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-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-08399

PIMCO Variable Insurance Trust

(Exact name of registrant as specified in charter)

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 C. Fox

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Registrant’s telephone number, including area code: (866) 746-2606

Date of fiscal year end: December 31

Date of reporting period: January 1, 2006 - June 30, 2006

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 Shareholders.

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

• PIMCO Variable Insurance Trust All Asset Portfolio Administrative Class

• PIMCO Variable Insurance Trust All Asset Portfolio Advisor Class

• PIMCO Variable Insurance Trust All Asset Portfolio Class M

• PIMCO Variable Insurance Trust CommodityRealReturn Strategy Portfolio Administrative Class

• PIMCO Variable Insurance Trust CommodifyRealReturn Strategy Portfolio Advisor Class

• PIMCO Variable Insurance Trust Emerging Markets Bond Portfolio Administrative Class

• PIMCO Variable Insurance Trust Emerging Markets Bond Portfolio Advisor Class

• PIMCO Variable Insurance Trust Foreign Bond Portfolio (U.S. Dollar-Hedged) Administrative Class

• PIMCO Variable Insurance Trust Global Bond Portfolio (Unhedged) Administrative Class

• PIMCO Variable Insurance Trust High Yield Portfolio Administrative Class

• PIMCO Variable Insurance Trust High Yield Portfolio Institutional Class

• PIMCO Variable Insurance Trust Long-Term U.S. Government Portfolio Administrative Class

• PIMCO Variable Insurance Trust Long-Term U.S. Government Portfolio Institutional Class

• PIMCO Variable Insurance Trust Low Duration Portfolio Administrative Class

• PIMCO Variable Insurance Trust Low Duration Portfolio Institutional Class

• PIMCO Variable Insurance Trust Money Market Portfolio Administrative Class

• PIMCO Variable Insurance Trust Money Market Portfolio Institutional Class

• PIMCO Variable Insurance Trust Real Return Portfolio Administrative Class

• PIMCO Variable Insurance Trust Real Return Portfolio Institutional Class

• PIMCO Variable Insurance Trust Real Return Portfolio Advisor Class

• PIMCO Variable Insurance Trust RealEstateRealReturn Strategy Portfolio Administrative Class

• PIMCO Variable Insurance Trust Short-Term Portfolio Administrative Class

• PIMCO Variable Insurance Trust Short-Term Portfolio Institutional Class

• PIMCO Variable Insurance Trust StocksPLUS^® Growth and Income Portfolio Administrative Class

• PIMCO Variable Insurance Trust StocksPLUS^® Growth and Income Portfolio Institutional Class

• PIMCO Variable Insurance Trust StocksPLUS^® Total Return Portfolio Administrative Class

• PIMCO Variable Insurance Trust Total Return Portfolio Administrative Class

• PIMCO Variable Insurance Trust Total Return Portfolio Institutional Class

• PIMCO Variable Insurance Trust Total Return Portfolio Advisor Class

• PIMCO Variable Insurance Trust Total Return Portfolio II Administrative Class

• PIMCO Variable Insurance Trust Total Return Portfolio II Institutional Class

• PIMCO Variable Insurance Trust Combined Portfolios

• All Asset Portfolio Institutional Class

• Foreign Bond Portfolio (U.S. Dollar-Hedged) Institutional Class

• Global Bond Portfolio (Unhedged) Institutional Class

• High Yield Portfolio Advisor Class

• Low Duration Portfolio Advisor Class

Share Class Administrative

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

All Asset Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	10

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

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

The Portfolio is a “fund of funds,” which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds instead of investing directly in stocks or bonds of other issuers. Under normal circumstances, the Portfolio invests substantially all of its assets in Institutional Class shares of PIMCO Funds, an affiliated open-end investment company, except the All Asset and All Asset All Authority Funds (“Underlying Funds”).

Among the principal risks of investing in the Portfolio are allocation risk, Underlying Fund risk and issuer non-diversification risk. The Portfolio also is indirectly subject to the risks of the Underlying Funds, which may include, but are not limited to, the following: interest rate risk, credit risk, high yield risk, market risk, issuer risk, variable dividends risk, liquidity risk, derivatives risk, commodity risk, equity risk, mortgage risk, non-U.S. investment risk, real estate risk, emerging markets risk, currency risk, issuer non-diversification risk, leveraging risk, small company risk, management risk, California state specific risk, New York state specific risk, tax risk and index risk. A complete description of these risks is contained in the Portfolio’s prospectus. An Underlying Fund 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 the Underlying Fund could not close out a position when it would be most advantageous to do so. An Underlying Fund 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 increased when investing in emerging markets.

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. By investing in the Portfolio, an investor will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Portfolio’s direct fees and expenses.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 and (2) ongoing costs, including advisory and administrative fees; distribution and/or service (12b-1) fees (Administrative Class, Advisor Class and Class M 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmarks

Lehman Brothers U.S. TIPS: 1-10 Year is an unmanaged index market comprised of U.S. Treasury Inflation Linked securities having a maturity of at least 1 year and less than 10 years. It is not possible to invest directly in such an unmanaged index.

The CPI + 500 Basis Points benchmark is created by adding 5% to the annual percentage change in the Consumer Price Index (“CPI”). This index reflects non-seasonally adjusted returns. The CPI is an unmanaged index representing the rate of inflation of the U.S. consumer prices as determined by the US Department of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time.

Semiannual Report June 30, 2006 3

PIMCO All Asset Portfolio

Cumulative Returns Through June 30, 2006

               All Asset
               Portfolio         Lehman Brothers       Consumer Price
            Administrative       U.S. TIPS: 1-10        Index + 500
                Class              Year Index           Basis points
            --------------       ---------------       --------------
04/30/2003     $10,000              $10,000              $10,000
05/31/2003      10,550               10,296               10,025
06/30/2003      10,464               10,275               10,078
07/31/2003       9,991                9,949               10,131
08/31/2003      10,182               10,081               10,212
09/30/2003      10,511               10,351               10,288
10/31/2003      10,682               10,368               10,319
11/30/2003      10,763               10,337               10,334
12/31/2003      11,079               10,397               10,366
01/31/2004      11,192               10,496               10,460
02/29/2004      11,449               10,701               10,560
03/31/2004      11,661               10,845               10,672
04/30/2004      10,909               10,488               10,751
05/31/2004      11,208               10,618               10,859
06/30/2004      11,276               10,610               10,938
07/31/2004      11,307               10,742               10,966
08/31/2004      11,626               10,936               11,018
09/30/2004      11,818               10,946               11,087
10/31/2004      12,025               11,079               11,192
11/30/2004      12,181               11,040               11,244
12/31/2004      12,352               11,135               11,250
01/31/2005      12,288               11,106               11,320
02/28/2005      12,415               11,066               11,433
03/31/2005      12,312               11,046               11,570
04/30/2005      12,462               11,229               11,696
05/31/2005      12,633               11,278               11,733
06/30/2005      12,794               11,306               11,788
07/31/2005      12,837               11,141               11,891
08/31/2005      13,085               11,356               12,002
09/30/2005      13,055               11,367               12,198
10/31/2005      12,805               11,266               12,274
11/30/2005      12,903               11,277               12,226
12/31/2005      13,121               11,344               12,228
01/31/2006      13,254               11,352               12,372
02/28/2006      13,288               11,320               12,448
03/31/2006      13,080               11,205               12,569
04/30/2006      13,102               11,262               12,728
05/31/2006      12,990               11,299               12,845
06/30/2006      12,984               11,333               12,923

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Administrative Class.

PIMCO Funds Allocation^‡

Real Return Asset	28.4%
Real Return	18.1%
Developing Local Markets	8.5%
Floating Income	8.3%
Long-Term U.S. Government	7.4%
International StocksPLUS® TR Strategy	6.0%
Emerging Markets Bond	5.6%
Other	17.7%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
			6 Months*	1 Year	Since Inception (04/30/03)
		PIMCO All Asset Portfolio Administrative Class	-1.05%	1.48%	8.59%
		Lehman Brothers U.S. TIPS 1-10 Year Index	-0.09%	0.24%	4.03%
	------	Consumer Price Index + 500 Basis points	5.69%	9.64%	8.43%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	989.50	$	1,021.82
Expenses Paid During Period†	$	2.96	$	3.01

† 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 181/365 (to reflect the one-half year period). The expense ratio excludes the expenses of the Underlying 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 0.63%. Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 Underlying Funds (i.e., any of the PIMCO Funds, except the All Asset and All Asset All Authority Funds).

» Significant exposure to the Treasury Inflation-Protected Securities (“TIPS”) asset class detracted significantly from tactical asset allocation alpha due to the asset class, particularly longer dated TIPS, posting negative returns.

» Less than optimal exposure to commodities detracted from performance, as the Dow Jones AIG Commodity Index returned 3.58% over the period.

» Less than optimal exposure to Real Estate Investment Trusts (“REITs”) detracted from performance, as the Dow Jones Wilshire REIT Index gained 14.40% for the period.

» Significant exposure to lower duration instruments was positive for performance, as lower duration assets tend to outperform assets with longer duration in a rising interest rate environment. Exposure to the Floating Rate Income Fund provided positive returns.

» Significant exposure to the Developing Local Markets Fund and emerging market currencies added to performance with the fund returning 4.34%.

» Exposure to the High Yield Fund was positive due to coupon selection providing solid returns for the period.

4 PIMCO Variable Insurance Trust

Financial Highlights  All Asset Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			04/30/2003-12/31/2003
Administrative Class
Net asset value beginning of period	$	11.81		$	11.62		$	10.77		$	10.00
Net investment income (a)		0.23			0.83			1.50			0.53
Net realized/unrealized gain (loss) on investments (a)		(0.35	)		(0.11	)		(0.27	)		0.54
Total income (loss) from investment operations		(0.12	)		0.72			1.23			1.07
Dividends from net investment income		(0.24	)		(0.49	)		(0.37	)		(0.30	)
Distributions from net realized capital gains		0.00			(0.04	)		(0.01	)		0.00
Total distributions		(0.24	)		(0.53	)		(0.38	)		(0.30	)
Net asset value end of period	$	11.45		$	11.81		$	11.62		$	10.77
Total return		(1.05	)%		6.23	%		11.49	%		10.79	%
Net assets end of period (000s)	$	233,824		$	251,482		$	102,183		$	1,017
Ratio of expenses to average net assets		0.60	%*		0.59	%(c)(d)		0.57	%(c)(d)		0.60	%*(b)(c)
Ratio of net investment income to average net assets		3.89	%*		6.98	%		13.02	%		7.56	%*
Portfolio turnover rate		33	%		75	%		93	%		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 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%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities  All Asset Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments in Affiliates, at value	$	364,075
Cash		1
Receivable for Portfolio shares sold		2,020
Interest and dividends receivable from Affiliates		1,899
		367,995
Liabilities:
Payable for investments in Affiliates purchased	$	3,433
Payable for Portfolio shares redeemed		228
Accrued investment advisory fee		62
Accrued administration fee		77
Accrued servicing fee		62
Recoupment payable to Manager		5
		3,867
Net Assets	$	364,128
Net Assets Consist of:
Paid in capital	$	368,395
Undistributed net investment income		6,814
Accumulated undistributed net realized (loss)		(1,686	)
Net unrealized (depreciation)		(9,395	)
	$	364,128
Net Assets:
Institutional Class	$	10
Administrative Class		233,824
Advisor Class		65,231
Class M		65,063
Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		20,415
Advisor Class		5,693
Class M		5,684
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	11.45
Administrative Class		11.45
Advisor Class		11.45
Class M		11.44
Cost of Investments in Affiliates Owned	$	373,469

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  All Asset Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	14
Dividends from Affiliate investments		7,717
Total Income		7,731
Expenses:
Investment advisory fees		337
Administration fees		422
Servicing fees – Administrative Class		190
Distribution and/or servicing fees – Advisor Class		21
Distribution and/or servicing fees – Class M		152
Interest expense		1
Miscellaneous expense		10
Total Expenses		1,133
Net Investment Income		6,598
Net Realized and Unrealized (Loss):
Net realized (loss) on Affiliate investments		(3,155	)
Net change in unrealized (depreciation) on Affiliate investments		(7,231	)
Net (Loss)		(10,386	)
Net (Decrease) in Net Assets Resulting from Operations	$	(3,788	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    All Asset Portfolio

(Amounts In Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	6,598		$	16,918
Net realized gain (loss) on Affiliate investments		(3,155	)		1,306
Net capital (loss) distributions received from Underlying Funds		0			712
Net change in unrealized (depreciation) on Affiliate investments		(7,231	)		(3,656	)
Net increase (decrease) resulting from operations		(3,788	)		15,280
Distributions to Shareholders:
From net investment income
Institutional Class		0			0
Administrative Class		(5,038	)		(9,080	)
Advisor Class		(632	)		(160	)
Class M		(1,232	)		(2,166	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(735	)
Advisor Class		0			(22	)
Class M		0			(198	)
Total Distributions		(6,902	)		(12,361	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		10			0
Administrative Class		33,411			166,191
Advisor Class		58,213			7,545
Class M		11,550			54,317
Issued as reinvestment of distributions
Institutional Class		0			0
Administrative Class		5,038			9,815
Advisor Class		632			182
Class M		1,232			2,364
Cost of shares redeemed
Institutional Class		0			0
Administrative Class		(48,154	)		(29,204	)
Advisor Class		(431	)		(208	)
Class M		(12,991	)		(8,152	)
Net increase resulting from Portfolio share transactions		48,510			202,850
Total Increase in Net Assets		37,820			205,769
Net Assets:
Beginning of period		326,308			120,539
End of period*	$	364,128		$	326,308
*Including undistributed net investment income of:	$	6,814		$	7,118

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  All Asset Portfolio (a) June 30, 2006 (Unaudited)

			VALUE
	SHARES		(000S)
PIMCO FUNDS (b) 99.5%
CommodityRealReturn Strategy Fund®	639,133	$	9,395
Convertible Fund	99,294		1,240
Developing Local Markets Fund	2,967,035		30,946
Diversified Income Fund	95,839		1,031
Emerging Markets Bond Fund	1,908,223		20,552
Floating Income Fund	2,936,807		30,396
Foreign Bond Fund (Unhedged)	81,715		833
Fundamental IndexPLUS® Fund	162,512		1,666
Fundamental IndexPLUS® TR Fund	780,708		7,823
GNMA Fund	249,029		2,670
High Yield Fund	1,318,660		12,554
International StocksPLUS® TR Strategy Fund	1,888,909		22,025
Long-Term U.S. Government Fund	2,636,612		26,893
Low Duration Fund	304,426		2,993
Real Return Asset Fund	9,461,298		103,412
Real Return Fund	6,131,194		65,726
RealEstateRealReturn Strategy Fund	202,957		1,756
Short-Term Fund	994		10
StocksPLUS® Fund	7,084		72
StocksPLUS® Total Return Fund	148,481		1,679
Total Return Fund	1,477,051		15,036
Total Return Mortgage Fund	346,837		3,586
Total PIMCO Funds (Cost $371,688)			362,294

SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENT 0.5%
State Street Bank
4.900% due 07/03/2006	$	1,781	$	1,781
(Dated 06/30/2006. Collateralized by Federal Home Loan Bank 4.875% due 02/15/2007 valued at $1,819. Repurchase proceeds are $1,782.)
Total Short-Term Instruments (Cost $1,781)				1,781
Total Investments 100.0% (Cost $373,469)			$	364,075
Other Assets and Liabilities (Net) 0.0%				53
Net Assets 100.0%			$	364,128

Notes to Schedule of Investments:

(a) The All Asset Portfolio is investing in shares of affiliated Funds.

(b) Institutional Class of each PIMCO Funds.

See Accompanying Notes Semiannual Report June 30, 2006 9

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers four classes of shares: Institutional, Administrative, Advisor, and Class M. Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class, Advisor Class and Class M are provided separately and are 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 PIMCO Funds are valued at their net asset value as reported by the Underlying 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

Federal Income Taxes.   The All Asset Portfolio (“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.

To the extent the All Asset Portfolio invest in the CommodityRealReturn Strategy Portfolio^® (the “CRRS Portfolio”), an Underlying Fund, this Portfolio may be subject to the risks associated with commodity-linked derivative instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the CRRS Portfolio derive at least 90 percent of its gross income from certain qualifying sources of income. On December 16, 2005, the IRS issued Revenue Ruling 2006-01 which held that income from commodity index-linked swaps was not qualifying income. At the time Revenue Ruling 2006-01 was issued, the CRRS Portfolio invested primarily in commodity index-linked swaps to gain exposure to the commodity markets. Revenue Ruling 2006-01 provided an effective date of June 30, 2006, after which time the CRRS Portfolio’s ability to utilize commodity index-linked swaps as part of its investment strategy will be limited to a maximum of 10 percent of its gross income.

On June 2, 2006, the IRS issued Revenue Ruling 2006-31 which extends the effective date for Revenue Ruling 2006-01 from June 30, 2006 until September 30, 2006. Revenue Ruling 2006-31 also clarifies the holding of Revenue Ruling 2006-01 by providing that income from alternative instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. In addition, the IRS has also issued private letter rulings to at least two other funds in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. The CRRS Portfolio has also obtained an opinion of counsel with respect to the treatment of income from commodity index-linked notes as qualifying income under the Code. Such an opinion is not binding upon the IRS.

Based on Revenue Ruling 2006-31, IRS guidance and advice of counsel, the CRRS Portfolio will seek to gain exposure to the commodity markets primarily through investments in commodity indexlinked notes. The use of commodity index-linked notes involves specific risks. The CRRS Portfolio will continue to seek ways to make use of other commodity-linked derivative instruments, including swap agreements, commodity options, futures and options on futures, and alternative structures within the Portfolio to gain exposure to commodity markets. Please refer to the prospectus for the Separate Account and Variable Contract for information regarding federal income tax treatment of distributions to the Separate Account.

Guarantees and Indemnifications.  Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust’s investment manager) is indemnified against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of

10 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts, and believes the risk of loss to be remote.

Underlying Funds.  The Portfolio may invest in any or all of the Underlying Funds, but will not normally invest in every Underlying Fund at any particular time. The Underlying Funds are the Institutional Class shares of the PIMCO Funds, 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.

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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%.

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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the 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 %

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
		12/31/2003		12/31/2004		12/31/2005		06/30/2006
Amount Available for Reimbursement	$	12	$	0	$	0	$	0

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	0	$	0	$	159,640	$	113,374

Semiannual Report June 30, 2006 11

Notes to Financial Statements (Cont.)

5.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	1		$	10		0		$	0
Administrative Class	2,843			33,411		14,121			166,191
Advisor Class	5,043			58,213		632			7,545
Class M	982			11,550		4,617			54,317
Issued as reinvestment of distributions
Institutional Class	0			0		0			0
Administrative Class	437			5,038		828			9,815
Advisor Class	56			632		15			182
Class M	107			1,232		200			2,364
Cost of shares redeemed
Institutional Class	0			0		0			0
Administrative Class	(4,149	)		(48,154	)	(2,453	)		(29,204	)
Advisor Class	(37	)		(431	)	(17	)		(208	)
Class M	(1,114	)		(12,991	)	(689	)		(8,152	)
Net increase resulting from Portfolio share transactions	4,169		$	48,510		17,254		$	202,850

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 Shareholders	% of Portfolio Held
Institutional Class	1	100
Administrative Class	2	89	*
Advisor Class	2	93
Class M	3	97

* Allianz Life Insurance Co. of North America, an indirect wholly owned subsidiary of AGI and a related party to the Portfolio, owned 25% or more of the outstanding shares of beneficial interest of the Portfolio and therefore may be presumed to “control” the Portfolio, as that term is defined in the 1940 Act.

6.  AFFILIATED TRANSACTIONS

The Underlying Funds are considered to be affiliated with the Portfolio. The table below shows the transactions in and earnings from investments in these affiliated Funds for the period ended June 30, 2006 (amounts in thousands):

Underlying Funds	Market Value 12/31/2005		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 6/30/2006		Dividend Income		Net Capital and Realized Gain (Loss)
CommodityRealReturn Strategy Fund®	$	11,984	$	3,509	$	6,126	$	130		$	9,395	$	46	$	(270	)
Convertible Fund		1,193		16		0		66			1,240		16		0
Developing Local Markets Fund		23,695		11,797		5,002		582			30,946		529		96
Diversified Income Fund		0		1,051		0		(19	)		1,031		11		0
Emerging Markets Bond Fund		26,326		9,172		13,874		321			20,552		756		(215	)
Floating Income Fund		23,662		14,886		8,178		272			30,396		678		65
Foreign Bond Fund (Unhedged)		7,223		1,078		7,621		25			833		80		(356	)
Fundamental IndexPLUS® Fund		1,258		1,753		1,411		28			1,666		18		24
Fundamental IndexPLUS® TR Fund		10,704		972		3,795		(28	)		7,823		164		(158	)
GNMA Fund		3,197		539		988		(63	)		2,670		70		(9	)
High Yield Fund		20,384		705		8,205		(76	)		12,554		705		(85	)
International StocksPLUS® TR Strategy Fund		10,584		12,012		75		(675	)		22,025		379		(9	)
Long-Term U.S. Government Fund		39,326		3,546		13,541		(2,088	)		26,893		717		(831	)
Low Duration Fund		4,844		12,249		13,954		(2	)		2,993		158		(146	)
Real Return Asset Fund		49,421		59,336		997		(4,724	)		103,412		1,423		(38	)
Real Return Fund		43,544		24,385		591		(2,425	)		65,726		995		(45	)
RealEstateRealReturn Strategy Fund		10,989		230		9,873		36			1,756		230		(537	)
Short-Term Fund		0		76		66		0			10		0		0
StocksPLUS® Fund		70		1		0		3			72		1		0
StocksPLUS® Total Return Fund		1,687		21		0		(59	)		1,679		21		0
Total Return Fund		26,281		2,128		12,615		(576	)		15,036		542		(463	)
Total Return Mortgage Fund		10,041		178		6,462		(123	)		3,586		178		(178	)
Totals	$	326,413	$	159,640	$	113,374	$	(9,395	)	$	362,294	$	7,717	$	(3,155	)

12 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$        1,463	$      (10,857)	$        (9,394)

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the Allianz Funds and the PIMCO Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the Allianz Funds and PIMCO Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders —including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

Semiannual Report June 30, 2006 13

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Advisor

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

All Asset Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	10

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

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

The Portfolio is a “fund of funds,” which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds instead of investing directly in stocks or bonds of other issuers. Under normal circumstances, the Portfolio invests substantially all of its assets in Institutional Class shares of PIMCO Funds, an affiliated open-end investment company, except the All Asset and All Asset All Authority Funds (“Underlying Funds”).

Among the principal risks of investing in the Portfolio are allocation risk, Underlying Fund risk and issuer non-diversification risk. The Portfolio also is indirectly subject to the risks of the Underlying Funds, which may include, but are not limited to, the following: interest rate risk, credit risk, high yield risk, market risk, issuer risk, variable dividends risk, liquidity risk, derivatives risk, commodity risk, equity risk, mortgage risk, non-U.S. investment risk, real estate risk, emerging markets risk, currency risk, issuer non-diversification risk, leveraging risk, small company risk, management risk, California state specific risk, New York state specific risk, tax risk and index risk. A complete description of these risks is contained in the Portfolio’s prospectus. An Underlying Fund 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 the Underlying Fund could not close out a position when it would be most advantageous to do so. An Underlying Fund 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 increased when investing in emerging markets.

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. By investing in the Portfolio, an investor will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Portfolio’s direct fees and expenses.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 and (2) ongoing costs, including advisory and administrative fees; distribution and/or service (12b-1) fees (Administrative Class, Advisor Class and Class M 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmarks

Lehman Brothers U.S. TIPS: 1-10 Year is an unmanaged index market comprised of U.S. Treasury Inflation Linked securities having a maturity of at least 1 year and less than 10 years. It is not possible to invest directly in such an unmanaged index.

The CPI + 500 Basis Points benchmark is created by adding 5% to the annual percentage change in the Consumer Price Index (“CPI”). This index reflects non-seasonally adjusted returns. The CPI is an unmanaged index representing the rate of inflation of the U.S. consumer prices as determined by the US Department of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time.

Semiannual Report June 30, 2006 3

PIMCO All Asset Portfolio

Cumulative Returns Through June 30, 2006

                                    Consumer Price
              All Asset Portfolio    Index + 500       Lehman Brothers U.S.
                Advisor Class        Basis points      TIPS 1-10 Year Index
              -------------------   --------------     --------------------
04/30/2004          $10,000            $10,000                $10,000
05/31/2004           10,274             10,100                 10,124
06/30/2004           10,332             10,174                 10,116
07/31/2004           10,351             10,201                 10,242
08/31/2004           10,653             10,249                 10,427
09/30/2004           10,821             10,313                 10,437
10/31/2004           11,010             10,410                 10,564
11/30/2004           11,152             10,459                 10,527
12/31/2004           11,318             10,464                 10,617
01/31/2005           11,250             10,530                 10,590
02/28/2005           11,377             10,634                 10,552
03/31/2005           11,275             10,762                 10,532
04/30/2005           11,412             10,679                 10,707
05/31/2005           11,558             10,913                 10,753
06/30/2005           11,697             10,964                 10,780
07/31/2005           11,738             11,061                 10,623
08/31/2005           11,975             11,163                 10,828
09/30/2005           11,945             11,346                 10,838
10/31/2005           11,707             11,416                 10,742
11/30/2005           11,796             11,372                 10,752
12/31/2005           12,001             11,374                 10,816
01/31/2006           12,123             11,508                 10,825
02/28/2006           12,153             11,579                 10,793
03/31/2006           11,958             11,691                 10,684
04/30/2006           11,978             11,839                 10,738
05/31/2006           11,876             11,948                 10,774
06/30/2006           11,862             12,021                 10,806 

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Advisor Class.

PIMCO Funds Allocation^‡

Real Return Asset	28.4%
Real Return	18.1%
Developing Local Markets	8.5%
Floating Income	8.3%
Long-Term U.S. Government	7.4%
International StocksPLUS® TR Strategy	6.0%
Emerging Markets Bond	5.6%
Other	17.7%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
			6 Months*	1 Year	Since Inception (04/30/04)
		PIMCO All Asset Portfolio Advisor Class	-1.16%	1.39%	8.20%
		Lehman Brothers U.S. TIPS 1-10 Year Index	-0.09%	0.24%	3.65%
	- - - -	Consumer Price Index + 500 Basis points	5.69%	9.64%	8.87%

* Cumulative return. 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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	988.40	$	1,021.32
Expenses Paid During Period†	$	3.45	$	3.51

† Expenses are equal to the Portfolio’s Advisor Class annualized expense ratio of 0.70%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The expense ratio excludes the expenses of the underlying 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 0.63%. Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 Underlying Funds (i.e., any of the PIMCO Funds, except the All Asset and All Asset All Authority Funds).

» Significant exposure to the Treasury Inflation-Protected Securities (“TIPS”) asset class detracted significantly from tactical asset allocation alpha due to the asset class, particularly longer dated TIPS, posting negative returns.

» Less than optimal exposure to commodities detracted from performance, as the Dow Jones AIG Commodity Index returned 3.58% over the period.

» Less than optimal exposure to Real Estate Investment Trusts (“REITs”) detracted from performance, as the Dow Jones Wilshire REIT Index gained 14.40% for the period.

» Significant exposure to lower duration instruments was positive for performance, as lower duration assets tend to outperform assets with longer duration in a rising interest rate environment. Exposure to the Floating Rate Income Fund provided positive returns.

» Significant exposure to the Developing Local Markets Fund and emerging market currencies added to performance with the fund returning 4.34%.

» Exposure to the High Yield Fund was positive due to coupon selection providing solid returns for the period.

4 PIMCO Variable Insurance Trust

Financial Highlights    All Asset Portfolio Advisor Class

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			04/30/2004- 12/31/2004
Advisor Class
Net asset value beginning of period	$	11.82		$	11.64		$	10.59
Net investment income (a)		0.32			1.63			0.52
Net realized/unrealized gain (loss) on investments (a)		(0.46	)		(0.93	)		0.87
Total income (loss) from investment operations		(0.14	)		0.70			1.39
Dividends from net investment income		(0.23	)		(0.48	)		(0.33	)
Distributions from net realized capital gains		0.00			(0.04	)		(0.01	)
Total distributions		(0.23	)		(0.52	)		(0.34	)
Net asset value end of period	$	11.45		$	11.82		$	11.64
Total return		(1.16	)%		6.03	%		13.18	%
Net assets end of period (000s)	$	65,231		$	7,461		$	11
Ratio of expenses to average net assets		0.70	%*		0.70	%		0.67	%*(b)(c)
Ratio of net investment income to average net assets		5.53	%*		13.67	%		6.96	%*
Portfolio turnover rate		33	%		75	%		93	%

+ 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 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%

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities  All Asset Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments in Affiliates, at value	$	364,075
Cash		1
Receivable for Portfolio shares sold		2,020
Interest and dividends receivable from Affiliates		1,899
		367,995
Liabilities:
Payable for investments in Affiliates purchased	$	3,433
Payable for Portfolio shares redeemed		228
Accrued investment advisory fee		62
Accrued administration fee		77
Accrued servicing fee		62
Recoupment payable to Manager		5
		3,867
Net Assets	$	364,128
Net Assets Consist of:
Paid in capital	$	368,395
Undistributed net investment income		6,814
Accumulated undistributed net realized (loss)		(1,686	)
Net unrealized (depreciation)		(9,395	)
	$	364,128
Net Assets:
Institutional Class	$	10
Administrative Class		233,824
Advisor Class		65,231
Class M		65,063
Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		20,415
Advisor Class		5,693
Class M		5,684
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	11.45
Administrative Class		11.45
Advisor Class		11.45
Class M		11.44
Cost of Investments in Affiliates Owned	$	373,469

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  All Asset Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	14
Dividends from Affiliate investments		7,717
Total Income		7,731
Expenses:
Investment advisory fees		337
Administration fees		422
Servicing fees – Administrative Class		190
Distribution and/or servicing fees – Advisor Class		21
Distribution and/or servicing fees – Class M		152
Interest expense		1
Miscellaneous expense		10
Total Expenses		1,133
Net Investment Income		6,598
Net Realized and Unrealized (Loss):
Net realized (loss) on Affiliate investments		(3,155	)
Net change in unrealized (depreciation) on Affiliate investments		(7,231	)
Net (Loss)		(10,386	)
Net (Decrease) in Net Assets Resulting from Operations	$	(3,788	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    All Asset Portfolio

(Amounts In Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	6,598		$	16,918
Net realized gain (loss) on Affiliate investments		(3,155	)		1,306
Net capital (loss) distributions received from Underlying Funds		0			712
Net change in unrealized (depreciation) on Affiliate investments		(7,231	)		(3,656	)
Net increase (decrease) resulting from operations		(3,788	)		15,280
Distributions to Shareholders:
From net investment income
Institutional Class		0			0
Administrative Class		(5,038	)		(9,080	)
Advisor Class		(632	)		(160	)
Class M		(1,232	)		(2,166	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(735	)
Advisor Class		0			(22	)
Class M		0			(198	)
Total Distributions		(6,902	)		(12,361	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		10			0
Administrative Class		33,411			166,191
Advisor Class		58,213			7,545
Class M		11,550			54,317
Issued as reinvestment of distributions
Institutional Class		0			0
Administrative Class		5,038			9,815
Advisor Class		632			182
Class M		1,232			2,364
Cost of shares redeemed
Institutional Class		0			0
Administrative Class		(48,154	)		(29,204	)
Advisor Class		(431	)		(208	)
Class M		(12,991	)		(8,152	)
Net increase resulting from Portfolio share transactions		48,510			202,850
Total Increase in Net Assets		37,820			205,769
Net Assets:
Beginning of period		326,308			120,539
End of period*	$	364,128		$	326,308
*Including undistributed net investment income of:	$	6,814		$	7,118

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  All Asset Portfolio (a) June 30, 2006 (Unaudited)

			VALUE
	SHARES		(000S)
PIMCO FUNDS (b) 99.5%
CommodityRealReturn Strategy Fund®	639,133	$	9,395
Convertible Fund	99,294		1,240
Developing Local Markets Fund	2,967,035		30,946
Diversified Income Fund	95,839		1,031
Emerging Markets Bond Fund	1,908,223		20,552
Floating Income Fund	2,936,807		30,396
Foreign Bond Fund (Unhedged)	81,715		833
Fundamental IndexPLUS® Fund	162,512		1,666
Fundamental IndexPLUS® TR Fund	780,708		7,823
GNMA Fund	249,029		2,670
High Yield Fund	1,318,660		12,554
International StocksPLUS® TR Strategy Fund	1,888,909		22,025
Long-Term U.S. Government Fund	2,636,612		26,893
Low Duration Fund	304,426		2,993
Real Return Asset Fund	9,461,298		103,412
Real Return Fund	6,131,194		65,726
RealEstateRealReturn Strategy Fund	202,957		1,756
Short-Term Fund	994		10
StocksPLUS® Fund	7,084		72
StocksPLUS® Total Return Fund	148,481		1,679
Total Return Fund	1,477,051		15,036
Total Return Mortgage Fund	346,837		3,586
Total PIMCO Funds (Cost $371,688)			362,294

SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENT 0.5%
State Street Bank
4.900% due 07/03/2006	$	1,781	$	1,781
(Dated 06/30/2006. Collateralized by Federal Home Loan Bank 4.875% due 02/15/2007 valued at $1,819. Repurchase proceeds are $1,782.)
Total Short-Term Instruments (Cost $1,781)				1,781
Total Investments 100.0% (Cost $373,469)			$	364,075
Other Assets and Liabilities (Net) 0.0%				53
Net Assets 100.0%			$	364,128

Notes to Schedule of Investments:

(a) The All Asset Portfolio is investing in shares of affiliated Funds.

(b) Institutional Class of each PIMCO Funds.

See Accompanying Notes Semiannual Report June 30, 2006 9

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers four classes of shares: Institutional, Administrative, Advisor, and Class M. Information presented in these financial statements pertains to the Advisor Class of the Portfolio. Certain detailed financial information for the Institutional Class, Administrative Class and Class M are provided separately and are 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 PIMCO Funds are valued at their net asset value as reported by the Underlying 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

Federal Income Taxes.   The All Asset Portfolio (“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.

To the extent the All Asset Portfolio invest in the CommodityRealReturn Strategy Portfolio^® (the “CRRS Portfolio”), an Underlying Fund, this Portfolio may be subject to the risks associated with commodity-linked derivative instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the CRRS Portfolio derive at least 90 percent of its gross income from certain qualifying sources of income. On December 16, 2005, the IRS issued Revenue Ruling 2006-01 which held that income from commodity index-linked swaps was not qualifying income. At the time Revenue Ruling 2006-01 was issued, the CRRS Portfolio invested primarily in commodity index-linked swaps to gain exposure to the commodity markets. Revenue Ruling 2006-01 provided an effective date of June 30, 2006, after which time the CRRS Portfolio’s ability to utilize commodity index-linked swaps as part of its investment strategy will be limited to a maximum of 10 percent of its gross income.

On June 2, 2006, the IRS issued Revenue Ruling 2006-31 which extends the effective date for Revenue Ruling 2006-01 from June 30, 2006 until September 30, 2006. Revenue Ruling 2006-31 also clarifies the holding of Revenue Ruling 2006-01 by providing that income from alternative instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. In addition, the IRS has also issued private letter rulings to at least two other funds in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. The CRRS Portfolio has also obtained an opinion of counsel with respect to the treatment of income from commodity index-linked notes as qualifying income under the Code. Such an opinion is not binding upon the IRS.

Based on Revenue Ruling 2006-31, IRS guidance and advice of counsel, the CRRS Portfolio will seek to gain exposure to the commodity markets primarily through investments in commodity indexlinked notes. The use of commodity index-linked notes involves specific risks. The CRRS Portfolio will continue to seek ways to make use of other commodity-linked derivative instruments, including swap agreements, commodity options, futures and options on futures, and alternative structures within the Portfolio to gain exposure to commodity markets. Please refer to the prospectus for the Separate Account and Variable Contract for information regarding federal income tax treatment of distributions to the Separate Account.

Guarantees and Indemnifications.  Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust’s investment manager) is indemnified against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of

10 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts, and believes the risk of loss to be remote.

Underlying Funds.  The Portfolio may invest in any or all of the Underlying Funds, but will not normally invest in every Underlying Fund at any particular time. The Underlying Funds are the Institutional Class shares of the PIMCO Funds, 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.

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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%.

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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the 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 %

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
		12/31/2003		12/31/2004		12/31/2005		06/30/2006
Amount Available for Reimbursement	$	12	$	0	$	0	$	0

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	0	$	0	$	159,640	$	113,374

Semiannual Report June 30, 2006 11

Notes to Financial Statements (Cont.)

5.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	1		$	10		0		$	0
Administrative Class	2,843			33,411		14,121			166,191
Advisor Class	5,043			58,213		632			7,545
Class M	982			11,550		4,617			54,317
Issued as reinvestment of distributions
Institutional Class	0			0		0			0
Administrative Class	437			5,038		828			9,815
Advisor Class	56			632		15			182
Class M	107			1,232		200			2,364
Cost of shares redeemed
Institutional Class	0			0		0			0
Administrative Class	(4,149	)		(48,154	)	(2,453	)		(29,204	)
Advisor Class	(37	)		(431	)	(17	)		(208	)
Class M	(1,114	)		(12,991	)	(689	)		(8,152	)
Net increase resulting from Portfolio share transactions	4,169		$	48,510		17,254		$	202,850

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 Shareholders	% of Portfolio Held
Institutional Class	1	100
Administrative Class	2	89	*
Advisor Class	2	93
Class M	3	97

* Allianz Life Insurance Co. of North America, an indirect wholly owned subsidiary of AGI and a related party to the Portfolio, owned 25% or more of the outstanding shares of beneficial interest of the Portfolio and therefore may be presumed to “control” the Portfolio, as that term is defined in the 1940 Act.

6.  AFFILIATED TRANSACTIONS

The Underlying Funds are considered to be affiliated with the Portfolio. The table below shows the transactions in and earnings from investments in these affiliated Funds for the period ended June 30, 2006 (amounts in thousands):

Underlying Funds	Market Value 12/31/2005		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 6/30/2006		Dividend Income		Net Capital and Realized Gain (Loss)
CommodityRealReturn Strategy Fund®	$	11,984	$	3,509	$	6,126	$	130		$	9,395	$	46	$	(270	)
Convertible Fund		1,193		16		0		66			1,240		16		0
Developing Local Markets Fund		23,695		11,797		5,002		582			30,946		529		96
Diversified Income Fund		0		1,051		0		(19	)		1,031		11		0
Emerging Markets Bond Fund		26,326		9,172		13,874		321			20,552		756		(215	)
Floating Income Fund		23,662		14,886		8,178		272			30,396		678		65
Foreign Bond Fund (Unhedged)		7,223		1,078		7,621		25			833		80		(356	)
Fundamental IndexPLUS® Fund		1,258		1,753		1,411		28			1,666		18		24
Fundamental IndexPLUS® TR Fund		10,704		972		3,795		(28	)		7,823		164		(158	)
GNMA Fund		3,197		539		988		(63	)		2,670		70		(9	)
High Yield Fund		20,384		705		8,205		(76	)		12,554		705		(85	)
International StocksPLUS® TR Strategy Fund		10,584		12,012		75		(675	)		22,025		379		(9	)
Long-Term U.S. Government Fund		39,326		3,546		13,541		(2,088	)		26,893		717		(831	)
Low Duration Fund		4,844		12,249		13,954		(2	)		2,993		158		(146	)
Real Return Asset Fund		49,421		59,336		997		(4,724	)		103,412		1,423		(38	)
Real Return Fund		43,544		24,385		591		(2,425	)		65,726		995		(45	)
RealEstateRealReturn Strategy Fund		10,989		230		9,873		36			1,756		230		(537	)
Short-Term Fund		0		76		66		0			10		0		0
StocksPLUS® Fund		70		1		0		3			72		1		0
StocksPLUS® Total Return Fund		1,687		21		0		(59	)		1,679		21		0
Total Return Fund		26,281		2,128		12,615		(576	)		15,036		542		(463	)
Total Return Mortgage Fund		10,041		178		6,462		(123	)		3,586		178		(178	)
Totals	$	326,413	$	159,640	$	113,374	$	(9,395	)	$	362,294	$	7,717	$	(3,155	)

12 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$        1,463	$      (10,857)	$        (9,394)

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the Allianz Funds and the PIMCO Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the Allianz Funds and PIMCO Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders —including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

Semiannual Report June 30, 2006 13

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class M

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

All Asset Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	10

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

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

The Portfolio is a “fund of funds,” which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds instead of investing directly in stocks or bonds of other issuers. Under normal circumstances, the Portfolio invests substantially all of its assets in Institutional Class shares of PIMCO Funds, an affiliated open-end investment company, except the All Asset and All Asset All Authority Funds (“Underlying Funds”).

Among the principal risks of investing in the Portfolio are allocation risk, Underlying Fund risk and issuer non-diversification risk. The Portfolio also is indirectly subject to the risks of the Underlying Funds, which may include, but are not limited to, the following: interest rate risk, credit risk, high yield risk, market risk, issuer risk, variable dividends risk, liquidity risk, derivatives risk, commodity risk, equity risk, mortgage risk, non-U.S. investment risk, real estate risk, emerging markets risk, currency risk, issuer non-diversification risk, leveraging risk, small company risk, management risk, California state specific risk, New York state specific risk, tax risk and index risk. A complete description of these risks is contained in the Portfolio’s prospectus. An Underlying Fund 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 the Underlying Fund could not close out a position when it would be most advantageous to do so. An Underlying Fund 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 increased when investing in emerging markets.

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. By investing in the Portfolio, an investor will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Portfolio’s direct fees and expenses.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 and (2) ongoing costs, including advisory and administrative fees; distribution and/or service (12b-1) fees (Administrative Class, Advisor Class and Class M 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmarks

Lehman Brothers U.S. TIPS: 1-10 Year is an unmanaged index market comprised of U.S. Treasury Inflation Linked securities having a maturity of at least 1 year and less than 10 years. It is not possible to invest directly in such an unmanaged index.

The CPI + 500 Basis Points benchmark is created by adding 5% to the annual percentage change in the Consumer Price Index (“CPI”). This index reflects non-seasonally adjusted returns. The CPI is an unmanaged index representing the rate of inflation of the U.S. consumer prices as determined by the US Department of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time.

Semiannual Report June 30, 2006 3

PIMCO All Asset Portfolio

Cumulative Returns Through June 30, 2006

                                     Consumer Price
                   All Asset           Index + 500     Lehman Brothers U.S.
                Portfolio M Class      Basis points    TIPS 1-10 Year Index
                -----------------    --------------    --------------------
 04/30/2004          $10,000             $10,000              $10,000
 05/31/2004           10,255              10,100               10,124
 06/30/2004           10,316              10,174               10,116
 07/31/2004           10,335              10,201               10,242
 08/31/2004           10,628              10,249               10,427
 09/30/2004           10,798              10,313               10,437
 10/31/2004           10,988              10,410               10,564
 11/30/2004           11,130              10,459               10,527
 12/31/2004           11,285              10,464               10,617
 01/31/2005           11,217              10,530               10,590
 02/28/2005           11,344              10,634               10,552
 03/31/2005           11,241              10,762               10,532
 04/30/2005           11,377              10,879               10,707
 05/31/2005           11,524              10,913               10,753
 06/30/2005           11,661              10,964               10,780
 07/31/2005           11,701              11,061               10,623
 08/31/2005           11,937              11,163               10,828
 09/30/2005           11,910              11,346               10,838
 10/31/2005           11,662              11,416               10,742
 11/30/2005           11,751              11,372               10,752
 12/31/2005           11,956              11,374               10,816
 01/31/2006           12,067              11,508               10,825
 02/28/2006           12,098              11,579               10,793
 03/31/2006           11,907              11,691               10,684
 04/30/2006           11,927              11,839               10,738
 05/31/2006           11,815              11,948               10,774
 06/30/2006           11,805              12,021               10,806

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Class M.

Regional Breakdown^‡

Real Return Asset	28.4%
Real Return	18.1%
Developing Local Markets	8.5%
Floating Income	8.3%
Long-Term U.S. Government	7.4%
International StocksPLUS® TR Strategy Fund	6.0%
Emerging Markets Bond	5.6%
Other	17.7%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
			6 Months*	1 Year	Portfolio Inception (04/30/04)
		All Asset Portfolio M Class	-1.26%	1.23%	7.96%
	- - - -	Consumer Price Index + 500 Basis points	5.69%	9.64%	8.87%
		Lehman Brothers U.S. TIPS 1-10 Year Index	-0.09%	0.24%	3.65%

* Cumulative return. 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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	987.40	$	1,020.33
Expenses Paid During Period†	$	4.43	$	4.51

† Expenses are equal to the Portfolio’s Class M annualized expense ratio of 0.90%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The expense ratio excludes the expenses of the Underlying 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 0.63%. Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 Underlying Funds (i.e., any of the PIMCO Funds, except the All Asset and All Asset All Authority Funds).

» Significant exposure to the Treasury Inflation-Protected Securities (“TIPS”) asset class detracted significantly from tactical asset allocation alpha due to the asset class, particularly longer dated TIPS, posting negative returns.

» Less than optimal exposure to commodities detracted from performance, as the Dow Jones AIG Commodity Index returned 3.58% over the period.

» Less than optimal exposure to Real Estate Investment Trusts (“REITs”) detracted from performance, as the Dow Jones Wilshire REIT Index gained 14.40% for the period.

» Significant exposure to lower duration instruments was positive for performance, as lower duration assets tend to outperform assets with longer duration in a rising interest rate environment. Exposure to the Floating Rate Income Fund provided positive returns.

» Significant exposure to the Developing Local Markets Fund and emerging market currencies added to performance with the fund returning 4.34%.

» Exposure to the High Yield Fund was positive due to coupon selection providing solid returns for the period.

4 PIMCO Variable Insurance Trust

Financial Highlights    All Asset Portfolio Class M June 30, 2006 (Unaudited)

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			04/30/2004- 12/31/2004
Class M
Net asset value beginning of period	$	11.80		$	11.60		$	10.59
Net investment income (a)		0.21			0.85			0.96
Net realized/unrealized gain (loss) on investments (a)		(0.36	)		(0.16	)		0.39
Total income (loss) from investment operations		(0.15	)		0.69			1.35
Dividends from net investment income		(0.21	)		(0.45	)		(0.33	)
Distributions from net realized capital gains		0.00			(0.04	)		(0.01	)
Total distributions		(0.21	)		(0.49	)		(0.34	)
Net asset value end of period	$	11.44		$	11.80		$	11.60
Total return		(1.26	)%		5.94	%		12.85	%
Net assets end of period (000s)	$	65,063		$	67,365		$	18,345
Ratio of expenses to average net assets		0.90	%*		0.89	%(b)(c)		0.87	%*(b)(c)
Ratio of net investment income to average net assets		3.60	%*		7.16	%		12.66	%*
Portfolio turnover rate		33	%		75	%		93	%

+ 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 Funds’ expense 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%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    All Asset Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments in Affiliates, at value	$	364,075
Cash		1
Receivable for Portfolio shares sold		2,020
Interest and dividends receivable from Affiliates		1,899
		367,995
Liabilities:
Payable for investments in Affiliates purchased	$	3,433
Payable for Portfolio shares redeemed		228
Accrued investment advisory fee		62
Accrued administration fee		77
Accrued servicing fee		62
Recoupment payable to Manager		5
		3,867
Net Assets	$	364,128
Net Assets Consist of:
Paid in capital	$	368,395
Undistributed net investment income		6,814
Accumulated undistributed net realized (loss)		(1,686	)
Net unrealized (depreciation)		(9,395	)
	$	364,128
Net Assets:
Institutional Class	$	10
Administrative Class		233,824
Advisor Class		65,231
Class M		65,063
Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		20,415
Advisor Class		5,693
Class M		5,684
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	11.45
Administrative Class		11.45
Advisor Class		11.45
Class M		11.44
Cost of Investments in Affiliates Owned	$	373,469

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    All Asset Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	14
Dividends from Affiliate investments		7,717
Total Income		7,731
Expenses:
Investment advisory fees		337
Administration fees		422
Servicing fees – Administrative Class		190
Distribution and/or servicing fees – Advisor Class		21
Distribution and/or servicing fees – Class M		152
Interest expense		1
Miscellaneous expense		10
Total Expenses		1,133
Net Investment Income		6,598
Net Realized and Unrealized (Loss):
Net realized (loss) on Affiliate investments		(3,155	)
Net change in unrealized (depreciation) on Affiliate investments		(7,231	)
Net (Loss)		(10,386	)
Net (Decrease) in Net Assets Resulting from Operations	$	(3,788	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    All Asset Portfolio

(Amounts In Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	6,598		$	16,918
Net realized gain (loss) on Affiliate investments		(3,155	)		1,306
Net capital (loss) distributions received from Underlying Funds		0			712
Net change in unrealized (depreciation) on Affiliate investments		(7,231	)		(3,656	)
Net increase (decrease) resulting from operations		(3,788	)		15,280
Distributions to Shareholders:
From net investment income
Institutional Class		0			0
Administrative Class		(5,038	)		(9,080	)
Advisor Class		(632	)		(160	)
Class M		(1,232	)		(2,166	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(735	)
Advisor Class		0			(22	)
Class M		0			(198	)
Total Distributions		(6,902	)		(12,361	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		10			0
Administrative Class		33,411			166,191
Advisor Class		58,213			7,545
Class M		11,550			54,317
Issued as reinvestment of distributions
Institutional Class		0			0
Administrative Class		5,038			9,815
Advisor Class		632			182
Class M		1,232			2,364
Cost of shares redeemed
Institutional Class		0			0
Administrative Class		(48,154	)		(29,204	)
Advisor Class		(431	)		(208	)
Class M		(12,991	)		(8,152	)
Net increase resulting from Portfolio share transactions		48,510			202,850
Total Increase in Net Assets		37,820			205,769
Net Assets:
Beginning of period		326,308			120,539
End of period*	$	364,128		$	326,308
*Including undistributed net investment income of:	$	6,814		$	7,118

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    All Asset Portfolio (a) June 30, 2006 (Unaudited)

			VALUE
	SHARES		(000S)
PIMCO FUNDS (b) 99.5%
CommodityRealReturn Strategy Fund®	639,133	$	9,395
Convertible Fund	99,294		1,240
Developing Local Markets Fund	2,967,035		30,946
Diversified Income Fund	95,839		1,031
Emerging Markets Bond Fund	1,908,223		20,552
Floating Income Fund	2,936,807		30,396
Foreign Bond Fund (Unhedged)	81,715		833
Fundamental IndexPLUS® Fund	162,512		1,666
Fundamental IndexPLUS® TR Fund	780,708		7,823
GNMA Fund	249,029		2,670
High Yield Fund	1,318,660		12,554
International StocksPLUS® TR Strategy Fund	1,888,909		22,025
Long-Term U.S. Government Fund	2,636,612		26,893
Low Duration Fund	304,426		2,993
Real Return Asset Fund	9,461,298		103,412
Real Return Fund	6,131,194		65,726
RealEstateRealReturn Strategy Fund	202,957		1,756
Short-Term Fund	994		10
StocksPLUS® Fund	7,084		72
StocksPLUS® Total Return Fund	148,481		1,679
Total Return Fund	1,477,051		15,036
Total Return Mortgage Fund	346,837		3,586
Total PIMCO Funds (Cost $371,688)			362,294

SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENT 0.5%
State Street Bank
4.900% due 07/03/2006	$	1,781	$	1,781
(Dated 06/30/2006. Collateralized by Federal Home Loan Bank 4.875% due 02/15/2007 valued at $1,819. Repurchase proceeds are $1,782.)
Total Short-Term Instruments (Cost $1,781)				1,781
Total Investments 100.0% (Cost $373,469)			$	364,075
Other Assets and Liabilities (Net) 0.0%				53
Net Assets 100.0%			$	364,128

Notes to Schedule of Investments:

(a) The All Asset Portfolio is investing in shares of affiliated Funds.

(b) Institutional Class of each PIMCO Funds.

See Accompanying Notes Semiannual Report June 30, 2006 9

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers four classes of shares: Institutional, Administrative, Advisor, and Class M. Information presented in these financial statements pertains to the Class M of the Portfolio. Certain detailed financial information for the Institutional Class, Advisor Class and Administrative Class are provided separately and are 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 PIMCO Funds are valued at their net asset value as reported by the Underlying 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

Federal Income Taxes.   The All Asset Portfolio (“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.

To the extent the All Asset Portfolio invest in the CommodityRealReturn Strategy Portfolio^® (the “CRRS Portfolio”), an Underlying Fund, this Portfolio may be subject to the risks associated with commodity-linked derivative instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the CRRS Portfolio derive at least 90 percent of its gross income from certain qualifying sources of income. On December 16, 2005, the IRS issued Revenue Ruling 2006-01 which held that income from commodity index-linked swaps was not qualifying income. At the time Revenue Ruling 2006-01 was issued, the CRRS Portfolio invested primarily in commodity index-linked swaps to gain exposure to the commodity markets. Revenue Ruling 2006-01 provided an effective date of June 30, 2006, after which time the CRRS Portfolio’s ability to utilize commodity index-linked swaps as part of its investment strategy will be limited to a maximum of 10 percent of its gross income.

On June 2, 2006, the IRS issued Revenue Ruling 2006-31 which extends the effective date for Revenue Ruling 2006-01 from June 30, 2006 until September 30, 2006. Revenue Ruling 2006-31 also clarifies the holding of Revenue Ruling 2006-01 by providing that income from alternative instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. In addition, the IRS has also issued private letter rulings to at least two other funds in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. The CRRS Portfolio has also obtained an opinion of counsel with respect to the treatment of income from commodity index-linked notes as qualifying income under the Code. Such an opinion is not binding upon the IRS.

Based on Revenue Ruling 2006-31, IRS guidance and advice of counsel, the CRRS Portfolio will seek to gain exposure to the commodity markets primarily through investments in commodity indexlinked notes. The use of commodity index-linked notes involves specific risks. The CRRS Portfolio will continue to seek ways to make use of other commodity-linked derivative instruments, including swap agreements, commodity options, futures and options on futures, and alternative structures within the Portfolio to gain exposure to commodity markets. Please refer to the prospectus for the Separate Account and Variable Contract for information regarding federal income tax treatment of distributions to the Separate Account.

Guarantees and Indemnifications.  Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust’s investment manager) is indemnified against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of

10 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts, and believes the risk of loss to be remote.

Underlying Funds.  The Portfolio may invest in any or all of the Underlying Funds, but will not normally invest in every Underlying Fund at any particular time. The Underlying Funds are the Institutional Class shares of the PIMCO Funds, 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.

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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%.

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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the 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 %

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
		12/31/2003		12/31/2004		12/31/2005		06/30/2006
Amount Available for Reimbursement	$	12	$	0	$	0	$	0

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	0	$	0	$	159,640	$	113,374

Semiannual Report June 30, 2006 11

Notes to Financial Statements (Cont.)

5.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	1		$	10		0		$	0
Administrative Class	2,843			33,411		14,121			166,191
Advisor Class	5,043			58,213		632			7,545
Class M	982			11,550		4,617			54,317
Issued as reinvestment of distributions
Institutional Class	0			0		0			0
Administrative Class	437			5,038		828			9,815
Advisor Class	56			632		15			182
Class M	107			1,232		200			2,364
Cost of shares redeemed
Institutional Class	0			0		0			0
Administrative Class	(4,149	)		(48,154	)	(2,453	)		(29,204	)
Advisor Class	(37	)		(431	)	(17	)		(208	)
Class M	(1,114	)		(12,991	)	(689	)		(8,152	)
Net increase resulting from Portfolio share transactions	4,169		$	48,510		17,254		$	202,850

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 Shareholders	% of Portfolio Held
Institutional Class	1	100
Administrative Class	2	89	*
Advisor Class	2	93
Class M	3	97

* Allianz Life Insurance Co. of North America, an indirect wholly owned subsidiary of AGI and a related party to the Portfolio, owned 25% or more of the outstanding shares of beneficial interest of the Portfolio and therefore may be presumed to “control” the Portfolio, as that term is defined in the 1940 Act.

6.  AFFILIATED TRANSACTIONS

The Underlying Funds are considered to be affiliated with the Portfolio. The table below shows the transactions in and earnings from investments in these affiliated Funds for the period ended June 30, 2006 (amounts in thousands):

Underlying Funds	Market Value 12/31/2005		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 6/30/2006		Dividend Income		Net Capital and Realized Gain (Loss)
CommodityRealReturn Strategy Fund®	$	11,984	$	3,509	$	6,126	$	130		$	9,395	$	46	$	(270	)
Convertible Fund		1,193		16		0		66			1,240		16		0
Developing Local Markets Fund		23,695		11,797		5,002		582			30,946		529		96
Diversified Income Fund		0		1,051		0		(19	)		1,031		11		0
Emerging Markets Bond Fund		26,326		9,172		13,874		321			20,552		756		(215	)
Floating Income Fund		23,662		14,886		8,178		272			30,396		678		65
Foreign Bond Fund (Unhedged)		7,223		1,078		7,621		25			833		80		(356	)
Fundamental IndexPLUS® Fund		1,258		1,753		1,411		28			1,666		18		24
Fundamental IndexPLUS® TR Fund		10,704		972		3,795		(28	)		7,823		164		(158	)
GNMA Fund		3,197		539		988		(63	)		2,670		70		(9	)
High Yield Fund		20,384		705		8,205		(76	)		12,554		705		(85	)
International StocksPLUS® TR Strategy Fund		10,584		12,012		75		(675	)		22,025		379		(9	)
Long-Term U.S. Government Fund		39,326		3,546		13,541		(2,088	)		26,893		717		(831	)
Low Duration Fund		4,844		12,249		13,954		(2	)		2,993		158		(146	)
Real Return Asset Fund		49,421		59,336		997		(4,724	)		103,412		1,423		(38	)
Real Return Fund		43,544		24,385		591		(2,425	)		65,726		995		(45	)
RealEstateRealReturn Strategy Fund		10,989		230		9,873		36			1,756		230		(537	)
Short-Term Fund		0		76		66		0			10		0		0
StocksPLUS® Fund		70		1		0		3			72		1		0
StocksPLUS® Total Return Fund		1,687		21		0		(59	)		1,679		21		0
Total Return Fund		26,281		2,128		12,615		(576	)		15,036		542		(463	)
Total Return Mortgage Fund		10,041		178		6,462		(123	)		3,586		178		(178	)
Totals	$	326,413	$	159,640	$	113,374	$	(9,395	)	$	362,294	$	7,717	$	(3,155	)

12 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$        1,463	$      (10,857)	$        (9,394)

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA���) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the Allianz Funds and the PIMCO Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the Allianz Funds and PIMCO Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders —including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

Semiannual Report June 30, 2006 13

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Administrative

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

CommodityRealReturn™ Strategy Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	13

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the CommodityRealReturn Strategy Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, commodity risk, mortgage risk, non-U.S. investment risk, currency risk, issuer non-diversification risk, leveraging risk, management risk, and tax risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

The value of commodity-linked derivative instruments may be affected by changes in overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, and international economic and political developments, as well as the trading activity of speculators and arbitrageurs in the underlying commodities.

The Portfolio will seek to gain exposure to the commodity markets primarily through investments in leveraged or unleveraged commodity index-linked notes, which are derivative debt instruments with principal and/or coupon payments linked to the value of commodities, commodity futures contracts or the performance of commodity indices. These notes are sometimes referred to as “structured notes” because the terms of these notes may be structured by the issuer and the purchaser of the note. The value of these notes will rise or fall in response to changes in the underlying commodity or related index of investment. These notes expose the Portfolio economically to movements in commodity prices. The Portfolio may also gain exposure to commodity markets by investing in one or more underlying investment vehicles or companies that have substantially similar investment objectives as the Portfolio. Assets not invested in commodity index-linked derivative instruments may be invested in inflation-indexed securities and other fixed income instruments, including derivative fixed income instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Internal Revenue Code is that the Portfolio derive at least 90 percent of its gross income from certain qualifying sources of income. On December 16, 2005, the Internal Revenue Service issued Revenue Ruling 2006-01, which held that income from commodity index-linked swaps would not be qualifying income after June 30, 2006. At the time Revenue Ruling 2006-01 was issued, the Portfolio invested primarily in commodity index-linked swaps to gain exposure to the commodity markets. The effective date of Revenue Ruling 2006-01 was extended to September 30, 2006 by Revenue Ruling 2006-31, after which time the Portfolio’s ability to utilize commodity index-linked swaps as part of its investment strategy will be limited to a maximum of 10 percent of its gross income.

In addition to extending the effective date, Revenue Ruling 2006-31 also clarifies the holding of Revenue Ruling 2006-01 by providing that income from alternative instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Internal Revenue Code. In addition, the Internal Revenue Service has also issued private letter rulings to at least two other funds in which the Internal Revenue Service specifically concluded that income from certain commodity index-linked notes is qualifying income. The Portfolio has also obtained an opinion of counsel with respect to the treatment of income from commodity index-linked notes as qualifying income under the Internal Revenue Code. Such an opinion is not binding upon the Internal Revenue Service.

Based on Revenue Ruling 2006-31, Internal Revenue Service guidance and advice of counsel, the Portfolio will seek to gain exposure to the commodity markets primarily through investments in commodity index-linked notes. These notes are subject to risks, such as credit, market and interest rate risks, that in general affect the values of debt securities. In addition, these notes are often leveraged, increasing the volatility of each note’s market value relative to changes in the underlying commodity, commodity futures contract or commodity index. Therefore, at the maturity of the note, the Portfolio may receive more or less principal than it originally invested. The Portfolio may receive interest payments on the note that are more or less than the stated coupon interest payments.

As a result of the Portfolio’s investments in commodity index-linked notes and other commodity-linked derivative instruments, it is possible that a lesser amount of the Portfolio’s assets would be available for investment in inflation-indexed instruments and other fixed income instruments, which could adversely affect the Portfolio’s total return.

The Portfolio is intended for long-term investors and an investment in the Portfolio should be no more than a small part of a typical diversified portfolio. The Portfolio’s share price is expected to be more volatile than that of other funds. The Portfolio may invest in commodity-linked derivative instruments which may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, and international economic and political developments, as well as the trading activity of speculators and arbitrageurs in the underlying commodities.

2 PIMCO Variable Insurance Trust

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Dow Jones – AIG Commodity Total Return is an unmanaged index composed of futures contracts on 19 physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. It is not possible to invest directly in the index.

Semiannual Report June 30, 2006 3

PIMCO CommodityRealReturn Strategy Portfolio

Cumulative Returns Through June 30, 2006

                      CommodityRealReturn            Dow Jones - AIG
                       Strategy Portfolio            Commodity Total
                      Administrative Class             Return Index
                      --------------------           ---------------
06/30/2004                 $10,000                      $10,000
07/31/2004                  10,160                       10,177
08/31/2004                  10,220                        9,991
09/30/2004                  10,920                       10,675
10/31/2004                  11,230                       10,856
11/30/2004                  11,050                       10,726
12/31/2004                  10,651                       10,199
01/31/2005                  10,743                       10,306
02/28/2005                  11,443                       11,034
03/31/2005                  11,855                       11,427
04/30/2005                  11,386                       10,760
05/31/2005                  11,386                       10,677
06/30/2005                  11,535                       10,856
07/31/2005                  11,709                       11,343
08/31/2005                  12,813                       12,199
09/30/2005                  13,299                       12,767
10/31/2005                  12,285                       11,965
11/30/2005                  12,244                       11,996
12/31/2005                  12,684                       12,378
01/31/2006                  12,912                       12,607
02/28/2006                  12,094                       11,818
03/31/2006                  12,016                       12,081
04/30/2006                  12,795                       12,900
05/31/2006                  12,899                       13,023
06/30/2006                  12,626                       12,821

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Administrative Class.

Sector Breakdown^‡

U.S. Treasury Obligations#	47.8%
Short-Term Instrument#	29.9%
Structured Notes#	16.3%
Other	6.0%

‡ % of Total Investments as of June 30, 2006

# Primarily serving as collateral for commodity-linked derivative positions

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	Since Inception (06/30/04)
	PIMCO CommodityRealReturn Strategy Portfolio Administrative Class	-0.45%	9.46%	12.37%
	Dow Jones–AIG Commodity Total Return Index	3.58%	18.09%	13.24%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (1/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	995.50	$	1,020.38
Expenses Paid During Period†	$	4.40	$	4.46

† Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.89%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO CommodityRealReturn Strategy Portfolio seeks to achieve its investment objective by investing under normal circumstances in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other Fixed-Income Instruments.

» Commodities rallied for the six-month period of December 31, 2005 to June 30, 2006, driven in part by surging gasoline prices resulting from concerns over supply disruptions to the U.S. gasoline market amid strong demand. Also benefiting commodities was continued strong global economic growth, which boosted demand and prices alike for industrial metals.

» The Portfolio invested the collateral backing its commodity derivatives positions primarily in Treasury Inflation-Protected Securities (“TIPS”), implementing a “double real^®” strategy. For the six-month period ending June 30, 2006, this was negative for performance, as TIPS performance was negative.

» The Portfolio’s below benchmark TIPS duration added to performance as real yields rose on strong U.S. economic growth. The effective duration of the Portfolio was 6.86 years on June 30, 2006 compared to a duration of 6.11 years for the benchmark.

» The Portfolio’s emphasis on U.S. nominal bonds was negative for performance, as nominal yields rose faster than real yields on higher inflation expectations and the outlook for further Federal Reserve tightening.

» Positions in short maturity U.S. nominal bonds for the period detracted significantly from performance due to a substantial flattening of the nominal yield curve.

» Currency exposure added to performance resulting from a depreciation of the U.S. dollar relative to the Euro and Japanese Yen.

» Mortgage holdings during the period were positive due to favorable coupon selection, particularly 15-year FNMA 5.0% and 30-year FNMA 5.5% coupons, which outperformed the broader Index.

4 PIMCO Variable Insurance Trust

Financial Highlights    CommodityRealReturn Strategy Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			06/30/2004-12/31/2004
Administrative Class
Net asset value beginning of period	$	12.25		$	10.49		$	10.00
Net investment income (a)		0.19			0.35			0.07
Net realized/unrealized gain (loss) on investments (a)		(0.26	)		1.64			0.58
Total income (loss) from investment operations		(0.07	)		1.99			0.65
Dividends from net investment income		(0.17	)		(0.22	)		0.00
Distributions from net realized capital gains		0.00			(0.01	)		(0.16	)
Total distributions		(0.17	)		(0.23	)		(0.16	)
Net asset value end of period	$	12.01		$	12.25		$	10.49
Total return		(0.45	)%		19.08	%		6.51	%
Net assets end of period (000s)	$	147,599		$	106,943		$	3,358
Ratio of expenses to average net assets		0.89	%*		0.89	%		0.90	%*(b)(c)
Ratio of net investment income to average net assets		3.18	%*		2.92	%		1.36	%*
Portfolio turnover rate		629	%		1,415	%		700	%

+ 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 0.89%.

(c) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 1.58%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    CommodityRealReturn Strategy Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	312,385
Cash		60
Foreign currency, at value		14
Receivable for investments sold		425
Receivable for investments sold on delayed-delivery basis		511
Receivable for Portfolio shares sold		1,357
Interest and dividends receivable		449
Variation margin receivable		64
Swap premiums paid		532
Unrealized appreciation on forward foreign currency contracts		18
Unrealized appreciation on swap agreements		94
Other assets		68
		315,977
Liabilities:
Payable for investments purchased	$	15,801
Payable for investments purchased on delayed-delivery basis		149,121
Payable for Portfolio shares redeemed		655
Written options outstanding		89
Accrued investment advisory fee		62
Accrued administration fee		32
Variation margin payable		62
Recoupment payable to Manager		3
Swap premiums received		37
Unrealized depreciation on forward foreign currency contracts		481
Unrealized depreciation on swap agreements		20
Other liabilities		396
		166,759
Net Assets	$	149,218
Net Assets Consist of:
Paid in capital	$	147,883
Undistributed net investment income		3,943
Accumulated undistributed net realized (loss)		(6,005	)
Net unrealized appreciation		3,397
	$	149,218
Net Assets:
Administrative Class	$	147,599
Advisor Class		1,619
Shares Issued and Outstanding:
Administrative Class		12,279
Advisor Class		135
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Administrative Class		12.02
Advisor Class		12.01
Cost of Investments Owned	$	307,923
Cost of Foreign Currency Held	$	14
Premiums Received on Written Options	$	148

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    CommodityRealReturn Strategy Portfolio

(Amounts In Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	2,782
Total Income		2,782
Expenses:
Investment advisory fees		334
Administration fees		171
Servicing fees – Administrative Class		102
Trustees’ fees		1
Interest expense		2
Miscellaneous expense		3
Total Expenses		613
Net Investment Income		2,169
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(7,788	)
Net realized gain on futures contracts, options and swaps		2,707
Net realized (loss) on foreign currency transactions		(158	)
Net change in unrealized appreciation on investments		3,018
Net change in unrealized appreciation on futures contracts, options and swaps		769
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		414
Net (Loss)		(1,038	)
Net Increase in Net Assets Resulting from Operations	$	1,131

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    CommodityRealReturn Strategy Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	2,169		$	994
Net realized gain (loss)		(5,239	)		3,135
Net change in unrealized appreciation (depreciation)		4,201			(756	)
Net increase resulting from operations		1,131			3,373
Distributions to Shareholders:
From net investment income
Administrative Class		(1,990	)		(1,210	)
Advisor Class		(15	)		0
From net realized capital gains
Administrative Class		0			(100	)
Advisor Class		0			0
Total Distributions		(2,005	)		(1,310	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		86,046			107,935
Advisor Class		1,992			0
Issued as reinvestment of distributions
Administrative Class		1,990			1,298
Advisor Class		15			0
Cost of shares redeemed
Administrative Class		(46,555	)		(7,711	)
Advisor Class		(339	)		0
Net increase resulting from Portfolio share transactions		43,149			101,522
Total Increase in Net Assets		42,275			103,585
Net Assets:
Beginning of period		106,943			3,358
End of period*	$	149,218		$	106,943
*Including undistributed net investment income of:	$	3,943		$	3,779

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    CommodityRealReturn Strategy Portfolio June 30, 2006 (Unaudited)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

STRUCTURED NOTES 34.2%
Bank of America N.A.: DJAIG Commodity Linked Index Total Return Index
4.983% due 06/08/2007	$	3,000	$	2,885
Bear Stearn Co., Inc.: DJAIG Commodity Linked Index Total Return Index
5.209% due 06/11/2007		3,000		2,777
Calyon Financial Products (Guernsey) Ltd.: DJAIG Commodity Linked Index Total Return Index
1.000% due 07/16/2007		3,000		3,107
Commonwealth Bank of Australia: DJAIG Commodity Linked Index Total Return Index
1.000% due 06/28/2007		2,800		3,170
Credit Suisse First Boston New York: DJAIG Commodity Linked Index Total Return Index
1.000% due 11/20/2006		4,000		4,499
Eksportfinans ASA: DJAIG Commodity Linked Index Total Return Index
0.000% due 05/18/2007		3,500		3,702
CDC IXIS: DJAIG Commodity Linked Index Total Return Index
4.829% due 04/09/2007		2,000		2,312
JP Morgan: DJAIG Commodity Linked Index Total Return Index
4.679% due 04/30/2007		1,000		1,116
Landesbank Baden-Wurttenberg: DJAIG Commodity Linked Index Total Return Index
1.000% due 04/10/2007		3,000		2,777
Merrill Lynch & Co., Inc.: DJAIG Commodity Linked Index Total Return Index
4.737% due 03/19/2007		2,000		2,313
Morgan Stanley: DJAIG Commodity Linked Index Total Return Index
1.000% due 04/30/2007		2,000		2,300
4.969% due 06/15/2007		1,000		872
1.000% due 07/06/2007		10,000		10,457
RaboBank: DJAIG Commodity Linked Index Total Return Index
4.979% due 06/21/2007		2,000		2,266
Svensk Exportkredit AB: DJAIG Commodity Linked Index Total Return Index
1.000% due 03/30/2007		1,000		930
1.000% due 04/18/2007		2,000		2,327
UBS AG: DJAIG Commodity Linked Index Total Return Index
4.967% due 02/20/2007		3,000		3,193
Total Structured Notes (Cost $48,300)				51,003
CORPORATE BONDS & NOTES 1.1%
BANKING & FINANCE 0.7%
Atlantic & Western Re Ltd.
11.240% due 01/09/2009		300		283
Ford Motor Credit Co.
6.320% due 09/28/2007		200		196
General Electric Capital Corp.
5.340% due 12/12/2008		100		100
Rabobank Nederland
5.088% due 01/15/2009		100		100
Wachovia Bank N.A.
5.308% due 12/02/2010		400		400
				1,079
INDUSTRIALS 0.4%
Caesars Entertainment, Inc.
8.875% due 09/15/2008		300		316

Starwood Hotels & Resorts Worldwide, Inc.
7.375% due 05/01/2007	$	300	$	303
				619
Total Corporate Bonds & Notes (Cost $1,719)				1,698
U.S. GOVERNMENT AGENCIES 6.2%
Fannie Mae
4.192% due 11/01/2034		331		325
4.500% due 10/25/2022		15		15
4.681% due 02/25/2036		300		291
5.211% due 03/01/2044 - 10/01/2044 (c)		1,139		1,145
5.500% due 09/01/2035 - 07/13/2036 (c)		6,725		6,461
5.672% due 05/25/2042		32		32
5.950% due 02/25/2044		200		198
Freddie Mac
4.000% due 03/15/2023 - 10/15/2023 (c)		185		181
4.555% due 01/01/2034		62		60
5.211% due 02/25/2045		509		505
5.582% due 08/25/2031		8		8
Total U.S. Government Agencies (Cost $9,292)				9,221
U.S. TREASURY OBLIGATIONS 100.0%
Treasury Inflation Protected Securities (b)
3.375% due 01/15/2007		128		128
3.625% due 01/15/2008		6,762		6,880
3.875% due 01/15/2009		4,318		4,473
4.250% due 01/15/2010		12,746		13,545
0.875% due 04/15/2010		13,669		12,899
2.375% due 04/15/2011		10,602		10,563
3.000% due 07/15/2012		13,954		14,374
1.875% due 07/15/2013		4,517		4,341
2.000% due 01/15/2014		3,066		2,961
2.000% due 07/15/2014		2,040		1,965
1.625% due 01/15/2015		530		494
1.875% due 07/15/2015		11,859		11,256
2.000% due 01/15/2016		22,326		21,327
2.375% due 01/15/2025		10,402		10,127
2.000% due 01/15/2026		12,743		11,671
3.625% due 04/15/2028		11,134		13,215
3.875% due 04/15/2029		6,400		7,921
U.S. Treasury Bonds
4.500% due 02/15/2036		500		448
U.S. Treasury Notes
4.500% due 02/28/2011		100		98
4.500% due 11/15/2015		600		572
Total U.S. Treasury Obligations (Cost $148,219)				149,258
MORTGAGE-BACKED SECURITIES 1.2%
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		476		467
Countrywide Home Loan Mortgage Pass-Through Trust
3.795% due 11/19/2033		42		40
First Horizon Alternative Mortgage Securities
4.745% due 06/25/2034		64		62
GGP Mall Properties Trust
5.007% due 11/15/2011		95		95
Greenpoint Mortgage Funding Trust
5.592% due 11/25/2045		67		67
Harborview Mortgage Loan Trust
5.492% due 03/19/2037		198		198

Lehman XS Trust
5.402% due 06/25/2036	$	200	$	200
5.402% due 04/25/2046		379		379
Mastr Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		100		94
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		98		96
5.682% due 01/25/2035		96		98
Total Mortgage-Backed Securities (Cost $1,802)				1,796
ASSET-BACKED SECURITIES 4.0%
AAA Trust
5.422% due 11/26/2035		13		13
ACE Securities Corp.
5.432% due 10/25/2035		192		192
Argent Securities, Inc.
5.442% due 10/25/2035		48		48
5.462% due 02/25/2036		287		287
5.402% due 03/25/2036		161		162
5.392% due 05/25/2036		174		174
Asset-Backed Funding Certificates
5.432% due 08/25/2035		85		85
Bear Stearns Asset-Backed Securities, Inc.
5.522% due 09/25/2034		32		32
Chase Credit Card Master Trust
5.579% due 11/17/2008		100		100
Citigroup Mortgage Loan Trust, Inc.
5.432% due 09/25/2035		63		63
5.402% due 12/27/2036		214		214
Countrywide Asset-Backed Certificates
5.422% due 08/25/2035		51		51
5.512% due 08/25/2035		100		100
5.452% due 02/25/2036		91		91
5.392% due 03/25/2036		277		277
5.392% due 04/25/2036		92		92
FBR Securitization Trust
5.442% due 09/25/2035		54		54
5.502% due 09/25/2035		100		100
5.432% due 10/25/2035		479		479
5.442% due 10/25/2035		55		55
First Franklin Mortgage Loan Asset-Backed Certificates
5.412% due 01/25/2036		256		257
First NLC Trust
5.432% due 12/25/2035		103		103
Ford Credit Auto Owner Trust
4.240% due 03/15/2008		63		63
Fremont Home Loan Trust
5.412% due 01/25/2036		313		314
GSAMP Trust
5.432% due 01/25/2036		185		185
Home Equity Asset Trust
5.432% due 02/25/2036		71		71
5.402% due 05/25/2036		87		87
HSI Asset Securitization Corp. Trust
5.402% due 12/25/2035		83		83
Indymac Residential Asset-Backed Trust
5.412% due 03/25/2036		251		251
5.422% due 03/25/2036		76		76
JP Morgan Mortgage Acquisition Corp.
5.392% due 01/25/2026		132		132
Long Beach Mortgage Loan Trust
5.522% due 11/25/2034		62		62
5.402% due 02/25/2036		79		79

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    CommodityRealReturn Strategy Portfolio (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
Merrill Lynch Mortgage Investors, Inc.
5.402% due 01/25/2037	$	83	$	83
Nelnet Student Loan Trust
5.190% due 07/25/2016		100		100
New Century Home Equity Loan Trust
5.432% due 09/25/2035		42		42
Nomura Asset Acceptance Corp.
5.462% due 01/25/2036		81		81
Residential Asset Mortgage Products, Inc.
5.402% due 12/25/2007		80		80
Residential Asset Securities Corp.
5.422% due 09/25/2025		18		18
5.422% due 05/25/2027		126		126
Residential Funding Mortgage Securities II, Inc.
5.462% due 05/25/2015		142		142
SACO I, Inc.
5.432% due 10/25/2033		99		100
Securitized Asset-Backed Receivables LLC Trust
5.392% due 10/25/2035		68		68
Soundview Home Equity Loan Trust
5.432% due 05/25/2035		64		64
5.392% due 03/25/2036		79		79
Structured Asset Investment Loan Trust
5.412% due 07/25/2035		39		39
Structured Asset Securities Corp.
5.452% due 12/25/2035		265		266
Susquehanna Auto Lease Trust
4.991% due 04/16/2007		60		60
USAA Auto Owner Trust
5.030% due 11/17/2007		100		100
Wachovia Mortgage Loan Trust LLC
5.432% due 10/25/2035		41		41
Total Asset-Backed Securities (Cost $5,917)				5,921
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.0%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.250% Exp. 06/07/2007		7,000		19
Total Purchased Call Options (Cost $30)				19
		#OF CONTRACTS
PURCHASED PUT OPTIONS 0.0%
90-Day Eurodollar December Futures (CME)
Strike @ $92.000 Exp. 12/18/2006		50		0
Strike @ $92.500 Exp. 12/18/2006		53		0
Strike @ $92.750 Exp. 12/18/2006		16		0
90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007		83		1
90-Day Eurodollar September Futures (CME)
Strike @ $92.000 Exp. 09/17/2007		1		0

Treasury Inflation Protected Securities (OTC) 0.875% due 04/05/2010
Strike @ $83.000 Exp. 07/05/2006	$	11,000	$	0
Treasury Inflation Protected Securities (OTC) 1.875% due 07/13/2015
Strike @ $70.000 Exp. 07/13/2006		20,000		0
Treasury Inflation Protected Securities (OTC) 2.000% due 01/15/2016
Strike @ $68.000 Exp. 09/15/2006		20,000		0
Treasury Inflation Protected Securities (OTC) 2.000% due 01/17/2026
Strike @ $54.000 Exp. 07/17/2006		11,000		0
Treasury Inflation Protected Securities (OTC) 2.375% due 01/13/2025
Strike @ $58.000 Exp. 07/13/2006		5,000		0
Treasury Inflation Protected Securities (OTC) 3.000% due 07/08/2012
Strike @ $83.000 Exp. 08/08/2006		14,200		0
Treasury Inflation Protected Securities (OTC) 3.500% due 01/17/2011
Strike @ $89.000 Exp. 07/17/2006		6,000		0
Treasury Inflation Protected Securities (OTC) 3.625% due 01/08/2008
Strike @ $96.000 Exp. 08/08/2006		6,800		0
Treasury Inflation Protected Securities (OTC) 3.625% due 04/05/2028
Strike @ $76.000 Exp. 07/05/2006		11,000		0
Treasury Inflation Protected Securities (OTC) 3.875% due 04/08/2029
Strike @ $70.000 Exp. 08/08/2006		6,300		0
Treasury Inflation Protected Securities (OTC) 4.250% due 01/05/2010
Strike @ $95.000 Exp. 07/05/2006		12,000		0
U.S. dollar versus Japanese Yen (OTC)
Strike @ JPY114.000 Exp. 07/03/2006		1,800		3
Total Purchased Put Options (Cost $50)				4
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS (g) 62.7%
COMMERCIAL PAPER 45.9%
Abbey National N.A. LLC
5.100% due 07/05/2006	$	3,800		3,799
Bank of Ireland
5.090% due 08/17/2006		4,000		3,975
Barclays U.S. Funding Corp.
5.140% due 09/05/2006		1,600		1,584
BNP Paribas Finance
4.930% due 07/13/2006		1,800		1,797
Danske Corp.
4.955% due 07/20/2006		1,500		1,496
4.980% due 07/26/2006		2,900		2,891
Dexia Delaware LLC
5.275% due 07/05/2006		1,400		1,400
5.065% due 08/18/2006		2,900		2,881

DNB NORBank ASA
4.960% due 07/17/2006	$	700	$	699
5.080% due 08/02/2006		2,000		1,991
Fannie Mae
4.809% due 07/05/2006		1,900		1,899
4.958% due 09/13/2006		3,800		3,758
Federal Home Loan Bank
5.030% due 07/03/2006		4,000		4,000
Freddie Mac
4.625% due 08/01/2006		2,000		1,992
General Electric Capital Corp.
5.060% due 08/16/2006		2,600		2,584
HBOS Treasury Services PLC
4.940% due 07/13/2006		1,000		999
5.100% due 08/25/2006		500		496
ING U.S. Funding LLC
5.235% due 08/03/2006		3,800		3,783
Nordea N.A., Inc.
4.880% due 07/06/2006		1,600		1,599
5.090% due 08/24/2006		2,900		2,879
Skandinaviska Enskilda Banken AB
5.280% due 07/20/2006		1,400		1,396
5.000% due 07/26/2006		2,900		2,891
Societe Generale N.A.
5.270% due 07/03/2006		200		200
4.890% due 07/06/2006		500		500
5.245% due 08/08/2006		2,000		1,989
5.100% due 08/24/2006		1,700		1,687
Spintab AB
5.120% due 08/01/2006		2,500		2,490
Svenska Handelsbanken, Inc.
4.890% due 07/06/2006		3,900		3,898
Total Captial S.A.
5.270% due 07/03/2006		4,000		4,000
UBS Finance Delaware LLC
4.930% due 07/10/2006		2,100		2,098
Westpac Trust Securities NZ Ltd.
4.960% due 07/20/2006		900		898
				68,549
FRANCE TREASURY BILLS 7.5%
2.527% due 07/13/2006 -07/20/2006 (c)	EUR	8,740		11,170
GERMANY TREASURY BILLS 8.0%
2.684% due 08/16/2006		9,010		11,854
REPURCHASE AGREEMENT 0.9%
State Street Bank
4.900% due 07/03/2006	$	1,381		1,381
(Dated 06/30/2006. Collateralized by Federal Home Loan Bank 3.375% due 02/23/2007 valued at $1,412. Repurchase proceeds are $1,382.)
U.S. TREASURY BILLS 0.4%
4.799% due 08/31/2006 -09/14/2006 (c)(d)		515		511
Total Short-Term Instruments (Cost $92,594)				93,465
Total Investments (a) 209.4% (Cost $307,923)			$	312,385
Written Options (f) (0.1%) (Premiums $148)				(89)
Other Assets and Liabilities (Net) (109.3%)				(163,078)
Net Assets 100.0%			$	149,218

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

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

(a) As of June 30, 2006, portfolio securities with an aggregate market value of $51,360 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(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 $511 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	13	$	(26	)
90-Day Eurodollar December Futures	Long	12/2007	18		(25	)
90-Day Eurodollar June Futures	Long	06/2007	31		(58	)
90-Day Eurodollar March Futures	Long	03/2007	30		(60	)
90-Day Eurodollar September Futures	Long	09/2007	31		(54	)
Euro-Bund 10-Year Note September Futures	Long	09/2006	5		(3	)
U.S. Treasury 5-Year Note September Futures	Long	09/2006	53		(35	)
U.S. Treasury 10-Year Note September Futures	Long	09/2006	87		(56	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2006	84		(22	)
				$	(339	)

(e) Swap agreements outstanding on June 30, 2006:
Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation
Citibank N.A.	Morgan Stanley Dean Witter & Co.	Buy	(0.068%	)	06/20/2007	$	1,000	$	0
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the Notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date		Notional Amount	Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.103%	10/15/2010	EUR	500	$	(2	)
BNP Paribas Bank	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.040%	02/21/2011		1,700		(17	)
Goldman Sachs & Co.	6-month EUR-LIBOR	Receive	4.500%	06/17/2015		200		17
HSBC Bank USA	6-month GBP-LIBOR	Receive	4.250%	06/12/2036	GBP	300		23
J.P. Morgan Chase & Co.	6-month GBP-LIBOR	Pay	5.000%	06/15/2008		100		0
Barclays Bank PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2008	$	900		(1	)
Barclays Bank PLC	3-month USD-LIBOR	Receive	5.000%	12/20/2016		1,050		13
Deutsche Bank AG	3-month USD-LIBOR	Receive	5.000%	06/21/2021		1,800		16
Deutsche Bank AG	3-month USD-LIBOR	Receive	5.000%	12/20/2026		1,800		2
Goldman Sachs & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2008		500		0
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2013		300		4
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016		300		4
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2036		1,600		15
							$	74

(f) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts		Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$	108.000	08/25/2006	$	116	$	17	$	4
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/25/2006		151		23		21
Call - CBOT U.S. Treasury 10-Year Note September Futures		107.000	08/25/2006		35		3		3
						$	43	$	28

See Accompanying Notes Semiannual Report June 30, 2006 11

Schedule of Investments    CommodityRealReturn Strategy Portfolio (Cont.)

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 10-Year Interest Rate Swap	Barclays Bank PLC	3-month USD-LIBOR	Receive	5.300%	01/02/2007	$	3,000	$	16	$	12
Put - OTC 10-Year Interest Rate Swap	Barclays Bank PLC	3-month USD-LIBOR	Pay	5.900%	01/02/2007		2,000		23		22
Put - OTC 1-Year Interest Rate Swap	Barclays Bank PLC	3-month USD-LIBOR	Pay	6.100%	01/02/2007		1,000		7		6
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.340%	06/07/2007		2,000		20		14
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.325%	06/07/2007		1,000		9		7
								$	75	$	61

Foreign Currency Options
Description	Counterparty	Exercise Price	Expiration Date	Notional Amount		Premium		Value
Put - OTC U.S. dollar versus Japanese Yen	Bank of America	JPY 104.000	07/03/2006	$	1,400	$	3	$	0
Put - OTC U.S. dollar versus Japanese Yen	Bank of America	106.500	07/03/2006		1,100		7		0
Put - OTC U.S. dollar versus Japanese Yen	Credit Suisse First Boston	106.500	07/03/2006		700		4		0
Put - OTC U.S. dollar versus Japanese Yen	Goldman Sachs & Co.	104.000	07/03/2006		7,300		16		0
						$	30	$	0

(g) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	EUR	653	07/2006	$	18	$	0		$	18
Sell		17,095	08/2006		0		(373	)		(373	)
Buy	JPY	9,840	07/2006		0		0			0
Buy		434,578	08/2006		0		(108	)		(108	)
				$	18	$	(481	)	$	(463	)

12 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2006 (Unaudited)

1.  ORGANIZATION

The CommodityRealReturn Strategy 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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio may offer up to two classes of shares: Administrative and Advisor. Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Advisor 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.

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 (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem fund shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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

Semiannual Report June 30, 2006 13

Notes to Financial Statements (Cont.)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may gain exposure to the commodities markets by entering into swap agreements on a commodities index, and may invest in other commodity-linked derivative instruments, including commodity swap agreements, options, futures contracts, options on futures contracts and commodity-linked structured notes.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Portfolio derive at least 90 percent of its gross income from certain qualifying sources of income. On December 16, 2005, the IRS issued Revenue Ruling 2006-01 which held that income from commodity index-linked swaps was not qualifying income. At the time Revenue Ruling 2006-01 was issued, the Portfolio invested primarily in commodity index-linked swaps to gain exposure to the commodity markets. Revenue Ruling 2006-01 provided an effective date of June 30, 2006, after which time the Portfolio’s ability to utilize commodity index-linked swaps as part of its investment strategy will be limited to a maximum of 10 percent of its gross income.

On June 2, 2006, the IRS issued Revenue Ruling 2006-31 which extends the effective date for Revenue Ruling 2006-01 from June 30, 2006 until September 30, 2006. Revenue Ruling 2006-31 also clarifies the holding of Revenue Ruling 2006-01 by providing that income from alternative instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. In addition, the IRS has also issued private letter rulings to at least two other funds in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. The Portfolio has also obtained an opinion of counsel with respect to the treatment of income from commodity index-linked notes as qualifying income under the Code. Such an opinion is not binding upon the IRS.

Based on Revenue Ruling 2006-31, IRS guidance and advice of counsel, the Portfolio will seek to gain exposure to the commodity markets primarily through investments in commodity index-linked notes. The use of commodity index-linked notes involves specific risks. The Portfolio will continue to seek ways to make use of other commodity-linked derivative instruments, including swap agreements, commodity options, futures and options on futures, and alternative structures within the Portfolio to gain exposure to commodity markets. Please refer to the prospectus for the Separate Account and Variable Contract for information regarding federal income tax treatment of distributions to the Separate Account.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
EUR	Euro
GBP	British Pound
JPY	Japanese Yen

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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

14 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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.

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

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate, total return and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of a credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service in take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

Commodities Linked/Structured Notes.  The Portfolio invests in structured notes whose value is based on the price movements of a commodity index. The structured notes are often leveraged, increasing the volatility of each note’s value relative to the change in the underlying linked financial element. The value of these notes will rise and fall in response to changes in the underlying commodity index. Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the underlying commodity index. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities. Fluctuations in value of the structured notes are recorded as unrealized gains and losses in the accompanying financial statements. Net payments are recorded as net realized gains/losses. These notes are subject to prepayment, credit and interest risks. The Portfolio has the option to request prepayment from the issuer. At maturity, or when a note is sold, the Portfolio records a realized gain or loss. At June 30, 2006, the value of these securities comprised 34.2% of the Portfolio’s net assets and resulted in unrealized appreciation of $2,703.

U.S. Government Agencies or Government-Sponsored Enterprises.   Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”) 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 0.49%.

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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the 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 0.89 %

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):

		12/31/2004		12/31/2005		06/30/2006
Amount Available for Reimbursement	$	9	$	0	$	0

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	1,090,207	$	1,027,659	$	63,523	$	8,613

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $		Premium
Balance at 12/31/2005	18		$	0	$	6
Sales	310			19,500		156
Closing Buys	(26	)		0		(14	)
Expirations	0			0		0
Exercised	0			0		0
Balance at 06/30/2006	302		$	19,500	$	148

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Administrative Class	7,192		$	86,046		8,973		$	107,935
Advisor Class	161			1,992		0			0
Issued as reinvestment of distributions
Administrative Class	173			1,990		106			1,298
Advisor Class	1			15		0			0
Cost of shares redeemed
Administrative Class	(3,813	)		(46,555	)	(672	)		(7,711	)
Advisor Class	(27	)		(339	)	0			0
Net increase resulting from Portfolio share transactions	3,687		$	43,149		8,407		$	101,522

* Inception date of the Portfolio

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 Shareholders	% of Portfolio Held
Administrative Class	4	87	*
Advisor Class	4	94

* Allianz Life Insurance Co. of North America, an indirect wholly owned subsidiary of AGI and a related party to the Portfolio, owned 25% or more of the outstanding shares of beneficial interest of the Portfolio, and therefore may be presumed to “control” the Portfolio, as that term is defined in the 1940 Act.

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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
$         5,397	$           (935)	$         4,462

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Semiannual Report June 30, 2006 17

Notes to Financial Statements (Cont.) June 30, 2006 (Unaudited)

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

18 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Advisor

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

CommodityRealReturn™ Strategy Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	13

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the CommodityRealReturn Strategy Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, commodity risk, mortgage risk, non-U.S. investment risk, currency risk, issuer non-diversification risk, leveraging risk, management risk, and tax risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

The value of commodity-linked derivative instruments may be affected by changes in overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, and international economic and political developments, as well as the trading activity of speculators and arbitrageurs in the underlying commodities.

The Portfolio will seek to gain exposure to the commodity markets primarily through investments in leveraged or unleveraged commodity index-linked notes, which are derivative debt instruments with principal and/or coupon payments linked to the value of commodities, commodity futures contracts or the performance of commodity indices. These notes are sometimes referred to as “structured notes” because the terms of these notes may be structured by the issuer and the purchaser of the note. The value of these notes will rise or fall in response to changes in the underlying commodity or related index of investment. These notes expose the Portfolio economically to movements in commodity prices. The Portfolio may also gain exposure to commodity markets by investing in one or more underlying investment vehicles or companies that have substantially similar investment objectives as the Portfolio. Assets not invested in commodity index-linked derivative instruments may be invested in inflation-indexed securities and other fixed income instruments, including derivative fixed income instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Internal Revenue Code is that the Portfolio derive at least 90 percent of its gross income from certain qualifying sources of income. On December 16, 2005, the Internal Revenue Service issued Revenue Ruling 2006-01, which held that income from commodity index-linked swaps would not be qualifying income after June 30, 2006. At the time Revenue Ruling 2006-01 was issued, the Portfolio invested primarily in commodity index-linked swaps to gain exposure to the commodity markets. The effective date of Revenue Ruling 2006-01 was extended to September 30, 2006 by Revenue Ruling 2006-31, after which time the Portfolio’s ability to utilize commodity index-linked swaps as part of its investment strategy will be limited to a maximum of 10 percent of its gross income.

In addition to extending the effective date, Revenue Ruling 2006-31 also clarifies the holding of Revenue Ruling 2006-01 by providing that income from alternative instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Internal Revenue Code. In addition, the Internal Revenue Service has also issued private letter rulings to at least two other funds in which the Internal Revenue Service specifically concluded that income from certain commodity index-linked notes is qualifying income. The Portfolio has also obtained an opinion of counsel with respect to the treatment of income from commodity index-linked notes as qualifying income under the Internal Revenue Code. Such an opinion is not binding upon the Internal Revenue Service.

Based on Revenue Ruling 2006-31, Internal Revenue Service guidance and advice of counsel, the Portfolio will seek to gain exposure to the commodity markets primarily through investments in commodity index-linked notes. These notes are subject to risks, such as credit, market and interest rate risks, that in general affect the values of debt securities. In addition, these notes are often leveraged, increasing the volatility of each note’s market value relative to changes in the underlying commodity, commodity futures contract or commodity index. Therefore, at the maturity of the note, the Portfolio may receive more or less principal than it originally invested. The Portfolio may receive interest payments on the note that are more or less than the stated coupon interest payments.

As a result of the Portfolio’s investments in commodity index-linked notes and other commodity-linked derivative instruments, it is possible that a lesser amount of the Portfolio’s assets would be available for investment in inflation-indexed instruments and other fixed income instruments, which could adversely affect the Portfolio’s total return.

The Portfolio is intended for long-term investors and an investment in the Portfolio should be no more than a small part of a typical diversified portfolio. The Portfolio’s share price is expected to be more volatile than that of other funds. The Portfolio may invest in commodity-linked derivative instruments which may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, and international economic and political developments, as well as the trading activity of speculators and arbitrageurs in the underlying commodities.

2 PIMCO Variable Insurance Trust

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Dow Jones – AIG Commodity Total Return is an unmanaged index composed of futures contracts on 19 physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. It is not possible to invest directly in the index.

Semiannual Report June 30, 2006 3

PIMCO CommodityRealReturn Strategy Portfolio

Cumulative Returns Through June 30, 2006

               Commodity RealReturn            Dow Jones - AIG
                 Strategy Portfolio                Commodity
                   Advisor Class              Total Return Index
               --------------------           ------------------
02/28/2006          $10,000                       $10,000
03/31/2006            9,929                        10,222
04/30/2006           10,573                        10,915
05/31/2006           10,668                        11,020
06/30/2006           10,436                        10,849

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Advisor Class.

Sector Breakdown^‡

U.S. Treasury Obligations	47.8%
Short-Term Instruments	29.9%
Structured Notes	16.3%
Other	6.0%

‡ % of Total Investments as of June 30, 2006

Cumulative Total Return for the period ended June 30, 2006
		Since Inception (02/28/06)
	PIMCO CommodityRealReturn Strategy Portfolio Advisor Class	4.36%
	Dow Jones - AIG Commodity Total Return Index	8.49%

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (02/28/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	1,043.60	$	1,013.51
Expenses Paid During Period†	$	3.41	$	3.36

† Expenses are equal to the Portfolio’s Advisor Class annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 123/365 (to reflect the period since the Portfolio’s Advisor Class share commenced operations on 02/28/06). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO CommodityRealReturn Strategy Portfolio seeks to achieve its investment objective by investing under normal circumstances in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other Fixed-Income Instruments.

» Commodities rallied for the six-month period of December 31, 2005 to June 30, 2006, driven in part by surging gasoline prices resulting from concerns over supply disruptions to the U.S. gasoline market amid strong demand. Also benefiting commodities was continued strong global economic growth, which boosted demand and prices alike for industrial metals.

» The Portfolio invested the collateral backing its commodity derivatives positions primarily in Treasury Inflation-Protected Securities (“TIPS”), implementing a “double real^®” strategy. For the six-month period ending June 30, 2006, this was negative for performance, as TIPS performance was negative.

» The Portfolio’s below benchmark TIPS duration added to performance as real yields rose on strong U.S. economic growth. The effective duration of the Portfolio was 6.86 years on June 30, 2006 compared to a duration of 6.11 years for the benchmark.

» The Portfolio’s emphasis on U.S. nominal bonds was negative for performance, as nominal yields rose faster than real yields on higher inflation expectations and the outlook for further Federal Reserve tightening.

» Positions in short maturity U.S. nominal bonds for the period detracted significantly from performance due to a substantial flattening of the nominal yield curve.

» Currency exposure added to performance resulting from a depreciation of the U.S. dollar relative to the Euro and Japanese Yen.

» Mortgage holdings during the period were positive due to favorable coupon selection, particularly 15-year FNMA 5.0% and 30-year FNMA 5.5% coupons, which outperformed the broader Index.

4 PIMCO Variable Insurance Trust

Financial Highlights    CommodityRealReturn Strategy Portfolio

Selected Per Share Data for the Period Ended:	02/28/2006- 06/30/2006+
Advisor Class
Net asset value beginning of period	$	11.68
Net investment income (a)		0.10
Net realized/unrealized gain (loss) on investments (a)		0.40
Total income (loss) from investment operations		0.50
Dividends from net investment income		(0.17	)
Total distributions		(0.17	)
Net asset value end of period	$	12.01
Total return		4.36	%
Net assets end of period (000s)	$	1,619
Ratio of expenses to average net assets		0.99	%*
Ratio of net investment income to average net assets		2.44	%*
Portfolio turnover rate		629	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    CommodityRealReturn Strategy Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	312,385
Cash		60
Foreign currency, at value		14
Receivable for investments sold		425
Receivable for investments sold on delayed-delivery basis		511
Receivable for Portfolio shares sold		1,357
Interest and dividends receivable		449
Variation margin receivable		64
Swap premiums paid		532
Unrealized appreciation on forward foreign currency contracts		18
Unrealized appreciation on swap agreements		94
Other assets		68
		315,977
Liabilities:
Payable for investments purchased	$	15,801
Payable for investments purchased on delayed-delivery basis		149,121
Payable for Portfolio shares redeemed		655
Written options outstanding		89
Accrued investment advisory fee		62
Accrued administration fee		32
Variation margin payable		62
Recoupment payable to Manager		3
Swap premiums received		37
Unrealized depreciation on forward foreign currency contracts		481
Unrealized depreciation on swap agreements		20
Other liabilities		396
		166,759
Net Assets	$	149,218
Net Assets Consist of:
Paid in capital	$	147,883
Undistributed net investment income		3,943
Accumulated undistributed net realized (loss)		(6,005	)
Net unrealized appreciation		3,397
	$	149,218
Net Assets:
Administrative Class	$	147,599
Advisor Class		1,619
Shares Issued and Outstanding:
Administrative Class		12,279
Advisor Class		135
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Administrative Class		12.02
Advisor Class		12.01
Cost of Investments Owned	$	307,923
Cost of Foreign Currency Held	$	14
Premiums Received on Written Options	$	148

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    CommodityRealReturn Strategy Portfolio

(Amounts In Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	2,782
Total Income		2,782
Expenses:
Investment advisory fees		334
Administration fees		171
Servicing fees – Administrative Class		102
Trustees’ fees		1
Interest expense		2
Miscellaneous expense		3
Total Expenses		613
Net Investment Income		2,169
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(7,788	)
Net realized gain on futures contracts, options and swaps		2,707
Net realized (loss) on foreign currency transactions		(158	)
Net change in unrealized appreciation on investments		3,018
Net change in unrealized appreciation on futures contracts, options and swaps		769
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		414
Net (Loss)		(1,038	)
Net Increase in Net Assets Resulting from Operations	$	1,131

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    CommodityRealReturn Strategy Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	2,169		$	994
Net realized gain (loss)		(5,239	)		3,135
Net change in unrealized appreciation (depreciation)		4,201			(756	)
Net increase resulting from operations		1,131			3,373
Distributions to Shareholders:
From net investment income
Administrative Class		(1,990	)		(1,210	)
Advisor Class		(15	)		0
From net realized capital gains
Administrative Class		0			(100	)
Advisor Class		0			0
Total Distributions		(2,005	)		(1,310	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		86,046			107,935
Advisor Class		1,992			0
Issued as reinvestment of distributions
Administrative Class		1,990			1,298
Advisor Class		15			0
Cost of shares redeemed
Administrative Class		(46,555	)		(7,711	)
Advisor Class		(339	)		0
Net increase resulting from Portfolio share transactions		43,149			101,522
Total Increase in Net Assets		42,275			103,585
Net Assets:
Beginning of period		106,943			3,358
End of period*	$	149,218		$	106,943
*Including undistributed net investment income of:	$	3,943		$	3,779

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    CommodityRealReturn Strategy Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
STRUCTURED NOTES 34.2%
Bank of America N.A.: DJAIG Commodity Linked Index Total Return Index
4.983% due 06/08/2007	$	3,000	$	2,885
Bear Stearn Co., Inc.: DJAIG Commodity Linked Index Total Return Index
5.209% due 06/11/2007		3,000		2,777
Calyon Financial Products (Guernsey) Ltd.: DJAIG Commodity Linked Index Total Return Index
1.000% due 07/16/2007		3,000		3,107
Commonwealth Bank of Australia: DJAIG Commodity Linked Index Total Return Index
1.000% due 06/28/2007		2,800		3,170
Credit Suisse First Boston New York: DJAIG Commodity Linked Index Total Return Index
1.000% due 11/20/2006		4,000		4,499
Eksportfinans ASA: DJAIG Commodity Linked Index Total Return Index
0.000% due 05/18/2007		3,500		3,702
CDC IXIS: DJAIG Commodity Linked Index Total Return Index
4.829% due 04/09/2007		2,000		2,312
JP Morgan: DJAIG Commodity Linked Index Total Return Index
4.679% due 04/30/2007		1,000		1,116
Landesbank Baden-Wurttenberg: DJAIG Commodity Linked Index Total Return Index
1.000% due 04/10/2007		3,000		2,777
Merrill Lynch & Co., Inc.: DJAIG Commodity Linked Index Total Return Index
4.737% due 03/19/2007		2,000		2,313
Morgan Stanley: DJAIG Commodity Linked Index Total Return Index
1.000% due 04/30/2007		2,000		2,300
4.969% due 06/15/2007		1,000		872
1.000% due 07/06/2007		10,000		10,457
RaboBank: DJAIG Commodity Linked Index Total Return Index
4.979% due 06/21/2007		2,000		2,266
Svensk Exportkredit AB: DJAIG Commodity Linked Index Total Return Index
1.000% due 03/30/2007		1,000		930
1.000% due 04/18/2007		2,000		2,327
UBS AG: DJAIG Commodity Linked Index Total Return Index
4.967% due 02/20/2007		3,000		3,193
Total Structured Notes (Cost $48,300)				51,003
CORPORATE BONDS & NOTES 1.1%
BANKING & FINANCE 0.7%
Atlantic & Western Re Ltd.
11.240% due 01/09/2009		300		283
Ford Motor Credit Co.
6.320% due 09/28/2007		200		196
General Electric Capital Corp.
5.340% due 12/12/2008		100		100
Rabobank Nederland
5.088% due 01/15/2009		100		100
Wachovia Bank N.A.
5.308% due 12/02/2010		400		400
				1,079
INDUSTRIALS 0.4%
Caesars Entertainment, Inc.
8.875% due 09/15/2008		300		316

Starwood Hotels & Resorts Worldwide, Inc.
7.375% due 05/01/2007	$	300	$	303
				619
Total Corporate Bonds & Notes (Cost $1,719)				1,698
U.S. GOVERNMENT AGENCIES 6.2%
Fannie Mae
4.192% due 11/01/2034		331		325
4.500% due 10/25/2022		15		15
4.681% due 02/25/2036		300		291
5.211% due 03/01/2044 - 10/01/2044 (c)		1,139		1,145
5.500% due 09/01/2035 - 07/13/2036 (c)		6,725		6,461
5.672% due 05/25/2042		32		32
5.950% due 02/25/2044		200		198
Freddie Mac
4.000% due 03/15/2023 - 10/15/2023 (c)		185		181
4.555% due 01/01/2034		62		60
5.211% due 02/25/2045		509		505
5.582% due 08/25/2031		8		8
Total U.S. Government Agencies (Cost $9,292)				9,221
U.S. TREASURY OBLIGATIONS 100.0%
Treasury Inflation Protected Securities (b)
3.375% due 01/15/2007		128		128
3.625% due 01/15/2008		6,762		6,880
3.875% due 01/15/2009		4,318		4,473
4.250% due 01/15/2010		12,746		13,545
0.875% due 04/15/2010		13,669		12,899
2.375% due 04/15/2011		10,602		10,563
3.000% due 07/15/2012		13,954		14,374
1.875% due 07/15/2013		4,517		4,341
2.000% due 01/15/2014		3,066		2,961
2.000% due 07/15/2014		2,040		1,965
1.625% due 01/15/2015		530		494
1.875% due 07/15/2015		11,859		11,256
2.000% due 01/15/2016		22,326		21,327
2.375% due 01/15/2025		10,402		10,127
2.000% due 01/15/2026		12,743		11,671
3.625% due 04/15/2028		11,134		13,215
3.875% due 04/15/2029		6,400		7,921
U.S. Treasury Bonds
4.500% due 02/15/2036		500		448
U.S. Treasury Notes
4.500% due 02/28/2011		100		98
4.500% due 11/15/2015		600		572
Total U.S. Treasury Obligations (Cost $148,219)				149,258
MORTGAGE-BACKED SECURITIES 1.2%
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		476		467
Countrywide Home Loan Mortgage Pass-Through Trust
3.795% due 11/19/2033		42		40
First Horizon Alternative Mortgage Securities
4.745% due 06/25/2034		64		62
GGP Mall Properties Trust
5.007% due 11/15/2011		95		95
Greenpoint Mortgage Funding Trust
5.592% due 11/25/2045		67		67
Harborview Mortgage Loan Trust
5.492% due 03/19/2037		198		198

Lehman XS Trust
5.402% due 06/25/2036	$	200	$	200
5.402% due 04/25/2046		379		379
Mastr Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		100		94
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		98		96
5.682% due 01/25/2035		96		98
Total Mortgage-Backed Securities (Cost $1,802)				1,796
ASSET-BACKED SECURITIES 4.0%
AAA Trust
5.422% due 11/26/2035		13		13
ACE Securities Corp.
5.432% due 10/25/2035		192		192
Argent Securities, Inc.
5.442% due 10/25/2035		48		48
5.462% due 02/25/2036		287		287
5.402% due 03/25/2036		161		162
5.392% due 05/25/2036		174		174
Asset-Backed Funding Certificates
5.432% due 08/25/2035		85		85
Bear Stearns Asset-Backed Securities, Inc.
5.522% due 09/25/2034		32		32
Chase Credit Card Master Trust
5.579% due 11/17/2008		100		100
Citigroup Mortgage Loan Trust, Inc.
5.432% due 09/25/2035		63		63
5.402% due 12/27/2036		214		214
Countrywide Asset-Backed Certificates
5.422% due 08/25/2035		51		51
5.512% due 08/25/2035		100		100
5.452% due 02/25/2036		91		91
5.392% due 03/25/2036		277		277
5.392% due 04/25/2036		92		92
FBR Securitization Trust
5.442% due 09/25/2035		54		54
5.502% due 09/25/2035		100		100
5.432% due 10/25/2035		479		479
5.442% due 10/25/2035		55		55
First Franklin Mortgage Loan Asset-Backed Certificates
5.412% due 01/25/2036		256		257
First NLC Trust
5.432% due 12/25/2035		103		103
Ford Credit Auto Owner Trust
4.240% due 03/15/2008		63		63
Fremont Home Loan Trust
5.412% due 01/25/2036		313		314
GSAMP Trust
5.432% due 01/25/2036		185		185
Home Equity Asset Trust
5.432% due 02/25/2036		71		71
5.402% due 05/25/2036		87		87
HSI Asset Securitization Corp. Trust
5.402% due 12/25/2035		83		83
Indymac Residential Asset-Backed Trust
5.412% due 03/25/2036		251		251
5.422% due 03/25/2036		76		76
JP Morgan Mortgage Acquisition Corp.
5.392% due 01/25/2026		132		132
Long Beach Mortgage Loan Trust
5.522% due 11/25/2034		62		62
5.402% due 02/25/2036		79		79

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    CommodityRealReturn Strategy Portfolio (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
Merrill Lynch Mortgage Investors, Inc.
5.402% due 01/25/2037	$	83	$	83
Nelnet Student Loan Trust
5.190% due 07/25/2016		100		100
New Century Home Equity Loan Trust
5.432% due 09/25/2035		42		42
Nomura Asset Acceptance Corp.
5.462% due 01/25/2036		81		81
Residential Asset Mortgage Products, Inc.
5.402% due 12/25/2007		80		80
Residential Asset Securities Corp.
5.422% due 09/25/2025		18		18
5.422% due 05/25/2027		126		126
Residential Funding Mortgage Securities II, Inc.
5.462% due 05/25/2015		142		142
SACO I, Inc.
5.432% due 10/25/2033		99		100
Securitized Asset-Backed Receivables LLC Trust
5.392% due 10/25/2035		68		68
Soundview Home Equity Loan Trust
5.432% due 05/25/2035		64		64
5.392% due 03/25/2036		79		79
Structured Asset Investment Loan Trust
5.412% due 07/25/2035		39		39
Structured Asset Securities Corp.
5.452% due 12/25/2035		265		266
Susquehanna Auto Lease Trust
4.991% due 04/16/2007		60		60
USAA Auto Owner Trust
5.030% due 11/17/2007		100		100
Wachovia Mortgage Loan Trust LLC
5.432% due 10/25/2035		41		41
Total Asset-Backed Securities (Cost $5,917)				5,921
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.0%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.250% Exp. 06/07/2007		7,000		19
Total Purchased Call Options (Cost $30)				19
		#OF CONTRACTS
PURCHASED PUT OPTIONS 0.0%
90-Day Eurodollar December Futures (CME)
Strike @ $92.000 Exp. 12/18/2006		50		0
Strike @ $92.500 Exp. 12/18/2006		53		0
Strike @ $92.750 Exp. 12/18/2006		16		0
90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007		83		1
90-Day Eurodollar September Futures (CME)
Strike @ $92.000 Exp. 09/17/2007		1		0

		NOTIONAL
		AMOUNT		VALUE
		(000S)		(000S)
Treasury Inflation Protected Securities (OTC) 0.875% due 04/05/2010
Strike @ $83.000 Exp. 07/05/2006	$	11,000	$	0
Treasury Inflation Protected Securities (OTC) 1.875% due 07/13/2015
Strike @ $70.000 Exp. 07/13/2006		20,000		0
Treasury Inflation Protected Securities (OTC) 2.000% due 01/15/2016
Strike @ $68.000 Exp. 09/15/2006		20,000		0
Treasury Inflation Protected Securities (OTC) 2.000% due 01/17/2026
Strike @ $54.000 Exp. 07/17/2006		11,000		0
Treasury Inflation Protected Securities (OTC) 2.375% due 01/13/2025
Strike @ $58.000 Exp. 07/13/2006		5,000		0
Treasury Inflation Protected Securities (OTC) 3.000% due 07/08/2012
Strike @ $83.000 Exp. 08/08/2006		14,200		0
Treasury Inflation Protected Securities (OTC) 3.500% due 01/17/2011
Strike @ $89.000 Exp. 07/17/2006		6,000		0
Treasury Inflation Protected Securities (OTC) 3.625% due 01/08/2008
Strike @ $96.000 Exp. 08/08/2006		6,800		0
Treasury Inflation Protected Securities (OTC) 3.625% due 04/05/2028
Strike @ $76.000 Exp. 07/05/2006		11,000		0
Treasury Inflation Protected Securities (OTC) 3.875% due 04/08/2029
Strike @ $70.000 Exp. 08/08/2006		6,300		0
Treasury Inflation Protected Securities (OTC) 4.250% due 01/05/2010
Strike @ $95.000 Exp. 07/05/2006		12,000		0
U.S. dollar versus Japanese Yen (OTC)
Strike @ JPY114.000 Exp. 07/03/2006		1,800		3
Total Purchased Put Options (Cost $50)				4
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS (g) 62.7%
COMMERCIAL PAPER 45.9%
Abbey National N.A. LLC
5.100% due 07/05/2006	$	3,800		3,799
Bank of Ireland
5.090% due 08/17/2006		4,000		3,975
Barclays U.S. Funding Corp.
5.140% due 09/05/2006		1,600		1,584
BNP Paribas Finance
4.930% due 07/13/2006		1,800		1,797
Danske Corp.
4.955% due 07/20/2006		1,500		1,496
4.980% due 07/26/2006		2,900		2,891
Dexia Delaware LLC
5.275% due 07/05/2006		1,400		1,400
5.065% due 08/18/2006		2,900		2,881

DNB NORBank ASA
4.960% due 07/17/2006	$	700	$	699
5.080% due 08/02/2006		2,000		1,991
Fannie Mae
4.809% due 07/05/2006		1,900		1,899
4.958% due 09/13/2006		3,800		3,758
Federal Home Loan Bank
5.030% due 07/03/2006		4,000		4,000
Freddie Mac
4.625% due 08/01/2006		2,000		1,992
General Electric Capital Corp.
5.060% due 08/16/2006		2,600		2,584
HBOS Treasury Services PLC
4.940% due 07/13/2006		1,000		999
5.100% due 08/25/2006		500		496
ING U.S. Funding LLC
5.235% due 08/03/2006		3,800		3,783
Nordea N.A., Inc.
4.880% due 07/06/2006		1,600		1,599
5.090% due 08/24/2006		2,900		2,879
Skandinaviska Enskilda Banken AB
5.280% due 07/20/2006		1,400		1,396
5.000% due 07/26/2006		2,900		2,891
Societe Generale N.A.
5.270% due 07/03/2006		200		200
4.890% due 07/06/2006		500		500
5.245% due 08/08/2006		2,000		1,989
5.100% due 08/24/2006		1,700		1,687
Spintab AB
5.120% due 08/01/2006		2,500		2,490
Svenska Handelsbanken, Inc.
4.890% due 07/06/2006		3,900		3,898
Total Captial S.A.
5.270% due 07/03/2006		4,000		4,000
UBS Finance Delaware LLC
4.930% due 07/10/2006		2,100		2,098
Westpac Trust Securities NZ Ltd.
4.960% due 07/20/2006		900		898
				68,549
FRANCE TREASURY BILLS 7.5%
2.527% due 07/13/2006 -07/20/2006 (c)	EUR	8,740		11,170
GERMANY TREASURY BILLS 8.0%
2.684% due 08/16/2006		9,010		11,854
REPURCHASE AGREEMENT 0.9%
State Street Bank
4.900% due 07/03/2006	$	1,381		1,381
(Dated 06/30/2006. Collateralized by Federal Home Loan Bank 3.375% due 02/23/2007 valued at $1,412. Repurchase proceeds are $1,382.)
U.S. TREASURY BILLS 0.4%
4.799% due 08/31/2006 -09/14/2006 (c)(d)		515		511
Total Short-Term Instruments (Cost $92,594)				93,465
Total Investments (a) 209.4% (Cost $307,923)			$	312,385
Written Options (f) (0.1%) (Premiums $148)				(89)
Other Assets and Liabilities (Net) (109.3%)				(163,078)
Net Assets 100.0%			$	149,218

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

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

(a) As of June 30, 2006, portfolio securities with an aggregate market value of $51,360 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(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 $511 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	13	$	(26	)
90-Day Eurodollar December Futures	Long	12/2007	18		(25	)
90-Day Eurodollar June Futures	Long	06/2007	31		(58	)
90-Day Eurodollar March Futures	Long	03/2007	30		(60	)
90-Day Eurodollar September Futures	Long	09/2007	31		(54	)
Euro-Bund 10-Year Note September Futures	Long	09/2006	5		(3	)
U.S. Treasury 5-Year Note September Futures	Long	09/2006	53		(35	)
U.S. Treasury 10-Year Note September Futures	Long	09/2006	87		(56	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2006	84		(22	)
				$	(339	)

(e) Swap agreements outstanding on June 30, 2006:
Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation
Citibank N.A.	Morgan Stanley Dean Witter & Co.	Buy	(0.068%	)	06/20/2007	$	1,000	$	0
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the Notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date		Notional Amount	Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.103%	10/15/2010	EUR	500	$	(2	)
BNP Paribas Bank	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.040%	02/21/2011		1,700		(17	)
Goldman Sachs & Co.	6-month EUR-LIBOR	Receive	4.500%	06/17/2015		200		17
HSBC Bank USA	6-month GBP-LIBOR	Receive	4.250%	06/12/2036	GBP	300		23
J.P. Morgan Chase & Co.	6-month GBP-LIBOR	Pay	5.000%	06/15/2008		100		0
Barclays Bank PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2008	$	900		(1	)
Barclays Bank PLC	3-month USD-LIBOR	Receive	5.000%	12/20/2016		1,050		13
Deutsche Bank AG	3-month USD-LIBOR	Receive	5.000%	06/21/2021		1,800		16
Deutsche Bank AG	3-month USD-LIBOR	Receive	5.000%	12/20/2026		1,800		2
Goldman Sachs & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2008		500		0
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2013		300		4
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016		300		4
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2036		1,600		15
							$	74

(f) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts		Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$	108.000	08/25/2006	$	116	$	17	$	4
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/25/2006		151		23		21
Call - CBOT U.S. Treasury 10-Year Note September Futures		107.000	08/25/2006		35		3		3
						$	43	$	28

See Accompanying Notes Semiannual Report June 30, 2006 11

Schedule of Investments    CommodityRealReturn Strategy Portfolio (Cont.)

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 10-Year Interest Rate Swap	Barclays Bank PLC	3-month USD-LIBOR	Receive	5.300%	01/02/2007	$	3,000	$	16	$	12
Put - OTC 10-Year Interest Rate Swap	Barclays Bank PLC	3-month USD-LIBOR	Pay	5.900%	01/02/2007		2,000		23		22
Put - OTC 1-Year Interest Rate Swap	Barclays Bank PLC	3-month USD-LIBOR	Pay	6.100%	01/02/2007		1,000		7		6
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.340%	06/07/2007		2,000		20		14
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.325%	06/07/2007		1,000		9		7
								$	75	$	61

Foreign Currency Options
Description	Counterparty	Exercise Price	Expiration Date	Notional Amount		Premium		Value
Put - OTC U.S. dollar versus Japanese Yen	Bank of America	JPY 104.000	07/03/2006	$	1,400	$	3	$	0
Put - OTC U.S. dollar versus Japanese Yen	Bank of America	106.500	07/03/2006		1,100		7		0
Put - OTC U.S. dollar versus Japanese Yen	Credit Suisse First Boston	106.500	07/03/2006		700		4		0
Put - OTC U.S. dollar versus Japanese Yen	Goldman Sachs & Co.	104.000	07/03/2006		7,300		16		0
						$	30	$	0

(g) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	EUR	653	07/2006	$	18	$	0		$	18
Sell		17,095	08/2006		0		(373	)		(373	)
Buy	JPY	9,840	07/2006		0		0			0
Buy		434,578	08/2006		0		(108	)		(108	)
				$	18	$	(481	)	$	(463	)

12 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2006 (Unaudited)

1.  ORGANIZATION

The CommodityRealReturn Strategy 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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio may offer up to two classes of shares: Administrative and Advisor. Information presented in these financial statements pertains to the Advisor Class of the Portfolio. Certain detailed financial information for the Administration 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.

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 (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem fund shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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

Semiannual Report June 30, 2006 13

Notes to Financial Statements (Cont.)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may gain exposure to the commodities markets by entering into swap agreements on a commodities index, and may invest in other commodity-linked derivative instruments, including commodity swap agreements, options, futures contracts, options on futures contracts and commodity-linked structured notes.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Portfolio derive at least 90 percent of its gross income from certain qualifying sources of income. On December 16, 2005, the IRS issued Revenue Ruling 2006-01 which held that income from commodity index-linked swaps was not qualifying income. At the time Revenue Ruling 2006-01 was issued, the Portfolio invested primarily in commodity index-linked swaps to gain exposure to the commodity markets. Revenue Ruling 2006-01 provided an effective date of June 30, 2006, after which time the Portfolio’s ability to utilize commodity index-linked swaps as part of its investment strategy will be limited to a maximum of 10 percent of its gross income.

On June 2, 2006, the IRS issued Revenue Ruling 2006-31 which extends the effective date for Revenue Ruling 2006-01 from June 30, 2006 until September 30, 2006. Revenue Ruling 2006-31 also clarifies the holding of Revenue Ruling 2006-01 by providing that income from alternative instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. In addition, the IRS has also issued private letter rulings to at least two other funds in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. The Portfolio has also obtained an opinion of counsel with respect to the treatment of income from commodity index-linked notes as qualifying income under the Code. Such an opinion is not binding upon the IRS.

Based on Revenue Ruling 2006-31, IRS guidance and advice of counsel, the Portfolio will seek to gain exposure to the commodity markets primarily through investments in commodity index-linked notes. The use of commodity index-linked notes involves specific risks. The Portfolio will continue to seek ways to make use of other commodity-linked derivative instruments, including swap agreements, commodity options, futures and options on futures, and alternative structures within the Portfolio to gain exposure to commodity markets. Please refer to the prospectus for the Separate Account and Variable Contract for information regarding federal income tax treatment of distributions to the Separate Account.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
EUR	Euro
GBP	British Pound
JPY	Japanese Yen

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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

14 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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.

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

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate, total return and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of a credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service in take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

Commodities Linked/Structured Notes.  The Portfolio invests in structured notes whose value is based on the price movements of a commodity index. The structured notes are often leveraged, increasing the volatility of each note’s value relative to the change in the underlying linked financial element. The value of these notes will rise and fall in response to changes in the underlying commodity index. Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the underlying commodity index. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities. Fluctuations in value of the structured notes are recorded as unrealized gains and losses in the accompanying financial statements. Net payments are recorded as net realized gains/losses. These notes are subject to prepayment, credit and interest risks. The Portfolio has the option to request prepayment from the issuer. At maturity, or when a note is sold, the Portfolio records a realized gain or loss. At June 30, 2006, the value of these securities comprised 34.2% of the Portfolio’s net assets and resulted in unrealized appreciation of $2,703.

U.S. Government Agencies or Government-Sponsored Enterprises.   Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”) 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 0.49%.

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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the 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 0.89 %

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):

		12/31/2004		12/31/2005		06/30/2006
Amount Available for Reimbursement	$	9	$	0	$	0

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	1,090,207	$	1,027,659	$	63,523	$	8,613

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $		Premium
Balance at 12/31/2005	18		$	0	$	6
Sales	310			19,500		156
Closing Buys	(26	)		0		(14	)
Expirations	0			0		0
Exercised	0			0		0
Balance at 06/30/2006	302		$	19,500	$	148

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Administrative Class	7,192		$	86,046		8,973		$	107,935
Advisor Class	161			1,992		0			0
Issued as reinvestment of distributions
Administrative Class	173			1,990		106			1,298
Advisor Class	1			15		0			0
Cost of shares redeemed
Administrative Class	(3,813	)		(46,555	)	(672	)		(7,711	)
Advisor Class	(27	)		(339	)	0			0
Net increase resulting from Portfolio share transactions	3,687		$	43,149		8,407		$	101,522

* Inception date of the Portfolio

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 Shareholders	% of Portfolio Held
Administrative Class	4	87	*
Advisor Class	4	94

* Allianz Life Insurance Co. of North America, an indirect wholly owned subsidiary of AGI and a related party to the Portfolio, owned 25% or more of the outstanding shares of beneficial interest of the Portfolio, and therefore may be presumed to “control” the Portfolio, as that term is defined in the 1940 Act.

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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
$         5,397	$           (935)	$         4,462

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Semiannual Report June 30, 2006 17

Notes to Financial Statements (Cont.) June 30, 2006 (Unaudited)

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

18 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Administrative

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Emerging Markets Bond Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	13

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolios

PIMCO Variable Insurance Trust (the “Trust”) is an open-end investment company currently consisting of nineteen separate investment portfolios, including the Emerging Markets Bond Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, non-U.S. investment risk, emerging markets risk, currency risk, issuer non-diversification risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

JPMorgan EMBI Global tracks total returns for United States Dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities. Brady bonds, loans, Eurobonds and local market instruments. This index only tracks the particular region or country. It is not possible to invest directly in this index.

Semiannual Report June 30, 2006 3

PIMCO Emerging Markets Bond Portfolio

Cumulative Returns Through June 30, 2006

               Emerging Markets
                Bond Portfolio          JPMorgan Emerging
             Administrative Class      Markets Global Index
             --------------------      --------------------
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
07/31/2004          15,257                   14,228
08/31/2004          15,988                   14,815
09/30/2004          16,272                   15,062
10/31/2004          16,560                   15,304
11/30/2004          16,719                   15,411
12/31/2004          17,215                   15,797
01/31/2005          17,349                   15,896
02/28/2005          17,450                   16,003
03/31/2005          16,967                   15,595
04/30/2005          17,289                   15,841
05/31/2005          17,797                   16,315
06/30/2005          18,069                   16,605
07/31/2005          18,028                   16,564
08/31/2005          18,405                   16,885
09/30/2005          18,721                   17,170
10/31/2005          18,380                   16,917
11/30/2005          18,680                   17,175
12/31/2005          19,066                   17,493
01/31/2006          19,258                   17,702
02/28/2006          19,690                   18,095
03/31/2006          19,220                   17,752
04/30/2006          19,226                   17,737
05/31/2006          18,786                   17,374
06/30/2006          18,819                   17,373

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Administrative Class.

