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, 2007 to June 30, 2007

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 Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1).

• PIMCO Variable Insurance Trust All Asset Portfolio Administrative Class

• PIMCO Variable Insurance Trust All Asset Portfolio Institutional Class

• PIMCO Variable Insurance Trust All Asset Portfolio Advisor Class

• PIMCO Variable Insurance Trust All Asset Portfolio Class M

• PIMCO Variable Insurance Trust CommodityRealReturn Portfolio Administrative Class

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

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

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

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

• PIMCO Variable Insurance Trust High Yield Portfolio Administrative Class

• PIMCO Variable Insurance Trust High Yield Portfolio Institutional Class

• PIMCO Variable Insurance Trust High Yield Portfolio Advisor 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 Low Duration Portfolio Advisor 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 Small Cap StocksPLUS^® TR Portfolio Administrative Class

• PIMCO Variable Insurance Trust Small Cap StocksPLUS^® TR Portfolio Advisor 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

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
Privacy Policy	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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 subsidiary 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. An Underlying Fund’s investment 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO All Asset Portfolio

Cumulative Returns Through June 30, 2007

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

PIMCO Funds Allocation^‡

Floating Income Fund	19.7%
Real Return Asset Fund	14.9%
Developing Local Markets Fund	12.4%
Emerging Local Bond Fund	11.2%
CommodityRealReturn Strategy Fund®	9.0%
Real Return Fund	6.8%
Long-Term U.S. Government Fund	5.7%
Other	20.3%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	Portfolio Inception (04/30/03)
	PIMCO All Asset Portfolio Administrative Class	2.98%	8.92%	8.67%
	Lehman Brothers U.S. TIPS: 1-10 Year Index±	2.49%	4.19%	4.07%
	CPI + 500 Basis Points±±	5.84%	7.93%	8.31%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Lehman Brothers U.S. TIPS: 1-10 Year Index is an unmanaged index comprised of U.S. Treasury Inflation-Protected Securities having a maturity of at least 1 year and less than 10 years. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

±± 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 U.S. Department of Labor, Bureau of Labor Statistics. There can be no guarantee that the CPI or other indices will reflect the exact level of inflation at any given time. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,029.76	$	1,021.94
Expenses Paid During Period†	$	2.89	$	2.88

† Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.575%, 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 are currently capped at 0.64%. 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 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 PIMCO Funds, an affiliated open-end investment company, except the PIMCO All Asset and PIMCO All Asset All Authority Funds.

» Significant exposure to short-term strategies, particularly through the PIMCO Floating Income Fund, contributed to performance as the PIMCO Floating Income Fund returned 2.62% net of fees during the period.

» Although any exposure to Real Estate Investment Trusts (“REITs”) would detract from performance, as the Dow Jones Wilshire REIT Index returned -5.97% during the period, negligible exposure was a positive asset allocation decision.

» Exposure to equity strategies benefited performance due to strong returns domestically and internationally. However, reduced equity exposure in the Portfolio was not a positive asset allocation decision.

» Large exposure to developing local market bonds contributed to performance as the asset class benefited from continued capital inflows and strong economic fundamentals.

» Large exposure to Treasury Inflation-Protected Securities (“TIPS”) detracted from performance as real yields rose.

» Minimal exposure to convertibles detracted from returns as the asset class had positive performance.

4 PIMCO Variable Insurance Trust

Financial Highlights  All Asset Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			04/30/2003-12/31/2003
Administrative Class
Net asset value beginning of year or period	$	11.67		$	11.81		$	11.62		$	10.77		$	10.00
Net investment income (a)		0.26			0.63			0.83			1.50			0.53
Net realized/unrealized gain (loss) on investments (a)		0.09			(0.10	)		(0.11	)		(0.27	)		0.54
Total income from investment operations		0.35			0.53			0.72			1.23			1.07
Dividends from net investment income		(0.29	)		(0.64	)		(0.49	)		(0.37	)		(0.30	)
Distributions from net realized capital gains		0.00			(0.03	)		(0.04	)		(0.01	)		0.00
Total distributions		(0.29	)		(0.67	)		(0.53	)		(0.38	)		(0.30	)
Net asset value end of year or period	$	11.73		$	11.67		$	11.81		$	11.62		$	10.77
Total return		2.98	%		4.66	%		6.23	%		11.49	%		10.79	%
Net assets end of year or period (000s)	$	258,604		$	251,076		$	251,482		$	102,183		$	1,017
Ratio of expenses to average net assets		0.575	%*(c)(f)		0.585	%(c)(e)		0.59	%(c)(d)		0.57	%(c)(d)		0.60	%*(b)(c)
Ratio of expenses to average net assets excluding interest expense		0.575	%*(c)(f)		0.585	%(c)(e)		0.59	%(c)(d)		0.57	%(c)(d)		0.60	%*(b)(c)
Ratio of net investment income to average net assets		4.43	%*		5.39	%		6.98	%		13.02	%		7.56	%*
Portfolio turnover rate		48	%		66	%		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%.

(e) Effective October 1, 2006, the advisory fee was reduced to 0.175%.

(f) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.585%.

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  All Asset Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007 (Unaudited)
Assets:
Investments in affiliates, at value	$	1,125,710
Repurchase agreements, at value		4,111
Cash		1
Receivable for investments in affiliates sold		9,423
Receivable for Portfolio shares sold		2,631
Interest and dividends receivable		2
Interest and dividends receivable from affiliates		5,016
Manager reimbursement receivable		31
		1,146,925
Liabilities:
Payable for investments in affiliates purchased	$	16,789
Payable for Portfolio shares redeemed		69
Accrued investment advisory fee		163
Accrued administration fee		233
Accrued distribution fee		168
Accrued servicing fee		30
		17,452
Net Assets	$	1,129,473
Net Assets Consist of:
Paid in capital	$	1,125,794
Undistributed net investment income		4,112
Accumulated undistributed net realized (loss)		(7,260	)
Net unrealized appreciation		6,827
	$	1,129,473
Net Assets:
Institutional Class	$	291
Administrative Class		258,604
Advisor Class		822,338
Class M		48,240
Shares Issued and Outstanding:
Institutional Class		25
Administrative Class		22,035
Advisor Class		69,990
Class M		4,106
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	11.74
Administrative Class		11.73
Advisor Class		11.74
Class M		11.74
Cost of Investments in Affiliates Owned	$	1,118,883
Cost of Repurchase Agreements Owned	$	4,111

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  All Asset Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)
Investment Income:
Interest	$	99
Dividends from affiliate investments		24,338
Total Income		24,437
Expenses:
Investment advisory fees		831
Administration fees		1,187
Servicing fees – Administrative Class		187
Distribution and/or servicing fees – Advisor Class		813
Distribution and/or servicing fees – Class M		111
Total Expenses		3,129
Reimbursement by Manager		(45	)
Net Expenses		3,084
Net Investment Income		21,353
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on affiliate investments		(1,069	)
Net change in unrealized appreciation on affiliate investments		5,843
Net Gain		4,774
Net Increase in Net Assets Resulting from Operations	$	26,127

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  All Asset Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase in Net Assets from:
Operations:
Net investment income	$	21,353		$	32,372
Net realized (loss) on affiliate investments		(1,069	)		(7,977	)
Net capital gain distributions received from Underlying Funds		0			2,277
Net change in unrealized appreciation on affiliate investments		5,843			3,148
Net increase resulting from operations		26,127			29,820
Distributions to Shareholders:
From net investment income
Institutional Class		(7	)		(2	)
Administrative Class		(6,179	)		(13,550	)
Advisor Class		(17,050	)		(15,816	)
Class M		(1,079	)		(3,041	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(622	)
Advisor Class		0			(1,205	)
Class M		0			(139	)
Total Distributions		(24,315	)		(34,375	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		294			73
Administrative Class		25,388			60,956
Advisor Class		304,743			485,456
Class M		5,550			15,354
Issued as reinvestment of distributions
Institutional Class		7			3
Administrative Class		6,179			14,172
Advisor Class		17,050			17,022
Class M		1,079			3,180
Cost of shares redeemed
Institutional Class		(83	)		0
Administrative Class		(25,052	)		(72,158	)
Advisor Class		(1,505	)		(7,990	)
Class M		(13,565	)		(30,245	)
Net increase resulting from Portfolio share transactions		320,085			485,823
Total Increase in Net Assets		321,897			481,268
Net Assets:
Beginning of period		807,576			326,308
End of period*	$	1,129,473		$	807,576
*Including undistributed net investment income of:	$	4,112		$	7,074

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  All Asset Portfolio (a) June 30, 2007 (Unaudited)

	SHARES		VALUE (000S)
PIMCO FUNDS (b) 99.7%
CommodityRealReturn Strategy Fund®	7,268,477	$	102,122
Convertible Fund	589,376		8,434
Developing Local Markets Fund	12,645,454		139,732
Diversified Income Fund	4,446,275		48,242
Emerging Local Bond Fund	12,272,617		126,285
Emerging Markets Bond Fund	1,580,326		17,241
Floating Income Fund	21,146,569		222,251
Foreign Bond Fund (Unhedged)	87,682		862
Fundamental IndexPLUS™ Fund	2,578,927		29,709
Fundamental IndexPLUS™ TR Fund	3,313,300		35,817
GNMA Fund	261,736		2,856
High Yield Fund	669,256		6,539
Income Fund	368,140		3,619
International StocksPLUS® TR Strategy Fund (Unhedged)	379,112		3,969

	SHARES		VALUE (000S)
International StocksPLUS® TR Strategy Fund (U.S.Dollar-Hedged)	2,537,938	$	31,927
Long-Term U.S. Government Fund	6,413,670		65,163
Low Duration Fund	130,601		1,280
Real Return Asset Fund	15,807,400		168,665
Real Return Fund	7,279,172		76,577
RealEstateRealReturn Strategy Fund	291,240		1,899
Short-Term Fund	364,763		3,619
Small Cap StocksPLUS® TR Strategy Fund	173,830		1,877
StocksPLUS® Fund	158,184		1,830
StocksPLUS® Total Return Fund	561,247		6,836
Total Return Fund	360,250		3,660
Total Return Mortgage Fund	1,397,281		14,699
Total PIMCO Funds (Cost $1,118,883)			1,125,710

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INSTRUMENTS 0.3%
REPURCHASE AGREEMENTS 0.3%
State Street Bank and Trust Co.
4.900% due 07/02/2007	$	4,111	$	4,111
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $4,197. Repurchase proceeds are $4,113.)
Total Short-Term Instruments (Cost $4,111)				4,111
Total Investments 100.0% (Cost $1,122,994)			$	1,129,821
Other Assets and Liabilities (Net) (0.0%)				(348	)
Net Assets 100.0%			$	1,129,473

Notes to Schedule of Investments

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

(b) Institutional Class Shares of each PIMCO Fund.

See Accompanying Notes Semiannual Report June 30, 2007 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 management investment 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 on these financial statements pertains to the Administrative Class of the Portfolio. Certain detailed financial information for the Institutional Class, Advisor Class and Class M is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans.

The Portfolio may invest a portion of its assets in certain affiliated underlying investment funds (the “Underlying Funds” or “Acquired Funds”). The Portfolio’s combined investments in the Fundamental IndexPLUS™, Fundamental IndexPLUS™ TR, International StocksPLUS^® TR Strategy (U.S. Dollar-Hedged), International StocksPLUS^® TR Strategy (Unhedged), Small Cap StocksPLUS^® TR, StocksPLUS^® and StocksPLUS^® Total Return Funds normally will not exceed 50% of its total assets. In addition, the Portfolio’s combined investments in the CommodityRealReturn Strategy, Real Return, Real Return Asset and RealEstateRealReturn Strategy Funds normally will not exceed 75% of its total assets. The Portfolio’s investment in a particular Underlying Fund normally will not exceed 50% of its total assets.

The Portfolio’s assets are not allocated according to a predetermined blend of shares of the Underlying Funds. Instead, when making allocation decisions among the Underlying Funds, the Portfolio’s asset allocation sub-adviser considers various quantitative and qualitative data relating to the U.S. and foreign economies and securities markets. These data include projected growth trends in the U.S. and foreign economies, forecasts for interest rates and the relationship between short- and long-term interest rates (yield curve), current and projected trends in inflation, relative valuation levels in the equity and fixed income markets and various industrial sectors, information relating to business cycles, borrowing needs and the cost of capital, political trends data relating to trade balances and labor information. The Portfolio’s asset allocation sub-adviser has the flexibility to reallocate the Portfolio’s assets among any or all of the Underlying Funds based on its ongoing analyses of the equity, fixed income and commodity markets, although these shifts are not expected to be large or frequent in nature. The Portfolio is non-diversified, which means that it may concentrate its assets in a smaller number of Underlying Funds than a diversified fund.

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 on the financial statements. Actual results could differ from those estimates.

(a) Security Valuation  Investments in funds within the PIMCO Funds are valued at their net asset value as reported by the Underlying Funds.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the

ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis.

(c) 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.

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(d) 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.

(e) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(f) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of

10 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) Investment Advisory Fee  Pacific Investment Management Company LLC (“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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.175%.

Research Affiliates, LLC (“Research Affiliates”) serves as the asset allocation sub-adviser and selects the Underlying Funds in which the Portfolio invests. PIMCO pays a fee to Research Affiliates at an annual rate of 0.175% based on average daily net assets of the Portfolio.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted separate Distribution Plans for the Advisor Class and Class M shares of the Portfolio. The Distribution Plans have been adopted pursuant to Rule 12b-1 under the Act. The Distribution Plans permit payments for expenses in connection with the distribution and marketing of Advisor Class and Class M shares and/or the provision of shareholder services to Advisor Class and Class M shareholders which permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class and Class M shares. The Trust has also adopted Administrative Services Plans (“Service Plans”) for the Class M shares of the Portfolio. The Service Plans allows the

Portfolio to use its Class M assets to compensate or reimburse financial intermediaries that provide services relating to Class M shares which permits the Portfolio to make total payments at an annual rate of 0.20% of its average daily net assets attributable to its Class M shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

(e) Acquired Fund Fees and Expenses  The Underlying Fund Expenses for the Portfolio are based upon an allocation of the Portfolio’s assets among the Underlying Funds and upon the total annual operating expenses of the Institutional Class shares of these Underlying Funds. Underlying Fund Expenses will vary with changes in the expenses of the Underlying Funds, as well as allocation of the Portfolio’s assets.

PIMCO has contractually agreed, for the Portfolio’s current fiscal year, to reduce its advisory fee to the extent that the Acquired Fund Fees and Expenses attributable to advisory and administrative fees exceed 0.64% of the total assets invested in Underlying Funds. The waiver is reflected in the Statement of Operations as a component of Reimbursement by Manager. For the period ended June 30, 2007, the amount was $45,332. PIMCO may recoup these waivers in future periods, not exceeding three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. As of June 30, 2007, the recoverable amount to the Administrator was $81,026.

Semiannual Report June 30, 2007 11

Notes to Financial Statements (Cont.)

4.  RELATED PARTY TRANSACTIONS

The Advisor, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

The All Asset Portfolio invests substantially all of its assets in Institutional Class shares of PIMCO Funds, an affiliated open-end investment company. 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, 2007 (amounts in thousands):

Underlying Funds	Market Value 12/31/2006		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 6/30/2007		Dividend Income		Net Capital and Realized Gain (Loss)
Convertible Fund	$	1,351	$	6,967	$	0	$	258		$	8,434	$	15	$	0
Developing Local Markets Fund		92,781		59,318		15,272		5,598			139,732		2,343		(50	)
Diversified Income Fund		10,826		51,300		12,520		(1,267	)		48,242		1,006		(200	)
Emerging Local Bond Fund		0		123,827		138		2,601			126,285		1,737		(5	)
Emerging Markets Bond Fund		32,346		842		15,795		563			17,241		842		148
Floating Income Fund		223,808		187,752		188,313		1,339			222,251		8,175		94
Foreign Bond Fund (Unhedged)		877		15		0		(7	)		862		15		0
Fundamental IndexPLUS™ Fund		21,485		10,115		3,471		902			29,709		101		138
Fundamental IndexPLUS™ TR Fund		29,493		4,605		0		795			35,817		103		0
GNMA Fund		2,815		72		0		(17	)		2,856		72		0
High Yield Fund		25,812		996		20,125		157			6,539		867		187
Income Fund		0		3,703		0		(84	)		3,619		37		0
International StocksPLUS® TR Strategy Fund (Unhedged)		1,138		2,662		0		150			3,969		48		0
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		29,781		336		0		1,763			31,927		336		0
Long-Term U.S. Government Fund		10,595		96,296		41,674		(566	)		65,163		564		541
Low Duration Fund		20,641		18,385		37,450		1			1,280		407		(250	)
Real Return Asset Fund		99,339		136,338		64,587		(2,898	)		168,665		2,807		948
Real Return Fund		51,460		42,705		17,008		(1,167	)		76,577		1,488		(147	)
RealEstateRealReturn Strategy Fund		2,066		85		0		(480	)		1,899		85		0
Short-Term Fund		3,622		809		797		(14	)		3,619		87		(1	)
Small Cap StocksPLUS® TR Fund		0		1,881		0		(3	)		1,877		4		0
StocksPLUS® Fund		1,719		42		0		117			1,830		42		0
StocksPLUS® Total Return Fund		6,570		37		0		7			6,836		37		0
Total Return Fund		18,875		449		15,206		(123	)		3,660		450		(374	)
Total Return Mortgage Fund		3,782		11,065		0		(166	)		14,699		299		0
CommodityRealReturn Strategy Fund®		115,847		11,589		25,927		(632	)		102,122		2,371		(2,098	)
Totals	$	807,029	$	772,191	$	458,283	$	6,827		$	1,125,710	$	24,338	$	(1,069	)

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	0	$	0	$	772,191	$	458,283

12 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	25		$	294		6		$	73
Administrative Class	2,142			25,388		5,177			60,956
Advisor Class	25,760			304,743		41,500			485,456
Class M	468			5,550		1,306			15,354
Issued as reinvestment of distributions
Institutional Class	1			7		0			3
Administrative Class	525			6,179		1,218			14,172
Advisor Class	1,449			17,050		1,455			17,022
Class M	92			1,079		273			3,180
Cost of shares redeemed
Institutional Class	(7	)		(83	)	0			0
Administrative Class	(2,130	)		(25,052	)	(6,181	)		(72,158	)
Advisor Class	(129	)		(1,505	)	(676	)		(7,990	)
Class M	(595	)		(13,565	)	(2,587	)		(30,245	)
Net increase resulting from Portfolio share transactions	27,601		$	320,085		41,491		$	485,823

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	95
Administrative Class	3	91
Advisor Class	2	97
Class M	3	94

8.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

Semiannual Report June 30, 2007 13

Notes to Financial Statements (Cont.)

9.  FEDERAL INCOME TAX MATTERS

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

To the extent the Portfolio invests in the CommodityRealReturn Strategy Fund^® (the “CRRS Fund”), an Underlying Fund, this Portfolio may be subject to additional tax risk.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Fund derive at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity index-linked swaps is not qualifying income under Subchapter M of the Code. Subsequently, the IRS issued a private letter ruling to the CRRS Fund in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. In addition, the IRS issued another private letter ruling to the CRRS Fund in which the IRS specifically concluded that income derived from the CRRS Fund’s investment in

the Subsidiary, which invests primarily in commodity index-linked swaps, will also constitute qualifying income to the CRRS Fund. Based on such rulings, the CRRS Fund will continue to seek to gain exposure to the commodity markets primarily through investments in commodity-linked notes and through investments in its subsidiary.

Please refer to the prospectus for the Separate Account and Variable Contract for information regarding federal income tax treatment of distributions to the Separate Account.

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    14,251	$    (7,424)	$    6,827

14 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 15

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Investment Sub-Adviser

Research Affiliates, LLC

800 E. Colorado Boulevard

Pasadena, California 91101

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 subsidiary 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. An Underlying Fund’s investment 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO All Asset Portfolio

Cumulative Returns Through June 30, 2007

$10,000 invested at the end of the nearest month to the inception date of the Portfolio’s Institutional Class.

PIMCO Funds Allocation^‡

Floating Income Fund	19.7%
Real Return Asset Fund	14.9%
Developing Local Markets Fund	12.4%
Emerging Local Bond Fund	11.2%
CommodityRealReturn Strategy Fund®	9.0%
Real Return Fund	6.8%
Long-Term U.S. Government Fund	5.7%
Other	20.3%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	Portfolio Inception (01/31/06)
	PIMCO All Asset Portfolio Institutional Class	2.99%	9.05%	4.80%
	Lehman Brothers U.S. TIPS: 1-10 Year Index±	2.49%	4.19%	4.01%
	CPI + 500 Basis Points±±	5.84%	7.93%	8.88%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Lehman Brothers U.S. TIPS: 1-10 Year Index is an unmanaged index comprised of U.S. Treasury Inflation-Protected Securities having a maturity of at least 1 year and less than 10 years. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

±± 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 U.S. Department of Labor, Bureau of Labor Statistics. There can be no guarantee that the CPI or other indices will reflect the exact level of inflation at any given time. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,029.90	$	1,022.69
Expenses Paid During Period†	$	2.14	$	2.13

† Expenses are equal to the Portfolio’s Institutional Class annualized expense ratio of 0.425%, 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 are currently capped at 0.64%. 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 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 PIMCO Funds, an affiliated open-end investment company, except the PIMCO All Asset and PIMCO All Asset All Authority Funds.

» Significant exposure to short-term strategies, particularly through the PIMCO Floating Income Fund, contributed to performance as the PIMCO Floating Income Fund returned 2.62% net of fees during the period.

» Although any exposure to Real Estate Investment Trusts (“REITs”) would detract from performance, as the Dow Jones Wilshire REIT Index returned -5.97% during the period, negligible exposure was a positive asset allocation decision.

» Exposure to equity strategies benefited performance due to strong returns domestically and internationally. However, reduced equity exposure in the Portfolio was not a positive asset allocation decision.

» Large exposure to developing local market bonds contributed to performance as the asset class benefited from continued capital inflows and strong economic fundamentals.

» Large exposure to Treasury Inflation-Protected Securities (“TIPS”) detracted from performance as real yields rose.

» Minimal exposure to convertibles detracted from returns as the asset class had positive performance.

4 PIMCO Variable Insurance Trust

Financial Highlights  All Asset Portfolio

Selected per Share Data for the Period Ended:	06/30/2007+			01/31/2006-12/31/2006
Institutional Class
Net asset value beginning of period	$	11.68		$	11.93
Net investment income (a)		0.30			1.17
Net realized/unrealized gain (loss) on investments (a)		0.05			(0.74	)
Total income from investment operations		0.35			0.43
Dividends from net investment income		(0.29	)		(0.65	)
Distributions from net realized capital gains		0.00			(0.03	)
Total distributions		(0.29	)		(0.68	)
Net asset value end of period	$	11.74		$	11.68
Total return		2.99	%		3.73	%
Net assets end of period (000s)	$	291		$	74
Ratio of expenses to average net assets		0.425	%*(b)(d)		0.425	%*(b)(c)
Ratio of expenses to average net assets excluding interest expense		0.425	%*(b)(d)		0.425	%*(b)(c)
Ratio of net investment income to average net assets		5.01	%*		10.65	%*
Portfolio turnover rate		48	%		66	%

+ 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) Effective October 1, 2006, the advisory fee was reduced to 0.175%.

(d) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.435%.

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  All Asset Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007 (Unaudited)
Assets:
Investments in affiliates, at value	$	1,125,710
Repurchase agreements, at value		4,111
Cash		1
Receivable for investments in affiliates sold		9,423
Receivable for Portfolio shares sold		2,631
Interest and dividends receivable		2
Interest and dividends receivable from affiliates		5,016
Manager reimbursement receivable		31
		1,146,925
Liabilities:
Payable for investments in affiliates purchased	$	16,789
Payable for Portfolio shares redeemed		69
Accrued investment advisory fee		163
Accrued administration fee		233
Accrued distribution fee		168
Accrued servicing fee		30
		17,452
Net Assets	$	1,129,473
Net Assets Consist of:
Paid in capital	$	1,125,794
Undistributed net investment income		4,112
Accumulated undistributed net realized (loss)		(7,260	)
Net unrealized appreciation		6,827
	$	1,129,473
Net Assets:
Institutional Class	$	291
Administrative Class		258,604
Advisor Class		822,338
Class M		48,240
Shares Issued and Outstanding:
Institutional Class		25
Administrative Class		22,035
Advisor Class		69,990
Class M		4,106
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	11.74
Administrative Class		11.73
Advisor Class		11.74
Class M		11.74
Cost of Investments in Affiliates Owned	$	1,118,883
Cost of Repurchase Agreements Owned	$	4,111

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  All Asset Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)
Investment Income:
Interest	$	99
Dividends from affiliate investments		24,338
Total Income		24,437
Expenses:
Investment advisory fees		831
Administration fees		1,187
Servicing fees – Administrative Class		187
Distribution and/or servicing fees – Advisor Class		813
Distribution and/or servicing fees – Class M		111
Total Expenses		3,129
Reimbursement by Manager		(45	)
Net Expenses		3,084
Net Investment Income		21,353
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on affiliate investments		(1,069	)
Net change in unrealized appreciation on affiliate investments		5,843
Net Gain		4,774
Net Increase in Net Assets Resulting from Operations	$	26,127

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  All Asset Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase in Net Assets from:
Operations:
Net investment income	$	21,353		$	32,372
Net realized (loss) on affiliate investments		(1,069	)		(7,977	)
Net capital gain distributions received from Underlying Funds		0			2,277
Net change in unrealized appreciation on affiliate investments		5,843			3,148
Net increase resulting from operations		26,127			29,820
Distributions to Shareholders:
From net investment income
Institutional Class		(7	)		(2	)
Administrative Class		(6,179	)		(13,550	)
Advisor Class		(17,050	)		(15,816	)
Class M		(1,079	)		(3,041	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(622	)
Advisor Class		0			(1,205	)
Class M		0			(139	)
Total Distributions		(24,315	)		(34,375	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		294			73
Administrative Class		25,388			60,956
Advisor Class		304,743			485,456
Class M		5,550			15,354
Issued as reinvestment of distributions
Institutional Class		7			3
Administrative Class		6,179			14,172
Advisor Class		17,050			17,022
Class M		1,079			3,180
Cost of shares redeemed
Institutional Class		(83	)		0
Administrative Class		(25,052	)		(72,158	)
Advisor Class		(1,505	)		(7,990	)
Class M		(13,565	)		(30,245	)
Net increase resulting from Portfolio share transactions		320,085			485,823
Total Increase in Net Assets		321,897			481,268
Net Assets:
Beginning of period		807,576			326,308
End of period*	$	1,129,473		$	807,576
*Including undistributed net investment income of:	$	4,112		$	7,074

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  All Asset Portfolio (a) June 30, 2007 (Unaudited)

	SHARES		VALUE (000S)
PIMCO FUNDS (b) 99.7%
CommodityRealReturn Strategy Fund®	7,268,477	$	102,122
Convertible Fund	589,376		8,434
Developing Local Markets Fund	12,645,454		139,732
Diversified Income Fund	4,446,275		48,242
Emerging Local Bond Fund	12,272,617		126,285
Emerging Markets Bond Fund	1,580,326		17,241
Floating Income Fund	21,146,569		222,251
Foreign Bond Fund (Unhedged)	87,682		862
Fundamental IndexPLUS™ Fund	2,578,927		29,709
Fundamental IndexPLUS™ TR Fund	3,313,300		35,817
GNMA Fund	261,736		2,856
High Yield Fund	669,256		6,539
Income Fund	368,140		3,619
International StocksPLUS® TR Strategy Fund (Unhedged)	379,112		3,969

	SHARES		VALUE (000S)
International StocksPLUS® TR Strategy Fund (U.S.Dollar-Hedged)	2,537,938	$	31,927
Long-Term U.S. Government Fund	6,413,670		65,163
Low Duration Fund	130,601		1,280
Real Return Asset Fund	15,807,400		168,665
Real Return Fund	7,279,172		76,577
RealEstateRealReturn Strategy Fund	291,240		1,899
Short-Term Fund	364,763		3,619
Small Cap StocksPLUS® TR Strategy Fund	173,830		1,877
StocksPLUS® Fund	158,184		1,830
StocksPLUS® Total Return Fund	561,247		6,836
Total Return Fund	360,250		3,660
Total Return Mortgage Fund	1,397,281		14,699
Total PIMCO Funds (Cost $1,118,883)			1,125,710

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INSTRUMENTS 0.3%
REPURCHASE AGREEMENTS 0.3%
State Street Bank and Trust Co.
4.900% due 07/02/2007	$	4,111	$	4,111
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $4,197. Repurchase proceeds are $4,113.)
Total Short-Term Instruments (Cost $4,111)				4,111
Total Investments 100.0% (Cost $1,122,994)			$	1,129,821
Other Assets and Liabilities (Net) (0.0%)				(348	)
Net Assets 100.0%			$	1,129,473

Notes to Schedule of Investments

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

(b) Institutional Class Shares of each PIMCO Fund.

See Accompanying Notes Semiannual Report June 30, 2007 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 management investment 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 on these financial statements pertains to the Institutional Class of the Portfolio. Certain detailed financial information for the Administrative Class, Advisor Class and Class M is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans.

The Portfolio may invest a portion of its assets in certain affiliated underlying investment funds (the “Underlying Funds” or “Acquired Funds”). The Portfolio’s combined investments in the Fundamental IndexPLUS™, Fundamental IndexPLUS™ TR, International StocksPLUS^® TR Strategy (U.S. Dollar-Hedged), International StocksPLUS^® TR Strategy (Unhedged), Small Cap StocksPLUS^® TR, StocksPLUS^® and StocksPLUS^® Total Return Funds normally will not exceed 50% of its total assets. In addition, the Portfolio’s combined investments in the CommodityRealReturn Strategy, Real Return, Real Return Asset and RealEstateRealReturn Strategy Funds normally will not exceed 75% of its total assets. The Portfolio’s investment in a particular Underlying Fund normally will not exceed 50% of its total assets.

The Portfolio’s assets are not allocated according to a predetermined blend of shares of the Underlying Funds. Instead, when making allocation decisions among the Underlying Funds, the Portfolio’s asset allocation sub-adviser considers various quantitative and qualitative data relating to the U.S. and foreign economies and securities markets. These data include projected growth trends in the U.S. and foreign economies, forecasts for interest rates and the relationship between short- and long-term interest rates (yield curve), current and projected trends in inflation, relative valuation levels in the equity and fixed income markets and various industrial sectors, information relating to business cycles, borrowing needs and the cost of capital, political trends data relating to trade balances and labor information. The Portfolio’s asset allocation sub-adviser has the flexibility to reallocate the Portfolio’s assets among any or all of the Underlying Funds based on its ongoing analyses of the equity, fixed income and commodity markets, although these shifts are not expected to be large or frequent in nature. The Portfolio is non-diversified, which means that it may concentrate its assets in a smaller number of Underlying Funds than a diversified fund.

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 on the financial statements. Actual results could differ from those estimates.

(a) Security Valuation  Investments in funds within the PIMCO Funds are valued at their net asset value as reported by the Underlying Funds.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, adjusted for the accretion of discounts and

amortization of premiums, is recorded on the accrual basis.

(c) 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.

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(d) 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.

(e) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(f) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of

10 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) Investment Advisory Fee  Pacific Investment Management Company LLC (“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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.175%.

Research Affiliates, LLC (“Research Affiliates”) serves as the asset allocation sub-adviser and selects the Underlying Funds in which the Portfolio invests. PIMCO pays a fee to Research Affiliates at an annual rate of 0.175% based on average daily net assets of the Portfolio.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted separate Distribution Plans for the Advisor Class and Class M shares of the Portfolio. The Distribution Plans have been adopted pursuant to Rule 12b-1 under the Act. The Distribution Plans permit payments for expenses in connection with the distribution and marketing of Advisor Class and Class M shares and/or the provision of shareholder services to Advisor Class and Class M shareholders which permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class and Class M shares. The Trust has also adopted Administrative Services Plans (“Service Plans”) for the Class M shares of the Portfolio. The Service Plans allows the

Portfolio to use its Class M assets to compensate or reimburse financial intermediaries that provide services relating to Class M shares which permits the Portfolio to make total payments at an annual rate of 0.20% of its average daily net assets attributable to its Class M shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

(e) Acquired Fund Fees and Expenses  The Underlying Fund Expenses for the Portfolio are based upon an allocation of the Portfolio’s assets among the Underlying Funds and upon the total annual operating expenses of the Institutional Class shares of these Underlying Funds. Underlying Fund Expenses will vary with changes in the expenses of the Underlying Funds, as well as allocation of the Portfolio’s assets.

PIMCO has contractually agreed, for the Portfolio’s current fiscal year, to reduce its advisory fee to the extent that the Acquired Fund Fees and Expenses attributable to advisory and administrative fees exceed 0.64% of the total assets invested in Underlying Funds. The waiver is reflected in the Statement of Operations as a component of Reimbursement by Manager. For the period ended June 30, 2007, the amount was $45,332. PIMCO may recoup these waivers in future periods, not exceeding three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. As of June 30, 2007, the recoverable amount to the Administrator was $81,026.

Semiannual Report June 30, 2007 11

Notes to Financial Statements (Cont.)

