations on February 16, 1999.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Delayed Delivery Transactions. The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and

12 Semi-Annual Report June 30, 2004

delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. 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 net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Foreign Currency. The accounting records of the Portfolio are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Forward Currency Transactions. The Portfolio may enter into forward currency contracts and forward cross-currency contracts 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 a part of an investment strategy. A forward 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 currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses 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 are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Short Sales. The Portfolio may enter into short sales transactions. A short sale is a transaction in which the Portfolio sells securities it does not own in anticipation of a decline in the market price of the securities. The Portfolio is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are

reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain(loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. This reclassification increased(decreased) net investment income by $46,353 and $26,213, and net realized (loss) by $(52,329) and $(14,876) and net change in unrealized appreciation(depreciation) by $5,976 and $(11,338) for the six months ended June 30, 2004 and year ended December 31, 2003, respectively. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase(decrease) in net assets from operations during any period.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

14 Semi-Annual Report June 30, 2004

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.50%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.90	%
Administrative Class	0.75	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$41,893	$44,886	$31,637	$32,974

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Premium
Balance at 12/31/2003	$	141
Sales		43
Closing Buys		(19	)
Expirations		(37	)
Exercised		0
Balance at 06/30/2004	$	128

June 30, 2004 Semi-Annual Report 15

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)			Net Unrealized Appreciation
$            1,188	$	(213	)	$	975

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	511			5,130		2,126			21,710
Issued as reinvestment of distributions
Institutional Class	0			0		0			0
Administrative Class	34			346		70			709
Cost of shares redeemed
Institutional Class	0			0		0			0
Administrative Class	(390	)		(3,923	)	(635	)		(6,424	)
Net increase resulting from Portfolio share transactions	155		$	1,553		1,561		$	15,995

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	1	100
Administrative Class	3	98

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated

16 Semi-Annual Report June 30, 2004

and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

June 30, 2004 Semi-Annual Report 17

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

SHORT-TERM PORTFOLIO

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	11

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Short-Term Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                           [CHART]

                        Short-Term Portfolio         Citigroup 3-Month
                             Inst. Class            Treasury Bill Index
                        --------------------        -------------------
04/30/2000                 $10,000                      $10,000
05/31/2000                 $10,058                      $10,049
06/30/2000                 $10,114                      $10,096
07/31/2000                 $10,174                      $10,145
08/31/2000                 $10,249                      $10,195
09/30/2000                 $10,318                      $10,246
10/31/2000                 $10,377                      $10,299
11/30/2000                 $10,433                      $10,352
12/31/2000                 $10,464                      $10,407
01/31/2001                 $10,539                      $10,460
02/28/2001                 $10,600                      $10,505
03/31/2001                 $10,644                      $10,552
04/30/2001                 $10,664                      $10,592
05/31/2001                 $10,727                      $10,631
06/30/2001                 $10,746                      $10,665
07/31/2001                 $10,852                      $10,699
08/31/2001                 $10,914                      $10,731
09/30/2001                 $11,005                      $10,762
10/31/2001                 $11,075                      $10,790
11/30/2001                 $11,104                      $10,813
12/31/2001                 $11,153                      $10,832
01/31/2002                 $11,155                      $10,849
02/28/2002                 $11,171                      $10,864
03/31/2002                 $11,177                      $10,879
04/30/2002                 $11,230                      $10,895
05/31/2002                 $11,269                      $10,911
06/30/2002                 $11,293                      $10,927
07/31/2002                 $11,292                      $10,943
08/31/2002                 $11,335                      $10,958
09/30/2002                 $11,356                      $10,974
10/31/2002                 $11,404                      $10,989
11/30/2002                 $11,477                      $11,003
12/31/2002                 $11,508                      $11,016
01/31/2003                 $11,548                      $11,028
02/28/2003                 $11,582                      $11,038
03/31/2003                 $11,615                      $11,049
04/30/2003                 $11,648                      $11,060
05/31/2003                 $11,679                      $11,071
06/30/2003                 $11,694                      $11,081
07/31/2003                 $11,652                      $11,090
08/31/2003                 $11,656                      $11,099
09/30/2003                 $11,715                      $11,108
10/31/2003                 $11,707                      $11,117
11/30/2003                 $11,720                      $11,126
12/31/2003                 $11,761                      $11,134
01/31/2004                 $11,773                      $11,143
02/29/2004                 $11,795                      $11,151
03/31/2004                 $11,807                      $11,160
04/30/2004                 $11,796                      $11,169
05/31/2004                 $11,807                      $11,178
06/30/2004                 $11,806                      $11,187
            

SECTOR BREAKDOWN^‡

Short-Term Instruments	75.2	%
Corporate Bonds & Notes	9.7	%
U.S. Government Agencies	5.7	%
Asset-Backed Securities	3.4	%
U.S. Treasury Obligation	2.9	%
Mortgage-Backed Securities	2.5	%
Other	0.6	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Institutional Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		Since Inception*
	Short-Term Portfolio Institutional Class (Inception 04/28/00)	0.39	%	0.96	%	4.07	%
- - - - - - -	Citigroup 3-Month Treasury Bill Index	0.47	%	0.96	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,003.90	$	1,025.00
Expenses Paid During Period†	$	2.24	$	2.27

^†Expenses are equal to the Portfolio’s Institutional Class annualized expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Short-Term Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities.

• The total return performance of the Portfolio’s Institutional Class was 0.39% for the six-month period ended June 30, 2004, versus a return of 0.47% for the benchmark Citigroup 3-Month Treasury Bill Index during the same period.

• Interest rate strategies including a duration longer than the effective benchmark and yield curve positioning that was broader than benchmark were negative for returns as rates increased during the period.

• An emphasis on mortgage securities boosted returns. Heavy demand by banks during the first quarter 2004 and a decline in volatility late in the second quarter supported mortgage performance.

• An emphasis on corporate securities was slightly positive. During the first quarter, their yield advantage offset concerns about slower growth and profits, but during the second quarter returns were slightly negative as rates increased.

• Emerging market (“EM”) bonds detracted from performance during the period. Heightened new issuance weighed on the sector and leveraged tactical investors sold EM bonds as rates rose.

• Short maturity Eurozone issues added value amid expectations for slower growth and lower inflation in Europe.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

Short-Term Portfolio (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			04/28/2000- 12/31/2000
Net asset value beginning of period	$	10.10		$	10.08		$	10.08		$	10.01		$	10.00
Net investment income (a)		0.04	(d)		0.14	(d)		0.30	(d)		0.53	(d)		0.45
Net realized/unrealized gain (loss) on investments (a)		0.00	(d)		0.08	(d)		(0.01	)(d)		0.12	(d)		0.01
Total income from investment operations		0.04			0.22			0.31			0.65			0.46
Dividends from net investment income		(0.06	)		(0.19	)		(0.30	)		(0.54	)		(0.45	)
Distributions from net realized capital gains		0.00			(0.01	)		(0.01	)		(0.04	)		0.00
Total distributions		(0.06	)		(0.20	)		(0.31	)		(0.58	)		(0.45	)
Net asset value end of period	$	10.08		$	10.10		$	10.08		$	10.08		$	10.01
Total return		0.39	%		2.20	%		3.18	%		6.59	%		4.64	%
Net assets end of period (000s)	$	26,451		$	14,932		$	4,893		$	4,093		$	3,388
Ratio of net expenses to average net assets		0.45	%*		0.45	%		0.45	%		0.47	%(b)(c)		0.45	%*
Ratio of net investment income to average net assets		1.05	%*(d)		1.36	%(d)		2.99	%(d)		5.27	%(d)		6.56	%*
Portfolio turnover rate		136	%		199	%		60	%		94	%		281	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.45%.

(c) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.46%.

(d) Indicates a period in which, as a result of a change in generally accepted accounting principles, the portfolio has reclassified periodic payments made or received under certain derivative instruments, which were previously included within miscellaneous income, to a component of realized gain (loss) in the Statement of Operations. The effect of this reclassification was to (reduce) the net investment income ratio for the period ending June 30, 2004 by (0.03)% and the net investment income per share by $0.00. For consistency, similar reclassifications have been made to prior year amounts, resulting in (reductions) to the net investment income ratio of (0.09)%, 0.00% and (0.03)% and to the net investment income per share of $(0.01), $0.00 and $0.00 in the fiscal years ending December 31, 2003, 2002, and 2001, respectively. This change had no impact on the reported net asset value per share for any period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Short-Term Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	34,003
Cash		101
Foreign currency, at value		24
Receivable for investments sold on delayed delivery basis		794
Unrealized appreciation on forward foreign currency contracts		1
Receivable for Portfolio shares sold		2
Interest and dividends receivable		97
Variation margin receivable		11
Swap premiums paid		8
Unrealized appreciation on swap agreements		12
		35,053
Liabilities:
Payable for investments purchased	$	944
Payable for short sale		805
Written options outstanding		2
Payable for Portfolio shares redeemed		2
Accrued investment advisory fee		7
Accrued administration fee		5
Accrued servicing fee		1
Recoupment payable to Manager		1
Other liabilities		1
		1,768
Net Assets	$	33,285
Net Assets Consist of:
Paid in capital	$	33,263
(Overdistributed) net investment income		(32	)
Accumulated undistributed net realized gain		65
Net unrealized (depreciation)		(11	)
	$	33,285
Net Assets:
Institutional Class	$	26,451
Administrative Class		6,834
Shares Issued and Outstanding:
Institutional Class		2,623
Administrative Class		678
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.08
Administrative Class		10.08
Cost of Investments Owned	$	34,018
Cost of Foreign Currency Held	$	24

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Short-Term Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	190
Total Income		190
Expenses:
Investment advisory fees		32
Administration fees		25
Distribution and/or servicing fees - Administrative Class		5
Total Expenses		62
Net Investment Income		128
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		5
Net realized gain on futures contracts, options, and swaps		38
Net realized (loss) on foreign currency transactions		(1	)
Net change in unrealized (depreciation) on investments		(35	)
Net change in unrealized (depreciation) on futures contracts, options, and swaps		(26	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		1
Net (Loss)		(18	)
Net Increase in Assets Resulting from Operations	$	110

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Short-Term Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase in Net Assets from:
Operations:
Net investment income	$	128		$	207
Net realized gain		42			100
Net change in unrealized depreciation		(60	)		(13	)
Net increase resulting from operations		110			294
Distributions to Shareholders:
From net investment income					��
Institutional Class		(110	)		(160	)
Administrative Class		(34	)		(97	)
From net realized capital gains
Institutional Class		0			(18	)
Administrative Class		0			(8	)
Total Distributions		(144	)		(283	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		14,588			12,584
Administrative Class		1,448			3,690
Issued as reinvestment of distributions
Institutional Class		110			178
Administrative Class		34			105
Cost of shares redeemed
Institutional Class		(3,155	)		(2,724	)
Administrative Class		(586	)		(2,197	)
Net increase resulting from Portfolio share transactions		12,439			11,636
Total Increase in Net Assets		12,405			11,647
Net Assets:
Beginning of period		20,880			9,233
End of period*	$	33,285		$	20,880
*Including (overdistributed) net investment income of:	$	(32	)	$	(16	)

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Short-Term Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

CORPORATE BONDS & NOTES 9.9%
Banking & Finance 2.2%
Bear Stearns Cos., Inc.
1.940% due 09/21/2004 (a)	$	100	$	100
Bombardier Capital, Inc.
7.500% due 08/15/2004		100		100
Deutsche Telekom International Finance BV
8.250% due 06/15/2005		80		84
Ford Motor Credit Co.
6.700% due 07/16/2004		250		250
General Motors Acceptance Corp.
5.750% due 11/05/2004		50		51
2.400% due 10/20/2005 (a)		100		101
Household Finance Corp.
6.700% due 11/15/2005		40		42
				728
Industrials 3.6%
Alcan, Inc.
1.623% due 12/08/2004 (a)		40		40
DaimlerChrysler North America Holding Corp.
3.400% due 12/15/2004		220		221
7.400% due 01/20/2005		110		113
FedEx Corp.
1.390% due 04/01/2005 (a)		100		100
Fort James Corp.
6.625% due 09/15/2004		10		10
Halliburton Co.
2.650% due 10/17/2005 (a)		50		51
MGM Mirage, Inc.
6.950% due 02/01/2005		40		41
6.625% due 02/01/2005		20		20
PanAmSat Corp.
6.125% due 01/15/2005		40		41
Petroleos Mexicanos
6.500% due 02/01/2005		150		154
Pioneer National Resources Co.
8.875% due 04/15/2005		50		52
TCI Communications, Inc.
8.650% due 09/15/2004		40		41
Time Warner, Inc.
7.975% due 08/15/2004		100		101
Tyco International Group S.A.
5.875% due 11/01/2004		100		101
Weyerhaeuser Co.
5.500% due 03/15/2005		15		15
Yum! Brands, Inc.
7.450% due 05/15/2005		100		104
				1,205
Utilities 4.1%
Carolina Telephone & Telegraph
7.250% due 12/15/2004		200		204
Centerior Energy Corp.
7.670% due 07/01/2004		100		100
Dominion Resources, Inc.
2.800% due 02/15/2005		100		100
Edison International, Inc.
6.875% due 09/15/2004		160		161
Entergy Gulf States, Inc.
3.600% due 06/01/2008		100		97
Ohio Edison Co.
4.000% due 05/01/2008		30		29
PPL Capital Funding Trust I
7.290% due 05/18/2006		80		84
Reliant Energy Resources Corp.
8.125% due 07/15/2005		100		105
SBC Communications, Inc.
4.206% due 06/05/2005		110		112
Sprint Capital Corp.
7.900% due 03/15/2005		360		373
				1,365
Total Corporate Bonds & Notes (Cost $3,302)				3,298

U.S. GOVERNMENT AGENCIES 5.8%
Fannie Mae
4.500% due 02/25/2008	$100	$102
6.000% due 06/01/2017	60	63
5.337% due 10/01/2031 (a)	78	80
1.420% due 03/25/2034 (a)	214	213
1.880% due 08/25/2043	36	36
5.500% due 11/01/2016-09/01/2017 (d)	350	359
Federal Home Loan Bank
6.270% due 08/26/2004	175	173
Freddie Mac
3.960% due 08/02/2006	100	100
4.000% due 08/02/2006	100	100
4.250% due 07/12/2006	300	300
9.500% due 12/01/2019	88	99
5.750% due 06/15/2029	1	1
6.000% due 12/15/2031	100	101
6.500% due 08/01/2032	20	21
5.500% due 08/15/2004-08/15/2030 (d)	41	41
Government National Mortgage Association
3.000% due 02/20/2032 (a)	127	123
6.000% due 03/15/2032	23	24
Total U.S. Government Agencies (Cost $1,946)		1,936
U.S. TREASURY OBLIGATIONS 2.9%
Treasury Inflation Protected Securities (c)
3.375% due 01/15/2007	154	165
3.625% due 01/15/2008	396	433
U.S. Treasury Note
1.875% due 12/31/2005	390	387
Total U.S. Treasury Obligations (Cost $989)		985
MORTGAGE-BACKED SECURITIES 2.6%
Bank of America Mortgage Securities, Inc.
6.406% due 07/25/2032 (a)	16	16
5.667% due 10/20/2032 (a)	14	14
Bear Stearns Adjustable Rate Mortgage Trust
4.802% due 12/25/2033 (a)	39	40
4.357% due 01/25/2034 (a)	38	39
1.580% due 02/25/2034 (a)	61	62
Bear Stearns Commercial Mortgage Securities
1.500% due 05/14/2016 (a)	100	100
Countrywide Home Loans, Inc.
4.991% due 09/19/2032 (a)	9	9
CS First Boston Mortgage Securities Corp.
1.726% due 03/25/2032 (a)	150	151
5.738% due 05/25/2032 (a)	11	11
First Republic Mortgage Loan Trust
1.538% due 08/15/2032 (a)	83	83
Mellon Residential Funding Corp.
1.678% due 12/15/2030 (a)	55	55
Sequoia Mortgage Funding Co
0.800% due 10/21/2007 (b)	1,842	19
Structured Asset Mortgage Investments, Inc.
1.610% due 09/19/2032 (a)	80	80
Structured Asset Securities Corp.
1.590% due 01/25/2033 (a)	25	25
1.800% due 11/25/2033 (a)	17	17
Structured Assets Securities Corp.
1.800% due 07/25/2032 (a)	50	50
Wachovia Bank Commercial Mortgage Trust
1.428% due 06/15/2013 (a)	40	40
Washington Mutual Mortgage Securities Corp.
5.159% due 10/25/2032 (a)	12	12
2.629% due 06/25/2042 (a)	42	42
Total Mortgage-Backed Securities (Cost $865)		865

ASSET-BACKED SECURITIES 3.5%
Ameriquest Mortgage Securities, Inc.
1.460% due 06/25/2005 (a)	$151	$151
1.450% due 11/25/2033 (a)	30	30
Bear Stearns Asset-Backed Securities, Inc.
1.630% due 10/25/2032 (a)	12	12
CDC Mortgage Capital Trust
1.640% due 01/25/2032 (a)	10	10
1.670% due 08/25/2033 (a)	18	18
Centex Home Equity Loan Trust
1.600% due 09/25/2033 (a)	36	36
Chase Funding Loan Acquisition Trust
1.540% due 07/25/2030 (a)	7	7
1.650% due 07/25/2031 (a)	5	5
Contimortgage Home Equity Loan Trust
1.418% due 04/15/2029 (a)	58	58
Countrywide Asset-Backed Certificates
1.670% due 05/25/2032 (a)	17	17
CS First Boston Mortgage Securities Corp.
1.740% due 08/25/2032 (a)	7	7
Equifirst Mortgage Loan Trust
1.400% due 01/25/2034 (a)	94	94
Financial Asset Securities Corp. AAA Trust
1.230% due 09/25/2033 (a)	5	5
First Franklin Mortgage Loan Trust Asset-Backed Certificates
1.650% due 09/25/2032 (a)	17	17
2.820% due 02/25/2034 (a)	28	28
First Franklin Mtg Loan Asset Backed Certificates
1.420% due 07/25/2033 (a)	60	60
HFC Home Equity Loan Asset-Backed Certificates
1.630% due 10/20/2032 (a)	52	52
Home Equity Asset Trust
1.760% due 02/25/2033 (a)	35	35
1.710% due 03/25/2033 (a)	20	20
Home Equity Mortgage Trust
1.550% due 04/25/2034 (a)	33	34
Irwin Home Equity Loan Trust
1.570% due 07/25/2032 (a)	30	30
Morgan Stanley Asset-Backed Securities Capital I, Inc.
1.640% due 08/25/2033 (a)	39	39
Morgan Stanley Dean Witter Capital I, Inc.
1.670% due 07/25/2030 (a)	3	3
Novastar Home Equity Loan
1.630% due 09/25/2031 (a)	10	10
Quest Trust
1.291% due 06/25/2034 (a)	100	100
Renaissance Home Equity Loan Trust
1.740% due 08/25/2033 (a)	94	95
Residential Asset Mortgage Products, Inc.
1.630% due 12/25/2033 (a)	44	44
Residential Asset Securities Corp.
1.420% due 06/25/2025 (a)	86	86
Saxon Asset Securities Trust
1.570% due 01/25/2032 (a)	8	8
1.700% due 12/25/2032 (a)	11	12
Sears Credit Account Master Trust
5.250% due 10/16/2008	8	8
Structured Asset Investment Loan Trust
1.200% due 04/25/2033 (a)	13	13
Terwin Mortgage Trust
1.880% due 09/25/2033 (a)	9	9
Total Asset-Backed Securities (Cost $1,152)		1,153
SOVEREIGN ISSUES 0.5%
Republic of Brazil
2.062% due 04/15/2006 (a)	93	91
10.000% due 01/16/2007	10	11
2.125% due 04/15/2009 (a)	62	57
Total Sovereign Issues (Cost $154)		159

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

FOREIGN CURRENCY-DENOMINATED ISSUES (i)(j) 0.1%
Tyco International Group S.A.
4.375% due 11/19/2004	EC	20	$24
Total Foreign Currency-Denominated Issues (Cost $24)			24
SHORT-TERM INSTRUMENTS 76.9%
Commercial Paper 76.0%
AB Spintab
1.260% due 09/08/2004		$400	399
ABN AMRO North America
1.040% due 07/06/2004		600	600
1.090% due 07/29/2004		100	100
Anz (Delaware), Inc.
1.060% due 07/19/2004		200	200
Bank of Ireland
1.285% due 09/03/2004		900	898
Barclays U.S. Funding Corp.
1.110% due 08/25/2004		100	100
1.280% due 09/21/2004		200	199
CBA (de) Finance
1.050% due 07/02/2004		100	100
1.210% due 08/23/2004		600	599
1.225% due 08/23/2004		200	200
CDC Commercial Corp.
1.100% due 08/04/2004		600	599
Den Norske Bank ASA
1.260% due 09/20/2004		500	498
Dexia Delaware LLC
1.400% due 08/30/2004		300	299
European Investment Bank
1.050% due 07/16/2004		600	600
Fannie Mae
1.040% due 07/14/2004		300	300
1.060% due 07/21/2004		600	600
1.063% due 08/04/2004		300	300
1.130% due 08/11/2004		300	300
1.150% due 08/18/2004		300	299
1.177% due 08/25/2004		300	299
1.180% due 08/25/2004		500	499
1.120% due 09/01/2004		300	299
1.225% due 09/01/2004		200	199
1.380% due 09/01/2004		300	299
1.415% due 09/08/2004		300	299
1.200% due 09/15/2004		300	299
1.414% due 09/22/2004		100	100
1.426% due 09/22/2004		100	100
1.010% due 10/01/2004		300	299
Federal Home Loan Bank
1.165% due 07/16/2004		200	200
1.170% due 07/16/2004		300	300
1.180% due 08/25/2004		100	100
Ford Motor Credit Co.
1.870% due 09/03/2004		150	150
Freddie Mac
1.010% due 08/12/2004		400	399
1.150% due 08/17/2004		300	300
1.175% due 08/24/2004		600	599
1.180% due 08/24/2004		1,000	998
1.260% due 09/20/2004		200	199
1.280% due 09/22/2004		300	299
1.465% due 09/28/2004		300	299
1.300% due 09/30/2004		300	299
1.560% due 10/20/2004		300	298
General Electric Capital Corp.
1.040% due 07/08/2004		600	600
1.060% due 07/12/2004		100	100
1.300% due 09/08/2004		200	199
HBOS Treasury Services PLC
1.055% due 07/16/2004		200	200
1.290% due 09/24/2004		200	199
1.580% due 10/21/2004		500	497

1.585% due 10/26/2004	$100	$99
ING U.S. Funding LLC
1.040% due 07/02/2004	600	600
1.240% due 09/10/2004	100	100
KFW International Finance, Inc.
1.095% due 08/10/2004	300	300
1.110% due 08/23/2004	400	399
Lloyds TSB Bank PLC
185% due 07/21/2004	700	699
National Australia Funding, Inc.
1.050% due 07/02/2004	600	600
Nestle Capital Corp.
1.130% due 08/30/2004	500	499
Royal Bank of Scotland PLC
1.070% due 07/14/2004	600	600
1.235% due 09/13/2004	100	100
Shell Finance (UK) PLC
1.240% due 09/14/2004	600	598
Svenska Handlesbanken
1.065% due 07/14/2004	600	600
1.070% due 07/21/2004	100	100
1.240% due 09/13/2004	100	100
1.295% due 09/24/2004	200	199
Swedish National Housing Finance Corp.
1.060% due 07/16/2004	400	400
1.090% due 07/29/2004	500	500
Toyota Motor Credit Corp.
1.330% due 09/07/2004	900	898
UBS Finance, Inc.
1.060% due 07/01/2004	300	300
1.420% due 07/01/2004	100	100
1.055% due 07/13/2004	300	300
1.195% due 07/21/2004	100	100
1.240% due 08/31/2004	200	199
Westpac Capital Corp.
1.030% due 07/07/2004	100	100
Westpac Trust Securities NZ Ltd.
1.215% due 08/24/2004	700	699
		25,306
Repurchase Agreement 0.6%
State Street Bank
0.800% due 07/01/2004	192	192
(Dated 06/30/2004. Collateralized by Fannie Mae 5.250% due 06/15/2006 valued at $198. Repurchase proceeds are $192.)
U.S. Treasury Bills 0.3%
1.135% due 09/02/2004 (e)	85	85
Total Short-Term Instruments (Cost $25,586)		25,583
Total Investments 102.2%		$34,003
(Cost $34,018)
Written Options (g) (0.0%)		(2	)
(Premiums $6)
Other Assets and Liabilities (Net) (2.2%)		(716	)
Net Assets 100.0%		$33,285

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Interest only security.

(c) Principal amount of security is adjusted for inflation.

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Securities with an aggregate market value of $85 have been segregated with the custodian to cover margin

requirements for the following open futures contracts at June 30, 2004:

Type	Expiration Month	# of Contracts		Unrealized (Depreciation)
Eurodollar June Long Futures	06/2005	8	$	0
Euribor December Long Futures	12/2005	3		(4	)
Euribor June Long Futures	06/2005	1		(1	)
Euribor September Long Futures	09/2005	1		(1	)
Euro-Bobl 5-Year Note Long Futures	09/2004	3		0
U.S. Treasury 10-Year Note Long Futures	09/2004	8		(1	)
			$	(7	)

(f) Swap agreements outstanding at June 30, 2004:

Type		Notional Amount		Unrealized Appreciation
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 03/15/2007	EC	1,000	$	6
Receive a fixed rate equal to 1.000% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 07/18/2004	$	40		0
Receive a fixed rate equal to 16.500% and the Portfolio will pay to the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 01/16/2005		75		6
Receive a fixed rate equal to 1.000% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/11/2005		40		0
Receive a fixed rate equal to 1.000% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030.
Counterparty: Bear Stearns & Co., Inc.
Exp. 03/17/2005		25		0
Receive a fixed rate equal to 0.730% and the Portfolio will pay to the counterparty at par in the event of default of the United Mexican States 11.500% due 05/15/2026.
Counterparty: Bear Stearns & Co., Inc.
Exp. 06/20/2005		80		0
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: UBS Warburg LLC
Exp. 12/15/2006		200		0
			$	12

See accompanying notes June 30, 2004 Semi-Annual Report 9

Schedule of Investments (Cont.)