Country Allocation^‡

Short-Term Instruments	21.0%
Brazil	20.2%
Russia	14.8%
Mexico	12.8%
Venezuela	6.2%
Other	25.0%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	Since Inception (09/30/02)
	PIMCO Emerging Markets Bond Portfolio Administrative Class	-1.30%	4.15%	18.37%
	JPMorgan Emerging Markets Bond Global Index	-0.69%	4.62%	15.88%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	987.00	$	1,019.84
Expenses Paid During Period†	$	4.93	$	5.01

† Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 1.00%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

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

» An overweight position in Brazil was positive; Brazil outperformed the index on the back of external debt buybacks and ratings upgrades from S&P and Fitch.

» An overweight to Ecuador was positive; debt buybacks, a high spread cushion and supportive crude oil prices helped to balance political noise. The Ecuador sub-index rallied strongly in Q1 and returned 8.04% for the past six months.

» A significant underweight to Turkey was positive, especially in Q2, when Turkish spreads widened by 1.12%. Spread widening was due to worries about the country’s large current account deficit, a major sell-off in the lira, and an increasing inflation rate.

» Despite the recent shift in risk tolerance, which favored strong credits over weak credits in Q2, an underweight to Argentina was negative for the first half of the year. The country posted a return of 17.9% for the Q1, as short covering and a search for yield outweighed investor concerns over mounting inflation. Year-to-date, the sub-index has returned 10.8%.

» Underweighting the Philippines was negative; the country outperformed due to high levels of overseas remittances and news that the budget shortfall narrowed.

» Above benchmark duration in Q1 was negative as U.S. Treasury rates rose.

» An emphasis on shorter maturities was negative, as the yield curve continued to flatten in the past six months.

» A strategic allocation to emerging market currencies was positive, as attractive carry via high local interest rates was high enough to offset weakness in some EM currencies.

4 PIMCO Variable Insurance Trust

Financial Highlights    Emerging Markets Bond Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			09/30/2002-12/31/2002
Administrative Class
Net asset value beginning of period	$	13.66		$	13.21		$	12.97		$	11.48		$	10.00
Net investment income (a)		0.35			0.67			0.48			0.62			0.18
Net realized/unrealized gain (loss) on investments (a)		(0.52	)		0.71			1.03			2.90			1.48
Total income (loss) from investment operations		(0.17	)		1.38			1.51			3.52			1.66
Dividends from net investment income		(0.36	)		(0.68	)		(0.51	)		(0.65	)		(0.18	)
Distributions from net realized capital gains		0.00			(0.25	)		(0.76	)		(1.38	)		0.00
Total distributions		(0.36	)		(0.93	)		(1.27	)		(2.03	)		(0.18	)
Net asset value end of period	$	13.13		$	13.66		$	13.21		$	12.97		$	11.48
Total return		(1.30	)%		10.75	%		12.11	%		31.64	%		16.65	%
Net assets end of period (000s)	$	163,807		$	133,142		$	64,598		$	50,954		$	32,767
Ratio of expenses to average net assets		1.00	%*		1.00	%		1.01	%(b)		1.04	%(b)		1.02	%*(b)(c)
Ratio of net investment income to average net assets		5.24	%*		5.01	%		3.70	%		4.78	%		6.58	%*
Portfolio turnover rate		154	%		242	%		484	%		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%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Emerging Markets Bond Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	172,671
Cash		103
Foreign currency, at value		74
Receivable for investments sold		12,533
Receivable for Portfolio shares sold		123
Interest and dividends receivable		3,022
Variation margin receivable		68
Unrealized appreciation on forward foreign currency contracts		64
Unrealized appreciation on swap agreements		404
		189,062
Liabilities:
Payable for investments purchased	$	101
Payable for investments purchased on delayed-delivery basis		24,365
Payable for Portfolio shares redeemed		58
Written options outstanding		15
Accrued investment advisory fee		64
Accrued administration fee		57
Accrued servicing fee		19
Swap premiums received		120
Unrealized depreciation on forward foreign currency contracts		165
Unrealized depreciation on swap agreements		194
		25,158
Net Assets	$	163,904
Net Assets Consist of:
Paid in capital	$	159,124
Undistributed net investment income		2,227
Accumulated undistributed net realized gain		2,918
Net unrealized (depreciation)		(365	)
	$	163,904
Net Assets:
Administrative Class	$	163,807
Advisor Class		97
Shares Issued and Outstanding:
Administrative Class		12,478
Advisor Class		7
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Administrative Class	$	13.13
Advisor Class		13.13
Cost of Investments Owned	$	172,701
Cost of Foreign Currency Held	$	73
Premiums Received on Written Options	$	25

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Emerging Markets Bond Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	4,773
Total Income		4,773
Expenses:
Investment advisory fees		344
Administration fees		306
Servicing fees – Administrative Class		115
Trustees’ fees		1
Interest expense		1
Total Expenses		767
Net Investment Income		4,006
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		1,386
Net realized (loss) on futures contracts, options and swaps		(164	)
Net realized gain on foreign currency transactions		26
Net change in unrealized (depreciation) on investments		(6,930	)
Net change in unrealized (depreciation) on futures contracts, options and swaps		(767	)
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(117	)
Net (Loss)		(6,566	)
Net (Decrease) in Net Assets Resulting from Operations	$	(2,560	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Emerging Markets Bond Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	4,006		$	4,299
Net realized gain		1,248			2,037
Net change in unrealized appreciation (depreciation)		(7,814	)		3,223
Net increase (decrease) resulting from operations		(2,560	)		9,559
Distributions to Shareholders:
From net investment income
Administrative Class		(4,103	)		(4,422	)
Advisor Class		0			0
From net realized capital gains
Administrative Class		0			(2,330	)
Advisor Class		0			0
Total Distributions		(4,103	)		(6,752	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		52,231			67,244
Advisor Class		108			0
Issued as reinvestment of distributions
Administrative Class		4,103			6,752
Advisor Class		0			0
Cost of shares redeemed
Administrative Class		(19,006	)		(8,259	)
Advisor Class		(11	)		0
Net increase resulting from Portfolio share transactions		37,425			65,737
Total Increase in Net Assets		30,762			68,544
Net Assets:
Beginning of period		133,142			64,598
End of period*	$	163,904		$	133,142
*Including undistributed net investment income of:	$	2,227		$	2,324

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Emerging Markets Bond Portfolio June 30, 2006 (Unaudited)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

ARGENTINA 0.5%
Argentina Bonos
0.000% due 08/03/2012	$	1,000	$	832
Total Argentina (Cost $829)				832
BRAZIL 21.2%
Brazilian Government International Bond
10.000% due 08/07/2011	$	1,250		1,429
11.000% due 01/11/2012		1,160		1,386
10.250% due 06/17/2013		50		59
10.500% due 07/14/2014		2,085		2,516
7.875% due 03/07/2015		3,625		3,804
8.000% due 01/15/2018		2,258		2,388
8.875% due 10/14/2019		2,250		2,512
8.875% due 04/15/2024		350		389
8.750% due 02/04/2025		1,700		1,870
10.125% due 05/15/2027		1,740		2,166
12.250% due 03/06/2030		220		323
8.250% due 01/20/2034		5,690		5,989
11.000% due 08/17/2040		7,646		9,491
CSN Islands VII Corp.
10.750% due 09/12/2008		200		215
Petrobras International Finance Co.
7.750% due 09/15/2014		250		261
Total Brazil (Cost $33,593)				34,799
CAYMAN ISLANDS 0.1%
Banco Mercantil del Norte S.A.
5.875% due 02/17/2014	$	145		144
Total Cayman Islands (Cost $145)				144
CHILE 0.8%
Chile Government International Bond
5.625% due 07/23/2007	$	915		916
Corp. Nacional del Cobre de Chile – CODELCO
5.625% due 09/21/2035		200		180
Empresa Nacional de Electricidad S.A.
8.350% due 08/01/2013		200		216
Total Chile (Cost $1,353)				1,312
CHINA 1.3%
China Development Bank
5.000% due 10/15/2015	$	500		467
Export-Import Bank of China
4.875% due 07/21/2015		550		507
Panva Gas Holdings Ltd.
8.250% due 09/23/2011		670		675
Sino-Forest Corp.
9.125% due 08/17/2011		500		517
Total China (Cost $2,279)				2,166
COLOMBIA 2.2%
Colombia Government International Bond
9.750% due 04/23/2009	$	220		238
10.000% due 01/23/2012		100		113
10.750% due 01/15/2013		400		473
8.250% due 12/22/2014		2,325		2,453
10.375% due 01/28/2033		310		384
Total Colombia (Cost $3,721)				3,661
ECUADOR 3.8%
Ecuador Government International Bond
9.000% due 08/15/2030	$	6,469		6,248
Total Ecuador (Cost $5,013)				6,248

EGYPT 0.3%
Petroleum Export Ltd.
5.265% due 06/15/2011	$	574	$	560
Total Egypt (Cost $571)				560
EL SALVADOR 0.5%
AES El Salvador Trust
6.750% due 02/01/2016	$	700		648
El Salvador Government International Bond
8.500% due 07/25/2011		150		162
Total El Salvador (Cost $844)				810
GUATEMALA 0.4%
Guatemala Government Bond
9.250% due 08/01/2013	$	570		637
Total Guatemala (Cost $570)				637
INDONESIA 0.7%
Indonesia Government International Bond
6.875% due 03/09/2017	$	1,200		1,171
Total Indonesia (Cost $1,187)				1,171
KAZAKHSTAN 1.7%
ATF BANK
9.000% due 05/11/2016	$	150		148
Intergas Finance BV
6.875% due 11/04/2011		100		99
Kazakhstan Temir Zholy Finance BV
6.500% due 05/11/2011		300		292
Kazkommerts International BV
8.500% due 04/16/2013		250		257
Tengizchevroil Finance Co. SARL
6.124% due 11/15/2014		2,000		1,942
Total Kazakhstan (Cost $2,834)				2,738
MALAYSIA 0.7%
Malaysia Government International Bond
8.750% due 06/01/2009	$	120		129
7.500% due 07/15/2011		325		347
Petronas Capital Ltd.
7.000% due 05/22/2012		325		341
Tenaga Nasional Bhd
7.500% due 11/01/2025		250		273
TNB Capital Ltd.
5.250% due 05/05/2015		100		94
Total Malaysia (Cost $1,250)				1,184
MEXICO 13.4%
America Movil S.A. de C.V.
5.500% due 03/01/2014	$	200		185
5.750% due 01/15/2015		100		93
Mexico Government International Bond
7.500% due 01/14/2012		282		300
5.875% due 01/15/2014		250		243
6.625% due 03/03/2015		315		320
11.375% due 09/15/2016		25		34
5.625% due 01/15/2017		650		606
8.125% due 12/30/2019		1,324		1,499
8.300% due 08/15/2031		2,415		2,795
7.500% due 04/08/2033		1,000		1,065
6.750% due 09/27/2034		2,300		2,242

Pemex Project Funding Master Trust
8.000% due 11/15/2011	$	250	$	265
7.375% due 12/15/2014		3,015		3,119
5.750% due 12/15/2015		7,100		6,548
9.250% due 03/30/2018		977		1,136
8.625% due 02/01/2022		1,200		1,345
6.625% due 06/15/2035		250		227
Total Mexico (Cost $22,894)				22,022
MOROCCO 0.1%
Kingdom of Morocco
4.719% due 01/05/2009	$	150		149
Total Morocco (Cost $143)				149
NETHERLANDS 0.1%
HSBK Europe BV
7.750% due 05/13/2013	$	100		100
Total Netherlands (Cost $100)				100
PAKISTAN 0.9%
Pakistan Government International Bond
7.125% due 03/31/2016	$	1,550		1,418
Total Pakistan (Cost $1,534)				1,418
PANAMA 2.5%
Panama Government International Bond
9.625% due 02/08/2011	$	210		234
9.375% due 07/23/2012		1,210		1,355
7.250% due 03/15/2015		150		152
7.125% due 01/29/2026		2,165		2,100
8.875% due 09/30/2027		80		91
9.375% due 04/01/2029		200		237
Total Panama (Cost $4,249)				4,169
PERU 3.0%
Peru Government International Bond
9.125% due 01/15/2008	$	650		679
9.125% due 02/21/2012		1,470		1,632
5.000% due 03/07/2017		2,066		1,984
7.350% due 07/21/2025		500		482
Southern Copper Corp.
7.500% due 07/27/2035		100		96
Total Peru (Cost $4,874)				4,873
QATAR 0.1%
Ras Laffan Liquefied Natural Gas Co. Ltd. II
5.298% due 09/30/2020	$	250		233
Total Qatar (Cost $250)				233
RUSSIA (d) 15.6%
Gaz Capital for Gazprom
5.875% due 06/01/2015	EUR	200		260
Gazinvest Luxembourg S.A. for Gazprombank
7.250% due 10/30/2008	$	1,000		1,014
Gazprom International S.A.
7.201% due 02/01/2020		850		863
Mobile Telesystems Finance S.A.
8.000% due 01/28/2012		150		147
Morgan Stanley Bank AG for OAO Gazprom
9.625% due 03/01/2013		6,410		7,358
RSHB Capital S.A. for OJSC Russian Agricultural Bank
7.175% due 05/16/2013		300		298

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    Emerging Markets Bond Portfolio (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
Russia Government International Bond
8.250% due 03/31/2010	$	1,111	$	1,157
5.000% due 03/31/2030		10,835		11,557
Sistema Finance S.A.
10.250% due 04/14/2008		500		519
UBS Luxembourg S.A. for OJSC Vimpel Communications
8.375% due 10/22/2011		350		350
UBS Luxembourg S.A. for Sberbank
6.230% due 02/11/2015		1,000		982
VTB Capital S.A. for Vneshtorgbank
6.174% due 09/21/2007		1,000		1,001
Total Russia (Cost $26,267)				25,506
SOUTH AFRICA (d) 1.9%
South Africa Government International Bond
7.375% due 04/25/2012	$	310		323
5.250% due 05/16/2013	EUR	400		519
6.500% due 06/02/2014	$	750		750
8.500% due 06/23/2017		1,300		1,472
Total South Africa (Cost $3,158)				3,064
SOUTH KOREA 0.1%
Industrial Bank of Korea
4.000% due 05/19/2014	$	110		104
Korea Development Bank
5.750% due 09/10/2013		15		15
KT Corp.
4.875% due 07/15/2015		100		91
Total South Korea (Cost $223)				210
TUNISIA (d) 1.1%
Banque Centrale de Tunisie
4.750% due 04/07/2011	EUR	500		642
7.375% due 04/25/2012		1,050		1,097
Total Tunisia (Cost $1,748)				1,739
UKRAINE (d) 3.3%
Dresdner Bank AG for Kyivstar GSM
7.750% due 04/27/2012	$	1,000		967
Ukraine Government International Bond
11.000% due 03/15/2007		133		136
8.235% due 08/05/2009		1,150		1,208
6.875% due 03/04/2011		800		786
7.650% due 06/11/2013		1,700		1,714
4.950% due 10/13/2015	EUR	500		559
Total Ukraine (Cost $5,519)				5,370

UNITED STATES 0.3%
Hyundai Motor Manufacturing Alabama LLC
5.300% due 12/19/2008	$	500	$	490
Total United States (Cost $499)				490
VENEZUELA 6.5%
Venezuela Government International Bond
5.375% due 08/07/2010	$	2,150		2,037
6.090% due 04/20/2011		1,450		1,443
10.750% due 09/19/2013		1,750		2,092
8.500% due 10/08/2014		500		530
5.750% due 02/26/2016		770		670
6.000% due 12/09/2020		1,500		1,282
9.250% due 09/15/2027		1,780		2,105
9.375% due 01/13/2034		450		529
Total Venezuela (Cost $10,671)				10,688
VIETNAM 0.1%
Socialist Republic of Vietnam
6.875% due 01/15/2016	$	100		100
Total Vietnam (Cost $98)				100
		#OF CONTRACTS
PURCHASED PUT OPTIONS 0.0%
90-Day Eurodollar June Futures (CME)
Strike @ $91.250 Exp. 06/18/2007		70		0
Total Purchased Put Options (Cost $1)				0
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 22.1%
COMMERCIAL PAPER 20.1%
Abbey National N.A. LLC
5.230% due 08/08/2006	$	3,000		2,984
Bank of Ireland
5.100% due 08/23/2006		1,700		1,688
Barclays U.S. Funding Corp.
5.140% due 09/05/2006		4,500		4,455
BNP Paribas Finance
5.050% due 08/16/2006		1,600		1,590
Danske Corp.
5.280% due 07/17/2006		3,800		3,792

Dexia Delaware LLC
4.980% due 07/25/2006	$	1,000	$	997
DnB NORBank ASA
5.080% due 08/02/2006		300		299
Fannie Mae
4.958% due 09/13/2006		1,500		1,483
ING U.S. Funding LLC
5.250% due 08/08/2006		900		895
Nordea N.A., Inc.
4.880% due 07/06/2006		1,600		1,599
Skandinaviska Enskilda Banken
5.000% due 07/26/2006		2,300		2,293
Societe Generale N.A.
5.055% due 08/15/2006		1,200		1,193
5.050% due 08/16/2006		2,700		2,683
4.985% due 08/22/2006		1,000		993
Spintab AB
5.120% due 08/01/2006		600		598
Svenska Handelsbanken, Inc.
4.890% due 07/06/2006		1,200		1,200
Westpac Capital Corp.
4.970% due 07/21/2006		4,300		4,289
				33,031
REPURCHASE AGREEMENT 1.7%
State Street Bank
4.900% due 07/03/2006		2,822		2,822
(Dated 06/30/2006. Collateralized by Fannie Mae 5.000% due 01/15/2007 valued at $2,880. Repurchase proceeds are $2,822.)
U.S. TREASURY BILL 0.3% (b)
4.678% due 09/14/2006		430		425
Total Short-Term Instruments (Cost $36,284)				36,278
Total Investments (a) 105.3% (Cost $172,701)			$	172,671
Written Options (e) (0.0%) (Premiums $25)				(15)
Other Assets and Liabilities (Net) (5.3%)				(8,752)
Net Assets 100.0%			$	163,904

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Notes to Schedule of Investments (amounts in thousands, except number of contracts):
(a) As of June 30, 2006, portfolio securities with an aggregate market value of $148 were valued in good faith and pursuant to guidelines established by the Board of Trustees.
(b) Securities with an aggregate market value of $425 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:
Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2007	32	$	(27	)
90-Day Eurodollar June Futures	Long	06/2007	132		(118	)
90-Day Eurodollar March Futures	Long	03/2007	120		(114	)
90-Day Eurodollar March Futures	Long	03/2008	32		(27	)
90-Day Eurodollar September Futures	Long	09/2006	130		(101	)
90-Day Eurodollar September Futures	Long	09/2007	32		(29	)
U.S. Treasury 5-Year Note September Futures	Long	09/2006	84		(40	)
				$	(456	)

(c) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Dean Witter & Co.	28-day Mexico Interbank TIIE Banxico	Pay	9.920%	08/12/2015	MXN	2,000	$	3
Bank of America	3-month USD-LIBOR	Pay	5.000%	12/20/2016	$	600		(7	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/20/2016		600		(7	)
							$	(11	)

Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.700%		03/20/2011	$	500	$	(13	)
Barclays Bank PLC	Salomon Brothers (Gazprom) 9.125% due 04/25/2007	Sell	0.940%		05/20/2011		2,500		(40	)
Barclays Bank PLC	Dow Jones CDX N.A. EM5 Index	Sell	1.350%		06/20/2011		3,000		(29	)
Goldman Sachs & Co.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.700%		03/20/2007		75		0
HSBC Bank USA	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.390%		09/20/2006		5,000		4
J.P. Morgan Chase & Co.	Gaz Capital S.A. 8.625% due 04/28/2034	Sell	1.000%		04/20/2011		1,000		(12	)
J.P. Morgan Chase & Co.	Mexico Government International Bond 11.500% due 05/15/2026	Sell	2.840%		01/04/2013		1,600		186
J.P. Morgan Chase & Co.	Multiple reference entities of Gazprom	Sell	1.500%		04/20/2016		1,000		(17	)
J.P. Morgan Chase & Co.	Petroleos Mexicanos 9.500% due 09/15/2027	Sell	1.130%		04/20/2016		1,400		(27	)
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.770%		06/20/2011		500		2
Lehman Brothers, Inc.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	2.550%		03/20/2014		350		38
Lehman Brothers, Inc.	Multiple reference entities of Gazprom	Sell	1.330%		03/20/2016		1,000		(28	)
Merrill Lynch & Co., Inc.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	3.160%		10/02/2013		450		64
Merrill Lynch & Co., Inc.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	2.310%		01/21/2014		525		51
Morgan Stanley Dean Witter & Co.	Colombia Government International Bond 10.375% due 01/28/2033	Sell	0.760%		03/20/2010		250		(4	)
Morgan Stanley Dean Witter & Co.	Dow Jones CDX N.A. EM3 Index	Sell	2.100%		06/20/2010		800		44
Morgan Stanley Dean Witter & Co.	Turkey Government International Bond 11.875% due 01/15/2030	Buy	(2.200%	)	10/20/2010		400		8
Morgan Stanley Dean Witter & Co.	Gaz Capital S.A. 8.625% due 04/28/2034	Sell	1.050%		04/20/2011		1,000		(10	)
Morgan Stanley Dean Witter & Co.	Dow Jones CDX N.A. EM5 Index	Sell	1.350%		06/20/2011		1,000		2
UBS Warburg LLC	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.870%		06/20/2011		200		2
								$	221
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

See Accompanying Notes Semiannual Report June 30, 2006 11

Schedule of Investments    Emerging Markets Bond Portfolio (Cont.)

(d) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	601	08/2006	$	16	$	0		$	16
Buy	CLP	9,500	07/2006		0		0			0
Sell		9,500	07/2006		0		0			0
Buy		49,502	08/2006		0		(1	)		(1	)
Buy		9,500	09/2006		0		0			0
Buy	CNY	896	09/2006		0		(1	)		(1	)
Buy		5,553	03/2007		0		(5	)		(5	)
Sell	EUR	1,662	07/2006		0		(38	)		(38	)
Buy	IDR	3,359,122	08/2006		8		(5	)		3
Buy	INR	7,925	09/2006		0		(4	)		(4	)
Buy		1,143	11/2006		0		0			0
Buy	JPY	208,025	08/2006		0		(11	)		(11	)
Buy	KRW	98,900	07/2006		3		0			3
Sell		98,900	07/2006		0		(1	)		(1	)
Buy		75,826	08/2006		1		0			1
Buy		314,285	09/2006		7		0			7
Buy	MXN	1,806	08/2006		0		(8	)		(8	)
Buy		303	09/2006		0		(2	)		(2	)
Buy	PEN	158	08/2006		1		0			1
Sell		158	08/2006		0		(1	)		(1	)
Buy	PLN	170	08/2006		0		0			0
Buy		34	09/2006		0		0			0
Buy		769	11/2006		0		(7	)		(7	)
Buy	RUB	1,289	07/2006		2		0			2
Sell		1,288	07/2006		0		0			0
Buy		8,121	08/2006		14		0			14
Buy		1,288	09/2006		0		0			0
Buy	SGD	76	07/2006		1		0			1
Sell		76	07/2006		0		0			0
Buy		269	08/2006		1		0			1
Buy		76	09/2006		0		0			0
Buy		440	11/2006		0		(4	)		(4	)
Buy	SKK	2,314	08/2006		3		0			3
Buy		7,374	09/2006		7		0			7
Buy	TWD	12,500	08/2006		0		(14	)		(14	)
Buy	ZAR	2,577	08/2006		0		(63	)		(63	)
				$	64	$	(165	)	$	(101	)

(e) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price	Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$108.000	08/25/2006	62	$	11	$	2
Call - CBOT U.S. 10-Year Treasury Note September Futures	107.000	08/25/2006	20		2		2
Put - CBOT U.S. Treasury 10-Year Note September Futures	103.000	08/25/2006	82		12		11
				$	25	$	15

12 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2006 (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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Administrative and Advisor. Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Advisor 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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.

Semiannual Report June 30, 2006 13

Notes to Financial Statements (Cont.)

Loan Participations and Assignments.  The Portfolio may invest in direct debt instruments which are interests in amounts owned by corporate, governmental, or other borrowers 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. At the end of the period, the Portfolio had no unfunded loan commitments.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
BRL	Brazilian Real	MXN	Mexican Peso
CLP	Chilean Peso	PEN	Peruvian New Sol
CNY	Chinese Yuan Renminbi	PLN	Polish Zloty
EUR	Euro	RUB	Russian Ruble
IDR	Indonesian Rupiah	SGD	Singapore Dollar
INR	Indian Rupee	SKK	Slovakian Koruna
JPY	Japanese Yen	TWD	Taiwan Dollar
KRW	South Korean Won	ZAR	South African Rand

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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

14 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate, total return, forward spread-lock and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of a credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service in take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain or loss in 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 in 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.

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

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.40%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money,

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	3,924	$	2,638	$	224,692	$	205,534

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts		Premium
Balance at 12/31/2005	0	$	0
Sales	164		25
Closing Buys	0		0
Expirations	0		0
Exercised	0		0
Balance at 06/30/2006	164	$	25

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Administrative Class	3,851		$	52,231		4,972		$	67,244
Advisor Class	8			108		0			0
Issued as reinvestment of distributions
Administrative Class	304			4,103		500			6,752
Advisor Class	0			0		0			0
Cost of shares redeemed
Administrative Class	(1,423	)		(19,006	)	(618	)		(8,259	)
Advisor Class	(1	)		(11	)	0			0
Net increase resulting from Portfolio share transactions	2,739		$	37,425		4,854		$	65,737

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 Shareholders	% of Portfolio Held
Administrative Class	5	93	*
Advisor Class	2	100

* One of the shareholders, Allianz Life Insurance Co. of North America, is an indirect wholly owned subsidiary of AGI and a related party to the Portfolio.

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$          3,249	$          (3,279)	$              (30)

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

“market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders —including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

Semiannual Report June 30, 2006 17

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Advisor

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Emerging Markets Bond Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	13

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolios

PIMCO Variable Insurance Trust (the “Trust”) is an open-end investment company currently consisting of nineteen separate investment portfolios, including the Emerging Markets Bond Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, non-U.S. investment risk, emerging markets risk, currency risk, issuer non-diversification risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

JPMorgan EMBI Global tracks total returns for United States Dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities. Brady bonds, loans, Eurobonds and local market instruments. This index only tracks the particular region or country. It is not possible to invest directly in this index.

Semiannual Report June 30, 2006 3

PIMCO Emerging Markets Bond Portfolio

Cumulative Returns Through June 30, 2006

                  Emerging Markets Bond           JPMorgan Emerging
                 Portfolio Advisor Class         Markets Global Index
                 -----------------------         --------------------
03/31/2006               $10,000                      $10,000
04/30/2006                10,003                        9,991
05/31/2006                 9,773                        9,787
06/30/2006                 9,789                        9,786

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Advisor Class.

Country Allocation^‡

Short-Term Instruments	21.0%
Brazil	20.2%
Russia	14.8%
Mexico	12.8%
Venezuela	6.2%
Other	25%

‡ % of Total Investments as of June 30, 2006

Cumulative Total Return for the period ended June 30, 2006
		Since Inception (03/31/06)
	PIMCO Emerging Markets Bond Portfolio Advisor Class	-2.11%
	JPMorgan Emerging Markets Bond Global Index	-2.14%

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (03/31/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	978.90	$	1,009.70
Expenses Paid During Period†	$	2.87	$	2.91

† Expenses are equal to the Portfolio’s Advisor Class annualized expense ratio of 1.15%, multiplied by the average account value over the period, multiplied by 92/365 (to reflect the period since the Portfolio’s Advisor Class shares commenced operations on 03/31/06). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

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

» An overweight position in Brazil was positive; Brazil outperformed the index on the back of external debt buybacks and ratings upgrades from S&P and Fitch.

» An overweight to Ecuador was positive; debt buybacks, a high spread cushion and supportive crude oil prices helped to balance political noise. The Ecuador sub-index rallied strongly in Q1 and returned 8.04% for the past six months.

» A significant underweight to Turkey was positive, especially in Q2, when Turkish spreads widened by 1.12%. Spread widening was due to worries about the country’s large current account deficit, a major sell-off in the lira, and an increasing inflation rate.

» Despite the recent shift in risk tolerance, which favored strong credits over weak credits in Q2, an underweight to Argentina was negative for the first half of the year. The country posted a return of 17.9% for the Q1, as short covering and a search for yield outweighed investor concerns over mounting inflation. Year-to-date, the sub-index has returned 10.8%.

» Underweighting the Philippines was negative; the country outperformed due to high levels of overseas remittances and news that the budget shortfall narrowed.

» Above benchmark duration in Q1 was negative as U.S. Treasury rates rose.

» An emphasis on shorter maturities was negative, as the yield curve continued to flatten in the past six months.

» A strategic allocation to emerging market currencies was positive, as attractive carry via high local interest rates was high enough to offset weakness in some EM currencies.

4 PIMCO Variable Insurance Trust

Financial Highlights    Emerging Markets Bond Portfolio

Selected Per Share Data for the Period Ended:	03/31/2006- 06/30/2006+
Advisor Class
Net asset value beginning of period	$	13.59
Net investment income (a)		0.17
Net realized/unrealized (loss) on investments (a)		(0.46	)
Total (loss) from investment operations		(0.29	)
Dividends from net investment income		(0.17	)
Total distributions		(0.17	)
Net asset value end of period	$	13.13
Total return		(2.11	)%
Net assets end of period (000s)	$	97
Ratio of expenses to average net assets		1.15	%*
Ratio of net investment income to average net assets		5.44	%*
Portfolio turnover rate		154	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Emerging Markets Bond Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	172,671
Cash		103
Foreign currency, at value		74
Receivable for investments sold		12,533
Receivable for Portfolio shares sold		123
Interest and dividends receivable		3,022
Variation margin receivable		68
Unrealized appreciation on forward foreign currency contracts		64
Unrealized appreciation on swap agreements		404
		189,062
Liabilities:
Payable for investments purchased	$	101
Payable for investments purchased on delayed-delivery basis		24,365
Payable for Portfolio shares redeemed		58
Written options outstanding		15
Accrued investment advisory fee		64
Accrued administration fee		57
Accrued servicing fee		19
Swap premiums received		120
Unrealized depreciation on forward foreign currency contracts		165
Unrealized depreciation on swap agreements		194
		25,158
Net Assets	$	163,904
Net Assets Consist of:
Paid in capital	$	159,124
Undistributed net investment income		2,227
Accumulated undistributed net realized gain		2,918
Net unrealized (depreciation)		(365	)
	$	163,904
Net Assets:
Administrative Class	$	163,807
Advisor Class		97
Shares Issued and Outstanding:
Administrative Class		12,478
Advisor Class		7
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Administrative Class	$	13.13
Advisor Class		13.13
Cost of Investments Owned	$	172,701
Cost of Foreign Currency Held	$	73
Premiums Received on Written Options	$	25

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Emerging Markets Bond Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	4,773
Total Income		4,773
Expenses:
Investment advisory fees		344
Administration fees		306
Servicing fees – Administrative Class		115
Trustees’ fees		1
Interest expense		1
Total Expenses		767
Net Investment Income		4,006
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		1,386
Net realized (loss) on futures contracts, options and swaps		(164	)
Net realized gain on foreign currency transactions		26
Net change in unrealized (depreciation) on investments		(6,930	)
Net change in unrealized (depreciation) on futures contracts, options and swaps		(767	)
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(117	)
Net (Loss)		(6,566	)
Net (Decrease) in Net Assets Resulting from Operations	$	(2,560	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Emerging Markets Bond Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	4,006		$	4,299
Net realized gain		1,248			2,037
Net change in unrealized appreciation (depreciation)		(7,814	)		3,223
Net increase (decrease) resulting from operations		(2,560	)		9,559
Distributions to Shareholders:
From net investment income
Administrative Class		(4,103	)		(4,422	)
Advisor Class		0			0
From net realized capital gains
Administrative Class		0			(2,330	)
Advisor Class		0			0
Total Distributions		(4,103	)		(6,752	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		52,231			67,244
Advisor Class		108			0
Issued as reinvestment of distributions
Administrative Class		4,103			6,752
Advisor Class		0			0
Cost of shares redeemed
Administrative Class		(19,006	)		(8,259	)
Advisor Class		(11	)		0
Net increase resulting from Portfolio share transactions		37,425			65,737
Total Increase in Net Assets		30,762			68,544
Net Assets:
Beginning of period		133,142			64,598
End of period*	$	163,904		$	133,142
*Including undistributed net investment income of:	$	2,227		$	2,324

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Emerging Markets Bond Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
ARGENTINA 0.5%
Argentina Bonos
0.000% due 08/03/2012	$	1,000	$	832
Total Argentina (Cost $829)				832
BRAZIL 21.2%
Brazilian Government International Bond
10.000% due 08/07/2011	$	1,250		1,429
11.000% due 01/11/2012		1,160		1,386
10.250% due 06/17/2013		50		59
10.500% due 07/14/2014		2,085		2,516
7.875% due 03/07/2015		3,625		3,804
8.000% due 01/15/2018		2,258		2,388
8.875% due 10/14/2019		2,250		2,512
8.875% due 04/15/2024		350		389
8.750% due 02/04/2025		1,700		1,870
10.125% due 05/15/2027		1,740		2,166
12.250% due 03/06/2030		220		323
8.250% due 01/20/2034		5,690		5,989
11.000% due 08/17/2040		7,646		9,491
CSN Islands VII Corp.
10.750% due 09/12/2008		200		215
Petrobras International Finance Co.
7.750% due 09/15/2014		250		261
Total Brazil (Cost $33,593)				34,799
CAYMAN ISLANDS 0.1%
Banco Mercantil del Norte S.A.
5.875% due 02/17/2014	$	145		144
Total Cayman Islands (Cost $145)				144
CHILE 0.8%
Chile Government International Bond
5.625% due 07/23/2007	$	915		916
Corp. Nacional del Cobre de Chile – CODELCO
5.625% due 09/21/2035		200		180
Empresa Nacional de Electricidad S.A.
8.350% due 08/01/2013		200		216
Total Chile (Cost $1,353)				1,312
CHINA 1.3%
China Development Bank
5.000% due 10/15/2015	$	500		467
Export-Import Bank of China
4.875% due 07/21/2015		550		507
Panva Gas Holdings Ltd.
8.250% due 09/23/2011		670		675
Sino-Forest Corp.
9.125% due 08/17/2011		500		517
Total China (Cost $2,279)				2,166
COLOMBIA 2.2%
Colombia Government International Bond
9.750% due 04/23/2009	$	220		238
10.000% due 01/23/2012		100		113
10.750% due 01/15/2013		400		473
8.250% due 12/22/2014		2,325		2,453
10.375% due 01/28/2033		310		384
Total Colombia (Cost $3,721)				3,661
ECUADOR 3.8%
Ecuador Government International Bond
9.000% due 08/15/2030	$	6,469		6,248
Total Ecuador (Cost $5,013)				6,248

EGYPT 0.3%
Petroleum Export Ltd.
5.265% due 06/15/2011	$	574	$	560
Total Egypt (Cost $571)				560
EL SALVADOR 0.5%
AES El Salvador Trust
6.750% due 02/01/2016	$	700		648
El Salvador Government International Bond
8.500% due 07/25/2011		150		162
Total El Salvador (Cost $844)				810
GUATEMALA 0.4%
Guatemala Government Bond
9.250% due 08/01/2013	$	570		637
Total Guatemala (Cost $570)				637
INDONESIA 0.7%
Indonesia Government International Bond
6.875% due 03/09/2017	$	1,200		1,171
Total Indonesia (Cost $1,187)				1,171
KAZAKHSTAN 1.7%
ATF BANK
9.000% due 05/11/2016	$	150		148
Intergas Finance BV
6.875% due 11/04/2011		100		99
Kazakhstan Temir Zholy Finance BV
6.500% due 05/11/2011		300		292
Kazkommerts International BV
8.500% due 04/16/2013		250		257
Tengizchevroil Finance Co. SARL
6.124% due 11/15/2014		2,000		1,942
Total Kazakhstan (Cost $2,834)				2,738
MALAYSIA 0.7%
Malaysia Government International Bond
8.750% due 06/01/2009	$	120		129
7.500% due 07/15/2011		325		347
Petronas Capital Ltd.
7.000% due 05/22/2012		325		341
Tenaga Nasional Bhd
7.500% due 11/01/2025		250		273
TNB Capital Ltd.
5.250% due 05/05/2015		100		94
Total Malaysia (Cost $1,250)				1,184
MEXICO 13.4%
America Movil S.A. de C.V.
5.500% due 03/01/2014	$	200		185
5.750% due 01/15/2015		100		93
Mexico Government International Bond
7.500% due 01/14/2012		282		300
5.875% due 01/15/2014		250		243
6.625% due 03/03/2015		315		320
11.375% due 09/15/2016		25		34
5.625% due 01/15/2017		650		606
8.125% due 12/30/2019		1,324		1,499
8.300% due 08/15/2031		2,415		2,795
7.500% due 04/08/2033		1,000		1,065
6.750% due 09/27/2034		2,300		2,242

Pemex Project Funding Master Trust
8.000% due 11/15/2011	$	250	$		265
7.375% due 12/15/2014		3,015			3,119
5.750% due 12/15/2015		7,100			6,548
9.250% due 03/30/2018		977			1,136
8.625% due 02/01/2022		1,200			1,345
6.625% due 06/15/2035		250			227
Total Mexico (Cost $22,894)					22,022
MOROCCO 0.1%
Kingdom of Morocco
4.719% due 01/05/2009	$	150			149
Total Morocco (Cost $143)					149
NETHERLANDS 0.1%
HSBK Europe BV
7.750% due 05/13/2013	$	100			100
Total Netherlands (Cost $100)					100
PAKISTAN 0.9%
Pakistan Government International Bond
7.125% due 03/31/2016	$	1,550			1,418
Total Pakistan (Cost $1,534)					1,418
PANAMA 2.5%
Panama Government International Bond
9.625% due 02/08/2011	$	210			234
9.375% due 07/23/2012		1,210			1,355
7.250% due 03/15/2015		150			152
7.125% due 01/29/2026		2,165			2,100
8.875% due 09/30/2027		80			91
9.375% due 04/01/2029		200			237
Total Panama (Cost $4,249)					4,169
PERU 3.0%
Peru Government International Bond
9.125% due 01/15/2008	$	650			679
9.125% due 02/21/2012		1,470			1,632
5.000% due 03/07/2017		2,066			1,984
7.350% due 07/21/2025		500			482
Southern Copper Corp.
7.500% due 07/27/2035		100			96
Total Peru (Cost $4,874)					4,873
				��
QATAR 0.1%
Ras Laffan Liquefied Natural Gas Co. Ltd. II
5.298% due 09/30/2020	$	250			233
Total Qatar (Cost $250)					233
RUSSIA (d) 15.6%
Gaz Capital for Gazprom
5.875% due 06/01/2015	EUR	200			260
Gazinvest Luxembourg S.A. for Gazprombank
7.250% due 10/30/2008	$	1,000			1,014
Gazprom International S.A.
7.201% due 02/01/2020		850			863
Mobile Telesystems Finance S.A.
8.000% due 01/28/2012		150			147
Morgan Stanley Bank AG for OAO Gazprom
9.625% due 03/01/2013		6,410			7,358
RSHB Capital S.A. for OJSC Russian Agricultural Bank
7.175% due 05/16/2013		300			298

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    Emerging Markets Bond Portfolio (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
Russia Government International Bond
8.250% due 03/31/2010	$	1,111	$	1,157
5.000% due 03/31/2030		10,835		11,557
Sistema Finance S.A.
10.250% due 04/14/2008		500		519
UBS Luxembourg S.A. for OJSC Vimpel Communications
8.375% due 10/22/2011		350		350
UBS Luxembourg S.A. for Sberbank
6.230% due 02/11/2015		1,000		982
VTB Capital S.A. for Vneshtorgbank
6.174% due 09/21/2007		1,000		1,001
Total Russia (Cost $26,267)				25,506
SOUTH AFRICA (d) 1.9%
South Africa Government International Bond
7.375% due 04/25/2012	$	310		323
5.250% due 05/16/2013	EUR	400		519
6.500% due 06/02/2014	$	750		750
8.500% due 06/23/2017		1,300		1,472
Total South Africa (Cost $3,158)				3,064
SOUTH KOREA 0.1%
Industrial Bank of Korea
4.000% due 05/19/2014	$	110		104
Korea Development Bank
5.750% due 09/10/2013		15		15
KT Corp.
4.875% due 07/15/2015		100		91
Total South Korea (Cost $223)				210
TUNISIA (d) 1.1%
Banque Centrale de Tunisie
4.750% due 04/07/2011	EUR	500		642
7.375% due 04/25/2012		1,050		1,097
Total Tunisia (Cost $1,748)				1,739
UKRAINE (d) 3.3%
Dresdner Bank AG for Kyivstar GSM
7.750% due 04/27/2012	$	1,000		967
Ukraine Government International Bond
11.000% due 03/15/2007		133		136
8.235% due 08/05/2009		1,150		1,208
6.875% due 03/04/2011		800		786
7.650% due 06/11/2013		1,700		1,714
4.950% due 10/13/2015	EUR	500		559
Total Ukraine (Cost $5,519)				5,370

UNITED STATES 0.3%
Hyundai Motor Manufacturing Alabama LLC
5.300% due 12/19/2008	$	500	$	490
Total United States (Cost $499)				490
VENEZUELA 6.5%
Venezuela Government International Bond
5.375% due 08/07/2010	$	2,150		2,037
6.090% due 04/20/2011		1,450		1,443
10.750% due 09/19/2013		1,750		2,092
8.500% due 10/08/2014		500		530
5.750% due 02/26/2016		770		670
6.000% due 12/09/2020		1,500		1,282
9.250% due 09/15/2027		1,780		2,105
9.375% due 01/13/2034		450		529
Total Venezuela (Cost $10,671)				10,688
VIETNAM 0.1%
Socialist Republic of Vietnam
6.875% due 01/15/2016	$	100		100
Total Vietnam (Cost $98)				100
		#OF CONTRACTS
PURCHASED PUT OPTIONS 0.0%
90-Day Eurodollar June Futures (CME)
Strike @ $91.250 Exp. 06/18/2007		70		0
Total Purchased Put Options (Cost $1)				0
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 22.1%
COMMERCIAL PAPER 20.1%
Abbey National N.A. LLC
5.230% due 08/08/2006	$	3,000		2,984
Bank of Ireland
5.100% due 08/23/2006		1,700		1,688
Barclays U.S. Funding Corp.
5.140% due 09/05/2006		4,500		4,455
BNP Paribas Finance
5.050% due 08/16/2006		1,600		1,590
Danske Corp.
5.280% due 07/17/2006		3,800		3,792

Dexia Delaware LLC
4.980% due 07/25/2006	$	1,000	$	997
DnB NORBank ASA
5.080% due 08/02/2006		300		299
Fannie Mae
4.958% due 09/13/2006		1,500		1,483
ING U.S. Funding LLC
5.250% due 08/08/2006		900		895
Nordea N.A., Inc.
4.880% due 07/06/2006		1,600		1,599
Skandinaviska Enskilda Banken
5.000% due 07/26/2006		2,300		2,293
Societe Generale N.A.
5.055% due 08/15/2006		1,200		1,193
5.050% due 08/16/2006		2,700		2,683
4.985% due 08/22/2006		1,000		993
Spintab AB
5.120% due 08/01/2006		600		598
Svenska Handelsbanken, Inc.
4.890% due 07/06/2006		1,200		1,200
Westpac Capital Corp.
4.970% due 07/21/2006		4,300		4,289
				33,031
REPURCHASE AGREEMENT 1.7%
State Street Bank
4.900% due 07/03/2006		2,822		2,822
(Dated 06/30/2006. Collateralized by Fannie Mae 5.000% due 01/15/2007 valued at $2,880. Repurchase proceeds are $2,822.)
U.S. TREASURY BILL 0.3% (b)
4.678% due 09/14/2006		430		425
Total Short-Term Instruments (Cost $36,284)				36,278
Total Investments (a) 105.3% (Cost $172,701)			$	172,671
Written Options (e) (0.0%) (Premiums $25)				(15)
Other Assets and Liabilities (Net) (5.3%)				(8,752)
Net Assets 100.0%			$	163,904

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Notes to Schedule of Investments (amounts in thousands, except number of contracts):
(a) As of June 30, 2006, portfolio securities with an aggregate market value of $148 were valued in good faith and pursuant to guidelines established by the Board of Trustees.
(b) Securities with an aggregate market value of $425 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:
Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2007	32	$	(27	)
90-Day Eurodollar June Futures	Long	06/2007	132		(118	)
90-Day Eurodollar March Futures	Long	03/2007	120		(114	)
90-Day Eurodollar March Futures	Long	03/2008	32		(27	)
90-Day Eurodollar September Futures	Long	09/2006	130		(101	)
90-Day Eurodollar September Futures	Long	09/2007	32		(29	)
U.S. Treasury 5-Year Note September Futures	Long	09/2006	84		(40	)
				$	(456	)

(c) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Dean Witter & Co.	28-day Mexico Interbank TIIE Banxico	Pay	9.920%	08/12/2015	MXN	2,000	$	3
Bank of America	3-month USD-LIBOR	Pay	5.000%	12/20/2016	$	600		(7	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/20/2016		600		(7	)
							$	(11	)

Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.700%		03/20/2011	$	500	$	(13	)
Barclays Bank PLC	Salomon Brothers (Gazprom) 9.125% due 04/25/2007	Sell	0.940%		05/20/2011		2,500		(40	)
Barclays Bank PLC	Dow Jones CDX N.A. EM5 Index	Sell	1.350%		06/20/2011		3,000		(29	)
Goldman Sachs & Co.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.700%		03/20/2007		75		0
HSBC Bank USA	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.390%		09/20/2006		5,000		4
J.P. Morgan Chase & Co.	Gaz Capital S.A. 8.625% due 04/28/2034	Sell	1.000%		04/20/2011		1,000		(12	)
J.P. Morgan Chase & Co.	Mexico Government International Bond 11.500% due 05/15/2026	Sell	2.840%		01/04/2013		1,600		186
J.P. Morgan Chase & Co.	Multiple reference entities of Gazprom	Sell	1.500%		04/20/2016		1,000		(17	)
J.P. Morgan Chase & Co.	Petroleos Mexicanos 9.500% due 09/15/2027	Sell	1.130%		04/20/2016		1,400		(27	)
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.770%		06/20/2011		500		2
Lehman Brothers, Inc.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	2.550%		03/20/2014		350		38
Lehman Brothers, Inc.	Multiple reference entities of Gazprom	Sell	1.330%		03/20/2016		1,000		(28	)
Merrill Lynch & Co., Inc.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	3.160%		10/02/2013		450		64
Merrill Lynch & Co., Inc.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	2.310%		01/21/2014		525		51
Morgan Stanley Dean Witter & Co.	Colombia Government International Bond 10.375% due 01/28/2033	Sell	0.760%		03/20/2010		250		(4	)
Morgan Stanley Dean Witter & Co.	Dow Jones CDX N.A. EM3 Index	Sell	2.100%		06/20/2010		800		44
Morgan Stanley Dean Witter & Co.	Turkey Government International Bond 11.875% due 01/15/2030	Buy	(2.200%	)	10/20/2010		400		8
Morgan Stanley Dean Witter & Co.	Gaz Capital S.A. 8.625% due 04/28/2034	Sell	1.050%		04/20/2011		1,000		(10	)
Morgan Stanley Dean Witter & Co.	Dow Jones CDX N.A. EM5 Index	Sell	1.350%		06/20/2011		1,000		2
UBS Warburg LLC	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.870%		06/20/2011		200		2
								$	221
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

See Accompanying Notes Semiannual Report June 30, 2006 11

Schedule of Investments    Emerging Markets Bond Portfolio (Cont.)

(d) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	601	08/2006	$	16	$	0		$	16
Buy	CLP	9,500	07/2006		0		0			0
Sell		9,500	07/2006		0		0			0
Buy		49,502	08/2006		0		(1	)		(1	)
Buy		9,500	09/2006		0		0			0
Buy	CNY	896	09/2006		0		(1	)		(1	)
Buy		5,553	03/2007		0		(5	)		(5	)
Sell	EUR	1,662	07/2006		0		(38	)		(38	)
Buy	IDR	3,359,122	08/2006		8		(5	)		3
Buy	INR	7,925	09/2006		0		(4	)		(4	)
Buy		1,143	11/2006		0		0			0
Buy	JPY	208,025	08/2006		0		(11	)		(11	)
Buy	KRW	98,900	07/2006		3		0			3
Sell		98,900	07/2006		0		(1	)		(1	)
Buy		75,826	08/2006		1		0			1
Buy		314,285	09/2006		7		0			7
Buy	MXN	1,806	08/2006		0		(8	)		(8	)
Buy		303	09/2006		0		(2	)		(2	)
Buy	PEN	158	08/2006		1		0			1
Sell		158	08/2006		0		(1	)		(1	)
Buy	PLN	170	08/2006		0		0			0
Buy		34	09/2006		0		0			0
Buy		769	11/2006		0		(7	)		(7	)
Buy	RUB	1,289	07/2006		2		0			2
Sell		1,288	07/2006		0		0			0
Buy		8,121	08/2006		14		0			14
Buy		1,288	09/2006		0		0			0
Buy	SGD	76	07/2006		1		0			1
Sell		76	07/2006		0		0			0
Buy		269	08/2006		1		0			1
Buy		76	09/2006		0		0			0
Buy		440	11/2006		0		(4	)		(4	)
Buy	SKK	2,314	08/2006		3		0			3
Buy		7,374	09/2006		7		0			7
Buy	TWD	12,500	08/2006		0		(14	)		(14	)
Buy	ZAR	2,577	08/2006		0		(63	)		(63	)
				$	64	$	(165	)	$	(101	)

(e) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price	Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$108.000	08/25/2006	62	$	11	$	2
Call - CBOT U.S. 10-Year Treasury Note September Futures	107.000	08/25/2006	20		2		2
Put - CBOT U.S. Treasury 10-Year Note September Futures	103.000	08/25/2006	82		12		11
				$	25	$	15

12 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2006 (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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Administrative and Advisor. Information presented in these financial statements pertains to the Advisor 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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.

Semiannual Report June 30, 2006 13

Notes to Financial Statements (Cont.)

Loan Participations and Assignments.  The Portfolio may invest in direct debt instruments which are interests in amounts owned by corporate, governmental, or other borrowers 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. At the end of the period, the Portfolio had no unfunded loan commitments.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
BRL	Brazilian Real	MXN	Mexican Peso
CLP	Chilean Peso	PEN	Peruvian New Sol
CNY	Chinese Yuan Renminbi	PLN	Polish Zloty
EUR	Euro	RUB	Russian Ruble
IDR	Indonesian Rupiah	SGD	Singapore Dollar
INR	Indian Rupee	SKK	Slovakian Koruna
JPY	Japanese Yen	TWD	Taiwan Dollar
KRW	South Korean Won	ZAR	South African Rand

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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

14 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate, total return, forward spread-lock and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of a credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service in take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain or loss in 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 in 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.

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

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.40%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money,

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases			Sales
$	3,924	$	2,638	$	224,692	��	$	205,534

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts		Premium
Balance at 12/31/2005	0	$	0
Sales	164		25
Closing Buys	0		0
Expirations	0		0
Exercised	0		0
Balance at 06/30/2006	164	$	25

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Administrative Class	3,851		$	52,231		4,972		$	67,244
Advisor Class	8			108		0			0
Issued as reinvestment of distributions
Administrative Class	304			4,103		500			6,752
Advisor Class	0			0		0			0
Cost of shares redeemed
Administrative Class	(1,423	)		(19,006	)	(618	)		(8,259	)
Advisor Class	(1	)		(11	)	0			0
Net increase resulting from Portfolio share transactions	2,739		$	37,425		4,854		$	65,737

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 Shareholders	% of Portfolio Held
Administrative Class	5	93	*
Advisor Class	2	100

* One of the shareholders, Allianz Life Insurance Co. of North America, is an indirect wholly owned subsidiary of AGI and a related party to the Portfolio.

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$          3,249	$          (3,279)	$              (30)

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

“market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders —including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

Semiannual Report June 30, 2006 17

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Administrative

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Foreign Bond Portfolio (U.S. Dollar-Hedged)

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	15

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Foreign Bond Portfolio (U.S. Dollar-Hedged) (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, non-U.S. investment risk, currency risk, issuer non-diversification risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

JPMorgan Government Bond Indices Global Ex-U.S. Index Hedged in USD is an unmanaged index market representative of the total return performance in U.S. dollars of major non-U.S. bond markets. It is not possible to invest directly in such an unmanaged index.

Semiannual Report June 30, 2006 3

PIMCO Foreign Bond Portfolio (U.S. Dollar-Hedged)

Cumulative Returns Through June 30, 2006

                     Foreign Bond Portfolio      JPMorgan GBI Global
                      (U.S. Dollar-Hedged)          ex-US Index
                      Administrative Class          Hedged in USD
                     ----------------------      -------------------
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
07/31/2004                    12,978                   13,067
08/31/2004                    13,128                   13,251
09/30/2004                    13,174                   13,327
10/31/2004                    13,262                   13,412
11/30/2004                    13,454                   13,528
12/31/2004                    13,536                   13,612
01/31/2005                    13,649                   13,745
02/28/2005                    13,599                   13,679
03/31/2005                    13,715                   13,783
04/30/2005                    13,875                   13,957
05/31/2005                    13,969                   14,073
06/30/2005                    14,091                   14,225
07/31/2005                    14,053                   14,162
08/31/2005                    14,164                   14,277
09/30/2005                    14,145                   14,261
10/31/2005                    14,056                   14,188
11/30/2005                    14,090                   14,267
12/31/2005                    14,233                   14,374
01/31/2006                    14,200                   14,347
02/28/2006                    14,262                   14,380
03/31/2006                    14,149                   14,254
04/30/2006                    14,079                   14,173
05/31/2006                    14,144                   14,256
06/30/2006                    14,129                   14,250


                                        

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Administrative Class.

Country Allocation^‡

Short-Term Instruments	28.7%
United States	27.4%
Germany	15.0%
Japan	9.9%
Spain	7.4%
United Kingdom	6.4%
Other	5.2%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since     Inception     (02/16/99)**
	PIMCO Foreign Bond Portfolio (U.S. Dollar-Hedged) Administrative Class	-0.73%	0.26%	4.80%	4.77%
	JPMorgan GBI Global ex-U.S. Index Hedged in USD	-0.86%	0.17%	4.31%	4.95%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Portfolio began operations on 02/16/99. Index comparisons began on 02/28/99.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	992.70	$	1,020.33
Expenses Paid During Period†	$	4.45	$	4.51

† 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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 Instruments of issuers located outside the United States, representing at least three foreign countries, which may be represented by futures contracts (including related options) with respect to such securities, and options on such securities.

» An underweight to Euroland duration and a curve flattening bias added to returns as these yields rose on stronger than expected economic data and hawkish European Central Bank comments.

» An overweight to U.S. duration and an emphasis on shorter maturities detracted from returns, as rates rose and the yield curve continued to flatten amid concern that the Federal Reserve would extend its tightening cycle.

» An emphasis on mortgage-backed securities was positive for performance as mortgages outperformed like-duration Treasuries amidst declining volatility and heightened investor demand.

» A focus on the short-to-intermediate portion of the U.K. curve was negative for returns as U.K. long-dated gilts outperformed on firmer demand for longer dated assets.

» A long position in the Euro and the Yen versus the U.S. dollar was positive for returns as the Euro and the Yen appreciated on improving growth and expectations of monetary tightening.

4 PIMCO Variable Insurance Trust

Financial Highlights    Foreign Bond Portfolio (U.S. Dollar-Hedged)

Selected Per Share Data for the Year or Period Ended:	06/30/2006+		12/31/2005		12/31/2004		12/31/2003		12/31/2002		12/31/2001
Administrative Class
Net asset value beginning of period	$       10.34		$       10.15		$       10.03		$       10.07		$         9.69		$         9.40
Net investment income (a)	0.17		0.28		0.23		0.26		0.36		0.42
Net realized/unrealized gain (loss) on investments (a)	(0.25	)	0.24		0.33		(0.03	)	0.42		0.28
Total income from investment operations	(0.08	)	0.52		0.56		0.23		0.78		0.70
Dividends from net investment income	(0.15	)	(0.25	)	(0.21	)	(0.27	)	(0.36	)	(0.41	)
Distributions from net realized capital gains	0.00		(0.08	)	(0.23	)	0.00		(0.04	)	0.00
Total distributions	(0.15	)	(0.33	)	(0.44	)	(0.27	)	(0.40	)	(0.41	)
Net asset value end of period	$       10.11		$       10.34		$       10.15		$       10.03		$       10.07		$         9.69
Total return	(0.73	)%	5.15	%	5.56	%	2.26	%	8.19	%	7.59	%
Net assets end of period (000s)	$     54,250		$     49,640		$     38,141		$     32,355		$     16,776		$       4,856
Ratio of expenses to average net assets	0.90	%*	0.90	%	0.90	%	0.93	%(b)	0.93	%(b)(d)	0.90	%(c)
Ratio of net investment income to average net assets	3.44	%*	2.70	%	2.26	%	2.53	%	3.67	%	4.43	%
Portfolio turnover rate	193	%	453	%	515	%	600	%	321	%	285	%

+ 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 0.90%.

(c) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.91%.

(d) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.94%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Foreign Bond Portfolio (U.S. Dollar-Hedged)

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	58,481
Cash		5
Foreign currency, at value		656
Receivable for investments sold		4,472
Receivable for investments sold on delayed-delivery basis		2,557
Receivable for Portfolio shares sold		425
Interest and dividends receivable		554
Variation margin receivable		27
Swap premiums paid		871
Unrealized appreciation on forward foreign currency contracts		32
Unrealized appreciation on swap agreements		709
		68,789
Liabilities:
Payable for investments purchased	$	4,391
Payable for investments purchased on delayed-delivery basis		8,316
Payable for short sales		384
Payable for Portfolio shares redeemed		171
Written options outstanding		90
Accrued investment advisory fee		12
Accrued administration fee		23
Accrued servicing fee		6
Swap premiums received		644
Unrealized depreciation on forward foreign currency contracts		224
Unrealized depreciation on swap agreements		264
Other
		14,525
Net Assets	$	54,264
Net Assets Consist of:
Paid in capital	$	54,016
Undistributed net investment income		600
Accumulated undistributed net realized (loss)		(964	)
Net unrealized appreciation		612
	$	54,264
Net Assets:
Institutional Class	$	14
Administrative Class		54,250
Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		5,364
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.11
Administrative Class		10.11
Cost of Investments Owned	$	58,111
Cost of Foreign Currency Held	$	650
Proceeds Received on Short Sales	$	387
Premiums Received on Written Options	$	235

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Foreign Bond Portfolio (U.S. Dollar-Hedged)

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	1,083
Dividends		21
Miscellaneous income		1
Total Income		1,105
Expenses:
Investment advisory fees		64
Administration fees		127
Servicing fees – Administrative Class		38
Total Expenses		229
Net Investment Income		876
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(234	)
Net realized (loss) on futures contracts, options and swaps		(201	)
Net realized (loss) on foreign currency transactions		(858	)
Net change in unrealized (depreciation) on investments		(310	)
Net change in unrealized appreciation on futures contracts, options and swaps		522
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(150	)
Net (Loss)		(1,231	)
Net (Decrease) in Net Assets Resulting from Operations	$	(355	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Foreign Bond Portfolio (U.S. Dollar-Hedged)

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	876		$	1,202
Net realized gain (loss)		(1,293	)		2,973
Net change in unrealized appreciation (depreciation)		62			(1,986	)
Net increase (decrease) resulting from operations		(355	)		2,189
Distributions to Shareholders:
From net investment income
Institutional Class		0			0
Administrative Class		(777	)		(1,087	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(365	)
Total Distributions		(777	)		(1,452	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		0			0
Administrative Class		9,424			17,519
Issued as reinvestment of distributions
Institutional Class		0			0
Administrative Class		777			1,452
Cost of shares redeemed
Institutional Class		0			0
Administrative Class		(4,459	)		(8,208	)
Net increase resulting from Portfolio share transactions		5,742			10,763
Total Increase in Net Assets		4,610			11,500
Net Assets:
Beginning of period		49,654			38,154
End of period*	$	54,264		$	49,654
*Including undistributed net investment income of:	$	600		$	501

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Foreign Bond Portfolio (U.S. Dollar-Hedged) June 30, 2006 (Unaudited)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

AUSTRALIA 0.0%
Medallion Trust
5.275% due 07/12/2031	$	14	$	14
Total Australia (Cost $14)				14
AUSTRIA (j) 1.0%
Austria Government Bond
5.250% due 01/04/2011	EUR	300		406
3.800% due 10/20/2013		100		127
Total Austria (Cost $441)				533
CAYMAN ISLANDS 0.8%
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049	$	200		193
Vita Capital Ltd.
6.340% due 01/01/2007		250		251
Total Cayman Islands (Cost $450)				444
DENMARK 0.0% (j)
Nykredit Realkredit A/S
6.000% due 10/01/2029	DKK	67		12
Total Denmark (Cost $7)				12
FRANCE 1.8% (j)
France Government Bond
4.000% due 10/25/2009	EUR	30		39
5.500% due 04/25/2010		110		149
5.750% due 10/25/2032		500		779
Total France (Cost $961)				967
GERMANY (j) 16.2%
Amadeus Global Travel Distribution S.A.
5.549% due 04/08/2013	EUR	50		65
6.049% due 04/08/2014		50		65
Haus Ltd.
3.169% due 12/14/2037		48		57
Landesbank Baden-Wurttemberg
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		1,400		1,886
5.250% due 01/04/2011		300		406
6.250% due 01/04/2024		600		955
6.500% due 07/04/2027		590		981
5.625% due 01/04/2028		2,650		3,999
4.750% due 07/04/2028		30		41
5.500% due 01/04/2031		100		150
4.750% due 07/04/2034		100		137
Total Germany (Cost $7,989)				8,794
ITALY (j) 1.7%
Italy Buoni Poliennali Del Tesoro
4.500% due 05/01/2009	EUR	360		470
4.250% due 11/01/2009		60		78
5.500% due 11/01/2010		110		150
Seashell Securities PLC
3.079% due 10/25/2028		100		126
Telecom Italia SpA
5.625% due 02/01/2007		70		91
Total Italy (Cost $864)				915

JAPAN (j) 10.7%
Bank of Tokyo-Mitsubishi UFJ Ltd.
3.500% due 12/16/2015	EUR	100	123
Japan Finance Corp. for Municipal Enterprises
5.875% due 03/14/2011	$	80	81
Japan Government Bond
0.700% due 09/20/2008	JPY	10,000	87
1.500% due 03/20/2014		90,000	772
1.600% due 06/20/2014		240,000	2,068
1.600% due 09/20/2014		60,000	516
2.300% due 05/20/2030		10,000	85
2.400% due 03/20/2034		20,000	172
2.300% due 06/20/2035		70,000	585
2.500% due 09/20/2035		140,000	1,221
Sumitomo Mitsui Banking Corp.
5.625% due 07/29/2049	$	100	93
Total Japan (Cost $6,197)			5,803
SPAIN (j) 8.0%
Santander U.S. Debt S.A. Unipersonal
5.220% due 02/06/2009	$	200	200
Spain Government Bond
5.150% due 07/30/2009	EUR	1,210	1,611
4.000% due 01/31/2010		100	129
4.400% due 01/31/2015		1,800	2,361
Total Spain (Cost $4,081)			4,301
UNITED KINGDOM (j) 6.9%
Lloyds TSB Bank PLC
5.625% due 07/15/2049	EUR	40	53
5.438% due 11/29/2049	$	100	89
United Kingdom Gilt
5.000% due 03/07/2008	GBP	100	186
4.750% due 06/07/2010		600	1,108
5.000% due 03/07/2012		500	936
4.750% due 09/07/2015		700	1,297
Vodafone Group PLC
5.560% due 06/29/2007	$	100	100
Total United Kingdom (Cost $3,736)			3,769
UNITED STATES (j) 29.5%
ASSET-BACKED SECURITIES 3.1%
AAA Trust
5.422% due 04/25/2035	$	26	26
Amortizing Residential Collateral Trust
5.672% due 10/25/2031		4	4
5.612% due 07/25/2032		1	1
Amresco Residential Securities Mortgage Loan Trust
6.262% due 06/25/2029		2	2
Argent Securities, Inc.
5.442% due 02/25/2036		192	192
Capital One Auto Finance Trust
5.117% due 05/15/2007		82	82
Centex Home Equity
5.372% due 06/25/2036		194	194
CS First Boston Mortgage Securities Corp.
5.632% due 01/25/2032		3	3
First Alliance Mortgage Loan Trust
5.497% due 12/20/2027		3	3
First Franklin Mortgage Loan Asset-Backed Certificates
5.731% due 02/25/2034		9	9

GSR Mortgage Loan Trust
5.422% due 12/25/2030	$	148	$	148
IXIS Real Estate Capital Trust
5.382% due 08/25/2036		97		97
Morgan Stanley Home Equity Loans
5.392% due 02/25/2036		267		267
Novastar Home Equity Loan
5.597% due 04/25/2028		5		5
Quest Trust
5.882% due 06/25/2034		31		31
Residential Asset Mortgage Products, Inc.
5.662% due 09/25/2033		1		1
5.402% due 10/25/2036		180		181
Residential Asset Securities Corp.
5.592% due 04/25/2032		10		10
5.572% due 07/25/2032		14		14
SACO I, Inc.
5.382% due 05/25/2036		88		88
Securitized Asset-Backed Receivables LLC Trust
5.382% due 03/25/2036		180		180
SLM Student Loan Trust
5.120% due 07/25/2013		57		57
5.110% due 01/26/2015		79		79
Soundview Home Equity Loan Trust
5.492% due 04/25/2035		25		25
Structured Asset Securities Corp.
5.371% due 01/25/2033		4		4
				1,703
CORPORATE BONDS & NOTES 4.6%
Bear Stearns Cos., Inc.
5.356% due 01/31/2011		200		200
Charter One Bank N.A.
5.157% due 04/24/2009		250		250
CIT Group, Inc.
5.259% due 02/21/2008		100		100
Citigroup, Inc.
5.520% due 12/26/2008		100		100
CMS Energy Corp.
8.900% due 07/15/2008		100		104
7.500% due 01/15/2009		100		102
ConocoPhillips Australia Funding Co.
5.128% due 04/09/2009		200		200
HSBC Finance Corp.
5.500% due 01/19/2016		200		191
JP Morgan & Co., Inc.
8.019% due 02/15/2012		10		10
KFW International Finance, Inc.
1.750% due 03/23/2010	JPY	11,000		98
Mizuho Preferred Capital Co. LLC
8.790% due 12/29/2049	$	100		105
Morgan Stanley
5.276% due 02/09/2009		200		200
Oracle Corp. & Ozark Holding, Inc.
5.280% due 01/13/2009		100		100
SB Treasury Co. LLC
9.400% due 12/29/2049		100		106
Toyota Motor Credit Corp.
5.140% due 10/12/2007		100		100
Unicredito Italiano
5.231% due 12/03/2007		100		100
5.307% due 12/13/2007		100		100

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    Foreign Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

US Bancorp
5.371% due 04/28/2009	$	100	$	100
Wachovia Bank N.A.
5.489% due 03/23/2009		250		250
				2,516
MORTGAGE-BACKED SECURITIES 7.3%
Banc of America Commercial Mortgage, Inc.
4.772% due 07/11/2043		250		244
Banc of America Mortgage Securities
5.000% due 05/25/2034		204		199
Commercial Mortgage Asset Trust
6.975% due 01/17/2032		100		106
Countrywide Alternative Loan Trust
5.291% due 02/25/2036		288		288
5.602% due 02/25/2036		194		195
Countrywide Home Loan Mortgage Pass-Through Trust
5.652% due 02/25/2035		54		55
5.642% due 03/25/2035		397		398
5.552% due 05/25/2035		201		200
CS First Boston Mortgage Securities Corp.
6.500% due 04/25/2033		11		11
5.872% due 08/25/2033		13		13
CSAB Mortgage-Backed Trust
5.423% due 06/25/2036		94		94
First Horizon Asset Securities, Inc.
6.250% due 08/25/2017		90		89
GMAC Commercial Mortgage Securities, Inc.
6.420% due 05/15/2035		93		94
GMAC Mortgage Corp. Loan Trust
5.500% due 09/25/2034		131		129
Indymac Index Mortgage Loan Trust
5.402% due 06/25/2046		194		194
Mellon Residential Funding Corp.
5.639% due 12/15/2030		62		62
MLCC Mortgage Investors, Inc.
5.579% due 03/15/2025		23		23
Residential Accredit Loans, Inc.
5.532% due 03/25/2046		299		299
Sequoia Mortgage Trust
5.567% due 08/20/2032		30		30
Structured Asset Mortgage Investments, Inc.
5.542% due 09/19/2032		41		41
5.582% due 09/19/2032		26		26
5.602% due 03/19/2034		52		52
5.542% due 09/25/2035		300		300
Washington Mutual, Inc.
5.592% due 12/25/2027		95		95
5.121% due 10/25/2032		5		5
5.009% due 02/27/2034		32		32
5.632% due 12/25/2044		59		59
5.552% due 04/25/2045		65		65
5.123% due 06/25/2046		198		198
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036		288		285
5.240% due 05/25/2036		92		91
				3,972
MUNICIPAL BONDS & NOTES 0.4%
Illinois State Educational Facilities Authority Revenue Bonds, Series 2003
5.000% due 07/01/2033		100		102

Lower Colorado River, Texas Authority Revenue Notes, (FSA Insured), Series 2003
5.000% due 05/15/2023	$	100	$	102
				204
		SHARES
PREFERRED STOCK 1.3%
DG Funding Trust
7.210% due 12/31/2049		65		686
		PRINCIPAL AMOUNT (000S)
U.S. GOVERNMENT AGENCIES 8.2%
Fannie Mae
4.192% due 11/01/2034	$	414		406
4.681% due 02/25/2036		100		97
4.964% due 12/01/2034		59		58
5.000% due 09/01/2018 - 07/13/2036 (c)		629		591
5.211% due 10/01/2044		193		194
5.442% due 03/25/2034		64		64
5.472% due 08/25/2034		60		60
5.500% due 11/01/2016 - 02/01/2035 (c)		1,996		1,929
5.672% due 09/25/2042		100		101
6.000% due 07/25/2044		64		64
Freddie Mac
5.211% due 10/25/2044		193		195
6.103% due 02/01/2029		34		35
6.530% due 11/26/2012		300		302
Government National Mortgage Association
4.375% due 04/20/2028 - 06/20/2030 (c)		32		32
Tennessee Valley Authority
4.875% due 12/15/2016		300		300
				4,428
U.S. TREASURY OBLIGATIONS 4.6%
Treasury Inflation Protected Securities (b)
2.000% due 07/15/2014		321		309
3.625% due 04/15/2028		125		148
U.S. Treasury Bond
8.875% due 02/15/2019		100		133
8.125% due 08/15/2019		300		380
7.875% due 02/15/2021		200		252
8.125% due 05/15/2021		400		515
6.250% due 08/15/2023		200		221
U.S. Treasury Note
4.625% due 02/29/2008		400		396
4.250% due 08/15/2013		100		95
U.S. Treasury Strip
0.000% due 11/15/2021 (a)		100		44
				2,493
Total United States (Cost $16,317)				16,002
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.2%
1-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.190% Exp. 05/09/2007	$	61,400		62
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 4.500% Exp. 10/18/2006		2,300		0

Strike @ 4.750% Exp. 08/07/2006	$	4,700	$	0
Strike @ 5.080% Exp. 04/19/2007		4,600		7
Strike @ 5.150% Exp. 05/08/2007		4,700		9
Strike @ 5.130% Exp. 10/25/2006		2,300		1
Strike @ 5.200% Exp. 05/09/2007		3,300		7
30-Year Interest Rate Swap (OTC) Receive 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.750% Exp. 04/27/2009		200		12
U.S. dollar versus Japanese Yen (OTC)
Strike @ JPY117.000 Exp. 12/11/2006		370		3
		#OF CONTRACTS
U.S. Treasury 30-Year Bond September Futures (CBOT)
Strike @ $108.000 Exp. 08/25/2006		9		5
Total Purchased Call Options (Cost $224)				106
		NOTIONAL AMOUNT (000S)
PURCHASED PUT OPTIONS 0.0%
30-Year Interest Rate Swap (OTC) Receive 3-Month USD-LIBOR Floating Rate Index
Strike @ 6.250% Exp. 04/27/2009	$	200		8
		#OF CONTRACTS
U.S. Treasury 30-Year Bond September Futures (CBOT)
Strike @ $103.000 Exp. 08/25/2006		9		2
Total Purchased Put Options (Cost $20)				10
		NOTIONAL AMOUNT (000S)
PURCHASED STRADDLE OPTIONS 0.0%
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle
Strike @ $0.000 (f) Exp. 08/23/2007	$	5,000		3
Total Purchased Straddle Options (Cost $0)				3
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 31.0%
CERTIFICATES OF DEPOSIT 0.6%
Countrywide Bank N.A.
5.209% due 09/15/2006	$	300		300
COMMERCIAL PAPER 29.0%
Abbey National N.A. LLC
5.100% due 07/05/2006		1,400		1,400
Danske Corp.
5.280% due 07/17/2006		800		798
4.955% due 07/20/2006		800		798
Dexia Delaware LLC
5.275% due 07/05/2006		1,400		1,400
DnB NORBank ASA
4.990% due 08/18/2006		1,400		1,391

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

Fannie Mae
4.958% due 09/13/2006	$	400	$	395
HBOS Treasury Services PLC
4.940% due 07/13/2006		900		899
5.100% due 08/25/2006		600		595
Nordea N.A., Inc.
5.090% due 08/24/2006		300		298
5.180% due 09/08/2006		900		890
Societe Generale N.A.
5.260% due 07/05/2006		600		600
4.985% due 08/22/2006		1,000		993
Spintab AB
5.120% due 08/01/2006		800		797
Svenska Handelsbanken, Inc.
4.890% due 07/06/2006		1,400		1,399
Time Warner Telecom, Inc.
5.240% due 09/19/2006		100		99
Total Captial S.A.
5.270% due 07/03/2006		400		400
UBS Finance Delaware LLC
4.930% due 07/10/2006		600		599
5.225% due 08/08/2006		1,000		995

Westpac Trust Securities NZ Ltd.
4.960% due 07/20/2006	$	1,000	$	998
				15,744
REPURCHASE AGREEMENT 0.8%
State Street Bank
4.900% due 07/03/2006		413		413
(Dated 06/30/2006. Collateralized by Freddie Mac 2.750% due 02/09/2007 valued at $423. Repurchase proceeds are $413.)
U.S. TREASURY BILLS 0.6%
4.794% due 08/31/2006 -09/14/2006 (c)(e)		355		351
Total Short-Term Instruments (Cost $16,810)				16,808
Total Investments (d) 107.8% (Cost $58,111)			$	58,481
Written Options (h) (0.2%) (Premiums $235)				(90)
Other Assets and Liabilities (Net) (7.6%)				(4,127)
Net Assets 100.0%			$	54,264

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

(a) Principal only 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) As of June 30, 2006, portfolio securities with an aggregate market value of $681 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(e) Securities with an aggregate market value of $351 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar June Futures	Long	06/2007	40	$	(26	)
Euro-Bobl 5-Year Note September Futures	Long	09/2006	2		(1	)
Euro-Bund 10-Year Note September Futures	Long	09/2006	53		(40	)
Japan Government 10-Year Note September Futures	Long	09/2006	13		(9	)
U.S. Treasury 5-Year Note September Futures	Long	09/2006	17		(11	)
U.S. Treasury 10-Year Note September Futures	Long	09/2006	19		(13	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2006	3		(2	)
				$	(102	)
(f) Exercise price and premium determined on a future date, based upon implied volatility parameters.
(g) Swap agreements outstanding on June 30, 2006:

Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Citibank N.A.	6-month Australian Bank Bill	Pay	6.000%	06/15/2010	AUD	700	$	(8	)
Citibank N.A.	6-month Australian Bank Bill	Receive	6.000%	06/15/2015		400		7
Deutsche Bank AG	6-month Australian Bank Bill	Pay	6.000%	12/15/2011		500		(2	)
Deutsche Bank AG	6-month Australian Bank Bill	Receive	6.000%	12/15/2016		300		2
HSBC Bank USA	6-month Australian Bank Bill	Pay	6.000%	12/15/2011		300		(1	)
HSBC Bank USA	6-month Australian Bank Bill	Receive	6.000%	12/15/2016		200		1
UBS Warburg LLC	6-month Australian Bank Bill	Pay	6.000%	06/15/2010		2,700		(41	)
UBS Warburg LLC	6-month Australian Bank Bill	Receive	6.000%	06/15/2015		1,500		34
Bank of America	3-month Canadian Bank Bill	Receive	5.500%	12/16/2014	CAD	500		6
Royal Bank of Canada	3-month Canadian Bank Bill	Receive	5.000%	06/15/2015		200		2

See Accompanying Notes Semiannual Report June 30, 2006 11

Schedule of Investments    Foreign Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
BNP Paribas Bank	6-month EUR-LIBOR	Pay	6.000%	06/18/2034	EUR	100	$	1
Citibank N.A.	6-month EUR-LIBOR	Receive	5.000%	06/17/2012		200		11
Citibank N.A.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014		1,280		85
Citibank N.A.	6-month EUR-LIBOR	Receive	4.500%	06/17/2015		100		6
Citibank N.A.	6-month EUR-LIBOR	Pay	6.000%	06/18/2034		100		(10	)
Deutsche Bank AG	6-month EUR-LIBOR	Receive	4.000%	12/15/2011		200		0
Goldman Sachs & Co.	6-month EUR-LIBOR	Pay	4.000%	06/17/2010		200		(2	)
Goldman Sachs & Co.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014		600		(1	)
HSBC Bank USA	6-month EUR-LIBOR	Receive	4.000%	12/15/2014		200		6
J.P. Morgan Chase & Co.	6-month EUR-LIBOR	Pay	4.000%	06/17/2010		200		(8	)
J.P. Morgan Chase & Co.	6-month EUR-LIBOR	Receive	5.000%	06/17/2012		100		5
Lehman Brothers, Inc.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014		400		27
Merrill Lynch & Co., Inc.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014		2,600		171
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Pay	4.000%	06/17/2010		100		(4	)
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Receive	4.000%	12/15/2011		2,000		15
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014		300		18
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Receive	4.500%	06/17/2015		400		44
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Pay	6.000%	06/18/2034		1,100		(4	)
UBS Warburg LLC	6-month EUR-LIBOR	Pay	4.000%	06/17/2010		200		(9	)
Barclays Bank PLC	6-month GBP-LIBOR	Pay	5.000%	09/15/2010	GBP	2,800		(67	)
Barclays Bank PLC	6-month GBP-LIBOR	Receive	5.000%	09/15/2015		500		4
Barclays Bank PLC	6-month GBP-LIBOR	Pay	5.000%	06/18/2034		200		(4	)
Deutsche Bank AG	6-month GBP-LIBOR	Pay	5.000%	06/15/2009		1,800		2
Deutsche Bank AG	6-month GBP-LIBOR	Receive	5.000%	09/15/2015		300		10
Deutsche Bank AG	6-month GBP-LIBOR	Receive	4.250%	06/12/2036		100		8
Goldman Sachs & Co.	6-month GBP-LIBOR	Receive	4.250%	06/12/2036		600		11
HSBC Bank USA	6-month GBP-LIBOR	Pay	5.000%	09/15/2010		1,400		(34	)
Merrill Lynch & Co., Inc.	6-month GBP-LIBOR	Pay	5.000%	09/15/2010		1,000		(24	)
Morgan Stanley Dean Witter & Co.	6-month GBP-LIBOR	Pay	5.000%	09/15/2015		300		(1	)
Goldman Sachs & Co.	3-month HKD-HIBOR	Receive	4.235%	12/17/2008	HKD	7,100		16
Barclays Bank PLC	6-month JPY-LIBOR	Receive	2.000%	12/15/2015	JPY	30,000		3
Deutsche Bank AG	6-month JPY-LIBOR	Pay	1.000%	03/18/2008		100,000		0
Deutsche Bank AG	6-month JPY-LIBOR	Receive	2.000%	12/15/2015		50,000		4
Goldman Sachs & Co.	6-month JPY-LIBOR	Pay	1.000%	03/18/2008		400,000		(2	)
Goldman Sachs & Co.	6-month JPY-LIBOR	Receive	2.020%	05/18/2010		17,000		(4	)
Goldman Sachs & Co.	6-month JPY-LIBOR	Receive	1.300%	09/21/2011		40,000		5
Goldman Sachs & Co.	6-month JPY-LIBOR	Receive	2.000%	12/15/2015		350,000		19
Merrill Lynch & Co., Inc.	6-month JPY-LIBOR	Receive	2.000%	12/15/2015		50,000		4
Morgan Stanley Dean Witter & Co.	6-month JPY-LIBOR	Receive	2.000%	12/20/2013		130,000		14
Morgan Stanley Dean Witter & Co.	6-month JPY-LIBOR	Receive	2.000%	12/15/2015		420,000		29
UBS Warburg LLC	6-month JPY-LIBOR	Receive	0.800%	03/20/2012		50,000		4
UBS Warburg LLC	6-month JPY-LIBOR	Receive	2.000%	12/20/2013		190,000		28
Bank of America	3-month USD-LIBOR	Receive	5.000%	12/20/2016	$	200		2
Bank of America	3-month USD-LIBOR	Pay	5.000%	12/20/2036		500		(5	)
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016		1,200		15
J.P. Morgan Chase & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2011		400		(1	)
J.P. Morgan Chase & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016		100		1
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/20/2011		500		(4	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Receive	5.000%	12/20/2013		4,700		55
Lehman Brothers, Inc.	3-month USD-LIBOR	Receive	5.000%	12/20/2016		800		10
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/20/2036		500		(5	)
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016		1,900		23
Royal Bank of Scotland PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2011		2,600		(23	)
							$	444

Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
Merrill Lynch & Co., Inc.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.410%	06/20/2007	$	100	$	0
UBS Warburg LLC	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Receive	5.000%	12/20/2026		900		1
							$	1
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

(h) Written options outstanding on June 30, 2006:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price	Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$      106.000	08/25/2006	15	$	9	$	4
Put - CBOT U.S. Treasury 10-Year Note September Futures	103.000	08/25/2006	15		5		2
				$	14	$	6

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	4.780%	08/07/2006	$	2,000	$	16	$	0
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		1,000		4		1
Call - OTC 5-Year Interest Rate Swap	J.P. Morgan Chase & Co.	3-month USD-LIBOR	Receive	4.560%	10/18/2006		1,000		10		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.220%	04/19/2007		2,000		16		9
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.280%	05/08/2007		2,000		18		11
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.315%	05/09/2007		13,700		127		82
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.315%	05/09/2007		1,400		13		8
								$	204	$	111
Straddle Options
Description		Counterparty		Exercise Price*	Expiration Date	Notional Amount		Premium*		Value
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle		Goldman Sachs & Co.		$ 0.000	08/23/2007	$	4,600	$	17	$	(27	)
* Exercise price and final premium determined on a future date, based upon implied volatility parameters.

(i) Short sales outstanding on June 30, 2006:
Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value
Fannie Mae	5.500%	07/13/2036	$	400	$	387	$	384

See Accompanying Notes Semiannual Report June 30, 2006 13

Schedule of Investments  Foreign Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

(j) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	30	07/2006	$	1	$	0		$	1
Sell		30	07/2006		0		0			0
Buy		31	08/2006		1		0			1
Buy		30	09/2006		0		0			0
Buy	CLP	4,000	07/2006		0		0			0
Sell		4,000	07/2006		0		0			0
Buy		6,033	08/2006		0		0			0
Buy		4,000	09/2006		0		0			0
Buy	CNY	3,712	05/2007		0		(5	)		(5	)
Sell	DKK	178	09/2006		0		0			0
Buy	EUR	21	07/2006		0		0			0
Sell		8,583	07/2006		0		(198	)		(198	)
Buy	GBP	60	07/2006		1		0			1
Sell		1,817	07/2006		0		(13	)		(13	)
Buy	HKD	475	07/2006		0		0			0
Sell		475	07/2006		0		0			0
Buy		475	09/2006		0		0			0
Buy	JPY	12,529	07/2006		0		0			0
Sell		507,968	07/2006		25		0			25
Buy		3,912	08/2006		0		0			0
Buy	KRW	13,000	07/2006		0		0			0
Sell		13,000	07/2006		0		0			0
Buy		98,732	08/2006		2		0			2
Buy		41,181	09/2006		1		0			1
Buy	MXN	277	08/2006		0		(2	)		(2	)
Buy		68	09/2006		0		0			0
Buy	NZD	29	08/2006		0		0			0
Buy	PEN	51	08/2006		0		0			0
Sell		51	08/2006		0		0			0
Buy	PLN	34	08/2006		0		(1	)		(1	)
Buy		15	09/2006		0		0			0
Buy		32	11/2006		0		0			0
Buy	RUB	201	07/2006		0		0			0
Sell		200	07/2006		0		0			0
Buy		457	08/2006		1		0			1
Buy		200	09/2006		0		0			0
Buy	SGD	11	07/2006		0		0			0
Sell		11	07/2006		0		0			0
Buy		165	08/2006		0		(1	)		(1	)
Buy		11	09/2006		0		0			0
Buy	SKK	478	08/2006		0		0			0
Buy		362	09/2006		0		0			0
Buy	TWD	3,537	08/2006		0		(3	)		(3	)
Buy	ZAR	70	08/2006		0		(1	)		(1	)
				$	32	$	(224	)	$	(192	)

14 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2006 (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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

Loan Participations and Assignments.  The Portfolio may invest in direct debt instruments which are interests in amounts owned by corporate, governmental, or other borrowers 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. At the end of the period, the Portfolio had no unfunded loan commitments.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
AUD	Australian Dollar	KRW	South Korean Won
BRL	Brazilian Real	MXN	Mexican Peso
CAD	Canadian Dollar	NZD	New Zealand Dollar
CLP	Chilean Peso	PEN	Peruvian New Sol
CNY	Chinese Yuan Renminbi	PLN	Polish Zloty
DKK	Danish Krone	RUB	Russian Ruble
EUR	Euro	SGD	Singapore Dollar
GBP	British Pound	SKK	Slovakian Koruna
HKD	Hong Kong Dollar	TWD	Taiwan Dollar
JPY	Japanese Yen	ZAR	South African Rand

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of a credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service in take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in the Statement of Operations. Entering into these agreements involves, to varying degrees, elements

Semiannual Report June 30, 2006 17

Notes to Financial Statements (Cont.)

of credit, market and documentation risk in excess of the amounts recognized in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

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

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.50%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	44,576	$	56,423	$	42,889	$	35,879

18 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $			Premium
Balance at 12/31/2005	64		$	7,000		$	68
Sales	102			26,600			251
Closing Buys	0			(5,800	)		(49	)
Expirations	(123	)		(100	)		(32	)
Exercised	(13	)		0			(3	)
Balance at 06/30/2006	30		$	27,700		$	235

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	925			9,424		1,697			17,519
Issued as reinvestment of distributions
Institutional Class	0			0		0			0
Administrative Class	76			777		140			1,452
Cost of shares redeemed
Institutional Class	0			0		0			0
Administrative Class	(437	)		(4,459	)	(793	)		(8,208	)
Net increase resulting from Portfolio share transactions	564		$	5,742		1,044		$	10,763

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 Shareholders	% of Portfolio Held
Institutional Class	1	100
Administrative Class	4	91

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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
$         1,351	$            (981)	$            370

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the

Semiannual Report June 30, 2006 19

Notes to Financial Statements (Cont.)

Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

20 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Administrative

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Global Bond Portfolio (Unhedged)

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	15

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Global Bond Portfolio (Unhedged) (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, non-U.S. investment risk, currency risk, issuer non-diversification risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

JPMorgan Global Bond Indices Global FX NY Index Unhedged in USD is an unmanaged index market representative of the total return performance in U.S. dollars on an unhedged basis of major world bond markets. It is not possible to invest directly in such an unmanaged index.

Semiannual Report June 30, 2006 3

PIMCO Global Bond Portfolio (Unhedged)

Cumulative Returns Through June 30, 2006

                    Global Bond Portfolio           JPMorgan GBI
                 (Unhedged) Administrative      Global FX NY Index
                           Class                  Unhedged in USD
                 --------------------------       ---------------
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
07/31/2004                 13,517                      13,598
08/31/2004                 13,847                      13,952
09/30/2004                 14,005                      14,129
10/31/2004                 14,445                      14,568
11/30/2004                 14,950                      15,007
12/31/2004                 15,207                      15,262
01/31/2005                 14,974                      15,064
02/28/2005                 14,981                      15,049
03/31/2005                 14,834                      14,865
04/30/2005                 15,046                      15,107
05/31/2005                 14,721                      14,782
06/30/2005                 14,650                      14,716
07/31/2005                 14,497                      14,541
08/31/2005                 14,808                      14,869
09/30/2005                 14,449                      14,517
10/31/2005                 14,194                      14,285
11/30/2005                 13,984                      14,115
12/31/2005                 14,201                      14,294
01/31/2006                 14,344                      14,448
02/28/2006                 14,318                      14,388
03/31/2006                 14,165                      14,228
04/30/2006                 14,486                      14,545
05/31/2006                 14,647                      14,749
06/30/2006                 14,521                      14,632

                                  

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Administrative Class.

Country Allocation^‡

United States	36.3%
Short-Term Instruments	21.7%
United Kingdom	12.4%
Japan	10.3%
Germany	9.7%
Spain	5.5%
Other	4.1%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	Since     Inception     (01/10/02)**
	PIMCO Global Bond Portfolio (Unhedged) Administrative Class	2.26%	-0.88%	8.74%
	JPMorgan GBI Global FX NY Index Unhedged in USD	2.37%	-0.57%	8.45%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Portfolio began operations on 01/10/02. Index comparisons began on 12/31/01.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	1,022.60	$	1,020.33
Expenses Paid During Period†	$	4.51	$	4.51

† 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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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), which may be represented by futures contracts (including related options) with respect to such securities, and options on such securities.

» An underweight to Euroland duration and a curve flattening bias added to returns as these yields rose on stronger than expected economic data and hawkish European Central Bank comments.

» An overweight to U.S. duration and an emphasis on shorter maturities detracted from returns, as rates rose and the yield curve continued to flatten amid concern that the Federal Reserve would extend its tightening cycle.

» An emphasis on mortgage-backed securities was positive for performance as mortgages outperformed like-duration Treasuries amidst declining volatility and heightened investor demand.

» A focus on the short-to-intermediate portion of the U.K. curve was negative for returns as U.K. long-dated gilts outperformed on firmer demand for longer dated assets.

» A long position in the Euro and the Yen versus the U.S. dollar was positive for returns as the Euro and the Yen appreciated on improving growth and expectations of monetary tightening.

4 PIMCO Variable Insurance Trust

Financial Highlights    Global Bond Portfolio (Unhedged)

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			1/10/2002- 12/31/2002
Administrative Class
Net asset value beginning of period	$	11.91		$	13.27		$	13.03		$	11.69		$	10.00
Net investment income (a)		0.20			0.35			0.26			0.25			0.28
Net realized/unrealized gain (loss) on investments (a)		0.07			(1.22	)		1.08			1.42			1.73
Total income (loss) from investment operations		0.27			(0.87	)		1.34			1.67			2.01
Dividends from net investment income		(0.19	)		(0.32	)		(0.24	)		(0.25	)		(0.27	)
Distributions from net realized capital gains		0.00			(0.17	)		(0.86	)		(0.08	)		(0.05	)
Total distributions		(0.19	)		(0.49	)		(1.10	)		(0.33	)		(0.32	)
Net asset value end of period	$	11.99		$	11.91		$	13.27		$	13.03		$	11.69
Total return		2.26	%		(6.61	)%		10.60	%		14.43	%		20.35	%
Net assets end of period (000s)	$	137,787		$	94,214		$	41,695		$	29,415		$	20,456
Ratio of expenses to average net assets		0.90	%*		0.90	%		0.90	%		0.92	%(c)		0.90	%*(b)
Ratio of net investment income to average net assets		3.46	%*		2.82	%		2.03	%		2.03	%		2.65	%*
Portfolio turnover rate		152	%		320	%		319	%		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%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Global Bond Portfolio (Unhedged)

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	146,967
Cash		934
Foreign currency, at value		1,620
Receivable for investments sold		5,205
Receivable for investments sold on delayed-delivery basis		403
Receivable for Portfolio shares sold		500
Interest and dividends receivable		1,334
Variation margin receivable		91
Swap premiums paid		1,781
Unrealized appreciation on forward foreign currency contracts		599
Unrealized appreciation on swap agreements		1,258
		160,692
Liabilities:
Payable for investments purchased	$	18,639
Payable for investments purchased on delayed-delivery basis		995
Payable for short sales		401
Payable for Portfolio shares redeemed		34
Written options outstanding		358
Accrued investment advisory fee		30
Accrued administration fee		60
Accrued servicing fee		19
Swap premiums received		1,465
Unrealized depreciation on forward foreign currency contracts		370
Unrealized depreciation on swap agreements		524
		22,895
Net Assets	$	137,797
Net Assets Consist of:
Paid in capital	$	138,099
(Overdistributed) net investment income		(1,174	)
Accumulated undistributed net realized gain		514
Net unrealized appreciation		358
	$	137,797
Net Assets:
Institutional Class	$	10
Administrative Class		137,787
Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		11,492
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	11.99
Administrative Class		11.99
Cost of Investments Owned	$	147,653
Cost of Foreign Currency Held	$	1,609
Proceeds Received on Short Sales	$	401
Premiums Received on Written Options	$	648

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Global Bond Portfolio (Unhedged)

(Amounts in thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest, net of foreign taxes	$	2,551
Dividends		19
Miscellaneous income		1
Total Income		2,571
Expenses:
Investment advisory fees		147
Administration fees		295
Servicing fees – Administrative Class		89
Trustees’ fees		1
Total Expenses		532
Net Investment Income		2,039
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(598	)
Net realized (loss) on futures contracts, options and swaps		(446	)
Net realized gain on foreign currency transactions		1,865
Net change in unrealized (depreciation) on investments		(827	)
Net change in unrealized appreciation on futures contracts, options and swaps		691
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(162	)
Net Gain		523
Net Increase in Net Assets Resulting from Operations	$	2,562

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Global Bond Portfolio (Unhedged)

(Amounts in thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	2,039		$	1,678
Net realized gain (loss)		821			(3,310	)
Net change in unrealized (depreciation)		(298	)		(2,270	)
Net increase (decrease) resulting from operations		2,562			(3,902	)
Distributions to Shareholders:
From net investment income
Institutional Class		0			0
Administrative Class		(1,881	)		(1,572	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(1,301	)
Total Distributions		(1,881	)		(2,873	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		10			0
Administrative Class		55,471			63,454
Issued as reinvestment of distributions
Institutional Class		0			0
Administrative Class		1,881			2,873
Cost of shares redeemed
Institutional Class		0			0
Administrative Class		(14,460	)		(7,033	)
Net increase resulting from Portfolio share transactions		42,902			59,294
Total Increase in Net Assets		43,583			52,519
Net Assets:
Beginning of period		94,214			41,695
End of period*	$	137,797		$	94,214
*Including (overdistributed) net investment income of:	$	(1,174	)	$	(1,332	)

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Global Bond Portfolio (Unhedged) June 30, 2006 (Unaudited)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

BELGIUM (i) 0.6%
Belgium Government Bond
4.250% due 09/28/2014	EUR	600	$	780
Total Belgium (Cost $763)				780
BRAZIL 0.2%
Vale Overseas Ltd.
6.250% due 01/11/2016	$	300		287
Total Brazil (Cost $300)				287
CAYMAN ISLANDS (i) 0.6%
ASIF II
4.540% due 06/15/2007	CAD	200		179
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049	$	400		387
Vita Capital Ltd.
6.340% due 01/01/2007		250		251
Total Cayman Islands (Cost $811)				817
FRANCE (i) 1.1%
France Government Bond
6.500% due 04/25/2011	EUR	300		428
3.150% due 07/25/2032 (c)		108		171
5.750% due 10/25/2032		600		935
Total France (Cost $1,580)				1,534
GERMANY (i) 10.4%
Amadeus Global Travel Distribution S.A.
5.549% due 04/08/2013	EUR	50		65
6.049% due 04/08/2014		50		65
Republic of Germany
5.250% due 01/04/2011		1,100		1,488
4.250% due 01/04/2014		1,400		1,820
6.250% due 01/04/2024		600		955
6.500% due 07/04/2027		1,100		1,828
5.625% due 01/04/2028		3,550		5,357
4.750% due 07/04/2028		1,000		1,355
6.250% due 01/04/2030		400		654
5.500% due 01/04/2031		400		600
4.750% due 07/04/2034		100		137
Total Germany (Cost $14,046)				14,324
ITALY (i) 0.4%
Seashell Securities PLC
3.079% due 10/25/2028	EUR	50		63
Siena Mortgages SpA
3.191% due 12/16/2038		274		352
Telecom Italia SpA
5.625% due 02/01/2007		60		78
Total Italy (Cost $461)				493
JAPAN (i) 10.9%
Bank of Tokyo-Mitsubishi UFJ Ltd.
3.500% due 12/16/2015	EUR	100		123
Japan Government Bond
0.700% due 09/20/2008	JPY	20,000		174
1.000% due 09/20/2010		100,000		864
1.500% due 03/20/2011		620,000		5,453
1.600% due 09/20/2013		10,000		87
1.500% due 03/20/2014		50,000		429
1.600% due 06/20/2014		120,000		1,034
1.600% due 09/20/2014		240,000		2,064
2.300% due 05/20/2030		7,000		60
2.400% due 03/20/2034		130,000		1,116
2.300% due 06/20/2035		130,000		1,087
2.500% due 09/20/2035		280,000		2,442

Resona Bank Ltd.
5.850% due 09/29/2049	$	100	$	93
Sumitomo Mitsui Banking Corp.
5.625% due 07/29/2049		100		93
Total Japan (Cost $15,509)				15,119
MEXICO 0.1%
Pemex Project Funding Master Trust
5.750% due 12/15/2015	$	100		92
Total Mexico (Cost $97)				92
NETHERLANDS (i) 1.1%
Dutch Mortgage-Backed Securities BV
3.094% due 10/02/2079	EUR	1,000		1,285
Netherlands Government Bond
4.250% due 07/15/2013		200		260
Total Netherlands (Cost $1,479)				1,545
SPAIN (i) 5.9%
Banesto Banco de Emisiones
3.118% due 10/04/2006	EUR	100		128
Spain Government Bond
5.150% due 07/30/2009		900		1,198
4.750% due 07/30/2014		5,000		6,734
Total Spain (Cost $7,887)				8,060
UNITED KINGDOM (i) 13.2%
HBOS PLC
5.920% due 09/29/2049	$	200		185
Holmes Financing PLC
3.004% due 10/15/2009	EUR	100		128
3.024% due 07/25/2010		100		128
Paragon Mortgages PLC
3.309% due 03/15/2030		200		256
United Kingdom Gilt
5.000% due 03/07/2008	GBP	100		186
4.750% due 06/07/2010		7,520		13,881
5.000% due 03/07/2012		200		374
4.750% due 09/07/2015		1,500		2,779
Vodafone Group PLC
5.560% due 06/29/2007	$	300		300
Total United Kingdom (Cost $17,911)				18,217
UNITED STATES 38.7%
ASSET-BACKED SECURITIES 7.8%
AAA Trust
5.422% due 11/26/2035	$	26		26
Accredited Mortgage Loan Trust
5.216% due 09/25/2036		700		700
ACE Securities Corp.
5.432% due 10/25/2035		128		128
Aegis Asset-Backed Securities Trust
5.680% due 10/25/2034		53		53
Amortizing Residential Collateral Trust
5.672% due 10/25/2031		4		4
5.612% due 07/25/2032		1		1
Argent Securities, Inc.
5.442% due 10/25/2035		95		95
5.442% due 02/25/2036		575		575
Asset-Backed Funding Certificates
5.432% due 08/25/2035		25		26
Asset-Backed Securities Corp. Home Equity
5.432% due 11/25/2035		59		59

Bear Stearns Asset-Backed Securities, Inc.
5.532% due 07/25/2031	$	2	$	2
5.492% due 12/25/2042		15		15
Capital One Auto Finance Trust
5.117% due 05/15/2007		247		247
Carrington Mortgage Loan Trust
5.402% due 06/25/2035		18		18
5.442% due 09/25/2035		241		241
Centex Home Equity
5.412% due 06/25/2035		28		28
5.372% due 06/25/2036		582		582
Countrywide Asset-Backed Certificates
5.402% due 10/25/2035		12		12
5.160% due 07/25/2036		700		701
CS First Boston Mortgage Securities Corp.
5.632% due 01/25/2032		2		2
First Franklin Mortgage Loan Asset-Backed Certificates
5.731% due 02/25/2034		4		4
5.352% due 05/25/2036		587		587
GSAMP Trust
5.612% due 03/25/2034		71		72
Indymac Residential Asset-Backed Trust
5.000% due 08/25/2036		700		699
IXIS Real Estate Capital Trust
5.382% due 08/25/2036		291		291
Long Beach Mortgage Loan Trust
5.382% due 04/25/2036		461		461
Merrill Lynch Mortgage Investors, Inc.
5.422% due 06/25/2036		6		7
Morgan Stanley ABS Capital I
5.381% due 06/25/2036		600		600
Morgan Stanley Capital I
5.392% due 02/25/2036		513		513
Morgan Stanley Home Equity Loans
5.392% due 02/25/2036		533		534
Option One Mortgage Loan Trust
5.392% due 01/25/2036		487		488
Quest Trust
5.402% due 12/25/2035		128		128
Residential Asset Mortgage Products, Inc.
5.652% due 12/25/2033		3		3
5.402% due 02/25/2036		523		523
5.402% due 10/25/2036		433		433
Residential Asset Securities Corp.
5.422% due 05/25/2027		63		63
5.382% due 04/25/2036		192		192
SACO I, Inc.
5.432% due 07/25/2035		73		73
5.382% due 05/25/2036		262		262
Saxon Asset Securities Trust
5.592% due 01/25/2032		3		3
Securitized Asset-Backed Receivables LLC Trust
5.382% due 03/25/2036		541		541
Soundview Home Equity Loan Trust
5.492% due 04/25/2035		76		76
5.432% due 11/25/2035		127		127
Structured Asset Securities Corp.
5.722% due 05/25/2034		32		32
4.900% due 04/25/2035		71		68
5.432% due 11/25/2035		354		354
Truman Capital Mortgage Loan Trust
5.662% due 01/25/2034		41		41
				10,690

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    Global Bond Portfolio (Unhedged) (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
CORPORATE BONDS & NOTES 6.5%
AT&T, Inc.
5.262% due 05/15/2008	$	600	$	600
Atlantic & Western Re Ltd.
11.508% due 01/09/2007		250		246
Boston Scientific Corp.
6.000% due 06/15/2011		200		198
6.400% due 06/15/2016		200		195
Charter One Bank N.A.
5.157% due 04/24/2009		1,000		1,001
CIT Group, Inc.
5.259% due 02/21/2008		300		300
5.404% due 05/23/2008		100		100
5.380% due 06/08/2009		500		500
Citigroup, Inc.
5.520% due 12/26/2008		200		200
CMS Energy Corp.
8.900% due 07/15/2008		200		209
7.500% due 01/15/2009		100		102
ConocoPhillips Australia Funding Co.
5.128% due 04/09/2009		500		501
Dominion Resources, Inc.
5.790% due 09/28/2007		100		100
General Electric Capital Corp.
5.429% due 06/15/2009		600		601
Harrah’s Operating Co., Inc.
5.760% due 02/08/2008		100		100
HJ Heinz Co.
6.428% due 12/01/2020		300		305
HSBC Finance Corp.
5.459% due 09/15/2008		100		100
5.504% due 06/19/2009		400		400
5.500% due 01/19/2016		200		191
Mizuho Preferred Capital Co. LLC
8.790% due 12/29/2049		100		105
Morgan Stanley
5.276% due 02/09/2009		500		501
Oracle Corp. & Ozark Holding, Inc.
5.280% due 01/13/2009		200		200
SB Treasury Co. LLC
9.400% due 12/29/2049		100		106
Tokai Preferred Capital Co. LLC
9.980% due 12/29/2049		200		215
Toyota Motor Credit Corp.
5.140% due 10/12/2007		400		400
Unicredito Italiano
5.231% due 12/03/2007		300		301
5.307% due 12/13/2007		400		400
US Bancorp
5.371% due 04/28/2009		300		300
Wachovia Bank N.A.
5.489% due 03/23/2009		500		500
				8,977
MORTGAGE-BACKED SECURITIES 8.3%
Banc of America Mortgage Securities
5.000% due 05/25/2034		272		265
Bear Stearns Commercial Mortgage Securities
5.404% due 03/15/2019		700		699
Countrywide Alternative Loan Trust
5.291% due 02/25/2036		479		480
5.602% due 02/25/2036		486		487
6.209% due 08/25/2036		700		704

Countrywide Home Loan Mortgage Pass-Through Trust
5.602% due 08/25/2034	$	35	$	35
5.702% due 09/25/2034		81		82
5.652% due 02/25/2035		54		55
5.642% due 03/25/2035		562		563
5.612% due 04/25/2035		54		54
5.552% due 05/25/2035		468		468
CS First Boston Mortgage Securities Corp.
6.500% due 04/25/2033		11		11
CSAB Mortgage-Backed Trust
5.422% due 06/25/2036		281		281
First Horizon Asset Securities, Inc.
6.250% due 08/25/2017		269		268
GE Capital Commercial Mortgage Corp.
4.229% due 12/10/2037		610		589
GMAC Commercial Mortgage Securities, Inc.
6.420% due 05/15/2035		93		94
GMAC Mortgage Corp. Loan Trust
5.500% due 09/25/2034		131		129
Greenpoint Mortgage Funding Trust
5.592% due 11/25/2045		67		67
GSR Mortgage Loan Trust
3.405% due 06/01/2034		107		106
4.541% due 09/25/2035		264		258
Harborview Mortgage Loan Trust
5.622% due 02/25/2034		34		34
Indymac Index Mortgage Loan Trust
5.402% due 06/25/2046		582		583
Lehman XS Trust
5.402% due 06/25/2036		700		701
5.402% due 04/25/2046		474		474
Mellon Residential Funding Corp.
5.639% due 12/15/2030		62		62
Nomura Asset Acceptance Corp.
5.050% due 10/25/2035		85		83
Residential Accredit Loans, Inc.
5.532% due 03/25/2046		598		599
Sequoia Mortgage Trust
5.567% due 08/20/2032		24		24
Structured Asset Mortgage Investments, Inc.
5.602% due 03/19/2034		52		52
5.542% due 07/19/2034		41		41
5.542% due 09/25/2035		599		600
Washington Mutual, Inc.
5.592% due 12/25/2027		142		142
5.121% due 10/25/2032		5		5
5.009% due 02/27/2034		21		21
5.410% due 08/25/2042		64		64
5.632% due 12/25/2044		59		59
5.642% due 01/25/2045		60		60
5.612% due 10/25/2045		170		171
5.592% due 12/26/2045		362		363
5.259% due 07/25/2046		700		699
Wells Fargo Mortgage-Backed Securities Trust
4.750% due 10/25/2018		258		248
4.950% due 03/25/2036		481		474
5.240% due 05/25/2036		184		183
				11,437
MUNICIPAL BONDS & NOTES 0.0%
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2004
5.000% due 02/01/2028		25		26

PREFERRED STOCK 0.4%
DG Funding Trust
7.210% due 12/31/2049		58	$	612
		PRINCIPAL AMOUNT (000S)
U.S. GOVERNMENT AGENCIES 8.7%
Fannie Mae
4.192% due 11/01/2034	$	414		406
4.401% due 10/01/2034		54		53
4.964% due 12/01/2034		59		58
5.000% due 11/01/2018 - 07/13/2036 (d)		896		850
5.442% due 03/25/2034		64		64
5.472% due 08/25/2034		60		60
5.500% due 10/01/2016 - 07/13/2036 (d)		5,534		5,337
5.572% due 08/25/2030		61		61
6.000% due 07/25/2044		129		128
Freddie Mac
5.211% due 10/25/2044		322		324
5.500% due 06/01/2035 - 07/13/2036 (d)		4,862		4,675
6.103% due 02/01/2029		33		34
Government National Mortgage Association
5.125% due 11/20/2024		8		9
				12,059
U.S. TREASURY OBLIGATIONS 7.0%
Treasury Inflation Protected Securities (c)
3.000% due 07/15/2012		112		115
2.000% due 01/15/2014		109		105
2.000% due 07/15/2014		214		206
U.S. Treasury Bonds
8.750% due 05/15/2017		100		129
8.875% due 02/15/2019		200		266
8.125% due 08/15/2019		100		127
8.125% due 05/15/2021		1,100		1,415
8.000% due 11/15/2021		600		768
7.125% due 02/15/2023		600		718
6.250% due 08/15/2023		3,800		4,192
U.S. Treasury Notes
4.625% due 02/29/2008		800		793
3.875% due 09/15/2010		30		29
4.250% due 08/15/2013		100		95
U.S. Treasury Strips
0.000% due 05/15/2017 (b)		430		245
0.000% due 08/15/2020 (b)		300		142
0.000% due 11/15/2021 (b)		600		265
				9,610
Total United States (Cost $54,215)				53,411
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.3%
1-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.190% Exp. 05/09/2007	$	171,200		174
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 4.500% Exp. 10/18/2006		4,700		0
Strike @ 4.750% Exp. 08/07/2006		4,700		0
Strike @ 5.080% Exp. 04/19/2007		4,600		7
Strike @ 5.150% Exp. 05/08/2007		23,300		45

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

		NOTIONAL
		AMOUNT		VALUE
		(000S)		(000S)
Strike @ 5.130% Exp. 10/25/2006	$	4,700	$	1
Strike @ 5.200% Exp. 05/09/2007		10,600		23
Strike @ 5.500% Exp. 06/29/2007		10,800		52
30-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.750% Exp. 04/27/2009		100		6
U.S. dollar versus Japanese Yen (OTC)
Strike @ JY117.000 Exp. 12/11/2006		740		5
Strike @ JY120.000 Exp. 12/11/2006		50		0
		#OF CONTRACTS
U.S. Treasury 30-Year Bond September Futures (CBOT)
Strike @ $108.000 Exp. 08/25/2006		23		14
Total Purchased Call Options (Cost $622)				327
		NOTIONAL AMOUNT (000S)
PURCHASED PUT OPTIONS 0.0%
30-Year Interest Rate Swap (OTC) Receive 3-Month USD-LIBOR Floating Rate Index
Strike @ 6.250% Exp. 04/27/2009	$	100		4
		# OF CONTRACTS
90-Day Eurodollar December Futures (CME)
Strike @ $91.750 Exp. 12/18/2006		161		1
U.S. Treasury 10-Year Note September Futures (CBOT)
Strike @ $98.000 Exp. 08/25/2006		100		2
U.S. Treasury 30-Year Bond September Futures (CBOT)
Strike @ $103.000 Exp. 08/25/2006		23		4
Total Purchased Put Options (Cost $25)				11

		NOTIONAL
		AMOUNT		VALUE
		(000S)		(000S)
PURCHASED STRADDLE OPTIONS (j) 0.0%
Call & Put–OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle
Strike @ $0.000 Exp. 08/23/2007	$	6,000	$	3
Total Purchased Straddle Options (Cost $0)				3
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 23.2%
CERTIFICATES OF DEPOSIT 2.0%
Countrywide Bank N.A.
5.209% due 09/15/2006	$	700		700
Danske Corp.
4.980% due 07/26/2006		2,000		1,994
				2,694
COMMERCIAL PAPER 20.1%
Bank of Ireland
5.090% due 08/17/2006		2,800		2,782
BNP Paribas Finance
5.000% due 08/28/2006		3,300		3,274
CBA (de) Finance
5.080% due 08/21/2006		3,700		3,674
Dexia Delaware LLC
4.980% due 07/25/2006		1,800		1,795
5.065% due 08/18/2006		1,300		1,292
DnB NORBank ASA
4.990% due 08/18/2006		2,400		2,385
HBOS Treasury Services PLC
5.055% due 08/17/2006		3,100		3,080
Nordea N.A., Inc.
5.120% due 09/05/2006		3,500		3,468
5.180% due 09/08/2006		700		693
Societe Generale N.A.
5.055% due 08/15/2006		400		398
4.985% due 08/22/2006		1,500		1,490
Sumitomo Corp. of America
4.980% due 09/12/2006		200		198

Svenska Handelsbanken, Inc.
5.190% due 09/11/2006	$	2,900	$	2,871
Time Warner Telecom, Inc.
5.240% due 09/19/2006		300		297
				27,697
REPURCHASE AGREEMENT 0.5%
State Street Bank
4.900% due 07/03/2006		660		660
(Dated 06/30/2006. Collateralized by Freddie Mac 2.750% due 02/09/2007 valued at $676. Repurchase proceeds are $660.)
U.S. TREASURY BILLS 0.6%
4.748% due 08/31/2006 - 09/14/2006 (d)(e)		905		896
Total Short-Term Instruments (Cost $31,947)				31,947
Total Investments (a) (Cost $147,653) 106.7%			$	146,967
Written Options (g) (0.3%) (Premiums $648)				(358)
Other Assets and Liabilities (Net) (6.4%)				(8,812	)
Net Assets 100.0%			$	137,797

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

(a) As of June 30, 2006, portfolio securities with an aggregate market value of $6,670 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(b) Principal 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 $649 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar June Futures	Long	06/2007	79	$	(51	)
Euro-Bobl 5-Year Note September Futures	Long	09/2006	8		(5	)
Euro-Bund 10-Year Note September Futures	Long	09/2006	68		(56	)
Euro-Bund 10-Year Note September Futures Put Option Strike @ EUR107.500	Long	09/2006	50		0
Japan Government 10-Year Note September Futures	Long	09/2006	19		(12	)
U.S. Treasury 5-Year Note September Futures	Long	09/2006	23		(14	)
U.S. Treasury 10-Year Note September Futures	Long	09/2006	87		(42	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2006	11		1
				$	(179	)

See Accompanying Notes Semiannual Report June 30, 2006 11

Schedule of Investments    Global Bond Portfolio (Unhedged) (Cont.)

(f) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date			Notional Amount	Unrealized Appreciation/ (Depreciation)
Citibank N.A.	6-month Australian Bank Bill	Pay	6.000%	06/15/2010		AUD	700	$	(8	)
Citibank N.A.	6-month Australian Bank Bill	Receive	6.000%	06/15/2015			400		7
Deutsche Bank AG	6-month Australian Bank Bill	Pay	6.000%	12/15/2011			3,900		(14	)
Deutsche Bank AG	6-month Australian Bank Bill	Receive	6.000%	12/15/2016			2,300		13
HSBC Bank USA	6-month Australian Bank Bill	Pay	6.000%	12/15/2011			3,100		(5	)
HSBC Bank USA	6-month Australian Bank Bill	Receive	6.000%	12/15/2016			1,800		6
UBS Warburg LLC	6-month Australian Bank Bill	Pay	6.000%	06/15/2010			2,800		(42	)
UBS Warburg LLC	6-month Australian Bank Bill	Receive	6.000%	06/15/2015			1,600		37
Bank of America	3-month Canadian Bank Bill	Receive	5.500%	12/16/2014		CAD	500		6
Merrill Lynch & Co., Inc.	3-month Canadian Bank Bill	Receive	5.500%	12/16/2014			700		14
Royal Bank of Canada	3-month Canadian Bank Bill	Receive	5.000%	06/15/2015			1,500		16
Barclays Bank PLC	6-month EUR-LIBOR	Receive	4.000%	06/17/2010		EUR	10		0
Barclays Bank PLC	6-month EUR-LIBOR	Receive	4.000%	12/15/2014			300		29
BNP Paribas Bank	6-month EUR-LIBOR	Pay	6.000%	06/18/2034			300		3
Citibank N.A.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014			460		30
Citibank N.A.	6-month EUR-LIBOR	Pay	6.000%	06/18/2034			200		(20	)
Deutsche Bank AG	6-month EUR-LIBOR	Receive	4.000%	12/15/2011			700		1
Deutsche Bank AG	6-month EUR-LIBOR	Pay	6.000%	06/18/2034			100		(2	)
J.P. Morgan Chase & Co.	6-month EUR-LIBOR	Receive	5.000%	06/17/2012			900		48
J.P. Morgan Chase & Co.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014			2,800		215
Lehman Brothers, Inc.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014			1,600		111
Merrill Lynch & Co., Inc.	6-month EUR-LIBOR	Pay	6.000%	06/18/2034			300		(2	)
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Receive	4.000%	12/15/2011			5,300		40
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014			2,300		148
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Receive	4.500%	06/17/2015			500		54
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Pay	6.000%	06/18/2034			3,100		(8	)
UBS Warburg LLC	6-month EUR-LIBOR	Pay	4.000%	06/17/2010			200		(9	)
UBS Warburg LLC	6-month EUR-LIBOR	Pay	6.000%	06/18/2034			200		(4	)
Barclays Bank PLC	6-month GBP-LIBOR	Pay	5.000%	09/15/2010		GBP	3,400		(82	)
Barclays Bank PLC	6-month GBP-LIBOR	Receive	5.000%	09/15/2015			1,400		10
Deutsche Bank AG	6-month GBP-LIBOR	Pay	5.000%	06/15/2009			2,800		4
Deutsche Bank AG	6-month GBP-LIBOR	Receive	5.000%	09/15/2015			200		7
Deutsche Bank AG	6-month GBP-LIBOR	Receive	4.000%	12/15/2035			500		0
Deutsche Bank AG	6-month GBP-LIBOR	Receive	4.250%	06/12/2036			200		16
Goldman Sachs & Co.	6-month GBP-LIBOR	Receive	4.250%	06/12/2036			1,300		31
HSBC Bank USA	6-month GBP-LIBOR	Pay	5.000%	09/15/2010			400		(10	)
Merrill Lynch & Co., Inc.	6-month GBP-LIBOR	Pay	5.000%	09/15/2010			4,300		(105	)
Morgan Stanley Dean Witter & Co.	6-month GBP-LIBOR	Pay	5.000%	09/15/2015			700		(1	)
Goldman Sachs & Co.	3-month HKD-HIBOR	Receive	4.235%	12/17/2008		HKD	5,800		13
Barclays Bank PLC	6-month JPY-LIBOR	Receive	2.000%	12/15/2015		JPY	60,000		5
Deutsche Bank AG	6-month JPY-LIBOR	Pay	1.000%	03/18/2008			100,000		0
Goldman Sachs & Co.	6-month JPY-LIBOR	Receive	2.000%	12/15/2015			910,000		50
Merrill Lynch & Co., Inc.	6-month JPY-LIBOR	Receive	2.000%	12/15/2015			120,000		9
Morgan Stanley Dean Witter & Co.	6-month JPY-LIBOR	Receive	2.000%	12/15/2015			510,000		35
UBS Warburg LLC	6-month JPY-LIBOR	Receive	0.800%	03/20/2012			50,000		4
UBS Warburg LLC	6-month JPY-LIBOR	Receive	2.000%	06/15/2012			45,000		11
UBS Warburg LLC	6-month JPY-LIBOR	Receive	2.000%	12/20/2013			420,000		60
Bank of America	3-month USD-LIBOR	Pay	5.000%	12/20/2036	$		1,000		(9	)
Barclays Bank PLC	3-month USD-LIBOR	Receive	5.000%	12/20/2016			4,500		55
Goldman Sachs & Co.	3-month USD-LIBOR	Pay	5.500%	12/16/2014			700		(16	)
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016			2,600		32
J.P. Morgan Chase & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2011			800		(2	)
J.P. Morgan Chase & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016			1,400		17
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/20/2011			1,700		(15	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Receive	5.000%	12/20/2013			4,300		50
Lehman Brothers, Inc.	3-month USD-LIBOR	Receive	5.000%	12/20/2016			1,100		14
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/20/2036			1,000		(9	)
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016			4,600		57
Royal Bank of Scotland PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2011			18,000		(161	)
								$	734

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
Merrill Lynch & Co., Inc.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.410%	06/20/2007	$	400	$	0
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(g) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$	106.000	08/25/2006	39	$	22	$	9
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/25/2006	39		13		5
					$	35	$	14

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	4.780%	08/07/2006	$	2,000	$	16	$	0
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		2,000		9		2
Call - OTC 5-Year Interest Rate Swap	J.P. Morgan Chase & Co.	3-month USD-LIBOR	Receive	4.560%	10/18/2006		2,000		20		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.220%	04/19/2007		2,000		16		9
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.280%	05/08/2007		10,200		91		55
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.315%	05/09/2007		38,300		355		226
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.315%	05/09/2007		4,600		43		27
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.600%	06/29/2007		4,700		52		56
								$	602	$	375

Straddle Options
Description	Counterparty	Exercise Price*	Expiration Date	Notional Amount		Premium*		Value
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	Goldman Sachs & Co.	$0.000	08/23/2007	$	5,000	$	11	$	(31	)
* Exercise price and final premium determined on a future date, based upon implied volatility parameters.

(h) Short sales outstanding on June 30, 2006:
Description	Coupon	Maturity Date	Principal Amount		Proceeds		Valueà
U.S. Treasury Note	4.875%	05/31/2011	$	200	$	199	$	199
U.S. Treasury Note	5.125%	05/15/2016		200		202		202
					$	401	$	401
à   Market value includes $3 of interest payable on short sales.

See Accompanying Notes Semiannual Report June 30, 2006 13

Schedule of Investments    Global Bond Portfolio (Unhedged) (Cont.)

(i) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AUD	422	08/2006	$	5	$	0		$	5
Buy	CAD	3,184	07/2006		0		(33	)		(33	)
Buy	CLP	10,300	07/2006		0		0			0
Sell		10,300	07/2006		0		0			0
Buy		6,033	08/2006		0		0			0
Buy		10,300	09/2006		0		0			0
Buy	CNY	9,364	05/2007		0		(12	)		(12	)
Buy	DKK	6,472	09/2006		0		(3	)		(3	)
Buy	EUR	30,275	07/2006		572		0			572
Sell		6,625	07/2006		0		(37	)		(37	)
Buy	GBP	135	07/2006		2		0			2
Sell		5,157	07/2006		0		(37	)		(37	)
Buy		100	07/2006		3		0			3
Sell		100	07/2006		0		(2	)		(2	)
Buy		61	08/2006		2		0			2
Buy		100	09/2006		2		0			2
Buy	INR	648	08/2006		0		0			0
Buy	JPY	15,213	07/2006		0		0			0
Buy		3,302,687	08/2006		0		(230	)		(230	)
Buy	KRW	13,000	07/2006		0		0			0
Sell		13,000	07/2006		0		0			0
Buy		235,698	08/2006		4		0			4
Buy		39,973	09/2006		1		0			1
Buy	MXN	457	08/2006		0		(3	)		(3	)
Buy		68	09/2006		0		0			0
Buy	PEN	124	08/2006		0		0			0
Sell		124	08/2006		0		0			0
Buy	PLN	34	08/2006		0		(1	)		(1	)
Buy		15	09/2006		0		0			0
Buy		75	11/2006		0		0			0
Buy	RUB	172	07/2006		0		0			0
Sell		172	07/2006		0		0			0
Buy		946	08/2006		2		0			2
Buy		172	09/2006		0		0			0
Buy	SEK	8,983	09/2006		4		0			4
Buy	SGD	11	07/2006		0		0			0
Sell		11	07/2006		0		0			0
Buy		428	08/2006		1		(3	)		(2	)
Buy		11	09/2006		0		0			0
Buy	SKK	478	08/2006		0		0			0
Buy		788	09/2006		1		0			1
Buy	TWD	9,257	08/2006		0		(7	)		(7	)
Buy	ZAR	97	08/2006		0		(2	)		(2	)
				$	599	$	(370	)	$	229
(j) Exercise price and premium determined on a future date, based upon implied volatility parameters.

14 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2006 (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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events when the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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.

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

Loan Participation and Assignments.  The Portfolio may invest in direct debt instruments which are interests in amounts owned by corporate, governmental, or other borrowers 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. At the end of the period, the Portfolio had no unfunded loan commitments.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
AUD	Australian Dollar	KRW	South Korean Won
CAD	Canadian Dollar	MXN	Mexican Peso
CLP	Chilean Peso	PEN	Peruvian New Sol
CNY	Chinese Yuan Renminbi	PLN	Polish Zloty
DKK	Danish Krone	RUB	Russian Ruble
EUR	Euro	SEK	Swedish Krona
GBP	British Pound	SGD	Singapore Dollar
HKD	Hong Kong Dollar	SKK	Slovakian Koruna
INR	Indian Rupee	TWD	Taiwan Dollar
JPY	Japanese Yen	ZAR	South African Rand

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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.

16 PIMCO Variable Insurance Trust

June 30, 2006 (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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of a credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service in take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

Guarantees and Indemnifications.  Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust’s investment manager) is indemnified against certain liabilities that may

Semiannual Report June 30, 2006 17

Notes to Financial Statements (Cont.)

arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts, and believes the risk of loss to be remote.

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.50%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	102,156	$	114,497	$	74,761	$	31,310

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $			Premium
Balance at 12/31/2005	124		$	11,000		$	112
Sales	174			71,200			684
Closing Buys	0			(9,900	)		(84	)
Expirations	(220	)		(1,500	)		(64	)
Exercised	0			0			0
Balance at 06/30/2006	78		$	$70,800		$	648

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	1		$	10		0		$	0
Administrative Class	4,637			55,471		5,093			63,454
Issued as reinvestment of distributions
Institutional Class	0			0		0			0
Administrative Class	157			1,881		235			2,873
Cost of shares redeemed
Institutional Class	0			0		0			0
Administrative Class	(1,210	)		(14,460	)	(561	)		(7,033	)
Net increase resulting from Portfolio share transactions	3,585		$	42,902		4,767		$	59,294

18 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 Shareholders	% of Portfolio Held
Institutional Class	1	100
Administrative Class	6	95	*

* One of the shareholders, Allianz Life Insurance Co. of North America, is an indirect wholly owned subsidiary of AGI and a related party to the Portfolio.

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$         1,160	$         (1,846)	$           (686)

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of and the PIMCO Funds the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

Semiannual Report June 30, 2006 19

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Administrative

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

High Yield Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	14

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the High Yield Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, non-U.S. investment risk, currency risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Merrill Lynch US High Yield, BB-B Rated Constrained Index tracks the performance of BB-B Rated US Dollar-denominated corporate bonds publicly issued in the US domestic market. Qualifying bonds are capitalization-weighted provided the total allocation to an individual issuer (defined by Bloomberg tickers) does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis.