4.  RELATED PARTY TRANSACTIONS

The Advisor, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

The All Asset Portfolio invests substantially all of its assets in Institutional Class shares of PIMCO Funds, an affiliated open-end investment company. 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, 2007 (amounts in thousands):

Underlying Funds	Market Value 12/31/2006		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 6/30/2007		Dividend Income		Net Capital and Realized Gain (Loss)
Convertible Fund	$	1,351	$	6,967	$	0	$	258		$	8,434	$	15	$	0
Developing Local Markets Fund		92,781		59,318		15,272		5,598			139,732		2,343		(50	)
Diversified Income Fund		10,826		51,300		12,520		(1,267	)		48,242		1,006		(200	)
Emerging Local Bond Fund		0		123,827		138		2,601			126,285		1,737		(5	)
Emerging Markets Bond Fund		32,346		842		15,795		563			17,241		842		148
Floating Income Fund		223,808		187,752		188,313		1,339			222,251		8,175		94
Foreign Bond Fund (Unhedged)		877		15		0		(7	)		862		15		0
Fundamental IndexPLUS™ Fund		21,485		10,115		3,471		902			29,709		101		138
Fundamental IndexPLUS™ TR Fund		29,493		4,605		0		795			35,817		103		0
GNMA Fund		2,815		72		0		(17	)		2,856		72		0
High Yield Fund		25,812		996		20,125		157			6,539		867		187
Income Fund		0		3,703		0		(84	)		3,619		37		0
International StocksPLUS® TR Strategy Fund (Unhedged)		1,138		2,662		0		150			3,969		48		0
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		29,781		336		0		1,763			31,927		336		0
Long-Term U.S. Government Fund		10,595		96,296		41,674		(566	)		65,163		564		541
Low Duration Fund		20,641		18,385		37,450		1			1,280		407		(250	)
Real Return Asset Fund		99,339		136,338		64,587		(2,898	)		168,665		2,807		948
Real Return Fund		51,460		42,705		17,008		(1,167	)		76,577		1,488		(147	)
RealEstateRealReturn Strategy Fund		2,066		85		0		(480	)		1,899		85		0
Short-Term Fund		3,622		809		797		(14	)		3,619		87		(1	)
Small Cap StocksPLUS® TR Fund		0		1,881		0		(3	)		1,877		4		0
StocksPLUS® Fund		1,719		42		0		117			1,830		42		0
StocksPLUS® Total Return Fund		6,570		37		0		7			6,836		37		0
Total Return Fund		18,875		449		15,206		(123	)		3,660		450		(374	)
Total Return Mortgage Fund		3,782		11,065		0		(166	)		14,699		299		0
CommodityRealReturn Strategy Fund®		115,847		11,589		25,927		(632	)		102,122		2,371		(2,098	)
Totals	$	807,029	$	772,191	$	458,283	$	6,827		$	1,125,710	$	24,338	$	(1,069	)

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	0	$	0	$	772,191	$	458,283

12 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	25		$	294		6		$	73
Administrative Class	2,142			25,388		5,177			60,956
Advisor Class	25,760			304,743		41,500			485,456
Class M	468			5,550		1,306			15,354
Issued as reinvestment of distributions
Institutional Class	1			7		0			3
Administrative Class	525			6,179		1,218			14,172
Advisor Class	1,449			17,050		1,455			17,022
Class M	92			1,079		273			3,180
Cost of shares redeemed
Institutional Class	(7	)		(83	)	0			0
Administrative Class	(2,130	)		(25,052	)	(6,181	)		(72,158	)
Advisor Class	(129	)		(1,505	)	(676	)		(7,990	)
Class M	(595	)		(13,565	)	(2,587	)		(30,245	)
Net increase resulting from Portfolio share transactions	27,601		$	320,085		41,491		$	485,823

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	95
Administrative Class	3	91
Advisor Class	2	97
Class M	3	94

8.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

Semiannual Report June 30, 2007 13

Notes to Financial Statements (Cont.)

9.  FEDERAL INCOME TAX MATTERS

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

To the extent the Portfolio invests in the CommodityRealReturn Strategy Fund^® (the “CRRS Fund”), an Underlying Fund, this Portfolio may be subject to additional tax risk.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Fund derive at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity index-linked swaps is not qualifying income under Subchapter M of the Code. Subsequently, the IRS issued a private letter ruling to the CRRS Fund in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. In addition, the IRS issued another private letter ruling to the CRRS Fund in which the IRS specifically concluded that income derived from the CRRS Fund’s investment in

the Subsidiary, which invests primarily in commodity index-linked swaps, will also constitute qualifying income to the CRRS Fund. Based on such rulings, the CRRS Fund will continue to seek to gain exposure to the commodity markets primarily through investments in commodity-linked notes and through investments in its subsidiary.

Please refer to the prospectus for the Separate Account and Variable Contract for information regarding federal income tax treatment of distributions to the Separate Account.

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    14,251	$    (7,424)	$    6,827

14 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 15

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Investment Sub-Adviser

Research Affiliates, LLC

800 E. Colorado Boulevard

Pasadena, California 91101

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 subsidiary 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. An Underlying Fund’s investment 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO All Asset Portfolio

Cumulative Returns Through June 30, 2007

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

PIMCO Funds Allocation^‡

Floating Income Fund	19.7%
Real Return Asset Fund	14.9%
Developing Local Markets Fund	12.4%
Emerging Local Bond Fund	11.2%
CommodityRealReturn Strategy Fund®	9.0%
Real Return Fund	6.8%
Long-Term U.S. Government Fund	5.7%
Other	20.3%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	Portfolio Inception (04/30/04)
	PIMCO All Asset Portfolio Advisor Class	2.88%	8.83%	8.40%
	Lehman Brothers U.S. TIPS: 1-10 Year Index±	2.49%	4.19%	3.82%
	CPI + 500 Basis Points±±	5.84%	7.93%	8.57%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Lehman Brothers U.S. TIPS: 1-10 Year Index is an unmanaged index comprised of U.S. Treasury Inflation-Protected Securities having a maturity of at least 1 year and less than 10 years. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

±± 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 U.S. Department of Labor, Bureau of Labor Statistics. There can be no guarantee that the CPI or other indices will reflect the exact level of inflation at any given time. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,028.78	$	1,021.45
Expenses Paid During Period†	$	3.40	$	3.38

† Expenses are equal to the Portfolio’s Advisor Class annualized expense ratio of 0.675%, 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 are currently capped at 0.64%. 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 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 PIMCO Funds, an affiliated open-end investment company, except the PIMCO All Asset and PIMCO All Asset All Authority Funds.

» Significant exposure to short-term strategies, particularly through the PIMCO Floating Income Fund, contributed to performance as the PIMCO Floating Income Fund returned 2.62% net of fees during the period.

» Although any exposure to Real Estate Investment Trusts (“REITs”) would detract from performance, as the Dow Jones Wilshire REIT Index returned -5.97% during the period, negligible exposure was a positive asset allocation decision.

» Exposure to equity strategies benefited performance due to strong returns domestically and internationally. However, reduced equity exposure in the Portfolio was not a positive asset allocation decision.

» Large exposure to developing local market bonds contributed to performance as the asset class benefited from continued capital inflows and strong economic fundamentals.

» Large exposure to Treasury Inflation-Protected Securities (“TIPS”) detracted from performance as real yields rose.

» Minimal exposure to convertibles detracted from returns as the asset class had positive performance.

4 PIMCO Variable Insurance Trust

Financial Highlights  All Asset Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			04/30/2004-12/31/2004
Advisor Class
Net asset value beginning of year or period	$	11.68		$	11.82		$	11.64		$	10.59
Net investment income (a)		0.27			1.05			1.63			0.52
Net realized/unrealized gain (loss) on investments (a)		0.07			(0.53	)		(0.93	)		0.87
Total income from investment operations		0.34			0.52			0.70			1.39
Dividends from net investment income		(0.28	)		(0.63	)		(0.48	)		(0.33	)
Distributions from net realized capital gains		0.00			(0.03	)		(0.04	)		(0.01	)
Total distributions		(0.28	)		(0.66	)		(0.52	)		(0.34	)
Net asset value end of year or period	$	11.74		$	11.68		$	11.82		$	11.64
Total return		2.88	%		4.56	%		6.03	%		13.18	%
Net assets end of year or period (000s)	$	822,338		$	501,498		$	7,461		$	11
Ratio of expenses to average net assets		0.675	%*(b)(e)		0.685	%(b)(d)		0.70	%(b)		0.67	%*(b)(c)
Ratio of expenses to average net assets excluding interest expense		0.675	%*(b)(e)		0.685	%(b)(d)		0.70	%(b)		0.67	%*(b)(c)
Ratio of net investment income to average net assets		4.52	%*		8.84	%		13.67	%		6.96	%*
Portfolio turnover rate		48	%		66	%		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%.

(d) Effective October 1, 2006, the advisory fee was reduced to 0.175%.

(e) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.685%.

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  All Asset Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007 (Unaudited)
Assets:
Investments in affiliates, at value	$	1,125,710
Repurchase agreements, at value		4,111
Cash		1
Receivable for investments in affiliates sold		9,423
Receivable for Portfolio shares sold		2,631
Interest and dividends receivable		2
Interest and dividends receivable from affiliates		5,016
Manager reimbursement receivable		31
		1,146,925
Liabilities:
Payable for investments in affiliates purchased	$	16,789
Payable for Portfolio shares redeemed		69
Accrued investment advisory fee		163
Accrued administration fee		233
Accrued distribution fee		168
Accrued servicing fee		30
		17,452
Net Assets	$	1,129,473
Net Assets Consist of:
Paid in capital	$	1,125,794
Undistributed net investment income		4,112
Accumulated undistributed net realized (loss)		(7,260	)
Net unrealized appreciation		6,827
	$	1,129,473
Net Assets:
Institutional Class	$	291
Administrative Class		258,604
Advisor Class		822,338
Class M		48,240
Shares Issued and Outstanding:
Institutional Class		25
Administrative Class		22,035
Advisor Class		69,990
Class M		4,106
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	11.74
Administrative Class		11.73
Advisor Class		11.74
Class M		11.74
Cost of Investments in Affiliates Owned	$	1,118,883
Cost of Repurchase Agreements Owned	$	4,111

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  All Asset Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)
Investment Income:
Interest	$	99
Dividends from affiliate investments		24,338
Total Income		24,437
Expenses:
Investment advisory fees		831
Administration fees		1,187
Servicing fees – Administrative Class		187
Distribution and/or servicing fees – Advisor Class		813
Distribution and/or servicing fees – Class M		111
Total Expenses		3,129
Reimbursement by Manager		(45	)
Net Expenses		3,084
Net Investment Income		21,353
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on affiliate investments		(1,069	)
Net change in unrealized appreciation on affiliate investments		5,843
Net Gain		4,774
Net Increase in Net Assets Resulting from Operations	$	26,127

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  All Asset Portfolio

(Amounts in thousands)		Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase in Net Assets from:
Operations:
Net investment income		$	21,353		$	32,372
Net realized (loss) on affiliate investments			(1,069	)		(7,977	)
Net capital gain distributions received from Underlying Funds			0			2,277
Net change in unrealized appreciation on affiliate investments			5,843			3,148
Net increase resulting from operations			26,127			29,820
Distributions to Shareholders:
From net investment income
Institutional Class			(7	)		(2	)
Administrative Class			(6,179	)		(13,550	)
Advisor Class			(17,050	)		(15,816	)
Class M			(1,079	)		(3,041	)
From net realized capital gains	��
Institutional Class			0			0
Administrative Class			0			(622	)
Advisor Class			0			(1,205	)
Class M			0			(139	)
Total Distributions			(24,315	)		(34,375	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class			294			73
Administrative Class			25,388			60,956
Advisor Class			304,743			485,456
Class M			5,550			15,354
Issued as reinvestment of distributions
Institutional Class			7			3
Administrative Class			6,179			14,172
Advisor Class			17,050			17,022
Class M			1,079			3,180
Cost of shares redeemed
Institutional Class			(83	)		0
Administrative Class			(25,052	)		(72,158	)
Advisor Class			(1,505	)		(7,990	)
Class M			(13,565	)		(30,245	)
Net increase resulting from Portfolio share transactions			320,085			485,823
Total Increase in Net Assets			321,897			481,268
Net Assets:
Beginning of period			807,576			326,308
End of period*		$	1,129,473		$	807,576
*Including undistributed net investment income of:		$	4,112		$	7,074

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  All Asset Portfolio (a) June 30, 2007 (Unaudited)

	SHARES		VALUE (000S)
PIMCO FUNDS (b) 99.7%
CommodityRealReturn Strategy Fund®	7,268,477	$	102,122
Convertible Fund	589,376		8,434
Developing Local Markets Fund	12,645,454		139,732
Diversified Income Fund	4,446,275		48,242
Emerging Local Bond Fund	12,272,617		126,285
Emerging Markets Bond Fund	1,580,326		17,241
Floating Income Fund	21,146,569		222,251
Foreign Bond Fund (Unhedged)	87,682		862
Fundamental IndexPLUS™ Fund	2,578,927		29,709
Fundamental IndexPLUS™ TR Fund	3,313,300		35,817
GNMA Fund	261,736		2,856
High Yield Fund	669,256		6,539
Income Fund	368,140		3,619
International StocksPLUS® TR Strategy Fund (Unhedged)	379,112		3,969

	SHARES		VALUE (000S)
International StocksPLUS® TR Strategy Fund (U.S.Dollar-Hedged)	2,537,938	$	31,927
Long-Term U.S. Government Fund	6,413,670		65,163
Low Duration Fund	130,601		1,280
Real Return Asset Fund	15,807,400		168,665
Real Return Fund	7,279,172		76,577
RealEstateRealReturn Strategy Fund	291,240		1,899
Short-Term Fund	364,763		3,619
Small Cap StocksPLUS® TR Strategy Fund	173,830		1,877
StocksPLUS® Fund	158,184		1,830
StocksPLUS® Total Return Fund	561,247		6,836
Total Return Fund	360,250		3,660
Total Return Mortgage Fund	1,397,281		14,699
Total PIMCO Funds (Cost $1,118,883)			1,125,710

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INSTRUMENTS 0.3%
REPURCHASE AGREEMENTS 0.3%
State Street Bank and Trust Co.
4.900% due 07/02/2007	$	4,111	$	4,111
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $4,197. Repurchase proceeds are $4,113.)
Total Short-Term Instruments (Cost $4,111)				4,111
Total Investments 100.0% (Cost $1,122,994)			$	1,129,821
Other Assets and Liabilities (Net) (0.0%)				(348	)
Net Assets 100.0%			$	1,129,473

Notes to Schedule of Investments

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

(b) Institutional Class Shares of each PIMCO Fund.

See Accompanying Notes Semiannual Report June 30, 2007 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 management investment 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 on these financial statements pertains to the Advisor Class of the Portfolio. Certain detailed financial information for the Institutional Class, Administrative Class and Class M is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans.

The Portfolio may invest a portion of its assets in certain affiliated underlying investment funds (the “Underlying Funds” or “Acquired Funds”). The Portfolio’s combined investments in the Fundamental IndexPLUS™, Fundamental IndexPLUS™ TR, International StocksPLUS^® TR Strategy (U.S. Dollar-Hedged), International StocksPLUS^® TR Strategy (Unhedged), Small Cap StocksPLUS^® TR, StocksPLUS^® and StocksPLUS^® Total Return Funds normally will not exceed 50% of its total assets. In addition, the Portfolio’s combined investments in the CommodityRealReturn Strategy, Real Return, Real Return Asset and RealEstateRealReturn Strategy Funds normally will not exceed 75% of its total assets. The Portfolio’s investment in a particular Underlying Fund normally will not exceed 50% of its total assets.

The Portfolio’s assets are not allocated according to a predetermined blend of shares of the Underlying Funds. Instead, when making allocation decisions among the Underlying Funds, the Portfolio’s asset allocation sub-adviser considers various quantitative and qualitative data relating to the U.S. and foreign economies and securities markets. These data include projected growth trends in the U.S. and foreign economies, forecasts for interest rates and the relationship between short- and long-term interest rates (yield curve), current and projected trends in inflation, relative valuation levels in the equity and fixed income markets and various industrial sectors, information relating to business cycles, borrowing needs and the cost of capital, political trends data relating to trade balances and labor information. The Portfolio’s asset allocation sub-adviser has the flexibility to reallocate the Portfolio’s assets among any or all of the Underlying Funds based on its ongoing analyses of the equity, fixed income and commodity markets, although these shifts are not expected to be large or frequent in nature. The Portfolio is non-diversified, which means that it may concentrate its assets in a smaller number of Underlying Funds than a diversified fund.

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 on the financial statements. Actual results could differ from those estimates.

(a) Security Valuation  Investments in funds within the PIMCO Funds are valued at their net asset value as reported by the Underlying Funds.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the

ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis.

(c) 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.

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(d) 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.

(e) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(f) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of

10 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) Investment Advisory Fee  Pacific Investment Management Company LLC (“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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.175%.

Research Affiliates, LLC (“Research Affiliates”) serves as the asset allocation sub-adviser and selects the Underlying Funds in which the Portfolio invests. PIMCO pays a fee to Research Affiliates at an annual rate of 0.175% based on average daily net assets of the Portfolio.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted separate Distribution Plans for the Advisor Class and Class M shares of the Portfolio. The Distribution Plans have been adopted pursuant to Rule 12b-1 under the Act. The Distribution Plans permit payments for expenses in connection with the distribution and marketing of Advisor Class and Class M shares and/or the provision of shareholder services to Advisor Class and Class M shareholders which permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class and Class M shares. The Trust has also adopted Administrative Services Plans (“Service Plans”) for the Class M shares of the Portfolio. The Service Plans allows the

Portfolio to use its Class M assets to compensate or reimburse financial intermediaries that provide services relating to Class M shares which permits the Portfolio to make total payments at an annual rate of 0.20% of its average daily net assets attributable to its Class M shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

(e) Acquired Fund Fees and Expenses  The Underlying Fund Expenses for the Portfolio are based upon an allocation of the Portfolio’s assets among the Underlying Funds and upon the total annual operating expenses of the Institutional Class shares of these Underlying Funds. Underlying Fund Expenses will vary with changes in the expenses of the Underlying Funds, as well as allocation of the Portfolio’s assets.

PIMCO has contractually agreed, for the Portfolio’s current fiscal year, to reduce its advisory fee to the extent that the Acquired Fund Fees and Expenses attributable to advisory and administrative fees exceed 0.64% of the total assets invested in Underlying Funds. The waiver is reflected in the Statement of Operations as a component of Reimbursement by Manager. For the period ended June 30, 2007, the amount was $45,332. PIMCO may recoup these waivers in future periods, not exceeding three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. As of June 30, 2007, the recoverable amount to the Administrator was $81,026.

Semiannual Report June 30, 2007 11

Notes to Financial Statements (Cont.)

4.  RELATED PARTY TRANSACTIONS

The Advisor, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

The All Asset Portfolio invests substantially all of its assets in Institutional Class shares of PIMCO Funds, an affiliated open-end investment company. 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, 2007 (amounts in thousands):

Underlying Funds	Market Value 12/31/2006		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 6/30/2007		Dividend Income		Net Capital and Realized Gain (Loss)
Convertible Fund	$	1,351	$	6,967	$	0	$	258		$	8,434	$	15	$	0
Developing Local Markets Fund		92,781		59,318		15,272		5,598			139,732		2,343		(50	)
Diversified Income Fund		10,826		51,300		12,520		(1,267	)		48,242		1,006		(200	)
Emerging Local Bond Fund		0		123,827		138		2,601			126,285		1,737		(5	)
Emerging Markets Bond Fund		32,346		842		15,795		563			17,241		842		148
Floating Income Fund		223,808		187,752		188,313		1,339			222,251		8,175		94
Foreign Bond Fund (Unhedged)		877		15		0		(7	)		862		15		0
Fundamental IndexPLUS™ Fund		21,485		10,115		3,471		902			29,709		101		138
Fundamental IndexPLUS™ TR Fund		29,493		4,605		0		795			35,817		103		0
GNMA Fund		2,815		72		0		(17	)		2,856		72		0
High Yield Fund		25,812		996		20,125		157			6,539		867		187
Income Fund		0		3,703		0		(84	)		3,619		37		0
International StocksPLUS® TR Strategy Fund (Unhedged)		1,138		2,662		0		150			3,969		48		0
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		29,781		336		0		1,763			31,927		336		0
Long-Term U.S. Government Fund		10,595		96,296		41,674		(566	)		65,163		564		541
Low Duration Fund		20,641		18,385		37,450		1			1,280		407		(250	)
Real Return Asset Fund		99,339		136,338		64,587		(2,898	)		168,665		2,807		948
Real Return Fund		51,460		42,705		17,008		(1,167	)		76,577		1,488		(147	)
RealEstateRealReturn Strategy Fund		2,066		85		0		(480	)		1,899		85		0
Short-Term Fund		3,622		809		797		(14	)		3,619		87		(1	)
Small Cap StocksPLUS® TR Fund		0		1,881		0		(3	)		1,877		4		0
StocksPLUS® Fund		1,719		42		0		117			1,830		42		0
StocksPLUS® Total Return Fund		6,570		37		0		7			6,836		37		0
Total Return Fund		18,875		449		15,206		(123	)		3,660		450		(374	)
Total Return Mortgage Fund		3,782		11,065		0		(166	)		14,699		299		0
CommodityRealReturn Strategy Fund®		115,847		11,589		25,927		(632	)		102,122		2,371		(2,098	)
Totals	$	807,029	$	772,191	$	458,283	$	6,827		$	1,125,710	$	24,338	$	(1,069	)

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	0	$	0	$	772,191	$	458,283

12 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	25		$	294		6		$	73
Administrative Class	2,142			25,388		5,177			60,956
Advisor Class	25,760			304,743		41,500			485,456
Class M	468			5,550		1,306			15,354
Issued as reinvestment of distributions
Institutional Class	1			7		0			3
Administrative Class	525			6,179		1,218			14,172
Advisor Class	1,449			17,050		1,455			17,022
Class M	92			1,079		273			3,180
Cost of shares redeemed
Institutional Class	(7	)		(83	)	0			0
Administrative Class	(2,130	)		(25,052	)	(6,181	)		(72,158	)
Advisor Class	(129	)		(1,505	)	(676	)		(7,990	)
Class M	(595	)		(13,565	)	(2,587	)		(30,245	)
Net increase resulting from Portfolio share transactions	27,601		$	320,085		41,491		$	485,823

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	95
Administrative Class	3	91
Advisor Class	2	97
Class M	3	94

8.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

Semiannual Report June 30, 2007 13

Notes to Financial Statements (Cont.)

9.  FEDERAL INCOME TAX MATTERS

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

To the extent the Portfolio invests in the CommodityRealReturn Strategy Fund^® (the “CRRS Fund”), an Underlying Fund, this Portfolio may be subject to additional tax risk.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Fund derive at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity index-linked swaps is not qualifying income under Subchapter M of the Code. Subsequently, the IRS issued a private letter ruling to the CRRS Fund in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. In addition, the IRS issued another private letter ruling to the CRRS Fund in which the IRS specifically concluded that income derived from the CRRS Fund’s investment in

the Subsidiary, which invests primarily in commodity index-linked swaps, will also constitute qualifying income to the CRRS Fund. Based on such rulings, the CRRS Fund will continue to seek to gain exposure to the commodity markets primarily through investments in commodity-linked notes and through investments in its subsidiary.

Please refer to the prospectus for the Separate Account and Variable Contract for information regarding federal income tax treatment of distributions to the Separate Account.

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    14,251	$    (7,424)	$    6,827

14 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 15

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Investment Sub-Adviser

Research Affiliates, LLC

800 E. Colorado Boulevard

Pasadena, California 91101

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 subsidiary 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. An Underlying Fund’s investment 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO All Asset Portfolio

Cumulative Returns Through June 30, 2007

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

PIMCO Funds Allocation^‡

Floating Income Fund	19.7%
Real Return Asset Fund	14.9%
Developing Local Markets Fund	12.4%
Emerging Local Bond Fund	11.2%
CommodityRealReturn Strategy Fund®	9.0%
Real Return Fund	6.8%
Long-Term U.S. Government Fund	5.7%
Other	20.3%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	Portfolio Inception (04/30/04)
	PIMCO All Asset Portfolio Class M	2.75%	8.60%	8.16%
	Lehman Brothers U.S. TIPS: 1-10 Year Index±	2.49%	4.19%	3.82%
	CPI + 500 Basis Points±±	5.84%	7.93%	8.57%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Lehman Brothers U.S. TIPS: 1-10 Year Index is an unmanaged index comprised of U.S. Treasury Inflation-Protected Securities having a maturity of at least 1 year and less than 10 years. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

±± 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 U.S. Department of Labor, Bureau of Labor Statistics. There can be no guarantee that the CPI or other indices will reflect the exact level of inflation at any given time. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,027.52	$	1,020.46
Expenses Paid During Period†	$	4.40	$	4.38

† Expenses are equal to the Portfolio’s Class M annualized expense ratio of 0.875%, 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 are currently capped at 0.64%. 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 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 PIMCO Funds, an affiliated open-end investment company, except the PIMCO All Asset and PIMCO All Asset All Authority Funds.

» Significant exposure to short-term strategies, particularly through the PIMCO Floating Income Fund, contributed to performance as the PIMCO Floating Income Fund returned 2.62% net of fees during the period.

» Although any exposure to Real Estate Investment Trusts (“REITs”) would detract from performance, as the Dow Jones Wilshire REIT Index returned -5.97% during the period, negligible exposure was a positive asset allocation decision.

» Exposure to equity strategies benefited performance due to strong returns domestically and internationally. However, reduced equity exposure in the Portfolio was not a positive asset allocation decision.

» Large exposure to developing local market bonds contributed to performance as the asset class benefited from continued capital inflows and strong economic fundamentals.

» Large exposure to Treasury Inflation-Protected Securities (“TIPS”) detracted from performance as real yields rose.

» Minimal exposure to convertibles detracted from returns as the asset class had positive performance.

4 PIMCO Variable Insurance Trust

Financial Highlights  All Asset Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			04/30/2004-12/31/2004
Class M
Net asset value beginning of year or period	$	11.68		$	11.80		$	11.60		$	10.59
Net investment income (a)		0.24			0.57			0.85			0.96
Net realized/unrealized gain (loss) on investments (a)		0.08			(0.07	)		(0.16	)		0.39
Total income from investment operations		0.32			0.50			0.69			1.35
Dividends from net investment income		(0.26	)		(0.59	)		(0.45	)		(0.33	)
Distributions from net realized capital gains		0.00			(0.03	)		(0.04	)		(0.01	)
Total distributions		(0.26	)		(0.62	)		(0.49	)		(0.34	)
Net asset value end of year or period	$	11.74		$	11.68		$	11.80		$	11.60
Total return		2.75	%		4.36	%		5.94	%		12.85	%
Net assets end of year or period (000s)	$	48,240		$	54,928		$	67,365		$	18,345
Ratio of expenses to average net assets		0.875	%*(b)(e)		0.885	%(b)(d)		0.89	%(b)(c)		0.87	%*(b)(c)
Ratio of expenses to average net assets excluding interest expense		0.875	%*(b)(e)		0.885	%(b)(d)		0.89	%(b)(c)		0.87	%*(b)(c)
Ratio of net investment income to average net assets		4.07	%*		4.84	%		7.16	%		12.66	%*
Portfolio turnover rate		48	%		66	%		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 0.90%.

(d) Effective October 1, 2006, the advisory fee was reduced to 0.175%.

(e) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.885%.

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  All Asset Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007 (Unaudited)
Assets:
Investments in affiliates, at value	$	1,125,710
Repurchase agreements, at value		4,111
Cash		1
Receivable for investments in affiliates sold		9,423
Receivable for Portfolio shares sold		2,631
Interest and dividends receivable		2
Interest and dividends receivable from affiliates		5,016
Manager reimbursement receivable		31
		1,146,925
Liabilities:
Payable for investments in affiliates purchased	$	16,789
Payable for Portfolio shares redeemed		69
Accrued investment advisory fee		163
Accrued administration fee		233
Accrued distribution fee		168
Accrued servicing fee		30
		17,452
Net Assets	$	1,129,473
Net Assets Consist of:
Paid in capital	$	1,125,794
Undistributed net investment income		4,112
Accumulated undistributed net realized (loss)		(7,260	)
Net unrealized appreciation		6,827
	$	1,129,473
Net Assets:
Institutional Class	$	291
Administrative Class		258,604
Advisor Class		822,338
Class M		48,240
Shares Issued and Outstanding:
Institutional Class		25
Administrative Class		22,035
Advisor Class		69,990
Class M		4,106
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	11.74
Administrative Class		11.73
Advisor Class		11.74
Class M		11.74
Cost of Investments in Affiliates Owned	$	1,118,883
Cost of Repurchase Agreements Owned	$	4,111

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  All Asset Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)
Investment Income:
Interest	$	99
Dividends from affiliate investments		24,338
Total Income		24,437
Expenses:
Investment advisory fees		831
Administration fees		1,187
Servicing fees – Administrative Class		187
Distribution and/or servicing fees – Advisor Class		813
Distribution and/or servicing fees – Class M		111
Total Expenses		3,129
Reimbursement by Manager		(45	)
Net Expenses		3,084
Net Investment Income		21,353
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on affiliate investments		(1,069	)
Net change in unrealized appreciation on affiliate investments		5,843
Net Gain		4,774
Net Increase in Net Assets Resulting from Operations	$	26,127

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  All Asset Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase in Net Assets from:
Operations:
Net investment income	$	21,353		$	32,372
Net realized (loss) on affiliate investments		(1,069	)		(7,977	)
Net capital gain distributions received from Underlying Funds		0			2,277
Net change in unrealized appreciation on affiliate investments		5,843			3,148
Net increase resulting from operations		26,127			29,820
Distributions to Shareholders:
From net investment income
Institutional Class		(7	)		(2	)
Administrative Class		(6,179	)		(13,550	)
Advisor Class		(17,050	)		(15,816	)
Class M		(1,079	)		(3,041	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(622	)
Advisor Class		0			(1,205	)
Class M		0			(139	)
Total Distributions		(24,315	)		(34,375	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		294			73
Administrative Class		25,388			60,956
Advisor Class		304,743			485,456
Class M		5,550			15,354
Issued as reinvestment of distributions
Institutional Class		7			3
Administrative Class		6,179			14,172
Advisor Class		17,050			17,022
Class M		1,079			3,180
Cost of shares redeemed
Institutional Class		(83	)		0
Administrative Class		(25,052	)		(72,158	)
Advisor Class		(1,505	)		(7,990	)
Class M		(13,565	)		(30,245	)
Net increase resulting from Portfolio share transactions		320,085			485,823
Total Increase in Net Assets		321,897			481,268
Net Assets:
Beginning of period		807,576			326,308
End of period*	$	1,129,473		$	807,576
*Including undistributed net investment income of:	$	4,112		$	7,074

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  All Asset Portfolio (a) June 30, 2007 (Unaudited)

	SHARES		VALUE (000S)
PIMCO FUNDS (b) 99.7%
CommodityRealReturn Strategy Fund®	7,268,477	$	102,122
Convertible Fund	589,376		8,434
Developing Local Markets Fund	12,645,454		139,732
Diversified Income Fund	4,446,275		48,242
Emerging Local Bond Fund	12,272,617		126,285
Emerging Markets Bond Fund	1,580,326		17,241
Floating Income Fund	21,146,569		222,251
Foreign Bond Fund (Unhedged)	87,682		862
Fundamental IndexPLUS™ Fund	2,578,927		29,709
Fundamental IndexPLUS™ TR Fund	3,313,300		35,817
GNMA Fund	261,736		2,856
High Yield Fund	669,256		6,539
Income Fund	368,140		3,619
International StocksPLUS® TR Strategy Fund (Unhedged)	379,112		3,969

	SHARES		VALUE (000S)
International StocksPLUS® TR Strategy Fund (U.S.Dollar-Hedged)	2,537,938	$	31,927
Long-Term U.S. Government Fund	6,413,670		65,163
Low Duration Fund	130,601		1,280
Real Return Asset Fund	15,807,400		168,665
Real Return Fund	7,279,172		76,577
RealEstateRealReturn Strategy Fund	291,240		1,899
Short-Term Fund	364,763		3,619
Small Cap StocksPLUS® TR Strategy Fund	173,830		1,877
StocksPLUS® Fund	158,184		1,830
StocksPLUS® Total Return Fund	561,247		6,836
Total Return Fund	360,250		3,660
Total Return Mortgage Fund	1,397,281		14,699
Total PIMCO Funds (Cost $1,118,883)			1,125,710

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INSTRUMENTS 0.3%
REPURCHASE AGREEMENTS 0.3%
State Street Bank and Trust Co.
4.900% due 07/02/2007	$	4,111	$	4,111
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $4,197. Repurchase proceeds are $4,113.)
Total Short-Term Instruments (Cost $4,111)				4,111
Total Investments 100.0% (Cost $1,122,994)			$	1,129,821
Other Assets and Liabilities (Net) (0.0%)				(348	)
Net Assets 100.0%			$	1,129,473

Notes to Schedule of Investments

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

(b) Institutional Class Shares of each PIMCO Fund.