Short-Term Portfolio

June 30, 2004 (Unaudited)

(g) Premiums received on written options:

Name of Issuer	Counterparty	Exercise Rate		Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.	5.000	%**	01/07/2005	$	140	$	3	$	2
Put - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.	7.000	%*	01/07/2005		140		3		0
							$	6	$	2
*   The Portfolio will pay a floating rate based on 3-month LIBOR.
** The Portfolio will receive a floating rate based on 3-month LIBOR.
(h) Short sales open at June 30, 2004 were as follows:
Type		Coupon (%)		Maturity	Par		Value		Proceeds
U.S. Treasury Note		5.000		02/15/2011	$	200	$	210	$	206
U.S. Treasury Note		4.250		08/15/2013		610		595		588
							$	805	$	794
(i) Forward foreign currency contracts outstanding at June 30, 2004:
Type	Currency	Principal Amount Covered by Contract		Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation
Sell	EC	48		07/2004	$	1	$	0	$	1

(j) Principal amount denoted in indicated currency:

EC - Euro

10 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Short-Term Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Portfolio. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. 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. The Portfolio commenced operations on September 30, 1999.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Delayed Delivery Transactions. The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. 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 net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Foreign Currency. The accounting records of the Portfolio are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Forward Currency Transactions. The Portfolio may enter into forward currency contracts and forward cross-currency contracts 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 a part of an investment strategy. A forward 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 currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses 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 are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

12 Semi-Annual Report June 30, 2004

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Short Sales. The Portfolio may enter into short sales transactions. A short sale is a transaction in which the Portfolio sells securities it does not own in anticipation of a decline in the market price of the securities. The Portfolio is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Stripped Mortgage-Backed Securities. The Portfolio may invest in stripped mortgage-backed securities (SMBS). SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (IOs), which receive all of the interest, and principal-only securities (POs), which receive all of the principal. If the underlying mortgage assets experience greater than anticipated payments of principal, the Portfolio may fail to recoup some or all of its initial investment in these securities. The market value of these securities is highly sensitive to changes in interest rates.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain(loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. This reclassification increased (decreased) net investment income by $(6,562) and $(14,282), and net realized gain by $7,256 and $8,419 and net change in unrealized appreciation (depreciation) by $(695) and $5,863 for the six months ended June 30, 2004 and year ended December 31, 2003, respectively. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase(decrease) in net assets from operations during any period.

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.20%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.50	%
Administrative Class	0.65	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S. Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$  7,852	$  6,215	$  4,347	$  3,554

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

	Premium
Balance at 12/31/2003	$	26
Sales		5
Closing Buys		(8	)
Expirations		(17	)
Exercised		0
Balance at 06/30/2004	$	6

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Depreciation
$                   20	$                  (35)	$              (15)

14 Semi-Annual Report June 30, 2004

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	1,445		$	14,588		1,245		$	12,584
Administrative Class	144			1,448		365			3,690
Issued as reinvestment of distributions
Institutional Class	11			110		18			178
Administrative Class	3			34		10			105
Cost of shares redeemed
Institutional Class	(312	)		(3,155	)	(270	)		(2,724	)
Administrative Class	(58	)		(586	)	(217	)		(2,197	)
Net increase resulting from Portfolio share transactions	1,233		$	12,439		1,151		$	11,636

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	2	100
Administrative Class	1	98

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

June 30, 2004 Semi-Annual Report 15

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

16 Semi-Annual Report June 30, 2004

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

REAL RETURN PORTFOLIO

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	11

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Real Return Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                       Real Return            Lehman Brothers Global
                  Portfolio Inst. Class       Real: U.S. TIPS Index
                  ---------------------       ---------------------
04/30/2000               $10,000                     $10,000
05/31/2000                $9,947                      $9,974
06/30/2000               $10,088                     $10,100
07/31/2000               $10,160                     $10,186
08/31/2000               $10,242                     $10,261
09/30/2000               $10,329                     $10,315
10/31/2000               $10,507                     $10,440
11/30/2000               $10,668                     $10,591
12/31/2000               $10,800                     $10,705
01/31/2001               $11,089                     $10,929
02/28/2001               $11,270                     $11,114
03/31/2001               $11,365                     $11,220
04/30/2001               $11,482                     $11,283
05/31/2001               $11,617                     $11,416
06/30/2001               $11,603                     $11,403
07/31/2001               $11,808                     $11,593
08/31/2001               $11,879                     $11,609
09/30/2001               $11,998                     $11,677
10/31/2001               $12,287                     $11,953
11/30/2001               $11,968                     $11,687
12/31/2001               $11,857                     $11,551
01/31/2002               $11,928                     $11,619
02/28/2002               $12,076                     $11,795
03/31/2002               $12,014                     $11,722
04/30/2002               $12,374                     $12,042
05/31/2002               $12,580                     $12,234
06/30/2002               $12,747                     $12,407
07/31/2002               $13,009                     $12,612
08/31/2002               $13,475                     $13,063
09/30/2002               $13,816                     $13,392
10/31/2002               $13,466                     $13,035
11/30/2002               $13,472                     $13,026
12/31/2002               $13,984                     $13,463
01/31/2003               $14,033                     $13,565
02/28/2003               $14,588                     $14,073
03/31/2003               $14,367                     $13,845
04/30/2003               $14,346                     $13,809
05/31/2003               $15,052                     $14,464
06/30/2003               $14,945                     $14,316
07/31/2003               $14,276                     $13,656
08/31/2003               $14,540                     $13,901
09/30/2003               $15,032                     $14,361
10/31/2003               $15,106                     $14,439
11/30/2003               $15,090                     $14,447
12/31/2003               $15,242                     $14,594
01/31/2004               $15,450                     $14,762
02/29/2004               $15,831                     $15,103
03/31/2004               $16,064                     $15,345
04/30/2004               $15,322                     $14,600
05/31/2004               $15,593                     $14,863
06/30/2004               $15,603                     $14,869


                 

SECTOR BREAKDOWN^‡

U.S. Treasury Obligations	49.3	%
Short-Term Instruments	43.9	%
Other	6.8	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Institutional Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		Since Inception*
	Real Return Portfolio Institutional Class (Inception 04/10/00)	2.37	%	4.40	%	11.32	%
- - - - - - -	Lehman Brothers Global Real: U.S. TIPS Index	1.88	%	3.86	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,023.70	$	1,025.00
Expenses Paid During Period†	$	2.52	$	2.52

^†Expenses are equal to the Portfolio’s Institutional Class annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Real Return Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies, or government-sponsored enterprises and corporations.

• For the 6 months ended June 30, 2004, the Portfolio’s Institutional Class shares returned 2.37%, versus 1.88% for the benchmark Lehman Brothers Global Real: U.S. TIPS Index.

• For the 6 months, real yields in the U.S. increased by 0.10%, compared to a 0.39% rise for conventional U.S. Treasury issues of similar maturity.

• Breakeven inflation, defined as the difference between a real yield on a TIPS and a nominal yield on a Treasury of the same maturity, was 2.59% on June 30, 2004 for the 10-year maturity. This compares to a breakeven yield of 2.31% on December 31, 2003. The 12-month CPI-U change for the period ended June 30, 2004, was 3.22%.

• The effective duration of the Portfolio was 6.82 years on June 30, 2004, compared to a duration of 7.51 years for the benchmark; this strategy was positive for performance as real yields rose.

• The Portfolio reduced overall account duration through short positions in nominal treasuries.

• The Portfolio was overweight shorter maturity TIPS. This was positive for performance compared to the benchmark as the real yield curve steepened.

• The Portfolio’s yield was improved by using a combination of TIPS buy-forward agreements and low duration, high quality conventional yield debt instruments. The steepness of the real yield curve made this an attractive option for the Portfolio.

• Option writing added income to the Portfolio as rates stayed within our forecasted range.

• An allocation to emerging market bonds was negative overall for returns, as spreads widened throughout the period.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

Real Return Portfolio (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			04/10/2000- 12/31/2000
Net asset value beginning of period	$	12.36		$	11.90		$	10.56		$	10.34		$	10.11
Net investment income (a)		0.05			0.25			0.49			0.57			0.62
Net realized/unrealized gain on investments (a)		0.24			0.81			1.36			0.43			0.23
Total income from investment operations		0.29			1.06			1.85			1.00			0.85
Dividends from net investment income		(0.05	)		(0.34	)		(0.49	)		(0.64	)		(0.62	)
Distributions from net realized capital gains		0.00			(0.26	)		(0.02	)		(0.14	)		0.00
Total distributions		(0.05	)		(0.60	)		(0.51	)		(0.78	)		(0.62	)
Net asset value end of period	$	12.60		$	12.36		$	11.90		$	10.56		$	10.34
Total return		2.37	%		9.00	%		17.93	%		9.79	%		8.73	%
Net assets end of period (000s)	$	34,094		$	26,540		$	16		$	14		$	3,294
Ratio of net expenses to average net assets		0.50	%*		0.51	%(b)		0.51	%(b)		0.50	%		0.50	%*
Ratio of net investment income to average net assets		0.82	%*		2.06	%		4.40	%		5.32	%		8.41	%*
Portfolio turnover rate		572	%		738	%		87	%		58	%		18	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.50%.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Real Return Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	935,373
Foreign currency, at value		267
Receivable for investments sold on a delayed delivery basis		10,239
Unrealized appreciation on forward foreign currency contracts		40
Receivable for Portfolio shares sold		1,231
Interest and dividends receivable		1,357
Swap premiums paid		2,839
Unrealized appreciation on swap agreements		142
		951,488
Liabilities:
Payable for investments purchased	$	6,200
Payable for investments purchased on a delayed delivery basis		460,125
Payable for short sale		10,356
Written options outstanding		16
Payable for Portfolio shares redeemed		171
Accrued investment advisory fee		93
Accrued administration fee		93
Accrued servicing fee		46
Variation margin payable		6
Swap premiums received		72
Unrealized depreciation on swap agreements		833
Other liabilities		1,550
		479,561
Net Assets	$	471,927
Net Assets Consist of:
Paid in capital	$	457,969
Undistributed net investment income		6,218
Accumulated undistributed net realized gain		5,266
Net unrealized appreciation		2,474
	$	471,927
Net Assets:
Institutional Class	$	34,094
Administrative Class		437,833
Shares Issued and Outstanding:
Institutional Class		2,706
Administrative Class		34,756
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	12.60
Administrative Class		12.60
Cost of Investments Owned	$	931,094
Cost of Foreign Currency Held	$	266

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Real Return Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	2,622
Total Income		2,622
Expenses:
Investment advisory fees		493
Administration fees		493
Distribution and/or servicing fees - Administrative Class		274
Trustees’ fees		3
Interest expense		5
Total Expenses		1,268
Net Investment Income		1,354
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		5,427
Net realized gain on futures contracts, options, and swaps		1,406
Net realized (loss) on foreign currency transactions		(52	)
Net change in unrealized (depreciation) on investments		(1,518	)
Net change in unrealized (depreciation) on futures contracts, options, and swaps		(291	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		90
Net Gain		5,062
Net Increase in Assets Resulting from Operations	$	6,416

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Real Return Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase in Net Assets from:
Operations:
Net investment income	$	1,354		$	4,341
Net realized gain		6,781			10,563
Net change in unrealized appreciation (depreciation)		(1,719	)		564
Net increase resulting from operations		6,416			15,468
Distributions to Shareholders:
From net investment income
Institutional Class		(123	)		(377	)
Administrative Class		(1,280	)		(3,967	)
From net realized capital gains
Institutional Class		0			(541	)
Administrative Class		0			(5,360	)
Total Distributions		(1,403	)		(10,245	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		7,848			25,638
Administrative Class		210,240			258,368
Issued as reinvestment of distributions
Institutional Class		123			917
Administrative Class		1,288			9,318
Cost of shares redeemed
Institutional Class		(841	)		(751	)
Administrative Class		(53,313	)		(87,884	)
Net increase resulting from Portfolio share transactions		165,345			205,605
Total Increase in Net Assets		170,358			210,829
Net Assets:
Beginning of period		301,569			90,740
End of period*	$	471,927		$	301,569
*Including undistributed net investment income of:	$	6,218		$	6,267

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Real Return Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

CORPORATE BONDS & NOTES 6.0%
Banking & Finance 4.2%
Countrywide Home Loans, Inc.
1.360% due 02/23/2005 (a)	$	3,600	$	3,599
Ford Motor Credit Co.
3.035% due 10/25/2004 (a)		200		201
1.600% due 07/18/2005 (a)		300		300
General Motors Acceptance Corp.
2.135% due 05/18/2006 (a)		1,500		1,504
Morgan Stanley Warehouse Facilities
1.390% due 07/06/2005 (j)		6,200		6,200
Pemex Project Funding Master Trust
7.375% due 12/15/2014		500		512
8.625% due 02/01/2022		200		209
Phoenix Quake Wind Ltd.
3.560% due 07/03/2008 (a)		500		514
3.601% due 07/03/2008 (a)		2,000		2,056
Residential Reinsurance Ltd.
6.260% due 06/08/2006 (a)		1,000		1,015
Travelers Property Casualty Corp.
3.750% due 03/15/2008		100		99
Verizon Wireless Capital LLC
1.350% due 05/23/2005 (a)		2,800		2,798
Vita Capital Ltd.
2.460% due 01/01/2007 (a)		700		706
				19,713
Industrials 1.0%
Alcan, Inc.
1.623% due 12/08/2004 (a)		1,100		1,100
DaimlerChrysler North America Holding Corp.
7.750% due 06/15/2005		100		105
Halliburton Co.
2.650% due 10/17/2005 (a)		1,700		1,718
1.920% due 01/26/2007 (a)		2,000		1,999
				4,922
Utilities 0.8%
Cleveland Electric Illuminating Co.
6.860% due 10/01/2008		100		109
Entergy Gulf States, Inc.
2.433% due 06/18/2007 (a)		1,500		1,504
Sprint Capital Corp.
7.900% due 03/15/2005		2,200		2,281
				3,894
Total Corporate Bonds & Notes (Cost $28,448)				28,529
MUNICIPAL BONDS & NOTES 0.2%
Badger Asset Securitization Corporate Revenue Bonds, Series 2002
6.000% due 06/01/2017		475		430
Rhode Island Tobacco Settlement Financing Corp. Revenue Bonds, Series 2002
6.000% due 06/01/2023		500		446
Total Municipal Bonds & Notes (Cost $871)				876
U.S. GOVERNMENT AGENCIES 0.5%
Fannie Mae
3.230% due 11/01/2024 (a)		25		25
Small Business Administration
4.504% due 02/01/2014		2,284		2166
Total U.S. Government Agencies (Cost $2,310)				2,191
U.S. TREASURY OBLIGATIONS 97.6%
Treasury Inflation Protected Securities (b)
3.375% due 01/15/2007		16,080		17,228
3.625% due 01/15/2008		66,931		73,167

3.875% due 01/15/2009	$	25,890	$	28,872
4.250% due 01/15/2010		37,855		43,338
3.500% due 01/15/2011		23,858		26,497
3.375% due 01/15/2012		17,539		19,437
3.000% due 07/15/2012		85,345		92,292
1.875% due 07/15/2013		16,443		16,248
2.000% due 01/15/2014		43,107		42,864
3.625% due 04/15/2028		16,291		19,880
3.875% due 04/15/2029		61,425		78,346
3.375% due 04/15/2032		2,127		2,589
Total U.S. Treasury Obligations (Cost $456,376)				460,758
MORTGAGE-BACKED SECURITIES 2.1%
Bank of America Mortgage Securities, Inc.
6.500% due 02/25/2033		665		680
Bear Stearns Adjustable Rate Mortgage Trust
4.368% due 01/25/2034 (a)		7,700		7,744
Sequoia Mortgage Trust
1.630% due 10/19/2026 (a)		1,422		1,423
Total Mortgage-Backed Securities (Cost $9,923)				9,847
ASSET-BACKED SECURITIES 3.2%
Ameriquest Mortgage Securities, Inc.
1.710% due 02/25/2033 (a)		617		619
Asset-Backed Securities Corp. Home Equity
1.738% due 01/15/2033 (a)		2,083		2,096
Bayview Financial Acquisition Trust
1.770% due 08/28/2034 (a)		3,758		3,772
Bear Stearns Asset-Backed Securities, Inc.
1.750% due 03/25/2043 (a)		1,128		1,130
Equity One ABS, Inc.
1.600% due 04/25/2034 (a)		2,323		2,320
GSAMP Trust
1.620% due 03/25/2034 (a)		1,000		1,000
Redwood Capital Ltd.
3.462% due 01/01/2006 (a)		1,000		1,002
5.012% due 01/01/2006 (a)		1,000		1,002
Renaissance Home Equity Loan Trust
1.680% due 12/25/2032 (a)		1,256		1,254
Residential Asset Securities Corp.
1.600% due 01/25/2034 (a)		88		89
Structured Asset Investment Loan Trust
1.420% due 06/25/2033 (a)		224		224
Truman Capital Mortgage Loan Trust
1.640% due 01/25/2034 (a)		428		423
Total Asset-Backed Securities (Cost $14,910)				14,931
SOVEREIGN ISSUES 0.6%
Republic of Brazil
2.062% due 04/15/2006 (a)		128		126
2.125% due 04/15/2009 (a)		118		107
8.000% due 04/15/2014 (a)		1,525		1,400
11.000% due 08/17/2040		200		189
Republic of Colombia
10.000% due 01/23/2012		350		364
United Mexican States
6.375% due 01/16/2013		700		701
Total Sovereign Issues (Cost $2,909)				2,887
FOREIGN CURRENCY-DENOMINATED ISSUES (h)(i) 1.0%
Pylon Ltd.
3.553% due 12/18/2008 (a)	EC	700		866
5.953% due 12/22/2008		1,100		1,368
Republic of France
3.000% due 07/25/2012 (b)		1,579		2,082

Republic of Italy
2.150% due 09/15/2014 (b)	EC	509	$	615
Total Foreign Currency-Denominated Issues (Cost $4,858)				4,931
PURCHASED PUT OPTIONS 0.0%
Treasury Inflation Protected Securities (OTC)
3.625% due 01/15/2008
Strike @ 99.000 Exp. 08/27/2004	$	57,000		0
Total Purchased Put Options (Cost $9)				0
SHORT-TERM INSTRUMENTS 87.0%
Certificates of Deposit 3.5%
Citibank New York N.A.
1.090% due 07/30/2004		900		900
1.190% due 08/20/2004		6,300		6,300
1.215% due 08/23/2004		200		200
Wells Fargo Bank N.A.
1.090% due 07/07/2004		500		500
1.240% due 07/19/2004		8,700		8,700
				16,600
Commercial Paper 83.2%
Anz (Delaware), Inc.
1.040% due 07/06/2004		1,200		1,200
ASB Bank Ltd.
1.140% due 08/30/2004		2,600		2,594
ASK Bank Ltd.
1.490% due 09/22/2004		6,400		6,378
Bank of Ireland
1.255% due 09/01/2004		12,200		12,170
1.285% due 09/03/2004		1,300		1,297
Barclays U.S. Funding Corp.
1.210% due 08/23/2004		8,900		8,884
1.110% due 08/25/2004		1,500		1,497
1.110% due 08/26/2004		2,600		2,595
CBA (de) Finance
1.050% due 07/02/2004		900		900
1.050% due 07/13/2004		3,900		3,899
CDC Commercial Paper, Inc.
1.085% due 08/04/2004		3,300		3,297
1.120% due 08/19/2004		900		899
1.120% due 08/24/2004		1,600		1,597
1.320% due 09/10/2004		600		598
1.250% due 09/16/2004		6,900		6,878
1.270% due 09/24/2004		300		299
Danske Corp.
1.260% due 09/14/2004		3,300		3,290
1.240% due 09/17/2004		7,900		7,875
1.270% due 09/20/2004		100		100
Den Norske Bank ASA
1.250% due 08/30/2004		2,000		1,995
European Investment Bank 1.030% due 07/02/2004		600		600
Fannie Mae
1.000% due 07/01/2004		3,600		3,600
1.005% due 07/01/2004		4,400		4,400
1.010% due 07/01/2004		8,300		8,300
1.025% due 07/07/2004		19,700		19,697
1.040% due 07/14/2004		900		900
1.056% due 07/28/2004		600		599
1.055% due 08/04/2004		3,300		3,297
1.063% due 08/04/2004		3,000		2,997
1.100% due 08/04/2004		4,300		4,296
1.125% due 08/11/2004		11,600		11,585
1.150% due 08/18/2004		4,200		4,194
1.180% due 08/25/2004		13,300		13,276
1.185% due 08/25/2004		4,500		4,492
1.105% due 09/01/2004		600		598
1.225% due 09/01/2004		4,500		4,489

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

1.230% due 09/01/2004	$	2,900	$	2,893
1.250% due 09/01/2004		4,500		4,489
1.130% due 09/08/2004		1,500		1,496
1.200% due 09/08/2004		200		199
1.405% due 09/08/2004		7,100		7,080
1.430% due 09/08/2004		3,800		3,789
1.426% due 09/22/2004		4,700		4,684
1.530% due 10/18/2004		4,600		4,578
1.530% due 10/20/2004		4,700		4,677
Federal Home Loan Bank
1.165% due 07/16/2004		4,600		4,598
1.240% due 09/01/2004		4,100		4,090
1.250% due 09/01/2004		4,500		4,489
Freddie Mac
1.010% due 07/15/2004		4,100		4,098
1.200% due 08/09/2004		4,500		4,494
1.120% due 08/10/2004		4,300		4,295
1.125% due 08/10/2004		4,200		4,195
1.205% due 08/20/2004		4,500		4,492
1.175% due 08/24/2004		4,400		4,392
1.180% due 08/24/2004		11,900		11,879
1.210% due 08/31/2004		4,500		4,489
1.215% due 08/31/2004		4,000		3,990
1.315% due 09/07/2004		3,400		3,391
1.320% due 09/07/2004		4,500		4,488
1.200% due 09/08/2004		2,100		2,094
1.200% due 09/14/2004		4,000		3,988
1.410% due 09/14/2004		4,500		4,486
1.440% due 09/14/2004		4,500		4,486
1.445% due 09/14/2004		7,900		7,876
1.435% due 09/21/2004		12,600		12,557
1.280% due 09/22/2004		1,300		1,295
1.465% due 09/28/2004		2,700		2,690
1.300% due 09/30/2004		4,400		4,383
1.560% due 10/20/2004		4,700		4,677
General Electric Capital Corp.
1.050% due 07/07/2004		1,200		1,200
1.040% due 07/08/2004		4,400		4,399
1.060% due 07/12/2004		900		900
1.140% due 09/03/2004		100		100
1.300% due 09/08/2004		3,400		3,391
HBOS Treasury Services PLC
1.055% due 07/16/2004		8,000		7,996
1.095% due 08/02/2004		100		100
1.250% due 08/25/2004		300		299
1.250% due 08/31/2004		100		100
1.335% due 09/09/2004		1,900		1,895
1.290% due 09/24/2004		200		199
1.640% due 10/26/2004		1,000		995
ING U.S. Funding LLC
1.275% due 09/01/2004		6,100		6,085
1.345% due 09/09/2004		1,000		997
Nestle Capital Corp.
1.240% due 09/14/2004		4,400		4,386
Pfizer, Inc.
1.160% due 07/30/2004		2,900		2,897
Rabobank USA Financial Corp.
1.240% due 09/13/2004		8,500		8,474
Royal Bank of Scotland
1.090% due 08/06/2004		4,900		4,895
1.235% due 09/13/2004		1,600		1,595
Shell Finance (UK) PLC
1.435% due 08/27/2004		2,700		2,694
Stadshypoket Delaware, Inc. 1.490% due 09/23/2004		400		399
Svenska Handelsbanken
1.075% due 07/28/2004		1,300		1,299
1.250% due 09/01/2004		12,100		12,070
1.390% due 09/13/2004		200		199
TotalFinaElf Capital S.A.
1.420% due 07/01/2004		9,700		9,700
UBS Finance, Inc.
1.040% due 07/06/2004		2,300		2,300
1.340% due 09/08/2004		600		598

1.245% due 09/13/2004	$	100	$	100
1.270% due 09/20/2004		200		199
Westpac Capital Corp.
1.030% due 07/07/2004		400		400
1.385% due 09/10/2004		5,600		5,584
Westpac Trust Securities NZ Ltd.
1.030% due 07/09/2004		300		300
1.220% due 08/25/2004		400		399
				392,503
Repurchase Agreement 0.2%
State Street Bank
0.800% due 07/01/2004		822		822
(Dated 06/30/2004. Collateralized by Fannie Mae 2.875% due 10/15/2005 valued at $838. Repurchase proceeds are $822.)
U.S. Treasury Bills 0.1%
1.354% due 09/16/2004 (c)(d)		500		498
Total Short-Term Instruments (Cost $410,480)				410,423
Total Investments 198.2%			$	935,373
(Cost $931,094)
Written Options (f) (0.0%)				(16	)
(Premiums $558)
Other Assets and Liabilities (Net) (98.2%)				(463,430	)
Net Assets 100.0%			$	471,927

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Principal amount of security is adjusted for inflation.

(c) Securities with an aggregate market value of $199 have been segregated with the custodian to cover margin

requirements for the following open futures contracts at June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 10-Year Note Long Futures	09/2004	8	$	(15	)

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Swap agreements outstanding at June 30, 2004:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Barclays Bank PLC
Exp. 06/17/2010	EC 9,400	$	(49	)
Received a fixed rate equal to 5.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Barclays Bank PLC
Exp. 06/17/2015	27,700		(126	)

Receive a fixed rate equal to 5.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: UBS Warburg LLC
Exp. 06/17/2015		EC 8,000	$	(19	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Bank of America
Exp. 12/15/2014	$	17,700		(277	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: J.P. Morgan Chase & Co.
Exp. 12/15/2014		6,000		(96	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Goldman Sachs & Co.
Exp. 12/15/2014		12,000		(176	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: UBS Warburg LLC
Exp. 12/15/2014		6,000		(90	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Counterparty: Bank of America
Exp. 12/18/2033		5,000		92
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Counterparty: UBS Warburg LLC
Exp. 12/18/2033		4,600		50
			$	(691	)

See accompanying notes June 30, 2004 Semi-Annual Report 9

Schedule of Investments (Cont.)