Semiannual Report June 30, 2006 3

PIMCO High Yield Portfolio

Cumulative Returns Through June 30, 2006

                   High Yield           Merrill Lynch US
                   Portfolio             High Yield, BB-B
                 Administrative         Rated, Constrained
                     Class                   Index
                 --------------        -------------------
04/30/1998         $10,000                  $10,000
05/31/1998          10,004                   10,075
06/30/1998          10,101                   10,131
07/31/1998          10,195                   10,193
08/31/1998           9,722                    9,739
09/30/1998           9,858                    9,803
10/31/1998           9,760                    9,612
11/30/1998          10,152                   10,063
12/31/1998          10,180                   10,060
01/31/1999          10,357                   10,171
02/28/1999          10,279                   10,103
03/31/1999          10,383                   10,216
04/30/1999          10,539                   10,365
05/31/1999          10,335                   10,262
06/30/1999          10,331                   10,240
07/31/1999          10,338                   10,253
08/31/1999          10,288                   10,163
09/30/1999          10,292                   10,150
10/31/1999          10,277                   10,111
11/30/1999          10,403                   10,231
12/31/1999          10,486                   10,309
01/31/2000          10,419                   10,260
02/29/2000          10,401                   10,264
03/31/2000          10,205                   10,104
04/30/2000          10,253                   10,114
05/31/2000          10,226                   10,006
06/30/2000          10,393                   10,225
07/31/2000          10,443                   10,276
08/31/2000          10,619                   10,393
09/30/2000          10,589                   10,300
10/31/2000          10,397                    9,998
11/30/2000          10,162                    9,645
12/31/2000          10,396                    9,906
01/31/2001          10,726                   10,525
02/28/2001          10,742                   10,655
03/31/2001          10,540                   10,462
04/30/2001          10,417                   10,354
05/31/2001          10,516                   10,514
06/30/2001          10,354                   10,269
07/31/2001          10,514                   10,420
08/31/2001          10,607                   10,511
09/30/2001          10,155                    9,878
10/31/2001          10,450                   10,196
11/30/2001          10,678                   10,529
12/31/2001          10,640                   10,444
01/31/2002          10,682                   10,496
02/28/2002          10,603                   10,405
03/31/2002          10,701                   10,633
04/30/2002          10,814                   10,777
05/31/2002          10,751                   10,760
06/30/2002          10,185                   10,179
07/31/2002           9,566                    9,818
08/31/2002           9,966                   10,097
09/30/2002           9,673                    9,963
10/31/2002           9,744                    9,871
11/30/2002          10,351                   10,445
12/31/2002          10,513                   10,559
01/31/2003          10,788                   10,791
02/28/2003          10,945                   10,917
03/31/2003          11,176                   11,162
04/30/2003          11,740                   11,697
05/31/2003          11,846                   11,776
06/30/2003          12,076                   12,076
07/31/2003          11,811                   11,885
08/31/2003          11,994                   12,017
09/30/2003          12,263                   12,320
10/31/2003          12,478                   12,544
11/30/2003          12,589                   12,703
12/31/2003          12,916                   12,975
01/31/2004          13,016                   13,143
02/29/2004          12,970                   13,171
03/31/2004          13,046                   13,288
04/30/2004          12,928                   13,176
05/31/2004          12,767                   12,964
06/30/2004          12,932                   13,129
07/31/2004          13,137                   13,336
08/31/2004          13,409                   13,583
09/30/2004          13,596                   13,767
10/31/2004          13,868                   14,009
11/30/2004          13,971                   14,095
12/31/2004          14,148                   14,263
01/31/2005          14,150                   14,274
02/28/2005          14,355                   14,468
03/31/2005          13,974                   14,081
04/30/2005          13,862                   14,003
05/31/2005          14,198                   14,258
06/30/2005          14,417                   14,483
07/31/2005          14,601                   14,654
08/31/2005          14,665                   14,718
09/30/2005          14,556                   14,606
10/31/2005          14,476                   14,490
11/30/2005          14,561                   14,608
12/31/2005          14,730                   14,747
01/31/2006          14,921                   14,907
02/28/2006          15,070                   15,031
03/31/2006          15,087                   15,070
04/30/2006          15,117                   15,118
05/31/2006          15,036                   15,076
06/30/2006          14,944                   14,987


                                

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Administrative Class.

Sector Breakdown^‡

Corporate Bonds & Notes	82.3%
Short-Term Instruments	7.4%
Bank Loan Obligations	4.6%
Foreign Currency-Denominated Issues	3.7%
Other	2.0%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since Inception (04/30/98)
	PIMCO High Yield Portfolio Administrative Class	1.45%	3.65%	7.61%	5.04%
	Merrill Lynch US High Yield, BB-B Rated, Constrained Index	1.62%	3.48%	7.86%	5.08%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	1,014.50	$	1,021.08
Expenses Paid During Period†	$	3.75	$	3.76

† 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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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.

» An underweight to BB-rated bonds versus the index contributed to relative performance, as these issues underperformed B-rated bonds by about 1.50%.

» An overweight to the automotive sector helped performance as these bonds significantly outperformed the high-yield market.

» As cable/pay TV bonds outperformed the high- yield market, an overweight to the sector benefited the Portfolio.

» Security selection in the utility sector was positive as electric generation companies led the overall sector.

» As telecom bonds underperformed the market, an overweight to the sector negatively impacted the Portfolio’s performance.

» As the energy sector was among the worst performing broad market sectors in the first half of the year, an overweight to this industry category detracted from returns.

» Modest exposure to emerging market sovereign bonds, which underperformed high yield by about 3.75%, hurt performance.

4 PIMCO Variable Insurance Trust

Financial Highlights  High Yield Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Administrative Class
Net asset value beginning of period	$	8.19		$	8.40		$	8.19		$	7.17		$	7.88		$	8.33
Net investment income (a)		0.29			0.54			0.53			0.55			0.59			0.64
Net realized/unrealized gain (loss) on investments (a)		(0.17	)		(0.21	)		0.22			1.04			(0.70	)		(0.45	)
Total income (loss) from investment operations		0.12			0.33			0.75			1.59			(0.11	)		0.19
Dividends from net investment income		(0.29	)		(0.54	)		(0.54	)		(0.57	)		(0.60	)		(0.64	)
Total distributions		(0.29	)		(0.54	)		(0.54	)		(0.57	)		(0.60	)		(0.64	)
Net asset value end of period	$	8.02		$	8.19		$	8.40		$	8.19		$	7.17		$	7.88
Total return		1.45	%		4.11	%		9.54	%		22.85	%		(1.19	)%		2.35	%
Net assets end of period (000s)	$	449,653		$	460,926		$	414,062		$	955,599		$	481,473		$	264,718
Ratio of expenses to average net assets		0.75	%*		0.75	%		0.75	%		0.75	%		0.75	%(b)		0.75	%(b)
Ratio of net investment income to average net assets		7.03	%*		6.50	%		6.48	%		7.14	%		8.14	%		7.88	%
Portfolio turnover rate		45	%		109	%		97	%		97	%		102	%		129	%

+ 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%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities  High Yield Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	454,275
Cash		1,169
Foreign currency, at value		1,682
Receivable for investments sold		1,449
Receivable for investments sold on delayed-delivery basis		75
Receivable for Portfolio shares sold		5,977
Interest and dividends receivable		8,878
Variation margin receivable		53
Unrealized appreciation on forward foreign currency contracts		1
Unrealized appreciation on swap agreements		171
		473,730
Liabilities:
Payable for investments purchased	$	4,316
Payable for investments purchased on delayed-delivery basis		17,885
Payable for Portfolio shares redeemed		118
Written options outstanding		73
Accrued investment advisory fee		100
Accrued administration fee		140
Accrued servicing fee		50
Swap premiums received		11
Unrealized depreciation on forward foreign currency contracts		288
Unrealized depreciation on swap agreements		44
		23,025
Net Assets	$	450,705
Net Assets Consist of:
Paid in capital	$	463,809
(Overdistributed) net investment income		(507	)
Accumulated undistributed net realized (loss)		(5,172	)
Net unrealized (depreciation)		(7,425	)
	$	450,705
Net Assets:
Institutional Class	$	1,042
Administrative Class		449,653
Advisor Class		10
Shares Issued and Outstanding:
Institutional Class		130
Administrative Class		56,036
Advisor Class		1
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	8.02
Administrative Class		8.02
Advisor Class		8.02
Cost of Investments Owned	$	459,918
Cost of Foreign Currency Held	$	1,658
Premiums Received on Written Options	$	283

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  High Yield Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest, net of foreign taxes	$	17,337
Dividends		92
Miscellaneous income		595
Total Income		18,024
Expenses:
Investment advisory fees		579
Administration fees		811
Servicing fees – Administrative Class		347
Trustees’ fees		3
Interest expense		3
Total Expenses		1,743
Net Investment Income		16,281
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		1,981
Net realized gain on futures contracts, options and swaps		350
Net realized (loss) on foreign currency transactions		(199	)
Net change in unrealized (depreciation) on investments		(10,574	)
Net change in unrealized (depreciation) on futures contracts, options and swaps		(769	)
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(282	)
Net (Loss)		(9,493	)
Net Increase in Net Assets Resulting from Operations	$	6,788

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets  High Yield Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	16,281		$	27,561
Net realized gain		2,132			4,638
Net change in unrealized (depreciation)		(11,625	)		(14,899	)
Net increase resulting from operations		6,788			17,300
Distributions to Shareholders:
From net investment income
Institutional Class		(29	)		(37	)
Administrative Class		(16,515	)		(27,841	)
Advisor Class		0			0
Total Distributions		(16,544	)		(27,878	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		360			336
Administrative Class		62,810			167,640
Advisor Class		10			0
Issued as reinvestment of distributions
Institutional Class		29			37
Administrative Class		16,529			27,827
Advisor Class		0			0
Cost of shares redeemed
Institutional Class		(12	)		(25	)
Administrative Class		(80,878	)		(138,029	)
Advisor Class		0			0
Net increase (decrease) resulting from Portfolio share transactions		(1,152	)		57,786
Total Increase (Decrease) in Net Assets		(10,908	)		47,208
Net Assets:
Beginning of period		461,613			414,405
End of period*	$	450,705		$	461,613
*Including (overdistributed) net investment income of:	$	(507	)	$	(244	)

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  High Yield Portfolio June 30, 2006 (Unaudited)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

BANK LOAN OBLIGATIONS 4.7%
Amadeus Global Travel Distribution S.A.
7.856% due 04/08/2013	$	700	$	708
8.356% due 04/08/2014		700		711
Cablevision Systems Corp.
6.740% due 02/24/2013		571		569
6.861% due 02/24/2013		5		5
Centennial Cellular Operating Co. LLC
7.230% due 01/20/2011		22		22
7.318% due 01/20/2011		91		91
7.749% due 01/20/2011		300		301
Centennial Communications
4.000% due 02/09/2011		38		38
7.749% due 02/09/2011		375		377
Charter Communications Operating LLC
5.000% due 04/25/2013		1,500		1,505
CSC Holdings, Inc.
6.580% due 02/24/2013		571		569
6.988% due 02/24/2013		852		849
El Paso Corp.
7.750% due 11/22/2009		970		977
Georgia-Pacific Corp.
7.880% due 12/23/2013		222		224
7.920% due 12/23/2013		444		449
7.957% due 12/23/2013		444		449
8.029% due 12/23/2013		444		449
8.086% due 12/23/2013		444		449
Headwaters, Inc.
6.766% due 04/30/2011		1,348		1,353
HealthSouth Corp.
8.150% due 02/02/2013		1,900		1,902
Ineos Group Holdings PLC
2.275% due 10/07/2012		1,200		1,205
Intelsat Ltd.
5.000% due 04/24/2016		1,000		1,002
Invensys PLC
7.791% due 09/05/2009		126		127
9.431% due 12/30/2009		900		911
JSG Packaging
7.397% due 11/29/2013		650		649
7.897% due 11/29/2014		650		649
Nortel Networks Inc.
8.375% due 02/15/2007		1,250		1,249
Reliant Resources, Inc.
7.175% due 12/22/2010		181		181
Roundy’s Supermarket, Inc.
7.870% due 11/01/2011		495		499
8.170% due 11/01/2011		500		504
4.000% due 11/03/2011		3		3
Service Corp. International
5.000% due 04/02/2016		2,000		2,008
Total Bank Loan Obligations (Cost $20,962)				20,984
CORPORATE BONDS & NOTES 82.9%
BANKING & FINANCE 11.6%
AES Ironwood LLC
8.857% due 11/30/2025		2,493		2,705
AES Red Oak LLC
8.540% due 11/30/2019		1,229		1,303

BCP Crystal U.S. Holdings Corp.
9.625% due 06/15/2014		$	3,317	$	3,616
Bluewater Finance Ltd.	��
10.250% due 02/15/2012			2,200		2,238
Bombardier Capital, Inc.
7.090% due 03/30/2007 (i)			1,000		1,005
Corsair Netherlands BV
11.121% due 03/07/2016			1,400		1,408
Deutsche Bank AG
1.800% due 05/29/2009			400		409
Eircom Funding
8.250% due 08/15/2013			800		852
Ferrellgas Escrow LLC
6.750% due 05/01/2014			2,100		2,000
Ford Motor Credit Co.
7.875% due 06/15/2010			500		462
8.625% due 11/01/2010			260		244
7.375% due 02/01/2011			10,190		9,133
Forest City Enterprises, Inc.
7.625% due 06/01/2015			425		430
General Motors Acceptance Corp.
7.250% due 03/02/2011			2,000		1,941
6.000% due 04/01/2011			1,194		1,087
7.000% due 02/01/2012			500		475
6.875% due 08/28/2012			1,500		1,415
8.000% due 11/01/2031			1,975		1,903
IXIS Financial Products, Inc.
0.800% due 06/15/2009			350		344
1.650% due 06/15/2009			325		325
1.875% due 06/15/2009			350		335
K&F Acquisition, Inc.
7.750% due 11/15/2014			1,000		990
KRATON Polymers LLC
8.125% due 01/15/2014			1,700		1,696
Merrill Lynch & Co, Inc.
2.300% due 06/22/2009			325		323
Mirage Resorts, Inc.
7.250% due 08/01/2017			2,600		2,502
Rotech Healthcare, Inc.
9.500% due 04/01/2012			3,575		2,994
Tenneco, Inc.
10.250% due 07/15/2013			2,600		2,863
8.625% due 11/15/2014			975		977
TRAINS
7.341% due 05/01/2016			1,125		1,104
Universal City Development Partners
11.750% due 04/01/2010			800		875
Universal City Florida Holding Co. I
8.375% due 05/01/2010			1,425		1,439
9.899% due 05/01/2010			175		182
Ventas Realty LP
9.000% due 05/01/2012			500		550
7.125% due 06/01/2015			1,000		1,005
Wind Acquisition Finance S.A.
10.750% due 12/01/2015			1,000		1,067
					52,197
INDUSTRIALS 56.4%
Abitibi-Consolidated Co. of Canada
8.375% due 04/01/2015			1,475		1,353

Abitibi-Consolidated, Inc.
8.550% due 08/01/2010	$	1,850	$	1,762
7.750% due 06/15/2011		365		337
7.400% due 04/01/2018		400		334
8.850% due 08/01/2030		1,953		1,660
Alliance One International, Inc.
11.000% due 05/15/2012		650		621
Allied Waste North America, Inc.
7.875% due 04/15/2013		1,625		1,633
7.250% due 03/15/2015		4,600		4,416
7.125% due 05/15/2016		425		403
AmeriGas Partners LP
7.250% due 05/20/2015		1,850		1,757
7.125% due 05/20/2016		2,650		2,498
Arco Chemical Co.
10.250% due 11/01/2010		50		55
Armor Holdings, Inc.
8.250% due 08/15/2013		800		832
ArvinMeritor, Inc.
8.750% due 03/01/2012		3,225		3,160
Aviall, Inc.
7.625% due 07/01/2011		650		681
Bowater Canada Finance
7.950% due 11/15/2011		2,350		2,244
Bowater, Inc.
6.500% due 06/15/2013		300		262
Boyd Gaming Corp.
7.125% due 02/01/2016		4,000		3,885
Buhrmann US, Inc.
8.250% due 07/01/2014		1,000		1,000
7.875% due 03/01/2015		1,300		1,290
CanWest Media, Inc.
8.000% due 09/15/2012		1,520		1,512
Cascades, Inc.
7.250% due 02/15/2013		750		697
CCO Holdings LLC
8.750% due 11/15/2013		4,400		4,312
Celestica, Inc.
7.625% due 07/01/2013		950		926
Chart Industries, Inc.
9.125% due 10/15/2015		425		436
Charter Communications Operating LLC
8.375% due 04/30/2014		1,750		1,761
Chesapeake Energy Corp.
7.625% due 07/15/2013		800		809
7.000% due 08/15/2014		1,000		972
6.375% due 06/15/2015		1,695		1,581
6.875% due 01/15/2016		1,200		1,140
Choctaw Resort Development Enterprise
7.250% due 11/15/2019		1,400		1,379
Colorado Interstate Gas Co.
6.850% due 06/15/2037		200		202
Continental Airlines, Inc.
6.920% due 04/02/2013 (i)		802		808
7.373% due 12/15/2015		273		260
Cooper-Standard Automotive, Inc.
7.000% due 12/15/2012		1,200		1,080
Corrections Corp. of America
6.750% due 01/31/2014		200		193

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments  High Yield Portfolio (Cont.)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

Crown Americas LLC & Crown Americas Capital Corp.
7.625% due 11/15/2013	$	425	$	420
7.750% due 11/15/2015		1,400		1,386
CSC Holdings, Inc.
8.125% due 08/15/2009		1,500		1,534
7.625% due 04/01/2011		4,625		4,648
DaVita, Inc.
7.250% due 03/15/2015		2,850		2,750
Delhaize America, Inc.
9.000% due 04/15/2031		2,975		3,277
Delta Air Lines, Inc.
7.379% due 05/18/2010		211		212
7.570% due 11/18/2010		975		979
Dex Media West LLC
9.875% due 08/15/2013		2,200		2,395
DirecTV Holdings LLC
8.375% due 03/15/2013		1,184		1,246
6.375% due 06/15/2015		925		858
Dresser, Inc.
9.375% due 04/15/2011		3,350		3,409
Dresser-Rand Group, Inc.
7.375% due 11/01/2014		396		380
DRS Technologies, Inc.
7.625% due 02/01/2018		1,000		1,000
EchoStar DBS Corp.
6.375% due 10/01/2011		1,000		960
6.625% due 10/01/2014		2,975		2,804
7.125% due 02/01/2016		2,500		2,419
El Paso Corp.
10.750% due 10/01/2010		1,500		1,642
9.625% due 05/15/2012		200		219
7.875% due 06/15/2012		4,155		4,248
8.050% due 10/15/2030		1,300		1,310
7.800% due 08/01/2031		700		683
7.750% due 01/15/2032		1,200		1,174
El Paso Production Holding Co.
7.750% due 06/01/2013		2,250		2,278
Encore Acquisition Co.
6.250% due 04/15/2014		300		277
7.250% due 12/01/2017		1,075		1,037
Equistar Chemicals LP
10.125% due 09/01/2008		45		48
8.750% due 02/15/2009		2,035		2,111
Extendicare Health Services, Inc.
9.500% due 07/01/2010		800		839
Ferrellgas Partners LP
8.870% due 08/01/2009 (i)		1,200		1,242
8.750% due 06/15/2012		1,525		1,555
Fisher Communications, Inc.
8.625% due 09/15/2014		1,000		1,040
Ford Motor Co.
7.450% due 07/16/2031		2,000		1,455
Fresenius Medical Care Capital Trust
7.875% due 06/15/2011		2,250		2,284
Gaylord Entertainment Co.
8.000% due 11/15/2013		1,000		1,004
General Motors Corp.
8.250% due 07/15/2023		2,200		1,743

Georgia-Pacific Corp.
8.000% due 01/15/2024	$	775	$	736
7.375% due 12/01/2025		5,710		5,196
Greif, Inc.
8.875% due 08/01/2012		400		423
Grupo Transportacion Ferroviaria Mexicana S.A. de C.V.
9.375% due 05/01/2012		700		749
Hanover Compressor Co.
9.000% due 06/01/2014		500		525
HCA, Inc.
6.950% due 05/01/2012		1,550		1,521
6.750% due 07/15/2013		2,675		2,568
7.190% due 11/15/2015		200		194
7.500% due 12/15/2023		400		373
Herbst Gaming, Inc.
7.000% due 11/15/2014		1,000		955
Hertz Corp.
8.875% due 01/01/2014		1,925		1,983
Horizon Lines LLC
9.000% due 11/01/2012		2,016		2,056
Host Marriott LP
7.000% due 08/15/2012		100		100
7.125% due 11/01/2013		2,780		2,783
Ineos Group Holdings Plc
8.500% due 02/15/2016		1,325		1,247
Ingles Markets, Inc.
8.875% due 12/01/2011		1,450		1,524
Intelsat Bermuda Ltd.
8.250% due 01/15/2013		75		75
9.250% due 06/15/2016		1,275		1,323
Intelsat Subsidiary Holding Co. Ltd.
9.614% due 01/15/2012		1,000		1,015
8.250% due 01/15/2013		325		324
8.625% due 01/15/2015		2,700		2,720
Invensys PLC
9.875% due 03/15/2011		1,150		1,253
Jefferson Smurfit Corp. U.S.
8.250% due 10/01/2012		750		707
7.500% due 06/01/2013		775		697
JET Equipment Trust
10.000% due 06/15/2012 (b)		653		634
7.630% due 08/15/2012 (b)		352		274
JSG Funding PLC
9.625% due 10/01/2012		3,815		3,949
L-3 Communications Corp.
7.625% due 06/15/2012		500		510
6.375% due 10/15/2015		900		864
Legrand France
8.500% due 02/15/2025		475		545
Mandalay Resort Group
9.375% due 02/15/2010		2,300		2,432
Mediacom Broadband LLC
11.000% due 07/15/2013		2,940		3,113
MGM Mirage
8.500% due 09/15/2010		400		417
8.375% due 02/01/2011		825		850
6.750% due 04/01/2013		775		743
6.625% due 07/15/2015		2,100		1,969

Nalco Co.
7.750% due 11/15/2011	$	1,800	$	1,805
8.875% due 11/15/2013		700		709
New Skies Satellites NV
9.125% due 11/01/2012		825		877
Newfield Exploration Co.
6.625% due 04/15/2016		800		758
Newpark Resources
8.625% due 12/15/2007		1,390		1,393
Norampac, Inc.
6.750% due 06/01/2013		1,050		950
Nordic Telephone Co. Holdings ApS
8.875% due 05/01/2016		1,000		1,033
Nortel Networks Ltd.
10.125% due 07/15/2013		800		818
10.750% due 07/15/2016		475		486
Northwest Pipeline Corp.
7.125% due 12/01/2025		500		483
Novelis, Inc.
7.250% due 02/15/2015		1,200		1,158
Owens Brockway Glass Container, Inc.
6.750% due 12/01/2014		3,175		2,961
Peabody Energy Corp.
6.875% due 03/15/2013		2,041		2,015
Plains Exploration & Production Co.
7.125% due 06/15/2014		1,625		1,609
Pogo Producing Co.
7.875% due 05/01/2013		800		806
PQ Corp.
7.500% due 02/15/2013		2,225		2,103
Premier Entertainment Biloxi LLC
10.750% due 02/01/2012		750		778
Primedia, Inc.
8.875% due 05/15/2011		275		265
8.000% due 05/15/2013		400		360
Quiksilver, Inc.
6.875% due 04/15/2015		2,600		2,431
Qwest Communications International, Inc.
7.250% due 02/15/2011		5,125		4,997
7.500% due 02/15/2014		8,275		8,110
Reynolds American, Inc.
7.250% due 06/01/2012		925		911
7.250% due 06/01/2013		1,450		1,425
7.625% due 06/01/2016		925		909
RH Donnelley Corp.
6.875% due 01/15/2013		250		231
8.875% due 01/15/2016		1,350		1,369
Rhodia S.A.
7.625% due 06/01/2010		750		746
Rockwood Specialties Group, Inc.
7.500% due 11/15/2014		600		591
Rogers Cable, Inc.
6.750% due 03/15/2015		1,560		1,494
8.750% due 05/01/2032		800		866
Roseton
7.270% due 11/08/2010		2,275		2,276
7.670% due 11/08/2016		2,325		2,321
Russell Corp.
9.250% due 05/01/2010		550		578

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

Sanmina-SCI Corp.
8.125% due 03/01/2016	$	1,175	$	1,152
SemGroup LP
8.750% due 11/15/2015		1,000		1,000
Seneca Gaming Corp.
7.250% due 05/01/2012		1,900		1,850
Sensata Technologies BV
8.000% due 05/01/2014		2,500		2,425
Smurfit Capital Funding PLC
7.500% due 11/20/2025		500		458
Smurfit-Stone Container Enterprises, Inc.
9.750% due 02/01/2011		430		444
8.375% due 07/01/2012		2,545		2,418
Solectron Global Finance Ltd.
8.000% due 03/15/2016		1,300		1,287
Sonat, Inc.
7.000% due 02/01/2018		500		468
Station Casinos, Inc.
6.500% due 02/01/2014		1,200		1,122
6.875% due 03/01/2016		2,500		2,344
Suburban Propane Partners LP
6.875% due 12/15/2013		2,750		2,585
Sungard Data Systems, Inc.
9.125% due 08/15/2013		3,050		3,180
Superior Essex Communications LLC
9.000% due 04/15/2012		500		510
Tenet Healthcare Corp.
7.375% due 02/01/2013		3,125		2,867
Triad Hospitals, Inc.
7.000% due 11/15/2013		2,275		2,224
Trinity Industries, Inc.
6.500% due 03/15/2014		780		764
TRW Automotive, Inc.
9.375% due 02/15/2013		2,025		2,162
United Airlines, Inc.
6.201% due 09/01/2008		177		177
6.602% due 09/01/2013		396		398
Unity Media GmbH
10.375% due 02/15/2015		750		720
US Airways Inc.
9.330% due 01/01/2024 (b)		84		1
9.625% due 09/01/2024 (b)		1,016		4
Valero Energy Corp.
7.800% due 06/14/2010		850		855
VWR International, Inc.
6.875% due 04/15/2012		460		442
8.000% due 04/15/2014		3,190		3,114
Williams Cos., Inc.
7.625% due 07/15/2019		3,950		4,029
7.875% due 09/01/2021		3,075		3,137
7.750% due 06/15/2031		650		644
Windstream Corp.
8.625% due 08/01/2016		1,050		1,079
Wynn Las Vegas LLC
6.625% due 12/01/2014		6,900		6,538
Xerox Corp.
7.200% due 04/01/2016		1,025		1,033
				254,517

UTILITIES 14.9%
AES Corp.
8.750% due 05/15/2013	$	2,825	$	3,037
American Cellular Corp.
10.000% due 08/01/2011		1,350		1,428
Cincinnati Bell, Inc.
7.250% due 07/15/2013		3,425		3,391
8.375% due 01/15/2014		1,970		1,950
Citizens Communications Co.
7.000% due 11/01/2025		75		62
9.000% due 08/15/2031		2,025		2,060
7.450% due 07/01/2035		250		213
CMS Energy Corp.
7.500% due 01/15/2009		375		382
7.750% due 08/01/2010		600		612
8.500% due 04/15/2011		1,000		1,048
6.300% due 02/01/2012		300		285
Edison Mission Energy
7.500% due 06/15/2013		750		739
7.750% due 06/15/2016		750		741
Hawaiian Telcom Communications, Inc.
9.750% due 05/01/2013		1,500		1,534
10.789% due 05/01/2013		500		508
Homer City Funding LLC
8.734% due 10/01/2026		983		1,096
IPALCO Enterprises, Inc.
8.375% due 11/14/2008		1,050		1,084
8.625% due 11/14/2011		490		522
Midwest Generation LLC
8.560% due 01/02/2016		4,784		5,026
8.750% due 05/01/2034		1,550		1,651
Mobile Telesystems Finance S.A.
8.375% due 10/14/2010		500		502
8.000% due 01/28/2012		450		440
MSW Energy Holdings II LLC
7.375% due 09/01/2010		650		653
MSW Energy Holdings LLC
8.500% due 09/01/2010		500		518
Northwestern Bell Telephone
7.750% due 05/01/2030		1,208		1,154
NRG Energy, Inc.
7.250% due 02/01/2014		2,775		2,713
7.375% due 02/01/2016		4,000		3,910
PSEG Energy Holdings LLC
8.500% due 06/15/2011		4,250		4,484
Qwest Capital Funding, Inc.
7.900% due 08/15/2010		1,650		1,650
7.250% due 02/15/2011		300		293
Qwest Corp.
8.875% due 03/15/2012		2,625		2,783
7.500% due 06/15/2023		1,000		943
7.200% due 11/10/2026		700		642
Reliant Energy, Inc.
9.250% due 07/15/2010		1,975		1,985
6.750% due 12/15/2014		3,075		2,844
Rogers Wireless, Inc.
7.250% due 12/15/2012		150		152
8.000% due 12/15/2012		520		534
7.500% due 03/15/2015		2,195		2,228
Rural Cellular Corp.
9.875% due 02/01/2010		1,275		1,318

Sierra Pacific Resources
7.803% due 06/15/2012	$	975	$	993
8.625% due 03/15/2014		500		532
South Point Energy Center LLC
8.400% due 05/30/2012		2,288		2,231
TECO Energy, Inc.
6.750% due 05/01/2015		1,000		978
Tenaska Alabama Partners LP
7.000% due 06/30/2021		2,266		2,220
Time Warner Telecom Holdings, Inc.
9.250% due 02/15/2014		2,875		2,961
				67,030
Total Corporate Bonds & Notes (Cost $380,445)				373,744
CONVERTIBLE BONDS & NOTES 0.5%
BANKING & FINANCE 0.2%
Lehman Brothers Holdings, Inc.
1.383% due 06/15/2009		350		359
2.070% due 06/15/2009		350		347
3.119% due 06/15/2009		350		345
				1,051
UTILITIES 0.3%
CMS Energy Corp.
2.875% due 12/01/2024		1,075		1,152
Total Convertible Bonds & Notes (Cost $2,271)				2,203
SOVEREIGN ISSUES 0.3%
Brazilian Government International Bond
8.875% due 10/14/2019		50		56
8.750% due 02/04/2025		50		55
8.250% due 01/20/2034		1,100		1,157
Total Sovereign Issues (Cost $1,159)				1,268
FOREIGN CURRENCY-DENOMINATED ISSUES (j) 3.7%
Cognis Holding GmbH
11.644% due 01/15/2015 (c)	EUR	112		138
Development Bank of Japan
2.875% due 12/20/2006	JPY	150,000		1,327
France Government International Bond
4.500% due 07/12/2006	EUR	1,500		1,919
JSG Funding PLC
10.125% due 10/01/2012		650		910
JSG Holding PLC
11.500% due 10/01/2015 (c)		1,252		1,652
Lighthouse International Co. S.A.
8.000% due 04/30/2014		2,220		3,006
Nordic Telephone
5.207% due 11/30/2014		550		711
5.707% due 11/30/2015		550		714
Nordic Telephone Co. Holdings ApS
8.250% due 05/01/2016		1,000		1,314
Rhodia S.A.
8.000% due 06/01/2010		1,000		1,334
SigmaKalon
4.742% due 06/30/2012		1,000		1,279

See Accompanying Notes Semiannual Report June 30, 2006 11

Schedule of Investments  High Yield Portfolio (Cont.)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

UPC Broadband Holding BV
5.000% due 03/31/2013	EC	500	$	639
5.000% due 12/31/2013		500		639
UPC Holding BV
7.750% due 01/15/2014		200		241
8.625% due 01/15/2014		800		1,008
Total Foreign Currency-Denominated Issues (Cost $15,796)				16,831
		SHARES
CONVERTIBLE PREFERRED STOCK 0.1%
Chesapeake Energy Corp.
4.500% due 12/31/2049		5,000		468
Total Convertible Preferred Stock (Cost $499)				468
PREFERRED SECURITIES 1.2%
Fresenius Medical Care Capital Trust II
7.875% due 02/01/2008		2,050		2,086
Xerox Capital Trust I
8.000% due 02/01/2027		3,100,000		3,127
Total Preferred Stock (Cost $5,370)				5,213
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS (j) 7.4%
COMMERCIAL PAPER 3.6%
Societe Generale N.A.
5.250% due 07/05/2006	$	300		300
5.245% due 08/08/2006		2,700		2,686
UBS Finance Delaware LLC
5.225% due 08/08/2006		6,000		5,969
5.250% due 08/08/2006		7,400		7,361
				16,316

REPURCHASE AGREEMENT 0.8%
State Street Bank
4.900% due 07/03/2006	$	3,644	$	3,644
(Dated 06/30/2006. Collateralized by Federal Home Loan Bank 4.875% due 07/02/2005 valued at $3,720. Repurchase proceeds are $3,645.)
BELGIUM TREASURY BILLS 2.7%
2.808% due 09/14/2006	EUR	9,500		12,083
SPAIN TREASURY BILLS 0.0%
3.004% due 12/22/2006		200		252
U.S. TREASURY BILLS 0.3%
4.725% due 08/31/2006 - 09/14/2006 (d)(e)(f)	$	1,280		1,269
Total Short-Term Instruments (Cost $33,416)				33,564
Total Investments (a) 100.8% (Cost $459,918)			$	454,275
Written Options (h) (0.0%) (Premiums $283)				(73)
Other Assets and Liabilities (Net) (0.8%)				(3,497)
Net Assets 100.0%			$	450,705

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

(a) As of June 30, 2006, portfolio securities with an aggregate market value of $8,370 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(b) Security is in default.

(c) Payment in-kind bond security.

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

(e) Securities with an aggregate market value of $248 have been pledged as collateral for swap and swaption contracts on June 30, 2006.

(f) Securities with an aggregate market value of $1,021 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	844	$	(1,651	)

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

(g) Swap agreements outstanding on June 30, 2006:
Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bank of America	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.750%	12/20/2006	$	1,500	$	24
Bank of America	Dow Jones CDX N.A. HY6 Index	Sell	3.450%	06/20/2011		900		18
Citibank N.A.	CMS Energy Corp. 8.500% due 04/05/2011	Sell	1.900%	06/20/2011		500		6
Citibank N.A.	CMS Energy Corp. 6.875% due 12/15/2015	Sell	1.720%	06/20/2011		1,000		5
Credit Suisse First Boston	CMS Energy Corp. 7.500% due 01/15/2009	Sell	1.800%	12/20/2010		625		6
Credit Suisse First Boston	Abitibi-Consolidated, Inc. 8.550% due 08/01/2010	Sell	5.350%	09/20/2011		1,000		27
Deutsche Bank AG	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.440%	06/20/2007		2,500		1
Goldman Sachs & Co.	ArvinMeritor, Inc. 8.750% due 03/01/2012	Sell	2.400%	03/20/2007		700		9
Goldman Sachs & Co.	Host Marriott LP 7.125% due 11/01/2013	Sell	1.770%	12/20/2010		500		12
J.P. Morgan Chase & Co.	Lear Corp. 8.110% due 05/15/2009	Sell	7.750%	03/20/2007		1,400		59
J.P. Morgan Chase & Co.	Abitibi-Consolidated, Inc. 8.375% due 04/01/2015	Sell	1.500%	06/20/2007		500		0
Lehman Brothers, Inc.	Primedia, Inc. 8.875% due 05/15/2011	Sell	2.500%	03/20/2007		1,000		(1	)
Merrill Lynch & Co., Inc.	AES Corp. 8.750% due 06/15/2008	Sell	0.950%	06/20/2007		1,300		3
Merrill Lynch & Co., Inc.	AES Corp. 8.750% due 06/15/2008	Sell	0.950%	06/20/2007		700		1
Morgan Stanley Dean Witter & Co.	Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	1.800%	06/20/2010		2,000		(14	)
Morgan Stanley Dean Witter & Co.	Multiple reference entities of Gazprom	Sell	1.050%	04/20/2011		3,000		(29	)
							$	127
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(h) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$	108.000	08/25/2006	319	$	113	$	10
Call - CBOT U.S. Treasury 10-Year Note September Futures		107.000	08/25/2006	129		54		12
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/25/2006	319		94		45
Put - CBOT U.S. Treasury 10-Year Note September Futures		102.000	08/25/2006	129		22		6
					$	283	$	73

(i) Restricted securities as of June 30, 2006:
Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost	Market Value			Market Value as Percentage of Net Assets
Bombardier Capital, Inc.	7.090%	03/30/2007	08/11/2003	$            1,002	$	1,005			0.22%
Continental Airlines, Inc.	6.920%	04/02/2013	07/01/2003	733		808			0.18%
Ferrellgas Partners LP	8.870%	08/01/2009	06/30/2003	1,286		1,242			0.28%
				$            3,021	$	3,055			0.68%
(j) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation	Unrealized (Depreciation)			Net Unrealized (Depreciation)
Sell	EUR	11,581	07/2006	$                    0	$	(262	)	$	(262	)
Buy	JPY	545,951	08/2006	1		(26	)		(25	)
				$                    1	$	(288	)	$	(287	)

See Accompanying Notes Semiannual Report June 30, 2006 13

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class and Advisor Classes 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events when the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

14 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

Bridge Debt Commitments.  At the period ended June 30, 2006, the Portfolio had $2,008,182 in commitments outstanding to fund high-yield bridge debt. The Portfolio is entitled to a fee upon the expiration of the commitment period. The bridge debt terms approximate market rates at the time the commitment is entered into.

Loan Participants and Assignments.  The Portfolio may invest in direct debt instruments which are interests in amounts owned by corporate, governmental, or other borrowers 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. At the end of the period, the Portfolio had unfunded loan commitments of $2,008,182.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
EUR	Euro
JPY	Japanese Yen

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

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 term, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds include the accrued

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

interest (referred to as a dirty price) and require a pro-rata adjustment from interest receivable to the unrealized appreciation or depreciation on investment in the Statements of Assets and Liabilities.

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

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 engage in swap transactions, including, but not limited to, swap agreements on credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of a credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service in take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

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

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), and serves as investment adviser (the

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

“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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.35%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	0	$	0	$	227,130	$	218,953

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $			Premium
Balance at 12/31/2005	707		$	17,000		$	285
Sales	2,167			1,500			638
Closing Buys	(1,978	)		(18,500	)		(640	)
Expirations	0			0			0
Exercised	0			0			0
Balance at 06/30/2006	896		$	0		$	283

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	43		$	360		42		$	336
Administrative Class	7,675			62,810		20,365			167,640
Advisor Class	1			10		0			0
Issued as reinvestment of distributions
Institutional Class	4			29		4			37
Administrative Class	2,019			16,529		3,377			27,827
Advisor Class	0			0		0			0
Cost of shares redeemed
Institutional Class	(1	)		(12	)	(3	)		(25	)
Administrative Class	(9,932	)		(80,878	)	(16,769	)		(138,029	)
Advisor Class	0			0		0			0
Net increase (decrease) resulting from Portfolio share transactions	(191	)	$	(1,152	)	7,016		$	57,786

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 Shareholders	% of Portfolio Held
Institutional Class	1	94
Administrative Class	3	79	*
Advisor Class	1	100

* Allianz Life Insurance Co. of North America, an indirect wholly subsidiary of AGI and a related party to the Portfolio, owned 25% or more of the outstanding shares of beneficial interest of the Portfolio, and therefore may be presumed to “control” the Portfolio, as that term is defined in the 1940 Act.

Semiannual Report June 30, 2006 17

Notes to Financial Statements (Cont.)

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$         5,358	$       (11,001)	$         (5,643)

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote PIMCO Funds and the Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

18 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Institutional

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

High Yield Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	14

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the High Yield Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, non-U.S. investment risk, currency risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Merrill Lynch US High Yield, BB-B Rated Constrained Index tracks the performance of BB-B Rated US Dollar-denominated corporate bonds publicly issued in the US domestic market. Qualifying bonds are capitalization-weighted provided the total allocation to an individual issuer (defined by Bloomberg tickers) does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis.

Semiannual Report June 30, 2006 3

PIMCO High Yield Portfolio

Cumulative Returns Through June 30, 2006

                  High Yield Portfolio          Merrill Lynch US High Yield,
                   Institutional Class         BB-B Rated, Constrained Index
                   -------------------         -----------------------------
06/30/2002               $10,000                        $10,000
07/31/2002                 9,392                          9,645
08/31/2002                 9,785                          9,920
09/30/2002                 9,499                          9,788
10/31/2002                 9,570                          9,698
11/30/2002                10,168                         10,262
12/31/2002                10,343                         10,373
01/31/2003                10,618                         10,601
02/28/2003                10,774                         10,725
03/31/2003                11,002                         10,966
04/30/2003                11,559                         11,492
05/31/2003                11,666                         11,569
06/30/2003                11,894                         11,864
07/31/2003                11,634                         11,676
08/31/2003                11,816                         11,806
09/30/2003                12,083                         12,103
10/31/2003                12,296                         12,323
11/30/2003                12,407                         12,480
12/31/2003                12,731                         12,747
01/31/2004                12,831                         12,912
02/29/2004                12,788                         12,940
03/31/2004                12,865                         13,054
04/30/2004                12,750                         12,944
05/31/2004                12,593                         12,736
06/30/2004                12,757                         12,898
07/31/2004                12,961                         13,101
08/31/2004                13,231                         13,345
09/30/2004                13,417                         13,525
10/31/2004                13,686                         13,763
11/30/2004                13,790                         13,847
12/31/2004                13,967                         14,013
01/31/2005                13,970                         14,023
02/28/2005                14,174                         14,214
03/31/2005                13,800                         13,833
04/30/2005                13,691                         13,757
05/31/2005                14,025                         14,007
06/30/2005                14,243                         14,228
07/31/2005                14,426                         14,396
08/31/2005                14,492                         14,459
09/30/2005                14,385                         14,349
10/31/2005                14,307                         14,236
11/30/2005                14,393                         14,351
12/31/2005                14,562                         14,488
01/31/2006                14,753                         14,645
02/28/2006                14,901                         14,767
03/31/2006                14,921                         14,805
04/30/2006                14,951                         14,852
05/31/2006                14,874                         14,811
06/30/2006                14,784                         14,724

$10,000 invested at the end of the nearest month to the inception date of the Portfolio’s Institutional Class.

Sector Breakdown^‡

Corporate Bonds & Notes	82.3%
Short-Term Instruments	7.4%
Bank Loan Obligations	4.6%
Foreign Currency-Denominated Issues	3.7%
Other	2.0%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	Since     Inception     (07/01/02)**
	PIMCO High Yield Portfolio Institutional Class	1.53%	3.80%	10.28%
	Merrill Lynch US High Yield, BB-B Rated, Constrained Index	1.62%	3.48%	10.15%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Institutional Class shares commenced operations on 07/01/02. Index comparisons began on 06/30/02.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	1,015.30	$	1,021.82
Expenses Paid During Period†	$	3.00	$	3.01

† Expenses are equal to the Portfolio’s Institutional Class annualized expense ratio of 0.60%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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.

» An underweight to BB-rated bonds versus the index contributed to relative performance, as these issues underperformed B-rated bonds by about 1.50%.

» An overweight to the automotive sector helped performance as these bonds significantly outperformed the high-yield market.

» As cable/pay TV bonds outperformed the high- yield market, an overweight to the sector benefited the Portfolio.

» Security selection in the utility sector was positive as electric generation companies led the overall sector.

» As telecom bonds underperformed the market, an overweight to the sector negatively impacted the Portfolio’s performance.

» As the energy sector was among the worst performing broad market sectors in the first half of the year, an overweight to this industry category detracted from returns.

» Modest exposure to emerging market sovereign bonds, which underperformed high yield by about 3.75%, hurt performance.

4 PIMCO Variable Insurance Trust

Financial Highlights  High Yield Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			07/01/2002 -12/31/2002
Institutional Class
Net asset value beginning of period	$	8.19		$	8.40		$	8.19		$	7.17		$	7.25
Net investment income (a)		0.29			0.55			0.53			0.57			0.29
Net realized/unrealized gain (loss) on investments (a)		(0.16	)		(0.21	)		0.23			1.03			(0.06	)
Total income from investment operations		0.13			0.34			0.76			1.60			0.23
Dividends from net investment income		(0.30	)		(0.55	)		(0.55	)		(0.58	)		(0.31	)
Total distributions		(0.30	)		(0.55	)		(0.55	)		(0.58	)		(0.31	)
Net asset value end of period	$	8.02		$	8.19		$	8.40		$	8.19		$	7.17
Total return		1.53	%		4.26	%		9.71	%		23.08	%		3.43	%
Net assets end of period (000s)	$	1,042		$	687		$	343		$	13		$	10
Ratio of expenses to average net assets		0.60	%*		0.60	%		0.60	%		0.60	%		0.60	%*(b)
Ratio of net investment income to average net assets		7.18	%*		6.68	%		6.51	%		7.36	%		8.59	%*
Portfolio turnover rate		45	%		109	%		97	%		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%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities  High Yield Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	454,275
Cash		1,169
Foreign currency, at value		1,682
Receivable for investments sold		1,449
Receivable for investments sold on delayed-delivery basis		75
Receivable for Portfolio shares sold		5,977
Interest and dividends receivable		8,878
Variation margin receivable		53
Unrealized appreciation on forward foreign currency contracts		1
Unrealized appreciation on swap agreements		171
		473,730
Liabilities:
Payable for investments purchased	$	4,316
Payable for investments purchased on delayed-delivery basis		17,885
Payable for Portfolio shares redeemed		118
Written options outstanding		73
Accrued investment advisory fee		100
Accrued administration fee		140
Accrued servicing fee		50
Swap premiums received		11
Unrealized depreciation on forward foreign currency contracts		288
Unrealized depreciation on swap agreements		44
		23,025
Net Assets	$	450,705
Net Assets Consist of:
Paid in capital	$	463,809
(Overdistributed) net investment income		(507	)
Accumulated undistributed net realized (loss)		(5,172	)
Net unrealized (depreciation)		(7,425	)
	$	450,705
Net Assets:
Institutional Class	$	1,042
Administrative Class		449,653
Advisor Class		10
Shares Issued and Outstanding:
Institutional Class		130
Administrative Class		56,036
Advisor Class		1
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	8.02
Administrative Class		8.02
Advisor Class		8.02
Cost of Investments Owned	$	459,918
Cost of Foreign Currency Held	$	1,658
Premiums Received on Written Options	$	283

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  High Yield Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest, net of foreign taxes	$	17,337
Dividends		92
Miscellaneous income		595
Total Income		18,024
Expenses:
Investment advisory fees		579
Administration fees		811
Servicing fees – Administrative Class		347
Trustees’ fees		3
Interest expense		3
Total Expenses		1,743
Net Investment Income		16,281
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		1,981
Net realized gain on futures contracts, options and swaps		350
Net realized (loss) on foreign currency transactions		(199	)
Net change in unrealized (depreciation) on investments		(10,574	)
Net change in unrealized (depreciation) on futures contracts, options and swaps		(769	)
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(282	)
Net (Loss)		(9,493	)
Net Increase in Net Assets Resulting from Operations	$	6,788

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets  High Yield Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	16,281		$	27,561
Net realized gain		2,132			4,638
Net change in unrealized (depreciation)		(11,625	)		(14,899	)
Net increase resulting from operations		6,788			17,300
Distributions to Shareholders:
From net investment income
Institutional Class		(29	)		(37	)
Administrative Class		(16,515	)		(27,841	)
Advisor Class		0			0
Total Distributions		(16,544	)		(27,878	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		360			336
Administrative Class		62,810			167,640
Advisor Class		10			0
Issued as reinvestment of distributions
Institutional Class		29			37
Administrative Class		16,529			27,827
Advisor Class		0			0
Cost of shares redeemed
Institutional Class		(12	)		(25	)
Administrative Class		(80,878	)		(138,029	)
Advisor Class		0			0
Net increase (decrease) resulting from Portfolio share transactions		(1,152	)		57,786
Total Increase (Decrease) in Net Assets		(10,908	)		47,208
Net Assets:
Beginning of period		461,613			414,405
End of period*	$	450,705		$	461,613
*Including (overdistributed) net investment income of:	$	(507	)	$	(244	)

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  High Yield Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
BANK LOAN OBLIGATIONS 4.7%
Amadeus Global Travel Distribution S.A.
7.856% due 04/08/2013	$	700	$	708
8.356% due 04/08/2014		700		711
Cablevision Systems Corp.
6.740% due 02/24/2013		571		569
6.861% due 02/24/2013		5		5
Centennial Cellular Operating Co. LLC
7.230% due 01/20/2011		22		22
7.318% due 01/20/2011		91		91
7.749% due 01/20/2011		300		301
Centennial Communications
4.000% due 02/09/2011		38		38
7.749% due 02/09/2011		375		377
Charter Communications Operating LLC
5.000% due 04/25/2013		1,500		1,505
CSC Holdings, Inc.
6.580% due 02/24/2013		571		569
6.988% due 02/24/2013		852		849
El Paso Corp.
7.750% due 11/22/2009		970		977
Georgia-Pacific Corp.
7.880% due 12/23/2013		222		224
7.920% due 12/23/2013		444		449
7.957% due 12/23/2013		444		449
8.029% due 12/23/2013		444		449
8.086% due 12/23/2013		444		449
Headwaters, Inc.
6.766% due 04/30/2011		1,348		1,353
HealthSouth Corp.
8.150% due 02/02/2013		1,900		1,902
Ineos Group Holdings PLC
2.275% due 10/07/2012		1,200		1,205
Intelsat Ltd.
5.000% due 04/24/2016		1,000		1,002
Invensys PLC
7.791% due 09/05/2009		126		127
9.431% due 12/30/2009		900		911
JSG Packaging
7.397% due 11/29/2013		650		649
7.897% due 11/29/2014		650		649
Nortel Networks Inc.
8.375% due 02/15/2007		1,250		1,249
Reliant Resources, Inc.
7.175% due 12/22/2010		181		181
Roundy’s Supermarket, Inc.
7.870% due 11/01/2011		495		499
8.170% due 11/01/2011		500		504
4.000% due 11/03/2011		3		3
Service Corp. International
5.000% due 04/02/2016		2,000		2,008
Total Bank Loan Obligations (Cost $20,962)				20,984
CORPORATE BONDS & NOTES 82.9%
BANKING & FINANCE 11.6%
AES Ironwood LLC
8.857% due 11/30/2025		2,493		2,705
AES Red Oak LLC
8.540% due 11/30/2019		1,229		1,303

BCP Crystal U.S. Holdings Corp.
9.625% due 06/15/2014	$	3,317	$	3,616
Bluewater Finance Ltd.
10.250% due 02/15/2012		2,200		2,238
Bombardier Capital, Inc.
7.090% due 03/30/2007 (i)		1,000		1,005
Corsair Netherlands BV
11.121% due 03/07/2016		1,400		1,408
Deutsche Bank AG
1.800% due 05/29/2009		400		409
Eircom Funding
8.250% due 08/15/2013		800		852
Ferrellgas Escrow LLC
6.750% due 05/01/2014		2,100		2,000
Ford Motor Credit Co.
7.875% due 06/15/2010		500		462
8.625% due 11/01/2010		260		244
7.375% due 02/01/2011		10,190		9,133
Forest City Enterprises, Inc.
7.625% due 06/01/2015		425		430
General Motors Acceptance Corp.
7.250% due 03/02/2011		2,000		1,941
6.000% due 04/01/2011		1,194		1,087
7.000% due 02/01/2012		500		475
6.875% due 08/28/2012		1,500		1,415
8.000% due 11/01/2031		1,975		1,903
IXIS Financial Products, Inc.
0.800% due 06/15/2009		350		344
1.650% due 06/15/2009		325		325
1.875% due 06/15/2009		350		335
K&F Acquisition, Inc.
7.750% due 11/15/2014		1,000		990
KRATON Polymers LLC
8.125% due 01/15/2014		1,700		1,696
Merrill Lynch & Co, Inc.
2.300% due 06/22/2009		325		323
Mirage Resorts, Inc.
7.250% due 08/01/2017		2,600		2,502
Rotech Healthcare, Inc.
9.500% due 04/01/2012		3,575		2,994
Tenneco, Inc.
10.250% due 07/15/2013		2,600		2,863
8.625% due 11/15/2014		975		977
TRAINS
7.341% due 05/01/2016		1,125		1,104
Universal City Development Partners
11.750% due 04/01/2010		800		875
Universal City Florida Holding Co. I
8.375% due 05/01/2010		1,425		1,439
9.899% due 05/01/2010		175		182
Ventas Realty LP
9.000% due 05/01/2012		500		550
7.125% due 06/01/2015		1,000		1,005
Wind Acquisition Finance S.A.
10.750% due 12/01/2015		1,000		1,067
				52,197
INDUSTRIALS 56.4%
Abitibi-Consolidated Co. of Canada
8.375% due 04/01/2015		1,475		1,353

Abitibi-Consolidated, Inc.
8.550% due 08/01/2010	$	1,850	$	1,762
7.750% due 06/15/2011		365		337
7.400% due 04/01/2018		400		334
8.850% due 08/01/2030		1,953		1,660
Alliance One International, Inc.
11.000% due 05/15/2012		650		621
Allied Waste North America, Inc.
7.875% due 04/15/2013		1,625		1,633
7.250% due 03/15/2015		4,600		4,416
7.125% due 05/15/2016		425		403
AmeriGas Partners LP
7.250% due 05/20/2015		1,850		1,757
7.125% due 05/20/2016		2,650		2,498
Arco Chemical Co.
10.250% due 11/01/2010		50		55
Armor Holdings, Inc.
8.250% due 08/15/2013		800		832
ArvinMeritor, Inc.
8.750% due 03/01/2012		3,225		3,160
Aviall, Inc.
7.625% due 07/01/2011		650		681
Bowater Canada Finance
7.950% due 11/15/2011		2,350		2,244
Bowater, Inc.
6.500% due 06/15/2013		300		262
Boyd Gaming Corp.
7.125% due 02/01/2016		4,000		3,885
Buhrmann US, Inc.
8.250% due 07/01/2014		1,000		1,000
7.875% due 03/01/2015		1,300		1,290
CanWest Media, Inc.
8.000% due 09/15/2012		1,520		1,512
Cascades, Inc.
7.250% due 02/15/2013		750		697
CCO Holdings LLC
8.750% due 11/15/2013		4,400		4,312
Celestica, Inc.
7.625% due 07/01/2013		950		926
Chart Industries, Inc.
9.125% due 10/15/2015		425		436
Charter Communications Operating LLC
8.375% due 04/30/2014		1,750		1,761
Chesapeake Energy Corp.
7.625% due 07/15/2013		800		809
7.000% due 08/15/2014		1,000		972
6.375% due 06/15/2015		1,695		1,581
6.875% due 01/15/2016		1,200		1,140
Choctaw Resort Development Enterprise
7.250% due 11/15/2019		1,400		1,379
Colorado Interstate Gas Co.
6.850% due 06/15/2037		200		202
Continental Airlines, Inc.
6.920% due 04/02/2013 (i)		802		808
7.373% due 12/15/2015		273		260
Cooper-Standard Automotive, Inc.
7.000% due 12/15/2012		1,200		1,080
Corrections Corp. of America
6.750% due 01/31/2014		200		193

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments  High Yield Portfolio (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
Crown Americas LLC & Crown Americas Capital Corp.
7.625% due 11/15/2013	$	425	$	420
7.750% due 11/15/2015		1,400		1,386
CSC Holdings, Inc.
8.125% due 08/15/2009		1,500		1,534
7.625% due 04/01/2011		4,625		4,648
DaVita, Inc.
7.250% due 03/15/2015		2,850		2,750
Delhaize America, Inc.
9.000% due 04/15/2031		2,975		3,277
Delta Air Lines, Inc.
7.379% due 05/18/2010		211		212
7.570% due 11/18/2010		975		979
Dex Media West LLC
9.875% due 08/15/2013		2,200		2,395
DirecTV Holdings LLC
8.375% due 03/15/2013		1,184		1,246
6.375% due 06/15/2015		925		858
Dresser, Inc.
9.375% due 04/15/2011		3,350		3,409
Dresser-Rand Group, Inc.
7.375% due 11/01/2014		396		380
DRS Technologies, Inc.
7.625% due 02/01/2018		1,000		1,000
EchoStar DBS Corp.
6.375% due 10/01/2011		1,000		960
6.625% due 10/01/2014		2,975		2,804
7.125% due 02/01/2016		2,500		2,419
El Paso Corp.
10.750% due 10/01/2010		1,500		1,642
9.625% due 05/15/2012		200		219
7.875% due 06/15/2012		4,155		4,248
8.050% due 10/15/2030		1,300		1,310
7.800% due 08/01/2031		700		683
7.750% due 01/15/2032		1,200		1,174
El Paso Production Holding Co.
7.750% due 06/01/2013		2,250		2,278
Encore Acquisition Co.
6.250% due 04/15/2014		300		277
7.250% due 12/01/2017		1,075		1,037
Equistar Chemicals LP
10.125% due 09/01/2008		45		48
8.750% due 02/15/2009		2,035		2,111
Extendicare Health Services, Inc.
9.500% due 07/01/2010		800		839
Ferrellgas Partners LP
8.870% due 08/01/2009 (i)		1,200		1,242
8.750% due 06/15/2012		1,525		1,555
Fisher Communications, Inc.
8.625% due 09/15/2014		1,000		1,040
Ford Motor Co.
7.450% due 07/16/2031		2,000		1,455
Fresenius Medical Care Capital Trust
7.875% due 06/15/2011		2,250		2,284
Gaylord Entertainment Co.
8.000% due 11/15/2013		1,000		1,004
General Motors Corp.
8.250% due 07/15/2023		2,200		1,743

Georgia-Pacific Corp.
8.000% due 01/15/2024	$	775	$	736
7.375% due 12/01/2025		5,710		5,196
Greif, Inc.
8.875% due 08/01/2012		400		423
Grupo Transportacion Ferroviaria Mexicana S.A. de C.V.
9.375% due 05/01/2012		700		749
Hanover Compressor Co.
9.000% due 06/01/2014		500		525
HCA, Inc.
6.950% due 05/01/2012		1,550		1,521
6.750% due 07/15/2013		2,675		2,568
7.190% due 11/15/2015		200		194
7.500% due 12/15/2023		400		373
Herbst Gaming, Inc.
7.000% due 11/15/2014		1,000		955
Hertz Corp.
8.875% due 01/01/2014		1,925		1,983
Horizon Lines LLC
9.000% due 11/01/2012		2,016		2,056
Host Marriott LP
7.000% due 08/15/2012		100		100
7.125% due 11/01/2013		2,780		2,783
Ineos Group Holdings Plc
8.500% due 02/15/2016		1,325		1,247
Ingles Markets, Inc.
8.875% due 12/01/2011		1,450		1,524
Intelsat Bermuda Ltd.
8.250% due 01/15/2013		75		75
9.250% due 06/15/2016		1,275		1,323
Intelsat Subsidiary Holding Co. Ltd.
9.614% due 01/15/2012		1,000		1,015
8.250% due 01/15/2013		325		324
8.625% due 01/15/2015		2,700		2,720
Invensys PLC
9.875% due 03/15/2011		1,150		1,253
Jefferson Smurfit Corp. U.S.
8.250% due 10/01/2012		750		707
7.500% due 06/01/2013		775		697
JET Equipment Trust
10.000% due 06/15/2012 (b)		653		634
7.630% due 08/15/2012 (b)		352		274
JSG Funding PLC
9.625% due 10/01/2012		3,815		3,949
L-3 Communications Corp.
7.625% due 06/15/2012		500		510
6.375% due 10/15/2015		900		864
Legrand France
8.500% due 02/15/2025		475		545
Mandalay Resort Group
9.375% due 02/15/2010		2,300		2,432
Mediacom Broadband LLC
11.000% due 07/15/2013		2,940		3,113
MGM Mirage
8.500% due 09/15/2010		400		417
8.375% due 02/01/2011		825		850
6.750% due 04/01/2013		775		743
6.625% due 07/15/2015		2,100		1,969

Nalco Co.
7.750% due 11/15/2011	$	1,800	$	1,805
8.875% due 11/15/2013		700		709
New Skies Satellites NV
9.125% due 11/01/2012		825		877
Newfield Exploration Co.
6.625% due 04/15/2016		800		758
Newpark Resources
8.625% due 12/15/2007		1,390		1,393
Norampac, Inc.
6.750% due 06/01/2013		1,050		950
Nordic Telephone Co. Holdings ApS
8.875% due 05/01/2016		1,000		1,033
Nortel Networks Ltd.
10.125% due 07/15/2013		800		818
10.750% due 07/15/2016		475		486
Northwest Pipeline Corp.
7.125% due 12/01/2025		500		483
Novelis, Inc.
7.250% due 02/15/2015		1,200		1,158
Owens Brockway Glass Container, Inc.
6.750% due 12/01/2014		3,175		2,961
Peabody Energy Corp.
6.875% due 03/15/2013		2,041		2,015
Plains Exploration & Production Co.
7.125% due 06/15/2014		1,625		1,609
Pogo Producing Co.
7.875% due 05/01/2013		800		806
PQ Corp.
7.500% due 02/15/2013		2,225		2,103
Premier Entertainment Biloxi LLC
10.750% due 02/01/2012		750		778
Primedia, Inc.
8.875% due 05/15/2011		275		265
8.000% due 05/15/2013		400		360
Quiksilver, Inc.
6.875% due 04/15/2015		2,600		2,431
Qwest Communications International, Inc.
7.250% due 02/15/2011		5,125		4,997
7.500% due 02/15/2014		8,275		8,110
Reynolds American, Inc.
7.250% due 06/01/2012		925		911
7.250% due 06/01/2013		1,450		1,425
7.625% due 06/01/2016		925		909
RH Donnelley Corp.
6.875% due 01/15/2013		250		231
8.875% due 01/15/2016		1,350		1,369
Rhodia S.A.
7.625% due 06/01/2010		750		746
Rockwood Specialties Group, Inc.
7.500% due 11/15/2014		600		591
Rogers Cable, Inc.
6.750% due 03/15/2015		1,560		1,494
8.750% due 05/01/2032		800		866
Roseton
7.270% due 11/08/2010		2,275		2,276
7.670% due 11/08/2016		2,325		2,321
Russell Corp.
9.250% due 05/01/2010		550		578

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
Sanmina-SCI Corp.
8.125% due 03/01/2016	$	1,175	$	1,152
SemGroup LP
8.750% due 11/15/2015		1,000		1,000
Seneca Gaming Corp.
7.250% due 05/01/2012		1,900		1,850
Sensata Technologies BV
8.000% due 05/01/2014		2,500		2,425
Smurfit Capital Funding PLC
7.500% due 11/20/2025		500		458
Smurfit-Stone Container Enterprises, Inc.
9.750% due 02/01/2011		430		444
8.375% due 07/01/2012		2,545		2,418
Solectron Global Finance Ltd.
8.000% due 03/15/2016		1,300		1,287
Sonat, Inc.
7.000% due 02/01/2018		500		468
Station Casinos, Inc.
6.500% due 02/01/2014		1,200		1,122
6.875% due 03/01/2016		2,500		2,344
Suburban Propane Partners LP
6.875% due 12/15/2013		2,750		2,585
Sungard Data Systems, Inc.
9.125% due 08/15/2013		3,050		3,180
Superior Essex Communications LLC
9.000% due 04/15/2012		500		510
Tenet Healthcare Corp.
7.375% due 02/01/2013		3,125		2,867
Triad Hospitals, Inc.
7.000% due 11/15/2013		2,275		2,224
Trinity Industries, Inc.
6.500% due 03/15/2014		780		764
TRW Automotive, Inc.
9.375% due 02/15/2013		2,025		2,162
United Airlines, Inc.
6.201% due 09/01/2008		177		177
6.602% due 09/01/2013		396		398
Unity Media GmbH
10.375% due 02/15/2015		750		720
US Airways Inc.
9.330% due 01/01/2024 (b)		84		1
9.625% due 09/01/2024 (b)		1,016		4
Valero Energy Corp.
7.800% due 06/14/2010		850		855
VWR International, Inc.
6.875% due 04/15/2012		460		442
8.000% due 04/15/2014		3,190		3,114
Williams Cos., Inc.
7.625% due 07/15/2019		3,950		4,029
7.875% due 09/01/2021		3,075		3,137
7.750% due 06/15/2031		650		644
Windstream Corp.
8.625% due 08/01/2016		1,050		1,079
Wynn Las Vegas LLC
6.625% due 12/01/2014		6,900		6,538
Xerox Corp.
7.200% due 04/01/2016		1,025		1,033
				254,517

UTILITIES 14.9%
AES Corp.
8.750% due 05/15/2013	$	2,825	$	3,037
American Cellular Corp.
10.000% due 08/01/2011		1,350		1,428
Cincinnati Bell, Inc.
7.250% due 07/15/2013		3,425		3,391
8.375% due 01/15/2014		1,970		1,950
Citizens Communications Co.
7.000% due 11/01/2025		75		62
9.000% due 08/15/2031		2,025		2,060
7.450% due 07/01/2035		250		213
CMS Energy Corp.
7.500% due 01/15/2009		375		382
7.750% due 08/01/2010		600		612
8.500% due 04/15/2011		1,000		1,048
6.300% due 02/01/2012		300		285
Edison Mission Energy
7.500% due 06/15/2013		750		739
7.750% due 06/15/2016		750		741
Hawaiian Telcom Communications, Inc.
9.750% due 05/01/2013		1,500		1,534
10.789% due 05/01/2013		500		508
Homer City Funding LLC
8.734% due 10/01/2026		983		1,096
IPALCO Enterprises, Inc.
8.375% due 11/14/2008		1,050		1,084
8.625% due 11/14/2011		490		522
Midwest Generation LLC
8.560% due 01/02/2016		4,784		5,026
8.750% due 05/01/2034		1,550		1,651
Mobile Telesystems Finance S.A.
8.375% due 10/14/2010		500		502
8.000% due 01/28/2012		450		440
MSW Energy Holdings II LLC
7.375% due 09/01/2010		650		653
MSW Energy Holdings LLC
8.500% due 09/01/2010		500		518
Northwestern Bell Telephone
7.750% due 05/01/2030		1,208		1,154
NRG Energy, Inc.
7.250% due 02/01/2014		2,775		2,713
7.375% due 02/01/2016		4,000		3,910
PSEG Energy Holdings LLC
8.500% due 06/15/2011		4,250		4,484
Qwest Capital Funding, Inc.
7.900% due 08/15/2010		1,650		1,650
7.250% due 02/15/2011		300		293
Qwest Corp.
8.875% due 03/15/2012		2,625		2,783
7.500% due 06/15/2023		1,000		943
7.200% due 11/10/2026		700		642
Reliant Energy, Inc.
9.250% due 07/15/2010		1,975		1,985
6.750% due 12/15/2014		3,075		2,844
Rogers Wireless, Inc.
7.250% due 12/15/2012		150		152
8.000% due 12/15/2012		520		534
7.500% due 03/15/2015		2,195		2,228
Rural Cellular Corp.
9.875% due 02/01/2010		1,275		1,318

Sierra Pacific Resources
7.803% due 06/15/2012	$	975	$	993
8.625% due 03/15/2014		500		532
South Point Energy Center LLC
8.400% due 05/30/2012		2,288		2,231
TECO Energy, Inc.
6.750% due 05/01/2015		1,000		978
Tenaska Alabama Partners LP
7.000% due 06/30/2021		2,266		2,220
Time Warner Telecom Holdings, Inc.
9.250% due 02/15/2014		2,875		2,961
				67,030
Total Corporate Bonds & Notes (Cost $380,445)				373,744
CONVERTIBLE BONDS & NOTES 0.5%
BANKING & FINANCE 0.2%
Lehman Brothers Holdings, Inc.
1.383% due 06/15/2009		350		359
2.070% due 06/15/2009		350		347
3.119% due 06/15/2009		350		345
				1,051
			��
UTILITIES 0.3%
CMS Energy Corp.
2.875% due 12/01/2024		1,075		1,152
Total Convertible Bonds & Notes (Cost $2,271)				2,203
SOVEREIGN ISSUES 0.3%
Brazilian Government International Bond
8.875% due 10/14/2019		50		56
8.750% due 02/04/2025		50		55
8.250% due 01/20/2034		1,100		1,157
Total Sovereign Issues (Cost $1,159)				1,268
FOREIGN CURRENCY-DENOMINATED ISSUES (j) 3.7%
Cognis Holding GmbH
11.644% due 01/15/2015 (c)	EUR	112		138
Development Bank of Japan
2.875% due 12/20/2006	JPY	150,000		1,327
France Government International Bond
4.500% due 07/12/2006	EUR	1,500		1,919
JSG Funding PLC
10.125% due 10/01/2012		650		910
JSG Holding PLC
11.500% due 10/01/2015 (c)		1,252		1,652
Lighthouse International Co. S.A.
8.000% due 04/30/2014		2,220		3,006
Nordic Telephone
5.207% due 11/30/2014		550		711
5.707% due 11/30/2015		550		714
Nordic Telephone Co. Holdings ApS
8.250% due 05/01/2016		1,000		1,314
Rhodia S.A.
8.000% due 06/01/2010		1,000		1,334
SigmaKalon
4.742% due 06/30/2012		1,000		1,279

See Accompanying Notes Semiannual Report June 30, 2006 11

Schedule of Investments  High Yield Portfolio (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
UPC Broadband Holding BV
5.000% due 03/31/2013	EC	500	$	639
5.000% due 12/31/2013		500		639
UPC Holding BV
7.750% due 01/15/2014		200		241
8.625% due 01/15/2014		800		1,008
Total Foreign Currency-Denominated Issues (Cost $15,796)				16,831
		SHARES
CONVERTIBLE PREFERRED STOCK 0.1%
Chesapeake Energy Corp.
4.500% due 12/31/2049		5,000		468
Total Convertible Preferred Stock (Cost $499)				468
PREFERRED SECURITIES 1.2%
Fresenius Medical Care Capital Trust II
7.875% due 02/01/2008		2,050		2,086
Xerox Capital Trust I
8.000% due 02/01/2027		3,100,000		3,127
Total Preferred Stock (Cost $5,370)				5,213
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS (j) 7.4%
COMMERCIAL PAPER 3.6%
Societe Generale N.A.
5.250% due 07/05/2006	$	300		300
5.245% due 08/08/2006		2,700		2,686
UBS Finance Delaware LLC
5.225% due 08/08/2006		6,000		5,969
5.250% due 08/08/2006		7,400		7,361
				16,316

REPURCHASE AGREEMENT 0.8%
State Street Bank
4.900% due 07/03/2006	$	3,644	$	3,644
(Dated 06/30/2006. Collateralized by Federal Home Loan Bank 4.875% due 07/02/2005 valued at $3,720. Repurchase proceeds are $3,645.)
BELGIUM TREASURY BILLS 2.7%
2.808% due 09/14/2006	EUR	9,500		12,083
SPAIN TREASURY BILLS 0.0%
3.004% due 12/22/2006		200		252
U.S. TREASURY BILLS 0.3%
4.725% due 08/31/2006 - 09/14/2006 (d)(e)(f)	$	1,280		1,269
Total Short-Term Instruments (Cost $33,416)				33,564
Total Investments (a) 100.8% (Cost $459,918)				$454,275
Written Options (h) (0.0%) (Premiums $283)				(73)
Other Assets and Liabilities (Net) (0.8%)				(3,497)
Net Assets 100.0%				$450,705

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

(a) As of June 30, 2006, portfolio securities with an aggregate market value of $8,370 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(b) Security is in default.

(c) Payment in-kind bond security.

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

(e) Securities with an aggregate market value of $248 have been pledged as collateral for swap and swaption contracts on June 30, 2006.

(f) Securities with an aggregate market value of $1,021 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	844	$	(1,651	)

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

(g) Swap agreements outstanding on June 30, 2006:
Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bank of America	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.750%	12/20/2006	$	1,500	$	24
Bank of America	Dow Jones CDX N.A. HY6 Index	Sell	3.450%	06/20/2011		900		18
Citibank N.A.	CMS Energy Corp. 8.500% due 04/05/2011	Sell	1.900%	06/20/2011		500		6
Citibank N.A.	CMS Energy Corp. 6.875% due 12/15/2015	Sell	1.720%	06/20/2011		1,000		5
Credit Suisse First Boston	CMS Energy Corp. 7.500% due 01/15/2009	Sell	1.800%	12/20/2010		625		6
Credit Suisse First Boston	Abitibi-Consolidated, Inc. 8.550% due 08/01/2010	Sell	5.350%	09/20/2011		1,000		27
Deutsche Bank AG	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.440%	06/20/2007		2,500		1
Goldman Sachs & Co.	ArvinMeritor, Inc. 8.750% due 03/01/2012	Sell	2.400%	03/20/2007		700		9
Goldman Sachs & Co.	Host Marriott LP 7.125% due 11/01/2013	Sell	1.770%	12/20/2010		500		12
J.P. Morgan Chase & Co.	Lear Corp. 8.110% due 05/15/2009	Sell	7.750%	03/20/2007		1,400		59
J.P. Morgan Chase & Co.	Abitibi-Consolidated, Inc. 8.375% due 04/01/2015	Sell	1.500%	06/20/2007		500		0
Lehman Brothers, Inc.	Primedia, Inc. 8.875% due 05/15/2011	Sell	2.500%	03/20/2007		1,000		(1	)
Merrill Lynch & Co., Inc.	AES Corp. 8.750% due 06/15/2008	Sell	0.950%	06/20/2007		1,300		3
Merrill Lynch & Co., Inc.	AES Corp. 8.750% due 06/15/2008	Sell	0.950%	06/20/2007		700		1
Morgan Stanley Dean Witter & Co.	Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	1.800%	06/20/2010		2,000		(14	)
Morgan Stanley Dean Witter & Co.	Multiple reference entities of Gazprom	Sell	1.050%	04/20/2011		3,000		(29	)
							$	127
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(h) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$	108.000	08/25/2006	319	$	113	$	10
Call - CBOT U.S. Treasury 10-Year Note September Futures		107.000	08/25/2006	129		54		12
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/25/2006	319		94		45
Put - CBOT U.S. Treasury 10-Year Note September Futures		102.000	08/25/2006	129		22		6
					$	283	$	73

(i) Restricted securities as of June 30, 2006:
Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost	Market Value			Market Value as Percentage of Net Assets
Bombardier Capital, Inc.	7.090%	03/30/2007	08/11/2003	$            1,002	$	1,005			0.22%
Continental Airlines, Inc.	6.920%	04/02/2013	07/01/2003	733		808			0.18%
Ferrellgas Partners LP	8.870%	08/01/2009	06/30/2003	1,286		1,242			0.28%
				$            3,021	$	3,055			0.68%
(j) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation	Unrealized (Depreciation)			Net Unrealized (Depreciation)
Sell	EUR	11,581	07/2006	$                    0	$	(262	)	$	(262	)
Buy	JPY	545,951	08/2006	1		(26	)		(25	)
				$                    1	$	(288	)	$	(287	)

See Accompanying Notes Semiannual Report June 30, 2006 13

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented in these financial statements pertains to the Institutional Class of the Portfolio. Certain detailed financial information for the Administrative Class and Advisor 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events when the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

14 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

Bridge Debt Commitments.  At the period ended June 30, 2006, the Portfolio had $2,008,182 in commitments outstanding to fund high-yield bridge debt. The Portfolio is entitled to a fee upon the expiration of the commitment period. The bridge debt terms approximate market rates at the time the commitment is entered into.

Loan Participants and Assignments.  The Portfolio may invest in direct debt instruments which are interests in amounts owned by corporate, governmental, or other borrowers 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. At the end of the period, the Portfolio had unfunded loan commitments of $2,008,182.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
EUR	Euro
JPY	Japanese Yen

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

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 term, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds include the accrued

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

interest (referred to as a dirty price) and require a pro-rata adjustment from interest receivable to the unrealized appreciation or depreciation on investment in the Statements of Assets and Liabilities.

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

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 engage in swap transactions, including, but not limited to, swap agreements on credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of a credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service in take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

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

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), and serves as investment adviser (the

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

“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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.35%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	0	$	0	$	227,130	$	218,953

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $			Premium
Balance at 12/31/2005	707		$	17,000		$	285
Sales	2,167			1,500			638
Closing Buys	(1,978	)		(18,500	)		(640	)
Expirations	0			0			0
Exercised	0			0			0
Balance at 06/30/2006	896		$	0		$	283

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	43		$	360		42		$	336
Administrative Class	7,675			62,810		20,365			167,640
Advisor Class	1			10		0			0
Issued as reinvestment of distributions
Institutional Class	4			29		4			37
Administrative Class	2,019			16,529		3,377			27,827
Advisor Class	0			0		0			0
Cost of shares redeemed
Institutional Class	(1	)		(12	)	(3	)		(25	)
Administrative Class	(9,932	)		(80,878	)	(16,769	)		(138,029	)
Advisor Class	0			0		0			0
Net increase (decrease) resulting from Portfolio share transactions	(191	)	$	(1,152	)	7,016		$	57,786

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 Shareholders	% of Portfolio Held
Institutional Class	1	94
Administrative Class	3	79	*
Advisor Class	1	100

* Allianz Life Insurance Co. of North America, an indirect wholly subsidiary of AGI and a related party to the Portfolio, owned 25% or more of the outstanding shares of beneficial interest of the Portfolio, and therefore may be presumed to “control” the Portfolio, as that term is defined in the 1940 Act.

Semiannual Report June 30, 2006 17

Notes to Financial Statements (Cont.)

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$         5,358	$       (11,001)	$         (5,643)

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote PIMCO Funds and the Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

18 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Administrative

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Long-Term U.S. Government Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	12

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Long-Term U.S. Government Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, market risk, issuer risk, derivatives risk, mortgage risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to Semiannual.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Lehman Brothers Long-Term Treasury consists of U.S. Treasury issues with maturities of 10 or more years. It is not possible to invest directly in such an unmanaged index.

Semiannual Report June 30, 2006 3

PIMCO Long-Term U.S. Government Portfolio

Cumulative Returns Through June 30, 2006

                Long-Term U.S. Government         Lehman Brothers
                Portfolio Administrative        Long Term Treasury
                         Class                         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
07/31/2004                15,276                       14,501
08/31/2004                15,858                       15,039
09/30/2004                15,949                       15,166
10/31/2004                16,170                       15,389
11/30/2004                15,765                       15,046
12/31/2004                16,145                       15,385
01/31/2005                16,472                       15,773
02/28/2005                16,222                       15,569
03/31/2005                16,121                       15,465
04/30/2005                16,646                       15,994
05/31/2005                17,070                       16,410
06/30/2005                17,290                       16,656
07/31/2005                16,792                       16,219
08/31/2005                17,315                       16,691
09/30/2005                16,767                       16,212
10/31/2005                16,447                       15,913
11/30/2005                16,550                       16,012
12/31/2005                16,912                       16,385
01/31/2006                16,803                       16,235
02/28/2006                16,865                       16,350
03/31/2006                16,302                       15,793
04/30/2006                16,029                       15,485
05/31/2006                15,975                       15,486
06/30/2006                16,046                       15,605

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Administrative Class.

Sector Breakdown^‡

U.S. Treasury Obligations	33.6%
U.S. Government Agencies	31.7%
Short-Term Instruments	11.9%
Mortgage-Backed Securities	11.4%
Other	11.4%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since Inception (04/30/99)
	PIMCO Long-Term U.S. Government Portfolio Administrative Class	-5.12%	-7.20%	6.68%	6.82%
	Lehman Brothers Long-Term Treasury Index	-4.76%	-6.31%	6.47%	6.41%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	948.80	$	1,021.72
Expenses Paid During Period†	$	3.00	$	3.11

† Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.62%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 (“U.S. Government Securities”).

» The Portfolio’s emphasis on the short-term portion of the curve, especially the 0-1 year maturity bucket, throughout the six-month reporting period ended June 30, 2006 was a negative for relative performance because these rates rose the most as the yield curve flattened.

» Because swap spreads widened over the first six months of 2006, the modest allocation to interest rate swaps negatively impacted returns relative to the benchmark.

» An out-of-benchmark allocation to structured mortgages had a positive effect on relative performance as mortgages outperformed long-term Treasuries over the six-month reporting period ended June 30, 2006.

» Long municipal bonds outperformance versus Treasuries with a similar duration was positive for the Portfolio’s relative performance during the six-month period due to a modest out-of-benchmark allocation to long municipal bonds.

» A modest out-of-benchmark allocation to short Treasury Inflation-Protected Securities (“TIPS”) was positive for the six-month period ended June 30, 2006 while the modest out-of-benchmark allocation to long TIPS was negative as they respectively outperformed and underperformed long-term Treasuries. Overall, TIPS were positive over the six-month reporting period.

4 PIMCO Variable Insurance Trust

Financial Highlights    Long-Term U.S. Government Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Administrative Class
Net asset value beginning of period	$	11.00		$	11.19		$	11.01		$	11.09		$	10.27		$	10.56
Net investment income (a)		0.22			0.40			0.33			0.30			0.44			0.51
Net realized/unrealized gain (loss) on investments (a)		(0.78	)		0.12			0.49			0.12			1.31			0.09
Total income (loss) from investment operations		(0.56	)		0.52			0.82			0.42			1.75			0.60
Dividends from net investment income		(0.22	)		(0.40	)		(0.34	)		(0.33	)		(0.44	)		(0.52	)
Distributions from net realized capital gains		0.00			(0.31	)		(0.30	)		(0.17	)		(0.49	)		(0.37	)
Total distributions		(0.22	)		(0.71	)		(0.64	)		(0.50	)		(0.93	)		(0.89	)
Net asset value end of period	$	10.22		$	11.00		$	11.19		$	11.01		$	11.09		$	10.27
Total return		(5.12	)%		4.75	%		7.57	%		3.90	%		17.59	%		5.86	%
Net assets end of period (000s)	$	81,589		$	89,426		$	92,122		$	94,003		$	92,256		$	33,013
Ratio of expenses to average net assets		0.62	%*(d)		0.65	%		0.66	%(c)		0.66	%(c)		0.65	%(b)		0.65	%(b)
Ratio of net investment income to average net assets		4.17	%*		3.52	%		2.93	%		2.72	%		4.05	%		4.75	%
Portfolio turnover rate		551	%		533	%		237	%		619	%		586	%		457	%

+ 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 0.62%.

(d) Effective October 31, 2005, the advisory fee was reduced to 0.225%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Long-Term U.S. Government Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	103,633
Cash		5
Receivable for investments sold		4,479
Receivable for investments sold on delayed-delivery basis		28,809
Receivable for Portfolio shares sold		84
Interest and dividends receivable		1,131
Variation margin receivable		229
Swap premiums paid		803
Unrealized appreciation on swap agreements		265
		139,438
Liabilities:
Payable for investments purchased	$	3,360
Payable for investments purchased on delayed-delivery basis		48,810
Payable for short sales		3,001
Payable for Portfolio shares redeemed		4
Written options outstanding		260
Accrued investment advisory fee		16
Accrued administration fee		18
Accrued servicing fee		9
Swap premiums received		1,590
Unrealized depreciation on swap agreements		146
		57,214
Net Assets	$	82,224
Net Assets Consist of:
Paid in capital	$	86,590
Undistributed net investment income		70
Accumulated undistributed net realized (loss)		(2,709	)
Net unrealized (depreciation)		(1,727	)
	$	82,224
Net Assets:
Institutional Class	$	635
Administrative Class		81,589
Shares Issued and Outstanding:
Institutional Class		62
Administrative Class		7,986
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.22
Administrative Class		10.22
Cost of Investments Owned	$	105,230
Proceeds Received on Short Sales	$	2,989
Premiums Received on Written Options	$	216

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Long-Term U.S. Government Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	2,031
Total Income		2,031
Expenses:
Investment advisory fees		95
Administration fees		105
Distribution and/or servicing fees – Administrative Class		63
Trustees’ fees		1
Interest expense		1
Total Expenses		265
Net Investment Income		1,766
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(2,354	)
Net realized (loss) on futures contracts, options and swaps		(1,485	)
Net change in unrealized (depreciation) on investments		(2,095	)
Net change in unrealized (depreciation) on futures contracts, options and swaps		(431	)
Net (Loss)		(6,365	)
Net (Decrease) in Net Assets Resulting from Operations	$	(4,599	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Long-Term U.S. Government Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	1,766		$	3,214
Net realized gain (loss)		(3,839	)		2,492
Net change in unrealized (depreciation)		(2,526	)		(1,461	)
Net increase (decrease) resulting from operations		(4,599	)		4,245
Distributions to Shareholders:
From net investment income
Institutional Class		(11	)		(13	)
Administrative Class		(1,755	)		(3,237	)
From net realized capital gains
Institutional Class		0			(11	)
Administrative Class		0			(2,439	)
Total Distributions		(1,766	)		(5,700	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		342			261
Administrative Class		3,885			6,964
Issued as reinvestment of distributions
Institutional Class		11			24
Administrative Class		1,755			5,676
Cost of shares redeemed
Institutional Class		(79	)		(195	)
Administrative Class		(7,142	)		(13,891	)
Net (decrease) resulting from Portfolio share transactions		(1,228	)		(1,161	)
Total Decrease in Net Assets		(7,593	)		(2,616	)
Net Assets:
Beginning of period		89,817			92,433
End of period*	$	82,224		$	89,817
*Including undistributed net investment income of:	$	70		$	70

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Long-Term U.S. Government Portfolio June 30, 2006 (Unaudited)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

CORPORATE BONDS & NOTES 5.1%
BANKING & FINANCE 4.3%
Allstate Life Global Funding Trusts
5.160% due 01/25/2008	$	200	$	200
Citigroup, Inc.
5.166% due 01/30/2009		600		600
Lehman Brothers Holdings, Inc.
5.180% due 01/23/2009		1,400		1,402
Pricoa Global Funding I
5.180% due 01/25/2008		200		200
U.S. Trade Funding Corp.
4.260% due 11/15/2014		743		714
Wells Fargo & Co.
5.509% due 03/23/2010		400		400
				3,516
INDUSTRIALS 0.5%
DaimlerChrysler N.A. Holding Corp.
5.740% due 03/13/2009		400		401
UTILITIES 0.3%
Verizon Global Funding Corp.
5.300% due 08/15/2007		300		300
Total Corporate Bonds & Notes (Cost $4,243)				4,217
MUNICIPAL BONDS & NOTES 1.6%
Chicago, Illinois Motor Fuel Tax Revenue Bonds, (AMBAC Insured), Series 2003
5.000% due 01/01/2033		200		204
Dawson Ridge, Colorado Metropolitan District No. 1 General Obligation Bonds, Series 1992
0.000% due 10/01/2022		800		361
Detroit, Michigan School District General Obligation Bonds, (FGID Q-SBLF Insured), Series 2003
5.000% due 05/01/2033		100		101
Irving, Texas Independent School District General Obligation Notes, (PSF Insured), Series 2003
5.000% due 02/15/2031		200		203
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2002
5.125% due 06/15/2034		200		205
San Antonio, Texas Water Revenue Bonds, (FSA Insured), Series 2002
5.000% due 05/15/2032		250		252
Total Municipal Bonds & Notes (Cost $1,289)				1,326
U.S. GOVERNMENT AGENCIES 39.9%
Fannie Mae
4.500% due 09/01/2035		473		429
5.000% due 11/01/2019 - 08/25/2033 (b)		616		588
5.249% due 04/26/2035		9		9
5.250% due 06/15/2008		11,100		11,060
5.375% due 02/25/2022		150		138
5.402% due 07/25/2035		900		901
5.500% due 07/13/2036		900		864
5.794% due 08/25/2021		27		27
5.800% due 02/09/2026		500		483
5.944% due 08/25/2022		15		15
6.080% due 09/01/2028		64		68
6.222% due 04/25/2032		36		37
6.244% due 04/25/2021		21		21

Federal Farm Credit Bank
5.150% due 03/25/2020	$	250	$	236
Federal Home Loan Bank
3.875% due 10/23/2006		2,000		1,991
4.000% due 07/14/2008		1,000		971
5.120% due 01/10/2013		5,000		4,839
6.000% due 02/12/2021		50		51
6.125% due 06/08/2018		80		83
Federal Housing Administration
6.896% due 07/01/2020		464		462
Freddie Mac
3.750% due 11/15/2006		2,000		1,988
4.500% due 05/15/2025		400		355
5.000% due 03/18/2014 - 09/15/2035 (b)		2,000		1,819
5.211% due 10/25/2044		258		259
5.400% due 03/17/2021		1,000		950
5.500% due 08/15/2030 - 06/15/2034 (b)		1,003		930
5.625% due 11/23/2035		900		823
5.950% due 02/15/2027		22		22
6.250% due 02/15/2021		29		29
7.000% due 07/15/2023 - 12/01/2031 (b)		90		93
Government National Mortgage Association
4.500% due 08/20/2030		27		27
6.000% due 08/20/2033		1,185		1,140
Small Business Administration Participation Certificates
5.240% due 08/01/2023		865		842
Tennessee Valley Authority
5.375% due 04/01/2056		300		285
Total U.S. Government Agencies (Cost $33,361)				32,835
U.S. TREASURY OBLIGATIONS 42.4%
Treasury Inflation Protected Securities (d)
3.375% due 01/15/2007		191		191
2.375% due 01/15/2025		962		937
2.000% due 01/15/2026 (f)		1,523		1,395
U.S. Treasury Bond
6.250% due 08/15/2023		8,500		9,377
U.S. Treasury Note
4.125% due 08/15/2010		15,800		15,238
U.S. Treasury Strip
0.000% due 08/15/2019 (c)		15,400		7,725
Total U.S. Treasury Obligations (Cost $35,874)				34,863
MORTGAGE-BACKED SECURITIES 14.3%
Bear Stearns Adjustable Rate Mortgage Trust
5.062% due 03/25/2033		596		590
5.306% due 03/25/2033		173		171
4.812% due 01/25/2034		98		96
4.750% due 10/25/2035		500		480
4.750% due 11/25/2035		431		423
Bear Stearns Alt-A Trust
5.602% due 02/25/2034		48		48
Countrywide Alternative Loan Trust
5.500% due 10/25/2033		1,163		1,040
5.532% due 05/25/2035		329		329
Countrywide Home Loan Mortgage Pass-Through Trust
5.642% due 03/25/2035		532		535
5.662% due 06/25/2035		3,310		3,309

CS First Boston Mortgage Securities Corp.
6.230% due 11/25/2032	$	31	$	31
5.872% due 04/25/2033		41		41
First Republic Mortgage Loan Trust
5.549% due 11/15/2031		331		333
Freddie Mac
7.275% due 07/25/2011		154		152
Harborview Mortgage Loan Trust
5.472% due 05/19/2035		273		273
Impac CMB Trust
5.249% due 09/25/2034		805		772
LB-UBS Commercial Mortgage Trust
5.401% due 03/15/2026		21		21
2.720% due 03/15/2027		574		556
MASTR Asset Securitization Trust
5.500% due 09/25/2033		462		442
Residential Accredit Loans, Inc.
5.722% due 01/25/2033		56		56
5.722% due 03/25/2033		118		118
Residential Funding Mortgage Security I
6.500% due 03/25/2032		107		107
Sequoia Mortgage Trust
5.607% due 06/20/2032		85		85
5.617% due 07/20/2033		536		538
Structured Asset Mortgage Investments, Inc.
5.582% due 09/19/2032		645		646
5.672% due 06/18/2033		171		171
Washington Mutual MSC Mortgage Pass-Through Certificates
6.218% due 02/25/2031		49		49
5.374% due 02/25/2033		39		38
6.391% due 02/25/2033		28		28
6.556% due 05/25/2033		38		38
Washington Mutual, Inc.
5.552% due 04/25/2045		259		260
Total Mortgage-Backed Securities (Cost $11,908)				11,776
ASSET-BACKED SECURITIES 3.5%
AAA Trust
5.422% due 04/25/2035		46		46
Accredited Mortgage Loan Trust
5.422% due 07/25/2035		11		11
ACE Securities Corp.
5.442% due 02/25/2035		3		3
Bayview Financial Acquisition Trust
5.791% due 08/28/2034		250		250
Bear Stearns Asset-Backed Securities, Inc.
5.822% due 11/25/2042		246		247
Chase Funding Mortgage Loan Asset-Backed Certificates
5.822% due 10/25/2031		31		31
First Franklin Mortgage Loan Asset-Backed Certificates
5.563% due 11/25/2034		9		9
Home Equity Mortgage Trust
5.442% due 07/25/2035		25		25
LA Arena Funding LLC
7.656% due 12/15/2026		89		92

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments  Long-Term U.S. Government Portfolio (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
Peco Energy Transition Trust
6.130% due 03/01/2009	$	1	$	1
Renaissance Home Equity Loan Trust
5.762% due 08/25/2033		16		16
5.822% due 12/25/2033		92		93
Residential Asset Mortgage Products, Inc.
5.422% due 11/25/2024		104		104
5.402% due 05/25/2026		872		872
Residential Asset Securities Corp.
5.692% due 01/25/2033		156		157
SMS Student Loan Trust
5.636% due 10/27/2025		71		71
Specialty Underwriting & Residential Finance
5.662% due 01/25/2034		12		12
Structured Asset Securities Corp.
5.612% due 01/25/2033		22		22
5.453% due 12/25/2035		663		664
White River Capital, Inc.
4.590% due 07/08/2008		25		25
Whole Auto Loan Trust
3.040% due 04/15/2009		156		156
Total Asset-Backed Securities (Cost $2,903)				2,907
SOVEREIGN ISSUES 4.0%
Financing Corp. Fico
10.700% due 10/06/2017		650		926
Overseas Private Investment Corp.
3.800% due 08/15/2007		1,000		1,135
5.140% due 08/15/2007		830		826
4.736% due 03/15/2022		400		371
Total Sovereign Issues (Cost $3,236)				3,258
		NOTIONAL AMOUNT
PURCHASED CALL OPTIONS 0.0%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.500% Exp. 06/30/2007		3,300		16
		#OF CONTRACTS
U.S. Treasury 10- Year Notes September Futures (CBOT)
Strike @ $111.000 Exp. 08/24/2006		282		5
U.S. Treasury 5-Year Note September Futures (CBOT)
Strike @ $106.500 Exp. 08/25/2006		78	$	1
Total Purchased Call Options (Cost $23)				22

PURCHASED PUT OPTIONS 0.1%
90-Day Eurodollar December Futures (CME)
Strike @ $91.750 Exp. 12/18/2006		46	0
Strike @ $92.000 Exp. 12/18/2006		60	0
Strike @ $92.750 Exp. 12/18/2006		41	0
Strike @ $94.000 Exp. 12/18/2006		253	18
Strike @ $94.000 Exp. 12/17/2007		109	44
90-Day Eurodollar June Futures (CME)
Strike @ $91.250 Exp. 06/18/2007		15	0
90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007		20	0
90-Day Eurodollar September Futures (CME)
Strike @ $92.500 Exp. 09/18/2006		22	0
U.S. Treasury 30-Year Bond September Futures (CBOT)
Strike @ $93.000 Exp. 08/25/2006		135	2
Strike @ $97.000 Exp. 08/25/2006		89	2
Total Purchased Put Options (Cost $25)			66
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 15.1%
CERTIFICATE OF DEPOSIT 0.4%
Countrywide Bank N.A.
5.209% due 09/15/2006	$	300	300
COMMERCIAL PAPER 6.0%
Countrywide Funding Corp.
4.911% due 10/18/2006		500	500
Fannie Mae
4.809% due 07/05/2006		2,200	2,199
Federal Home Loan Bank
5.030% due 07/03/2006		2,200	2,200
			4,899

REPURCHASE AGREEMENTS 5.5%
Credit Suisse First Boston
4.580% due 07/03/2006	$	1,800	$	1,800
(Dated 06/30/2006. Collateralized by U.S. Treasury Notes 4.000% due 06/15/2009 valued at $1,851. Repurchase proceeds are $1,801.)
Lehman Brothers, Inc.
4.600% due 07/03/2006		2,400		2,400
(Dated 06/30/2006. Collateralized by U.S. Treasury Notes 3.250% due 08/15/2007 valued at $2,452. Repurchase proceeds are $2,401.)
State Street Bank
4.900% due 07/03/2006		324		324
(Dated 06/30/2006. Collateralized by Freddie Mac 2.75% due 07/02/2009 valued at $333. Repurchase proceeds are $324.)
				4,524
U.S. TREASURY BILLS 3.2%
4.790% due 08/31/2006 - 09/14/2006 (b)(e)(f)		2,670		2,640
Total Short-Term Instruments (Cost $12,368)				12,363
Total Investments (a) 126.0% (Cost $105,230)			$	103,633
Written Options (h) (0.3%) (Premiums $216)				(260	)
Other Assets and Liabilities (Net) (25.7%)				(21,149	)
Net Assets 100.0%			$	82,224

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

(a) As of June 30, 2006, portfolio securities with an aggregate market value of $2,121 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

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

(c) Principal only security.

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

(e) Securities with an aggregate market value of $1,484 have been pledged as collateral for swap and swaption contracts on June 30, 2006.

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

(f) Securities with an aggregate market value of $1,052 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	200	$	(108	)
90-Day Eurodollar March Futures	Long	03/2007	58		(31	)
U.S. Treasury 5-Year Note September Futures	Short	09/2006	25		14
U.S. Treasury 10-Year Note September Futures	Short	09/2006	74		35
U.S. Treasury 30-Year Bond September Futures	Long	09/2006	321		(125	)
				$	(215	)

(g) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	3-month USD-LIBOR	Pay	5.000%	12/20/2036	$	900	$	(8	)
Goldman Sachs & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2036		3,400		(31	)
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2036		6,400		(107	)
Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.000%	12/20/2016		17,300		212
UBS Warburg LLC	3-month USD-LIBOR	Receive	5.000%	12/20/2008		6,600		6
UBS Warburg LLC	3-month USD-LIBOR	Pay	5.000%	12/20/2011		17,700		47
							$	119

(h) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 20-Year Note September Futures	$	110.000	08/25/2006	43	$	22	$	8
Put - CBOT U.S. Treasury 20-Year Note September Futures		103.000	08/25/2006	43		13		8
Put - CME 90-Day Eurodollar December Futures		95.000	12/18/2006	88		37		133
					$	72	$	149

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	Bank of America	3-month USD-LIBOR	Receive	4.500%	05/02/2008	$	700	$	14	$	2
Put - OTC 7-Year Interest Rate Swap	Bank of America	3-month USD-LIBOR	Pay	5.500%	05/02/2008		700		17		21
Call - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.	3-month USD-LIBOR	Receive	4.500%	05/02/2008		1,500		33		4
Put - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.	3-month USD-LIBOR	Pay	5.500%	05/02/2008		1,500		35		45
Call - OTC 7-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Receive	4.500%	05/02/2008		700		14		2
Put - OTC 7-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Pay	5.500%	05/02/2008		700		16		21
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.600%	06/29/2007		1,400		15		16
								$	144	$	111

(i) Short sales outstanding on June 30, 2006:
Description	Coupon	Maturity Date	Principal Amount		Proceeds		Valueà
Fannie Mae	6.000%	07/13/2036	$	2,000	$	1,980	$	1,969
U.S. Treasury Bond	5.375%	02/15/2031		200		208		207
U.S. Treasury Bond	4.500%	02/15/2036		900		801		825
					$	2,989	$	3,001
à Market value includes $22 of interest payable on short sales.

See Accompanying Notes Semiannual Report June 30, 2006 11

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

12 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

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 is 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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

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. Securities sold in short sale transactions and interest payable on such securities, if any, are reflected as a liability in the Statement of Assets and Liabilities. 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.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO

Semiannual Report June 30, 2006 13

Notes to Financial Statements (Cont.)

residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

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

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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 0.225%.

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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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

14 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

by the Trustees. The ratio of expenses to average net assets per share class, as disclosed in the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	576,682	$	593,972	$	4,345	$	1,148

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $		Premium
Balance at 12/31/2005	92		$	5,800	$	170
Sales	132			1,400		70
Closing Buys	0			0		0
Expirations	(50	)		0		(24	)
Exercised	0			0		0
Balance at 06/30/2006	174		$	7,200	$	216

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	33		$	342		23		$	261
Administrative Class	373			3,885		612			6,964
Issued as reinvestment of distributions
Institutional Class	1			11		2			24
Administrative Class	168			1,755		510			5,676
Cost of shares redeemed
Institutional Class	(8	)		(79	)	(17	)		(195	)
Administrative Class	(680	)		(7,142	)	(1,227	)		(13,891	)
Net decrease resulting from Portfolio share transactions	(113	)	$	(1,228	)	(97	)	$	(1,161	)

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 Shareholders	% of Portfolio Held
Institutional Class	1	98
Administrative Class	3	94

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$            245	$         (1,842)	$          (1,597)

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

16 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Institutional

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Long-Term U.S. Government Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	12

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Long-Term U.S. Government Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, market risk, issuer risk, derivatives risk, mortgage risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to Semiannual.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Lehman Brothers Long-Term Treasury consists of U.S. Treasury issues with maturities of 10 or more years. It is not possible to invest directly in such an unmanaged index.

Semiannual Report June 30, 2006 3

PIMCO Long-Term U.S. Government Portfolio

Cumulative Returns Through June 30, 2006

                     Long-Term U.S. Government          Lehman Brothers Long
                    Portfolio Institutional Class        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
 07/31/2004                   15,128                            14,207
 08/31/2004                   15,706                            14,734
 09/30/2004                   15,798                            14,858
 10/31/2004                   16,019                            15,077
 11/30/2004                   15,620                            14,741
 12/31/2004                   15,998                            15,073
 01/31/2005                   16,324                            15,453
 02/28/2005                   16,078                            15,254
 03/31/2005                   15,980                            15,152
 04/30/2005                   16,503                            15,670
 05/31/2005                   16,925                            16,077
 06/30/2005                   17,145                            16,318
 07/31/2005                   16,653                            15,890
 08/31/2005                   17,175                            16,352
 09/30/2005                   16,633                            15,883
 10/31/2005                   16,318                            15,590
 11/30/2005                   16,422                            15,688
 12/31/2005                   16,783                            16,053
 01/31/2006                   16,677                            15,906
 02/28/2006                   16,740                            16,019
 03/31/2006                   16,184                            15,472
 04/30/2006                   15,914                            15,171
 05/31/2006                   15,863                            15,172
 06/30/2006                   15,935                            15,289

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Institutional Class.

Sector Breakdown^‡

U.S. Treasury Obligations	33.6%
U.S. Government Agencies	31.7%
Short-Term Instruments	11.9%
Mortgage-Backed Securities	11.4%
Other	11.4%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since     Inception     (04/10/00)**
	PIMCO Long-Term U.S. Government Portfolio Institutional Class	-5.05%	-7.06%	6.84%	7.32%
	Lehman Brothers Long Term Treasury Index	-4.76%	-6.31%	6.47%	6.89%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Institutional Class shares commenced operations on 04/10/00. Index comparisons began on 03/31/00.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	949.50	$	1,022.46
Expenses Paid During Period†	$	2.27	$	2.36

† Expenses are equal to the Portfolio’s Institutional Class annualized expense ratio of 0.47%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 (“U.S. Government Securities”).

» The Portfolio’s emphasis on the short-term portion of the curve, especially the 0-1 year maturity bucket, throughout the six-month reporting period ended June 30, 2006 was a negative for relative performance because these rates rose the most as the yield curve flattened.

» Because swap spreads widened over the first six months of 2006, the modest allocation to interest rate swaps negatively impacted returns relative to the benchmark.

» An out-of-benchmark allocation to structured mortgages had a positive effect on relative performance as mortgages outperformed long-term Treasuries over the six-month reporting period ended June 30, 2006.

» Long municipal bonds outperformance versus Treasuries with a similar duration was positive for the Portfolio’s relative performance during the six-month period due to a modest out-of-benchmark allocation to long municipal bonds.

» A modest out-of-benchmark allocation to short Treasury Inflation-Protected Securities (“TIPS”) was positive for the six-month period ended June 30, 2006 while the modest out-of-benchmark allocation to long TIPS was negative as they respectively outperformed and underperformed long-term Treasuries. Overall, TIPS were positive over the six-month reporting period.

4 PIMCO Variable Insurance Trust

Financial Highlights  Long-Term U.S. Government Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Institutional Class
Net asset value beginning of period	$	11.00		$	11.19		$	11.01		$	11.09		$	10.27		$	10.56
Net investment income (a)		0.23			0.42			0.36			0.32			0.46			0.54
Net realized/unrealized gain (loss) on investments (a)		(0.78	)		0.12			0.48			0.12			1.31			0.08
Total income (loss) from investment operations		(0.55	)		0.54			0.84			0.44			1.77			0.62
Dividends from net investment income		(0.23	)		(0.42	)		(0.36	)		(0.35	)		(0.46	)		(0.54	)
Distributions from net realized capital gains		0.00			(0.31	)		(0.30	)		(0.17	)		(0.49	)		(0.37	)
Total distributions		(0.23	)		(0.73	)		(0.66	)		(0.52	)		(0.95	)		(0.91	)
Net asset value end of period	$	10.22		$	11.00		$	11.19		$	11.01		$	11.09		$	10.27
Total return		(5.05	)%		4.90	%		7.73	%		4.05	%		17.77	%		6.03	%
Net assets end of period (000s)	$	635		$	391		$	311		$	13		$	13		$	11
Ratio of expenses to average net assets		0.47	%*(d)		0.50	%		0.50	%		0.51	%(c)		0.50	%(b)		0.50	%
Ratio of net investment income to average net assets		4.46	%*		3.75	%		3.22	%		2.85	%		4.22	%		5.05	%
Portfolio turnover rate		551	%		533	%		237	%		619	%		586	%		457	%

+ 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) The advisory fee was reduced to 0.225%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Long-Term U.S. Government Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	103,633
Cash		5
Receivable for investments sold		4,479
Receivable for investments sold on delayed-delivery basis		28,809
Receivable for Portfolio shares sold		84
Interest and dividends receivable		1,131
Variation margin receivable		229
Swap premiums paid		803
Unrealized appreciation on swap agreements		265
		139,438
Liabilities:
Payable for investments purchased	$	3,360
Payable for investments purchased on delayed-delivery basis		48,810
Payable for short sales		3,001
Payable for Portfolio shares redeemed		4
Written options outstanding		260
Accrued investment advisory fee		16
Accrued administration fee		18
Accrued servicing fee		9
Swap premiums received		1,590
Unrealized depreciation on swap agreements		146
		57,214
Net Assets	$	82,224
Net Assets Consist of:
Paid in capital	$	86,590
Undistributed net investment income		70
Accumulated undistributed net realized (loss)		(2,709	)
Net unrealized (depreciation)		(1,727	)
	$	82,224
Net Assets:
Institutional Class	$	635
Administrative Class		81,589
Shares Issued and Outstanding:
Institutional Class		62
Administrative Class		7,986
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.22
Administrative Class		10.22
Cost of Investments Owned	$	105,230
Proceeds Received on Short Sales	$	2,989
Premiums Received on Written Options	$	216

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Long-Term U.S. Government Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	2,031
Total Income		2,031
Expenses:
Investment advisory fees		95
Administration fees		105
Distribution and/or servicing fees – Administrative Class		63
Trustees’ fees		1
Interest expense		1
Total Expenses		265
Net Investment Income		1,766
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(2,354	)
Net realized (loss) on futures contracts, options and swaps		(1,485	)
Net change in unrealized (depreciation) on investments		(2,095	)
Net change in unrealized (depreciation) on futures contracts, options and swaps		(431	)
Net (Loss)		(6,365	)
Net (Decrease) in Net Assets Resulting from Operations	$	(4,599	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Long-Term U.S. Government Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	1,766		$	3,214
Net realized gain (loss)		(3,839	)		2,492
Net change in unrealized (depreciation)		(2,526	)		(1,461	)
Net increase (decrease) resulting from operations		(4,599	)		4,245
Distributions to Shareholders:
From net investment income
Institutional Class		(11	)		(13	)
Administrative Class		(1,755	)		(3,237	)
From net realized capital gains
Institutional Class		0			(11	)
Administrative Class		0			(2,439	)
Total Distributions		(1,766	)		(5,700	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		342			261
Administrative Class		3,885			6,964
Issued as reinvestment of distributions
Institutional Class		11			24
Administrative Class		1,755			5,676
Cost of shares redeemed
Institutional Class		(79	)		(195	)
Administrative Class		(7,142	)		(13,891	)
Net (decrease) resulting from Portfolio share transactions		(1,228	)		(1,161	)
Total Decrease in Net Assets		(7,593	)		(2,616	)
Net Assets:
Beginning of period		89,817			92,433
End of period*	$	82,224		$	89,817
*Including undistributed net investment income of:	$	70		$	70

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Long-Term U.S. Government Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
CORPORATE BONDS & NOTES 5.1%
BANKING & FINANCE 4.3%
Allstate Life Global Funding Trusts
5.160% due 01/25/2008	$	200	$	200
Citigroup, Inc.
5.166% due 01/30/2009		600		600
Lehman Brothers Holdings, Inc.
5.180% due 01/23/2009		1,400		1,402
Pricoa Global Funding I
5.180% due 01/25/2008		200		200
U.S. Trade Funding Corp.
4.260% due 11/15/2014		743		714
Wells Fargo & Co.
5.509% due 03/23/2010		400		400
				3,516
INDUSTRIALS 0.5%
DaimlerChrysler N.A. Holding Corp.
5.740% due 03/13/2009		400		401
UTILITIES 0.3%
Verizon Global Funding Corp.
5.300% due 08/15/2007		300		300
Total Corporate Bonds & Notes (Cost $4,243)				4,217
MUNICIPAL BONDS & NOTES 1.6%
Chicago, Illinois Motor Fuel Tax Revenue Bonds, (AMBAC Insured), Series 2003
5.000% due 01/01/2033		200		204
Dawson Ridge, Colorado Metropolitan District No. 1 General Obligation Bonds, Series 1992
0.000% due 10/01/2022		800		361
Detroit, Michigan School District General Obligation Bonds, (FGID Q-SBLF Insured), Series 2003
5.000% due 05/01/2033		100		101
Irving, Texas Independent School District General Obligation Notes, (PSF Insured), Series 2003
5.000% due 02/15/2031		200		203
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2002
5.125% due 06/15/2034		200		205
San Antonio, Texas Water Revenue Bonds, (FSA Insured), Series 2002
5.000% due 05/15/2032		250		252
Total Municipal Bonds & Notes (Cost $1,289)				1,326
U.S. GOVERNMENT AGENCIES 39.9%
Fannie Mae
4.500% due 09/01/2035		473		429
5.000% due 11/01/2019 - 08/25/2033 (b)		616		588
5.249% due 04/26/2035		9		9
5.250% due 06/15/2008		11,100		11,060
5.375% due 02/25/2022		150		138
5.402% due 07/25/2035		900		901
5.500% due 07/13/2036		900		864
5.794% due 08/25/2021		27		27
5.800% due 02/09/2026		500		483
5.944% due 08/25/2022		15		15
6.080% due 09/01/2028		64		68
6.222% due 04/25/2032		36		37
6.244% due 04/25/2021		21		21

Federal Farm Credit Bank
5.150% due 03/25/2020	$	250	$	236
Federal Home Loan Bank
3.875% due 10/23/2006		2,000		1,991
4.000% due 07/14/2008		1,000		971
5.120% due 01/10/2013		5,000		4,839
6.000% due 02/12/2021		50		51
6.125% due 06/08/2018		80		83
Federal Housing Administration
6.896% due 07/01/2020		464		462
Freddie Mac
3.750% due 11/15/2006		2,000		1,988
4.500% due 05/15/2025		400		355
5.000% due 03/18/2014 - 09/15/2035 (b)		2,000		1,819
5.211% due 10/25/2044		258		259
5.400% due 03/17/2021		1,000		950
5.500% due 08/15/2030 - 06/15/2034 (b)		1,003		930
5.625% due 11/23/2035		900		823
5.950% due 02/15/2027		22		22
6.250% due 02/15/2021		29		29
7.000% due 07/15/2023 - 12/01/2031 (b)		90		93
Government National Mortgage Association
4.500% due 08/20/2030		27		27
6.000% due 08/20/2033		1,185		1,140
Small Business Administration Participation Certificates
5.240% due 08/01/2023		865		842
Tennessee Valley Authority
5.375% due 04/01/2056		300		285
Total U.S. Government Agencies (Cost $33,361)				32,835
U.S. TREASURY OBLIGATIONS 42.4%
Treasury Inflation Protected Securities (d)
3.375% due 01/15/2007		191		191
2.375% due 01/15/2025		962		937
2.000% due 01/15/2026 (f)		1,523		1,395
U.S. Treasury Bond
6.250% due 08/15/2023		8,500		9,377
U.S. Treasury Note
4.125% due 08/15/2010		15,800		15,238
U.S. Treasury Strip
0.000% due 08/15/2019 (c)		15,400		7,725
Total U.S. Treasury Obligations (Cost $35,874)				34,863
MORTGAGE-BACKED SECURITIES 14.3%
Bear Stearns Adjustable Rate Mortgage Trust
5.062% due 03/25/2033		596		590
5.306% due 03/25/2033		173		171
4.812% due 01/25/2034		98		96
4.750% due 10/25/2035		500		480
4.750% due 11/25/2035		431		423
Bear Stearns Alt-A Trust
5.602% due 02/25/2034		48		48
Countrywide Alternative Loan Trust
5.500% due 10/25/2033		1,163		1,040
5.532% due 05/25/2035		329		329
Countrywide Home Loan Mortgage Pass-Through Trust
5.642% due 03/25/2035		532		535
5.662% due 06/25/2035		3,310		3,309

CS First Boston Mortgage Securities Corp.
6.230% due 11/25/2032	$	31	$	31
5.872% due 04/25/2033		41		41
First Republic Mortgage Loan Trust
5.549% due 11/15/2031		331		333
Freddie Mac
7.275% due 07/25/2011		154		152
Harborview Mortgage Loan Trust
5.472% due 05/19/2035		273		273
Impac CMB Trust
5.249% due 09/25/2034		805		772
LB-UBS Commercial Mortgage Trust
5.401% due 03/15/2026		21		21
2.720% due 03/15/2027		574		556
MASTR Asset Securitization Trust
5.500% due 09/25/2033		462		442
Residential Accredit Loans, Inc.
5.722% due 01/25/2033		56		56
5.722% due 03/25/2033		118		118
Residential Funding Mortgage Security I
6.500% due 03/25/2032		107		107
Sequoia Mortgage Trust
5.607% due 06/20/2032		85		85
5.617% due 07/20/2033		536		538
Structured Asset Mortgage Investments, Inc.
5.582% due 09/19/2032		645		646
5.672% due 06/18/2033		171		171
Washington Mutual MSC Mortgage Pass-Through Certificates
6.218% due 02/25/2031		49		49
5.374% due 02/25/2033		39		38
6.391% due 02/25/2033		28		28
6.556% due 05/25/2033		38		38
Washington Mutual, Inc.
5.552% due 04/25/2045		259		260
Total Mortgage-Backed Securities (Cost $11,908)				11,776
ASSET-BACKED SECURITIES 3.5%
AAA Trust
5.422% due 04/25/2035		46		46
Accredited Mortgage Loan Trust
5.422% due 07/25/2035		11		11
ACE Securities Corp.
5.442% due 02/25/2035		3		3
Bayview Financial Acquisition Trust
5.791% due 08/28/2034		250		250
Bear Stearns Asset-Backed Securities, Inc.
5.822% due 11/25/2042		246		247
Chase Funding Mortgage Loan Asset-Backed Certificates
5.822% due 10/25/2031		31		31
First Franklin Mortgage Loan Asset-Backed Certificates
5.563% due 11/25/2034		9		9
Home Equity Mortgage Trust
5.442% due 07/25/2035		25		25
LA Arena Funding LLC
7.656% due 12/15/2026		89		92

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments  Long-Term U.S. Government Portfolio (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
Peco Energy Transition Trust
6.130% due 03/01/2009	$	1	$	1
Renaissance Home Equity Loan Trust
5.762% due 08/25/2033		16		16
5.822% due 12/25/2033		92		93
Residential Asset Mortgage Products, Inc.
5.422% due 11/25/2024		104		104
5.402% due 05/25/2026		872		872
Residential Asset Securities Corp.
5.692% due 01/25/2033		156		157
SMS Student Loan Trust
5.636% due 10/27/2025		71		71
Specialty Underwriting & Residential Finance
5.662% due 01/25/2034		12		12
Structured Asset Securities Corp.
5.612% due 01/25/2033		22		22
5.453% due 12/25/2035		663		664
White River Capital, Inc.
4.590% due 07/08/2008		25		25
Whole Auto Loan Trust
3.040% due 04/15/2009		156		156
Total Asset-Backed Securities (Cost $2,903)				2,907
SOVEREIGN ISSUES 4.0%
Financing Corp. Fico
10.700% due 10/06/2017		650		926
Overseas Private Investment Corp.
3.800% due 08/15/2007		1,000		1,135
5.140% due 08/15/2007		830		826
4.736% due 03/15/2022		400		371
Total Sovereign Issues (Cost $3,236)				3,258
		NOTIONAL AMOUNT
PURCHASED CALL OPTIONS 0.0%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.500% Exp. 06/30/2007		3,300		16
		#OF CONTRACTS
U.S. Treasury 10- Year Notes September Futures (CBOT)
Strike @ $111.000 Exp. 08/24/2006		282		5
U.S. Treasury 5-Year Note September Futures (CBOT)
Strike @ $106.500 Exp. 08/25/2006		78	$	1
Total Purchased Call Options (Cost $23)				22

PURCHASED PUT OPTIONS 0.1%
90-Day Eurodollar December Futures (CME)
Strike @ $91.750 Exp. 12/18/2006		46		0
Strike @ $92.000 Exp. 12/18/2006		60		0
Strike @ $92.750 Exp. 12/18/2006		41		0
Strike @ $94.000 Exp. 12/18/2006		253		18
Strike @ $94.000 Exp. 12/17/2007		109		44
90-Day Eurodollar June Futures (CME)
Strike @ $91.250 Exp. 06/18/2007		15		0
90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007		20		0
90-Day Eurodollar September Futures (CME)
Strike @ $92.500 Exp. 09/18/2006		22		0
U.S. Treasury 30-Year Bond September Futures (CBOT)
Strike @ $93.000 Exp. 08/25/2006		135		2
Strike @ $97.000 Exp. 08/25/2006		89		2
Total Purchased Put Options (Cost $25)				66
		PRINCIPAL AMOUNT (000S)	��
SHORT-TERM INSTRUMENTS 15.1%
CERTIFICATE OF DEPOSIT 0.4%
Countrywide Bank N.A.
5.209% due 09/15/2006	$	300		300
COMMERCIAL PAPER 6.0%
Countrywide Funding Corp.
4.911% due 10/18/2006		500		500
Fannie Mae
4.809% due 07/05/2006		2,200		2,199
Federal Home Loan Bank
5.030% due 07/03/2006		2,200		2,200
				4,899

REPURCHASE AGREEMENTS 5.5%
Credit Suisse First Boston
4.580% due 07/03/2006	$	1,800	$	1,800
(Dated 06/30/2006. Collateralized by U.S. Treasury Notes 4.000% due 06/15/2009 valued at $1,851. Repurchase proceeds are $1,801.)
Lehman Brothers, Inc.
4.600% due 07/03/2006		2,400		2,400
(Dated 06/30/2006. Collateralized by U.S. Treasury Notes 3.250% due 08/15/2007 valued at $2,452. Repurchase proceeds are $2,401.)
State Street Bank
4.900% due 07/03/2006		324		324
(Dated 06/30/2006. Collateralized by Freddie Mac 2.75% due 07/02/2009 valued at $333. Repurchase proceeds are $324.)
				4,524
U.S. TREASURY BILLS 3.2%
4.790% due 08/31/2006 - 09/14/2006 (b)(e)(f)		2,670		2,640
Total Short-Term Instruments (Cost $12,368)				12,363
Total Investments (a) 126.0% (Cost $105,230)			$	103,633
Written Options (h) (0.3%) (Premiums $216)				(260)
Other Assets and Liabilities (Net) (25.7%)				(21,149)
Net Assets 100.0%			$	82,224

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

(a) As of June 30, 2006, portfolio securities with an aggregate market value of $2,121 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

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

(c) Principal only security.

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

(e) Securities with an aggregate market value of $1,484 have been pledged as collateral for swap and swaption contracts on June 30, 2006.

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

(f) Securities with an aggregate market value of $1,052 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	200	$	(108	)
90-Day Eurodollar March Futures	Long	03/2007	58		(31	)
U.S. Treasury 5-Year Note September Futures	Short	09/2006	25		14
U.S. Treasury 10-Year Note September Futures	Short	09/2006	74		35
U.S. Treasury 30-Year Bond September Futures	Long	09/2006	321		(125	)
				$	(215	)

(g) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	3-month USD-LIBOR	Pay	5.000%	12/20/2036	$	900	$	(8	)
Goldman Sachs & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2036		3,400		(31	)
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2036		6,400		(107	)
Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.000%	12/20/2016		17,300		212
UBS Warburg LLC	3-month USD-LIBOR	Receive	5.000%	12/20/2008		6,600		6
UBS Warburg LLC	3-month USD-LIBOR	Pay	5.000%	12/20/2011		17,700		47
							$	119

(h) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 20-Year Note September Futures	$	110.000	08/25/2006	43	$	22	$	8
Put - CBOT U.S. Treasury 20-Year Note September Futures		103.000	08/25/2006	43		13		8
Put - CME 90-Day Eurodollar December Futures		95.000	12/18/2006	88		37		133
					$	72	$	149

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	Bank of America	3-month USD-LIBOR	Receive	4.500%	05/02/2008	$	700	$	14	$	2
Put - OTC 7-Year Interest Rate Swap	Bank of America	3-month USD-LIBOR	Pay	5.500%	05/02/2008		700		17		21
Call - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.	3-month USD-LIBOR	Receive	4.500%	05/02/2008		1,500		33		4
Put - OTC 7-Year Interest Rate Swap	J.P. Morgan Chase & Co.	3-month USD-LIBOR	Pay	5.500%	05/02/2008		1,500		35		45
Call - OTC 7-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Receive	4.500%	05/02/2008		700		14		2
Put - OTC 7-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Pay	5.500%	05/02/2008		700		16		21
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.600%	06/29/2007		1,400		15		16
								$	144	$	111

(i) Short sales outstanding on June 30, 2006:
Description	Coupon	Maturity Date	Principal Amount		Proceeds		Valueà
Fannie Mae	6.000%	07/13/2036	$	2,000	$	1,980	$	1,969
U.S. Treasury Bond	5.375%	02/15/2031		200		208		207
U.S. Treasury Bond	4.500%	02/15/2036		900		801		825
					$	2,989	$	3,001
à Market value includes $22 of interest payable on short sales.

See Accompanying Notes Semiannual Report June 30, 2006 11

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Information presented in these financial statements pertains to the Institutional Class of the Portfolio. Certain detailed financial information for the Administrative Class 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

12 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

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 is 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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

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. Securities sold in short sale transactions and interest payable on such securities, if any, are reflected as a liability in the Statement of Assets and Liabilities. 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.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO

Semiannual Report June 30, 2006 13

Notes to Financial Statements (Cont.)

residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

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

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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 0.225%.

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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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

14 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

by the Trustees. The ratio of expenses to average net assets per share class, as disclosed in the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	576,682	$	593,972	$	4,345	$	1,148

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $		Premium
Balance at 12/31/2005	92		$	5,800	$	170
Sales	132			1,400		70
Closing Buys	0			0		0
Expirations	(50	)		0		(24	)
Exercised	0			0		0
Balance at 06/30/2006	174		$	7,200	$	216

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	33		$	342		23		$	261
Administrative Class	373			3,885		612			6,964
Issued as reinvestment of distributions
Institutional Class	1			11		2			24
Administrative Class	168			1,755		510			5,676
Cost of shares redeemed
Institutional Class	(8	)		(79	)	(17	)		(195	)
Administrative Class	(680	)		(7,142	)	(1,227	)		(13,891	)
Net decrease resulting from Portfolio share transactions	(113	)	$	(1,228	)	(97	)	$	(1,161	)

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 Shareholders	% of Portfolio Held
Institutional Class	1	98
Administrative Class	3	94

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$            245	$         (1,842)	$          (1,597)

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

16 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Administrative

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Low Duration Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	14

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Low Duration Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, non-U.S. investment risk, currency risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 206 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

The Merrill Lynch 1-3 Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least 1 year and less than 3 years. It is not possible to invest directly in the index.

Semiannual Report June 30, 2006 3

PIMCO Low Duration Portfolio

Cumulative Returns Through June 30, 2006

                   Low Duration Portfolio      Merrill Lynch 1-3 Year
                    Administrative Class        U.S. 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
 07/31/2004                 13,122                       13,039
 08/31/2004                 13,237                       13,129
 09/30/2004                 13,226                       13,117
 10/31/2004                 13,280                       13,157
 11/30/2004                 13,247                       13,092
 12/31/2004                 13,274                       13,120
 01/31/2005                 13,257                       13,115
 02/28/2005                 13,226                       13,085
 03/31/2005                 13,212                       13,086
 04/30/2005                 13,290                       13,159
 05/31/2005                 13,330                       13,209
 06/30/2005                 13,348                       13,235
 07/31/2005                 13,313                       13,197
 08/31/2005                 13,399                       13,279
 09/30/2005                 13,346                       13,246
 10/31/2005                 13,316                       13,245
 11/30/2005                 13,355                       13,287
 12/31/2005                 13,408                       13,338
 01/31/2006                 13,446                       13,361
 02/28/2006                 13,471                       13,371
 03/31/2006                 13,428                       13,390
 04/30/2006                 13,498                       13,432
 05/31/2006                 13,504                       13,452
 06/30/2006                 13,498                       13,477

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Administrative Class.

Sector Breakdown^‡

Short-Term Instruments	51.7%
U.S. Government Agencies	23.1%
Corporate Bonds & Notes	12.3%
Mortgage-Backed Securities	7.1%
Asset-Backed Securities	5.6%
Other	0.2%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since     Inception     (02/16/99)**
	PIMCO Low Duration Portfolio Administrative Class	0.67%	1.12%	3.32%	4.11%
	Merrill Lynch 1-3 Year Treasury Index	1.04%	1.83%	3.07%	4.15%

All Portfolio returns are net of fees and expenses.

  * Cumulative return.

** The Portfolio began operations on 02/16/99. Index comparisons began on 02/28/99.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	1,006.70	$	1,021.57
Expenses Paid During Period†	$	3.23	$	3.26

† 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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO Low Duration 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 Securities of varying maturities.

» Duration and maturity structure were the most significant detractors from the Portfolio’s performance during the six-month period ended June 30, 2006.

» The Portfolio’s above index duration detracted from returns as concerns about accelerating inflation and more monetary tightening pushed interest rates higher.

» The Portfolio’s broader-than-index maturity structure with a curve steepening bias detracted from returns as the yield curve continued to flatten.

» A mortgage emphasis added to returns as this sector outperformed Treasuries on a like-duration basis. Security selection within the mortgage sector also enhanced performance.

» Investment grade and high-yield corporate bonds were positive as these issues benefited from a strengthening economy and investors’ search for extra yield.

» Minimal exposure to high-quality emerging markets was slightly positive for performance as emerging markets bonds benefited from continued improvement in credit fundamentals and investors’ demand for higher-yielding securities early in the period.

4 PIMCO Variable Insurance Trust

Financial Highlights     Low Duration Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Administrative Class
Net asset value beginning of period	$	10.09		$	10.30		$	10.27		$	10.23		$	9.95		$	9.82
Net investment income (a)		0.20			0.29			0.13			0.13			0.34			0.52
Net realized/unrealized gain (loss) on investments (a)		(0.13	)		(0.18	)		0.06			0.11			0.35			0.21
Total income from investment operations		0.07			0.11			0.19			0.24			0.69			0.73
Dividends from net investment income		(0.20	)		(0.29	)		(0.13	)		(0.19	)		(0.35	)		(0.54	)
Distributions from net realized capital gains		0.00			(0.03	)		(0.03	)		(0.01	)		(0.06	)		(0.06	)
Total distributions		(0.20	)		(0.32	)		(0.16	)		(0.20	)		(0.41	)		(0.60	)
Net asset value end of period	$	9.96		$	10.09		$	10.30		$	10.27		$	10.23		$	9.95
Total return		0.67	%		1.01	%		1.85	%		2.34	%		7.05	%		7.61	%
Net assets end of period (000s)	$	595,962		$	458,677		$	281,711		$	115,419		$	19,495		$	5,175
Ratio of expenses to average net assets		0.65	%*		0.65	%		0.65	%		0.65	%		0.66	%(b)(c)		0.69	%(b)(d)
Ratio of net investment income to average net assets		3.93	%*		2.83	%		1.24	%		1.30	%		3.39	%		5.19	%
Portfolio turnover rate		127	%		184	%		483	%		284	%		339	%		661	%

+ 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 0.65%.