See Accompanying Notes Semiannual Report June 30, 2007 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 management investment 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 on these financial statements pertains to the Class M of the Portfolio. Certain detailed financial information for the Institutional Class, Advisor 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.

The Portfolio may invest a portion of its assets in certain affiliated underlying investment funds (the “Underlying Funds” or “Acquired Funds”). The Portfolio’s combined investments in the Fundamental IndexPLUS™, Fundamental IndexPLUS™ TR, International StocksPLUS^® TR Strategy (U.S. Dollar-Hedged), International StocksPLUS^® TR Strategy (Unhedged), Small Cap StocksPLUS^® TR, StocksPLUS^® and StocksPLUS^® Total Return Funds normally will not exceed 50% of its total assets. In addition, the Portfolio’s combined investments in the CommodityRealReturn Strategy, Real Return, Real Return Asset and RealEstateRealReturn Strategy Funds normally will not exceed 75% of its total assets. The Portfolio’s investment in a particular Underlying Fund normally will not exceed 50% of its total assets.

The Portfolio’s assets are not allocated according to a predetermined blend of shares of the Underlying Funds. Instead, when making allocation decisions among the Underlying Funds, the Portfolio’s asset allocation sub-adviser considers various quantitative and qualitative data relating to the U.S. and foreign economies and securities markets. These data include projected growth trends in the U.S. and foreign economies, forecasts for interest rates and the relationship between short- and long-term interest rates (yield curve), current and projected trends in inflation, relative valuation levels in the equity and fixed income markets and various industrial sectors, information relating to business cycles, borrowing needs and the cost of capital, political trends data relating to trade balances and labor information. The Portfolio’s asset allocation sub-adviser has the flexibility to reallocate the Portfolio’s assets among any or all of the Underlying Funds based on its ongoing analyses of the equity, fixed income and commodity markets, although these shifts are not expected to be large or frequent in nature. The Portfolio is non-diversified, which means that it may concentrate its assets in a smaller number of Underlying Funds than a diversified fund.

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 on the financial statements. Actual results could differ from those estimates.

(a) Security Valuation  Investments in funds within the PIMCO Funds are valued at their net asset value as reported by the Underlying Funds.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the

ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis.

(c) 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.

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(d) 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.

(e) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(f) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of

10 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) Investment Advisory Fee  Pacific Investment Management Company LLC (“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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.175%.

Research Affiliates, LLC (“Research Affiliates”) serves as the asset allocation sub-adviser and selects the Underlying Funds in which the Portfolio invests. PIMCO pays a fee to Research Affiliates at an annual rate of 0.175% based on average daily net assets of the Portfolio.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted separate Distribution Plans for the Advisor Class and Class M shares of the Portfolio. The Distribution Plans have been adopted pursuant to Rule 12b-1 under the Act. The Distribution Plans permit payments for expenses in connection with the distribution and marketing of Advisor Class and Class M shares and/or the provision of shareholder services to Advisor Class and Class M shareholders which permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class and Class M shares. The Trust has also adopted Administrative Services Plans (“Service Plans”) for the Class M shares of the Portfolio. The Service Plans allows the

Portfolio to use its Class M assets to compensate or reimburse financial intermediaries that provide services relating to Class M shares which permits the Portfolio to make total payments at an annual rate of 0.20% of its average daily net assets attributable to its Class M shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

(e) Acquired Fund Fees and Expenses  The Underlying Fund Expenses for the Portfolio are based upon an allocation of the Portfolio’s assets among the Underlying Funds and upon the total annual operating expenses of the Institutional Class shares of these Underlying Funds. Underlying Fund Expenses will vary with changes in the expenses of the Underlying Funds, as well as allocation of the Portfolio’s assets.

PIMCO has contractually agreed, for the Portfolio’s current fiscal year, to reduce its advisory fee to the extent that the Acquired Fund Fees and Expenses attributable to advisory and administrative fees exceed 0.64% of the total assets invested in Underlying Funds. The waiver is reflected in the Statement of Operations as a component of Reimbursement by Manager. For the period ended June 30, 2007, the amount was $45,332. PIMCO may recoup these waivers in future periods, not exceeding three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. As of June 30, 2007, the recoverable amount to the Administrator was $81,026.

Semiannual Report June 30, 2007 11

Notes to Financial Statements (Cont.)

4.  RELATED PARTY TRANSACTIONS

The Advisor, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

The All Asset Portfolio invests substantially all of its assets in Institutional Class shares of PIMCO Funds, an affiliated open-end investment company. 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, 2007 (amounts in thousands):

Underlying Funds	Market Value 12/31/2006		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 6/30/2007		Dividend Income		Net Capital and Realized Gain (Loss)
Convertible Fund	$	1,351	$	6,967	$	0	$	258		$	8,434	$	15	$	0
Developing Local Markets Fund		92,781		59,318		15,272		5,598			139,732		2,343		(50	)
Diversified Income Fund		10,826		51,300		12,520		(1,267	)		48,242		1,006		(200	)
Emerging Local Bond Fund		0		123,827		138		2,601			126,285		1,737		(5	)
Emerging Markets Bond Fund		32,346		842		15,795		563			17,241		842		148
Floating Income Fund		223,808		187,752		188,313		1,339			222,251		8,175		94
Foreign Bond Fund (Unhedged)		877		15		0		(7	)		862		15		0
Fundamental IndexPLUS™ Fund		21,485		10,115		3,471		902			29,709		101		138
Fundamental IndexPLUS™ TR Fund		29,493		4,605		0		795			35,817		103		0
GNMA Fund		2,815		72		0		(17	)		2,856		72		0
High Yield Fund		25,812		996		20,125		157			6,539		867		187
Income Fund		0		3,703		0		(84	)		3,619		37		0
International StocksPLUS® TR Strategy Fund (Unhedged)		1,138		2,662		0		150			3,969		48		0
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		29,781		336		0		1,763			31,927		336		0
Long-Term U.S. Government Fund		10,595		96,296		41,674		(566	)		65,163		564		541
Low Duration Fund		20,641		18,385		37,450		1			1,280		407		(250	)
Real Return Asset Fund		99,339		136,338		64,587		(2,898	)		168,665		2,807		948
Real Return Fund		51,460		42,705		17,008		(1,167	)		76,577		1,488		(147	)
RealEstateRealReturn Strategy Fund		2,066		85		0		(480	)		1,899		85		0
Short-Term Fund		3,622		809		797		(14	)		3,619		87		(1	)
Small Cap StocksPLUS® TR Fund		0		1,881		0		(3	)		1,877		4		0
StocksPLUS® Fund		1,719		42		0		117			1,830		42		0
StocksPLUS® Total Return Fund		6,570		37		0		7			6,836		37		0
Total Return Fund		18,875		449		15,206		(123	)		3,660		450		(374	)
Total Return Mortgage Fund		3,782		11,065		0		(166	)		14,699		299		0
CommodityRealReturn Strategy Fund®		115,847		11,589		25,927		(632	)		102,122		2,371		(2,098	)
Totals	$	807,029	$	772,191	$	458,283	$	6,827		$	1,125,710	$	24,338	$	(1,069	)

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	0	$	0	$	772,191	$	458,283

12 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	25		$	294		6		$	73
Administrative Class	2,142			25,388		5,177			60,956
Advisor Class	25,760			304,743		41,500			485,456
Class M	468			5,550		1,306			15,354
Issued as reinvestment of distributions
Institutional Class	1			7		0			3
Administrative Class	525			6,179		1,218			14,172
Advisor Class	1,449			17,050		1,455			17,022
Class M	92			1,079		273			3,180
Cost of shares redeemed
Institutional Class	(7	)		(83	)	0			0
Administrative Class	(2,130	)		(25,052	)	(6,181	)		(72,158	)
Advisor Class	(129	)		(1,505	)	(676	)		(7,990	)
Class M	(595	)		(13,565	)	(2,587	)		(30,245	)
Net increase resulting from Portfolio share transactions	27,601		$	320,085		41,491		$	485,823

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	95
Administrative Class	3	91
Advisor Class	2	97
Class M	3	94

8.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

Semiannual Report June 30, 2007 13

Notes to Financial Statements (Cont.)

9.  FEDERAL INCOME TAX MATTERS

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

To the extent the Portfolio invests in the CommodityRealReturn Strategy Fund^® (the “CRRS Fund”), an Underlying Fund, this Portfolio may be subject to additional tax risk.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Fund derive at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity index-linked swaps is not qualifying income under Subchapter M of the Code. Subsequently, the IRS issued a private letter ruling to the CRRS Fund in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. In addition, the IRS issued another private letter ruling to the CRRS Fund in which the IRS specifically concluded that income derived from the CRRS Fund’s investment in

the Subsidiary, which invests primarily in commodity index-linked swaps, will also constitute qualifying income to the CRRS Fund. Based on such rulings, the CRRS Fund will continue to seek to gain exposure to the commodity markets primarily through investments in commodity-linked notes and through investments in its subsidiary.

Please refer to the prospectus for the Separate Account and Variable Contract for information regarding federal income tax treatment of distributions to the Separate Account.

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    14,251	$    (7,424)	$    6,827

14 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 15

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Investment Sub-Adviser

Research Affiliates, LLC

800 E. Colorado Boulevard

Pasadena, California 91101

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Consolidated Statement of Assets and Liabilities	6
Consolidated Statement of Operations	7
Consolidated Statements of Changes in Net Assets	8
Consolidated Schedule of Investments	9
Notes to Financial Statements	15
Privacy Policy	22

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, equity risk, mortgage risk, non-U.S. investment risk, emerging markets risk, currency risk, issuer non-diversification risk, leveraging risk, management risk, tax risk, and subsidiary risk. A complete description of these risks is contained in the Portfolio’s prospectus. The Portfolio may use derivative instruments as part of an investment strategy, as described below, or for hedging purposes. 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. Because the Portfolio may invest in derivatives, it 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 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 will seek to gain exposure to the commodity markets primarily through investments in leveraged or unleveraged commodity index-linked notes, which are derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices, and through investments in the PIMCO Cayman Commodity Portfolio I Ltd. (the “Subsidiary”), a wholly-owned subsidiary (as discussed below). The Portfolio may also invest in commodity-linked notes with principal and/or coupon payments linked to the value of particular commodities or commodity futures contracts, or a subset of commodities or commodities future contracts. These notes are sometimes referred to as “structured notes” because the terms of these notes may be structured by the issuer and the purchaser of the notes. The value of these notes will rise or fall in response to changes in the underlying commodity or related index of investments. These notes expose the Portfolio economically to movements in commodity prices. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. These notes also are subject to risks, such as credit, market and interest rate risks, that in general affect the values of debt securities. In addition, these notes are often leveraged, increasing the volatility of each note’s market value relative to changes in the underlying commodity, commodity futures contract or commodity index. Therefore, at maturity of the note, the Portfolio may receive more or less principal than it originally invested. The Portfolio might receive interest payments on the note that are more or less than the stated coupon interest payments. The Portfolio may also gain exposure to the commodity markets indirectly by investing in its Subsidiary, which will primarily invest in different commodity-linked derivative instruments than the Portfolio, including swap agreements, commodity options, futures and options on futures.

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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

2 PIMCO Variable Insurance Trust

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO CommodityRealReturn^™ Strategy Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

U.S. Treasury Obligations	48.0%
Short-Term Instruments	29.9%
Commodity Index-Linked Notes	11.1%
U.S. Government Agencies	5.3%
Corporate Bonds & Notes	3.0%
Other	2.7%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	Portfolio Inception (06/30/04)
	PIMCO CommodityRealReturnTM Strategy Portfolio Administrative Class	2.70%	-0.03%	8.07%
	Dow Jones-AIG Commodity Total Return Index±	4.46%	2.94%	9.70%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Dow Jones-AIG Commodity Total Return Index 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. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,026.97	$	1,020.58
Expenses Paid During Period†	$	4.27	$	4.26

† Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.85%, 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 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 primarily in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other fixed-income instruments.

» Commodities generally gained during the period, which enhanced total return performance of the Portfolio.

» The Portfolio’s use of Treasury Inflation-Protected Securities (“TIPS”) as collateral was negative for performance in the first half of the year as TIPS underperformed the assumed Treasury Bill collateral rate embedded in the Dow Jones-AIG Commodity Total Return Index.

» Above-index U.S. real duration in the first half of the period was positive for performance as real yields decreased. Below-index U.S. real duration in the second half of the period was also positive for performance as real yields increased.

» An emphasis on nominal bonds in the Eurozone benefited performance as nominal bonds outperformed inflation-linked bonds in the region.

» Modest exposure to U.K. nominal bonds was negative for performance due to rising interest rates and a tightening bias from the Bank of England.

» Holdings of mortgage-backed securities detracted from performance as mortgage spreads widened.

4 PIMCO Variable Insurance Trust

Financial Highlights  CommodityRealReturn^™ Strategy Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			06/30/2004-12/31/2004
Administrative Class
Net asset value beginning of year or period	$	11.31		$	12.25		$	10.49		$	10.00
Net investment income (a)		0.23			0.42			0.35			0.07
Net realized/unrealized gain (loss) on investments (a)		0.08			(0.80	)		1.64			0.58
Total income (loss) from investment operations		0.31			(0.38	)		1.99			0.65
Dividends from net investment income		(0.20	)		(0.51	)		(0.22	)		0.00
Distributions from net realized capital gains		0.00			(0.05	)		(0.01	)		(0.16	)
Total distributions		(0.20	)		(0.56	)		(0.23	)		(0.16	)
Net asset value end of year or period	$	11.42		$	11.31		$	12.25		$	10.49
Total return		2.70	%		(3.10	)%		19.08	%		6.51	%
Net assets end of year or period (000s)	$	220,065		$	180,810		$	106,943		$	3,358
Ratio of expenses to average net assets		0.85	%*(c)		0.93	%		0.89	%		0.90	%*(b)
Ratio of expenses to average net assets excluding interest expense		0.85	%*(c)		0.93	%		0.89	%		0.89	%*(b)
Ratio of net investment income to average net assets		3.94	%*		3.48	%		2.92	%		1.36	%*
Portfolio turnover rate		489	%		993	%		1415	%		700	%

+ 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 1.58%.

(c) 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, 2007 5

Consolidated Statement of Assets and Liabilities  CommodityRealReturn^™ Strategy Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007 (Unaudited)
Assets:
Investments, at value	$	483,723
Cash		394
Foreign currency, at value		1,058
Receivable for investments sold		2,022
Receivable for investments sold on a delayed-delivery basis		199
Receivable for Portfolio shares sold		1,055
Interest and dividends receivable		753
Variation margin receivable		5
Swap premiums paid		406
Unrealized appreciation on foreign currency contracts		38
Unrealized appreciation on swap agreements		1,027
Other assets		23
		490,703
Liabilities:
Payable for investments purchased	$	12,097
Payable for investments purchased on a delayed-delivery basis		235,316
Payable for Portfolio shares redeemed		3,599
Payable for short sales		2,031
Written options outstanding		188
Accrued investment advisory fee		104
Accrued administration fee		53
Accrued distribution fee		3
Accrued servicing fee		31
Variation margin payable		231
Recoupment payable to Manager		3
Swap premiums received		1,420
Unrealized depreciation on foreign currency contracts		38
Unrealized depreciation on swap agreements		529
Other liabilities		624
		256,267
Net Assets	$	234,436
Net Assets Consist of:
Paid in capital	$	242,206
Undistributed net investment income		4,277
Accumulated undistributed net realized (loss)		(17,947	)
Net unrealized appreciation		5,900
	$	234,436
Net Assets:
Administrative Class	$	220,065
Advisor Class		14,371
Shares Issued and Outstanding:
Administrative Class		19,275
Advisor Class		1,259
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Administrative Class	$	11.42
Advisor Class		11.41
Cost of Investments Owned	$	477,460
Cost of Foreign Currency Held	$	1,055
Proceeds Received on Short Sales	$	2,020
Premiums Received on Written Options	$	242

6 PIMCO Variable Insurance Trust See Accompanying Notes

Consolidated Statement of Operations  CommodityRealReturn^™ Strategy Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)
Investment Income:
Interest	$	5,022
Miscellaneous income		2
Total Income		5,024
Expenses:
Investment advisory fees		550
Administration fees		276
Servicing fees – Administrative Class		149
Distribution and/or servicing fees – Advisor Class		11
Trustees’ fees		2
Interest expense		2
Miscellaneous expense		4
Total Expenses		994
Reimbursement by Manager		(100	)
Net Expenses		894
Net Investment Income		4,130
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(8,904	)
Net realized (loss) on futures contracts, written options and swaps		(1,147	)
Net realized (loss) on foreign currency transactions		(112	)
Net change in unrealized appreciation on investments		10,392
Net change in unrealized appreciation on futures contracts, written options and swaps		730
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		87
Net Gain		1,046
Net Increase in Net Assets Resulting from Operations	$	5,176

See Accompanying Notes Semiannual Report June 30, 2007 7

Consolidated Statements of Changes in Net Assets  CommodityRealReturn^™ Strategy Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	4,130		$	5,377
Net realized (loss)		(10,163	)		(5,027	)
Net change in unrealized appreciation (depreciation)		11,209			(4,505	)
Net increase (decrease) resulting from operations		5,176			(4,155	)
Distributions to Shareholders:
From net investment income
Administrative Class		(3,557	)		(7,218	)
Advisor Class		(165	)		(176	)
From net realized capital gains
Administrative Class		0			(705	)
Advisor Class		0			(23	)
Total Distributions		(3,722	)		(8,122	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		53,682			138,795
Advisor Class		9,592			7,074
Issued as reinvestment of distributions
Administrative Class		3,557			7,849
Advisor Class		165			199
Cost of shares redeemed
Administrative Class		(19,591	)		(60,877	)
Advisor Class		(1,317	)		(812	)
Net increase resulting from Portfolio share transactions		46,088			92,228
Total Increase in Net Assets		47,542			79,951
Net Assets:
Beginning of period		186,894			106,943
End of period*	$	234,436		$	186,894
*Including undistributed net investment income of:	$	4,277		$	3,869

8 PIMCO Variable Insurance Trust See Accompanying Notes

Consolidated Schedule of Investments  CommodityRealReturn^™ Strategy Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 6.1%
BANKING & FINANCE 4.7%
American Express Credit Corp.
5.380% due 03/02/2009	$	800	$	801
Atlantic & Western Re Ltd.
11.599% due 01/09/2009		300		303
Bank of America Corp.
5.510% due 02/17/2009		900		902
C10 Capital SPV Ltd.
6.722% due 12/31/2049		100		98
CIT Group, Inc.
5.505% due 01/30/2009		900		899
Citigroup Funding, Inc.
5.320% due 04/23/2009		1,000		1,001
Citigroup, Inc.
5.390% due 12/28/2009		800		801
Credit Agricole S.A.
5.360% due 05/28/2009		1,100		1,101
Ford Motor Credit Co.
6.190% due 09/28/2007		200		200
General Electric Capital Corp.
5.400% due 12/12/2008		100		100
Goldman Sachs Group, Inc.
5.400% due 12/23/2008		900		900
5.450% due 12/22/2008		1,000		1,001
Morgan Stanley
5.467% due 02/09/2009		900		901
Mystic Re Ltd.
15.360% due 06/07/2011		500		501
Rabobank Nederland
5.376% due 01/15/2009		100		100
Residential Reinsurance 2007 Ltd.
12.610% due 06/07/2010		500		501
Spinnaker Capital Ltd.
16.860% due 06/15/2008		300		300
Unicredit Luxembourg Finance S.A.
5.405% due 10/24/2008		200		200
Wachovia Bank N.A.
5.430% due 12/02/2010		400		400
				11,010
INDUSTRIALS 0.6%
Caesars Entertainment, Inc.
8.875% due 09/15/2008		300		309
Mandalay Resort Group
6.500% due 07/31/2009		1,000		1,005
				1,314
UTILITIES 0.8%
AT&T, Inc.
5.456% due 02/05/2010		900		902
BellSouth Corp.
4.240% due 04/26/2008		1,100		1,090
				1,992
Total Corporate Bonds & Notes (Cost $14,319)				14,316
CONVERTIBLE BONDS & NOTES 0.5%
Chesapeake Energy Corp.
2.500% due 05/15/2037		1,200		1,230
Total Convertible Bonds & Notes (Cost $1,209)				1,230

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMODITY INDEX-LINKED NOTES 22.9%
Bank of America N.A.
5.190% due 10/22/2007	$	3,000	$	3,707
Bear Stearns Cos., Inc.
0.000% due 10/19/2007 (j)		3,000		3,445
Calyon Financial, Inc.
0.000% due 07/16/2007		3,000		2,888
Commonwealth Bank of Australia
5.060% due 07/21/2008		3,000		2,734
Credit Suisse First Boston
5.255% due 01/14/2008 (j)		5,300		6,545
Eksportfinans ASA
0.000% due 06/18/2008		3,500		3,268
Landesbank Baden-Wurttemberg
0.000% due 10/25/2007		3,000		3,615
Merrill Lynch & Co., Inc.
5.360% due 03/24/2008		2,000		2,131
Morgan Stanley
0.000% due 02/06/2008 (j)		13,000		15,027
Natixis Financial Products, Inc.
5.157% due 05/09/2008		4,000		3,892
Svensk ExportKredit AB
0.000% due 05/19/2008		2,000		1,870
UBS AG
0.000% due 03/12/2008		4,000		4,444
Total Commodity Index-Linked Notes (Cost $48,800)				53,566
U.S. GOVERNMENT AGENCIES 10.9%
Fannie Mae
4.187% due 11/01/2034		260		258
4.673% due 05/25/2035		300		296
5.500% due 09/01/2035 - 07/01/2037		12,562		12,118
5.670% due 05/25/2042		25		25
5.950% due 02/25/2044		140		140
6.000% due 07/01/2034 - 07/01/2037		850		842
6.227% due 03/01/2044 - 10/01/2044		610		617
Freddie Mac
4.000% due 03/15/2023 - 10/15/2023		123		121
4.500% due 05/15/2017		69		67
4.550% due 01/01/2034		48		47
5.000% due 02/15/2020		825		813
5.470% due 07/15/2019 - 10/15/2020		4,600		4,596
5.500% due 05/15/2016		1,275		1,275
5.550% due 07/15/2037		4,000		4,000
5.580% due 08/25/2031		5		5
6.227% due 02/25/2045		306		305
Total U.S. Government Agencies (Cost $25,547)				25,525
U.S. TREASURY OBLIGATIONS 99.0%
Treasury Inflation Protected Securities (b)
0.875% due 04/15/2010		19,512		18,536
1.625% due 01/15/2015		544		506
1.875% due 07/15/2013		4,637		4,449
1.875% due 07/15/2015		11,533		10,902
2.000% due 04/15/2012		6,653		6,459
2.000% due 01/15/2014		9,892		9,510
2.000% due 07/15/2014		11,570		11,110
2.000% due 01/15/2016		22,918		21,767
2.000% due 01/15/2026		18,837		17,068
2.375% due 04/15/2011		18,309		18,115

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.375% due 01/15/2017	$	14,831	$	14,485
2.375% due 01/15/2025		26,104		25,109
2.375% due 01/15/2027		10,917		10,488
3.000% due 07/15/2012		12,707		12,957
3.625% due 01/15/2008		257		257
3.625% due 04/15/2028		12,713		14,733
3.875% due 01/15/2009		13,422		13,640
3.875% due 04/15/2029		6,570		7,934
4.250% due 01/15/2010		12,343		12,814
U.S. Treasury Notes
4.500% due 02/28/2011		100		99
4.500% due 11/15/2015		600		579
4.625% due 02/15/2017		600		581
Total U.S. Treasury Obligations (Cost $230,571)				232,098
MORTGAGE-BACKED SECURITIES 1.7%
Bear Stearns Mortgage Funding Trust
5.390% due 02/25/2037		737		738
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		425		417
Countrywide Home Loan Mortgage Pass-Through Trust
3.786% due 11/19/2033		36		34
First Horizon Alternative Mortgage Securities
4.732% due 06/25/2034		50		50
Greenpoint Mortgage Funding Trust
5.400% due 01/25/2047		868		868
5.590% due 11/25/2045		35		35
Harborview Mortgage Loan Trust
5.560% due 03/19/2037		146		147
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		100		98
Residential Accredit Loans, Inc.
6.389% due 09/25/2045		435		439
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		77		77
6.429% due 01/25/2035		46		46
Wachovia Bank Commercial Mortgage Trust
5.400% due 06/15/2020		1,100		1,100
Total Mortgage-Backed Securities (Cost $4,047)				4,049
ASSET-BACKED SECURITIES 3.1%
ACE Securities Corp.
5.430% due 10/25/2035		26		26
Argent Securities, Inc.
5.390% due 04/25/2036		40		40
5.400% due 03/25/2036		41		41
Bear Stearns Asset-Backed Securities, Inc.
5.520% due 09/25/2034		11		11
Carrington Mortgage Loan Trust
5.640% due 10/25/2035		729		732
Citigroup Mortgage Loan Trust, Inc.
5.380% due 01/25/2037		608		608
5.400% due 12/25/2035		59		59
Countrywide Asset-Backed Certificates
5.390% due 07/25/2036		26		26
5.390% due 09/25/2036		45		45
5.450% due 07/25/2036		20		20
First Franklin Mortgage Loan Asset-Backed Certificates
5.360% due 01/25/2038		740		740
5.410% due 01/25/2036		109		109
GSAMP Trust
5.390% due 12/25/2036		660		660
5.430% due 11/25/2035		14		14

See Accompanying Notes Semiannual Report June 30, 2007 9

Consolidated Schedule of Investments  CommodityRealReturn^™ Strategy Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Home Equity Asset Trust
5.400% due 05/25/2036	$	41	$	41
5.430% due 02/25/2036		14		14
HSI Asset Securitization Corp. Trust
5.400% due 12/25/2035		38		38
Indymac Residential Asset-Backed Trust
5.410% due 03/25/2036		84		84
5.420% due 03/25/2036		15		15
Lehman XS Trust
5.400% due 04/25/2046		143		143
5.400% due 07/25/2046		101		101
Long Beach Mortgage Loan Trust
5.400% due 02/25/2036		15		15
Merrill Lynch Mortgage Investors, Inc.
5.400% due 01/25/2037		11		11
Morgan Stanley ABS Capital I
5.370% due 11/25/2036		1,320		1,321
Nelnet Student Loan Trust
5.445% due 07/25/2016		55		55
Nomura Asset Acceptance Corp.
5.460% due 01/25/2036		26		26
Option One Mortgage Loan Trust
5.370% due 01/25/2037		657		657
Residential Asset Mortgage Products, Inc.
5.400% due 01/25/2036		5		5
Residential Funding Mortgage Securities II, Inc.
5.460% due 09/25/2035		35		35
Securitized Asset-Backed Receivables LLC Trust
5.390% due 10/25/2035		12		12
Soundview Home Equity Loan Trust
5.390% due 03/25/2036		5		5
Specialty Underwriting & Residential Finance
5.380% due 01/25/2038		830		830
Structured Asset Securities Corp.
5.450% due 12/25/2035		77		77
USAA Auto Owner Trust
5.030% due 11/17/2008		9		9
Washington Mutual Asset-Backed Certificates
5.370% due 01/25/2037		699		700
Total Asset-Backed Securities (Cost $7,321)				7,325
FOREIGN CURRENCY-DENOMINATED ISSUES 0.5%
United Kingdom Gilt Inflation Linked Bond
2.500% due 05/20/2009	GBP	200		1,033
Total Foreign Currency-Denominated Issues (Cost $1,001)				1,033
SHORT-TERM INSTRUMENTS 61.6%
CERTIFICATES OF DEPOSIT 3.2%
Abbey National Treasury Services PLC
5.270% due 07/02/2008	$	1,600		1,601
BNP Paribas
5.262% due 07/03/2008		500		500
Calyon Financial, Inc.
5.340% due 01/16/2009		800		800

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Nordea Bank Finland PLC
5.282% due 12/01/2008	$	1,100	$	1,100
5.308% due 04/09/2009		600		600
Royal Bank of Scotland Group PLC
5.265% due 03/26/2008		1,000		1,000
Skandinav Enskilda BK
5.350% due 02/13/2009		900		901
Societe Generale NY
5.270% due 03/26/2008		1,000		1,000
				7,502
COMMERCIAL PAPER 53.3%
ANZ National International Ltd.
5.250% due 09/19/2007		6,600		6,521
Bank of America Corp.
5.210% due 10/04/2007		800		794
Bank of Ireland
5.165% due 11/08/2007		4,400		4,316
5.230% due 11/08/2007		2,300		2,283
Barclays U.S. Funding Corp.
5.235% due 09/26/2007		4,300		4,269
5.240% due 09/26/2007		3,000		2,977
CBA (de) Finance
5.230% due 09/28/2007		100		100
5.260% due 09/28/2007		300		296
Dexia Delaware LLC
5.220% due 09/21/2007		1,100		1,100
5.225% due 09/21/2007		600		597
5.240% due 09/21/2007		5,900		5,831
DnB NORBank ASA
5.225% due 10/12/2007		4,600		4,600
5.350% due 10/12/2007		400		400
Fannie Mae
5.080% due 07/02/2007		400		400
Fortis Funding LLC
5.255% due 09/05/2007		1,100		1,097
5.275% due 09/05/2007		6,500		6,480
Freddie Mac
4.800% due 07/02/2007		11,800		11,800
General Electric Capital Corp.
5.200% due 11/06/2007		1,900		1,892
HBOS Treasury Services PLC
5.225% due 11/13/2007		400		400
5.230% due 09/21/2007		200		199
5.235% due 11/13/2007		4,500		4,463
5.245% due 11/13/2007		400		395
5.250% due 09/21/2007		600		593
5.255% due 11/13/2007		1,400		1,381
Natixis S.A.
5.230% due 09/21/2007		400		397
5.240% due 09/21/2007		6,600		6,575
Rabobank USA Financial Corp.
5.330% due 07/26/2007		2,000		2,000
San Paolo IMI U.S. Financial Co.
5.330% due 08/08/2007		6,400		6,400
Santander Hispano Finance Delaware
5.250% due 09/26/2007		400		395

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Societe Generale NY
5.195% due 11/26/2007	$	700	$	696
5.210% due 11/26/2007		100		98
5.225% due 11/26/2007		2,200		2,188
5.240% due 11/26/2007		1,800		1,779
5.245% due 11/26/2007		2,100		2,075
Stadshypoket Delaware, Inc.
5.230% due 09/11/2007		400		397
Statens Bostadsfin Bank
5.255% due 09/14/2007		7,100		7,021
Svenska Handelsbanken, Inc.
5.185% due 10/09/2007		400		400
5.203% due 10/09/2007		300		298
Swedbank AB
5.225% due 09/06/2007		6,600		6,565
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		6,800		6,800
UBS Finance Delaware LLC
5.230% due 10/23/2007		500		498
Unicredito Italiano SpA
5.185% due 01/22/2008		2,100		2,054
5.200% due 01/22/2008		4,400		4,324
Westpac Banking Corp.
5.195% due 11/05/2007		800		796
5.200% due 11/05/2007		10,200		10,153
				125,093
REPURCHASE AGREEMENTS 2.3%
Lehman Brothers, Inc.
4.000% due 07/02/2007		4,700		4,700
(Dated 06/29/2007. Collateralized by U.S. Treasury Inflation Protected Securities 3.625% due 01/15/2008 valued at $4,799. Repurchase proceeds are $4,702.)
State Street Bank and Trust Co.
4.900% due 07/02/2007		404		404
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $416. Repurchase proceeds are $404.)
4.900% due 07/02/2007		216		216
(Dated 06/29/2007. Collateralized by Federal Home Loan Bank 4.125% due 10/19/2007 valued at $221. Repurchase proceeds are $216.)
				5,320
U.S. TREASURY BILLS 2.8%
4.571% due 08/30/2007 - 09/13/2007 (a)(c)(d)(f)		6,630		6,567
Total Short-Term Instruments (Cost $144,503)				144,482
PURCHASED OPTIONS (h) 0.0%
(Cost $142)				99
Total Investments (e) 206.3% (Cost $477,460)			$	483,723
Written Options (i) (0.1%) (Premiums $242)				(188	)
Other Assets and Liabilities (Net) (106.2%)				(249,099	)
Net Assets 100.0%			$	234,436

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

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

(c) Securities with an aggregate market value of $990 have been pledged as collateral for swap and swaption contracts on June 30, 2007.

(d) Securities with an aggregate market value of $534 have been pledged as collateral for delayed-delivery securities on June 30, 2007.