Real Return Portfolio

June 30, 2004 (Unaudited)

(f) Premiums received on written options:

Name of Issuer	Counterparty	Exercise Rate		Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.	4.000	%**	10/07/2004	$	6,400	$	71	$	3
Call - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.	3.800	%**	10/07/2004		9,300		81		2
Put - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.	6.500	%*	10/07/2004		6,400		38		1
Put - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.	6.000	%*	10/07/2004		9,300		91		6
Call - OTC 10-Year Interest Rate Swap	J.P. Morgan Chase & Co.	4.000	%**	11/02/2004		16,300		144		2
Put - OTC 10-Year Interest Rate Swap	J.P. Morgan Chase & Co.	7.000	%*	11/02/2004		16,300		133		2
							$	558	$	16
*   The Portfolio will pay a floating rate based on 3-month LIBOR.
** The Portfolio will receive a floating rate based on 3-month LIBOR.
(g) Short sales open at June 30, 2004 were as follows:
Type		Coupon (%)		Maturity	Par		Value		Proceeds
Republic of Italy		4.250		08/01/2014	$	2,000	$	2,397	$	2,373
U.S. Treasury Note		5.750		08/15/2010		3,100		3,381		3,328
U.S. Treasury Note		3.625		05/15/2013		300		281		276
U.S. Treasury Note		4.250		08/15/2013		4,400		4,297		4,247
							$	10,356	$	10,224
(h) Forward foreign currency contracts outstanding at June 30, 2004:
Type	Currency	Principal Amount Covered by Contract		Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation
Sell	EC	2,780		07/2004	$	40	$	0	$	40

(i) Principal amount denoted in indicated currency:

EC - Euro

(j) Indicates a fair-valued security which has not been valued utilizing an independent quote but has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair-valued securities is $6,200, which represents 1.31% of net assets.

10 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Real Return Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Portfolio. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. 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. The Portfolio commenced operations on September 30, 1999.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Delayed Delivery Transactions. The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or sell

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. 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 net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Foreign Currency. The accounting records of the Portfolio are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Forward Currency Transactions. The Portfolio may enter into forward currency contracts and forward cross-currency contracts 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 a part of an investment strategy. A forward 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 currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses 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 are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

12 Semi-Annual Report June 30, 2004

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Short Sales. The Portfolio may enter into short sales transactions. A short sale is a transaction in which the Portfolio sells securities it does not own in anticipation of a decline in the market price of the securities. The Portfolio is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain (loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. There were no reclassifications to any period presented as a result of this change. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase(decrease) in net assets from operations during any period

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.25%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.50	%
Administrative Class	0.60	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S. Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$  2,823,602	$  2,675,437	$  61,360	$  46,138

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Premium
Balance at 12/31/2003	$	558
Exercised		0
Balance at 06/30/2004		$558

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)		Net Unrealized Appreciation
$                4,641	$	(362)	$	4,279

14 Semi-Annual Report June 30, 2004

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	616		$	7,848		2,134		$	25,638
Administrative Class	16,643			210,240		21,042			258,368
Issued as reinvestment of distributions
Institutional Class	10			123		74			917
Administrative Class	102			1,288		755			9,318
Cost of shares redeemed
Institutional Class	(67	)		(841	)	(62	)		(751	)
Administrative Class	(4,240	)		(53,313	)	(7,171	)		(87,884	)
Net increase resulting from Portfolio share transactions	13,064		$	165,345		16,772		$	205,605

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	1	100
Administrative Class	5	67

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

June 30, 2004 Semi-Annual Report 15

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

16 Semi-Annual Report June 30, 2004

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

TOTAL RETURN PORTFOLIO

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	12

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Total Return Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                     Total Return                 Lehman Brothers
                Portfolio Inst. Class           Aggregate Bond Index
                ---------------------           --------------------
04/30/2000             $10,000                         $10,000
05/31/2000             $10,047                          $9,995
06/30/2000             $10,233                         $10,203
07/31/2000             $10,316                         $10,296
08/31/2000             $10,472                         $10,445
09/30/2000             $10,503                         $10,511
10/31/2000             $10,567                         $10,580
11/30/2000             $10,759                         $10,753
12/31/2000             $10,914                         $10,953
01/31/2001             $11,011                         $11,132
02/28/2001             $11,141                         $11,229
03/31/2001             $11,221                         $11,285
04/30/2001             $11,111                         $11,238
05/31/2001             $11,164                         $11,306
06/30/2001             $11,202                         $11,349
07/31/2001             $11,560                         $11,603
08/31/2001             $11,694                         $11,736
09/30/2001             $11,814                         $11,872
10/31/2001             $12,042                         $12,121
11/30/2001             $11,899                         $11,954
12/31/2001             $11,845                         $11,878
01/31/2002             $11,995                         $11,974
02/28/2002             $12,129                         $12,090
03/31/2002             $11,946                         $11,889
04/30/2002             $12,167                         $12,119
05/31/2002             $12,244                         $12,222
06/30/2002             $12,248                         $12,328
07/31/2002             $12,278                         $12,477
08/31/2002             $12,506                         $12,688
09/30/2002             $12,617                         $12,893
10/31/2002             $12,573                         $12,834
11/30/2002             $12,667                         $12,831
12/31/2002             $12,938                         $13,096
01/31/2003             $12,993                         $13,107
02/28/2003             $13,179                         $13,288
03/31/2003             $13,178                         $13,278
04/30/2003             $13,321                         $13,388
05/31/2003             $13,551                         $13,637
06/30/2003             $13,529                         $13,610
07/31/2003             $13,057                         $13,153
08/31/2003             $13,192                         $13,240
09/30/2003             $13,532                         $13,590
10/31/2003             $13,437                         $13,464
11/30/2003             $13,465                         $13,496
12/31/2003             $13,611                         $13,633
01/31/2004             $13,713                         $13,743
02/29/2004             $13,863                         $13,892
03/31/2004             $13,979                         $13,996
04/30/2004             $13,672                         $13,632
05/31/2004             $13,613                         $13,577
06/30/2004             $13,674                         $13,654


                

SECTOR BREAKDOWN^‡

Short-Term Instruments	62.2	%
U.S. Government Agencies	17.5	%
U.S. Treasury Obligations	4.2	%
Municipal Bonds & Notes	4.1	%
Mortgage-Backed Securities	3.5	%
Corporate Bonds & Notes	3.1	%
Other	5.4	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Institutional Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		Since Inception*
	Total Return Portfolio Institutional Class (Inception 04/10/00)	0.46	%	1.07	%	7.40	%
- - - - - - -	Lehman Brothers Aggregate Bond Index	0.15	%	0.32	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,004.60	$	1,025.00
Expenses Paid During Period†	$	2.49	$	2.52

^† Expenses are equal to the Portfolio’s Institutional Class annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Total Return Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities.

• The Portfolio’s Institutional Class shares outperformed the Lehman Brothers Aggregate Bond Index for the six-month period ended June 30, 2004, returning 0.46% versus 0.15% for the Index.

• The Portfolio’s below-Index duration helped returns, as yields rose over the period.

• An emphasis on short/intermediate maturities was negative, as the yield curve flattened in anticipation of Fed tightening. However, this strategy enhanced security returns via “roll down,” or price appreciation, as bonds are revalued at lower yields over time, given the steepness of the yield curve.

• Substituting Real Return Bonds (TIPS-Treasury Inflation Protected Securities) for nominal Treasuries was positive as TIPS benefited from strong demand for the inflation protection they provide.

• A mortgage underweight was slightly negative as mortgages outpaced comparable Treasuries; mortgage security selection was positive, however, and more than offset this impact.

• The Portfolio’s underweight to corporate securities was slightly positive, as this sector lagged Treasuries modestly on like-duration basis.

• Emerging market bonds (“EM”) detracted from performance, as leveraged tactical investors sold EM bonds as rates rose.

• Non-U.S. positions were slightly positive, as Eurozone issues outperformed amid expectations for slower growth and lower inflation in Europe.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

Total Return Portfolio (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			04/10/2000- 12/31/2000
Net asset value beginning of period	$	10.36		$	10.23		$	9.89		$	9.77		$    9.50
Net investment income (a)		0.09	(b)		0.27	(b)		0.43	(b)		0.50	(b)	0.45	(b)
Net realized/unrealized gain (loss) on investments (a)		(0.04	)(b)		0.25	(b)		0.47	(b)		0.31	(b)	0.27	(b)
Total income from investment operations		0.05			0.52			0.90			0.81		0.72
Dividends from net investment income		(0.10	)		(0.31	)		(0.43	)		(0.50	)	(0.45	)
Distributions from net realized capital gains		0.00			(0.08	)		(0.13	)		(0.19	)	0.00
Total distributions		(0.10	)		(0.39	)		(0.56	)		(0.69	)	(0.45	)
Net asset value end of period	$	10.31		$	10.36		$	10.23		$	9.89		$    9.77
Total return		0.46	%		5.20	%		9.23	%		8.53	%	7.82	%
Net assets end of period (000s)	$	54,003		$	75,540		$	46,548		$	35,231		$     625
Ratio of net expenses to average net assets		0.50	%*		0.50	%		0.50	%		0.50	%	0.50	%
Ratio of net investment income to average net assets		1.77	%*(b)		2.60	%(b)		4.23	%(b)		5.00	%(b)	6.47	%(b)
Portfolio turnover rate		143	%		193	%		222	%		217	%	415	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Indicates a period in which, as a result of a change in generally accepted accounting principles, the portfolio has reclassified periodic payments made or received under certain derivative instruments, which were previously included within miscellaneous income, to a component of realized gain (loss) in the Statement of Operations. The effect of this reclassification was to increase the net investment income ratio for the period ending June 30, 2004 by 0.01% and the net investment income per share by $0.00. For consistency, similar reclassifications have been made to prior period amounts, resulting in (reductions) to the net investment income ratio of 0.00%, (0.01)%, 0.00% and (0.01)% and to the net investment income per share of $0.00, $0.00, $0.00, and $0.00 in the fiscal years or periods ending December 31, 2003, 2002, 2001, and 2000, respectively. This change had no impact on the reported net asset value per share for any period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Total Return Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	2,390,263
Cash		171
Foreign currency, at value		10,470
Receivable for investments sold		210
Receivable for investments sold on delayed delivery basis		67,810
Unrealized appreciation on forward foreign currency contracts		464
Receivable for Portfolio shares sold		10,067
Interest and dividends receivable		6,289
Variation margin receivable		5,328
Swap premiums paid		2,233
Unrealized appreciation on swap agreements		1,702
		2,495,007
Liabilities:
Payable for investments purchased	$	183,796
Payable for investments purchased on delayed delivery basis		36,097
Unrealized depreciation on forward foreign currency contracts		42
Payable for short sale		69,211
Written options outstanding		1,167
Payable for Portfolio shares redeemed		343
Dividends payable		585
Interest payable		10
Accrued investment advisory fee		442
Accrued administration fee		441
Accrued servicing fee		232
Swap premiums received		6,057
Unrealized depreciation on swap agreements		1,573
Other liabilities		2
		299,998
Net Assets	$	2,195,009
Net Assets Consist of:
Paid in capital	$	2,170,033
Undistributed net investment income		6,353
Accumulated undistributed net realized gain		11,635
Net unrealized appreciation		6,988
	$	2,195,009
Net Assets:
Institutional Class	$	54,003
Administrative Class		2,141,006
Shares Issued and Outstanding:
Institutional Class		5,236
Administrative Class		207,606
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.31
Administrative Class		10.31
Cost of Investments Owned	$	2,389,014
Cost of Foreign Currency Held	$	10,415

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Total Return Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	23,680
Dividends		283
Miscellaneous income		4
Total Income		23,967
Expenses:
Investment advisory fees		2,611
Administration fees		2,611
Distribution and/or servicing fees - Administrative Class		1,517
Trustees’ fees		18
Total Expenses		6,757
Net Investment Income		17,210
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		13,704
Net realized gain on futures contracts, options, and swaps		4,101
Net realized (loss) on foreign currency transactions		(2,077	)
Net change in unrealized (depreciation) on investments		(22,840	)
Net change in unrealized (depreciation) on futures contracts, options, and swaps		(5,474	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		319
Net (Loss)		(12,267	)
Net Increase in Assets Resulting from Operations	$	4,943

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Total Return Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase in Net Assets from:
Operations:
Net investment income	$	17,210		$	40,936
Net realized gain		15,728			19,113
Net change in unrealized appreciation (depreciation)		(27,995	)		16,279
Net increase resulting from operations		4,943			76,328
Distributions to Shareholders:
From net investment income
Institutional Class		(631	)		(2,155	)
Administrative Class		(17,872	)		(44,938	)
From net realized capital gains
Institutional Class		0			(652	)
Administrative Class		0			(14,348	)
Total Distributions		(18,503	)		(62,093	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		7,078			76,213
Administrative Class		355,600			979,977
Issued as reinvestment of distributions
Institutional Class		631			2,807
Administrative Class		14,564			48,536
Cost of shares redeemed
Institutional Class		(29,016	)		(50,575	)
Administrative Class		(124,164	)		(295,164	)
Net increase resulting from Portfolio share transactions		224,693			761,794
Total Increase in Net Assets		211,133			776,029
Net Assets:
Beginning of period		1,983,876			1,207,847
End of period *	$	2,195,009		$	1,983,876
*Including undistributed net investment income of:	$	6,353		$	7,646

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Total Return Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

CORPORATE BONDS & NOTES 3.4%
Banking & Finance 1.0%
Atlas Reinsurance II PLC
3.515% due 01/07/2005 (a)	$	1,250	$	1,258
CIT Group, Inc.
2.489% due 07/30/2004 (a)		2,220		2,221
Gemstone Investors Ltd.
7.710% due 10/31/2004		700		709
General Motors Acceptance Corp.
1.580% due 07/20/2004 (a)		500		500
1.499% due 07/21/2004 (a)		200		200
1.510% due 07/30/2004 (a)		600		600
2.400% due 10/20/2005 (a)		900		908
Pemex Project Funding Master Trust
8.000% due 11/15/2011		100		108
8.625% due 02/01/2022		1,800		1,881
Phoenix Quake Wind Ltd.
3.560% due 07/03/2008 (a)		800		822
3.560% due 07/03/2008 (a)		800		822
4.610% due 07/03/2008 (a)		400		412
Premium Asset Trust
1.465% due 11/27/2004 (a)		100		100
1.521% due 09/08/2007 (a)		100		96
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		657		565
Residential Reinsurance Ltd.
6.260% due 06/08/2006 (a)		8,100		8,222
UFJ Finance Aruba AEC
6.750% due 07/15/2013		2,300		2,382
Vita Capital Ltd.
2.460% due 01/01/2007 (a)		500		504
				22,310
Industrials 1.2%
El Paso Corp.
6.750% due 05/15/2009		6,000		5,460
7.875% due 06/15/2012		8,600		7,762
7.800% due 08/01/2031		1,500		1,211
ITT Corp.
6.750% due 11/15/2005		250		259
United Airlines, Inc.
8.030% due 07/01/2011		465		96
6.071% due 03/01/2013		6,920		5,745
1.340% due 03/02/2049 (a)		1,664		1,369
Williams Cos., Inc.
7.875% due 09/01/2021		3,500		3,386
				25,288
Utilities 1.2%
AEP Texas Central Co.
2.500% due 02/15/2005 (a)		900		901
Entergy Gulf States, Inc.
6.000% due 12/01/2012		6,500		6,451
Pacific Gas & Electric Co.
1.810% due 04/03/2006 (a)		18,500		18,513
				25,865
Total Corporate Bonds & Notes (Cost $72,944)				73,463
MUNICIPAL BONDS & NOTES 4.4%
Badger Asset Securitization Corporate Revenue Bonds, Series 2002
6.000% due 06/01/2017		3,700		3,351
California State Polytechnic University Revenue Bonds, Series 1972
5.000% due 07/01/2012		4,700		5,112
Durham County, North Carolina General Obligation Revenue Bonds, Series 2002
8.640% due 04/01/2021 (a)		2,733		2,921
Energy Northwest Washington Electric Revenue Bonds, Series 2003
5.500% due 07/01/2013		1,700		1,880
5.500% due 07/01/2014		1,300		1,436

Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033	$	20,000	$	17,745
Lewisville, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2004
5.000% due 08/15/2027		3,775		3,709
Los Angeles, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2003
5.000% due 01/01/2028		7,300		7,220
Massachusetts Bay Transportation Authority Sales Tax Revenue Bonds, Series 2004
5.000% due 07/01/2011		2,800		3,024
Massachusetts State Water Reserve Authority Revenue Bonds, (FSA Insured), Series 2002
5.000% due 08/01/2032		1,000		979
Nassau County, New York Interim Finance Authority Revenue Bonds, (AMBAC Insured), Series 2004
5.000% due 11/15/2011		4,005		4,346
New Jersery State Tobacco Settlement Financing Corp. Revenue Bonds, Series 2003
4.375% due 06/01/2019		4,870		4,730
New Jersey State Tobacco Settlement Financing Corp., Series 2003
6.750% due 06/01/2039		5,450		4,891
New Jersey Tobacco Settlement Financing Corp. Revenue Bonds, Series 2002
6.000% due 06/01/2037		1,530		1,245
New York City, New York Municipal Water Finance Authority Revenue Bonds, (FGIC Insured), Series 2003-E
5.000% due 06/15/2034		1,400		1,360
New York City, New York Municipal Water Finance Authority Revenue Bonds, (FSA-CR Insured), Series 2002
5.125% due 06/15/2034		10,460		10,463
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2004
5.000% due 11/01/2013		700		752
New York State Environmental Facilities Corporate Revenue Bonds, Series 2002
8.860% due 06/15/2023 (a)		850		898
Orange County, California Sanitation District Certificates of Participation Bonds, (FGIC Insured), Series 2003
5.000% due 02/01/2033		1,000		975
South Carolina State Public Service Authority Revenue Bonds, (FSA Insured), Series 2004
5.000% due 01/01/2009		700		755
South San Antonio, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2004
5.000% due 08/15/2029		3,150		3,132
State of California Tobacco Securitization Corp. Revenue Bonds, Series 2003-A1
6.250% due 06/01/2033		2,900		2,615
State of Illinois General Obligation Bonds, Series 2004
5.000% due 03/01/2034		1,000		964

State of Wisconsin General Obligation Bonds, (MBIA Insured), Series 2004
5.000% due 05/01/2011	$	2,300	$	2,493
University of Texas Revenue Bonds, Series 2003
5.000% due 08/15/2033		1,200		1,171
Washington State General Obligation Bonds, Series 2004
5.000% due 01/01/2028		9,200		9,013
Total Municipal Bonds & Notes (Cost $101,805)				97,180
U.S. GOVERNMENT AGENCIES 19.1%
Fannie Mae
7.000% due 04/25/2023		6,322		6,629
3.342% due 11/01/2025 (a)		5		5
4.165% due 10/01/2032 (a)		2,887		2,974
5.090% due 09/01/2034 (a)		5,540		5,642
4.294% due 11/01/2035 (a)		561		580
4.797% due 12/01/2036 (a)		5,109		5,279
6.340% due 09/01/2039 (a)		281		294
2.625% due 09/01/2040 (a)		200		203
1.650% due 03/25/2044 (a)		17,169		16,955
6.000% due 04/01/2013-05/01/2033 (b)		18,450		19,249
5.500% due 04/01/2014-07/15/2034 (b)		137,693		139,660
5.000% due 01/01/2018-07/15/2034 (b)		172,900		168,192
6.500% due 06/01/2029-07/01/2032 (b)		682		711
Federal Home Loan Bank
5.500% due 03/15/2015		127		127
Federal Housing Administration
7.430% due 01/25/2023		282		277
Freddie Mac
6.250% due 08/25/2022		1,391		1,405
7.000% due 06/15/2023		4,385		4,592
8.500% due 08/01/2024		40		44
3.579% due 07/01/2027 (a)		7		7
5.532% due 01/01/2028 (a)		7		7
7.813% due 07/01/2030 (a)		6		6
7.500% due 07/15/2030		125		131
1.738% due 09/15/2030 (a)		92		92
1.688% due 11/15/2030 (a)		132		132
6.000% due 07/01/2016-04/01/2033 (b)		10,203		10,479
5.000% due 09/15/2016-11/01/2018 (b)		7,072		7,112
6.500% due 04/15/2029-08/01/2032 (b)		2,759		2,874
Government National Mortgage Association
4.375% due 04/20/2026 (a)		276		276
3.375% due 02/20/2027 (a)		14		14
7.500% due 11/20/2029		563		611
3.500% due 05/20/2030 (a)		40		40
1.680% due 06/20/2030 (a)		10		10
1.780% due 09/20/2030 (a)		94		94
2.750% due 02/20/2032 (a)		3,257		3,158
4.000% due 10/20/2029-07/20/2030 (b)		1,009		1,014
3.000% due 04/20/2034-06/20/2034 (b)		2,200		2,144
Small Business Administration
8.017% due 02/10/2010		360		398
7.449% due 08/01/2010		52		57
6.344% due 08/01/2011		2,032		2,136
6.030% due 02/10/2012		12,822		13,321
7.500% due 04/01/2017		2,246		2,447
6.290% due 01/01/2021		316		335
5.130% due 09/01/2023		98		98
Total U.S. Government Agencies (Cost $418,153)				419,811

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

U.S. TREASURY OBLIGATIONS 4.6%
Treasury Inflation Protected Securities (f)
3.375% due 01/15/2007 (c)	$	3,559	$	3,814
3.625% due 01/15/2008		15,126		16,536
3.875% due 01/15/2009		25,102		27,993
4.250% due 01/15/2010		5,363		6,140
3.500% due 01/15/2011		10,585		11,755
3.375% due 01/15/2012		1,376		1,525
3.000% due 07/15/2012		15,264		16,507
3.875% due 04/15/2029		13,493		17,210
Total U.S. Treasury Obligations (Cost $99,059)				101,480
MORTGAGE-BACKED SECURITIES 3.8%
Amortizing Residential Collateral Trust
1.620% due 07/25/2032 (a)		3,299		3,305
Aurora Loan Services
2.000% due 05/25/2030 (a)		47		47
Bank of America Mortgage Securities, Inc.
6.500% due 10/25/2019		4,756		4,757
5.667% due 10/20/2032 (a)		758		771
6.500% due 02/25/2033		1,815		1,854
Bear Stearns Adjustable Rate Mortgage Trust
3.875% due 11/25/2030 (a)		23		23
6.057% due 08/25/2032 (a)		111		111
5.288% due 10/25/2032 (a)		224		225
5.380% due 01/25/2033 (a)		1,823		1,836
5.635% due 01/25/2033 (a)		607		610
5.134% due 03/25/2033 (a)		3,327		3,356
4.924% due 01/25/2034 (a)		8,983		9,027
Countrywide Home Loans, Inc.
1.570% due 04/25/2034 (a)		6,831		6,787
Credit-Based Asset Servicing & Securitization LLC
1.710% due 09/25/2029 (a)		51		51
CS First Boston Mortgage Securities Corp.
6.201% due 04/25/2032 (a)		131		136
6.222% due 06/25/2032 (a)		1,644		1,668
5.720% due 10/25/2032 (a)		930		943
First Nationwide Trust
6.750% due 08/21/2031		213		218
Impac CMB Trust
1.550% due 01/25/2034 (a)		7,093		7,101
Indymac Adjustable Rate Mortgage Trust
6.586% due 01/25/2032 (a)		56		57
Prime Mortgage Trust
1.500% due 02/25/2034 (a)		837		839
1.700% due 02/25/2034 (a)		3,530		3,530
Residential Asset Securitization Trust
7.130% due 07/25/2031		1,057		1,056
Residential Funding Mortgage Securities I, Inc.
6.500% due 12/25/2023		1,769		1,765
6.500% due 03/25/2032		3,623		3,682
5.603% due 09/25/2032 (a)		302		303
Structured Asset Mortgage Investments, Inc.
1.610% due 09/19/2032 (a)		1,121		1,117
Structured Asset Securities Corp.
7.000% due 02/25/2016		13		13
1.750% due 06/25/2017 (a)		1,365		1,367
6.111% due 02/25/2032 (a)		97		98
6.150% due 07/25/2032 (a)		292		297
1.590% due 01/25/2033 (a)		427		427
1.460% due 08/25/2033 (a)		4,050		4,053
Superannuation Members Home Loans Global Fund
1.775% due 06/15/2026 (a)		195		195
Torrens Trust
1.498% due 07/15/2031 (a)		834		836
Washington Mutual Mortgage Securities Corp.
5.159% due 10/25/2032 (a)		1,182		1,193
3.565% due 01/25/2041 (a)		27		27
2.628% due 08/25/2042 (a)		19,690		19,893
Wells Fargo Mortgage-Backed Securities Trust
4.959% due 09/25/2032 (a)		269		272
Total Mortgage-Backed Securities (Cost $83,988)				83,846