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

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

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Low Duration Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	720,320
Foreign currency, at value		8
Receivable for investments sold		9
Receivable for Portfolio shares sold		1,709
Interest and dividends receivable		1,181
Variation margin receivable		197
Swap premiums paid		59
Unrealized appreciation on forward foreign currency contracts		212
Unrealized appreciation on swap agreements		70
Other assets		1
		723,766
Liabilities:
Payable for investments purchased	$	98,291
Payable for Portfolio shares redeemed		143
Written options outstanding		1,344
Accrued investment advisory fee		135
Accrued administration fee		135
Accrued servicing fee		70
Variation margin payable		23
Unrealized depreciation on forward foreign currency contracts		2,162
Unrealized depreciation on swap agreements		12
		102,315
Net Assets	$	621,451
Net Assets Consist of:
Paid in capital	$	635,900
Undistributed net investment income		680
Accumulated undistributed net realized (loss)		(8,247	)
Net unrealized (depreciation)		(6,882	)
	$	621,451
Net Assets:
Institutional Class	$	25,479
Administrative Class		595,962
Advisor Class		10
Shares Issued and Outstanding:
Institutional Class		2,557
Administrative Class		59,807
Advisor Class		1
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	9.96
Administrative Class		9.96
Advisor Class		9.96
Cost of Investments Owned	$	719,941
Cost of Foreign Currency Held	$	8
Premiums Received on Written Options	$	1,189

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Low Duration Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest, net of foreign taxes	$	12,579
Dividends		20
Miscellaneous income		5
Total Income		12,604
Expenses:
Investment advisory fees		686
Administration fees		686
Servicing fees – Administrative Class		394
Trustees’ fees		3
Total Expenses		1,769
Net Investment Income		10,835
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(1,479	)
Net realized gain on futures contracts, options and swaps		1,174
Net realized (loss) on foreign currency transactions		(1,885	)
Net change in unrealized (depreciation) on investments		(2,194	)
Net change in unrealized (depreciation) on futures contracts, options and swaps		(5,438	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		2,742
Net (Loss)		(7,080	)
Net Increase in Net Assets Resulting from Operations	$	3,755

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Low Duration Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	10,835		$	10,648
Net realized (loss)		(2,190	)		(3,618	)
Net change in unrealized (depreciation)		(4,890	)		(2,598	)
Net increase resulting from operations		3,755			4,432
Distributions to Shareholders:
From net investment income
Institutional Class		(467	)		(513	)
Administrative Class		(10,469	)		(10,349	)
Advisor Class		0			0
From net realized capital gains
Institutional Class		0			(48	)
Administrative Class		0			(1,196	)
Advisor Class		0			0
Total Distributions		(10,936	)		(12,106	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		10,012			10,460
Administrative Class		184,037			239,555
Advisor Class		10			0
Issued as reinvestment of distributions
Institutional Class		467			561
Administrative Class		10,471			11,545
Advisor Class		0			0
Cost of shares redeemed
Institutional Class		(2,796	)		(4,836	)
Administrative Class		(50,338	)		(66,805	)
Advisor Class		0			0
Net increase resulting from Portfolio share transactions		151,863			190,480
Total Increase in Net Assets		144,682			182,806
Net Assets:
Beginning of period		476,769			293,963
End of period*	$	621,451		$	476,769
*Including undistributed net investment income of:	$	680		$	781

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Low Duration Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
CORPORATE BONDS & NOTES 14.3%
BANKING & FINANCE 11.1%
American Express Credit Corp.
5.170% due 06/12/2007	$	1,000	$	1,001
American General Finance Corp.
5.489% due 03/23/2007		200		200
Bank of America Corp.
5.406% due 06/19/2009		6,100		6,102
Bear Stearns Cos., Inc.
5.299% due 04/29/2008		3,400		3,409
5.589% due 03/30/2009		2,300		2,302
CIT Group, Inc.
5.404% due 05/23/2008		4,600		4,614
5.420% due 11/03/2010		1,400		1,406
Citigroup, Inc.
4.200% due 12/20/2007		4,100		4,021
5.520% due 12/26/2008		200		200
5.166% due 01/30/2009		1,900		1,901
Ford Motor Credit Co.
7.750% due 02/15/2007		400		401
6.374% due 03/21/2007		2,000		1,993
7.200% due 06/15/2007		100		99
General Electric Capital Corp.
5.222% due 01/08/2016		300		300
Goldman Sachs Group, Inc.
5.125% due 10/05/2007		1,600		1,603
5.226% due 07/29/2008		1,200		1,202
5.527% due 12/22/2008		2,100		2,103
5.420% due 07/23/2009		1,300		1,310
HSBC Bank USA N.A.
5.176% due 07/28/2008		3,100		3,104
HSBC Finance Corp.
5.459% due 09/15/2008		500		501
Lehman Brothers Holdings, Inc.
5.659% due 12/23/2010		900		902
Merrill Lynch & Co., Inc.
5.441% due 06/16/2008		6,000		6,009
Morgan Stanley
5.276% due 02/09/2009		1,100		1,102
5.318% due 01/18/2011		1,500		1,503
Prudential Financial, Inc.
4.104% due 11/15/2006		400		398
Royal Bank of Scotland Group PLC
5.424% due 12/21/2007		1,200		1,201
Santander U.S. Debt S.A. Unipersonal
5.434% due 09/21/2007		2,000		2,002
5.484% due 09/19/2008		2,800		2,803
Unicredito Italiano
5.231% due 12/03/2007		5,400		5,414
Wachovia Bank N.A.
5.270% due 05/25/2010		6,000		6,002
Wells Fargo
5.340% due 03/10/2008		4,000		4,003
				69,111
INDUSTRIALS 1.7%
Altria Group, Inc.
7.650% due 07/01/2008		200		207
Clear Channel Communications, Inc.
6.000% due 11/01/2006		250		250

CSC Holdings, Inc.
7.250% due 07/15/2008	$	3,500	$	3,522
DaimlerChrysler N.A. Holding Corp.
5.780% due 09/10/2007		4,758		4,774
International Paper Co.
7.625% due 01/15/2007		250		252
Oracle Corp. & Ozark Holding, Inc.
5.280% due 01/13/2009		1,200		1,202
				10,207
UTILITIES 1.5%
AT&T, Inc.
5.262% due 05/15/2008		5,900		5,903
Entergy Mississippi, Inc.
4.350% due 04/01/2008		100		97
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		1,870		1,851
Telefonica Emisones SAU
5.714% due 06/19/2009		1,700		1,702
				9,553
Total Corporate Bonds & Notes (Cost $88,855)				88,871
U.S. GOVERNMENT AGENCIES 26.8%
Fannie Mae
3.716% due 07/01/2034		422		416
4.350% due 03/01/2035		414		409
4.503% due 05/01/2035		1,045		1,025
4.526% due 05/01/2035		1,045		1,028
4.542% due 09/01/2035		1,705		1,681
4.599% due 11/01/2035		1,904		1,878
4.655% due 08/01/2035		3,865		3,773
4.683% due 07/01/2035		673		659
5.000% due 03/01/2018 - 04/25/2033 (b)		66,650		64,227
5.211% due 07/01/2042		738		742
5.249% due 04/26/2035		44		44
5.261% due 09/01/2041		919		926
5.312% due 09/22/2006		1,300		1,300
5.372% due 09/25/2035		581		581
5.411% due 09/01/2040		19		20
5.442% due 03/25/2034		255		256
5.500% due 12/01/2009 - 07/13/2036 (b)		74,532		73,025
5.672% due 09/25/2042 - 03/25/2044 (b)		2,056		2,065
5.695% due 09/01/2034		100		99
5.722% due 05/25/2031 - 11/25/2032 (b)		1,752		1,757
5.736% due 12/01/2036		102		102
5.977% due 11/01/2035		657		671
6.000% due 08/01/2016 - 03/01/2033 (b)		151		150
6.500% due 01/01/2033		29		29
Federal Housing Administration
6.390% due 10/01/2020		20		21
Freddie Mac
4.715% due 06/01/2035		2,733		2,646
4.922% due 07/01/2035		1,093		1,066
5.000% due 10/01/2018 - 07/15/2024 (b)		2,257		2,227
5.211% due 02/25/2045		1,598		1,587
5.500% due 08/15/2030		13		13
5.549% due 12/15/2030		658		659
5.582% due 08/25/2031		640		643
5.597% due 06/15/2018		235		235
6.000% due 09/01/2016 - 02/01/2033 (b)		134		132
6.500% due 07/25/2043		213		215

Government National Mortgage Association
4.000% due 07/16/2027	$	310	$	305
Total U.S. Government Agencies (Cost $169,232)				166,612
MORTGAGE-BACKED SECURITIES 8.2%
American Home Mortgage Investment Trust
4.290% due 10/25/2034		1,867		1,816
4.390% due 02/25/2045		766		739
Banc of America Funding Corp.
4.116% due 05/25/2035		8,620		8,311
Banc of America Mortgage Securities
6.500% due 10/25/2031		125		126
5.403% due 10/20/2032		5		5
Bear Stearns Adjustable Rate Mortgage Trust
5.330% due 01/25/2033		16		16
5.450% due 03/25/2033		56		55
5.062% due 04/25/2033		34		34
4.819% due 01/25/2034		163		160
4.750% due 11/25/2035		3,619		3,553
Bear Stearns Alt-A Trust
5.406% due 05/25/2035		1,202		1,188
Citigroup Mortgage Loan Trust, Inc.
4.900% due 12/25/2035		924		918
Countrywide Alternative Loan Trust
6.500% due 06/25/2033		27		27
6.000% due 10/25/2033		149		144
4.500% due 06/25/2035		3,638		3,565
5.602% due 02/25/2036		4,565		4,575
Countrywide Home Loan Mortgage Pass-Through Trust
5.592% due 04/25/2034		151		151
5.250% due 11/20/2035		1,441		1,418
CS First Boston Mortgage Securities Corp.
4.938% due 05/15/2010		752		741
5.020% due 03/25/2032		14		14
6.056% due 06/25/2032		1		1
5.686% due 10/25/2032		3		3
5.872% due 08/25/2033		13		13
GMAC Mortgage Corp. Loan Trust
5.009% due 11/19/2035		969		957
GSR Mortgage Loan Trust
6.000% due 03/25/2032		4		4
4.541% due 09/25/2035		3,703		3,605
Impac CMB Trust
5.722% due 07/25/2033		77		77
5.572% due 01/25/2034		106		106
LB-UBS Commercial Mortgage Trust
4.990% due 11/15/2030		991		977
MASTR Adjustable Rate Mortgages Trust
3.787% due 12/21/2034		220		220
MASTR Asset Securitization Trust
5.500% due 09/25/2033		84		80
Mellon Residential Funding Corp.
5.439% due 06/15/2030		703		706
MLCC Mortgage Investors, Inc.
6.628% due 01/25/2029		192		194
Prime Mortgage Trust
5.722% due 02/25/2034		86		86
5.722% due 02/25/2034		27		27
Salomon Brothers Mortgage Securities VII
4.000% due 12/25/2018		369		347

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments  Low Duration Portfolio (Cont.)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

Sequoia Mortgage Trust
5.607% due 05/20/2032	$	21	$	21
5.567% due 08/20/2032		15		15
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		1,311		1,285
5.355% due 08/25/2034		1,635		1,624
5.682% due 01/25/2035		1,543		1,558
Structured Asset Mortgage Investments, Inc.
5.582% due 09/19/2032		31		31
5.602% due 02/25/2035		487		486
Structured Asset Securities Corp.
6.150% due 07/25/2032		1		1
5.422% due 09/25/2035		2,911		2,913
Washington Mutual, Inc.
4.816% due 10/25/2032		293		290
5.009% due 02/27/2034		85		84
5.202% due 05/25/2041		460		462
5.543% due 06/25/2042		395		395
5.410% due 08/25/2042		160		160
5.612% due 10/25/2045		4,156		4,183
5.592% due 12/26/2045		815		818
Wells Fargo Mortgage-Backed Securities Trust
3.540% due 09/25/2034		273		272
4.950% due 03/25/2036		1,635		1,613
Total Mortgage-Backed Securities (Cost $51,746)				51,170
ASSET-BACKED SECURITIES 6.5%
AAA Trust
5.422% due 04/25/2035		125		125
ACE Securities Corp.
5.432% due 10/25/2035		2,626		2,628
Amortizing Residential Collateral Trust
5.612% due 07/25/2032		13		13
Argent Securities, Inc.
5.442% due 10/25/2035		476		477
5.462% due 12/25/2035		1,780		1,781
Asset-Backed Funding Certificates
5.432% due 08/25/2035		882		883
Asset-Backed Securities Corp. Home Equity
6.299% due 03/15/2032		549		550
5.422% due 07/25/2035		79		80
Bear Stearns Asset-Backed Securities, Inc.
5.522% due 09/25/2034		286		286
5.522% due 06/15/2043		310		310
Carrington Mortgage Loan Trust
5.402% due 06/25/2035		73		73
Centex Home Equity
5.412% due 06/25/2035		526		526
Chase Manhattan Auto Owner Trust
4.770% due 03/15/2008		2,200		2,196
CIT Group Home Equity Loan Trust
5.592% due 06/25/2033		8		8
Citigroup Mortgage Loan Trust, Inc.
5.412% due 07/25/2035		117		117
5.422% due 07/25/2035		217		217
5.432% due 09/25/2035		411		411
Conseco Finance Securitizations Corp.
6.090% due 09/01/2033		3,351		3,353

Countrywide Asset-Backed Certificates
5.802% due 12/25/2031	$	120	$	120
5.442% due 03/25/2035		63		63
5.402% due 06/25/2035		87		87
5.422% due 08/25/2035		562		562
5.402% due 10/25/2035		315		315
CS First Boston Mortgage Securities Corp.
5.632% due 01/25/2032		19		20
Equity One ABS, Inc.
5.602% due 11/25/2032		17		17
FBR Securitization Trust
5.462% due 09/25/2035		719		719
5.442% due 11/25/2035		3,416		3,419
First Franklin Mortgage Loan Asset-Backed Certificates
5.432% due 03/25/2025		270		270
First NLC Trust
5.432% due 09/25/2035		255		255
5.432% due 12/25/2035		412		413
Fremont Home Loan Trust
5.412% due 01/25/2036		690		690
GSAMP Trust
5.512% due 10/25/2033		71		71
5.612% due 03/25/2034		393		394
GSR Mortgage Loan Trust
5.422% due 12/25/2030		740		741
HFC Home Equity Loan Asset-Backed Certificates
5.617% due 09/20/2033		297		298
Indymac Residential Asset-Backed Trust
5.422% due 03/25/2036		760		761
Long Beach Mortgage Loan Trust
5.522% due 11/25/2034		1,203		1,204
5.442% due 09/25/2035		690		690
5.412% due 01/25/2036		931		931
5.402% due 02/25/2036		943		944
New Century Home Equity Loan Trust
5.432% due 09/25/2035		802		803
Option One Mortgage Loan Trust
5.422% due 08/25/2035		53		53
5.422% due 11/25/2035		1,634		1,635
Park Place Securities, Inc.
5.432% due 08/25/2035		481		482
Quest Trust
5.402% due 12/25/2035		341		341
Renaissance Home Equity Loan Trust
5.472% due 10/25/2035		750		751
Residential Asset Mortgage Products, Inc.
5.432% due 10/25/2025		1,237		1,238
5.662% due 09/25/2033		8		8
5.572% due 02/25/2034		127		127
5.422% due 03/25/2035		886		887
SLM Student Loan Trust
5.120% due 07/25/2013		650		651
5.110% due 01/26/2015		904		903
Soundview Home Equity Loan Trust
5.432% due 05/25/2035		127		127
5.422% due 07/25/2035		15		15
5.432% due 11/25/2035		1,335		1,336
5.422% due 12/25/2035		431		431
Structured Asset Securities Corp.
5.422% due 08/25/2035		391		391
5.452% due 12/25/2035		1,459		1,460

Truman Capital Mortgage Loan Trust
5.662% due 01/25/2034	$	206	$	207
Wachovia Auto Owner Trust
4.820% due 02/20/2009		1,300		1,296
Total Asset-Backed Securities (Cost $40,143)				40,160
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.1%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 4.500% Exp. 10/04/2006		12,500		0
Strike @ 4.750% Exp. 08/07/2006		19,000		0
Strike @ 4.750% Exp. 08/08/2006		6,000		0
Strike @ 4.800% Exp. 12/22/2006		14,000		2
Strike @ 5.000% Exp. 03/08/2007		16,000		14
Strike @ 5.000% Exp. 03/08/2007		7,000		6
Strike @ 5.080% Exp. 04/19/2007		13,800		20
Strike @ 5.130% Exp. 10/25/2006		24,300		7
Strike @ 5.130% Exp. 10/25/2006		5,000		2
Strike @ 5.170% Exp. 02/01/2007		15,200		18
Strike @ 5.200% Exp. 05/09/2007		33,600		73
Strike @ 5.250% Exp. 06/07/2007		30,000		82
Total Purchased Call Options (Cost $743)				224
		#OF CONTRACTS
PURCHASED PUT OPTIONS 0.0%
90-Day Eurodollar December Futures (CME)
Strike @ $92.250 Exp. 12/18/2006		96		1
Strike @ $92.500 Exp. 12/18/2006		120		1
90-Day Eurodollar June Futures (CME)
Strike @ $91.000 Exp. 06/18/2007		337		2
Strike @ $91.250 Exp. 06/18/2007		423		3
90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007		469		3
90-Day Eurodollar September Futures (CME)
Strike @ $92.750 Exp. 09/18/2006		556		3
Total Purchased Put Options (Cost $19)				13
		NOTIONAL AMOUNT (000S)
PURCHASED STRADDLE OPTIONS 0.0%
Call & Put – OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle
Strike @ $0.000 (g) Exp. 08/23/2007	$	7,000		4
Total Purchased Straddle Options (Cost $0)				4

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

	VALUE
SHARES	(000S)

PREFERRED STOCK 0.1%
DG Funding Trust
7.210% due 12/31/2049		60	$	633
Total Preferred Stock (Cost $632)				633
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 59.9%
BELGIUM TREASURY BILLS 4.7%
2.757% due 10/12/2006	EUR	23,060		29,262
COMMERCIAL PAPER 37.1%
Barclays U.S. Fund
5.055% due 08/16/2006	$	12,200		12,125
5.105% due 08/22/2006		5,900		5,858
BNP Paribas Finance
4.930% due 07/13/2006		2,400		2,397
5.079% due 08/22/2006		15,600		15,490
Caisse d’Amortissement de la Dette Sociale
5.270% due 08/03/2006		17,000		16,923
Cox Communications, Inc.
5.160% due 07/17/2006		600		600
Danske Corp.
5.280% due 07/17/2006		5,400		5,389
4.955% due 07/20/2006		600		599
4.980% due 07/26/2006		4,100		4,087
5.080% due 08/24/2006		8,800		8,735
Dexia Delaware LLC
5.275% due 07/05/2006		3,300		3,299
4.980% due 07/25/2006		15,600		15,553
DnB NORBank ASA
4.960% due 07/17/2006		10,900		10,879
Fannie Mae
4.809% due 07/05/2006		17,200		17,195
Federal Home Loan Bank
5.030% due 07/03/2006		17,200		17,200

Fortis Funding
5.265% due 07/26/2006	$	3,100	$	3,090
General Electric Capital Corp.
4.975% due 07/24/2006		2,400		2,393
HBOS Treasury Services PLC
4.985% due 07/26/2006		14,900		14,853
Rabobank USA Financial Corp.
5.250% due 07/03/2006		17,200		17,200
Skandinaviska Enskilda Banken
4.960% due 07/20/2006		500		499
Societe Generale N.A.
5.270% due 07/03/2006		300		300
5.245% due 08/08/2006		16,500		16,413
5.055% due 08/15/2006		1,100		1,093
4.985% due 08/22/2006		1,000		993
Total Captial S.A.
5.270% due 07/03/2006		17,200		17,200
UBS Finance Delaware LLC
5.270% due 07/03/2006		400		400
5.050% due 07/05/2006		4,700		4,699
4.790% due 07/07/2006		3,900		3,898
4.930% due 07/10/2006		1,000		999
5.095% due 09/22/2006		9,000		8,887
Westpac Capital Corp.
4.980% due 07/24/2006		1,200		1,196
				230,442
FRANCE TREASURY BILLS 6.1%
2.775% due 07/06/2006 - 11/23/2006 (b)	EUR	29,900		37,957
GERMANY TREASURY BILLS 8.5%
2.590% due 07/12/2006 - 10/18/2006 (b)		41,410		52,871

REPURCHASE AGREEMENTS 2.5%
Credit Suisse First Boston
4.580% due 07/03/2006	$	4,600	$	4,600
(Dated 06/30/2006. Collateralized by U.S. Treasury Notes 4.000% due 06/15/2009 valued at $4,729. Repurchase proceeds are $4,602.)
4.600% due 07/03/2006		5,000		5,000
(Dated 06/30/2006. Collateralized by U.S. Treasury Notes 3.250% due 08/15/2007 valued at $5,107. Repurchase proceeds are $5,002.)
State Street Bank
4.900% due 07/03/2006		5,892		5,892
(Dated 06/30/2006. Collateralized by Freddie Mac 2.750% due 02/09/2007 valued at $6,011. Repurchase proceeds are $5,894.)
				15,492
SPAIN TREASURY BILLS 0.4%
2.890% due 12/22/2006	EUR	2,500		3,153
U.S. TREASURY BILLS 0.6%
4.568% due 08/31/2006 - 09/14/2006 (b)(c)	$	3,495		3,456
Total Short-Term Instruments (Cost $368,571)				372,633
Total Investments (a) 115.9% (Cost $719,941)			$	720,320
Written Options (e) (0.2%) (Premiums $1,189)				(1,344)
Other Assets and Liabilities (Net) (15.7%)				(97,525)
Net Assets 100.0%			$	621,451

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

(a) As of June 30, 2006, portfolio securities with an aggregate market value of $1,606 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

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

(c) Securities with an aggregate market value of $3,456 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	800	$	(1,196	)
90-Day Eurodollar December Futures	Long	12/2007	291		(455	)
90-Day Eurodollar June Futures	Long	06/2007	625		(1,177	)
90-Day Eurodollar March Futures	Long	03/2007	977		(1,904	)
90-Day Eurodollar March Futures	Short	03/2008	61		74
90-Day Eurodollar September Futures	Long	09/2007	460		(807	)
U.S. Treasury 5-Year Note September Futures	Short	09/2006	349		191
U.S. Treasury 10-Year Note September Futures	Short	09/2006	102		61
U.S. Treasury 30-Year Bond September Futures	Long	09/2006	5		(2	)
				$	(5,215	)

See Accompanying Notes Semiannual Report June 30, 2006 11

Schedule of Investments    Low Duration Portfolio (Cont.)

(d) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
BNP Paribas Bank	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010	EUR	1,300	$	(4	)
Barclays Bank PLC	6-month GBP-LIBOR	Pay	5.000%	06/15/2007	GBP	400		(3	)
Lehman Brothers, Inc.	6-month GBP-LIBOR	Pay	4.500%	09/20/2009		200		(5	)
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2011	$	2,900		25
							$	13
Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
Bear Stearns & Co., Inc.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	2.100%	12/20/2006	$	2,600	$	6
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.650%	06/20/2007		400		8
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.700%	06/20/2007		300		6
Citibank N.A.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.445%	12/20/2006		100		0
Goldman Sachs & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.400%	12/20/2006		200		1
Goldman Sachs & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.500%	06/20/2007		200		4
J.P. Morgan Chase & Co.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.690%	03/20/2007		1,200		5
Morgan Stanley Dean Witter & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.700%	12/20/2006		1,000		15
Morgan Stanley Dean Witter & Co.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.460%	06/20/2007		200		0
							$	45
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(e) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price	Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$108.000	08/25/2006	40	$	7	$	1
Put - CBOT U.S. Treasury 10-Year Note September Futures	103.000	08/25/2006	40		4		6
Put - CME 90-Day Eurodollar December Futures	95.000	12/18/2006	13		6		20
Put - CME 90-Day Eurodollar December Futures	95.250	12/18/2006	422		331		894
Put - CME 90-Day Eurodollar December Futures	95.500	12/18/2006	45		49		123
Put - CME 90-Day Eurodollar March Futures	94.750	03/19/2007	19		10		20
Put - CME 90-Day Eurodollar September Futures	95.000	09/18/2006	14		8		20
				$	415	$	1,084

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date		Notional Amount	Premium		Value
Put - OTC 1-Year Interest Rate Swap	HSBC Bank USA	6-month GBP-LIBOR	Pay	4.500%	12/20/2006	GBP	1,700	$	8	$	19
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.210%	10/25/2006	$	6,100		22		7
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.040%	03/08/2007		7,000		68		14
Call - OTC 5-Year Interest Rate Swap	Citibank N.A.	3-month USD-LIBOR	Receive	4.540%	10/04/2006		2,100		25		0
Call - OTC 5-Year Interest Rate Swap	Citibank N.A.	3-month USD-LIBOR	Receive	4.850%	12/22/2006		6,000		79		2
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	4.780%	08/07/2006		8,000		65		0
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		4,500		20		5
Call - OTC 5-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Receive	4.780%	08/08/2006		3,000		28		0
Call - OTC 5-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Receive	4.540%	10/04/2006		3,000		36		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.040%	03/08/2007		3,000		33		6
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.220%	04/19/2007		6,000		47		26
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.315%	05/09/2007		14,700		152		87
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.340%	06/07/2007		13,000		132		89
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		2,200		9		2
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.240%	02/01/2007		6,600		41		25
								$	765	$	282

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Straddle Options
Description	Counterparty	Exercise Price*		Expiration Date	Notional Amount		Premium*		Value
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	Goldman Sachs & Co.	$	0.000	08/23/2007	$	3,100	$	3	$	(17	)
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	J.P. Morgan Chase & Co.		0.000	08/23/2007		1,000		6		(5	)
							$	9	$	(22	)
* Exercise price and final premium determined on a future final date, based upon implied volatility parameters.

(f) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	852	07/2006	$	25	$	0		$	25
Sell		853	07/2006		0		(20	)		(20	)
Buy		422	09/2006		11		0			11
Buy	CAD	1,897	07/2006		0		(20	)		(20	)
Buy	CLP	174,323	07/2006		0		(7	)		(7	)
Sell		174,323	07/2006		4		0			4
Buy		86,000	08/2006		0		(2	)		(2	)
Buy		44,534	09/2006		0		0			0
Buy	CNY	4,059	03/2007		0		(4	)		(4	)
Buy	EUR	167	07/2006		4		0			4
Sell		51,095	07/2006		71		(623	)		(552	)
Sell		14,390	08/2006		0		(330	)		(330	)
Sell		26,000	09/2006		0		(471	)		(471	)
Buy	GBP	537	07/2006		4		0			4
Buy	INR	12,200	08/2006		0		(7	)		(7	)
Sell		7,230	08/2006		3		0			3
Buy		2,596	09/2006		0		(1	)		(1	)
Buy	JPY	2,039,610	08/2006		0		(571	)		(571	)
Buy	KRW	144,129	08/2006		3		0			3
Buy		611,190	09/2006		16		0			16
Sell		369,284	09/2006		0		(10	)		(10	)
Buy		843,255	05/2007		0		(2	)		(2	)
Buy	MXN	3,960	08/2006		0		(24	)		(24	)
Sell		2,377	08/2006		6		0			6
Buy		1,125	09/2006		0		(6	)		(6	)
Buy	PEN	1,616	08/2006		10		0			10
Sell		1,616	08/2006		0		(19	)		(19	)
Buy		141	09/2006		1		0			1
Sell		141	09/2006		0		(2	)		(2	)
Buy	PLN	162	09/2006		1		0			1
Buy		349	11/2006		0		(3	)		(3	)
Buy	RUB	11,341	08/2006		20		0			20
Sell		6,780	08/2006		0		(8	)		(8	)
Buy		3,058	09/2006		4		0			4
Buy	SGD	1,140	08/2006		13		(2	)		11
Sell		676	08/2006		0		(8	)		(8	)
Buy		172	09/2006		2		0			2
Buy	SKK	13,910	09/2006		13		0			13
Sell		6,644	09/2006		0		(6	)		(6	)
Buy	TWD	10,582	08/2006		0		(8	)		(8	)
Sell		7,383	08/2006		0		0			0
Buy		3,337	09/2006		0		(1	)		(1	)
Buy	ZAR	106	08/2006		0		(2	)		(2	)
Sell		106	08/2006		1		0			1
Buy		106	10/2006		0		(1	)		(1	)
Buy		202	11/2006		0		(4	)		(4	)
				$	212	$	(2,162	)	$	(1,950	)
(g) Exercise price and premium determined on a future date, based upon implied volatility parameters.

See Accompanying Notes Semiannual Report June 30, 2006 13

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class and Advisor 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events when the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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

14 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
BRL	Brazilian Real	MXN	Mexican Peso
CAD	Canadian Dollar	PEN	Peruvian New Sol
CLP	Chilean Peso	PLN	Polish Zloty
CNY	Chinese Yuan Renminbi	RUB	Russian Ruble
EUR	Euro	SGD	Singapore Dollar
GBP	British Pound	SKK	Slovakian Koruna
INR	Indian Rupee	TWD	Taiwan Dollar
JPY	Japanese Yen	ZAR	South African Rand
KRW	South Korean Won

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

time. The market value of the collateral must be equal to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

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

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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%.

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	478,547	$	426,544	$	66,669	$	27,434

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $			Notional Amount in GBP			Premium
Balance at 12/31/2005	460		$	56,300		GBP	2,200		$	868
Sales	358			75,100			0			664
Closing Buys	(208	)		(32,700	)		0			(271	)
Expirations	(17	)		(9,400	)		(500	)		(72	)
Exercised	0			0			0			0
Balance at 06/30/2006	593		$	89,300		GBP	1,700		$	1,189

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	996		$	10,012		1,021		$	10,460
Administrative Class	18,333			184,037		23,493			239,555
Advisor Class	1			10		0			0
Issued as reinvestment of distributions
Institutional Class	47			467		55			561
Administrative Class	1,045			10,471		1,136			11,545
Advisor Class	0			0		0			0
Cost of shares redeemed
Institutional Class	(279	)		(2,796	)	(473	)		(4,836	)
Administrative Class	(5,023	)		(50,338	)	(6,536	)		(66,805	)
Advisor Class	0			0		0			0
Net increase resulting from Portfolio share transactions	15,120		$	151,863		18,696		$	190,480

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 Shareholders	% of Portfolio Held
Institutional Class	2	100
Administrative Class	2	63
Advisor Class	1	100

Semiannual Report June 30, 2006 17

Notes to Financial Statements (Cont.)

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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
$         4,322	$         (3,943)	$            379

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

18 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Institutional

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Low Duration Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	14

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Low Duration Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, non-U.S. investment risk, currency risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 206 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

The Merrill Lynch 1-3 Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least 1 year and less than 3 years. It is not possible to invest directly in the index.

Semiannual Report June 30, 2006 3

PIMCO Low Duration Portfolio

Cumulative Returns Through June 30, 2006

                      Low Duration Portfolio           Merrill Lynch 1-3 yr.
                        Institutional Class                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
 07/31/2004                    12,681                           12,451
 08/31/2004                    12,793                           12,537
 09/30/2004                    12,784                           12,526
 10/31/2004                    12,838                           12,564
 11/30/2004                    12,808                           12,502
 12/31/2004                    12,836                           12,528
 01/31/2005                    12,821                           12,523
 02/28/2005                    12,792                           12,495
 03/31/2005                    12,780                           12,496
 04/30/2005                    12,857                           12,566
 05/31/2005                    12,898                           12,613
 06/30/2005                    12,916                           12,638
 07/31/2005                    12,884                           12,602
 08/31/2005                    12,969                           12,680
 09/30/2005                    12,920                           12,649
 10/31/2005                    12,893                           12,648
 11/30/2005                    12,931                           12,688
 12/31/2005                    12,985                           12,737
 01/31/2006                    13,022                           12,758
 02/28/2006                    13,049                           12,768
 03/31/2006                    13,009                           12,786
 04/30/2006                    13,078                           12,826
 05/31/2006                    13,085                           12,845
 06/30/2006                    13,081                           12,869

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Institutional Class.

Sector Breakdown^‡

Short-Term Instruments	51.7%
U.S. Government Agencies	23.1%
Corporate Bonds & Notes	12.3%
Mortgage-Backed Securities	7.1%
Asset-Backed Securities	5.6%
Other	0.2%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since     Inception     (04/10/00)**
	PIMCO Low Duration Portfolio Institutional Class	0.74%	1.28%	3.47%	4.39%
	Merrill Lynch 1-3 yr. Treasury Index	1.04%	1.83%	3.07%	4.16%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Institutional Class shares commenced operations on 04/10/00. Index comparisons began on 03/31/00.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	1,007.40	$	1,022.32
Expenses Paid During Period†	$	2.49	$	2.51

† 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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO Low Duration 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 Securities of varying maturities.

» Duration and maturity structure were the most significant detractors from the Portfolio’s performance during the six-month period ended June 30, 2006.

» The Portfolio’s above index duration detracted from returns as concerns about accelerating inflation and more monetary tightening pushed interest rates higher.

» The Portfolio’s broader-than-index maturity structure with a curve steepening bias detracted from returns as the yield curve continued to flatten.

» A mortgage emphasis added to returns as this sector outperformed Treasuries on a like-duration basis. Security selection within the mortgage sector also enhanced performance.

» Investment grade and high-yield corporate bonds were positive as these issues benefited from a strengthening economy and investors’ search for extra yield.

» Minimal exposure to high-quality emerging markets was slightly positive for performance as emerging markets bonds benefited from continued improvement in credit fundamentals and investors’ demand for higher-yielding securities early in the period.

4 PIMCO Variable Insurance Trust

Financial Highlights  Low Duration Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Institutional Class
Net asset value beginning of period	$	10.09		$	10.30		$	10.27		$	10.23		$	9.95		$	9.82
Net investment income (a)		0.20			0.30			0.15			0.17			0.38			0.60
Net realized/unrealized gain (loss) on investments (a)		(0.13	)		(0.18	)		0.05			0.08			0.33			0.15
Total income from investment operations		0.07			0.12			0.20			0.25			0.71			0.75
Dividends from net investment income		(0.20	)		(0.30	)		(0.14	)		(0.20	)		(0.37	)		(0.56	)
Distributions from net realized capital gains		0.00			(0.03	)		(0.03	)		(0.01	)		(0.06	)		(0.06	)
Total distributions		(0.20	)		(0.33	)		(0.17	)		(0.21	)		(0.43	)		(0.62	)
Net asset value end of period	$	9.96		$	10.09		$	10.30		$	10.27		$	10.23		$	9.95
Total return		0.74	%		1.16	%		2.00	%		2.49	%		7.22	%		7.77	%
Net assets end of period (000s)	$	25,479		$	18,093		$	12,252		$	11		$	11		$	468
Ratio of expenses to average net assets		0.50	%*		0.50	%		0.50	%		0.50	%		0.51	%(b)		0.55	%(b)
Ratio of net investment income to average net assets		4.09	%*		2.92	%		1.49	%		1.68	%		3.78	%		6.01	%
Portfolio turnover rate		127	%		184	%		483	%		284	%		339	%		661	%

+ 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%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Low Duration Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	720,320
Foreign currency, at value		8
Receivable for investments sold		9
Receivable for Portfolio shares sold		1,709
Interest and dividends receivable		1,181
Variation margin receivable		197
Swap premiums paid		59
Unrealized appreciation on forward foreign currency contracts		212
Unrealized appreciation on swap agreements		70
Other assets		1
		723,766
Liabilities:
Payable for investments purchased	$	98,291
Payable for Portfolio shares redeemed		143
Written options outstanding		1,344
Accrued investment advisory fee		135
Accrued administration fee		135
Accrued servicing fee		70
Variation margin payable		23
Unrealized depreciation on forward foreign currency contracts		2,162
Unrealized depreciation on swap agreements		12
		102,315
Net Assets	$	621,451
Net Assets Consist of:
Paid in capital	$	635,900
Undistributed net investment income		680
Accumulated undistributed net realized (loss)		(8,247	)
Net unrealized (depreciation)		(6,882	)
	$	621,451
Net Assets:
Institutional Class	$	25,479
Administrative Class		595,962
Advisor Class		10
Shares Issued and Outstanding:
Institutional Class		2,557
Administrative Class		59,807
Advisor Class		1
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	9.96
Administrative Class		9.96
Advisor Class		9.96
Cost of Investments Owned	$	719,941
Cost of Foreign Currency Held	$	8
Premiums Received on Written Options	$	1,189

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Low Duration Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest, net of foreign taxes	$	12,579
Dividends		20
Miscellaneous income		5
Total Income		12,604
Expenses:
Investment advisory fees		686
Administration fees		686
Servicing fees – Administrative Class		394
Trustees’ fees		3
Total Expenses		1,769
Net Investment Income		10,835
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(1,479	)
Net realized gain on futures contracts, options and swaps		1,174
Net realized (loss) on foreign currency transactions		(1,885	)
Net change in unrealized (depreciation) on investments		(2,194	)
Net change in unrealized (depreciation) on futures contracts, options and swaps		(5,438	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		2,742
Net (Loss)		(7,080	)
Net Increase in Net Assets Resulting from Operations	$	3,755

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Low Duration Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	10,835		$	10,648
Net realized (loss)		(2,190	)		(3,618	)
Net change in unrealized (depreciation)		(4,890	)		(2,598	)
Net increase resulting from operations		3,755			4,432
Distributions to Shareholders:
From net investment income
Institutional Class		(467	)		(513	)
Administrative Class		(10,469	)		(10,349	)
Advisor Class		0			0
From net realized capital gains
Institutional Class		0			(48	)
Administrative Class		0			(1,196	)
Advisor Class		0			0
Total Distributions		(10,936	)		(12,106	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		10,012			10,460
Administrative Class		184,037			239,555
Advisor Class		10			0
Issued as reinvestment of distributions
Institutional Class		467			561
Administrative Class		10,471			11,545
Advisor Class		0			0
Cost of shares redeemed
Institutional Class		(2,796	)		(4,836	)
Administrative Class		(50,338	)		(66,805	)
Advisor Class		0			0
Net increase resulting from Portfolio share transactions		151,863			190,480
Total Increase in Net Assets		144,682			182,806
Net Assets:
Beginning of period		476,769			293,963
End of period*	$	621,451		$	476,769
*Including undistributed net investment income of:	$	680		$	781

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Low Duration Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
CORPORATE BONDS & NOTES 14.3%
BANKING & FINANCE 11.1%
American Express Credit Corp.
5.170% due 06/12/2007	$	1,000	$	1,001
American General Finance Corp.
5.489% due 03/23/2007		200		200
Bank of America Corp.
5.406% due 06/19/2009		6,100		6,102
Bear Stearns Cos., Inc.
5.299% due 04/29/2008		3,400		3,409
5.589% due 03/30/2009		2,300		2,302
CIT Group, Inc.
5.404% due 05/23/2008		4,600		4,614
5.420% due 11/03/2010		1,400		1,406
Citigroup, Inc.
4.200% due 12/20/2007		4,100		4,021
5.520% due 12/26/2008		200		200
5.166% due 01/30/2009		1,900		1,901
Ford Motor Credit Co.
7.750% due 02/15/2007		400		401
6.374% due 03/21/2007		2,000		1,993
7.200% due 06/15/2007		100		99
General Electric Capital Corp.
5.222% due 01/08/2016		300		300
Goldman Sachs Group, Inc.
5.125% due 10/05/2007		1,600		1,603
5.226% due 07/29/2008		1,200		1,202
5.527% due 12/22/2008		2,100		2,103
5.420% due 07/23/2009		1,300		1,310
HSBC Bank USA N.A.
5.176% due 07/28/2008		3,100		3,104
HSBC Finance Corp.
5.459% due 09/15/2008		500		501
Lehman Brothers Holdings, Inc.
5.659% due 12/23/2010		900		902
Merrill Lynch & Co., Inc.
5.441% due 06/16/2008		6,000		6,009
Morgan Stanley
5.276% due 02/09/2009		1,100		1,102
5.318% due 01/18/2011		1,500		1,503
Prudential Financial, Inc.
4.104% due 11/15/2006		400		398
Royal Bank of Scotland Group PLC
5.424% due 12/21/2007		1,200		1,201
Santander U.S. Debt S.A. Unipersonal
5.434% due 09/21/2007		2,000		2,002
5.484% due 09/19/2008		2,800		2,803
Unicredito Italiano
5.231% due 12/03/2007		5,400		5,414
Wachovia Bank N.A.
5.270% due 05/25/2010		6,000		6,002
Wells Fargo
5.340% due 03/10/2008		4,000		4,003
				69,111
INDUSTRIALS 1.7%
Altria Group, Inc.
7.650% due 07/01/2008		200		207
Clear Channel Communications, Inc.
6.000% due 11/01/2006		250		250

CSC Holdings, Inc.
7.250% due 07/15/2008	$	3,500	$	3,522
DaimlerChrysler N.A. Holding Corp.
5.780% due 09/10/2007		4,758		4,774
International Paper Co.
7.625% due 01/15/2007		250		252
Oracle Corp. & Ozark Holding, Inc.
5.280% due 01/13/2009		1,200		1,202
				10,207
UTILITIES 1.5%
AT&T, Inc.
5.262% due 05/15/2008		5,900		5,903
Entergy Mississippi, Inc.
4.350% due 04/01/2008		100		97
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		1,870		1,851
Telefonica Emisones SAU
5.714% due 06/19/2009		1,700		1,702
				9,553
Total Corporate Bonds & Notes (Cost $88,855)				88,871
U.S. GOVERNMENT AGENCIES 26.8%
Fannie Mae
3.716% due 07/01/2034		422		416
4.350% due 03/01/2035		414		409
4.503% due 05/01/2035		1,045		1,025
4.526% due 05/01/2035		1,045		1,028
4.542% due 09/01/2035		1,705		1,681
4.599% due 11/01/2035		1,904		1,878
4.655% due 08/01/2035		3,865		3,773
4.683% due 07/01/2035		673		659
5.000% due 03/01/2018 - 04/25/2033 (b)		66,650		64,227
5.211% due 07/01/2042		738		742
5.249% due 04/26/2035		44		44
5.261% due 09/01/2041		919		926
5.312% due 09/22/2006		1,300		1,300
5.372% due 09/25/2035		581		581
5.411% due 09/01/2040		19		20
5.442% due 03/25/2034		255		256
5.500% due 12/01/2009 - 07/13/2036 (b)		74,532		73,025
5.672% due 09/25/2042 - 03/25/2044 (b)		2,056		2,065
5.695% due 09/01/2034		100		99
5.722% due 05/25/2031 - 11/25/2032 (b)		1,752		1,757
5.736% due 12/01/2036		102		102
5.977% due 11/01/2035		657		671
6.000% due 08/01/2016 - 03/01/2033 (b)		151		150
6.500% due 01/01/2033		29		29
Federal Housing Administration
6.390% due 10/01/2020		20		21
Freddie Mac
4.715% due 06/01/2035		2,733		2,646
4.922% due 07/01/2035		1,093		1,066
5.000% due 10/01/2018 - 07/15/2024 (b)		2,257		2,227
5.211% due 02/25/2045		1,598		1,587
5.500% due 08/15/2030		13		13
5.549% due 12/15/2030		658		659
5.582% due 08/25/2031		640		643
5.597% due 06/15/2018		235		235
6.000% due 09/01/2016 - 02/01/2033 (b)		134		132
6.500% due 07/25/2043		213		215

Government National Mortgage Association
4.000% due 07/16/2027	$	310	$	305
Total U.S. Government Agencies (Cost $169,232)				166,612
MORTGAGE-BACKED SECURITIES 8.2%
American Home Mortgage Investment Trust
4.290% due 10/25/2034		1,867		1,816
4.390% due 02/25/2045		766		739
Banc of America Funding Corp.
4.116% due 05/25/2035		8,620		8,311
Banc of America Mortgage Securities
6.500% due 10/25/2031		125		126
5.403% due 10/20/2032		5		5
Bear Stearns Adjustable Rate Mortgage Trust
5.330% due 01/25/2033		16		16
5.450% due 03/25/2033		56		55
5.062% due 04/25/2033		34		34
4.819% due 01/25/2034		163		160
4.750% due 11/25/2035		3,619		3,553
Bear Stearns Alt-A Trust
5.406% due 05/25/2035		1,202		1,188
Citigroup Mortgage Loan Trust, Inc.
4.900% due 12/25/2035		924		918
Countrywide Alternative Loan Trust
6.500% due 06/25/2033		27		27
6.000% due 10/25/2033		149		144
4.500% due 06/25/2035		3,638		3,565
5.602% due 02/25/2036		4,565		4,575
Countrywide Home Loan Mortgage Pass-Through Trust
5.592% due 04/25/2034		151		151
5.250% due 11/20/2035		1,441		1,418
CS First Boston Mortgage Securities Corp.
4.938% due 05/15/2010		752		741
5.020% due 03/25/2032		14		14
6.056% due 06/25/2032		1		1
5.686% due 10/25/2032		3		3
5.872% due 08/25/2033		13		13
GMAC Mortgage Corp. Loan Trust
5.009% due 11/19/2035		969		957
GSR Mortgage Loan Trust
6.000% due 03/25/2032		4		4
4.541% due 09/25/2035		3,703		3,605
Impac CMB Trust
5.722% due 07/25/2033		77		77
5.572% due 01/25/2034		106		106
LB-UBS Commercial Mortgage Trust
4.990% due 11/15/2030		991		977
MASTR Adjustable Rate Mortgages Trust
3.787% due 12/21/2034		220		220
MASTR Asset Securitization Trust
5.500% due 09/25/2033		84		80
Mellon Residential Funding Corp.
5.439% due 06/15/2030		703		706
MLCC Mortgage Investors, Inc.
6.628% due 01/25/2029		192		194
Prime Mortgage Trust
5.722% due 02/25/2034		86		86
5.722% due 02/25/2034		27		27
Salomon Brothers Mortgage Securities VII
4.000% due 12/25/2018		369		347

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments  Low Duration Portfolio (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
Sequoia Mortgage Trust
5.607% due 05/20/2032	$	21	$	21
5.567% due 08/20/2032		15		15
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		1,311		1,285
5.355% due 08/25/2034		1,635		1,624
5.682% due 01/25/2035		1,543		1,558
Structured Asset Mortgage Investments, Inc.
5.582% due 09/19/2032		31		31
5.602% due 02/25/2035		487		486
Structured Asset Securities Corp.
6.150% due 07/25/2032		1		1
5.422% due 09/25/2035		2,911		2,913
Washington Mutual, Inc.
4.816% due 10/25/2032		293		290
5.009% due 02/27/2034		85		84
5.202% due 05/25/2041		460		462
5.543% due 06/25/2042		395		395
5.410% due 08/25/2042		160		160
5.612% due 10/25/2045		4,156		4,183
5.592% due 12/26/2045		815		818
Wells Fargo Mortgage-Backed Securities Trust
3.540% due 09/25/2034		273		272
4.950% due 03/25/2036		1,635		1,613
Total Mortgage-Backed Securities (Cost $51,746)				51,170
ASSET-BACKED SECURITIES 6.5%
AAA Trust
5.422% due 04/25/2035		125		125
ACE Securities Corp.
5.432% due 10/25/2035		2,626		2,628
Amortizing Residential Collateral Trust
5.612% due 07/25/2032		13		13
Argent Securities, Inc.
5.442% due 10/25/2035		476		477
5.462% due 12/25/2035		1,780		1,781
Asset-Backed Funding Certificates
5.432% due 08/25/2035		882		883
Asset-Backed Securities Corp. Home Equity
6.299% due 03/15/2032		549		550
5.422% due 07/25/2035		79		80
Bear Stearns Asset-Backed Securities, Inc.
5.522% due 09/25/2034		286		286
5.522% due 06/15/2043		310		310
Carrington Mortgage Loan Trust
5.402% due 06/25/2035		73		73
Centex Home Equity
5.412% due 06/25/2035		526		526
Chase Manhattan Auto Owner Trust
4.770% due 03/15/2008		2,200		2,196
CIT Group Home Equity Loan Trust
5.592% due 06/25/2033		8		8
Citigroup Mortgage Loan Trust, Inc.
5.412% due 07/25/2035		117		117
5.422% due 07/25/2035		217		217
5.432% due 09/25/2035		411		411
Conseco Finance Securitizations Corp.
6.090% due 09/01/2033		3,351		3,353

Countrywide Asset-Backed Certificates
5.802% due 12/25/2031	$	120	$	120
5.442% due 03/25/2035		63		63
5.402% due 06/25/2035		87		87
5.422% due 08/25/2035		562		562
5.402% due 10/25/2035		315		315
CS First Boston Mortgage Securities Corp.
5.632% due 01/25/2032		19		20
Equity One ABS, Inc.
5.602% due 11/25/2032		17		17
FBR Securitization Trust
5.462% due 09/25/2035		719		719
5.442% due 11/25/2035		3,416		3,419
First Franklin Mortgage Loan Asset-Backed Certificates
5.432% due 03/25/2025		270		270
First NLC Trust
5.432% due 09/25/2035		255		255
5.432% due 12/25/2035		412		413
Fremont Home Loan Trust
5.412% due 01/25/2036		690		690
GSAMP Trust
5.512% due 10/25/2033		71		71
5.612% due 03/25/2034		393		394
GSR Mortgage Loan Trust
5.422% due 12/25/2030		740		741
HFC Home Equity Loan Asset-Backed Certificates
5.617% due 09/20/2033		297		298
Indymac Residential Asset-Backed Trust
5.422% due 03/25/2036		760		761
Long Beach Mortgage Loan Trust
5.522% due 11/25/2034		1,203		1,204
5.442% due 09/25/2035		690		690
5.412% due 01/25/2036		931		931
5.402% due 02/25/2036		943		944
New Century Home Equity Loan Trust
5.432% due 09/25/2035		802		803
Option One Mortgage Loan Trust
5.422% due 08/25/2035		53		53
5.422% due 11/25/2035		1,634		1,635
Park Place Securities, Inc.
5.432% due 08/25/2035		481		482
Quest Trust
5.402% due 12/25/2035		341		341
Renaissance Home Equity Loan Trust
5.472% due 10/25/2035		750		751
Residential Asset Mortgage Products, Inc.
5.432% due 10/25/2025		1,237		1,238
5.662% due 09/25/2033		8		8
5.572% due 02/25/2034		127		127
5.422% due 03/25/2035		886		887
SLM Student Loan Trust
5.120% due 07/25/2013		650		651
5.110% due 01/26/2015		904		903
Soundview Home Equity Loan Trust
5.432% due 05/25/2035		127		127
5.422% due 07/25/2035		15		15
5.432% due 11/25/2035		1,335		1,336
5.422% due 12/25/2035		431		431
Structured Asset Securities Corp.
5.422% due 08/25/2035		391		391
5.452% due 12/25/2035		1,459		1,460

Truman Capital Mortgage Loan Trust
5.662% due 01/25/2034	$	206	$	207
Wachovia Auto Owner Trust
4.820% due 02/20/2009		1,300		1,296
Total Asset-Backed Securities (Cost $40,143)				40,160
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.1%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 4.500% Exp. 10/04/2006		12,500		0
Strike @ 4.750% Exp. 08/07/2006		19,000		0
Strike @ 4.750% Exp. 08/08/2006		6,000		0
Strike @ 4.800% Exp. 12/22/2006		14,000		2
Strike @ 5.000% Exp. 03/08/2007		16,000		14
Strike @ 5.000% Exp. 03/08/2007		7,000		6
Strike @ 5.080% Exp. 04/19/2007		13,800		20
Strike @ 5.130% Exp. 10/25/2006		24,300		7
Strike @ 5.130% Exp. 10/25/2006		5,000		2
Strike @ 5.170% Exp. 02/01/2007		15,200		18
Strike @ 5.200% Exp. 05/09/2007		33,600		73
Strike @ 5.250% Exp. 06/07/2007		30,000		82
Total Purchased Call Options (Cost $743)				224
		#OF CONTRACTS
PURCHASED PUT OPTIONS 0.0%
90-Day Eurodollar December Futures (CME)
Strike @ $92.250 Exp. 12/18/2006		96		1
Strike @ $92.500 Exp. 12/18/2006		120		1
90-Day Eurodollar June Futures (CME)
Strike @ $91.000 Exp. 06/18/2007		337		2
Strike @ $91.250 Exp. 06/18/2007		423		3
90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007		469		3
90-Day Eurodollar September Futures (CME)
Strike @ $92.750 Exp. 09/18/2006		556		3
Total Purchased Put Options (Cost $19)				13
		NOTIONAL AMOUNT (000S)
PURCHASED STRADDLE OPTIONS 0.0%
Call & Put – OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle
Strike @ $0.000 (g) Exp. 08/23/2007	$	7,000		4
Total Purchased Straddle Options (Cost $0)				4

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

	VALUE
SHARES	(000S)

PREFERRED STOCK 0.1%
DG Funding Trust
7.210% due 12/31/2049		60	$	633
Total Preferred Stock (Cost $632)				633
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 59.9%
BELGIUM TREASURY BILLS 4.7%
2.757% due 10/12/2006	EUR	23,060		29,262
COMMERCIAL PAPER 37.1%
Barclays U.S. Fund
5.055% due 08/16/2006	$	12,200		12,125
5.105% due 08/22/2006		5,900		5,858
BNP Paribas Finance
4.930% due 07/13/2006		2,400		2,397
5.079% due 08/22/2006		15,600		15,490
Caisse d’Amortissement de la Dette Sociale
5.270% due 08/03/2006		17,000		16,923
Cox Communications, Inc.
5.160% due 07/17/2006		600		600
Danske Corp.
5.280% due 07/17/2006		5,400		5,389
4.955% due 07/20/2006		600		599
4.980% due 07/26/2006		4,100		4,087
5.080% due 08/24/2006		8,800		8,735
Dexia Delaware LLC
5.275% due 07/05/2006		3,300		3,299
4.980% due 07/25/2006		15,600		15,553
DnB NORBank ASA
4.960% due 07/17/2006		10,900		10,879
Fannie Mae
4.809% due 07/05/2006		17,200		17,195
Federal Home Loan Bank
5.030% due 07/03/2006		17,200		17,200

Fortis Funding
5.265% due 07/26/2006	$	3,100	$	3,090
General Electric Capital Corp.
4.975% due 07/24/2006		2,400		2,393
HBOS Treasury Services PLC
4.985% due 07/26/2006		14,900		14,853
Rabobank USA Financial Corp.
5.250% due 07/03/2006		17,200		17,200
Skandinaviska Enskilda Banken
4.960% due 07/20/2006		500		499
Societe Generale N.A.
5.270% due 07/03/2006		300		300
5.245% due 08/08/2006		16,500		16,413
5.055% due 08/15/2006		1,100		1,093
4.985% due 08/22/2006		1,000		993
Total Captial S.A.
5.270% due 07/03/2006		17,200		17,200
UBS Finance Delaware LLC
5.270% due 07/03/2006		400		400
5.050% due 07/05/2006		4,700		4,699
4.790% due 07/07/2006		3,900		3,898
4.930% due 07/10/2006		1,000		999
5.095% due 09/22/2006		9,000		8,887
Westpac Capital Corp.
4.980% due 07/24/2006		1,200		1,196
				230,442
FRANCE TREASURY BILLS 6.1%
2.775% due 07/06/2006 - 11/23/2006 (b)	EUR	29,900		37,957
GERMANY TREASURY BILLS 8.5%
2.590% due 07/12/2006 - 10/18/2006 (b)		41,410		52,871

REPURCHASE AGREEMENTS 2.5%
Credit Suisse First Boston
4.580% due 07/03/2006	$	4,600	$	4,600
(Dated 06/30/2006. Collateralized by U.S. Treasury Notes 4.000% due 06/15/2009 valued at $4,729. Repurchase proceeds are $4,602.)
4.600% due 07/03/2006		5,000		5,000
(Dated 06/30/2006. Collateralized by U.S. Treasury Notes 3.250% due 08/15/2007 valued at $5,107. Repurchase proceeds are $5,002.)
State Street Bank
4.900% due 07/03/2006		5,892		5,892
(Dated 06/30/2006. Collateralized by Freddie Mac 2.750% due 02/09/2007 valued at $6,011. Repurchase proceeds are $5,894.)
				15,492
SPAIN TREASURY BILLS 0.4%
2.890% due 12/22/2006	EUR	2,500		3,153
U.S. TREASURY BILLS 0.6%
4.568% due 08/31/2006 - 09/14/2006 (b)(c)	$	3,495		3,456
Total Short-Term Instruments (Cost $368,571)				372,633
Total Investments (a) 115.9% (Cost $719,941)			$	720,320
Written Options (e) (0.2%) (Premiums $1,189)				(1,344	)
Other Assets and Liabilities (Net) (15.7%)				(97,525	)
Net Assets 100.0%			$	621,451

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

(a) As of June 30, 2006, portfolio securities with an aggregate market value of $1,606 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

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

(c) Securities with an aggregate market value of $3,456 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	800	$	(1,196	)
90-Day Eurodollar December Futures	Long	12/2007	291		(455	)
90-Day Eurodollar June Futures	Long	06/2007	625		(1,177	)
90-Day Eurodollar March Futures	Long	03/2007	977		(1,904	)
90-Day Eurodollar March Futures	Short	03/2008	61		74
90-Day Eurodollar September Futures	Long	09/2007	460		(807	)
U.S. Treasury 5-Year Note September Futures	Short	09/2006	349		191
U.S. Treasury 10-Year Note September Futures	Short	09/2006	102		61
U.S. Treasury 30-Year Bond September Futures	Long	09/2006	5		(2	)
				$	(5,215	)

See Accompanying Notes Semiannual Report June 30, 2006 11

Schedule of Investments    Low Duration Portfolio (Cont.)

(d) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
BNP Paribas Bank	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010	EUR	1,300	$	(4	)
Barclays Bank PLC	6-month GBP-LIBOR	Pay	5.000%	06/15/2007	GBP	400		(3	)
Lehman Brothers, Inc.	6-month GBP-LIBOR	Pay	4.500%	09/20/2009		200		(5	)
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2011	$	2,900		25
							$	13
Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
Bear Stearns & Co., Inc.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	2.100%	12/20/2006	$	2,600	$	6
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.650%	06/20/2007		400		8
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.700%	06/20/2007		300		6
Citibank N.A.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.445%	12/20/2006		100		0
Goldman Sachs & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.400%	12/20/2006		200		1
Goldman Sachs & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.500%	06/20/2007		200		4
J.P. Morgan Chase & Co.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.690%	03/20/2007		1,200		5
Morgan Stanley Dean Witter & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.700%	12/20/2006		1,000		15
Morgan Stanley Dean Witter & Co.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.460%	06/20/2007		200		0
							$	45
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(e) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price	Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$108.000	08/25/2006	40	$	7	$	1
Put - CBOT U.S. Treasury 10-Year Note September Futures	103.000	08/25/2006	40		4		6
Put - CME 90-Day Eurodollar December Futures	95.000	12/18/2006	13		6		20
Put - CME 90-Day Eurodollar December Futures	95.250	12/18/2006	422		331		894
Put - CME 90-Day Eurodollar December Futures	95.500	12/18/2006	45		49		123
Put - CME 90-Day Eurodollar March Futures	94.750	03/19/2007	19		10		20
Put - CME 90-Day Eurodollar September Futures	95.000	09/18/2006	14		8		20
				$	415	$	1,084

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date		Notional Amount	Premium		Value
Put - OTC 1-Year Interest Rate Swap	HSBC Bank USA	6-month GBP-LIBOR	Pay	4.500%	12/20/2006	GBP	1,700	$	8	$	19
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.210%	10/25/2006	$	6,100		22		7
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.040%	03/08/2007		7,000		68		14
Call - OTC 5-Year Interest Rate Swap	Citibank N.A.	3-month USD-LIBOR	Receive	4.540%	10/04/2006		2,100		25		0
Call - OTC 5-Year Interest Rate Swap	Citibank N.A.	3-month USD-LIBOR	Receive	4.850%	12/22/2006		6,000		79		2
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	4.780%	08/07/2006		8,000		65		0
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		4,500		20		5
Call - OTC 5-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Receive	4.780%	08/08/2006		3,000		28		0
Call - OTC 5-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Receive	4.540%	10/04/2006		3,000		36		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.040%	03/08/2007		3,000		33		6
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.220%	04/19/2007		6,000		47		26
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.315%	05/09/2007		14,700		152		87
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.340%	06/07/2007		13,000		132		89
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		2,200		9		2
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.240%	02/01/2007		6,600		41		25
								$	765	$	282

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Straddle Options
Description	Counterparty	Exercise Price*		Expiration Date	Notional Amount		Premium*		Value
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	Goldman Sachs & Co.	$	0.000	08/23/2007	$	3,100	$	3	$	(17	)
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	J.P. Morgan Chase & Co.		0.000	08/23/2007		1,000		6		(5	)
							$	9	$	(22	)
* Exercise price and final premium determined on a future final date, based upon implied volatility parameters.

(f) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	852	07/2006	$	25	$	0		$	25
Sell		853	07/2006		0		(20	)		(20	)
Buy		422	09/2006		11		0			11
Buy	CAD	1,897	07/2006		0		(20	)		(20	)
Buy	CLP	174,323	07/2006		0		(7	)		(7	)
Sell		174,323	07/2006		4		0			4
Buy		86,000	08/2006		0		(2	)		(2	)
Buy		44,534	09/2006		0		0			0
Buy	CNY	4,059	03/2007		0		(4	)		(4	)
Buy	EUR	167	07/2006		4		0			4
Sell		51,095	07/2006		71		(623	)		(552	)
Sell		14,390	08/2006		0		(330	)		(330	)
Sell		26,000	09/2006		0		(471	)		(471	)
Buy	GBP	537	07/2006		4		0			4
Buy	INR	12,200	08/2006		0		(7	)		(7	)
Sell		7,230	08/2006		3		0			3
Buy		2,596	09/2006		0		(1	)		(1	)
Buy	JPY	2,039,610	08/2006		0		(571	)		(571	)
Buy	KRW	144,129	08/2006		3		0			3
Buy		611,190	09/2006		16		0			16
Sell		369,284	09/2006		0		(10	)		(10	)
Buy		843,255	05/2007		0		(2	)		(2	)
Buy	MXN	3,960	08/2006		0		(24	)		(24	)
Sell		2,377	08/2006		6		0			6
Buy		1,125	09/2006		0		(6	)		(6	)
Buy	PEN	1,616	08/2006		10		0			10
Sell		1,616	08/2006		0		(19	)		(19	)
Buy		141	09/2006		1		0			1
Sell		141	09/2006		0		(2	)		(2	)
Buy	PLN	162	09/2006		1		0			1
Buy		349	11/2006		0		(3	)		(3	)
Buy	RUB	11,341	08/2006		20		0			20
Sell		6,780	08/2006		0		(8	)		(8	)
Buy		3,058	09/2006		4		0			4
Buy	SGD	1,140	08/2006		13		(2	)		11
Sell		676	08/2006		0		(8	)		(8	)
Buy		172	09/2006		2		0			2
Buy	SKK	13,910	09/2006		13		0			13
Sell		6,644	09/2006		0		(6	)		(6	)
Buy	TWD	10,582	08/2006		0		(8	)		(8	)
Sell		7,383	08/2006		0		0			0
Buy		3,337	09/2006		0		(1	)		(1	)
Buy	ZAR	106	08/2006		0		(2	)		(2	)
Sell		106	08/2006		1		0			1
Buy		106	10/2006		0		(1	)		(1	)
Buy		202	11/2006		0		(4	)		(4	)
				$	212	$	(2,162	)	$	(1,950	)
(g) Exercise price and premium determined on a future date, based upon implied volatility parameters.

See Accompanying Notes Semiannual Report June 30, 2006 13

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented in these financial statements pertains to the Institutional Class of the Portfolio. Certain detailed financial information for the Administrative Class and Advisor 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events when the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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

14 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
BRL	Brazilian Real	MXN	Mexican Peso
CAD	Canadian Dollar	PEN	Peruvian New Sol
CLP	Chilean Peso	PLN	Polish Zloty
CNY	Chinese Yuan Renminbi	RUB	Russian Ruble
EUR	Euro	SGD	Singapore Dollar
GBP	British Pound	SKK	Slovakian Koruna
INR	Indian Rupee	TWD	Taiwan Dollar
JPY	Japanese Yen	ZAR	South African Rand
KRW	South Korean Won

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

time. The market value of the collateral must be equal to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

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

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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%.

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	478,547	$	426,544	$	66,669	$	27,434

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $			Notional Amount in GBP			Premium
Balance at 12/31/2005	460		$	56,300		GBP	2,200		$	868
Sales	358			75,100			0			664
Closing Buys	(208	)		(32,700	)		0			(271	)
Expirations	(17	)		(9,400	)		(500	)		(72	)
Exercised	0			0			0			0
Balance at 06/30/2006	593		$	89,300		GBP	1,700		$	1,189

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	996		$	10,012		1,021		$	10,460
Administrative Class	18,333			184,037		23,493			239,555
Advisor Class	1			10		0			0
Issued as reinvestment of distributions
Institutional Class	47			467		55			561
Administrative Class	1,045			10,471		1,136			11,545
Advisor Class	0			0		0			0
Cost of shares redeemed
Institutional Class	(279	)		(2,796	)	(473	)		(4,836	)
Administrative Class	(5,023	)		(50,338	)	(6,536	)		(66,805	)
Advisor Class	0			0		0			0
Net increase resulting from Portfolio share transactions	15,120		$	151,863		18,696		$	190,480

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 Shareholders	% of Portfolio Held
Institutional Class	2	100
Administrative Class	2	63
Advisor Class	1	100

Semiannual Report June 30, 2006 17

Notes to Financial Statements (Cont.)

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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
$         4,322	$         (3,943)	$            379

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

18 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Administrative

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Money Market Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	10

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Money Market Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, market risk, issuer risk, non-U.S. investment risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Citigroup 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3-Month Treasury Bill issues. It is not possible to invest directly in the index.

Semiannual Report June 30, 2006 3

PIMCO Money Market Portfolio

Cumulative Returns Through June 30, 2006

                   Money Market Portfolio           Citigroup
                   Administrative Class         3 Month T-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
     07/31/2004        11,428                         11,543
     08/31/2004        11,437                         11,555
     09/30/2004        11,447                         11,569
     10/31/2004        11,459                         11,584
     11/30/2004        11,472                         11,601
     12/31/2004        11,490                         11,620
     01/31/2005        11,506                         11,641
     02/28/2005        11,523                         11,661
     03/31/2005        11,544                         11,686
     04/30/2005        11,566                         11,711
     05/31/2005        11,590                         11,739
     06/30/2005        11,615                         11,767
     07/31/2005        11,642                         11,796
     08/31/2005        11,672                         11,828
     09/30/2005        11,704                         11,860
     10/31/2005        11,735                         11,895
     11/30/2005        11,769                         11,931
     12/31/2005        11,808                         11,969
     01/31/2006        11,844                         12,009
     02/28/2006        11,880                         12,047
     03/31/2006        11,924                         12,091
     04/30/2006        11,963                         12,136
     05/31/2006        12,008                         12,184
     06/30/2006        12,057                         12,231

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Administrative Class.

Sector Breakdown^‡

Commercial Paper	92.1%
Certificates of Deposit	7.5%
Repurchase Agreements	0.4%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		7-Day Yield		30-Day Yield		6 Months*	1 Year	5 Years	Since Inception (09/30/99)
	PIMCO Money Market Portfolio Administrative Class	4.77	%	4.70	%	2.10%	3.80%	1.86%	2.81%
	Citigroup 3-Month Treasury Bill Index	—		—		2.19%	3.95%	2.16%	3.03%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Past performance is no guarantee of future results. The performance quoted represents past performance. Money market funds are not insured or guaranteed by the FDIC or any other government agency, and although these funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market funds. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	1,021.00	$	1,022.32
Expenses Paid During Period†	$	2.51	$	2.51

† 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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 Portfolio emphasizes high-quality commercial paper, shorter-term agency and high-quality corporate debt issues due to strong liquidity, attractive yields and limited credit risks.

» High quality (A1/P1) commercial paper yields rose approximately 1.00% for three-month maturities, reflecting similar Federal Reserve rate increases.

» U.S. and non-U.S. issued high-quality (A1/P1) commercial paper was emphasized due to attractive yields, modest interest rate sensitivity and limited credit risk.

» Higher-quality (A1/P1) three-month commercial paper yield spreads relative to Treasuries slightly widened by about 0.06% to approximately 0.46%, which provided additional income.

4 PIMCO Variable Insurance Trust

Financial Highlights    Money Market Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Administrative Class
Net asset value beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (a)		0.02			0.03			0.01			0.01			0.01			0.04
Total income from investment operations		0.02			0.03			0.01			0.01			0.01			0.04
Dividends from net investment income		(0.02	)		(0.03	)		(0.01	)		(0.01	)		(0.01	)		(0.04	)
Net asset value end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		2.10	%		2.77	%		0.89	%		0.72	%		1.41	%		3.83	%
Net assets end of period (000s)	$	59,301		$	43,434		$	32,184		$	27,032		$	25,850		$	12,860
Ratio of expenses to average net assets		0.50	%*		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%(b)
Ratio of net investment income to average net assets		4.26	%*		2.81	%		0.91	%		0.70	%		1.41	%		3.37	%

+ 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%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Money Market Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	160,648
Interest and dividends receivable		40
		160,688
Liabilities:
Payable for Portfolio shares redeemed	$	218
Dividends payable		1
Accrued investment advisory fee		20
Accrued administration fee		27
Accrued servicing fee		6
		272
Net Assets	$	160,416
Net Assets Consist of:
Paid in capital	$	160,418
Undistributed net investment income		14
Accumulated undistributed net realized (loss)		(16	)
	$	160,416
Net Assets:
Institutional Class	$	101,115
Administrative Class		59,301
Shares Issued and Outstanding:
Institutional Class		101,115
Administrative Class		59,301
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	$	160,648

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Money Market Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	3,530
Total Income		3,530
Expenses:
Investment advisory fees		112
Administration fees		149
Servicing fees – Administrative Class		33
Trustees’ fees		1
Interest expense		2
Total Expenses		297
Net Investment Income		3,233
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(10	)
Net (Loss)		(10	)
Net Increase in Net Assets Resulting from Operations	$	3,223

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Money Market Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	3,233		$	3,324
Net realized (loss)		(10	)		(3	)
Net increase resulting from operations		3,223			3,321
Distributions to Shareholders:
From net investment income
Institutional Class		(2,283	)		(2,245	)
Administrative Class		(942	)		(1,076	)
Total Distributions		(3,225	)		(3,321	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		44,772			23,543
Administrative Class		32,420			31,350
Issued in reorganization
Institutional Class		0			99,297
Administrative Class		0			0
Issued as reinvestment of distributions
Institutional Class		2,282			2,245
Administrative Class		942			1,076
Cost of shares redeemed
Institutional Class		(46,133	)		(24,902	)
Administrative Class		(17,494	)		(21,176	)
Net increase resulting from Portfolio share transactions		16,789			111,433
Total Increase in Net Assets		16,787			111,433
Net Assets:
Beginning of period		143,629			32,196
End of period*	$	160,416		$	143,629
*Including undistributed net investment income of:	$	14		$	6

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Money Market Portfolio June 30, 2006 (Unaudited)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

SHORT-TERM INSTRUMENTS 100.1%
CERTIFICATES OF DEPOSIT 7.5%
Citibank New York N.A.
5.135% due 08/17/2006	$	1,400	$	1,400
5.400% due 09/21/2006		3,300		3,300
Wells Fargo Bank N.A.
5.180% due 07/05/2006		7,400		7,400
				12,100
COMMERCIAL PAPER 92.2%
Abbey National N.A. LLC
5.000% due 08/28/2006		4,300		4,267
ANZ National (Int’l) Ltd.
4.860% due 07/10/2006		1,000		999
Bank of America Corp.
5.055% due 08/17/2006		5,000		4,968
Bank of Ireland
5.200% due 09/22/2006		1,500		1,482
Barclays U.S. Funding Corp.
5.105% due 08/22/2006		2,700		2,681
BNP Paribas Finance
5.270% due 07/03/2006		800		800
Calyon N.A. Inc.
5.230% due 08/03/2006		4,600		4,579
CBA (de) Finance
5.080% due 08/21/2006		4,400		4,370
Danske Corp.
5.080% due 08/24/2006		4,400		4,368
Dexia Delaware LLC
5.275% due 07/06/2006		6,000		5,997
DnB NORBank ASA
5.125% due 08/18/2006		1,600		1,590
Fannie Mae
4.810% due 09/20/2006		1,600		1,583
5.010% due 09/07/2006		1,400		1,400
Fortis Funding
5.060% due 07/06/2006		4,100		4,098
Freddie Mac
0.010% due 09/12/2006		4,300		4,258
4.785% due 09/12/2006		9,500		9,410
4.875% due 09/26/2006		500		494
4.910% due 12/12/2006		3,100		3,029
4.932% due 08/08/2006		4,800		4,776
General Electric Capital Corp.
5.060% due 08/16/2006		4,300		4,273
HBOS Treasury Services PLC
4.940% due 07/14/2006		1,700		1,697
5.100% due 08/23/2006		2,900		2,879
ING U.S. Funding LLC
5.235% due 08/03/2006		4,600		4,579
IXIS Commercial Paper Corp.
5.200% due 08/11/2006		4,600		4,574
KFW International Finance
5.090% due 07/10/2006		7,300		7,293
Nordea N.A., Inc.
4.930% due 07/06/2006		1,700		1,699
Sanofi Aventis
4.980% due 07/05/2006		4,800		4,799
Skandinaviska Enskilda Banken
4.960% due 07/20/2006		4,800		4,789
Societe Generale N.A.
4.890% due 07/06/2006		5,200		5,198

Stadshypoket Delaware, Inc.
5.090% due 08/18/2006	$	4,500	$	4,471
Statens Bostadsfin Bank
4.890% due 07/06/2006		4,300		4,298
Svenska Handelsbanken, Inc.
5.000% due 08/28/2006		4,800		4,763
Swedbank, Inc.
4.830% due 08/24/2006		4,300		4,270
4.890% due 08/24/2006		1,000		993
TotalFinaElf Captial S.A.
5.270% due 07/03/2006		7,600		7,600
Toyota Motor Credit Co.
5.270% due 08/09/2006		4,700		4,675
UBS Finance Delaware LLC
5.235% due 08/08/2006		6,000		5,969
Unicredit Delaware, Inc.
5.150% due 11/24/2006		2,500		2,449
Westpac Capital Corp.
5.140% due 12/01/2006		1,500		1,468
				147,885
REPURCHASE AGREEMENT 0.4%
State Street Bank
4.900% due 07/03/2006		663		663
(Dated 06/30/2006. Collateralized by Fannie Mae 5.000% due 01/15/2007 valued at $678. Repurchase proceeds are $663.)
Total Short-Term Instruments (Cost $160,648)				160,648
Total Investments 100.1% (Cost $160,648)			$	160,648
Other Assets and Liabilities (Net) (0.1%)				(232)
Net Assets 100.0%			$	160,416

See Accompanying Notes Semiannual Report June 30, 2006 9

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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

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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

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

10 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.20%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  REORGANIZATION

The Acquiring Portfolio (“Money Market Portfolio”), as listed below, acquired the assets and certain liabilities of the Acquired Fund (“CIGNA Times Square VP Money Market Fund”), also listed below, in a tax-free exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the Acquired Portfolio’s shareholders (shares and amounts in thousands):

Acquiring Portfolio	Acquired Fund	Date	Shares Issued by Acquiring Portfolio	Value of Shares Issued by Acquiring Portfolio		Total Net Assets of Acquired Fund		Total Net Assets of Acquiring Portfolio		Total Net Assets of Acquiring Portfolio After Acquisition		Acquired Fund’s Unrealized Appreciation
Money Market Portfolio	CIGNA Times Square VP Money Market Fund	April 22, 2005	99,297	$	99,297	$	99,297	$	31,353	$	130,650	$	0

Semiannual Report June 30, 2006 11

Notes to Financial Statements

5.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	44,771		$	44,772		23,543		$	23,543
Administrative Class	32,419			32,420		31,350			31,350
Issued in reorganization
Institutional Class	0			0		99,297			99,297
Administrative Class	0			0		0			0
Issued as reinvestment of distributions
Institutional Class	2,282			2,282		2,245			2,245
Administrative Class	942			942		1,076			1,076
Cost of shares redeemed
Institutional Class	(46,133	)		(46,133	)	(24,902	)		(24,902	)
Administrative Class	(17,494	)		(17,494	)	(21,176	)		(21,176	)
Net increase resulting from Portfolio share transactions	16,787		$	16,789		111,433		$	111,433

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 Shareholders	% of Portfolio Held
Institutional Class	3	93
Administrative Class	2	93

6.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$                0	$                  0	$                 0

7.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in

12 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

Semiannual Report June 30, 2006 13

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Institutional

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Money Market Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	10

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Money Market Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, market risk, issuer risk, non-U.S. investment risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Citigroup 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3-Month Treasury Bill issues. It is not possible to invest directly in the index.

Semiannual Report June 30, 2006 3

PIMCO Money Market Portfolio

Cumulative Returns Through June 30, 2006

                      Money Market Portfolio       Citigroup 3 Month
                        Institutional 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
07/31/2004                     11,158                    11,198
08/31/2004                     11,168                    11,210
09/30/2004                     11,180                    11,223
10/31/2004                     11,193                    11,238
11/30/2004                     11,207                    11,254
12/31/2004                     11,226                    11,273
01/31/2005                     11,243                    11,293
02/28/2005                     11,261                    11,313
03/31/2005                     11,283                    11,336
04/30/2005                     11,306                    11,361
05/31/2005                     11,331                    11,388
06/30/2005                     11,357                    11,415
07/31/2005                     11,385                    11,444
08/31/2005                     11,415                    11,474
09/30/2005                     11,448                    11,506
10/31/2005                     11,480                    11,539
11/30/2005                     11,515                    11,574
12/31/2005                     11,554                    11,611
01/31/2006                     11,591                    11,650
02/28/2006                     11,627                    11,687
03/31/2006                     11,672                    11,730
04/30/2006                     11,712                    11,774
05/31/2006                     11,757                    11,820
06/30/2006                     11,806                    11,866

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Institutional Class.

Sector Breakdown^‡

Commercial Paper	92.1%
Certificates of Deposit	7.5%
Repurchase Agreements	0.4%
U.S. Government Agencies	3.0%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since     Inception     (04/10/00)**
	PIMCO Money Market Portfolio Institutional Class	2.18%	3.96%	2.02%	2.76%
	Citigroup 3 Month Treasury Bill Index	2.19%	3.95%	2.16%	2.85%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Institutional Class shares commenced operations on 04/10/00. Index comparisons began on 03/31/00.

Past performance is no guarantee of future results. The performance quoted represents past performance. Money market funds are not insured or guaranteed by the FDIC or any other government agency, and although these funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market funds. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	1,021.80	$	1,023.06
Expenses Paid During Period†	$	1.75	$	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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example. .

Portfolio Insights

» The PIMCO 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 Portfolio emphasizes high-quality commercial paper, shorter-term agency and high-quality corporate debt issues due to strong liquidity, attractive yields and limited credit risks.

» High quality (A1/P1) commercial paper yields rose approximately 1.00% for three-month maturities, reflecting similar Federal Reserve rate increases.

» U.S. and non-U.S. issued high-quality (A1/P1) commercial paper was emphasized due to attractive yields, modest interest rate sensitivity and limited credit risk.

» Higher-quality (A1/P1) three-month commercial paper yield spreads relative to Treasuries slightly widened by about 0.06% to approximately 0.46%, which provided additional income.

4 PIMCO Variable Insurance Trust

Financial Highlights  Money Market Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Institutional Class
Net asset value beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (a)		0.02			0.03			0.01			0.01			0.02			0.04
Total income from investment operations		0.02			0.03			0.01			0.01			0.02			0.04
Dividends from net investment income		(0.02	)		(0.03	)		(0.01	)		(0.01	)		(0.02	)		(0.04	)
Total distributions		(0.02	)		(0.03	)		(0.01	)		(0.01	)		(0.02	)		(0.04	)
Net asset value end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		2.18	%		2.93	%		1.06	%		0.88	%		1.56	%		3.99	%
Net assets end of period (000s)	$	101,115		$	100,195		$	12		$	11		$	11		$	11
Ratio of expenses to average net assets		0.35	%*		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income to average net assets		4.37	%*		3.23	%		1.04	%		0.85	%		1.58	%		4.59	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Money Market Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	160,648
Interest and dividends receivable		40
		160,688
Liabilities:
Payable for Portfolio shares redeemed	$	218
Dividends payable		1
Accrued investment advisory fee		20
Accrued administration fee		27
Accrued servicing fee		6
		272
Net Assets	$	160,416
Net Assets Consist of:
Paid in capital	$	160,418
Undistributed net investment income		14
Accumulated undistributed net realized (loss)		(16	)
	$	160,416
Net Assets:
Institutional Class	$	101,115
Administrative Class		59,301
Shares Issued and Outstanding:
Institutional Class		101,115
Administrative Class		59,301
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	$	160,648

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Money Market Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	3,530
Total Income		3,530
Expenses:
Investment advisory fees		112
Administration fees		149
Servicing fees – Administrative Class		33
Trustees’ fees		1
Interest expense		2
Total Expenses		297
Net Investment Income		3,233
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(10	)
Net (Loss)		(10	)
Net Increase in Net Assets Resulting from Operations	$	3,223

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Money Market Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	3,233		$	3,324
Net realized (loss)		(10	)		(3	)
Net increase resulting from operations		3,223			3,321
Distributions to Shareholders:
From net investment income
Institutional Class		(2,283	)		(2,245	)
Administrative Class		(942	)		(1,076	)
Total Distributions		(3,225	)		(3,321	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		44,772			23,543
Administrative Class		32,420			31,350
Issued in reorganization
Institutional Class		0			99,297
Administrative Class		0			0
Issued as reinvestment of distributions
Institutional Class		2,282			2,245
Administrative Class		942			1,076
Cost of shares redeemed
Institutional Class		(46,133	)		(24,902	)
Administrative Class		(17,494	)		(21,176	)
Net increase resulting from Portfolio share transactions		16,789			111,433
Total Increase in Net Assets		16,787			111,433
Net Assets:
Beginning of period		143,629			32,196
End of period*	$	160,416		$	143,629
*Including undistributed net investment income of:	$	14		$	6

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Money Market Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
SHORT-TERM INSTRUMENTS 100.1%
CERTIFICATES OF DEPOSIT 7.5%
Citibank New York N.A.
5.135% due 08/17/2006	$	1,400	$	1,400
5.400% due 09/21/2006		3,300		3,300
Wells Fargo Bank N.A.
5.180% due 07/05/2006		7,400		7,400
				12,100
COMMERCIAL PAPER 92.2%
Abbey National N.A. LLC
5.000% due 08/28/2006		4,300		4,267
ANZ National (Int’l) Ltd.
4.860% due 07/10/2006		1,000		999
Bank of America Corp.
5.055% due 08/17/2006		5,000		4,968
Bank of Ireland
5.200% due 09/22/2006		1,500		1,482
Barclays U.S. Funding Corp.
5.105% due 08/22/2006		2,700		2,681
BNP Paribas Finance
5.270% due 07/03/2006		800		800
Calyon N.A. Inc.
5.230% due 08/03/2006		4,600		4,579
CBA (de) Finance
5.080% due 08/21/2006		4,400		4,370
Danske Corp.
5.080% due 08/24/2006		4,400		4,368
Dexia Delaware LLC
5.275% due 07/06/2006		6,000		5,997
DnB NORBank ASA
5.125% due 08/18/2006		1,600		1,590
Fannie Mae
4.810% due 09/20/2006		1,600		1,583
5.010% due 09/07/2006		1,400		1,400
Fortis Funding
5.060% due 07/06/2006		4,100		4,098
Freddie Mac
0.010% due 09/12/2006		4,300		4,258
4.785% due 09/12/2006		9,500		9,410
4.875% due 09/26/2006		500		494
4.910% due 12/12/2006		3,100		3,029
4.932% due 08/08/2006		4,800		4,776
General Electric Capital Corp.
5.060% due 08/16/2006		4,300		4,273
HBOS Treasury Services PLC
4.940% due 07/14/2006		1,700		1,697
5.100% due 08/23/2006		2,900		2,879
ING U.S. Funding LLC
5.235% due 08/03/2006		4,600		4,579
IXIS Commercial Paper Corp.
5.200% due 08/11/2006		4,600		4,574
KFW International Finance
5.090% due 07/10/2006		7,300		7,293
Nordea N.A., Inc.
4.930% due 07/06/2006		1,700		1,699
Sanofi Aventis
4.980% due 07/05/2006		4,800		4,799
Skandinaviska Enskilda Banken
4.960% due 07/20/2006		4,800		4,789
Societe Generale N.A.
4.890% due 07/06/2006		5,200		5,198

Stadshypoket Delaware, Inc.
5.090% due 08/18/2006	$	4,500	$	4,471
Statens Bostadsfin Bank
4.890% due 07/06/2006		4,300		4,298
Svenska Handelsbanken, Inc.
5.000% due 08/28/2006		4,800		4,763
Swedbank, Inc.
4.830% due 08/24/2006		4,300		4,270
4.890% due 08/24/2006		1,000		993
TotalFinaElf Captial S.A.
5.270% due 07/03/2006		7,600		7,600
Toyota Motor Credit Co.
5.270% due 08/09/2006		4,700		4,675
UBS Finance Delaware LLC
5.235% due 08/08/2006		6,000		5,969
Unicredit Delaware, Inc.
5.150% due 11/24/2006		2,500		2,449
Westpac Capital Corp.
5.140% due 12/01/2006		1,500		1,468
				147,885
REPURCHASE AGREEMENT 0.4%
State Street Bank
4.900% due 07/03/2006		663		663
(Dated 06/30/2006. Collateralized by Fannie Mae 5.000% due 01/15/2007 valued at $678. Repurchase proceeds are $663.)
Total Short-Term Instruments (Cost $160,648)				160,648
Total Investments 100.1% (Cost $160,648)			$	160,648
Other Assets and Liabilities (Net) (0.1%)				(232)
Net Assets 100.0%			$	160,416

See Accompanying Notes Semiannual Report June 30, 2006 9

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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

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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

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

10 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.20%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  REORGANIZATION

The Acquiring Portfolio (“Money Market Portfolio”), as listed below, acquired the assets and certain liabilities of the Acquired Fund (“CIGNA Times Square VP Money Market Fund”), also listed below, in a tax-free exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the Acquired Portfolio’s shareholders (shares and amounts in thousands):

Acquiring Portfolio	Acquired Fund	Date	Shares Issued by Acquiring Portfolio	Value of Shares Issued by Acquiring Portfolio		Total Net Assets of Acquired Fund		Total Net Assets of Acquiring Portfolio		Total Net Assets of Acquiring Portfolio After Acquisition		Acquired Fund’s Unrealized Appreciation
Money Market Portfolio	CIGNA Times Square VP Money Market Fund	April 22, 2005	99,297	$	99,297	$	99,297	$	31,353	$	130,650	$	0

Semiannual Report June 30, 2006 11

Notes to Financial Statements

5.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	44,771		$	44,772		23,543		$	23,543
Administrative Class	32,419			32,420		31,350			31,350
Issued in reorganization
Institutional Class	0			0		99,297			99,297
Administrative Class	0			0		0			0
Issued as reinvestment of distributions
Institutional Class	2,282			2,282		2,245			2,245
Administrative Class	942			942		1,076			1,076
Cost of shares redeemed
Institutional Class	(46,133	)		(46,133	)	(24,902	)		(24,902	)
Administrative Class	(17,494	)		(17,494	)	(21,176	)		(21,176	)
Net increase resulting from Portfolio share transactions	16,787		$	16,789		111,433		$	111,433

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 Shareholders	% of Portfolio Held
Institutional Class	3	93
Administrative Class	2	93

6.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$                0	$                  0	$                 0

7.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in

12 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

Semiannual Report June 30, 2006 13

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Administrative

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Real Return Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	15

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Real Return Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, non-U.S. investment risk, currency risk, issuer non-diversification risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Lehman Brothers U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding.

Semiannual Report June 30, 2006 3

PIMCO Real Return Portfolio

Cumulative Returns Through June 30, 2006

                         Real Return Portfolio     Lehman Brothers
                         Administrative 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
     07/31/2004                  16,552               15,868
     08/31/2004                  16,943               16,293
     09/30/2004                  16,999               16,326
     10/31/2004                  17,187               16,489
     11/30/2004                  17,169               16,449
     12/31/2004                  17,458               16,736
     01/31/2005                  17,415               16,738
     02/28/2005                  17,387               16,666
     03/31/2005                  17,432               16,681
     04/30/2005                  17,723               17,000
     05/31/2005                  17,829               17,117
     06/30/2005                  17,883               17,189
     07/31/2005                  17,544               16,829
     08/31/2005                  17,958               17,217
     09/30/2005                  17,912               17,193
     10/31/2005                  17,684               16,973
     11/30/2005                  17,638               17,002
     12/31/2005                  17,824               17,212
     01/31/2006                  17,905               17,210
     02/28/2006                  17,930               17,202
     03/31/2006                  17,482               16,824
     04/30/2006                  17,525               16,810
     05/31/2006                  17,583               16,860
     06/30/2006                  17,590               16,907

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Administrative Class.

Sector Breakdown^‡

U.S. Treasury Obligations	50.9%
Short-Term Instruments	32.5%
U.S. Government Agencies	6.4%
Asset-Backed Securities	5.2%
Other	5.0%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since Inception (09/30/99)
	PIMCO Real Return Portfolio Administrative Class	-1.31%	-1.64%	7.51%	8.72%
	Lehman Brothers U.S. TIPS Index	-1.77%	-1.64%	7.00%	8.09%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	986.90	$	1,021.52
Expenses Paid During Period†	$	3.25	$	3.31

† 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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 instrumentalities, and corporations.

» For the six-month period ending June 30, 2006, ten-year real yields increased by 0.48%, compared to a 0.82% increase for conventional U.S. Treasury issues of similar maturity.

» The Portfolio’s above benchmark duration for the first three-months of the period detracted from overall performance, as real yields rose on strong U.S. economic growth. The effective duration of the Portfolio was 6.79 years on June 30, 2006 compared to a duration of 6.11 years for the benchmark.

» The Portfolio’s emphasis on U.S. nominal bonds was negative for performance, as nominal yields rose faster than real yields based on higher inflation expectations and the outlook for further Federal Reserve tightening.

» Exposure to short maturity U.S. nominal bonds for the period detracted significantly from performance due to a substantial flattening of the nominal yield curve.

» Currency exposure added to performance resulting from a depreciation of the U.S. dollar relative to the Euro and Japanese Yen.

» Mortgage holdings during the period were positive due to favorable coupon selection, particularly 15-year FNMA 5.0% and 30-year FNMA 5.5% coupons, which outperformed the broader Index.

» Positions in pay-fixed swaps were beneficial with swap spreads mostly widening over the period.

4 PIMCO Variable Insurance Trust

Financial Highlights    Real Return Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Administrative Class
Net asset value beginning of period	$	12.69		$	12.92		$	12.36		$	11.90		$	10.56		$	10.34
Net investment income (a)		0.24			0.36			0.13			0.27			0.48			0.61
Net realized/unrealized gain (loss) on investments (a)		(0.41	)		(0.09	)		0.97			0.77			1.36			0.38
Total income (loss) from investment operations		(0.17	)		0.27			1.10			1.04			1.84			0.99
Dividends from net investment income		(0.24	)		(0.36	)		(0.13	)		(0.32	)		(0.48	)		(0.63	)
Distributions from net realized capital gains		0.00			(0.14	)		(0.41	)		(0.26	)		(0.02	)		(0.14	)
Total distributions		(0.24	)		(0.50	)		(0.54	)		(0.58	)		(0.50	)		(0.77	)
Net asset value end of period	$	12.28		$	12.69		$	12.92		$	12.36		$	11.90		$	10.56
Total return		(1.31	)%		2.09	%		8.92	%		8.84	%		17.77	%		9.63	%
Net assets end of period (000s)	$	1,084,003		$	1,012,042		$	636,565		$	275,029		$	90,724		$	7,406
Ratio of expenses to average net assets		0.66	%*(c)		0.66	%(c)		0.65	%		0.66	%(c)		0.66	%(c)		0.66	%(b)(c)
Ratio of net investment income to average net assets		3.94	%*		2.79	%		1.03	%		2.21	%		4.19	%		5.63	%
Portfolio turnover rate		530	%		1,102	%		1,064	%		738	%		87	%		58	%

+ 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 0.67%.

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

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Real Return Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	2,350,300
Cash		77
Foreign currency, at value		1,422
Receivable for investments sold		12
Receivable for investments sold on delayed-delivery basis		22,982
Receivable for Portfolio shares sold		766
Interest and dividends receivable		4,444
Variation margin receivable		255
Swap premiums paid		5,195
Unrealized appreciation on forward foreign currency contracts		348
Unrealized appreciation on swap agreements		2,046
		2,387,847
Liabilities:
Payable for investments purchased	$	32,923
Payable for investments purchased on delayed-delivery basis		1,206,598
Payable for short sales		7,365
Payable for Portfolio shares redeemed		3,639
Written options outstanding		675
Accrued investment advisory fee		247
Accrued administration fee		247
Accrued servicing fee		129
Dividends payable		11
Variation margin payable		56
Swap premiums received		1,677
Unrealized depreciation on forward foreign currency contracts		3,648
Unrealized depreciation on swap agreements		402
Other liabilities		3,250
		1,260,867
Net Assets	$	1,126,980
Net Assets Consist of:
Paid in capital	$	1,156,146
Undistributed net investment income		5,699
Accumulated undistributed net realized (loss)		(42,472	)
Net unrealized appreciation		7,607
	$	1,126,980
Net Assets:			��
Institutional Class	$	42,291
Administrative Class		1,084,003
Advisor Class		686
Shares Issued and Outstanding:
Institutional Class		3,444
Administrative Class		88,285
Advisor Class		56
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	12.28
Administrative Class		12.28
Advisor Class		12.28
Cost of Investments Owned	$	2,337,734
Cost of Foreign Currency Held	$	1,398
Proceeds Received on Short Sales	$	7,304
Premiums Received on Written Options	$	1,008

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Real Return Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	25,056
Miscellaneous income		2
Total Income		25,058
Expenses:
Investment advisory fees		1,362
Administration fees		1,362
Servicing fees – Administrative Class		785
Trustee’s Fees		6
Interest expense		60
Total Expenses		3,575
Net Investment Income		21,483
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(45,095	)
Net realized gain on futures contracts, options and swaps		5,187
Net realized (loss) on foreign currency transactions		(1,030	)
Net change in unrealized appreciation on investments		725
Net change in unrealized appreciation on futures contracts, options and swaps		1,515
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		2,739
Net (Loss)		(35,959	)
Net (Decrease) in Net Assets Resulting from Operations	$	(14,476	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Real Return Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	21,483		$	24,960
Net realized gain (loss)		(40,938	)		521
Net change in unrealized appreciation (depreciation)		4,979			(6,910	)
Net increase (decrease) resulting from operations		(14,476	)		18,571
Distributions to Shareholders:
From net investment income
Institutional Class		(880	)		(1,276	)
Administrative Class		(20,757	)		(24,317	)
Advisor Class		(3	)		0
From net realized capital gains
Institutional Class		0			(483	)
Administrative Class		0			(10,897	)
Advisor Class		0			0
Total Distributions		(21,640	)		(36,973	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		1,995			11,510
Administrative Class		206,303			460,693
Advisor Class		804			0
Issued as reinvestment of distributions
Institutional Class		880			1,759
Administrative Class		20,703			35,153
Advisor Class		3			0
Cost of shares redeemed
Institutional Class		(3,802	)		(4,483	)
Administrative Class		(120,373	)		(102,785	)
Advisor Class		(118	)		0
Net increase resulting from Portfolio share transactions		106,395			401,847
Total Increase in Net Assets		70,279			383,445
Net Assets:
Beginning of period		1,056,701			673,256
End of period*	$	1,126,980		$	1,056,701
*Including undistributed net investment income of:	$	5,699		$	5,856

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Real Return Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
BANK LOAN OBLIGATIONS 0.1%
Georgia-Pacific Corp.
6.726% due 12/20/2012	$	45	$	46
6.880% due 12/20/2012		762		761
7.170% due 12/20/2012		190		190
Total Bank Loan Obligations (Cost $997)				997
CORPORATE BONDS & NOTES 5.2%
BANKING & FINANCE 4.4%
Atlantic & Western Re Ltd.
11.508% due 01/09/2007		1,400		1,379
11.758% due 01/09/2009		900		848
BAE Systems Holdings, Inc.
5.570% due 08/15/2008		300		301
Charter One Bank N.A.
5.157% due 04/24/2009		8,400		8,405
Citigroup, Inc.
5.199% due 05/02/2008		1,000		1,001
5.166% due 01/30/2009		1,000		1,000
Ford Motor Credit Co.
6.374% due 03/21/2007		6,400		6,378
General Electric Capital Corp.
5.311% due 03/04/2008		2,800		2,803
5.340% due 12/12/2008		900		901
General Motors Acceptance Corp.
6.750% due 12/01/2014		1,600		1,488
Goldman Sachs Group, Inc.
5.386% due 08/01/2006		2,800		2,800
5.790% due 06/28/2010		4,700		4,728
Mirage Resorts, Inc.
7.250% due 10/15/2006		100		101
Morgan Stanley Warehouse Facilities
4.719% due 08/16/2006 (h)		6,200		6,200
Phoenix Quake Ltd.
7.958% due 07/03/2008		500		507
Phoenix Quake Wind Ltd.
7.440% due 07/03/2008		2,000		2,021
Rabobank Nederland
5.088% due 01/15/2009		800		800
Toyota Motor Credit Corp.
5.192% due 09/18/2006		4,600		4,600
Travelers Property Casualty Corp.
3.750% due 03/15/2008		100		97
Vita Capital Ltd.
6.340% due 01/01/2007		700		702
Wachovia Bank N.A.
5.308% due 12/02/2010		2,400		2,402
				49,462
INDUSTRIALS 0.7%
Caesars Entertainment, Inc.
8.500% due 11/15/2006		300		303
CSC Holdings, Inc.
7.875% due 12/15/2007		600		609
DaimlerChrysler N.A. Holding Corp.
5.486% due 03/07/2007		3,500		3,501
EchoStar DBS Corp.
5.750% due 10/01/2008		500		490

El Paso Corp.
7.625% due 08/16/2007	$	100	$	101
6.950% due 12/15/2007		100		101
7.625% due 09/01/2008		1,000		1,018
HCA, Inc.
7.250% due 05/20/2008		100		102
Host Marriott LP
9.500% due 01/15/2007		300		309
9.250% due 10/01/2007		100		104
Pemex Project Funding Master Trust
7.375% due 12/15/2014		500		517
8.625% due 02/01/2022		200		224
Royal Caribbean Cruises Ltd.
7.250% due 08/15/2006		400		402
7.000% due 10/15/2007		200		203
Starwood Hotels & Resorts Worldwide, Inc.
7.375% due 05/01/2007		100		101
				8,085
UTILITIES 0.1%
Cleveland Electric Illuminating Co.
6.860% due 10/01/2008		100		102
Embarq Corp.
7.082% due 06/01/2016		300		299
Nisource Finance Corp.
5.764% due 11/23/2009		800		802
				1,203
Total Corporate Bonds & Notes (Cost $58,671)				58,750
MUNICIPAL BONDS & NOTES 0.1%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Notes, Series 2002
6.000% due 06/01/2017 (a)		475		501
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2006
5.781% due 06/15/2038 (a)		130		121
Rhode Island State Tobacco Settlement Financing Corporations Revenue Notes, Series 2002
6.000% due 06/01/2023 (a)		500		523
Total Municipal Bonds & Notes (Cost $1,012)				1,145
U.S. GOVERNMENT AGENCIES 13.3%
Fannie Mae
4.192% due 11/01/2034		7,868		7,714
4.500% due 10/25/2022		200		199
4.606% due 07/01/2035		1,045		1,031
4.681% due 02/25/2036		2,900		2,810
4.716% due 01/01/2035		847		832
5.111% due 09/07/2006		27,600		27,590
5.211% due 03/01/2044 - 09/01/2044 (c)		13,622		13,686
5.299% due 09/21/2006		14,100		14,098
5.472% due 08/25/2034		985		984
5.500% due 03/01/2034 - 07/13/2036 (c)		45,489		43,717
5.672% due 05/25/2042		384		385
5.950% due 02/25/2044		1,500		1,487
6.361% due 11/01/2024		23		24
Freddie Mac
4.000% due 03/15/2023 - 10/15/2023 (c)		1,434		1,403
4.555% due 01/01/2034		847		829
5.211% due 10/25/2044 - 02/25/2045 (c)		27,174		27,276

5.549% due 12/15/2030	$	598	$	599
5.582% due 08/25/2031		267		268
Small Business Administration
4.504% due 02/01/2014		1,938		1,826
Small Business Administration Participation Certificates
4.880% due 11/01/2024		3,881		3,670
Total U.S. Government Agencies (Cost $151,517)				150,428
U.S. TREASURY OBLIGATIONS 106.1%
Treasury Inflation Protected Securities (b)
3.375% due 01/15/2007		255		256
3.625% due 01/15/2008		72,756		74,029
3.875% due 01/15/2009		79,566		82,438
4.250% due 01/15/2010		50,443		53,603
0.875% due 04/15/2010		108,925		102,785
3.500% due 01/15/2011		48,130		50,358
2.375% due 04/15/2011		18,044		17,978
3.375% due 01/15/2012		4,558		4,776
3.000% due 07/15/2012		107,133		110,356
1.875% due 07/15/2013		43,406		41,712
2.000% due 01/15/2014		102,388		98,861
2.000% due 07/15/2014		99,400		95,754
1.625% due 01/15/2015		3,497		3,261
1.875% due 07/15/2015		115,676		109,797
2.000% due 01/15/2016		16,209		15,484
2.375% due 01/15/2025		93,066		90,609
2.000% due 01/15/2026		39,962		36,600
3.625% due 04/15/2028		66,504		78,934
3.875% due 04/15/2029		83,450		103,282
3.375% due 04/15/2032		1,824		2,154
U.S. Treasury Bonds
8.875% due 08/15/2017		1,000		1,305
6.625% due 02/15/2027		1,300		1,514
4.500% due 02/15/2036		4,400		3,947
U.S. Treasury Notes
4.500% due 02/28/2011		1,700		1,658
4.875% due 04/30/2011		10,600		10,495
4.250% due 11/15/2014		1,000		941
4.125% due 05/15/2015		100		93
4.500% due 11/15/2015		2,800		2,668
Total U.S. Treasury Obligations (Cost $1,187,521)				1,195,648
MORTGAGE-BACKED SECURITIES 4.6%
Banc of America Funding Corp.
4.622% due 02/20/2036		3,602		3,519
Banc of America Mortgage Securities
6.500% due 02/25/2033		232		231
Bear Stearns Adjustable Rate Mortgage Trust
4.203% due 01/25/2034		2,567		2,554
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		4,662		4,572
4.900% due 12/25/2035		277		275
Countrywide Alternative Loan Trust
5.392% due 06/25/2046		992		989
Countrywide Home Loan Mortgage Pass-Through Trust
3.795% due 11/19/2033		291		278
5.662% due 06/25/2035		867		867
CS First Boston Mortgage Securities Corp.
4.938% due 05/15/2010		1,222		1,204
First Horizon Alternative Mortgage Securities
4.744% due 06/25/2034		1,123		1,101

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    Real Return Portfolio (Cont.)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

GE Capital Commercial Mortgage Corp.
4.229% due 12/10/2037	$	8,709	$	8,415
GGP Mall Properties Trust
5.007% due 11/15/2011		1,431		1,429
Greenpoint Mortgage Funding Trust
5.542% due 05/25/2045		1,860		1,867
5.592% due 11/25/2045		1,203		1,206
GSR Mortgage Loan Trust
4.540% due 09/25/2035		2,469		2,403
Lehman XS Trust
5.402% due 06/25/2036		1,500		1,502
5.402% due 04/25/2046		2,937		2,938
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		700		659
Mellon Residential Funding Corp.
5.639% due 12/15/2030		1,275		1,280
5.549% due 11/15/2031		1,558		1,561
Sequoia Mortgage Trust
5.602% due 10/19/2026		537		538
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		885		867
5.682% due 01/25/2035		819		827
Structured Asset Mortgage Investments, Inc.
5.540% due 05/25/2035		500		501
Washington Mutual, Inc.
5.612% due 08/25/2045		428		429
5.612% due 10/25/2045		6,531		6,573
5.582% due 12/25/2045		939		942
5.259% due 07/25/2046		2,400		2,398
Total Mortgage-Backed Securities (Cost $52,187)				51,925
ASSET-BACKED SECURITIES 10.8%
AAA Trust
5.422% due 11/26/2035		198		198
ACE Securities Corp.
5.432% due 10/25/2035		3,202		3,205
Aegis Asset-Backed Securities Trust
5.522% due 09/25/2034		253		254
Argent Securities, Inc.
5.442% due 10/25/2035		953		953
5.462% due 12/25/2035		3,617		3,619
5.402% due 03/25/2036		1,614		1,615
5.392% due 05/25/2036		1,131		1,131
Asset-Backed Funding Certificates
5.432% due 08/25/2035		662		663
Bayview Financial Acquisition Trust
5.791% due 08/28/2034		1,499		1,501
Bear Stearns Asset-Backed Securities, Inc.
5.652% due 10/25/2032		58		58
5.522% due 09/25/2034		1,238		1,239
5.402% due 11/25/2035		797		797
5.652% due 01/25/2036		304		304
5.772% due 03/25/2043		191		191
Capital One Auto Finance Trust
5.117% due 05/15/2007		1,483		1,483
Carrington Mortgage Loan Trust
5.402% due 06/25/2035		55		55
Centex Home Equity
5.372% due 06/25/2036		3,589		3,590

Chase Credit Card Master Trust
5.579% due 11/17/2008	$	1,200	$	1,201
Citigroup Mortgage Loan Trust, Inc.
5.402% due 12/27/2036		2,142		2,144
Countrywide Asset-Backed Certificates
5.452% due 02/25/2036		1,095		1,096
5.392% due 03/25/2036		1,937		1,937
5.392% due 04/25/2036		1,014		1,015
5.371% due 07/25/2036		2,300		2,303
5.395% due 07/25/2036		900		901
Equity One ABS, Inc.
5.622% due 04/25/2034		255		257
FBR Securitization Trust
5.442% due 09/25/2035		782		783
5.502% due 09/25/2035		2,400		2,402
5.432% due 10/25/2035		6,540		6,545
5.442% due 10/25/2035		712		713
First Franklin Mortgage Loan Asset-Backed Certificates
5.412% due 01/25/2036		2,308		2,310
First NLC Trust
5.432% due 12/25/2035		1,340		1,341
Ford Credit Auto Owner Trust
4.240% due 03/15/2008		1,074		1,069
Fremont Home Loan Trust
5.412% due 01/25/2036		3,071		3,074
GSAMP Trust
5.612% due 03/25/2034		357		358
5.412% due 11/25/2035		2,995		2,997
5.432% due 01/25/2036		2,593		2,595
GSR Mortgage Loan Trust
5.422% due 12/25/2030		1,481		1,481
Home Equity Asset Trust
5.432% due 02/25/2036		851		852
5.402% due 05/25/2036		955		955
HSI Asset Securitization Corp. Trust
5.402% due 12/25/2035		1,163		1,164
Indymac Residential Asset-Backed Trust
5.422% due 03/25/2036		1,293		1,294
JP Morgan Mortgage Acquisition Corp.
5.392% due 01/25/2026		1,456		1,457
Long Beach Mortgage Loan Trust
5.522% due 11/25/2034		1,138		1,139
5.412% due 01/25/2036		620		621
5.402% due 02/25/2036		864		865
5.392% due 03/25/2036		403		403
5.382% due 04/25/2036		369		369
Mastr Asset-Backed Securities Trust
5.402% due 01/25/2036		2,062		2,064
Merrill Lynch Mortgage Investors, Inc.
5.422% due 06/25/2036		318		319
5.479% due 06/25/2036		3,100		3,100
5.402% due 01/25/2037		748		748
5.400% due 05/25/2037		1,200		1,201
Morgan Stanley ABS Capital I
5.381% due 06/25/2036		4,600		4,599
Nelnet Student Loan Trust
5.051% due 10/27/2014		300		300
5.190% due 07/25/2016		700		702
5.190% due 10/25/2016		1,200		1,201

New Century Home Equity Loan Trust
5.432% due 09/25/2035	$	633	$	634
5.442% due 10/25/2035		179		179
Newcastle Mortgage Securities Trust
5.392% due 04/25/2036		695		696
Nomura Asset Acceptance Corp.
5.462% due 01/25/2036		889		889
Option One Mortgage Loan Trust
5.422% due 11/25/2035		1,242		1,243
Renaissance Home Equity Loan Trust
5.702% due 12/25/2032		217		217
5.472% due 10/25/2035		231		231
Residential Asset Mortgage Products, Inc.
5.402% due 12/25/2007		1,034		1,035
5.482% due 09/25/2013		106		106
5.432% due 01/25/2025		57		57
5.662% due 11/25/2033		507		508
Residential Asset Securities Corp.
5.422% due 09/25/2025		129		129
5.422% due 05/25/2027		377		377
5.392% due 06/25/2027		272		272
5.622% due 01/25/2034		3		3
5.131% due 06/25/2036		3,180		3,181
5.362% due 06/25/2036		1,884		1,884
Residential Funding Mortgage Securities II, Inc.
5.462% due 09/25/2035		2,133		2,135
SACO I, Inc.
5.432% due 10/25/2033		1,592		1,593
Securitized Asset-Backed Receivables LLC Trust
5.392% due 10/25/2035		546		546
SG Mortgage Securities Trust
5.422% due 09/25/2035		56		56
SLM Student Loan Trust
5.070% due 01/25/2013		1,216		1,216
5.120% due 07/25/2013		565		566
5.190% due 10/25/2013		776		778
Soundview Home Equity Loan Trust
5.432% due 05/25/2035		1,082		1,082
5.392% due 02/25/2036		308		308
5.392% due 03/25/2036		712		712
5.392% due 04/25/2036		161		161
5.298% due 07/25/2036		3,400		3,399
Structured Asset Investment Loan Trust
5.412% due 07/25/2035		272		272
Structured Asset Securities Corp.
4.900% due 04/25/2035		1,850		1,776
5.452% due 12/25/2035		2,388		2,390
Susquehanna Auto Lease Trust
4.991% due 04/16/2007		417		418
Truman Capital Mortgage Loan Trust
5.662% due 01/25/2034		103		103
USAA Auto Owner Trust
5.030% due 11/17/2007		800		798
Wachovia Auto Owner Trust
4.820% due 02/20/2009		9,800		9,771
Wachovia Mortgage Loan Trust LLC
5.432% due 10/25/2035		940		941
Total Asset-Backed Securities (Cost $121,422)				121,393

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

SOVEREIGN ISSUES 0.1%
Colombia Government International Bond
10.000% due 01/23/2012	$	350	$	397
Mexico Government International Bond
6.375% due 01/16/2013		177		178
Total Sovereign Issues (Cost $526)				575
FOREIGN CURRENCY-DENOMINATED ISSUES (l) 0.5%
Canadian Government Bond
3.000% due 12/01/2036 (b)	CAD	530		597
France Government Bond
3.000% due 07/25/2012 (b)	EUR	1,648		2,268
Italy Buoni Poliennali Del Tesoro
2.150% due 09/15/2014 (b)		533		691
Pylon Ltd.
4.463% due 12/18/2008 (h)		700		906
6.863% due 12/22/2008		1,100		1,421
Total Foreign Currency-Denominated Issues (Cost $5,794)				5,883
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.0%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.250% Exp. 06/07/2007	$	52,000		143
		#OF CONTRACTS
U.S. Treasury 10-Year Note September Futures (CBOT)
Strike @ $110.000 Exp. 08/25/2006		318		5
Total Purchased Call Options (Cost $228)				148
		NOTIONAL AMOUNT (000S)
PURCHASED PUT OPTIONS 0.0%
Treasury Inflation Protected Securities (OTC) 0.875% due 04/15/2010
Strike @ $83.875 Exp. 09/21/2006	$	91,000		0
Treasury Inflation Protected Securities (OTC) 1.875% due 07/15/2015
Strike @ $68.000 Exp. 09/18/2006		90,000		0
Treasury Inflation Protected Securities (OTC) 2.375% due 01/15/2025
Strike @ $58.000 Exp. 07/24/2006		87,000		0
Treasury Inflation Protected Securities (OTC) 3.000% due 07/15/2012
Strike @ $84.000 Exp. 07/24/2006		111,000		0
Treasury Inflation Protected Securities (OTC) 3.625% due 01/15/2008
Strike @ $96.000 Exp. 07/17/2006		65,000		0
U.S. dollar versus Japanese Yen (OTC)
Strike @ JY114.000 Exp. 07/03/2006		13,400		22

90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007		288	$	2
Strike @ $92.250 Exp. 03/19/2007		23		0
U.S. Treasury 10-Year Note September Futures (CBOT)
Strike @ $99.000 Exp. 08/25/2006		354		6
Strike @ $100.000 Exp. 08/25/2006		1,245		134
U.S. Treasury 5-Year Note September Futures (CBOT)
Strike @ $100.500 Exp. 08/25/2006		215		4
Total Purchased Put Options (Cost $282)				168
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS (l) 67.7%
COMMERCIAL PAPER 51.9%
Abbey National N.A. LLC
5.250% due 07/05/2006	$	30,700		30,691
ASB Bank Ltd.
5.050% due 08/10/2006		2,000		1,989
Barclays U.S. Funding Corp.
4.890% due 07/05/2006		24,200		24,193
4.955% due 07/18/2006		1,200		1,198
5.050% due 08/14/2006		1,200		1,193
BNP Paribas Finance
5.270% due 07/03/2006		6,900		6,900
Caisse d’Amortissement de la Dette Sociale
5.270% due 08/03/2006		30,800		30,660
Cox Communications, Inc.
4.720% due 07/17/2006		1,100		1,100
Danske Corp.
5.280% due 07/17/2006		27,500		27,444
4.955% due 07/20/2006		5,400		5,387
5.080% due 08/24/2006		700		695
Dexia Delaware LLC
5.275% due 07/05/2006		30,800		30,791
DnB NORBank ASA
5.180% due 09/08/2006		31,000		30,678
Fannie Mae
4.809% due 07/05/2006		5,600		5,598
Federal Home Loan Bank
5.030% due 07/03/2006		30,900		30,900
0.010% due 07/14/2006		30,900		30,851
Fortis Funding LLC
5.175% due 07/10/2006		30,800		30,769
5.265% due 07/26/2006		2,900		2,890
HBOS Treasury Services PLC
5.040% due 08/08/2006		1,000		995
Nordea N.A., Inc.
5.090% due 08/24/2006		30,000		29,780
Rabobank USA Financial Corp.
5.250% due 07/03/2006		30,900		30,900
Skandinaviska Enskilda Banken AB
4.960% due 07/20/2006		27,800		27,735
5.000% due 07/27/2006		1,100		1,096

Societe Generale N.A.
4.890% due 07/06/2006	$	16,600	$	16,593
5.040% due 08/08/2006		17,400		17,312
5.055% due 08/15/2006		300		298
Stadshypoket Delaware, Inc.
5.090% due 08/18/2006		31,300		31,096
Swedbank, Inc.
5.230% due 08/03/2006		30,800		30,661
Time Warner Telecom, Inc.
5.240% due 09/18/2006		11,100		10,968
Total Captial S.A.
5.270% due 07/03/2006		30,900		30,900
UBS Finance Delaware LLC
5.270% due 07/03/2006		200		200
5.050% due 07/05/2006		1,800		1,800
4.930% due 07/13/2006		28,700		28,661
5.235% due 08/08/2006		2,300		2,288
4.990% due 08/22/2006		1,100		1,092
Westpac Capital Corp.
5.040% due 08/02/2006		28,800		28,679
				584,981
FRANCE TREASURY BILLS 8.4%
2.785% due 10/12/2006	EUR	6,990		95,109
GERMANY TREASURY BILLS 6.5%
2.665% due 08/16/2006		48,340		73,583
TRI-PARTY REPURCHASE AGREEMENT 0.3%
State Street Bank
4.900% due 07/03/2006	$	3,075		3,075
(Dated 06/30/2006. Collateralized by Freddie Mac 3.800% due 12/27/2006 valued at $3,137. Repurchase proceeds are $3,076.)
U.S. TREASURY BILLS 0.6%
4.801% due 09/14/2006 (e)(f)(g)		6,565		6,492
Total Short-Term Instruments (Cost $757,577)				763,240
Total Investments (d) 208.5% (Cost $2,337,734)			$	2,350,300
Written Options (k) (0.1%) (Premiums $1,008)				(675)
Other Assets and Liabilities (Net) (108.4%)				(1,222,645)
Net Assets 100.0%			$	1,126,980

See Accompanying Notes Semiannual Report June 30, 2006 11

Schedule of Investments    Real Return Portfolio (Cont.)

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

(a) Residual Interest bond.

(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) As of June 30, 2006, portfolio securities with an aggregate market value of $19,567 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(e) Securities with an aggregate market value of $2,472 have been pledged as collateral for delayed-delivery securities on June 30, 2006.

(f) Securities with an aggregate market value of $742 have been pledged as collateral for swap and swaption contracts on June 30, 2006.

(g) Securities with an aggregate market value of $2,092 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2007	33	$	(38	)
90-Day Eurodollar June Futures	Long	06/2007	33		(42	)
90-Day Eurodollar March Futures	Long	03/2008	33		(38	)
90-Day Eurodollar September Futures	Long	09/2007	33		(40	)
Euro-Bund 10-Year Note September Futures	Short	09/2006	162		109
U.S. Treasury 10-Year Note September Futures	Long	09/2006	563		(320	)
U.S. Treasury 30-Year Bond September Futures	Short	09/2006	90		45
U.S. Treasury 5-Year Note September Futures	Long	09/2006	215		(145	)
				$	(469	)

(h) Restricted securities as of June 30, 2006:
Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as a Percentage of Net Assets
Pylon Ltd.	4.463%	12/18/2008	12/11/2003	$	700	$	906	0.08%
Morgan Stanley Warehouse Facilities	4.719%	08/16/2006	06/28/2004		6,200		6,200	0.55%
				$	6,900	$	7,106	0.63%

(i) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
HSBC Bank USA	6-month GBP-LIBOR	Receive	4.250%	06/12/2036	GBP	2,500	$	189
J.P. Morgan Chase & Co.	6-month GBP-LIBOR	Pay	5.000%	06/15/2008		5,000		12
Barclays Bank PLC	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.103%	10/15/2010	EUR	2,500		(4	)
BNP Paribas Bank	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010		2,500		(9	)
BNP Paribas Bank	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.150%	01/19/2016		15,000		(252	)
Goldman Sachs & Co.	6-month EUR-LIBOR	Receive	4.500%	06/17/2015		7,500		626
UBS Warburg LLC	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.146%	10/15/2010		3,700		(9	)
Bank of America	3-month USD-LIBOR	Receive	5.000%	12/20/2016	$	22,700		281
Barclays Bank PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2008		5,900		(5	)
Deutsche Bank AG	3-month USD-LIBOR	Receive	5.000%	06/21/2021		5,400		49
Deutsche Bank AG	3-month USD-LIBOR	Receive	5.000%	12/20/2026		5,700		6
Goldman Sachs & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2008		23,500		(21	)
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2013		6,500		78
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016		49,500		612
J.P. Morgan Chase & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2011		3,700		(33	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Receive	5.000%	12/20/2036		4,200		38
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2008		30,000		(27	)
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016		100		1
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2036		5,100		46
Royal Bank of Scotland PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2011		3,100		(27	)
UBS Warburg LLC	3-month USD-LIBOR	Pay	5.000%	12/20/2008		9,000		(8	)
							$	1,543

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Goldman Sachs & Co.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	3.400%	06/20/2011	$	700	$	20
J.P. Morgan Chase & Co.	General Motors Corp. 7.125% due 07/15/2013	Sell	4.600%	06/20/2007		1,000		(7	)
J.P. Morgan Chase & Co.	General Motors Corp. 7.125% due 07/15/2013	Sell	6.400%	06/20/2007		1,500		14
UBS Warburg LLC	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	5.250%	09/20/2007		1,300		38
UBS Warburg LLC	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	3.600%	06/20/2011		1,000		36
							$	101
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(j) Short sales outstanding on June 30, 2006:
Description	Coupon	Maturity Date	Principal Amount		Proceeds		Valueà
U.S. Treasury Note	3.625%	05/15/2013	$	300	$	275	$	276
U.S. Treasury Note	4.250%	08/15/2013		4,400		4,216		4,253
U.S. Treasury Note	4.000%	02/15/2014		3,000		2,813		2,836
					$	7,304	$	7,365

à Market value includes $126 of interest payable on short sales.
(k) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$	108.000	08/25/2006	920	$	135	$	29
Call - CBOT U.S. Treasury 10-Year Note September Futures		107.000	08/25/2006	258		24		24
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/25/2006	1,178		173		165
					$	332	$	218

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 10-Year Interest Rate Swap	Barclays Bank PLC	3-month USD-LIBOR	Receive	5.300%	01/02/2007	$	23,000	$	120	$	95
Put - OTC 10-Year Interest Rate Swap	Barclays Bank PLC	3-month USD-LIBOR	Pay	5.900%	01/02/2007		13,000		148		141
Put - OTC 1-Year Interest Rate Swap	Barclays Bank PLC	3-month USD-LIBOR	Pay	6.100%	01/02/2007		10,000		66		64
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.340%	06/07/2007		19,000		193		130
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.325%	06/07/2007		4,000		34		27
								$	561	$	457
Foreign Currency Options

Description	Counterparty	Exercise Price	Expiration Date	Notional Amount		Premium		Value
Put - OTC U.S. dollar versus Japanese Yen	Bank of America	JPY      104.000	07/03/2006	$	10,100	$	22	$	0
Put - OTC U.S. dollar versus Japanese Yen	Bank of America	106.500	07/03/2006		8,100		53		0
Put - OTC U.S. dollar versus Japanese Yen	Credit Suisse First Boston	106.500	07/03/2006		5,400		35		0
Put - OTC U.S. dollar versus Japanese Yen	Goldman Sachs & Co.	104.000	07/03/2006		2,300		5		0
						$	115	$	0

See Accompanying Notes Semiannual Report June 30, 2006 13

Schedule of Investments    Real Return Portfolio (Cont.)

(l) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell	CAD	609	07/2006	$	6	$	0		$	6
Buy	EUR	11,877	07/2006		336		0			336
Sell		6,903	07/2006		0		(68	)		(68	)
Sell		129,792	08/2006		0		(2,834	)		(2,834	)
Buy	JPY	625,120	07/2006		0		(3	)		(3	)
Buy		2,811,673	08/2006		0		(743	)		(743	)
Buy	PLN	264	09/2006		1		0			1
Buy	RUB	2,255	09/2006		3		0			3
Buy	SKK	2,349	09/2006		2		0			2
				$	348	$	(3,648	)	$	(3,300	)

14 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2006 (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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class and Advisor 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events when the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
CAD	Canadian Dollar	PLN	Polish Zloty
EUR	Euro	RUB	Russian Ruble
GBP	British Pound	SKK	Slovakian Koruna
JPY	Japanese Yen

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

Loan Participant and Assignments.  The Portfolio may invest in direct debt instruments which are interests in amounts owned by corporate, governmental, or other borrowers 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. Then 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 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. At the end of the period, the Portfolio had no unfunded loan commitments.

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

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 underlying securities for all repurchase agreements are held in safekeeping at the Portfolio’s custodian or designated subcustodians under triparty repurchase agreements. The market value of the collateral must be equal to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

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. Securities sold in short sale transactions and interest payable on such securities, if any, are reflected as a liability in the Statement of Assets and Liabilities. 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.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities

that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of a credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service in take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain or loss in the Statement of

Semiannual Report June 30, 2006 17

Notes to Financial Statements (Cont.)

Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

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

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	8,549,666	$	8,379,973	$	$109,598	$	27,378

18 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $		Premium
Balance at 12/31/2005	158		$	0	$	34
Sales	3,113			94,900		1,241
Closing Buys	(429	)		0		(89	)
Expirations	(371	)		0		(91	)
Exercised	(115	)		0		(87	)
Balance at 06/30/2006	2,356		$	94,900	$	1,008

6.  SHARES OF BENEFICIAL INTEREST

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

��	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	160		$	1,995		890		$	11,510
Administrative Class	16,583			206,303		35,702			460,693
Advisor Class	66			804		0			0
Issued as reinvestment of distributions
Institutional Class	71			880		137			1,759
Administrative Class	1,666			20,703		2,742			35,153
Advisor Class	0			3		0			0
Cost of shares redeemed
Institutional Class	(305	)		(3,802	)	(349	)		(4,483	)
Administrative Class	(9,697	)		(120,373	)	(7,983	)		(102,785	)
Advisor Class	(10	)		(118	)	0			0
Net increase resulting from Portfolio share transactions	8,534		$	106,395		31,139		$	401,847

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 Shareholders	% of Portfolio Held
Institutional Class	2	95
Administrative Class	4	56*
Advisor Class	2	90

* One of the shareholders, Allianz Life Insurance Co. of North America, is an indirect wholly owned subsidiary of AGI and a related party to the Portfolio.

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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
$      15,040	$        (2,474)	$      12,566

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the

Semiannual Report June 30, 2006 19

Notes to Financial Statements (Cont.)

Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

20 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Institutional

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Real Return Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	15

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Real Return Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, non-U.S. investment risk, currency risk, issuer non-diversification risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Lehman Brothers U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding.

Semiannual Report June 30, 2006 3

PIMCO Real Return Portfolio

Cumulative Returns Through June 30, 2006

                    Real Return Portfolio            Lehman Brothers
                     Institutional Class             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
07/31/2004                    15,753                     15,008
08/31/2004                    16,127                     15,411
09/30/2004                    16,182                     15,441
10/31/2004                    16,363                     15,596
11/30/2004                    16,348                     15,558
12/31/2004                    16,626                     15,830
01/31/2005                    16,586                     15,831
02/28/2005                    16,562                     15,763
03/31/2005                    16,606                     15,778
04/30/2005                    16,886                     16,079
05/31/2005                    16,989                     16,189
06/30/2005                    17,042                     16,258
07/31/2005                    16,721                     15,917
08/31/2005                    17,119                     16,284
09/30/2005                    17,077                     16,261
10/31/2005                    16,861                     16,054
11/30/2005                    16,820                     16,081
12/31/2005                    16,999                     16,279
01/31/2006                    17,079                     16,278
02/28/2006                    17,105                     16,270
03/31/2006                    16,680                     15,913
04/30/2006                    16,723                     15,900
05/31/2006                    16,781                     15,946
06/30/2006                    16,789                     15,992

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Institutional Class.

Sector Breakdown^‡

U.S. Treasury Obligations	50.9%
Short-Term Instruments	32.5%
U.S. Government Agencies	6.4%
Asset-Backed Securities	5.2%
Other	5.0%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since     Inception     (04/10/00)**
	PIMCO Real Return Portfolio Institutional Class	-1.23%	-1.49%	7.67%	8.80%
	Lehman Brothers U.S. TIPS Index	-1.77%	-1.64%	7.00%	8.03%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Institutional Class shares commenced operations on 04/10/00. Index comparisons began on 03/31/00.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	987.70	$	1,022.27
Expenses Paid During Period†	$	2.51	$	2.56

† Expenses are equal to the Portfolio’s Institutional Class annualized expense ratio of 0.51%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 instrumentalities, and corporations.

» For the six-month period ending June 30, 2006, ten-year real yields increased by 0.48%, compared to a 0.82% increase for conventional U.S. Treasury issues of similar maturity.

» The Portfolio’s above benchmark duration for the first three-months of the period detracted from overall performance, as real yields rose on strong U.S. economic growth. The effective duration of the Portfolio was 6.79 years on June 30, 2006 compared to a duration of 6.11 years for the benchmark.

» The Portfolio’s emphasis on U.S. nominal bonds was negative for performance, as nominal yields rose faster than real yields based on higher inflation expectations and the outlook for further Federal Reserve tightening.

» Exposure to short maturity U.S. nominal bonds for the period detracted significantly from performance due to a substantial flattening of the nominal yield curve.

» Currency exposure added to performance resulting from a depreciation of the U.S. dollar relative to the Euro and Japanese Yen.

» Mortgage holdings during the period were positive due to favorable coupon selection, particularly 15-year FNMA 5.0% and 30-year FNMA 5.5% coupons, which outperformed the broader Index.

» Positions in pay-fixed swaps were beneficial with swap spreads mostly widening over the period.