(e) As of June 30, 2007, portfolio securities with an aggregate value of $65,003 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) Securities with an aggregate market value of $752 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Euribor December Futures	Long	12/2008	17	$	(5	)
90-Day Euribor June Futures	Long	06/2009	17		(4	)
90-Day Euribor March Futures	Long	03/2009	17		(5	)
90-Day Euribor September Futures	Long	09/2008	17		(5	)
90-Day Euro December Futures	Long	12/2007	8		(7	)
90-Day Euro December Futures	Long	12/2008	45		(23	)
90-Day Euro June Futures	Long	06/2008	37		(43	)
90-Day Euro June Futures	Long	06/2009	27		3
90-Day Euro March Futures	Short	03/2008	12		15
90-Day Euro March Futures	Long	03/2009	57		(1	)
90-Day Euro September Futures	Long	09/2008	5		1
Japan Government 10-Year Bond September Futures	Long	09/2007	2		3
U.S. Treasury 5-Year Note September Futures	Short	09/2007	83		(23	)
U.S. Treasury 10-Year Note September Futures	Short	09/2007	24		(33	)
U.S. Treasury 30-Year Bond September Futures	Short	09/2007	175		146
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	121		(205	)
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2008	64		(123	)
				$	(309	)

(g) Swap agreements outstanding on June 30, 2007:

Commodity Swaps

Counterparty	Type	Commodity Exchange	Pay/Receive Commodity Exchange	Fixed Price Per Unit		Expiration Date	Units	Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	Short	LMEX Aluminum Hg Futures	Receive	$	2,670.000	12/15/2008	1	$	(14	)
Barclays Bank PLC	Long	LMEX Aluminum Hg Futures	Pay		2,300.000	12/13/2010	1		76
Morgan Stanley	Long	ICEX Brent Crude Futures	Pay		66.000	11/14/2012	31		64
Morgan Stanley	Short	NYMEX Crude Oil Futures	Receive		67.700	11/19/2012	31		(75	)
								$	51

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized (Depreciation)
Credit Suisse First Boston	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	0.970%	06/20/2012	$	100	$	(1	)
Credit Suisse First Boston	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.010%	06/20/2012		300		(3	)
Morgan Stanley	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.260%	12/20/2007		2,000		0
							$	(4	)

⁽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.

See Accompanying Notes Semiannual Report June 30, 2007 11

Consolidated Schedule of Investments  CommodityRealReturn^™ Strategy Portfolio (Cont.)

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	6.500%	01/15/2010	AUD	800	$	(6	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		2,500		(17	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	7.000%	06/15/2010		8,500		(9	)
Royal Bank of Canada	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		1,600		(10	)
Royal Bank of Canada	3-Month Canadian Bank Bill	Receive	5.500%	06/20/2017	CAD	3,300		0
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.103%	10/15/2010	EUR	500		7
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.040%	02/21/2011		1,700		12
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.988%	12/15/2011		900		(4	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.976%	12/15/2011		5,400		(16	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.028%	10/15/2011		600		3
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.973%	12/15/2011		1,200		(6	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.958%	04/10/2012		700		(7	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.353%	10/15/2016		300		2
Morgan Stanley	6-Month EUR-LIBOR	Receive	4.000%	06/15/2017		200		19
UBS Warburg LLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.095%	10/15/2011		1,100		11
UBS Warburg LLC	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	Receive	2.275%	10/15/2016		400		1
UBS Warburg LLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.350%	10/15/2016		400		2
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009	GBP	2,800		(103	)
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		1,200		93
Credit Suisse First Boston	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		1,600		(73	)
Credit Suisse First Boston	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		600		45
Goldman Sachs & Co.	6-Month GBP-LIBOR	Receive	5.000%	09/15/2015		500		48
HSBC Bank USA	6-Month GBP-LIBOR	Receive	4.250%	06/12/2036		300		76
JPMorgan Chase & Co.	6-Month GBP-LIBOR	Pay	5.000%	06/15/2008		100		(2	)
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		2,000		(90	)
Morgan Stanley	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	600,000		(1	)
Barclays Bank PLC	28-Day Mexico Interbank TIIE Banxico	Pay	8.330%	02/14/2017	MXN	2,100		3
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		8,600		3
Goldman Sachs & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		4,000		3
Merrill Lynch & Co., Inc.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		3,700		3
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2009	$	900		(1	)
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		2,500		8
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		9,000		19
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		3,600		5
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2017		6,950		49
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/20/2021		1,800		9
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/20/2026		1,800		3
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		2,300		28
Goldman Sachs & Co.	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		500		(1	)
Goldman Sachs & Co.	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		300		11
Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		400		1
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		1,600		26
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		1,300		5
UBS Warburg LLC	3-Month USD-LIBOR	Pay	5.000%	06/18/2009		17,000		(5	)
UBS Warburg LLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		700		(9	)
							$	135

Total Return Swaps

Counterparty	Type	Receive Total Return	Pay	Expiration Date	# of Contracts	Unrealized Appreciation/ (Depreciation)
AIG International Inc.	Long	Dow Jones-AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	07/27/2007	61,983	$	78
Morgan Stanley	Long	Dow Jones-AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	07/27/2007	246,854		314
Morgan Stanley	Short	Dow Jones-AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	07/27/2007	60,115		(76	)
						$	316

(h) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 5-Year Note September Futures	$	106.000	08/24/2007	51	$	1	$	2
Call - CBOT U.S. Treasury 30-Year Bond September Futures		118.000	08/24/2007	248		5		4
Put - CBOT U.S. Treasury 10-Year Note September Futures		101.000	08/24/2007	95		2		3
Put - CME 90-Day Euro September Futures		91.500	09/17/2007	50		0		0
Put - CME 90-Day Euro September Futures		92.000	09/17/2007	1		0		0
					$	8	$	9

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	03/31/2008	$	6,000	$	34	$	7
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		1,000		5		2
								$	39	$	9

Foreign Currency Options

Description	Exercise Price		Expiration Date	Notional Amount	Cost		Value
Call - OTC Euro versus U.S. dollar	$	1.353	06/26/2008	EUR    1,100	$	35	$	41
Put - OTC Euro versus U.S. dollar		1.353	06/26/2008	1,100		34		28
					$	69	$	69

Options on Securities

Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Treasury Inflation Protected Securities 0.875% due 04/15/2010	$	87.000	08/21/2007	$	20,000	$	5	$	0
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2014		81.000	09/20/2007		8,000		2		0
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2026		61.000	09/20/2007		18,000		4		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 04/15/2011		89.000	08/21/2007		20,000		5		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2017		71.000	09/27/2007		10,000		2		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2025		64.000	07/25/2007		25,000		6		0
Put - OTC Treasury Inflation Protected Securities 3.875% due 01/15/2009		87.531	09/27/2007		10,000		2		0
						$	26	$	0

Straddle Options

Description	Counterparty	Exercise Price (2)	Expiration Date	Notional Amount		Cost (2)		Value
Call & Put - OTC U.S. dollar versus Swiss franc Forward Delta Neutral Straddle	JPMorgan Chase & Co.	CHF    0.000	09/26/2007	$	5,400	$	0	$	9
Call & Put - OTC U.S. dollar versus Swiss franc Forward Delta Neutral Straddle	Royal Bank of Scotland Group PLC	0.000	09/26/2007		1,000		0		3
						$	0	$	12

⁽²⁾ Exercise price and final cost determined on a future date, based upon implied volatility parameters.

(i) Written options outstanding on June 30, 2007:

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	08/24/2007	56	$	15	$	34
Call - CBOT U.S. Treasury 10-Year Note September Futures		109.000	08/24/2007	36		4		2
Call - CBOT U.S. Treasury 30-Year Bond September Futures		109.000	08/24/2007	25		8		16
Call - OTC Dow Jones - AIG Commodity Index Total Return Futures		191.000	01/22/2008	700,000		16		11
Call - OTC Dow Jones - AIG Commodity Index Total Return Futures		230.000	10/19/2010	1,000,000		43		35
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/24/2007	56		16		6
Put - OTC Dow Jones - AIG Commodity Index Total Return Futures		144.000	01/22/2008	700,000		22		5
Put - OTC Dow Jones - AIG Commodity Index Total Return Futures		150.000	10/19/2010	1,000,000		82		67
					$	206	$	176

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	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	03/31/2008	$	2,000	$	25	$	7
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		1,000		11		5
								$	36	$	12

(j) Restricted securities as of June 30, 2007:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Bear Stearns Cos., Inc.	0.000%	10/19/2007	06/22/2007	$	3,000	$	3,445	1.47%
Credit Suisse First Boston	5.255%	01/14/2008	01/05/2007		5,300		6,546	2.79%
Morgan Stanley	0.000%	02/06/2008	01/25/2007		13,000		15,027	6.41%
				$	21,300	$	25,018	10.67%

See Accompanying Notes Semiannual Report June 30, 2007 13

Consolidated Schedule of Investments  CommodityRealReturn^™ Strategy Portfolio (Cont.) June 30, 2007 (Unaudited)

(k) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (3)
Treasury Inflation Protected Securities	2.375%	01/15/2017	$	103	$	100	$	101
Treasury Inflation Protected Securities	2.500%	07/15/2016		1,951		1,920		1,930
					$	2,020	$	2,031

⁽³⁾ Market value includes $1 of interest payable on short sales.

(l) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell	AUD	1	07/2007	$	0	$	0		$	0
Buy	BRL	1,096	10/2007		1		(4	)		(3	)
Sell	CAD	148	08/2007		0		(1	)		(1	)
Sell	CHF	222	09/2007		0		0			0
Buy	CNY	16,113	01/2008		11		0			11
Buy		18,891	03/2008		0		(14	)		(14	)
Buy		1,182	03/2009		0		0			0
Sell	EUR	458	07/2007		0		(6	)		(6	)
Sell	GBP	888	08/2007		0		(9	)		(9	)
Sell	JPY	17,760	07/2007		2		0			2
Buy	KRW	35,197	07/2007		0		0			0
Buy		487,662	09/2007		2		0			2
Buy	MXN	4,936	09/2007		1		(1	)		0
Buy		1,222	03/2008		1		0			1
Buy	PLN	1,599	09/2007		10		0			10
Buy	RUB	14,607	01/2008		5		0			5
Buy	SGD	810	07/2007		2		0			2
Sell		810	07/2007		0		(3	)		(3	)
Buy		58	08/2007		0		0			0
Buy		806	10/2007		3		0			3
				$	38	$	(38	)	$	0

14 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2007 (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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) 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.

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

Semiannual Report June 30, 2007 15

Notes to Financial Statements (Cont.)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	JPY	Japanese Yen
BRL	Brazilian Real	KRW	South Korean Won
CAD	Canadian Dollar	MXN	Mexican Peso
CHF	Swiss Franc	PLN	Polish Zloty
CNY	Chinese Yuan Renminbi	RUB	Russian Ruble
EUR	Euro	SGD	Singapore Dollar
GBP	Great British Pound

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(j) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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.

(k) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(l) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a

transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(m) Restricted Securities  The Portfolio may 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. Securities acquired under the provisions of Rule 144A can only be traded between qualified institutional investors. The Board of Trustees considers 144A securities to be liquid.

(n) 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 on 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.

(o) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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.

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

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 credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(p) Commodities Index-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 notes 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 on the accompanying financial statements. Net payments are recorded as net realized gains and 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, 2007, the value of these securities comprised 22.9% of the Portfolio’s net assets and resulted in unrealized appreciation of $4,766,210.

(q) 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-related 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.

(r) 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” or “Ginnie Mae”), 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.

(s) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

18 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

3.  BASIS FOR CONSOLIDATION OF THE PIMCO COMMODITYREALRETURN^™ STRATEGY PORTFOLIO

The PIMCO Cayman Commodity Portfolio I Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on July 21, 2006 as a wholly owned subsidiary acting as an investment vehicle for the Portfolio in order to effect certain investments for the Portfolio consistent with the Portfolio’s investment objectives and policies specified in its prospectus and statement of additional information. A subscription agreement was entered into between the Portfolio and the Subsidiary on August 1, 2006, comprising the entire issued share capital of the Subsidiary with the intent that the Portfolio will remain the sole shareholder and retain all rights. Under the Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. As of June 30, 2007, net assets of the Portfolio were approximately $234 million, of which approximately $16 million, or roughly 6.8%, represented the Portfolio’s ownership of all issued shares and voting rights of the Subsidiary.

4.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.49%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

(e) Expense Limitation  PIMCO has contractually agreed to reduce total annual portfolio operating expenses for the Portfolio by waiving a portion of its administrative fee or reimbursing the Portfolio, to the extent that they would exceed, due to the payment of organizational expenses and pro rata Trustees’ fees, the sum of such Portfolio’s advisory fee, service fees, distribution fees (with respect to Advisor Class only), administrative fees and other expenses borne by the Portfolio not covered by the administrative fee as described above (other than organizational expenses and pro rata Trustees’ fees), plus 0.49 basis points. PIMCO may recoup these waivers and reimbursements for a period not exceeding three years, provided that total expenses, including such recoupment, do not exceed the annual expense limit. As of June 30, 2007, the recoverable amount to the Administrator was $1,758.

(f) Acquired Fund Fees and Expenses  The Subsidiary has entered into a separate contract with PIMCO for the management of the Subsidiary’s portfolio pursuant to which the Subsidiary pays PIMCO a management fee and administration fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the advisory fee and the administration fee it receives from the Portfolio in an amount equal to the advisory fee and administration fee, respectively, paid to PIMCO by the Subsidiary. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO’s contract with the Subsidiary is in place. The waiver is reflected in the Statement of Operations as a component of Reimbursement by Manager. For the period ended June 30, 2007, the amount was $100,253.

5.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

6.  GUARANTEES AND INDEMNIFICATIONS

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

7.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	1,485,087	$	1,443,588	$	84,138	$	52,868

8.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Premium
Balance at 12/31/2006	2,000,034		$	13,200		$	218
Sales	1,400,297			3,000			160
Closing Buys	0			(9,000	)		(74	)
Expirations	(158	)		(4,200	)		(62	)
Exercised	0			0			0
Balance at 06/30/2007	3,400,173		$	3,000		$	242

9.  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 06/30/2007			Year Ended 12/31/2006
	Shares	Amount		Shares	Amount
Receipts for shares sold
Administrative Class	4,675	$	53,682	11,598	$	138,795
Advisor Class	823		9,592	588		7,074

	Six Months Ended 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Issued as reinvestment of distributions
Administrative Class	307		$	3,557		689		$	7,849
Advisor Class	14			165		18			199
Cost of shares redeemed
Administrative Class	(1,699	)		(19,591	)	(5,022	)		(60,877	)
Advisor Class	(116	)		(1,317	)	(68	)		(812	)
Net increase resulting from Portfolio share transactions	4,004		$	46,088		7,803		$	92,228

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	84
Advisor Class	5	100

10.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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

20 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

investment advisory contracts, the return of fees paid under those contracts and restitution.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

11.  FEDERAL INCOME TAX MATTERS

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

The Portfolio may gain exposure to the commodities markets primarily through index-linked notes, and may invest in other commodity-linked derivative instruments, including commodity swap agreements, options, futures contracts, options on futures contracts and foreign funds investing in similar commodity-linked derivatives.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Portfolio derive at least 90% of its gross income from certain qualifying sources of income. The IRS issued a revenue ruling which holds that income derived from commodity index-linked swaps is not qualifying income under Subchapter M of the Code. Subsequently, the IRS issued a private letter ruling to the Portfolio in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. In addition, the IRS issued another private letter ruling to the Portfolio in which the IRS specifically concluded that income derived from the Portfolio’s investment in the Subsidiary, which invests primarily in commodity index-linked swaps, will also constitute qualifying income to the Portfolio. Based on such rulings, the Portfolio will continue to seek to gain exposure to the commodity markets primarily through investments in commodity-linked notes and through investments in its subsidiary.

Please refer to the prospectus for the Separate Account and Variable Contract for information regarding federal income tax treatment of distributions to the Separate Account.

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    7,230	$    (967)	$    6,263

Semiannual Report June 30, 2007 21

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

22 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

1345 Avenue of the Americas

New York, New York 10105

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

Table of Contents

	Page
Chairman’s Letter	1
Important Information About the Portfolio	2
Portfolio Summary	4
Financial Highlights	5
Consolidated Statement of Assets and Liabilities	6
Consolidated Statement of Operations	7
Consolidated Statements of Changes in Net Assets	8
Consolidated Schedule of Investments	9
Notes to Financial Statements	15
Privacy Policy	22

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, equity risk, mortgage risk, non-U.S. investment risk, emerging markets risk, currency risk, issuer non-diversification risk, leveraging risk, management risk, tax risk, and subsidiary risk. A complete description of these risks is contained in the Portfolio’s prospectus. The Portfolio may use derivative instruments as part of an investment strategy, as described below, or for hedging purposes. 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. Because the Portfolio may invest in derivatives, it 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 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 will seek to gain exposure to the commodity markets primarily through investments in leveraged or unleveraged commodity index-linked notes, which are derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices, and through investments in the PIMCO Cayman Commodity Portfolio I Ltd. (the “Subsidiary”), a wholly-owned subsidiary (as discussed below). The Portfolio may also invest in commodity-linked notes with principal and/or coupon payments linked to the value of particular commodities or commodity futures contracts, or a subset of commodities or commodities future contracts. These notes are sometimes referred to as “structured notes” because the terms of these notes may be structured by the issuer and the purchaser of the notes. The value of these notes will rise or fall in response to changes in the underlying commodity or related index of investments. These notes expose the Portfolio economically to movements in commodity prices. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. These notes also are subject to risks, such as credit, market and interest rate risks, that in general affect the values of debt securities. In addition, these notes are often leveraged, increasing the volatility of each note’s market value relative to changes in the underlying commodity, commodity futures contract or commodity index. Therefore, at maturity of the note, the Portfolio may receive more or less principal than it originally invested. The Portfolio might receive interest payments on the note that are more or less than the stated coupon interest payments. The Portfolio may also gain exposure to the commodity markets indirectly by investing in its Subsidiary, which will primarily invest in different commodity-linked derivative instruments than the Portfolio, including swap agreements, commodity options, futures and options on futures.

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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

2 PIMCO Variable Insurance Trust

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO CommodityRealReturn^™ Strategy Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

U.S. Treasury Obligations	48.0%
Short-Term Instruments	29.9%
Commodity Index- Linked Notes	11.1%
U.S. Government Agencies	5.3%
Corporate Bonds & Notes	3.0%
Other	2.7%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	Portfolio Inception (02/28/06)
	PIMCO CommodityRealReturn™ Strategy Portfolio Advisor Class	2.62%	-0.18%	3.11%
	Dow Jones-AIG Commodity Total Return Index±	4.46%	2.94%	8.64%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Dow Jones-AIG Commodity Total Return Index 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. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,026.23	$	1,020.08
Expenses Paid During Period†	$	4.77	$	4.76

† Expenses are equal to the Portfolio’s Advisor Class annualized expense ratio of 0.95%, 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 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 primarily in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other fixed-income instruments.

» Commodities generally gained during the period, which enhanced total return performance of the Portfolio.

» The Portfolio’s use of Treasury Inflation-Protected Securities (“TIPS”) as collateral was negative for performance in the first half of the year as TIPS underperformed the assumed Treasury Bill collateral rate embedded in the Dow Jones-AIG Commodity Total Return Index.

» Above-index U.S. real duration in the first half of the period was positive for performance as real yields decreased. Below-index U.S. real duration in the second half of the period was also positive for performance as real yields increased.

» An emphasis on nominal bonds in the Eurozone benefited performance as nominal bonds outperformed inflation-linked bonds in the region.

» Modest exposure to U.K. nominal bonds was negative for performance due to rising interest rates and a tightening bias from the Bank of England.

» Holdings of mortgage-backed securities detracted from performance as mortgage spreads widened.

4 PIMCO Variable Insurance Trust

Financial Highlights  CommodityRealReturn^™ Strategy Portfolio

Selected per Share Data for the Period Ended:	06/30/2007+			02/28/2006-12/31/2006
Advisor Class
Net asset value beginning of period	$	11.30		$	11.68
Net investment income (a)		0.22			0.34
Net realized/unrealized gain (loss) on investments (a)		0.08			(0.16	)
Total income from investment operations		0.30			0.18
Dividends from net investment income		(0.19	)		(0.51	)
Distributions from net realized capital gains		0.00			(0.05	)
Total distributions		(0.19	)		(0.56	)
Net asset value end of period	$	11.41		$	11.30
Total return		2.62	%		1.51	%
Net assets end of period (000s)	$	14,371		$	6,084
Ratio of expenses to average net assets		0.95	%*(b)		1.03	%*
Ratio of expenses to average net assets excluding interest expense		0.95	%*(b)		1.03	%*
Ratio of net investment income to average net assets		3.89	%*		3.50	%*
Portfolio turnover rate		489	%		993	%

+ 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 1.04%.

See Accompanying Notes Semiannual Report June 30, 2007 5

Consolidated Statement of Assets and Liabilities  CommodityRealReturn^™ Strategy Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007 (Unaudited)
Assets:
Investments, at value	$	483,723
Cash		394
Foreign currency, at value		1,058
Receivable for investments sold		2,022
Receivable for investments sold on a delayed-delivery basis		199
Receivable for Portfolio shares sold		1,055
Interest and dividends receivable		753
Variation margin receivable		5
Swap premiums paid		406
Unrealized appreciation on foreign currency contracts		38
Unrealized appreciation on swap agreements		1,027
Other assets		23
		490,703
Liabilities:
Payable for investments purchased	$	12,097
Payable for investments purchased on a delayed-delivery basis		235,316
Payable for Portfolio shares redeemed		3,599
Payable for short sales		2,031
Written options outstanding		188
Accrued investment advisory fee		104
Accrued administration fee		53
Accrued distribution fee		3
Accrued servicing fee		31
Variation margin payable		231
Recoupment payable to Manager		3
Swap premiums received		1,420
Unrealized depreciation on foreign currency contracts		38
Unrealized depreciation on swap agreements		529
Other liabilities		624
		256,267
Net Assets	$	234,436
Net Assets Consist of:
Paid in capital	$	242,206
Undistributed net investment income		4,277
Accumulated undistributed net realized (loss)		(17,947	)
Net unrealized appreciation		5,900
	$	234,436
Net Assets:
Administrative Class	$	220,065
Advisor Class		14,371
Shares Issued and Outstanding:
Administrative Class		19,275
Advisor Class		1,259
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Administrative Class	$	11.42
Advisor Class		11.41
Cost of Investments Owned	$	477,460
Cost of Foreign Currency Held	$	1,055
Proceeds Received on Short Sales	$	2,020
Premiums Received on Written Options	$	242

6 PIMCO Variable Insurance Trust See Accompanying Notes

Consolidated Statement of Operations  CommodityRealReturn^™ Strategy Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)
Investment Income:
Interest	$	5,022
Miscellaneous income		2
Total Income		5,024
Expenses:
Investment advisory fees		550
Administration fees		276
Servicing fees – Administrative Class		149
Distribution and/or servicing fees – Advisor Class		11
Trustees’ fees		2
Interest expense		2
Miscellaneous expense		4
Total Expenses		994
Reimbursement by Manager		(100	)
Net Expenses		894
Net Investment Income		4,130
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(8,904	)
Net realized (loss) on futures contracts, written options and swaps		(1,147	)
Net realized (loss) on foreign currency transactions		(112	)
Net change in unrealized appreciation on investments		10,392
Net change in unrealized appreciation on futures contracts, written options and swaps		730
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		87
Net Gain		1,046
Net Increase in Net Assets Resulting from Operations	$	5,176

See Accompanying Notes Semiannual Report June 30, 2007 7

Consolidated Statements of Changes in Net Assets  CommodityRealReturn^™ Strategy Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	4,130		$	5,377
Net realized (loss)		(10,163	)		(5,027	)
Net change in unrealized appreciation (depreciation)		11,209			(4,505	)
Net increase (decrease) resulting from operations		5,176			(4,155	)
Distributions to Shareholders:
From net investment income
Administrative Class		(3,557	)		(7,218	)
Advisor Class		(165	)		(176	)
From net realized capital gains
Administrative Class		0			(705	)
Advisor Class		0			(23	)
Total Distributions		(3,722	)		(8,122	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		53,682			138,795
Advisor Class		9,592			7,074
Issued as reinvestment of distributions
Administrative Class		3,557			7,849
Advisor Class		165			199
Cost of shares redeemed
Administrative Class		(19,591	)		(60,877	)
Advisor Class		(1,317	)		(812	)
Net increase resulting from Portfolio share transactions		46,088			92,228
Total Increase in Net Assets		47,542			79,951
Net Assets:
Beginning of period		186,894			106,943
End of period*	$	234,436		$	186,894
*Including undistributed net investment income of:	$	4,277		$	3,869

8 PIMCO Variable Insurance Trust See Accompanying Notes

Consolidated Schedule of Investments  CommodityRealReturn^™ Strategy Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 6.1%
BANKING & FINANCE 4.7%
American Express Credit Corp.
5.380% due 03/02/2009	$	800	$	801
Atlantic & Western Re Ltd.
11.599% due 01/09/2009		300		303
Bank of America Corp.
5.510% due 02/17/2009		900		902
C10 Capital SPV Ltd.
6.722% due 12/31/2049		100		98
CIT Group, Inc.
5.505% due 01/30/2009		900		899
Citigroup Funding, Inc.
5.320% due 04/23/2009		1,000		1,001
Citigroup, Inc.
5.390% due 12/28/2009		800		801
Credit Agricole S.A.
5.360% due 05/28/2009		1,100		1,101
Ford Motor Credit Co.
6.190% due 09/28/2007		200		200
General Electric Capital Corp.
5.400% due 12/12/2008		100		100
Goldman Sachs Group, Inc.
5.400% due 12/23/2008		900		900
5.450% due 12/22/2008		1,000		1,001
Morgan Stanley
5.467% due 02/09/2009		900		901
Mystic Re Ltd.
15.360% due 06/07/2011		500		501
Rabobank Nederland
5.376% due 01/15/2009		100		100
Residential Reinsurance 2007 Ltd.
12.610% due 06/07/2010		500		501
Spinnaker Capital Ltd.
16.860% due 06/15/2008		300		300
Unicredit Luxembourg Finance S.A.
5.405% due 10/24/2008		200		200
Wachovia Bank N.A.
5.430% due 12/02/2010		400		400
				11,010
INDUSTRIALS 0.6%
Caesars Entertainment, Inc.
8.875% due 09/15/2008		300		309
Mandalay Resort Group
6.500% due 07/31/2009		1,000		1,005
				1,314
UTILITIES 0.8%
AT&T, Inc.
5.456% due 02/05/2010		900		902
BellSouth Corp.
4.240% due 04/26/2008		1,100		1,090
				1,992
Total Corporate Bonds & Notes (Cost $14,319)				14,316
CONVERTIBLE BONDS & NOTES 0.5%
Chesapeake Energy Corp.
2.500% due 05/15/2037		1,200		1,230
Total Convertible Bonds & Notes (Cost $1,209)				1,230

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMODITY INDEX-LINKED NOTES 22.9%
Bank of America N.A.
5.190% due 10/22/2007	$	3,000	$	3,707
Bear Stearns Cos., Inc.
0.000% due 10/19/2007 (j)		3,000		3,445
Calyon Financial, Inc.
0.000% due 07/16/2007		3,000		2,888
Commonwealth Bank of Australia
5.060% due 07/21/2008		3,000		2,734
Credit Suisse First Boston
5.255% due 01/14/2008 (j)		5,300		6,545
Eksportfinans ASA
0.000% due 06/18/2008		3,500		3,268
Landesbank Baden-Wurttemberg
0.000% due 10/25/2007		3,000		3,615
Merrill Lynch & Co., Inc.
5.360% due 03/24/2008		2,000		2,131
Morgan Stanley
0.000% due 02/06/2008 (j)		13,000		15,027
Natixis Financial Products, Inc.
5.157% due 05/09/2008		4,000		3,892
Svensk ExportKredit AB
0.000% due 05/19/2008		2,000		1,870
UBS AG
0.000% due 03/12/2008		4,000		4,444
Total Commodity Index-Linked Notes (Cost $48,800)				53,566
U.S. GOVERNMENT AGENCIES 10.9%
Fannie Mae
4.187% due 11/01/2034		260		258
4.673% due 05/25/2035		300		296
5.500% due 09/01/2035 - 07/01/2037		12,562		12,118
5.670% due 05/25/2042		25		25
5.950% due 02/25/2044		140		140
6.000% due 07/01/2034 - 07/01/2037		850		842
6.227% due 03/01/2044 - 10/01/2044		610		617
Freddie Mac
4.000% due 03/15/2023 - 10/15/2023		123		121
4.500% due 05/15/2017		69		67
4.550% due 01/01/2034		48		47
5.000% due 02/15/2020		825		813
5.470% due 07/15/2019 - 10/15/2020		4,600		4,596
5.500% due 05/15/2016		1,275		1,275
5.550% due 07/15/2037		4,000		4,000
5.580% due 08/25/2031		5		5
6.227% due 02/25/2045		306		305
Total U.S. Government Agencies (Cost $25,547)				25,525
U.S. TREASURY OBLIGATIONS 99.0%
Treasury Inflation Protected Securities (b)
0.875% due 04/15/2010		19,512		18,536
1.625% due 01/15/2015		544		506
1.875% due 07/15/2013		4,637		4,449
1.875% due 07/15/2015		11,533		10,902
2.000% due 04/15/2012		6,653		6,459
2.000% due 01/15/2014		9,892		9,510
2.000% due 07/15/2014		11,570		11,110
2.000% due 01/15/2016		22,918		21,767
2.000% due 01/15/2026		18,837		17,068
2.375% due 04/15/2011		18,309		18,115

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.375% due 01/15/2017	$	14,831	$	14,485
2.375% due 01/15/2025		26,104		25,109
2.375% due 01/15/2027		10,917		10,488
3.000% due 07/15/2012		12,707		12,957
3.625% due 01/15/2008		257		257
3.625% due 04/15/2028		12,713		14,733
3.875% due 01/15/2009		13,422		13,640
3.875% due 04/15/2029		6,570		7,934
4.250% due 01/15/2010		12,343		12,814
U.S. Treasury Notes
4.500% due 02/28/2011		100		99
4.500% due 11/15/2015		600		579
4.625% due 02/15/2017		600		581
Total U.S. Treasury Obligations (Cost $230,571)				232,098
MORTGAGE-BACKED SECURITIES 1.7%
Bear Stearns Mortgage Funding Trust
5.390% due 02/25/2037		737		738
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		425		417
Countrywide Home Loan Mortgage Pass-Through Trust
3.786% due 11/19/2033		36		34
First Horizon Alternative Mortgage Securities
4.732% due 06/25/2034		50		50
Greenpoint Mortgage Funding Trust
5.400% due 01/25/2047		868		868
5.590% due 11/25/2045		35		35
Harborview Mortgage Loan Trust
5.560% due 03/19/2037		146		147
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		100		98
Residential Accredit Loans, Inc.
6.389% due 09/25/2045		435		439
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		77		77
6.429% due 01/25/2035		46		46
Wachovia Bank Commercial Mortgage Trust
5.400% due 06/15/2020		1,100		1,100
Total Mortgage-Backed Securities (Cost $4,047)				4,049
ASSET-BACKED SECURITIES 3.1%
ACE Securities Corp.
5.430% due 10/25/2035		26		26
Argent Securities, Inc.
5.390% due 04/25/2036		40		40
5.400% due 03/25/2036		41		41
Bear Stearns Asset-Backed Securities, Inc.
5.520% due 09/25/2034		11		11
Carrington Mortgage Loan Trust
5.640% due 10/25/2035		729		732
Citigroup Mortgage Loan Trust, Inc.
5.380% due 01/25/2037		608		608
5.400% due 12/25/2035		59		59
Countrywide Asset-Backed Certificates
5.390% due 07/25/2036		26		26
5.390% due 09/25/2036		45		45
5.450% due 07/25/2036		20		20
First Franklin Mortgage Loan Asset-Backed Certificates
5.360% due 01/25/2038		740		740
5.410% due 01/25/2036		109		109
GSAMP Trust
5.390% due 12/25/2036		660		660
5.430% due 11/25/2035		14		14

See Accompanying Notes Semiannual Report June 30, 2007 9

Consolidated Schedule of Investments  CommodityRealReturn^™ Strategy Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Home Equity Asset Trust
5.400% due 05/25/2036	$	41	$	41
5.430% due 02/25/2036		14		14
HSI Asset Securitization Corp. Trust
5.400% due 12/25/2035		38		38
Indymac Residential Asset-Backed Trust
5.410% due 03/25/2036		84		84
5.420% due 03/25/2036		15		15
Lehman XS Trust
5.400% due 04/25/2046		143		143
5.400% due 07/25/2046		101		101
Long Beach Mortgage Loan Trust
5.400% due 02/25/2036		15		15
Merrill Lynch Mortgage Investors, Inc.
5.400% due 01/25/2037		11		11
Morgan Stanley ABS Capital I
5.370% due 11/25/2036		1,320		1,321
Nelnet Student Loan Trust
5.445% due 07/25/2016		55		55
Nomura Asset Acceptance Corp.
5.460% due 01/25/2036		26		26
Option One Mortgage Loan Trust
5.370% due 01/25/2037		657		657
Residential Asset Mortgage Products, Inc.
5.400% due 01/25/2036		5		5
Residential Funding Mortgage Securities II, Inc.
5.460% due 09/25/2035		35		35
Securitized Asset-Backed Receivables LLC Trust
5.390% due 10/25/2035		12		12
Soundview Home Equity Loan Trust
5.390% due 03/25/2036		5		5
Specialty Underwriting & Residential Finance
5.380% due 01/25/2038		830		830
Structured Asset Securities Corp.
5.450% due 12/25/2035		77		77
USAA Auto Owner Trust
5.030% due 11/17/2008		9		9
Washington Mutual Asset-Backed Certificates
5.370% due 01/25/2037		699		700
Total Asset-Backed Securities (Cost $7,321)				7,325
FOREIGN CURRENCY-DENOMINATED ISSUES 0.5%
United Kingdom Gilt Inflation Linked Bond
2.500% due 05/20/2009	GBP	200		1,033
Total Foreign Currency-Denominated Issues (Cost $1,001)				1,033
SHORT-TERM INSTRUMENTS 61.6%
CERTIFICATES OF DEPOSIT 3.2%
Abbey National Treasury Services PLC
5.270% due 07/02/2008	$	1,600		1,601
BNP Paribas
5.262% due 07/03/2008		500		500
Calyon Financial, Inc.
5.340% due 01/16/2009		800		800