ASSET-BACKED SECURITIES 1.7%
ACE Securities Corp.
1.640% due 06/25/2032 (a)	$	287	$	288
Amortizing Residential Collateral Trust
1.570% due 06/25/2032 (a)		2,000		2,001
CDC Mortgage Capital Trust
1.590% due 01/25/2033 (a)		1,761		1,764
Conseco Finance Securitizations Corp.
1.608% due 10/15/2031 (a)		247		247
Credit-Based Asset Servicing and Securitization
1.550% due 09/25/2033 (a)		5,218		5,218
EMC Mortgage Loan Trust
1.670% due 05/25/2040 (a)		1,862		1,868
GRMT II Mortgage Loan Trust
1.530% due 06/20/2032 (a)		53		53
GSAMP Trust
1.490% due 10/25/2033 (a)		12,812		12,810
HFC Home Equity Loan Asset-Backed Certificates
1.630% due 10/20/2032 (a)		8,159		8,173
Household Mortgage Loan Trust
1.580% due 05/20/2032 (a)		474		475
Irwin Home Equity Loan Trust
1.590% due 06/25/2029 (a)		333		334
Irwin Low Balance Home Equity Loan Trust
1.675% due 06/25/2021 (a)		10		10
Morgan Stanley Dean Witter Capital I, Inc.
1.630% due 07/25/2032 (a)		645		647
Structured Asset Investment Loan Trust
1.420% due 06/25/2033 (a)		3,006		3,008
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013		764		766
Total Asset-Backed Securities (Cost $37,648)				37,662
SOVEREIGN ISSUES 1.9%
Republic of Brazil
2.062% due 04/15/2006 (a)		1,824		1,800
11.500% due 03/12/2008		2,300		2,469
2.125% due 04/15/2009 (a)		747		679
11.000% due 01/11/2012		2,840		2,871
11.000% due 08/17/2040		2,400		2,265
Republic of Panama
9.625% due 02/08/2011		800		890
9.375% due 01/16/2023		330		338
8.875% due 09/30/2027		5,200		5,070
Republic of Peru
9.125% due 02/21/2012		1,400		1,442
9.875% due 02/06/2015		5,100		5,355
Republic of South Africa
9.125% due 05/19/2009		500		583
United Mexican States
9.875% due 02/01/2010		100		120
8.375% due 01/14/2011		300		340
6.375% due 01/16/2013		930		930
11.375% due 09/15/2016		900		1,260
8.125% due 12/30/2019		4,200		4,505
8.300% due 08/15/2031		10,300		10,815
Total Sovereign Issues (Cost $40,884)				41,732
FOREIGN CURRENCY-DENOMINATED ISSUES (i)(j) 1.7%
Republic of Germany
5.250% due 07/04/2010	EC	22,200		29,051
5.250% due 01/04/2011		5,400		7,072
Total Foreign Currency-Denominated Issues (Cost $35,583)				36,123

PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME) Strike @ 95.500 Exp. 09/13/2004		100	$	1
Total Purchased Put Options (Cost $1)				1
PREFERRED SECURITY 0.6%
	Shares
DG Funding Trust
3.360% due 12/29/2049 (a)		1,239		13,319
Total Preferred Security (Cost $13,055)				13,319
SHORT-TERM INSTRUMENTS 67.7%
	Principal Amount (000s)
Certificates of Deposit 3.8%
Citibank New York N.A.
1.090% due 07/30/2004	$	1,300		1,300
1.190% due 08/20/2004		40,000		40,000
Wells Fargo Bank N.A.
1.090% due 07/07/2004		100		100
1.240% due 07/19/2004		43,200		43,200
				84,600
Commercial Paper 60.5%
Altria Group, Inc.
1.800% due 10/29/2004		2,800		2,800
Danske Corp.
1.195% due 08/20/2004		4,900		4,892
Fannie Mae
1.000% due 07/01/2004		4,600		4,600
1.010% due 07/01/2004		42,700		42,700
1.025% due 07/07/2004		23,700		23,696
1.015% due 07/14/2004		15,700		15,694
1.040% due 07/14/2004		21,800		21,792
1.060% due 07/21/2004		21,700		21,687
1.055% due 07/28/2004		21,800		21,783
1.056% due 07/28/2004		43,500		43,466
1.055% due 08/04/2004		21,800		21,778
1.063% due 08/04/2004		21,700		21,678
1.125% due 08/11/2004		59,200		59,124
1.150% due 08/18/2004		12,800		12,780
1.180% due 08/25/2004		46,600		46,516
1.215% due 09/01/2004		37,600		37,508
1.220% due 09/01/2004		21,600		21,547
1.240% due 09/01/2004		21,500		21,447
1.250% due 09/01/2004		21,600		21,547
1.120% due 09/08/2004		21,700		21,640
1.430% due 09/08/2004		2,800		2,792
1.410% due 09/15/2004		30,800		30,704
1.435% due 09/22/2004		17,000		16,941
1.010% due 10/01/2004		13,300		13,248
1.526% due 10/20/2004		16,400		16,320
1.530% due 10/20/2004		21,700		21,593
Federal Home Loan Bank
1.250% due 07/01/2004		20,000		20,000
1.250% due 09/01/2004		21,600		21,547
Ford Motor Credit Co.
2.076% due 09/03/2004		14,800		14,762
Freddie Mac
1.010% due 07/15/2004		14,000		13,995
1.055% due 08/03/2004		21,800		21,779
1.060% due 08/03/2004		21,800		21,779
1.120% due 08/10/2004		21,500		21,473
1.125% due 08/10/2004		21,500		21,473
1.079% due 08/23/2004		21,700		21,659
1.210% due 08/31/2004		21,600		21,548
1.215% due 08/31/2004		21,600		21,548

See accompanying notes June 30, 2004 Semi-Annual Report 9

Schedule of Investments (Cont.)

Total Return Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

1.275% due 09/07/2004	$	59,100	$	58,939
1.320% due 09/07/2004		21,500		21,441
1.200% due 09/08/2004		21,500		21,440
1.200% due 09/14/2004		500		499
1.440% due 09/14/2004		21,500		21,434
1.450% due 09/14/2004		21,500		21,434
1.260% due 09/20/2004		16,000		15,946
1.435% due 09/21/2004		21,600		21,526
1.280% due 09/22/2004		21,500		21,425
1.465% due 09/28/2004		9,900		9,863
1.298% due 09/30/2004		21,700		21,616
1.300% due 09/30/2004		21,500		21,417
1.436% due 09/30/2004		21,700		21,616
1.520% due 10/13/2004		10,800		10,751
1.560% due 10/20/2004		21,800		21,693
HBOS Treasury Services PLC
1.080% due 07/23/2004		15,400		15,390
1.120% due 08/24/2004		40,200		40,132
Rabobank USA Financial Corp.
1.110% due 08/23/2004		5,400		5,391
1.210% due 09/07/2004		21,700		21,641
Stadshypotek, Inc.
1.100% due 08/06/2004		59,800		59,734
TotalFinaElf Capital S.A.
1.420% due 07/01/2004		23,400		23,400
UBS Finance, Inc.
1.070% due 07/15/2004		39,200		39,184
				1,327,748
Repurchase Agreement 0.2%
State Street Bank
0.800% due 07/01/2004		4,012		4,012
(Dated 06/30/2004. Collateralized by Freddie Mac 5.500% due 07/15/2006 valued at $4,092. Repurchase proceeds are $4,012.)
U.S. Treasury Bills 3.2%
1.249% due 09/02/2004-09/16/2004 (b)(c)(d)		69,485		69,286
Total Short-Term Instruments (Cost $1,485,894)				1,485,646
Total Investments 108.9%			$	2,390,263
(Cost $2,389,014)
Written Options (g) (0.1%)				(1,167	)
(Premiums $2,007)
Other Assets and Liabilities (Net) (8.8%)				(194,087	)
Net Assets 100.0%			$	2,195,009

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(c) Securities with an aggregate market value of $19,197 have been segregated with the custodian to cover margin

requirements for the following open futures contracts at June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Eurodollar March Long Futures	03/2005	779	$	204
Eurodollar March Long Futures	03/2006	61		(68	)

Eurodollar June Long Futures	06/2005	840	$	(23	)
Eurodollar September Long Futures	09/2005	64		(87	)
Eurodollar December Long Futures	12/2004	296		(83	)
Eurodollar December Long Futures	12/2005	64		(80	)
Euribor December Long Futures	12/2005	674		(605	)
Euribor June Long Futures	06/2005	503		15
Euribor September Long Futures	09/2005	429		(148	)
Euribor Written Put Options Strike @ 97.000	12/2004	75		75
Euribor Written Put Options Strike @ 97.500	09/2004	76		25
Euro-Bobl 5-Year Note Long Futures	09/2004	241		14
U.S. Treasury 10-Year Note Long Futures	09/2004	5,227		6,120
U.S. Treasury 5-Year Note Long Futures	09/2004	838		565
			$	5,924

(d) Securities with an aggregate market value of $6,984 have been pledged as collateral for swap and swaption

contracts at June 30, 2004.

(e) Swap agreements outstanding at June 30, 2004:

Type	Notional Amount	Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 5.000% and pay floating rate based on 6-month BP-LIBOR.
Counterparty: Barclays Bank PLC
Exp. 06/16/2011	BP     1,800	$	(73	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: UBS Warburg LLC
Exp. 03/15/2017	700		1
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/15/2017	300		1
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Goldman Sachs & Co.
Exp. 03/15/2017	1,700		12
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/15/2032	900		5
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: UBS Warburg LLC
Exp. 03/15/2032	1,100		(4	)

Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Merrill Lynch & Co., Inc.
Exp. 03/15/2007		EC  19,900	$	150
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: J.P. Morgan Chase & Co.
Exp. 12/21/2007		108,700		(776	)
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Citibank N.A.
Exp. 06/17/2008		46,800		(654	)
Receive a fixed rate equal to 4.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Citibank N.A.
Exp. 06/17/2010		5,400		(66	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/15/2017		500		10
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: Goldman Sachs & Co.
Exp. 03/15/2017		4,000		77
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/15/2032		1,500		27
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: UBS Warburg LLC
Exp. 03/15/2032		1,800		22
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Bear Stearns & Co., Inc.
Exp. 07/01/2004	$	1,600		0
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 09/30/2004		4,300		0
Receive a fixed rate equal to 0.625% and the Portfolio will pay to the counterparty at par in the event of default of the United Mexican States 11.500% due 05/15/2026.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 05/20/2005		900		3
Receive a fixed rate equal to 0.650% and the Portfolio will pay to the counterparty at par in the event of default of the United Mexican States 7.500% due 04/08/2033.
Counterparty: Barclays Bank PLC
Exp. 05/20/2005		300		1
Receive a fixed rate equal to 1.100% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Panama 9.375% due 04/01/2029.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 06/20/2005		800		3

10 Semi-Annual Report June 30, 2004 See accompanying notes

Receive a fixed rate equal to 1.800% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Panama 9.375% due 04/01/2029.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 06/20/2005	300	$	3
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: UBS Warburg LLC
Exp. 12/15/2006	11,800		17
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: Barclays Bank PLC
Exp. 12/15/2006	25,200		19
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: UBS Warburg LLC
Exp. 12/15/2009	52,100		431
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: Bank of America
Exp. 12/15/2009	99,700		920
		$	129

(f) Principal amount of security is adjusted for inflation.

(g) Premiums received on written options:

Name of Issuer		Exercise Price			Expiration Date	# of Contracts		Premium		Value
Call - CBOT U.S. Treasury Note September Futures		$	111.500		08/27/2004		62	$	27	$	4
Call - CBOT U.S. Treasury Note September Futures			115.000		08/27/2004		405		268		12
Call - CBOT U.S. Treasury Note September Futures			111.000		08/27/2004		106		53		53
Call - CBOT U.S. Treasury Note September Futures			114.000		08/27/2004		58		38		4
Call - CBOT U.S. Treasury Note September Futures			110.000		08/27/2004		261		237		224
Put - CBOT U.S. Treasury Note September Futures			107.500		08/27/2004		92		72		34
Put - CBOT U.S. Treasury Note September Futures			108.000		08/27/2004		184		229		124
Put - CBOT U.S. Treasury Note September Futures			105.000		08/27/2004		261		160		37
								$	1,084	$	492
Name of Issuer	Counterparty	Exercise Rate			Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.		5.970	%**	10/04/2004	$	6,400	$	257	$	416
Put - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.		5.970	%*	10/04/2004		6,400		257		4
Call - OTC 7-Year Interest Rate Swap	UBS Warburg LLC		3.800	%**	10/07/2004		9,200		44		1
Call - OTC 7-Year Interest Rate Swap	Bank of America		6.000	%**	10/19/2004		1,700		69		111
Put - OTC 7-Year Interest Rate Swap	Bank of America		6.000	%*	10/19/2004		1,700		69		2
Call - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.		5.500	%**	01/07/2005		3,900		95		139
Put - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.		7.000	%*	01/07/2005		3,900		132		2
								$	923	$	675

* The Portfolio will pay a floating rate based on 3-month LIBOR.

** The Portfolio will receive a floating rate based on 3-month LIBOR.

(h) Short sales open at June 30, 2004 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Bond	6.250	05/15/2030	$	18,600	$	20,831	$	20,287
U.S. Treasury Bond	5.375	02/15/2031		15,300		15,436		15,064
U.S. Treasury Note	3.875	02/15/2013		4,900		4,686		4,591
U.S. Treasury Note	4.750	05/15/2014		11,300		11,421		11,337
U.S. Treasury Note	6.250	08/15/2023		15,200		16,837		16,531
					$	69,211	$	67,810

(i) Forward foreign currency contracts outstanding at June 30, 2004:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BR	636	07/2004	$	0	$	(5	)	$	(5	)
Buy		1,328	08/2004		17		0			17
Buy		1,500	09/2004		8		0			8
Buy	CP	371,861	08/2004		1		(3	)		(2	)
Buy		303,010	09/2004		8		0			8
Sell	EC	12,099	07/2004		173		0			173
Buy	H$	3,427	07/2004		0		(1	)		(1	)
Buy		3,473	08/2004		0		(1	)		(1	)
Buy		3,887	09/2004		0		0			0
Buy	JY	2,917,263	07/2004		152		0			152
Buy	KW	510,840	07/2004		4		0			4
Buy		520,066	08/2004		12		0			12
Buy		590,000	09/2004		4		0			4
Buy	MP	4,737	08/2004		0		0			0
Buy		5,606	09/2004		0		(7	)		(7	)
Buy	PN	1,526	08/2004		3		0			3
Buy		1,740	09/2004		2		0			2
Buy	RP	33,915	09/2004		0		(13	)		(13	)
Buy	RR	12,522	07/2004		2		0			2
Buy		12,733	08/2004		3		0			3
Buy		14,270	09/2004		1		0			1
Buy	S$	743	07/2004		0		(7	)		(7	)
Buy		755	08/2004		0		(2	)		(2	)
Buy		852	09/2004		0		0			0
Buy	SR	2,955	08/2004		40		0			40
Sell		1,778	08/2004		0		(1	)		(1	)
Buy		3,429	09/2004		19		0			19
Sell		2,003	09/2004		0		(1	)		(1	)
Buy	SV	14,486	08/2004		10		0			10
Buy		16,715	09/2004		5		0			5
Buy	T$	14,791	08/2004		0		(1	)		(1	)
Buy		16,605	09/2004		0		0			0
				$	464	$	(42	)	$	422

(j) Principal amount denoted in indicated currency:

BP	-	British Pound
BR	-	Brazilian Real
CP	-	Chilean Peso
EC	-	Euro
H$	-	Hong Kong Dollar
JY	-	Japanese Yen
KW	-	South Korean Won
MP	-	Mexican Peso
PN	-	Peruvian New Sol
RP	-	Indian Rupee
RR	-	Russian Ruble
S$	-	Singapore Dollar
SR	-	South African Rand
SV	-	Slovakian Koruna
T$	-	Taiwan Dollar

See accompanying notes June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Total Return Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Portfolio. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. 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. The Portfolio commenced operations on December 31, 1997.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Delayed Delivery Transactions. The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or

12 Semi-Annual Report June 30, 2004

sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. 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 net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Foreign Currency. The accounting records of the Portfolio are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Forward Currency Transactions. The Portfolio may enter into forward currency contracts and forward cross-currency contracts 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 a part of an investment strategy. A forward 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 currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses 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 are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Short Sales. The Portfolio may enter into short sales transactions. A short sale is a transaction in which the Portfolio sells securities it does not own in anticipation of a decline in the market price of the securities. The Portfolio is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain (loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain (loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. This reclassification increased (decreased) net investment income by $157,342 and $(31,206), and net realized gain (loss) by $(137,550) and $11,058 and net change in unrealized appreciation (depreciation) by $(19,792) and $20,148 for the six months ended June 30, 2004 and year ended December 31, 2003, respectively. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase (decrease) in net assets from operations during any period.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average

14 Semi-Annual Report June 30, 2004

daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.25%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and back overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.50	%
Administrative Class	0.65	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$1,049,636	$906,376	$305,244	$332,178

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Premium
Balance at 12/31/2003	$	2,357
Sales		2,374
Closing Buys		(638	)
Expirations		(2,086	)
Exercised		0
Balance at 06/30/2004		$ 2,007

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$            11,478	$          (10,229)	$	1,249

June 30, 2004 Semi-Annual Report 15

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	679		$	7,078		7,349		$	76,213
Administrative Class	34,019			355,600		94,450			979,977
Issued as reinvestment of distributions
Institutional Class	60			631		271			2,807
Administrative Class	1,399			14,564		4,687			48,536
Cost of shares redeemed
Institutional Class	(2,792	)		(29,016	)	(4,880	)		(50,575	)
Administrative Class	(11,949	)		(124,164	)	(28,502	)		(295,164	)
Net increase resulting from Portfolio share transactions	21,416		$	224,693		73,375		$	761,794

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	2	100
Administrative Class	6	79

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

16 Semi-Annual Report June 30, 2004

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

June 30, 2004 Semi-Annual Report 17

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

TOTAL RETURN PORTFOLIO II

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	11

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Total Return Portfolio II

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]


                         Total Return               Lehman Brothers
                   Portfolio II Inst. Class       Aggregate Bond Index
                   ------------------------       --------------------
04/30/2000                 $10,000                      $10,000
05/31/2000                  $9,986                       $9,995
06/30/2000                 $10,167                      $10,203
07/31/2000                 $10,235                      $10,296
08/31/2000                 $10,401                      $10,445
09/30/2000                 $10,416                      $10,511
10/31/2000                 $10,492                      $10,580
11/30/2000                 $10,715                      $10,753
12/31/2000                 $10,807                      $10,953
01/31/2001                 $10,963                      $11,132
02/28/2001                 $11,093                      $11,229
03/31/2001                 $11,159                      $11,285
04/30/2001                 $11,057                      $11,238
05/31/2001                 $11,137                      $11,306
06/30/2001                 $11,156                      $11,349
07/31/2001                 $11,533                      $11,603
08/31/2001                 $11,654                      $11,736
09/30/2001                 $11,927                      $11,872
10/31/2001                 $12,173                      $12,121
11/30/2001                 $11,951                      $11,954
12/31/2001                 $11,875                      $11,878
01/31/2002                 $12,038                      $11,974
02/28/2002                 $12,158                      $12,090
03/31/2002                 $11,981                      $11,889
04/30/2002                 $12,174                      $12,119
05/31/2002                 $12,178                      $12,222
06/30/2002                 $12,176                      $12,328
07/31/2002                 $12,158                      $12,477
08/31/2002                 $12,430                      $12,688
09/30/2002                 $12,544                      $12,893
10/31/2002                 $12,546                      $12,834
11/30/2002                 $12,624                      $12,831
12/31/2002                 $12,840                      $13,096
01/31/2003                 $12,795                      $13,107
02/28/2003                 $13,039                      $13,288
03/31/2003                 $13,048                      $13,278
04/30/2003                 $13,130                      $13,388
05/31/2003                 $13,505                      $13,637
06/30/2003                 $13,471                      $13,610
07/31/2003                 $12,960                      $13,153
08/31/2003                 $13,112                      $13,240
09/30/2003                 $13,469                      $13,590
10/31/2003                 $13,370                      $13,464
11/30/2003                 $13,390                      $13,496
12/31/2003                 $13,513                      $13,633
01/31/2004                 $13,607                      $13,743
02/29/2004                 $13,765                      $13,892
03/31/2004                 $13,878                      $13,996
04/30/2004                 $13,535                      $13,632
05/31/2004                 $13,505                      $13,577
06/30/2004                 $13,571                      $13,654


                  

SECTOR BREAKDOWN^‡

Short-Term Instruments	62.4	%
U.S. Government Agencies	16.3	%
Corporate Bonds & Notes	6.2	%
Mortgage-Backed Securities	5.4	%
U.S. Treasury Obligations	4.3	%
Municipal Bonds & Notes	4.1	%
Other	1.3	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Institutional Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		Since Inception*
	Total Return Portfolio II Institutional Class (Inception 04/10/00)	0.43	%	0.74	%	7.36	%
- - - - - - -	Lehman Brothers Aggregate Bond Index	0.15	%	0.32	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,004.30	$	1,025.00
Expenses Paid During Period†	$	2.49	$	2.52

^†Expenses are equal to the Portfolio’s Institutional Class annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Total Return Portfolio II seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, with quality, U.S. issuer, and U.S. dollar-denominated security restrictions.

• The Portfolio’s Institutional Class shares outperformed the Lehman Brothers Aggregate Bond Index for the six-month period ended June 30, 2004, returning 0.43% versus 0.15% for the Index.

• The Portfolio’s below-Index duration helped returns, as yields rose over the period.

• An emphasis on short/intermediate maturities was negative, as the yield curve flattened in anticipation of Fed tightening. However, this strategy enhanced security returns via “roll down,” or price appreciation, as bonds are revalued at lower yields over time, given the steepness of the yield curve.

• Substituting Real Return Bonds (TIPS-Treasury Inflation Protected Securities) for nominal Treasuries was positive as TIPS benefited from strong demand for the inflation protection they provide.

• A mortgage underweight was slightly negative, as mortgages outpaced comparable Treasuries; mortgage security selection was positive, however, and more than offset this impact.

• The Portfolio’s underweight to corporate securities was slightly positive, as this sector lagged Treasuries modestly on like-duration basis.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

Total Return Portfolio II (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			04/10/2000- 12/31/2000
Net asset value beginning of period	$	10.31		$	10.09		$	10.12		$	10.24		$	10.02
Net investment income (a)		0.08	(d)		0.16	(d)		0.41	(d)		0.50	(d)		0.47	(d)
Net realized/unrealized gain (loss) on investments (a)		(0.03	)(d)		0.36	(d)		0.39	(d)		0.49	(d)		0.25	(d)
Total income from investment operations		0.05			0.52			0.80			0.99			0.72
Dividends from net investment income		(0.08	)		(0.21	)		(0.41	)		(0.50	)		(0.50	)
Distributions from net realized capital gains		0.00			(0.09	)		(0.42	)		(0.61	)		0.00
Total distributions		(0.08	)		(0.30	)		(0.83	)		(1.11	)		(0.50	)
Net asset value end of period	$	10.28		$	10.31		$	10.09		$	10.12		$	10.24
Total return		0.43	%		5.24	%		8.13	%		9.88	%		7.41	%
Net assets end of period (000s)	$	117		$	16		$	1,217		$	3,845		$	3,499
Ratio of net expenses to average net assets		0.50	%*		0.50	%		0.51	%(c)		0.50	%(b)		0.50	%*
Ratio of net investment income to average net assets		1.59	%*(d)		1.56	%(d)		3.97	%(d)		4.70	%(d)		6.62	%*(d)
Portfolio turnover rate		116	%		863	%		418	%		606	%		937	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.51%.

(c) Ratio of expenses to average net assets excluding interest expense is 0.50%.