4 PIMCO Variable Insurance Trust

Financial Highlights  Real Return Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Institutional Class
Net asset value beginning of period	$	12.69		$	12.92		$	12.36		$	11.90		$	10.56		$	10.34
Net investment income (a)		0.25			0.37			0.15			0.25			0.49			0.57
Net realized/unrealized gain (loss) on investments (a)		(0.41	)		(0.08	)		0.96			0.81			1.36			0.43
Total income (loss) from investment operations		(0.16	)		0.29			1.11			1.06			1.85			1.00
Dividends from net investment income		(0.25	)		(0.38	)		(0.14	)		(0.34	)		(0.49	)		(0.64	)
Distributions from net realized capital gains		0.00			(0.14	)		(0.41	)		(0.26	)		(0.02	)		(0.14	)
Total distributions		(0.25	)		(0.52	)		(0.55	)		(0.60	)		(0.51	)		(0.78	)
Net asset value end of period	$	12.28		$	12.69		$	12.92		$	12.36		$	11.90		$	10.56
Total return		(1.23	)%		2.24	%		9.08	%		9.00	%		17.93	%		9.79	%
Net assets end of period (000s)	$	42,291		$	44,659		$	36,691		$	26,540		$	16		$	14
Ratio of expenses to average net assets		0.51	%*(b)		0.51	%(b)		0.50	%		0.51	%(b)		0.51	%(b)		0.50	%
Ratio of net investment income to average net assets		4.09	%*		2.88	%		1.14	%		2.06	%		4.40	%		5.32	%
Portfolio turnover rate		530	%		1,102	%		1,064	%		738	%		87	%		58	%

+ 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%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Real Return Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	2,350,300
Cash		77
Foreign currency, at value		1,422
Receivable for investments sold		12
Receivable for investments sold on delayed-delivery basis		22,982
Receivable for Portfolio shares sold		766
Interest and dividends receivable		4,444
Variation margin receivable		255
Swap premiums paid		5,195
Unrealized appreciation on forward foreign currency contracts		348
Unrealized appreciation on swap agreements		2,046	��
		2,387,847
Liabilities:
Payable for investments purchased	$	32,923
Payable for investments purchased on delayed-delivery basis		1,206,598
Payable for short sales		7,365
Payable for Portfolio shares redeemed		3,639
Written options outstanding		675
Accrued investment advisory fee		247
Accrued administration fee		247
Accrued servicing fee		129
Dividends payable		11
Variation margin payable		56
Swap premiums received		1,677
Unrealized depreciation on forward foreign currency contracts		3,648
Unrealized depreciation on swap agreements		402
Other liabilities		3,250
		1,260,867
Net Assets	$	1,126,980
Net Assets Consist of:
Paid in capital	$	1,156,146
Undistributed net investment income		5,699
Accumulated undistributed net realized (loss)		(42,472	)
Net unrealized appreciation		7,607
	$	1,126,980
Net Assets:
Institutional Class	$	42,291
Administrative Class		1,084,003
Advisor Class		686
Shares Issued and Outstanding:
Institutional Class		3,444
Administrative Class		88,285
Advisor Class		56
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	12.28
Administrative Class		12.28
Advisor Class		12.28
Cost of Investments Owned	$	2,337,734
Cost of Foreign Currency Held	$	1,398
Proceeds Received on Short Sales	$	7,304
Premiums Received on Written Options	$	1,008

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Real Return Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	25,056
Miscellaneous income		2
Total Income		25,058
Expenses:
Investment advisory fees		1,362
Administration fees		1,362
Servicing fees – Administrative Class		785
Trustee’s Fees		6
Interest expense		60
Total Expenses		3,575
Net Investment Income		21,483
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(45,095	)
Net realized gain on futures contracts, options and swaps		5,187
Net realized (loss) on foreign currency transactions		(1,030	)
Net change in unrealized appreciation on investments		725
Net change in unrealized appreciation on futures contracts, options and swaps		1,515
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		2,739
Net (Loss)		(35,959	)
Net (Decrease) in Net Assets Resulting from Operations	$	(14,476	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Real Return Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	21,483		$	24,960
Net realized gain (loss)		(40,938	)		521
Net change in unrealized appreciation (depreciation)		4,979			(6,910	)
Net increase (decrease) resulting from operations		(14,476	)		18,571
Distributions to Shareholders:
From net investment income
Institutional Class		(880	)		(1,276	)
Administrative Class		(20,757	)		(24,317	)
Advisor Class		(3	)		0
From net realized capital gains
Institutional Class		0			(483	)
Administrative Class		0			(10,897	)
Advisor Class		0			0
Total Distributions		(21,640	)		(36,973	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		1,995			11,510
Administrative Class		206,303			460,693
Advisor Class		804			0
Issued as reinvestment of distributions
Institutional Class		880			1,759
Administrative Class		20,703			35,153
Advisor Class		3			0
Cost of shares redeemed
Institutional Class		(3,802	)		(4,483	)
Administrative Class		(120,373	)		(102,785	)
Advisor Class		(118	)		0
Net increase resulting from Portfolio share transactions		106,395			401,847
Total Increase in Net Assets		70,279			383,445
Net Assets:
Beginning of period		1,056,701			673,256
End of period*	$	1,126,980		$	1,056,701
*Including undistributed net investment income of:	$	5,699		$	5,856

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Real Return Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
BANK LOAN OBLIGATIONS 0.1%
Georgia-Pacific Corp.
6.726% due 12/20/2012	$	45	$	46
6.880% due 12/20/2012		762		761
7.170% due 12/20/2012		190		190
Total Bank Loan Obligations (Cost $997)				997
CORPORATE BONDS & NOTES 5.2%
BANKING & FINANCE 4.4%
Atlantic & Western Re Ltd.
11.508% due 01/09/2007		1,400		1,379
11.758% due 01/09/2009		900		848
BAE Systems Holdings, Inc.
5.570% due 08/15/2008		300		301
Charter One Bank N.A.
5.157% due 04/24/2009		8,400		8,405
Citigroup, Inc.
5.199% due 05/02/2008		1,000		1,001
5.166% due 01/30/2009		1,000		1,000
Ford Motor Credit Co.
6.374% due 03/21/2007		6,400		6,378
General Electric Capital Corp.
5.311% due 03/04/2008		2,800		2,803
5.340% due 12/12/2008		900		901
General Motors Acceptance Corp.
6.750% due 12/01/2014		1,600		1,488
Goldman Sachs Group, Inc.
5.386% due 08/01/2006		2,800		2,800
5.790% due 06/28/2010		4,700		4,728
Mirage Resorts, Inc.
7.250% due 10/15/2006		100		101
Morgan Stanley Warehouse Facilities
4.719% due 08/16/2006 (h)		6,200		6,200
Phoenix Quake Ltd.
7.958% due 07/03/2008		500		507
Phoenix Quake Wind Ltd.
7.440% due 07/03/2008		2,000		2,021
Rabobank Nederland
5.088% due 01/15/2009		800		800
Toyota Motor Credit Corp.
5.192% due 09/18/2006		4,600		4,600
Travelers Property Casualty Corp.
3.750% due 03/15/2008		100		97
Vita Capital Ltd.
6.340% due 01/01/2007		700		702
Wachovia Bank N.A.
5.308% due 12/02/2010		2,400		2,402
				49,462
INDUSTRIALS 0.7%
Caesars Entertainment, Inc.
8.500% due 11/15/2006		300		303
CSC Holdings, Inc.
7.875% due 12/15/2007		600		609
DaimlerChrysler N.A. Holding Corp.
5.486% due 03/07/2007		3,500		3,501
EchoStar DBS Corp.
5.750% due 10/01/2008		500		490

El Paso Corp.
7.625% due 08/16/2007	$	100	$	101
6.950% due 12/15/2007		100		101
7.625% due 09/01/2008		1,000		1,018
HCA, Inc.
7.250% due 05/20/2008		100		102
Host Marriott LP
9.500% due 01/15/2007		300		309
9.250% due 10/01/2007		100		104
Pemex Project Funding Master Trust
7.375% due 12/15/2014		500		517
8.625% due 02/01/2022		200		224
Royal Caribbean Cruises Ltd.
7.250% due 08/15/2006		400		402
7.000% due 10/15/2007		200		203
Starwood Hotels & Resorts Worldwide, Inc.
7.375% due 05/01/2007		100		101
				8,085
UTILITIES 0.1%
Cleveland Electric Illuminating Co.
6.860% due 10/01/2008		100		102
Embarq Corp.
7.082% due 06/01/2016		300		299
Nisource Finance Corp.
5.764% due 11/23/2009		800		802
				1,203
Total Corporate Bonds & Notes (Cost $58,671)				58,750
MUNICIPAL BONDS & NOTES 0.1%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Notes, Series 2002
6.000% due 06/01/2017 (a)		475		501
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2006
5.781% due 06/15/2038 (a)		130		121
Rhode Island State Tobacco Settlement Financing Corporations Revenue Notes, Series 2002
6.000% due 06/01/2023 (a)		500		523
Total Municipal Bonds & Notes (Cost $1,012)				1,145
U.S. GOVERNMENT AGENCIES 13.3%
Fannie Mae
4.192% due 11/01/2034		7,868		7,714
4.500% due 10/25/2022		200		199
4.606% due 07/01/2035		1,045		1,031
4.681% due 02/25/2036		2,900		2,810
4.716% due 01/01/2035		847		832
5.111% due 09/07/2006		27,600		27,590
5.211% due 03/01/2044 - 09/01/2044 (c)		13,622		13,686
5.299% due 09/21/2006		14,100		14,098
5.472% due 08/25/2034		985		984
5.500% due 03/01/2034 - 07/13/2036 (c)		45,489		43,717
5.672% due 05/25/2042		384		385
5.950% due 02/25/2044		1,500		1,487
6.361% due 11/01/2024		23		24
Freddie Mac
4.000% due 03/15/2023 - 10/15/2023 (c)		1,434		1,403
4.555% due 01/01/2034		847		829
5.211% due 10/25/2044 - 02/25/2045 (c)		27,174		27,276

5.549% due 12/15/2030	$	598	$	599
5.582% due 08/25/2031		267		268
Small Business Administration
4.504% due 02/01/2014		1,938		1,826
Small Business Administration Participation Certificates
4.880% due 11/01/2024		3,881		3,670
Total U.S. Government Agencies (Cost $151,517)				150,428
U.S. TREASURY OBLIGATIONS 106.1%
Treasury Inflation Protected Securities (b)
3.375% due 01/15/2007		255		256
3.625% due 01/15/2008		72,756		74,029
3.875% due 01/15/2009		79,566		82,438
4.250% due 01/15/2010		50,443		53,603
0.875% due 04/15/2010		108,925		102,785
3.500% due 01/15/2011		48,130		50,358
2.375% due 04/15/2011		18,044		17,978
3.375% due 01/15/2012		4,558		4,776
3.000% due 07/15/2012		107,133		110,356
1.875% due 07/15/2013		43,406		41,712
2.000% due 01/15/2014		102,388		98,861
2.000% due 07/15/2014		99,400		95,754
1.625% due 01/15/2015		3,497		3,261
1.875% due 07/15/2015		115,676		109,797
2.000% due 01/15/2016		16,209		15,484
2.375% due 01/15/2025		93,066		90,609
2.000% due 01/15/2026		39,962		36,600
3.625% due 04/15/2028		66,504		78,934
3.875% due 04/15/2029		83,450		103,282
3.375% due 04/15/2032		1,824		2,154
U.S. Treasury Bonds
8.875% due 08/15/2017		1,000		1,305
6.625% due 02/15/2027		1,300		1,514
4.500% due 02/15/2036		4,400		3,947
U.S. Treasury Notes
4.500% due 02/28/2011		1,700		1,658
4.875% due 04/30/2011		10,600		10,495
4.250% due 11/15/2014		1,000		941
4.125% due 05/15/2015		100		93
4.500% due 11/15/2015		2,800		2,668
Total U.S. Treasury Obligations (Cost $1,187,521)				1,195,648
MORTGAGE-BACKED SECURITIES 4.6%
Banc of America Funding Corp.
4.622% due 02/20/2036		3,602		3,519
Banc of America Mortgage Securities
6.500% due 02/25/2033		232		231
Bear Stearns Adjustable Rate Mortgage Trust
4.203% due 01/25/2034		2,567		2,554
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		4,662		4,572
4.900% due 12/25/2035		277		275
Countrywide Alternative Loan Trust
5.392% due 06/25/2046		992		989
Countrywide Home Loan Mortgage Pass-Through Trust
3.795% due 11/19/2033		291		278
5.662% due 06/25/2035		867		867
CS First Boston Mortgage Securities Corp.
4.938% due 05/15/2010		1,222		1,204
First Horizon Alternative Mortgage Securities
4.744% due 06/25/2034		1,123		1,101

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    Real Return Portfolio (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
GE Capital Commercial Mortgage Corp.
4.229% due 12/10/2037	$	8,709	$	8,415
GGP Mall Properties Trust
5.007% due 11/15/2011		1,431		1,429
Greenpoint Mortgage Funding Trust
5.542% due 05/25/2045		1,860		1,867
5.592% due 11/25/2045		1,203		1,206
GSR Mortgage Loan Trust
4.540% due 09/25/2035		2,469		2,403
Lehman XS Trust
5.402% due 06/25/2036		1,500		1,502
5.402% due 04/25/2046		2,937		2,938
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		700		659
Mellon Residential Funding Corp.
5.639% due 12/15/2030		1,275		1,280
5.549% due 11/15/2031		1,558		1,561
Sequoia Mortgage Trust
5.602% due 10/19/2026		537		538
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		885		867
5.682% due 01/25/2035		819		827
Structured Asset Mortgage Investments, Inc.
5.540% due 05/25/2035		500		501
Washington Mutual, Inc.
5.612% due 08/25/2045		428		429
5.612% due 10/25/2045		6,531		6,573
5.582% due 12/25/2045		939		942
5.259% due 07/25/2046		2,400		2,398
Total Mortgage-Backed Securities (Cost $52,187)				51,925
ASSET-BACKED SECURITIES 10.8%
AAA Trust
5.422% due 11/26/2035		198		198
ACE Securities Corp.
5.432% due 10/25/2035		3,202		3,205
Aegis Asset-Backed Securities Trust
5.522% due 09/25/2034		253		254
Argent Securities, Inc.
5.442% due 10/25/2035		953		953
5.462% due 12/25/2035		3,617		3,619
5.402% due 03/25/2036		1,614		1,615
5.392% due 05/25/2036		1,131		1,131
Asset-Backed Funding Certificates
5.432% due 08/25/2035		662		663
Bayview Financial Acquisition Trust
5.791% due 08/28/2034		1,499		1,501
Bear Stearns Asset-Backed Securities, Inc.
5.652% due 10/25/2032		58		58
5.522% due 09/25/2034		1,238		1,239
5.402% due 11/25/2035		797		797
5.652% due 01/25/2036		304		304
5.772% due 03/25/2043		191		191
Capital One Auto Finance Trust
5.117% due 05/15/2007		1,483		1,483
Carrington Mortgage Loan Trust
5.402% due 06/25/2035		55		55
Centex Home Equity
5.372% due 06/25/2036		3,589		3,590

Chase Credit Card Master Trust
5.579% due 11/17/2008	$	1,200	$	1,201
Citigroup Mortgage Loan Trust, Inc.
5.402% due 12/27/2036		2,142		2,144
Countrywide Asset-Backed Certificates
5.452% due 02/25/2036		1,095		1,096
5.392% due 03/25/2036		1,937		1,937
5.392% due 04/25/2036		1,014		1,015
5.371% due 07/25/2036		2,300		2,303
5.395% due 07/25/2036		900		901
Equity One ABS, Inc.
5.622% due 04/25/2034		255		257
FBR Securitization Trust
5.442% due 09/25/2035		782		783
5.502% due 09/25/2035		2,400		2,402
5.432% due 10/25/2035		6,540		6,545
5.442% due 10/25/2035		712		713
First Franklin Mortgage Loan Asset-Backed Certificates
5.412% due 01/25/2036		2,308		2,310
First NLC Trust
5.432% due 12/25/2035		1,340		1,341
Ford Credit Auto Owner Trust
4.240% due 03/15/2008		1,074		1,069
Fremont Home Loan Trust
5.412% due 01/25/2036		3,071		3,074
GSAMP Trust
5.612% due 03/25/2034		357		358
5.412% due 11/25/2035		2,995		2,997
5.432% due 01/25/2036		2,593		2,595
GSR Mortgage Loan Trust
5.422% due 12/25/2030		1,481		1,481
Home Equity Asset Trust
5.432% due 02/25/2036		851		852
5.402% due 05/25/2036		955		955
HSI Asset Securitization Corp. Trust
5.402% due 12/25/2035		1,163		1,164
Indymac Residential Asset-Backed Trust
5.422% due 03/25/2036		1,293		1,294
JP Morgan Mortgage Acquisition Corp.
5.392% due 01/25/2026		1,456		1,457
Long Beach Mortgage Loan Trust
5.522% due 11/25/2034		1,138		1,139
5.412% due 01/25/2036		620		621
5.402% due 02/25/2036		864		865
5.392% due 03/25/2036		403		403
5.382% due 04/25/2036		369		369
Mastr Asset-Backed Securities Trust
5.402% due 01/25/2036		2,062		2,064
Merrill Lynch Mortgage Investors, Inc.
5.422% due 06/25/2036		318		319
5.479% due 06/25/2036		3,100		3,100
5.402% due 01/25/2037		748		748
5.400% due 05/25/2037		1,200		1,201
Morgan Stanley ABS Capital I
5.381% due 06/25/2036		4,600		4,599
Nelnet Student Loan Trust
5.051% due 10/27/2014		300		300
5.190% due 07/25/2016		700		702
5.190% due 10/25/2016		1,200		1,201

New Century Home Equity Loan Trust
5.432% due 09/25/2035	$	633	$	634
5.442% due 10/25/2035		179		179
Newcastle Mortgage Securities Trust
5.392% due 04/25/2036		695		696
Nomura Asset Acceptance Corp.
5.462% due 01/25/2036		889		889
Option One Mortgage Loan Trust
5.422% due 11/25/2035		1,242		1,243
Renaissance Home Equity Loan Trust
5.702% due 12/25/2032		217		217
5.472% due 10/25/2035		231		231
Residential Asset Mortgage Products, Inc.
5.402% due 12/25/2007		1,034		1,035
5.482% due 09/25/2013		106		106
5.432% due 01/25/2025		57		57
5.662% due 11/25/2033		507		508
Residential Asset Securities Corp.
5.422% due 09/25/2025		129		129
5.422% due 05/25/2027		377		377
5.392% due 06/25/2027		272		272
5.622% due 01/25/2034		3		3
5.131% due 06/25/2036		3,180		3,181
5.362% due 06/25/2036		1,884		1,884
Residential Funding Mortgage Securities II, Inc.
5.462% due 09/25/2035		2,133		2,135
SACO I, Inc.
5.432% due 10/25/2033		1,592		1,593
Securitized Asset-Backed Receivables LLC Trust
5.392% due 10/25/2035		546		546
SG Mortgage Securities Trust
5.422% due 09/25/2035		56		56
SLM Student Loan Trust
5.070% due 01/25/2013		1,216		1,216
5.120% due 07/25/2013		565		566
5.190% due 10/25/2013		776		778
Soundview Home Equity Loan Trust
5.432% due 05/25/2035		1,082		1,082
5.392% due 02/25/2036		308		308
5.392% due 03/25/2036		712		712
5.392% due 04/25/2036		161		161
5.298% due 07/25/2036		3,400		3,399
Structured Asset Investment Loan Trust
5.412% due 07/25/2035		272		272
Structured Asset Securities Corp.
4.900% due 04/25/2035		1,850		1,776
5.452% due 12/25/2035		2,388		2,390
Susquehanna Auto Lease Trust
4.991% due 04/16/2007		417		418
Truman Capital Mortgage Loan Trust
5.662% due 01/25/2034		103		103
USAA Auto Owner Trust
5.030% due 11/17/2007		800		798
Wachovia Auto Owner Trust
4.820% due 02/20/2009		9,800		9,771
Wachovia Mortgage Loan Trust LLC
5.432% due 10/25/2035		940		941
Total Asset-Backed Securities (Cost $121,422)				121,393

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
SOVEREIGN ISSUES 0.1%
Colombia Government International Bond
10.000% due 01/23/2012	$	350	$	397
Mexico Government International Bond
6.375% due 01/16/2013		177		178
Total Sovereign Issues (Cost $526)				575
FOREIGN CURRENCY-DENOMINATED ISSUES (l) 0.5%
Canadian Government Bond
3.000% due 12/01/2036 (b)	CAD	530		597
France Government Bond
3.000% due 07/25/2012 (b)	EUR	1,648		2,268
Italy Buoni Poliennali Del Tesoro
2.150% due 09/15/2014 (b)		533		691
Pylon Ltd.
4.463% due 12/18/2008 (h)		700		906
6.863% due 12/22/2008		1,100		1,421
Total Foreign Currency-Denominated Issues (Cost $5,794)				5,883
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.0%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.250% Exp. 06/07/2007	$	52,000		143
		#OF CONTRACTS
U.S. Treasury 10-Year Note September Futures (CBOT)
Strike @ $110.000 Exp. 08/25/2006		318		5
Total Purchased Call Options (Cost $228)				148
		NOTIONAL AMOUNT (000S)
PURCHASED PUT OPTIONS 0.0%
Treasury Inflation Protected Securities (OTC) 0.875% due 04/15/2010
Strike @ $83.875 Exp. 09/21/2006	$	91,000		0
Treasury Inflation Protected Securities (OTC) 1.875% due 07/15/2015
Strike @ $68.000 Exp. 09/18/2006		90,000		0
Treasury Inflation Protected Securities (OTC) 2.375% due 01/15/2025
Strike @ $58.000 Exp. 07/24/2006		87,000		0
Treasury Inflation Protected Securities (OTC) 3.000% due 07/15/2012
Strike @ $84.000 Exp. 07/24/2006		111,000		0
Treasury Inflation Protected Securities (OTC) 3.625% due 01/15/2008
Strike @ $96.000 Exp. 07/17/2006		65,000		0
U.S. dollar versus Japanese Yen (OTC)
Strike @ JY114.000 Exp. 07/03/2006		13,400		22

90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007		288	$	2
Strike @ $92.250 Exp. 03/19/2007		23		0
U.S. Treasury 10-Year Note September Futures (CBOT)
Strike @ $99.000 Exp. 08/25/2006		354		6
Strike @ $100.000 Exp. 08/25/2006		1,245		134
U.S. Treasury 5-Year Note September Futures (CBOT)
Strike @ $100.500 Exp. 08/25/2006		215		4
Total Purchased Put Options (Cost $282)				168
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS (l) 67.7%
COMMERCIAL PAPER 51.9%
Abbey National N.A. LLC
5.250% due 07/05/2006	$	30,700		30,691
ASB Bank Ltd.
5.050% due 08/10/2006		2,000		1,989
Barclays U.S. Funding Corp.
4.890% due 07/05/2006		24,200		24,193
4.955% due 07/18/2006		1,200		1,198
5.050% due 08/14/2006		1,200		1,193
BNP Paribas Finance
5.270% due 07/03/2006		6,900		6,900
Caisse d’Amortissement de la Dette Sociale
5.270% due 08/03/2006		30,800		30,660
Cox Communications, Inc.
4.720% due 07/17/2006		1,100		1,100
Danske Corp.
5.280% due 07/17/2006		27,500		27,444
4.955% due 07/20/2006		5,400		5,387
5.080% due 08/24/2006		700		695
Dexia Delaware LLC
5.275% due 07/05/2006		30,800		30,791
DnB NORBank ASA
5.180% due 09/08/2006		31,000		30,678
Fannie Mae
4.809% due 07/05/2006		5,600		5,598
Federal Home Loan Bank
5.030% due 07/03/2006		30,900		30,900
0.010% due 07/14/2006		30,900		30,851
Fortis Funding LLC
5.175% due 07/10/2006		30,800		30,769
5.265% due 07/26/2006		2,900		2,890
HBOS Treasury Services PLC
5.040% due 08/08/2006		1,000		995
Nordea N.A., Inc.
5.090% due 08/24/2006		30,000		29,780
Rabobank USA Financial Corp.
5.250% due 07/03/2006		30,900		30,900
Skandinaviska Enskilda Banken AB
4.960% due 07/20/2006		27,800		27,735
5.000% due 07/27/2006		1,100		1,096

Societe Generale N.A.
4.890% due 07/06/2006	$	16,600	$	16,593
5.040% due 08/08/2006		17,400		17,312
5.055% due 08/15/2006		300		298
Stadshypoket Delaware, Inc.
5.090% due 08/18/2006		31,300		31,096
Swedbank, Inc.
5.230% due 08/03/2006		30,800		30,661
Time Warner Telecom, Inc.
5.240% due 09/18/2006		11,100		10,968
Total Captial S.A.
5.270% due 07/03/2006		30,900		30,900
UBS Finance Delaware LLC
5.270% due 07/03/2006		200		200
5.050% due 07/05/2006		1,800		1,800
4.930% due 07/13/2006		28,700		28,661
5.235% due 08/08/2006		2,300		2,288
4.990% due 08/22/2006		1,100		1,092
Westpac Capital Corp.
5.040% due 08/02/2006		28,800		28,679
				584,981
FRANCE TREASURY BILLS 8.4%
2.785% due 10/12/2006	EUR	6,990		95,109
GERMANY TREASURY BILLS 6.5%
2.665% due 08/16/2006		48,340		73,583
TRI-PARTY REPURCHASE AGREEMENT 0.3%
State Street Bank
4.900% due 07/03/2006	$	3,075		3,075
(Dated 06/30/2006. Collateralized by Freddie Mac 3.800% due 12/27/2006 valued at $3,137. Repurchase proceeds are $3,076.)
U.S. TREASURY BILLS 0.6%
4.801% due 09/14/2006 (e)(f)(g)		6,565		6,492
Total Short-Term Instruments (Cost $757,577)				763,240
Total Investments (d) 208.5% (Cost $2,337,734)			$	2,350,300
Written Options (k) (0.1%) (Premiums $1,008)				(675)
Other Assets and Liabilities (Net) (108.4%)				(1,222,645)
Net Assets 100.0%			$	1,126,980

See Accompanying Notes Semiannual Report June 30, 2006 11

Schedule of Investments    Real Return Portfolio (Cont.)

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

(a) Residual Interest bond.

(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) As of June 30, 2006, portfolio securities with an aggregate market value of $19,567 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(e) Securities with an aggregate market value of $2,472 have been pledged as collateral for delayed-delivery securities on June 30, 2006.

(f) Securities with an aggregate market value of $742 have been pledged as collateral for swap and swaption contracts on June 30, 2006.

(g) Securities with an aggregate market value of $2,092 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2007	33	$	(38	)
90-Day Eurodollar June Futures	Long	06/2007	33		(42	)
90-Day Eurodollar March Futures	Long	03/2008	33		(38	)
90-Day Eurodollar September Futures	Long	09/2007	33		(40	)
Euro-Bund 10-Year Note September Futures	Short	09/2006	162		109
U.S. Treasury 10-Year Note September Futures	Long	09/2006	563		(320	)
U.S. Treasury 30-Year Bond September Futures	Short	09/2006	90		45
U.S. Treasury 5-Year Note September Futures	Long	09/2006	215		(145	)
				$	(469	)

(h) Restricted securities as of June 30, 2006:
Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as a Percentage of Net Assets
Pylon Ltd.	4.463%	12/18/2008	12/11/2003	$	700	$	906	0.08%
Morgan Stanley Warehouse Facilities	4.719%	08/16/2006	06/28/2004		6,200		6,200	0.55%
				$	6,900	$	7,106	0.63%

(i) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
HSBC Bank USA	6-month GBP-LIBOR	Receive	4.250%	06/12/2036	GBP	2,500	$	189
J.P. Morgan Chase & Co.	6-month GBP-LIBOR	Pay	5.000%	06/15/2008		5,000		12
Barclays Bank PLC	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.103%	10/15/2010	EUR	2,500		(4	)
BNP Paribas Bank	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010		2,500		(9	)
BNP Paribas Bank	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.150%	01/19/2016		15,000		(252	)
Goldman Sachs & Co.	6-month EUR-LIBOR	Receive	4.500%	06/17/2015		7,500		626
UBS Warburg LLC	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.146%	10/15/2010		3,700		(9	)
Bank of America	3-month USD-LIBOR	Receive	5.000%	12/20/2016	$	22,700		281
Barclays Bank PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2008		5,900		(5	)
Deutsche Bank AG	3-month USD-LIBOR	Receive	5.000%	06/21/2021		5,400		49
Deutsche Bank AG	3-month USD-LIBOR	Receive	5.000%	12/20/2026		5,700		6
Goldman Sachs & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2008		23,500		(21	)
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2013		6,500		78
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016		49,500		612
J.P. Morgan Chase & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2011		3,700		(33	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Receive	5.000%	12/20/2036		4,200		38
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2008		30,000		(27	)
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016		100		1
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2036		5,100		46
Royal Bank of Scotland PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2011		3,100		(27	)
UBS Warburg LLC	3-month USD-LIBOR	Pay	5.000%	12/20/2008		9,000		(8	)
							$	1,543

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Goldman Sachs & Co.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	3.400%	06/20/2011	$	700	$	20
J.P. Morgan Chase & Co.	General Motors Corp. 7.125% due 07/15/2013	Sell	4.600%	06/20/2007		1,000		(7	)
J.P. Morgan Chase & Co.	General Motors Corp. 7.125% due 07/15/2013	Sell	6.400%	06/20/2007		1,500		14
UBS Warburg LLC	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	5.250%	09/20/2007		1,300		38
UBS Warburg LLC	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	3.600%	06/20/2011		1,000		36
							$	101
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(j) Short sales outstanding on June 30, 2006:
Description	Coupon	Maturity Date	Principal Amount		Proceeds		Valueà
U.S. Treasury Note	3.625%	05/15/2013	$	300	$	275	$	276
U.S. Treasury Note	4.250%	08/15/2013		4,400		4,216		4,253
U.S. Treasury Note	4.000%	02/15/2014		3,000		2,813		2,836
					$	7,304	$	7,365

à Market value includes $126 of interest payable on short sales.
(k) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$	108.000	08/25/2006	920	$	135	$	29
Call - CBOT U.S. Treasury 10-Year Note September Futures		107.000	08/25/2006	258		24		24
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/25/2006	1,178		173		165
					$	332	$	218

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 10-Year Interest Rate Swap	Barclays Bank PLC	3-month USD-LIBOR	Receive	5.300%	01/02/2007	$	23,000	$	120	$	95
Put - OTC 10-Year Interest Rate Swap	Barclays Bank PLC	3-month USD-LIBOR	Pay	5.900%	01/02/2007		13,000		148		141
Put - OTC 1-Year Interest Rate Swap	Barclays Bank PLC	3-month USD-LIBOR	Pay	6.100%	01/02/2007		10,000		66		64
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.340%	06/07/2007		19,000		193		130
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.325%	06/07/2007		4,000		34		27
								$	561	$	457
Foreign Currency Options

Description	Counterparty	Exercise Price	Expiration Date	Notional Amount		Premium		Value
Put - OTC U.S. dollar versus Japanese Yen	Bank of America	JPY      104.000	07/03/2006	$	10,100	$	22	$	0
Put - OTC U.S. dollar versus Japanese Yen	Bank of America	106.500	07/03/2006		8,100		53		0
Put - OTC U.S. dollar versus Japanese Yen	Credit Suisse First Boston	106.500	07/03/2006		5,400		35		0
Put - OTC U.S. dollar versus Japanese Yen	Goldman Sachs & Co.	104.000	07/03/2006		2,300		5		0
						$	115	$	0

See Accompanying Notes Semiannual Report June 30, 2006 13

Schedule of Investments    Real Return Portfolio (Cont.)

(l) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell	CAD	609	07/2006	$	6	$	0		$	6
Buy	EUR	11,877	07/2006		336		0			336
Sell		6,903	07/2006		0		(68	)		(68	)
Sell		129,792	08/2006		0		(2,834	)		(2,834	)
Buy	JPY	625,120	07/2006		0		(3	)		(3	)
Buy		2,811,673	08/2006		0		(743	)		(743	)
Buy	PLN	264	09/2006		1		0			1
Buy	RUB	2,255	09/2006		3		0			3
Buy	SKK	2,349	09/2006		2		0			2
				$	348	$	(3,648	)	$	(3,300	)

14 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2006 (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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented in these financial statements pertains to the Institutional Class of the Portfolio. Certain detailed financial information for the Administrative Class and Advisor 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events when the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
CAD	Canadian Dollar	PLN	Polish Zloty
EUR	Euro	RUB	Russian Ruble
GBP	British Pound	SKK	Slovakian Koruna
JPY	Japanese Yen

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

Loan Participant and Assignments.  The Portfolio may invest in direct debt instruments which are interests in amounts owned by corporate, governmental, or other borrowers 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. Then 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 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. At the end of the period, the Portfolio had no unfunded loan commitments.

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

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 underlying securities for all repurchase agreements are held in safekeeping at the Portfolio’s custodian or designated subcustodians under triparty repurchase agreements. The market value of the collateral must be equal to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

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. Securities sold in short sale transactions and interest payable on such securities, if any, are reflected as a liability in the Statement of Assets and Liabilities. 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.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities

that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of a credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service in take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain or loss in the Statement of

Semiannual Report June 30, 2006 17

Notes to Financial Statements (Cont.)

Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

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

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	8,549,666	$	8,379,973	$	$109,598	$	27,378

18 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $		Premium
Balance at 12/31/2005	158		$	0	$	34
Sales	3,113			94,900		1,241
Closing Buys	(429	)		0		(89	)
Expirations	(371	)		0		(91	)
Exercised	(115	)		0		(87	)
Balance at 06/30/2006	2,356		$	94,900	$	1,008

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	160		$	1,995		890		$	11,510
Administrative Class	16,583			206,303		35,702			460,693
Advisor Class	66			804		0			0
Issued as reinvestment of distributions
Institutional Class	71			880		137			1,759
Administrative Class	1,666			20,703		2,742			35,153
Advisor Class	0			3		0			0
Cost of shares redeemed
Institutional Class	(305	)		(3,802	)	(349	)		(4,483	)
Administrative Class	(9,697	)		(120,373	)	(7,983	)		(102,785	)
Advisor Class	(10	)		(118	)	0			0
Net increase resulting from Portfolio share transactions	8,534		$	106,395		31,139		$	401,847

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 Shareholders	% of Portfolio Held
Institutional Class	2	95
Administrative Class	4	56*
Advisor Class	2	90

* One of the shareholders, Allianz Life Insurance Co. of North America, is an indirect wholly owned subsidiary of AGI and a related party to the Portfolio.

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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
$      15,040	$        (2,474)	$      12,566

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the

Semiannual Report June 30, 2006 19

Notes to Financial Statements (Cont.)

Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

20 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Advisor

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Real Return Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	15

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Real Return Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, non-U.S. investment risk, currency risk, issuer non-diversification risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Lehman Brothers U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding.

Semiannual Report June 30, 2006 3

PIMCO Real Return Portfolio

Cumulative Returns Through June 30, 2006

              Real Return Portfolio           Lehman Brothers
                  Advisor Class               U.S. TIPS Index
              ---------------------           ---------------
02/28/2006           $10,000                     $10,000
03/31/2006             9,749                       9,781
04/30/2006             9,773                       9,772
05/31/2006             9,806                       9,801
06/30/2006             9,809                       9,829

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Advisor Class.

Sector Breakdown^‡

U.S. Treasury Obligations	50.9%
Short-Term Instruments	32.5%
U.S. Government Agencies	6.4%
Asset-Backed Securities	5.2%
Other	5.0%

‡ % of Total Investments as of June 30, 2006

Cumulative Total Return for the period ended June 30, 2006
		Since Inception (02/28/06)
	PIMCO Real Return Portfolio Advisor Class	-1.91%
	Lehman Brothers U.S. TIPS Index	-1.71%

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (02/28/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	980.90	$	1,014.29
Expenses Paid During Period†	$	2.54	$	2.58

† Expenses are equal to the Portfolio’s Advisor Class annualized expense ratio of 0.75%, multiplied by the average account value over the period, multiplied by 123/365 (to reflect the period since the Portfolio’s Advisor Class shares commenced operations on 02/28/06). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 instrumentalities, and corporations.

» For the six-month period ending June 30, 2006, ten-year real yields increased by 0.48%, compared to a 0.82% increase for conventional U.S. Treasury issues of similar maturity.

» The Portfolio’s above benchmark duration for the first three-months of the period detracted from overall performance, as real yields rose on strong U.S. economic growth. The effective duration of the Portfolio was 6.79 years on June 30, 2006 compared to a duration of 6.11 years for the benchmark.

» The Portfolio’s emphasis on U.S. nominal bonds was negative for performance, as nominal yields rose faster than real yields based on higher inflation expectations and the outlook for further Federal Reserve tightening.

» Exposure to short maturity U.S. nominal bonds for the period detracted significantly from performance due to a substantial flattening of the nominal yield curve.

» Currency exposure added to performance resulting from a depreciation of the U.S. dollar relative to the Euro and Japanese Yen.

» Mortgage holdings during the period were positive due to favorable coupon selection, particularly 15-year FNMA 5.0% and 30-year FNMA 5.5% coupons, which outperformed the broader Index.

» Positions in pay-fixed swaps were beneficial with swap spreads mostly widening over the period.

4 PIMCO Variable Insurance Trust

Financial Highlights    Real Return Portfolio

Selected Per Share Data for the Period Ended:	02/28/2006- 06/30/2006+
Advisor Class
Net asset value beginning of period	$	12.69
Net investment income (a)		0.17
Net realized/unrealized (loss) on investments (a)		(0.41	)
Total (loss) from investment operations		(0.24	)
Dividends from net investment income		(0.17	)
Total distributions		(0.17	)
Net asset value end of period	$	12.28
Total return (expressed in base currency)		(1.91	)%
Net assets end of period (000s)	$	686
Ratio of expenses to average net assets		0.76	%*(b)
Ratio of net investment income to average net assets		4.26	%*
Portfolio turnover rate		530	%

+ 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 0.75%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Real Return Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	2,350,300
Cash		77
Foreign currency, at value		1,422
Receivable for investments sold		12
Receivable for investments sold on delayed-delivery basis		22,982
Receivable for Portfolio shares sold		766
Interest and dividends receivable		4,444
Variation margin receivable		255
Swap premiums paid		5,195
Unrealized appreciation on forward foreign currency contracts		348
Unrealized appreciation on swap agreements		2,046
		2,387,847
Liabilities:
Payable for investments purchased	$	32,923
Payable for investments purchased on delayed-delivery basis		1,206,598
Payable for short sales		7,365
Payable for Portfolio shares redeemed		3,639
Written options outstanding		675
Accrued investment advisory fee		247
Accrued administration fee		247
Accrued servicing fee		129
Dividends payable		11
Variation margin payable		56
Swap premiums received		1,677
Unrealized depreciation on forward foreign currency contracts		3,648
Unrealized depreciation on swap agreements		402
Other liabilities		3,250
		1,260,867
Net Assets	$	1,126,980
Net Assets Consist of:
Paid in capital	$	1,156,146
Undistributed net investment income		5,699
Accumulated undistributed net realized (loss)		(42,472	)
Net unrealized appreciation		7,607
	$	1,126,980
Net Assets:
Institutional Class	$	42,291
Administrative Class		1,084,003
Advisor Class		686
Shares Issued and Outstanding:
Institutional Class		3,444
Administrative Class		88,285
Advisor Class		56
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	12.28
Administrative Class		12.28
Advisor Class		12.28
Cost of Investments Owned	$	2,337,734
Cost of Foreign Currency Held	$	1,398
Proceeds Received on Short Sales	$	7,304
Premiums Received on Written Options	$	1,008

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Real Return Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	25,056
Miscellaneous income		2
Total Income		25,058
Expenses:
Investment advisory fees		1,362
Administration fees		1,362
Servicing fees – Administrative Class		785
Trustee’s Fees		6
Interest expense		60
Total Expenses		3,575
Net Investment Income		21,483
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(45,095	)
Net realized gain on futures contracts, options and swaps		5,187
Net realized (loss) on foreign currency transactions		(1,030	)
Net change in unrealized appreciation on investments		725
Net change in unrealized appreciation on futures contracts, options and swaps		1,515
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		2,739
Net (Loss)		(35,959	)
Net (Decrease) in Net Assets Resulting from Operations	$	(14,476	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Real Return Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	21,483		$	24,960
Net realized gain (loss)		(40,938	)		521
Net change in unrealized appreciation (depreciation)		4,979			(6,910	)
Net increase (decrease) resulting from operations		(14,476	)		18,571
Distributions to Shareholders:
From net investment income
Institutional Class		(880	)		(1,276	)
Administrative Class		(20,757	)		(24,317	)
Advisor Class		(3	)		0
From net realized capital gains
Institutional Class		0			(483	)
Administrative Class		0			(10,897	)
Advisor Class		0			0
Total Distributions		(21,640	)		(36,973	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		1,995			11,510
Administrative Class		206,303			460,693
Advisor Class		804			0
Issued as reinvestment of distributions
Institutional Class		880			1,759
Administrative Class		20,703			35,153
Advisor Class		3			0
Cost of shares redeemed
Institutional Class		(3,802	)		(4,483	)
Administrative Class		(120,373	)		(102,785	)
Advisor Class		(118	)		0
Net increase resulting from Portfolio share transactions		106,395			401,847
Total Increase in Net Assets		70,279			383,445
Net Assets:
Beginning of period		1,056,701			673,256
End of period*	$	1,126,980		$	1,056,701
*Including undistributed net investment income of:	$	5,699		$	5,856

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Real Return Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
BANK LOAN OBLIGATIONS 0.1%
Georgia-Pacific Corp.
6.726% due 12/20/2012	$	45	$	46
6.880% due 12/20/2012		762		761
7.170% due 12/20/2012		190		190
Total Bank Loan Obligations (Cost $997)				997
CORPORATE BONDS & NOTES 5.2%
BANKING & FINANCE 4.4%
Atlantic & Western Re Ltd.
11.508% due 01/09/2007		1,400		1,379
11.758% due 01/09/2009		900		848
BAE Systems Holdings, Inc.
5.570% due 08/15/2008		300		301
Charter One Bank N.A.
5.157% due 04/24/2009		8,400		8,405
Citigroup, Inc.
5.199% due 05/02/2008		1,000		1,001
5.166% due 01/30/2009		1,000		1,000
Ford Motor Credit Co.
6.374% due 03/21/2007		6,400		6,378
General Electric Capital Corp.
5.311% due 03/04/2008		2,800		2,803
5.340% due 12/12/2008		900		901
General Motors Acceptance Corp.
6.750% due 12/01/2014		1,600		1,488
Goldman Sachs Group, Inc.
5.386% due 08/01/2006		2,800		2,800
5.790% due 06/28/2010		4,700		4,728
Mirage Resorts, Inc.
7.250% due 10/15/2006		100		101
Morgan Stanley Warehouse Facilities
4.719% due 08/16/2006 (h)		6,200		6,200
Phoenix Quake Ltd.
7.958% due 07/03/2008		500		507
Phoenix Quake Wind Ltd.
7.440% due 07/03/2008		2,000		2,021
Rabobank Nederland
5.088% due 01/15/2009		800		800
Toyota Motor Credit Corp.
5.192% due 09/18/2006		4,600		4,600
Travelers Property Casualty Corp.
3.750% due 03/15/2008		100		97
Vita Capital Ltd.
6.340% due 01/01/2007		700		702
Wachovia Bank N.A.
5.308% due 12/02/2010		2,400		2,402
				49,462
INDUSTRIALS 0.7%
Caesars Entertainment, Inc.
8.500% due 11/15/2006		300		303
CSC Holdings, Inc.
7.875% due 12/15/2007		600		609
DaimlerChrysler N.A. Holding Corp.
5.486% due 03/07/2007		3,500		3,501
EchoStar DBS Corp.
5.750% due 10/01/2008		500		490

El Paso Corp.
7.625% due 08/16/2007	$	100	$	101
6.950% due 12/15/2007		100		101
7.625% due 09/01/2008		1,000		1,018
HCA, Inc.
7.250% due 05/20/2008		100		102
Host Marriott LP
9.500% due 01/15/2007		300		309
9.250% due 10/01/2007		100		104

Pemex Project Funding Master Trust
7.375% due 12/15/2014	500	517
8.625% due 02/01/2022	200	224
Royal Caribbean Cruises Ltd.
7.250% due 08/15/2006	400	402
7.000% due 10/15/2007	200	203
Starwood Hotels & Resorts Worldwide, Inc.
7.375% due 05/01/2007	100	101
		8,085
UTILITIES 0.1%
Cleveland Electric Illuminating Co.
6.860% due 10/01/2008	100	102
Embarq Corp.
7.082% due 06/01/2016	300	299
Nisource Finance Corp.
5.764% due 11/23/2009	800	802
		1,203
Total Corporate Bonds & Notes (Cost $58,671)		58,750
MUNICIPAL BONDS & NOTES 0.1%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Notes, Series 2002
6.000% due 06/01/2017 (a)	475	501
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2006
5.781% due 06/15/2038 (a)	130	121
Rhode Island State Tobacco Settlement Financing Corporations Revenue Notes, Series 2002
6.000% due 06/01/2023 (a)	500	523
Total Municipal Bonds & Notes (Cost $1,012)		1,145
U.S. GOVERNMENT AGENCIES 13.3%
Fannie Mae
4.192% due 11/01/2034	7,868	7,714
4.500% due 10/25/2022	200	199
4.606% due 07/01/2035	1,045	1,031
4.681% due 02/25/2036	2,900	2,810
4.716% due 01/01/2035	847	832
5.111% due 09/07/2006	27,600	27,590
5.211% due 03/01/2044 - 09/01/2044 (c)	13,622	13,686
5.299% due 09/21/2006	14,100	14,098
5.472% due 08/25/2034	985	984
5.500% due 03/01/2034 - 07/13/2036 (c)	45,489	43,717
5.672% due 05/25/2042	384	385
5.950% due 02/25/2044	1,500	1,487
6.361% due 11/01/2024	23	24
Freddie Mac
4.000% due 03/15/2023 - 10/15/2023 (c)	1,434	1,403
4.555% due 01/01/2034	847	829
5.211% due 10/25/2044 - 02/25/2045 (c)	27,174	27,276

5.549% due 12/15/2030	$	598	$	599
5.582% due 08/25/2031		267		268
Small Business Administration
4.504% due 02/01/2014		1,938		1,826
Small Business Administration Participation Certificates
4.880% due 11/01/2024		3,881		3,670
Total U.S. Government Agencies (Cost $151,517)				150,428
U.S. TREASURY OBLIGATIONS 106.1%
Treasury Inflation Protected Securities (b)
3.375% due 01/15/2007		255		256
3.625% due 01/15/2008		72,756		74,029
3.875% due 01/15/2009		79,566		82,438
4.250% due 01/15/2010		50,443		53,603
0.875% due 04/15/2010		108,925		102,785
3.500% due 01/15/2011		48,130		50,358
2.375% due 04/15/2011		18,044		17,978
3.375% due 01/15/2012		4,558		4,776
3.000% due 07/15/2012		107,133		110,356
1.875% due 07/15/2013		43,406		41,712
2.000% due 01/15/2014		102,388		98,861
2.000% due 07/15/2014		99,400		95,754
1.625% due 01/15/2015		3,497		3,261
1.875% due 07/15/2015		115,676		109,797
2.000% due 01/15/2016		16,209		15,484
2.375% due 01/15/2025		93,066		90,609
2.000% due 01/15/2026		39,962		36,600
3.625% due 04/15/2028		66,504		78,934
3.875% due 04/15/2029		83,450		103,282
3.375% due 04/15/2032		1,824		2,154
U.S. Treasury Bonds
8.875% due 08/15/2017		1,000		1,305
6.625% due 02/15/2027		1,300		1,514
4.500% due 02/15/2036		4,400		3,947
U.S. Treasury Notes
4.500% due 02/28/2011		1,700		1,658
4.875% due 04/30/2011		10,600		10,495
4.250% due 11/15/2014		1,000		941
4.125% due 05/15/2015		100		93
4.500% due 11/15/2015		2,800		2,668
Total U.S. Treasury Obligations (Cost $1,187,521)				1,195,648
MORTGAGE-BACKED SECURITIES 4.6%
Banc of America Funding Corp.
4.622% due 02/20/2036		3,602		3,519
Banc of America Mortgage Securities
6.500% due 02/25/2033		232		231
Bear Stearns Adjustable Rate Mortgage Trust
4.203% due 01/25/2034		2,567		2,554
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		4,662		4,572
4.900% due 12/25/2035		277		275
Countrywide Alternative Loan Trust
5.392% due 06/25/2046		992		989
Countrywide Home Loan Mortgage Pass-Through Trust
3.795% due 11/19/2033		291		278
5.662% due 06/25/2035		867		867
CS First Boston Mortgage Securities Corp.
4.938% due 05/15/2010		1,222		1,204
First Horizon Alternative Mortgage Securities
4.744% due 06/25/2034		1,123		1,101

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    Real Return Portfolio (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
GE Capital Commercial Mortgage Corp.
4.229% due 12/10/2037	$	8,709	$	8,415
GGP Mall Properties Trust
5.007% due 11/15/2011		1,431		1,429
Greenpoint Mortgage Funding Trust
5.542% due 05/25/2045		1,860		1,867
5.592% due 11/25/2045		1,203		1,206
GSR Mortgage Loan Trust
4.540% due 09/25/2035		2,469		2,403
Lehman XS Trust
5.402% due 06/25/2036		1,500		1,502
5.402% due 04/25/2046		2,937		2,938
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		700		659
Mellon Residential Funding Corp.
5.639% due 12/15/2030		1,275		1,280
5.549% due 11/15/2031		1,558		1,561
Sequoia Mortgage Trust
5.602% due 10/19/2026		537		538
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		885		867
5.682% due 01/25/2035		819		827
Structured Asset Mortgage Investments, Inc.
5.540% due 05/25/2035		500		501
Washington Mutual, Inc.
5.612% due 08/25/2045		428		429
5.612% due 10/25/2045		6,531		6,573
5.582% due 12/25/2045		939		942
5.259% due 07/25/2046		2,400		2,398
Total Mortgage-Backed Securities (Cost $52,187)				51,925
ASSET-BACKED SECURITIES 10.8%
AAA Trust
5.422% due 11/26/2035		198		198
ACE Securities Corp.
5.432% due 10/25/2035		3,202		3,205
Aegis Asset-Backed Securities Trust
5.522% due 09/25/2034		253		254
Argent Securities, Inc.
5.442% due 10/25/2035		953		953
5.462% due 12/25/2035		3,617		3,619
5.402% due 03/25/2036		1,614		1,615
5.392% due 05/25/2036		1,131		1,131
Asset-Backed Funding Certificates
5.432% due 08/25/2035		662		663
Bayview Financial Acquisition Trust
5.791% due 08/28/2034		1,499		1,501
Bear Stearns Asset-Backed Securities, Inc.
5.652% due 10/25/2032		58		58
5.522% due 09/25/2034		1,238		1,239
5.402% due 11/25/2035		797		797
5.652% due 01/25/2036		304		304
5.772% due 03/25/2043		191		191
Capital One Auto Finance Trust
5.117% due 05/15/2007		1,483		1,483
Carrington Mortgage Loan Trust
5.402% due 06/25/2035		55		55
Centex Home Equity
5.372% due 06/25/2036		3,589		3,590

Chase Credit Card Master Trust
5.579% due 11/17/2008	$	1,200	$	1,201
Citigroup Mortgage Loan Trust, Inc.
5.402% due 12/27/2036		2,142		2,144
Countrywide Asset-Backed Certificates
5.452% due 02/25/2036		1,095		1,096
5.392% due 03/25/2036		1,937		1,937
5.392% due 04/25/2036		1,014		1,015
5.371% due 07/25/2036		2,300		2,303
5.395% due 07/25/2036		900		901
Equity One ABS, Inc.
5.622% due 04/25/2034		255		257
FBR Securitization Trust
5.442% due 09/25/2035		782		783
5.502% due 09/25/2035		2,400		2,402
5.432% due 10/25/2035		6,540		6,545
5.442% due 10/25/2035		712		713
First Franklin Mortgage Loan Asset-Backed Certificates
5.412% due 01/25/2036		2,308		2,310
First NLC Trust
5.432% due 12/25/2035		1,340		1,341
Ford Credit Auto Owner Trust
4.240% due 03/15/2008		1,074		1,069
Fremont Home Loan Trust
5.412% due 01/25/2036		3,071		3,074
GSAMP Trust
5.612% due 03/25/2034		357		358
5.412% due 11/25/2035		2,995		2,997
5.432% due 01/25/2036		2,593		2,595
GSR Mortgage Loan Trust
5.422% due 12/25/2030		1,481		1,481
Home Equity Asset Trust
5.432% due 02/25/2036		851		852
5.402% due 05/25/2036		955		955
HSI Asset Securitization Corp. Trust
5.402% due 12/25/2035		1,163		1,164
Indymac Residential Asset-Backed Trust
5.422% due 03/25/2036		1,293		1,294
JP Morgan Mortgage Acquisition Corp.
5.392% due 01/25/2026		1,456		1,457
Long Beach Mortgage Loan Trust
5.522% due 11/25/2034		1,138		1,139
5.412% due 01/25/2036		620		621
5.402% due 02/25/2036		864		865
5.392% due 03/25/2036		403		403
5.382% due 04/25/2036		369		369
Mastr Asset-Backed Securities Trust
5.402% due 01/25/2036		2,062		2,064
Merrill Lynch Mortgage Investors, Inc.
5.422% due 06/25/2036		318		319
5.479% due 06/25/2036		3,100		3,100
5.402% due 01/25/2037		748		748
5.400% due 05/25/2037		1,200		1,201
Morgan Stanley ABS Capital I
5.381% due 06/25/2036		4,600		4,599
Nelnet Student Loan Trust
5.051% due 10/27/2014		300		300
5.190% due 07/25/2016		700		702
5.190% due 10/25/2016		1,200		1,201

New Century Home Equity Loan Trust
5.432% due 09/25/2035	$	633	$	634
5.442% due 10/25/2035		179		179
Newcastle Mortgage Securities Trust
5.392% due 04/25/2036		695		696
Nomura Asset Acceptance Corp.
5.462% due 01/25/2036		889		889
Option One Mortgage Loan Trust
5.422% due 11/25/2035		1,242		1,243
Renaissance Home Equity Loan Trust
5.702% due 12/25/2032		217		217
5.472% due 10/25/2035		231		231
Residential Asset Mortgage Products, Inc.
5.402% due 12/25/2007		1,034		1,035
5.482% due 09/25/2013		106		106
5.432% due 01/25/2025		57		57
5.662% due 11/25/2033		507		508
Residential Asset Securities Corp.
5.422% due 09/25/2025		129		129
5.422% due 05/25/2027		377		377
5.392% due 06/25/2027		272		272
5.622% due 01/25/2034		3		3
5.131% due 06/25/2036		3,180		3,181
5.362% due 06/25/2036		1,884		1,884
Residential Funding Mortgage Securities II, Inc.
5.462% due 09/25/2035		2,133		2,135
SACO I, Inc.
5.432% due 10/25/2033		1,592		1,593
Securitized Asset-Backed Receivables LLC Trust
5.392% due 10/25/2035		546		546
SG Mortgage Securities Trust
5.422% due 09/25/2035		56		56
SLM Student Loan Trust
5.070% due 01/25/2013		1,216		1,216
5.120% due 07/25/2013		565		566
5.190% due 10/25/2013		776		778
Soundview Home Equity Loan Trust
5.432% due 05/25/2035		1,082		1,082
5.392% due 02/25/2036		308		308
5.392% due 03/25/2036		712		712
5.392% due 04/25/2036		161		161
5.298% due 07/25/2036		3,400		3,399
Structured Asset Investment Loan Trust
5.412% due 07/25/2035		272		272
Structured Asset Securities Corp.
4.900% due 04/25/2035		1,850		1,776
5.452% due 12/25/2035		2,388		2,390
Susquehanna Auto Lease Trust
4.991% due 04/16/2007		417		418
Truman Capital Mortgage Loan Trust
5.662% due 01/25/2034		103		103
USAA Auto Owner Trust
5.030% due 11/17/2007		800		798
Wachovia Auto Owner Trust
4.820% due 02/20/2009		9,800		9,771
Wachovia Mortgage Loan Trust LLC
5.432% due 10/25/2035		940		941
Total Asset-Backed Securities (Cost $121,422)				121,393

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
SOVEREIGN ISSUES 0.1%
Colombia Government International Bond
10.000% due 01/23/2012	$	350	$	397
Mexico Government International Bond
6.375% due 01/16/2013		177		178
Total Sovereign Issues (Cost $526)				575
FOREIGN CURRENCY-DENOMINATED ISSUES (l) 0.5%
Canadian Government Bond
3.000% due 12/01/2036 (b)	CAD	530		597
France Government Bond
3.000% due 07/25/2012 (b)	EUR	1,648		2,268
Italy Buoni Poliennali Del Tesoro
2.150% due 09/15/2014 (b)		533		691
Pylon Ltd.
4.463% due 12/18/2008 (h)		700		906
6.863% due 12/22/2008		1,100		1,421
Total Foreign Currency-Denominated Issues (Cost $5,794)				5,883
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.0%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.250% Exp. 06/07/2007	$	52,000		143
		#OF CONTRACTS
U.S. Treasury 10-Year Note September Futures (CBOT)
Strike @ $110.000 Exp. 08/25/2006		318		5
Total Purchased Call Options (Cost $228)				148
		NOTIONAL AMOUNT (000S)
PURCHASED PUT OPTIONS 0.0%
Treasury Inflation Protected Securities (OTC) 0.875% due 04/15/2010
Strike @ $83.875 Exp. 09/21/2006	$	91,000		0
Treasury Inflation Protected Securities (OTC) 1.875% due 07/15/2015
Strike @ $68.000 Exp. 09/18/2006		90,000		0
Treasury Inflation Protected Securities (OTC) 2.375% due 01/15/2025
Strike @ $58.000 Exp. 07/24/2006		87,000		0
Treasury Inflation Protected Securities (OTC) 3.000% due 07/15/2012
Strike @ $84.000 Exp. 07/24/2006		111,000		0
Treasury Inflation Protected Securities (OTC) 3.625% due 01/15/2008
Strike @ $96.000 Exp. 07/17/2006		65,000		0
U.S. dollar versus Japanese Yen (OTC)
Strike @ JY114.000 Exp. 07/03/2006		13,400		22

90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007		288	$	2
Strike @ $92.250 Exp. 03/19/2007		23		0
U.S. Treasury 10-Year Note September Futures (CBOT)
Strike @ $99.000 Exp. 08/25/2006		354		6
Strike @ $100.000 Exp. 08/25/2006		1,245		134
U.S. Treasury 5-Year Note September Futures (CBOT)
Strike @ $100.500 Exp. 08/25/2006		215		4
Total Purchased Put Options (Cost $282)				168
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS (l) 67.7%
COMMERCIAL PAPER 51.9%
Abbey National N.A. LLC
5.250% due 07/05/2006	$	30,700		30,691
ASB Bank Ltd.
5.050% due 08/10/2006		2,000		1,989
Barclays U.S. Funding Corp.
4.890% due 07/05/2006		24,200		24,193
4.955% due 07/18/2006		1,200		1,198
5.050% due 08/14/2006		1,200		1,193
BNP Paribas Finance
5.270% due 07/03/2006		6,900		6,900
Caisse d’Amortissement de la Dette Sociale
5.270% due 08/03/2006		30,800		30,660
Cox Communications, Inc.
4.720% due 07/17/2006		1,100		1,100
Danske Corp.
5.280% due 07/17/2006		27,500		27,444
4.955% due 07/20/2006		5,400		5,387
5.080% due 08/24/2006		700		695
Dexia Delaware LLC
5.275% due 07/05/2006		30,800		30,791
DnB NORBank ASA
5.180% due 09/08/2006		31,000		30,678
Fannie Mae
4.809% due 07/05/2006		5,600		5,598
Federal Home Loan Bank
5.030% due 07/03/2006		30,900		30,900
0.010% due 07/14/2006		30,900		30,851
Fortis Funding LLC
5.175% due 07/10/2006		30,800		30,769
5.265% due 07/26/2006		2,900		2,890
HBOS Treasury Services PLC
5.040% due 08/08/2006		1,000		995
Nordea N.A., Inc.
5.090% due 08/24/2006		30,000		29,780
Rabobank USA Financial Corp.
5.250% due 07/03/2006		30,900		30,900
Skandinaviska Enskilda Banken AB
4.960% due 07/20/2006		27,800		27,735
5.000% due 07/27/2006		1,100		1,096

Societe Generale N.A.
4.890% due 07/06/2006	$	16,600	$	16,593
5.040% due 08/08/2006		17,400		17,312
5.055% due 08/15/2006		300		298
Stadshypoket Delaware, Inc.
5.090% due 08/18/2006		31,300		31,096
Swedbank, Inc.
5.230% due 08/03/2006		30,800		30,661
Time Warner Telecom, Inc.
5.240% due 09/18/2006		11,100		10,968
Total Captial S.A.
5.270% due 07/03/2006		30,900		30,900
UBS Finance Delaware LLC
5.270% due 07/03/2006		200		200
5.050% due 07/05/2006		1,800		1,800
4.930% due 07/13/2006		28,700		28,661
5.235% due 08/08/2006		2,300		2,288
4.990% due 08/22/2006		1,100		1,092
Westpac Capital Corp.
5.040% due 08/02/2006		28,800		28,679
				584,981
FRANCE TREASURY BILLS 8.4%
2.785% due 10/12/2006	EUR	6,990		95,109
GERMANY TREASURY BILLS 6.5%
2.665% due 08/16/2006		48,340		73,583
TRI-PARTY REPURCHASE AGREEMENT 0.3%
State Street Bank
4.900% due 07/03/2006	$	3,075		3,075
(Dated 06/30/2006. Collateralized by Freddie Mac 3.800% due 12/27/2006 valued at $3,137. Repurchase proceeds are $3,076.)
U.S. TREASURY BILLS 0.6%
4.801% due 09/14/2006 (e)(f)(g)		6,565		6,492
Total Short-Term Instruments (Cost $757,577)				763,240
Total Investments (d) 208.5% (Cost $2,337,734)			$	2,350,300
Written Options (k) (0.1%) (Premiums $1,008)				(675)
Other Assets and Liabilities (Net) (108.4%)				(1,222,645)
Net Assets 100.0%			$	1,126,980

See Accompanying Notes Semiannual Report June 30, 2006 11

Schedule of Investments    Real Return Portfolio (Cont.)

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

(a) Residual Interest bond.

(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) As of June 30, 2006, portfolio securities with an aggregate market value of $19,567 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(e) Securities with an aggregate market value of $2,472 have been pledged as collateral for delayed-delivery securities on June 30, 2006.

(f) Securities with an aggregate market value of $742 have been pledged as collateral for swap and swaption contracts on June 30, 2006.

(g) Securities with an aggregate market value of $2,092 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2007	33	$	(38	)
90-Day Eurodollar June Futures	Long	06/2007	33		(42	)
90-Day Eurodollar March Futures	Long	03/2008	33		(38	)
90-Day Eurodollar September Futures	Long	09/2007	33		(40	)
Euro-Bund 10-Year Note September Futures	Short	09/2006	162		109
U.S. Treasury 10-Year Note September Futures	Long	09/2006	563		(320	)
U.S. Treasury 30-Year Bond September Futures	Short	09/2006	90		45
U.S. Treasury 5-Year Note September Futures	Long	09/2006	215		(145	)
				$	(469	)

(h) Restricted securities as of June 30, 2006:
Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as a Percentage of Net Assets
Pylon Ltd.	4.463%	12/18/2008	12/11/2003	$	700	$	906	0.08%
Morgan Stanley Warehouse Facilities	4.719%	08/16/2006	06/28/2004		6,200		6,200	0.55%
				$	6,900	$	7,106	0.63%

(i) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
HSBC Bank USA	6-month GBP-LIBOR	Receive	4.250%	06/12/2036	GBP	2,500	$	189
J.P. Morgan Chase & Co.	6-month GBP-LIBOR	Pay	5.000%	06/15/2008		5,000		12
Barclays Bank PLC	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.103%	10/15/2010	EUR	2,500		(4	)
BNP Paribas Bank	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010		2,500		(9	)
BNP Paribas Bank	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.150%	01/19/2016		15,000		(252	)
Goldman Sachs & Co.	6-month EUR-LIBOR	Receive	4.500%	06/17/2015		7,500		626
UBS Warburg LLC	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.146%	10/15/2010		3,700		(9	)
Bank of America	3-month USD-LIBOR	Receive	5.000%	12/20/2016	$	22,700		281
Barclays Bank PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2008		5,900		(5	)
Deutsche Bank AG	3-month USD-LIBOR	Receive	5.000%	06/21/2021		5,400		49
Deutsche Bank AG	3-month USD-LIBOR	Receive	5.000%	12/20/2026		5,700		6
Goldman Sachs & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2008		23,500		(21	)
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2013		6,500		78
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016		49,500		612
J.P. Morgan Chase & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2011		3,700		(33	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Receive	5.000%	12/20/2036		4,200		38
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2008		30,000		(27	)
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016		100		1
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2036		5,100		46
Royal Bank of Scotland PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2011		3,100		(27	)
UBS Warburg LLC	3-month USD-LIBOR	Pay	5.000%	12/20/2008		9,000		(8	)
							$	1,543

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Goldman Sachs & Co.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	3.400%	06/20/2011	$	700	$	20
J.P. Morgan Chase & Co.	General Motors Corp. 7.125% due 07/15/2013	Sell	4.600%	06/20/2007		1,000		(7	)
J.P. Morgan Chase & Co.	General Motors Corp. 7.125% due 07/15/2013	Sell	6.400%	06/20/2007		1,500		14
UBS Warburg LLC	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	5.250%	09/20/2007		1,300		38
UBS Warburg LLC	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	3.600%	06/20/2011		1,000		36
							$	101
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(j) Short sales outstanding on June 30, 2006:
Description	Coupon	Maturity Date	Principal Amount		Proceeds		Valueà
U.S. Treasury Note	3.625%	05/15/2013	$	300	$	275	$	276
U.S. Treasury Note	4.250%	08/15/2013		4,400		4,216		4,253
U.S. Treasury Note	4.000%	02/15/2014		3,000		2,813		2,836
					$	7,304	$	7,365

à Market value includes $126 of interest payable on short sales.
(k) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$	108.000	08/25/2006	920	$	135	$	29
Call - CBOT U.S. Treasury 10-Year Note September Futures		107.000	08/25/2006	258		24		24
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/25/2006	1,178		173		165
					$	332	$	218

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 10-Year Interest Rate Swap	Barclays Bank PLC	3-month USD-LIBOR	Receive	5.300%	01/02/2007	$	23,000	$	120	$	95
Put - OTC 10-Year Interest Rate Swap	Barclays Bank PLC	3-month USD-LIBOR	Pay	5.900%	01/02/2007		13,000		148		141
Put - OTC 1-Year Interest Rate Swap	Barclays Bank PLC	3-month USD-LIBOR	Pay	6.100%	01/02/2007		10,000		66		64
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.340%	06/07/2007		19,000		193		130
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.325%	06/07/2007		4,000		34		27
								$	561	$	457
Foreign Currency Options

Description	Counterparty	Exercise Price	Expiration Date	Notional Amount		Premium		Value
Put - OTC U.S. dollar versus Japanese Yen	Bank of America	JPY      104.000	07/03/2006	$	10,100	$	22	$	0
Put - OTC U.S. dollar versus Japanese Yen	Bank of America	106.500	07/03/2006		8,100		53		0
Put - OTC U.S. dollar versus Japanese Yen	Credit Suisse First Boston	106.500	07/03/2006		5,400		35		0
Put - OTC U.S. dollar versus Japanese Yen	Goldman Sachs & Co.	104.000	07/03/2006		2,300		5		0
						$	115	$	0

See Accompanying Notes Semiannual Report June 30, 2006 13

Schedule of Investments    Real Return Portfolio (Cont.)

(l) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell	CAD	609	07/2006	$	6	$	0		$	6
Buy	EUR	11,877	07/2006		336		0			336
Sell		6,903	07/2006		0		(68	)		(68	)
Sell		129,792	08/2006		0		(2,834	)		(2,834	)
Buy	JPY	625,120	07/2006		0		(3	)		(3	)
Buy		2,811,673	08/2006		0		(743	)		(743	)
Buy	PLN	264	09/2006		1		0			1
Buy	RUB	2,255	09/2006		3		0			3
Buy	SKK	2,349	09/2006		2		0			2
				$	348	$	(3,648	)	$	(3,300	)

14 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2006 (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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented in these financial statements pertains to the Advisor Class of the Portfolio. Certain detailed financial information for the Institutional Class and 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events when the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
CAD	Canadian Dollar	PLN	Polish Zloty
EUR	Euro	RUB	Russian Ruble
GBP	British Pound	SKK	Slovakian Koruna
JPY	Japanese Yen

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

Loan Participant and Assignments.  The Portfolio may invest in direct debt instruments which are interests in amounts owned by corporate, governmental, or other borrowers 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. Then 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 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. At the end of the period, the Portfolio had no unfunded loan commitments.

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

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 underlying securities for all repurchase agreements are held in safekeeping at the Portfolio’s custodian or designated subcustodians under triparty repurchase agreements. The market value of the collateral must be equal to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

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. Securities sold in short sale transactions and interest payable on such securities, if any, are reflected as a liability in the Statement of Assets and Liabilities. 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.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities

that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of a credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service in take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received by the Portfolio are included as part of realized gain or loss in the Statement of

Semiannual Report June 30, 2006 17

Notes to Financial Statements (Cont.)

Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

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

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	8,549,666	$	8,379,973	$	$109,598	$	27,378

18 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $		Premium
Balance at 12/31/2005	158		$	0	$	34
Sales	3,113			94,900		1,241
Closing Buys	(429	)		0		(89	)
Expirations	(371	)		0		(91	)
Exercised	(115	)		0		(87	)
Balance at 06/30/2006	2,356		$	94,900	$	1,008

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	160		$	1,995		890		$	11,510
Administrative Class	16,583			206,303		35,702			460,693
Advisor Class	66			804		0			0
Issued as reinvestment of distributions
Institutional Class	71			880		137			1,759
Administrative Class	1,666			20,703		2,742			35,153
Advisor Class	0			3		0			0
Cost of shares redeemed
Institutional Class	(305	)		(3,802	)	(349	)		(4,483	)
Administrative Class	(9,697	)		(120,373	)	(7,983	)		(102,785	)
Advisor Class	(10	)		(118	)	0			0
Net increase resulting from Portfolio share transactions	8,534		$	106,395		31,139		$	401,847

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 Shareholders	% of Portfolio Held
Institutional Class	2	95
Administrative Class	4	56*
Advisor Class	2	90

* One of the shareholders, Allianz Life Insurance Co. of North America, is an indirect wholly owned subsidiary of AGI and a related party to the Portfolio.

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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
$      15,040	$        (2,474)	$      12,566

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the

Semiannual Report June 30, 2006 19

Notes to Financial Statements (Cont.)

Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

20 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Administrative

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

RealEstateRealReturn Strategy Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	11

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the RealEstateRealReturn Strategy Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, non-U.S. investment risk, real estate risk, currency risk, issuer non-diversification risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Dow Jones Wilshire Real Estate Investment Trust Index, a subset of the Wilshire Real Estate Securities Index (WRESI), is an unmanaged index comprised of US publicly traded Real Estate Investment Trusts. It is not possible to invest in such an unmanaged index.

Semiannual Report June 30, 2006 3

PIMCO RealEstateRealReturn Strategy Portfolio

Cumulative Returns Through June 30, 2006

             RealEstateRealReturn      Dow Jones Wilshire
              Strategy Portfolio     Real Estate Investment
             Administrative Class          Trust Index
             --------------------    -----------------------
09/30/2005         $10,000                   $10,000
10/31/2005           9,680                     9,785
11/30/2005          10,130                    10,239
12/31/2005          10,210                    10,250
01/31/2006          11,010                    11,048
02/28/2006          11,210                    11,286
03/31/2006          11,364                    11,868
04/30/2006          10,870                    11,417
05/31/2006          10,488                    11,087
06/30/2006          11,032                    11,726

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Administrative Class.

Sector Breakdown^‡

U.S. Treasury Obligations#	50.8%
Short-Term Instruments#	49.2%

‡ % of Total Investments as of June 30, 2006

# Primarily serving as collateral for real estate-linked derivative positions

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	Since Inception (09/30/05)
	PIMCO RealEstateRealReturn Strategy Portfolio Administrative Class	8.05%	10.32%
	Dow Jones Wilshire Real Estate Investment Trust Index	14.40%	17.26%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	1,080.50	$	1,020.33
Expenses Paid During Period†	$	4.64	$	4.51

† Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.89%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the period since the Portfolio’s Administrative Class shares commenced operations on 09/30/05). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the following Expense Example.

Portfolio Insights

» The PIMCO RealEstateRealReturn Strategy Portfolio seeks to achieve its investment objective by investing under normal circumstances in real estate-linked derivative instruments backed by a portfolio of inflation-indexed securities and other Fixed-Income Instruments.

» The Portfolio invested the collateral backing its Real Estate Investment Trusts (“REITs”) derivatives positions primarily in Treasury Inflation-Protected Securities (“TIPS”), implementing a “double real^®” strategy. For the six-month period ending June 30, 2006, this was negative for performance, as TIPS underperformed the financing and transaction costs associated with gaining index exposure. This is attributable to short-term instruments such as LIBOR outperforming instruments with longer duration such as TIPS.

» The Portfolio’s above benchmark duration for most of the period detracted from overall performance, as real yields rose on strong U.S. economic growth. The effective duration of the Fund was 7.62 years on June 30, 2006 compared to a duration of 7.68 years for the benchmark.

» Exposure to short maturity U.S. nominal bonds for the period detracted significantly from performance due to a substantial flattening of the nominal yield curve.

» Currency exposure added to performance resulting from a depreciation of the U.S. dollar relative to the Euro and Japanese Yen.

4 PIMCO Variable Insurance Trust

Financial Highlights    RealEstateRealReturn Strategy Portfolio

Selected Per Share Data for the Period Ended:	06/30/2006+		09/30/2005-12/31/2005
Administrative Class
Net asset value beginning of period	$       10.21		$       10.00
Net investment income (a)	0.19		0.19
Net realized/unrealized gain on investments (a)	0.63		0.02
Total income from investment operations	0.82		0.21
Dividends from net investment income	(0.22	)	0.00
Total distributions	(0.22	)	0.00
Net asset value end of period	$       10.81		$       10.21
Total return	8.05	%	2.10	%
Net assets end of period (000s)	$       3,309		$       3,062
Ratio of expenses to average net assets	0.90	%*(c)	0.89	%*(b)
Ratio of net investment income to average net assets	3.52	%*	7.78	%*
Portfolio turnover rate	703	%	163	%

+ 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 3.83%.

(c) Ratio of expenses to average net assets excluding interest expense is 0.89%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    RealEstateRealReturn Strategy Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	5,129
Repurchase agreement, at value		1,230
Receivable for investments sold on delayed-delivery basis		254
Interest and dividends receivable		3
Variation margin receivable		1
Swap premiums paid		4
Unrealized appreciation on swap agreements		173
		6,794
Liabilities:
Payable for investments purchased on delayed-delivery basis	$	3,460
Written options outstanding		1
Accrued investment advisory fee		1
Accrued administration fee		1
Variation margin payable		2
Unrealized depreciation on forward foreign currency contracts		11
Other liabilities		9
		3,485
Net Assets	$	3,309
Net Assets Consist of:
Paid in capital	$	3,064
Undistributed net investment income		99
Accumulated undistributed net realized (loss)		(36	)
Net unrealized appreciation		182
	$	3,309
Net Assets:
Administrative Class	$	3,309
Shares Issued and Outstanding:
Administrative Class		306
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Administrative Class	$	10.81
Cost of Investments Owned	$	5,084
Cost of Repurchase Agreements Owned	$	1,230
Premiums Received on Written Options	$	1

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    RealEstateRealReturn Strategy Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	71
Total Income		71
Expenses:
Investment advisory fees		8
Administration fees		4
Servicing fees – Administrative Class		2
Total Expenses		14
Net Investment Income		57
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(154	)
Net realized gain on futures contracts, options and swaps		185
Net realized (loss) on foreign currency transactions		(4	)
Net change in unrealized (depreciation) on investments		(16	)
Net change in unrealized appreciation on futures contracts, options and swaps		170
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		10
Net Gain		191
Net Increase in Net Assets Resulting from Operations	$	248

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    RealEstateRealReturn Strategy Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)		Period from September 30, 2005 to December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$           57		$           56
Net realized gain (loss)	27		(13	)
Net change in unrealized appreciation	164		19
Net increase resulting from operations	248		62
Distributions to Shareholders:
From net investment income
Administrative Class	(65	)	0
Total Distributions	(65	)	0
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class	0		3,000
Issued as reinvestment of distributions
Administrative Class	64		0
Net increase resulting from Portfolio share transactions	64		3,000
Total Increase in Net Assets	247		3,062
Net Assets:
Beginning of period	3,062		0
End of period *	$      3,309		$      3,062
*Including undistributed net investment income of:	$           99		$         107

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    RealEstateRealReturn Strategy Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
U.S. TREASURY OBLIGATIONS 97.6%
Treasury Inflation Protected Securities (a)
3.500% due 01/15/2011	$	116	$	122
3.000% due 07/15/2012		450		464
1.875% due 07/15/2015		1,217		1,155
2.375% due 01/15/2025		1,288		1,254
2.000% due 01/15/2026		255		233
Total U.S. Treasury Obligations (Cost $3,203)				3,228
		NOTIONAL AMOUNT (000S)
PURCHASED PUT OPTIONS 0.0%
Treasury Inflation Protected Security (OTC)
1.875% due 07/15/2015
Strike @ $71.000 Exp. 07/24/2006		2,000		0
		# OF CONTRACTS
90-Day Eurodollar September Futures (CME)
Strike @ $90.500 Exp. 09/17/2007		8		0
U.S. Treasury 10-Year Note September Futures (CBOT)
6.000% due 09/20/2006
Strike @ $101.000 Exp. 08/25/2006		4		0
Total Purchased Put Options (Cost $1)				0
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS (f) 94.6%
COMMERCIAL PAPER 39.1%
Fannie Mae
5.190% due 08/04/2006	$	500		498
Federal Home Loan Bank
4.986% due 07/26/2006		400		399
Freddie Mac
5.253% due 09/05/2006		400		396
				1,293
FRANCE TREASURY BILLS 16.7%
2.701% due 07/13/2006 -09/28/2006 (b)	EUR	435		553

REPURCHASE AGREEMENTS 37.2%
Credit Suisse First Boston
4.580% due 07/03/2006	$	800	$	800
(Dated 06/30/2006. Collateralized by U.S. Treasury Notes 4.000% due 06/15/2009 valued at $822. Repurchase proceeds are $800.)
State Street Bank
4.900% due 07/03/2006		430		430
(Dated 06/30/2006. Collateralized by Federal Home Loan Bank 3.750% due 07/02/2023 valued at $439. Repurchase proceeds are $430.)
				1,230
U.S. TREASURY BILLS 1.6%
4.783% due 08/31/2006 -09/14/2006 (b)(c)		55		55
Total Short-Term Instruments (Cost $3,110)				3,131
Total Investments 192.2% (Cost $6,314)			$	6,359
Written Options (e) (0.0%) (Premiums $1)				(1)
Other Assets and Liabilities (Net) (92.2%)				(3,049)
Net Assets 100.0%			$	3,309

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    RealEstateRealReturn Strategy Portfolio (Cont.)

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

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

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

(c) Securities with an aggregate market value of $55 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	2	$	(4	)
90-Day Eurodollar June Futures	Long	06/2007	2		(4	)
90-Day Eurodollar March Futures	Long	03/2007	2		(4	)
90-Day Eurodollar September Futures	Long	09/2007	2		(4	)
U.S. Treasury 30-Year Bond September Futures	Short	09/2006	4		1
				$	(15	)

(d) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016	$	100,000	$	1
Total Return Swaps
Counterparty	Receive Total Return	Pay		Expiration Date	# of Contracts		Unrealized Appreciation
Credit Suisse First Boston	Wilshire REIT Total Return Index	1-month USD-LIBOR plus 0.350%		07/31/2006		1	$	172

(e) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$	108.000	08/25/2006	1	$	0	$	0
Call - CBOT U.S. Treasury 10-Year Note September Futures		107.000	08/25/2006	3		0		0
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/25/2006	4		1		1
					$	1	$	1

(f) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell	CHF	1	09/2006	$	0	$	0		$	0
Buy	EUR	16	07/2006		0		0			0
Sell		415	08/2006		0		(9	)		(9	)
Buy	JPY	10,495	08/2006		0		(2	)		(2	)
				$	0	$	(11	)	$	(11	)

10 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2006 (Unaudited)

1.  ORGANIZATION

The RealEstateRealReturn Strategy 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 management 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events when the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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.

Semiannual Report June 30, 2006 11

Notes to Financial Statements (Cont.)

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
CHF	Swiss Franc	JPY	Japanese Yen
EUR	Euro

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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

12 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 underlying securities for all repurchase agreements are held in safekeeping at the Portfolio’s custodian or designated subcustodians under triparty repurchase agreements. The market value of the collateral must be equal to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate and total return to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

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

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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 0.49%.

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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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

Semiannual Report June 30, 2006 13

Notes to Financial Statements (Cont.)

by the Trustees. The ratio of expenses to average net assets per share class, as disclosed in the 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 0.89 %

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):

		12/31/2005		06/30/2006
Amount Available for Reimbursement	$	21	$	0

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$      24,837	$      24,406	$             0	$             0

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Premium
Balance at 12/31/2005	2		$	1
Sales	10			1
Closing Buys	0			0
Expirations	(4	)		(1	)
Exercised	0			0
Balance at 06/30/2006	8		$	1

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006			Period from 09/30/2005 to 12/31/2005
	Shares	Amount		Shares	Amount
Receipts for shares sold
Administrative Class	0	$	0	300	$	3,000
Issued as reinvestment of distributions
Administrative Class	6		64	0		0
Net increase resulting from Portfolio share transactions	6	$	64	300	$	3,000

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 Shareholders	% of Portfolio Held
Administrative Class	1	100

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$              46	$                 (1)	$                 45

14 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

Semiannual Report June 30, 2006 15

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Administrative Semiannual Report June 30, 2006 PIMCO Variable Insurance Trust Short-Term Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	12

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Short-Term Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, derivatives risk, mortgage risk, non-U.S. investment risk, currency risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Citigroup 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3-Month Treasury Bill issues. It is not possible to invest directly in the index.

Semiannual Report June 30, 2006 3

PIMCO Short-Term Portfolio

Cumulative Returns Through June 30, 2006

                    Short-Term Portfolio        Citigroup 3 Month
                    Administrative Class          T-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
    07/31/2004             12,130                    11,543
    08/31/2004             12,154                    11,555
    09/30/2004             12,167                    11,569
    10/31/2004             12,194                    11,584
    11/30/2004             12,199                    11,601
    12/31/2004             12,224                    11,620
    01/31/2005             12,243                    11,641
    02/28/2005             12,250                    11,661
    03/31/2005             12,273                    11,686
    04/30/2005             12,311                    11,711
    05/31/2005             12,338                    11,739
    06/30/2005             12,366                    11,767
    07/31/2005             12,371                    11,796
    08/31/2005             12,426                    11,828
    09/30/2005             12,435                    11,860
    10/31/2005             12,455                    11,895
    11/30/2005             12,490                    11,931
    12/31/2005             12,532                    11,969
    01/31/2006             12,570                    12,009
    02/28/2006             12,608                    12,047
    03/31/2006             12,630                    12,091
    04/30/2006             12,693                    12,136
    05/31/2006             12,725                    12,184
    06/30/2006             12,748                    12,231
    

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Administrative Class.

Sector Breakdown^‡

Short-Term Instruments	37.1%
Asset-Backed Securities	23.2%
U.S. Government Agencies	17.3%
Corporate Bonds & Notes	14.7%
Mortgage-Backed Securities	7.2%
Other	0.5%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since Inception (09/30/99)
	PIMCO Short-Term Portfolio Administrative Class	1.73%	3.09%	2.87%	3.66%
	Citigroup 3-Month Treasury Bill Index	2.19%	3.95%	2.16%	3.03%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	1,017.30	$	1,021.82
Expenses Paid During Period†	$	3.00	$	3.01

† 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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 first half of the year was a difficult environment for the Short-Term strategy as most bonds lagged money market instruments; concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide.

» U.S. interest rate exposure was the dominant cause of underperformance as Federal Reserve rate hikes totaled 1.00% during the first half of the year.

» The Portfolio’s curve steepening bias was a negative contributor to performance as the U.S. treasury yield curve flattened in conjunction with increasing rates—three month rates increased approximately 0.90% while intermediate rates only increased about by 0.75%.

» Broad diversification to higher-yielding bond sectors, including mortgages, corporates, and emerging market securities, helped partially buffer the underperformance associated with rising rates.

» Asset-backed bonds helped returns amid strong demand for their higher yield relative to money market instruments and for their collateral protection.

» Long exposure to the Yen and to Euro currency helped performance as both currencies appreciated relative to the U.S. dollar during the first half of the year.

4 PIMCO Variable Insurance Trust

Financial Highlights    Short-Term Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Administrative Class
Net asset value beginning of period	$	10.05		$	10.08		$	10.10		$	10.08		$	10.08		$	10.01
Net investment income (a)		0.20			0.28			0.12			0.13			0.28			0.48
Net realized/unrealized gain (loss) on investments (a)		(0.03	)		(0.03	)		0.01			0.07			0.02			0.15
Total income from investment operations		0.17			0.25			0.13			0.20			0.30			0.63
Dividends from net investment income		(0.20	)		(0.28	)		(0.13	)		(0.17	)		(0.29	)		(0.52	)
Distributions from net realized capital gains		0.00			0.00			(0.02	)		(0.01	)		(0.01	)		(0.04	)
Total distributions		(0.20	)		(0.28	)		(0.15	)		(0.18	)		(0.30	)		(0.56	)
Net asset value end of period	$	10.02		$	10.05		$	10.08		$	10.10		$	10.08		$	10.08
Total return		1.73	%		2.52	%		1.30	%		2.05	%		3.02	%		6.45	%
Net assets end of period (000s)	$	9,431		$	8,186		$	8,274		$	5,948		$	4,340		$	1,683
Ratio of expenses to average net assets		0.60	%*		0.60	%		0.60	%		0.60	%		0.60	%(d)		0.61	%(b)(c)
Ratio of net investment income to average net assets		4.07	%*		2.77	%		1.18	%		1.33	%		2.81	%		4.71	%
Portfolio turnover rate		46	%		154	%		251	%		199	%		60	%		94	%

+ 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 0.60%.

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

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

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Short-Term Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	25,050
Cash		3
Foreign currency, at value		493
Receivable for investments sold on delayed-delivery basis		205
Receivable for Portfolio shares sold		179
Interest and dividends receivable		63
Variation margin receivable		4
Swap premiums paid		17
Unrealized appreciation on forward foreign currency contracts		10
Unrealized appreciation on swap agreements		5
		26,029
Liabilities:
Payable for investments purchased	$	5
Payable for short sales		204
Payable for Portfolio shares redeemed		2
Written options outstanding		5
Accrued investment advisory fee		5
Accrued administration fee		4
Accrued servicing fee		1
Swap premiums received		49
Unrealized depreciation on forward foreign currency contracts		64
Unrealized depreciation on swap agreements		16
		355
Net Assets	$	25,674
Net Assets Consist of:
Paid in capital	$	25,875
Undistributed net investment income		36
Accumulated undistributed net realized (loss)		(56	)
Net unrealized (depreciation)		(181	)
	$	25,674
Net Assets:
Institutional Class	$	16,243
Administrative Class		9,431
Shares Issued and Outstanding:
Institutional Class		1,622
Administrative Class		942
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.02
Administrative Class		10.02
Cost of Investments Owned	$	25,085
Cost of Foreign Currency Held	$	493
Proceeds Received on Short Sales	$	201
Premiums Received on Written Options	$	11

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Short-Term Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	749
Total Income		749
Expenses:
Investment advisory fees		41
Administration fees		32
Servicing fees – Administrative Class		7
Total Expenses		80
Net Investment Income		669
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		18
Net realized (loss) on futures contracts, options and swaps		(75	)
Net realized gain on foreign currency transactions		47
Net change in unrealized (depreciation) on investments		(8	)
Net change in unrealized (depreciation) on futures contracts, options and swaps		(56	)
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(25	)
Net (Loss)		(99	)
Net Increase in Net Assets Resulting from Operations	$	570

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Short-Term Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	669		$	1,099
Net realized gain (loss)		(10	)		13
Net change in unrealized (depreciation)		(89	)		(123	)
Net increase resulting from operations		570			989
Distributions to Shareholders:
From net investment income
Institutional Class		(487	)		(891	)
Administrative Class		(182	)		(218	)
Total Distributions		(669	)		(1,109	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		16,084			20,119
Administrative Class		3,411			3,074
Issued as reinvestment of distributions
Institutional Class		487			892
Administrative Class		182			218
Cost of shares redeemed
Institutional Class		(32,679	)		(13,817	)
Administrative Class		(2,317	)		(3,355	)
Net increase (decrease) resulting from Portfolio share transactions		(14,832	)		7,131
Total Increase (Decrease) in Net Assets		(14,931	)		7,011
Net Assets:
Beginning of period		40,605			33,594
End of period*	$	25,674		$	40,605
*Including undistributed net investment income of:	$	36		$	36

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Short-Term Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
CORPORATE BONDS & NOTES 14.3%
BANKING & FINANCE 8.9%
Citigroup, Inc.
5.199% due 05/02/2008	$	250	$	250
Ford Motor Credit Co.
5.510% due 03/13/2007		100		99
General Electric Capital Corp.
5.220% due 05/10/2010		100		100
General Motors Acceptance Corp.
5.968% due 01/16/2007		100		100
6.039% due 03/20/2007		70		70
Goldman Sachs Group, Inc.
5.633% due 10/05/2007		100		100
5.539% due 06/23/2009		200		200
HSBC Finance Corp.
5.200% due 05/10/2007		170		170
5.459% due 09/15/2008		100		100
Lehman Brothers Holdings, Inc.
5.659% due 12/23/2010		100		100
MBNA Europe Funding PLC
5.336% due 09/07/2007		300		300
Mirage Resorts, Inc.
6.750% due 08/01/2007		100		101
Morgan Stanley
5.276% due 02/09/2009		100		100
Rabobank Nederland
5.088% due 01/15/2009		200		200
Riggs Capital Trust
8.875% due 03/15/2027		100		106
Royal Bank of Scotland PLC
5.038% due 04/11/2008		100		100
VTB Capital S.A. for Vneshtorgbank
6.174% due 09/21/2007		100		100
				2,296
INDUSTRIALS 3.7%
Airgas, Inc.
9.125% due 10/01/2011		100		105
ConocoPhillips
5.028% due 04/11/2007		100		100
Constellation Brands, Inc.
8.625% due 08/01/2006		60		60
CSC Holdings, Inc.
7.875% due 12/15/2007		100		102
DaimlerChrysler N.A. Holding Corp.
5.486% due 03/07/2007		50		50
Enterprise Products Operating LP
4.000% due 10/15/2007		30		29
Historic TW, Inc.
8.180% due 08/15/2007		100		103
HJ Heinz Co.
6.428% due 12/01/2008		100		102
Kerr-McGee Corp.
5.875% due 09/15/2006		200		201
Kroger Co.
7.625% due 09/15/2006		100		100
				952

UTILITIES 1.7%
Entergy Gulf States, Inc.
3.600% due 06/01/2008	$	100	$	96
Ohio Edison Co.
4.000% due 05/01/2008		30		29
Public Service Enterprise Group, Inc.
5.799% due 09/21/2008		100		100
Verizon Global Funding Corp.
5.300% due 08/15/2007		200		200
				425
Total Corporate Bonds & Notes (Cost $3,686)				3,673
U.S. GOVERNMENT AGENCIES 16.9%
Fannie Mae
5.000% due 07/25/2020		177		176
5.111% due 09/07/2006		700		700
5.211% due 03/01/2044		215		216
5.312% due 09/22/2006		1,000		1,000
5.442% due 03/25/2034		70		70
5.472% due 08/25/2034		30		30
5.500% due 11/01/2016		120		118
5.672% due 05/25/2042		32		32
5.842% due 10/01/2031		24		24
6.000% due 06/01/2017		33		33
Freddie Mac
3.500% due 01/15/2013 - 03/15/2022 (b)		250		245
5.211% due 10/25/2044 - 02/25/2045 (b)		1,161		1,161
5.411% due 07/25/2044		238		237
5.500% due 08/15/2030		17		17
5.549% due 06/15/2031		77		77
9.500% due 12/01/2019		20		22
Government National Mortgage Association
5.000% due 02/20/2032		55		55
6.000% due 03/15/2032 - 03/20/2032 (b)		110		110
Total U.S. Government Agencies (Cost $4,338)				4,323
MORTGAGE-BACKED SECURITIES 7.0%
Banc of America Mortgage Securities
6.607% due 07/25/2032		4		4
5.437% due 10/20/2032		5		5
Bear Stearns Adjustable Rate Mortgage Trust
4.666% due 12/25/2033		18		17
4.214% due 01/25/2034		13		13
4.799% due 11/25/2035		259		254
Bear Stearns Alt-A Trust
5.602% due 02/25/2034		12		12
Countrywide Alternative Loan Trust
5.602% due 02/25/2037		194		195
5.417% due 05/20/2046		97		97
Countrywide Home Loan Mortgage Pass-Through Trust
5.662% due 06/25/2035		79		79
CS First Boston Mortgage Securities Corp.
4.954% due 03/25/2032		42		42
5.691% due 05/25/2032		5		5
First Republic Mortgage Loan Trust
5.499% due 08/15/2032		84		84
Greenpoint Mortgage Funding Trust
5.542% due 05/25/2045		159		160

GSR Mortgage Loan Trust
4.541% due 09/25/2035	$	88	$	86
Harborview Mortgage Loan Trust
5.472% due 05/19/2035		205		205
Mellon Residential Funding Corp.
5.639% due 12/15/2030		31		31
Sequoia Mortgage Funding Co.
0.800% due 10/21/2007 (a)		638		3
Structured Asset Mortgage Investments, Inc.
5.582% due 09/19/2032		26		26
5.542% due 05/25/2036		100		100
5.552% due 05/25/2045		208		209
Washington Mutual, Inc.
5.592% due 12/25/2027		47		47
5.123% due 10/25/2032		4		4
5.543% due 06/25/2042		27		27
5.143% due 02/25/2046		96		95
Total Mortgage-Backed Securities (Cost $1,804)				1,800

ASSET-BACKED SECURITIES 22.6%
AAA Trust
5.422% due 11/26/2035	20	20
ACE Securities Corp.
5.402% due 02/25/2036	156	156
Ameriquest Mortgage Securities, Inc.
5.402% due 03/25/2035	74	74
Argent Securities, Inc.
5.422% due 11/25/2035	163	163
5.462% due 02/25/2036	287	287
5.392% due 05/25/2036	87	87
Bear Stearns Asset-Backed Securities, Inc.
5.652% due 10/25/2032	4	4
5.392% due 12/25/2035	69	69
5.522% due 06/15/2043	5	5
Centex Home Equity
5.432% due 10/25/2035	53	53
Chase Manhattan Auto Owner Trust
4.730% due 03/15/2008	10	10
Countrywide Asset-Backed Certificates
5.802% due 12/25/2031	6	6
5.692% due 05/25/2032	1	1
5.482% due 08/25/2033	156	156
5.492% due 12/25/2035	232	232
5.392% due 02/25/2036	177	177
5.392% due 03/25/2036	93	93
5.392% due 04/25/2036	92	92
CS First Boston Mortgage Securities Corp.
5.672% due 07/25/2032	3	3
5.692% due 08/25/2032	3	3
FBR Securitization Trust
5.432% due 10/25/2035	53	53
5.442% due 10/25/2035	219	219
First Franklin Mortgage Loan Asset-Backed Certificates
5.731% due 03/25/2034	1	1
5.392% due 01/25/2036	84	84
5.412% due 01/25/2036	85	86
First NLC Trust
5.432% due 12/25/2035	258	258
5.442% due 12/31/2036	78	78

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    Short-Term Portfolio (Cont.)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

Fremont Home Loan Trust
5.412% due 01/25/2036	$	251	$	251
GSAMP Trust
5.412% due 11/25/2035		81		81
5.442% due 12/25/2035		72		72
5.432% due 01/25/2036		247		247
Home Equity Asset Trust
5.402% due 05/25/2036		87		87
Home Equity Mortgage Trust
5.442% due 07/25/2035		3		3
Irwin Home Equity
5.862% due 07/25/2032		8		8
Long Beach Mortgage Loan Trust
5.412% due 01/25/2036		155		155
5.392% due 03/25/2036		81		81
Mastr Asset-Backed Securities Trust
5.402% due 12/25/2035		85		85
Merrill Lynch Mortgage Investors, Inc.
5.392% due 02/25/2037		86		86
Morgan Stanley Capital I
5.392% due 02/25/2036		85		85
Nelnet Student Loan Trust
5.174% due 08/23/2011		98		98
5.190% due 07/25/2016		100		100
Novastar Home Equity Loan
5.982% due 09/25/2031		3		3
Quest Trust
5.882% due 06/25/2034		15		15
Renaissance Home Equity Loan Trust
5.762% due 08/25/2033		19		20
5.822% due 12/25/2033		92		93
5.682% due 11/25/2034		41		41
Residential Asset Mortgage Products, Inc.
5.482% due 09/25/2013		3		3
5.652% due 12/25/2033		1		1
5.402% due 01/25/2036		72		72
5.161% due 02/25/2036		86		86
Residential Asset Securities Corp.
5.422% due 10/25/2035		188		189
5.402% due 01/25/2036		85		86
Residential Funding Mortgage Securities II, Inc.
5.462% due 09/25/2035		284		285
SACO I, Inc.
5.432% due 12/25/2035		199		199
5.402% due 04/25/2036		70		70
Saxon Asset Securities Trust
5.592% due 01/25/2032		1		1
Soundview Home Equity Loan Trust
5.492% due 04/25/2035		51		51
5.392% due 03/25/2036		79		79
5.392% due 05/25/2036		90		91
Structured Asset Investment Loan Trust
5.412% due 07/25/2035		39		39
Structured Asset Securities Corp.
5.612% due 01/25/2033		4		4
Susquehanna Auto Lease Trust
4.991% due 04/16/2007		60		60
Wachovia Auto Owner Trust
4.820% due 02/20/2009		400		399

Wells Fargo Home Equity Trust
5.492% due 02/25/2018	$	7	$	7
Total Asset-Backed Securities (Cost $5,800)				5,803
SOVEREIGN ISSUES 0.6%
Russia Government International Bond
10.000% due 06/26/2007		140		146
Total Sovereign Issues (Cost $147)				146
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.0%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.080% Exp. 04/19/2007		500		1
Strike @ 5.500% Exp. 06/29/2007		1,000		5
Strike @ 5.130% Exp. 10/25/2006		5,000		1
Total Purchased Call Options (Cost $15)				7
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 36.2%
CERTIFICATES OF DEPOSIT 1.9%
Countrywide Bank N.A.
5.209% due 09/15/2006		500		500
				500
COMMERCIAL PAPER 29.9%
Danske Corp.
5.080% due 08/24/2006		700		695
DNB NORBank ASA
4.960% due 07/17/2006		100		100
5.080% due 08/02/2006		600		597
Fannie Mae
4.809% due 07/05/2006		300		300
Federal Home Loan Bank
5.030% due 07/03/2006		700		700
HBOS Treasury Services PLC
5.055% due 08/17/2006		600		596
ING U.S. Funding LLC
5.230% due 08/03/2006		700		697
Nordea N.A., Inc.
5.090% due 08/24/2006		700		695
Rabobank USA Financial Corp.
5.240% due 07/03/2006		500		500
Societe Generale N.A.
5.055% due 08/15/2006		700		696
Spintab AB
5.120% due 08/01/2006		700		697
Total Captial S.A.
5.270% due 07/03/2006		700		700
UBS Finance Delaware LLC
5.235% due 08/08/2006		700		696
				7,669

FRANCE TREASURY BILL 2.4%
2.667% due 08/24/2006	EUR	480	$	612
GERMANY TREASURY BILL 0.1%
2.668% due 08/16/2006		20		25
REPURCHASE AGREEMENT 1.6%
State Street Bank
4.900% due 07/03/2006	$	417		417
(Dated 06/30/2006. Collateralized by Freddie Mac 2.750% due 02/09/2007 valued at $428. Repurchase proceeds are $417.)
U.S. TREASURY BILLS 0.3%
4.733% due 08/31/2006 -09/14/2006 (b)(d)		75		75
Total Short-Term Instruments (Cost $9,295)				9,298
Total Investments (c) 97.6% (Cost $25,085)			$	25,050
Written Options (f) (0.0%) (Premiums $11)				(5)
Other Assets and Liabilities (Net) 2.4%				629
Net Assets 100.0%			$	25,674

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

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

(a) Interest only security.

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

(c) As of June 30, 2006, portfolio securities with an aggregate market value of $197 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(d) Securities with an aggregate market value of $75 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar September Futures	Long	09/2006	62	$	(88	)

(e) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016	$	400	$	5
J.P. Morgan Chase & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2011		100		(1	)
Royal Bank of Scotland PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2011		400		(4	)
UBS Warburg LLC	3-month USD-LIBOR	Pay	4.000%	06/21/2007		3,200		(11	)
							$	(11	)

(f) Written options outstanding on June 30, 2006:
Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.210%	10/25/2006	$	1,000	$	4	$	1
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.220%	04/19/2007		200		2		1
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		1,100		4		1
								$	10	$	3

Foreign Currency Options
Description	Counterparty	Exercise Price	Expiration Date	Notional Amount		Premium		Value
Put - OTC U.S. dollar versus Japanese Yen	Bank of America	JPY 112.000	07/26/2006	$	400	$	1	$	2

(g) Short sales outstanding on June 30, 2006:
Description	Coupon	Maturity Date	Principal Amount		Proceeds		Valueà
U.S. Treasury Note	5.000%	02/15/2011	$	200	$	201	$	204
à Market value includes $4 of interest payable on short sales.

(h) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	CNY	231	03/2007	$	0	$	0		$	0
Buy	EUR	600	07/2006		5		(2	)		3
Sell		602	07/2006		0		(26	)		(26	)
Sell		76	08/2006		0		(2	)		(2	)
Sell		802	09/2006		0		(15	)		(15	)
Buy	JPY	5,300	07/2006		1		0			1
Buy		233,975	08/2006		2		(15	)		(13	)
Sell		133,830	08/2006		2		(4	)		(2	)
				$	10	$	(64	)	$	(54	)

See Accompanying Notes Semiannual Report June 30, 2006 11

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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

12 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
CNY	Chinese Yuan Renminbi
EUR	Euro
JPY	Japanese Yen

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

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

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchase with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Semiannual Report June 30, 2006 13

Notes to Financial Statements (Cont.)

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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

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. Securities sold in short sale transactions and interest payable on such securities, if any, are reflected as a liability in the Statement of Assets and Liabilities. 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.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate, total return, forward spread-lock and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.20%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$      2,046	$      4,720	$      7,331	$      5,624

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $			Premium
Balance at 12/31/2005	48		$	3,600		$	38
Sales	0			4,700			24
Closing Buys	(8	)		(3,100	)		(25	)
Expirations	(40	)		(2,500	)		(26	)
Exercised	0			0			0
Balance at 06/30/2006	0		$	2,700		$	11

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	1,602		$	16,084		1,998		$	20,119
Administrative Class	340			3,411		305			3,074
Issued as reinvestment of distributions
Institutional Class	49			487		89			892
Administrative Class	18			182		22			218
Cost of shares redeemed
Institutional Class	(3,255	)		(32,679	)	(1,373	)		(13,817	)
Administrative Class	(231	)		(2,317	)	(333	)		(3,355	)
Net increase (decrease) resulting from Portfolio share transactions	(1,477	)	$	(14,832	)	708		$	7,131

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 Shareholders	% of Portfolio Held
Institutional Class	2	97
Administrative Class	4	85

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$             17	$             (52)	$              (35)

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

16 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Institutional

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Short-Term Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	12

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Short-Term Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, derivatives risk, mortgage risk, non-U.S. investment risk, currency risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Citigroup 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3-Month Treasury Bill issues. It is not possible to invest directly in the index.

Semiannual Report June 30, 2006 3

PIMCO Short-Term Portfolio

Cumulative Returns Through June 30, 2006

                Short-Term Portfolio
                 Institutional Class         Lipper Money Market 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
07/31/2004             11,832                          11,198
08/31/2004             11,856                          11,210
09/30/2004             11,871                          11,223
10/31/2004             11,899                          11,238
11/30/2004             11,905                          11,254
12/31/2004             11,931                          11,273
01/31/2005             11,951                          11,293
02/28/2005             11,959                          11,313
03/31/2005             11,984                          11,336
04/30/2005             12,022                          11,361
05/31/2005             12,050                          11,388
06/30/2005             12,079                          11,415
07/31/2005             12,085                          11,444
08/31/2005             12,140                          11,474
09/30/2005             12,151                          11,506
10/31/2005             12,172                          11,539
11/30/2005             12,207                          11,574
12/31/2005             12,250                          11,611
01/31/2006             12,289                          11,650
02/28/2006             12,327                          11,687
03/31/2006             12,350                          11,730
04/30/2006             12,414                          11,774
05/31/2006             12,446                          11,820
06/30/2006             12,471                          11,866

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Institutional Class.

Sector Breakdown^‡

Short-Term Instruments	37.1%
Asset-Backed Securities	23.2%
U.S. Government Agencies	17.3%
Corporate Bonds & Notes	14.7%
Mortgage-Backed Securities	7.2%
Other	0.5%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since     Inception     (04/28/00)**
	PIMCO Short-Term Portfolio Institutional Class	1.80%	3.24%	3.02%	3.64%
	Lipper Money Market Index	2.19%	3.95%	2.16%	2.81%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Institutional Class shares commenced operations on 04/28/00. Index comparisons began on 04/30/00.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	1,018.00	$	1,022.56
Expenses Paid During Period†	$	2.25	$	2.26

† 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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 first half of the year was a difficult environment for the Short-Term strategy as most bonds lagged money market instruments; concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide.

» U.S. interest rate exposure was the dominant cause of underperformance as Federal Reserve rate hikes totaled 1.00% during the first half of the year.

» The Portfolio’s curve steepening bias was a negative contributor to performance as the U.S. treasury yield curve flattened in conjunction with increasing rates—three month rates increased approximately 0.90% while intermediate rates only increased about by 0.75%.

» Broad diversification to higher-yielding bond sectors, including mortgages, corporates, and emerging market securities, helped partially buffer the underperformance associated with rising rates.

» Asset-backed bonds helped returns amid strong demand for their higher yield relative to money market instruments and for their collateral protection.

» Long exposure to the Yen and to Euro currency helped performance as both currencies appreciated relative to the U.S. dollar during the first half of the year.

4 PIMCO Variable Insurance Trust

Financial Highlights  Short-Term Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Institutional Class
Net asset value beginning of period	$	10.05		$	10.08		$	10.10		$	10.08		$	10.08		$	10.01
Net investment income (a)		0.21			0.30			0.14			0.14			0.30			0.53
Net realized/unrealized gain (loss) on investments (a)		(0.03	)		(0.03	)		—			0.08			0.01			0.12
Total income from investment operations		0.18			0.27			0.14			0.22			0.31			0.65
Dividends from net investment income		(0.21	)		(0.30	)		(0.14	)		(0.19	)		(0.30	)		(0.54	)
Distributions from net realized capital gains		0.00			0.00			(0.02	)		(0.01	)		(0.01	)		(0.04	)
Total distributions		(0.21	)		(0.30	)		(0.16	)		(0.20	)		(0.31	)		(0.58	)
Net asset value end of period	$	10.02		$	10.05		$	10.08		$	10.10		$	10.08		$	10.08
Total return		1.80	%		2.67	%		1.45	%		2.20	%		3.18	%		6.59	%
Net assets end of period (000s)	$	16,243		$	32,419		$	25,320		$	14,932		$	4,893		$	4,093
Ratio of expenses to average net assets		0.45	%*		0.45	%		0.45	%		0.45	%		0.45	%		0.47	%(b)(c)
Ratio of net investment income to average net assets		4.13	%*		2.95	%		1.34	%		1.36	%		2.99	%		5.27	%
Portfolio turnover rate		46	%		154	%		251	%		199	%		60	%		94	%

+ 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%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Short-Term Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	25,050
Cash		3
Foreign currency, at value		493
Receivable for investments sold on delayed-delivery basis		205
Receivable for Portfolio shares sold		179
Interest and dividends receivable		63
Variation margin receivable		4
Swap premiums paid		17
Unrealized appreciation on forward foreign currency contracts		10
Unrealized appreciation on swap agreements		5
		26,029
Liabilities:
Payable for investments purchased	$	5
Payable for short sales		204
Payable for Portfolio shares redeemed		2
Written options outstanding		5
Accrued investment advisory fee		5
Accrued administration fee		4
Accrued servicing fee		1
Swap premiums received		49
Unrealized depreciation on forward foreign currency contracts		64
Unrealized depreciation on swap agreements		16
		355
Net Assets	$	25,674
Net Assets Consist of:
Paid in capital	$	25,875
Undistributed net investment income		36
Accumulated undistributed net realized (loss)		(56	)
Net unrealized (depreciation)		(181	)
	$	25,674
Net Assets:
Institutional Class	$	16,243
Administrative Class		9,431
Shares Issued and Outstanding:
Institutional Class		1,622
Administrative Class		942
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.02
Administrative Class		10.02
Cost of Investments Owned	$	25,085
Cost of Foreign Currency Held	$	493
Proceeds Received on Short Sales	$	201
Premiums Received on Written Options	$	11

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Short-Term Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	749
Total Income		749
Expenses:
Investment advisory fees		41
Administration fees		32
Servicing fees – Administrative Class		7
Total Expenses		80
Net Investment Income		669
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		18
Net realized (loss) on futures contracts, options and swaps		(75	)
Net realized gain on foreign currency transactions		47
Net change in unrealized (depreciation) on investments		(8	)
Net change in unrealized (depreciation) on futures contracts, options and swaps		(56	)
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(25	)
Net (Loss)		(99	)
Net Increase in Net Assets Resulting from Operations	$	570

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Short-Term Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	669		$	1,099
Net realized gain (loss)		(10	)		13
Net change in unrealized (depreciation)		(89	)		(123	)
Net increase resulting from operations		570			989
Distributions to Shareholders:
From net investment income
Institutional Class		(487	)		(891	)
Administrative Class		(182	)		(218	)
Total Distributions		(669	)		(1,109	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		16,084			20,119
Administrative Class		3,411			3,074
Issued as reinvestment of distributions
Institutional Class		487			892
Administrative Class		182			218
Cost of shares redeemed
Institutional Class		(32,679	)		(13,817	)
Administrative Class		(2,317	)		(3,355	)
Net increase (decrease) resulting from Portfolio share transactions		(14,832	)		7,131
Total Increase (Decrease) in Net Assets		(14,931	)		7,011
Net Assets:
Beginning of period		40,605			33,594
End of period*	$	25,674		$	40,605
*Including undistributed net investment income of:	$	36		$	36

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Short-Term Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
CORPORATE BONDS & NOTES 14.3%
BANKING & FINANCE 8.9%
Citigroup, Inc.
5.199% due 05/02/2008	$	250	$	250
Ford Motor Credit Co.
5.510% due 03/13/2007		100		99
General Electric Capital Corp.
5.220% due 05/10/2010		100		100
General Motors Acceptance Corp.
5.968% due 01/16/2007		100		100
6.039% due 03/20/2007		70		70
Goldman Sachs Group, Inc.
5.633% due 10/05/2007		100		100
5.539% due 06/23/2009		200		200
HSBC Finance Corp.
5.200% due 05/10/2007		170		170
5.459% due 09/15/2008		100		100
Lehman Brothers Holdings, Inc.
5.659% due 12/23/2010		100		100
MBNA Europe Funding PLC
5.336% due 09/07/2007		300		300
Mirage Resorts, Inc.
6.750% due 08/01/2007		100		101
Morgan Stanley
5.276% due 02/09/2009		100		100
Rabobank Nederland
5.088% due 01/15/2009		200		200
Riggs Capital Trust
8.875% due 03/15/2027		100		106
Royal Bank of Scotland PLC
5.038% due 04/11/2008		100		100
VTB Capital S.A. for Vneshtorgbank
6.174% due 09/21/2007		100		100
				2,296
INDUSTRIALS 3.7%
Airgas, Inc.
9.125% due 10/01/2011		100		105
ConocoPhillips
5.028% due 04/11/2007		100		100
Constellation Brands, Inc.
8.625% due 08/01/2006		60		60
CSC Holdings, Inc.
7.875% due 12/15/2007		100		102
DaimlerChrysler N.A. Holding Corp.
5.486% due 03/07/2007		50		50
Enterprise Products Operating LP
4.000% due 10/15/2007		30		29
Historic TW, Inc.
8.180% due 08/15/2007		100		103
HJ Heinz Co.
6.428% due 12/01/2008		100		102
Kerr-McGee Corp.
5.875% due 09/15/2006		200		201
Kroger Co.
7.625% due 09/15/2006		100		100
				952

UTILITIES 1.7%
Entergy Gulf States, Inc.
3.600% due 06/01/2008	$	100	$	96
Ohio Edison Co.
4.000% due 05/01/2008		30		29
Public Service Enterprise Group, Inc.
5.799% due 09/21/2008		100		100
Verizon Global Funding Corp.
5.300% due 08/15/2007		200		200
				425
Total Corporate Bonds & Notes (Cost $3,686)				3,673
U.S. GOVERNMENT AGENCIES 16.9%
Fannie Mae
5.000% due 07/25/2020		177		176
5.111% due 09/07/2006		700		700
5.211% due 03/01/2044		215		216
5.312% due 09/22/2006		1,000		1,000
5.442% due 03/25/2034		70		70
5.472% due 08/25/2034		30		30
5.500% due 11/01/2016		120		118
5.672% due 05/25/2042		32		32
5.842% due 10/01/2031		24		24
6.000% due 06/01/2017		33		33
Freddie Mac
3.500% due 01/15/2013 - 03/15/2022 (b)		250		245
5.211% due 10/25/2044 - 02/25/2045 (b)		1,161		1,161
5.411% due 07/25/2044		238		237
5.500% due 08/15/2030		17		17
5.549% due 06/15/2031		77		77
9.500% due 12/01/2019		20		22
Government National Mortgage Association
5.000% due 02/20/2032		55		55
6.000% due 03/15/2032 - 03/20/2032 (b)		110		110
Total U.S. Government Agencies (Cost $4,338)				4,323
MORTGAGE-BACKED SECURITIES 7.0%
Banc of America Mortgage Securities
6.607% due 07/25/2032		4		4
5.437% due 10/20/2032		5		5
Bear Stearns Adjustable Rate Mortgage Trust
4.666% due 12/25/2033		18		17
4.214% due 01/25/2034		13		13
4.799% due 11/25/2035		259		254
Bear Stearns Alt-A Trust
5.602% due 02/25/2034		12		12
Countrywide Alternative Loan Trust
5.602% due 02/25/2037		194		195
5.417% due 05/20/2046		97		97
Countrywide Home Loan Mortgage Pass-Through Trust
5.662% due 06/25/2035		79		79
CS First Boston Mortgage Securities Corp.
4.954% due 03/25/2032		42		42
5.691% due 05/25/2032		5		5
First Republic Mortgage Loan Trust
5.499% due 08/15/2032		84		84
Greenpoint Mortgage Funding Trust
5.542% due 05/25/2045		159		160

GSR Mortgage Loan Trust
4.541% due 09/25/2035	$	88	$	86
Harborview Mortgage Loan Trust
5.472% due 05/19/2035		205		205
Mellon Residential Funding Corp.
5.639% due 12/15/2030		31		31
Sequoia Mortgage Funding Co.
0.800% due 10/21/2007 (a)		638		3
Structured Asset Mortgage Investments, Inc.
5.582% due 09/19/2032		26		26
5.542% due 05/25/2036		100		100
5.552% due 05/25/2045		208		209
Washington Mutual, Inc.
5.592% due 12/25/2027		47		47
5.123% due 10/25/2032		4		4
5.543% due 06/25/2042		27		27
5.143% due 02/25/2046		96		95
Total Mortgage-Backed Securities (Cost $1,804)				1,800
ASSET-BACKED SECURITIES 22.6%
AAA Trust
5.422% due 11/26/2035		20		20
ACE Securities Corp.
5.402% due 02/25/2036		156		156
Ameriquest Mortgage Securities, Inc.
5.402% due 03/25/2035		74		74
Argent Securities, Inc.
5.422% due 11/25/2035		163		163
5.462% due 02/25/2036		287		287
5.392% due 05/25/2036		87		87
Bear Stearns Asset-Backed Securities, Inc.
5.652% due 10/25/2032		4		4
5.392% due 12/25/2035		69		69
5.522% due 06/15/2043		5		5
Centex Home Equity
5.432% due 10/25/2035		53		53
Chase Manhattan Auto Owner Trust
4.730% due 03/15/2008		10		10
Countrywide Asset-Backed Certificates
5.802% due 12/25/2031		6		6
5.692% due 05/25/2032		1		1
5.482% due 08/25/2033		156		156
5.492% due 12/25/2035		232		232
5.392% due 02/25/2036		177		177
5.392% due 03/25/2036		93		93
5.392% due 04/25/2036		92		92
CS First Boston Mortgage Securities Corp.
5.672% due 07/25/2032		3		3
5.692% due 08/25/2032		3		3
FBR Securitization Trust
5.432% due 10/25/2035		53		53
5.442% due 10/25/2035		219		219
First Franklin Mortgage Loan Asset-Backed Certificates
5.731% due 03/25/2034		1		1
5.392% due 01/25/2036		84		84
5.412% due 01/25/2036		85		86
First NLC Trust
5.432% due 12/25/2035		258		258
5.442% due 12/31/2036		78		78

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    Short-Term Portfolio (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
Fremont Home Loan Trust
5.412% due 01/25/2036	$	251	$	251
GSAMP Trust
5.412% due 11/25/2035		81		81
5.442% due 12/25/2035		72		72
5.432% due 01/25/2036		247		247
Home Equity Asset Trust
5.402% due 05/25/2036		87		87
Home Equity Mortgage Trust
5.442% due 07/25/2035		3		3
Irwin Home Equity
5.862% due 07/25/2032		8		8
Long Beach Mortgage Loan Trust
5.412% due 01/25/2036		155		155
5.392% due 03/25/2036		81		81
Mastr Asset-Backed Securities Trust
5.402% due 12/25/2035		85		85
Merrill Lynch Mortgage Investors, Inc.
5.392% due 02/25/2037		86		86
Morgan Stanley Capital I
5.392% due 02/25/2036		85		85
Nelnet Student Loan Trust
5.174% due 08/23/2011		98		98
5.190% due 07/25/2016		100		100
Novastar Home Equity Loan
5.982% due 09/25/2031		3		3
Quest Trust
5.882% due 06/25/2034		15		15
Renaissance Home Equity Loan Trust
5.762% due 08/25/2033		19		20
5.822% due 12/25/2033		92		93
5.682% due 11/25/2034		41		41
Residential Asset Mortgage Products, Inc.
5.482% due 09/25/2013		3		3
5.652% due 12/25/2033		1		1
5.402% due 01/25/2036		72		72
5.161% due 02/25/2036		86		86
Residential Asset Securities Corp.
5.422% due 10/25/2035		188		189
5.402% due 01/25/2036		85		86
Residential Funding Mortgage Securities II, Inc.
5.462% due 09/25/2035		284		285
SACO I, Inc.
5.432% due 12/25/2035		199		199
5.402% due 04/25/2036		70		70
Saxon Asset Securities Trust
5.592% due 01/25/2032		1		1
Soundview Home Equity Loan Trust
5.492% due 04/25/2035		51		51
5.392% due 03/25/2036		79		79
5.392% due 05/25/2036		90		91
Structured Asset Investment Loan Trust
5.412% due 07/25/2035		39		39
Structured Asset Securities Corp.
5.612% due 01/25/2033		4		4
Susquehanna Auto Lease Trust
4.991% due 04/16/2007		60		60
Wachovia Auto Owner Trust
4.820% due 02/20/2009		400		399

Wells Fargo Home Equity Trust
5.492% due 02/25/2018	$	7	$	7
Total Asset-Backed Securities (Cost $5,800)				5,803
SOVEREIGN ISSUES 0.6%
Russia Government International Bond
10.000% due 06/26/2007		140		146
Total Sovereign Issues (Cost $147)				146
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.0%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.080% Exp. 04/19/2007		500		1
Strike @ 5.500% Exp. 06/29/2007		1,000		5
Strike @ 5.130% Exp. 10/25/2006		5,000		1
Total Purchased Call Options (Cost $15)				7
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 36.2%
CERTIFICATES OF DEPOSIT 1.9%
Countrywide Bank N.A.
5.209% due 09/15/2006		500		500
				500
COMMERCIAL PAPER 29.9%
Danske Corp.
5.080% due 08/24/2006		700		695
DNB NORBank ASA
4.960% due 07/17/2006		100		100
5.080% due 08/02/2006		600		597
Fannie Mae
4.809% due 07/05/2006		300		300
Federal Home Loan Bank
5.030% due 07/03/2006		700		700
HBOS Treasury Services PLC
5.055% due 08/17/2006		600		596
ING U.S. Funding LLC
5.230% due 08/03/2006		700		697
Nordea N.A., Inc.
5.090% due 08/24/2006		700		695
Rabobank USA Financial Corp.
5.240% due 07/03/2006		500		500
Societe Generale N.A.
5.055% due 08/15/2006		700		696
Spintab AB
5.120% due 08/01/2006		700		697
Total Captial S.A.
5.270% due 07/03/2006		700		700
UBS Finance Delaware LLC
5.235% due 08/08/2006		700		696
				7,669

FRANCE TREASURY BILL 2.4%
2.667% due 08/24/2006	EUR	480	$	612
GERMANY TREASURY BILL 0.1%
2.668% due 08/16/2006		20		25
REPURCHASE AGREEMENT 1.6%
State Street Bank
4.900% due 07/03/2006	$	417		417
(Dated 06/30/2006. Collateralized by Freddie Mac 2.750% due 02/09/2007 valued at $428. Repurchase proceeds are $417.)
U.S. TREASURY BILLS 0.3%
4.733% due 08/31/2006 -09/14/2006 (b)(d)		75		75
Total Short-Term Instruments (Cost $9,295)				9,298
Total Investments (c) 97.6% (Cost $25,085)			$	25,050
Written Options (f) (0.0%) (Premiums $11)				(5)
Other Assets and Liabilities (Net) 2.4%				629
Net Assets 100.0%			$	25,674

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

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

(a) Interest only security.

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

(c) As of June 30, 2006, portfolio securities with an aggregate market value of $197 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(d) Securities with an aggregate market value of $75 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar September Futures	Long	09/2006	62	$	(88	)

(e) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016	$	400	$	5
J.P. Morgan Chase & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2011		100		(1	)
Royal Bank of Scotland PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2011		400		(4	)
UBS Warburg LLC	3-month USD-LIBOR	Pay	4.000%	06/21/2007		3,200		(11	)
							$	(11	)

(f) Written options outstanding on June 30, 2006:
Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.210%	10/25/2006	$	1,000	$	4	$	1
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.220%	04/19/2007		200		2		1
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		1,100		4		1
								$	10	$	3

Foreign Currency Options
Description	Counterparty	Exercise Price	Expiration Date	Notional Amount		Premium		Value
Put - OTC U.S. dollar versus Japanese Yen	Bank of America	JPY 112.000	07/26/2006	$	400	$	1	$	2

(g) Short sales outstanding on June 30, 2006:
Description	Coupon	Maturity Date	Principal Amount		Proceeds		Valueà
U.S. Treasury Note	5.000%	02/15/2011	$	200	$	201	$	204
à Market value includes $4 of interest payable on short sales.

(h) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	CNY	231	03/2007	$	0	$	0		$	0
Buy	EUR	600	07/2006		5		(2	)		3
Sell		602	07/2006		0		(26	)		(26	)
Sell		76	08/2006		0		(2	)		(2	)
Sell		802	09/2006		0		(15	)		(15	)
Buy	JPY	5,300	07/2006		1		0			1
Buy		233,975	08/2006		2		(15	)		(13	)
Sell		133,830	08/2006		2		(4	)		(2	)
				$	10	$	(64	)	$	(54	)

See Accompanying Notes Semiannual Report June 30, 2006 11

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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

12 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
CNY	Chinese Yuan Renminbi
EUR	Euro
JPY	Japanese Yen

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

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

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchase with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Semiannual Report June 30, 2006 13

Notes to Financial Statements (Cont.)

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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

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. Securities sold in short sale transactions and interest payable on such securities, if any, are reflected as a liability in the Statement of Assets and Liabilities. 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.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate, total return, forward spread-lock and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.20%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$      2,046	$      4,720	$      7,331	$      5,624

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $			Premium
Balance at 12/31/2005	48		$	3,600		$	38
Sales	0			4,700			24
Closing Buys	(8	)		(3,100	)		(25	)
Expirations	(40	)		(2,500	)		(26	)
Exercised	0			0			0
Balance at 06/30/2006	0		$	2,700		$	11

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	1,602		$	16,084		1,998		$	20,119
Administrative Class	340			3,411		305			3,074
Issued as reinvestment of distributions
Institutional Class	49			487		89			892
Administrative Class	18			182		22			218
Cost of shares redeemed
Institutional Class	(3,255	)		(32,679	)	(1,373	)		(13,817	)
Administrative Class	(231	)		(2,317	)	(333	)		(3,355	)
Net increase (decrease) resulting from Portfolio share transactions	(1,477	)	$	(14,832	)	708		$	7,131

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 Shareholders	% of Portfolio Held
Institutional Class	2	97
Administrative Class	4	85

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$             17	$             (52)	$              (35)

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

16 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Administrative

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

StocksPLUS® Growth and Income Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	12

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the StocksPLUS^® Growth and Income Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, equity risk, mortgage risk, non-U.S. investment risk, currency risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

The S&P 500 Index is an unmanaged index generally considered representative of the stock market as a whole. It is not possible to invest directly in the index.

Semiannual Report June 30, 2006 3

PIMCO StocksPLUS^® Growth and Income Portfolio

Cumulative Returns Through June 30, 2006

              StocksPLUS/(R)/ Growth
              and Income Portfolio
              Administrative 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
 07/31/2004          12,944                 12,498
 08/31/2004          13,043                 12,549
 09/30/2004          13,166                 12,685
 10/31/2004          13,393                 12,878
 11/30/2004          13,932                 13,399
 12/31/2004          14,407                 13,855
 01/31/2005          14,035                 13,518
 02/28/2005          14,307                 13,802
 03/31/2005          14,037                 13,558
 04/30/2005          13,780                 13,301
 05/31/2005          14,195                 13,724
 06/30/2005          14,191                 13,743
 07/31/2005          14,723                 14,254
 08/31/2005          14,622                 14,124
 09/30/2005          14,691                 14,239
 10/31/2005          14,388                 14,001
 11/30/2005          14,907                 14,531
 12/31/2005          14,909                 14,536
 01/31/2006          15,318                 14,921
 02/28/2006          15,333                 14,961
 03/31/2006          15,483                 15,148
 04/30/2006          15,703                 15,351
 05/31/2006          15,233                 14,909
 06/30/2006          15,187                 14,929


  

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Administrative Class.

Sector Breakdown^‡

Short-Term Instruments#	44.5%
Corporate Bonds & Notes#	24.9%
U.S. Treasury Obligations#	12.6%
U.S. Government Agencies#	9.8%
Other	8.2%

‡ % of Total Investments as of June 30, 2006

# Primarily serving as collateral for equity-linked derivative positions

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since Inception (12/31/97)
	PIMCO StocksPLUS® Growth and Income Portfolio Administrative Class	1.86%	7.02%	2.88%	5.04%
	S&P 500 Index	2.71%	8.63%	2.49%	4.83%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	1,018.60	$	1,021.57
Expenses Paid During Period†	$	3.25	$	3.26

† 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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 first half of the year was a difficult environment for the StocksPLUS^® strategy as most bonds lagged money market instruments; concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide.