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Nordea Bank Finland PLC
5.282% due 12/01/2008	$	1,100	$	1,100
5.308% due 04/09/2009		600		600
Royal Bank of Scotland Group PLC
5.265% due 03/26/2008		1,000		1,000
Skandinav Enskilda BK
5.350% due 02/13/2009		900		901
Societe Generale NY
5.270% due 03/26/2008		1,000		1,000
				7,502
COMMERCIAL PAPER 53.3%
ANZ National International Ltd.
5.250% due 09/19/2007		6,600		6,521
Bank of America Corp.
5.210% due 10/04/2007		800		794
Bank of Ireland
5.165% due 11/08/2007		4,400		4,316
5.230% due 11/08/2007		2,300		2,283
Barclays U.S. Funding Corp.
5.235% due 09/26/2007		4,300		4,269
5.240% due 09/26/2007		3,000		2,977
CBA (de) Finance
5.230% due 09/28/2007		100		100
5.260% due 09/28/2007		300		296
Dexia Delaware LLC
5.220% due 09/21/2007		1,100		1,100
5.225% due 09/21/2007		600		597
5.240% due 09/21/2007		5,900		5,831
DnB NORBank ASA
5.225% due 10/12/2007		4,600		4,600
5.350% due 10/12/2007		400		400
Fannie Mae
5.080% due 07/02/2007		400		400
Fortis Funding LLC
5.255% due 09/05/2007		1,100		1,097
5.275% due 09/05/2007		6,500		6,480
Freddie Mac
4.800% due 07/02/2007		11,800		11,800
General Electric Capital Corp.
5.200% due 11/06/2007		1,900		1,892
HBOS Treasury Services PLC
5.225% due 11/13/2007		400		400
5.230% due 09/21/2007		200		199
5.235% due 11/13/2007		4,500		4,463
5.245% due 11/13/2007		400		395
5.250% due 09/21/2007		600		593
5.255% due 11/13/2007		1,400		1,381
Natixis S.A.
5.230% due 09/21/2007		400		397
5.240% due 09/21/2007		6,600		6,575
Rabobank USA Financial Corp.
5.330% due 07/26/2007		2,000		2,000
San Paolo IMI U.S. Financial Co.
5.330% due 08/08/2007		6,400		6,400
Santander Hispano Finance Delaware
5.250% due 09/26/2007		400		395

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Societe Generale NY
5.195% due 11/26/2007	$	700	$	696
5.210% due 11/26/2007		100		98
5.225% due 11/26/2007		2,200		2,188
5.240% due 11/26/2007		1,800		1,779
5.245% due 11/26/2007		2,100		2,075
Stadshypoket Delaware, Inc.
5.230% due 09/11/2007		400		397
Statens Bostadsfin Bank
5.255% due 09/14/2007		7,100		7,021
Svenska Handelsbanken, Inc.
5.185% due 10/09/2007		400		400
5.203% due 10/09/2007		300		298
Swedbank AB
5.225% due 09/06/2007		6,600		6,565
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		6,800		6,800
UBS Finance Delaware LLC
5.230% due 10/23/2007		500		498
Unicredito Italiano SpA
5.185% due 01/22/2008		2,100		2,054
5.200% due 01/22/2008		4,400		4,324
Westpac Banking Corp.
5.195% due 11/05/2007		800		796
5.200% due 11/05/2007		10,200		10,153
				125,093
REPURCHASE AGREEMENTS 2.3%
Lehman Brothers, Inc.
4.000% due 07/02/2007		4,700		4,700
(Dated 06/29/2007. Collateralized by U.S. Treasury Inflation Protected Securities 3.625% due 01/15/2008 valued at $4,799. Repurchase proceeds are $4,702.)
State Street Bank and Trust Co.
4.900% due 07/02/2007		404		404
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $416. Repurchase proceeds are $404.)
4.900% due 07/02/2007		216		216
(Dated 06/29/2007. Collateralized by Federal Home Loan Bank 4.125% due 10/19/2007 valued at $221. Repurchase proceeds are $216.)
				5,320
U.S. TREASURY BILLS 2.8%
4.571% due 08/30/2007 - 09/13/2007 (a)(c)(d)(f)		6,630		6,567
Total Short-Term Instruments (Cost $144,503)				144,482
PURCHASED OPTIONS (h) 0.0%
(Cost $142)				99
Total Investments (e) 206.3% (Cost $477,460)			$	483,723
Written Options (i) (0.1%) (Premiums $242)				(188	)
Other Assets and Liabilities (Net) (106.2%)				(249,099	)
Net Assets 100.0%			$	234,436

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

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

(c) Securities with an aggregate market value of $990 have been pledged as collateral for swap and swaption contracts on June 30, 2007.

(d) Securities with an aggregate market value of $534 have been pledged as collateral for delayed-delivery securities on June 30, 2007.

(e) As of June 30, 2007, portfolio securities with an aggregate value of $65,003 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) Securities with an aggregate market value of $752 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Euribor December Futures	Long	12/2008	17	$	(5	)
90-Day Euribor June Futures	Long	06/2009	17		(4	)
90-Day Euribor March Futures	Long	03/2009	17		(5	)
90-Day Euribor September Futures	Long	09/2008	17		(5	)
90-Day Euro December Futures	Long	12/2007	8		(7	)
90-Day Euro December Futures	Long	12/2008	45		(23	)
90-Day Euro June Futures	Long	06/2008	37		(43	)
90-Day Euro June Futures	Long	06/2009	27		3
90-Day Euro March Futures	Short	03/2008	12		15
90-Day Euro March Futures	Long	03/2009	57		(1	)
90-Day Euro September Futures	Long	09/2008	5		1
Japan Government 10-Year Bond September Futures	Long	09/2007	2		3
U.S. Treasury 5-Year Note September Futures	Short	09/2007	83		(23	)
U.S. Treasury 10-Year Note September Futures	Short	09/2007	24		(33	)
U.S. Treasury 30-Year Bond September Futures	Short	09/2007	175		146
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	121		(205	)
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2008	64		(123	)
				$	(309	)

(g) Swap agreements outstanding on June 30, 2007:

Commodity Swaps

Counterparty	Type	Commodity Exchange	Pay/Receive Commodity Exchange	Fixed Price Per Unit		Expiration Date	Units	Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	Short	LMEX Aluminum Hg Futures	Receive	$	2,670.000	12/15/2008	1	$	(14	)
Barclays Bank PLC	Long	LMEX Aluminum Hg Futures	Pay		2,300.000	12/13/2010	1		76
Morgan Stanley	Long	ICEX Brent Crude Futures	Pay		66.000	11/14/2012	31		64
Morgan Stanley	Short	NYMEX Crude Oil Futures	Receive		67.700	11/19/2012	31		(75	)
								$	51

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized (Depreciation)
Credit Suisse First Boston	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	0.970%	06/20/2012	$	100	$	(1	)
Credit Suisse First Boston	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.010%	06/20/2012		300		(3	)
Morgan Stanley	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.260%	12/20/2007		2,000		0
							$	(4	)

⁽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.

See Accompanying Notes Semiannual Report June 30, 2007 11

Consolidated Schedule of Investments  CommodityRealReturn^™ Strategy Portfolio (Cont.)

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	6.500%	01/15/2010	AUD	800	$	(6	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		2,500		(17	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	7.000%	06/15/2010		8,500		(9	)
Royal Bank of Canada	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		1,600		(10	)
Royal Bank of Canada	3-Month Canadian Bank Bill	Receive	5.500%	06/20/2017	CAD	3,300		0
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.103%	10/15/2010	EUR	500		7
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.040%	02/21/2011		1,700		12
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.988%	12/15/2011		900		(4	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.976%	12/15/2011		5,400		(16	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.028%	10/15/2011		600		3
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.973%	12/15/2011		1,200		(6	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.958%	04/10/2012		700		(7	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.353%	10/15/2016		300		2
Morgan Stanley	6-Month EUR-LIBOR	Receive	4.000%	06/15/2017		200		19
UBS Warburg LLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.095%	10/15/2011		1,100		11
UBS Warburg LLC	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	Receive	2.275%	10/15/2016		400		1
UBS Warburg LLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.350%	10/15/2016		400		2
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009	GBP	2,800		(103	)
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		1,200		93
Credit Suisse First Boston	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		1,600		(73	)
Credit Suisse First Boston	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		600		45
Goldman Sachs & Co.	6-Month GBP-LIBOR	Receive	5.000%	09/15/2015		500		48
HSBC Bank USA	6-Month GBP-LIBOR	Receive	4.250%	06/12/2036		300		76
JPMorgan Chase & Co.	6-Month GBP-LIBOR	Pay	5.000%	06/15/2008		100		(2	)
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		2,000		(90	)
Morgan Stanley	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	600,000		(1	)
Barclays Bank PLC	28-Day Mexico Interbank TIIE Banxico	Pay	8.330%	02/14/2017	MXN	2,100		3
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		8,600		3
Goldman Sachs & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		4,000		3
Merrill Lynch & Co., Inc.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		3,700		3
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2009	$	900		(1	)
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		2,500		8
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		9,000		19
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		3,600		5
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2017		6,950		49
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/20/2021		1,800		9
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/20/2026		1,800		3
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		2,300		28
Goldman Sachs & Co.	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		500		(1	)
Goldman Sachs & Co.	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		300		11
Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		400		1
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		1,600		26
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		1,300		5
UBS Warburg LLC	3-Month USD-LIBOR	Pay	5.000%	06/18/2009		17,000		(5	)
UBS Warburg LLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		700		(9	)
							$	135

Total Return Swaps

Counterparty	Type	Receive Total Return	Pay	Expiration Date	# of Contracts	Unrealized Appreciation/ (Depreciation)
AIG International Inc.	Long	Dow Jones-AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	07/27/2007	61,983	$	78
Morgan Stanley	Long	Dow Jones-AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	07/27/2007	246,854		314
Morgan Stanley	Short	Dow Jones-AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	07/27/2007	60,115		(76	)
						$	316

(h) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 5-Year Note September Futures	$	106.000	08/24/2007	51	$	1	$	2
Call - CBOT U.S. Treasury 30-Year Bond September Futures		118.000	08/24/2007	248		5		4
Put - CBOT U.S. Treasury 10-Year Note September Futures		101.000	08/24/2007	95		2		3
Put - CME 90-Day Euro September Futures		91.500	09/17/2007	50		0		0
Put - CME 90-Day Euro September Futures		92.000	09/17/2007	1		0		0
					$	8	$	9

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	03/31/2008	$	6,000	$	34	$	7
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		1,000		5		2
								$	39	$	9

Foreign Currency Options

Description	Exercise Price		Expiration Date	Notional Amount	Cost		Value
Call - OTC Euro versus U.S. dollar	$	1.353	06/26/2008	EUR    1,100	$	35	$	41
Put - OTC Euro versus U.S. dollar		1.353	06/26/2008	1,100		34		28
					$	69	$	69

Options on Securities

Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Treasury Inflation Protected Securities 0.875% due 04/15/2010	$	87.000	08/21/2007	$	20,000	$	5	$	0
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2014		81.000	09/20/2007		8,000		2		0
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2026		61.000	09/20/2007		18,000		4		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 04/15/2011		89.000	08/21/2007		20,000		5		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2017		71.000	09/27/2007		10,000		2		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2025		64.000	07/25/2007		25,000		6		0
Put - OTC Treasury Inflation Protected Securities 3.875% due 01/15/2009		87.531	09/27/2007		10,000		2		0
						$	26	$	0

Straddle Options

Description	Counterparty	Exercise Price (2)	Expiration Date	Notional Amount		Cost (2)		Value
Call & Put - OTC U.S. dollar versus Swiss franc Forward Delta Neutral Straddle	JPMorgan Chase & Co.	CHF    0.000	09/26/2007	$	5,400	$	0	$	9
Call & Put - OTC U.S. dollar versus Swiss franc Forward Delta Neutral Straddle	Royal Bank of Scotland Group PLC	0.000	09/26/2007		1,000		0		3
						$	0	$	12

⁽²⁾ Exercise price and final cost determined on a future date, based upon implied volatility parameters.

(i) Written options outstanding on June 30, 2007:

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	08/24/2007	56	$	15	$	34
Call - CBOT U.S. Treasury 10-Year Note September Futures		109.000	08/24/2007	36		4		2
Call - CBOT U.S. Treasury 30-Year Bond September Futures		109.000	08/24/2007	25		8		16
Call - OTC Dow Jones - AIG Commodity Index Total Return Futures		191.000	01/22/2008	700,000		16		11
Call - OTC Dow Jones - AIG Commodity Index Total Return Futures		230.000	10/19/2010	1,000,000		43		35
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/24/2007	56		16		6
Put - OTC Dow Jones - AIG Commodity Index Total Return Futures		144.000	01/22/2008	700,000		22		5
Put - OTC Dow Jones - AIG Commodity Index Total Return Futures		150.000	10/19/2010	1,000,000		82		67
					$	206	$	176

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	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	03/31/2008	$	2,000	$	25	$	7
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		1,000		11		5
								$	36	$	12

(j) Restricted securities as of June 30, 2007:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Bear Stearns Cos., Inc.	0.000%	10/19/2007	06/22/2007	$	3,000	$	3,445	1.47%
Credit Suisse First Boston	5.255%	01/14/2008	01/05/2007		5,300		6,546	2.79%
Morgan Stanley	0.000%	02/06/2008	01/25/2007		13,000		15,027	6.41%
				$	21,300	$	25,018	10.67%

See Accompanying Notes Semiannual Report June 30, 2007 13

Consolidated Schedule of Investments  CommodityRealReturn^™ Strategy Portfolio (Cont.) June 30, 2007 (Unaudited)

(k) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (3)
Treasury Inflation Protected Securities	2.375%	01/15/2017	$	103	$	100	$	101
Treasury Inflation Protected Securities	2.500%	07/15/2016		1,951		1,920		1,930
					$	2,020	$	2,031

⁽³⁾ Market value includes $1 of interest payable on short sales.

(l) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell	AUD	1	07/2007	$	0	$	0		$	0
Buy	BRL	1,096	10/2007		1		(4	)		(3	)
Sell	CAD	148	08/2007		0		(1	)		(1	)
Sell	CHF	222	09/2007		0		0			0
Buy	CNY	16,113	01/2008		11		0			11
Buy		18,891	03/2008		0		(14	)		(14	)
Buy		1,182	03/2009		0		0			0
Sell	EUR	458	07/2007		0		(6	)		(6	)
Sell	GBP	888	08/2007		0		(9	)		(9	)
Sell	JPY	17,760	07/2007		2		0			2
Buy	KRW	35,197	07/2007		0		0			0
Buy		487,662	09/2007		2		0			2
Buy	MXN	4,936	09/2007		1		(1	)		0
Buy		1,222	03/2008		1		0			1
Buy	PLN	1,599	09/2007		10		0			10
Buy	RUB	14,607	01/2008		5		0			5
Buy	SGD	810	07/2007		2		0			2
Sell		810	07/2007		0		(3	)		(3	)
Buy		58	08/2007		0		0			0
Buy		806	10/2007		3		0			3
				$	38	$	(38	)	$	0

14 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2007 (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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) 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.

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

Semiannual Report June 30, 2007 15

Notes to Financial Statements (Cont.)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	JPY	Japanese Yen
BRL	Brazilian Real	KRW	South Korean Won
CAD	Canadian Dollar	MXN	Mexican Peso
CHF	Swiss Franc	PLN	Polish Zloty
CNY	Chinese Yuan Renminbi	RUB	Russian Ruble
EUR	Euro	SGD	Singapore Dollar
GBP	Great British Pound

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(j) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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.

(k) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(l) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a

transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(m) Restricted Securities  The Portfolio may 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. Securities acquired under the provisions of Rule 144A can only be traded between qualified institutional investors. The Board of Trustees considers 144A securities to be liquid.

(n) 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 on 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.

(o) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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.

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

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 credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or income taxes.

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

(p) Commodities Index-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 notes 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 on the accompanying financial statements. Net payments are recorded as net realized gains and 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, 2007, the value of these securities comprised 22.9% of the Portfolio’s net assets and resulted in unrealized appreciation of $4,766,210.

(q) 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-related 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.

(r) 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” or “Ginnie Mae”), 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.

(s) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

18 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

3.  BASIS FOR CONSOLIDATION OF THE PIMCO COMMODITYREALRETURN^™ STRATEGY PORTFOLIO

The PIMCO Cayman Commodity Portfolio I Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on July 21, 2006 as a wholly owned subsidiary acting as an investment vehicle for the Portfolio in order to effect certain investments for the Portfolio consistent with the Portfolio’s investment objectives and policies specified in its prospectus and statement of additional information. A subscription agreement was entered into between the Portfolio and the Subsidiary on August 1, 2006, comprising the entire issued share capital of the Subsidiary with the intent that the Portfolio will remain the sole shareholder and retain all rights. Under the Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. As of June 30, 2007, net assets of the Portfolio were approximately $234 million, of which approximately $16 million, or roughly 6.8%, represented the Portfolio’s ownership of all issued shares and voting rights of the Subsidiary.

4.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.49%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

(e) Expense Limitation  PIMCO has contractually agreed to reduce total annual portfolio operating expenses for the Portfolio by waiving a portion of its administrative fee or reimbursing the Portfolio, to the extent that they would exceed, due to the payment of organizational expenses and pro rata Trustees’ fees, the sum of such Portfolio’s advisory fee, service fees, distribution fees (with respect to Advisor Class only), administrative fees and other expenses borne by the Portfolio not covered by the administrative fee as described above (other than organizational expenses and pro rata Trustees’ fees), plus 0.49 basis points. PIMCO may recoup these waivers and reimbursements for a period not exceeding three years, provided that total expenses, including such recoupment, do not exceed the annual expense limit. As of June 30, 2007, the recoverable amount to the Administrator was $1,758.

(f) Acquired Fund Fees and Expenses  The Subsidiary has entered into a separate contract with PIMCO for the management of the Subsidiary’s portfolio pursuant to which the Subsidiary pays PIMCO a management fee and administration fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the advisory fee and the administration fee it receives from the Portfolio in an amount equal to the advisory fee and administration fee, respectively, paid to PIMCO by the Subsidiary. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO’s contract with the Subsidiary is in place. The waiver is reflected in the Statement of Operations as a component of Reimbursement by Manager. For the period ended June 30, 2007, the amount was $100,253.

5.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

6.  GUARANTEES AND INDEMNIFICATIONS

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

7.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	1,485,087	$	1,443,588	$	84,138	$	52,868

8.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Premium
Balance at 12/31/2006	2,000,034		$	13,200		$	218
Sales	1,400,297			3,000			160
Closing Buys	0			(9,000	)		(74	)
Expirations	(158	)		(4,200	)		(62	)
Exercised	0			0			0
Balance at 06/30/2007	3,400,173		$	3,000		$	242

9.  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 06/30/2007			Year Ended 12/31/2006
	Shares	Amount		Shares	Amount
Receipts for shares sold
Administrative Class	4,675	$	53,682	11,598	$	138,795
Advisor Class	823		9,592	588		7,074

	Six Months Ended 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Issued as reinvestment of distributions
Administrative Class	307		$	3,557		689		$	7,849
Advisor Class	14			165		18			199
Cost of shares redeemed
Administrative Class	(1,699	)		(19,591	)	(5,022	)		(60,877	)
Advisor Class	(116	)		(1,317	)	(68	)		(812	)
Net increase resulting from Portfolio share transactions	4,004		$	46,088		7,803		$	92,228

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	84
Advisor Class	5	100

10.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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

20 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

investment advisory contracts, the return of fees paid under those contracts and restitution.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

11.  FEDERAL INCOME TAX MATTERS

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

The Portfolio may gain exposure to the commodities markets primarily through index-linked notes, and may invest in other commodity-linked derivative instruments, including commodity swap agreements, options, futures contracts, options on futures contracts and foreign funds investing in similar commodity-linked derivatives.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Portfolio derive at least 90% of its gross income from certain qualifying sources of income. The IRS issued a revenue ruling which holds that income derived from commodity index-linked swaps is not qualifying income under Subchapter M of the Code. Subsequently, the IRS issued a private letter ruling to the Portfolio in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. In addition, the IRS issued another private letter ruling to the Portfolio in which the IRS specifically concluded that income derived from the Portfolio’s investment in the Subsidiary, which invests primarily in commodity index-linked swaps, will also constitute qualifying income to the Portfolio. Based on such rulings, the Portfolio will continue to seek to gain exposure to the commodity markets primarily through investments in commodity-linked notes and through investments in its subsidiary.

Please refer to the prospectus for the Separate Account and Variable Contract for information regarding federal income tax treatment of distributions to the Separate Account.

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    7,230	$    (967)	$    6,263

Semiannual Report June 30, 2007 21

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

22 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

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	20

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Emerging Markets Bond Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

Russia	19.9%
Short-Term Instruments	18.0%
Brazil	17.9%
Mexico	7.7%
Venezuela	5.7%
Other	30.8%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	Portfolio Inception (09/30/02)
	PIMCO Emerging Markets Bond Portfolio Administrative Class	1.50%	12.35%	17.08%
	JPMorgan Emerging Markets Bond Index Global±	0.94%	11.68%	14.98%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± JPMorgan Emerging Markets Bond Index Global is an unmanaged index which tracks total returns for U.S. dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, Brady bonds, loans, Eurobonds and local market instruments. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,015.01	$	1,019.64
Expenses Paid During Period†	$	5.20	$	5.21

† Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 1.04%, 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 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 under normal circumstances at least 80% of its assets in fixed-income instruments of issuers that economically are tied to countries with emerging securities markets, which may be represented by forwards or derivatives, such as options, futures contracts, or swap agreements.

» An overweight position in Brazil benefited performance. The JPMorgan EMBIG Brazil sub-index returned 3.1% for the period, outperforming the broader emerging markets sector, as represented by the JPMorgan EMBIG Index, which returned 0.9% for the same period.

» An underweight to Venezuela helped relative performance. The JPMorgan EMBIG Venezuela sub-index declined 10.1% for the period.

» An overweight position in Russia detracted from relative performance. However, emphasizing Russian corporate bonds helped performance as corporates outperformed sovereign bonds during the period.

» A tactical allocation in emerging markets currencies benefited performance as these currencies strengthened against the U.S. dollar over the period.

» Off-benchmark allocations to emerging local markets helped the Portfolio’s performance as emerging markets local bonds, represented by the JPMorgan GBI EM Global Diversified Index, outperformed emerging markets external debt, represented by the JPMorgan Emerging Markets Bond Index Global, in the first half of the year.

» An underweight to Ecuador detracted from performance as Ecuador spreads tightened during the period.

» An underweight to Turkey detracted from performance. The JPMorgan EMBIG Turkey sub-index returned 3.2% for the period, outperforming the broader emerging markets sector, as represented by the JPMorgan EMBIG Index.

4 PIMCO Variable Insurance Trust

Financial Highlights  Emerging Markets Bond Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			09/30/2002-12/31/2002
Administrative Class
Net asset value beginning of year or period	$	13.96		$	13.66		$	13.21		$	12.97		$	11.48		$	10.00
Net investment income (a)		0.36			0.70			0.67			0.48			0.62			0.18
Net realized/unrealized gain (loss) on investments (a)		(0.14	)		0.52			0.71			1.03			2.90			1.48
Total income from investment operations		0.22			1.22			1.38			1.51			3.52			1.66
Dividends from net investment income		(0.40	)		(0.73	)		(0.68	)		(0.51	)		(0.65	)		(0.18	)
Distributions from net realized capital gains		0.00			(0.19	)		(0.25	)		(0.76	)		(1.38	)		0.00
Total distributions		(0.40	)		(0.92	)		(0.93	)		(1.27	)		(2.03	)		(0.18	)
Net asset value end of year or period	$	13.78		$	13.96		$	13.66		$	13.21		$	12.97		$	11.48
Total return		1.50	%		9.25	%		10.75	%		12.11	%		31.64	%		16.65	%
Net assets end of year or period (000s)	$	191,611		$	207,298		$	133,142		$	64,598		$	50,954		$	32,767
Ratio of expenses to average net assets		1.04	%*		1.00	%		1.00	%		1.01	%		1.04	%		1.02	%*(b)
Ratio of expenses to average net assets excluding interest expense		1.04	%*		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%*(b)
Ratio of net investment income to average net assets		5.19	%*		5.15	%		5.01	%		3.70	%		4.78	%		6.58	%*
Portfolio turnover rate		100	%		283	%		242	%		484	%		451	%		91	%

+ 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 1.11%.

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Emerging Markets Bond Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	191,377
Cash		94
Foreign currency, at value		166
Receivable for investments sold		3,483
Receivable for Portfolio shares sold		69
Interest and dividends receivable		3,435
Variation margin receivable		24
Swap premiums paid		400
Unrealized appreciation on foreign currency contracts		229
Unrealized appreciation on swap agreements		2,038
		201,315
Liabilities:
Payable for investments purchased	$	1,670
Payable for investments purchased on a delayed-delivery basis		4,860
Payable for Portfolio shares redeemed		330
Payable for short sales		631
Written options outstanding		645
Dividends payable		1
Accrued investment advisory fee		72
Accrued administration fee		64
Accrued servicing fee		22
Swap premiums received		655
Unrealized depreciation on foreign currency contracts		42
Unrealized depreciation on swap agreements		75
Other liabilities		17
		9,084
Net Assets	$	192,231
Net Assets Consist of:
Paid in capital	$	178,681
Undistributed net investment income		1,904
Accumulated undistributed net realized gain		6,426
Net unrealized appreciation		5,220
	$	192,231
Net Assets:
Administrative Class		191,611
Advisor Class		620
Shares Issued and Outstanding:
Administrative Class		13,908
Advisor Class		45
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Administrative Class	$	13.78
Advisor Class		13.78
Cost of Investments Owned	$	189,066
Cost of Foreign Currency Held	$	166
Proceeds Received on Short Sales	$	620
Premiums Received on Written Options	$	1,500

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Emerging Markets Bond Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest, net of foreign taxes*	$	6,283
Total Income		6,283
Expenses:
Investment advisory fees		451
Administration fees		401
Servicing fees – Administrative Class		150
Distribution and/or servicing fees – Advisor Class		1
Trustees’ fees		2
Interest expense		5
Miscellaneous expense		42
Total Expenses		1,052
Net Investment Income		5,231
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		2,813
Net realized gain on futures contracts, written options and swaps		29
Net realized gain on foreign currency transactions		248
Net change in unrealized (depreciation) on investments		(5,157	)
Net change in unrealized appreciation on futures contracts, written options and swaps		335
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		101
Net (Loss)		(1,631	)
Net Increase in Net Assets Resulting from Operations	$	3,600
*Foreign tax withholding	$	16

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Emerging Markets Bond Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	5,231		$	8,825
Net realized gain		3,090			4,766
Net change in unrealized appreciation (depreciation)		(4,721	)		2,492
Net increase resulting from operations		3,600			16,083
Distributions to Shareholders:
From net investment income
Administrative Class		(5,654	)		(9,150	)
Advisor Class		(16	)		(8	)
From net realized capital gains
Administrative Class		0			(2,742	)
Advisor Class		0			(6	)
Total Distributions		(5,670	)		(11,906	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		30,794			97,460
Advisor Class		260			481
Issued as reinvestment of distributions
Administrative Class		5,653			11,892
Advisor Class		16			14
Cost of shares redeemed
Administrative Class		(50,072	)		(39,361	)
Advisor Class		(117	)		(38	)
Net increase (decrease) resulting from Portfolio share transactions		(13,466	)		70,448
Total Increase (Decrease) in Net Assets		(15,536	)		74,625
Net Assets:
Beginning of period		207,767			133,142
End of period*	$	192,231		$	207,767
*Including undistributed net investment income of:	$	1,904		$	2,343

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Emerging Markets Bond Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ARGENTINA 4.0%
Argentina Bonos
5.475% due 08/03/2012	$	10,690	$	7,639
Total Argentina (Cost $7,590)				7,639
BERMUDA 0.3%
BW Group Ltd.
6.625% due 06/28/2017	$	480		482
Total Bermuda (Cost $477)				482
BRAZIL 17.9%
Brazil Notas do Tesouro Nacional Series B
6.000% due 05/15/2017	BRL	1,100		920
Brazil Notas do Tesouro Nacional Series F
10.000% due 01/01/2017		7,490		3,730
Brazilian Government International Bond
7.125% due 01/20/2037	$	1,770		1,916
7.875% due 03/07/2015		3,625		4,018
8.250% due 01/20/2034		5,690		7,002
8.750% due 02/04/2025		1,700		2,108
8.875% due 04/15/2024		350		437
10.125% due 05/15/2027		1,740		2,458
10.250% due 01/10/2028	BRL	1,100		636
Brazilian Government International CPI Linked Bond
10.000% due 01/01/2012		14,180		7,143
CSN Islands VII Corp.
10.750% due 09/12/2008	$	200		210
Embraer Overseas Ltd.
6.375% due 01/24/2017		300		295
Empresa Energetica de Sergipe and Sociedade Anonima de Eletrificaao da Paraiba
10.500% due 07/19/2013		200		223
ISA Capital do Brasil S.A.
7.875% due 01/30/2012		300		307
8.800% due 01/30/2017		700		751
Vale Overseas Ltd.
6.250% due 01/23/2017		500		498
6.875% due 11/21/2036		1,700		1,713
Total Brazil (Cost $31,273)				34,365
CAYMAN ISLANDS 0.1%
Petrobras International Finance Co.
6.125% due 10/06/2016	$	250		246
Total Cayman Islands (Cost $242)				246
CHILE 1.8%
Chile Government International Bond
5.625% due 07/23/2007	$	915		917
CODELCO, Inc.
5.625% due 09/21/2035		200		185
6.150% due 10/24/2036		2,200		2,161
Empresa Nacional de Electricidad S.A.
8.350% due 08/01/2013		200		224
Total Chile (Cost $3,633)				3,487
CHINA 0.6%
Citic Resources Finance Ltd.
6.750% due 05/15/2014	$	200		194
Export-Import Bank of China
4.875% due 07/21/2015		550		520

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Sino-Forest Corp.
9.125% due 08/17/2011	$	500	$	532
Total China (Cost $1,272)				1,246
COLOMBIA 3.5%
Colombia Government International Bond
7.375% due 01/27/2017	$	1,500		1,630
7.375% due 09/18/2037		930		1,034
8.250% due 12/22/2014		2,825		3,174
10.000% due 01/23/2012		100		116
10.375% due 01/28/2033		225		333
10.750% due 01/15/2013		400		490
Total Colombia (Cost $6,500)				6,777
ECUADOR 0.3%
Ecuador Government International Bond
10.000% due 08/15/2030	$	700		590
Total Ecuador (Cost $590)				590
EGYPT 0.3%
Petroleum Export Ltd.
5.265% due 06/15/2011	$	498		486
Total Egypt (Cost $496)				486
EL SALVADOR 0.4%
AES El Salvador Trust
6.750% due 02/01/2016	$	700		696
El Salvador Government International Bond
8.500% due 07/25/2011		150		167
Total El Salvador (Cost $843)				863
GUATEMALA 0.3%
Guatemala Government Bond
9.250% due 08/01/2013	$	570		656
Total Guatemala (Cost $570)				656
INDIA 0.4%
ICICI Bank Ltd.
5.750% due 01/12/2012	$	700		688
Total India (Cost $699)				688
INDONESIA 1.1%
Indonesia Government International Bond
6.875% due 03/09/2017	$	1,200		1,245
Majapahit Holding BV
7.250% due 06/28/2017		400		401
7.875% due 06/29/2037		400		403
Total Indonesia (Cost $1,979)				2,049
KAZAKHSTAN 1.9%
ATF Bank JSC
9.000% due 05/11/2016	$	150		160
HSBK Europe BV
7.750% due 05/13/2013		100		103
Intergas Finance BV
6.375% due 05/14/2017		300		288
6.875% due 11/04/2011		600		611
Kazakhstan Temir Zholy Finance BV
6.500% due 05/11/2011		300		302
Kazkommerts International BV
8.500% due 04/16/2013		225		230