(d) Indicates a period in which, as a result of a change in generally accepted accounting principles, the portfolio has reclassified periodic payments made or received under certain derivative instruments, which were previously included within miscellaneous income, to a component of realized gain (loss) in the Statement of Operations. The effect of this reclassification was to increase the net investment income ratio for the period ending June 30, 2004 by 0.06% and the net investment income per share by $0.01. For consistency, similar reclassifications have been made to prior period amounts, resulting in (reductions) to the net investment income ratio of 0.00%, (0.02)%, (0.01)% and (0.28)% and to the net investment income per share of $0.00, $0.00, $0.00 and $(0.03) in the fiscal years or periods ending December 31, 2003, 2002, 2001, and 2000, respectively. This change has no impact on the reported net asset value per share for any period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Total Return Portfolio II

June 30, 2004 (unaudited)
Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	18,903
Cash		1
Receivable for investments sold on a delayed delivery basis		625
Interest and dividends receivable		43
Variation margin receivable		67
Swap premiums paid		1
Unrealized appreciation on swap agreements		4
		19,644
Liabilities:
Payable for investments purchased	$	1,461
Payable for short sale		638
Written options outstanding		14
Payable for Portfolio shares redeemed		14
Accrued investment advisory fee		4
Accrued administration fee		4
Accrued servicing fee		2
Variation margin payable		2
Swap premiums received		15
		2,154
Net Assets	$	17,490
Net Assets Consist of:
Paid in capital	$	17,089
Undistributed net investment income		248
Accumulated undistributed net realized gain		89
Net unrealized appreciation		64
	$	17,490
Net Assets:
Institutional Class	$	117
Administrative Class		17,373
Shares Issued and Outstanding:
Institutional Class		11
Administrative Class		1,690
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.28
Administrative Class		10.28
Cost of Investments Owned	$	18,887

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Total Return Portfolio II

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	171
Dividends		2
Total Income		173
Expenses:
Investment advisory fees		22
Administration fees		22
Distribution and/or servicing fees - Administrative Class		13
Total Expenses		57
Net Investment Income		116
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		87
Net realized gain on futures contracts, options, and swaps		13
Net change in unrealized (depreciation) on investments		(115	)
Net change in unrealized (depreciation) on futures contracts, options, and swaps		(40	)
Net (Loss)		(55	)
Net Increase in Assets Resulting from Operations	$	61

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Total Return Portfolio II

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	116		$	279
Net realized gain		100			359
Net change in unrealized appreciation (depreciation)		(155	)		213
Net increase resulting from operations		61			850
Distributions to Shareholders:
From net investment income
Institutional Class		0			(2	)
Administrative Class		(115	)		(323	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(150	)
Total Distributions		(115	)		(475	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		106			0
Administrative Class		4			0
Issued as reinvestment of distributions
Institutional Class		0			2
Administrative Class		115			473
Cost of shares redeemed
Institutional Class		(6	)		(1,200	)
Administrative Class		(164	)		(260	)
Net increase (decrease) resulting from Portfolio share transactions		55			(984	)
Total Increase (Decrease) in Net Assets		1			(609	)
Net Assets:
Beginning of period		17,489			18,099
End of period*	$	17,490		$	17,489
*Including undistributed net investment income of:	$	248		$	246

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Total Return Portfolio II

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

CORPORATE BONDS & NOTES 6.6%
Banking & Finance 3.9%
CIT Group, Inc.
2.490% due 07/30/2004 (a)	$	40	$	40
2.670% due 01/31/2005 (a)		100		101
Ford Motor Credit Co.
3.045% due 10/25/2004 (a)		200		201
General Motors Acceptance Corp.
1.499% due 07/21/2004 (a)		100		100
3.158% due 05/19/2005 (a)		100		101
UBS Preferred Funding Trust I
8.622% due 10/29/2049 (a)		100		119
Verizon Wireless Capital LLC
1.350% due 05/23/2005 (a)		30		30
				692
Industrials 0.8%
El Paso Corp.
6.750% due 05/15/2009		50		46
Williams Cos., Inc.
7.875% due 09/01/2021		100		97
				143
Utilities 1.9%
AEP Texas Central Co.
2.500% due 02/15/2005 (a)		10		10
Appalachian Power Co.
4.800% due 06/15/2005		20		20
Entergy Gulf States, Inc.
2.433% due 06/18/2007 (a)		100		100
Pacific Gas & Electric Co.
1.810% due 04/03/2006 (a)		200		200
				330
Total Corporate Bonds & Notes (Cost $1,141)				1,165
MUNICIPAL BONDS & NOTES 4.4%
California State Polytechnic University Revenue Bonds, Series 1972
5.250% due 01/01/2010		100		109
City of Chicago, Illinois General Obligation Bonds, (MBIA Insured), Series 2003
5.000% due 01/01/2035		100		97
Energy Northwest Washington Electric Revenue Bonds, Series 2003
5.500% due 07/01/2014		100		111
La Quinta, California Redevelopment Agency Tax Allocation Bonds, (AMBAC Insured), Series 2001
5.100% due 09/01/2031		100		99
New Jersey State Tobacco Settlement Financing Corp. Revenue Bonds, Series 2003
4.375% due 06/01/2019		70		68
New Jersey State Tobacco Settlement Financing Corp., Series 2003
6.750% due 06/01/2039		100		90
New Jersey Transportation Trust Fund Revenue Bonds, Series 2003
5.000% due 06/15/2013		50		53
New York State Environmental Facilities Corp. Revenue Bonds, Series 2002
8.860% due 06/15/2023 (a)		25		26
New York Transitional Finance Authority Revenue Bonds, Series 2003
5.000% due 02/01/2033		100		97
University of Texas Revenue Bonds, Series 2003
5.000% due 08/15/2033		20		20
Total Municipal Bonds & Notes (Cost $791)				770

U.S. GOVERNMENT AGENCIES 17.6%
Fannie Mae
6.500% due 08/01/2032	$	33	$	34
1.420% due 03/25/2034 (a)		97		97
5.090% due 09/01/2034 (a)		58		60
4.797% due 12/01/2036 (a)		56		58
6.000% due 06/01/2016- 07/25/2024 (b)		280		290
5.000% due 06/01/2018- 07/15/2034 (b)		1,128		1,112
5.500% due 10/01/2017- 07/15/2034 (b)		1,163		1,159
Federal Home Loan Bank
5.500% due 03/15/2015		2		2
Freddie Mac
6.000% due 09/01/2016		22		23
3.579% due 07/01/2027 (a)		7		7
3.532% due 01/01/2028 (a)		7		7
5.500% due 08/15/2030		35		36
6.500% due 08/01/2032		24		26
5.000% due 10/01/2018- 10/15/2026 (b)		111		112
Government National Mortgage Association
3.375% due 02/20/2027 (a)		28		28
3.500% due 05/20/2030 (a)		20		20
1.780% due 09/20/2030 (a)		9		9
Total U.S. Government Agencies (Cost $3,079)				3,080
U.S. TREASURY OBLIGATIONS 4.7%
Treasury Inflation Protected Securities (d)
3.375% due 01/15/2007 (c)		119		127
3.625% due 01/15/2008		163		178
3.875% due 01/15/2009		458		512
Total U.S. Treasury Obligations (Cost $799)				817
MORTGAGE-BACKED SECURITIES 5.9%
Bank of America Mortgage Securities, Inc.
6.500% due 10/25/2031		64		64
6.500% due 02/25/2033		15		15
Bear Stearns Adjustable Rate Mortgage Trust
6.053% due 08/25/2032 (a)		3		3
5.134% due 03/25/2033 (a)		36		37
4.802% due 12/25/2033 (a)		79		79
Countrywide Home Loans, Inc.
5.699% due 03/19/2032 (a)		3		3
CS First Boston Mortgage Securities Corp.
6.202% due 04/25/2032 (a)		1		1
5.192% due 06/25/2032 (a)		16		16
6.222% due 06/25/2032 (a)		12		13
2.360% due 08/25/2033 (a)		17		17
GSMPS Mortgage Loan Trust
7.000% due 07/25/2043		65		68
GSR Mortgage Loan Trust
6.000% due 03/25/2032		17		17
Impac CMB Trust
1.700% due 07/25/2033 (a)		84		84
1.550% due 01/25/2034 (a)		95		95
MASTR Asset Securitization Trust
5.500% due 09/25/2033		65		63
Merrill Lynch Mortgage Investors, Inc.
2.825% due 01/25/2029 (a)		92		94
1.600% due 01/20/2030 (a)		4		4
Prime Mortgage Trust
1.700% due 02/25/2034 (a)		71		71
Residential Funding Mortgage Securities I, Inc.
5.603% due 09/25/2032 (a)		3		3

Structured Asset Mortgage Investments, Inc.
1.610% due 09/19/2032 (a)	$	8	$	8
Structured Asset Securities Corp.
6.150% due 07/25/2032 (a)		2		2
1.460% due 08/25/2033 (a)		32		32
Washington Mutual Mortgage Securities Corp.
3.052% due 02/27/2034 (a)		34		34
2.624% due 08/25/2042 (a)		200		203
Total Mortgage-Backed Securities (Cost $1,032)				1,026
ASSET-BACKED SECURITIES 0.7%
Amortizing Residential Collateral Trust
1.570% due 06/25/2032 (a)		15		15
CIT Group Home Equity Loan Trust
1.570% due 06/25/2033 (a)		10		10
CS First Boston Mortgage Securities Corp.
1.610% due 01/25/2032 (a)		18		18
Equity One ABS, Inc.
1.580% due 11/25/2032 (a)		17		17
HFC Home Equity Loan Asset-Backed Certificates
1.630% due 10/20/2032 (a)		52		52
Household Mortgage Loan Trust
1.580% due 05/20/2032 (a)		3		3
Irwin Home Equity Loan Trust
1.590% due 06/25/2029 (a)		3		3
Morgan Stanley Dean Witter Capital I, Inc.
1.630% due 07/25/2032 (a)		5		5
Total Asset-Backed Securities (Cost $123)				123
PURCHASED PUT OPTIONS 0.0%
	# of Contracts
Eurodollar December Futures (CME)
Strike @ 95.000 Exp. 12/13/2004		5		0
Eurodollar June Futures (CME) Strike @ 91.000 Exp. 06/13/2005		16		0
Total Purchased Put Options (Cost $0)				0
PREFERRED SECURITY 0.7%
	Shares
DG Funding Trust
3.360% due 12/29/2049 (a)		11		118
Total Preferred Security (Cost $116)				118
SHORT-TERM INSTRUMENTS 67.5%
	Principal Amount (000s)
Certificates of Deposit 3.4%
Citibank New York N.A.
1.215% due 07/30/2004		300		300
Well Fargo Bank N.A.
1.090% due 07/07/2004		300		300
				600
Commercial Paper 57.1%
Fannie Mae
1.010% due 07/01/2004		800		800
1.030% due 07/01/2004		200		200
1.025% due 07/07/2004		300		300
1.045% due 07/21/2004		400		400
1.060% due 07/21/2004		400		400
1.056% due 07/28/2004		400		400
1.063% due 08/04/2004		100		100

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

1.150% due 08/18/2004	$	200	$	200
1.180% due 08/25/2004		200		200
1.185% due 08/25/2004		200		200
1.225% due 09/01/2004		200		199
1.230% due 09/01/2004		200		199
1.240% due 09/01/2004		200		199
1.380% due 09/01/2004		200		200
1.130% due 09/08/2004		200		199
1.415% due 09/08/2004		200		199
1.430% due 09/08/2004		200		199
1.415% due 09/15/2004		400		399
1.414% due 09/22/2004		100		100
1.426% due 09/22/2004		200		199
1.435% due 09/22/2004		400		399
Federal Home Loan Bank
1.165% due 07/16/2004		100		100
1.170% due 07/16/2004		200		200
1.180% due 08/25/2004		200		200
1.090% due 08/27/2004		200		200
1.240% due 09/01/2004		400		399
1.240% due 09/03/2004		200		199
Ford Motor Credit Co.
1.010% due 09/03/2004		100		100
Freddie Mac
1.010% due 07/15/2004		100		100
1.200% due 08/09/2004		200		399
1.150% due 08/17/2004		300		100
1.195% due 08/17/2004		200		200
1.175% due 08/24/2004		100		100
1.210% due 08/31/2004		200		200
1.275% due 09/07/2004		200		199
1.410% due 09/14/2004		200		199
1.440% due 09/14/2004		200		199
1.445% due 09/14/2004		200		199
1.465% due 09/28/2004		100		100
1.436% due 09/30/2004		200		199
1.540% due 10/18/2004		200		199
General Electric Capital Corp.
1.050% due 07/07/2004		200		200
1.300% due 09/08/2004		300		299
				9,981
Repurchase Agreement 3.1%
State Street Bank
0.800% due 07/01/2004		550		550
(Dated 06/30/2004. Collateralized by Freddie Mac 5.500% due 07/15/2006 valued at $562. Repurchase proceeds are $550.)
U.S. Treasury Bills 3.9%
1.256% due 09/02/2004- 09/16/2004 (b)(c)		675		673
Total Short-Term Instruments				11,804
(Cost $11,806)
Total Investments 108.1%			$	18,903
(Cost $18,887)
Written Options (f) (0.1%)				(14	)
(Premiums $26)
Other Assets and Liabilities (Net) (8.0%)				(1,399	)
Net Assets 100.0%			$	17,490

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(c) Securities with an aggregate market value of $501 have been segregated with the custodian to cover margin

requirements for the following open futures contracts at

June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Eurodollar March Long Futures	03/2005	6	$	(8	)
Eurodollar March Long Futures	03/2006	2		(2	)
Eurodollar June Long Futures	06/2005	8		(11	)
Eurodollar September Long Futures	09/2005	7		(12	)
Eurodollar December Long Futures	12/2004	2		1
Eurodollar December Long Futures	12/2005	7		(11	)
U.S. Treasury 10-Year Note Long Futures	09/2004	52		66
U.S. Treasury 5-Year Note Long Futures	09/2004	31		21
			$	44

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

(e) Swap agreements outstanding at June 30, 2004:

Type		Notional Amount		Unrealized Appreciation
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Bear Stearns & Co., Inc.
Exp. 07/01/2004	$	10	$	0
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Bank of America
Exp. 07/31/2004		50		0
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Bear Stearns & Co., Inc.
Exp. 08/01/2004		100		0
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Bear Stearns & Co., Inc.
Exp. 09/01/2004		0		0
Receive total return on Lehman Commercial Mortgage-Backed Securities Index and pay a floating rate based on 1-month LIBOR less 0.650%.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 09/30/2004		100		0

Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: UBS Warburg LLC
Exp. 12/15/2006	$	100	$	0
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: Barclays Bank PLC
Exp. 12/15/2006		200		0
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month LIBOR.
Counterparty: Bank of America
Exp. 12/15/2009		400		4
			$	4

See accompanying notes June 30, 2004 Semi-Annual Report 9

Schedule of Investments (Cont.)

Total Return Portfolio II

June 30, 2004 (Unaudited)

(f) Premiums received on written options:

Name of Issuer		Exercise Price			Expiration Date	# of Contracts		Premium		Value
Call - CBOT U.S. Treasury Note September Futures		$	111.500		08/27/2004		1	$	1	$	0
Call - CBOT U.S. Treasury Note September Futures			115.000		08/27/2004		4		2		0
Call - CBOT U.S. Treasury Note September Futures			111.000		08/27/2004		1		0		1
Call - CBOT U.S. Treasury Note September Futures			114.000		08/27/2004		2		1		0
Call - CBOT U.S. Treasury Note September Futures			110.000		08/27/2004		2		2		2
Put - CBOT U.S. Treasury Note September Futures			107.500		08/27/2004		1		1		0
Put - CBOT U.S. Treasury Note September Futures			108.000		08/27/2004		2		3		1
Put - CBOT U.S. Treasury Note September Futures			105.000		08/27/2004		2		1		0
								$	11	$	4
Name of Issuer	Counterparty	Exercise Rate			Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	UBS Warburg LLC		3.800	%**	10/07/2004	$	100	$	1	$	0
Call - OTC 7-Year Interest Rate Swap	Bank of America		6.000	%**	10/19/2004		100		4		7
Put - OTC 7-Year Interest Rate Swap	Bank of America		6.000	%*	10/19/2004		100		4		0
Call - OTC 7-Year Interest Rate Swap	Bank of America		5.200	%**	11/02/2004		100		3		3
Put - OTC 7-Year Interest Rate Swap	Bank of America		6.700	%*	11/02/2004		100		3		0
								$	15	$	10
*   The Portfolio will pay a floating rate based on 3-month LIBOR.
** The Portfolio will receive a floating rate based on 3-month LIBOR.
(g) Short sales open at June 30, 2004 were as follows:
Type		Coupon (%)			Maturity	Par		Value		Proceeds
U.S. Treasury Bond			6.250		08/15/2023	$	100	$	111	$	109
U.S. Treasury Bond			6.250		05/15/2030		200		224		218
U.S. Treasury Bond			5.375		02/15/2031		200		202		198
U.S. Treasury Note			4.750		05/15/2014		100		101		100
								$	638	$	625

10 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Total Return Portfolio II (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Portfolio. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. 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. The Portfolio commenced operations on May 28, 1999.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Delayed Delivery Transactions. The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. 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 net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Short Sales. The Portfolio may enter into short sales transactions. A short sale is a transaction in which the Portfolio sells securities it does not own in anticipation of a decline in the market price of the securities. The Portfolio is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The

12 Semi-Annual Report June 30, 2004

Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain (loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. This reclassification increased(decreased) net investment income by $13,839 and $(463), and net realized gain(loss) by $(14,308) and $581 and net change in unrealized appreciation(depreciation) by $469 and $(118) for the six months ended June 30, 2004 and year ended December 31, 2003, respectively. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase(decrease) in net assets from operations during any period.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.25%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.50	%
Administrative Class	0.65	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$7,979	$7,308	$1,297	$654

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Premium
Balance at 12/31/2003	$	30
Sales		25
Closing Buys		(5	)
Expirations		(24	)
Exercised		0
Balance at 06/30/2004	$	26

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)		Net Unrealized Appreciation
$                    71	$	(55)	$	16

14 Semi-Annual Report June 30, 2004

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	10		$	106		0		$	0
Administrative Class	0			4		0			0
Issued as reinvestment of distributions
Institutional Class	0			0		0			2
Administrative Class	11			115		45			473
Cost of shares redeemed
Institutional Class	(1	)		(6	)	(119	)		(1,200	)
Administrative Class	(15	)		(164	)	(25	)		(260	)
Net increase (decrease) resulting from Portfolio share transactions	5		$	55		(99	)	$	(985	)

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	2	100
Administrative Class	1	100

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

June 30, 2004 Semi-Annual Report 15

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

16 Semi-Annual Report June 30, 2004

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

LOW DURATION PORTFOLIO

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	11

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

Low Duration Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]


                        Low Duration                       Merrill Lynch
                   Portfolio Inst. Class             1-3 Year Treasury Index
                   ---------------------             -----------------------
04/30/2000                $10,000                            $10,000
05/31/2000                $10,026                            $10,041
06/30/2000                $10,165                            $10,145
07/31/2000                $10,226                            $10,209
08/31/2000                $10,305                            $10,285
09/30/2000                $10,382                            $10,359
10/31/2000                $10,434                            $10,414
11/30/2000                $10,544                            $10,513
12/31/2000                $10,626                            $10,638
01/31/2001                $10,800                            $10,771
02/28/2001                $10,818                            $10,841
03/31/2001                $10,879                            $10,932
04/30/2001                $10,959                            $10,961
05/31/2001                $11,049                            $11,023
06/30/2001                $11,028                            $11,060
07/31/2001                $11,238                            $11,184
08/31/2001                $11,309                            $11,249
09/30/2001                $11,498                            $11,434
10/31/2001                $11,602                            $11,542
11/30/2001                $11,499                            $11,517
12/31/2001                $11,452                            $11,521
01/31/2002                $11,561                            $11,545
02/28/2002                $11,652                            $11,600
03/31/2002                $11,597                            $11,522
04/30/2002                $11,705                            $11,651
05/31/2002                $11,769                            $11,697
06/30/2002                $11,843                            $11,795
07/31/2002                $11,904                            $11,939
08/31/2002                $12,010                            $11,980
09/30/2002                $12,076                            $12,079
10/31/2002                $12,133                            $12,107
11/30/2002                $12,171                            $12,070
12/31/2002                $12,279                            $12,184
01/31/2003                $12,321                            $12,183
02/28/2003                $12,418                            $12,233
03/31/2003                $12,432                            $12,256
04/30/2003                $12,483                            $12,279
05/31/2003                $12,568                            $12,325
06/30/2003                $12,584                            $12,343
07/31/2003                $12,431                            $12,276
08/31/2003                $12,463                            $12,285
09/30/2003                $12,577                            $12,396
10/31/2003                $12,532                            $12,350
11/30/2003                $12,533                            $12,344
12/31/2003                $12,584                            $12,415
01/31/2004                $12,619                            $12,440
02/29/2004                $12,678                            $12,500
03/31/2004                $12,715                            $12,539
04/30/2004                $12,630                            $12,418
05/31/2004                $12,617                            $12,407
06/30/2004                $12,642                            $12,406


                   

SECTOR BREAKDOWN^‡

Short-Term Instruments	67.8	%
U.S. Government Agencies	9.3	%
Asset-Backed Securities	7.7	%
U.S. Treasury Obligations	5.9	%
Mortgage-Backed Securities	3.7	%
Corporate Bonds & Notes	2.5	%
Other	3.1	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Institutional Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		Since Inception*
	Low Duration Portfolio Institutional Class (Inception 04/10/00)	0.46	%	0.46	%	5.69	%
- - - - - - -	Merrill Lynch 1-3 Year Treasury Index	–0.08	%	0.50	%	—
	* Annualized. All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,004.60	$	1,025.00
Expenses Paid During Period†	$	2.49	$	2.52

^†Expenses are equal to the Portfolio’s Institutional Class annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The Low Duration Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 65% of its assets in a diversified portfolio of Fixed Income Instruments of varying maturities.

• The Portfolio’s Institutional Class shares returned 0.46% for the six-month period ended June 30, 2004, outperforming the Merrill Lynch 1-3 Year Treasury Index return of –0.08% for the same period.

• The Portfolio’s duration was positioned below the benchmark during the period. This hurt returns in the first quarter when rates fell and helped later in the period when market sold off, resulting in an overall neutral effect on performance.

• The Portfolio’s broader-than-Index maturity distribution had a positive impact on returns, as maturities within the Index fared the worst during the period.

• An emphasis on mortgage-backed securities was positive for performance, as this sector outperformed Treasuries during the period. Positive security selection within the sector further enhanced returns.

• The Portfolio’s limited holdings of corporate bonds did not have a significant effect on performance.

• A small allocation to emerging market bonds detracted from returns. Leveraged tactical investors sold emerging market bonds as interest rates rose, which negatively impacted this asset class.

• Exposure to developed non-U.S. markets, primarily short maturity Eurozone holdings, had a strong positive effect on performance. Eurozone issues benefited from expectations for lower growth and inflation in Europe.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

Low Duration Portfolio (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			12/31/2002			12/31/2001			04/10/2000- 12/31/2000
Net asset value beginning of period	$	10.27		$	10.23		$	9.95		$	9.82		$	9.70
Net investment income (a)		0.06	(c)		0.17	(c)		0.38	(c)		0.60	(c)		0.46	(c)
Net realized/unrealized gain (loss) on investments (a)		(0.01	)(c)		0.08	(c)		0.33	(c)		0.15	(c)		0.12	(c)
Total income from investment operations		0.05			0.25			0.71			0.75			0.58
Dividends from net investment income		(0.06	)		(0.20	)		(0.37	)		(0.56	)		(0.46	)
Distributions from net realized capital gains		0.00			(0.01	)		(0.06	)		(0.06	)		0.00
Total distributions		(0.06	)		(0.21	)		(0.43	)		(0.62	)		(0.46	)
Net asset value end of period	$	10.26		$	10.27		$	10.23		$	9.95		$	9.82
Total return		0.46	%		2.49	%		7.22	%		7.77	%		6.13	%
Net assets end of period (000s)	$	9,067		$	11		$	11		$	468		$	5,430
Ratio of net expenses to average net assets		0.50	%*		0.50	%		0.51	%(b)		0.55	%(b)		0.50	%*
Ratio of net investment income to average net assets		1.08	%*(c)		1.68	%(c)		3.78	%(c)		6.01	%(c)		6.49	%*(c)
Portfolio turnover rate		65	%		284	%		339	%		661	%		165	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.50%.

(c) Indicates a period in which, as a result of a change in generally accepted accounting principles, the portfolio has reclassified periodic payments made or received under certain derivative instruments, which were previously included within miscellaneous income, to a component of realized gain(loss) in the Statement of Operations. The effect of this reclassification was to (reduce) the net investment income ratio for the period ending June 30, 2004 by 0.00% and the net investment income per share by $0.00. For consistency, similar reclassifications have been made to prior period amounts, resulting in increases(reductions) to the net investment income ratio of 0.00%, (0.01)%, 0.02% and 0.00% and to the net investment income per share of $0.00, $0.00, $0.00 and $0.00 in the fiscal years or periods ending December 31, 2003, 2002, 2001, and 2000, respectively. This change had no impact on the reported net asset value per share for any period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

Low Duration Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	244,126
Foreign currency, at value		358
Receivable for investments sold		3
Unrealized appreciation on forward foreign currency contracts		17
Receivable for Portfolio shares sold		857
Interest and dividends receivable		240
Variation margin receivable		285
Swap premiums paid		2
Unrealized appreciation on swap agreements		3
		245,891
Liabilities:
Payable for investments purchased	$	20,499
Unrealized depreciation on forward foreign currency contracts		14
Written options outstanding		6
Payable for Portfolio shares redeemed		45
Accrued investment advisory fee		43
Accrued administration fee		43
Accrued servicing fee		23
Recoupment payable to Manager		3
Unrealized depreciation on swap agreements		2
		20,678
Net Assets	$	225,213
Net Assets Consist of:
Paid in capital	$	225,406
Undistributed net investment income		71
Accumulated undistributed net realized (loss)		(537	)
Net unrealized appreciation		273
	$	225,213
Net Assets:
Institutional Class	$	9,067
Administrative Class		216,146
Shares Issued and Outstanding:
Institutional Class		884
Administrative Class		21,073
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.26
Administrative Class		10.26
Cost of Investments Owned	$	244,105
Cost of Foreign Currency Held	$	354

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

Low Duration Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	1,249
Dividends		14
Miscellaneous income		2
Total Income		1,265
Expenses:
Investment advisory fees		202
Administration fees		202
Distribution and/or servicing fees - Administrative Class		119
Trustees’ fees		2
Miscellaneous expense		3
Total Expenses		528
Net Investment Income		737
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(184	)
Net realized (loss) on futures contracts, options, and swaps		(140	)
Net realized (loss) on foreign currency transactions		(76	)
Net change in unrealized (depreciation) on investments		(166	)
Net change in unrealized appreciation on futures contracts, options, and swaps		91
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		7
Net (Loss)		(468	)
Net Increase in Assets Resulting from Operations	$	269

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

Low Duration Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase in Net Assets from:
Operations:
Net investment income	$	737		$	591
Net realized gain (loss)		(400	)		129
Net change in unrealized appreciation (depreciation)		(68	)		161
Net increase resulting from operations		269			881
Distributions to Shareholders:
From net investment income
Institutional Class		(21	)		0
Administrative Class		(793	)		(704	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(110	)
Total Distributions		(814	)		(814	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		9,077			0
Administrative Class		130,603			109,489
Issued as reinvestment of distributions
Institutional Class		21			0
Administrative Class		792			815
Cost of shares redeemed
Institutional Class		(29	)		0
Administrative Class		(30,136	)		(14,447	)
Net increase resulting from Portfolio share transactions		110,328			95,857
Total Increase in Net Assets		109,783			95,924
Net Assets:
Beginning of period		115,430			19,506
End of period*	$	225,213		$	115,430
*Including undistributed net investment income of:	$	71		$	148