» U.S. interest rate exposure was the dominant cause of underperformance as interest rates increased along the yield curve.

» An emphasis on Eurodollar instruments and other shorter (one year or less) holdings was negative as rate increases were more pronounced in this part of the curve.

» Broad diversification to higher-yielding bond sectors, including mortgages and limited exposure to corporates and emerging market securities, helped partially buffer the underperformance associated with rising rates.

» Long exposure to the Yen and Euro currency was positive as both currencies appreciated relative to the U.S. dollar.

4 PIMCO Variable Insurance Trust

Financial Highlights    StocksPLUS^® Growth and Income Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Administrative Class
Net asset value beginning of period	$	10.20		$	10.09		$	9.26		$	7.25		$	9.35		$	11.05
Net investment income (a)		0.20			0.29			0.13			0.13			0.26			0.50
Net realized/unrealized gain (loss) on investments (a)		(0.01	)		0.06			0.86			2.06			(2.14	)		(1.78	)
Total income (loss) from investment operations		0.19			0.35			0.99			2.19			(1.88	)		(1.28	)
Dividends from net investment income		(0.19	)		(0.24	)		(0.16	)		(0.18	)		(0.22	)		(0.42	)
Total distributions		(0.19	)		(0.24	)		(0.16	)		(0.18	)		(0.22	)		(0.42	)
Net asset value end of period	$	10.20		$	10.20		$	10.09		$	9.26		$	7.25		$	9.35
Total return		1.86	%		3.49	%		10.81	%		30.38	%		(20.22	)%		(11.43	)%
Net assets end of period (000s)	$	79,905		$	229,193		$	266,851		$	267,880		$	218,993		$	259,926
Ratio of expenses to average net assets		0.60	%*(d)		0.65	%		0.65	%		0.65	%		0.65	%(b)		0.67	%(c)
Ratio of net investment income to average net assets		3.85	%*		2.87	%		1.39	%		1.54	%		3.13	%		5.02	%
Portfolio turnover rate		57	%		264	%		249	%		134	%		192	%		547	%

+ 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) Effective October 31, 2005, the advisory fee was reduced to 0.35%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    StocksPLUS^® Growth and Income Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	90,859
Cash		2
Foreign currency, at value		1,741
Receivable for Portfolio shares sold		50
Interest and dividends receivable		444
Variation margin receivable		742
Swap premiums paid		87
Unrealized appreciation on forward foreign currency contracts		172
Unrealized appreciation on swap agreements		139
		94,236
Liabilities:
Payable for investments purchased	$	4,835
Payable for Portfolio shares redeemed		187
Written options outstanding		1,390
Accrued investment advisory fee		26
Accrued administration fee		8
Accrued servicing fee		12
Variation margin payable		1,017
Swap premiums received		53
Unrealized depreciation on forward foreign currency contracts		636
Unrealized depreciation on swap agreements		5
		8,169
Net Assets	$	86,067
Net Assets Consist of:
Paid in capital	$	141,777
Undistributed net investment income		5,520
Accumulated undistributed net realized (loss)		(59,814	)
Net unrealized (depreciation)		(1,416	)
	$	86,067
Net Assets:
Institutional Class	$	6,161
Administrative Class		79,905
Shares Issued and Outstanding:
Institutional Class		599
Administrative Class		7,833
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.28
Administrative Class		10.20
Cost of Investments Owned	$	91,384
Cost of Foreign Currency Held	$	1,755
Premiums Received on Written Options	$	611

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    StocksPLUS^® Growth and Income Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	4,032
Dividends		57
Miscellaneous income		2
Total Income		4,091
Expenses:
Investment advisory fees		320
Administration fees		91
Servicing fees – Administrative Class		133
Trustees’ fees		1
Total Expenses		545
Net Investment Income		3,546
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(422	)
Net realized gain on futures contracts, options and swaps		4,075
Net realized (loss) on foreign currency transactions		(184	)
Net change in unrealized appreciation on investments		203
Net change in unrealized appreciation on futures contracts, options and swaps		1,302
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		631
Net Gain		5,605
Net Increase in Net Assets Resulting from Operations	$	9,151

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets  StocksPLUS^® Growth and Income Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	3,546		$	7,131
Net realized gain		3,469			11,323
Net change in unrealized appreciation (depreciation)		2,136			(10,541	)
Net increase resulting from operations		9,151			7,913
Distributions to Shareholders:
From net investment income
Institutional Class		(111	)		(127	)
Administrative Class		(2,039	)		(5,480	)
Total Distributions		(2,150	)		(5,607	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		1,207			3,215
Administrative Class		1,775			4,123
Issued as reinvestment of distributions
Institutional Class		111			127
Administrative Class		2,039			5,480
Cost of shares redeemed
Institutional Class		(883	)		(1,264	)
Administrative Class		(160,111	)		(49,470	)
Net (decrease) resulting from Portfolio share transactions		(155,862	)		(37,789	)
Total Decrease in Net Assets		(148,861	)		(35,483	)
Net Assets:
Beginning of period		234,928			270,411
End of period*	$	86,067		$	234,928
*Including undistributed net investment income of:	$	5,520		$	4,124

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    StocksPLUS^® Growth and Income Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
BANK LOAN OBLIGATIONS 1.2%
Georgia-Pacific Corp.
6.979% due 12/20/2012	$	45	$	46
7.170% due 12/20/2012		190		190
7.300% due 12/20/2012		762		761
Total Bank Loan Obligations (Cost $997)				997
CORPORATE BONDS & NOTES 26.3%
BANKING & FINANCE 13.7%
Bank of America Corp.
5.406% due 06/19/2009		800		800
CIT Group, Inc.
5.000% due 11/24/2008		300		296
Citigroup, Inc.
4.200% due 12/20/2007		2,500		2,452
Enron Credit Linked Notes Trust
8.000% due 08/15/2005 (a)		1,700		1,122
Export-Import Bank of Korea
5.410% due 11/16/2010		1,900		1,901
Ford Motor Credit Co.
6.374% due 03/21/2007		1,700		1,694
6.320% due 09/28/2007		600		587
4.950% due 01/15/2008		100		94
General Motors Acceptance Corp.
5.968% due 01/16/2007		600		598
6.599% due 09/23/2008		1,500		1,470
HSBC Finance Corp.
6.538% due 11/13/2007		100		101
Royal Bank of Scotland Group PLC
5.424% due 12/21/2007		600		600
Simsbury CLO Ltd.
5.669% due 09/24/2011		123		123
				11,838
INDUSTRIALS 9.8%
El Paso Corp.
7.625% due 08/16/2007		500		508
6.500% due 06/01/2008		1,100		1,097
Electronic Data Systems Corp.
6.334% due 08/17/2006		400		400
HCA, Inc.
7.250% due 05/20/2008		120		122
Host Marriott LP
9.500% due 01/15/2007		25		26
JC Penney Corp., Inc.
7.375% due 08/15/2008		100		103
Mandalay Resort Group
6.500% due 07/31/2009		2,200		2,167
Northwest Pipeline Corp.
6.625% due 12/01/2007		1,372		1,379
Pemex Project Funding Master Trust
5.871% due 12/03/2012		700		699
Southern Natural Gas Co.
6.700% due 10/01/2007		500		503
Transcontinental Gas Pipe Line Corp.
6.348% due 04/15/2008		1,100		1,104
Xerox Corp.
9.750% due 01/15/2009		300		322
				8,430

UTILITIES 2.8%
AT&T, Inc.
4.389% due 06/05/2007	$	300	$	297
CMS Energy Corp.
9.875% due 10/15/2007		1,300		1,359
Qwest Corp.
8.579% due 06/15/2013		700		744
				2,400
Total Corporate Bonds & Notes (Cost $23,349)				22,668
MUNICIPAL BONDS & NOTES 0.7%
Golden State, California Tobacco Securitization Corporations Revenue Notes, Series 2003
5.000% due 06/01/2021		555		558
Total Municipal Bonds & Notes (Cost $553)				558
U.S. GOVERNMENT AGENCIES 10.3%
Fannie Mae
5.000% due 12/01/2017 - 09/01/2018 (c)		1,104		1,066
5.500% due 07/13/2036		5,000		4,803
6.000% due 04/01/2016 - 11/01/2033 (c)		241		240
8.000% due 05/01/2030 - 09/01/2031 (c)		54		56
Federal Home Loan Bank
0.000% due 02/27/2012		500		436
Freddie Mac
5.500% due 08/15/2030		38		38
6.000% due 07/01/2016 - 05/01/2033 (c)		1,083		1,073
6.500% due 10/25/2043		587		589
Government National Mortgage Association
4.000% due 07/16/2027		155		153
5.125% due 11/20/2029		185		187
5.375% due 02/20/2027		171		171
8.000% due 04/15/2027 - 12/15/2029 (c)		74		79
8.500% due 04/20/2030		3		3
Total U.S. Government Agencies (Cost $9,119)				8,894
U.S. TREASURY OBLIGATIONS 13.3%
Treasury Inflation Protected Securities (b)
3.625% due 01/15/2008 (e)		11,222		11,419
Total U.S. Treasury Obligations (Cost $11,622)				11,419
MORTGAGE-BACKED SECURITIES 2.6%
Banc of America Funding Corp.
4.114% due 05/25/2035		507		489
Banc of America Mortgage Securities
6.500% due 10/25/2031		250		251
Bear Stearns Adjustable Rate Mortgage Trust
5.339% due 02/25/2033		184		183
Countrywide Alternative Loan Trust
6.000% due 10/25/2033		448		431
CS First Boston Mortgage Securities Corp.
5.691% due 05/25/2032		148		147
Impac CMB Trust
5.702% due 10/25/2033		38		38
5.572% due 04/25/2034		212		212

Residential Funding Mortgage Security I
6.500% due 03/25/2032	$	257	$	256
Structured Asset Mortgage Investments, Inc.
5.602% due 02/25/2035		195		195
Total Mortgage-Backed Securities (Cost $2,264)				2,202
ASSET-BACKED SECURITIES 0.5%
Countrywide Asset-Backed Certificates
5.472% due 05/25/2035		438		439
Total Asset-Backed Securities (Cost $438)				439
SOVEREIGN ISSUES 1.6%
Korea Development Bank
5.469% due 11/22/2012		500		501
Mexico Government International Bond
5.750% due 01/13/2009		900		909
Total Sovereign Issues (Cost $1,400)				1,410
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.0%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 4.500% Exp. 10/04/2006		7,300		0
Strike @ 4.800% Exp. 12/22/2006		7,000		1
Strike @ 5.000% Exp. 03/08/2007		9,000		8
Strike @ 5.080% Exp. 04/19/2007		9,200		13
Strike @ 5.130% Exp. 10/25/2006		16,000		5
Total Purchased Call Options (Cost $171)				27
		#OF CONTRACTS
PURCHASED PUT OPTIONS 0.0%
90-Day Eurodollar December Futures (CME)
Strike @ $92.000 Exp. 12/18/2006		55		0
Strike @ $92.250 Exp. 12/18/2006		444		3
90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007		354		2
S&P 500 Index September Futures (CME)
Strike @ $550.000 Exp. 09/15/2006		183		0
Strike @ $650.000 Exp. 09/15/2006		68		0
Total Purchased Put Options (Cost $14)				5
		SHARES
PREFERRED STOCK 2.1%
DG Funding Trust
7.210% due 12/31/2049		173		1,826
Total Preferred Stock (Cost $1,823)				1,826

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    StocksPLUS^® Growth and Income Portfolio (Cont.) June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
SHORT-TERM INSTRUMENTS (h) 47.0%
CERTIFICATES OF DEPOSIT 3.3%
Barclay Bank PLC
4.485% due 01/29/2007	$	1,900	$	1,900
Danske Corp.
5.080% due 08/24/2006		900		893
				2,793
COMMERCIAL PAPER 14.0%
Abbey National N.A. LLC
5.100% due 07/05/2006		2,200		2,199
Calyon N.A. Inc.
5.230% due 08/03/2006		1,000		995
Cox Communications, Inc.
4.720% due 07/17/2006		300		300
Fannie Mae
4.958% due 09/13/2006		2,200		2,175

Nordea N.A., Inc.
5.300% due 09/11/2006	$	2,300	$	2,275
Total Captial S.A.
5.270% due 07/03/2006		2,300		2,300
UBS Finance Delaware LLC
5.270% due 07/03/2006		100		100
5.080% due 08/21/2006		1,700		1,688
				12,032
REPURCHASE AGREEMENT 2.3%
State Street Bank
4.900% due 07/03/2006		1,983		1,983
(Dated 06/30/2006. Collateralized by Freddie Mac 2.750% due 02/09/2007 valued at $2,023. Repurchase proceeds are $1,984.)
FRANCE TREASURY BILLS 5.7%
2.603% due 07/06/2006 - 10/12/2006 (c)	EUR	3,820		4,872

GERMANY TREASURY BILLS 13.6%
2.586% due 07/12/2006 - 08/16/2006 (c)	EUR	9,180	$	11,726
U.S. TREASURY BILLS 8.1%
4.722% due 08/31/2006 - 09/14/2006 (c)(e)	$	7,065		7,008
Total Short-Term Instruments (Cost $39,634)				40,414
Total Investments (d) 105.6% (Cost $91,384)			$	90,859
Written Options (g) (1.6%) (Premiums $611)				(1,390)
Other Assets and Liabilities (Net) (4.0%)				(3,402)
Net Assets 100.0%			$	86,067

10 PIMCO Variable Insurance Trust See Accompanying Notes

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

(a) Security is in default.

(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) As of June 30, 2006, portfolio securities with an aggregate market value of $559 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(e) Securities with an aggregate market value of $18,426 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	5	$	(3	)
90-Day Eurodollar December Futures	Long	12/2007	1		(1	)
90-Day Eurodollar March Futures	Short	03/2008	41		51
E-mini S&P 500 Index September Futures	Short	09/2006	18		(29	)
S&P 500 Index September Futures	Short	09/2006	251		197
U.S. Treasury 2-Year Note September Futures	Long	09/2006	2		(1	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2006	90		19
				$	233

(f) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
BNP Paribas Bank	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.09%	10/15/10	EUR	1000	$	(3	)
Goldman Sachs & Co.	6-month JPY-LIBOR	Receive	2.00%	06/15/12	JPY	62000		(2	)
Morgan Stanley Dean Witter & Co.	6-month JPY-LIBOR	Receive	2.00%	06/15/12		260000		10
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.00%	12/20/11	$	1700		15
Lehman Brothers, Inc.	3-month USD-LIBOR	Receive	5.00%	12/20/13		2000		23
							$	43

June 30, 2006 (Unaudited)

Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
HSBC Bank USA	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.77%	06/20/07	$	500	$	1
J.P. Morgan Chase & Co.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.77%	05/20/07		200		1
J.P. Morgan Chase & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.60%	06/20/07		500		10
Lehman Brothers, Inc.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.61%	03/20/07		3000		10
Lehman Brothers, Inc.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.87%	04/20/07		600		3
							$	25
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will Pay to the buyer of the protection an Amount up to the Notional value of the swap and in certain instances, take delivery of the security. as a buyer of protection, the Portfolio will generally Receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Total Return Swaps
Counterparty	Receive Total Return	Pay	Expiration Date	# of Contracts	Unrealized Appreciation
Credit Suisse First Boston	S&P 500 Index	1-month USD-LIBOR plus 0.030%	05/15/2007	3,581	$	66

(g) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price	Expiration Date	# of Contracts	Premium		Value
Put - CME 90-Day Eurodollar December Futures	$95.000	12/18/2006	7	$	3	$	11
Put - CME 90-Day Eurodollar December Futures	95.250	12/18/2006	602		398		1,275
Put - CME 90-Day Eurodollar December Futures	95.500	12/18/2006	15		16		41
Put - CME 90-Day Eurodollar March Futures	94.750	03/19/2007	8		4		8
Put - CME 90-Day Eurodollar September Futures	95.000	09/18/2006	7		4		10
				$	425	$	1,345

Interest Rate Swaptions
Description	Counterparty	Pay/Receive Floating Rate Index	Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Put - OTC 1-Year Interest Rate Swap	HSBC Bank USA	6-month GBP-LIBOR	Pay	4.50%	12/20/06	GBP	1,000	$	5	$	11
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.21%	10/25/06	$	3,000		11		3
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.04%	03/08/07		3,000		29		6
Call - OTC 5-Year Interest Rate Swap	Citibank N.A.	3-month USD-LIBOR	Receive	4.54%	10/04/06		1,600		19		0
Call - OTC 5-Year Interest Rate Swap	Citibank N.A.	0-month USD-LIBOR	Receive	4.85%	12/22/06		3,000		39		1
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.21%	10/25/06		2,600		12		3
Call - OTC 5-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Receive	4.54%	10/04/06		2,000		24		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.04%	03/08/07		1,000		11		2
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.22%	04/19/07		4,000		32		18
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.21%	10/25/06		900		4		1
								$	186	$	45

(h) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	CNY	1,818	03/2007	$	0	$	(1	)	$	(1	)
Buy	EUR	9,511	07/2006		170		(9	)		161
Sell		22,558	07/2006		0		(550	)		(550	)
Buy	GBP	308	07/2006		2		0			2
Buy	JPY	253,979	08/2006		0		(76	)		(76	)
Buy	KRW	122,504	05/2007		0		0			0
				$	172	$	(636	)	$	(464	)

See Accompanying Notes Semiannual Report June 30, 2006 11

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class and Advisor 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders quarterly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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

12 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
CNY	Chinese Yuan Renminbi	JPY	Japanese Yen
EUR	Euro	KRW	South Korean Won
GBP	British Pound

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

Loan Participant and Assignments.  The Portfolio may invest in direct debt instruments which are interests in amounts owned by corporate, governmental, or other borrowers 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. Then 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 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. At the end of the period, the Portfolio had no unfunded loan commitments.

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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

Semiannual Report June 30, 2006 13

Notes to Financial Statements (Cont.)

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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate, total return, forward spread-lock and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of a credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service in take the position that a credit default swap or other bullet -type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.   Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

14 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

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

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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 0.35%.

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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.10%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	39,083	$	61,058	$	20,963	$	62,446

5.  SECURITY TRANSACTIONS WITH AFFILIATED PORTFOLIO

The Portfolio is permitted to purchase or sell securities from or to certain related affiliated portfolios under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolio from or to another portfolio that are, or could be, considered an affiliate by virtue of having a common investment advisor (or affiliated investment advisors), common Trustees and/or common officers complies with Rule 17a-7 of the Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the period ended June 30, 2006, the Portfolio below engaged in purchases and sales of securities pursuant to the Rule 17a-7 of the Act (amounts in thousands):

Purchases	Sales
$              70,214	$                  0

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

6.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $			Notional Amount in GBP			Premium
Balance at 12/31/2005	314		$	25,900		GBP	1,300		$	490
Sales	967			15,800			0			623
Closing Buys	(15	)		(18,500	)		0			(210	)
Expirations	(627	)		(2,100	)		(300	)		(292	)
Exercised	0			0			0			0
Balance at 06/30/2006	639		$	22,100		GBP	1,000		$	611

7.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	114		$	1,207		318		$	3,215
Administrative Class	168			1,775		414			4,123
Issued as reinvestment of distributions
Institutional Class	11			111		13			127
Administrative Class	199			2,039		543			5,480
Cost of shares redeemed
Institutional Class	(84	)		(883	)	(124	)		(1,264	)
Administrative Class	(15,001	)		(160,111	)	(4,939	)		(49,470	)
Net decrease resulting from Portfolio share transactions	(14,593	)	$	(155,862	)	(3,775	)	$	(37,789	)

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 Shareholders	% of Portfolio Held
Institutional Class	3	100
Administrative Class	4	85	*

* Allianz Life Insurance Co. of North America, an indirect wholly subsidiary of AGI and a related party to the Portfolio, owned 25% or more of the outstanding shares of beneficial interest of the Portfolio, and therefore may be presumed to “control” the Portfolio, as that term is defined in the 1940 Act.

8.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$            851	$        (3,176)	$            (525)

9.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote PIMCO Funds and the Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

Semiannual Report June 30, 2006 17

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Institutional

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

StocksPLUS® Growth and Income Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	12

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the StocksPLUS^® Growth and Income Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, equity risk, mortgage risk, non-U.S. investment risk, currency risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

The S&P 500 Index is an unmanaged index generally considered representative of the stock market as a whole. It is not possible to invest directly in the index.

Semiannual Report June 30, 2006 3

PIMCO StocksPLUS^® Growth and Income Portfolio

Cumulative Returns Through June 30, 2006

                StocksPLUS/(R)/ Growth and Income
                 Portfolio Institutional Class           S&P 500 Index
                ---------------------------------        -------------
04/30/2000                $10,000                           $10,000
05/31/2000                  9,803                             9,795
06/30/2000                 10,038                            10,036
07/31/2000                  9,907                             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                  8,103                             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
07/31/2004                  8,489                             8,094
08/31/2004                  8,554                             8,127
09/30/2004                  8,634                             8,215
10/31/2004                  8,792                             8,340
11/30/2004                  9,143                             8,678
12/31/2004                  9,453                             8,973
01/31/2005                  9,211                             8,754
02/28/2005                  9,397                             8,938
03/31/2005                  9,212                             8,780
04/30/2005                  9,044                             8,614
05/31/2005                  9,325                             8,888
06/30/2005                  9,322                             8,900
07/31/2005                  9,669                             9,231
08/31/2005                  9,604                             9,147
09/30/2005                  9,649                             9,221
10/31/2005                  9,460                             9,067
11/30/2005                  9,799                             9,410
12/31/2005                  9,801                             9,414
01/31/2006                 10,068                             9,663
02/28/2006                 10,078                             9,689
03/31/2006                 10,175                             9,810
04/30/2006                 10,329                             9,941
05/31/2006                 10,032                             9,655
06/30/2006                  9,994                             9,668

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Institutional Class.

Sector Breakdown^‡

Short-Term Instruments	44.5%
Corporate Bonds & Notes	24.9%
U.S. Treasury Obligations	12.6%
U.S. Government Agencies	9.8%
Other	8.2%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since     Inception     (04/28/00)**
	PIMCO StocksPLUS® Growth and Income Portfolio Institutional Class	1.97%	7.20%	3.04%	-0.01%
	S&P 500 Index	2.71%	8.63%	2.49%	-0.55%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Institutional Class shares commenced operations on 04/28/00. Index comparisons began on 04/30/00.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	1,019.70	$	1,022.56
Expenses Paid During Period†	$	2.25	$	2.26

† 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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 first half of the year was a difficult environment for the StocksPLUS^® strategy as most bonds lagged money market instruments; concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide.

» U.S. interest rate exposure was the dominant cause of underperformance as interest rates increased along the yield curve.

» An emphasis on Eurodollar instruments and other shorter (one year or less) holdings was negative as rate increases were more pronounced in this part of the curve.

» Broad diversification to higher-yielding bond sectors, including mortgages and limited exposure to corporates and emerging market securities, helped partially buffer the underperformance associated with rising rates.

» Long exposure to the Yen and Euro currency was positive as both currencies appreciated relative to the U.S. dollar.

4 PIMCO Variable Insurance Trust

Financial Highlights  StocksPLUS^® Growth and Income Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Institutional Class
Net asset value beginning of period	$	10.27		$	10.14		$	9.29		$	7.27		$	9.36		$	11.05
Net investment income (a)		0.22			0.31			0.15			0.14			0.26			0.49
Net realized/unrealized gain (loss) on investments (a)		(0.02	)		0.06			0.86			2.06			(2.13	)		(1.75	)
Total income (loss) from investment operations		0.20			0.37			1.01			2.20			(1.87	)		(1.26	)
Dividends from net investment income		(0.19	)		(0.24	)		(0.16	)		(0.18	)		(0.22	)		(0.43	)
Total distributions		(0.19	)		(0.24	)		(0.16	)		(0.18	)		(0.22	)		(0.43	)
Net asset value end of period	$	10.28		$	10.27		$	10.14		$	9.29		$	7.27		$	9.36
Total return		1.97	%		3.68	%		10.99	%		30.44	%		(20.08	)%		(11.28	)%
Net assets end of period (000s)	$	6,161		$	5,735		$	3,560		$	2,203		$	786		$	187
Ratio of expenses to average net assets		0.45	%*(e)		0.50	%		0.50	%		0.50	%		0.50	%(d)		0.52	%(b)(c)
Ratio of net investment income to average net assets		4.15	%*		3.12	%		1.55	%		1.65	%		3.28	%		4.98	%
Portfolio turnover rate		57	%		264	%		249	%		134	%		192	%		547	%

+ 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) Effective October 31, 2005, the advisory fee was reduced to 0.35%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    StocksPLUS^® Growth and Income Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	90,859
Cash		2
Foreign currency, at value		1,741
Receivable for Portfolio shares sold		50
Interest and dividends receivable		444
Variation margin receivable		742
Swap premiums paid		87
Unrealized appreciation on forward foreign currency contracts		172
Unrealized appreciation on swap agreements		139
		94,236
Liabilities:
Payable for investments purchased	$	4,835
Payable for Portfolio shares redeemed		187
Written options outstanding		1,390
Accrued investment advisory fee		26
Accrued administration fee		8
Accrued servicing fee		12
Variation margin payable		1,017
Swap premiums received		53
Unrealized depreciation on forward foreign currency contracts		636
Unrealized depreciation on swap agreements		5
		8,169
Net Assets	$	86,067
Net Assets Consist of:
Paid in capital	$	141,777
Undistributed net investment income		5,520
Accumulated undistributed net realized (loss)		(59,814	)
Net unrealized (depreciation)		(1,416	)
	$	86,067
Net Assets:
Institutional Class	$	6,161
Administrative Class		79,905
Shares Issued and Outstanding:
Institutional Class		599
Administrative Class		7,833
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.28
Administrative Class		10.20
Cost of Investments Owned	$	91,384
Cost of Foreign Currency Held	$	1,755
Premiums Received on Written Options	$	611

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    StocksPLUS^® Growth and Income Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	4,032
Dividends		57
Miscellaneous income		2
Total Income		4,091
Expenses:
Investment advisory fees		320
Administration fees		91
Servicing fees – Administrative Class		133
Trustees’ fees		1
Total Expenses		545
Net Investment Income		3,546
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(422	)
Net realized gain on futures contracts, options and swaps		4,075
Net realized (loss) on foreign currency transactions		(184	)
Net change in unrealized appreciation on investments		203
Net change in unrealized appreciation on futures contracts, options and swaps		1,302
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		631
Net Gain		5,605
Net Increase in Net Assets Resulting from Operations	$	9,151

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets  StocksPLUS^® Growth and Income Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	3,546		$	7,131
Net realized gain		3,469			11,323
Net change in unrealized appreciation (depreciation)		2,136			(10,541	)
Net increase resulting from operations		9,151			7,913
Distributions to Shareholders:
From net investment income
Institutional Class		(111	)		(127	)
Administrative Class		(2,039	)		(5,480	)
Total Distributions		(2,150	)		(5,607	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		1,207			3,215
Administrative Class		1,775			4,123
Issued as reinvestment of distributions
Institutional Class		111			127
Administrative Class		2,039			5,480
Cost of shares redeemed
Institutional Class		(883	)		(1,264	)
Administrative Class		(160,111	)		(49,470	)
Net (decrease) resulting from Portfolio share transactions		(155,862	)		(37,789	)
Total Decrease in Net Assets		(148,861	)		(35,483	)
Net Assets:
Beginning of period		234,928			270,411
End of period*	$	86,067		$	234,928
*Including undistributed net investment income of:	$	5,520		$	4,124

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    StocksPLUS^® Growth and Income Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
BANK LOAN OBLIGATIONS 1.2%
Georgia-Pacific Corp.
6.979% due 12/20/2012	$	45	$	46
7.170% due 12/20/2012		190		190
7.300% due 12/20/2012		762		761
Total Bank Loan Obligations (Cost $997)				997
CORPORATE BONDS & NOTES 26.3%
BANKING & FINANCE 13.7%
Bank of America Corp.
5.406% due 06/19/2009		800		800
CIT Group, Inc.
5.000% due 11/24/2008		300		296
Citigroup, Inc.
4.200% due 12/20/2007		2,500		2,452
Enron Credit Linked Notes Trust
8.000% due 08/15/2005 (a)		1,700		1,122
Export-Import Bank of Korea
5.410% due 11/16/2010		1,900		1,901
Ford Motor Credit Co.
6.374% due 03/21/2007		1,700		1,694
6.320% due 09/28/2007		600		587
4.950% due 01/15/2008		100		94
General Motors Acceptance Corp.
5.968% due 01/16/2007		600		598
6.599% due 09/23/2008		1,500		1,470
HSBC Finance Corp.
6.538% due 11/13/2007		100		101
Royal Bank of Scotland Group PLC
5.424% due 12/21/2007		600		600
Simsbury CLO Ltd.
5.669% due 09/24/2011		123		123
				11,838
INDUSTRIALS 9.8%
El Paso Corp.
7.625% due 08/16/2007		500		508
6.500% due 06/01/2008		1,100		1,097
Electronic Data Systems Corp.
6.334% due 08/17/2006		400		400
HCA, Inc.
7.250% due 05/20/2008		120		122
Host Marriott LP
9.500% due 01/15/2007		25		26
JC Penney Corp., Inc.
7.375% due 08/15/2008		100		103
Mandalay Resort Group
6.500% due 07/31/2009		2,200		2,167
Northwest Pipeline Corp.
6.625% due 12/01/2007		1,372		1,379
Pemex Project Funding Master Trust
5.871% due 12/03/2012		700		699
Southern Natural Gas Co.
6.700% due 10/01/2007		500		503
Transcontinental Gas Pipe Line Corp.
6.348% due 04/15/2008		1,100		1,104
Xerox Corp.
9.750% due 01/15/2009		300		322
				8,430

UTILITIES 2.8%
AT&T, Inc.
4.389% due 06/05/2007	$	300	$	297
CMS Energy Corp.
9.875% due 10/15/2007		1,300		1,359
Qwest Corp.
8.579% due 06/15/2013		700		744
				2,400
Total Corporate Bonds & Notes (Cost $23,349)				22,668
MUNICIPAL BONDS & NOTES 0.7%
Golden State, California Tobacco Securitization Corporations Revenue Notes, Series 2003
5.000% due 06/01/2021		555		558
Total Municipal Bonds & Notes (Cost $553)				558
U.S. GOVERNMENT AGENCIES 10.3%
Fannie Mae
5.000% due 12/01/2017 - 09/01/2018 (c)		1,104		1,066
5.500% due 07/13/2036		5,000		4,803
6.000% due 04/01/2016 - 11/01/2033 (c)		241		240
8.000% due 05/01/2030 - 09/01/2031 (c)		54		56
Federal Home Loan Bank
0.000% due 02/27/2012		500		436
Freddie Mac
5.500% due 08/15/2030		38		38
6.000% due 07/01/2016 - 05/01/2033 (c)		1,083		1,073
6.500% due 10/25/2043		587		589
Government National Mortgage Association
4.000% due 07/16/2027		155		153
5.125% due 11/20/2029		185		187
5.375% due 02/20/2027		171		171
8.000% due 04/15/2027 - 12/15/2029 (c)		74		79
8.500% due 04/20/2030		3		3
Total U.S. Government Agencies (Cost $9,119)				8,894
U.S. TREASURY OBLIGATIONS 13.3%
Treasury Inflation Protected Securities (b)
3.625% due 01/15/2008 (e)		11,222		11,419
Total U.S. Treasury Obligations (Cost $11,622)				11,419
MORTGAGE-BACKED SECURITIES 2.6%
Banc of America Funding Corp.
4.114% due 05/25/2035		507		489
Banc of America Mortgage Securities
6.500% due 10/25/2031		250		251
Bear Stearns Adjustable Rate Mortgage Trust
5.339% due 02/25/2033		184		183
Countrywide Alternative Loan Trust
6.000% due 10/25/2033		448		431
CS First Boston Mortgage Securities Corp.
5.691% due 05/25/2032		148		147
Impac CMB Trust
5.702% due 10/25/2033		38		38
5.572% due 04/25/2034		212		212

Residential Funding Mortgage Security I
6.500% due 03/25/2032	$	257	$	256
Structured Asset Mortgage Investments, Inc.
5.602% due 02/25/2035		195		195
Total Mortgage-Backed Securities (Cost $2,264)				2,202
ASSET-BACKED SECURITIES 0.5%
Countrywide Asset-Backed Certificates
5.472% due 05/25/2035		438		439
Total Asset-Backed Securities (Cost $438)				439
SOVEREIGN ISSUES 1.6%
Korea Development Bank
5.469% due 11/22/2012		500		501
Mexico Government International Bond
5.750% due 01/13/2009		900		909
Total Sovereign Issues (Cost $1,400)				1,410
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.0%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 4.500% Exp. 10/04/2006		7,300		0
Strike @ 4.800% Exp. 12/22/2006		7,000		1
Strike @ 5.000% Exp. 03/08/2007		9,000		8
Strike @ 5.080% Exp. 04/19/2007		9,200		13
Strike @ 5.130% Exp. 10/25/2006		16,000		5
Total Purchased Call Options (Cost $171)				27
		#OF CONTRACTS
PURCHASED PUT OPTIONS 0.0%
90-Day Eurodollar December Futures (CME)
Strike @ $92.000 Exp. 12/18/2006		55		0
Strike @ $92.250 Exp. 12/18/2006		444		3
90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007		354		2
S&P 500 Index September Futures (CME)
Strike @ $550.000 Exp. 09/15/2006		183		0
Strike @ $650.000 Exp. 09/15/2006		68		0
Total Purchased Put Options (Cost $14)				5
		SHARES
PREFERRED STOCK 2.1%
DG Funding Trust
7.210% due 12/31/2049		173		1,826
Total Preferred Stock (Cost $1,823)				1,826

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    StocksPLUS^® Growth and Income Portfolio(Cont.) June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
SHORT-TERM INSTRUMENTS (h) 47.0%
CERTIFICATES OF DEPOSIT 3.3%
Barclay Bank PLC
4.485% due 01/29/2007	$	1,900	$	1,900
Danske Corp.
5.080% due 08/24/2006		900		893
				2,793
COMMERCIAL PAPER 14.0%
Abbey National N.A. LLC
5.100% due 07/05/2006		2,200		2,199
Calyon N.A. Inc.
5.230% due 08/03/2006		1,000		995
Cox Communications, Inc.
4.720% due 07/17/2006		300		300
Fannie Mae
4.958% due 09/13/2006		2,200		2,175

Nordea N.A., Inc.
5.300% due 09/11/2006	$	2,300	$	2,275
Total Captial S.A.
5.270% due 07/03/2006		2,300		2,300
UBS Finance Delaware LLC
5.270% due 07/03/2006		100		100
5.080% due 08/21/2006		1,700		1,688
				12,032
REPURCHASE AGREEMENT 2.3%
State Street Bank
4.900% due 07/03/2006		1,983		1,983
(Dated 06/30/2006. Collateralized by Freddie Mac 2.750% due 02/09/2007 valued at $2,023. Repurchase proceeds are $1,984.)
FRANCE TREASURY BILLS 5.7%
2.603% due 07/06/2006 - 10/12/2006 (c)	EUR	3,820		4,872

GERMANY TREASURY BILLS 13.6%
2.586% due 07/12/2006 - 08/16/2006 (c)	EUR	9,180	$	11,726
U.S. TREASURY BILLS 8.1%
4.722% due 08/31/2006 - 09/14/2006 (c)(e)	$	7,065		7,008
Total Short-Term Instruments (Cost $39,634)				40,414
Total Investments (d) 105.6% (Cost $91,384)			$	90,859
Written Options (g) (1.6%) (Premiums $611)				(1,390)
Other Assets and Liabilities (Net) (4.0%)				(3,402)
Net Assets 100.0%			$	86,067

10 PIMCO Variable Insurance Trust See Accompanying Notes

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

(a) Security is in default.

(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) As of June 30, 2006, portfolio securities with an aggregate market value of $559 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(e) Securities with an aggregate market value of $18,426 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	5	$	(3	)
90-Day Eurodollar December Futures	Long	12/2007	1		(1	)
90-Day Eurodollar March Futures	Short	03/2008	41		51
E-mini S&P 500 Index September Futures	Short	09/2006	18		(29	)
S&P 500 Index September Futures	Short	09/2006	251		197
U.S. Treasury 2-Year Note September Futures	Long	09/2006	2		(1	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2006	90		19
				$	233

(f) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
BNP Paribas Bank	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.09%	10/15/10	EUR	1000	$	(3	)
Goldman Sachs & Co.	6-month JPY-LIBOR	Receive	2.00%	06/15/12	JPY	62000		(2	)
Morgan Stanley Dean Witter & Co.	6-month JPY-LIBOR	Receive	2.00%	06/15/12		260000		10
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.00%	12/20/11	$	1700		15
Lehman Brothers, Inc.	3-month USD-LIBOR	Receive	5.00%	12/20/13		2000		23
							$	43

June 30, 2006 (Unaudited)

Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
HSBC Bank USA	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.77%	06/20/07	$	500	$	1
J.P. Morgan Chase & Co.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.77%	05/20/07		200		1
J.P. Morgan Chase & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.60%	06/20/07		500		10
Lehman Brothers, Inc.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.61%	03/20/07		3000		10
Lehman Brothers, Inc.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.87%	04/20/07		600		3
							$	25
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will Pay to the buyer of the protection an Amount up to the Notional value of the swap and in certain instances, take delivery of the security. as a buyer of protection, the Portfolio will generally Receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Total Return Swaps
Counterparty	Receive Total Return	Pay	Expiration Date	# of Contracts	Unrealized Appreciation
Credit Suisse First Boston	S&P 500 Index	1-month USD-LIBOR plus 0.030%	05/15/2007	3,581	$	66

(g) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price	Expiration Date	# of Contracts	Premium		Value
Put - CME 90-Day Eurodollar December Futures	$95.000	12/18/2006	7	$	3	$	11
Put - CME 90-Day Eurodollar December Futures	95.250	12/18/2006	602		398		1,275
Put - CME 90-Day Eurodollar December Futures	95.500	12/18/2006	15		16		41
Put - CME 90-Day Eurodollar March Futures	94.750	03/19/2007	8		4		8
Put - CME 90-Day Eurodollar September Futures	95.000	09/18/2006	7		4		10
				$	425	$	1,345

Interest Rate Swaptions
Description	Counterparty	Pay/Receive Floating Rate Index	Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Put - OTC 1-Year Interest Rate Swap	HSBC Bank USA	6-month GBP-LIBOR	Pay	4.50%	12/20/06	GBP	1,000	$	5	$	11
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.21%	10/25/06	$	3,000		11		3
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.04%	03/08/07		3,000		29		6
Call - OTC 5-Year Interest Rate Swap	Citibank N.A.	3-month USD-LIBOR	Receive	4.54%	10/04/06		1,600		19		0
Call - OTC 5-Year Interest Rate Swap	Citibank N.A.	0-month USD-LIBOR	Receive	4.85%	12/22/06		3,000		39		1
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.21%	10/25/06		2,600		12		3
Call - OTC 5-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Receive	4.54%	10/04/06		2,000		24		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.04%	03/08/07		1,000		11		2
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.22%	04/19/07		4,000		32		18
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.21%	10/25/06		900		4		1
								$	186	$	45

(h) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	CNY	1,818	03/2007	$	0	$	(1	)	$	(1	)
Buy	EUR	9,511	07/2006		170		(9	)		161
Sell		22,558	07/2006		0		(550	)		(550	)
Buy	GBP	308	07/2006		2		0			2
Buy	JPY	253,979	08/2006		0		(76	)		(76	)
Buy	KRW	122,504	05/2007		0		0			0
				$	172	$	(636	)	$	(464	)

See Accompanying Notes Semiannual Report June 30, 2006 11

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented in these financial statements pertains to the Institutional Class of the Portfolio. Certain detailed financial information for the Administrative Class and Advisor 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders quarterly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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

12 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
CNY	Chinese Yuan Renminbi	JPY	Japanese Yen
EUR	Euro	KRW	South Korean Won
GBP	British Pound

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

Loan Participant and Assignments.  The Portfolio may invest in direct debt instruments which are interests in amounts owned by corporate, governmental, or other borrowers 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. Then 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 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. At the end of the period, the Portfolio had no unfunded loan commitments.

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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

Semiannual Report June 30, 2006 13

Notes to Financial Statements (Cont.)

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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate, total return, forward spread-lock and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of a credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service in take the position that a credit default swap or other bullet -type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.   Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

14 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

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

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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 0.35%.

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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.10%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
$	39,083	$	61,058	$	20,963	$	62,446

5.  SECURITY TRANSACTIONS WITH AFFILIATED PORTFOLIO

The Portfolio is permitted to purchase or sell securities from or to certain related affiliated portfolios under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolio from or to another portfolio that are, or could be, considered an affiliate by virtue of having a common investment advisor (or affiliated investment advisors), common Trustees and/or common officers complies with Rule 17a-7 of the Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the period ended June 30, 2006, the Portfolio below engaged in purchases and sales of securities pursuant to the Rule 17a-7 of the Act (amounts in thousands):

Purchases	Sales
$              70,214	$                  0

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

6.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $			Notional Amount in GBP			Premium
Balance at 12/31/2005	314		$	25,900		GBP	1,300		$	490
Sales	967			15,800			0			623
Closing Buys	(15	)		(18,500	)		0			(210	)
Expirations	(627	)		(2,100	)		(300	)		(292	)
Exercised	0			0			0			0
Balance at 06/30/2006	639		$	22,100		GBP	1,000		$	611

7.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	114		$	1,207		318		$	3,215
Administrative Class	168			1,775		414			4,123
Issued as reinvestment of distributions
Institutional Class	11			111		13			127
Administrative Class	199			2,039		543			5,480
Cost of shares redeemed
Institutional Class	(84	)		(883	)	(124	)		(1,264	)
Administrative Class	(15,001	)		(160,111	)	(4,939	)		(49,470	)
Net decrease resulting from Portfolio share transactions	(14,593	)	$	(155,862	)	(3,775	)	$	(37,789	)

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 Shareholders	% of Portfolio Held
Institutional Class	3	100
Administrative Class	4	85	*

* Allianz Life Insurance Co. of North America, an indirect wholly subsidiary of AGI and a related party to the Portfolio, owned 25% or more of the outstanding shares of beneficial interest of the Portfolio, and therefore may be presumed to “control” the Portfolio, as that term is defined in the 1940 Act.

8.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$            851	$        (3,176)	$            (525)

9.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote PIMCO Funds and the Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

Semiannual Report June 30, 2006 17

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Administrative

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

StocksPLUS®Total Return Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	11

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the StocksPLUS^® Total Return Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, equity risk, mortgage risk, non-U.S. investment risk, currency risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

The S&P 500 Index is an unmanaged index generally considered representative of the stock market as a whole. It is not possible to invest directly in the index.

Semiannual Report June 30, 2006 3

PIMCO StocksPLUS^® Total Return Portfolio

Cumulative Returns Through June 30, 2006

                StocksPLUS/(R)/
            Total Return Portfolio
             Administrative Class      S&P 500 Index
             --------------------      -------------
09/30/2005          $10,000               $10,000
10/31/2005            9,760                 9,833
11/30/2005           10,130                10,205
12/31/2005           10,190                10,209
01/31/2006           10,430                10,479
02/28/2006           10,460                10,508
03/31/2006           10,434                10,638
04/30/2006           10,544                10,781
05/31/2006           10,153                10,471
06/30/2006           10,128                10,485

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Administrative Class.

Sector Breakdown^‡

U.S. Government Agencies#	47.6%
Short-Term Instruments#	42.2%
Corporate Bonds & Notes#	6.2%
Other	4.0%

‡ % of Total Investments as of June 30, 2006

# Primarily serving as collateral for equity-linked derivative positions

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	Since Inception (09/30/05)
	PIMCO StocksPLUS® Total Return Portfolio Administrative Class	-0.61%	1.28%
	S&P 500 Index	2.71%	4.85%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	993.90	$	1,020.38
Expenses Paid During Period†	$	4.40	$	4.46

† Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.89%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO StocksPLUS^® Total Return Portfolio seeks to exceed the total return of the S&P 500 by investing under normal circumstances substantially all of its assets in S&P 500 derivatives, backed by a portfolio of Fixed-Income Instruments.

» The first half of the year was a difficult environment for the StocksPLUS^® Total Return strategy as most bonds lagged money market instruments; concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide.

» U.S. interest rate exposure was the dominant cause of underperformance as interest rates increased along the yield curve.

» Holdings of Eurodollar instruments and other shorter (one year or less) holdings were particularly negative as rate increases were more pronounced in this part of the curve.

» Broad diversification to higher-yielding bond sectors, primarily mortgages but also limited exposure to emerging market securities, helped partially buffer the underperformance associated with rising rates.

» Other tactical strategies including municipal bond holdings and long exposure to the Yen and Euro currency helped returns.

4 PIMCO Variable Insurance Trust

Financial Highlights    StocksPLUS^® Total Return Portfolio

Selected Per Share Data for the Period Ended:	06/30/2006+			09/30/2005- 12/31/2005
Administrative Class
Net asset value beginning of period	$	10.19		$	10.00
Net investment income (a)		0.20			0.09
Net realized/unrealized gain (loss) on investments (a)		(0.26	)		0.10
Total income (loss) from investment operations		(0.06	)		0.19
Dividends from net investment income		(0.05	)		0.00
Distributions from net realized capital gains		0.00			0.00
Total distributions		(0.05	)		0.00
Net asset value end of period	$	10.08		$	10.19
Total return		(0.61	)%		1.90	%
Net assets end of period (000s)	$	3,241		$	3,056
Ratio of expenses to average net assets		0.89	%*		0.90	%*(b)(c)
Ratio of net investment income to average net assets		3.86	%*		3.77	%*
Portfolio turnover rate		240	%		43	%

+ 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 2.10%.

(c) Ratio of expenses to average net assets excluding interest expense is 0.89%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    StocksPLUS^® Total Return Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	3,481
Repurchase agreement, at value		469
Foreign currency, at value		26
Receivable for investments sold		2
Interest and dividends receivable		7
Variation margin receivable		3
Unrealized appreciation on forward foreign currency contracts		2
		3,990
Liabilities:
Payable for investments purchased	$	725
Accrued investment advisory fee		1
Accrued administration fee		1
Variation margin payable		8
Swap premiums received		4
Unrealized depreciation on forward foreign currency contracts		8
Unrealized depreciation on swap agreements		2
		749
Net Assets	$	3,241
Net Assets Consist of:
Paid in capital	$	3,226
Undistributed net investment income		74
Accumulated undistributed net realized gain		111
Net unrealized (depreciation)		(170	)
	$	3,241
Net Assets:
Administrative Class	$	3,241
Shares Issued and Outstanding:
Administrative Class		322
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Administrative Class	$	10.08
Cost of Investments Owned	$	3,509
Cost of Repurchase Agreements Owned	$	469
Cost of Foreign Currency Held	$	26

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations     StocksPLUS^® Total Return Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	75
Total Income		75
Expenses:
Investment advisory fees		8
Administration fees		4
Distribution and/or servicing fees – Administrative Class		2
Total Expenses		14
Net Investment Income		61
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(16	)
Net realized gain on futures contracts, options and swaps		141
Net realized (loss) on foreign currency transactions		(5	)
Net change in unrealized (depreciation) on investments		(44	)
Net change in unrealized (depreciation) on futures contracts, options and swaps		(173	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		10
Net (Loss)		(87	)
Net (Decrease) in Net Assets Resulting from Operations	$	(26	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    StocksPLUS^® Total Return Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Period from September 30, 2005 to December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	61		$	28
Net realized gain (loss)		120			(9	)
Net change in unrealized appreciation (depreciation)		(207	)		37
Net increase (decrease) resulting from operations		(26	)		56
Distributions to Shareholders:
From net investment income
Administrative Class		(15	)		0
Total Distributions		(15	)		0
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		352			3,000
Issued as reinvestment of distributions
Administrative Class		15			0
Cost of shares redeemed
Administrative Class		(141	)		0
Net increase resulting from Portfolio share transactions		226			3,000
Total Increase in Net Assets		185			3,056
Net Assets:
Beginning of period		3,056			0
End of period*	$	3,241		$	3,056
*Including undistributed net investment income of:	$	74		$	28

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    StocksPLUS^® Total Return Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
CORPORATE BONDS & NOTES 7.5%
BANKING & FINANCE 5.6%
Bank of America Corp.
5.406% due 06/19/2009	$	30	$	30
Citigroup, Inc.
5.520% due 12/26/2008		100		100
General Electric Capital Corp.
5.568% due 01/03/2008		20		20
Lehman Brothers Holdings, Inc.
5.180% due 10/22/2008		30		30
				180
INDUSTRIALS 1.6%
DaimlerChrysler N.A. Holding Corp.
5.780% due 09/10/2007		30		30
Morgan Stanley Bank AG for OAO Gazprom
9.625% due 03/01/2013		20		23
				53
UTILITIES 0.3%
MidAmerican Energy Holdings Co.
6.125% due 04/01/2036		10		10
Total Corporate Bonds & Notes (Cost $244)				243
MUNICIPAL BONDS & NOTES 0.3%
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
5.750% due 06/01/2032		10		10
Total Municipal Bonds & Notes (Cost $10)				10
U.S. GOVERNMENT AGENCIES 58.0%
Fannie Mae
4.486% due 06/01/2035 - 09/01/2035 (a)		48		47
4.614% due 09/01/2035		19		19
4.686% due 10/01/2035		14		14
4.693% due 12/01/2033		13		13
4.711% due 12/01/2033		7		7
4.835% due 06/01/2035		19		19
5.011% due 06/01/2035		18		18
5.500% due 08/01/2035 - 07/13/2036 (a)		1,729		1,660
Freddie Mac
4.396% due 09/01/2035		6		6
4.539% due 09/01/2035		23		23
4.715% due 08/01/2035		20		19
4.913% due 11/01/2034		19		18
5.000% due 12/15/2020		9		9
5.211% due 02/25/2045		7		7
Total U.S. Government Agencies (Cost $1,919)				1,879
U.S. TREASURY OBLIGATIONS 0.0%
Treasury Inflation Protected Securities (b)
2.000% due 01/15/2026		2		2
Total U.S. Treasury Obligations (Cost $2)				2

MORTGAGE-BACKED SECURITIES 3.8%
American Home Mortgage Investment Trust
4.390% due 02/25/2045	$	16	$	15
Indymac Index Mortgage Loan Trust
5.199% due 01/25/2036		9		9
LB-UBS Commercial Mortgage Trust
4.990% due 11/15/2030		90		89
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036		10		10
Total Mortgage-Backed Securities (Cost $125)				123
ASSET-BACKED SECURITIES 0.9%
Argent Securities, Inc.
5.462% due 12/25/2035		11		12
FBR Securitization Trust
5.432% due 10/25/2035		5		5
5.442% due 10/25/2035		5		5
SACO I, Inc.
5.432% due 09/25/2035		6		6
Total Asset-Backed Securities (Cost $28)				28
		#OF CONTRACTS
PURCHASED PUT OPTIONS 0.0%
90-Day Eurodollar December Futures (CME)
Strike @ $92.500 Exp. 12/18/2006		2		0
90-Day Eurodollar June Futures (CME)
Strike @ $91.000 Exp. 06/18/2007		16		0
Strike @ $91.250 Exp. 06/18/2007		2		0
Strike @ $91.500 Exp. 06/18/2007		2		0
90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007		4		0
90-Day Eurodollar September Futures (CME)
Strike @ $94.000 Exp. 09/18/2006		2		0
S&P 500 Index September Futures (CME)
Strike @ $575.000 Exp. 09/15/2006		9		0
Total Purchased Put Options (Cost $0)				0
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS (e) 51.4%
REPURCHASE AGREEMENTS 14.5%
Credit Suisse First Boston
4.580% due 07/03/2006	$	200		200
(Dated 06/30/2006. Collateralized by U.S. Treasury Notes 4.000% due 06/15/2009 valued at $206. Repurchase proceeds are $200.)
State Street Bank
4.900% due 07/03/2006		269		269
(Dated 06/30/2006. Collateralized by Federal Home Loan Bank 4.875% due 02/15/2007 valued at $279. Repurchase proceeds are $269.)
				469

BELGIUM TREASURY BILL 0.4%
2.759% due 09/14/2006	EUR	10	$	13
FRANCE TREASURY BILLS 17.3%
2.503% due 07/20/2006 -09/28/2006 (a)		440		562
GERMANY TREASURY BILL 0.8%
2.668% due 08/16/2006		20		25
SPAIN TREASURY BILL 3.9%
2.890% due 12/22/2006		100		126
U.S. TREASURY BILLS 14.5%
4.799% due 08/31/2006 -09/14/2006 (a)(c)	$	475		470
Total Short-Term Instruments (Cost $1,650)				1,665
Total Investments 121.9% (Cost $3,978)			$	3,950
Other Assets and Liabilities (Net) (21.9%)				(709)
Net Assets 100.0%			$	3,241

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    StocksPLUS^® Total Return Portfolio(Cont.)

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) Principal amount of security is adjusted for inflation.

(c) Securities with an aggregate market value of $470 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	2	$	(3	)
90-Day Eurodollar December Futures	Long	12/2007	5		(8	)
90-Day Eurodollar June Futures	Long	06/2007	3		(5	)
90-Day Eurodollar March Futures	Long	03/2007	1		(2	)
90-Day Eurodollar March Futures	Long	03/2008	1		(1	)
90-Day Eurodollar September Futures	Long	09/2006	1		(1	)
90-Day Eurodollar September Futures	Long	12/2006	5		(2	)
90-Day Eurodollar September Futures	Long	09/2007	5		(10	)
E-mini S&P 500 Index September Futures	Short	09/2006	6		4
S&P 500 Index September Futures	Short	09/2006	9		(104	)
U.S. Treasury 10-Year Note September Futures	Long	09/2006	1		(1	)
				$	(133	)

(d) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized (Depreciation)
J.P. Morgan Chase & Co.	3-month USD- LIBOR	Pay	5.000%	12/20/2011	$	200	$	(2	)

(e) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	CAD	11	07/2006	$	0	$	0		$	0
Buy	EUR	5	07/2006		0		0			0
Sell		417	07/2006		2		(2	)		0
Sell		106	08/2006		0		(2	)		(2	)
Sell		42	09/2006		0		(1	)		(1	)
Buy	GBP	10	07/2006		0		0			0
Buy	JPY	10,548	08/2006		0		(3	)		(3	)
Buy	KRW	4,538	05/2007		0		0			0
Buy	SGD	2	08/2006		0		0			0
Buy	TWD	36	08/2006		0		0			0
				$	2	$	(8	)	$	(6	)

10 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2006 (Unaudited)

1.  ORGANIZATION

The StocksPLUS^® 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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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.

Semiannual Report June 30, 2006 11

Notes to Financial Statements (Cont.)

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

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
CAD	Canadian Dollar	KRW	South Korean Won
EUR	Euro	SGD	Singapore Dollar
GBP	British Pound	TWD	Taiwan Dollar
JPY	Japanese Yen

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate, total return and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an

12 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, a Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.   Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

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

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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 0.49%.

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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the 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 0.89 %

Semiannual Report June 30, 2006 13

Notes to Financial Statements (Cont.)

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):

		12/31/2005		06/30/2006
Amount Available for Reimbursement	$	9	$	0

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$5,772	$6,023	$246	$206

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Premium
Balance at 12/31/2005	2		$	1
Sales	3			0
Closing Buys	(4	)		(1	)
Expirations	(1	)		0
Exercised	0			0
Balance at 06/30/2006	0		$	0

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Period from 09/30/2005 to 12/31/2005
	Shares		Amount			Shares	Amount
Receipts for shares sold
Administrative Class	34		$	352		300	$	3,000
Issued as reinvestment of distributions
Administrative Class	1			15		0		0
Cost of shares redeemed
Administrative Class	(13	)		(141	)	0		0
Net increase resulting from Portfolio share transactions	22		$	226		300	$	3,000

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 Shareholders	% of Portfolio Held
Administrative Class	2	100

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$              17	$              (45)	$              (28)

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven

14 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

Semiannual Report June 30, 2006 15

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Administrative

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Total Return Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	16

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Total Return Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, non-U.S. investment risk, currency risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Lehman Brothers Aggregate Bond Index represents securities that are taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to invest directly in this index.

Semiannual Report June 30, 2006 3

PIMCO Total Return Portfolio

Cumulative Returns Through June 30, 2006

                             Total Return
                               Portfolio            Lehman Brothers
                            Administrative           Aggregate Bond
                                 Class                   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
07/31/2004                      14,980                  15,148
08/31/2004                      15,263                  15,437
09/30/2004                      15,284                  15,479
10/31/2004                      15,439                  15,609
11/30/2004                      15,363                  15,484
12/31/2004                      15,490                  15,627
01/31/2005                      15,547                  15,725
02/28/2005                      15,482                  15,632
03/31/2005                      15,442                  15,552
04/30/2005                      15,663                  15,762
05/31/2005                      15,829                  15,933
06/30/2005                      15,906                  16,020
07/31/2005                      15,790                  15,874
08/31/2005                      15,987                  16,078
09/30/2005                      15,831                  15,912
10/31/2005                      15,668                  15,786
11/30/2005                      15,722                  15,856
12/31/2005                      15,869                  16,006
01/31/2006                      15,907                  16,007
02/28/2006                      15,974                  16,061
03/31/2006                      15,799                  15,903
04/30/2006                      15,807                  15,874
05/31/2006                      15,753                  15,857
06/30/2006                      15,752                  15,891

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Administrative Class.

Sector Breakdown^‡

U.S. Government Agencies	44.8%
Short-Term Instruments	42.3%
Corporate Bonds & Notes	4.6%
Mortgage-Backed Securities	3.2%
Other	5.1%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since Inception (12/31/97)
	PIMCO Total Return Portfolio Administrative Class	-0.74%	-0.97%	5.24%	5.49%
	Lehman Brothers Aggregate Bond Index	-0.72%	-0.81%	4.97%	5.60%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	992.60	$	1,021.57
Expenses Paid During Period†	$	3.21	$	3.26

† 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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 above-benchmark duration detracted from returns as yields rose in the first half of the year.

» An emphasis on short-term maturities detracted from performance as short-term yields rose more than longer-dated yields. The Federal Reserve continued with its tightening policy, sending short-term rates higher while intermediate- and longer-term rates shifted higher.

» An overweight to mortgages contributed to returns as this sector outperformed like-duration Treasuries.

» An underweight to corporate securities detracted from returns as this sector outperformed like-duration Treasuries.

» Strategies designed to benefit when Euroland bonds underperform Treasuries added to returns as European yields increased more than yields in the U.S.

» An allocation to the Yen and the Euro was positive for returns, as both currencies appreciated relative to the dollar.

» Emerging Market bonds added to performance, as strong demand for their attractive yields and improving credit fundamentals caused yield premiums to decline.

» A tactical allocation to municipal bonds was positive for performance as municipal yields rose less than Treasury yields.

4 PIMCO Variable Insurance Trust

Financial Highlights    Total Return Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Administrative Class
Net asset value beginning of period	$	10.24		$	10.51		$	10.36		$	10.23		$	9.89		$	9.77
Net investment income (a)		0.21			0.35			0.19			0.25			0.41			0.45
Net realized/unrealized gain (loss) on investments (a)		(0.28	)		(0.09	)		0.31			0.26			0.47			0.35
Total income (loss) from investment operations		(0.07	)		0.26			0.50			0.51			0.88			0.80
Dividends from net investment income		(0.22	)		(0.36	)		(0.20	)		(0.30	)		(0.41	)		(0.49	)
Distributions from net realized capital gains		0.00			(0.17	)		(0.15	)		(0.08	)		(0.13	)		(0.19	)
Total distributions		(0.22	)		(0.53	)		(0.35	)		(0.38	)		(0.54	)		(0.68	)
Net asset value end of period	$	9.95		$	10.24		$	10.51		$	10.36		$	10.23		$	9.89
Total return		(0.74	)%		2.45	%		4.89	%		5.04	%		9.07	%		8.37	%
Net assets end of period (000s)	$	2,812,124		$	2,704,383		$	2,352,679		$	1,908,336		$	1,161,299		$	332,823
Ratio of expenses to average net assets		0.65	%*		0.65	%		0.65	%		0.65	%		0.65	%(b)		0.65	%(b)
Ratio of net investment income to average net assets		4.20	%*		3.38	%		1.79	%		2.45	%		4.07	%		4.55	%
Portfolio turnover rate		168	%		344	%		373	%		193	%		222	%		217	%

+ 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%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Total Return Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	3,407,611
Cash		61
Foreign currency, at value		81,813
Receivable for investments sold		15,669
Receivable for investments sold on delayed-delivery basis		919
Receivable for Portfolio shares sold		23,363
Interest and dividends receivable		9,921
Variation margin receivable		2,016
Swap premiums paid		731
Unrealized appreciation on forward foreign currency contracts		1,600
Unrealized appreciation on swap agreements		941
		3,544,645
Liabilities:
Payable for investments purchased	$	539,396
Payable for Portfolio shares redeemed		2,491
Written options outstanding		12,179
Dividends payable		1,607
Accrued investment advisory fee		644
Accrued administration fee		644
Accrued servicing fee		330
Swap premiums received		3,127
Unrealized depreciation on forward foreign currency contracts		12,289
Unrealized depreciation on swap agreements		1,949
		574,656
Net Assets	$	2,969,989
Net Assets Consist of:
Paid in capital	$	3,062,923
Undistributed net investment income		14,505
Accumulated undistributed net realized (loss)		(34,688	)
Net unrealized (depreciation)		(72,751	)
	$	2,969,989
Net Assets:
Institutional Class	$	153,328
Administrative Class		2,812,124
Advisor Class		4,537
Shares Issued and Outstanding:
Institutional Class		15,415
Administrative Class		282,722
Advisor Class		456
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	9.95
Administrative Class		9.95
Advisor Class		9.95
Cost of Investments Owned	$	3,442,782
Cost of Foreign Currency Held	$	80,689
Premiums Received on Written Options	$	9,947

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Total Return Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	69,794
Dividends		409
Miscellaneous income		28
Total Income		70,231
Expenses:
Investment advisory fees		3,619
Administration fees		3,619
Servicing fees – Administrative Class		2,060
Distribution and/or serving fees – Advisor Class		1
Trustees’ fees		17
Total Expenses		9,316
Net Investment Income		60,915
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(10,853	)
Net realized (loss) on futures contracts, options and swaps		(5,390	)
Net realized (loss) on foreign currency transactions		(2,076	)
Net change in unrealized (depreciation) on investments		(42,712	)
Net change in unrealized (depreciation) on futures contracts, options and swaps		(30,889	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		7,617
Net (Loss)		(84,303	)
Net (Decrease) in Net Assets Resulting from Operations	$	(23,388	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Total Return Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	60,915		$	89,824
Net realized gain (loss)		(18,319	)		3,530
Net change in unrealized (depreciation)		(65,984	)		(30,402	)
Net increase (decrease) resulting from operations		(23,388	)		62,952
Distributions to Shareholders:
From net investment income
Institutional Class		(3,281	)		(4,842	)
Administrative Class		(58,991	)		(86,714	)
Advisor Class		(15	)		0
From net realized capital gains
Institutional Class		0			(2,255	)
Administrative Class		0			(42,750	)
Advisor Class		0			0
Total Distributions		(62,287	)		(136,561	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		37,370			43,745
Administrative Class		384,517			630,483
Advisor Class		4,550			0
Issued in reorganization
Institutional Class		0			88,822
Administrative Class		0			0
Advisor Class		0			0
Issued as reinvestment of distributions
Institutional Class		3,281			7,097
Administrative Class		50,219			110,757
Advisor Class		15			0
Cost of shares redeemed
Institutional Class		(26,672	)		(55,888	)
Administrative Class		(245,706	)		(319,629	)
Advisor Class		(13	)		0
Net increase resulting from Portfolio share transactions		207,561			505,387
Total Increase in Net Assets		121,886			431,778
Net Assets:
Beginning of period		2,848,103			2,416,325
End of period*	$	2,969,989		$	2,848,103
*Including undistributed net investment income of:	$	14,505		$	15,877

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Total Return Portfolio June 30, 2006 (Unaudited)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

BANK LOAN OBLIGATIONS 0.1%
Cablevision Systems Corp.
6.670% due 02/24/2013	$	7	$	6
6.740% due 02/24/2013		743		740
CSC Holdings, Inc.
6.880% due 02/24/2013		743		740
6.988% due 02/24/2013		1,108		1,104
Total Bank Loan Obligations (Cost $2,600)				2,590
CORPORATE BONDS & NOTES 5.3%
BANKING & FINANCE 3.3%
American General Finance Corp.
5.489% due 03/23/2007		1,600		1,601
American International Group, Inc.
5.050% due 10/01/2015		1,300		1,215
Atlantic & Western Re Ltd.
10.990% due 01/09/2007		600		591
China Development Bank
5.000% due 10/15/2015		900		842
CIT Group Holdings, Inc.
5.276% due 01/30/2009		6,400		6,417
Citigroup, Inc.
5.520% due 12/26/2008		8,200		8,208
Export-Import Bank of China
4.875% due 07/21/2015		900		836
Export-Import Bank of Korea
4.125% due 02/10/2009		140		134
Ford Motor Credit Co.
6.374% due 03/21/2007		900		897
General Electric Capital Corp.
5.050% due 01/03/2008		14,360		14,385
Goldman Sachs Group, Inc.
5.250% due 11/10/2008		7,100		7,108
HBOS PLC
5.920% due 09/29/2049		1,100		1,015
HSBC Bank USA N.A.
5.494% due 09/21/2007		14,500		14,517
Morgan Stanley
5.276% due 02/09/2009		14,600		14,627
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049		700		676
Petroleum Export Ltd.
5.265% due 06/15/2011		956		928
Phoenix Quake Ltd.
7.440% due 07/03/2008		800		811
Phoenix Quake Wind II Ltd.
8.490% due 07/03/2008		400		364
Phoenix Quake Wind Ltd.
7.440% due 07/03/2008		800		808
Premium Asset Trust
5.645% due 09/08/2007		100		100
Resona Bank Ltd.
5.850% due 09/29/2049		1,200		1,118
Royal Bank of Scotland PLC
5.125% due 07/21/2008		6,400		6,405
UFJ Finance Aruba AEC
6.750% due 07/15/2013		300		313
USB Capital IX
6.189% due 04/15/2042		900		881

Vita Capital Ltd.
6.340% due 01/01/2007	$	500	$	502
Wachovia Bank N.A.
5.480% due 06/27/2008		6,300		6,302
5.489% due 03/23/2009		7,100		7,100
				98,701
INDUSTRIALS 1.1%
DaimlerChrysler N.A. Holding Corp.
6.160% due 08/08/2006		900		900
El Paso Corp.
6.750% due 05/15/2009		6,000		5,955
9.625% due 05/15/2012		800		878
7.875% due 06/15/2012		5,800		5,931
7.800% due 08/01/2031		1,500		1,464
HJ Heinz Co.
6.428% due 12/01/2008		1,100		1,118
Morgan Stanley Bank AG for OAO Gazprom
9.625% due 03/01/2013		100		115
Pemex Project Funding Master Trust
8.000% due 11/15/2011		100		106
5.750% due 12/15/2015		2,300		2,121
8.625% due 02/01/2022		1,200		1,345
9.500% due 09/15/2027		55		66
United Airlines, Inc.
8.030% due 07/01/2011 (b)		465		475
6.071% due 03/01/2013		5,423		5,413
Viacom, Inc.
5.750% due 04/30/2011		1,000		983
Williams Cos., Inc.
6.375% due 10/01/2010		7,000		6,860
				33,730
UTILITIES 0.9%
AT&T, Inc.
4.214% due 06/05/2007		8,600		8,504
Entergy Gulf States, Inc.
6.000% due 12/01/2012		6,500		6,399
5.700% due 06/01/2015		8,300		7,822
Korea Electric Power Corp.
5.125% due 04/23/2034		90		86
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		657		642
Ras Laffan LNG III
5.838% due 09/30/2027		2,600		2,428
TPSA Finance BV
7.750% due 12/10/2008		120		125
				26,006
Total Corporate Bonds & Notes (Cost $157,270)				158,437
MUNICIPAL BONDS & NOTES 1.8%
Arizona State Salt River Project Agricultural Improvement and Power District Revenue Bonds, Series 2005
5.800% due 01/01/2035		95		91
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Notes, Series 2002
6.000% due 06/01/2017		3,700		3,906
Chicago, Illinois General Obligation Bonds, (MBIA Insured), Series 2003
5.000% due 01/01/2035		10,000		10,125

Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
6.250% due 06/01/2033	$	2,900	$	3,162
Iowa State Tobacco Settlement Authority Revenue Notes, Series 2005
6.500% due 06/01/2023		1,185		1,166
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2037		1,530		1,611
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2003
6.750% due 06/01/2039		5,450		6,061
New Jersey State Tobacco Settlement Financing Corporations Revenue Notes, Series 2003
4.375% due 06/01/2019		3,115		3,110
New York City, New York General Obligation Notes, Series 2005
5.000% due 03/01/2030		1,500		1,521
New York City, New York Municipal Finance Authority Water & Sewer Revenue Bonds, Series 2006-C
4.750% due 06/15/2033		17,400		17,037
New York State Environmental Facilities Corporations Revenue Notes, Series 2002
5.980% due 06/15/2023		850		914
Texas State General Obligation Bonds, Series 2005
4.750% due 04/01/2035		3,600		3,495
Total Municipal Bonds & Notes (Cost $50,324)				52,199
U.S. GOVERNMENT AGENCIES 51.5%
Fannie Mae
2.500% due 06/15/2008		2,480		2,346
4.000% due 10/01/2018		474		439
4.500% due 08/17/2021 - 04/01/2035 (d)		2,240		2,068
4.685% due 05/25/2035		1,300		1,260
4.712% due 04/01/2035		3,351		3,284
4.752% due 04/01/2035		4,995		4,865
4.933% due 11/01/2035		363		364
4.982% due 10/01/2032		1,876		1,879
5.000% due 01/01/2018 - 07/13/2036 (d)		257,949		243,480
5.249% due 11/28/2035		302		302
5.312% due 09/22/2006		10,300		10,299
5.411% due 09/01/2040		107		108
5.500% due 04/01/2014 - 07/13/2036 (d)		1,175,621		1,131,558
5.672% due 03/25/2044		8,393		8,404
5.695% due 09/01/2034		3,155		3,140
5.702% due 11/01/2025		3		3
5.707% due 09/01/2039		118		121
5.736% due 12/01/2036		3,099		3,083
6.000% due 04/01/2016 - 08/14/2036 (d)		30,736		30,440
6.500% due 06/01/2029 - 04/01/2032 (d)		418		422
7.000% due 04/25/2023 - 06/01/2032 (d)		4,202		4,319
Federal Home Loan Bank
4.200% due 02/05/2007		2,000		1,925
Federal Housing Administration
7.430% due 01/25/2023		55		55

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    Total Return Portfolio (Cont.)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

Freddie Mac
4.500% due 04/01/2018 - 10/01/2018 (d)	$	2,653	$	2,511
5.000% due 04/01/2018 - 09/01/2035 (d)		9,788		9,345
5.211% due 02/25/2045		1,453		1,442
5.500% due 04/01/2033 - 07/13/2036 (d)		38,066		36,573
5.649% due 11/15/2030		41		41
5.699% due 09/15/2030		38		38
5.957% due 01/01/2028		3		4
6.000% due 07/01/2016 - 11/01/2033 (d)		7,206		7,141
6.045% due 07/01/2030		3		3
6.099% due 07/01/2027		3		3
6.500% due 03/01/2013 - 03/01/2034 (d)		1,156		1,170
7.000% due 06/15/2023		2,262		2,327
7.500% due 07/15/2030 - 03/01/2032 (d)		359		371
8.500% due 08/01/2024		20		21
Government National Mortgage Association
4.375% due 04/20/2026 - 05/20/2030 (d)		156		156
4.500% due 07/20/2030		22		22
4.750% due 02/20/2032		1,359		1,350
5.125% due 10/20/2029 - 11/20/2029 (d)		425		428
5.375% due 02/20/2027		7		7
5.500% due 04/15/2033 - 09/15/2033 (d)		670		650
5.667% due 06/20/2030		3		3
5.767% due 09/20/2030		33		34
6.500% due 03/15/2031 - 04/15/2032 (d)		318		322
Small Business Administration
6.030% due 02/10/2012		7,101		7,178
6.344% due 08/01/2011		880		897
7.449% due 08/01/2010		15		15
8.017% due 02/10/2010		101		106
Small Business Administration Participation Certificates
5.130% due 09/01/2023		85		82
6.290% due 01/01/2021		237		242
7.500% due 04/01/2017		1,310		1,360
Total U.S. Government Agencies (Cost $1,575,938)				1,528,006
U.S. TREASURY OBLIGATIONS 1.1%
Treasury Inflation Protected Securities (c)
3.375% due 01/15/2007 (f)		509		511
2.375% due 01/15/2025		15,396		14,989
2.000% due 01/15/2026		16,348		14,972
3.625% due 04/15/2028		2,492		2,958
Total U.S. Treasury Obligations (Cost $36,126)				33,430
MORTGAGE-BACKED SECURITIES 3.7%
American Home Mortgage Investment Trust
4.390% due 02/25/2045		4,785		4,618
Banc of America Commercial Mortgage, Inc.
4.875% due 06/10/2039		590		574
4.128% due 07/10/2042		395		378
Banc of America Funding Corp.
4.116% due 05/25/2035		5,662		5,459
Banc of America Mortgage Securities
6.500% due 10/25/2031		1,847		1,860
5.403% due 10/20/2032		245		245
6.500% due 09/25/2033		632		630

Bear Stearns Adjustable Rate Mortgage Trust
5.546% due 11/25/2030	$	14	$	14
5.340% due 02/25/2033		504		503
5.621% due 02/25/2033		330		326
5.062% due 04/25/2033		1,568		1,552
4.812% due 01/25/2034		3,826		3,754
4.750% due 10/25/2035		23,957		23,515
Bear Stearns Alt-A Trust
5.448% due 05/25/2035		9,122		9,018
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		1,998		1,959
Countrywide Alternative Loan Trust
4.673% due 08/25/2034		350		347
Countrywide Home Loan Mortgage Pass-Through Trust
5.592% due 05/25/2034		1,435		1,433
5.250% due 02/20/2036		2,404		2,358
CS First Boston Mortgage Securities Corp.
6.257% due 06/25/2032		197		197
5.672% due 10/25/2032		112		112
First Nationwide Trust
6.750% due 08/21/2031		121		121
Greenwich Capital Commercial Funding Corp.
5.317% due 06/10/2036		915		884
GS Mortgage Securities Corp. II
5.396% due 08/10/2038		905		876
GSR Mortgage Loan Trust
4.541% due 09/25/2035		24,774		24,118
Impac CMB Trust
5.572% due 04/25/2034		1,587		1,588
Indymac ARM Trust
6.648% due 01/25/2032		13		13
Merrill Lynch Mortgage Trust
4.353% due 02/12/2042		515		498
Morgan Stanley Capital I
4.050% due 01/13/2041		530		503
Prime Mortgage Trust
5.722% due 02/25/2019		327		328
5.722% due 02/25/2034		1,430		1,435
Residential Funding Mortgage Security I
6.500% due 03/25/2032		1,679		1,672
Structured Asset Mortgage Investments, Inc.
5.582% due 09/19/2032		361		362
Structured Asset Securities Corp.
6.103% due 02/25/2032		35		35
6.150% due 07/25/2032		92		93
Superannuation Members Home Loans Global Fund
5.548% due 06/15/2026		1		1
Torrens Trust
5.459% due 07/15/2031		394		394
Washington Mutual, Inc.
5.126% due 10/25/2032		433		430
5.410% due 08/25/2042		6,304		6,302
5.612% due 10/25/2045		2,969		2,988
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036		9,327		9,201
Total Mortgage-Backed Securities (Cost $112,567)				110,694
ASSET-BACKED SECURITIES 0.2%
AAA Trust
5.422% due 11/26/2035		1,009		1,011
Amortizing Residential Collateral Trust
5.592% due 06/25/2032		546		547

Carrington Mortgage Loan Trust
5.402% due 06/25/2035	$	491	$	491
Citifinancial Mortgage Securities, Inc.
3.082% due 08/25/2033		9		9
3.221% due 10/25/2033		39		38
Conseco Finance
5.569% due 12/15/2029		110		110
EMC Mortgage Loan Trust
5.692% due 05/25/2040		902		905
GSAMP Trust
5.512% due 10/25/2033		839		840
Morgan Stanley Dean Witter Capital I
5.652% due 07/25/2032		14		14
Residential Asset Mortgage Products, Inc.
4.450% due 07/25/2028		1,145		1,134
4.230% due 05/25/2029		152		151
4.003% due 01/25/2030		143		142
Structured Asset Securities Corp.
5.371% due 01/25/2033		73		74
4.370% due 10/25/2034		525		518
Total Asset-Backed Securities (Cost $5,999)				5,984
SOVEREIGN ISSUES 0.5%
Brazilian Government International Bond
10.500% due 07/14/2014		2,340		2,823
8.000% due 01/15/2018		3,000		3,172
8.875% due 04/15/2024		90		100
Financing Corp. Fico
0.000% due 04/05/2019		840		416
0.000% due 09/26/2019		830		399
Mexico Government International Bond
8.375% due 01/14/2011		200		219
Panama Government International Bond
9.625% due 02/08/2011		480		535
8.875% due 09/30/2027		5,200		5,915
6.700% due 01/26/2036		431		397
South Africa Government International Bond
9.125% due 05/19/2009		500		538
Total Sovereign Issues (Cost $13,334)				14,514
FOREIGN CURRENCY-DENOMINATED ISSUES (j) 1.5%
Netherlands Government Bond
3.000% due 07/15/2006	EUR	29,700		37,987
United Kingdom Gilt
4.750% due 06/07/2010	GBP	2,700		4,984
4.750% due 09/07/2015		1,000		1,853
Total Foreign Currency-Denominated Issues (Cost $44,437)				44,824

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

		NOTIONAL
		AMOUNT		VALUE
		(000S)		(000S)
PURCHASED CALL OPTIONS 0.1%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 4.500% Exp. 10/04/2006	$	78,500	$	0
Strike @ 4.750% Exp. 08/07/2006		123,000		0
Strike @ 4.750% Exp. 08/08/2006		37,000		0
Strike @ 4.800% Exp. 12/22/2006		83,000		11
Strike @ 5.000% Exp. 03/08/2007		130,000		112
Strike @ 5.080% Exp. 04/19/2007		98,900		143
Strike @ 5.130% Exp. 10/25/2006		190,000		57
Strike @ 5.170% Exp. 02/01/2007		73,500		88
Strike @ 5.200% Exp. 05/09/2007		163,400		357
Strike @ 5.200% Exp. 05/23/2007		138,000		319
Strike @ 5.250% Exp. 06/07/2007		169,000		464
Strike @ 5.500% Exp. 06/29/2007		138,000		662
Total Purchased Call Options (Cost $5,539)				2,213
		#OF CONTRACTS
PURCHASED PUT OPTIONS 0.0%
90-Day Eurodollar December Futures (CME)
Strike @ $91.750 Exp. 12/18/2006		764		5
Strike @ $92.000 Exp. 12/18/2006		2,995		19
Strike @ $92.250 Exp. 12/18/2006		1,663		10
Strike @ $92.500 Exp. 12/18/2006		450		3
Strike @ $92.750 Exp. 12/18/2006		790		5
Strike @ $93.000 Exp. 12/18/2006		50		0
90-Day Eurodollar June Futures (CME)
Strike @ $91.000 Exp. 06/18/2007		1,328		8
Strike @ $91.250 Exp. 06/18/2007		1,855		12
90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007		987		6
Strike @ $92.250 Exp. 03/19/2007		585		4
90-Day Eurodollar September Futures (CME)
Strike @ $91.000 Exp. 09/17/2007		637		4
Strike @ $92.500 Exp. 09/18/2006		675		4
Total Purchased Put Options (Cost $121)				80
		NOTIONAL AMOUNT (000S)
PURCHASED STRADDLE OPTIONS (g) 0.0%
Call & Put – OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle
Strike @ $0.000 Exp. 08/23/2007	$	35,000		21
Total Purchased Straddle Options (Cost $0)				21

PREFERRED STOCK 0.4%
DG Funding Trust
7.210% due 12/31/2049		1,239	$	13,079
Total Preferred Stock (Cost $13,056)				13,079
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS (j) 48.5%
CERTIFICATES OF DEPOSIT 4.8%
Citibank N.A.
5.275% due 09/11/2006	$	63,000		63,000
Wells Fargo Bank N.A.
5.280% due 07/11/2006		80,000		80,000
				143,000
COMMERCIAL PAPER 25.1%
Bank of America Corp.
5.040% due 08/03/2006		53,000		52,770
5.090% due 08/21/2006		30,000		29,792
Barclays U.S. Funding Corp.
5.055% due 07/18/2006		8,200		8,183
5.050% due 08/14/2006		80,700		80,225
Cox Communications, Inc.
4.720% due 07/17/2006		3,500		3,500
Danske Corp.
5.040% due 07/05/2006		54,500		54,485
Fannie Mae
5.140% due 08/01/2006		56,900		56,664
Fortis Funding LLC
5.175% due 07/10/2006		80,700		80,619
San Paolo IMI U.S. Financial Co.
5.270% due 07/05/2006		80,000		79,977
Skandinaviska Enskilda Banken AB
4.960% due 07/20/2006		79,500		79,314
Societe Generale N.A.
5.250% due 07/05/2006		8,100		8,098
5.260% due 07/05/2006		79,600		79,577
Total Captial S.A.
5.270% due 07/03/2006		43,300		43,300
UBS Finance Delaware LLC
5.235% due 08/08/2006		22,600		22,482
5.000% due 08/25/2006		47,300		46,952
5.095% due 09/22/2006		19,200		18,960
				744,898
REPURCHASE AGREEMENT 0.7%
Lehman Brothers Inc.
4.500% due 07/03/2006		20,100		20,100
(Dated 06/30/2006. Collateralized by Treasury Inflation Protected Securities 2.000% due 07/15/2014 valued at $20,579. Repurchase proceeds are $20,108.)
TRI-PARTY REPURCHASE AGREEMENT 0.2%
State Street Bank
4.900% due 07/03/2006		5,608		5,608
(Dated 06/30/2006. Collateralized by Federal Home Loan Bank 4.250% due 04/16/2007 valued at $5,722. Repurchase proceeds are $5,610.)
BELGIUM TREASURY BILL 0.3%
2.757% due 10/12/2006	EUR	8,680		11,014
FRANCE TREASURY BILLS 8.5%
2.691% due 07/06/2006-12/21/2006		198,130		251,970

GERMANY TREASURY BILLS 7.8%
2.641% due 07/12/2006-11/15/2006	EUR	181,750	$	231,595
U.S. TREASURY BILLS 1.1%
4.042% due 08/31/2006-09/14/2006 (d)(e)(f)	$	33,720	$	33,354
Total Short-Term Instruments (Cost $1,425,471)				1,441,539
Total Investments (a) 114.7% (Cost $3,442,782)			$	3,407,611
Written Options (i) (0.4%) (Premiums $9,947)				(12,179)
Other Assets and Liabilities (Net) (14.3%)				(425,443)
Net Assets 100.0%			$	2,969,989

See Accompanying Notes Semiannual Report June 30, 2006 11

Schedule of Investments    Total Return Portfolio (Cont.)

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

(a) As of June 30, 2006, portfolio securities with an aggregate market value of $155 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(b) Security is in default.

(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 $5,689 have been pledged as collateral for swap and swaption contracts on June 30, 2006.

(f) Securities with an aggregate market value of $27,691 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	4,923	$	(7,046	)
90-Day Eurodollar December Futures	Long	12/2007	1,045		(969	)
90-Day Eurodollar June Futures	Long	06/2007	2,686		(4,502	)
90-Day Eurodollar March Futures	Long	03/2007	3,609		(6,727	)
90-Day Eurodollar March Futures	Long	03/2008	368		(214	)
90-Day Eurodollar September Futures	Long	09/2006	727		(736	)
90-Day Eurodollar September Futures	Long	09/2007	2,047		(3,020	)
Euro-Bobl 5-Year Note September Futures	Long	09/2006	63		(83	)
U.S. Treasury 5-Year Note September Futures	Long	09/2006	598		(321	)
U.S. Treasury 10-Year Note September Futures	Long	09/2006	518		(253	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2006	160		(164	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures Put Options Strike @ GBP95.500	Short	12/2006	94		(51	)
				$	(24,086	)

(g) Exercise price and premium determined on a future date, based upon implied volatility parameters.

(h) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	5-year French CLPI Ex Tobacco Daily Reference Index	Pay	2.103%	10/15/2010	EUR	1,400	$	(6	)
BNP Paribas Bank	5-year French CLPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010		10,200		(29	)
Deutsche Bank AG	6-month EUR-LIBOR	Receive	4.000%	12/15/2011		30,500		232
Merrill Lynch & Co., Inc.	6-month EUR-LIBOR	Receive	4.000%	12/15/2011		39,800		52
UBS Warburg LLC	5-year French CLPI Ex Tobacco Daily Reference Index	Pay	2.146%	10/15/2010		1,900		(3	)
Barclays Bank PLC	6-month GBP-LIBOR	Pay	5.000%	06/15/2007	GBP	32,400		(272	)
Barclays Bank PLC	6-month GBP-LIBOR	Pay	5.000%	06/16/2011		1,800		(37	)
Barclays Bank PLC	6-month GBP-LIBOR	Receive	4.000%	12/15/2035		2,900		86
Lehman Brothers, Inc.	6-month GBP-LIBOR	Pay	4.500%	09/20/2009		17,500		(422	)
Merrill Lynch & Co., Inc.	6-month GBP-LIBOR	Receive	4.000%	12/15/2035		2,200		70
Goldman Sachs & Co.	6-month JPY-LIBOR	Receive	2.000%	06/15/2012	JPY	387,100		49
Morgan Stanley Dean Witter & Co.	6-month JPY-LIBOR	Receive	2.000%	06/15/2012		626,000		24
UBS Warburg LLC	6-month JPY-LIBOR	Receive	2.000%	06/15/2012		1,625,000		(46	)
Barclays Bank PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2008	$	64,200		(57	)
Goldman Sachs & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2016		13,900		(172	)
Goldman Sachs & Co.	3-month USD-LIBOR	Pay	5.000%	12/15/2035		5,900		(155	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/20/2011		23,900		(214	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/20/2016		6,300		(78	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/15/2035		6,500		(173	)
Royal Bank of Scotland PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2011		11,000		(97	)
UBS Warburg LLC	3-month USD-LIBOR	Pay	5.000%	12/20/2008		9,800		(9	)
							$	(1,257	)

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	1.300%		09/20/2006	$	1,800	$	(1	)
Bear Stearns & Co., Inc.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	2.100%		12/20/2006		12,400		28
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.750%		06/20/2007		200		4
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.320%		09/20/2007		2,100		(12	)
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.700%		09/20/2006		2,600		4
Goldman Sachs & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.400%		09/20/2007		4,200		(20	)
Goldman Sachs & Co.	Dow Jones CDX N.A. HV5 Index	Buy	(0.850%	)	12/20/2010		13,900		(63	)
HSBC Bank USA	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.390%		09/20/2006		800		1
J.P. Morgan Chase & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.750%		06/20/2007		400		8
J.P. Morgan Chase & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.700%		06/20/2007		1,800		37
J.P. Morgan Chase & Co.	Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.920%		03/20/2016		1,200		(13	)
Lehman Brothers, Inc.	Multiple Reference Entities of Gazprom	Sell	1.430%		06/20/2011		600		1
Lehman Brothers, Inc.	Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.920%		03/20/2016		3,100		(34	)
Morgan Stanley Dean Witter & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	5.200%		12/20/2006		9,300		166
Morgan Stanley Dean Witter & Co.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.460%		06/20/2007		1,300		1
UBS Warburg LLC	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.750%		12/20/2006		10,700		167
UBS Warburg LLC	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	3.350%		06/20/2007		1,500		11
Wachovia Bank N.A.	Dow Jones CDX N.A. HV5 Index	Sell	0.850%		12/20/2010		5,000		(36	)
								$	249
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will Pay to the buyer of the protection an amount up to the Notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(i) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price	Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$          108.000	08/25/2006	1,654	$	219	$	52
Call - CBOT U.S. Treasury 10-Year Note September Futures	106.000	08/25/2006	185		108		49
Put - CBOT U.S. Treasury 10-Year Note September Futures	103.000	08/25/2006	1,839		320		259
Put - CME 90-Day Eurodollar March Futures	95.250	03/19/2007	116		108		238
Call - CME 90-Day Eurodollar September Futures	95.500	09/18/2006	112		30		1
Put - CME 90-Day Eurodollar September Futures	95.000	09/18/2006	209		109		303
Put - CME 90-Day Eurodollar September Futures	95.250	09/18/2006	448		347		930
Put - CME 90-Day Eurodollar December Futures	95.000	12/18/2006	195		103		295
Put - CME 90-Day Eurodollar December Futures	95.250	12/18/2006	2,975		2,357		6,303
Put - CME 90-Day Eurodollar December Futures	95.500	12/18/2006	297		331		813
				$	4,032	$	9,243

See Accompanying Notes Semiannual Report June 30, 2006 13

Schedule of Investments    Total Return Portfolio (Cont.)

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date		Notional Amount		Premium		Value
Put - OTC 1-Year Interest Rate Swap	HSBC Bank USA	6-month GBP-LIBOR	Pay	4.500%	12/20/2006			GBP 53,900	$	263	$	586
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		$	40,000		145		44
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.040%	03/08/2007			37,000		357		75
Call - OTC 5-Year Interest Rate Swap	Citibank N.A.	3-month USD-LIBOR	Receive	4.540%	10/04/2006			14,100		165		0
Call - OTC 5-Year Interest Rate Swap	Citibank N.A.	3-month USD-LIBOR	Receive	4.850%	12/22/2006			36,000		473		14
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	4.780%	08/07/2006			53,000		434		0
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.210%	10/25/2006			28,400		128		31
Call - OTC 5-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Receive	4.780%	08/08/2006			16,000		151		0
Call - OTC 5-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Receive	4.540%	10/04/2006			20,000		239		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.040%	03/08/2007			19,000		212		38
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.220%	04/19/2007			43,000		340		188
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.315%	05/09/2007			71,500		738		424
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.300%	05/23/2007			59,000		590		354
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.340%	06/07/2007			62,000		631		425
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.600%	06/29/2007			60,000		663		663
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.210%	10/25/2006			12,900		50		14
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.240%	02/01/2007			31,800		196		120
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.325%	06/07/2007			11,000		94		73
						��
									$	5,869	$	3,049

Straddle Options
Description	Counterparty	Exercise Price*	Expiration Date	Notional Amount		Premium*		Value
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	Goldman Sachs & Co.	$      0.000	08/23/2007	$	16,500	$	14	$	(93	)
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	J.P. Morgan Chase & Co.	0.000	08/23/2007		3,000		17		(16	)
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	J.P. Morgan Chase & Co.	0.000	08/24/2007		1,000		4		(4	)
						$	46	$	(113	)
* Exercise price and final premium determined on a future date, based upon implied volatility parameters.

(j) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	3,804	07/2006	$	112	$	0		$	112
Sell		3,803	07/2006		0		(95	)		(95	)
Buy		1,608	09/2006		41		0			41
Buy	CAD	10,212	07/2006		0		(105	)		(105	)
Buy	CLP	854,883	07/2006		0		(37	)		(37	)
Sell		854,884	07/2006		15		(2	)		13
Buy		615,000	08/2006		0		(13	)		(13	)
Buy		94,184	09/2006		2		0			2
Buy	CNY	23,779	03/2007		0		(22	)		(22	)
Buy	EUR	5,966	07/2006		137		0			137
Sell		433,474	07/2006		695		(8,630	)		(7,935	)
Buy		13	12/2006		0		0			0
Buy	GBP	3,048	07/2006		21		0			21
Buy	INR	51,600	08/2006		0		(30	)		(30	)
Sell		50,590	08/2006		20		0			20
Buy		34,136	09/2006		0		(16	)		(16	)
Buy	JPY	9,727,278	08/2006		0		(2,670	)		(2,670	)
Buy	KRW	966,900	07/2006		32		0			32
Sell		966,900	07/2006		0		(11	)		(11	)
Buy		1,503,584	08/2006		28		0			28
Sell		230,950	08/2006		0		(6	)		(6	)
Buy		3,109,199	09/2006		67		0			67
Sell		2,194,499	09/2006		0		(63	)		(63	)
Buy		4,130,499	05/2007		0		(9	)		(9	)
Buy	MXN	23,220	08/2006		0		(143	)		(143	)
Sell		15,940	08/2006		35		0			35
Buy		5,620	09/2006		0		(29	)		(29	)
Buy	PEN	8,692	08/2006		62		0			62

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell		8,692	08/2006	$	0	$	(89	)	$	(89	)
Buy		1,762	09/2006		12		0			12
Sell		1,762	09/2006		0		(19	)		(19	)
Buy	PLN	1,414	09/2006		5		0			5
Buy		1,500	11/2006		0		(12	)		(12	)
Buy	RUB	12,595	07/2006		20		0			20
Sell		12,596	07/2006		0		(4	)		(4	)
Buy		60,141	08/2006		107		0			107
Sell		53,107	08/2006		0		(73	)		(73	)
Buy		27,885	09/2006		22		0			22
Buy	SGD	746	07/2006		9		0			9
Sell		746	07/2006		0		(8	)		(8	)
Buy		5,695	08/2006		62		(8	)		54
Sell		4,003	08/2006		0		(52	)		(52	)
Buy		1,116	09/2006		13		0			13
Buy	SKK	83,996	09/2006		75		0			75
Sell		44,840	09/2006		0		(59	)		(59	)
Buy	TWD	70,791	08/2006		0		(46	)		(46	)
Sell		37,104	08/2006		1		0			1
Buy		16,682	09/2006		0		(5	)		(5	)
Sell		16,682	09/2006		0		0			0
Buy	ZAR	964	08/2006		0		(22	)		(22	)
Sell		964	08/2006		7		0			7
Buy		964	10/2006		0		(7	)		(7	)
Buy		148	11/2006		0		(4	)		(4	)
				$	1,600	$	(12,289	)	$	(10,689	)

See Accompanying Notes Semiannual Report June 30, 2006 15

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented in these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class and Advisor 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
BRL	Brazilian Real	MXN	Mexican Peso
CAD	Canadian Dollar	PEN	Peruvian New Sol
CLP	Chilean Peso	PLN	Polish Zloty
CNY	Chinese Yuan Renminbi	RUB	Russian Ruble
EUR	Euro	SGD	Singapore Dollar
GBP	British Pound	SKK	Slovakian Koruna
INR	Indian Rupee	TWD	Taiwan Dollar
JPY	Japanese Yen	ZAR	South African Rand
KRW	South Korean Won

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

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

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.

Loan Participant and Assignments.  The Portfolio may invest in direct debt instruments which are interests in amounts owned by corporate, governmental, or other borrowers 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

Semiannual Report June 30, 2006 17

Notes to Financial Statements (Cont.)

financial institution (the “lender”) that acts as agent for all holders. Then 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 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. At the end of the period, the Portfolio had no unfunded loan commitments.

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 underlying securities for all repurchase agreements are held in safekeeping at the Portfolio’s custodian or designated subcustodians under triparty repurchase agreements. The market value of the collateral must be equal to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, a Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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

18 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

period are reflected as such in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$    3,483,913	$    3,849,012	$    258,320	$    224,153

Semiannual Report June 30, 2006 19

Notes to Financial Statements (Cont.)

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $			Notional Amount in GBP			Premium
Balance at 12/31/2005	6,803		$	359,600		GBP	57,200		$	7,607
Sales	6,512			544,200			0			5,852
Closing Buys	0			(169,900	)		0			(1,267	)
Expirations	(5,062	)		(98,700	)		(3,300	)		(2,085	)
Exercised	(223	)		0			0			(160	)
Balance at 06/30/2006	8,030		$	635,200		GBP	53,900		$	9,947

6.  REORGANIZATION

The Acquiring Portfolio (“Total Return Portfolio”), as listed below, acquired the assets and certain liabilities of the Acquired Fund (“CIGNA Times Square VP Core Plus Bond Fund”), also listed below, in a tax-free exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the Acquired Portfolio’s shareholders (shares and amounts in thousands):

Acquiring Portfolio	Acquired Fund	Date	Shares Issued by Acquiring Portfolio	Value of Shares Issued by Acquiring Portfolio		Total Net Assets of Acquired Fund		Total Net Assets of Acquiring Portfolio		Total net Assets of Acquiring Portfolio After Acquisition		Acquired Fund’s Unrealized Appreciation
Total Return Portfolio	Times Square VP Core Plus Bond Fund	April 22, 2005	8,435	$	88,822	$	88,822	$	2,474,546	$	2,563,368	$	710

7.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	3,699		$	37,370		4,171		$	43,745
Administrative Class	38,033			384,517		60,180			630,483
Advisor Class	455			4,550		0			0
Issued in reorganization
Institutional Class	0			0		8,435			88,822
Administrative Class	0			0		0			0
Advisor Class	0			0		0			0
Issued as reinvestment of distributions
Institutional Class	325			3,281		683			7,097
Administrative Class	4,979			50,219		10,667			110,757
Advisor Class	2			15		0			0
Cost of shares redeemed
Institutional Class	(2,642	)		(26,672	)	(5,309	)		(55,888	)
Administrative Class	(24,338	)		(245,706	)	(30,537	)		(319,629	)
Advisor Class	(1	)		(13	)	0			0
Net increase resulting from Portfolio share transactions	20,512		$	207,561		48,290		$	505,387

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 Shareholders	% of Portfolio Held
Institutional Class	4	90
Administrative Class	4	55	*
Advisor Class	2	98

* One of the shareholders, Allianz Life Insurance Co. of North America, is an indirect wholly owned subsidiary of AGI and a related party to the Portfolio.

20 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

8.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$      23,153	$      (58,324)	$      (35,171)

9.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of PIMCO Funds and the Allianz Funds and the this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

Semiannual Report June 30, 2006 21

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Institutional

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Total Return Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	16

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Total Return Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, non-U.S. investment risk, currency risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Lehman Brothers Aggregate Bond Index represents securities that are taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to invest directly in this index.

Semiannual Report June 30, 2006 3

PIMCO Total Return Portfolio

Cumulative Returns Through June 30, 2006

                      Total Return Portfolio           Lehman Brothers
                        Institutional 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
    07/31/2004               13,819                       13,789
    08/31/2004               14,081                       14,052
    09/30/2004               14,102                       14,090
    10/31/2004               14,247                       14,208
    11/30/2004               14,179                       14,095
    12/31/2004               14,298                       14,225
    01/31/2005               14,352                       14,314
    02/28/2005               14,294                       14,230
    03/31/2005               14,258                       14,157
    04/30/2005               14,464                       14,348
    05/31/2005               14,620                       14,503
    06/30/2005               14,693                       14,582
    07/31/2005               14,587                       14,450
    08/31/2005               14,771                       14,635
    09/30/2005               14,629                       14,484
    10/31/2005               14,480                       14,370
    11/30/2005               14,532                       14,433
    12/31/2005               14,670                       14,570
    01/31/2006               14,706                       14,571
    02/28/2006               14,770                       14,619
    03/31/2006               14,611                       14,476
    04/30/2006               14,619                       14,450
    05/31/2006               14,572                       14,434
    06/30/2006               14,572                       14,465

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Institutional Class.

Sector Breakdown^‡

U.S. Government Agencies	44.8%
Short-Term Instruments	42.3%
Corporate Bonds & Notes	4.6%
Mortgage-Backed Securities	3.2%
Other	5.1%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since     Inception     (04/10/00)**
	PIMCO Total Return Portfolio Institutional Class	-0.67%	-0.82%	5.40%	6.03%
	Lehman Brothers Aggregate Bond Index	-0.72%	-0.81%	4.97%	6.04%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Institutional Class shares operations on 04/10/00. Index comparisons began on 03/31/00.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	993.30	$	1,022.32
Expenses Paid During Period†	$	2.47	$	2.51

† 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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 above-benchmark duration detracted from returns as yields rose in the first half of the year.

» An emphasis on short-term maturities detracted from performance as short-term yields rose more than longer-dated yields. The Federal Reserve continued with its tightening policy, sending short-term rates higher while intermediate- and longer-term rates shifted higher.

» An overweight to mortgages contributed to returns as this sector outperformed like-duration Treasuries.

» An underweight to corporate securities detracted from returns as this sector outperformed like-duration Treasuries.

» Strategies designed to benefit when Euroland bonds underperform Treasuries added to returns as European yields increased more than yields in the U.S.

» An allocation to the Yen and the Euro was positive for returns, as both currencies appreciated relative to the dollar.

» Emerging Market bonds added to performance, as strong demand for their attractive yields and improving credit fundamentals caused yield premiums to decline.

» A tactical allocation to municipal bonds was positive for performance as municipal yields rose less than Treasury yields.

4 PIMCO Variable Insurance Trust

Financial Highlights  Total Return Portfolio

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Institutional Class
Net asset value beginning of period	$	10.24		$	10.51		$	10.36		$	10.23		$	9.89		$	9.77
Net investment income (a)		0.22			0.39			0.20			0.27			0.43			0.50
Net realized/unrealized gain (loss) on investments (a)		(0.29	)		(0.12	)		0.31			0.25			0.47			0.31
Total income (loss) from investment operations		(0.07	)		0.27			0.51			0.52			0.90			0.81
Dividends from net investment income		(0.22	)		(0.37	)		(0.21	)		(0.31	)		(0.43	)		(0.50	)
Distributions from net realized capital gains		0.00			(0.17	)		(0.15	)		(0.08	)		(0.13	)		(0.19	)
Total distributions		(0.22	)		(0.54	)		(0.36	)		(0.39	)		(0.56	)		(0.69	)
Net asset value end of period	$	9.95		$	10.24		$	10.51		$	10.36		$	10.23		$	9.89
Total return		(0.67	)%		2.60	%		5.05	%		5.20	%		9.23	%		8.53	%
Net assets end of period (000s)	$	153,328		$	143,720		$	63,646		$	75,540		$	46,548		$	35,231
Ratio of expenses to average net assets		0.50	%*		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		4.35	%*		3.69	%		1.92	%		2.60	%		4.23	%		5.00	%
Portfolio turnover rate		168	%		344	%		373	%		193	%		222	%		217	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Total Return Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	3,407,611
Cash		61
Foreign currency, at value		81,813
Receivable for investments sold		15,669
Receivable for investments sold on delayed-delivery basis		919
Receivable for Portfolio shares sold		23,363
Interest and dividends receivable		9,921
Variation margin receivable		2,016
Swap premiums paid		731
Unrealized appreciation on forward foreign currency contracts		1,600
Unrealized appreciation on swap agreements		941
		3,544,645
Liabilities:
Payable for investments purchased	$	539,396
Payable for Portfolio shares redeemed		2,491
Written options outstanding		12,179
Dividends payable		1,607
Accrued investment advisory fee		644
Accrued administration fee		644
Accrued servicing fee		330
Swap premiums received		3,127
Unrealized depreciation on forward foreign currency contracts		12,289
Unrealized depreciation on swap agreements		1,949
		574,656
Net Assets	$	2,969,989
Net Assets Consist of:
Paid in capital	$	3,062,923
Undistributed net investment income		14,505
Accumulated undistributed net realized (loss)		(34,688	)
Net unrealized (depreciation)		(72,751	)
	$	2,969,989
Net Assets:
Institutional Class	$	153,328
Administrative Class		2,812,124
Advisor Class		4,537
Shares Issued and Outstanding:
Institutional Class		15,415
Administrative Class		282,722
Advisor Class		456
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	9.95
Administrative Class		9.95
Advisor Class		9.95
Cost of Investments Owned	$	3,442,782
Cost of Foreign Currency Held	$	80,689
Premiums Received on Written Options	$	9,947

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Total Return Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	69,794
Dividends		409
Miscellaneous income		28
Total Income		70,231
Expenses:
Investment advisory fees		3,619
Administration fees		3,619
Servicing fees – Administrative Class		2,060
Distribution and/or serving fees – Advisor Class		1
Trustees’ fees		17
Total Expenses		9,316
Net Investment Income		60,915
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(10,853	)
Net realized (loss) on futures contracts, options and swaps		(5,390	)
Net realized (loss) on foreign currency transactions		(2,076	)
Net change in unrealized (depreciation) on investments		(42,712	)
Net change in unrealized (depreciation) on futures contracts, options and swaps		(30,889	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		7,617
Net (Loss)		(84,303	)
Net (Decrease) in Net Assets Resulting from Operations	$	(23,388	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Total Return Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	60,915		$	89,824
Net realized gain (loss)		(18,319	)		3,530
Net change in unrealized (depreciation)		(65,984	)		(30,402	)
Net increase (decrease) resulting from operations		(23,388	)		62,952
Distributions to Shareholders:
From net investment income
Institutional Class		(3,281	)		(4,842	)
Administrative Class		(58,991	)		(86,714	)
Advisor Class		(15	)		0
From net realized capital gains
Institutional Class		0			(2,255	)
Administrative Class		0			(42,750	)
Advisor Class		0			0
Total Distributions		(62,287	)		(136,561	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		37,370			43,745
Administrative Class		384,517			630,483
Advisor Class		4,550			0
Issued in reorganization
Institutional Class		0			88,822
Administrative Class		0			0
Advisor Class		0			0
Issued as reinvestment of distributions
Institutional Class		3,281			7,097
Administrative Class		50,219			110,757
Advisor Class		15			0
Cost of shares redeemed
Institutional Class		(26,672	)		(55,888	)
Administrative Class		(245,706	)		(319,629	)
Advisor Class		(13	)		0
Net increase resulting from Portfolio share transactions		207,561			505,387
Total Increase in Net Assets		121,886			431,778
Net Assets:
Beginning of period		2,848,103			2,416,325
End of period*	$	2,969,989		$	2,848,103
*Including undistributed net investment income of:	$	14,505		$	15,877

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Total Return Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
BANK LOAN OBLIGATIONS 0.1%
Cablevision Systems Corp.
6.670% due 02/24/2013	$	7	$	6
6.740% due 02/24/2013		743		740
CSC Holdings, Inc.
6.880% due 02/24/2013		743		740
6.988% due 02/24/2013		1,108		1,104
Total Bank Loan Obligations (Cost $2,600)				2,590
CORPORATE BONDS & NOTES 5.3%
BANKING & FINANCE 3.3%
American General Finance Corp.
5.489% due 03/23/2007		1,600		1,601
American International Group, Inc.
5.050% due 10/01/2015		1,300		1,215
Atlantic & Western Re Ltd.
10.990% due 01/09/2007		600		591
China Development Bank
5.000% due 10/15/2015		900		842
CIT Group Holdings, Inc.
5.276% due 01/30/2009		6,400		6,417
Citigroup, Inc.
5.520% due 12/26/2008		8,200		8,208
Export-Import Bank of China
4.875% due 07/21/2015		900		836
Export-Import Bank of Korea
4.125% due 02/10/2009		140		134
Ford Motor Credit Co.
6.374% due 03/21/2007		900		897
General Electric Capital Corp.
5.050% due 01/03/2008		14,360		14,385
Goldman Sachs Group, Inc.
5.250% due 11/10/2008		7,100		7,108
HBOS PLC
5.920% due 09/29/2049		1,100		1,015
HSBC Bank USA N.A.
5.494% due 09/21/2007		14,500		14,517
Morgan Stanley
5.276% due 02/09/2009		14,600		14,627
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049		700		676
Petroleum Export Ltd.
5.265% due 06/15/2011		956		928
Phoenix Quake Ltd.
7.440% due 07/03/2008		800		811
Phoenix Quake Wind II Ltd.
8.490% due 07/03/2008		400		364
Phoenix Quake Wind Ltd.
7.440% due 07/03/2008		800		808
Premium Asset Trust
5.645% due 09/08/2007		100		100
Resona Bank Ltd.
5.850% due 09/29/2049		1,200		1,118
Royal Bank of Scotland PLC
5.125% due 07/21/2008		6,400		6,405
UFJ Finance Aruba AEC
6.750% due 07/15/2013		300		313
USB Capital IX
6.189% due 04/15/2042		900		881

Vita Capital Ltd.
6.340% due 01/01/2007	$	500	$	502
Wachovia Bank N.A.
5.480% due 06/27/2008		6,300		6,302
5.489% due 03/23/2009		7,100		7,100
				98,701
INDUSTRIALS 1.1%
DaimlerChrysler N.A. Holding Corp.
6.160% due 08/08/2006		900		900
El Paso Corp.
6.750% due 05/15/2009		6,000		5,955
9.625% due 05/15/2012		800		878
7.875% due 06/15/2012		5,800		5,931
7.800% due 08/01/2031		1,500		1,464
HJ Heinz Co.
6.428% due 12/01/2008		1,100		1,118
Morgan Stanley Bank AG for OAO Gazprom
9.625% due 03/01/2013		100		115
Pemex Project Funding Master Trust
8.000% due 11/15/2011		100		106
5.750% due 12/15/2015		2,300		2,121
8.625% due 02/01/2022		1,200		1,345
9.500% due 09/15/2027		55		66
United Airlines, Inc.
8.030% due 07/01/2011 (b)		465		475
6.071% due 03/01/2013		5,423		5,413
Viacom, Inc.
5.750% due 04/30/2011		1,000		983
Williams Cos., Inc.
6.375% due 10/01/2010		7,000		6,860
				33,730
UTILITIES 0.9%
AT&T, Inc.
4.214% due 06/05/2007		8,600		8,504
Entergy Gulf States, Inc.
6.000% due 12/01/2012		6,500		6,399
5.700% due 06/01/2015		8,300		7,822
Korea Electric Power Corp.
5.125% due 04/23/2034		90		86
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		657		642
Ras Laffan LNG III
5.838% due 09/30/2027		2,600		2,428
TPSA Finance BV
7.750% due 12/10/2008		120		125
				26,006
Total Corporate Bonds & Notes (Cost $157,270)				158,437
MUNICIPAL BONDS & NOTES 1.8%
Arizona State Salt River Project Agricultural Improvement and Power District Revenue Bonds, Series 2005
5.800% due 01/01/2035		95		91
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Notes, Series 2002
6.000% due 06/01/2017		3,700		3,906
Chicago, Illinois General Obligation Bonds, (MBIA Insured), Series 2003
5.000% due 01/01/2035		10,000		10,125

Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
6.250% due 06/01/2033	$	2,900	$	3,162
Iowa State Tobacco Settlement Authority Revenue Notes, Series 2005
6.500% due 06/01/2023		1,185		1,166
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2037		1,530		1,611
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2003
6.750% due 06/01/2039		5,450		6,061
New Jersey State Tobacco Settlement Financing Corporations Revenue Notes, Series 2003
4.375% due 06/01/2019		3,115		3,110
New York City, New York General Obligation Notes, Series 2005
5.000% due 03/01/2030		1,500		1,521
New York City, New York Municipal Finance Authority Water & Sewer Revenue Bonds, Series 2006-C
4.750% due 06/15/2033		17,400		17,037
New York State Environmental Facilities Corporations Revenue Notes, Series 2002
5.980% due 06/15/2023		850		914
Texas State General Obligation Bonds, Series 2005
4.750% due 04/01/2035		3,600		3,495
Total Municipal Bonds & Notes (Cost $50,324)				52,199
U.S. GOVERNMENT AGENCIES 51.5%
Fannie Mae
2.500% due 06/15/2008		2,480		2,346
4.000% due 10/01/2018		474		439
4.500% due 08/17/2021 - 04/01/2035 (d)		2,240		2,068
4.685% due 05/25/2035		1,300		1,260
4.712% due 04/01/2035		3,351		3,284
4.752% due 04/01/2035		4,995		4,865
4.933% due 11/01/2035		363		364
4.982% due 10/01/2032		1,876		1,879
5.000% due 01/01/2018 - 07/13/2036 (d)		257,949		243,480
5.249% due 11/28/2035		302		302
5.312% due 09/22/2006		10,300		10,299
5.411% due 09/01/2040		107		108
5.500% due 04/01/2014 - 07/13/2036 (d)		1,175,621		1,131,558
5.672% due 03/25/2044		8,393		8,404
5.695% due 09/01/2034		3,155		3,140
5.702% due 11/01/2025		3		3
5.707% due 09/01/2039		118		121
5.736% due 12/01/2036		3,099		3,083
6.000% due 04/01/2016 - 08/14/2036 (d)		30,736		30,440
6.500% due 06/01/2029 - 04/01/2032 (d)		418		422
7.000% due 04/25/2023 - 06/01/2032 (d)		4,202		4,319
Federal Home Loan Bank
4.200% due 02/05/2007		2,000		1,925
Federal Housing Administration
7.430% due 01/25/2023		55		55

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    Total Return Portfolio (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
Freddie Mac
4.500% due 04/01/2018 - 10/01/2018 (d)	$	2,653	$	2,511
5.000% due 04/01/2018 - 09/01/2035 (d)		9,788		9,345
5.211% due 02/25/2045		1,453		1,442
5.500% due 04/01/2033 - 07/13/2036 (d)		38,066		36,573
5.649% due 11/15/2030		41		41
5.699% due 09/15/2030		38		38
5.957% due 01/01/2028		3		4
6.000% due 07/01/2016 - 11/01/2033 (d)		7,206		7,141
6.045% due 07/01/2030		3		3
6.099% due 07/01/2027		3		3
6.500% due 03/01/2013 - 03/01/2034 (d)		1,156		1,170
7.000% due 06/15/2023		2,262		2,327
7.500% due 07/15/2030 - 03/01/2032 (d)		359		371
8.500% due 08/01/2024		20		21
Government National Mortgage Association
4.375% due 04/20/2026 - 05/20/2030 (d)		156		156
4.500% due 07/20/2030		22		22
4.750% due 02/20/2032		1,359		1,350
5.125% due 10/20/2029 - 11/20/2029 (d)		425		428
5.375% due 02/20/2027		7		7
5.500% due 04/15/2033 - 09/15/2033 (d)		670		650
5.667% due 06/20/2030		3		3
5.767% due 09/20/2030		33		34
6.500% due 03/15/2031 - 04/15/2032 (d)		318		322
Small Business Administration
6.030% due 02/10/2012		7,101		7,178
6.344% due 08/01/2011		880		897
7.449% due 08/01/2010		15		15
8.017% due 02/10/2010		101		106
Small Business Administration Participation Certificates
5.130% due 09/01/2023		85		82
6.290% due 01/01/2021		237		242
7.500% due 04/01/2017		1,310		1,360
Total U.S. Government Agencies (Cost $1,575,938)				1,528,006
U.S. TREASURY OBLIGATIONS 1.1%
Treasury Inflation Protected Securities (c)
3.375% due 01/15/2007 (f)		509		511
2.375% due 01/15/2025		15,396		14,989
2.000% due 01/15/2026		16,348		14,972
3.625% due 04/15/2028		2,492		2,958
Total U.S. Treasury Obligations (Cost $36,126)				33,430
MORTGAGE-BACKED SECURITIES 3.7%
American Home Mortgage Investment Trust
4.390% due 02/25/2045		4,785		4,618
Banc of America Commercial Mortgage, Inc.
4.875% due 06/10/2039		590		574
4.128% due 07/10/2042		395		378
Banc of America Funding Corp.
4.116% due 05/25/2035		5,662		5,459
Banc of America Mortgage Securities
6.500% due 10/25/2031		1,847		1,860
5.403% due 10/20/2032		245		245
6.500% due 09/25/2033		632		630

Bear Stearns Adjustable Rate Mortgage Trust
5.546% due 11/25/2030	$	14	$	14
5.340% due 02/25/2033		504		503
5.621% due 02/25/2033		330		326
5.062% due 04/25/2033		1,568		1,552
4.812% due 01/25/2034		3,826		3,754
4.750% due 10/25/2035		23,957		23,515
Bear Stearns Alt-A Trust
5.448% due 05/25/2035		9,122		9,018
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		1,998		1,959
Countrywide Alternative Loan Trust
4.673% due 08/25/2034		350		347
Countrywide Home Loan Mortgage Pass-Through Trust
5.592% due 05/25/2034		1,435		1,433
5.250% due 02/20/2036		2,404		2,358
CS First Boston Mortgage Securities Corp.
6.257% due 06/25/2032		197		197
5.672% due 10/25/2032		112		112
First Nationwide Trust
6.750% due 08/21/2031		121		121
Greenwich Capital Commercial Funding Corp.
5.317% due 06/10/2036		915		884
GS Mortgage Securities Corp. II
5.396% due 08/10/2038		905		876
GSR Mortgage Loan Trust
4.541% due 09/25/2035		24,774		24,118
Impac CMB Trust
5.572% due 04/25/2034		1,587		1,588
Indymac ARM Trust
6.648% due 01/25/2032		13		13
Merrill Lynch Mortgage Trust
4.353% due 02/12/2042		515		498
Morgan Stanley Capital I
4.050% due 01/13/2041		530		503
Prime Mortgage Trust
5.722% due 02/25/2019		327		328
5.722% due 02/25/2034		1,430		1,435
Residential Funding Mortgage Security I
6.500% due 03/25/2032		1,679		1,672
Structured Asset Mortgage Investments, Inc.
5.582% due 09/19/2032		361		362
Structured Asset Securities Corp.
6.103% due 02/25/2032		35		35
6.150% due 07/25/2032		92		93
Superannuation Members Home Loans Global Fund
5.548% due 06/15/2026		1		1
Torrens Trust
5.459% due 07/15/2031		394		394
Washington Mutual, Inc.
5.126% due 10/25/2032		433		430
5.410% due 08/25/2042		6,304		6,302
5.612% due 10/25/2045		2,969		2,988
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036		9,327		9,201
Total Mortgage-Backed Securities (Cost $112,567)				110,694
ASSET-BACKED SECURITIES 0.2%
AAA Trust
5.422% due 11/26/2035		1,009		1,011
Amortizing Residential Collateral Trust
5.592% due 06/25/2032		546		547

Carrington Mortgage Loan Trust
5.402% due 06/25/2035	$	491	$	491
Citifinancial Mortgage Securities, Inc.
3.082% due 08/25/2033		9		9
3.221% due 10/25/2033		39		38
Conseco Finance
5.569% due 12/15/2029		110		110
EMC Mortgage Loan Trust
5.692% due 05/25/2040		902		905
GSAMP Trust
5.512% due 10/25/2033		839		840
Morgan Stanley Dean Witter Capital I
5.652% due 07/25/2032		14		14
Residential Asset Mortgage Products, Inc.
4.450% due 07/25/2028		1,145		1,134
4.230% due 05/25/2029		152		151
4.003% due 01/25/2030		143		142
Structured Asset Securities Corp.
5.371% due 01/25/2033		73		74
4.370% due 10/25/2034		525		518
Total Asset-Backed Securities (Cost $5,999)				5,984
SOVEREIGN ISSUES 0.5%
Brazilian Government International Bond
10.500% due 07/14/2014		2,340		2,823
8.000% due 01/15/2018		3,000		3,172
8.875% due 04/15/2024		90		100
Financing Corp. Fico
0.000% due 04/05/2019		840		416
0.000% due 09/26/2019		830		399
Mexico Government International Bond
8.375% due 01/14/2011		200		219
Panama Government International Bond
9.625% due 02/08/2011		480		535
8.875% due 09/30/2027		5,200		5,915
6.700% due 01/26/2036		431		397
South Africa Government International Bond
9.125% due 05/19/2009		500		538
Total Sovereign Issues (Cost $13,334)				14,514
FOREIGN CURRENCY-DENOMINATED ISSUES (j) 1.5%
Netherlands Government Bond
3.000% due 07/15/2006	EUR	29,700		37,987
United Kingdom Gilt
4.750% due 06/07/2010	GBP	2,700		4,984
4.750% due 09/07/2015		1,000		1,853
Total Foreign Currency-Denominated Issues (Cost $44,437)				44,824

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

NOTIONAL
AMOUNT	VALUE
(000S)	(000S)

PURCHASED CALL OPTIONS 0.1%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 4.500% Exp. 10/04/2006	$	78,500	$	0
Strike @ 4.750% Exp. 08/07/2006		123,000		0
Strike @ 4.750% Exp. 08/08/2006		37,000		0
Strike @ 4.800% Exp. 12/22/2006		83,000		11
Strike @ 5.000% Exp. 03/08/2007		130,000		112
Strike @ 5.080% Exp. 04/19/2007		98,900		143
Strike @ 5.130% Exp. 10/25/2006		190,000		57
Strike @ 5.170% Exp. 02/01/2007		73,500		88
Strike @ 5.200% Exp. 05/09/2007		163,400		357
Strike @ 5.200% Exp. 05/23/2007		138,000		319
Strike @ 5.250% Exp. 06/07/2007		169,000		464
Strike @ 5.500% Exp. 06/29/2007		138,000		662
Total Purchased Call Options (Cost $5,539)				2,213
		#OF CONTRACTS
PURCHASED PUT OPTIONS 0.0%
90-Day Eurodollar December Futures (CME)
Strike @ $91.750 Exp. 12/18/2006		764		5
Strike @ $92.000 Exp. 12/18/2006		2,995		19
Strike @ $92.250 Exp. 12/18/2006		1,663		10
Strike @ $92.500 Exp. 12/18/2006		450		3
Strike @ $92.750 Exp. 12/18/2006		790		5
Strike @ $93.000 Exp. 12/18/2006		50		0
90-Day Eurodollar June Futures (CME)
Strike @ $91.000 Exp. 06/18/2007		1,328		8
Strike @ $91.250 Exp. 06/18/2007		1,855		12
90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007		987		6
Strike @ $92.250 Exp. 03/19/2007		585		4
90-Day Eurodollar September Futures (CME)
Strike @ $91.000 Exp. 09/17/2007		637		4
Strike @ $92.500 Exp. 09/18/2006		675		4
Total Purchased Put Options (Cost $121)				80
		NOTIONAL AMOUNT (000S)
PURCHASED STRADDLE OPTIONS (g) 0.0%
Call & Put – OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle
Strike @ $0.000 Exp. 08/23/2007	$	35,000		21
Total Purchased Straddle Options (Cost $0)				21

PREFERRED STOCK 0.4%
DG Funding Trust
7.210% due 12/31/2049		1,239	$	13,079
Total Preferred Stock (Cost $13,056)				13,079
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS (j) 48.5%
CERTIFICATES OF DEPOSIT 4.8%
Citibank N.A.
5.275% due 09/11/2006	$	63,000		63,000
Wells Fargo Bank N.A.
5.280% due 07/11/2006		80,000		80,000
				143,000
COMMERCIAL PAPER 25.1%
Bank of America Corp.
5.040% due 08/03/2006		53,000		52,770
5.090% due 08/21/2006		30,000		29,792
Barclays U.S. Funding Corp.
5.055% due 07/18/2006		8,200		8,183
5.050% due 08/14/2006		80,700		80,225
Cox Communications, Inc.
4.720% due 07/17/2006		3,500		3,500
Danske Corp.
5.040% due 07/05/2006		54,500		54,485
Fannie Mae
5.140% due 08/01/2006		56,900		56,664
Fortis Funding LLC
5.175% due 07/10/2006		80,700		80,619
San Paolo IMI U.S. Financial Co.
5.270% due 07/05/2006		80,000		79,977
Skandinaviska Enskilda Banken AB
4.960% due 07/20/2006		79,500		79,314
Societe Generale N.A.
5.250% due 07/05/2006		8,100		8,098
5.260% due 07/05/2006		79,600		79,577
Total Captial S.A.
5.270% due 07/03/2006		43,300		43,300
UBS Finance Delaware LLC
5.235% due 08/08/2006		22,600		22,482
5.000% due 08/25/2006		47,300		46,952
5.095% due 09/22/2006		19,200		18,960
				744,898
REPURCHASE AGREEMENT 0.7%
Lehman Brothers Inc.
4.500% due 07/03/2006		20,100		20,100
(Dated 06/30/2006. Collateralized by Treasury Inflation Protected Securities 2.000% due 07/15/2014 valued at $20,579. Repurchase proceeds are $20,108.)
TRI-PARTY REPURCHASE AGREEMENT 0.2%
State Street Bank
4.900% due 07/03/2006		5,608		5,608
(Dated 06/30/2006. Collateralized by Federal Home Loan Bank 4.250% due 04/16/2007 valued at $5,722. Repurchase proceeds are $5,610.)
BELGIUM TREASURY BILL 0.3%
2.757% due 10/12/2006	EUR	8,680		11,014
FRANCE TREASURY BILLS 8.5%
2.691% due 07/06/2006-12/21/2006		198,130		251,970

GERMANY TREASURY BILLS 7.8%
2.641% due 07/12/2006-11/15/2006	EUR	181,750	$	231,595
U.S. TREASURY BILLS 1.1%
4.042% due 08/31/2006-09/14/2006 (d)(e)(f)	$	33,720	$	33,354
Total Short-Term Instruments (Cost $1,425,471)				1,441,539
Total Investments (a) 114.7% (Cost $3,442,782)			$	3,407,611
Written Options (i) (0.4%) (Premiums $9,947)				(12,179)
Other Assets and Liabilities (Net) (14.3%)				(425,443)
Net Assets 100.0%			$	2,969,989

See Accompanying Notes Semiannual Report June 30, 2006 11

Schedule of Investments    Total Return Portfolio (Cont.)

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

(a) As of June 30, 2006, portfolio securities with an aggregate market value of $155 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(b) Security is in default.

(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 $5,689 have been pledged as collateral for swap and swaption contracts on June 30, 2006.

(f) Securities with an aggregate market value of $27,691 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	4,923	$	(7,046	)
90-Day Eurodollar December Futures	Long	12/2007	1,045		(969	)
90-Day Eurodollar June Futures	Long	06/2007	2,686		(4,502	)
90-Day Eurodollar March Futures	Long	03/2007	3,609		(6,727	)
90-Day Eurodollar March Futures	Long	03/2008	368		(214	)
90-Day Eurodollar September Futures	Long	09/2006	727		(736	)
90-Day Eurodollar September Futures	Long	09/2007	2,047		(3,020	)
Euro-Bobl 5-Year Note September Futures	Long	09/2006	63		(83	)
U.S. Treasury 5-Year Note September Futures	Long	09/2006	598		(321	)
U.S. Treasury 10-Year Note September Futures	Long	09/2006	518		(253	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2006	160		(164	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures Put Options Strike @ GBP95.500	Short	12/2006	94		(51	)
				$	(24,086	)

(g) Exercise price and premium determined on a future date, based upon implied volatility parameters.