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Tengizchevroil Finance Co. SARL
6.124% due 11/15/2014	$	2,000	$	1,965
Total Kazakhstan (Cost $3,707)				3,659
MALAYSIA 0.6%
Malaysia Government International Bond
7.500% due 07/15/2011	$	325		348
8.750% due 06/01/2009		120		127
Petronas Capital Ltd.
7.000% due 05/22/2012		325		344
Tenaga Nasional Bhd.
7.500% due 11/01/2025		250		279
TNB Capital L Ltd.
5.250% due 05/05/2015		100		97
Total Malaysia (Cost $1,232)				1,195
MEXICO 7.6%
America Movil SAB de C.V.
5.500% due 03/01/2014	$	200		196
5.750% due 01/15/2015		200		198
8.460% due 12/18/2036	MXN	5,400		510
Banco Mercantil del Norte S.A.
5.875% due 02/17/2014	$	145		146
C5 Capital SPV Ltd.
6.196% due 12/01/2049		100		99
C8 Capital SPV Ltd.
6.640% due 12/31/2049		100		99
C10 Capital SPV Ltd.
6.722% due 12/31/2049		600		586
Desarrolladora Homex S.A. de C.V.
7.500% due 09/28/2015		1,500		1,560
Hipotecaria Su Casita S.A.
8.500% due 10/04/2016		100		106
Mexico Government International Bond
5.625% due 01/15/2017		438		430
6.750% due 09/27/2034		4,180		4,468
7.500% due 04/08/2033		2,460		2,857
Pemex Project Funding Master Trust
6.625% due 06/15/2035		250		254
8.000% due 11/15/2011		250		272
8.625% due 02/01/2022		1,200		1,482
9.250% due 03/30/2018		977		1,219
Vitro SAB de C.V.
8.625% due 02/01/2012		150		153
9.125% due 02/01/2017		50		51
Total Mexico (Cost $14,507)				14,686
PAKISTAN 0.8%
Pakistan Government International Bond
7.125% due 03/31/2016	$	1,550		1,542
Total Pakistan (Cost $1,536)				1,542
PANAMA 4.7%
Panama Government International Bond
6.700% due 01/26/2036	$	600		615
7.125% due 01/29/2026		2,165		2,317
7.250% due 03/15/2015		1,150		1,236
8.875% due 09/30/2027		780		985
9.375% due 07/23/2012		2,910		3,346
9.375% due 04/01/2029		200		266
9.625% due 02/08/2011		210		236
Total Panama (Cost $8,740)				9,001

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Emerging Markets Bond Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
PERU 1.9%
Peru Government International Bond
6.550% due 03/14/2037	$	1,583	$	1,595
7.350% due 07/21/2025		500		559
8.375% due 05/03/2016		555		648
9.125% due 01/15/2008		650		660
Southern Copper Corp.
7.500% due 07/27/2035		100		107
Total Peru (Cost $3,509)				3,569
QATAR 0.1%
Ras Laffan Liquefied Natural Gas Co. Ltd. II
5.298% due 09/30/2020	$	250		234
Total Qatar (Cost $250)				234
RUSSIA 19.8%
Gaz Capital for Gazprom
5.440% due 11/02/2017	EUR	300		394
5.875% due 06/01/2015		200		273
6.212% due 11/22/2016	$	1,200		1,172
8.625% due 04/28/2034		3,000		3,752
Gazinvest Luxembourg S.A. for Gazprombank
7.250% due 10/30/2008		1,000		1,021
Gazprom International S.A.
7.201% due 02/01/2020		811		838
Mobile Telesystems Finance S.A.
8.000% due 01/28/2012		150		155
Morgan Stanley Bank AG for OAO Gazprom
9.625% due 03/01/2013		6,810		7,908
RSHB Capital AG S.A. for OJSC Russian Agricultural Bank
6.299% due 05/15/2017		190		186
7.175% due 05/16/2013		1,900		1,984
Russia Government International Bond
7.500% due 03/31/2030		10,134		11,178
Sistema Finance S.A.
10.250% due 04/14/2008		500		517
TNK-BP Finance S.A.
6.125% due 03/20/2012		200		196
6.625% due 03/20/2017		1,700		1,651
7.500% due 07/18/2016		2,700		2,790
TransCapitalInvest Ltd. for OJSC AK Transneft
6.103% due 06/27/2012		700		703
UBS Luxembourg S.A. for OJSC Vimpel Communications
8.375% due 10/22/2011		350		368
UBS Luxembourg S.A. for Sberbank
6.230% due 02/11/2015		1,000		1,004
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008		1,000		1,002
6.110% due 09/21/2007		1,000		1,001
Total Russia (Cost $38,404)				38,093
SOUTH AFRICA 1.6%
South Africa Government International Bond
5.250% due 05/16/2013	EUR	400		546
5.875% due 05/30/2022	$	1,430		1,402
6.500% due 06/02/2014		750		774
7.375% due 04/25/2012		310		330
Total South Africa (Cost $3,017)				3,052

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SOUTH KOREA 0.1%
Industrial Bank of Korea
4.000% due 05/19/2014	$	110	$	107
Korea Development Bank
5.750% due 09/10/2013		15		15
KT Corp.
4.875% due 07/15/2015		100		94
Total South Korea (Cost $223)				216
TRINIDAD AND TOBAGO 0.4%
Petroleum Co. of Trinidad & Tobago Ltd.
6.000% due 05/08/2022	$	700		683
Total Trinidad and Tobago (Cost $697)				683
TUNISIA 0.9%
Banque Centrale de Tunisie
4.750% due 04/07/2011	EUR	500		673
7.375% due 04/25/2012	$	1,050		1,125
Total Tunisia (Cost $1,736)				1,798
UKRAINE 2.1%
Ukraine Government International Bond
4.950% due 10/13/2015	EUR	300		382
6.385% due 06/26/2012	$	300		302
6.875% due 03/04/2011		700		717
7.650% due 06/11/2013		1,300		1,379
8.775% due 08/05/2009		1,150		1,222
Total Ukraine (Cost $3,877)				4,002
UNITED STATES 0.3%
BANK LOAN OBLIGATIONS 0.0%
Kingdom of Morocco
6.344% due 01/05/2009	$	100		101
CORPORATE BONDS & NOTES 0.3%
Freeport-McMoRan Copper & Gold, Inc.
8.375% due 04/01/2017		52		56
Hyundai Motor Manufacturing Alabama LLC
5.300% due 12/19/2008		500		496
				552
Total United States (Cost $649)				653
URUGUAY 1.8%
Uruguay Government International Bond
3.700% due 06/26/2037	UYU	4,504		185
5.000% due 09/14/2018 (b)		6,216		293
7.625% due 03/21/2036	$	300		330
8.000% due 11/18/2022		2,121		2,366
9.250% due 05/17/2017		200		240
Total Uruguay (Cost $3,278)				3,414
VENEZUELA 5.6%
Petroleos de Venezuela S.A.
5.250% due 04/12/2017	$	300		228
5.375% due 04/12/2027		600		399
Venezuela Government International Bond
5.375% due 08/07/2010		3,850		3,638
5.750% due 02/26/2016		770		655
6.000% due 12/09/2020		1,900		1,542
6.355% due 04/20/2011		1,200		1,167
7.650% due 04/21/2025		325		298
8.500% due 10/08/2014		500		508

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
9.375% due 01/13/2034	$	350	$	366
10.750% due 09/19/2013		1,850		2,059
Total Venezuela (Cost $11,396)				10,860
VIETNAM 0.1%
Socialist Republic of Vietnam
6.875% due 01/15/2016	$	100		104
Total Vietnam (Cost $98)				104
SHORT-TERM INSTRUMENTS 17.9%
COMMERCIAL PAPER 16.2%
Danske Corp.
5.205% due 10/12/2007	$	3,800		3,759
HBOS Treasury Services PLC
5.250% due 09/21/2007		9,100		8,989
Societe Generale NY
5.210% due 11/26/2007		1,600		1,583
5.245% due 11/26/2007		4,200		4,149
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		1,300		1,300
UBS Finance Delaware LLC
5.230% due 10/23/2007		5,800		5,773
Westpac Banking Corp.
5.165% due 11/05/2007		3,800		3,729
Westpac Trust Securities NZ Ltd.
5.260% due 10/19/2007		2,000		1,976
				31,258
REPURCHASE AGREEMENTS 1.2%
State Street Bank and Trust Co.
4.900% due 07/02/2007		2,264		2,264
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $2,311. Repurchase proceeds are $2,265.)
U.S. TREASURY BILLS 0.5%
4.646% due 09/13/2007 (a)(c)(d)		955		944
Total Short-Term Instruments (Cost $34,479)				34,466
PURCHASED OPTIONS (f) 0.3%
(Cost $1,567)				576
Total Investments 99.5% (Cost $189,066)			$	191,377
Written Options (g) (0.3%) (Premiums $1,500)				(645	)
Other Assets and Liabilities (Net) 0.8%				1,499
Net Assets 100.0%			$	192,231

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

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

(c) Securities with an aggregate market value of $494 have been pledged as collateral for swap and swaption contracts on June 30, 2007.

(d) Securities with an aggregate market value of $450 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2007	274	$	(131	)

(e) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(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	Multiple Reference Entities of Gazprom	Sell	0.940%		05/20/2011		2,500		41
Barclays Bank PLC	Russia Government International Bond 7.500% due 03/31/2030	Sell	1.650%		07/20/2011		800		42
Barclays Bank PLC	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.360%		08/20/2011		1,000		32
Barclays Bank PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.700%		09/20/2011		1,000		30
Barclays Bank PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.400%		12/20/2011		500		9
Barclays Bank PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.320%		12/20/2016		1,000		49
Citibank N.A.	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.580%		12/20/2011		100		2
Citibank N.A.	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.290%		12/20/2016		200		9
Deutsche Bank AG	Uruguay Government International Bond 7.875% due 01/15/2033	Sell	1.050%		01/20/2012		1,000		9
Deutsche Bank AG	Dow Jones CDX N.A. EM7 Index	Sell	1.250%		06/20/2012		2,000		(9	)
JPMorgan Chase & Co.	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.050%		09/20/2011		750		32
JPMorgan Chase & Co.	Mexico Government International Bond 11.500% due 05/15/2026	Sell	2.840%		01/04/2013		1,600		210
JPMorgan Chase & Co.	Multiple Reference Entities of Gazprom	Sell	1.500%		04/20/2016		1,000		48
JPMorgan Chase & Co.	Petroleos Mexicanos 9.500% due 09/15/2027	Sell	1.130%		04/20/2016		1,400		53
JPMorgan Chase & Co.	CEMEX SAB de C.V. 9.625% due 10/01/2009	Sell	1.050%		12/20/2016		500		3
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.770%		06/20/2011		500		21
Lehman Brothers, Inc.	Petroleos Mexicanos 9.500% due 09/15/2027	Sell	0.800%		07/20/2011		261		4
Lehman Brothers, Inc.	Dow Jones CDX N.A. EM6 Index	Sell	1.400%		12/20/2011		9,200		51
Lehman Brothers, Inc.	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.520%		12/20/2011		1,000		22
Lehman Brothers, Inc.	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.400%		05/20/2012		1,000		6
Lehman Brothers, Inc.	Dow Jones CDX N.A. EM7 Index	Sell	1.250%		06/20/2012		13,500		(57	)
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	2.020%		07/20/2013		290		20
Lehman Brothers, Inc.	Russia Government International Bond 7.500% due 03/31/2030	Sell	2.550%		03/20/2014		350		42
Lehman Brothers, Inc.	Multiple Reference Entities of Gazprom	Sell	1.330%		03/20/2016		1,000		37
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.510%		08/20/2016		500		19
Lehman Brothers, Inc.	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	2.060%		05/20/2017		400		2
Merrill Lynch & Co., Inc.	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.500%		01/20/2012		500		8
Merrill Lynch & Co., Inc.	Russia Government International Bond 7.500% due 03/31/2030	Sell	3.160%		10/02/2013		450		66
Merrill Lynch & Co., Inc.	Russia Government International Bond 7.500% due 03/31/2030	Sell	2.310%		01/21/2014		525		56
Morgan Stanley	Colombia Government International Bond 10.375% due 01/28/2033	Sell	0.760%		03/20/2010		250		2
Morgan Stanley	Multiple Reference Entities of Gazprom	Sell	1.050%		04/20/2011		1,000		21
Morgan Stanley	Peru Government International Bond 8.750% due 11/21/2033	Sell	1.220%		10/20/2011		500		13
Morgan Stanley	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.600%		01/20/2012		100		2
Morgan Stanley	Ukraine Government International Bond 7.650% due 06/11/2013	Buy	(1.590%	)	04/20/2012		500		4
Morgan Stanley	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	2.100%		08/20/2016		250		20
Morgan Stanley	Multiple Reference Entities of Gazprom	Sell	1.350%		08/20/2016		1,000		40
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.525%		12/20/2011		1,400		32
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.385%		09/20/2016		200		11
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.480%		09/20/2016		1,000		61
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.345%		12/20/2016		100		5
UBS Warburg LLC	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.870%		06/20/2011		200		9
UBS Warburg LLC	Multiple Reference Entities of Gazprom	Sell	0.945%		10/20/2011		4,000		70
UBS Warburg LLC	Colombia Government International Bond 10.375% due 01/28/2033	Sell	1.070%		01/20/2012		1,000		17
UBS Warburg LLC	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.480%		03/20/2012		1,000		12
UBS Warburg LLC	Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.695%		01/20/2017		300		6
								$	1,195

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  Emerging Markets Bond Portfolio (Cont.)

Schedule of Investments  Emerging Markets Bond Portfolio (Cont.)

⁽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.

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	15.160%	01/02/2009	BRL	700	$	23
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	13.840%	01/04/2010		4,600		141
Morgan Stanley	BRL-CDI-Compounded	Pay	12.780%	01/04/2010		2,700		51
Barclays Bank PLC	28-Day Mexico Interbank TIIE Banxico	Pay	8.780%	08/03/2016	MXN	3,400		14
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.770%	08/03/2016		3,400		14
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.720%	09/05/2016		86,100		207
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.900%	09/22/2016		22,000		106
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		7,000		11
Goldman Sachs & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	8.865%	09/12/2016		5,000		24
Goldman Sachs & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		10,000		(9	)
JPMorgan Chase & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	8.910%	07/26/2016		13,000		65
Merrill Lynch & Co., Inc.	28-Day Mexico Interbank TIIE Banxico	Pay	8.720%	09/05/2016		11,000		29
Morgan Stanley	28-Day Mexico Interbank TIIE Banxico	Pay	9.920%	08/12/2015		2,000		21
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2017	$	10,600		66
Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	5.000%	12/19/2017		600		5
							$	768

(f) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Put - CME 90-Day Eurodollar September Futures	$	90.750	09/17/2007	65	$	1	$	0

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	09/26/2008	$	293,000	$	1,566	$	576

(g) Written options outstanding on June 30, 2007:

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	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.950%	09/26/2008	$	128,000	$	1,500	$	645

(h) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Ecuador Government International Bond	10.000%	08/15/2030	$	700	$	620	$	631

⁽²⁾ Market value includes $32 of interest payable on short sales.

(i) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	4,497	03/2008	$	124	$	0		$	124
Buy	CLP	30,502	11/2007		2		0			2
Buy		50,032	03/2008		0		0			0
Buy	CNY	896	09/2007		3		0			3
Buy		155	12/2007		0		0			0
Buy		5,553	01/2008		0		(5	)		(5	)
Buy	COP	45,180	03/2008		2		0			2
Buy	CZK	861	03/2008		0		(1	)		(1	)
Sell	EUR	1,710	07/2007		0		(22	)		(22	)
Buy	IDR	1,373,299	07/2007		1		0			1
Sell		1,373,299	07/2007		0		(2	)		(2	)

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	IDR	3,359,122	08/2007	$	3	$	0		$	3
Buy		1,373,299	10/2007		1		0			1
Buy	ILS	85	12/2007		0		0			0
Buy	INR	1,143	08/2007		1		0			1
Buy		7,939	10/2007		1		0			1
Buy		890	11/2007		0		0			0
Buy	KRW	17,200	07/2007		0		0			0
Buy		58,626	08/2007		0		0			0
Buy		314,285	09/2007		5		0			5
Buy		269,181	11/2007		2		0			2
Buy	MXN	2,185	03/2008		5		0			5
Buy	MYR	557	07/2007		1		0			1
Sell		557	07/2007		0		0			0
Buy		557	10/2007		0		0			0
Buy	PLN	1,301	09/2007		13		0			13
Buy		358	03/2008		0		(1	)		(1	)
Buy	RUB	30,930	09/2007		39		0			39
Buy		3,740	11/2007		5		0			5
Buy		22,275	12/2007		19		0			19
Buy	SGD	271	07/2007		0		(1	)		(1	)
Sell		129	07/2007		0		(1	)		(1	)
Buy		288	08/2007		0		(3	)		(3	)
Buy		336	10/2007		1		(1	)		0
Buy		438	11/2007		0		(3	)		(3	)
Buy	SKK	1,079	03/2008		0		0			0
Buy	ZAR	4,284	09/2007		1		(2	)		(1	)
				$	229	$	(42	)	$	187

See Accompanying Notes Semiannual Report June 30, 2007 13

Notes to Financial Statements

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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax

14 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	KRW	South Korean Won
CLP	Chilean Peso	MXN	Mexican Peso
CNY	Chinese Yuan Renminbi	MYR	Malaysian Ringgit
COP	Colombian Peso	PLN	Polish Zloty
CZK	Czech Koruna	RUB	Russian Ruble
EUR	Euro	SGD	Singapore Dollar
IDR	Indonesian Rupiah	SKK	Slovakia Koruna
ILS	Israeli Shekel	UYU	Uruguay Peso
INR	Indian Rupee	ZAR	South African Rand

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates

with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(j) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the

Semiannual Report June 30, 2007 15

Notes to Financial Statements (Cont.)

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.

(k) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(l) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and

Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(m) 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 on 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.

(n) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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.

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(o) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

(p) 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” or “Ginnie Mae”), 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.

(q) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.45%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.40%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

programs that use Portfolio shares as their funding medium. The effective rate paid to AGID was 0.15% during the current fiscal year.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust’s investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have

not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote.

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	0	$	0	$	173,928	$	188,317

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	Notional Amount in $		Premium
Balance at 12/31/2006	$	0	$	0
Sales		128,000		1,500
Closing Buys		0		0
Expirations		0		0
Exercised		0		0
Balance at 06/30/2007	$	128,000	$	1,500

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Administrative Class	2,205		$	30,794		7,144		$	97,460
Advisor Class	18			260		36			481
Issued as reinvestment of distributions
Administrative Class	405			5,653		865			11,892
Advisor Class	1			16		1			14
Cost of shares redeemed
Administrative Class	(3,555	)		(50,072	)	(2,902	)		(39,361	)
Advisor Class	(8	)		(117	)	(3	)		(38	)
Net increase (decrease) resulting from Portfolio share transactions	(934	)	$	(13,466	)	5,141		$	70,448

18 PIMCO Variable Insurance Trust

June 30, 2007 (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
Administrative Class	6	97
Advisor Class	1	93

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    5,037	$    (2,726)	$    2,311

Semiannual Report June 30, 2007 19

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

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

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	20

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Emerging Markets Bond Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

Russia	19.9%
Short-Term Instruments	18.0%
Brazil	17.9%
Mexico	7.7%
Venezuela	5.7%
Other	30.8%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	Portfolio Inception (03/31/06)
	PIMCO Emerging Markets Bond Portfolio Advisor Class	1.45%	12.24%	7.82%
	JPMorgan Emerging Markets Bond Index Global±	0.94%	11.68%	7.38%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± JPMorgan Emerging Markets Bond Index Global is an unmanaged index which tracks total returns for U.S. dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, Brady bonds, loans, Eurobonds and local market instruments. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,014.52	$	1,019.09
Expenses Paid During Period†	$	5.74	$	5.76

† 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 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 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 under normal circumstances at least 80% of its assets in fixed-income instruments of issuers that economically are tied to countries with emerging securities markets, which may be represented by forwards or derivatives, such as options, futures contracts, or swap agreements.

» An overweight position in Brazil benefited performance. The JPMorgan EMBIG Brazil sub-index returned 3.1% for the period, outperforming the broader emerging markets sector, as represented by the JPMorgan EMBIG Index, which returned 0.9% for the same period.

» An underweight to Venezuela helped relative performance. The JPMorgan EMBIG Venezuela sub-index declined 10.1% for the period.

» An overweight position in Russia detracted from relative performance. However, emphasizing Russian corporate bonds helped performance as corporates outperformed sovereign bonds during the period.

» A tactical allocation in emerging markets currencies benefited performance as these currencies strengthened against the U.S. dollar over the period.

» Off-benchmark allocations to emerging local markets helped the Portfolio’s performance as emerging markets local bonds, represented by the JPMorgan GBI EM Global Diversified Index, outperformed emerging markets external debt, represented by the JPMorgan Emerging Markets Bond Index Global, in the first half of the year.

» An underweight to Ecuador detracted from performance as Ecuador spreads tightened during the period.

» An underweight to Turkey detracted from performance. The JPMorgan EMBIG Turkey sub-index returned 3.2% for the period, outperforming the broader emerging markets sector, as represented by the JPMorgan EMBIG Index.

4 PIMCO Variable Insurance Trust

Financial Highlights  Emerging Markets Bond Portfolio

Selected per Share Data for the Period Ended:	06/30/2007+			03/31/2006-12/31/2006
Advisor Class
Net asset value beginning of period	$	13.96		$	13.59
Net investment income (a)		0.35			0.52
Net realized/unrealized gain (loss) on investments (a)		(0.15	)		0.58
Total income from investment operations		0.20			1.10
Dividends from net investment income		(0.38	)		(0.54	)
Distributions from net realized capital gains		0.00			(0.19	)
Total distributions		(0.38	)		(0.73	)
Net asset value end of period	$	13.78		$	13.96
Total return		1.45	%		8.30	%
Net assets end of year or period (000s)	$	620		$	469
Ratio of expenses to average net assets		1.15	%*		1.10	%*
Ratio of expenses to average net assets excluding interest expense		1.15	%*		1.10	%*
Ratio of net investment income to average net assets		5.10	%*		4.99	%*
Portfolio turnover rate		100	%		283	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Emerging Markets Bond Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	191,377
Cash		94
Foreign currency, at value		166
Receivable for investments sold		3,483
Receivable for Portfolio shares sold		69
Interest and dividends receivable		3,435
Variation margin receivable		24
Swap premiums paid		400
Unrealized appreciation on foreign currency contracts		229
Unrealized appreciation on swap agreements		2,038
		201,315
Liabilities:
Payable for investments purchased	$	1,670
Payable for investments purchased on a delayed-delivery basis		4,860
Payable for Portfolio shares redeemed		330
Payable for short sales		631
Written options outstanding		645
Dividends payable		1
Accrued investment advisory fee		72
Accrued administration fee		64
Accrued servicing fee		22
Swap premiums received		655
Unrealized depreciation on foreign currency contracts		42
Unrealized depreciation on swap agreements		75
Other liabilities		17
		9,084
Net Assets	$	192,231
Net Assets Consist of:
Paid in capital	$	178,681
Undistributed net investment income		1,904
Accumulated undistributed net realized gain		6,426
Net unrealized appreciation		5,220
	$	192,231
Net Assets:
Administrative Class		191,611
Advisor Class		620
Shares Issued and Outstanding:
Administrative Class		13,908
Advisor Class		45
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Administrative Class	$	13.78
Advisor Class		13.78
Cost of Investments Owned	$	189,066
Cost of Foreign Currency Held	$	166
Proceeds Received on Short Sales	$	620
Premiums Received on Written Options	$	1,500

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Emerging Markets Bond Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest, net of foreign taxes*	$	6,283
Total Income		6,283
Expenses:
Investment advisory fees		451
Administration fees		401
Servicing fees – Administrative Class		150
Distribution and/or servicing fees – Advisor Class		1
Trustees’ fees		2
Interest expense		5
Miscellaneous expense		42
Total Expenses		1,052
Net Investment Income		5,231
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		2,813
Net realized gain on futures contracts, written options and swaps		29
Net realized gain on foreign currency transactions		248
Net change in unrealized (depreciation) on investments		(5,157	)
Net change in unrealized appreciation on futures contracts, written options and swaps		335
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		101
Net (Loss)		(1,631	)
Net Increase in Net Assets Resulting from Operations	$	3,600
*Foreign tax withholding	$	16

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Emerging Markets Bond Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	5,231		$	8,825
Net realized gain		3,090			4,766
Net change in unrealized appreciation (depreciation)		(4,721	)		2,492
Net increase resulting from operations		3,600			16,083
Distributions to Shareholders:
From net investment income
Administrative Class		(5,654	)		(9,150	)
Advisor Class		(16	)		(8	)
From net realized capital gains
Administrative Class		0			(2,742	)
Advisor Class		0			(6	)
Total Distributions		(5,670	)		(11,906	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		30,794			97,460
Advisor Class		260			481
Issued as reinvestment of distributions
Administrative Class		5,653			11,892
Advisor Class		16			14
Cost of shares redeemed
Administrative Class		(50,072	)		(39,361	)
Advisor Class		(117	)		(38	)
Net increase (decrease) resulting from Portfolio share transactions		(13,466	)		70,448
Total Increase (Decrease) in Net Assets		(15,536	)		74,625
Net Assets:
Beginning of period		207,767			133,142
End of period*	$	192,231		$	207,767
*Including undistributed net investment income of:	$	1,904		$	2,343

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Emerging Markets Bond Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ARGENTINA 4.0%
Argentina Bonos
5.475% due 08/03/2012	$	10,690	$	7,639
Total Argentina (Cost $7,590)				7,639
BERMUDA 0.3%
BW Group Ltd.
6.625% due 06/28/2017	$	480		482
Total Bermuda (Cost $477)				482
BRAZIL 17.9%
Brazil Notas do Tesouro Nacional Series B
6.000% due 05/15/2017	BRL	1,100		920
Brazil Notas do Tesouro Nacional Series F
10.000% due 01/01/2017		7,490		3,730
Brazilian Government International Bond
7.125% due 01/20/2037	$	1,770		1,916
7.875% due 03/07/2015		3,625		4,018
8.250% due 01/20/2034		5,690		7,002
8.750% due 02/04/2025		1,700		2,108
8.875% due 04/15/2024		350		437
10.125% due 05/15/2027		1,740		2,458
10.250% due 01/10/2028	BRL	1,100		636
Brazilian Government International CPI Linked Bond
10.000% due 01/01/2012		14,180		7,143
CSN Islands VII Corp.
10.750% due 09/12/2008	$	200		210
Embraer Overseas Ltd.
6.375% due 01/24/2017		300		295
Empresa Energetica de Sergipe and Sociedade Anonima de Eletrificaao da Paraiba
10.500% due 07/19/2013		200		223
ISA Capital do Brasil S.A.
7.875% due 01/30/2012		300		307
8.800% due 01/30/2017		700		751
Vale Overseas Ltd.
6.250% due 01/23/2017		500		498
6.875% due 11/21/2036		1,700		1,713
Total Brazil (Cost $31,273)				34,365
CAYMAN ISLANDS 0.1%
Petrobras International Finance Co.
6.125% due 10/06/2016	$	250		246
Total Cayman Islands (Cost $242)				246
CHILE 1.8%
Chile Government International Bond
5.625% due 07/23/2007	$	915		917
CODELCO, Inc.
5.625% due 09/21/2035		200		185
6.150% due 10/24/2036		2,200		2,161
Empresa Nacional de Electricidad S.A.
8.350% due 08/01/2013		200		224
Total Chile (Cost $3,633)				3,487
CHINA 0.6%
Citic Resources Finance Ltd.
6.750% due 05/15/2014	$	200		194
Export-Import Bank of China
4.875% due 07/21/2015		550		520

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Sino-Forest Corp.
9.125% due 08/17/2011	$	500	$	532
Total China (Cost $1,272)				1,246
COLOMBIA 3.5%
Colombia Government International Bond
7.375% due 01/27/2017	$	1,500		1,630
7.375% due 09/18/2037		930		1,034
8.250% due 12/22/2014		2,825		3,174
10.000% due 01/23/2012		100		116
10.375% due 01/28/2033		225		333
10.750% due 01/15/2013		400		490
Total Colombia (Cost $6,500)				6,777
ECUADOR 0.3%
Ecuador Government International Bond
10.000% due 08/15/2030	$	700		590
Total Ecuador (Cost $590)				590
EGYPT 0.3%
Petroleum Export Ltd.
5.265% due 06/15/2011	$	498		486
Total Egypt (Cost $496)				486
EL SALVADOR 0.4%
AES El Salvador Trust
6.750% due 02/01/2016	$	700		696
El Salvador Government International Bond
8.500% due 07/25/2011		150		167
Total El Salvador (Cost $843)				863
GUATEMALA 0.3%
Guatemala Government Bond
9.250% due 08/01/2013	$	570		656
Total Guatemala (Cost $570)				656
INDIA 0.4%
ICICI Bank Ltd.
5.750% due 01/12/2012	$	700		688
Total India (Cost $699)				688
INDONESIA 1.1%
Indonesia Government International Bond
6.875% due 03/09/2017	$	1,200		1,245
Majapahit Holding BV
7.250% due 06/28/2017		400		401
7.875% due 06/29/2037		400		403
Total Indonesia (Cost $1,979)				2,049
KAZAKHSTAN 1.9%
ATF Bank JSC
9.000% due 05/11/2016	$	150		160
HSBK Europe BV
7.750% due 05/13/2013		100		103
Intergas Finance BV
6.375% due 05/14/2017		300		288
6.875% due 11/04/2011		600		611
Kazakhstan Temir Zholy Finance BV
6.500% due 05/11/2011		300		302
Kazkommerts International BV
8.500% due 04/16/2013		225		230

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Tengizchevroil Finance Co. SARL
6.124% due 11/15/2014	$	2,000	$	1,965
Total Kazakhstan (Cost $3,707)				3,659
MALAYSIA 0.6%
Malaysia Government International Bond
7.500% due 07/15/2011	$	325		348
8.750% due 06/01/2009		120		127
Petronas Capital Ltd.
7.000% due 05/22/2012		325		344
Tenaga Nasional Bhd.
7.500% due 11/01/2025		250		279
TNB Capital L Ltd.
5.250% due 05/05/2015		100		97
Total Malaysia (Cost $1,232)				1,195
MEXICO 7.6%
America Movil SAB de C.V.
5.500% due 03/01/2014	$	200		196
5.750% due 01/15/2015		200		198
8.460% due 12/18/2036	MXN	5,400		510
Banco Mercantil del Norte S.A.
5.875% due 02/17/2014	$	145		146
C5 Capital SPV Ltd.
6.196% due 12/01/2049		100		99
C8 Capital SPV Ltd.
6.640% due 12/31/2049		100		99
C10 Capital SPV Ltd.
6.722% due 12/31/2049		600		586
Desarrolladora Homex S.A. de C.V.
7.500% due 09/28/2015		1,500		1,560
Hipotecaria Su Casita S.A.
8.500% due 10/04/2016		100		106
Mexico Government International Bond
5.625% due 01/15/2017		438		430
6.750% due 09/27/2034		4,180		4,468
7.500% due 04/08/2033		2,460		2,857
Pemex Project Funding Master Trust
6.625% due 06/15/2035		250		254
8.000% due 11/15/2011		250		272
8.625% due 02/01/2022		1,200		1,482
9.250% due 03/30/2018		977		1,219
Vitro SAB de C.V.
8.625% due 02/01/2012		150		153
9.125% due 02/01/2017		50		51
Total Mexico (Cost $14,507)				14,686
PAKISTAN 0.8%
Pakistan Government International Bond
7.125% due 03/31/2016	$	1,550		1,542
Total Pakistan (Cost $1,536)				1,542
PANAMA 4.7%
Panama Government International Bond
6.700% due 01/26/2036	$	600		615
7.125% due 01/29/2026		2,165		2,317
7.250% due 03/15/2015		1,150		1,236
8.875% due 09/30/2027		780		985
9.375% due 07/23/2012		2,910		3,346
9.375% due 04/01/2029		200		266
9.625% due 02/08/2011		210		236
Total Panama (Cost $8,740)				9,001

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Emerging Markets Bond Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
PERU 1.9%
Peru Government International Bond
6.550% due 03/14/2037	$	1,583	$	1,595
7.350% due 07/21/2025		500		559
8.375% due 05/03/2016		555		648
9.125% due 01/15/2008		650		660
Southern Copper Corp.
7.500% due 07/27/2035		100		107
Total Peru (Cost $3,509)				3,569
QATAR 0.1%
Ras Laffan Liquefied Natural Gas Co. Ltd. II
5.298% due 09/30/2020	$	250		234
Total Qatar (Cost $250)				234
RUSSIA 19.8%
Gaz Capital for Gazprom
5.440% due 11/02/2017	EUR	300		394
5.875% due 06/01/2015		200		273
6.212% due 11/22/2016	$	1,200		1,172
8.625% due 04/28/2034		3,000		3,752
Gazinvest Luxembourg S.A. for Gazprombank
7.250% due 10/30/2008		1,000		1,021
Gazprom International S.A.
7.201% due 02/01/2020		811		838
Mobile Telesystems Finance S.A.
8.000% due 01/28/2012		150		155
Morgan Stanley Bank AG for OAO Gazprom
9.625% due 03/01/2013		6,810		7,908
RSHB Capital AG S.A. for OJSC Russian Agricultural Bank
6.299% due 05/15/2017		190		186
7.175% due 05/16/2013		1,900		1,984
Russia Government International Bond
7.500% due 03/31/2030		10,134		11,178
Sistema Finance S.A.
10.250% due 04/14/2008		500		517
TNK-BP Finance S.A.
6.125% due 03/20/2012		200		196
6.625% due 03/20/2017		1,700		1,651
7.500% due 07/18/2016		2,700		2,790
TransCapitalInvest Ltd. for OJSC AK Transneft
6.103% due 06/27/2012		700		703
UBS Luxembourg S.A. for OJSC Vimpel Communications
8.375% due 10/22/2011		350		368
UBS Luxembourg S.A. for Sberbank
6.230% due 02/11/2015		1,000		1,004
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008		1,000		1,002
6.110% due 09/21/2007		1,000		1,001
Total Russia (Cost $38,404)				38,093
SOUTH AFRICA 1.6%
South Africa Government International Bond
5.250% due 05/16/2013	EUR	400		546
5.875% due 05/30/2022	$	1,430		1,402
6.500% due 06/02/2014		750		774
7.375% due 04/25/2012		310		330
Total South Africa (Cost $3,017)				3,052