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

Low Duration Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

CORPORATE BONDS & NOTES 2.7%
Banking & Finance 1.2%
CIT Group, Inc.
2.489% due 07/30/2004 (a)	$	100	$	100
Ford Motor Credit Co.
6.700% due 07/16/2004		700		701
3.045% due 10/25/2004 (a)		500		502
General Motors Acceptance Corp.
1.499% due 07/21/2004 (a)		100		100
2.400% due 10/20/2005 (a)		700		706
Pemex Project Funding Master Trust
2.640% due 01/07/2005 (a)		100		100
Verizon Wireless Capital LLC
1.350% due 05/23/2005 (a)		500		500
				2,709
Industrials 0.6%
Altria Group, Inc.
7.650% due 07/01/2008		200		216
AOL Time Warner, Inc.
6.125% due 04/15/2006		250		262
Clear Channel Communications, Inc.
6.000% due 11/01/2006		250		263
DaimlerChrysler North America Holding Corp.
1.678% due 08/02/2004 (a)		200		200
Harrah’s Operating Co., Inc.
7.500% due 01/15/2009		200		219
International Paper Co.
7.625% due 01/15/2007		250		271
				1,431
Utilities 0.9%
Appalachian Power Co.
4.800% due 06/15/2005		40		41
Entergy Mississippi, Inc.
4.350% due 04/01/2008		100		100
France Telecom S.A.
8.200% due 03/01/2006		100		107
Northern Indiana Public Service Co.
6.500% due 07/22/2004		200		200
Pacific Gas & Electric Co.
1.810% due 04/03/2006 (a)		1,300		1,301
Progress Energy, Inc.
6.750% due 03/01/2006		250		264
Sprint Capital Corp.
6.125% due 11/15/2008		35		37
				2,050
Total Corporate Bonds & Notes (Cost $6,185)				6,190
U.S. GOVERNMENT AGENCIES 10.0%
Fannie Mae
1.700% due 11/25/2032 (a)		245		245
5.000% due 04/25/2033		261		262
1.420% due 03/25/2034 (a)		777		772
5.090% due 09/01/2034 (a)		175		179
4.797% due 12/01/2036 (a)		169		174
2.625% due 09/01/2040 (a)		36		37
1.650% due 03/25/2044 (a)		1,203		1,188
6.000% due 06/01/2016-03/01/2033 (b)		1,751		1,796
5.500% due 10/01/2017-07/15/2034 (b)		12,174		12,136
6.500% due 08/01/2032-01/01/2033 (b)		118		122
Federal Home Loan Bank
5.500% due 04/17/2006		1,000		1,046
Federal Housing Administration
7.430% due 10/01/2020		65		64

Freddie Mac
1.488% due 07/15/2016 (a)	$	1,738	$	1,740
5.000% due 10/01/2018		81		81
5.500% due 08/15/2030		183		186
6.000% due 09/01/2016-02/01/2033 (b)		1,569		1,622
6.500% due 08/01/2032-07/25/2043 (b)		450		471
Government National Mortgage Association
3.000% due 04/20/2034 (a)		500		487
Total U.S. Government Agencies (Cost $22,570)				22,608
U.S. TREASURY OBLIGATIONS 6.4%
Treasury Inflation Protected Securities (c)
3.625% due 01/15/2008		1,745		1,908
3.875% due 01/15/2009		1,994		2,224
U.S. Treasury Note
2.750% due 06/30/2006		10,300		10,310
Total U.S. Treasury Obligations (Cost $14,393)				14,442
MORTGAGE-BACKED SECURITIES 4.0%
Amortizing Residential Collateral Trust
1.620% due 07/25/2032 (a)		215		215
Bank of America Mortgage Securities, Inc.
6.500% due 10/25/2031		321		321
5.667% due 10/20/2032 (a)		14		15
Bear Stearns Adjustable Rate Mortgage Trust
5.974% due 06/25/2032 (a)		30		30
5.288% due 10/25/2032 (a)		4		4
5.380% due 01/25/2033 (a)		58		58
5.450% due 03/25/2033 (a)		87		88
5.134% due 04/25/2033 (a)		72		73
4.924% due 01/25/2034 (a)		384		386
Countrywide Alternative Loan Trust
6.500% due 06/25/2033		141		145
6.000% due 10/25/2033		409		411
Countrywide Home Loans, Inc.
1.570% due 04/25/2034 (a)		721		716
Credit-Based Asset Servicing and Securitization
1.800% due 01/25/2033 (a)		374		375
CS First Boston Mortgage Securities Corp.
2.478% due 03/25/2032 (a)		50		50
6.222% due 06/25/2032 (a)		6		6
5.720% due 10/25/2032 (a)		22		22
1.429% due 08/25/2033 (a)		58		58
GSR Mortgage Loan Trust
6.000% due 03/25/2032		21		21
Impac CMB Trust
1.700% due 07/25/2033 (a)		184		185
1.550% due 01/25/2034 (a)		473		473
MASTR Asset Securitization Trust
5.500% due 09/25/2033		130		127
Mellon Residential Funding Corp.
1.478% due 06/15/2030 (a)		1,147		1,140
MLCC Mortgage Investors, Inc.
2.821% due 01/25/2029 (a)		554		565
Prime Mortgage Trust
1.500% due 02/25/2034 (a)		70		70
1.700% due 02/25/2034 (a)		212		212
Residential Funding Mortgage Securities I, Inc.
5.603% due 09/25/2032 (a)		5		5
Salomon Brothers Mortgage Securities VII
4.000% due 12/25/2018		772		751
Sequoia Mortgage Trust
1.620% due 05/20/2032 (a)		70		70
1.580% due 08/20/2032 (a)		38		38
Structured Asset Mortgage Investments, Inc.
1.610% due 09/19/2032 (a)		96		96

Structured Asset Securities Corp.
1.600% due 10/25/2027 (a)	$	49	$	49
6.150% due 07/25/2032 (a)		4		5
1.460% due 08/25/2033 (a)		292		292
1.800% due 11/25/2033 (a)		258		254
Washington Mutual Mortgage Securities Corp.
6.230% due 07/25/2032 (a)		12		12
3.052% due 02/27/2034 (a)		137		137
3.565% due 01/25/2041 (a)		13		13
2.624% due 08/25/2042 (a)		501		506
Washington Mutual, Inc.
5.500% due 04/26/2032 (a)		107		109
4.820% due 10/25/2032		897		906
				9,009
Total Mortgage-Backed Securities (Cost $9,091)				9,009
ASSET-BACKED SECURITIES 8.5%
ACE Securities Corp.
1.640% due 06/25/2032 (a)		4		4
Ameriquest Mortgage Securities, Inc.
1.610% due 04/25/2032 (a)		118		119
Amortizing Residential Collateral Trust
1.590% due 07/25/2032 (a)		257		257
Asset Backed Securities Corp. Home Equity
2.338% due 03/15/2032 (a)		600		604
Chase Funding Mortgage Loan Asset-Backed Certificates
1.580% due 05/25/2030 (a)		1,944		1,947
CIT Group Home Equity Loan Trust
1.570% due 06/25/2033 (a)		34		34
Citifinancial Mortgage Securities, Inc.
1.400% due 05/25/2033 (a)		16		16
Countrywide Asset-Backed Certificates
1.550% due 07/25/2018 (a)		322		323
1.530% due 12/25/2034 (a)		1,400		1,399
Credit-Based Asset Servicing and Securitization
1.620% due 06/25/2032 (a)		9		9
1.550% due 09/25/2033 (a)		360		360
CS First Boston Mortgage Securities Corp.
1.610% due 01/25/2032 (a)		55		56
Equity One ABS, Inc.
1.580% due 11/25/2032 (a)		32		32
First Franklin Mtg Loan Asset-Backed Certificates
1.420% due 07/25/2033 (a)		1,550		1,552
GSAMP Trust
1.490% due 10/25/2033 (a)		1,088		1,088
1.620% due 03/25/2034 (a)		1,100		1,100
HFC Home Equity Loan Asset-Backed Certificates
1.630% due 10/20/2032 (a)		620		621
Household Mortgage Loan Trust
1.580% due 05/20/2032 (a)		7		7
Irwin Home Equity Loan Trust
1.590% due 06/25/2029 (a)		6		6
Long Beach Mortgage Loan Trust
1.750% due 11/25/2032 (a)		764		766
MMCA Automobile Trust
2.550% due 02/15/2007		698		701
Morgan Stanley Dean Witter Capital I, Inc.
1.630% due 07/25/2032 (a)		10		10
Residential Asset Mortgage Products, Inc.
1.640% due 09/25/2033 (a)		1,099		1,102
1.550% due 02/25/2034 (a)		1,104		1,104
Residential Asset Securities Corp.
1.450% due 06/25/2023 (a)		798		798
1.420% due 06/25/2025 (a)		345		346
Specialty Underwriting & Residential Finance
1.630% due 11/25/2034 (a)		2,296		2,298
Structured Asset Investment Loan Trust
1.400% due 04/25/2033 (a)		1,169		1,169
1.420% due 06/25/2033 (a)		359		359

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

Truman Capital Mortgage Loan Trust
1.640% due 01/25/2034 (a)	$	856	$	846
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013		15		15
Total Asset-Backed Securities (Cost $19,047)				19,048
SOVEREIGN ISSUES 0.3%
Republic of Brazil
2.062% due 04/15/2006 (a)		374		369
2.125% due 04/15/2009 (a)		353		321
Total Sovereign Issues (Cost $707)				690
FOREIGN CURRENCY-DENOMINATED ISSUES (g)(h) 2.7%
Kingdom of Netherlands
0.000% due 09/30/2004	EC	5,000		6,053
Total Foreign Currency-Denominated Issues (Cost $6,016)				6,053
PREFERRED SECURITY 0.3%
	Shares
DG Funding Trust
3.360% due 12/29/2049 (a)		60		645
Total Preferred Security (Cost $632)				645
SHORT-TERM INSTRUMENTS 73.5%
	Principal Amount (000s)
Commercial Paper 71.0%
ABN AMRO North America Finance
1.090% due 07/29/2004	$	4,500		4,496
Altria Group, Inc.
1.800% due 10/29/2004		200		199
Anz (Delaware), Inc.
1.040% due 07/06/2004		700		700
1.045% due 07/07/2004		100		100
Bank of Ireland
1.285% due 09/03/2004		5,500		5,486
1.235% due 09/08/2004		600		598
Barclays U.S. Funding Corp.
1.210% due 08/23/2004		200		200
1.110% due 08/25/2004		700		699
CBA (de) Finance
1.050% due 07/02/2004		500		500
1.040% due 07/07/2004		3,000		2,999
1.050% due 07/13/2004		200		200
1.080% due 07/27/2004		200		200
1.140% due 08/09/2004		300		300
CDC Commercial Paper, Inc.
1.050% due 07/07/2004		3,300		3,299
1.100% due 08/04/2004		900		899
1.120% due 08/24/2004		300		299
Danske Corp.
1.070% due 07/26/2004		1,200		1,199
1.240% due 09/17/2004		1,000		997
1.250% due 09/20/2004		1,900		1,894
Den Norske Bank ASA
1.260% due 09/20/2004		3,800		3,787
1.285% due 09/21/2004		1,100		1,096
European Investment Bank
1.030% due 07/02/2004		400		400
1.050% due 07/16/2004		2,800		2,799
Fannie Mae
1.030% due 07/01/2004		900		900
1.025% due 07/07/2004		9,600		9,598
1.040% due 07/14/2004		3,400		3,399

1.060% due 07/21/2004	$	4,800	$	4,797
1.055% due 08/04/2004		1,000		999
1.150% due 08/18/2004		800		799
1.105% due 09/01/2004		1,900		1,895
1.225% due 09/01/2004		2,000		1,995
1.230% due 09/01/2004		600		599
1.130% due 09/08/2004		1,100		1,097
1.430% due 09/08/2004		2,100		2,094
1.414% due 09/22/2004		300		299
1.426% due 09/22/2004		2,100		2,093
1.600% due 10/01/2004		1,300		1,295
Federal Home Loan Bank
1.170% due 07/16/2004		1,300		1,299
1.240% due 09/01/2004		700		698
Ford Motor Credit Co.
1.010% due 09/03/2004		1,200		1,197
Freddie Mac
1.025% due 07/06/2004		400		400
1.060% due 08/03/2004		100		100
1.200% due 08/09/2004		500		499
1.120% due 08/10/2004		1,100		1,099
1.205% due 08/20/2004		2,100		2,096
1.175% due 08/24/2004		3,300		3,294
1.180% due 08/24/2004		4,300		4,292
1.315% due 09/07/2004		800		798
1.320% due 09/07/2004		2,100		2,094
1.440% due 09/14/2004		2,100		2,094
1.445% due 09/14/2004		3,600		3,589
1.436% due 09/30/2004		600		598
1.560% due 10/20/2004		2,200		2,189
General Electric Capital Corp.
1.050% due 07/07/2004		100		100
1.040% due 07/08/2004		300		300
1.060% due 07/12/2004		100		100
1.140% due 09/03/2004		300		299
1.300% due 09/08/2004		3,600		3,590
1.460% due 09/14/2004		100		100
1.480% due 09/15/2004		1,600		1,595
HBOS Treasury Services PLC
1.040% due 07/08/2004		300		300
1.035% due 07/09/2004		200		200
1.055% due 07/16/2004		600		600
1.080% due 07/22/2004		2,500		2,498
1.080% due 07/26/2004		100		100
1.095% due 08/02/2004		200		200
1.250% due 08/25/2004		700		699
1.150% due 09/03/2004		100		100
1.305% due 09/07/2004		400		399
1.335% due 09/09/2004		700		698
1.290% due 09/24/2004		300		299
1.580% due 10/21/2004		300		298
1.585% due 10/26/2004		200		199
ING U.S. Funding LLC
1.310% due 09/02/2004		5,600		5,586
1.345% due 09/09/2004		600		598
KFW International Finance, Inc.
1.095% due 08/10/2004		1,300		1,298
1.110% due 08/20/2004		3,400		3,395
National Australia Bank Ltd.
1.050% due 07/02/2004		4,000		4,000
Nestle Capital Corp.
1.035% due 07/01/2004		500		500
1.110% due 08/24/2004		3,100		3,095
1.110% due 08/26/2004		2,200		2,196
1.240% due 09/14/2004		300		299
Royal Bank of Scotland PLC
1.045% due 07/06/2004		100		100
1.050% due 07/14/2004		100		100
1.070% due 07/14/2004		1,600		1,599
1.090% due 08/06/2004		300		300
1.135% due 08/26/2004		100		100
1.135% due 09/01/2004		1,300		1,297
Shell Finance (UK) PLC
1.035% due 07/02/2004		800		800

1.230% due 08/11/2004	$	1,800	$	1,797
1.350% due 08/27/2004		3,400		3,393
Spintab AB
1.490% due 09/02/2004		1,400		1,396
1.260% due 09/08/2004		2,100		2,094
Stadshypoket Delaware, Inc.
1.490% due 09/23/2004		2,800		2,790
Svenska Handlesbanken
1.070% due 07/21/2004		200		200
1.145% due 09/01/2004		1,900		1,895
Svenska Handlesbanken, Inc.
1.230% due 07/22/2004		1,400		1,399
1.090% due 08/03/2004		300		300
1.250% due 09/01/2004		3,000		2,993
TotalFinaElf Capital S.A.
1.420% due 07/01/2004		500		500
Toyota Motor Credit Corp.
1.390% due 09/15/2004		3,200		3,190
1.480% due 09/22/2004		1,600		1,594
UBS Finance, Inc.
1.060% due 07/01/2004		400		400
1.040% due 07/06/2004		100		100
1.055% due 07/13/2004		100		100
1.195% due 07/21/2004		1,300		1,299
1.240% due 08/31/2004		100		100
1.130% due 09/07/2004		400		399
1.340% due 09/08/2004		1,300		1,296
1.245% due 09/10/2004		100		100
1.270% due 09/20/2004		200		199
Westpac Capital Corp.
1.030% due 07/07/2004		100		100
1.030% due 07/08/2004		600		600
1.030% due 07/09/2004		100		100
1.030% due 07/12/2004		100		100
Westpac Trust Securities NZ Ltd.
1.120% due 08/16/2004		700		699
1.215% due 08/24/2004		1,300		1,298
				159,909
Repurchase Agreement 2.2%
State Street Bank
0.800% due 07/01/2004		4,823		4,823
(Dated 06/30/2004. Collateralized by Freddie Mac 5.500% due 07/15/2006 valued at $4,923. Repurchase proceeds are $4,823.)
U.S. Treasury Bills 0.3%
1.219% due 09/02/2004- 09/16/2004 (b)(d)		710		709
Total Short-Term Instruments (Cost $165,464)				165,441
Total Investments 108.4%			$	244,126
(Cost $244,105)
Written Options (f) (0.0%)				(6	)
(Premiums $68)
Other Assets and Liabilities (Net) (8.4%)				(18,907	)
Net Assets 100.0%			$	225,213

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Variable rate security.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

See accompanying notes June 30, 2004 Semi-Annual Report 9

Schedule of Investments (Cont.)

Low Duration Portfolio

June 30, 2004 (Unaudited)

(c) Principal amount of security is adjusted for inflation.

(d) Securities with an aggregate market value of $708 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Eurodollar March Long Futures	03/2005	1	$	0
Euribor December Long Futures	12/2005	37		(30	)
Euribor June Long Futures	06/2005	22		6
Euribor September Long Futures	09/2005	20		(2	)
Euribor Written Put Options Strike @ 97.000	12/2004	2		2
Euribor Written Put Options Strike @ 97.500	09/2004	4		1
U.S. Treasury 2-Year Note Long Futures	09/2004	534		207
			$	184

(e) Swap agreements outstanding at June 30, 2004:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 03/15/2032	BP	100	$	(2	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/15/2032	EC	200		3
Receive a fixed rate equal to 1.650% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Panama 8.875% due 09/30/2027.
Counterparty: Citibank N.A.
Exp. 05/30/2005	$	10		0
			$	1

(f) Premiums received on written options:

Name of Issuer		Exercise Price			Expiration Date	# of Contracts	Premium		Value
Put - CBOT U.S. Treasury Note September Futures		$	107.500		08/27/2004	7	$	5	$	3
Name of Issuer	Counterparty	Exercise Rate			Expiration Date	Notional Amount	Premium		Value
Call - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.		3.750	%**	08/02/2004	4,000	$	34	$	0
Put - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.		5.250	%*	08/02/2004	4,000		25		3
Call - OTC 7-Year Interest Rate Swap	UBS Warburg LLC		3.800	%**	10/07/2004	700		3		0
							$	62	$	3
*   The Portfolio will pay a floating rate based on 3-month LIBOR.
**The Portfolio will receive a floating rate based on 3-month LIBOR.
(g) Forward foreign currency contracts outstanding at June 30, 2004:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BR	95	08/2004	$	1	$	0		$	1
Buy		300	09/2004		2		0			2
Buy	CP	24,364	08/2004		0		0			0
Buy		60,602	09/2004		2		0			2
Sell	EC	5,224	07/2004		4		(11	)		(7	)
Buy	H$	250	08/2004		0		0			0
Buy		777	09/2004		0		0			0
Buy	KW	37,380	08/2004		1		0			1
Buy		118,000	09/2004		1		0			1
Buy	MP	1,121	09/2004		0		(2	)		(2	)
Buy	PN	112	08/2004		0		0			0
Buy		139	09/2004		0		0			0
Buy	RP	2,578	09/2004		0		(1	)		(1	)
Buy	RR	915	08/2004		0		0			0
Buy		2,854	09/2004		0		0			0
Buy	S$	54	08/2004		0		0			0
Buy		170	09/2004		0		0			0
Buy	SR	216	08/2004		3		0			3
Sell		130	08/2004		0		0			0
Buy		274	09/2004		2		0			2
Sell		160	09/2004		0		0			0
Buy	SV	1,061	08/2004		1		0			1
Buy		1,337	09/2004		0		0			0
Buy	T$	1,063	08/2004		0		0			0
Buy		3,321	09/2004		0		0			0
				$	17	$	(14	)	$	3

(h) Principal amount denoted in indicated currency:

BP	-	British Pound
BR	-	Brazilian Real
CP	-	Chilean Peso
EC	-	Euro
H$	-	Hong Kong Dollar
KW	-	South Korean Won
MP	-	Mexican Peso
PN	-	Peruvian New Sol
RP	-	Indian Rupee
RR	-	Russian Ruble
S$	-	Singapore Dollar
SR	-	South African Rand
SV	-	Slovakian Koruna
T$	-	Taiwan Dollar

10 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The Low Duration Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Portfolio. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. 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. The Portfolio commenced operations on February 16, 1999.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company 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.

June 30, 2004 Semi-Annual Report 11

Notes to Financial Statements (Cont.)

June 30,2004 (Unaudited)

Foreign Currency. The accounting records of the Portfolio are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Forward Currency Transactions. The Portfolio may enter into forward currency contracts and forward cross-currency contracts 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 a part of an investment strategy. A forward 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 currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses 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 are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Inflation-Indexed Bonds. The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment 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. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell,

12 Semi-Annual Report June 30, 2004

the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain (loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain (loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. This reclassification increased (decreased) net investment income by $(415) and $(314), and net realized gain by $348 and $50 and net change in unrealized appreciation by $68 and $264 for the six months ended June 30, 2004 and year ended December 31, 2003, respectively. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase (decrease) in net assets from operations during any period.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.25%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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;

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

(vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.50%
Administrative Class	0.65%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S. Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$  54,302	$  21,503	$  35,481	$  13,017

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Premium
Balance at 12/31/2003	$	0
Sales		115
Expirations		(47	)
Exercised		0
Balance at 06/30/2004	$	68

6. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)		Net Unrealized Appreciation
$                  279	$	(258)	$	21

14 Semi-Annual Report June 30, 2004

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	884		$	9,077		0		$	0
Administrative Class	12,693			130,603		10,656			109,489
Issued as reinvestment of distributions
Institutional Class	2			21		0			0
Administrative Class	77			792		79			815
Cost of shares redeemed
Institutional Class	(3	)		(29	)	0			0
Administrative Class	(2,931	)		(30,136	)	(1,406	)		(14,447	)
Net increase resulting from Portfolio share transactions	10,722		$	110,328		9,329		$	95,857

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	1	100
Administrative Class	7	94

8. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing” arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

June 30, 2004 Semi-Annual Report 15

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

16 Semi-Annual Report June 30, 2004

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

PIMCO VARIABLE INSURANCE TRUST

HIGH YIELD PORTFOLIO

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2004

Contents
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	3
Financial Highlights	4
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	7
Schedule of Investments	8
Notes to Financial Statements	13

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of Portfolio carefully before investing. This and other information is contained in the Portfolio’s prospectus. Please read the prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Bond prices were more volatile during the six-month period ended June 30, 2004. Interest rates rose sharply during the second quarter 2004, causing bonds to give back modest gains from earlier in the year. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, was nearly flat during the first six months of 2004, returning 0.15% after losing 2.44% during the second quarter. The yield on the benchmark ten-year Treasury closed June 30, 2004 at 4.58%, up 0.75% from April 1, 2004, but up only 0.34% from where it began the six-month period on January 1, 2004.

Continued growth in employment convinced the markets that the Federal Reserve would soon begin a long anticipated tightening cycle. On June 30, 2004, the Fed met market expectations by increasing the federal funds rate 0.25%, which was the first rate increase since June 25, 2003. The central bank had held this rate at 1% for more than a year, which generated negative real short-term rates. And on August 10, 2004, the Fed increased the federal funds rate another 0.25% to 1.50%.

Investors that had profited handsomely from borrowing at low short-term rates and investing in higher-yielding longer maturity bonds surrendered some of those profits towards the latter part of the six-month period. Concern that borrowing rates would rise led investors to liquidate long positions and unwind these trades, which caused bond prices to decrease. However, substantial leverage remained among banks, hedge funds, and other investors, making bond markets somewhat vulnerable to additional Fed rate increases. There were also signs of rising inflation, which fueled anxiety that central banks might continue to raise interest rates.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance for the six-month period.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

August 11, 2004

June 30, 2004 Semi-Annual Report 1

Important Information About the Portfolio

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 will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. The price volatility of fixed income securities can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Portfolio may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: real rate risk, derivative risk, small company risk, foreign security risk, high yield security risk and specific sector investment risks. The Portfolio may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. A Portfolio investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified portfolio.

On the performance summary page in this semi-annual report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay (i) on Portfolio distributions or (ii) the redemption of Portfolio shares.

An investment in a 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 Funds.

The following disclosure provides important information regarding the Portfolio’s Expense Example, which appears on the Portfolio’s individual page in this semi-annual report. Please refer to this information when reviewing the Expense Example for the Portfolio.

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from 1/1/04 to 6/30/04.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

PIMCO Variable Insurance Trust is distributed by PA Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902.

2 Semi-Annual Report June 30, 2004

High Yield Portfolio

CUMULATIVE RETURNS THROUGH JUNE 30, 2004

                                    [CHART]

                              High Yield               Merrill Lynch U.S. High
                        Portfolio Inst. Class          Yield BB-B Rated Index
                        ---------------------          -----------------------
06/30/2002                    $10,000                         $10,000
07/31/2002                     $9,392                          $9,611
08/31/2002                     $9,785                          $9,914
09/30/2002                     $9,499                          $9,764
10/31/2002                     $9,570                          $9,675
11/30/2002                    $10,168                         $10,237
12/31/2002                    $10,343                         $10,349
01/31/2003                    $10,618                         $10,581
02/28/2003                    $10,774                         $10,703
03/31/2003                    $11,002                         $10,946
04/30/2003                    $11,559                         $11,473
05/31/2003                    $11,666                         $11,550
06/30/2003                    $11,894                         $11,847
07/31/2003                    $11,634                         $11,651
08/31/2003                    $11,816                         $11,784
09/30/2003                    $12,083                         $12,077
10/31/2003                    $12,296                         $12,297
11/30/2003                    $12,407                         $12,454
12/31/2003                    $12,731                         $12,724
01/31/2004                    $12,831                         $12,888
02/29/2004                    $12,788                         $12,916
03/31/2004                    $12,865                         $13,030
04/30/2004                    $12,750                         $12,920
05/31/2004                    $12,593                         $12,713
06/30/2004                    $12,757                         $12,874

SECTOR BREAKDOWN^‡

Industrials	56.6	%
Utilities	12.7	%
Banking & Finance	10.8	%
Short-Term Instruments	6.5	%
Sovereign Issues	5.8	%
Other	7.6	%

^‡ % of Total Investments as of June 30, 2004

^à$10,000 invested at the beginning of the first full month following the inception of the Institutional Class.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2004

		6 Months		1 Year		Since Inception*
	High Yield Portfolio Institutional Class (Inception 07/01/02)	0.20	%	7.25	%	12.95	%
- - - - - - -	Merrill Lynch U.S. High Yield BB-B Rated Index	1.18	%	8.67	%	—
	* Annualized.  All Portfolio returns are net of fees and expenses.