(h) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	5-year French CLPI Ex Tobacco Daily Reference Index	Pay	2.103%	10/15/2010	EUR	1,400	$	(6	)
BNP Paribas Bank	5-year French CLPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010		10,200		(29	)
Deutsche Bank AG	6-month EUR-LIBOR	Receive	4.000%	12/15/2011		30,500		232
Merrill Lynch & Co., Inc.	6-month EUR-LIBOR	Receive	4.000%	12/15/2011		39,800		52
UBS Warburg LLC	5-year French CLPI Ex Tobacco Daily Reference Index	Pay	2.146%	10/15/2010		1,900		(3	)
Barclays Bank PLC	6-month GBP-LIBOR	Pay	5.000%	06/15/2007	GBP	32,400		(272	)
Barclays Bank PLC	6-month GBP-LIBOR	Pay	5.000%	06/16/2011		1,800		(37	)
Barclays Bank PLC	6-month GBP-LIBOR	Receive	4.000%	12/15/2035		2,900		86
Lehman Brothers, Inc.	6-month GBP-LIBOR	Pay	4.500%	09/20/2009		17,500		(422	)
Merrill Lynch & Co., Inc.	6-month GBP-LIBOR	Receive	4.000%	12/15/2035		2,200		70
Goldman Sachs & Co.	6-month JPY-LIBOR	Receive	2.000%	06/15/2012	JPY	387,100		49
Morgan Stanley Dean Witter & Co.	6-month JPY-LIBOR	Receive	2.000%	06/15/2012		626,000		24
UBS Warburg LLC	6-month JPY-LIBOR	Receive	2.000%	06/15/2012		1,625,000		(46	)
Barclays Bank PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2008	$	64,200		(57	)
Goldman Sachs & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2016		13,900		(172	)
Goldman Sachs & Co.	3-month USD-LIBOR	Pay	5.000%	12/15/2035		5,900		(155	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/20/2011		23,900		(214	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/20/2016		6,300		(78	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/15/2035		6,500		(173	)
Royal Bank of Scotland PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2011		11,000		(97	)
UBS Warburg LLC	3-month USD-LIBOR	Pay	5.000%	12/20/2008		9,800		(9	)
							$	(1,257	)

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	1.300%		09/20/2006	$	1,800	$	(1	)
Bear Stearns & Co., Inc.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	2.100%		12/20/2006		12,400		28
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.750%		06/20/2007		200		4
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.320%		09/20/2007		2,100		(12	)
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.700%		09/20/2006		2,600		4
Goldman Sachs & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.400%		09/20/2007		4,200		(20	)
Goldman Sachs & Co.	Dow Jones CDX N.A. HV5 Index	Buy	(0.850%	)	12/20/2010		13,900		(63	)
HSBC Bank USA	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.390%		09/20/2006		800		1
J.P. Morgan Chase & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.750%		06/20/2007		400		8
J.P. Morgan Chase & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.700%		06/20/2007		1,800		37
J.P. Morgan Chase & Co.	Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.920%		03/20/2016		1,200		(13	)
Lehman Brothers, Inc.	Multiple Reference Entities of Gazprom	Sell	1.430%		06/20/2011		600		1
Lehman Brothers, Inc.	Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.920%		03/20/2016		3,100		(34	)
Morgan Stanley Dean Witter & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	5.200%		12/20/2006		9,300		166
Morgan Stanley Dean Witter & Co.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.460%		06/20/2007		1,300		1
UBS Warburg LLC	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.750%		12/20/2006		10,700		167
UBS Warburg LLC	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	3.350%		06/20/2007		1,500		11
Wachovia Bank N.A.	Dow Jones CDX N.A. HV5 Index	Sell	0.850%		12/20/2010		5,000		(36	)
								$	249
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will Pay to the buyer of the protection an amount up to the Notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(i) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price	Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$108.000	08/25/2006	1,654	$	219	$	52
Call - CBOT U.S. Treasury 10-Year Note September Futures	106.000	08/25/2006	185		108		49
Put - CBOT U.S. Treasury 10-Year Note September Futures	103.000	08/25/2006	1,839		320		259
Put - CME 90-Day Eurodollar March Futures	95.250	03/19/2007	116		108		238
Call - CME 90-Day Eurodollar September Futures	95.500	09/18/2006	112		30		1
Put - CME 90-Day Eurodollar September Futures	95.000	09/18/2006	209		109		303
Put - CME 90-Day Eurodollar September Futures	95.250	09/18/2006	448		347		930
Put - CME 90-Day Eurodollar December Futures	95.000	12/18/2006	195		103		295
Put - CME 90-Day Eurodollar December Futures	95.250	12/18/2006	2,975		2,357		6,303
Put - CME 90-Day Eurodollar December Futures	95.500	12/18/2006	297		331		813
				$	4,032	$	9,243

See Accompanying Notes Semiannual Report June 30, 2006 13

Schedule of Investments    Total Return Portfolio (Cont.)

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Put - OTC 1-Year Interest Rate Swap	HSBC Bank USA	6-month GBP-LIBOR	Pay	4.500%	12/20/2006		GBP 53,900	$	263	$	586
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.210%	10/25/2006	$	40,000		145		44
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.040%	03/08/2007		37,000		357		75
Call - OTC 5-Year Interest Rate Swap	Citibank N.A.	3-month USD-LIBOR	Receive	4.540%	10/04/2006		14,100		165		0
Call - OTC 5-Year Interest Rate Swap	Citibank N.A.	3-month USD-LIBOR	Receive	4.850%	12/22/2006		36,000		473		14
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	4.780%	08/07/2006		53,000		434		0
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		28,400		128		31
Call - OTC 5-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Receive	4.780%	08/08/2006		16,000		151		0
Call - OTC 5-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Receive	4.540%	10/04/2006		20,000		239		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.040%	03/08/2007		19,000		212		38
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.220%	04/19/2007		43,000		340		188
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.315%	05/09/2007		71,500		738		424
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.300%	05/23/2007		59,000		590		354
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.340%	06/07/2007		62,000		631		425
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.600%	06/29/2007		60,000		663		663
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		12,900		50		14
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.240%	02/01/2007		31,800		196		120
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.325%	06/07/2007		11,000		94		73
								$	5,869	$	3,049

Straddle Options
Description	Counterparty	Exercise Price*	Expiration Date	Notional Amount		Premium*		Value
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	Goldman Sachs & Co.	$      0.000	08/23/2007	$	16,500	$	14	$	(93	)
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	J.P. Morgan Chase & Co.	0.000	08/23/2007		3,000		17		(16	)
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	J.P. Morgan Chase & Co.	0.000	08/24/2007		1,000		4		(4	)
						$	46	$	(113	)
* Exercise price and final premium determined on a future date, based upon implied volatility parameters.

(j) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	3,804	07/2006	$	112	$	0		$	112
Sell		3,803	07/2006		0		(95	)		(95	)
Buy		1,608	09/2006		41		0			41
Buy	CAD	10,212	07/2006		0		(105	)		(105	)
Buy	CLP	854,883	07/2006		0		(37	)		(37	)
Sell		854,884	07/2006		15		(2	)		13
Buy		615,000	08/2006		0		(13	)		(13	)
Buy		94,184	09/2006		2		0			2
Buy	CNY	23,779	03/2007		0		(22	)		(22	)
Buy	EUR	5,966	07/2006		137		0			137
Sell		433,474	07/2006		695		(8,630	)		(7,935	)
Buy		13	12/2006		0		0			0
Buy	GBP	3,048	07/2006		21		0			21
Buy	INR	51,600	08/2006		0		(30	)		(30	)
Sell		50,590	08/2006		20		0			20
Buy		34,136	09/2006		0		(16	)		(16	)
Buy	JPY	9,727,278	08/2006		0		(2,670	)		(2,670	)
Buy	KRW	966,900	07/2006		32		0			32
Sell		966,900	07/2006		0		(11	)		(11	)
Buy		1,503,584	08/2006		28		0			28
Sell		230,950	08/2006		0		(6	)		(6	)
Buy		3,109,199	09/2006		67		0			67
Sell		2,194,499	09/2006		0		(63	)		(63	)
Buy		4,130,499	05/2007		0		(9	)		(9	)
Buy	MXN	23,220	08/2006		0		(143	)		(143	)
Sell		15,940	08/2006		35		0			35
Buy		5,620	09/2006		0		(29	)		(29	)
Buy	PEN	8,692	08/2006		62		0			62

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell		8,692	08/2006	$	0	$	(89	)	$	(89	)
Buy		1,762	09/2006		12		0			12
Sell		1,762	09/2006		0		(19	)		(19	)
Buy	PLN	1,414	09/2006		5		0			5
Buy		1,500	11/2006		0		(12	)		(12	)
Buy	RUB	12,595	07/2006		20		0			20
Sell		12,596	07/2006		0		(4	)		(4	)
Buy		60,141	08/2006		107		0			107
Sell		53,107	08/2006		0		(73	)		(73	)
Buy		27,885	09/2006		22		0			22
Buy	SGD	746	07/2006		9		0			9
Sell		746	07/2006		0		(8	)		(8	)
Buy		5,695	08/2006		62		(8	)		54
Sell		4,003	08/2006		0		(52	)		(52	)
Buy		1,116	09/2006		13		0			13
Buy	SKK	83,996	09/2006		75		0			75
Sell		44,840	09/2006		0		(59	)		(59	)
Buy	TWD	70,791	08/2006		0		(46	)		(46	)
Sell		37,104	08/2006		1		0			1
Buy		16,682	09/2006		0		(5	)		(5	)
Sell		16,682	09/2006		0		0			0
Buy	ZAR	964	08/2006		0		(22	)		(22	)
Sell		964	08/2006		7		0			7
Buy		964	10/2006		0		(7	)		(7	)
Buy		148	11/2006		0		(4	)		(4	)
				$	1,600	$	(12,289	)	$	(10,689	)

See Accompanying Notes Semiannual Report June 30, 2006 15

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented in these financial statements pertains to the Institutional Class of the Portfolio. Certain detailed financial information for the Administrative Class and Advisor 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
BRL	Brazilian Real	MXN	Mexican Peso
CAD	Canadian Dollar	PEN	Peruvian New Sol
CLP	Chilean Peso	PLN	Polish Zloty
CNY	Chinese Yuan Renminbi	RUB	Russian Ruble
EUR	Euro	SGD	Singapore Dollar
GBP	British Pound	SKK	Slovakian Koruna
INR	Indian Rupee	TWD	Taiwan Dollar
JPY	Japanese Yen	ZAR	South African Rand
KRW	South Korean Won

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

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

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.

Loan Participant and Assignments.  The Portfolio may invest in direct debt instruments which are interests in amounts owned by corporate, governmental, or other borrowers 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

Semiannual Report June 30, 2006 17

Notes to Financial Statements (Cont.)

financial institution (the “lender”) that acts as agent for all holders. Then 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 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. At the end of the period, the Portfolio had no unfunded loan commitments.

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 underlying securities for all repurchase agreements are held in safekeeping at the Portfolio’s custodian or designated subcustodians under triparty repurchase agreements. The market value of the collateral must be equal to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, a Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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

18 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

period are reflected as such in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$  3,483,913	$    3,849,012	$    258,320	$    224,153

Semiannual Report June 30, 2006 19

Notes to Financial Statements (Cont.)

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $			Notional Amount in GBP			Premium
Balance at 12/31/2005	6,803		$	359,600		GBP	57,200		$	7,607
Sales	6,512			544,200			0			5,852
Closing Buys	0			(169,900	)		0			(1,267	)
Expirations	(5,062	)		(98,700	)		(3,300	)		(2,085	)
Exercised	(223	)		0			0			(160	)
Balance at 06/30/2006	8,030		$	635,200		GBP	53,900		$	9,947

6.  REORGANIZATION

The Acquiring Portfolio (“Total Return Portfolio”), as listed below, acquired the assets and certain liabilities of the Acquired Fund (“CIGNA Times Square VP Core Plus Bond Fund”), also listed below, in a tax-free exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the Acquired Portfolio’s shareholders (shares and amounts in thousands):

Acquiring Portfolio	Acquired Fund	Date	Shares Issued by Acquiring Portfolio	Value of Shares Issued by Acquiring Portfolio		Total Net Assets of Acquired Fund		Total Net Assets of Acquiring Portfolio		Total net Assets of Acquiring Portfolio After Acquisition		Acquired Fund’s Unrealized Appreciation
Total Return Portfolio	Times Square VP Core Plus Bond Fund	April 22, 2005	8,435	$	88,822	$	88,822	$	2,474,546	$	2,563,368	$	710

7.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	3,699		$	37,370		4,171		$	43,745
Administrative Class	38,033			384,517		60,180			630,483
Advisor Class	455			4,550		0			0
Issued in reorganization
Institutional Class	0			0		8,435			88,822
Administrative Class	0			0		0			0
Advisor Class	0			0		0			0
Issued as reinvestment of distributions
Institutional Class	325			3,281		683			7,097
Administrative Class	4,979			50,219		10,667			110,757
Advisor Class	2			15		0			0
Cost of shares redeemed
Institutional Class	(2,642	)		(26,672	)	(5,309	)		(55,888	)
Administrative Class	(24,338	)		(245,706	)	(30,537	)		(319,629	)
Advisor Class	(1	)		(13	)	0			0
Net increase resulting from Portfolio share transactions	20,512		$	207,561		48,290		$	505,387

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 Shareholders	% of Portfolio Held
Institutional Class	4	90
Administrative Class	4	55	*
Advisor Class	2	98

* One of the shareholders, Allianz Life Insurance Co. of North America, is an indirect wholly owned subsidiary of AGI and a related party to the Portfolio.

20 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

8.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$      23,153	$      (58,324)	$      (35,171)

9.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of PIMCO Funds and the Allianz Funds and the this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

Semiannual Report June 30, 2006 21

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Advisor

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Total Return Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	16

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Total Return Portfolio (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, non-U.S. investment risk, currency risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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 increased when investing in emerging markets.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Lehman Brothers Aggregate Bond Index represents securities that are taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to invest directly in this index.

Semiannual Report June 30, 2006 3

PIMCO Total Return Portfolio

Cumulative Returns Through June 30, 2006

                  Total Return                 Lehman Brothers
             Portfolio Advisor Class         Aggregate Bond Index
             -----------------------         --------------------
02/28/2006           $10,000                       $10,000
03/31/2006             9,890                         9,902
04/30/2006             9,894                         9,884
05/31/2006             9,860                         9,873
06/30/2006             9,859                         9,894

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Advisor Class.

Sector Breakdown^‡

U.S. Government Agencies	44.8%
Short-Term Instruments	42.3%
Corporate Bonds & Notes	4.6%
Mortgage-Backed Securities	3.2%
Other	5.1%

‡ % of Total Investments as of June 30, 2006

Cumulative Total Return for the period ended June 30, 2006
		Since Inception (02/28/06)
	PIMCO Total Return Portfolio Advisor Class	-1.41%
	Lehman Brothers Aggregate Bond Index	-1.06%

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (02/28/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	985.90	$	1,014.32
Expenses Paid During Period†	$	2.51	$	2.55

† Expenses are equal to the Portfolio’s Advisor Class annualized expense ratio of 0.75%, multiplied by the average account value over the period, multiplied by 123/365 (to reflect the period since the Portfolio’s Advisor Class shares commenced operations on 02/28/06). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 above-benchmark duration detracted from returns as yields rose in the first half of the year.

» An emphasis on short-term maturities detracted from performance as short-term yields rose more than longer-dated yields. The Federal Reserve continued with its tightening policy, sending short-term rates higher while intermediate- and longer-term rates shifted higher.

» An overweight to mortgages contributed to returns as this sector outperformed like-duration Treasuries.

» An underweight to corporate securities detracted from returns as this sector outperformed like-duration Treasuries.

» Strategies designed to benefit when Euroland bonds underperform Treasuries added to returns as European yields increased more than yields in the U.S.

» An allocation to the Yen and the Euro was positive for returns, as both currencies appreciated relative to the dollar.

» Emerging Market bonds added to performance, as strong demand for their attractive yields and improving credit fundamentals caused yield premiums to decline.

» A tactical allocation to municipal bonds was positive for performance as municipal yields rose less than Treasury yields.

4 PIMCO Variable Insurance Trust

Financial Highlights    Total Return Portfolio

Selected Per Share Data for the Period Ended:	02/28/2006- 06/30/2006+
Advisor Class
Net asset value beginning of period	$	10.24
Net investment income (a)		0.15
Net realized/unrealized (loss) on investments (a)		(0.29	)
Total (loss) from investment operations		(0.14	)
Dividends from net investment income		(0.15	)
Total distributions		(0.15	)
Net asset value end of period	$	9.95
Total return		(1.41	)%
Net assets end of period (000s)	$	4,537
Ratio of expenses to average net assets		0.75	%*
Ratio of net investment income to average net assets		4.53	%*
Portfolio turnover rate		168	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Total Return Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	3,407,611
Cash		61
Foreign currency, at value		81,813
Receivable for investments sold		15,669
Receivable for investments sold on delayed-delivery basis		919
Receivable for Portfolio shares sold		23,363
Interest and dividends receivable		9,921
Variation margin receivable		2,016
Swap premiums paid		731
Unrealized appreciation on forward foreign currency contracts		1,600
Unrealized appreciation on swap agreements		941
		3,544,645
Liabilities:
Payable for investments purchased	$	539,396
Payable for Portfolio shares redeemed		2,491
Written options outstanding		12,179
Dividends payable		1,607
Accrued investment advisory fee		644
Accrued administration fee		644
Accrued servicing fee		330
Swap premiums received		3,127
Unrealized depreciation on forward foreign currency contracts		12,289
Unrealized depreciation on swap agreements		1,949
		574,656
Net Assets	$	2,969,989
Net Assets Consist of:
Paid in capital	$	3,062,923
Undistributed net investment income		14,505
Accumulated undistributed net realized (loss)		(34,688	)
Net unrealized (depreciation)		(72,751	)
	$	2,969,989
Net Assets:
Institutional Class	$	153,328
Administrative Class		2,812,124
Advisor Class		4,537
Shares Issued and Outstanding:
Institutional Class		15,415
Administrative Class		282,722
Advisor Class		456
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	9.95
Administrative Class		9.95
Advisor Class		9.95
Cost of Investments Owned	$	3,442,782
Cost of Foreign Currency Held	$	80,689
Premiums Received on Written Options	$	9,947

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Total Return Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	69,794
Dividends		409
Miscellaneous income		28
Total Income		70,231
Expenses:
Investment advisory fees		3,619
Administration fees		3,619
Servicing fees – Administrative Class		2,060
Distribution and/or serving fees – Advisor Class		1
Trustees’ fees		17
Total Expenses		9,316
Net Investment Income		60,915
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(10,853	)
Net realized (loss) on futures contracts, options and swaps		(5,390	)
Net realized (loss) on foreign currency transactions		(2,076	)
Net change in unrealized (depreciation) on investments		(42,712	)
Net change in unrealized (depreciation) on futures contracts, options and swaps		(30,889	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		7,617
Net (Loss)		(84,303	)
Net (Decrease) in Net Assets Resulting from Operations	$	(23,388	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Total Return Portfolio

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	60,915		$	89,824
Net realized gain (loss)		(18,319	)		3,530
Net change in unrealized (depreciation)		(65,984	)		(30,402	)
Net increase (decrease) resulting from operations		(23,388	)		62,952
Distributions to Shareholders:
From net investment income
Institutional Class		(3,281	)		(4,842	)
Administrative Class		(58,991	)		(86,714	)
Advisor Class		(15	)		0
From net realized capital gains
Institutional Class		0			(2,255	)
Administrative Class		0			(42,750	)
Advisor Class		0			0
Total Distributions		(62,287	)		(136,561	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		37,370			43,745
Administrative Class		384,517			630,483
Advisor Class		4,550			0
Issued in reorganization
Institutional Class		0			88,822
Administrative Class		0			0
Advisor Class		0			0
Issued as reinvestment of distributions
Institutional Class		3,281			7,097
Administrative Class		50,219			110,757
Advisor Class		15			0
Cost of shares redeemed
Institutional Class		(26,672	)		(55,888	)
Administrative Class		(245,706	)		(319,629	)
Advisor Class		(13	)		0
Net increase resulting from Portfolio share transactions		207,561			505,387
Total Increase in Net Assets		121,886			431,778
Net Assets:
Beginning of period		2,848,103			2,416,325
End of period*	$	2,969,989		$	2,848,103
*Including undistributed net investment income of:	$	14,505		$	15,877

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Total Return Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
BANK LOAN OBLIGATIONS 0.1%
Cablevision Systems Corp.
6.670% due 02/24/2013	$	7	$	6
6.740% due 02/24/2013		743		740
CSC Holdings, Inc.
6.880% due 02/24/2013		743		740
6.988% due 02/24/2013		1,108		1,104
Total Bank Loan Obligations (Cost $2,600)				2,590
CORPORATE BONDS & NOTES 5.3%
BANKING & FINANCE 3.3%
American General Finance Corp.
5.489% due 03/23/2007		1,600		1,601
American International Group, Inc.
5.050% due 10/01/2015		1,300		1,215
Atlantic & Western Re Ltd.
10.990% due 01/09/2007		600		591
China Development Bank
5.000% due 10/15/2015		900		842
CIT Group Holdings, Inc.
5.276% due 01/30/2009		6,400		6,417
Citigroup, Inc.
5.520% due 12/26/2008		8,200		8,208
Export-Import Bank of China
4.875% due 07/21/2015		900		836
Export-Import Bank of Korea
4.125% due 02/10/2009		140		134
Ford Motor Credit Co.
6.374% due 03/21/2007		900		897
General Electric Capital Corp.
5.050% due 01/03/2008		14,360		14,385
Goldman Sachs Group, Inc.
5.250% due 11/10/2008		7,100		7,108
HBOS PLC
5.920% due 09/29/2049		1,100		1,015
HSBC Bank USA N.A.
5.494% due 09/21/2007		14,500		14,517
Morgan Stanley
5.276% due 02/09/2009		14,600		14,627
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049		700		676
Petroleum Export Ltd.
5.265% due 06/15/2011		956		928
Phoenix Quake Ltd.
7.440% due 07/03/2008		800		811
Phoenix Quake Wind II Ltd.
8.490% due 07/03/2008		400		364
Phoenix Quake Wind Ltd.
7.440% due 07/03/2008		800		808
Premium Asset Trust
5.645% due 09/08/2007		100		100
Resona Bank Ltd.
5.850% due 09/29/2049		1,200		1,118
Royal Bank of Scotland PLC
5.125% due 07/21/2008		6,400		6,405
UFJ Finance Aruba AEC
6.750% due 07/15/2013		300		313
USB Capital IX
6.189% due 04/15/2042		900		881

Vita Capital Ltd.
6.340% due 01/01/2007	$	500	$	502
Wachovia Bank N.A.
5.480% due 06/27/2008		6,300		6,302
5.489% due 03/23/2009		7,100		7,100
				98,701
INDUSTRIALS 1.1%
DaimlerChrysler N.A. Holding Corp.
6.160% due 08/08/2006		900		900
El Paso Corp.
6.750% due 05/15/2009		6,000		5,955
9.625% due 05/15/2012		800		878
7.875% due 06/15/2012		5,800		5,931
7.800% due 08/01/2031		1,500		1,464
HJ Heinz Co.
6.428% due 12/01/2008		1,100		1,118
Morgan Stanley Bank AG for OAO Gazprom
9.625% due 03/01/2013		100		115
Pemex Project Funding Master Trust
8.000% due 11/15/2011		100		106
5.750% due 12/15/2015		2,300		2,121
8.625% due 02/01/2022		1,200		1,345
9.500% due 09/15/2027		55		66
United Airlines, Inc.
8.030% due 07/01/2011 (b)		465		475
6.071% due 03/01/2013		5,423		5,413
Viacom, Inc.
5.750% due 04/30/2011		1,000		983
Williams Cos., Inc.
6.375% due 10/01/2010		7,000		6,860
				33,730
UTILITIES 0.9%
AT&T, Inc.
4.214% due 06/05/2007		8,600		8,504
Entergy Gulf States, Inc.
6.000% due 12/01/2012		6,500		6,399
5.700% due 06/01/2015		8,300		7,822
Korea Electric Power Corp.
5.125% due 04/23/2034		90		86
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		657		642
Ras Laffan LNG III
5.838% due 09/30/2027		2,600		2,428
TPSA Finance BV
7.750% due 12/10/2008		120		125
				26,006
Total Corporate Bonds & Notes (Cost $157,270)				158,437
MUNICIPAL BONDS & NOTES 1.8%
Arizona State Salt River Project Agricultural Improvement and Power District Revenue Bonds, Series 2005
5.800% due 01/01/2035		95		91
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Notes, Series 2002
6.000% due 06/01/2017		3,700		3,906
Chicago, Illinois General Obligation Bonds, (MBIA Insured), Series 2003
5.000% due 01/01/2035		10,000		10,125

Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
6.250% due 06/01/2033	$	2,900	$	3,162
Iowa State Tobacco Settlement Authority Revenue Notes, Series 2005
6.500% due 06/01/2023		1,185		1,166
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2037		1,530		1,611
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2003
6.750% due 06/01/2039		5,450		6,061
New Jersey State Tobacco Settlement Financing Corporations Revenue Notes, Series 2003
4.375% due 06/01/2019		3,115		3,110
New York City, New York General Obligation Notes, Series 2005
5.000% due 03/01/2030		1,500		1,521
New York City, New York Municipal Finance Authority Water & Sewer Revenue Bonds, Series 2006-C
4.750% due 06/15/2033		17,400		17,037
New York State Environmental Facilities Corporations Revenue Notes, Series 2002
5.980% due 06/15/2023		850		914
Texas State General Obligation Bonds, Series 2005
4.750% due 04/01/2035		3,600		3,495
Total Municipal Bonds & Notes (Cost $50,324)				52,199
U.S. GOVERNMENT AGENCIES 51.5%
Fannie Mae
2.500% due 06/15/2008		2,480		2,346
4.000% due 10/01/2018		474		439
4.500% due 08/17/2021 - 04/01/2035 (d)		2,240		2,068
4.685% due 05/25/2035		1,300		1,260
4.712% due 04/01/2035		3,351		3,284
4.752% due 04/01/2035		4,995		4,865
4.933% due 11/01/2035		363		364
4.982% due 10/01/2032		1,876		1,879
5.000% due 01/01/2018 - 07/13/2036 (d)		257,949		243,480
5.249% due 11/28/2035		302		302
5.312% due 09/22/2006		10,300		10,299
5.411% due 09/01/2040		107		108
5.500% due 04/01/2014 - 07/13/2036 (d)		1,175,621		1,131,558
5.672% due 03/25/2044		8,393		8,404
5.695% due 09/01/2034		3,155		3,140
5.702% due 11/01/2025		3		3
5.707% due 09/01/2039		118		121
5.736% due 12/01/2036		3,099		3,083
6.000% due 04/01/2016 - 08/14/2036 (d)		30,736		30,440
6.500% due 06/01/2029 - 04/01/2032 (d)		418		422
7.000% due 04/25/2023 - 06/01/2032 (d)		4,202		4,319
Federal Home Loan Bank
4.200% due 02/05/2007		2,000		1,925
Federal Housing Administration
7.430% due 01/25/2023		55		55

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    Total Return Portfolio (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
Freddie Mac
4.500% due 04/01/2018 - 10/01/2018 (d)	$	2,653	$	2,511
5.000% due 04/01/2018 - 09/01/2035 (d)		9,788		9,345
5.211% due 02/25/2045		1,453		1,442
5.500% due 04/01/2033 - 07/13/2036 (d)		38,066		36,573
5.649% due 11/15/2030		41		41
5.699% due 09/15/2030		38		38
5.957% due 01/01/2028		3		4
6.000% due 07/01/2016 - 11/01/2033 (d)		7,206		7,141
6.045% due 07/01/2030		3		3
6.099% due 07/01/2027		3		3
6.500% due 03/01/2013 - 03/01/2034 (d)		1,156		1,170
7.000% due 06/15/2023		2,262		2,327
7.500% due 07/15/2030 - 03/01/2032 (d)		359		371
8.500% due 08/01/2024		20		21
Government National Mortgage Association
4.375% due 04/20/2026 - 05/20/2030 (d)		156		156
4.500% due 07/20/2030		22		22
4.750% due 02/20/2032		1,359		1,350
5.125% due 10/20/2029 - 11/20/2029 (d)		425		428
5.375% due 02/20/2027		7		7
5.500% due 04/15/2033 - 09/15/2033 (d)		670		650
5.667% due 06/20/2030		3		3
5.767% due 09/20/2030		33		34
6.500% due 03/15/2031 - 04/15/2032 (d)		318		322
Small Business Administration
6.030% due 02/10/2012		7,101		7,178
6.344% due 08/01/2011		880		897
7.449% due 08/01/2010		15		15
8.017% due 02/10/2010		101		106
Small Business Administration Participation Certificates
5.130% due 09/01/2023		85		82
6.290% due 01/01/2021		237		242
7.500% due 04/01/2017		1,310		1,360
Total U.S. Government Agencies (Cost $1,575,938)				1,528,006
U.S. TREASURY OBLIGATIONS 1.1%
Treasury Inflation Protected Securities (c)
3.375% due 01/15/2007 (f)		509		511
2.375% due 01/15/2025		15,396		14,989
2.000% due 01/15/2026		16,348		14,972
3.625% due 04/15/2028		2,492		2,958
Total U.S. Treasury Obligations (Cost $36,126)				33,430
MORTGAGE-BACKED SECURITIES 3.7%
American Home Mortgage Investment Trust
4.390% due 02/25/2045		4,785		4,618
Banc of America Commercial Mortgage, Inc.
4.875% due 06/10/2039		590		574
4.128% due 07/10/2042		395		378
Banc of America Funding Corp.
4.116% due 05/25/2035		5,662		5,459
Banc of America Mortgage Securities
6.500% due 10/25/2031		1,847		1,860
5.403% due 10/20/2032		245		245
6.500% due 09/25/2033		632		630

Bear Stearns Adjustable Rate Mortgage Trust
5.546% due 11/25/2030	$	14	$	14
5.340% due 02/25/2033		504		503
5.621% due 02/25/2033		330		326
5.062% due 04/25/2033		1,568		1,552
4.812% due 01/25/2034		3,826		3,754
4.750% due 10/25/2035		23,957		23,515
Bear Stearns Alt-A Trust
5.448% due 05/25/2035		9,122		9,018
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		1,998		1,959
Countrywide Alternative Loan Trust
4.673% due 08/25/2034		350		347
Countrywide Home Loan Mortgage Pass-Through Trust
5.592% due 05/25/2034		1,435		1,433
5.250% due 02/20/2036		2,404		2,358
CS First Boston Mortgage Securities Corp.
6.257% due 06/25/2032		197		197
5.672% due 10/25/2032		112		112
First Nationwide Trust
6.750% due 08/21/2031		121		121
Greenwich Capital Commercial Funding Corp.
5.317% due 06/10/2036		915		884
GS Mortgage Securities Corp. II
5.396% due 08/10/2038		905		876
GSR Mortgage Loan Trust
4.541% due 09/25/2035		24,774		24,118
Impac CMB Trust
5.572% due 04/25/2034		1,587		1,588
Indymac ARM Trust
6.648% due 01/25/2032		13		13
Merrill Lynch Mortgage Trust
4.353% due 02/12/2042		515		498
Morgan Stanley Capital I
4.050% due 01/13/2041		530		503
Prime Mortgage Trust
5.722% due 02/25/2019		327		328
5.722% due 02/25/2034		1,430		1,435
Residential Funding Mortgage Security I
6.500% due 03/25/2032		1,679		1,672
Structured Asset Mortgage Investments, Inc.
5.582% due 09/19/2032		361		362
Structured Asset Securities Corp.
6.103% due 02/25/2032		35		35
6.150% due 07/25/2032		92		93
Superannuation Members Home Loans Global Fund
5.548% due 06/15/2026		1		1
Torrens Trust
5.459% due 07/15/2031		394		394
Washington Mutual, Inc.
5.126% due 10/25/2032		433		430
5.410% due 08/25/2042		6,304		6,302
5.612% due 10/25/2045		2,969		2,988
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036		9,327		9,201
Total Mortgage-Backed Securities (Cost $112,567)				110,694
ASSET-BACKED SECURITIES 0.2%
AAA Trust
5.422% due 11/26/2035		1,009		1,011
Amortizing Residential Collateral Trust
5.592% due 06/25/2032		546		547

Carrington Mortgage Loan Trust
5.402% due 06/25/2035	$	491	$	491
Citifinancial Mortgage Securities, Inc.
3.082% due 08/25/2033		9		9
3.221% due 10/25/2033		39		38
Conseco Finance
5.569% due 12/15/2029		110		110
EMC Mortgage Loan Trust
5.692% due 05/25/2040		902		905
GSAMP Trust
5.512% due 10/25/2033		839		840
Morgan Stanley Dean Witter Capital I
5.652% due 07/25/2032		14		14
Residential Asset Mortgage Products, Inc.
4.450% due 07/25/2028		1,145		1,134
4.230% due 05/25/2029		152		151
4.003% due 01/25/2030		143		142
Structured Asset Securities Corp.
5.371% due 01/25/2033		73		74
4.370% due 10/25/2034		525		518
Total Asset-Backed Securities (Cost $5,999)				5,984
SOVEREIGN ISSUES 0.5%
Brazilian Government International Bond
10.500% due 07/14/2014		2,340		2,823
8.000% due 01/15/2018		3,000		3,172
8.875% due 04/15/2024		90		100
Financing Corp. Fico
0.000% due 04/05/2019		840		416
0.000% due 09/26/2019		830		399
Mexico Government International Bond
8.375% due 01/14/2011		200		219
Panama Government International Bond
9.625% due 02/08/2011		480		535
8.875% due 09/30/2027		5,200		5,915
6.700% due 01/26/2036		431		397
South Africa Government International Bond
9.125% due 05/19/2009		500		538
Total Sovereign Issues (Cost $13,334)				14,514
FOREIGN CURRENCY-DENOMINATED ISSUES (j) 1.5%
Netherlands Government Bond
3.000% due 07/15/2006	EUR	29,700		37,987
United Kingdom Gilt
4.750% due 06/07/2010	GBP	2,700		4,984
4.750% due 09/07/2015		1,000		1,853
Total Foreign Currency-Denominated Issues (Cost $44,437)				44,824

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

		NOTIONAL
		AMOUNT		VALUE
		(000S)		(000S)
PURCHASED CALL OPTIONS 0.1%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 4.500% Exp. 10/04/2006	$	78,500	$	0
Strike @ 4.750% Exp. 08/07/2006		123,000		0
Strike @ 4.750% Exp. 08/08/2006		37,000		0
Strike @ 4.800% Exp. 12/22/2006		83,000		11
Strike @ 5.000% Exp. 03/08/2007		130,000		112
Strike @ 5.080% Exp. 04/19/2007		98,900		143
Strike @ 5.130% Exp. 10/25/2006		190,000		57
Strike @ 5.170% Exp. 02/01/2007		73,500		88
Strike @ 5.200% Exp. 05/09/2007		163,400		357
Strike @ 5.200% Exp. 05/23/2007		138,000		319
Strike @ 5.250% Exp. 06/07/2007		169,000		464
Strike @ 5.500% Exp. 06/29/2007		138,000		662
Total Purchased Call Options (Cost $5,539)				2,213
		#OF CONTRACTS
PURCHASED PUT OPTIONS 0.0%
90-Day Eurodollar December Futures (CME)
Strike @ $91.750 Exp. 12/18/2006		764		5
Strike @ $92.000 Exp. 12/18/2006		2,995		19
Strike @ $92.250 Exp. 12/18/2006		1,663		10
Strike @ $92.500 Exp. 12/18/2006		450		3
Strike @ $92.750 Exp. 12/18/2006		790		5
Strike @ $93.000 Exp. 12/18/2006		50		0
90-Day Eurodollar June Futures (CME)
Strike @ $91.000 Exp. 06/18/2007		1,328		8
Strike @ $91.250 Exp. 06/18/2007		1,855		12
90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007		987		6
Strike @ $92.250 Exp. 03/19/2007		585		4
90-Day Eurodollar September Futures (CME)
Strike @ $91.000 Exp. 09/17/2007		637		4
Strike @ $92.500 Exp. 09/18/2006		675		4
Total Purchased Put Options (Cost $121)				80
		NOTIONAL AMOUNT (000S)
PURCHASED STRADDLE OPTIONS (g) 0.0%
Call & Put – OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle
Strike @ $0.000 Exp. 08/23/2007	$	35,000		21
Total Purchased Straddle Options (Cost $0)				21

PREFERRED STOCK 0.4%
DG Funding Trust
7.210% due 12/31/2049		1,239	$	13,079
Total Preferred Stock (Cost $13,056)				13,079
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS (j) 48.5%
CERTIFICATES OF DEPOSIT 4.8%
Citibank N.A.
5.275% due 09/11/2006	$	63,000		63,000
Wells Fargo Bank N.A.
5.280% due 07/11/2006		80,000		80,000
				143,000
COMMERCIAL PAPER 25.1%
Bank of America Corp.
5.040% due 08/03/2006		53,000		52,770
5.090% due 08/21/2006		30,000		29,792
Barclays U.S. Funding Corp.
5.055% due 07/18/2006		8,200		8,183
5.050% due 08/14/2006		80,700		80,225
Cox Communications, Inc.
4.720% due 07/17/2006		3,500		3,500
Danske Corp.
5.040% due 07/05/2006		54,500		54,485
Fannie Mae
5.140% due 08/01/2006		56,900		56,664
Fortis Funding LLC
5.175% due 07/10/2006		80,700		80,619
San Paolo IMI U.S. Financial Co.
5.270% due 07/05/2006		80,000		79,977
Skandinaviska Enskilda Banken AB
4.960% due 07/20/2006		79,500		79,314
Societe Generale N.A.
5.250% due 07/05/2006		8,100		8,098
5.260% due 07/05/2006		79,600		79,577
Total Captial S.A.
5.270% due 07/03/2006		43,300		43,300
UBS Finance Delaware LLC
5.235% due 08/08/2006		22,600		22,482
5.000% due 08/25/2006		47,300		46,952
5.095% due 09/22/2006		19,200		18,960
				744,898
REPURCHASE AGREEMENT 0.7%
Lehman Brothers Inc.
4.500% due 07/03/2006		20,100		20,100
(Dated 06/30/2006. Collateralized by Treasury Inflation Protected Securities 2.000% due 07/15/2014 valued at $20,579. Repurchase proceeds are $20,108.)
TRI-PARTY REPURCHASE AGREEMENT 0.2%
State Street Bank
4.900% due 07/03/2006		5,608		5,608
(Dated 06/30/2006. Collateralized by Federal Home Loan Bank 4.250% due 04/16/2007 valued at $5,722. Repurchase proceeds are $5,610.)
BELGIUM TREASURY BILL 0.3%
2.757% due 10/12/2006	EUR	8,680		11,014
FRANCE TREASURY BILLS 8.5%
2.691% due 07/06/2006-12/21/2006		198,130		251,970

GERMANY TREASURY BILLS 7.8%
2.641% due 07/12/2006-11/15/2006	EUR	181,750	$	231,595
U.S. TREASURY BILLS 1.1%
4.042% due 08/31/2006-09/14/2006 (d)(e)(f)	$	33,720	$	33,354
Total Short-Term Instruments (Cost $1,425,471)				1,441,539
Total Investments (a) 114.7% (Cost $3,442,782)			$	3,407,611
Written Options (i) (0.4%) (Premiums $9,947)				(12,179)
Other Assets and Liabilities (Net) (14.3%)				(425,443)
Net Assets 100.0%			$	2,969,989

See Accompanying Notes Semiannual Report June 30, 2006 11

Schedule of Investments    Total Return Portfolio (Cont.)

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

(a) As of June 30, 2006, portfolio securities with an aggregate market value of $155 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(b) Security is in default.

(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 $5,689 have been pledged as collateral for swap and swaption contracts on June 30, 2006.

(f) Securities with an aggregate market value of $27,691 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	4,923	$	(7,046	)
90-Day Eurodollar December Futures	Long	12/2007	1,045		(969	)
90-Day Eurodollar June Futures	Long	06/2007	2,686		(4,502	)
90-Day Eurodollar March Futures	Long	03/2007	3,609		(6,727	)
90-Day Eurodollar March Futures	Long	03/2008	368		(214	)
90-Day Eurodollar September Futures	Long	09/2006	727		(736	)
90-Day Eurodollar September Futures	Long	09/2007	2,047		(3,020	)
Euro-Bobl 5-Year Note September Futures	Long	09/2006	63		(83	)
U.S. Treasury 5-Year Note September Futures	Long	09/2006	598		(321	)
U.S. Treasury 10-Year Note September Futures	Long	09/2006	518		(253	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2006	160		(164	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures Put Options Strike @ GBP95.500	Short	12/2006	94		(51	)
				$	(24,086	)

(g) Exercise price and premium determined on a future date, based upon implied volatility parameters.

(h) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	5-year French CLPI Ex Tobacco Daily Reference Index	Pay	2.103%	10/15/2010	EUR	1,400	$	(6	)
BNP Paribas Bank	5-year French CLPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010		10,200		(29	)
Deutsche Bank AG	6-month EUR-LIBOR	Receive	4.000%	12/15/2011		30,500		232
Merrill Lynch & Co., Inc.	6-month EUR-LIBOR	Receive	4.000%	12/15/2011		39,800		52
UBS Warburg LLC	5-year French CLPI Ex Tobacco Daily Reference Index	Pay	2.146%	10/15/2010		1,900		(3	)
Barclays Bank PLC	6-month GBP-LIBOR	Pay	5.000%	06/15/2007	GBP	32,400		(272	)
Barclays Bank PLC	6-month GBP-LIBOR	Pay	5.000%	06/16/2011		1,800		(37	)
Barclays Bank PLC	6-month GBP-LIBOR	Receive	4.000%	12/15/2035		2,900		86
Lehman Brothers, Inc.	6-month GBP-LIBOR	Pay	4.500%	09/20/2009		17,500		(422	)
Merrill Lynch & Co., Inc.	6-month GBP-LIBOR	Receive	4.000%	12/15/2035		2,200		70
Goldman Sachs & Co.	6-month JPY-LIBOR	Receive	2.000%	06/15/2012	JPY	387,100		49
Morgan Stanley Dean Witter & Co.	6-month JPY-LIBOR	Receive	2.000%	06/15/2012		626,000		24
UBS Warburg LLC	6-month JPY-LIBOR	Receive	2.000%	06/15/2012		1,625,000		(46	)
Barclays Bank PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2008	$	64,200		(57	)
Goldman Sachs & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2016		13,900		(172	)
Goldman Sachs & Co.	3-month USD-LIBOR	Pay	5.000%	12/15/2035		5,900		(155	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/20/2011		23,900		(214	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/20/2016		6,300		(78	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/15/2035		6,500		(173	)
Royal Bank of Scotland PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2011		11,000		(97	)
UBS Warburg LLC	3-month USD-LIBOR	Pay	5.000%	12/20/2008		9,800		(9	)
							$	(1,257	)

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	1.300%		09/20/2006	$	1,800	$	(1	)
Bear Stearns & Co., Inc.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	2.100%		12/20/2006		12,400		28
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.750%		06/20/2007		200		4
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.320%		09/20/2007		2,100		(12	)
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.700%		09/20/2006		2,600		4
Goldman Sachs & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.400%		09/20/2007		4,200		(20	)
Goldman Sachs & Co.	Dow Jones CDX N.A. HV5 Index	Buy	(0.850%	)	12/20/2010		13,900		(63	)
HSBC Bank USA	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.390%		09/20/2006		800		1
J.P. Morgan Chase & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.750%		06/20/2007		400		8
J.P. Morgan Chase & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.700%		06/20/2007		1,800		37
J.P. Morgan Chase & Co.	Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.920%		03/20/2016		1,200		(13	)
Lehman Brothers, Inc.	Multiple Reference Entities of Gazprom	Sell	1.430%		06/20/2011		600		1
Lehman Brothers, Inc.	Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.920%		03/20/2016		3,100		(34	)
Morgan Stanley Dean Witter & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	5.200%		12/20/2006		9,300		166
Morgan Stanley Dean Witter & Co.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.460%		06/20/2007		1,300		1
UBS Warburg LLC	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.750%		12/20/2006		10,700		167
UBS Warburg LLC	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	3.350%		06/20/2007		1,500		11
Wachovia Bank N.A.	Dow Jones CDX N.A. HV5 Index	Sell	0.850%		12/20/2010		5,000		(36	)
								$	249
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will Pay to the buyer of the protection an amount up to the Notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(i) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price	Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$          108.000	08/25/2006	1,654	$	219	$	52
Call - CBOT U.S. Treasury 10-Year Note September Futures	106.000	08/25/2006	185		108		49
Put - CBOT U.S. Treasury 10-Year Note September Futures	103.000	08/25/2006	1,839		320		259
Put - CME 90-Day Eurodollar March Futures	95.250	03/19/2007	116		108		238
Call - CME 90-Day Eurodollar September Futures	95.500	09/18/2006	112		30		1
Put - CME 90-Day Eurodollar September Futures	95.000	09/18/2006	209		109		303
Put - CME 90-Day Eurodollar September Futures	95.250	09/18/2006	448		347		930
Put - CME 90-Day Eurodollar December Futures	95.000	12/18/2006	195		103		295
Put - CME 90-Day Eurodollar December Futures	95.250	12/18/2006	2,975		2,357		6,303
Put - CME 90-Day Eurodollar December Futures	95.500	12/18/2006	297		331		813
				$	4,032	$	9,243

See Accompanying Notes Semiannual Report June 30, 2006 13

Schedule of Investments    Total Return Portfolio (Cont.)

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Put - OTC 1-Year Interest Rate Swap	HSBC Bank USA	6-month GBP-LIBOR	Pay	4.500%	12/20/2006	GBP	53,900	$	263	$	586
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.210%	10/25/2006	$	40,000		145		44
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.040%	03/08/2007		37,000		357		75
Call - OTC 5-Year Interest Rate Swap	Citibank N.A.	3-month USD-LIBOR	Receive	4.540%	10/04/2006		14,100		165		0
Call - OTC 5-Year Interest Rate Swap	Citibank N.A.	3-month USD-LIBOR	Receive	4.850%	12/22/2006		36,000		473		14
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	4.780%	08/07/2006		53,000		434		0
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		28,400		128		31
Call - OTC 5-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Receive	4.780%	08/08/2006		16,000		151		0
Call - OTC 5-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Receive	4.540%	10/04/2006		20,000		239		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.040%	03/08/2007		19,000		212		38
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.220%	04/19/2007		43,000		340		188
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.315%	05/09/2007		71,500		738		424
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.300%	05/23/2007		59,000		590		354
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.340%	06/07/2007		62,000		631		425
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.600%	06/29/2007		60,000		663		663
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		12,900		50		14
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.240%	02/01/2007		31,800		196		120
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.325%	06/07/2007		11,000		94		73
								$	5,869	$	3,049

Straddle Options
Description	Counterparty	Exercise Price*	Expiration Date	Notional Amount		Premium*		Value
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	Goldman Sachs & Co.	$      0.000	08/23/2007	$	16,500	$	14	$	(93	)
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	J.P. Morgan Chase & Co.	0.000	08/23/2007		3,000		17		(16	)
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	J.P. Morgan Chase & Co.	0.000	08/24/2007		1,000		4		(4	)
						$	46	$	(113	)
* Exercise price and final premium determined on a future date, based upon implied volatility parameters.

(j) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	3,804	07/2006	$	112	$	0		$	112
Sell		3,803	07/2006		0		(95	)		(95	)
Buy		1,608	09/2006		41		0			41
Buy	CAD	10,212	07/2006		0		(105	)		(105	)
Buy	CLP	854,883	07/2006		0		(37	)		(37	)
Sell		854,884	07/2006		15		(2	)		13
Buy		615,000	08/2006		0		(13	)		(13	)
Buy		94,184	09/2006		2		0			2
Buy	CNY	23,779	03/2007		0		(22	)		(22	)
Buy	EUR	5,966	07/2006		137		0			137
Sell		433,474	07/2006		695		(8,630	)		(7,935	)
Buy		13	12/2006		0		0			0
Buy	GBP	3,048	07/2006		21		0			21
Buy	INR	51,600	08/2006		0		(30	)		(30	)
Sell		50,590	08/2006		20		0			20
Buy		34,136	09/2006		0		(16	)		(16	)
Buy	JPY	9,727,278	08/2006		0		(2,670	)		(2,670	)
Buy	KRW	966,900	07/2006		32		0			32
Sell		966,900	07/2006		0		(11	)		(11	)
Buy		1,503,584	08/2006		28		0			28
Sell		230,950	08/2006		0		(6	)		(6	)
Buy		3,109,199	09/2006		67		0			67
Sell		2,194,499	09/2006		0		(63	)		(63	)
Buy		4,130,499	05/2007		0		(9	)		(9	)
Buy	MXN	23,220	08/2006		0		(143	)		(143	)
Sell		15,940	08/2006		35		0			35
Buy		5,620	09/2006		0		(29	)		(29	)
Buy	PEN	8,692	08/2006		62		0			62

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell		8,692	08/2006	$	0	$	(89	)	$	(89	)
Buy		1,762	09/2006		12		0			12
Sell		1,762	09/2006		0		(19	)		(19	)
Buy	PLN	1,414	09/2006		5		0			5
Buy		1,500	11/2006		0		(12	)		(12	)
Buy	RUB	12,595	07/2006		20		0			20
Sell		12,596	07/2006		0		(4	)		(4	)
Buy		60,141	08/2006		107		0			107
Sell		53,107	08/2006		0		(73	)		(73	)
Buy		27,885	09/2006		22		0			22
Buy	SGD	746	07/2006		9		0			9
Sell		746	07/2006		0		(8	)		(8	)
Buy		5,695	08/2006		62		(8	)		54
Sell		4,003	08/2006		0		(52	)		(52	)
Buy		1,116	09/2006		13		0			13
Buy	SKK	83,996	09/2006		75		0			75
Sell		44,840	09/2006		0		(59	)		(59	)
Buy	TWD	70,791	08/2006		0		(46	)		(46	)
Sell		37,104	08/2006		1		0			1
Buy		16,682	09/2006		0		(5	)		(5	)
Sell		16,682	09/2006		0		0			0
Buy	ZAR	964	08/2006		0		(22	)		(22	)
Sell		964	08/2006		7		0			7
Buy		964	10/2006		0		(7	)		(7	)
Buy		148	11/2006		0		(4	)		(4	)
				$	1,600	$	(12,289	)	$	(10,689	)

See Accompanying Notes Semiannual Report June 30, 2006 15

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented in these financial statements pertains to the Advisor Class of the Portfolio. Certain detailed financial information for the Institutional Class and 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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

16 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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 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 under sub-chapter M of the Internal Revenue Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Foreign Currency.  The accounting records of the Portfolio are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects 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.

Non-U.S. currency symbols utilized throughout the report are defined as follows:
BRL	Brazilian Real	MXN	Mexican Peso
CAD	Canadian Dollar	PEN	Peruvian New Sol
CLP	Chilean Peso	PLN	Polish Zloty
CNY	Chinese Yuan Renminbi	RUB	Russian Ruble
EUR	Euro	SGD	Singapore Dollar
GBP	British Pound	SKK	Slovakian Koruna
INR	Indian Rupee	TWD	Taiwan Dollar
JPY	Japanese Yen	ZAR	South African Rand
KRW	South Korean Won

Forward Currency Transactions.  The Portfolio may enter into forward 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 is 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.

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

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.

Loan Participant and Assignments.  The Portfolio may invest in direct debt instruments which are interests in amounts owned by corporate, governmental, or other borrowers 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

Semiannual Report June 30, 2006 17

Notes to Financial Statements (Cont.)

financial institution (the “lender”) that acts as agent for all holders. Then 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 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. At the end of the period, the Portfolio had no unfunded loan commitments.

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 underlying securities for all repurchase agreements are held in safekeeping at the Portfolio’s custodian or designated subcustodians under triparty repurchase agreements. The market value of the collateral must be equal to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, a Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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

18 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

period are reflected as such in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$    3,483,913	$    3,849,012	$    258,320	$    224,153

Semiannual Report June 30, 2006 19

Notes to Financial Statements (Cont.)

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $			Notional Amount in GBP			Premium
Balance at 12/31/2005	6,803		$	359,600		GBP	57,200		$	7,607
Sales	6,512			544,200			0			5,852
Closing Buys	0			(169,900	)		0			(1,267	)
Expirations	(5,062	)		(98,700	)		(3,300	)		(2,085	)
Exercised	(223	)		0			0			(160	)
Balance at 06/30/2006	8,030		$	635,200		GBP	53,900		$	9,947

6.  REORGANIZATION

The Acquiring Portfolio (“Total Return Portfolio”), as listed below, acquired the assets and certain liabilities of the Acquired Fund (“CIGNA Times Square VP Core Plus Bond Fund”), also listed below, in a tax-free exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the Acquired Portfolio’s shareholders (shares and amounts in thousands):

Acquiring Portfolio	Acquired Fund	Date	Shares Issued by Acquiring Portfolio	Value of Shares Issued by Acquiring Portfolio		Total Net Assets of Acquired Fund		Total Net Assets of Acquiring Portfolio		Total net Assets of Acquiring Portfolio After Acquisition		Acquired Fund’s Unrealized Appreciation
Total Return Portfolio	Times Square VP Core Plus Bond Fund	April 22, 2005	8,435	$	88,822	$	88,822	$	2,474,546	$	2,563,368	$	710

7.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	3,699		$	37,370		4,171		$	43,745
Administrative Class	38,033			384,517		60,180			630,483
Advisor Class	455			4,550		0			0
Issued in reorganization
Institutional Class	0			0		8,435			88,822
Administrative Class	0			0		0			0
Advisor Class	0			0		0			0
Issued as reinvestment of distributions
Institutional Class	325			3,281		683			7,097
Administrative Class	4,979			50,219		10,667			110,757
Advisor Class	2			15		0			0
Cost of shares redeemed
Institutional Class	(2,642	)		(26,672	)	(5,309	)		(55,888	)
Administrative Class	(24,338	)		(245,706	)	(30,537	)		(319,629	)
Advisor Class	(1	)		(13	)	0			0
Net increase resulting from Portfolio share transactions	20,512		$	207,561		48,290		$	505,387

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 Shareholders	% of Portfolio Held
Institutional Class	4	90
Administrative Class	4	55	*
Advisor Class	2	98

* One of the shareholders, Allianz Life Insurance Co. of North America, is an indirect wholly owned subsidiary of AGI and a related party to the Portfolio.

20 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

8.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$      23,153	$      (58,324)	$      (35,171)

9.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of PIMCO Funds and the Allianz Funds and the this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds, including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

Semiannual Report June 30, 2006 21

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Administrative

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Total Return Portfolio II

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	12

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Total Return Portfolio II (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Lehman Brothers Aggregate Bond Index represents securities that are taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to invest directly in this index.

Semiannual Report June 30, 2006 3

PIMCO Total Return Portfolio II

Cumulative Returns Through June 30, 2006

                  Total Return Portfolio II        Lehman Brothers
                     Administrative Class        Aggregate 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
 07/31/2004                14,241                       14,086
 08/31/2004                14,502                       14,355
 09/30/2004                14,548                       14,394
 10/31/2004                14,610                       14,515
 11/30/2004                14,467                       14,399
 12/31/2004                14,605                       14,531
 01/31/2005                14,642                       14,622
 02/28/2005                14,519                       14,536
 03/31/2005                14,493                       14,461
 04/30/2005                14,686                       14,657
 05/31/2005                14,857                       14,816
 06/30/2005                14,931                       14,897
 07/31/2005                14,790                       14,761
 08/31/2005                14,983                       14,950
 09/30/2005                14,816                       14,796
 10/31/2005                14,662                       14,679
 11/30/2005                14,702                       14,744
 12/31/2005                14,835                       14,884
 01/31/2006                14,871                       14,885
 02/28/2006                14,908                       14,934
 03/31/2006                14,759                       14,788
 04/30/2006                14,766                       14,761
 05/31/2006                14,719                       14,745
 06/30/2006                14,705                       14,777

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Administrative Class.

Sector Breakdown^‡

U.S. Government Agencies	56.0%
Short-Term Instruments	33.5%
Other	10.5%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since     Inception     (05/28/99)**
	PIMCO Total Return Portfolio II Administrative Class	-0.88%	-1.51%	4.78%	5.59%
	Lehman Brothers Aggregate Bond Index	-0.72%	-0.81%	4.97%	5.67%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Portfolio began operations on 05/28/99. Index comparisons began on 05/31/99.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	991.20	$	1,021,57
Expenses Paid During Period†	$	3.21	$	3.26

† 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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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.

» The Portfolio’s above-benchmark duration detracted from returns as yields rose in the first half of the year.

» An emphasis on short-term maturities detracted from performance as short-term yields rose more than longer-dated yields. The Federal Reserve continued with its tightening policy, sending short-term rates higher while intermediate- and longer-term rates shifted higher.

» An overweight to mortgages contributed to returns as this sector outperformed like-duration Treasuries.

» An underweight to corporate securities detracted from returns as this sector outperformed like-duration Treasuries.

» A tactical allocation to municipal bonds was positive for performance as municipal yields rose less than Treasury yields.

4 PIMCO Variable Insurance Trust

Financial Highlights    Total Return Portfolio II

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Administrative Class
Net asset value beginning of period	$	10.04		$	10.31		$	10.31		$	10.09		$	10.12		$	10.24
Net investment income (a)		0.22			0.34			0.17			0.17			0.38			0.48
Net realized/unrealized gain (loss) on investments (a)		(0.31	)		(0.18	)		0.24			0.33			0.41			0.49
Total income (loss) from investment operations		(0.09	)		0.16			0.41			0.50			0.79			0.97
Dividends from net investment income		(0.22	)		(0.35	)		(0.17	)		(0.19	)		(0.40	)		(0.48	)
Distributions from net realized capital gains		0.00			(0.08	)		(0.24	)		(0.09	)		(0.42	)		(0.61	)
Total distributions		(0.22	)		(0.43	)		(0.41	)		(0.28	)		(0.82	)		(1.09	)
Net asset value end of period	$	9.73		$	10.04		$	10.31		$	10.31		$	10.09		$	10.12
Total return		(0.88	)%		1.58	%		4.01	%		5.01	%		7.97	%		9.72	%
Net assets end of period (000s)	$	26,791		$	24,922		$	24,843		$	17,474		$	16,882		$	2,403
Ratio of expenses to average net assets		0.65	%*		0.65	%		0.65	%		0.65	%		0.66	%(c)		0.65	%(b)
Ratio of net investment income to average net assets		4.42	%*		3.31	%		1.58	%		1.62	%		3.71	%		4.55	%
Portfolio turnover rate		168	%		508	%		305	%		863	%		418	%		606	%

+ 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%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Total Return Portfolio II

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	27,923
Repurchase agreement, at value		3,275
Receivable for investments sold		12
Interest and dividends receivable		93
Variation margin receivable		17
Unrealized appreciation on swap agreements		3
		31,323
Liabilities:
Payable for investments purchased	$	4,297
Payable for Portfolio shares redeemed		20
Written options outstanding		85
Accrued investment advisory fee		6
Accrued administration fee		6
Accrued servicing fee		3
Variation margin payable		1
Swap premiums received		8
Unrealized depreciation on swap agreements		3
		4,429
Net Assets	$	26,894
Net Assets Consist of:
Paid in capital	$	28,092
Undistributed net investment income		134
Accumulated undistributed net realized (loss)		(445	)
Net unrealized (depreciation)		(887	)
	$	26,894
Net Assets:
Institutional Class	$	103
Administrative Class		26,791
Shares Issued and Outstanding:
Institutional Class		11
Administrative Class		2,753
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	9.73
Administrative Class		9.73
Cost of Investments Owned	$	28,552
Cost of Repurchase Agreements Owned	$	3,275
Premiums Received on Written Options	$	69

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Total Return Portfolio II

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	667
Dividends		4
Total Income		671
Expenses:
Investment advisory fees		33
Administration fees		33
Servicing fees – Administrative Class		20
Total Expenses		86
Net Investment Income		585
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(154	)
Net realized (loss) on futures contracts, options and swaps		(5	)
Net change in unrealized (depreciation) on investments		(407	)
Net change in unrealized (depreciation) on futures contracts, options and swaps		(264	)
Net (Loss)		(830	)
Net (Decrease) in Net Assets Resulting from Operations	$	(245	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Total Return Portfolio II

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	585		$	824
Net realized (loss)		(159	)		(110	)
Net change in unrealized (depreciation)		(671	)		(306	)
Net increase (decrease) resulting from operations		(245	)		408
Distributions to Shareholders:
From net investment income
Institutional Class		(1	)		(1	)
Administrative Class		(601	)		(850	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(200	)
Total Distributions		(602	)		(1,051	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		87			0
Administrative Class		2,229			0
Issued as reinvestment of distributions
Institutional Class		1			1
Administrative Class		699			1,050
Cost of shares redeemed
Institutional Class		(1	)		0
Administrative Class		(213	)		(329	)
Net increase resulting from Portfolio share transactions		2,802			722
Total Increase in Net Assets		1,955			79
Net Assets:
Beginning of period		24,939			24,860
End of period*	$	26,894		$	24,939
*Including undistributed net investment income of:	$	134		$	151

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Total Return Portfolio II June 30, 2006 (Unaudited)

PRINCIPAL
AMOUNT	VALUE
(000S)	(000S)

CORPORATE BONDS & NOTES 5.5%
BANKING & FINANCE 4.9%
American General Finance Corp.
5.489% due 03/23/2007	$	100	$	100
Bank of America Corp.
5.406% due 06/19/2009		300		300
CIT Group Holdings, Inc.
5.276% due 01/30/2009		100		100
Citigroup Global Markets Holdings, Inc.
5.276% due 03/07/2008		100		100
Citigroup, Inc.
5.422% due 06/09/2009		200		201
Goldman Sachs Group, Inc.
5.063% due 08/01/2006		100		100
5.226% due 07/29/2008		200		200
Morgan Stanley
5.193% due 01/18/2008		100		100
UBS Preferred Funding Trust I
8.622% due 10/29/2049		100		110
				1,311
INDUSTRIALS 0.2%
El Paso Corp.
6.750% due 05/15/2009		50		50
UTILITIES 0.4%
AT&T, Inc.
4.389% due 06/05/2021		100		99
MidAmerican Energy Holdings Co.
6.125% due 04/01/2036		30		28
				127
Total Corporate Bonds & Notes (Cost $1,478)				1,488
MUNICIPAL BONDS & NOTES 1.9%
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2003
6.750% due 06/01/2039		100		111
New Jersey State Tobacco Settlement Financing Corporations Revenue Notes, Series 2003
4.375% due 06/01/2019		45		45
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2005
5.000% due 06/15/2031		200		204
New York State Environmental Facilities Corporations Revenue Notes, Series 2002
5.980% due 06/15/2023		25		27
Texas State Eagle Mountain & Saginaw Independent School District General Obligation, (PSF Insured), Series 2005
4.750% due 08/15/2033		120		118
Total Municipal Bonds & Notes (Cost $491)				505
U.S. GOVERNMENT AGENCIES 65.0%
Fannie Mae
4.810% due 09/22/2006		100		100
5.000% due 06/01/2018 - 04/25/2033 (b)		7,300		7,038
5.249% due 04/26/2035		4		5
5.442% due 03/25/2034		32		32
5.500% due 10/01/2017 - 07/13/2036 (b)		8,804		8,470
5.695% due 09/01/2034		33		33

5.736% due 12/01/2036	$	34	$	34
6.000% due 07/01/2016 - 07/13/2036 (b)		1,086		1,070
Freddie Mac
4.500% due 10/15/2022		247		243
5.000% due 10/01/2018		63		61
5.500% due 08/15/2030		2		2
5.682% due 10/25/2029		67		67
5.732% due 07/01/2027		3		3
5.951% due 01/01/2028		3		4
6.000% due 09/01/2016		10		10
Government National Mortgage Association
4.375% due 02/20/2027 - 05/20/2030 (b)		23		23
5.767% due 09/20/2030		3		3
Small Business Administration Participation Certificates
4.750% due 07/01/2025		295		275
Total U.S. Government Agencies (Cost $18,077)				17,473
U.S. TREASURY OBLIGATIONS 1.4%
Treasury Inflation Protected Securities (a)
3.375% due 01/15/2007 (d)		127		127
2.000% due 01/15/2026		122		112
3.625% due 04/15/2028		125		148
Total U.S. Treasury Obligations (Cost $405)				387
MORTGAGE-BACKED SECURITIES 2.7%
American Home Mortgage Investment Trust
4.390% due 02/25/2045		64		62
Banc of America Funding Corp.
4.115% due 05/25/2035		85		81
Banc of America Mortgage Securities
6.500% due 10/25/2031		25		25
6.500% due 02/25/2033		5		5
Bear Stearns Adjustable Rate Mortgage Trust
5.067% due 03/25/2033		17		17
4.679% due 12/25/2033		35		35
Bear Stearns Alt-A Trust
5.415% due 05/25/2035		71		70
Countrywide Home Loan Mortgage Pass-Through Trust
5.612% due 04/25/2035		63		63
CS First Boston Mortgage Securities Corp.
6.056% due 06/25/2032		1		1
6.489% due 06/25/2032		5		5
5.509% due 08/25/2033		4		4
GSR Mortgage Loan Trust
6.000% due 03/25/2032		3		3
Impac CMB Trust
5.722% due 07/25/2033		35		35
5.572% due 01/25/2034		21		21
Mastr Adjustable Rate Mortgages Trust
3.786% due 12/21/2034		24		24
MASTR Asset Securitization Trust
5.500% due 09/25/2033		42		40
MLCC Mortgage Investors, Inc.
5.812% due 01/25/2029		32		32
Prime Mortgage Trust
5.722% due 02/25/2034		29		29
Structured Asset Mortgage Investments, Inc.
5.582% due 09/19/2032		3		3
Structured Asset Securities Corp.
6.150% due 07/25/2032		1		1

Washington Mutual, Inc.
5.009% due 02/27/2034	$	21	$	21
5.410% due 08/25/2042		64		64
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036		96		95
Total Mortgage-Backed Securities (Cost $746)				736
ASSET-BACKED SECURITIES 0.1%
AAA Trust
5.422% due 04/25/2035		7		7
Amortizing Residential Collateral Trust
5.592% due 06/25/2032		4		4
Carrington Mortgage Loan Trust
5.402% due 06/25/2035		5		5
CIT Group Home Equity Loan Trust
5.593% due 06/25/2033		2		2
CS First Boston Mortgage Securities Corp.
5.632% due 01/25/2032		6		7
Equity One ABS, Inc.
5.602% due 11/25/2032		9		9
Total Asset-Backed Securities (Cost $34)				34
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.1%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 4.750% Exp. 08/07/2006		2,000		0
Strike @ 5.080% Exp. 04/19/2007		2,300		3
Strike @ 5.130% Exp. 10/25/2006		2,000		1
Strike @ 5.200% Exp. 05/23/2007		1,000		2
Strike @ 5.250% Exp. 06/07/2007		2,000		6
Total Purchased Call Options (Cost $31)				12

	#OF CONTRACTS
PURCHASED PUT OPTIONS 0.0%
90-Day Eurodollar December Futures (CME)
Strike @ $92.000 Exp. 12/18/2006	24	0
Strike @ $92.500 Exp. 12/18/2006	16	0
90-Day Eurodollar June Futures (CME)
Strike @ $91.250 Exp. 06/18/2007	90	1
90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007	19	0
Strike @ $92.250 Exp. 03/19/2007	1	0
90-Day Eurodollar September Futures (CME)
Strike @ $94.000 Exp. 09/18/2006	10	0
Total Purchased Put Options (Cost $2)		1

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    Total Return Portfolio II (Cont.)

				VALUE
		SHARES		(000S)
PREFERRED STOCK 0.4%
DG Funding Trust
7.210% due 12/31/2049		11	$	116
Total Preferred Stock (Cost $116)				116
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 38.9%
CERTIFICATE OF DEPOSIT 3.0%
Wells Fargo Bank N.A.
5.280% due 07/11/2006	$	800		800
COMMERCIAL PAPER 22.9%
Fannie Mae
4.809% due 07/05/2006		700		700
Federal Home Loan Bank
5.234% due 08/30/2006		3,200		3,173
Freddie Mac
4.625% due 08/01/2006		700		697
4.792% due 08/01/2006		700		697
5.220% due 09/05/2006		900		891
				6,158

REPURCHASE AGREEMENTS 12.2%
Credit Suisse First Boston
4.580% due 07/03/2006	$	2,000	$	2,000
(Dated 06/30/2006. Collateralized by U.S. Treasury Notes 4.000% due 06/15/2009 valued at $2,056. Repurchase proceeds are $2,001.)
4.600% due 07/03/2006		1,100		1,100
(Dated 06/30/2006. Collateralized by U.S. Treasury Notes 3.250% due 08/15/2007 valued at $1,124. Repurchase proceeds are $1,100.)
State Street Bank
4.900% due 07/03/2006		175		175
(Dated 06/30/2006. Collateralized by Federal Home Loan Bank 3.375% due 02/23/2007 valued at $180. Repurchase proceeds are $175.)
				3,275
U.S. TREASURY BILLS 0.8%
4.788% due 08/31/2006-09/14/2006 (b)(d)		215		213
Total Short-Term Instruments (Cost $10,447)				10,446
Total Investments (c) 116.0% (Cost $31,827)			$	31,198
Written Options (f) (0.3%) (Premiums $69)				(85)
Other Assets and Liabilities (Net) (15.7%)				(4,219)
Net Assets 100.0%			$	26,894

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

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

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

(c) As of June 30, 2006, portfolio securities with an aggregate market value of $4 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(d) Securities with an aggregate market value of $340 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	47	$	(68	)
90-Day Eurodollar December Futures	Long	12/2007	9		(10	)
90-Day Eurodollar June Futures	Long	06/2007	25		(45	)
90-Day Eurodollar March Futures	Long	03/2007	37		(72	)
90-Day Eurodollar March Futures	Long	03/2008	4		(3	)
90-Day Eurodollar September Futures	Long	09/2006	21		(16	)
90-Day Eurodollar September Futures	Long	09/2007	17		(27	)
U.S. Treasury 5-Year Note September Futures	Long	09/2006	2		(2	)
				$	(243	)

(e) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized (Depreciation)
Barclays Bank PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2008	$	800	$	(1	)

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bank of America	Ford Motor Corp. 7.450% due 07/16/2031	Sell	4.150%		06/20/2007	$	200	$	(1	)
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	1.350%		09/20/2006		100		0
Goldman Sachs & Co.	Dow Jones CDX N.A. HV5 Index	Buy	(0.850%	)	12/20/2010		200		(1	)
Morgan Stanley Dean Witter & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	5.200%		12/20/2006		100		2
UBS Warburg LLC	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.750%		12/20/2006		100		1
								$	1
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will Pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(f) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price	Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$        108.000	08/25/2006	15	$	2	$	0
Call - CBOT U.S. Treasury 10-Year Note September Futures	106.000	08/25/2006	2		1		1
Put - CBOT U.S. Treasury 10-Year Note September Futures	103.000	08/25/2006	17		3		2
Call - CME 90-Day Eurodollar September Futures	95.500	09/18/2006	1		0		0
Put - CME 90-Day Eurodollar September Futures	95.250	09/18/2006	3		2		6
Put - CME 90-Day Eurodollar December Futures	95.000	12/18/2006	3		2		5
Put - CME 90-Day Eurodollar December Futures	95.250	12/18/2006	21		16		44
Put - CME 90-Day Eurodollar December Futures	95.500	12/18/2006	3		3		8
				$	29	$	66

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	4.780%	08/07/06	$	1,000	$	8	$	0
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.210%	10/25/06		1,000		4		2
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.220%	04/19/07		1,000		8		4
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.300%	05/23/07		1,000		10		6
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.340%	06/07/07		1,000		10		7
								$	40	$	19

See Accompanying Notes Semiannual Report June 30, 2006 11

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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

12 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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

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 is 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.

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

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included

Semiannual Report June 30, 2006 13

Notes to Financial Statements (Cont.)

in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, a Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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

14 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

by the Trustees. The ratio of expenses to average net assets per share class, as disclosed in the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$       27,729	$       40,414	$       1,232	$       209

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $			Premium
Balance at 12/31/2005	38		$	5,100		$	64
Sales	65			4,000			46
Closing Buys	(1	)		(2,000	)		(18	)
Expirations	(37	)		(2,100	)		(23	)
Exercised	0			0			0
Balance at 06/30/2006	65		$	5,000		$	69

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	9		$	87		0		$	0
Administrative Class	222			2,229		0			0
Issued as reinvestment of distributions
Institutional Class	0			1		0			1
Administrative Class	71			699		103			1,050
Cost of shares redeemed
Institutional Class	0			(1	)	0			0
Administrative Class	(22	)		(213	)	(32	)		(329	)
Net increase resulting from Portfolio share transactions	280		$	2,802		71		$	722

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 Shareholders	% of Portfolio Held
Institutional Class	1	100
Administrative Class	1	100

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$              28	$           (657)	$            (629)

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

16 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Share Class Institutional

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Total Return Portfolio II

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Schedule of Investments	9
Notes to Financial Statements	12

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including the Total Return Portfolio II (the “Portfolio”). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities 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: credit risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, leveraging risk and management risk. A complete description of these risks is contained in the Portfolio’s prospectus. 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 the Portfolio 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.

On the performance summary page in this Semiannual Report, the Total Return Investment Performance table measures performance assuming that all dividend and capital gain distributions were reinvested.

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Lehman Brothers Aggregate Bond Index represents securities that are taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to invest directly in this index.

Semiannual Report June 30, 2006 3

PIMCO Total Return Portfolio II

Cumulative Returns Through June 30, 2006

                     Total Return Portfolio II        Lehman Brothers
                        Institutional 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
  07/31/2004                  13,716                       13,789
  08/31/2004                  13,969                       14,052
  09/30/2004                  14,015                       14,090
  10/31/2004                  14,077                       14,208
  11/30/2004                  13,941                       14,095
  12/31/2004                  14,075                       14,225
  01/31/2005                  14,112                       14,314
  02/28/2005                  13,995                       14,230
  03/31/2005                  13,972                       14,157
  04/30/2005                  14,159                       14,348
  05/31/2005                  14,327                       14,503
  06/30/2005                  14,400                       14,582
  07/31/2005                  14,265                       14,450
  08/31/2005                  14,453                       14,635
  09/30/2005                  14,294                       14,484
  10/31/2005                  14,147                       14,370
  11/30/2005                  14,187                       14,433
  12/31/2005                  14,318                       14,570
  01/31/2006                  14,354                       14,571
  02/28/2006                  14,391                       14,619
  03/31/2006                  14,249                       14,476
  04/30/2006                  14,258                       14,450
  05/31/2006                  14,214                       14,434
  06/30/2006                  14,203                       14,465

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Institutional Class.

Sector Breakdown^‡

U.S. Government Agencies	56.0%
Short-Term Instruments	33.5%
Other	10.5%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since     Inception     (04/10/00)**
	PIMCO Total Return Portfolio II Institutional Class	-0.80%	-1.37%	4.94%	5.69%
	Lehman Brothers Aggregate Bond Index	-0.72%	-0.81%	4.97%	6.04%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Institutional Class shares operations on 04/10/00. Index comparisons began on 03/31/00.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	992.00	$	1,022.32
Expenses Paid During Period†	$	2.47	$	2.51

† 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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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.

» The Portfolio’s above-benchmark duration detracted from returns as yields rose in the first half of the year.

» An emphasis on short-term maturities detracted from performance as short-term yields rose more than longer-dated yields. The Federal Reserve continued with its tightening policy, sending short-term rates higher while intermediate- and longer-term rates shifted higher.

» An overweight to mortgages contributed to returns as this sector outperformed like-duration Treasuries.

» An underweight to corporate securities detracted from returns as this sector outperformed like-duration Treasuries.

» A tactical allocation to municipal bonds was positive for performance as municipal yields rose less than Treasury yields.

4 PIMCO Variable Insurance Trust

Financial Highlights  Total Return Portfolio II

Selected Per Share Data for the Year or Period Ended:	06/30/2006+			12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
Institutional Class
Net asset value beginning of period	$	10.04		$	10.31		$	10.31		$	10.09		$	10.12		$	10.24
Net investment income (a)		0.23			0.35			0.18			0.16			0.41			0.50
Net realized/unrealized gain (loss) on investments (a)		(0.31	)		(0.18	)		0.25			0.36			0.39			0.49
Total income (loss) from investment operations		(0.08	)		0.17			0.43			0.52			0.80			0.99
Dividends from net investment income		(0.23	)		(0.36	)		(0.19	)		(0.21	)		(0.41	)		(0.50	)
Distributions from net realized capital gains		0.00			(0.08	)		(0.24	)		(0.09	)		(0.42	)		(0.61	)
Total distributions		(0.23	)		(0.44	)		(0.43	)		(0.30	)		(0.83	)		(1.11	)
Net asset value end of period	$	9.73		$	10.04		$	10.31		$	10.31		$	10.09		$	10.12
Total return		(0.80	)%		1.72	%		4.16	%		5.24	%		8.13	%		9.88	%
Net assets end of period (000s)	$	103		$	17		$	17		$	16		$	1,217		$	3,845
Ratio of expenses to average net assets		0.50	%*		0.50	%		0.50	%		0.50	%		0.51	%(c)		0.50	%(b)
Ratio of net investment income to average net assets		4.73	%*		3.46	%		1.70	%		1.56	%		3.97	%		4.70	%
Portfolio turnover rate		168	%		508	%		305	%		863	%		418	%		606	%

+ 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%.

See Accompanying Notes Semiannual Report June 30, 2006 5

Statement of Assets and Liabilities    Total Return Portfolio II

(Amounts in thousands, except per share amounts)	June 30, 2006 (Unaudited)
Assets:
Investments, at value	$	27,923
Repurchase agreement, at value		3,275
Receivable for investments sold		12
Interest and dividends receivable		93
Variation margin receivable		17
Unrealized appreciation on swap agreements		3
		31,323
Liabilities:
Payable for investments purchased	$	4,297
Payable for Portfolio shares redeemed		20
Written options outstanding		85
Accrued investment advisory fee		6
Accrued administration fee		6
Accrued servicing fee		3
Variation margin payable		1
Swap premiums received		8
Unrealized depreciation on swap agreements		3
		4,429
Net Assets	$	26,894
Net Assets Consist of:
Paid in capital	$	28,092
Undistributed net investment income		134
Accumulated undistributed net realized (loss)		(445	)
Net unrealized (depreciation)		(887	)
	$	26,894
Net Assets:
Institutional Class	$	103
Administrative Class		26,791
Shares Issued and Outstanding:
Institutional Class		11
Administrative Class		2,753
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	9.73
Administrative Class		9.73
Cost of Investments Owned	$	28,552
Cost of Repurchase Agreements Owned	$	3,275
Premiums Received on Written Options	$	69

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations    Total Return Portfolio II

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)
Investment Income:
Interest	$	667
Dividends		4
Total Income		671
Expenses:
Investment advisory fees		33
Administration fees		33
Servicing fees – Administrative Class		20
Total Expenses		86
Net Investment Income		585
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(154	)
Net realized (loss) on futures contracts, options and swaps		(5	)
Net change in unrealized (depreciation) on investments		(407	)
Net change in unrealized (depreciation) on futures contracts, options and swaps		(264	)
Net (Loss)		(830	)
Net (Decrease) in Net Assets Resulting from Operations	$	(245	)

See Accompanying Notes Semiannual Report June 30, 2006 7

Statements of Changes in Net Assets    Total Return Portfolio II

(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	585		$	824
Net realized (loss)		(159	)		(110	)
Net change in unrealized (depreciation)		(671	)		(306	)
Net increase (decrease) resulting from operations		(245	)		408
Distributions to Shareholders:
From net investment income
Institutional Class		(1	)		(1	)
Administrative Class		(601	)		(850	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(200	)
Total Distributions		(602	)		(1,051	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		87			0
Administrative Class		2,229			0
Issued as reinvestment of distributions
Institutional Class		1			1
Administrative Class		699			1,050
Cost of shares redeemed
Institutional Class		(1	)		0
Administrative Class		(213	)		(329	)
Net increase resulting from Portfolio share transactions		2,802			722
Total Increase in Net Assets		1,955			79
Net Assets:
Beginning of period		24,939			24,860
End of period*	$	26,894		$	24,939
*Including undistributed net investment income of:	$	134		$	151

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Total Return Portfolio II June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
CORPORATE BONDS & NOTES 5.5%
BANKING & FINANCE 4.9%
American General Finance Corp.
5.489% due 03/23/2007	$	100	$	100
Bank of America Corp.
5.406% due 06/19/2009		300		300
CIT Group Holdings, Inc.
5.276% due 01/30/2009		100		100
Citigroup Global Markets Holdings, Inc.
5.276% due 03/07/2008		100		100
Citigroup, Inc.
5.422% due 06/09/2009		200		201
Goldman Sachs Group, Inc.
5.063% due 08/01/2006		100		100
5.226% due 07/29/2008		200		200
Morgan Stanley
5.193% due 01/18/2008		100		100
UBS Preferred Funding Trust I
8.622% due 10/29/2049		100		110
				1,311
INDUSTRIALS 0.2%
El Paso Corp.
6.750% due 05/15/2009		50		50
UTILITIES 0.4%
AT&T, Inc.
4.389% due 06/05/2021		100		99
MidAmerican Energy Holdings Co.
6.125% due 04/01/2036		30		28
				127
Total Corporate Bonds & Notes (Cost $1,478)				1,488
MUNICIPAL BONDS & NOTES 1.9%
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2003
6.750% due 06/01/2039		100		111
New Jersey State Tobacco Settlement Financing Corporations Revenue Notes, Series 2003
4.375% due 06/01/2019		45		45
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2005
5.000% due 06/15/2031		200		204
New York State Environmental Facilities Corporations Revenue Notes, Series 2002
5.980% due 06/15/2023		25		27
Texas State Eagle Mountain & Saginaw Independent School District General Obligation, (PSF Insured), Series 2005
4.750% due 08/15/2033		120		118
Total Municipal Bonds & Notes (Cost $491)				505
U.S. GOVERNMENT AGENCIES 65.0%
Fannie Mae
4.810% due 09/22/2006		100		100
5.000% due 06/01/2018 - 04/25/2033 (b)		7,300		7,038
5.249% due 04/26/2035		4		5
5.442% due 03/25/2034		32		32
5.500% due 10/01/2017 - 07/13/2036 (b)		8,804		8,470
5.695% due 09/01/2034		33		33

5.736% due 12/01/2036	$	34		$	34
6.000% due 07/01/2016 - 07/13/2036 (b)		1,086			1,070
Freddie Mac
4.500% due 10/15/2022		247			243
5.000% due 10/01/2018		63			61
5.500% due 08/15/2030		2			2
5.682% due 10/25/2029		67			67
5.732% due 07/01/2027		3			3
5.951% due 01/01/2028		3			4
6.000% due 09/01/2016		10	��		10
Government National Mortgage Association
4.375% due 02/20/2027 - 05/20/2030 (b)		23			23
5.767% due 09/20/2030		3			3
Small Business Administration Participation Certificates
4.750% due 07/01/2025		295			275
Total U.S. Government Agencies (Cost $18,077)					17,473
U.S. TREASURY OBLIGATIONS 1.4%
Treasury Inflation Protected Securities (a)
3.375% due 01/15/2007 (d)		127			127
2.000% due 01/15/2026		122			112
3.625% due 04/15/2028		125			148
Total U.S. Treasury Obligations (Cost $405)					387

MORTGAGE-BACKED SECURITIES 2.7%
American Home Mortgage Investment Trust
4.390% due 02/25/2045	64	62
Banc of America Funding Corp.
4.115% due 05/25/2035	85	81
Banc of America Mortgage Securities
6.500% due 10/25/2031	25	25
6.500% due 02/25/2033	5	5
Bear Stearns Adjustable Rate Mortgage Trust
5.067% due 03/25/2033	17	17
4.679% due 12/25/2033	35	35
Bear Stearns Alt-A Trust
5.415% due 05/25/2035	71	70
Countrywide Home Loan Mortgage Pass-Through Trust
5.612% due 04/25/2035	63	63
CS First Boston Mortgage Securities Corp.
6.056% due 06/25/2032	1	1
6.489% due 06/25/2032	5	5
5.509% due 08/25/2033	4	4
GSR Mortgage Loan Trust
6.000% due 03/25/2032	3	3
Impac CMB Trust
5.722% due 07/25/2033	35	35
5.572% due 01/25/2034	21	21
Mastr Adjustable Rate Mortgages Trust
3.786% due 12/21/2034	24	24
MASTR Asset Securitization Trust
5.500% due 09/25/2033	42	40
MLCC Mortgage Investors, Inc.
5.812% due 01/25/2029	32	32
Prime Mortgage Trust
5.722% due 02/25/2034	29	29
Structured Asset Mortgage Investments, Inc.
5.582% due 09/19/2032	3	3
Structured Asset Securities Corp.
6.150% due 07/25/2032	1	1

Washington Mutual, Inc.
5.009% due 02/27/2034	$	21	$	21
5.410% due 08/25/2042		64		64
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036		96		95
Total Mortgage-Backed Securities (Cost $746)				736
ASSET-BACKED SECURITIES 0.1%
AAA Trust
5.422% due 04/25/2035		7		7
Amortizing Residential Collateral Trust
5.592% due 06/25/2032		4		4
Carrington Mortgage Loan Trust
5.402% due 06/25/2035		5		5
CIT Group Home Equity Loan Trust
5.593% due 06/25/2033		2		2
CS First Boston Mortgage Securities Corp.
5.632% due 01/25/2032		6		7
Equity One ABS, Inc.
5.602% due 11/25/2032		9		9
Total Asset-Backed Securities (Cost $34)				34
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.1%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 4.750% Exp. 08/07/2006		2,000		0
Strike @ 5.080% Exp. 04/19/2007		2,300		3
Strike @ 5.130% Exp. 10/25/2006		2,000		1
Strike @ 5.200% Exp. 05/23/2007		1,000		2
Strike @ 5.250% Exp. 06/07/2007		2,000		6
Total Purchased Call Options (Cost $31)				12

	#OF CONTRACTS
PURCHASED PUT OPTIONS 0.0%
90-Day Eurodollar December Futures (CME)
Strike @ $92.000 Exp. 12/18/2006	24	0
Strike @ $92.500 Exp. 12/18/2006	16	0
90-Day Eurodollar June Futures (CME)
Strike @ $91.250 Exp. 06/18/2007	90	1
90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007	19	0
Strike @ $92.250 Exp. 03/19/2007	1	0
90-Day Eurodollar September Futures (CME)
Strike @ $94.000 Exp. 09/18/2006	10	0
Total Purchased Put Options (Cost $2)		1

See Accompanying Notes Semiannual Report June 30, 2006 9

Schedule of Investments    Total Return Portfolio II (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
PREFERRED STOCK 0.4%
DG Funding Trust
7.210% due 12/31/2049		11	$	116
Total Preferred Stock (Cost $116)				116
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 38.9%
CERTIFICATE OF DEPOSIT 3.0%
Wells Fargo Bank N.A.
5.280% due 07/11/2006	$	800		800
COMMERCIAL PAPER 22.9%
Fannie Mae
4.809% due 07/05/2006		700		700
Federal Home Loan Bank
5.234% due 08/30/2006		3,200		3,173
Freddie Mac
4.625% due 08/01/2006		700		697
4.792% due 08/01/2006		700		697
5.220% due 09/05/2006		900		891
				6,158

REPURCHASE AGREEMENTS 12.2%
Credit Suisse First Boston
4.580% due 07/03/2006	$	2,000	$	2,000
(Dated 06/30/2006. Collateralized by U.S. Treasury Notes 4.000% due 06/15/2009 valued at $2,056. Repurchase proceeds are $2,001.)
4.600% due 07/03/2006		1,100		1,100
(Dated 06/30/2006. Collateralized by U.S. Treasury Notes 3.250% due 08/15/2007 valued at $1,124. Repurchase proceeds are $1,100.)
State Street Bank
4.900% due 07/03/2006		175		175
(Dated 06/30/2006. Collateralized by Federal Home Loan Bank 3.375% due 02/23/2007 valued at $180. Repurchase proceeds are $175.)
				3,275
U.S. TREASURY BILLS 0.8%
4.788% due 08/31/2006-09/14/2006 (b)(d)		215		213
Total Short-Term Instruments (Cost $10,447)				10,446
Total Investments (c) 116.0% (Cost $31,827)			$	31,198
Written Options (f) (0.3%) (Premiums $69)				(85)
Other Assets and Liabilities (Net) (15.7%)				(4,219)
Net Assets 100.0%			$	26,894

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

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

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

(c) As of June 30, 2006, portfolio securities with an aggregate market value of $4 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(d) Securities with an aggregate market value of $340 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	47	$	(68	)
90-Day Eurodollar December Futures	Long	12/2007	9		(10	)
90-Day Eurodollar June Futures	Long	06/2007	25		(45	)
90-Day Eurodollar March Futures	Long	03/2007	37		(72	)
90-Day Eurodollar March Futures	Long	03/2008	4		(3	)
90-Day Eurodollar September Futures	Long	09/2006	21		(16	)
90-Day Eurodollar September Futures	Long	09/2007	17		(27	)
U.S. Treasury 5-Year Note September Futures	Long	09/2006	2		(2	)
				$	(243	)

(e) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized (Depreciation)
Barclays Bank PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2008	$	800	$	(1	)

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bank of America	Ford Motor Corp. 7.450% due 07/16/2031	Sell	4.150%		06/20/2007	$	200	$	(1	)
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	1.350%		09/20/2006		100		0
Goldman Sachs & Co.	Dow Jones CDX N.A. HV5 Index	Buy	(0.850%	)	12/20/2010		200		(1	)
Morgan Stanley Dean Witter & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	5.200%		12/20/2006		100		2
UBS Warburg LLC	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.750%		12/20/2006		100		1
								$	1
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will Pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(f) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price	Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$  108.000	08/25/2006	15	$	2	$	0
Call - CBOT U.S. Treasury 10-Year Note September Futures	106.000	08/25/2006	2		1		1
Put - CBOT U.S. Treasury 10-Year Note September Futures	103.000	08/25/2006	17		3		2
Call - CME 90-Day Eurodollar September Futures	95.500	09/18/2006	1		0		0
Put - CME 90-Day Eurodollar September Futures	95.250	09/18/2006	3		2		6
Put - CME 90-Day Eurodollar December Futures	95.000	12/18/2006	3		2		5
Put - CME 90-Day Eurodollar December Futures	95.250	12/18/2006	21		16		44
Put - CME 90-Day Eurodollar December Futures	95.500	12/18/2006	3		3		8
				$	29	$	66

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	4.780%	08/07/06	$	1,000	$	8	$	0
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.210%	10/25/06		1,000		4		2
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.220%	04/19/07		1,000		8		4
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.300%	05/23/07		1,000		10		6
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.340%	06/07/07		1,000		10		7
								$	40	$	19

See Accompanying Notes Semiannual Report June 30, 2006 11

Notes to Financial Statements

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 management company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. 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.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP 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 are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. When the Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem shares. 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, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of 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 Portfolio is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in the Portfolio’s annual financial statements presented under GAAP.

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

12 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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 Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of the Portfolio are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

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

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 is 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.

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

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. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying 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 to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statement of Assets and Liabilities. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, the Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Mortgage-Related and Other Asset-Backed Securities.  The Portfolio may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included

Semiannual Report June 30, 2006 13

Notes to Financial Statements (Cont.)

in interest income in the Statement of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  The Portfolio may engage in swap transactions, including, but not limited to, swap agreements on interest rate and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a 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 the 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. As a seller of protection, the Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, a Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 in the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss in 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 in 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Administration Fee is charged at the annual rate of 0.25%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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

14 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

by the Trustees. The ratio of expenses to average net assets per share class, as disclosed in the Financial Highlights, may differ from the annual portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

4.  PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as “portfolio turnover”. The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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, 2006 were as follows (amounts in thousands):

U.S Government/Agency		All Other
Purchases	Sales	Purchases	Sales
$       27,729	$  40,414	$       1,232	$  209

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	# of Contracts			Notional Amount in $			Premium
Balance at 12/31/2005	38		$	5,100		$	64
Sales	65			4,000			46
Closing Buys	(1	)		(2,000	)		(18	)
Expirations	(37	)		(2,100	)		(23	)
Exercised	0			0			0
Balance at 06/30/2006	65		$	5,000		$	69

6.  SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	9		$	87		0		$	0
Administrative Class	222			2,229		0			0
Issued as reinvestment of distributions
Institutional Class	0			1		0			1
Administrative Class	71			699		103			1,050
Cost of shares redeemed
Institutional Class	0			(1	)	0			0
Administrative Class	(22	)		(213	)	(32	)		(329	)
Net increase resulting from Portfolio share transactions	280		$	2,802		71		$	722

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 Shareholders	% of Portfolio Held
Institutional Class	1	100
Administrative Class	1	100

7.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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)
$              28	$           (657)	$            (629)

8.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the

Semiannual Report June 30, 2006 15

Notes to Financial Statements (Cont.)

U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

16 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Semiannual Report June 30, 2006

PIMCO Variable Insurance Trust

Share Class | Institutional

All Asset Portfolio

Foreign Bond Portfolio (U.S. Dollar-Hedged)

Global Bond Portfolio (Unhedged)

Share Class | Advisor

High Yield Portfolio Low Duration Portfolio

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	10
Statement of Assets and Liabilities	12
Statement of Operations	13
Statements of Changes in Net Assets	14
Schedule of Investments	16
Notes to Financial Statements	39

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the “Trust”) prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Trust carefully before investing. Ask your financial professional to explain all charges that may apply. This and other information is contained in the Trust’s prospectus. The variable product prospectus may be obtained by contacting your Investment Consultant. Please read the Trust and variable product prospectus carefully before you invest or send money.

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

It is our pleasure to present to you the semiannual report for the PIMCO Variable Insurance Trust covering the six-month period ended June 30, 2006.

Highlights of the global bond markets during the six-month period included:

n Most fixed-income sectors lost ground during the first half of 2006, as concern about accelerating inflation and central bank tightening pushed interest rates higher worldwide. The benchmark Lehman Brothers Aggregate Bond Index (which includes Treasury, Investment-Grade Corporate, and Residential Mortgage-Backed Securities) returned -0.72% for the first six months of the year. On June 30, the benchmark ten-year Treasury yielded 5.14%, 0.75% higher than at the start of the year. The U.S. yield curve remained flat as shorter-maturity yields rose by a comparable amount.

n The Federal Reserve tightened four times during the reporting period, bringing the Federal Funds Rate to 5.25%. The increase near the end of the period was the Federal Reserve’s 17th consecutive rate hike since the start of its tightening cycle in 2004. The Federal Reserve was not alone, as central banks in Europe, India, and China tightened credit in unison for the first time since 2000. The Bank of Japan, whose zero-interest-rate policy has flooded global markets with liquidity, looked set to reverse this policy in the coming months.

In these pages please find a more complete Portfolio review as it relates to financial-market activities, as well as details about total-return investment performance for the six-month reporting period. Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2006

Semiannual Report June 30, 2006 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of nineteen separate investment portfolios, including All Asset Portfolio, Foreign Bond Portfolio (U.S. Dollar-Hedged), Global Bond Portfolio (Unhedged), High Yield Portfolio and Low Duration Portfolio (each a “Portfolio” and collectively, the “Portfolios”). The Portfolios are only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies (“Variable Contracts”). Individuals may not purchase shares of a Portfolio directly. Shares of a Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities held by a Portfolio 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 Portfolio.

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 All Asset Portfolio is a “fund of funds,” which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds instead of investing directly in stocks or bonds of other issuers. Under normal circumstances, the Portfolio invests substantially all of its assets in Institutional Class shares of PIMCO Funds, an affiliated open-end investment company, except the All Asset and All Asset All Authority Funds (“Underlying Funds”).

The cost of investing in the All Asset Portfolio will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in the All Asset Portfolio, an investor will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Portfolio’s direct fees and expenses.

Among the principal risks of investing in the All Asset Portfolio are allocation risk, Underlying Fund risk and issuer non-diversification risk. The Portfolio also is indirectly subject to the risks of the Underlying Funds, which are described below.

Certain Portfolios and Underlying Funds may be subject to various risks in addition to the investment rate risk described above. Some of these risks may include, but are not limited to, the following: credit risk, high yield risk, market risk, issuer risk, variable dividend risk, liquidity risk, derivatives risk, commodity risk, equity risk, mortgage risk, non-U.S. investment risk, real estate risk, emerging markets risk, currency risk, issuer non-diversification risk, leveraging risk, smaller company risk, management risk, California state specific risk, New York state specific risk, tax risk and index risk . A complete description of these risks is contained in the Portfolios’ and Underlying Funds’ prospectuses. Certain Portfolios and Underlying Funds 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 the Portfolios or Underlying Funds could not close out a position when it would be most advantageous to do so. A Portfolio or Underlying Fund 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 increased when investing in emerging markets. High-yield bonds typically have a lower credit rating then other bonds. Lower-rated bonds generally involve a greater risk to principal than higher-rated bonds.

On each individual Portfolio Summary page in this Semiannual Report, the Average Annual Total Return table measures performance assuming that all dividend and capital gain distributions were reinvested. An investment in a Portfolio is not a deposit of a bank 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 Portfolios.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolios. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Portfolios, and information about how the Portfolios voted proxies relating to portfolios securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at

1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Trust’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

2 PIMCO Variable Insurance Trust

The following disclosure provides important information regarding the Portfolio’s Expense Example (“Example” or “Expense Example”), which appears in this Semiannual 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 and (2) ongoing costs, including advisory and administrative fees; distribution and/or service (12b-1) fees (Administrative Class, Advisor Class and Class M 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 Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Examples would be higher. 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 January 1, 2006 to June 30, 2006.

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 (for example, an $8,600 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical 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.

The expense ratio may vary period to period because of various factors, such as an increase in expenses not covered by the advisory and administrative fees (such as expenses of the trustees and their counsel or litigation expense).

Portfolio Benchmark

Lehman Brothers U.S. TIPS: 1-10 Year is an unmanaged index market comprised of U.S. Treasury Inflation Linked securities having a maturity of at least 1 year and less than 10 years. It is not possible to invest directly in such an unmanaged index. The CPI + 500 Basis Points benchmark is created by adding 5% to the annual percentage change in the Consumer Price Index (“CPI”). This index reflects non-seasonally adjusted returns. The CPI is an unmanaged index representing the rate of inflation of the U.S. consumer prices as determined by the US Department of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time.

JPMorgan Government Bond Indices Global Ex-U.S. Index Hedged and Global FX NY Index Unhedged in USD is an unmanaged index market representative of the total return performance in U.S. dollars of major non-U.S. bond markets. It is not possible to invest directly in such an unmanaged index.

Merrill Lynch US High Yield, BB-B Rated Constrained Index tracks the performance of BB-B Rated US Dollar-denominated corporate bonds publicly issued in the US domestic market. Qualifying bonds are capitalization-weighted provided the total allocation to an individual issuer (defined by Bloomberg tickers) does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis.

The Merrill Lynch 1-3 Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least 1 year and less than 3 years. It is not possible to invest directly in the index.

Semiannual Report June 30, 2006 3

PIMCO All Asset Portfolio

Cumulative Returns Through June 30, 2006

                                        Lehman
                                       Brothers         Consumer Price
            All Asset Portfolio        U.S. TIPS         Index + 500
            Institutional Class     1-10 Year Index      Basis points
            -------------------     ---------------      ------------
01/31/2006        $10,000              $10,000             $10,000
02/28/2006         10,025                9,971              10,062
03/31/2006          9,870                9,870              10,159
04/30/2006          9,887                9,920              10,288
05/31/2006          9,802                9,953              10,382
06/30/2006          9,797                9,983              10,446
 

$10,000 invested at the end of the nearest month to the inception date of the Portfolio’s Institutional Class.

PIMCO Funds Allocation^‡

Real Return Asset	28.4%
Real Return	18.1%
Developing Local Markets	8.5%
Floating Income	8.3%
Long-Term U.S. Government	7.4%
International StocksPLUS® TR Strategy	6.0%
Emerging Markets Bond	5.6%
Other	17.7%

‡ % of Total Investments as of June 30, 2006

Cumulative Total Return for the period ended June 30, 2006
			Since Inception (01/31/06)
		PIMCO All Asset Portfolio Institutional Class	-2.03%
		Lehman Brothers U.S. TIPS 1-10 Year Index	-0.17%
	------	Consumer Price Index + 500 Basis points	4.46%

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/31/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	979.70	$	1,018.82
Expenses Paid During Period†	$	1.84	$	1.88

† 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 151/365 (to reflect the period since the Portfolio’s Institutional Class share commenced operations on 01/31/06). The expense ratio excludes the expenses of the Underlying 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 0.63%. Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 Underlying Funds (i.e., any of the PIMCO Funds, except the All Asset and All Asset All Authority Funds).

» Significant exposure to the Treasury Inflation-Protected Securities (“TIPS”) asset class detracted significantly from tactical asset allocation alpha due to the asset class, particularly longer dated TIPS, posting negative returns.

» Less than optimal exposure to commodities detracted from performance, as the Dow Jones AIG Commodity Index returned 3.58% over the period.

» Less than optimal exposure to Real Estate Investment Trusts (“REITs”) detracted from performance, as the Dow Jones Wilshire REIT Index gained 14.40% for the period.

» Significant exposure to lower duration instruments was positive for performance, as lower duration assets tend to outperform assets with longer duration in a rising interest rate environment. Exposure to the Floating Rate Income Fund provided positive returns.

» Significant exposure to the Developing Local Markets Fund and emerging market currencies added to performance with the fund returning 4.34%.

» Exposure to the High Yield Fund was positive due to coupon selection providing solid returns for the period.

4 PIMCO Variable Insurance Trust

PIMCO Foreign Bond Portfolio (U.S. Dollar-Hedged)

Cumulative Returns Through June 30, 2006

             Foreign Bond Portfolio        JPMorgan GBI
              (U.S. Dollar-Hedged)      Global ex-US Index
              Institutional Class          Hedged in USD
             ---------------------      -------------------
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
07/31/2004           12,836                   12,476
08/31/2004           12,984                   12,653
09/30/2004           13,032                   12,725
10/31/2004           13,121                   12,806
11/30/2004           13,311                   12,917
12/31/2004           13,395                   12,997
01/31/2005           13,507                   13,124
02/28/2005           13,459                   13,061
03/31/2005           13,575                   13,160
04/30/2005           13,735                   13,327
05/31/2005           13,829                   13,437
06/30/2005           13,952                   13,582
07/31/2005           13,916                   13,522
08/31/2005           14,028                   13,632
09/30/2005           14,010                   13,617
10/31/2005           13,924                   13,547
11/30/2005           13,958                   13,623
12/31/2005           14,102                   13,724
01/31/2006           14,071                   13,699
02/28/2006           14,134                   13,730
03/31/2006           14,024                   13,610
04/30/2006           13,957                   13,533
05/31/2006           14,022                   13,611
06/30/2006           14,009                   13,606

$10,000 invested at the end of the nearest month to the inception date of the Portfolio’s Institutional Class.

Country Allocation^‡

Short-Term Instruments	28.7%
United States	27.4%
Germany	15.0%
Japan	9.9%
Spain	7.4%
United Kingdom	6.4%
Other	5.2%

‡ % of Total Investments as of June 30, 2006

Average Annual Total Return for the period ended June 30, 2006
		6 Months*	1 Year	5 Years	Since     Inception     (04/10/00)**
	PIMCO Foreign Bond Portfolio (U.S. Dollar-Hedged) Institutional Class	-0.66%	0.41%	4.95%	5.59%
	JPMorgan GBI Global ex-US Index Hedged in USD	-0.86%	0.17%	4.31%	5.14%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Institutional Class shares commenced operations on 04/10/00. Index comparisons began on 03/31/00.

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	993.40	$	1,021.08
Expenses Paid During Period†	$	3.71	$	3.76

† 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 181/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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 Instruments of issuers located outside the United States, representing at least three foreign countries, which may be represented by futures contracts (including related options) with respect to such securities, and options on such securities.

» An underweight to Euroland duration and a curve flattening bias added to returns as these yields rose on stronger than expected economic data and hawkish European Central Bank comments.

» An overweight to U.S. duration and an emphasis on shorter maturities detracted from returns, as rates rose and the yield curve continued to flatten amid concern that the Federal Reserve would extend its tightening cycle.

» An emphasis on mortgage-backed securities was positive for performance as mortgages outperformed like-duration Treasuries amidst declining volatility and heightened investor demand.

» A focus on the short-to-intermediate portion of the U.K. curve was negative for returns as U.K. long-dated gilts outperformed on firmer demand for longer dated assets.

» A long position in the Euro and the Yen versus the U.S. dollar was positive for returns as the Euro and the Yen appreciated on improving growth and expectations of monetary tightening.

Semiannual Report June 30, 2006 5

PIMCO Global Bond Portfolio (Unhedged)

Cumulative Returns Through June 30, 2006

               Global Bond Portfolio    JPMorgan GBI Global
             (Unhedged) Institutional   FX NY Index Unhedged
                      Class                    in USD
             ------------------------   --------------------
01/31/2006            $10,000                 $10,000
02/28/2006              9,983                   9,954
03/31/2006              9,880                   9,833
04/30/2006             10,105                  10,049
05/31/2006             10,219                  10,228
06/30/2006             10,133                  10,129

$10,000 invested at the end of the nearest month to the inception date of the Portfolio’s Institutional Class.

Country Allocation^‡

United States	36.3%
Short-Term Instruments	21.7%
United Kingdom	12.4%
Japan	10.3%
Germany	9.7%
Spain	5.5%
Other	4.1%

‡ % of Total Investments as of June 30, 2006

Cumulative Total Return for the period ended June 30, 2006
		Since Inception (01/31/06)
	PIMCO Global Bond Portfolio (Unhedged) Institutional Class	1.32%
	JPMorgan GBI Global FX NY Index Unhedged in USD	1.29%

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/31/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	1,013.20	$	1,017.58
Expenses Paid During Period†	$	3.12	$	3.13

† 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 151/365 (to reflect the period since the Portfolio’s Institutional Class share commenced operations on 01/31/06). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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), which may be represented by futures contracts (including related options) with respect to such securities, and options on such securities.

» An underweight to Euroland duration and a curve flattening bias added to returns as these yields rose on stronger than expected economic data and hawkish European Central Bank comments.

» An overweight to U.S. duration and an emphasis on shorter maturities detracted from returns, as rates rose and the yield curve continued to flatten amid concern that the Federal Reserve would extend its tightening cycle.

» An emphasis on mortgage-backed securities was positive for performance as mortgages outperformed like-duration Treasuries amidst declining volatility and heightened investor demand.

» A focus on the short-to-intermediate portion of the U.K. curve was negative for returns as U.K. long-dated gilts outperformed on firmer demand for longer dated assets.

» A long position in the Euro and the Yen versus the U.S. dollar was positive for returns as the Euro and the Yen appreciated on improving growth and expectations of monetary tightening.

6 PIMCO Variable Insurance Trust

PIMCO High Yield Portfolio

Cumulative Returns Through June 30, 2006

                   High Yield                   Merrill Lynch US
                    Portfolio                 High Yield, BB-B Rated,
                  Advisor Class                Constrained Index
                  -------------                -----------------
03/31/2006          $10,000                           $10,000
04/30/2006           10,019                            10,032
05/31/2006            9,964                            10,004
06/30/2006            9,902                             9,945

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Advisor Class.

Sector Breakdown^‡

Corporate Bonds & Notes	82.3%
Short-Term Instruments	7.4%
Bank Loan Obligations	4.6%
Foreign Currency-Denominated Issues	3.7%
Other	2.0%

‡ % of Total Investments as of June 30, 2006

Cumulative Total Return for the period ended June 30, 2006
		Since Inception (03/31/06)
	PIMCO High Yield Portfolio Advisor Class	-0.98%
	Merrill Lynch US High Yield, BB-B Rated, Constrained Index	-0.55%

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (03/31/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	990.20	$	1,010.46
Expenses Paid During Period†	$	2.13	$	2.15

† Expenses are equal to the Portfolio’s Advisor Class annualized expense ratio of 0.85%, multiplied by the average account value over the period, multiplied by 92/365 (to reflect the period since the Portfolio’s Advisor Class share commenced operations on 03/31/06). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO 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.

» An underweight to BB-rated bonds versus the index contributed to relative performance, as these issues underperformed B-rated bonds by about 1.50%.

» An overweight to the automotive sector helped performance as these bonds significantly outperformed the high-yield market.

» As cable/pay TV bonds outperformed the high- yield market, an overweight to the sector benefited the Portfolio.

» Security selection in the utility sector was positive as electric generation companies led the overall sector.

» As telecom bonds underperformed the market, an overweight to the sector negatively impacted the Portfolio’s performance.

» As the energy sector was among the worst performing broad market sectors in the first half of the year, an overweight to this industry category detracted from returns.

» Modest exposure to emerging market sovereign bonds, which underperformed high yield by about 3.75%, hurt performance.

Semiannual Report June 30, 2006 7

PIMCO Low Duration Portfolio

Cumulative Returns Through June 30, 2006

          Low Duration Portfolio            Merrill Lynch 1-3 year
               Advisor Class                   Treasury Index
          ----------------------            ----------------------
03/31/2006       $10,000                            $10,000
04/30/2006        10,052                             10,031
05/31/2006        10,055                             10,047
06/30/2006        10,050                             10,065

$10,000 invested at the beginning of the first full month following the inception date of the Portfolio’s Advisor Class.

Sector Breakdown^‡

Short-Term Instruments	51.7%
U.S. Government Agencies	23.1%
Corporate Bonds & Notes	12.3%
Mortgage-Backed Securities	7.1%
Asset-Backed Securities	5.6%
Other	0.2%

‡ % of Total Investments as of June 30, 2006

Cumulative Total Return for the period ended June 30, 2006
		Since Inception (03/31/06)
	PIMCO Low Duration Portfolio Advisor Class	0.50%
	Merrill Lynch 1-3 Year Treasury Index	0.65%

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. The Portfolio’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. 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.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (03/31/06)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/06)	$	1,005.00	$	1,010.60
Expenses Paid During Period†	$	1.87	$	1.88

† Expenses are equal to the Portfolio’s Advisor Class annualized expense ratio of 0.75%, multiplied by the average account value over the period, multiplied by 92/365 (to reflect the period since the Portfolio’s Advisor Class share commenced operations on 03/31/06). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect Variable Contract fees and expenses.

Please refer to page 3 herein for a description of the Portfolio’s benchmark and an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO Low Duration 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 Securities of varying maturities.

» Duration and maturity structure were the most significant detractors from the Portfolio’s performance during the six-month period ended June 30, 2006.

» The Portfolio’s above index duration detracted from returns as concerns about accelerating inflation and more monetary tightening pushed interest rates higher.

» The Portfolio’s broader-than-index maturity structure with a curve steepening bias detracted from returns as the yield curve continued to flatten.

» A mortgage emphasis added to returns as this sector outperformed Treasuries on a like-duration basis. Security selection within the mortgage sector also enhanced performance.

» Investment grade and high-yield corporate bonds were positive as these issues benefited from a strengthening economy and investors’ search for extra yield.

» Minimal exposure to high-quality emerging markets was slightly positive for performance as emerging markets bonds benefited from continued improvement in credit fundamentals and investors’ demand for higher-yielding securities early in the period.

8 PIMCO Variable Insurance Trust

[THIS PAGE INTENTIONALLY LEFT BLANK]

Semiannual Report June 30, 2006 9

Financial Highlights

Selected Per Share Data for the Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss) on Investments (a)			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
All Asset Portfolio
Institutional Class
01/31/2006 - 06/30/2006+	$	11.93	$	0.22	$	(0.46	)	$	(0.24	)	$	(0.24	)	$	0.00
Foreign Bond Portfolio (U.S. Dollar-Hedged)
Institutional Class
06/30/2006+	$	10.34	$	0.18	$	(0.25	)	$	(0.07	)	$	(0.16	)	$	0.00
12/31/2005		10.15		0.29		0.24			0.53			(0.26	)		(0.08	)
12/31/2004		10.03		0.24		0.33			0.57			(0.22	)		(0.23	)
12/31/2003		10.07		0.27		(0.03	)		0.24			(0.28	)		0.00
12/31/2002		9.69		0.32		0.47			0.79			(0.37	)		(0.04	)
12/31/2001		9.40		0.46		0.26			0.72			(0.43	)		0.00
Global Bond Portfolio (Unhedged)
Institutional Class
01/31/2006 - 06/30/2006+	$	12.00	$	0.18	$	(0.02	)	$	0.16		$	(0.17	)	$	0.00
High Yield Portfolio
Advisor Class
01/31/2006 - 06/30/2006+	$	8.24	$	0.14	$	(0.22	)	$	(0.08	)	$	(0.14	)	$	0.00
Low Duration Portfolio
Advisor Class
01/31/2006 - 06/30/2006+	$	10.01	$	0.10	$	(0.05	)	$	0.05		$	(0.10	)	$	0.00

+ 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%.

10 PIMCO Variable Insurance Trust See Accompanying Notes

Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	(0.24	)	$	11.45	(2.03	)%	$	10	0.45	%*	4.52	%*	33	%
$	(0.16	)	$	10.11	(0.66	)%	$	14	0.75	%*	3.60	%*	193	%
	(0.34	)		10.34	5.28			14	0.75		2.81		453
	(0.45	)		10.15	5.68			13	0.75		2.37		515
	(0.28	)		10.03	2.39			13	0.78	(b)	2.69		600
	(0.41	)		10.07	8.36			12	0.75		3.36		321
	(0.43	)		9.69	7.75			935	0.75		4.80		285
$	(0.17	)	$	11.99	1.32	%	$	10	0.75	%*	3.68	%*	152	%
$	(0.14	)	$	8.02	(0.98	)%	$	10	0.85	%*	7.02	%*	45	%
$	(0.10	)	$	9.96	0.50	%	$	10	0.75	%*	4.14	%*	127	%

See Accompanying Notes Semiannual Report June 30, 2006 11

Statements of Assets and Liabilities June 30, 2006 (Unaudited)

	All Asset Portfolio			Foreign Bond Portfolio (U.S. Dollar- Hedged)			Global Bond Portfolio (Unhedged)			High Yield Portfolio			Low Duration Portfolio
Assets:
Investments, at value	$	0		$	58,481		$	146,967		$	454,275		$	720,319
Investments in Affiliates, at value		364,075			0			0			0			0
Cash		1			5			934			1,169			0
Foreign currency, at value		0			656			1,620			1,682			8
Receivable for investments sold		0			4,472			5,205			1,449			10
Receivable for investments sold on delayed delivery basis		0			2,557			403			75			0
Receivable for Portfolio shares sold		2,020			425			500			5,977			1,709
Interest and dividends receivable		0			554			1,334			8,878			1,181
Interest and dividends receivable from Affiliates		1,899			0			0			0			0
Variation margin receivable		0			27			91			53			197
Swap premiums paid		0			871			1,781			0			59
Unrealized appreciation on forward foreign currency contracts		0			32			599			1			212
Unrealized appreciation on swap agreements		0			709			1,258			171			70
Other assets		0			0			0			0			1
		367,995			68,789			160,692			473,730			723,766
Liabilities:
Payable for investments purchased	$	0		$	4,391		$	18,639		$	4,316		$	98,291
Payable for investments in Affiliates purchased		3,433			0			0			0			0
Payable for investments purchased on delayed delivery basis		0			8,316			995			17,885			0
Payable for short sale		0			384			401			0			0
Written options outstanding		0			90			358			73			1,344
Payable for Portfolio shares redeemed		228			171			34			118			143
Accrued investment advisory fee		62			12			30			100			135
Accrued administration fee		77			23			60			140			135
Accrued servicing fee		62			6			19			50			70
Variation margin payable		0			0			0			0			23
Recoupment payable to Manager		5			0			0			0			0
Swap premiums received		0			644			1,465			11			0
Unrealized depreciation on forward foreign currency contracts		0			224			370			288			2,162
Unrealized depreciation on swap agreements		0			264			524			44			12
		3,867			14,525			22,895			23,025			102,315
Net Assets	$	364,128		$	54,264		$	137,797		$	450,705		$	621,451
Net Assets Consist of:
Paid in capital	$	368,395		$	54,016		$	138,099		$	463,809		$	635,900
Undistributed (overdistributed) net investment income		6,814			600			(1,174	)		(507	)		680
Accumulated undistributed net realized gain (loss)		(1,686	)		(964	)		514			(5,172	)		(8,247	)
Net unrealized appreciation (depreciation)		(9,395	)		612			358			(7,425	)		(6,882	)
	$	364,128		$	54,264		$	137,797		$	450,705		$	621,451
Net Assets:
Institutional Class	$	10		$	14		$	10		$	1,042		$	25,479
Administrative Class		233,824			54,250			137,787			449,653			595,962
Advisor Class		65,231			0			0			10			10
Class M		65,063			0			0			0			0
Shares Issued and Outstanding:
Institutional Class		1			1			1			130			2,557
Administrative Class		20,415			5,364			11,492			56,036			59,807
Advisor Class		5,693			0			0			1			1
Class M		5,684			0			0			0			0
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	11.45		$	10.11		$	11.99		$	8.02		$	9.96
Administrative Class		11.45			10.11			11.99			8.02			9.96
Advisor Class		11.45			0.00			0.00			8.02			9.96
Class M		11.44			0.00			0.00			0.00			0.00
Cost of Investments Owned	$	0		$	58,111		$	147,653		$	459,918		$	719,941
Cost of Investments in Affiliates Owned	$	373,469		$	0		$	0		$	0		$	0
Cost of Foreign Currency Held	$	0		$	650		$	1,609		$	1,658		$	8
Proceeds Received on Short Sales	$	0		$	387		$	401		$	0		$	0
Premiums Received on Written Options	$	0		$	235		$	648		$	283		$	1,189

12 PIMCO Variable Insurance Trust See Accompanying Notes

Statements of Operations

Six Months Ended June 30, 2006 (Unaudited)	All Asset Portfolio			Foreign Bond Portfolio (U.S. Dollar- Hedged)			Global Bond Portfolio (Unhedged)			High Yield Portfolio			Low Duration Portfolio
Investment Income:
Interest, net of foreign taxes	$	14		$	1,083		$	2,551		$	17,337		$	12,579
Dividends, net of foreign taxes		0			21			19			92			20
Dividends from Affiliate investments		7,717			0			0			0			0
Miscellaneous income		0			1			1			595			5
Total Income		7,731			1,105			2,571			18,024			12,604
Expenses:
Investment advisory fees		337			64			147			579			686
Administration fees		422			127			295			811			686
Servicing fees - Administrative Class		190			38			89			347			394
Distribution and/or serving fee - Class M		152			0			0			0			0
Distribution and/or servicing fees - Advisor Class		21			0			0			0			0
Trustees’ fees		0			0			1			3			3
Interest expense		1			0			0			3			0
Miscellaneous expense		10			0			0			0			0
Total Expenses		1,133			229			532			1,743			1,769
Net Investment Income		6,598			876			2,039			16,281			10,835
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		0			(234	)		(598	)		1,981			(1,479	)
Net realized (loss) on Affiliate investments		(3,155	)		0			0			0			0
Net realized gain (loss) on futures contracts, options and swaps		0			(201	)		(446	)		350			1,174
Net realized gain (loss) on foreign currency transactions		0			(858	)		1,865			(199	)		(1,885	)
Net change in unrealized appreciation (depreciation) on investments		0			(310	)		(827	)		(10,574	)		(2,194	)
Net change in unrealized (depreciation) on Affiliate investments		(7,231	)		0			0			0			0
Net change in unrealized appreciation (depreciation) on futures contracts, options and swaps		0			522			691			(769	)		(5,438	)
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		0			(150	)		(162	)		(282	)		2,742
Net Gain (Loss)		(10,386	)		(1,231	)		523			(9,493	)		(7,080	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(3,788	)	$	(355	)	$	2,562		$	6,788		$	3,755

See Accompanying Notes Semiannual Report June 30, 2006 13

Statements of Changes in Net Assets

	All Asset Portfolio						Foreign Bond Portfolio (U.S. Dollar-Hedged)
(Amounts in Thousands)	Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005			Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	6,598		$	16,918		$	876		$	1,202
Net realized gain (loss)		0			0			(1,293	)		2,973
Net realized gain (loss) on Affiliate investments		(3,155	)		1,306			0			0
Net capital gain distributions received from Underlying PIMCO Funds		0			712			0			0
Net change in unrealized appreciation (depreciation)		0			0			62			(1,986	)
Net change in unrealized depreciation on Affiliate investments		(7,231	)		(3,656	)		0			0
Net increase (decrease) resulting from operations		(3,788	)		15,280			(355	)		2,189
Distributions to Shareholders:
From net investment income
Institutional Class		0			0			0			0
Administrative Class		(5,038	)		(9,080	)		(777	)		(1,087	)
Advisor Class		(632	)		(160	)		0			0
Class M		(1,232	)		(2,166	)		0			0
From net realized capital gains
Institutional Class		0			0			0			0
Administrative Class		0			(735	)		0			(365	)
Advisor Class		0			(22	)		0			0
Class M		0			(198	)		0			0
Total Distributions		(6,902	)		(12,361	)		(777	)		(1,452	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		10			0			0			0
Administrative Class		33,411			166,191			9,424			17,519
Advisor Class		58,213			7,545			0			0
Class M		11,550			54,317			0			0
Issued as reinvestment of distributions
Institutional Class		0			0			0			0
Administrative Class		5,038			9,815			777			1,452
Advisor Class		632			182			0			0
Class M		1,232			2,364			0			0
Cost of shares redeemed
Institutional Class		0			0			0			0
Administrative Class		(48,154	)		(29,204	)		(4,459	)		(8,208	)
Advisor Class		(431	)		(208	)		0			0
Class M		(12,991	)		(8,152	)		0			0
Net increase (decrease) resulting from Portfolio share transactions		48,510			202,850			5,742			10,763
Total Increase (Decrease) in Net Assets		37,820			205,769			4,610			11,500
Net Assets:
Beginning of period		326,308			120,539			49,654			38,154
End of period*	$	364,128		$	326,308		$	54,264		$	49,654
*Including undistributed (overdistributed) net investment income of:	$	6,814		$	7,118		$	600		$	501

14 PIMCO Variable Insurance Trust See Accompanying Notes

Global Bond Portfolio (Unhedged)						High Yield Portfolio						Low Duration Portfolio
Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005			Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005			Six Months Ended June 30, 2006 (Unaudited)			Year Ended December 31, 2005
$	2,039		$	1,678		$	16,281		$	27,561		$	10,835		$	10,648
	821			(3,310	)		2,132			4,638			(2,190	)		(3,618	)
	0			0			0			0			0			0
	0			0			0			0			0			0
	(298	)		(2,270	)		(11,625	)		(14,899	)		(4,890	)		(2,598	)
	0			0			0			0			0			0
	2,562			(3,902	)		6,788			17,300			3,755			4,432
	0			0			(29	)		(37	)		(467	)		(513	)
	(1,881	)		(1,572	)		(16,515	)		(27,841	)		(10,469	)		(10,349	)
	0			0			0			0			0			0
	0			0			0			0			0			0
	0			0			0			0			0			(48	)
	0			(1,301	)		0			0			0			(1,196	)
	0			0			0			0			0			0
	0			0			0			0			0			0
	(1,881	)		(2,873	)		(16,544	)		(27,878	)		(10,936	)		(12,106	)
	10			0			360			336			10,012			10,460
	55,471			63,454			62,810			167,640			184,037			239,555
	0			0			0			0			0			0
	0			0			10			0			10			0
	0			0			29			37			467			561
	1,881			2,873			16,529			27,827			10,471			11,545
	0			0			0			0			0			0
	0			0			0			0			0			0
	0			0			(12	)		(25	)		(2,796	)		(4,836	)
	(14,460	)		(7,033	)		(80,878	)		(138,029	)		(50,338	)		(66,805	)
	0			0			0			0			0			0
	0			0			0			0			0			0
	42,902			59,294			(1,152	)		57,786			151,863			190,480
	43,583			52,519			(10,908	)		47,208			144,682			182,806
	94,214			41,695			461,613			414,405			476,769			293,963
$	137,797		$	94,214		$	450,705		$	461,613		$	621,451		$	476,769
$	(1,174	)	$	(1,332	)	$	(507	)	$	(244	)	$	680		$	781

See Accompanying Notes Semiannual Report June 30, 2006 15

Schedule of Investments  All Asset Portfolio (a) June 30, 2006 (Unaudited)

			VALUE
	SHARES		(000S)
PIMCO FUNDS (b) 99.5%
CommodityRealReturn Strategy Fund®	639,133	$	9,395
Convertible Fund	99,294		1,240
Developing Local Markets Fund	2,967,035		30,946
Diversified Income Fund	95,839		1,031
Emerging Markets Bond Fund	1,908,223		20,552
Floating Income Fund	2,936,807		30,396
Foreign Bond Fund (Unhedged)	81,715		833
Fundamental IndexPLUS® Fund	162,512		1,666
Fundamental IndexPLUS® TR Fund	780,708		7,823
GNMA Fund	249,029		2,670
High Yield Fund	1,318,660		12,554
International StocksPLUS® TR Strategy Fund	1,888,909		22,025
Long-Term U.S. Government Fund	2,636,612		26,893
Low Duration Fund	304,426		2,993
Real Return Asset Fund	9,461,298		103,412
Real Return Fund	6,131,194		65,726
RealEstateRealReturn Strategy Fund	202,957		1,756
Short-Term Fund	994		10
StocksPLUS® Fund	7,084		72
StocksPLUS® Total Return Fund	148,481		1,679
Total Return Fund	1,477,051		15,036
Total Return Mortgage Fund	346,837		3,586
Total PIMCO Funds (Cost $371,688)			362,294

SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENT 0.5%
State Street Bank
4.900% due 07/03/2006	$	1,781	$		1,781
(Dated 06/30/2006. Collateralized by Federal Home Loan Bank 4.875% due 02/15/2007 valued at $1,819. Repurchase proceeds are $1,782.)
Total Short-Term Instruments (Cost $1,781)					1,781
Total Investments 100.0% (Cost $373,469)			$	$	364,075
Other Assets and Liabilities (Net) 0.0%					53
Net Assets 100.0%			$		364,128

Notes to Schedule of Investments:

(a) The All Asset Portfolio is investing in shares of affiliated Funds.

(b) Institutional Class of each PIMCO Funds.