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SOUTH KOREA 0.1%
Industrial Bank of Korea
4.000% due 05/19/2014	$	110	$	107
Korea Development Bank
5.750% due 09/10/2013		15		15
KT Corp.
4.875% due 07/15/2015		100		94
Total South Korea (Cost $223)				216
TRINIDAD AND TOBAGO 0.4%
Petroleum Co. of Trinidad & Tobago Ltd.
6.000% due 05/08/2022	$	700		683
Total Trinidad and Tobago (Cost $697)				683
TUNISIA 0.9%
Banque Centrale de Tunisie
4.750% due 04/07/2011	EUR	500		673
7.375% due 04/25/2012	$	1,050		1,125
Total Tunisia (Cost $1,736)				1,798
UKRAINE 2.1%
Ukraine Government International Bond
4.950% due 10/13/2015	EUR	300		382
6.385% due 06/26/2012	$	300		302
6.875% due 03/04/2011		700		717
7.650% due 06/11/2013		1,300		1,379
8.775% due 08/05/2009		1,150		1,222
Total Ukraine (Cost $3,877)				4,002
UNITED STATES 0.3%
BANK LOAN OBLIGATIONS 0.0%
Kingdom of Morocco
6.344% due 01/05/2009	$	100		101
CORPORATE BONDS & NOTES 0.3%
Freeport-McMoRan Copper & Gold, Inc.
8.375% due 04/01/2017		52		56
Hyundai Motor Manufacturing Alabama LLC
5.300% due 12/19/2008		500		496
				552
Total United States (Cost $649)				653
URUGUAY 1.8%
Uruguay Government International Bond
3.700% due 06/26/2037	UYU	4,504		185
5.000% due 09/14/2018 (b)		6,216		293
7.625% due 03/21/2036	$	300		330
8.000% due 11/18/2022		2,121		2,366
9.250% due 05/17/2017		200		240
Total Uruguay (Cost $3,278)				3,414
VENEZUELA 5.6%
Petroleos de Venezuela S.A.
5.250% due 04/12/2017	$	300		228
5.375% due 04/12/2027		600		399
Venezuela Government International Bond
5.375% due 08/07/2010		3,850		3,638
5.750% due 02/26/2016		770		655
6.000% due 12/09/2020		1,900		1,542
6.355% due 04/20/2011		1,200		1,167
7.650% due 04/21/2025		325		298
8.500% due 10/08/2014		500		508

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
9.375% due 01/13/2034	$	350	$	366
10.750% due 09/19/2013		1,850		2,059
Total Venezuela (Cost $11,396)				10,860
VIETNAM 0.1%
Socialist Republic of Vietnam
6.875% due 01/15/2016	$	100		104
Total Vietnam (Cost $98)				104
SHORT-TERM INSTRUMENTS 17.9%
COMMERCIAL PAPER 16.2%
Danske Corp.
5.205% due 10/12/2007	$	3,800		3,759
HBOS Treasury Services PLC
5.250% due 09/21/2007		9,100		8,989
Societe Generale NY
5.210% due 11/26/2007		1,600		1,583
5.245% due 11/26/2007		4,200		4,149
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		1,300		1,300
UBS Finance Delaware LLC
5.230% due 10/23/2007		5,800		5,773
Westpac Banking Corp.
5.165% due 11/05/2007		3,800		3,729
Westpac Trust Securities NZ Ltd.
5.260% due 10/19/2007		2,000		1,976
				31,258
REPURCHASE AGREEMENTS 1.2%
State Street Bank and Trust Co.
4.900% due 07/02/2007		2,264		2,264
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $2,311. Repurchase proceeds are $2,265.)
U.S. TREASURY BILLS 0.5%
4.646% due 09/13/2007 (a)(c)(d)		955		944
Total Short-Term Instruments (Cost $34,479)				34,466
PURCHASED OPTIONS (f) 0.3%
(Cost $1,567)				576
Total Investments 99.5% (Cost $189,066)			$	191,377
Written Options (g) (0.3%) (Premiums $1,500)				(645	)
Other Assets and Liabilities (Net) 0.8%				1,499
Net Assets 100.0%			$	192,231

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

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

(c) Securities with an aggregate market value of $494 have been pledged as collateral for swap and swaption contracts on June 30, 2007.

(d) Securities with an aggregate market value of $450 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2007	274	$	(131	)

(e) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(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	Multiple Reference Entities of Gazprom	Sell	0.940%		05/20/2011		2,500		41
Barclays Bank PLC	Russia Government International Bond 7.500% due 03/31/2030	Sell	1.650%		07/20/2011		800		42
Barclays Bank PLC	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.360%		08/20/2011		1,000		32
Barclays Bank PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.700%		09/20/2011		1,000		30
Barclays Bank PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.400%		12/20/2011		500		9
Barclays Bank PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.320%		12/20/2016		1,000		49
Citibank N.A.	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.580%		12/20/2011		100		2
Citibank N.A.	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.290%		12/20/2016		200		9
Deutsche Bank AG	Uruguay Government International Bond 7.875% due 01/15/2033	Sell	1.050%		01/20/2012		1,000		9
Deutsche Bank AG	Dow Jones CDX N.A. EM7 Index	Sell	1.250%		06/20/2012		2,000		(9	)
JPMorgan Chase & Co.	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.050%		09/20/2011		750		32
JPMorgan Chase & Co.	Mexico Government International Bond 11.500% due 05/15/2026	Sell	2.840%		01/04/2013		1,600		210
JPMorgan Chase & Co.	Multiple Reference Entities of Gazprom	Sell	1.500%		04/20/2016		1,000		48
JPMorgan Chase & Co.	Petroleos Mexicanos 9.500% due 09/15/2027	Sell	1.130%		04/20/2016		1,400		53
JPMorgan Chase & Co.	CEMEX SAB de C.V. 9.625% due 10/01/2009	Sell	1.050%		12/20/2016		500		3
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.770%		06/20/2011		500		21
Lehman Brothers, Inc.	Petroleos Mexicanos 9.500% due 09/15/2027	Sell	0.800%		07/20/2011		261		4
Lehman Brothers, Inc.	Dow Jones CDX N.A. EM6 Index	Sell	1.400%		12/20/2011		9,200		51
Lehman Brothers, Inc.	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.520%		12/20/2011		1,000		22
Lehman Brothers, Inc.	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.400%		05/20/2012		1,000		6
Lehman Brothers, Inc.	Dow Jones CDX N.A. EM7 Index	Sell	1.250%		06/20/2012		13,500		(57	)
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	2.020%		07/20/2013		290		20
Lehman Brothers, Inc.	Russia Government International Bond 7.500% due 03/31/2030	Sell	2.550%		03/20/2014		350		42
Lehman Brothers, Inc.	Multiple Reference Entities of Gazprom	Sell	1.330%		03/20/2016		1,000		37
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.510%		08/20/2016		500		19
Lehman Brothers, Inc.	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	2.060%		05/20/2017		400		2
Merrill Lynch & Co., Inc.	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.500%		01/20/2012		500		8
Merrill Lynch & Co., Inc.	Russia Government International Bond 7.500% due 03/31/2030	Sell	3.160%		10/02/2013		450		66
Merrill Lynch & Co., Inc.	Russia Government International Bond 7.500% due 03/31/2030	Sell	2.310%		01/21/2014		525		56
Morgan Stanley	Colombia Government International Bond 10.375% due 01/28/2033	Sell	0.760%		03/20/2010		250		2
Morgan Stanley	Multiple Reference Entities of Gazprom	Sell	1.050%		04/20/2011		1,000		21
Morgan Stanley	Peru Government International Bond 8.750% due 11/21/2033	Sell	1.220%		10/20/2011		500		13
Morgan Stanley	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.600%		01/20/2012		100		2
Morgan Stanley	Ukraine Government International Bond 7.650% due 06/11/2013	Buy	(1.590%	)	04/20/2012		500		4
Morgan Stanley	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	2.100%		08/20/2016		250		20
Morgan Stanley	Multiple Reference Entities of Gazprom	Sell	1.350%		08/20/2016		1,000		40
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.525%		12/20/2011		1,400		32
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.385%		09/20/2016		200		11
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.480%		09/20/2016		1,000		61
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.345%		12/20/2016		100		5
UBS Warburg LLC	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.870%		06/20/2011		200		9
UBS Warburg LLC	Multiple Reference Entities of Gazprom	Sell	0.945%		10/20/2011		4,000		70
UBS Warburg LLC	Colombia Government International Bond 10.375% due 01/28/2033	Sell	1.070%		01/20/2012		1,000		17
UBS Warburg LLC	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.480%		03/20/2012		1,000		12
UBS Warburg LLC	Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.695%		01/20/2017		300		6
								$	1,195

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  Emerging Markets Bond Portfolio (Cont.)

Schedule of Investments  Emerging Markets Bond Portfolio (Cont.)

⁽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.

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	15.160%	01/02/2009	BRL	700	$	23
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	13.840%	01/04/2010		4,600		141
Morgan Stanley	BRL-CDI-Compounded	Pay	12.780%	01/04/2010		2,700		51
Barclays Bank PLC	28-Day Mexico Interbank TIIE Banxico	Pay	8.780%	08/03/2016	MXN	3,400		14
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.770%	08/03/2016		3,400		14
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.720%	09/05/2016		86,100		207
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.900%	09/22/2016		22,000		106
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		7,000		11
Goldman Sachs & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	8.865%	09/12/2016		5,000		24
Goldman Sachs & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		10,000		(9	)
JPMorgan Chase & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	8.910%	07/26/2016		13,000		65
Merrill Lynch & Co., Inc.	28-Day Mexico Interbank TIIE Banxico	Pay	8.720%	09/05/2016		11,000		29
Morgan Stanley	28-Day Mexico Interbank TIIE Banxico	Pay	9.920%	08/12/2015		2,000		21
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2017	$	10,600		66
Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	5.000%	12/19/2017		600		5
							$	768

(f) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Put - CME 90-Day Eurodollar September Futures	$	90.750	09/17/2007	65	$	1	$	0

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	09/26/2008	$	293,000	$	1,566	$	576

(g) Written options outstanding on June 30, 2007:

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	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.950%	09/26/2008	$	128,000	$	1,500	$	645

(h) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Ecuador Government International Bond	10.000%	08/15/2030	$	700	$	620	$	631

⁽²⁾ Market value includes $32 of interest payable on short sales.

(i) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	4,497	03/2008	$	124	$	0		$	124
Buy	CLP	30,502	11/2007		2		0			2
Buy		50,032	03/2008		0		0			0
Buy	CNY	896	09/2007		3		0			3
Buy		155	12/2007		0		0			0
Buy		5,553	01/2008		0		(5	)		(5	)
Buy	COP	45,180	03/2008		2		0			2
Buy	CZK	861	03/2008		0		(1	)		(1	)
Sell	EUR	1,710	07/2007		0		(22	)		(22	)
Buy	IDR	1,373,299	07/2007		1		0			1
Sell		1,373,299	07/2007		0		(2	)		(2	)

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	IDR	3,359,122	08/2007	$	3	$	0		$	3
Buy		1,373,299	10/2007		1		0			1
Buy	ILS	85	12/2007		0		0			0
Buy	INR	1,143	08/2007		1		0			1
Buy		7,939	10/2007		1		0			1
Buy		890	11/2007		0		0			0
Buy	KRW	17,200	07/2007		0		0			0
Buy		58,626	08/2007		0		0			0
Buy		314,285	09/2007		5		0			5
Buy		269,181	11/2007		2		0			2
Buy	MXN	2,185	03/2008		5		0			5
Buy	MYR	557	07/2007		1		0			1
Sell		557	07/2007		0		0			0
Buy		557	10/2007		0		0			0
Buy	PLN	1,301	09/2007		13		0			13
Buy		358	03/2008		0		(1	)		(1	)
Buy	RUB	30,930	09/2007		39		0			39
Buy		3,740	11/2007		5		0			5
Buy		22,275	12/2007		19		0			19
Buy	SGD	271	07/2007		0		(1	)		(1	)
Sell		129	07/2007		0		(1	)		(1	)
Buy		288	08/2007		0		(3	)		(3	)
Buy		336	10/2007		1		(1	)		0
Buy		438	11/2007		0		(3	)		(3	)
Buy	SKK	1,079	03/2008		0		0			0
Buy	ZAR	4,284	09/2007		1		(2	)		(1	)
				$	229	$	(42	)	$	187

See Accompanying Notes Semiannual Report June 30, 2007 13

Notes to Financial Statements

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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax

14 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	KRW	South Korean Won
CLP	Chilean Peso	MXN	Mexican Peso
CNY	Chinese Yuan Renminbi	MYR	Malaysian Ringgit
COP	Colombian Peso	PLN	Polish Zloty
CZK	Czech Koruna	RUB	Russian Ruble
EUR	Euro	SGD	Singapore Dollar
IDR	Indonesian Rupiah	SKK	Slovakia Koruna
ILS	Israeli Shekel	UYU	Uruguay Peso
INR	Indian Rupee	ZAR	South African Rand

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates

with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(j) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the

Semiannual Report June 30, 2007 15

Notes to Financial Statements (Cont.)

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.

(k) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(l) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and

Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(m) 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 on 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.

(n) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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.

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(o) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

(p) 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” or “Ginnie Mae”), 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.

(q) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.45%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.40%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

programs that use Portfolio shares as their funding medium. The effective rate paid to AGID was 0.15% during the current fiscal year.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust’s investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have

not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote.

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	0	$	0	$	173,928	$	188,317

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	Notional Amount in $		Premium
Balance at 12/31/2006	$	0	$	0
Sales		128,000		1,500
Closing Buys		0		0
Expirations		0		0
Exercised		0		0
Balance at 06/30/2007	$	128,000	$	1,500

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Administrative Class	2,205		$	30,794		7,144		$	97,460
Advisor Class	18			260		36			481
Issued as reinvestment of distributions
Administrative Class	405			5,653		865			11,892
Advisor Class	1			16		1			14
Cost of shares redeemed
Administrative Class	(3,555	)		(50,072	)	(2,902	)		(39,361	)
Advisor Class	(8	)		(117	)	(3	)		(38	)
Net increase (decrease) resulting from Portfolio share transactions	(934	)	$	(13,466	)	5,141		$	70,448

18 PIMCO Variable Insurance Trust

June 30, 2007 (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
Administrative Class	6	97
Advisor Class	1	93

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    5,037	$    (2,726)	$    2,311

Semiannual Report June 30, 2007 19

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

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

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	23

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

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

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

United States	55.3%
Germany	13.5%
Japan	9.7%
United Kingdom	8.4%
Short-Term Instruments	4.5%
Other	8.6%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio     Inception     (02/16/99)**
	PIMCO Foreign Bond Portfolio (U.S. Dollar-Hedged) Administrative Class	-0.68%	2.25%	3.84%	4.47%
	JPMorgan Government Bond Indices Global Ex-U.S. Index Hedged in USD±	-0.02%	3.97%	4.16%	4.83%

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.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± JPMorgan Government Bond Indices Global Ex-U.S. Index Hedged in USD is an unmanaged index representative of the total return performance in U.S. dollars on an unhedged basis of major non-U.S. bond markets. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	993.23	$	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 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.

» Developed global bonds produced weak returns, with bond yields rising across major markets.

» Exposure to U.S. shorter maturities, principally through interest rate futures contracts, detracted from performance as yields rose on diminishing expectations of an easing of interest rates by the Federal Reserve.

» An underweight to U.K. interest rates, notably at the long-end of the yield curve, was positive for returns as U.K. yields rose sharply.

» An overweight to European interest rates was negative for returns as yields rose due to the region’s growth momentum.

» An overweight to mortgage-backed securities detracted from returns as mortgage spreads widened.

» Emerging market currency exposure was positive for returns as these currencies outperformed the U.S. dollar.

» Global swap spread widening strategies were positive for returns as global swap spreads widened.

4 PIMCO Variable Insurance Trust

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

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Administrative Class
Net asset value beginning of year or period	$	10.10		$	10.34		$	10.15		$	10.03		$	10.07		$	9.69
Net investment income (a)		0.17			0.36			0.28			0.23			0.26			0.36
Net realized/unrealized gain (loss) on investments (a)		(0.23	)		(0.14	)		0.24			0.33			(0.03	)		0.42
Total income (loss) from investment operations		(0.06	)		0.22			0.52			0.56			0.23			0.78
Dividends from net investment income		(0.17	)		(0.33	)		(0.25	)		(0.21	)		(0.27	)		(0.36	)
Distributions from net realized capital gains		0.00			(0.13	)		(0.08	)		(0.23	)		0.00			(0.04	)
Total distributions		(0.17	)		(0.46	)		(0.33	)		(0.44	)		(0.27	)		(0.40	)
Net asset value end of year or period	$	9.87		$	10.10		$	10.34		$	10.15		$	10.03		$	10.07
Total return		(0.68	)%		2.19	%		5.15	%		5.56	%		2.26	%		8.19	%
Net assets end of year or period (000s)	$	62,271		$	61,193		$	49,640		$	38,141		$	32,355		$	16,776
Ratio of expenses to average net assets		0.90	%*		0.90	%		0.90	%		0.90	%		0.93	%		0.93	%(b)
Ratio of expenses to average net assets excluding interest expense		0.90	%*		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%(b)
Ratio of net investment income to average net assets		3.41	%*		3.55	%		2.70	%		2.26	%		2.53	%		3.67	%
Portfolio turnover rate		307	%		281	%		453	%		515	%		600	%		321	%

+ 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 0.94%.

See Accompanying Notes Semiannual Report June 30, 2007 5

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

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	104,312
Cash		1
Foreign currency, at value		1,305
Receivable for investments sold		9,653
Receivable for Portfolio shares sold		503
Interest and dividends receivable		867
Variation margin receivable		2
Swap premiums paid		1,700
Unrealized appreciation on foreign currency contracts		221
Unrealized appreciation on swap agreements		1,105
		119,669
Liabilities:
Payable for investments purchased	$	32,653
Payable for investments purchased on a delayed-delivery basis		13,648
Payable for Portfolio shares redeemed		123
Payable for short sales		9,370
Written options outstanding		31
Dividends payable		2
Accrued investment advisory fee		13
Accrued administration fee		26
Accrued servicing fee		7
Variation margin payable		63
Swap premiums received		207
Unrealized depreciation on foreign currency contracts		193
Unrealized depreciation on swap agreements		1,048
		57,384
Net Assets	$	62,285
Net Assets Consist of:
Paid in capital	$	63,649
(Overdistributed) net investment income		(863	)
Accumulated undistributed net realized (loss)		(699	)
Net unrealized appreciation		198
	$	62,285
Net Assets:
Institutional Class	$	14
Administrative Class		62,271
Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		6,306
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	9.87
Administrative Class		9.87
Cost of Investments Owned	$	104,302
Cost of Foreign Currency Held	$	1,299
Proceeds Received on Short Sales	$	9,611
Premiums Received on Written Options	$	128

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, 2007
	(Unaudited)
Investment Income:
Interest	$	1,326
Dividends		26
Miscellaneous income		1
Total Income		1,353
Expenses:
Investment advisory fees		78
Administration fees		156
Servicing fees – Administrative Class		47
Trustees’ fees		1
Total Expenses		282
Net Investment Income		1,071
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(424	)
Net realized (loss) on futures contracts, written options and swaps		(286	)
Net realized gain on foreign currency transactions		80
Net change in unrealized (depreciation) on investments		(1,029	)
Net change in unrealized appreciation on futures contracts, written options and swaps		479
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(293	)
Net (Loss)		(1,473	)
Net (Decrease) in Net Assets Resulting from Operations	$	(402	)

See Accompanying Notes Semiannual Report June 30, 2007 7

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

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	1,071		$	1,924
Net realized (loss)		(630	)		(1,221	)
Net change in unrealized appreciation (depreciation)		(843	)		491
Net increase (decrease) resulting from operations		(402	)		1,194
Distributions to Shareholders:
From net investment income
Institutional Class		0			(1	)
Administrative Class		(1,031	)		(1,778	)
From net realized capital gains
Administrative Class		0			(735	)
Total Distributions		(1,031	)		(2,514	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		10,804			24,018
Issued as reinvestment of distributions
Institutional Class		0			1
Administrative Class		1,029			2,512
Cost of shares redeemed
Administrative Class		(9,322	)		(13,658	)
Net increase resulting from Portfolio share transactions		2,511			12,873
Total Increase in Net Assets		1,078			11,553
Net Assets:
Beginning of period		61,207			49,654
End of period*	$	62,285		$	61,207
*Including (overdistributed) net investment income of:	$	(863	)	$	(903	)

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Foreign Bond Portfolio (U.S. Dollar-Hedged) June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
AUSTRALIA 0.0%
Medallion Trust
5.585% due 07/12/2031	$	11	$	11
Total Australia (Cost $11)				11
AUSTRIA 0.9%
Austria Government Bond
3.800% due 10/20/2013	EUR	100		130
5.250% due 01/04/2011		300		415
Total Austria (Cost $437)				545
BERMUDA 0.1%
Intelsat Bermuda Ltd.
5.250% due 11/01/2008	$	100		99
Total Bermuda (Cost $99)				99
CANADA 0.4%
Province of Ontario Canada
6.200% due 06/02/2031	CAD	200		220
Total Canada (Cost $220)				220
CAYMAN ISLANDS 1.0%
Mizuho Finance Cayman Ltd.
8.375% due 12/29/2049	$	200		209
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049		200		197
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049		100		97
Transocean, Inc.
5.560% due 09/05/2008		100		100
Total Cayman Islands (Cost $611)				603
DENMARK 0.0%
Nykredit Realkredit A/S
6.000% due 10/01/2029	DKK	56		11
Total Denmark (Cost $6)				11
FRANCE 1.7%
Credit Agricole S.A.
6.637% due 05/29/2049	$	100		97
France Government Bond
4.000% due 10/25/2009	EUR	30		40
5.500% due 04/25/2010		110		153
5.750% due 10/25/2032		500		775
Total France (Cost $1,057)				1,065
GERMANY 22.7%
KFW International Finance, Inc.
1.750% due 03/23/2010	JPY	11,000		91
Republic of Germany
3.750% due 01/04/2015	EUR	900		1,156
4.250% due 07/04/2014		900		1,196
4.500% due 07/04/2009		10		13
4.750% due 07/04/2028		30		41
4.750% due 07/04/2034		100		136
5.000% due 07/04/2012		400		552
5.250% due 07/04/2010		1,400		1,933
5.250% due 01/04/2011		2,100		2,907
5.500% due 01/04/2031		100		150
5.625% due 01/04/2028		2,650		3,999
6.250% due 01/04/2024		600		955
6.500% due 07/04/2027		590		980
Total Germany (Cost $13,432)				14,109

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ICELAND 0.2%
Glitnir Banki HF
5.829% due 01/18/2012	$	100	$	101
Total Iceland (Cost $100)				101
IRELAND 0.2%
Bank of Ireland
5.370% due 12/19/2008	$	100		100
Total Ireland (Cost $100)				100
ITALY 1.3%
Italy Buoni Poliennali Del Tesoro
4.250% due 11/01/2009	EUR	60		81
4.500% due 05/01/2009		360		487
5.500% due 11/01/2010		110		153
Seashell Securities PLC
4.295% due 07/25/2028		77		105
Total Italy (Cost $786)				826
JAPAN 16.3%
Bank of Tokyo-Mitsubishi UFJ Ltd.
3.500% due 12/16/2015	EUR	100		129
Japan Finance Corp. for Municipal Enterprises
5.875% due 03/14/2011	$	80		81
Japan Government Bond
1.500% due 03/20/2014	JPY	40,000		322
1.500% due 03/20/2015		38,000		304
1.600% due 06/20/2014		240,000		1,942
1.600% due 09/20/2014		60,000		485
2.300% due 06/20/2035		70,000		553
2.400% due 03/20/2034		20,000		162
2.500% due 09/20/2035		160,000		1,319
2.500% due 06/20/2036		160,000		1,314
Japanese Government CPI Linked Bond
0.800% due 12/10/2015		39,960		315
1.000% due 02/28/2016		20,000		162
1.100% due 12/10/2016		367,780		2,950
Sumitomo Mitsui Banking Corp.
5.625% due 07/29/2049	$	100		95
Total Japan (Cost $10,962)				10,133
JERSEY, CHANNEL ISLANDS 0.1%
Haus Ltd.
4.139% due 12/10/2037	EUR	32		43
Total Jersey, Channel Islands (Cost $31)				43
MEXICO 0.2%
America Movil SAB de C.V.
5.460% due 06/27/2008	$	100		100
Total Mexico (Cost $100)				100
NETHERLANDS 0.2%
Siemens Financieringsmaatschappij NV
5.410% due 08/14/2009	$	100		100
Total Netherlands (Cost $100)				100
RUSSIA 0.3%
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008	$	200		200
Total Russia (Cost $200)				200

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SPAIN 7.2%
Santander U.S. Debt S.A. Unipersonal
5.416% due 02/06/2009	$	200	$	200
5.420% due 11/20/2009		100		100
Spain Government Bond
4.000% due 01/31/2010	EUR	100		134
4.400% due 01/31/2015		1,800		2,402
5.150% due 07/30/2009		1,210		1,658
Total Spain (Cost $4,239)				4,494
UNITED KINGDOM 14.1%
HBOS PLC
5.920% due 09/29/2049	$	300		282
HSBC Holdings PLC
6.500% due 05/02/2036		400		412
Lloyds TSB Bank PLC
5.562% due 11/29/2049		100		87
5.625% due 07/15/2049	EUR	40		55
Royal Bank of Scotland Group PLC
5.750% due 07/06/2012	$	100		100
United Kingdom Gilt
4.250% due 03/07/2011	GBP	2,200		4,194
4.750% due 06/07/2010		600		1,171
4.750% due 09/07/2015		700		1,334
5.000% due 03/07/2008		100		200
5.000% due 03/07/2012		500		976
Total United Kingdom (Cost $8,679)				8,811
UNITED STATES 92.5%
ASSET-BACKED SECURITIES 7.4%
ACE Securities Corp.
5.370% due 07/25/2036	$	101		101
5.370% due 08/25/2036		122		122
Amortizing Residential Collateral Trust
5.610% due 07/25/2032		1		1
5.670% due 10/25/2031		3		3
Amresco Residential Securities Mortgage Loan Trust
6.260% due 06/25/2029		1		1
Asset-Backed Funding Certificates
5.380% due 01/25/2037		151		151
Bear Stearns Asset-Backed Securities, Inc.
5.390% due 12/25/2036		248		248
Centex Home Equity
5.370% due 06/25/2036		61		61
Citigroup Mortgage Loan Trust, Inc.
5.370% due 10/25/2036		129		130
Countrywide Asset-Backed Certificates
5.370% due 01/25/2037		98		98
5.400% due 06/25/2037		265		265
CS First Boston Mortgage Securities Corp.
5.940% due 01/25/2032		3		2
CSAB Mortgage-Backed Trust
5.420% due 06/25/2036		32		32
First Alliance Mortgage Loan Trust
5.550% due 12/20/2027		2		2
First Franklin Mortgage Loan Asset-Backed Certificates
5.370% due 11/25/2036		164		164
GSR Mortgage Loan Trust
5.420% due 11/25/2030		31		31
Honda Auto Receivables Owner Trust
5.420% due 12/22/2008		66		66
HSI Asset Securitization Corp. Trust
5.370% due 12/25/2036		169		169

See Accompanying Notes Semiannual Report June 30, 2007 9

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

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Indymac Residential Asset-Backed Trust
5.380% due 04/25/2037	$	158	$	158
IXIS Real Estate Capital Trust
5.380% due 08/25/2036		31		31
Long Beach Mortgage Loan Trust
5.600% due 10/25/2034		49		49
Merrill Lynch Mortgage Investors, Inc.
5.390% due 08/25/2036		130		130
Morgan Stanley ABS Capital I
5.370% due 09/25/2036		141		141
Morgan Stanley Home Equity Loans
5.390% due 02/25/2036		114		114
New Century Home Equity Loan Trust
5.490% due 02/25/2036		300		300
Newcastle Mortgage Securities Trust
5.390% due 03/25/2036		97		97
Quest Trust
5.880% due 06/25/2034		5		5
Residential Asset Mortgage Products, Inc.
5.400% due 01/25/2036		40		40
Residential Asset Securities Corp.
5.360% due 08/25/2036		113		114
5.820% due 07/25/2032		8		8
SACO I, Inc.
5.380% due 05/25/2036		31		31
Securitized Asset-Backed Receivables LLC Trust
5.380% due 03/25/2036		67		67
5.400% due 11/25/2036		260		260
SLM Student Loan Trust
5.365% due 01/26/2015		15		15
Soundview Home Equity Loan Trust
5.400% due 01/25/2037		216		217
Structured Asset Investment Loan Trust
5.370% due 05/25/2036		176		176
Structured Asset Securities Corp.
5.370% due 10/25/2036		148		148
5.610% due 01/25/2033		4		4
USAA Auto Owner Trust
5.337% due 07/11/2008		400		400
Wells Fargo Home Equity Trust
5.440% due 12/25/2035		77		77
5.550% due 10/25/2035		164		164
5.560% due 11/25/2035		200		200
				4,593
BANK LOAN OBLIGATIONS 0.5%
OAO Rosneft Oil Co.
6.000% due 09/16/2007		300		300
CORPORATE BONDS & NOTES 11.9%
American Express Credit Corp.
5.380% due 05/18/2009		100		100
American International Group, Inc.
5.360% due 06/23/2008		100		100
Bear Stearns Cos., Inc.
5.585% due 01/31/2011		200		199
BellSouth Corp.
5.460% due 08/15/2008		100		100
CenterPoint Energy, Inc.
5.875% due 06/01/2008		100		100
Charter One Bank N.A.
5.405% due 04/24/2009		250		250

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CIT Group, Inc.
5.430% due 02/21/2008	$	100	$	100
Citigroup, Inc.
5.400% due 12/26/2008		100		100
CMS Energy Corp.
7.500% due 01/15/2009		100		103
Comcast Corp.
5.656% due 07/14/2009		200		200
ConocoPhillips Australia Funding Co.
5.460% due 04/09/2009		200		200
CVS Caremark Corp.
5.750% due 08/15/2011		100		100
DaimlerChrysler N.A. Holding Corp.
5.750% due 05/18/2009		100		100
Dex Media East LLC
9.875% due 11/15/2009		100		104
DR Horton, Inc.
6.000% due 04/15/2011		100		98
Equistar Chemicals LP
8.750% due 02/15/2009		100		104
Ford Motor Credit Co.
5.800% due 01/12/2009		100		98
6.625% due 06/16/2008		100		100
7.250% due 10/25/2011		50		48
7.800% due 06/01/2012		50		49
8.105% due 01/13/2012		200		200
Freeport-McMoRan Copper & Gold, Inc.
8.564% due 04/01/2015		100		105
General Motors Acceptance Corp.
6.510% due 09/23/2008		100		100
GMAC LLC
6.610% due 05/15/2009		100		100
Goldman Sachs Group, Inc.
5.400% due 12/23/2008		200		200
5.450% due 12/22/2008		100		100
HSBC Finance Corp.
5.360% due 05/21/2008		200		200
International Lease Finance Corp.
5.400% due 02/15/2012		100		99
iStar Financial, Inc.
5.150% due 03/01/2012		100		96
JC Penney Corp., Inc.
8.000% due 03/01/2010		100		106
JPMorgan & Co., Inc. CPI Linked Bond
2.991% due 02/15/2012		10		11
JPMorgan Chase & Co.
5.058% due 02/22/2021	CAD	100		91
JPMorgan Chase Capital XXII
6.450% due 02/02/2037		100		95
JPMorgan Mortgage Acquisition Corp.
6.550% due 09/15/2066		100		97
Kraft Foods, Inc.
6.250% due 06/01/2012		100		102
Lehman Brothers Holdings, Inc.
5.410% due 12/23/2008		300		300
Mandalay Resort Group
9.500% due 08/01/2008		100		104
Merck & Co., Inc.
4.750% due 03/01/2015		100		94
Merrill Lynch & Co., Inc.
5.390% due 12/22/2008		300		300
5.395% due 10/23/2008		100		100