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value will fluctuate so the Portfolio shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available by calling (800) 927-4648.

Please refer to page 2 herein for an explanation of the information presented in the following Expense Example.

EXPENSE EXAMPLE	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (01/01/04)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/04)	$	1,002.00	$	1,025.00
Expenses Paid During Period†	$	3.04	$	3.07

^†Expenses are equal to the Portfolio’s Institutional Class annualized expense ratio of 0.61%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

PORTFOLIO INSIGHTS

• The High Yield Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of high yield securities rated below investment grade but rated at least Caa (subject to a maximum of 5% of total assets in securities rated Caa) by Moody’s or S&P, or, if unrated, determined by PIMCO to be of comparable quality.

• The Portfolio’s Institutional Class shares returned 0.20% for the six-month period ended June 30, 2004, compared to 1.18% for the Merrill Lynch U.S. High Yield BB-B Rated Index.

• During the semi-annual period, chemical issues outperformed the high yield market by more than 3%, thus the Portfolio’s underweight to the sector hurt performance.

• An overweight to telecom, with an emphasis on large-cap issues, was a detriment to relative performance as this sector was one of the worst performers during the period.

• Although an overweight to the cable/pay TV sector was a slight detractor to performance, security selection was a strong positive and more than offset the negative impact.

• As the airline sector fell lower, due in part to high fuel prices and the threat of terrorism, an emphasis on higher quality secured issues boosted returns.

• Modest exposure to emerging market sovereign debt detracted from performance, as this asset class declined approximately 2.25% over the 6-month period.

June 30, 2004 Semi-Annual Report 3

Financial Highlights

High Yield Portfolio (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2004+			12/31/2003			07/01/2002- 12/31/2002
Net asset value beginning of period	$	8.19		$	7.17		$	7.25
Net investment income (a)		0.26	(d)		0.57	(d)		0.29	(d)
Net realized/unrealized gain (loss) on investments (a)		(0.24	)(d)		1.03	(d)		(0.06	)(d)
Total income from investment operations		0.02			1.60			0.23
Dividends from net investment income		(0.28	)		(0.58	)		(0.31	)
Distributions from net realized capital gains		0.00			0.00			0.00
Total distributions		(0.28	)		(0.58	)		(0.31	)
Net asset value end of period	$	7.93		$	8.19		$	7.17
Total return		0.20	%		23.08	%		3.43	%
Net assets end of period (000s)	$	319		$	13		$	10
Ratio of net expenses to average net assets		0.61	%*(c)		0.60	%		0.60	%*(b)
Ratio of net investment income to average net assets		6.54	%*(d)		7.36	%(d)		8.59	%(d)
Portfolio turnover rate		49	%		97	%		102	%

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.61%.

(c) Ratio of Expenses to average net assets excluding interest expense is 0.60%.

(d) Indicates a period in which, as a result of a change in generally accepted accounting principles, the portfolio has reclassified periodic payments made or received under certain derivative instruments, which were previously included within miscellaneous income, to a a component of realized gain(loss) in the Statement of Operations. The effect of this reclassification was to (reduce) the net investment income ratio for the period ending June 30, 2004 by (0.09)% and the net investment income per share by $(0.01). For consistency, similar reclassifications have been made to prior period amounts, resulting in (reductions) to the net investment income ratio of (0.08)% and (0.11)% and to the net investment income per share of $(0.01) and $(0.01) in the fiscal years or periods ending December 31, 2003, and 2002, respectively. This change had no impact on the reported net asset value per share for any period.

4 Semi-Annual Report June 30, 2004 See accompanying notes

Statement of Assets and Liabilities

High Yield Portfolio

June 30, 2004 (Unaudited)

Amounts in thousands, except per share amounts
Assets:
Investments, at value	$	330,645
Cash		14
Foreign currency, at value		2,543
Receivable for investments sold		2,465
Unrealized appreciation on forward foreign currency contracts		101
Receivable for Portfolio shares sold		173
Interest and dividends receivable		6,596
Variation margin receivable		100
Unrealized appreciation on swap agreements		21
		342,658
Liabilities:
Payable for investments purchased	$	2,859
Unrealized depreciation on forward foreign currency contracts		9
Written options outstanding		398
Payable for Portfolio shares redeemed		12
Dividends payable		4
Accrued investment advisory fee		67
Accrued administration fee		94
Accrued servicing fee		32
Recoupment payable to Manager		2
Unrealized depreciation on swap agreements		171
		3,648
Net Assets	$	339,010
Net Assets Consist of:
Paid in capital	$	330,728
(Overdistributed) net investment income		(2,710	)
Accumulated undistributed net realized gain		11,543
Net unrealized (depreciation)		(551	)
	$	339,010
Net Assets:
Institutional Class	$	319
Administrative Class		338,692
Shares Issued and Outstanding:
Institutional Class		40
Administrative Class		42,722
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	7.93
Administrative Class		7.93
Cost of Investments Owned	$	332,203
Cost of Foreign Currency Held	$	2,530

See accompanying notes June 30, 2004 Semi-Annual Report 5

Statement of Operations

High Yield Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)
Investment Income:
Interest	$	26,945
Dividends		384
Miscellaneous income		105
Total Income		27,434
Expenses:
Investment advisory fees		937
Administration fees		1,312
Distribution and/or servicing fees - Administrative Class		562
Trustees’ fees		8
Interest expense		5
Miscellaneous expense		2
Total Expenses		2,826
Net Investment Income		24,608
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		32,492
Net realized gain on futures contracts, options, and swaps		2,120
Net realized gain on foreign currency transactions		754
Net change in unrealized (depreciation) on investments		(60,044	)
Net change in unrealized (depreciation) on futures contracts, options, and swaps		(331	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		738
Net (Loss)		(24,271	)
Net Increase in Assets Resulting from Operations	$	337

6 Semi-Annual Report June 30, 2004 See accompanying notes

Statements of Changes in Net Assets

High Yield Portfolio

Amounts in thousands
	Six Months Ended June 30, 2004 (Unaudited)			Year Ended December 31, 2003
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	24,608		$	51,650
Net realized gain		35,366			15,242
Net change in unrealized appreciation (depreciation)		(59,637	)		74,319
Net increase resulting from operations		337			141,211
Distributions to Shareholders:
From net investment income
Institutional Class		(3	)		(1	)
Administrative Class		(24,831	)		(52,189	)
Total Distributions		(24,834	)		(52,190	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		298			0
Administrative Class		155,987			820,631
Issued as reinvestment of distributions
Institutional Class		3			1
Administrative Class		21,323			52,190
Cost of shares redeemed
Institutional Class		(1	)		0
Administrative Class		(769,715	)		(487,714	)
Net increase (decrease) resulting from Portfolio share transactions		(592,105	)		385,108
Total Increase (Decrease) in Net Assets		(616,602	)		474,129
Net Assets:
Beginning of period		955,612			481,483
End of period*	$	339,010		$	955,612
*Including (overdistributed) net investment income of:	$	(2,710	)	$	(2,484	)

See accompanying notes June 30, 2004 Semi-Annual Report 7

Schedule of Investments

High Yield Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

CORPORATE BONDS & NOTES 78.2%
Banking & Finance 10.6%
AES Ironwood LLC
8.857% due 11/30/2025	$	1,645	$	1,752
BCP Caylux Holdings Luxembourg S.A.
9.625% due 06/15/2014		1,425		1,484
Bluewater Finance Ltd.
10.250% due 02/15/2012		1,675		1,775
Bombardier Capital, Inc.
7.090% due 03/30/2007 (i)		1,000		1,008
Cedar Brakes II LLC
9.875% due 09/01/2013		572		573
Choctaw Resort Development Enterprise
9.250% due 04/01/2009		1,050		1,134
Dow Jones TRAC-X N.A. High Yield Index
7.375% due 03/25/2009		3,520		3,445
8.000% due 03/25/2009		3,500		3,402
Eircom Funding
8.250% due 08/15/2013		800		836
FINOVA Group, Inc.
7.500% due 11/15/2009		1,380		762
Ford Motor Credit Co.
7.000% due 10/01/2013		1,650		1,668
Forest City Enterprises, Inc.
7.625% due 06/01/2015		425		429
General Motors Acceptance Corp.
7.000% due 02/01/2012		400		412
6.875% due 08/28/2012		825		841
8.000% due 11/01/2031		425		437
JET Equipment Trust
10.000% due 06/15/2012 (b)		800		540
7.630% due 08/15/2012 (b)		403		259
JSG Funding PLC
9.625% due 10/01/2012		1,840		2,024
Mizuho Preferred Capital Co.
9.870% due 06/30/2008 (c)		1,575		1,783
8.790% due 12/29/2049 (c)		700		770
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		2,600		2,236
7.750% due 02/15/2031		140		111
Riggs Capital Trust
8.625% due 12/31/2026		150		151
8.875% due 03/15/2027		550		554
Rotech Healthcare, Inc.
9.500% due 04/01/2012		2,000		2,145
Targeted Return Index Securities Trust
4.149% due 08/01/2015 (b)		3,225		3,352
UGS Corp.
10.000% due 06/01/2012		375		401
Universal City Development Partners
11.750% due 04/01/2010		550		639
Ventas Capital Corp.
8.750% due 05/01/2009		825		895
				35,818
Industrials 55.2%
Abitibi-Consolidated, Inc.
6.950% due 12/15/2006		700		721
6.950% due 04/01/2008		250		254
5.250% due 06/20/2008		375		358
8.550% due 08/01/2010		350		371
6.000% due 06/20/2013		400		356
8.850% due 08/01/2030		1,053		1,031
Ahold Finance USA, Inc.
8.250% due 07/15/2010		150		159
Alderwoods Group, Inc.
12.250% due 01/02/2009		1,000		1,110
Allied Waste North America, Inc.
8.875% due 04/01/2008		600		660
8.500% due 12/01/2008		350		385
10.000% due 08/01/2009		1		1
6.375% due 04/15/2011		700		689
9.250% due 09/01/2012		2,500		2,812
7.875% due 04/15/2013		300		315
7.375% due 04/15/2014		400		391

American Media Operations, Inc.
10.250% due 05/01/2009	$	1,900	$	1,981
American Tower Escrow Corp.
0.000% due 08/01/2008		3,150		2,315
AmeriGas Partners LP
10.000% due 04/15/2006		120		130
8.830% due 04/19/2010		488		523
8.875% due 05/20/2011		200		214
Arco Chemical Co.
10.250% due 11/01/2010		50		51
ArvinMeritor, Inc.
6.625% due 06/15/2007		250		257
8.750% due 03/01/2012		1,050		1,144
Aviall, Inc.
7.625% due 07/01/2011		650		679
Boise Cascade Corp.
7.000% due 11/01/2013		500		514
Boyd Gaming Corp.
7.750% due 12/15/2012		900		913
Cablevision Systems Corp.
8.000% due 04/15/2012		1,000		990
Canwest Media, Inc.
10.625% due 05/15/2011		1,645		1,853
CCO Holdings LLC
8.750% due 11/15/2013		3,000		2,887
Chesapeake Energy Corp.
8.375% due 11/01/2008		650		705
7.500% due 06/15/2014		1,000		1,035
Circus & Eldorado Joint Venture Silver Legacy Capital Corp.
10.125% due 03/01/2012		575		581
Colorado Interstate Gas Co.
6.850% due 06/15/2037		200		206
Commonwealth Brands, Inc.
9.750% due 04/15/2008		650		699
10.625% due 09/01/2008		850		914
Continental Airlines, Inc.
7.461% due 04/01/2015		81		76
7.373% due 12/15/2015		342		273
6.545% due 02/02/2019		169		158
Crown Castle International Corp.
9.375% due 08/01/2011		380		420
10.750% due 08/01/2011		1,000		1,125
Crown European Holdings S.A.
9.500% due 03/01/2011		2,025		2,217
10.875% due 03/01/2013		450		515
CSC Holdings, Inc.
8.125% due 07/15/2009		250		261
8.125% due 08/15/2009		2,305		2,409
7.625% due 04/01/2011		1,000		1,007
6.750% due 04/15/2012		1,250		1,206
Delhaize America, Inc.
8.125% due 04/15/2011		1,725		1,892
Dex Media West LLC
8.500% due 08/15/2010		1,150		1,259
9.875% due 08/15/2013		1,650		1,819
Dimon, Inc.
7.750% due 06/01/2013		150		140
DirecTV Holdings LLC
8.375% due 03/15/2013		1,375		1,528
Dobson Communications Corp.
8.875% due 10/01/2013		650		497
Dresser, Inc.
9.375% due 04/15/2011		1,650		1,774
Dunlop Standard Aerospace Holdings PLC
11.875% due 05/15/2009		1,048		1,119
Dura Operating Corp.
8.625% due 04/15/2012		1,875		1,922
Dynegy Danskammer & Roseton LLC
7.270% due 11/08/2010		1,100		1,050
7.670% due 11/08/2016		1,400		1,218
Dynegy Holdings, Inc.
9.875% due 07/15/2010		600		648
10.125% due 07/15/2013		1,150		1,251

EchoStar DBS Corp.
10.375% due 10/01/2007	$	550	$	591
El Paso CGP Co.
7.500% due 08/15/2006		1,200		1,191
6.500% due 06/01/2008		250		226
7.625% due 09/01/2008		750		697
7.750% due 06/15/2010		250		227
9.625% due 05/15/2012		200		191
7.750% due 10/15/2035		400		316
El Paso Corp.
7.000% due 05/15/2011		100		88
7.875% due 06/15/2012		2,155		1,945
7.375% due 12/15/2012		300		262
7.800% due 08/01/2031		700		565
El Paso Production Holding Co.
7.750% due 06/01/2013		1,650		1,522
Encore Acquisition Co.
6.250% due 04/15/2014		550		520
Equistar Chemicals LP
10.125% due 09/01/2008		430		473
8.750% due 02/15/2009		1,435		1,503
10.625% due 05/01/2011		400		446
Evergreen Resources, Inc.
5.875% due 03/15/2012		700		710
EXCO Resources, Inc.
7.250% due 01/15/2011		500		510
Extendicare Health Services
9.500% due 07/01/2010		800		892
Ferrellgas Partners LP
6.990% due 08/01/2005 (i)		1,000		1,013
8.870% due 08/01/2009 (i)(l)		1,200		1,273
6.750% due 05/01/2014		400		388
Fimep S.A.
10.500% due 02/15/2013		385		441
Fisher Scientific International
8.000% due 09/01/2013		650		699
Fresenius Medical Care
7.875% due 06/15/2011		2,250		2,396
General Motors Corp.
8.250% due 07/15/2023		450		472
Georgia-Pacific Corp.
8.125% due 06/15/2023		600		619
8.000% due 01/15/2024		2,750		2,764
8.875% due 05/15/2031		650		697
Grief Brothers Corp.
8.875% due 08/01/2012		400		432
GulfTerra Energy Partners LP
8.500% due 06/01/2010		649		709
Hanover Compressor Co.
9.000% due 06/01/2014		500		521
Hanover Equipment Trust
8.500% due 09/01/2008		2,300		2,444
HCA, Inc.
7.875% due 02/01/2011		950		1,043
6.250% due 02/15/2013		1,350		1,344
6.750% due 07/15/2013		625		641
HealthSouth Corp.
8.500% due 02/01/2008 (b)		110		109
8.375% due 10/01/2011 (b)		1,000		972
Hilton Hotels Corp.
7.625% due 12/01/2012		1,500		1,620
HMH Properties, Inc.
7.875% due 08/01/2008		550		566
Hollinger International Publishing
9.000% due 12/15/2010		2,550		2,958
Hollinger Participation Trust
12.125% due 11/15/2010 (d)		389		398
Horizon Lines LLC
9.000% due 11/01/2012		275		277
Host Marriott LP
9.500% due 01/15/2007		250		274
9.250% due 10/01/2007		1,200		1,329
7.125% due 11/01/2013		185		182
Ingles Markets, Inc.
8.875% due 12/01/2011		1,000		1,032

8 Semi-Annual Report June 30, 2004 See accompanying notes

Principal
Amount	Value
(000s)	(000s)

Insight Midwest LP
9.750% due 10/01/2009	$	445	$	472
9.750% due 10/01/2009		900		954
10.500% due 11/01/2010		765		838
10.500% due 11/01/2010		150		164
Invensys PLC
9.875% due 03/15/2011		650		650
ISP Chemco, Inc.
10.250% due 07/01/2011		1,465		1,637
Johnsondiversey, Inc.
9.625% due 05/15/2012		390		427
K&F Industries, Inc.
9.625% due 12/15/2010		350		385
K2, Inc.
7.375% due 07/01/2014		150		153
Legrand S.A.
8.500% due 02/15/2025		550		569
Mail Well I Corp.
9.625% due 03/15/2012		1,000		1,080
Mandalay Resort Group
6.500% due 07/31/2009		750		766
9.375% due 02/15/2010		1,900		2,080
7.625% due 07/15/2013		200		200
MCI, Inc.
5.908% due 05/01/2007		300		292
6.688% due 05/01/2009		1,590		1,475
7.735% due 05/01/2014		257		231
Mediacom Broadband LLC
11.000% due 07/15/2013		1,515		1,621
Merisant Co.
9.500% due 07/15/2013		700		749
Meritor Automotive, Inc.
6.800% due 02/15/2009		250		256
MGM Mirage, Inc.
6.000% due 10/01/2009		350		345
8.375% due 02/01/2011		2,050		2,153
Midwest Generation LLC
8.300% due 07/02/2009		300		306
8.560% due 01/02/2016		3,575		3,593
8.750% due 05/01/2034		1,250		1,269
Nalco Co.
7.750% due 11/15/2011		2,750		2,894
Newpark Resources, Inc.
8.625% due 12/15/2007		890		908
Norampac, Inc.
6.750% due 06/01/2013		650		640
Owens-Brockway Glass Container, Inc.
8.875% due 02/15/2009		400		434
7.750% due 05/15/2011		150		157
8.750% due 11/15/2012		1,550		1,690
8.250% due 05/15/2013		850		882
PacifiCare Health Systems, Inc.
10.750% due 06/01/2009		417		477
PanAmSat Corp.
8.500% due 02/01/2012		625		713
Park Place Entertainment Corp.
9.375% due 02/15/2007		1,475		1,606
7.875% due 03/15/2010		600		636
7.000% due 04/15/2013		1,400		1,418
Peabody Energy Corp.
6.875% due 03/15/2013		1,800		1,832
Plains Exploration & Production Co
7.125% due 06/15/2014		1,625		1,662
Premcor Refining Group, Inc.
6.750% due 02/01/2011		1,000		1,033
6.750% due 05/01/2014		300		299
Pride International, Inc.
9.375% due 05/01/2007		1,330		1,360
Primedia, Inc.
7.625% due 04/01/2008		350		348
6.565% due 05/15/2010		150		153
8.000% due 05/15/2013		1,250		1,181
Quebecor Media, Inc.
11.125% due 07/15/2011		1,400		1,605
Qwest Communications International, Inc.
7.250% due 02/15/2011		2,400		2,250
7.500% due 02/15/2014		1,800		1,634

Qwest Corp.
7.200% due 11/01/2004	$	470	$	476
8.875% due 03/15/2012		1,650		1,790
Rayovac Corp.
8.500% due 10/01/2013		850		897
Rogers Cablesystems, Inc.
10.000% due 03/15/2005		235		245
Roundy’s, Inc.
8.875% due 06/15/2012		1,900		2,024
Safety-Kleen Corp.
9.250% due 06/01/2008 (b)		1,450		4
9.250% due 05/15/2009 (b)		250		13
Saks, Inc.
8.250% due 11/15/2008		1		1
Sinclair Broadcast Group, Inc.
8.750% due 12/15/2011		800		860
Six Flags, Inc.
9.750% due 04/15/2013		1,600		1,616
Sonat, Inc.
7.625% due 07/15/2011		2,650		2,378
SPX Corp.
6.250% due 06/15/2011		650		635
7.500% due 01/01/2013		1,875		1,931
Starwood Hotels & Resorts Worldwide, Inc.
7.375% due 05/01/2007		550		582
7.875% due 05/01/2012		900		968
Station Casinos, Inc.
6.000% due 04/01/2012		825		802
6.500% due 02/01/2014		225		218
Stone Container Corp.
11.500% due 08/15/2006		450		454
9.750% due 02/01/2011		525		580
8.375% due 07/01/2012		650		683
Suburban Propane Partners LP
6.875% due 12/15/2013		500		486
Tenet Healthcare Corp.
6.375% due 12/01/2011		975		858
7.375% due 02/01/2013		2,975		2,707
9.875% due 07/01/2014		450		460
Tenneco Automotive, Inc.
10.250% due 07/15/2013		525		596
10.250% due 07/15/2013		1,075		1,220
Time Warner Telecom, Inc.
9.750% due 07/15/2008		950		893
10.125% due 02/01/2011		500		458
Toys “R” Us, Inc.
7.625% due 08/01/2011		750		757
7.875% due 04/15/2013		550		555
Triad Hospitals, Inc.
7.000% due 05/15/2012		500		506
7.000% due 11/15/2013		550		525
Trinity Industries, Inc.
6.500% due 03/15/2014		900		828
TRW Automotive, Inc.
9.375% due 02/15/2013		1,220		1,382
Tyco International Group S.A.
6.750% due 02/15/2011		668		727
U.S. Airways, Inc.
9.625% due 09/01/2003 (b)		1,016		295
9.330% due 01/01/2006 (b)		84		22
United Airlines, Inc.
6.201% due 09/01/2008		225		185
7.730% due 07/01/2010		800		654
7.186% due 04/01/2011 (b)		196		163
6.602% due 09/01/2013		500		417
Valero Energy Corp.
7.800% due 06/14/2010		400		387
Vintage Petroleum, Inc.
7.875% due 05/15/2011		1,125		1,159
8.250% due 05/01/2012		790		841
Westlake Chemical Corp.
8.750% due 07/15/2011		400		436
Williams Cos., Inc.
8.625% due 06/01/2010		2,450		2,707
8.125% due 03/15/2012		450		483
7.625% due 07/15/2019		3,200		3,096
7.875% due 09/01/2021		700		677
8.750% due 03/15/2032		1,000		1,005

Young Broadcasting, Inc.
8.500% due 12/15/2008	$	574	$	607
8.500% due 12/15/2008		350		370
10.000% due 03/01/2011		580		593
				187,165
Utilities 12.4%
ACC Escrow Corp.
10.000% due 08/01/2011		1,600		1,388
AES Corp.
9.375% due 09/15/2010		300		321
8.875% due 02/15/2011		825		860
8.750% due 05/15/2013		2,850		3,067
8.540% due 11/30/2019		335		347
Calpine Corp.
8.500% due 07/15/2010		1,175		978
Centerpoint Energy, Inc.
7.250% due 09/01/2010		1,200		1,278
Cincinnati Bell, Inc.
7.250% due 07/15/2013		1,475		1,387
8.375% due 01/15/2014		900		806
CMS Energy Corp.
7.000% due 01/15/2005		1,950		1,970
8.900% due 07/15/2008		100		105
7.500% due 01/15/2009		2,200		2,200
7.750% due 08/01/2010		1,200		1,200
DPL, Inc.
6.875% due 09/01/2011		1,100		1,114
Edison International, Inc.
6.875% due 09/15/2004		1,000		1,009
El Paso Energy Partners
8.500% due 06/01/2011		321		349
IPALCO Enterprises, Inc.
8.375% due 11/14/2008		1,050		1,145
8.625% due 11/14/2011		490		534
MSW Energy Holdings LLC
7.375% due 09/01/2010		650		650
Nextel Communications, Inc.
9.500% due 02/01/2011		1		1
6.875% due 10/31/2013		2,300		2,291
7.375% due 08/01/2015		1,875		1,903
Northwestern Bell Telephone
7.750% due 05/01/2030		713		631
Northwestern Corp.
7.250% due 03/03/2008		650		621
NRG Energy, Inc.
8.000% due 12/15/2013		2,150		2,182
PSEG Energy Holdings, Inc.
7.750% due 04/16/2007		700		737
8.625% due 02/15/2008		350		378
10.000% due 10/01/2009		690		783
8.500% due 06/15/2011		2,050		2,204
Qwest Capital Funding, Inc.
7.900% due 08/15/2010		700		623
Reliant Resources, Inc.
9.250% due 07/15/2010		1,975		2,118
9.500% due 07/15/2013		350		379
Rogers Wireless Communications, Inc.
6.375% due 03/01/2014		350		324
Rural Cellular Corp.
8.250% due 03/15/2012		950		976
SESI LLC
8.875% due 05/15/2011		615		666
South Point Energy Corp.
8.400% due 05/30/2012		1,659		1,444
TECO Energy, Inc.
7.500% due 06/15/2010		1,950		1,979
Time Warner Telecom Holdings, Inc.
9.250% due 02/15/2014		500		483
Triton PCS, Inc.
8.500% due 06/01/2013		575		546
				41,977
Total Corporate Bonds & Notes (Cost $266,069)				264,960

See accompanying notes June 30, 2004 Semi-Annual Report 9

Schedule of Investments (Cont.)