16 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Foreign Bond Portfolio (U.S. Dollar-Hedged) June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
AUSTRALIA 0.0%
Medallion Trust
5.275% due 07/12/2031	$	14	$	14
Total Australia (Cost $14)				14
AUSTRIA (j) 1.0%
Austria Government Bond
5.250% due 01/04/2011	EUR	300		406
3.800% due 10/20/2013		100		127
Total Austria (Cost $441)				533
CAYMAN ISLANDS 0.8%
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049	$	200		193
Vita Capital Ltd.
6.340% due 01/01/2007		250		251
Total Cayman Islands (Cost $450)				444
DENMARK 0.0% (j)
Nykredit Realkredit A/S
6.000% due 10/01/2029	DKK	67		12
Total Denmark (Cost $7)				12
FRANCE 1.8% (j)
France Government Bond
4.000% due 10/25/2009	EUR	30		39
5.500% due 04/25/2010		110		149
5.750% due 10/25/2032		500		779
Total France (Cost $961)				967
GERMANY (j) 16.2%
Amadeus Global Travel Distribution S.A.
5.549% due 04/08/2013	EUR	50		65
6.049% due 04/08/2014		50		65
Haus Ltd.
3.169% due 12/14/2037		48		57
Landesbank Baden-Wurttemberg
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		1,400		1,886
5.250% due 01/04/2011		300		406
6.250% due 01/04/2024		600		955
6.500% due 07/04/2027		590		981
5.625% due 01/04/2028		2,650		3,999
4.750% due 07/04/2028		30		41
5.500% due 01/04/2031		100		150
4.750% due 07/04/2034		100		137
Total Germany (Cost $7,989)				8,794
ITALY (j) 1.7%
Italy Buoni Poliennali Del Tesoro
4.500% due 05/01/2009	EUR	360		470
4.250% due 11/01/2009		60		78
5.500% due 11/01/2010		110		150
Seashell Securities PLC
3.079% due 10/25/2028		100		126
Telecom Italia SpA
5.625% due 02/01/2007		70		91
Total Italy (Cost $864)				915

JAPAN (j) 10.7%
Bank of Tokyo-Mitsubishi UFJ Ltd.
3.500% due 12/16/2015	EUR	100	123
Japan Finance Corp. for Municipal Enterprises
5.875% due 03/14/2011	$	80	81
Japan Government Bond
0.700% due 09/20/2008	JPY	10,000	87
1.500% due 03/20/2014		90,000	772
1.600% due 06/20/2014		240,000	2,068
1.600% due 09/20/2014		60,000	516
2.300% due 05/20/2030		10,000	85
2.400% due 03/20/2034		20,000	172
2.300% due 06/20/2035		70,000	585
2.500% due 09/20/2035		140,000	1,221
Sumitomo Mitsui Banking Corp.
5.625% due 07/29/2049	$	100	93
Total Japan (Cost $6,197)			5,803
SPAIN (j) 8.0%
Santander U.S. Debt S.A. Unipersonal
5.220% due 02/06/2009	$	200	200
Spain Government Bond
5.150% due 07/30/2009	EUR	1,210	1,611
4.000% due 01/31/2010		100	129
4.400% due 01/31/2015		1,800	2,361
Total Spain (Cost $4,081)			4,301
UNITED KINGDOM (j) 6.9%
Lloyds TSB Bank PLC
5.625% due 07/15/2049	EUR	40	53
5.438% due 11/29/2049	$	100	89
United Kingdom Gilt
5.000% due 03/07/2008	GBP	100	186
4.750% due 06/07/2010		600	1,108
5.000% due 03/07/2012		500	936
4.750% due 09/07/2015		700	1,297
Vodafone Group PLC
5.560% due 06/29/2007	$	100	100
Total United Kingdom (Cost $3,736)			3,769
UNITED STATES (j) 29.5%
ASSET-BACKED SECURITIES 3.1%
AAA Trust
5.422% due 04/25/2035	$	26	26
Amortizing Residential Collateral Trust
5.672% due 10/25/2031		4	4
5.612% due 07/25/2032		1	1
Amresco Residential Securities Mortgage Loan Trust
6.262% due 06/25/2029		2	2
Argent Securities, Inc.
5.442% due 02/25/2036		192	192
Capital One Auto Finance Trust
5.117% due 05/15/2007		82	82
Centex Home Equity
5.372% due 06/25/2036		194	194
CS First Boston Mortgage Securities Corp.
5.632% due 01/25/2032		3	3
First Alliance Mortgage Loan Trust
5.497% due 12/20/2027		3	3
First Franklin Mortgage Loan Asset-Backed Certificates
5.731% due 02/25/2034		9	9

GSR Mortgage Loan Trust
5.422% due 12/25/2030	$	148	$	148
IXIS Real Estate Capital Trust
5.382% due 08/25/2036		97		97
Morgan Stanley Home Equity Loans
5.392% due 02/25/2036		267		267
Novastar Home Equity Loan
5.597% due 04/25/2028		5		5
Quest Trust
5.882% due 06/25/2034		31		31
Residential Asset Mortgage Products, Inc.
5.662% due 09/25/2033		1		1
5.402% due 10/25/2036		180		181
Residential Asset Securities Corp.
5.592% due 04/25/2032		10		10
5.572% due 07/25/2032		14		14
SACO I, Inc.
5.382% due 05/25/2036		88		88
Securitized Asset-Backed Receivables LLC Trust
5.382% due 03/25/2036		180		180
SLM Student Loan Trust
5.120% due 07/25/2013		57		57
5.110% due 01/26/2015		79		79
Soundview Home Equity Loan Trust
5.492% due 04/25/2035		25		25
Structured Asset Securities Corp.
5.371% due 01/25/2033		4		4
				1,703
CORPORATE BONDS & NOTES 4.6%
Bear Stearns Cos., Inc.
5.356% due 01/31/2011		200		200
Charter One Bank N.A.
5.157% due 04/24/2009		250		250
CIT Group, Inc.
5.259% due 02/21/2008		100		100
Citigroup, Inc.
5.520% due 12/26/2008		100		100
CMS Energy Corp.
8.900% due 07/15/2008		100		104
7.500% due 01/15/2009		100		102
ConocoPhillips Australia Funding Co.
5.128% due 04/09/2009		200		200
HSBC Finance Corp.
5.500% due 01/19/2016		200		191
JP Morgan & Co., Inc.
8.019% due 02/15/2012		10		10
KFW International Finance, Inc.
1.750% due 03/23/2010	JPY	11,000		98
Mizuho Preferred Capital Co. LLC
8.790% due 12/29/2049	$	100		105
Morgan Stanley
5.276% due 02/09/2009		200		200
Oracle Corp. & Ozark Holding, Inc.
5.280% due 01/13/2009		100		100
SB Treasury Co. LLC
9.400% due 12/29/2049		100		106
Toyota Motor Credit Corp.
5.140% due 10/12/2007		100		100
Unicredito Italiano
5.231% due 12/03/2007		100		100
5.307% due 12/13/2007		100		100

See Accompanying Notes Semiannual Report June 30, 2006 17

Schedule of Investments    Foreign Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
US Bancorp
5.371% due 04/28/2009	$	100	$	100
Wachovia Bank N.A.
5.489% due 03/23/2009		250		250
				2,516
MORTGAGE-BACKED SECURITIES 7.3%
Banc of America Commercial Mortgage, Inc.
4.772% due 07/11/2043		250		244
Banc of America Mortgage Securities
5.000% due 05/25/2034		204		199
Commercial Mortgage Asset Trust
6.975% due 01/17/2032		100		106
Countrywide Alternative Loan Trust
5.291% due 02/25/2036		288		288
5.602% due 02/25/2036		194		195
Countrywide Home Loan Mortgage Pass-Through Trust
5.652% due 02/25/2035		54		55
5.642% due 03/25/2035		397		398
5.552% due 05/25/2035		201		200
CS First Boston Mortgage Securities Corp.
6.500% due 04/25/2033		11		11
5.872% due 08/25/2033		13		13
CSAB Mortgage-Backed Trust
5.423% due 06/25/2036		94		94
First Horizon Asset Securities, Inc.
6.250% due 08/25/2017		90		89
GMAC Commercial Mortgage Securities, Inc.
6.420% due 05/15/2035		93		94
GMAC Mortgage Corp. Loan Trust
5.500% due 09/25/2034		131		129
Indymac Index Mortgage Loan Trust
5.402% due 06/25/2046		194		194
Mellon Residential Funding Corp.
5.639% due 12/15/2030		62		62
MLCC Mortgage Investors, Inc.
5.579% due 03/15/2025		23		23
Residential Accredit Loans, Inc.
5.532% due 03/25/2046		299		299
Sequoia Mortgage Trust
5.567% due 08/20/2032		30		30
Structured Asset Mortgage Investments, Inc.
5.542% due 09/19/2032		41		41
5.582% due 09/19/2032		26		26
5.602% due 03/19/2034		52		52
5.542% due 09/25/2035		300		300
Washington Mutual, Inc.
5.592% due 12/25/2027		95		95
5.121% due 10/25/2032		5		5
5.009% due 02/27/2034		32		32
5.632% due 12/25/2044		59		59
5.552% due 04/25/2045		65		65
5.123% due 06/25/2046		198		198
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036		288		285
5.240% due 05/25/2036		92		91
				3,972
MUNICIPAL BONDS & NOTES 0.4%
Illinois State Educational Facilities Authority Revenue Bonds, Series 2003
5.000% due 07/01/2033		100		102

Lower Colorado River, Texas Authority Revenue Notes, (FSA Insured), Series 2003
5.000% due 05/15/2023	$	100	$	102
				204
		SHARES
PREFERRED STOCK 1.3%
DG Funding Trust
7.210% due 12/31/2049		65		686
		PRINCIPAL AMOUNT (000S)
U.S. GOVERNMENT AGENCIES 8.2%
Fannie Mae
4.192% due 11/01/2034	$	414		406
4.681% due 02/25/2036		100		97
4.964% due 12/01/2034		59		58
5.000% due 09/01/2018 - 07/13/2036 (c)		629		591
5.211% due 10/01/2044		193		194
5.442% due 03/25/2034		64		64
5.472% due 08/25/2034		60		60
5.500% due 11/01/2016 - 02/01/2035 (c)		1,996		1,929
5.672% due 09/25/2042		100		101
6.000% due 07/25/2044		64		64
Freddie Mac
5.211% due 10/25/2044		193		195
6.103% due 02/01/2029		34		35
6.530% due 11/26/2012		300		302
Government National Mortgage Association
4.375% due 04/20/2028 - 06/20/2030 (c)		32		32
Tennessee Valley Authority
4.875% due 12/15/2016		300		300
				4,428
U.S. TREASURY OBLIGATIONS 4.6%
Treasury Inflation Protected Securities (b)
2.000% due 07/15/2014		321		309
3.625% due 04/15/2028		125		148
U.S. Treasury Bond
8.875% due 02/15/2019		100		133
8.125% due 08/15/2019		300		380
7.875% due 02/15/2021		200		252
8.125% due 05/15/2021		400		515
6.250% due 08/15/2023		200		221
U.S. Treasury Note
4.625% due 02/29/2008		400		396
4.250% due 08/15/2013		100		95
U.S. Treasury Strip
0.000% due 11/15/2021 (a)		100		44
				2,493
Total United States (Cost $16,317)				16,002
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.2%
1-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.190% Exp. 05/09/2007	$	61,400		62
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 4.500% Exp. 10/18/2006		2,300		0

Strike @ 4.750% Exp. 08/07/2006	$	4,700	$	0
Strike @ 5.080% Exp. 04/19/2007		4,600		7
Strike @ 5.150% Exp. 05/08/2007		4,700		9
Strike @ 5.130% Exp. 10/25/2006		2,300		1
Strike @ 5.200% Exp. 05/09/2007		3,300		7
30-Year Interest Rate Swap (OTC) Receive 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.750% Exp. 04/27/2009		200		12
U.S. dollar versus Japanese Yen (OTC)
Strike @ JPY117.000 Exp. 12/11/2006		370		3
		#OF CONTRACTS
U.S. Treasury 30-Year Bond September Futures (CBOT)
Strike @ $108.000 Exp. 08/25/2006		9		5
Total Purchased Call Options (Cost $224)				106
		NOTIONAL AMOUNT (000S)
PURCHASED PUT OPTIONS 0.0%
30-Year Interest Rate Swap (OTC) Receive 3-Month USD-LIBOR Floating Rate Index
Strike @ 6.250% Exp. 04/27/2009	$	200		8
		#OF CONTRACTS
U.S. Treasury 30-Year Bond September Futures (CBOT)
Strike @ $103.000 Exp. 08/25/2006		9		2
Total Purchased Put Options (Cost $20)				10
		NOTIONAL AMOUNT (000S)
PURCHASED STRADDLE OPTIONS 0.0%
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle
Strike @ $0.000 (f) Exp. 08/23/2007	$	5,000		3
Total Purchased Straddle Options (Cost $0)				3
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 31.0%
CERTIFICATES OF DEPOSIT 0.6%
Countrywide Bank N.A.
5.209% due 09/15/2006	$	300		300
COMMERCIAL PAPER 29.0%
Abbey National N.A. LLC
5.100% due 07/05/2006		1,400		1,400
Danske Corp.
5.280% due 07/17/2006		800		798
4.955% due 07/20/2006		800		798
Dexia Delaware LLC
5.275% due 07/05/2006		1,400		1,400
DnB NORBank ASA
4.990% due 08/18/2006		1,400		1,391

18 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
Fannie Mae
4.958% due 09/13/2006	$	400	$	395
HBOS Treasury Services PLC
4.940% due 07/13/2006		900		899
5.100% due 08/25/2006		600		595
Nordea N.A., Inc.
5.090% due 08/24/2006		300		298
5.180% due 09/08/2006		900		890
Societe Generale N.A.
5.260% due 07/05/2006		600		600
4.985% due 08/22/2006		1,000		993
Spintab AB
5.120% due 08/01/2006		800		797
Svenska Handelsbanken, Inc.
4.890% due 07/06/2006		1,400		1,399
Time Warner Telecom, Inc.
5.240% due 09/19/2006		100		99
Total Captial S.A.
5.270% due 07/03/2006		400		400
UBS Finance Delaware LLC
4.930% due 07/10/2006		600		599
5.225% due 08/08/2006		1,000		995

Westpac Trust Securities NZ Ltd.
4.960% due 07/20/2006	$	1,000	$	998
				15,744
REPURCHASE AGREEMENT 0.8%
State Street Bank
4.900% due 07/03/2006		413		413
(Dated 06/30/2006. Collateralized by Freddie Mac 2.750% due 02/09/2007 valued at $423. Repurchase proceeds are $413.)
U.S. TREASURY BILLS 0.6%
4.794% due 08/31/2006 -09/14/2006 (c)(e)		355		351
Total Short-Term Instruments (Cost $16,810)				16,808
Total Investments (d) 107.8% (Cost $58,111)			$	58,481
Written Options (h) (0.2%) (Premiums $235)				(90)
Other Assets and Liabilities (Net) (7.6%)				(4,127)
Net Assets 100.0%			$	54,264

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

(a) Principal only 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) As of June 30, 2006, portfolio securities with an aggregate market value of $681 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(e) Securities with an aggregate market value of $351 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar June Futures	Long	06/2007	40	$	(26	)
Euro-Bobl 5-Year Note September Futures	Long	09/2006	2		(1	)
Euro-Bund 10-Year Note September Futures	Long	09/2006	53		(40	)
Japan Government 10-Year Note September Futures	Long	09/2006	13		(9	)
U.S. Treasury 5-Year Note September Futures	Long	09/2006	17		(11	)
U.S. Treasury 10-Year Note September Futures	Long	09/2006	19		(13	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2006	3		(2	)
				$	(102	)
(f) Exercise price and premium determined on a future date, based upon implied volatility parameters.
(g) Swap agreements outstanding on June 30, 2006:

Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Citibank N.A.	6-month Australian Bank Bill	Pay	6.000%	06/15/2010	AUD	700	$	(8	)
Citibank N.A.	6-month Australian Bank Bill	Receive	6.000%	06/15/2015		400		7
Deutsche Bank AG	6-month Australian Bank Bill	Pay	6.000%	12/15/2011		500		(2	)
Deutsche Bank AG	6-month Australian Bank Bill	Receive	6.000%	12/15/2016		300		2
HSBC Bank USA	6-month Australian Bank Bill	Pay	6.000%	12/15/2011		300		(1	)
HSBC Bank USA	6-month Australian Bank Bill	Receive	6.000%	12/15/2016		200		1
UBS Warburg LLC	6-month Australian Bank Bill	Pay	6.000%	06/15/2010		2,700		(41	)
UBS Warburg LLC	6-month Australian Bank Bill	Receive	6.000%	06/15/2015		1,500		34
Bank of America	3-month Canadian Bank Bill	Receive	5.500%	12/16/2014	CAD	500		6
Royal Bank of Canada	3-month Canadian Bank Bill	Receive	5.000%	06/15/2015		200		2

See Accompanying Notes Semiannual Report June 30, 2006 19

Schedule of Investments    Foreign Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
BNP Paribas Bank	6-month EUR-LIBOR	Pay	6.000%	06/18/2034	EUR	100	$	1
Citibank N.A.	6-month EUR-LIBOR	Receive	5.000%	06/17/2012		200		11
Citibank N.A.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014		1,280		85
Citibank N.A.	6-month EUR-LIBOR	Receive	4.500%	06/17/2015		100		6
Citibank N.A.	6-month EUR-LIBOR	Pay	6.000%	06/18/2034		100		(10	)
Deutsche Bank AG	6-month EUR-LIBOR	Receive	4.000%	12/15/2011		200		0
Goldman Sachs & Co.	6-month EUR-LIBOR	Pay	4.000%	06/17/2010		200		(2	)
Goldman Sachs & Co.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014		600		(1	)
HSBC Bank USA	6-month EUR-LIBOR	Receive	4.000%	12/15/2014		200		6
J.P. Morgan Chase & Co.	6-month EUR-LIBOR	Pay	4.000%	06/17/2010		200		(8	)
J.P. Morgan Chase & Co.	6-month EUR-LIBOR	Receive	5.000%	06/17/2012		100		5
Lehman Brothers, Inc.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014		400		27
Merrill Lynch & Co., Inc.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014		2,600		171
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Pay	4.000%	06/17/2010		100		(4	)
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Receive	4.000%	12/15/2011		2,000		15
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014		300		18
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Receive	4.500%	06/17/2015		400		44
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Pay	6.000%	06/18/2034		1,100		(4	)
UBS Warburg LLC	6-month EUR-LIBOR	Pay	4.000%	06/17/2010		200		(9	)
Barclays Bank PLC	6-month GBP-LIBOR	Pay	5.000%	09/15/2010	GBP	2,800		(67	)
Barclays Bank PLC	6-month GBP-LIBOR	Receive	5.000%	09/15/2015		500		4
Barclays Bank PLC	6-month GBP-LIBOR	Pay	5.000%	06/18/2034		200		(4	)
Deutsche Bank AG	6-month GBP-LIBOR	Pay	5.000%	06/15/2009		1,800		2
Deutsche Bank AG	6-month GBP-LIBOR	Receive	5.000%	09/15/2015		300		10
Deutsche Bank AG	6-month GBP-LIBOR	Receive	4.250%	06/12/2036		100		8
Goldman Sachs & Co.	6-month GBP-LIBOR	Receive	4.250%	06/12/2036		600		11
HSBC Bank USA	6-month GBP-LIBOR	Pay	5.000%	09/15/2010		1,400		(34	)
Merrill Lynch & Co., Inc.	6-month GBP-LIBOR	Pay	5.000%	09/15/2010		1,000		(24	)
Morgan Stanley Dean Witter & Co.	6-month GBP-LIBOR	Pay	5.000%	09/15/2015		300		(1	)
Goldman Sachs & Co.	3-month HKD-HIBOR	Receive	4.235%	12/17/2008	HKD	7,100		16
Barclays Bank PLC	6-month JPY-LIBOR	Receive	2.000%	12/15/2015	JPY	30,000		3
Deutsche Bank AG	6-month JPY-LIBOR	Pay	1.000%	03/18/2008		100,000		0
Deutsche Bank AG	6-month JPY-LIBOR	Receive	2.000%	12/15/2015		50,000		4
Goldman Sachs & Co.	6-month JPY-LIBOR	Pay	1.000%	03/18/2008		400,000		(2	)
Goldman Sachs & Co.	6-month JPY-LIBOR	Receive	2.020%	05/18/2010		17,000		(4	)
Goldman Sachs & Co.	6-month JPY-LIBOR	Receive	1.300%	09/21/2011		40,000		5
Goldman Sachs & Co.	6-month JPY-LIBOR	Receive	2.000%	12/15/2015		350,000		19
Merrill Lynch & Co., Inc.	6-month JPY-LIBOR	Receive	2.000%	12/15/2015		50,000		4
Morgan Stanley Dean Witter & Co.	6-month JPY-LIBOR	Receive	2.000%	12/20/2013		130,000		14
Morgan Stanley Dean Witter & Co.	6-month JPY-LIBOR	Receive	2.000%	12/15/2015		420,000		29
UBS Warburg LLC	6-month JPY-LIBOR	Receive	0.800%	03/20/2012		50,000		4
UBS Warburg LLC	6-month JPY-LIBOR	Receive	2.000%	12/20/2013		190,000		28
Bank of America	3-month USD-LIBOR	Receive	5.000%	12/20/2016	$	200		2
Bank of America	3-month USD-LIBOR	Pay	5.000%	12/20/2036		500		(5	)
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016		1,200		15
J.P. Morgan Chase & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2011		400		(1	)
J.P. Morgan Chase & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016		100		1
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/20/2011		500		(4	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Receive	5.000%	12/20/2013		4,700		55
Lehman Brothers, Inc.	3-month USD-LIBOR	Receive	5.000%	12/20/2016		800		10
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/20/2036		500		(5	)
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016		1,900		23
Royal Bank of Scotland PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2011		2,600		(23	)
							$	444

Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
Merrill Lynch & Co., Inc.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.410%	06/20/2007	$	100	$	0
UBS Warburg LLC	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Receive	5.000%	12/20/2026		900		1
							$	1
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

20 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

(h) Written options outstanding on June 30, 2006:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price	Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$      106.000	08/25/2006	15	$	9	$	4
Put - CBOT U.S. Treasury 10-Year Note September Futures	103.000	08/25/2006	15		5		2
				$	14	$	6

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	4.780%	08/07/2006	$	2,000	$	16	$	0
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		1,000		4		1
Call - OTC 5-Year Interest Rate Swap	J.P. Morgan Chase & Co.	3-month USD-LIBOR	Receive	4.560%	10/18/2006		1,000		10		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.220%	04/19/2007		2,000		16		9
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.280%	05/08/2007		2,000		18		11
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.315%	05/09/2007		13,700		127		82
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.315%	05/09/2007		1,400		13		8
								$	204	$	111
Straddle Options
Description		Counterparty		Exercise Price*	Expiration Date	Notional Amount		Premium*		Value
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle		Goldman Sachs & Co.		$ 0.000	08/23/2007	$	4,600	$	17	$	(27	)
* Exercise price and final premium determined on a future date, based upon implied volatility parameters.

(i) Short sales outstanding on June 30, 2006:
Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value
Fannie Mae	5.500%	07/13/2036	$	400	$	387	$	384

See Accompanying Notes Semiannual Report June 30, 2006 21

Schedule of Investments  Foreign Bond Portfolio (U.S. Dollar-Hedged) (Cont.)

(j) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	30	07/2006	$	1	$	0		$	1
Sell		30	07/2006		0		0			0
Buy		31	08/2006		1		0			1
Buy		30	09/2006		0		0			0
Buy	CLP	4,000	07/2006		0		0			0
Sell		4,000	07/2006		0		0			0
Buy		6,033	08/2006		0		0			0
Buy		4,000	09/2006		0		0			0
Buy	CNY	3,712	05/2007		0		(5	)		(5	)
Sell	DKK	178	09/2006		0		0			0
Buy	EUR	21	07/2006		0		0			0
Sell		8,583	07/2006		0		(198	)		(198	)
Buy	GBP	60	07/2006		1		0			1
Sell		1,817	07/2006		0		(13	)		(13	)
Buy	HKD	475	07/2006		0		0			0
Sell		475	07/2006		0		0			0
Buy		475	09/2006		0		0			0
Buy	JPY	12,529	07/2006		0		0			0
Sell		507,968	07/2006		25		0			25
Buy		3,912	08/2006		0		0			0
Buy	KRW	13,000	07/2006		0		0			0
Sell		13,000	07/2006		0		0			0
Buy		98,732	08/2006		2		0			2
Buy		41,181	09/2006		1		0			1
Buy	MXN	277	08/2006		0		(2	)		(2	)
Buy		68	09/2006		0		0			0
Buy	NZD	29	08/2006		0		0			0
Buy	PEN	51	08/2006		0		0			0
Sell		51	08/2006		0		0			0
Buy	PLN	34	08/2006		0		(1	)		(1	)
Buy		15	09/2006		0		0			0
Buy		32	11/2006		0		0			0
Buy	RUB	201	07/2006		0		0			0
Sell		200	07/2006		0		0			0
Buy		457	08/2006		1		0			1
Buy		200	09/2006		0		0			0
Buy	SGD	11	07/2006		0		0			0
Sell		11	07/2006		0		0			0
Buy		165	08/2006		0		(1	)		(1	)
Buy		11	09/2006		0		0			0
Buy	SKK	478	08/2006		0		0			0
Buy		362	09/2006		0		0			0
Buy	TWD	3,537	08/2006		0		(3	)		(3	)
Buy	ZAR	70	08/2006		0		(1	)		(1	)
				$	32	$	(224	)	$	(192	)

22 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments    Global Bond Portfolio (Unhedged) June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
BELGIUM (i) 0.6%
Belgium Government Bond
4.250% due 09/28/2014	EUR	600	$	780
Total Belgium (Cost $763)				780
BRAZIL 0.2%
Vale Overseas Ltd.
6.250% due 01/11/2016	$	300		287
Total Brazil (Cost $300)				287
CAYMAN ISLANDS (i) 0.6%
ASIF II
4.540% due 06/15/2007	CAD	200		179
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049	$	400		387
Vita Capital Ltd.
6.340% due 01/01/2007		250		251
Total Cayman Islands (Cost $811)				817
FRANCE (i) 1.1%
France Government Bond
6.500% due 04/25/2011	EUR	300		428
3.150% due 07/25/2032 (c)		108		171
5.750% due 10/25/2032		600		935
Total France (Cost $1,580)				1,534
GERMANY (i) 10.4%
Amadeus Global Travel Distribution S.A.
5.549% due 04/08/2013	EUR	50		65
6.049% due 04/08/2014		50		65
Republic of Germany
5.250% due 01/04/2011		1,100		1,488
4.250% due 01/04/2014		1,400		1,820
6.250% due 01/04/2024		600		955
6.500% due 07/04/2027		1,100		1,828
5.625% due 01/04/2028		3,550		5,357
4.750% due 07/04/2028		1,000		1,355
6.250% due 01/04/2030		400		654
5.500% due 01/04/2031		400		600
4.750% due 07/04/2034		100		137
Total Germany (Cost $14,046)				14,324
ITALY (i) 0.4%
Seashell Securities PLC
3.079% due 10/25/2028	EUR	50		63
Siena Mortgages SpA
3.191% due 12/16/2038		274		352
Telecom Italia SpA
5.625% due 02/01/2007		60		78
Total Italy (Cost $461)				493
JAPAN (i) 10.9%
Bank of Tokyo-Mitsubishi UFJ Ltd.
3.500% due 12/16/2015	EUR	100		123
Japan Government Bond
0.700% due 09/20/2008	JPY	20,000		174
1.000% due 09/20/2010		100,000		864
1.500% due 03/20/2011		620,000		5,453
1.600% due 09/20/2013		10,000		87
1.500% due 03/20/2014		50,000		429
1.600% due 06/20/2014		120,000		1,034
1.600% due 09/20/2014		240,000		2,064
2.300% due 05/20/2030		7,000		60
2.400% due 03/20/2034		130,000		1,116
2.300% due 06/20/2035		130,000		1,087
2.500% due 09/20/2035		280,000		2,442

Resona Bank Ltd.
5.850% due 09/29/2049	$	100	$	93
Sumitomo Mitsui Banking Corp.
5.625% due 07/29/2049		100		93
Total Japan (Cost $15,509)				15,119
MEXICO 0.1%
Pemex Project Funding Master Trust
5.750% due 12/15/2015	$	100		92
Total Mexico (Cost $97)				92
NETHERLANDS (i) 1.1%
Dutch Mortgage-Backed Securities BV
3.094% due 10/02/2079	EUR	1,000		1,285
Netherlands Government Bond
4.250% due 07/15/2013		200		260
Total Netherlands (Cost $1,479)				1,545
SPAIN (i) 5.9%
Banesto Banco de Emisiones
3.118% due 10/04/2006	EUR	100		128
Spain Government Bond
5.150% due 07/30/2009		900		1,198
4.750% due 07/30/2014		5,000		6,734
Total Spain (Cost $7,887)				8,060
UNITED KINGDOM (i) 13.2%
HBOS PLC
5.920% due 09/29/2049	$	200		185
Holmes Financing PLC
3.004% due 10/15/2009	EUR	100		128
3.024% due 07/25/2010		100		128
Paragon Mortgages PLC
3.309% due 03/15/2030		200		256
United Kingdom Gilt
5.000% due 03/07/2008	GBP	100		186
4.750% due 06/07/2010		7,520		13,881
5.000% due 03/07/2012		200		374
4.750% due 09/07/2015		1,500		2,779
Vodafone Group PLC
5.560% due 06/29/2007	$	300		300
Total United Kingdom (Cost $17,911)				18,217
UNITED STATES 38.7%
ASSET-BACKED SECURITIES 7.8%
AAA Trust
5.422% due 11/26/2035	$	26		26
Accredited Mortgage Loan Trust
5.216% due 09/25/2036		700		700
ACE Securities Corp.
5.432% due 10/25/2035		128		128
Aegis Asset-Backed Securities Trust
5.680% due 10/25/2034		53		53
Amortizing Residential Collateral Trust
5.672% due 10/25/2031		4		4
5.612% due 07/25/2032		1		1
Argent Securities, Inc.
5.442% due 10/25/2035		95		95
5.442% due 02/25/2036		575		575
Asset-Backed Funding Certificates
5.432% due 08/25/2035		25		26
Asset-Backed Securities Corp. Home Equity
5.432% due 11/25/2035		59		59

Bear Stearns Asset-Backed Securities, Inc.
5.532% due 07/25/2031	$	2	$	2
5.492% due 12/25/2042		15		15
Capital One Auto Finance Trust
5.117% due 05/15/2007		247		247
Carrington Mortgage Loan Trust
5.402% due 06/25/2035		18		18
5.442% due 09/25/2035		241		241
Centex Home Equity
5.412% due 06/25/2035		28		28
5.372% due 06/25/2036		582		582
Countrywide Asset-Backed Certificates
5.402% due 10/25/2035		12		12
5.160% due 07/25/2036		700		701
CS First Boston Mortgage Securities Corp.
5.632% due 01/25/2032		2		2
First Franklin Mortgage Loan Asset-Backed Certificates
5.731% due 02/25/2034		4		4
5.352% due 05/25/2036		587		587
GSAMP Trust
5.612% due 03/25/2034		71		72
Indymac Residential Asset-Backed Trust
5.000% due 08/25/2036		700		699
IXIS Real Estate Capital Trust
5.382% due 08/25/2036		291		291
Long Beach Mortgage Loan Trust
5.382% due 04/25/2036		461		461
Merrill Lynch Mortgage Investors, Inc.
5.422% due 06/25/2036		6		7
Morgan Stanley ABS Capital I
5.381% due 06/25/2036		600		600
Morgan Stanley Capital I
5.392% due 02/25/2036		513		513
Morgan Stanley Home Equity Loans
5.392% due 02/25/2036		533		534
Option One Mortgage Loan Trust
5.392% due 01/25/2036		487		488
Quest Trust
5.402% due 12/25/2035		128		128
Residential Asset Mortgage Products, Inc.
5.652% due 12/25/2033		3		3
5.402% due 02/25/2036		523		523
5.402% due 10/25/2036		433		433
Residential Asset Securities Corp.
5.422% due 05/25/2027		63		63
5.382% due 04/25/2036		192		192
SACO I, Inc.
5.432% due 07/25/2035		73		73
5.382% due 05/25/2036		262		262
Saxon Asset Securities Trust
5.592% due 01/25/2032		3		3
Securitized Asset-Backed Receivables LLC Trust
5.382% due 03/25/2036		541		541
Soundview Home Equity Loan Trust
5.492% due 04/25/2035		76		76
5.432% due 11/25/2035		127		127
Structured Asset Securities Corp.
5.722% due 05/25/2034		32		32
4.900% due 04/25/2035		71		68
5.432% due 11/25/2035		354		354
Truman Capital Mortgage Loan Trust
5.662% due 01/25/2034		41		41
				10,690

See Accompanying Notes Semiannual Report June 30, 2006 23

Schedule of Investments    Global Bond Portfolio (Unhedged) (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
CORPORATE BONDS & NOTES 6.5%
AT&T, Inc.
5.262% due 05/15/2008	$	600	$	600
Atlantic & Western Re Ltd.
11.508% due 01/09/2007		250		246
Boston Scientific Corp.
6.000% due 06/15/2011		200		198
6.400% due 06/15/2016		200		195
Charter One Bank N.A.
5.157% due 04/24/2009		1,000		1,001
CIT Group, Inc.
5.259% due 02/21/2008		300		300
5.404% due 05/23/2008		100		100
5.380% due 06/08/2009		500		500
Citigroup, Inc.
5.520% due 12/26/2008		200		200
CMS Energy Corp.
8.900% due 07/15/2008		200		209
7.500% due 01/15/2009		100		102
ConocoPhillips Australia Funding Co.
5.128% due 04/09/2009		500		501
Dominion Resources, Inc.
5.790% due 09/28/2007		100		100
General Electric Capital Corp.
5.429% due 06/15/2009		600		601
Harrah’s Operating Co., Inc.
5.760% due 02/08/2008		100		100
HJ Heinz Co.
6.428% due 12/01/2020		300		305
HSBC Finance Corp.
5.459% due 09/15/2008		100		100
5.504% due 06/19/2009		400		400
5.500% due 01/19/2016		200		191
Mizuho Preferred Capital Co. LLC
8.790% due 12/29/2049		100		105
Morgan Stanley
5.276% due 02/09/2009		500		501
Oracle Corp. & Ozark Holding, Inc.
5.280% due 01/13/2009		200		200
SB Treasury Co. LLC
9.400% due 12/29/2049		100		106
Tokai Preferred Capital Co. LLC
9.980% due 12/29/2049		200		215
Toyota Motor Credit Corp.
5.140% due 10/12/2007		400		400
Unicredito Italiano
5.231% due 12/03/2007		300		301
5.307% due 12/13/2007		400		400
US Bancorp
5.371% due 04/28/2009		300		300
Wachovia Bank N.A.
5.489% due 03/23/2009		500		500
				8,977
MORTGAGE-BACKED SECURITIES 8.3%
Banc of America Mortgage Securities
5.000% due 05/25/2034		272		265
Bear Stearns Commercial Mortgage Securities
5.404% due 03/15/2019		700		699
Countrywide Alternative Loan Trust
5.291% due 02/25/2036		479		480
5.602% due 02/25/2036		486		487
6.209% due 08/25/2036		700		704

Countrywide Home Loan Mortgage Pass-Through Trust
5.602% due 08/25/2034	$	35	$	35
5.702% due 09/25/2034		81		82
5.652% due 02/25/2035		54		55
5.642% due 03/25/2035		562		563
5.612% due 04/25/2035		54		54
5.552% due 05/25/2035		468		468
CS First Boston Mortgage Securities Corp.
6.500% due 04/25/2033		11		11
CSAB Mortgage-Backed Trust
5.422% due 06/25/2036		281		281
First Horizon Asset Securities, Inc.
6.250% due 08/25/2017		269		268
GE Capital Commercial Mortgage Corp.
4.229% due 12/10/2037		610		589
GMAC Commercial Mortgage Securities, Inc.
6.420% due 05/15/2035		93		94
GMAC Mortgage Corp. Loan Trust
5.500% due 09/25/2034		131		129
Greenpoint Mortgage Funding Trust
5.592% due 11/25/2045		67		67
GSR Mortgage Loan Trust
3.405% due 06/01/2034		107		106
4.541% due 09/25/2035		264		258
Harborview Mortgage Loan Trust
5.622% due 02/25/2034		34		34
Indymac Index Mortgage Loan Trust
5.402% due 06/25/2046		582		583
Lehman XS Trust
5.402% due 06/25/2036		700		701
5.402% due 04/25/2046		474		474
Mellon Residential Funding Corp.
5.639% due 12/15/2030		62		62
Nomura Asset Acceptance Corp.
5.050% due 10/25/2035		85		83
Residential Accredit Loans, Inc.
5.532% due 03/25/2046		598		599
Sequoia Mortgage Trust
5.567% due 08/20/2032		24		24
Structured Asset Mortgage Investments, Inc.
5.602% due 03/19/2034		52		52
5.542% due 07/19/2034		41		41
5.542% due 09/25/2035		599		600
Washington Mutual, Inc.
5.592% due 12/25/2027		142		142
5.121% due 10/25/2032		5		5
5.009% due 02/27/2034		21		21
5.410% due 08/25/2042		64		64
5.632% due 12/25/2044		59		59
5.642% due 01/25/2045		60		60
5.612% due 10/25/2045		170		171
5.592% due 12/26/2045		362		363
5.259% due 07/25/2046		700		699
Wells Fargo Mortgage-Backed Securities Trust
4.750% due 10/25/2018		258		248
4.950% due 03/25/2036		481		474
5.240% due 05/25/2036		184		183
				11,437
MUNICIPAL BONDS & NOTES 0.0%
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2004
5.000% due 02/01/2028		25		26

PREFERRED STOCK 0.4%
DG Funding Trust
7.210% due 12/31/2049		58	$	612
		PRINCIPAL AMOUNT (000S)
U.S. GOVERNMENT AGENCIES 8.7%
Fannie Mae
4.192% due 11/01/2034	$	414		406
4.401% due 10/01/2034		54		53
4.964% due 12/01/2034		59		58
5.000% due 11/01/2018 - 07/13/2036 (d)		896		850
5.442% due 03/25/2034		64		64
5.472% due 08/25/2034		60		60
5.500% due 10/01/2016 - 07/13/2036 (d)		5,534		5,337
5.572% due 08/25/2030		61		61
6.000% due 07/25/2044		129		128
Freddie Mac
5.211% due 10/25/2044		322		324
5.500% due 06/01/2035 - 07/13/2036 (d)		4,862		4,675
6.103% due 02/01/2029		33		34
Government National Mortgage Association
5.125% due 11/20/2024		8		9
				12,059
U.S. TREASURY OBLIGATIONS 7.0%
Treasury Inflation Protected Securities (c)
3.000% due 07/15/2012		112		115
2.000% due 01/15/2014		109		105
2.000% due 07/15/2014		214		206
U.S. Treasury Bonds
8.750% due 05/15/2017		100		129
8.875% due 02/15/2019		200		266
8.125% due 08/15/2019		100		127
8.125% due 05/15/2021		1,100		1,415
8.000% due 11/15/2021		600		768
7.125% due 02/15/2023		600		718
6.250% due 08/15/2023		3,800		4,192
U.S. Treasury Notes
4.625% due 02/29/2008		800		793
3.875% due 09/15/2010		30		29
4.250% due 08/15/2013		100		95
U.S. Treasury Strips
0.000% due 05/15/2017 (b)		430		245
0.000% due 08/15/2020 (b)		300		142
0.000% due 11/15/2021 (b)		600		265
				9,610
Total United States (Cost $54,215)				53,411
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.3%
1-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.190% Exp. 05/09/2007	$	171,200		174
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 4.500% Exp. 10/18/2006		4,700		0
Strike @ 4.750% Exp. 08/07/2006		4,700		0
Strike @ 5.080% Exp. 04/19/2007		4,600		7
Strike @ 5.150% Exp. 05/08/2007		23,300		45

24 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

		NOTIONAL
		AMOUNT		VALUE
		(000S)		(000S)
Strike @ 5.130% Exp. 10/25/2006	$	4,700	$	1
Strike @ 5.200% Exp. 05/09/2007		10,600		23
Strike @ 5.500% Exp. 06/29/2007		10,800		52
30-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 5.750% Exp. 04/27/2009		100		6
U.S. dollar versus Japanese Yen (OTC)
Strike @ JY117.000 Exp. 12/11/2006		740		5
Strike @ JY120.000 Exp. 12/11/2006		50		0
		#OF CONTRACTS
U.S. Treasury 30-Year Bond September Futures (CBOT)
Strike @ $108.000 Exp. 08/25/2006		23		14
Total Purchased Call Options (Cost $622)				327
		NOTIONAL AMOUNT (000S)
PURCHASED PUT OPTIONS 0.0%
30-Year Interest Rate Swap (OTC) Receive 3-Month USD-LIBOR Floating Rate Index
Strike @ 6.250% Exp. 04/27/2009	$	100		4
		# OF CONTRACTS
90-Day Eurodollar December Futures (CME)
Strike @ $91.750 Exp. 12/18/2006		161		1
U.S. Treasury 10-Year Note September Futures (CBOT)
Strike @ $98.000 Exp. 08/25/2006		100		2
U.S. Treasury 30-Year Bond September Futures (CBOT)
Strike @ $103.000 Exp. 08/25/2006		23		4
Total Purchased Put Options (Cost $25)				11

PURCHASED STRADDLE OPTIONS (j) 0.0%
Call & Put–OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle
Strike @ $0.000 Exp. 08/23/2007	$	6,000	$	3
Total Purchased Straddle Options (Cost $0)				3
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 23.2%
CERTIFICATES OF DEPOSIT 2.0%
Countrywide Bank N.A.
5.209% due 09/15/2006	$	700		700
Danske Corp.
4.980% due 07/26/2006		2,000		1,994
				2,694
COMMERCIAL PAPER 20.1%
Bank of Ireland
5.090% due 08/17/2006		2,800		2,782
BNP Paribas Finance
5.000% due 08/28/2006		3,300		3,274
CBA (de) Finance
5.080% due 08/21/2006		3,700		3,674
Dexia Delaware LLC
4.980% due 07/25/2006		1,800		1,795
5.065% due 08/18/2006		1,300		1,292
DnB NORBank ASA
4.990% due 08/18/2006		2,400		2,385
HBOS Treasury Services PLC
5.055% due 08/17/2006		3,100		3,080
Nordea N.A., Inc.
5.120% due 09/05/2006		3,500		3,468
5.180% due 09/08/2006		700		693
Societe Generale N.A.
5.055% due 08/15/2006		400		398
4.985% due 08/22/2006		1,500		1,490
Sumitomo Corp. of America
4.980% due 09/12/2006		200		198

Svenska Handelsbanken, Inc.
5.190% due 09/11/2006	$	2,900	$	2,871
Time Warner Telecom, Inc.
5.240% due 09/19/2006		300		297
				27,697
REPURCHASE AGREEMENT 0.5%
State Street Bank
4.900% due 07/03/2006		660		660
(Dated 06/30/2006. Collateralized by Freddie Mac 2.750% due 02/09/2007 valued at $676. Repurchase proceeds are $660.)
U.S. TREASURY BILLS 0.6%
4.748% due 08/31/2006 - 09/14/2006 (d)(e)		905		896
Total Short-Term Instruments (Cost $31,947)				31,947
Total Investments (a) (Cost $147,653) 106.7%			$	146,967
Written Options (g) (0.3%) (Premiums $648)				(358)
Other Assets and Liabilities (Net) (6.4%)				(8,812)
Net Assets 100.0%			$	137,797

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

(a) As of June 30, 2006, portfolio securities with an aggregate market value of $6,670 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(b) Principal 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 $649 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar June Futures	Long	06/2007	79	$	(51	)
Euro-Bobl 5-Year Note September Futures	Long	09/2006	8		(5	)
Euro-Bund 10-Year Note September Futures	Long	09/2006	68		(56	)
Euro-Bund 10-Year Note September Futures Put Option Strike @ EUR107.500	Long	09/2006	50		0
Japan Government 10-Year Note September Futures	Long	09/2006	19		(12	)
U.S. Treasury 5-Year Note September Futures	Long	09/2006	23		(14	)
U.S. Treasury 10-Year Note September Futures	Long	09/2006	87		(42	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2006	11		1
				$	(179	)

See Accompanying Notes Semiannual Report June 30, 2006 25

Schedule of Investments    Global Bond Portfolio (Unhedged) (Cont.)

(f) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date				Notional Amount	Unrealized Appreciation/ (Depreciation)
Citibank N.A.	6-month Australian Bank Bill	Pay	6.000%	06/15/2010		AUD		700	$	(8	)
Citibank N.A.	6-month Australian Bank Bill	Receive	6.000%	06/15/2015				400		7
Deutsche Bank AG	6-month Australian Bank Bill	Pay	6.000%	12/15/2011				3,900		(14	)
Deutsche Bank AG	6-month Australian Bank Bill	Receive	6.000%	12/15/2016				2,300		13
HSBC Bank USA	6-month Australian Bank Bill	Pay	6.000%	12/15/2011				3,100		(5	)
HSBC Bank USA	6-month Australian Bank Bill	Receive	6.000%	12/15/2016				1,800		6
UBS Warburg LLC	6-month Australian Bank Bill	Pay	6.000%	06/15/2010				2,800		(42	)
UBS Warburg LLC	6-month Australian Bank Bill	Receive	6.000%	06/15/2015				1,600		37
Bank of America	3-month Canadian Bank Bill	Receive	5.500%	12/16/2014		CAD		500		6
Merrill Lynch & Co., Inc.	3-month Canadian Bank Bill	Receive	5.500%	12/16/2014				700		14
Royal Bank of Canada	3-month Canadian Bank Bill	Receive	5.000%	06/15/2015				1,500		16
Barclays Bank PLC	6-month EUR-LIBOR	Receive	4.000%	06/17/2010		EUR		10		0
Barclays Bank PLC	6-month EUR-LIBOR	Receive	4.000%	12/15/2014				300		29
BNP Paribas Bank	6-month EUR-LIBOR	Pay	6.000%	06/18/2034				300		3
Citibank N.A.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014				460		30
Citibank N.A.	6-month EUR-LIBOR	Pay	6.000%	06/18/2034				200		(20	)
Deutsche Bank AG	6-month EUR-LIBOR	Receive	4.000%	12/15/2011				700		1
Deutsche Bank AG	6-month EUR-LIBOR	Pay	6.000%	06/18/2034			��	100		(2	)
J.P. Morgan Chase & Co.	6-month EUR-LIBOR	Receive	5.000%	06/17/2012				900		48
J.P. Morgan Chase & Co.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014				2,800		215
Lehman Brothers, Inc.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014				1,600		111
Merrill Lynch & Co., Inc.	6-month EUR-LIBOR	Pay	6.000%	06/18/2034				300		(2	)
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Receive	4.000%	12/15/2011				5,300		40
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Receive	4.000%	12/15/2014				2,300		148
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Receive	4.500%	06/17/2015				500		54
Morgan Stanley Dean Witter & Co.	6-month EUR-LIBOR	Pay	6.000%	06/18/2034				3,100		(8	)
UBS Warburg LLC	6-month EUR-LIBOR	Pay	4.000%	06/17/2010				200		(9	)
UBS Warburg LLC	6-month EUR-LIBOR	Pay	6.000%	06/18/2034				200		(4	)
Barclays Bank PLC	6-month GBP-LIBOR	Pay	5.000%	09/15/2010		GBP		3,400		(82	)
Barclays Bank PLC	6-month GBP-LIBOR	Receive	5.000%	09/15/2015				1,400		10
Deutsche Bank AG	6-month GBP-LIBOR	Pay	5.000%	06/15/2009				2,800		4
Deutsche Bank AG	6-month GBP-LIBOR	Receive	5.000%	09/15/2015				200		7
Deutsche Bank AG	6-month GBP-LIBOR	Receive	4.000%	12/15/2035				500		0
Deutsche Bank AG	6-month GBP-LIBOR	Receive	4.250%	06/12/2036				200		16
Goldman Sachs & Co.	6-month GBP-LIBOR	Receive	4.250%	06/12/2036				1,300		31
HSBC Bank USA	6-month GBP-LIBOR	Pay	5.000%	09/15/2010				400		(10	)
Merrill Lynch & Co., Inc.	6-month GBP-LIBOR	Pay	5.000%	09/15/2010				4,300		(105	)
Morgan Stanley Dean Witter & Co.	6-month GBP-LIBOR	Pay	5.000%	09/15/2015				700		(1	)
Goldman Sachs & Co.	3-month HKD-HIBOR	Receive	4.235%	12/17/2008		HKD		5,800		13
Barclays Bank PLC	6-month JPY-LIBOR	Receive	2.000%	12/15/2015		JPY		60,000		5
Deutsche Bank AG	6-month JPY-LIBOR	Pay	1.000%	03/18/2008				100,000		0
Goldman Sachs & Co.	6-month JPY-LIBOR	Receive	2.000%	12/15/2015				910,000		50
Merrill Lynch & Co., Inc.	6-month JPY-LIBOR	Receive	2.000%	12/15/2015				120,000		9
Morgan Stanley Dean Witter & Co.	6-month JPY-LIBOR	Receive	2.000%	12/15/2015				510,000		35
UBS Warburg LLC	6-month JPY-LIBOR	Receive	0.800%	03/20/2012				50,000		4
UBS Warburg LLC	6-month JPY-LIBOR	Receive	2.000%	06/15/2012				45,000		11
UBS Warburg LLC	6-month JPY-LIBOR	Receive	2.000%	12/20/2013				420,000		60
Bank of America	3-month USD-LIBOR	Pay	5.000%	12/20/2036	$			1,000		(9	)
Barclays Bank PLC	3-month USD-LIBOR	Receive	5.000%	12/20/2016				4,500		55
Goldman Sachs & Co.	3-month USD-LIBOR	Pay	5.500%	12/16/2014				700		(16	)
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016				2,600		32
J.P. Morgan Chase & Co.	3-month USD-LIBOR	Pay	5.000%	12/20/2011				800		(2	)
J.P. Morgan Chase & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016				1,400		17
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/20/2011				1,700		(15	)
Lehman Brothers, Inc.	3-month USD-LIBOR	Receive	5.000%	12/20/2013				4,300		50
Lehman Brothers, Inc.	3-month USD-LIBOR	Receive	5.000%	12/20/2016				1,100		14
Lehman Brothers, Inc.	3-month USD-LIBOR	Pay	5.000%	12/20/2036				1,000		(9	)
Morgan Stanley Dean Witter & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2016				4,600		57
Royal Bank of Scotland PLC	3-month USD-LIBOR	Pay	5.000%	12/20/2011				18,000		(161	)
									$	734

26 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
Merrill Lynch & Co., Inc.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.410%	06/20/2007	$	400	$	0
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(g) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$	106.000	08/25/2006	39	$	22	$	9
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/25/2006	39		13		5
					$	35	$	14

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	4.780%	08/07/2006	$	2,000	$	16	$	0
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		2,000		9		2
Call - OTC 5-Year Interest Rate Swap	J.P. Morgan Chase & Co.	3-month USD-LIBOR	Receive	4.560%	10/18/2006		2,000		20		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.220%	04/19/2007		2,000		16		9
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.280%	05/08/2007		10,200		91		55
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.315%	05/09/2007		38,300		355		226
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.315%	05/09/2007		4,600		43		27
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.600%	06/29/2007		4,700		52		56
								$	602	$	375

Straddle Options
Description	Counterparty	Exercise Price*	Expiration Date	Notional Amount		Premium*		Value
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	Goldman Sachs & Co.	$0.000	08/23/2007	$	5,000	$	11	$	(31	)
* Exercise price and final premium determined on a future date, based upon implied volatility parameters.

(h) Short sales outstanding on June 30, 2006:
Description	Coupon	Maturity Date	Principal Amount		Proceeds		Valueà
U.S. Treasury Note	4.875%	05/31/2011	$	200	$	199	$	199
U.S. Treasury Note	5.125%	05/15/2016		200		202		202
					$	401	$	401
à  Market value includes $3 of interest payable on short sales.

See Accompanying Notes Semiannual Report June 30, 2006 27

Schedule of Investments    Global Bond Portfolio (Unhedged) (Cont.)

(i) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AUD	422	08/2006	$	5	$	0		$	5
Buy	CAD	3,184	07/2006		0		(33	)		(33	)
Buy	CLP	10,300	07/2006		0		0			0
Sell		10,300	07/2006		0		0			0
Buy		6,033	08/2006		0		0			0
Buy		10,300	09/2006		0		0			0
Buy	CNY	9,364	05/2007		0		(12	)		(12	)
Buy	DKK	6,472	09/2006		0		(3	)		(3	)
Buy	EUR	30,275	07/2006		572		0			572
Sell		6,625	07/2006		0		(37	)		(37	)
Buy	GBP	135	07/2006		2		0			2
Sell		5,157	07/2006		0		(37	)		(37	)
Buy		100	07/2006		3		0			3
Sell		100	07/2006		0		(2	)		(2	)
Buy		61	08/2006		2		0			2
Buy		100	09/2006		2		0			2
Buy	INR	648	08/2006		0		0			0
Buy	JPY	15,213	07/2006		0		0			0
Buy		3,302,687	08/2006		0		(230	)		(230	)
Buy	KRW	13,000	07/2006		0		0			0
Sell		13,000	07/2006		0		0			0
Buy		235,698	08/2006		4		0			4
Buy		39,973	09/2006		1		0			1
Buy	MXN	457	08/2006		0		(3	)		(3	)
Buy		68	09/2006		0		0			0
Buy	PEN	124	08/2006		0		0			0
Sell		124	08/2006		0		0			0
Buy	PLN	34	08/2006		0		(1	)		(1	)
Buy		15	09/2006		0		0			0
Buy		75	11/2006		0		0			0
Buy	RUB	172	07/2006		0		0			0
Sell		172	07/2006		0		0			0
Buy		946	08/2006		2		0			2
Buy		172	09/2006		0		0			0
Buy	SEK	8,983	09/2006		4		0			4
Buy	SGD	11	07/2006		0		0			0
Sell		11	07/2006		0		0			0
Buy		428	08/2006		1		(3	)		(2	)
Buy		11	09/2006		0		0			0
Buy	SKK	478	08/2006		0		0			0
Buy		788	09/2006		1		0			1
Buy	TWD	9,257	08/2006		0		(7	)		(7	)
Buy	ZAR	97	08/2006		0		(2	)		(2	)
				$	599	$	(370	)	$	229
(j) Exercise price and premium determined on a future date, based upon implied volatility parameters.

28 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  High Yield Portfolio June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
BANK LOAN OBLIGATIONS 4.7%
Amadeus Global Travel Distribution S.A.
7.856% due 04/08/2013	$	700	$	708
8.356% due 04/08/2014		700		711
Cablevision Systems Corp.
6.740% due 02/24/2013		571		569
6.861% due 02/24/2013		5		5
Centennial Cellular Operating Co. LLC
7.230% due 01/20/2011		22		22
7.318% due 01/20/2011		91		91
7.749% due 01/20/2011		300		301
Centennial Communications
4.000% due 02/09/2011		38		38
7.749% due 02/09/2011		375		377
Charter Communications Operating LLC
5.000% due 04/25/2013		1,500		1,505
CSC Holdings, Inc.
6.580% due 02/24/2013		571		569
6.988% due 02/24/2013		852		849
El Paso Corp.
7.750% due 11/22/2009		970		977
Georgia-Pacific Corp.
7.880% due 12/23/2013		222		224
7.920% due 12/23/2013		444		449
7.957% due 12/23/2013		444		449
8.029% due 12/23/2013		444		449
8.086% due 12/23/2013		444		449
Headwaters, Inc.
6.766% due 04/30/2011		1,348		1,353
HealthSouth Corp.
8.150% due 02/02/2013		1,900		1,902
Ineos Group Holdings PLC
2.275% due 10/07/2012		1,200		1,205
Intelsat Ltd.
5.000% due 04/24/2016		1,000		1,002
Invensys PLC
7.791% due 09/05/2009		126		127
9.431% due 12/30/2009		900		911
JSG Packaging
7.397% due 11/29/2013		650		649
7.897% due 11/29/2014		650		649
Nortel Networks Inc.
8.375% due 02/15/2007		1,250		1,249
Reliant Resources, Inc.
7.175% due 12/22/2010		181		181
Roundy’s Supermarket, Inc.
7.870% due 11/01/2011		495		499
8.170% due 11/01/2011		500		504
4.000% due 11/03/2011		3		3
Service Corp. International
5.000% due 04/02/2016		2,000		2,008
Total Bank Loan Obligations (Cost $20,962)				20,984
CORPORATE BONDS & NOTES 82.9%
BANKING & FINANCE 11.6%
AES Ironwood LLC
8.857% due 11/30/2025		2,493		2,705
AES Red Oak LLC
8.540% due 11/30/2019		1,229		1,303

BCP Crystal U.S. Holdings Corp.
9.625% due 06/15/2014	$	3,317	$	3,616
Bluewater Finance Ltd.
10.250% due 02/15/2012		2,200		2,238
Bombardier Capital, Inc.
7.090% due 03/30/2007 (i)		1,000		1,005
Corsair Netherlands BV
11.121% due 03/07/2016		1,400		1,408
Deutsche Bank AG
1.800% due 05/29/2009		400		409
Eircom Funding
8.250% due 08/15/2013		800		852
Ferrellgas Escrow LLC
6.750% due 05/01/2014		2,100		2,000
Ford Motor Credit Co.
7.875% due 06/15/2010		500		462
8.625% due 11/01/2010		260		244
7.375% due 02/01/2011		10,190		9,133
Forest City Enterprises, Inc.
7.625% due 06/01/2015		425		430
General Motors Acceptance Corp.
7.250% due 03/02/2011		2,000		1,941
6.000% due 04/01/2011		1,194		1,087
7.000% due 02/01/2012		500		475
6.875% due 08/28/2012		1,500		1,415
8.000% due 11/01/2031		1,975		1,903
IXIS Financial Products, Inc.
0.800% due 06/15/2009		350		344
1.650% due 06/15/2009		325		325
1.875% due 06/15/2009		350		335
K&F Acquisition, Inc.
7.750% due 11/15/2014		1,000		990
KRATON Polymers LLC
8.125% due 01/15/2014		1,700		1,696
Merrill Lynch & Co, Inc.
2.300% due 06/22/2009		325		323
Mirage Resorts, Inc.
7.250% due 08/01/2017		2,600		2,502
Rotech Healthcare, Inc.
9.500% due 04/01/2012		3,575		2,994
Tenneco, Inc.
10.250% due 07/15/2013		2,600		2,863
8.625% due 11/15/2014		975		977
TRAINS
7.341% due 05/01/2016		1,125		1,104
Universal City Development Partners
11.750% due 04/01/2010		800		875
Universal City Florida Holding Co. I
8.375% due 05/01/2010		1,425		1,439
9.899% due 05/01/2010		175		182
Ventas Realty LP
9.000% due 05/01/2012		500		550
7.125% due 06/01/2015		1,000		1,005
Wind Acquisition Finance S.A.
10.750% due 12/01/2015		1,000		1,067
				52,197
INDUSTRIALS 56.4%
Abitibi-Consolidated Co. of Canada
8.375% due 04/01/2015		1,475		1,353

Abitibi-Consolidated, Inc.
8.550% due 08/01/2010	$	1,850	$	1,762
7.750% due 06/15/2011		365		337
7.400% due 04/01/2018		400		334
8.850% due 08/01/2030		1,953		1,660
Alliance One International, Inc.
11.000% due 05/15/2012		650		621
Allied Waste North America, Inc.
7.875% due 04/15/2013		1,625		1,633
7.250% due 03/15/2015		4,600		4,416
7.125% due 05/15/2016		425		403
AmeriGas Partners LP
7.250% due 05/20/2015		1,850		1,757
7.125% due 05/20/2016		2,650		2,498
Arco Chemical Co.
10.250% due 11/01/2010		50		55
Armor Holdings, Inc.
8.250% due 08/15/2013		800		832
ArvinMeritor, Inc.
8.750% due 03/01/2012		3,225		3,160
Aviall, Inc.
7.625% due 07/01/2011		650		681
Bowater Canada Finance
7.950% due 11/15/2011		2,350		2,244
Bowater, Inc.
6.500% due 06/15/2013		300		262
Boyd Gaming Corp.
7.125% due 02/01/2016		4,000		3,885
Buhrmann US, Inc.
8.250% due 07/01/2014		1,000		1,000
7.875% due 03/01/2015		1,300		1,290
CanWest Media, Inc.
8.000% due 09/15/2012		1,520		1,512
Cascades, Inc.
7.250% due 02/15/2013		750		697
CCO Holdings LLC
8.750% due 11/15/2013		4,400		4,312
Celestica, Inc.
7.625% due 07/01/2013		950		926
Chart Industries, Inc.
9.125% due 10/15/2015		425		436
Charter Communications Operating LLC
8.375% due 04/30/2014		1,750		1,761
Chesapeake Energy Corp.
7.625% due 07/15/2013		800		809
7.000% due 08/15/2014		1,000		972
6.375% due 06/15/2015		1,695		1,581
6.875% due 01/15/2016		1,200		1,140
Choctaw Resort Development Enterprise
7.250% due 11/15/2019		1,400		1,379
Colorado Interstate Gas Co.
6.850% due 06/15/2037		200		202
Continental Airlines, Inc.
6.920% due 04/02/2013 (i)		802		808
7.373% due 12/15/2015		273		260
Cooper-Standard Automotive, Inc.
7.000% due 12/15/2012		1,200		1,080
Corrections Corp. of America
6.750% due 01/31/2014		200		193

See Accompanying Notes Semiannual Report June 30, 2006 29

Schedule of Investments  High Yield Portfolio (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
Crown Americas LLC & Crown Americas Capital Corp.
7.625% due 11/15/2013	$	425	$	420
7.750% due 11/15/2015		1,400		1,386
CSC Holdings, Inc.
8.125% due 08/15/2009		1,500		1,534
7.625% due 04/01/2011		4,625		4,648
DaVita, Inc.
7.250% due 03/15/2015		2,850		2,750
Delhaize America, Inc.
9.000% due 04/15/2031		2,975		3,277
Delta Air Lines, Inc.
7.379% due 05/18/2010		211		212
7.570% due 11/18/2010		975		979
Dex Media West LLC
9.875% due 08/15/2013		2,200		2,395
DirecTV Holdings LLC
8.375% due 03/15/2013		1,184		1,246
6.375% due 06/15/2015		925		858
Dresser, Inc.
9.375% due 04/15/2011		3,350		3,409
Dresser-Rand Group, Inc.
7.375% due 11/01/2014		396		380
DRS Technologies, Inc.
7.625% due 02/01/2018		1,000		1,000
EchoStar DBS Corp.
6.375% due 10/01/2011		1,000		960
6.625% due 10/01/2014		2,975		2,804
7.125% due 02/01/2016		2,500		2,419
El Paso Corp.
10.750% due 10/01/2010		1,500		1,642
9.625% due 05/15/2012		200		219
7.875% due 06/15/2012		4,155		4,248
8.050% due 10/15/2030		1,300		1,310
7.800% due 08/01/2031		700		683
7.750% due 01/15/2032		1,200		1,174
El Paso Production Holding Co.
7.750% due 06/01/2013		2,250		2,278
Encore Acquisition Co.
6.250% due 04/15/2014		300		277
7.250% due 12/01/2017		1,075		1,037
Equistar Chemicals LP
10.125% due 09/01/2008		45		48
8.750% due 02/15/2009		2,035		2,111
Extendicare Health Services, Inc.
9.500% due 07/01/2010		800		839
Ferrellgas Partners LP
8.870% due 08/01/2009 (i)		1,200		1,242
8.750% due 06/15/2012		1,525		1,555
Fisher Communications, Inc.
8.625% due 09/15/2014		1,000		1,040
Ford Motor Co.
7.450% due 07/16/2031		2,000		1,455
Fresenius Medical Care Capital Trust
7.875% due 06/15/2011		2,250		2,284
Gaylord Entertainment Co.
8.000% due 11/15/2013		1,000		1,004
General Motors Corp.
8.250% due 07/15/2023		2,200		1,743

Georgia-Pacific Corp.
8.000% due 01/15/2024	$	775	$	736
7.375% due 12/01/2025		5,710		5,196
Greif, Inc.
8.875% due 08/01/2012		400		423
Grupo Transportacion Ferroviaria Mexicana S.A. de C.V.
9.375% due 05/01/2012		700		749
Hanover Compressor Co.
9.000% due 06/01/2014		500		525
HCA, Inc.
6.950% due 05/01/2012		1,550		1,521
6.750% due 07/15/2013		2,675		2,568
7.190% due 11/15/2015		200		194
7.500% due 12/15/2023		400		373
Herbst Gaming, Inc.
7.000% due 11/15/2014		1,000		955
Hertz Corp.
8.875% due 01/01/2014		1,925		1,983
Horizon Lines LLC
9.000% due 11/01/2012		2,016		2,056
Host Marriott LP
7.000% due 08/15/2012		100		100
7.125% due 11/01/2013		2,780		2,783
Ineos Group Holdings Plc
8.500% due 02/15/2016		1,325		1,247
Ingles Markets, Inc.
8.875% due 12/01/2011		1,450		1,524
Intelsat Bermuda Ltd.
8.250% due 01/15/2013		75		75
9.250% due 06/15/2016		1,275		1,323
Intelsat Subsidiary Holding Co. Ltd.
9.614% due 01/15/2012		1,000		1,015
8.250% due 01/15/2013		325		324
8.625% due 01/15/2015		2,700		2,720
Invensys PLC
9.875% due 03/15/2011		1,150		1,253
Jefferson Smurfit Corp. U.S.
8.250% due 10/01/2012		750		707
7.500% due 06/01/2013		775		697
JET Equipment Trust
10.000% due 06/15/2012 (b)		653		634
7.630% due 08/15/2012 (b)		352		274
JSG Funding PLC
9.625% due 10/01/2012		3,815		3,949
L-3 Communications Corp.
7.625% due 06/15/2012		500		510
6.375% due 10/15/2015		900		864
Legrand France
8.500% due 02/15/2025		475		545
Mandalay Resort Group
9.375% due 02/15/2010		2,300		2,432
Mediacom Broadband LLC
11.000% due 07/15/2013		2,940		3,113
MGM Mirage
8.500% due 09/15/2010		400		417
8.375% due 02/01/2011		825		850
6.750% due 04/01/2013		775		743
6.625% due 07/15/2015		2,100		1,969

Nalco Co.
7.750% due 11/15/2011	$	1,800	$	1,805
8.875% due 11/15/2013		700		709
New Skies Satellites NV
9.125% due 11/01/2012		825		877
Newfield Exploration Co.
6.625% due 04/15/2016		800		758
Newpark Resources
8.625% due 12/15/2007		1,390		1,393
Norampac, Inc.
6.750% due 06/01/2013		1,050		950
Nordic Telephone Co. Holdings ApS
8.875% due 05/01/2016		1,000		1,033
Nortel Networks Ltd.
10.125% due 07/15/2013		800		818
10.750% due 07/15/2016		475		486
Northwest Pipeline Corp.
7.125% due 12/01/2025		500		483
Novelis, Inc.
7.250% due 02/15/2015		1,200		1,158
Owens Brockway Glass Container, Inc.
6.750% due 12/01/2014		3,175		2,961
Peabody Energy Corp.
6.875% due 03/15/2013		2,041		2,015
Plains Exploration & Production Co.
7.125% due 06/15/2014		1,625		1,609
Pogo Producing Co.
7.875% due 05/01/2013		800		806
PQ Corp.
7.500% due 02/15/2013		2,225		2,103
Premier Entertainment Biloxi LLC
10.750% due 02/01/2012		750		778
Primedia, Inc.
8.875% due 05/15/2011		275		265
8.000% due 05/15/2013		400		360
Quiksilver, Inc.
6.875% due 04/15/2015		2,600		2,431
Qwest Communications International, Inc.
7.250% due 02/15/2011		5,125		4,997
7.500% due 02/15/2014		8,275		8,110
Reynolds American, Inc.
7.250% due 06/01/2012		925		911
7.250% due 06/01/2013		1,450		1,425
7.625% due 06/01/2016		925		909
RH Donnelley Corp.
6.875% due 01/15/2013		250		231
8.875% due 01/15/2016		1,350		1,369
Rhodia S.A.
7.625% due 06/01/2010		750		746
Rockwood Specialties Group, Inc.
7.500% due 11/15/2014		600		591
Rogers Cable, Inc.
6.750% due 03/15/2015		1,560		1,494
8.750% due 05/01/2032		800		866
Roseton
7.270% due 11/08/2010		2,275		2,276
7.670% due 11/08/2016		2,325		2,321
Russell Corp.
9.250% due 05/01/2010		550		578

30 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
Sanmina-SCI Corp.
8.125% due 03/01/2016	$	1,175	$	1,152
SemGroup LP
8.750% due 11/15/2015		1,000		1,000
Seneca Gaming Corp.
7.250% due 05/01/2012		1,900		1,850
Sensata Technologies BV
8.000% due 05/01/2014		2,500		2,425
Smurfit Capital Funding PLC
7.500% due 11/20/2025		500		458
Smurfit-Stone Container Enterprises, Inc.
9.750% due 02/01/2011		430		444
8.375% due 07/01/2012		2,545		2,418
Solectron Global Finance Ltd.
8.000% due 03/15/2016		1,300		1,287
Sonat, Inc.
7.000% due 02/01/2018		500		468
Station Casinos, Inc.
6.500% due 02/01/2014		1,200		1,122
6.875% due 03/01/2016		2,500		2,344
Suburban Propane Partners LP
6.875% due 12/15/2013		2,750		2,585
Sungard Data Systems, Inc.
9.125% due 08/15/2013		3,050		3,180
Superior Essex Communications LLC
9.000% due 04/15/2012		500		510
Tenet Healthcare Corp.
7.375% due 02/01/2013		3,125		2,867
Triad Hospitals, Inc.
7.000% due 11/15/2013		2,275		2,224
Trinity Industries, Inc.
6.500% due 03/15/2014		780		764
TRW Automotive, Inc.
9.375% due 02/15/2013		2,025		2,162
United Airlines, Inc.
6.201% due 09/01/2008		177		177
6.602% due 09/01/2013		396		398
Unity Media GmbH
10.375% due 02/15/2015		750		720
US Airways Inc.
9.330% due 01/01/2024 (b)		84		1
9.625% due 09/01/2024 (b)		1,016		4
Valero Energy Corp.
7.800% due 06/14/2010		850		855
VWR International, Inc.
6.875% due 04/15/2012		460		442
8.000% due 04/15/2014		3,190		3,114
Williams Cos., Inc.
7.625% due 07/15/2019		3,950		4,029
7.875% due 09/01/2021		3,075		3,137
7.750% due 06/15/2031		650		644
Windstream Corp.
8.625% due 08/01/2016		1,050		1,079
Wynn Las Vegas LLC
6.625% due 12/01/2014		6,900		6,538
Xerox Corp.
7.200% due 04/01/2016		1,025		1,033
				254,517

UTILITIES 14.9%
AES Corp.
8.750% due 05/15/2013	$	2,825	$	3,037
American Cellular Corp.
10.000% due 08/01/2011		1,350		1,428
Cincinnati Bell, Inc.
7.250% due 07/15/2013		3,425		3,391
8.375% due 01/15/2014		1,970		1,950
Citizens Communications Co.
7.000% due 11/01/2025		75		62
9.000% due 08/15/2031		2,025		2,060
7.450% due 07/01/2035		250		213
CMS Energy Corp.
7.500% due 01/15/2009		375		382
7.750% due 08/01/2010		600		612
8.500% due 04/15/2011		1,000		1,048
6.300% due 02/01/2012		300		285
Edison Mission Energy
7.500% due 06/15/2013		750		739
7.750% due 06/15/2016		750		741
Hawaiian Telcom Communications, Inc.
9.750% due 05/01/2013		1,500		1,534
10.789% due 05/01/2013		500		508
Homer City Funding LLC
8.734% due 10/01/2026		983		1,096
IPALCO Enterprises, Inc.
8.375% due 11/14/2008		1,050		1,084
8.625% due 11/14/2011		490		522
Midwest Generation LLC
8.560% due 01/02/2016		4,784		5,026
8.750% due 05/01/2034		1,550		1,651
Mobile Telesystems Finance S.A.
8.375% due 10/14/2010		500		502
8.000% due 01/28/2012		450		440
MSW Energy Holdings II LLC
7.375% due 09/01/2010		650		653
MSW Energy Holdings LLC
8.500% due 09/01/2010		500		518
Northwestern Bell Telephone
7.750% due 05/01/2030		1,208		1,154
NRG Energy, Inc.
7.250% due 02/01/2014		2,775		2,713
7.375% due 02/01/2016		4,000		3,910
PSEG Energy Holdings LLC
8.500% due 06/15/2011		4,250		4,484
Qwest Capital Funding, Inc.
7.900% due 08/15/2010		1,650		1,650
7.250% due 02/15/2011		300		293
Qwest Corp.
8.875% due 03/15/2012		2,625		2,783
7.500% due 06/15/2023		1,000		943
7.200% due 11/10/2026		700		642
Reliant Energy, Inc.
9.250% due 07/15/2010		1,975		1,985
6.750% due 12/15/2014		3,075		2,844
Rogers Wireless, Inc.
7.250% due 12/15/2012		150		152
8.000% due 12/15/2012		520		534
7.500% due 03/15/2015		2,195		2,228
Rural Cellular Corp.
9.875% due 02/01/2010		1,275		1,318

Sierra Pacific Resources
7.803% due 06/15/2012	$	975	$	993
8.625% due 03/15/2014		500		532
South Point Energy Center LLC
8.400% due 05/30/2012		2,288		2,231
TECO Energy, Inc.
6.750% due 05/01/2015		1,000		978
Tenaska Alabama Partners LP
7.000% due 06/30/2021		2,266		2,220
Time Warner Telecom Holdings, Inc.
9.250% due 02/15/2014		2,875		2,961
				67,030
Total Corporate Bonds & Notes (Cost $380,445)				373,744
CONVERTIBLE BONDS & NOTES 0.5%
BANKING & FINANCE 0.2%
Lehman Brothers Holdings, Inc.
1.383% due 06/15/2009		350		359
2.070% due 06/15/2009		350		347
3.119% due 06/15/2009		350		345
				1,051
UTILITIES 0.3%
CMS Energy Corp.
2.875% due 12/01/2024		1,075		1,152
Total Convertible Bonds & Notes (Cost $2,271)				2,203
SOVEREIGN ISSUES 0.3%
Brazilian Government International Bond
8.875% due 10/14/2019		50		56
8.750% due 02/04/2025		50		55
8.250% due 01/20/2034		1,100		1,157
Total Sovereign Issues (Cost $1,159)				1,268
FOREIGN CURRENCY-DENOMINATED ISSUES (j) 3.7%
Cognis Holding GmbH
11.644% due 01/15/2015 (c)	EUR	112		138
Development Bank of Japan
2.875% due 12/20/2006	JPY	150,000		1,327
France Government International Bond
4.500% due 07/12/2006	EUR	1,500		1,919
JSG Funding PLC
10.125% due 10/01/2012		650		910
JSG Holding PLC
11.500% due 10/01/2015 (c)		1,252		1,652
Lighthouse International Co. S.A.
8.000% due 04/30/2014		2,220		3,006
Nordic Telephone
5.207% due 11/30/2014		550		711
5.707% due 11/30/2015		550		714
Nordic Telephone Co. Holdings ApS
8.250% due 05/01/2016		1,000		1,314
Rhodia S.A.
8.000% due 06/01/2010		1,000		1,334
SigmaKalon
4.742% due 06/30/2012		1,000		1,279

See Accompanying Notes Semiannual Report June 30, 2006 31

Schedule of Investments  High Yield Portfolio (Cont.)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
UPC Broadband Holding BV
5.000% due 03/31/2013	EC	500	$	639
5.000% due 12/31/2013		500		639
UPC Holding BV
7.750% due 01/15/2014		200		241
8.625% due 01/15/2014		800		1,008
Total Foreign Currency-Denominated Issues (Cost $15,796)				16,831
		SHARES
CONVERTIBLE PREFERRED STOCK 0.1%
Chesapeake Energy Corp.
4.500% due 12/31/2049		5,000		468
Total Convertible Preferred Stock (Cost $499)				468
PREFERRED SECURITIES 1.2%
Fresenius Medical Care Capital Trust II
7.875% due 02/01/2008		2,050		2,086
Xerox Capital Trust I
8.000% due 02/01/2027		3,100,000		3,127
Total Preferred Stock (Cost $5,370)				5,213
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS (j) 7.4%
COMMERCIAL PAPER 3.6%
Societe Generale N.A.
5.250% due 07/05/2006	$	300		300
5.245% due 08/08/2006		2,700		2,686
UBS Finance Delaware LLC
5.225% due 08/08/2006		6,000		5,969
5.250% due 08/08/2006		7,400		7,361
				16,316

REPURCHASE AGREEMENT 0.8%
State Street Bank
4.900% due 07/03/2006	$	3,644	$	3,644
(Dated 06/30/2006. Collateralized by Federal Home Loan Bank 4.875% due 07/02/2005 valued at $3,720. Repurchase proceeds are $3,645.)
BELGIUM TREASURY BILLS 2.7%
2.808% due 09/14/2006	EUR	9,500		12,083
SPAIN TREASURY BILLS 0.0%
3.004% due 12/22/2006		200		252
U.S. TREASURY BILLS 0.3%
4.725% due 08/31/2006 - 09/14/2006 (d)(e)(f)	$	1,280		1,269
Total Short-Term Instruments (Cost $33,416)				33,564
Total Investments (a) 100.8% (Cost $459,918)				$454,275
Written Options (h) (0.0%) (Premiums $283)				(73)
Other Assets and Liabilities (Net) (0.8%)				(3,497)
Net Assets 100.0%				$450,705

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

(a) As of June 30, 2006, portfolio securities with an aggregate market value of $8,370 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

(b) Security is in default.

(c) Payment in-kind bond security.

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

(e) Securities with an aggregate market value of $248 have been pledged as collateral for swap and swaption contracts on June 30, 2006.

(f) Securities with an aggregate market value of $1,021 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	844	$	(1,651	)

32 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

(g) Swap agreements outstanding on June 30, 2006:
Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bank of America	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.750%	12/20/2006	$	1,500	$	24
Bank of America	Dow Jones CDX N.A. HY6 Index	Sell	3.450%	06/20/2011		900		18
Citibank N.A.	CMS Energy Corp. 8.500% due 04/05/2011	Sell	1.900%	06/20/2011		500		6
Citibank N.A.	CMS Energy Corp. 6.875% due 12/15/2015	Sell	1.720%	06/20/2011		1,000		5
Credit Suisse First Boston	CMS Energy Corp. 7.500% due 01/15/2009	Sell	1.800%	12/20/2010		625		6
Credit Suisse First Boston	Abitibi-Consolidated, Inc. 8.550% due 08/01/2010	Sell	5.350%	09/20/2011		1,000		27
Deutsche Bank AG	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.440%	06/20/2007		2,500		1
Goldman Sachs & Co.	ArvinMeritor, Inc. 8.750% due 03/01/2012	Sell	2.400%	03/20/2007		700		9
Goldman Sachs & Co.	Host Marriott LP 7.125% due 11/01/2013	Sell	1.770%	12/20/2010		500		12
J.P. Morgan Chase & Co.	Lear Corp. 8.110% due 05/15/2009	Sell	7.750%	03/20/2007		1,400		59
J.P. Morgan Chase & Co.	Abitibi-Consolidated, Inc. 8.375% due 04/01/2015	Sell	1.500%	06/20/2007		500		0
Lehman Brothers, Inc.	Primedia, Inc. 8.875% due 05/15/2011	Sell	2.500%	03/20/2007		1,000		(1	)
Merrill Lynch & Co., Inc.	AES Corp. 8.750% due 06/15/2008	Sell	0.950%	06/20/2007		1,300		3
Merrill Lynch & Co., Inc.	AES Corp. 8.750% due 06/15/2008	Sell	0.950%	06/20/2007		700		1
Morgan Stanley Dean Witter & Co.	Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	1.800%	06/20/2010		2,000		(14	)
Morgan Stanley Dean Witter & Co.	Multiple reference entities of Gazprom	Sell	1.050%	04/20/2011		3,000		(29	)
							$	127
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(h) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$	108.000	08/25/2006	319	$	113	$	10
Call - CBOT U.S. Treasury 10-Year Note September Futures		107.000	08/25/2006	129		54		12
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/25/2006	319		94		45
Put - CBOT U.S. Treasury 10-Year Note September Futures		102.000	08/25/2006	129		22		6
					$	283	$	73

(i) Restricted securities as of June 30, 2006:
Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost	Market Value			Market Value as Percentage of Net Assets
Bombardier Capital, Inc.	7.090%	03/30/2007	08/11/2003	$            1,002	$	1,005			0.22%
Continental Airlines, Inc.	6.920%	04/02/2013	07/01/2003	733		808			0.18%
Ferrellgas Partners LP	8.870%	08/01/2009	06/30/2003	1,286		1,242			0.28%
				$            3,021	$	3,055			0.68%
(j) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation	Unrealized (Depreciation)			Net Unrealized (Depreciation)
Sell	EUR	11,581	07/2006	$                    0	$	(262	)	$	(262	)
Buy	JPY	545,951	08/2006	1		(26	)		(25	)
				$                    1	$	(288	)	$	(287	)

See Accompanying Notes Semiannual Report June 30, 2006 33

Schedule of Investments    Low Duration Portfolio

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
CORPORATE BONDS & NOTES 14.3%
BANKING & FINANCE 11.1%
American Express Credit Corp.
5.170% due 06/12/2007	$	1,000	$	1,001
American General Finance Corp.
5.489% due 03/23/2007		200		200
Bank of America Corp.
5.406% due 06/19/2009		6,100		6,102
Bear Stearns Cos., Inc.
5.299% due 04/29/2008		3,400		3,409
5.589% due 03/30/2009		2,300		2,302
CIT Group, Inc.
5.404% due 05/23/2008		4,600		4,614
5.420% due 11/03/2010		1,400		1,406
Citigroup, Inc.
4.200% due 12/20/2007		4,100		4,021
5.520% due 12/26/2008		200		200
5.166% due 01/30/2009		1,900		1,901
Ford Motor Credit Co.
7.750% due 02/15/2007		400		401
6.374% due 03/21/2007		2,000		1,993
7.200% due 06/15/2007		100		99
General Electric Capital Corp.
5.222% due 01/08/2016		300		300
Goldman Sachs Group, Inc.
5.125% due 10/05/2007		1,600		1,603
5.226% due 07/29/2008		1,200		1,202
5.527% due 12/22/2008		2,100		2,103
5.420% due 07/23/2009		1,300		1,310
HSBC Bank USA N.A.
5.176% due 07/28/2008		3,100		3,104
HSBC Finance Corp.
5.459% due 09/15/2008		500		501
Lehman Brothers Holdings, Inc.
5.659% due 12/23/2010		900		902
Merrill Lynch & Co., Inc.
5.441% due 06/16/2008		6,000		6,009
Morgan Stanley
5.276% due 02/09/2009		1,100		1,102
5.318% due 01/18/2011		1,500		1,503
Prudential Financial, Inc.
4.104% due 11/15/2006		400		398
Royal Bank of Scotland Group PLC
5.424% due 12/21/2007		1,200		1,201
Santander U.S. Debt S.A. Unipersonal
5.434% due 09/21/2007		2,000		2,002
5.484% due 09/19/2008		2,800		2,803
Unicredito Italiano
5.231% due 12/03/2007		5,400		5,414
Wachovia Bank N.A.
5.270% due 05/25/2010		6,000		6,002
Wells Fargo
5.340% due 03/10/2008		4,000		4,003
				69,111
INDUSTRIALS 1.7%
Altria Group, Inc.
7.650% due 07/01/2008		200		207
Clear Channel Communications, Inc.
6.000% due 11/01/2006		250		250

CSC Holdings, Inc.
7.250% due 07/15/2008	$	3,500	$	3,522
DaimlerChrysler N.A. Holding Corp.
5.780% due 09/10/2007		4,758		4,774
International Paper Co.
7.625% due 01/15/2007		250		252
Oracle Corp. & Ozark Holding, Inc.
5.280% due 01/13/2009		1,200		1,202
				10,207
UTILITIES 1.5%
AT&T, Inc.
5.262% due 05/15/2008		5,900		5,903
Entergy Mississippi, Inc.
4.350% due 04/01/2008		100		97
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		1,870		1,851
Telefonica Emisones SAU
5.714% due 06/19/2009		1,700		1,702
				9,553
Total Corporate Bonds & Notes (Cost $88,855)				88,871
U.S. GOVERNMENT AGENCIES 26.8%
Fannie Mae
3.716% due 07/01/2034		422		416
4.350% due 03/01/2035		414		409
4.503% due 05/01/2035		1,045		1,025
4.526% due 05/01/2035		1,045		1,028
4.542% due 09/01/2035		1,705		1,681
4.599% due 11/01/2035		1,904		1,878
4.655% due 08/01/2035		3,865		3,773
4.683% due 07/01/2035		673		659
5.000% due 03/01/2018 - 04/25/2033 (b)		66,650		64,227
5.211% due 07/01/2042		738		742
5.249% due 04/26/2035		44		44
5.261% due 09/01/2041		919		926
5.312% due 09/22/2006		1,300		1,300
5.372% due 09/25/2035		581		581
5.411% due 09/01/2040		19		20
5.442% due 03/25/2034		255		256
5.500% due 12/01/2009 - 07/13/2036 (b)		74,532		73,025
5.672% due 09/25/2042 - 03/25/2044 (b)		2,056		2,065
5.695% due 09/01/2034		100		99
5.722% due 05/25/2031 - 11/25/2032 (b)		1,752		1,757
5.736% due 12/01/2036		102		102
5.977% due 11/01/2035		657		671
6.000% due 08/01/2016 - 03/01/2033 (b)		151		150
6.500% due 01/01/2033		29		29
Federal Housing Administration
6.390% due 10/01/2020		20		21
Freddie Mac
4.715% due 06/01/2035		2,733		2,646
4.922% due 07/01/2035		1,093		1,066
5.000% due 10/01/2018 - 07/15/2024 (b)		2,257		2,227
5.211% due 02/25/2045		1,598		1,587
5.500% due 08/15/2030		13		13
5.549% due 12/15/2030		658		659
5.582% due 08/25/2031		640		643
5.597% due 06/15/2018		235		235
6.000% due 09/01/2016 - 02/01/2033 (b)		134		132
6.500% due 07/25/2043		213		215

Government National Mortgage Association
4.000% due 07/16/2027	$	310	$	305
Total U.S. Government Agencies (Cost $169,232)				166,612
MORTGAGE-BACKED SECURITIES 8.2%
American Home Mortgage Investment Trust
4.290% due 10/25/2034		1,867		1,816
4.390% due 02/25/2045		766		739
Banc of America Funding Corp.
4.116% due 05/25/2035		8,620		8,311
Banc of America Mortgage Securities
6.500% due 10/25/2031		125		126
5.403% due 10/20/2032		5		5
Bear Stearns Adjustable Rate Mortgage Trust
5.330% due 01/25/2033		16		16
5.450% due 03/25/2033		56		55
5.062% due 04/25/2033		34		34
4.819% due 01/25/2034		163		160
4.750% due 11/25/2035		3,619		3,553
Bear Stearns Alt-A Trust
5.406% due 05/25/2035		1,202		1,188
Citigroup Mortgage Loan Trust, Inc.
4.900% due 12/25/2035		924		918
Countrywide Alternative Loan Trust
6.500% due 06/25/2033		27		27
6.000% due 10/25/2033		149		144
4.500% due 06/25/2035		3,638		3,565
5.602% due 02/25/2036		4,565		4,575
Countrywide Home Loan Mortgage Pass-Through Trust
5.592% due 04/25/2034		151		151
5.250% due 11/20/2035		1,441		1,418
CS First Boston Mortgage Securities Corp.
4.938% due 05/15/2010		752		741
5.020% due 03/25/2032		14		14
6.056% due 06/25/2032		1		1
5.686% due 10/25/2032		3		3
5.872% due 08/25/2033		13		13
GMAC Mortgage Corp. Loan Trust
5.009% due 11/19/2035		969		957
GSR Mortgage Loan Trust
6.000% due 03/25/2032		4		4
4.541% due 09/25/2035		3,703		3,605
Impac CMB Trust
5.722% due 07/25/2033		77		77
5.572% due 01/25/2034		106		106
LB-UBS Commercial Mortgage Trust
4.990% due 11/15/2030		991		977
MASTR Adjustable Rate Mortgages Trust
3.787% due 12/21/2034		220		220
MASTR Asset Securitization Trust
5.500% due 09/25/2033		84		80
Mellon Residential Funding Corp.
5.439% due 06/15/2030		703		706
MLCC Mortgage Investors, Inc.
6.628% due 01/25/2029		192		194
Prime Mortgage Trust
5.722% due 02/25/2034		86		86
5.722% due 02/25/2034		27		27
Salomon Brothers Mortgage Securities VII
4.000% due 12/25/2018		369		347

34 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

		PRINCIPAL
		AMOUNT		VALUE
		(000S)		(000S)
Sequoia Mortgage Trust
5.607% due 05/20/2032	$	21	$	21
5.567% due 08/20/2032		15		15
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		1,311		1,285
5.355% due 08/25/2034		1,635		1,624
5.682% due 01/25/2035		1,543		1,558
Structured Asset Mortgage Investments, Inc.
5.582% due 09/19/2032		31		31
5.602% due 02/25/2035		487		486
Structured Asset Securities Corp.
6.150% due 07/25/2032		1		1
5.422% due 09/25/2035		2,911		2,913
Washington Mutual, Inc.
4.816% due 10/25/2032		293		290
5.009% due 02/27/2034		85		84
5.202% due 05/25/2041		460		462
5.543% due 06/25/2042		395		395
5.410% due 08/25/2042		160		160
5.612% due 10/25/2045		4,156		4,183
5.592% due 12/26/2045		815		818
Wells Fargo Mortgage-Backed Securities Trust
3.540% due 09/25/2034		273		272
4.950% due 03/25/2036		1,635		1,613
Total Mortgage-Backed Securities (Cost $51,746)				51,170
ASSET-BACKED SECURITIES 6.5%
AAA Trust
5.422% due 04/25/2035		125		125
ACE Securities Corp.
5.432% due 10/25/2035		2,626		2,628
Amortizing Residential Collateral Trust
5.612% due 07/25/2032		13		13
Argent Securities, Inc.
5.442% due 10/25/2035		476		477
5.462% due 12/25/2035		1,780		1,781
Asset-Backed Funding Certificates
5.432% due 08/25/2035		882		883
Asset-Backed Securities Corp. Home Equity
6.299% due 03/15/2032		549		550
5.422% due 07/25/2035		79		80
Bear Stearns Asset-Backed Securities, Inc.
5.522% due 09/25/2034		286		286
5.522% due 06/15/2043		310		310
Carrington Mortgage Loan Trust
5.402% due 06/25/2035		73		73
Centex Home Equity
5.412% due 06/25/2035		526		526
Chase Manhattan Auto Owner Trust
4.770% due 03/15/2008		2,200		2,196
CIT Group Home Equity Loan Trust
5.592% due 06/25/2033		8		8
Citigroup Mortgage Loan Trust, Inc.
5.412% due 07/25/2035		117		117
5.422% due 07/25/2035		217		217
5.432% due 09/25/2035		411		411
Conseco Finance Securitizations Corp.
6.090% due 09/01/2033		3,351		3,353

Countrywide Asset-Backed Certificates
5.802% due 12/25/2031	$	120	$	120
5.442% due 03/25/2035		63		63
5.402% due 06/25/2035		87		87
5.422% due 08/25/2035		562		562
5.402% due 10/25/2035		315		315
CS First Boston Mortgage Securities Corp.
5.632% due 01/25/2032		19		20
Equity One ABS, Inc.
5.602% due 11/25/2032		17		17
FBR Securitization Trust
5.462% due 09/25/2035		719		719
5.442% due 11/25/2035		3,416		3,419
First Franklin Mortgage Loan Asset-Backed Certificates
5.432% due 03/25/2025		270		270
First NLC Trust
5.432% due 09/25/2035		255		255
5.432% due 12/25/2035		412		413
Fremont Home Loan Trust
5.412% due 01/25/2036		690		690
GSAMP Trust
5.512% due 10/25/2033		71		71
5.612% due 03/25/2034		393		394
GSR Mortgage Loan Trust
5.422% due 12/25/2030		740		741
HFC Home Equity Loan Asset-Backed Certificates
5.617% due 09/20/2033		297		298
Indymac Residential Asset-Backed Trust
5.422% due 03/25/2036		760		761
Long Beach Mortgage Loan Trust
5.522% due 11/25/2034		1,203		1,204
5.442% due 09/25/2035		690		690
5.412% due 01/25/2036		931		931
5.402% due 02/25/2036		943		944
New Century Home Equity Loan Trust
5.432% due 09/25/2035		802		803
Option One Mortgage Loan Trust
5.422% due 08/25/2035		53		53
5.422% due 11/25/2035		1,634		1,635
Park Place Securities, Inc.
5.432% due 08/25/2035		481		482
Quest Trust
5.402% due 12/25/2035		341		341
Renaissance Home Equity Loan Trust
5.472% due 10/25/2035		750		751
Residential Asset Mortgage Products, Inc.
5.432% due 10/25/2025		1,237		1,238
5.662% due 09/25/2033		8		8
5.572% due 02/25/2034		127		127
5.422% due 03/25/2035		886		887
SLM Student Loan Trust
5.120% due 07/25/2013		650		651
5.110% due 01/26/2015		904		903
Soundview Home Equity Loan Trust
5.432% due 05/25/2035		127		127
5.422% due 07/25/2035		15		15
5.432% due 11/25/2035		1,335		1,336
5.422% due 12/25/2035		431		431
Structured Asset Securities Corp.
5.422% due 08/25/2035		391		391
5.452% due 12/25/2035		1,459		1,460

Truman Capital Mortgage Loan Trust
5.662% due 01/25/2034	$	206	$	207
Wachovia Auto Owner Trust
4.820% due 02/20/2009		1,300		1,296
Total Asset-Backed Securities (Cost $40,143)				40,160
		NOTIONAL AMOUNT (000S)
PURCHASED CALL OPTIONS 0.1%
2-Year Interest Rate Swap (OTC) Pay 3-Month USD-LIBOR Floating Rate Index
Strike @ 4.500% Exp. 10/04/2006		12,500		0
Strike @ 4.750% Exp. 08/07/2006		19,000		0
Strike @ 4.750% Exp. 08/08/2006		6,000		0
Strike @ 4.800% Exp. 12/22/2006		14,000		2
Strike @ 5.000% Exp. 03/08/2007		16,000		14
Strike @ 5.000% Exp. 03/08/2007		7,000		6
Strike @ 5.080% Exp. 04/19/2007		13,800		20
Strike @ 5.130% Exp. 10/25/2006		24,300		7
Strike @ 5.130% Exp. 10/25/2006		5,000		2
Strike @ 5.170% Exp. 02/01/2007		15,200		18
Strike @ 5.200% Exp. 05/09/2007		33,600		73
Strike @ 5.250% Exp. 06/07/2007		30,000		82
Total Purchased Call Options (Cost $743)				224
		#OF CONTRACTS
PURCHASED PUT OPTIONS 0.0%
90-Day Eurodollar December Futures (CME)
Strike @ $92.250 Exp. 12/18/2006		96		1
Strike @ $92.500 Exp. 12/18/2006		120		1
90-Day Eurodollar June Futures (CME)
Strike @ $91.000 Exp. 06/18/2007		337		2
Strike @ $91.250 Exp. 06/18/2007		423		3
90-Day Eurodollar March Futures (CME)
Strike @ $92.000 Exp. 03/19/2007		469		3
90-Day Eurodollar September Futures (CME)
Strike @ $92.750 Exp. 09/18/2006		556		3
Total Purchased Put Options (Cost $19)				13
		NOTIONAL AMOUNT (000S)
PURCHASED STRADDLE OPTIONS 0.0%
Call & Put – OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle
Strike @ $0.000 (g) Exp. 08/23/2007	$	7,000		4
Total Purchased Straddle Options (Cost $0)				4

See Accompanying Notes Semiannual Report June 30, 2006 35

Schedule of Investments  Low Duration Portfolio (Cont.)

				VALUE
		SHARES		(000S)
PREFERRED STOCK 0.1%
DG Funding Trust
7.210% due 12/31/2049		60	$	633
Total Preferred Stock (Cost $632)				633
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 59.9%
BELGIUM TREASURY BILLS 4.7%
2.757% due 10/12/2006	EUR	23,060		29,262
COMMERCIAL PAPER 37.1%
Barclays U.S. Fund
5.055% due 08/16/2006	$	12,200		12,125
5.105% due 08/22/2006		5,900		5,858
BNP Paribas Finance
4.930% due 07/13/2006		2,400		2,397
5.079% due 08/22/2006		15,600		15,490
Caisse d’Amortissement de la Dette Sociale
5.270% due 08/03/2006		17,000		16,923
Cox Communications, Inc.
5.160% due 07/17/2006		600		600
Danske Corp.
5.280% due 07/17/2006		5,400		5,389
4.955% due 07/20/2006		600		599
4.980% due 07/26/2006		4,100		4,087
5.080% due 08/24/2006		8,800		8,735
Dexia Delaware LLC
5.275% due 07/05/2006		3,300		3,299
4.980% due 07/25/2006		15,600		15,553
DnB NORBank ASA
4.960% due 07/17/2006		10,900		10,879
Fannie Mae
4.809% due 07/05/2006		17,200		17,195
Federal Home Loan Bank
5.030% due 07/03/2006		17,200		17,200

Fortis Funding
5.265% due 07/26/2006	$	3,100	$	3,090
General Electric Capital Corp.
4.975% due 07/24/2006		2,400		2,393
HBOS Treasury Services PLC
4.985% due 07/26/2006		14,900		14,853
Rabobank USA Financial Corp.
5.250% due 07/03/2006		17,200		17,200
Skandinaviska Enskilda Banken
4.960% due 07/20/2006		500		499
Societe Generale N.A.
5.270% due 07/03/2006		300		300
5.245% due 08/08/2006		16,500		16,413
5.055% due 08/15/2006		1,100		1,093
4.985% due 08/22/2006		1,000		993
Total Captial S.A.
5.270% due 07/03/2006		17,200		17,200
UBS Finance Delaware LLC
5.270% due 07/03/2006		400		400
5.050% due 07/05/2006		4,700		4,699
4.790% due 07/07/2006		3,900		3,898
4.930% due 07/10/2006		1,000		999
5.095% due 09/22/2006		9,000		8,887
Westpac Capital Corp.
4.980% due 07/24/2006		1,200		1,196
				230,442
FRANCE TREASURY BILLS 6.1%
2.775% due 07/06/2006 - 11/23/2006 (b)	EUR	29,900		37,957
GERMANY TREASURY BILLS 8.5%
2.590% due 07/12/2006 - 10/18/2006 (b)		41,410		52,871

REPURCHASE AGREEMENTS 2.5%
Credit Suisse First Boston
4.580% due 07/03/2006	$	4,600	$	4,600
(Dated 06/30/2006. Collateralized by U.S. Treasury Notes 4.000% due 06/15/2009 valued at $4,729. Repurchase proceeds are $4,602.)
4.600% due 07/03/2006		5,000		5,000
(Dated 06/30/2006. Collateralized by U.S. Treasury Notes 3.250% due 08/15/2007 valued at $5,107. Repurchase proceeds are $5,002.)
State Street Bank
4.900% due 07/03/2006		5,892		5,892
(Dated 06/30/2006. Collateralized by Freddie Mac 2.750% due 02/09/2007 valued at $6,011. Repurchase proceeds are $5,894.)
				15,492
SPAIN TREASURY BILLS 0.4%
2.890% due 12/22/2006	EUR	2,500		3,153
U.S. TREASURY BILLS 0.6%
4.568% due 08/31/2006 - 09/14/2006 (b)(c)	$	3,495		3,456
Total Short-Term Instruments (Cost $368,571)				372,633
Total Investments (a) 115.9% (Cost $719,941)			$	720,320
Written Options (e) (0.2%) (Premiums $1,189)				(1,344)
Other Assets and Liabilities (Net) (15.7%)				(97,525)
Net Assets 100.0%			$	621,451

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

(a) As of June 30, 2006, portfolio securities with an aggregate market value of $1,606 were valued in good faith and pursuant to guidelines established by the Board of Trustees.

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

(c) Securities with an aggregate market value of $3,456 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2006:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2006	800	$	(1,196	)
90-Day Eurodollar December Futures	Long	12/2007	291		(455	)
90-Day Eurodollar June Futures	Long	06/2007	625		(1,177	)
90-Day Eurodollar March Futures	Long	03/2007	977		(1,904	)
90-Day Eurodollar March Futures	Short	03/2008	61		74
90-Day Eurodollar September Futures	Long	09/2007	460		(807	)
U.S. Treasury 5-Year Note September Futures	Short	09/2006	349		191
U.S. Treasury 10-Year Note September Futures	Short	09/2006	102		61
U.S. Treasury 30-Year Bond September Futures	Long	09/2006	5		(2	)
				$	(5,215	)

36 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2006 (Unaudited)

(d) Swap agreements outstanding on June 30, 2006:
Interest Rate Swaps
Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
BNP Paribas Bank	5-year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010	EUR	1,300	$	(4	)
Barclays Bank PLC	6-month GBP-LIBOR	Pay	5.000%	06/15/2007	GBP	400		(3	)
Lehman Brothers, Inc.	6-month GBP-LIBOR	Pay	4.500%	09/20/2009		200		(5	)
Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.000%	12/20/2011	$	2,900		25
							$	13
Credit Default Swaps
Counterparty	Reference Entity	Buy/Sell Protection+	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
Bear Stearns & Co., Inc.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	2.100%	12/20/2006	$	2,600	$	6
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.650%	06/20/2007		400		8
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.700%	06/20/2007		300		6
Citibank N.A.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.445%	12/20/2006		100		0
Goldman Sachs & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.400%	12/20/2006		200		1
Goldman Sachs & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.500%	06/20/2007		200		4
J.P. Morgan Chase & Co.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.690%	03/20/2007		1,200		5
Morgan Stanley Dean Witter & Co.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	4.700%	12/20/2006		1,000		15
Morgan Stanley Dean Witter & Co.	Russia Government International Bond, 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.460%	06/20/2007		200		0
							$	45
+ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(e) Written options outstanding on June 30, 2006:
Options on Exchange-Traded Futures Contracts
Description	Exercise Price	Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$108.000	08/25/2006	40	$	7	$	1
Put - CBOT U.S. Treasury 10-Year Note September Futures	103.000	08/25/2006	40		4		6
Put - CME 90-Day Eurodollar December Futures	95.000	12/18/2006	13		6		20
Put - CME 90-Day Eurodollar December Futures	95.250	12/18/2006	422		331		894
Put - CME 90-Day Eurodollar December Futures	95.500	12/18/2006	45		49		123
Put - CME 90-Day Eurodollar March Futures	94.750	03/19/2007	19		10		20
Put - CME 90-Day Eurodollar September Futures	95.000	09/18/2006	14		8		20
				$	415	$	1,084

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date		Notional Amount	Premium		Value
Put - OTC 1-Year Interest Rate Swap	HSBC Bank USA	6-month GBP-LIBOR	Pay	4.500%	12/20/2006	GBP	1,700	$	8	$	19
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.210%	10/25/2006	$	6,100		22		7
Call - OTC 5-Year Interest Rate Swap	Bear Stearns & Co., Inc.	3-month USD-LIBOR	Receive	5.040%	03/08/2007		7,000		68		14
Call - OTC 5-Year Interest Rate Swap	Citibank N.A.	3-month USD-LIBOR	Receive	4.540%	10/04/2006		2,100		25		0
Call - OTC 5-Year Interest Rate Swap	Citibank N.A.	3-month USD-LIBOR	Receive	4.850%	12/22/2006		6,000		79		2
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	4.780%	08/07/2006		8,000		65		0
Call - OTC 5-Year Interest Rate Swap	Goldman Sachs & Co.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		4,500		20		5
Call - OTC 5-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Receive	4.780%	08/08/2006		3,000		28		0
Call - OTC 5-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-month USD-LIBOR	Receive	4.540%	10/04/2006		3,000		36		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.040%	03/08/2007		3,000		33		6
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.220%	04/19/2007		6,000		47		26
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.315%	05/09/2007		14,700		152		87
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland PLC	3-month USD-LIBOR	Receive	5.340%	06/07/2007		13,000		132		89
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.210%	10/25/2006		2,200		9		2
Call - OTC 5-Year Interest Rate Swap	Wachovia Bank N.A.	3-month USD-LIBOR	Receive	5.240%	02/01/2007		6,600		41		25
								$	765	$	282

See Accompanying Notes Semiannual Report June 30, 2006 37

Schedule of Investments  Low Duration Portfolio (Cont.)

Straddle Options
Description	Counterparty	Exercise Price*		Expiration Date	Notional Amount		Premium*		Value
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	Goldman Sachs & Co.	$	0.000	08/23/2007	$	3,100	$	3	$	(17	)
Call & Put - OTC U.S. dollar versus Japanese Yen Forward Delta Neutral Straddle	J.P. Morgan Chase & Co.		0.000	08/23/2007		1,000		6		(5	)
							$	9	$	(22	)
* Exercise price and final premium determined on a future final date, based upon implied volatility parameters.

(f) Forward foreign currency contracts outstanding on June 30, 2006:
Type		Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	852	07/2006	$	25	$	0		$	25
Sell		853	07/2006		0		(20	)		(20	)
Buy		422	09/2006		11		0			11
Buy	CAD	1,897	07/2006		0		(20	)		(20	)
Buy	CLP	174,323	07/2006		0		(7	)		(7	)
Sell		174,323	07/2006		4		0			4
Buy		86,000	08/2006		0		(2	)		(2	)
Buy		44,534	09/2006		0		0			0
Buy	CNY	4,059	03/2007		0		(4	)		(4	)
Buy	EUR	167	07/2006		4		0			4
Sell		51,095	07/2006		71		(623	)		(552	)
Sell		14,390	08/2006		0		(330	)		(330	)
Sell		26,000	09/2006		0		(471	)		(471	)
Buy	GBP	537	07/2006		4		0			4
Buy	INR	12,200	08/2006		0		(7	)		(7	)
Sell		7,230	08/2006		3		0			3
Buy		2,596	09/2006		0		(1	)		(1	)
Buy	JPY	2,039,610	08/2006		0		(571	)		(571	)
Buy	KRW	144,129	08/2006		3		0			3
Buy		611,190	09/2006		16		0			16
Sell		369,284	09/2006		0		(10	)		(10	)
Buy		843,255	05/2007		0		(2	)		(2	)
Buy	MXN	3,960	08/2006		0		(24	)		(24	)
Sell		2,377	08/2006		6		0			6
Buy		1,125	09/2006		0		(6	)		(6	)
Buy	PEN	1,616	08/2006		10		0			10
Sell		1,616	08/2006		0		(19	)		(19	)
Buy		141	09/2006		1		0			1
Sell		141	09/2006		0		(2	)		(2	)
Buy	PLN	162	09/2006		1		0			1
Buy		349	11/2006		0		(3	)		(3	)
Buy	RUB	11,341	08/2006		20		0			20
Sell		6,780	08/2006		0		(8	)		(8	)
Buy		3,058	09/2006		4		0			4
Buy	SGD	1,140	08/2006		13		(2	)		11
Sell		676	08/2006		0		(8	)		(8	)
Buy		172	09/2006		2		0			2
Buy	SKK	13,910	09/2006		13		0			13
Sell		6,644	09/2006		0		(6	)		(6	)
Buy	TWD	10,582	08/2006		0		(8	)		(8	)
Sell		7,383	08/2006		0		0			0
Buy		3,337	09/2006		0		(1	)		(1	)
Buy	ZAR	106	08/2006		0		(2	)		(2	)
Sell		106	08/2006		1		0			1
Buy		106	10/2006		0		(1	)		(1	)
Buy		202	11/2006		0		(4	)		(4	)
				$	212	$	(2,162	)	$	(1,950	)
(g) Exercise price and premium determined on a future date, based upon implied volatility parameters.

38 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements

1.  ORGANIZATION

Each of the Portfolios (hereinafter referred to individually as a “Portfolio” and collectively as the “Portfolios”) discussed in this report 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 management company organized as a Delaware business trust on October 3, 1997. The Portfolios may offer up to four classes of shares: Institutional, Administrative, Advisor and Class M. Information presented in these financial statements pertains to the different share classes of five of the Portfolios of the Trust. Certain detailed financial information for other share class (the “Other Classes”) 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.

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 (“GAAP”). The preparation of financial statements in accordance with GAAP 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 PIMCO Funds are valued at their net assets value as reported by the Underlying Funds. Portfolio securities are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (“NYSE”) is open. Portfolio securities and other assets for which market quotes are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments, which mature in 60 days or less, are generally 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.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of a Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values of a Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of a Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events. When a Portfolio use fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. The Trust’s policy is intended to result in a calculation of a Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined by the Board of Trustees or persons acting at their direction may not accurately reflect the price that Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. Because foreign securities can trade on non-business days, the NAV of a Portfolio may change on days when shareholders will not be able to purchase or redeem shares. The prices used by a 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, which are recorded as soon as a 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. Paydown gains and losses on mortgage-related or asset-backed securities are recorded as components of interest income in the Statements of Operations.

Dividends and Distributions to Shareholders.  Dividends from net investment income, if any, of each Portfolio, except the All Asset Portfolio, are declared on each day the Portfolio is open for business and are distributed to shareholders monthly. Dividends from net investment income, if any, of the All Asset Portfolio are declared and distributed to shareholders quarterly. Net realized capital gains earned by a Portfolio, if any, will be distributed no less frequently than once each year. Most shareholders choose to reinvest their dividends and capital gain distribution in additional shares of the Portfolio.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported in a Portfolio’s annual financial statements presented under GAAP.

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

Semiannual Report June 30, 2006 39

Notes to Financial Statements (Cont.)

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 a Portfolio has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses of each Portfolio, except the All Asset Portfolio, are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of a Portfolio are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

Bridge Debt Commitments.  At the period ended June 30, 2006, the High Yield Portfolio had $2,008,182 in commitments outstanding to fund high-yield bridge debt. The Portfolio is entitled to a fee upon the expiration of the commitment period. The bridge debt terms approximate market rates at the time the commitment is entered into.

Loan Participant and Assignments.  Certain Portfolio may invest in direct debt instruments which are interests in amounts owned by corporate, governmental, or other borrowers to lenders or lending syndicates. A 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. Then agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, a 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. A Portfolio generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Portfolio may be subject to the credit of both the borrower and the lender that is selling the loan agreement. When a Portfolio purchases assignments from lenders it acquires direct rights against the borrower on the loan. At the end of the period, the High Yield Portfolio had unfunded loan commitments of $2,008,182.

Delayed-Delivery Transactions.  Certain Portfolios may purchase or sell securities on a when-issued or delayed-delivery basis. These transactions involve a commitment by a 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, a Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a 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. A 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 a Portfolio has sold a security on a delayed-delivery basis, a Portfolio does not participate in future gains and losses with respect to the security.

Federal Income Taxes.  Each Portfolio qualifies and 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.

To the extent the All Asset Portfolio invest in the CommodityRealReturn Strategy Portfolio^® (the “CRRS Portfolio”), an Underlying Fund, this Portfolio may be subject to the risks associated with commodity-linked derivative instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the CRRS Portfolio derive at least 90 percent of its gross income from certain qualifying sources of income. On December 16, 2005, the IRS issued Revenue Ruling 2006-01 which held that income from commodity index-linked swaps was not qualifying income. At the time Revenue Ruling 2006-01 was issued, the CRRS Portfolio invested primarily in commodity index-linked swaps to gain exposure to the commodity markets. Revenue Ruling 2006-01 provided an effective date of June 30, 2006, after which time the CRRS Portfolio’s ability to utilize commodity index-linked swaps as part of its investment strategy will be limited to a maximum of 10 percent of its gross income.

On June 2, 2006, the IRS issued Revenue Ruling 2006-31 which extends the effective date for Revenue Ruling 2006-01 from June 30, 2006 until September 30, 2006. Revenue Ruling 2006-31 also clarifies the holding of Revenue Ruling 2006-01 by providing that income from alternative instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. In addition, the IRS has also issued private letter rulings to at least two other funds in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. The CRRS Portfolio has also obtained an opinion of counsel with respect to the treatment of income from commodity index-linked notes as qualifying income under the Code. Such an opinion is not binding upon the IRS.

Based on Revenue Ruling 2006-31, IRS guidance and advice of counsel, the CRRS Portfolio will seek to gain exposure to the commodity markets primarily through investments in commodity indexlinked notes. The use of commodity index-linked notes involves specific risks. The CRRS Portfolio will continue to seek ways to make use of other commodity-linked derivative instruments, including swap agreements, commodity options, futures and options on futures, and alternative structures within the Portfolio to gain exposure to commodity markets. Please refer to the prospectus for the Separate Account and Variable Contract for information regarding federal income tax treatment of distributions to the Separate Account.

Foreign Currency.  The accounting records of the Portfolios are maintained in U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollar based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other 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 effects of changes in foreign currency exchange rates on investments in securities are not segregated in the Statements 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.

Non-U.S. currency symbols utilized throughout the reports are defined as follows:
AUD	Australian Dollar	KRW	South Korean Won
BRL	Brazilian Real	MXN	Mexican Peso
CAD	Canadian Dollar	NZD	New Zealand Dollar
CLP	Chilean Peso	PEN	Peruvian New Sol
CNY	Chinese Yuan Renminbi	PLN	Polish Zloty
DKK	Danish Krone	RUB	Russian Ruble
EUR	Euro	SEK	Swedish Krona
GBP	British Pound	SGD	Singapore Dollar
HKD	Hong Kong Dollar	SKK	Slovakian Koruna
INR	Indian Rupee	TWD	Taiwan Dollar
JPY	Japanese Yen	ZAR	South African Rand

40 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

Forward Currency Transactions.  Certain Portfolios may enter into forward currency contracts in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a 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 a 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 a Portfolio’s Statement of Assets and Liabilities. In addition, a 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.  Certain Portfolios are authorized to enter into futures contracts. A 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 a 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, a Portfolio is 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 Statements of Assets and Liabilities.

Guarantees and Indemnifications.  Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust’s investment manager) is indemnified against certain liabilities that may arise out of performance of their duties to the Portfolios. Additionally, in the normal course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolios’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, the Portfolios have not had prior claims or losses pursuant to these contracts, and believes the risk of loss to be remote.

Inflation-Indexed Bonds.  Certain Portfolios 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 Statements of Operations, even though investors do not receive their principal until maturity.

Options Contracts.  Certain Portfolios 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 a Portfolio’s exposure to the underlying instrument. Writing call options tends to decrease a Portfolio’s exposure to the underlying instrument. When a 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 Statements of Assets and Liabilities. Certain options may be written with premiums to determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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. A 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 a Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Certain Portfolios may also purchase put and call options. Purchasing call options tends to increase a Portfolio’s exposure to the underlying instrument. Purchasing put options tends to decrease a Portfolio’s exposure to the underlying instrument. A Portfolio pays a premium which is included in a Portfolio’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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.

Payment In-Kind Securities.  Certain Portfolios 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 term, 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 a pro rata adjustment from interest receivable to the unrealized appreciation or depreciation on investment in the Statements of Assets and Liabilities.

Repurchase Agreements.  Certain Portfolios may engage in repurchase transactions. Under the terms of a typical repurchase agreement, a Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and a Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal to or exceed at all times the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statements of Assets and Liabilities. Generally, in the event of counterparty default, a Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, a Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Restricted Securities.  Certain Portfolios are 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.

Mortgage-Related and Other Asset-Backed Securities.  Certain Portfolios may invest in mortgage-related or other asset-backed securities. These securities

Semiannual Report June 30, 2006 41

Notes to Financial Statements (Cont.)

include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs are included in interest income in the Statements of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income in the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Swap Agreements.  Certain Portfolios may engage in swap transactions, including, but not limited to, swap agreements on interest rate and credit default to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

Interest rate swap agreements involve the exchange by a 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.

Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. A Portfolio may use credit default swaps to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a 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. As a seller of protection, a Portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If a Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, a Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, a Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for federal income tax purposes is uncertain. Were the Internal Revenue Service to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for federal income tax purposes, payments received by the Portfolio from such investments might be subject to income taxes.

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 Statements of Operations. Payments received or made at the beginning of the measurement period are reflected as such in the Statements of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statements of Operations. Net periodic payments received or paid by a Portfolio are included as part of realized gain or loss in the Statements of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized in the Statements 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.

U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

Underlying Funds.  The Portfolio may invest in any or all of the Underlying Funds, but will not normally invest in every Underlying Fund at any particular time. The Underlying Funds are the Institutional Class shares of the PIMCO Funds, 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.

New Accounting Policies.  In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the application of the Interpretation to the Portfolio and will provide additional information in relation to the Interpretation in the Portfolio’s annual financial statements for the year ending December 31, 2006.

3.  FEES, EXPENSES, AND RELATED PARTY TRANSACTIONS

Investment Advisory Fee.  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), 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 Portfolios. The Advisory Fee is charged at an annual rate of 0.25% for all Portfolios except the All Asset Portfolio which is charged at an annual rate of 0.20%.

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 a Portfolio. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The

42 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

Administration Fee for all Portfolios, except the Foreign Bond (U.S. Dollar-Hedged), Global Bond (Unhedged) and High Yield Portfolios, is charged at the annual rate of 0.25%. The Foreign Bond (U.S. Dollar-Hedged) and Global Bond (Unhedged) Portfolios are charged at an annual rate of 0.50%. The High Yield Portfolio is charged at an annual rate of 0.35%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse AGID on a quarterly basis, out of the Administrative Class assets of a 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 AGID was 0.15% during the 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 costs of borrowing money, including interest expenses 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 the 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 All Asset 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%

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 All Asset 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		12/31/2004		12/31/2005		06/30/2006
Amount Available for Reimbursement	$	12	$	0	$	0	$	0

For the current period ended June 30, 2006, each unaffiliated Trustee received an annual retainer of $15,000, plus $2,000 for each Board of Trustees quarterly meeting attended, $500 for each Board of Trustees committee meeting attended and $500 for each special board meeting attended, plus reimbursement of related expenses. In addition, each Committee Chair received an additional annual retainer of $500 and each Audit Committee Chair received an additional annual retainer of $1,500. These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

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”. Each 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 a 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 a Portfolio’s performance.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2006 were as follows (amounts in thousands):

		U.S Government/ Agency			All Other
		Purchases	Sales		Purchases		Sales
All Asset Portfolio	$	0	$           0	$	159,640	$	113,374
Foreign Bond Portfolio (U.S. Dollar-Hedged)		44,576	56,423		42,889		35,879
Global Bond Portfolio (Unhedged)		102,156	114,497		74,761		31,310
High Yield Portfolio		0	0		227,130		218,953
Low Duration Portfolio		478,547	426,544		66,669		27,434

5.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except number of contracts):

	Foreign Bond Portfolio (U.S. Dollar-Hedged)								Global Bond Portfolio (Unhedged)
	# of Contracts			Notional Amount in $			Premium		# of Contracts			Notional Amount in $			Premium
Balance at 12/31/2005	64		$	7,000		$	68		124		$	11,000		$	112
Sales	102			26,600			251		174			71,200			684
Closing Buys	0			(5,800	)		(49	)	0			(9,900	)		(84	)
Expirations	(123	)		(100	)		(32	)	(220	)		(1,500	)		(64	)
Exercised	(13	)		0			(3	)	0			0			0
Balance at 06/30/2006	30		$	27,700		$	235		78		$	70,800		$	648

	High Yield Portfolio								Low Duration Portfolio
	# of Contracts			Notional Amount in $			Premium		# of Contracts			Notional Amount in $		Notional Amount in GBP			Premium
Balance at 12/31/2005	707		$	17,000		$	285		460		$	56,300		GBP2,200		$	868
Sales	2,167			1,500			638		358			75,100		0			664
Closing Buys	(1,978	)		(18,500	)		(640	)	(208	)		(32,700	)	0			(271	)
Expirations	0			0			0		(17	)		(9,400	)	(500	)		(72	)
Exercised	0			0			0		0			0		0			0
Balance at 06/30/2006	896		$	0		$	283		593		$	89,300		GBP1,700		$	1,189

Semiannual Report June 30, 2006 43

Notes to Financial Statements (Cont.)

6.  SHARES OF BENEFICIAL INTEREST

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

	All Asset Portfolio										Foreign Bond Portfolio (U.S. Dollar-Hedged)										Global Bond Portfolio (Unhedged)
	Six Months Ended 06/30/2006					Year Ended 12/31/2005					Six Months Ended 06/30/2006					Year Ended 12/31/2005					Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	1		$	10		0		$	0		0		$	0		0		$	0		1		$	10		0		$	0
Administrative Class	2,843			33,411		14,121			166,191		925			9,424		1,697			17,519		4,637			55,471		5,093			63,454
Advisor Class	5,043			58,213		632			7,545		0			0		0			0		0			0		0			0
Class M	982			11,550		4,617			54,317		0			0		0			0		0			0		0			0
Issued as reinvestment of distributions
Institutional Class	0			0		0			0		0			0		0			0		0			0		0			0
Administrative Class	437			5,038		828			9,815		76			777		140			1,452		157			1,881		235			2,873
Advisor Class	56			632		15			182		0			0		0			0		0			0		0			0
Class M	107			1,232		200			2,364		0			0		0			0		0			0		0			0
Cost of shares redeemed
Institutional Class	0			0		0			0		0			0		0			0		0			0		0			0
Administrative Class	(4,149	)		(48,154	)	(2,453	)		(29,204	)	(437	)		(4,459	)	(793	)		(8,208	)	(1,210	)		(14,460	)	(561	)		(7,033	)
Advisor Class	(37	)		(431	)	(17	)		(208	)	0			0		0			0		0			0		0			0
Class M	(1,114	)		(12,991	)	(689	)		(8,152	)	0			0		0			0		0			0		0			0
Net increase resulting from Portfolio share transactions	4,169		$	48,510		17,254		$	202,850		564		$	5,742		1,044		$	10,763		3,585		$	42,902		4,767		$	59,294

	High Yield Portfolio										Low Duration Portfolio
	Six Months Ended 06/30/2006					Year Ended 12/31/2005					Six Months Ended 06/30/2006					Year Ended 12/31/2005
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	43		$	360		42		$	336		996		$	10,012		1,021		$	10,460
Administrative Class	7,675			62,810		20,365			167,640		18,333			184,037		23,493			239,555
Advisor Class	1			10		0			0		1			10		0			0
Issued as reinvestment of distributions
Institutional Class	4			29		4			37		47			467		55			561
Administrative Class	2,019			16,529		3,377			27,827		1,045			10,471		1,136			11,545
Advisor Class	0			0		0			0		0			0		0			0
Cost of shares redeemed
Institutional Class	(1	)		(12	)	(3	)		(25	)	(279	)		(2,796	)	(473	)		(4,836	)
Administrative Class	(9,932	)		(80,878	)	(16,769	)		(138,029	)	(5,023	)		(50,338	)	(6,536	)		(66,805	)
Advisor Class	0			0		0			0		0			0		0			0
Class M	0			0		0			0		0			0		0			0
Net increase resulting from Portfolio share transactions	(191	)	$	(1,152	)	7,016		$	57,786		15,120		$	151,863		18,696		$	190,480

44 PIMCO Variable Insurance Trust

June 30, 2006 (Unaudited)

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:

	All Asset Portfolio			Foreign Bond Portfolio (U.S. Dollar-Hedged)		Global Bond Portfolio (Unhedged)
	Number of Shareholders	% of Portfolio Held		Number of Shareholders	% of Portfolio Held	Number of Shareholders	% of Portfolio Held
Institutional Class	1	100		1	100	1	100
Administrative Class	2	89	*	4	91	6	95	**
Advisor Class	2	93		–	–	–	–
Class M	3	97		–	–	–	–

	High Yield Portfolio			Low Duration Portfolio
	Number of Shareholders	% of Portfolio Held		Number of Shareholders	% of Portfolio Held
Institutional Class	1	94		2	100
Administrative Class	3	79	**	2	63
Advisor Class	1	100		1	100

* Allianz Life Insurance Co. of North America, an indirect wholly owned subsidiary of AGI and a Related party to the Portfolio, owned 25% or more of the outstanding shares of beneficial interest of the Portfolio, and therefore may be presumed to “control” the Portfolio, as that term is defined in the 1940 Act.

** One of the shareholders, Allianz Life Insurance Co. of North America, is an indirect wholly owned subsidiary of AGI and a related party to the Portfolio.

7.  AFFILIATED TRANSACTIONS

The Underlying Funds are considered to be affiliated with the All Asset Portfolio. The table below shows the transactions in and earnings from investments in these affiliated Funds for the period ended June 30, 2006 (amounts in thousands):

Underlying Funds	Market Value 12/31/2005		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 6/30/2006		Dividend Income		Net Capital and Realized Gain (Loss)
CommodityRealReturn Strategy Fund®	$	11,984	$	3,509	$	6,126	$	130		$	9,395	$	46	$	(270	)
Convertible Fund		1,193		16		0		66			1,240		16		0
Developing Local Markets Fund		23,695		11,797		5,002		582			30,946		529		96
Diversified Income Fund		0		1,051		0		(19	)		1,031		11		0
Emerging Markets Bond Fune		26,326		9,172		13,874		321			20,552		756		(215	)
Floating Income Fund		23,662		14,886		8,178		272			30,396		678		65
Foreign Bond Fund (Unhedged)		7,223		1,078		7,621		25			833		80		(356	)
Fundamental IndexPLUS Fund		1,258		1,753		1,411		28			1,666		18		24
Fundamental IndexPLUS TR Fund		10,704		972		3,795		(28	)		7,823		164		(158	)
GNMA Fund		3,197		539		988		(63	)		2,670		70		(9	)
High Yield Fund		20,384		705		8,205		(76	)		12,554		705		(85	)
International StocksPLUS® TR Strategy Fund		10,584		12,012		75		(675	)		22,025		379		(9	)
Long-Term U.S. Government Fund		39,326		3,546		13,541		(2,088	)		26,893		717		(831	)
Low Duration Fund		4,844		12,249		13,954		(2	)		2,993		158		(146	)
Real Return Asset Fund		49,421		59,336		997		(4,724	)		103,412		1,423		(38	)
Real Return Fund		43,544		24,385		591		(2,425	)		65,726		995		(45	)
RealEstateRealReturn Strategy Fund		10,989		230		9,873		36			1,756		230		(537	)
Short-Term Fund		0		76		66		0			10		0		0
StocksPLUS® Fund		70		1		0		3			72		1		0
StocksPLUS® Total Return Fund		1,687		21		0		(59	)		1,679		21		0
Total Return Fund		26,281		2,128		12,615		(576	)		15,036		542		(463	)
Total Return Mortgage Fund		10,041		178		6,462		(123	)		3,586		178		(178	)
Totals	$	326,413	$	159,640	$	113,374	$	(9,395	)	$	362,294	$	7,717	$	(3,155	)

Semiannual Report June 30, 2006 45

Notes to Financial Statements (Cont.)

8.  FEDERAL INCOME TAX MATTERS

As of June 30, 2006, 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/ (Depreciation)
All Asset Portfolio	$         1,463	$        (10,857	)	$          (9,394	)
Foreign Bond Portfolio (U.S. Dollar-Hedged)	1,351	(981	)	(370	)
Global Bond Portfolio (Unhedged)	1,160	(1,846	)	(686	)
High Yield Portfolio	5,358	(11,001	)	(5,643	)
Low Duration Portfolio	4,321	(3,943	)	378

9.  REGULATORY AND LITIGATION MATTERS

On June 1, 2004, the Attorney General of the State of New Jersey announced that it had dismissed PIMCO from a complaint filed by the New Jersey Attorney General on February 17, 2004, and that it had entered into a settlement agreement (the “New Jersey Settlement”) with Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.), PEA Capital LLC (an entity affiliated with PIMCO through common ownership) (“PEA”) and Allianz Global Investors Distributors LLC (“AGID”), in connection with the same matter. In the New Jersey Settlement, AGI, PEA and AGID neither admitted nor denied the allegations or conclusions of law, but did agree to pay New Jersey a civil fine of $15 million and $3 million for investigative costs and further potential enforcement initiatives against unrelated parties. They also undertook to implement certain governance changes. The complaint relating to the New Jersey Settlement alleged, among other things, that AGI, PEA and AGID had failed to disclose that they improperly allowed certain hedge funds to engage in “market timing” in certain funds. The complaint sought injunctive relief, civil monetary penalties, restitution and disgorgement of profits.

Since February 2004, PIMCO, AGI, PEA, AGID, and certain of their affiliates, including the PIMCO Funds, the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series), and the Trustees and employees of the PIMCO Funds, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern “revenue sharing” and have been consolidated into a single action in the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during specified periods, or as derivative actions on behalf of the PIMCO Funds and Allianz Funds.

The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in “market timing” in certain of the PIMCO Funds and the Allianz Funds and the and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, the Trustees, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named, in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and Allianz Funds , including directing fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August 11, 2005 the U.S. District Court for the District of Connecticut conducted a hearing on defendants’ motion to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

Under Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”), if the New Jersey Settlement or any of the lawsuits described above were to result in a court injunction against AGI, PEA, AGID and/or their affiliates, PIMCO could, in the absence of exemptive relief granted by the SEC, be barred from serving as an investment adviser, and AGID could be barred from serving as principal underwriter, to any registered investment company, including the Portfolios of the Trust. In connection with an inquiry from the SEC concerning the status of the New Jersey Settlement under Section 9(a), PEA, AGID, AGI and certain of their affiliates (including PIMCO) (together, the “Applicants”) have sought exemptive relief from the SEC under Section 9(c) of the 1940 Act. The SEC has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey Settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the SEC takes final action on their application for a permanent order. There is no assurance that the SEC will issue a permanent order.

Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint (and any consolidated complaint filed hereafter) is without merit and intends to vigorously defend itself.

Certain Portfolios of the Trust were recently served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. PIMCO was previously named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain Portfolios of the Trust are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain Portfolios of the Trust—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien.

It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

46 PIMCO Variable Insurance Trust

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors 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

P I M C O

Item 2.	Code of Ethics
	The information required by this Item 2 is only required in an annual report on this Form N-CSR.
Item 3.	Audit Committee Financial Expert
	The information required by this Item 3 is only required in an annual report on this Form N-CSR.
Item 4.	Principal Accountant Fees and Services
	The information required by this Item 4 is only required in an annual report on this Form N-CSR.
Item 5.	Audit Committee of Listed Registrants. Not applicable.
Item 6.	Schedule of Investments. The Schedule of Investments is included as part of the reports to shareholders under Item 1.
Item 7.	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable.
Item 8.	Portfolio Managers of Closed-End Management Investment Companies. Not applicable.
Item 9.	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases. Not applicable.
Item 10.	Submission of Matters to a Vote of Security Holders. Not applicable.
Item 11.	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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.	Exhibits
	(a)(1)	Code of Ethics. Not applicable for semiannual reports.
	(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/    ERNEST L. SCHMIDER
	Ernest L. Schmider
	President, Principal Executive Officer
Date:	September 7, 2006

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/    ERNEST L. SCHMIDER
	Ernest L. Schmider
	President, Principal Executive Officer
Date:	September 7, 2006
By:	/s/    JOHN P. HARDAWAY
	John P. Hardaway
	Treasurer, Principal Financial Officer
Date:	September 7, 2006