High Yield Portfolio

June 30, 2004 (Unaudited)

Principal
Amount	Value
(000s)	(000s)

MUNICIPAL BONDS & NOTES 0.2%
New Jersey Tobacco Settlement Funding Corp. Revenue Bonds, Series 2003
6.375% due 06/01/2032	$	650	$	583
Total Municipal Bonds & Notes (Cost $623)				583
MORTGAGE-BACKED SECURITIES 0.2%
Continental Airlines, Inc.
6.920% due 04/02/2013 (i)(l)		840		829
Total Mortgage-Backed Securities (Cost $752)				829
ASSET-BACKED SECURITIES 3.9%
Allegheny Energy, Inc.
5.350% due 06/08/2011 (c)		36		37
5.430% due 06/08/2011 (c)		180		183
5.640% due 06/08/2011 (c)		1,584		1,615
Aquila, Inc.
8.000% due 04/15/2006 (c)		465		480
Brenntag
3.880% due 02/28/2012 (c)		1,250		1,268
Centennial Communications
3.875% due 01/20/2011 (c)		38		38
3.910% due 01/20/2011 (c)		754		759
3.910% due 01/20/2011 (c)		71		71
4.050% due 01/20/2011 (c)		35		36
DirecTV Holdings LLC
3.350% due 03/06/2010 (c)		330		335
3.950% due 04/06/2010 (c)		322		327
Inmarsat Ventures PLC
4.111% due 10/10/2010 (c)		600		607
4.611% due 10/10/2011 (c)		600		607
Invensys PLC
4.611% due 08/05/2009 (c)		87		89
4.611% due 09/30/2009 (c)		313		317
5.861% due 12/30/2009 (c)		900		925
Midwest Generation LLC
4.380% due 04/27/2011 (c)		1,000		1,013
4.570% due 04/27/2011 (c)		1,000		1,013
NRG Energy, Inc.
5.500% due 05/08/2010 (c)		378		390
5.070% due 12/23/2010 (c)		213		220
Qwest Corp.
6.500% due 06/30/2007 (c)		1,850		1,925
Tucson Electric Power Co.
5.000% due 03/30/2009 (c)		1,000		1,011
Total Asset-Backed Securities (Cost $13,090)				13,266
SOVEREIGN ISSUES 5.7%
Republic of Brazil
2.062% due 04/15/2006 (c)		1,056		1,042
11.000% due 01/11/2012		800		809
8.000% due 04/15/2014 (c)		3,987		3,662
8.250% due 01/20/2034		1,100		835
10.250% due 06/17/2013		200		194
11.000% due 08/17/2040		2,750		2,595
Republic of Guatemala
9.250% due 08/01/2013		225		245
Republic of Panama
9.625% due 02/08/2011		850		946
9.375% due 07/23/2012		375		412
8.875% due 09/30/2027		1,050		1,024

Republic of Peru
9.125% due 01/15/2008	$	600	$	654
9.125% due 02/21/2012		1,550		1,596
9.875% due 02/06/2015		350		367
4.500% due 03/07/2017 (c)		600		487
5.000% due 03/07/2017 (c)		228		199
Republic of Ukraine
11.000% due 03/15/2007		342		369
6.875% due 03/04/2011		500		472
7.650% due 06/11/2013		300		286
Russian Federation
5.000% due 03/31/2030 (c)		3,435		3,145
Total Sovereign Issues (Cost $20,262)				19,339
FOREIGN CURRENCY-DENOMINATED ISSUES (j)(k) 1.2%
El Paso Corp.
5.750% due 03/14/2006	EC	700		818
Johnsondiversey, Inc.
9.625% due 05/15/2012		350		462
JSG Funding PLC
10.125% due 10/01/2012		650		862
Kronos International, Inc.
8.875% due 06/30/2009		300		390
Lighthouse International Co. S.A.
8.000% due 04/30/2014		1,420		1,676
Total Foreign Currency-Denominated Issues (Cost $3,708)				4,208
CONVERTIBLE BONDS & NOTES 0.9%
Banking & Finance 0.5%
Fiat Finance Luxembourg S.A.
3.250% due 01/09/2007	$	1,600		1,612
Industrials 0.2%
Dimon, Inc.
6.250% due 03/31/2007		850		769
Utilities 0.2%
Rogers Communication, Inc.
2.000% due 11/26/2005		665		631
Total Convertible Bonds & Notes (Cost $2,880)				3,012
COMMON STOCKS 0.3%
	Shares
Communications 0.2%
MCI, Inc.		38,968		562
Industrials 0.1%
Dobson Communications Corp.		85,601		279
Total Common Stocks (Cost $1,253)				841
CONVERTIBLE PREFERRED STOCK 0.0%
Dobson Communications Corp.
6.000% due 08/19/2016		650		71
Total Convertible Preferred Stock (Cost $109)				71
PREFERRED SECURITY 0.3%
Riggs Capital Trust II
8.875% due 03/15/2027		950,000		957
Total Preferred Security (Cost $900)				957

	Value
Shares	(000s)

PREFERRED STOCK 0.3%
Fresenius Medical Care
7.875% due 02/01/2008		1,050	$	1,110
Total Preferred Stock (Cost $1,082)				1,110
PURCHASED PUT OPTIONS 0.0%
	# of Contracts
Eurodollar September Futures (CME)
Strike @ 96.500 Exp. 09/13/2004		400		2
Total Purchased Put Options (Cost $4)				2
SHORT-TERM INSTRUMENTS 6.3%
	Principal Amount (000s)
Commercial Paper 5.0%
Barclays U.S. Funding Corp.
1.280% due 09/27/2004	$	1,600		1,594
CDC Commercial Corp.
1.260% due 09/22/2004		4,000		3,986
Freddie Mac
1.200% due 08/09/2004		900		899
1.410% due 09/14/2004		200		200
1.560% due 10/20/2004		3,400		3,383
General Electric Capital Corp.
1.460% due 09/14/2004		1,600		1,595
1.480% due 09/15/2004		900		897
HBOS Treasury Services PLC
1.290% due 09/24/2004		600		598
TotalFinaElf Capital S.A.
1.420% due 07/01/2004		3,000		3,000
UBS Finance, Inc.
1.245% due 07/21/2004		900		900
				17,052
Repurchase Agreement 0.9%
State Street Bank
0.800% due 07/01/2004		3,019		3,019
(Dated 06/30/2004. Collateralized by Freddie Mac 5.500% due 07/15/2006 valued at $3,080. Repurchase proceeds are $3,019.)
U.S. Treasury Bills 0.4%
1.205% due 09/02/2004-09/16/2004 (a)(e)(f)		1,400		1,396
Total Short-Term Instruments (Cost $21,471)				21,467
Total Investments 97.5%			$	330,645
(Cost $332,203)
Written Options (h) (0.1%)				(398	)
(Premiums $2,085)
Other Assets and Liabilities (Net) 2.6%				8,763
Net Assets 100.0%			$	339,010

10 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Schedule of Investments

(amounts in thousands, except number of contracts):

(a) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(b) Security is in default.

(c) Variable rate security.

(d) Payment in-kind bond security.

(e) Securities with an aggregate market value of $649 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2004:

Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
Eurodollar March Long Futures	03/2005	20	$	(44	)
Eurodollar March Long Futures	03/2006	34		(106	)
Eurodollar June Long Futures	06/2005	34		(109	)
Eurodollar September Long Futures	09/2005	34		(109	)
Eurodollar December Long Futures	12/2005	34		(109	)
Euribor June Long Futures	06/2005	118		(47	)
Euribor Purchased Put Options Strike @ 89.000	03/2005	310		(4	)
Euribor September Long Futures	09/2005	71		(112	)
			$	(640	)

(f) Securities with an aggregate market value of $748 have been pledged as collateral for swap and swaption contracts at June 30, 2004.

(g) Swap agreements outstanding at June 30, 2004:

Type	Notional Amount		Appreciation/ (Depreciation)
Receive a fixed rate equal to 1.350% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Counterparty: UBS Warburg LLC
Exp. 09/20/2004	$	5,000	$	7
Receive a fixed rate equal to 1.400% and the Portfolio will pay to the counterparty at par in the event of default of Tyco International Group S.A. 2.750% due 01/15/2018.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 09/20/2004		4,000		12
Receive a fixed rate equal to 2.600% and the Portfolio will pay to the counterparty at par in the event of default of Bombardier, Inc. 6.750% due 05/01/2012.
Counterparty: Goldman Sachs & Co.
Exp. 09/20/2004		1,286		(11	)

Receive a fixed rate equal to 2.600% and the Portfolio will pay to the counterparty at par in the event of default of Clear Channel Communications, Inc. 7.650% due 09/15/2010.
Counterparty: Goldman Sachs & Co.
Exp. 09/20/2004	$	1,286	$	(11	)
Receive a fixed rate equal to 2.600% and the Portfolio will pay to the counterparty at par in the event of default of Comcast Cable Communications, Inc. 6.750% due 01/30/2011.
Counterparty: Goldman Sachs & Co.
Exp. 09/20/2004		1,286		(11	)
Receive a fixed rate equal to 2.600% and the Portfolio will pay to the counterparty at par in the event of default of Cox Communications, Inc. 7.750% due 11/01/2010.
Counterparty: Goldman Sachs & Co.
Exp. 09/20/2004		1,286		(11	)
Receive a fixed rate equal to 2.600% and the Portfolio will pay to the counterparty at par in the event of default of Harrah’s Operating Co. 8.000% due 02/01/2011.
Counterparty: Goldman Sachs & Co.
Exp. 09/20/2004		1,286		(11	)
Receive a fixed rate equal to 2.600% and the Portfolio will pay to the counterparty at par in the event of default of Sprint Capital Corp. 6.875% due 11/15/2028.
Counterparty: Goldman Sachs & Co.
Exp. 09/20/2004		1,286		(11	)
Receive a fixed rate equal to 2.600% and the Portfolio will pay to the counterparty at par in the event of default of Time Warner, Inc. 6.875% due 05/01/2012.
Counterparty: Goldman Sachs & Co.
Exp. 09/20/2004		1,286		(11	)
Receive a fixed rate equal to 1.000% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation 5.000% due 03/31/2030.
Counterparty: Morgan Stanley Dean Witter & Co.
Exp. 09/30/2004		5,000		2
Receive a fixed rate equal to 0.720% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030.
Counterparty: Goldman Sachs & Co.
Exp. 10/21/2004		4,000		(2	)
Receive a fixed rate equal to 4.100% and the Portfolio will pay to the counterparty at par in the event of default of Dow Jones TRAC-X NA High Yield Series.
Counterparty: J.P. Morgan Chase & Co.
Exp. 03/20/2009		5,000		(92	)
			$	(150	)

See accompanying notes June 30, 2004 Semi-Annual Report 11

Schedule of Investments (Cont.)

High Yield Portfolio

June 30, 2004 (Unaudited)

(h) Premiums received on written options:

Name of Issuer		Exercise Price			Expiration Date	# of Contracts		Premium			Value
Call - CBOT U.S. Treasury Note September Futures		$	115.000		08/27/2004		76	$	36		$	2
Name of Issuer	Counterparty	Exercise Rate			Expiration Date	Notional Amount		Premium			Value
Put - OTC 7-Year Interest Rate Swap	Greenwich Capital Markets, Inc.		5.250	%*	07/19/2004	$	21,400	$	128		$	3
Call - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.		4.500	%**	08/02/2004		5,600		19			12
Call - OTC 10-Year Interest Rate Swap	Bear Stearns & Co., Inc.		4.000	%**	10/07/2004		27,000		416			1
Put - OTC 10-Year Interest Rate Swap	Bear Stearns & Co., Inc.		6.500	%*	10/07/2004		27,000		797			9
Call - OTC 7-Year Interest Rate Swap	Wachovia Bank N.A.		5.500	%**	01/07/2005		5,900		285			210
Call - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.		5.000	%**	01/07/2005		9,100		215			157
Put - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.		7.000	%*	01/07/2005		9,100		190			4
								$	2,050		$	396
* The Portfolio will pay a floating rate based on 3-month LIBOR.
**The Portfolio will receive a floating rate based on 3-month LIBOR.
(i) Restricted security or securities as of June 30, 2004:
Issuer Description					Acquisition Date	Cost as of June 30, 2004		Market Value as of June 30, 2004			Market Value as Percentage of Net Assets
Bombardier Capital, Inc.					08/11/2003	$	1,008	$	1,008			0.30	%
Continental Airlines, Inc.					07/01/2003		752		829			0.24
Ferrellgas Partners LP					06/30/2003		990		1,013			0.30
Ferrellgas Partners LP					06/30/2003		1,334		1,273			0.38
						$	4,084	$	4,123			1.22	%
(j) Forward foreign currency contracts outstanding at June 30, 2004:
Type	Currency	Principal Amount Covered by Contract			Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation
Buy	EC		1,152		07/2004	$	6	$	(5	)	$	1
Sell			6,621		07/2004		86		(4	)		82
Buy	JY		167,529		07/2004		9		0			9
						$	101	$	(9	)	$	92

(k) Principal amount denoted in indicated currency:

EC - Euro

JY - Japanese Yen

(l) Indicates a fair-valued security which has not been valued utilizing an independent quote but has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair-valued securities is $2,102, which represents 0.62% of net assets.

12 Semi-Annual Report June 30, 2004 See accompanying notes

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

The High Yield Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Portfolio. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. 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. The Portfolio commenced operations on April 30, 1998.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotes are not readily available are valued at fair value, as determined in good faith and pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily obtainable. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the New York Stock Exchange. Fair valuation may be used if significant events occur after the close of the relevant markets and prior to the close of regular trading on the New York Stock Exchange that materially affect the values of such securities or financial instruments. Fixed income securities are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Certain fixed income securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolio may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and 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, 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. Paydowns gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income in the Statement of Operations.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses, notional principal contracts, certain asset-backed securities, certain futures and forward contracts, tax straddles, and capital loss carryforwards.

Distributions classified as a tax basis return of capital, if any, are reflected in the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company and distribute all of its taxable

June 30, 2004 Semi-Annual Report 13

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency. The accounting records of the Portfolio are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Forward Currency Transactions. The Portfolio may enter into forward currency contracts and forward cross-currency contracts 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 a part of an investment strategy. A forward 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 currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses 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 are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s 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.

Futures Contracts. The Portfolio is authorized to enter into futures contracts. 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, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Loan Agreements. The Portfolio may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. 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. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. 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 lender selling the loan agreement and only upon receipt by the lender of payments from the borrower. The Portfolio generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Portfolio purchases assignments from lenders it acquires direct rights against the borrower on the loan.

Options Contracts. The Portfolio may write call and put options on futures, swaps, securities or currencies 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 option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such 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 future, swap, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency 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.

The Portfolio may also purchase put and call options. 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 in the Portfolio’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for

14 Semi-Annual Report June 30, 2004

purchasing options which expire are treated as realized losses. 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 future, swap, security or currency transaction to determine the realized gain or loss.

Payment In-Kind Securities. The Portfolio may invest in payment in-kind securities. Payment-in-kind securities (PIKs) give the issuer the option at each interest payment date of making interest payments in either cash 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 include the accrued interest (referred to as a dirty price) and require an adjustment in an amount equal to the accrued interest to the unrealized appreciation or depreciation on investment in the Statements of Assets and Liabilities.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Restricted Securities. The Portfolio is permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult.

Swap Agreements. The Portfolio may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward spread lock, and credit default swap agreements to manage its exposure to interest rates and credit risk.

Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate.

In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain (loss) on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

As a result of a FASB Emerging Issues Task Force (“EITF”) consensus, No. 03-11, and related SEC staff guidance, the Portfolio has reclassified periodic payments made or received under swap agreements, which were previously included within miscellaneous income, to a component of realized gain (loss) in the Statement of Operations. For consistency, similar reclassifications have been made to amounts appearing in the previous year’s Statement of Changes in Net Assets and the per share amounts in the prior year financial highlights. Prior year net investment income ratios in the financial highlights have also been modified accordingly. This reclassification increased (decreased) net investment income by $(360,176), and $(526,777), and net realized gain by $377,876 and $505,063 and net change in unrealized appreciation (depreciation) by $(17,699) and $21,714 for the six months ended June 30, 2004 and year ended December 31, 2003, respectively. There is no effect on the Portfolio’s net asset value, either in total or per share, or its total increase (decrease) in net assets from operations during any period.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (“PIMCO”) is a majority owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee at

June 30, 2004 Semi-Annual Report 15

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.35%.

Servicing Fee. PA Distributors LLC (“PAD”), formerly known as PIMCO Advisors Distributors LLC, is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse PAD on a quarterly basis, out of the Administrative Class assets of the Portfolio in the amount of 0.15% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PAD was 0.15% during current fiscal year.

Expenses. 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) the cost of borrowing money, including interest expense and bank overdraft charges; (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) organization expenses 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 Multiple 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 in Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of organization expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

Institutional Class	0.60	%
Administrative Class	0.75	%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets.

4. Purchases and Sales of Securities

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2004 were as follows (amounts in thousands):

U.S. Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$  249	$  0	$  322,435	$  849,926

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

	Premium
Balance at 12/31/2003	$1,902
Sales	961
Closing Buys	(418	)
Expirations	(360	)
Exercised	0
Balance at 06/30/2004	$2,085

6. In-Kind Transactions

For the six months ended June 30, 2004, the following Funds realized gain or losses from in-kind redemptions of approximately (amounts in thousands):

Realized Gains	Realized Losses
$  29,020	$    (5,409)

16 Semi-Annual Report June 30, 2004

7. Federal Income Tax Matters

At June 30, 2004, the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unrealized appreciation (depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Depreciation
$               6,756	$             (8,314)	$          (1,558)

8. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Six Months Ended 06/30/2004					Year Ended 12/31/2003
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	38		$	298		0		$	0
Administrative Class	19,173			155,987		106,916			820,631
Issued as reinvestment of distributions
Institutional Class	0			3		1			1
Administrative Class	2,632			21,323		6,690			52,190
Cost of shares redeemed
Institutional Class	0			(1	)	0			0
Administrative Class	(95,728	)		(769,715	)	(64,075	)		(487,714	)
Net increase (decrease) resulting from Portfolio share transactions	(73,885	)	$	(592,105	)	49,532		$	385,108

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Institutional Class	1	96
Administrative Class	3	89

9. Regulatory and Litigation Matters

On February 17, 2004, the Attorney General of the State of New Jersey (“New Jersey AG”) filed a complaint against Allianz Dresdner Asset Management of America L.P. (“ADAM”), PA Distributors LLC (formerly known as PIMCO Advisors Distributors LLC) (“PAD”), PEA Capital LLC (formerly known as PIMCO Equity Advisors LLC) (“PEA”), and Pacific Investment Management Company LLC (“PIMCO”) in connection with its investigation into market timing and late trading. The complaint contends that inappropriate trading by shareholders engaged in market timing activity took place in funds in the PIMCO Funds: Multi-Manager Series (“MMS Funds”) and the PIMCO Funds: Pacific Investment Management Series (“PIMS Funds”). On June 1, 2004, the New Jersey AG dismissed PIMCO from the lawsuit.

On the same day as the dismissal of PIMCO from the lawsuit, the New Jersey AG announced that it had reached a settlement agreement with the remaining defendants (“New Jersey Settlement”). In the New Jersey Settlement, ADAM, PAD and PEA agreed, while neither admitting nor denying the allegations or conclusions of law, to: (i) pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further enforcement initiatives; and (ii) implement certain changes in corporate governance.

On May 6, 2004, the Securities and Exchange Commission filed a complaint in the U.S. District Court in the Southern District of New York alleging that PA Fund Management LLC (formerly known as PIMCO Advisors Fund Management LLC) (“PAFM”), PEA, PAD, Stephen J. Treadway (at the time, the chief executive officer of PAFM and PAD as well as chairman of the Board of Trustees of the MMS Funds) and Kenneth W. Corba (the former chief executive officer of PEA and former portfolio manager of the PEA Growth and PEA Growth & Income Funds) had, among other things, violated and/or aided and abetted violations of, various antifraud provisions of the federal securities laws in connection with alleged “market timing”

June 30, 2004 Semi-Annual Report 17

Notes to Financial Statements (Cont.)

June 30, 2004 (Unaudited)

arrangements that improperly allowed certain hedge funds to engage in “market timing” in the PEA Growth Fund, the PEA Opportunity Fund, the PEA Innovation Fund, and the PEA Target Fund. The complaint seeks injunctive relief, disgorgement plus pre-judgment interest, monetary penalties, and an order permanently enjoining the defendants from serving as investment advisers, principal underwriters, officers, directors, or members of any advisory boards to any registered investment companies.

On February 20, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of New Jersey on behalf of certain shareholders of the PIMCO Funds against ADAM, PAD, PIMCO, PEA, the PIMS Funds, the MMS Funds, the Trust, PIMCO Commercial Mortgage Securities Trust, Inc. and certain other defendants, alleging that inappropriate market timing activity by certain shareholders caused financial injury to the shareholders of those Funds.

The following additional putative class action lawsuits have been filed against the PIMS Funds, the MMS Funds and/or their affiliates, each related to alleged market-timing activity in funds advised by PIMCO or its affiliates: (1) a lawsuit filed in the U.S. District Court for the District of Connecticut on February 27, 2004 (naming as defendants ADAM, PAD, PEA, the PIMS Funds, the MMS Funds, the Trust, PCM and certain other parties); (2) a lawsuit filed in the U.S. District Court for the Central District of California on March 4, 2004 (naming as defendants PIMCO, ADAM, PEA and PAD); (3) a lawsuit filed in the U.S. District Court for the Southern District of New York on March 8, 2004 (naming PIMCO, PAD and certain of their affiliates as defendants); (4) a lawsuit filed in the U.S. District Court for the Southern District of New York, on March 15, 2004 (naming PIMCO as the defendant); (5) two separate lawsuits filed in the U.S. District Court for the Central District of California on March 22, 2004, brought derivatively on behalf of the PIMCO High Yield Fund and the PIMCO Money Market Fund, respectively (each naming ADAM, PAFM and certain other parties as defendants, and the PIMCO Funds as the nominal defendant); (6) a lawsuit filed in the U.S. District Court for the Central District of California, also on March 22, 2004, brought derivatively on behalf of the PIMS Funds and the MMS Funds (naming ADAM, PIMCO, PAD and certain other parties as defendants, and the PIMS Funds and the MMS Funds as nominal defendants); (7) a lawsuit filed in the U.S. District Court for the District of New Jersey on April 20, 2004 (naming ADAM, PAD, the PIMS Funds and certain other parties as defendants); and (8) a lawsuit filed in the U.S. District Court for the Northern District of California on April 28, 2004 (naming ADAM, PIMCO, PAD, PEA and certain other parties as defendants, and the “PIMCO Funds” as nominal defendants). Each complaint for the foregoing putative class actions alleges, among other things, that inappropriate trading by shareholders engaged in market timing activities took place in certain of the funds advised by PIMCO, and each complaint seeks unspecified compensatory damages.

On February 17, 2004, a putative class action lawsuit was filed in the U.S. District Court for the District of Connecticut on behalf of certain shareholders of the PIMCO Funds against ADAM, PEA, PIMCO, PIMS Funds, MMS Funds and certain other defendants, alleging excessive investment advisory fees and the use of brokerage commissions to pay for distribution of fund shares. Three similar putative class action lawsuits were subsequently filed, each in the U.S. District Court for the District of Connecticut on March 1, 2004, April 23, 2004 and May 20, 2004, respectively.

Under Section 9(a) of the 1940 Act, if any of the various lawsuits were to result in a court injunction against PAFM, PEA, PAD, PIMCO, ADAM and/or Mr. Treadway, they and their affiliates would, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Trust. ADAM and certain of its subsidiaries have responded to inquiries from the SEC concerning the status of the New Jersey Settlement under Section 9(a). If any of PAFM, PEA, PAD, PIMCO or ADAM were subject to an injunction, each of these entities and their affiliates could in turn seek exemptive relief from the SEC, as contemplated by the 1940 Act. There is no assurance, however, that such exemptive relief would be granted. The SEC also has the power by order to prohibit PAFM, PEA, PAD and PIMCO from serving as investment advisers and underwriters, if the SEC finds that such entities willfully violated the federal securities laws in connection with the allegations discussed above or aided or abetted such violations.

PIMCO, PAD and the Trust believe that these developments will not have a material adverse effect on the Portfolios or on PIMCO’s, or PAD’s ability to perform their respective investment advisory or distribution services on behalf of the Portfolios.

18 Semi-Annual Report June 30, 2004

Trustees and Officers

Brent R. Harris, Chairman and Trustee

R. Wesley Burns, President and Trustee

E. Philip Cannon, Trustee

Vern O. Curtis, Trustee

J. Michael Hagan, Trustee

William J. Popejoy, Trustee

Garlin G. Flynn, Secretary

John P. Hardaway, Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

PA Distributors LLC

2187 Atlantic Street

Stamford, Connecticut 06902

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Transfer Agent

Boston Financial Data Services–Midwest

330 W. 9th Street

Kansas City, Missouri 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

Information about how the Fund voted proxies relating to portfolio securities held during the year July 1, 2003 through June 30, 2004 will be available no later than August 31, 2004 without charge, upon request, by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Funds are available by calling the Trust at 1-800-927-4648 and on the SEC’s website at http://www.sec.gov.

PIMCO VARIABLE INSURANCE TRUST

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

Item 2.	Code of Ethics—Not applicable.
Item 3.	Audit Committee Financial Expert—Not applicable.
Item 4.	Principal Accountant Fees and Services—Not applicable.
Item 5.	Audit Committee of Listed Registrants—Not applicable.
Item 6.	Schedule of Investments—Not applicable.
Item 7.	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies—Not applicable.
Item 8.	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases—Not applicable.
Item 9.	Submission of Matters to a Vote of Security Holders—Not applicable.
Item 10.	Controls and Procedures
	(a)	The principal executive officer and principal financial officer of PIMCO Variable Insurance Trust (“Trust”) have concluded that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust 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 Trust’s internal control over financial reporting that occurred during the Trust’s most recent fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 11.	Exhibits
	(a)(1)	Exhibit 99. CODE—Not applicable.
	(a)(2)	Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	(b)	Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Signatures

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

PIMCO Variable Insurance Trust
By:	/s/    R. WESLEY BURNS
	R. Wesley Burns
	President, Principal Executive Officer
Date:	September 7, 2004

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/    R. WESLEY BURNS
	R. Wesley Burns
	President, Principal Executive Officer
Date:	September 7, 2004
By:	/s/    JOHN P. HARDAWAY
	John P. Hardaway
	Treasurer, Principal Financial Officer
Date:	September 7, 2004