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Mizuho JGB Investment LLC
9.870% due 12/31/2049	$	100	$	104
Mizuho Preferred Capital Co. LLC
8.790% due 12/29/2049		100		103
Morgan Stanley
5.467% due 02/09/2009		200		200
Nationwide Health Properties, Inc.
6.500% due 07/15/2011		100		102
Newell Rubbermaid, Inc.
4.000% due 05/01/2010		100		96
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		100		100
Rabobank Capital Funding Trust
5.254% due 12/29/2049		100		94
Safeway, Inc.
4.950% due 08/16/2010		100		98
SB Treasury Co. LLC
9.400% due 12/29/2049		100		104
State Street Capital Trust IV
6.355% due 06/15/2037		100		101
Tesoro Corp.
6.500% due 06/01/2017		100		98
Time Warner, Inc.
5.590% due 11/13/2009		100		100
Toyota Motor Credit Corp.
5.330% due 10/12/2007		100		100
TXU Corp.
6.375% due 01/01/2008		100		101
U.S. Bancorp
5.350% due 04/28/2009		100		100
Valero Energy Corp.
4.750% due 06/15/2013		100		95
Wachovia Bank N.A.
5.400% due 03/23/2009		250		250
Wal-Mart Stores, Inc.
5.260% due 06/16/2008		100		100
Wells Fargo Capital X
5.950% due 12/15/2036		100		94
Westpac Banking Corp.
5.280% due 06/06/2008		100		100
Xerox Corp.
9.750% due 01/15/2009		200		212
				7,405
MORTGAGE-BACKED SECURITIES 7.6%
Banc of America Commercial Mortgage, Inc.
4.772% due 07/11/2043		217		214
Banc of America Mortgage Securities, Inc.
5.000% due 05/25/2034		173		170
Bear Stearns Alt-A Trust
5.480% due 02/25/2034		232		233
Commercial Mortgage Asset Trust
6.975% due 01/17/2032		100		106
Countrywide Alternative Loan Trust
5.530% due 03/20/2046		209		208
5.600% due 02/25/2037		155		156
Countrywide Home Loan Mortgage Pass-Through Trust
5.550% due 05/25/2035		110		110
5.640% due 03/25/2035		238		239
5.650% due 02/25/2035		31		31
CS First Boston Mortgage Securities Corp.
6.500% due 04/25/2033		7		7

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
First Horizon Asset Securities, Inc.
6.250% due 08/25/2017	$	78	$	78
GMAC Commercial Mortgage Securities, Inc.
6.420% due 05/15/2035		87		88
GMAC Mortgage Corp. Loan Trust
5.500% due 09/25/2034		110		109
Greenpoint Mortgage Funding Trust
5.400% due 01/25/2047		289		289
Greenwich Capital Commercial Funding Corp.
5.444% due 03/10/2039		200		194
Harborview Mortgage Loan Trust
5.540% due 05/19/2035		107		107
Indymac Index Mortgage Loan Trust
5.400% due 07/25/2046		29		29
JPMorgan Mortgage Trust
4.500% due 08/25/2019		179		176
Mellon Residential Funding Corp.
5.760% due 12/15/2030		46		46
MLCC Mortgage Investors, Inc.
5.700% due 03/15/2025		13		13
Residential Accredit Loans, Inc.
5.530% due 04/25/2046		232		232
Structured Asset Mortgage Investments, Inc.
5.540% due 05/25/2036		255		255
5.610% due 07/19/2034		15		15
5.650% due 09/19/2032		14		14
5.670% due 03/19/2034		25		25
TBW Mortgage-Backed Pass-Through Certificates
5.430% due 01/25/2037		142		142
Thornburg Mortgage Securities Trust
5.430% due 12/25/2036		170		170
Wachovia Bank Commercial Mortgage Trust
5.410% due 09/15/2021		229		229
Washington Mutual, Inc.
5.094% due 10/25/2032		4		4
5.474% due 02/27/2034		27		26
5.550% due 04/25/2045		35		35
5.630% due 01/25/2045		33		33
5.860% due 12/25/2027		75		75
6.009% due 06/25/2046		144		145
6.029% due 02/25/2046		352		352
Wells Fargo Mortgage-Backed Securities Trust
4.500% due 11/25/2018		108		105
4.950% due 03/25/2036		255		251
5.254% due 04/25/2036		69		69
				4,780
MUNICIPAL BONDS & NOTES 0.3%
Illinois State Educational Facilities Authority Revenue Bonds, Series 2003
5.000% due 07/01/2033		95		97
Lower Colorado River, Texas Authority Revenue Bonds, (FSA Insured), Series 2003
5.000% due 05/15/2023		100		102
				199

		SHARES		VALUE (000S)
PREFERRED STOCKS 1.2%
DG Funding Trust
7.600% due 12/31/2049		65	$	677
Fresenius Medical Care Capital Trust II
7.875% due 02/01/2008		100		101
				778
		PRINCIPAL AMOUNT (000S)
U.S. GOVERNMENT AGENCIES 61.4%
Fannie Mae
4.187% due 11/01/2034	$	325		322
4.673% due 05/25/2035		100		99
4.940% due 12/01/2034		48		48
5.000% due 09/01/2018 - 03/01/2036		586		554
5.440% due 03/25/2034		33		33
5.470% due 08/25/2034		27		27
5.500% due 11/01/2016 - 07/01/2037		8,330		8,045
5.670% due 09/25/2042		77		78
6.000% due 07/01/2037 - 07/25/2044		26,050		25,770
6.227% due 10/01/2044		109		110
Freddie Mac
4.500% due 03/15/2016		600		588
4.682% due 03/01/2035		402		396
4.980% due 04/01/2035		412		404
5.000% due 08/15/2020 - 07/15/2025		796		785
5.550% due 07/15/2037		400		400
6.227% due 10/25/2044		232		234
6.530% due 11/26/2012		300		301
7.190% due 02/01/2029		27		27
Ginnie Mae
5.375% due 04/20/2028 - 06/20/2030		16		16
5.380% due 05/20/2030		5		5
				38,242
U.S. TREASURY OBLIGATIONS 2.2%
U.S. Treasury Bonds
8.125% due 08/15/2019		300		380
8.875% due 02/15/2019		100		132
U.S. Treasury Notes
4.750% due 05/15/2014		800		790
U.S. Treasury Strips
0.000% due 11/15/2021		100		47
				1,349
Total United States (Cost $57,980)				57,646
SHORT-TERM INSTRUMENTS 7.5%
CERTIFICATES OF DEPOSIT 3.0%
Barclays Bank PLC
5.281% due 03/17/2008		400		400
BNP Paribas
5.262% due 05/28/2008		200		200

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Countrywide Funding Corp.
5.360% due 08/16/2007	$	200	$	200
Dexia S.A.
5.270% due 09/29/2008		300		300
Fortis Bank NY
5.265% due 04/28/2008		100		100
5.300% due 09/30/2008		400		400
Nordea Bank Finland PLC
5.308% due 05/28/2008		100		100
Unicredito Italiano NY
5.358% due 12/13/2007		100		100
5.360% due 12/03/2007		100		100
				1,900
COMMERCIAL PAPER 2.9%
Societe Generale NY
5.210% due 11/26/2007		1,300		1,287
UBS Finance Delaware LLC
5.350% due 10/23/2007		500		500
				1,787
REPURCHASE AGREEMENTS 1.0%
State Street Bank and Trust Co.
4.900% due 07/02/2007		619		619
(Dated 06/29/2007. Collateralized by U.S. Treasury Notes 3.625% due 01/15/2010 valued at $636. Repurchase proceeds are $619.)
U.S. TREASURY BILLS 0.6%
4.617% due 09/13/2007 (a)(c)		395		391
Total Short-Term Instruments (Cost $4,698)				4,697
PURCHASED OPTIONS (e) 0.6%
(Cost $454)				398
Total Investments (b) 167.5% (Cost $104,302)			$	104,312
Written Options (f) (0.1%) (Premiums $128)				(31	)
Other Assets and Liabilities (Net) (67.4%)				(41,996	)
Net Assets 100.0%			$	62,285

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) As of June 30, 2007, portfolio securities with an aggregate value of $1,007 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

See Accompanying Notes Semiannual Report June 30, 2007 11

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

(c) Securities with an aggregate market value of $391 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2007	17	$	4
90-Day Eurodollar March Futures	Long	03/2008	13		(8	)
90-Day Eurodollar September Futures	Short	09/2007	2		3
90-Day Euroyen December Futures	Long	12/2007	19		(4	)
Euro-Bobl 5-Year Note September Futures	Long	09/2007	37		(11	)
Euro-Bund 10-Year Note September Futures	Long	09/2007	97		(75	)
Euro-Bund 10-Year Note September Futures Put Options Strike @ EUR 104.000	Long	09/2007	8		0
Euro-Bund 10-Year Note September Futures Put Options Strike @ EUR 106.000	Long	09/2007	86		1
Japan Government 10-Year Bond September Futures	Long	09/2007	11		(45	)
U.S. Treasury 10-Year Note September Futures	Short	09/2007	53		(20	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2007	2		2
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2007	12		(12	)
				$	(165	)

(d) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016	EUR	300	$	0
BNP Paribas Bank	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		200		0
Deutsche Bank AG	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		400		(1	)
Goldman Sachs & Co.	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		100		0
JPMorgan Chase & Co.	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		200		0
Deutsche Bank AG	SOFTBANK Corp. 1.750% due 03/31/2014	Sell	2.300%		09/20/2007	JPY	13,000		1
Bank of America	DR Horton, Inc. 6.000% due 04/15/2011	Buy	(0.890%	)	06/20/2011	$	100		2
Bank of America	GlobalSantaFe Corp. 5.000% due 02/15/2013	Buy	(0.455%	)	06/20/2012		200		(1	)
Bank of America	Transocean, Inc. 7.375% due 04/15/2018	Buy	(0.505%	)	06/20/2017		200		0
Barclays Bank PLC	International Lease Finance Corp. 5.400% due 02/15/2012	Buy	(0.170%	)	03/20/2012		100		0
Barclays Bank PLC	Capital One Bank 5.125% due 02/15/2014	Buy	(0.160%	)	06/20/2012		100		0
Bear Stearns & Co., Inc.	Kraft Foods, Inc. 6.250% due 06/01//2012	Buy	(0.170%	)	06/20/2012		100		1
Citibank N.A.	Newell Rubbermaid, Inc. 4.000% due 05/01/2010	Buy	(0.130%	)	06/20/2010		100		0
Credit Suisse First Boston	CenterPoint Energy, Inc. 5.875% due 06/01/2008	Buy	(0.170%	)	06/20/2008		100		0
Credit Suisse First Boston	DaimlerChrysler N.A. Holding Corp. 5.750% due 05/18/2009	Buy	(0.380%	)	06/20/2009		100		0
Credit Suisse First Boston	Safeway, Inc. 4.950% due 08/16/2010	Buy	(0.300%	)	09/20/2010		100		(1	)
Credit Suisse First Boston	iStar Financial, Inc. 5.150% due 03/01/2012	Buy	(0.450%	)	03/20/2012		100		(1	)
Credit Suisse First Boston	Noble Corp. 5.875% due 06/01/2013	Buy	(0.519%	)	06/20/2012		200		(1	)
Deutsche Bank AG	JC Penney Corp., Inc. 8.000% due 03/01/2010	Buy	(0.270%	)	03/20/2010		100		0
Deutsche Bank AG	Nationwide Health Properties, Inc. 6.500% due 07/15/2011	Buy	(0.620%	)	09/20/2011		100		(1	)
Deutsche Bank AG	International Paper Co. 5.850% due 10/30/2012	Buy	(0.700%	)	06/20/2017		100		0
Goldman Sachs & Co.	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		7,000		41
Goldman Sachs & Co.	MeadWestvaco Corp. 6.850% due 04/01/2012	Buy	(1.040%	)	06/20/2017		200		1
Goldman Sachs & Co.	Transocean, Inc. 7.375% due 04/15/2018	Buy	(0.500%	)	06/20/2017		100		0
HSBC Bank USA	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.240%		02/20/2008		200		0
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.730%		04/20/2009		100		0
Lehman Brothers, Inc.	Ford Motor Credit Co. 7.875% due 06/15/2010	Buy	(2.310%	)	06/20/2010		100		1
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.280%		08/20/2011		2,200		64
Lehman Brothers, Inc.	CVS Corp. 5.750% due 08/15/2011	Buy	(0.210%	)	09/20/2011		100		0
Lehman Brothers, Inc.	Valero Energy Corp. 4.750% due 06/15/2013	Buy	(0.410%	)	06/20/2013		100		0
Lehman Brothers, Inc.	Merck & Co., Inc. 4.750% due 03/01/2015	Buy	(0.135%	)	03/20/2015		100		0
Morgan Stanley	Xerox Corp. 9.750% due 01/15/2009	Buy	(0.290%	)	03/20/2009		100		0
Royal Bank of Canada	JPMorgan Chase & Co. 6.750% due 02/01/2011	Buy	(0.310%	)	03/20/2016		100		0
Royal Bank of Scotland Group PLC	Glitnir Banki HF floating rate based on 3-Month USD-LIBOR plus 0.470% due 01/18/2012	Buy	(0.290%	)	03/20/2012		100		0
UBS Warburg LLC	American International Group, Inc. 4.250% due 05/15/2013	Sell	0.070%		06/20/2008		300		0
UBS Warburg LLC	Lennar Corp. 5.950% due 03/01/2013	Buy	(1.190%	)	06/20/2017		200		5
UBS Warburg LLC	Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.930%	)	06/20/2017		200		1
								$	111

⁽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, 2007 (Unaudited)

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	6.500%	01/15/2009	AUD	1,500	$	(3	)
Citibank N.A.	6-Month Australian Bank Bill	Pay	6.000%	06/15/2010		700		(19	)
Citibank N.A.	6-Month Australian Bank Bill	Receive	6.000%	06/15/2015		400		20
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.500%	01/15/2009		5,000		(13	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		1,200		(9	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.000%	06/15/2012		500		(13	)
Deutsche Bank AG	6-Month Australian Bank Bill	Receive	6.000%	06/15/2017		300		14
HSBC Bank USA	6-Month Australian Bank Bill	Pay	6.000%	06/15/2012		300		(8	)
HSBC Bank USA	6-Month Australian Bank Bill	Receive	6.000%	06/15/2017		200		9
JPMorgan Chase & Co.	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		500		(3	)
Morgan Stanley	6-Month Australian Bank Bill	Pay	6.500%	01/15/2009		2,300		(6	)
Royal Bank of Canada	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		1,500		(10	)
UBS Warburg LLC	6-Month Australian Bank Bill	Pay	6.000%	06/15/2010		1,600		(45	)
UBS Warburg LLC	6-Month Australian Bank Bill	Receive	6.000%	06/15/2015		1,000		59
Merrill Lynch & Co., Inc.	3-Month Canadian Bank Bill	Receive	5.500%	06/20/2017	CAD	400		(1	)
Royal Bank of Canada	3-Month Canadian Bank Bill	Receive	5.000%	06/15/2015		200		3
Citibank N.A.	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011	EUR	1,600		3
Citibank N.A.	6-Month EUR-LIBOR	Receive	5.000%	06/17/2012		200		21
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		200		7
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		4,880		216
Goldman Sachs & Co.	6-Month EUR-LIBOR	Pay	4.000%	06/17/2010		200		(8	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	03/30/2012		500		(4	)
Goldman Sachs & Co.	6-Month EUR-LIBOR	Receive	5.000%	09/19/2012		800		(3	)
Goldman Sachs & Co.	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		1,900		114
Goldman Sachs & Co.	6-Month EUR-LIBOR	Receive	5.000%	03/19/2038		400		(7	)
HSBC Bank USA	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		500		22
JPMorgan Chase & Co.	6-Month EUR-LIBOR	Pay	4.000%	06/17/2010		200		(14	)
JPMorgan Chase & Co.	6-Month EUR-LIBOR	Receive	5.000%	06/17/2012		100		10
Lehman Brothers, Inc.	6-Month EUR-LIBOR	Pay	6.000%	06/18/2034		200		(17	)
Morgan Stanley	6-Month EUR-LIBOR	Pay	4.000%	06/17/2010		100		(7	)
Morgan Stanley	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		1,200		47
Morgan Stanley	6-Month EUR-LIBOR	Receive	4.000%	06/15/2017		500		48
Morgan Stanley	6-Month EUR-LIBOR	Pay	6.000%	06/18/2034		800		(21	)
UBS Warburg LLC	6-Month EUR-LIBOR	Pay	4.000%	06/17/2010		200		(15	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009	GBP	1,700		(19	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		1,400		(118	)
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	5.000%	09/15/2015		400		52
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.500%	09/15/2017		1,500		15
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	5.000%	06/18/2034		200		(17	)
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		200		21
Deutsche Bank AG	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		300		(11	)
Deutsche Bank AG	6-Month GBP-LIBOR	Receive	4.250%	06/12/2036		100		26
Goldman Sachs & Co.	6-Month GBP-LIBOR	Receive	4.250%	06/12/2036		200		38
HSBC Bank USA	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		1,400		(125	)
Merrill Lynch & Co., Inc.	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		1,000		(89	)
Morgan Stanley	6-Month GBP-LIBOR	Pay	5.000%	09/15/2015		300		(37	)
Goldman Sachs & Co.	3-Month Hong Kong Bank Bill	Receive	4.235%	12/17/2008	HKD	7,100		6
Barclays Bank PLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	420,000		(7	)
Barclays Bank PLC	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		190,000		(14	)
Barclays Bank PLC	6-Month JPY-LIBOR	Pay	2.500%	06/20/2036		20,000		(5	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		1,040,000		3
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		540,000		(9	)
Deutsche Bank AG	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		50,000		(4	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	3.000%	06/20/2027		20,000		(1	)
Goldman Sachs & Co.	6-Month JPY-LIBOR	Receive	2.020%	05/18/2010		17,000		(3	)
Goldman Sachs & Co.	6-Month JPY-LIBOR	Receive	1.300%	09/21/2011		40,000		3
Goldman Sachs & Co.	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		590,000		(36	)
Morgan Stanley	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		80,000		(1	)
Morgan Stanley	6-Month JPY-LIBOR	Receive	2.000%	12/20/2013		130,000		7
Morgan Stanley	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		220,000		(13	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		1,560,000		(22	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		820,000		(15	)
UBS Warburg LLC	6-Month JPY-LIBOR	Receive	0.800%	03/20/2012		50,000		(3	)
UBS Warburg LLC	6-Month JPY-LIBOR	Receive	2.000%	12/20/2013		190,000		20
UBS Warburg LLC	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		320,000		(12	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	3.000%	06/20/2027		20,000		(1	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	2.500%	06/20/2036		60,000		(15	)
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016	MXN	2,000		(2	)
Merrill Lynch & Co., Inc.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		4,000		(1	)
Bank of America	3-Month USD-LIBOR	Pay	5.000%	06/18/2009	$	5,900		(29	)
Citibank N.A.	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		800		28
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	06/18/2009		22,800		(107	)
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		200		7
Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	5.000%	12/19/2012		1,300		(2	)

See Accompanying Notes Semiannual Report June 30, 2007 13

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)
Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	5.000%	06/20/2014	$	4,700	$	166
Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		800		(6	)
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	06/20/2009		900		(8	)
Morgan Stanley	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		3,300		(22	)
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		100		2
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	06/20/2008		1,000		(1	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2014		200		(1	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		9,300		(60	)
UBS Warburg LLC	3-Month USD-LIBOR	Receive	5.000%	12/20/2026		900		1
							$	(54	)

(e) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$	109.000	08/24/2007	20	$	0	$	0

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.800%	08/08/2007	$	2,000	$	8	$	0
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		4,600		18		8
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		4,000		19		8
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.850%	07/02/2007		17,200		45		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.900%	08/08/2007		7,000		16		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		2,000		10		3
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	12/15/2008		4,500		15		10
								$	131	$	29

Foreign Currency Options

Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Euro versus U.S. dollar	$	1.355	05/21/2008	EUR	1,000	$	30	$	34
Put - OTC Euro versus U.S. dollar		1.355	05/21/2008		1,000		30		25
Call - OTC U.S. dollar versus Japanese yen	JPY	120.000	09/26/2007	$	300		2		7
Call - OTC U.S. dollar versus Japanese yen		117.900	11/09/2007		600		6		20
Call - OTC U.S. dollar versus Japanese yen		117.500	11/19/2007		300		3		11
Call - OTC U.S. dollar versus Japanese yen		114.281	12/05/2007		300		4		17
Call - OTC U.S. dollar versus Japanese yen		114.650	01/18/2008		1,000		33		52
Put - OTC U.S. dollar versus Japanese yen		114.650	01/18/2008		1,000		33		8
Call - OTC U.S. dollar versus Japanese yen		121.400	01/23/2008		500		5		7
Call - OTC U.S. dollar versus Japanese yen		117.500	03/13/2008		400		3		13
Call - OTC U.S. dollar versus Japanese yen		115.950	06/09/2008		400		11		15
Put - OTC U.S. dollar versus Japanese yen		115.950	06/09/2008		400		10		8
Call - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		2,800		74		73
Put - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		2,800		74		76
						$	318	$	366

Options on Securities

Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 6.000% due 07/01/2037	$	91.500	07/05/2007	$	3,000	$	0	$	0
Call - OTC Fannie Mae 5.000% due 09/01/2037		101.125	09/06/2007		8,000		1		1
Put - OTC Fannie Mae 5.500% due 08/01/2037		89.500	08/07/2007		5,000		1		0
Put - OTC Fannie Mae 6.000% due 09/01/2037		92.500	09/06/2007		23,000		3		2
Call - OTC Fannie Mae 5.000% due 09/01/2037		102.438	09/06/2007		1,460		0		0
						$	5	$	3

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(f) Written options outstanding on June 30, 2007:

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	Bank of America	3-Month USD-LIBOR	Receive	4.900%	08/08/2007	$	1,000	$	8	$	0
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		2,000		18		7
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		2,000		22		10
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	07/02/2007		3,700		40		0
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	08/08/2007		1,200		14		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		900		11		3
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/15/2008		1,500		15		11
								$	128	$	31

(g) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value
Fannie Mae	5.000%	07/01/2037	$	10,000	$	9,611	$	9,370

(h) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AUD	1,772	07/2007	$	6	$	0		$	6
Sell		643	07/2007		0		(4	)		(4	)
Buy	BRL	1,256	07/2007		15		0			15
Sell		1,256	07/2007		8		0			8
Buy		1,021	10/2007		19		0			19
Buy		1,571	03/2008		9		(9	)		0
Sell	CAD	518	08/2007		0		(2	)		(2	)
Buy	CLP	6,033	11/2007		0		0			0
Buy		4,000	03/2008		0		0			0
Buy	CNY	5,292	11/2007		3		0			3
Buy		14,644	01/2008		0		(9	)		(9	)
Buy	DKK	32	09/2007		0		0			0
Sell		178	09/2007		0		0			0
Sell	EUR	10,084	07/2007		0		(132	)		(132	)
Sell	GBP	2,757	08/2007		0		(29	)		(29	)
Buy	HKD	475	07/2007		0		0			0
Buy		475	08/2007		0		0			0
Buy	JPY	41,361	07/2007		1		0			1
Sell		1,136,167	07/2007		131		(1	)		130
Buy	KRW	241,826	07/2007		2		0			2
Buy		278,085	08/2007		0		0			0
Buy		41,181	09/2007		1		0			1
Buy	MXN	4,263	03/2008		10		0			10
Buy	NOK	2,097	09/2007		6		0			6
Sell	NZD	649	07/2007		0		(5	)		(5	)
Buy	PLN	555	09/2007		2		0			2
Buy	RUB	9,889	09/2007		2		0			2
Buy		339	11/2007		0		0			0
Buy		5,866	12/2007		1		0			1
Buy	SEK	2,492	09/2007		4		0			4
Buy	SGD	176	08/2007		0		(2	)		(2	)
Buy	TWD	3,534	07/2007		1		0			1
Buy		3,534	08/2007		0		0			0
Buy	ZAR	70	09/2007		0		0			0
				$	221	$	(193	)	$	28

See Accompanying Notes Semiannual Report June 30, 2007 15

Notes to Financial Statements

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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	NOK	Norwegian Krone
CLP	Chilean Peso	NZD	New Zealand Dollar
CNY	Chinese Yuan Renminbi	PLN	Polish Zloty
DKK	Danish Krone	RUB	Russian Ruble
EUR	Euro	SEK	Swedish Krona
GBP	Great British Pound	SGD	Singapore Dollar
HKD	Hong Kong Dollar	TWD	Taiwan Dollar
JPY	Japanese Yen	ZAR	South African Rand

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set

price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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.

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

(j) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(k) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)   The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the

Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(l) 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 on 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.

(m) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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

18 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(n) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

(o) Bridge Debt Commitments  At the period ended June 30, 2007, the Portfolio had $300,000 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.

(p) 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-related 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.

(q) 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” or “Ginnie Mae”), 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.

(r) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.50%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	244,978	$	245,637	$	62,337	$	54,812

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	Notional Amount in $			Notional Amount in GBP			Premium
Balance at 12/31/2006	$	27,300		GBP	1,000		$	275
Sales		7,600			0			79
Closing Buys		(22,600	)		0			(207	)
Expirations		0			(1,000	)		(19	)
Exercised		0			0			0
Balance at 06/30/2007	$	12,300		GBP	0		$	128

20 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	1,076			10,804		2,354			24,018
Issued as reinvestment of distributions
Institutional Class	0			0		0			1
Administrative Class	103			1,029		246			2,512
Cost of shares redeemed
Institutional Class	0			0		0			0
Administrative Class	(933	)		(9,322	)	(1,340	)		(13,658	)
Net increase resulting from Portfolio share transactions	246		$	2,511		1,260		$	12,873

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	5	89

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

Semiannual Report June 30, 2007 21

Notes to Financial Statements (Cont.)

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    1,513	$    (1,503)	$    10

22 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 23

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	23

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

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

Cumulative Returns Through June 30, 2007

$10,000 invested at the end of the nearest month to the inception date of the Portfolio’s Institutional Class.

Allocation Breakdown^‡

United States	55.3%
Germany	13.5%
Japan	9.7%
United Kingdom	8.4%
Short-Term Instruments	4.5%
Other	8.6%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio   Inception   (04/10/00)**
	PIMCO Foreign Bond Portfolio (U.S. Dollar-Hedged) Institutional Class	-0.60%	2.40%	3.98%	5.14%
	JPMorgan Government Bond Indices Global Ex-U.S. Index Hedged in USD±	-0.02%	3.97%	4.16%	4.98%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Portfolio began operations on 04/10/00. Index comparisons began on 03/31/00.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± JPMorgan Government Bond Indices Global Ex-U.S. Index Hedged in USD is an unmanaged index representative of the total return performance in U.S. dollars on an unhedged basis of major non-U.S. bond markets. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	994.00	$	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 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.

» Developed global bonds produced weak returns, with bond yields rising across major markets.

» Exposure to U.S. shorter maturities, principally through interest rate futures contracts, detracted from performance as yields rose on diminishing expectations of an easing of interest rates by the Federal Reserve.

» An underweight to U.K. interest rates, notably at the long-end of the yield curve, was positive for returns as U.K. yields rose sharply.

» An overweight to European interest rates was negative for returns as yields rose due to the region’s growth momentum.

» An overweight to mortgage-backed securities detracted from returns as mortgage spreads widened.

» Emerging market currency exposure was positive for returns as these currencies outperformed the U.S. dollar.

» Global swap spread widening strategies were positive for returns as global swap spreads widened.

4 PIMCO Variable Insurance Trust

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

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Institutional Class
Net asset value beginning of year or period	$	10.10		$	10.34		$	10.15		$	10.03		$	10.07		$	9.69
Net investment income (a)		0.18			0.38			0.29			0.24			0.27			0.32
Net realized/unrealized gain (loss) on investments (a)		(0.24	)		(0.14	)		0.24			0.33			(0.03	)		0.47
Total income (loss) from investment operations		(0.06	)		0.24			0.53			0.57			0.24			0.79
Dividends from net investment income		(0.17	)		(0.35	)		(0.26	)		(0.22	)		(0.28	)		(0.37	)
Distributions from net realized capital gains		0.00			(0.13	)		(0.08	)		(0.23	)		0.00			(0.04	)
Total distributions		(0.17	)		(0.48	)		(0.34	)		(0.45	)		(0.28	)		(0.41	)
Net asset value end of year or period	$	9.87		$	10.10		$	10.34		$	10.15		$	10.03		$	10.07
Total return		(0.60	)%		2.34	%		5.28	%		5.68	%		2.39	%		8.36	%
Net assets end of year or period (000s)	$	14		$	14		$	14		$	13		$	13		$	12
Ratio of expenses to average net assets		0.75	%*		0.75	%		0.75	%		0.75	%		0.78	%		0.75	%
Ratio of expenses to average net assets excluding interest expense		0.75	%*		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assets		3.56	%*		3.69	%		2.81	%		2.37	%		2.69	%		3.36	%
Portfolio turnover rate		307	%		281	%		453	%		515	%		600	%		321	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

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

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	104,312
Cash		1
Foreign currency, at value		1,305
Receivable for investments sold		9,653
Receivable for Portfolio shares sold		503
Interest and dividends receivable		867
Variation margin receivable		2
Swap premiums paid		1,700
Unrealized appreciation on foreign currency contracts		221
Unrealized appreciation on swap agreements		1,105
		119,669
Liabilities:
Payable for investments purchased	$	32,653
Payable for investments purchased on a delayed-delivery basis		13,648
Payable for Portfolio shares redeemed		123
Payable for short sales		9,370
Written options outstanding		31
Dividends payable		2
Accrued investment advisory fee		13
Accrued administration fee		26
Accrued servicing fee		7
Variation margin payable		63
Swap premiums received		207
Unrealized depreciation on foreign currency contracts		193
Unrealized depreciation on swap agreements		1,048
		57,384
Net Assets	$	62,285
Net Assets Consist of:
Paid in capital	$	63,649
(Overdistributed) net investment income		(863	)
Accumulated undistributed net realized (loss)		(699	)
Net unrealized appreciation		198
	$	62,285
Net Assets:
Institutional Class	$	14
Administrative Class		62,271
Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		6,306
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	9.87
Administrative Class		9.87
Cost of Investments Owned	$	104,302
Cost of Foreign Currency Held	$	1,299
Proceeds Received on Short Sales	$	9,611
Premiums Received on Written Options	$	128

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, 2007
	(Unaudited)
Investment Income:
Interest	$	1,326
Dividends		26
Miscellaneous income		1
Total Income		1,353
Expenses:
Investment advisory fees		78
Administration fees		156
Servicing fees – Administrative Class		47
Trustees’ fees		1
Total Expenses		282
Net Investment Income		1,071
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(424	)
Net realized (loss) on futures contracts, written options and swaps		(286	)
Net realized gain on foreign currency transactions		80
Net change in unrealized (depreciation) on investments		(1,029	)
Net change in unrealized appreciation on futures contracts, written options and swaps		479
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(293	)
Net (Loss)		(1,473	)
Net (Decrease) in Net Assets Resulting from Operations	$	(402	)

See Accompanying Notes Semiannual Report June 30, 2007 7

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

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	1,071		$	1,924
Net realized (loss)		(630	)		(1,221	)
Net change in unrealized appreciation (depreciation)		(843	)		491
Net increase (decrease) resulting from operations		(402	)		1,194
Distributions to Shareholders:
From net investment income
Institutional Class		0			(1	)
Administrative Class		(1,031	)		(1,778	)
From net realized capital gains
Administrative Class		0			(735	)
Total Distributions		(1,031	)		(2,514	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		10,804			24,018
Issued as reinvestment of distributions
Institutional Class		0			1
Administrative Class		1,029			2,512
Cost of shares redeemed
Administrative Class		(9,322	)		(13,658	)
Net increase resulting from Portfolio share transactions		2,511			12,873
Total Increase in Net Assets		1,078			11,553
Net Assets:
Beginning of period		61,207			49,654
End of period*	$	62,285		$	61,207
*Including (overdistributed) net investment income of:	$	(863	)	$	(903	)

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Foreign Bond Portfolio (U.S. Dollar-Hedged) June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
AUSTRALIA 0.0%
Medallion Trust
5.585% due 07/12/2031	$	11	$	11
Total Australia (Cost $11)				11
AUSTRIA 0.9%
Austria Government Bond
3.800% due 10/20/2013	EUR	100		130
5.250% due 01/04/2011		300		415
Total Austria (Cost $437)				545
BERMUDA 0.1%
Intelsat Bermuda Ltd.
5.250% due 11/01/2008	$	100		99
Total Bermuda (Cost $99)				99
CANADA 0.4%
Province of Ontario Canada
6.200% due 06/02/2031	CAD	200		220
Total Canada (Cost $220)				220
CAYMAN ISLANDS 1.0%
Mizuho Finance Cayman Ltd.
8.375% due 12/29/2049	$	200		209
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049		200		197
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049		100		97
Transocean, Inc.
5.560% due 09/05/2008		100		100
Total Cayman Islands (Cost $611)				603
DENMARK 0.0%
Nykredit Realkredit A/S
6.000% due 10/01/2029	DKK	56		11
Total Denmark (Cost $6)				11
FRANCE 1.7%
Credit Agricole S.A.
6.637% due 05/29/2049	$	100		97
France Government Bond
4.000% due 10/25/2009	EUR	30		40
5.500% due 04/25/2010		110		153
5.750% due 10/25/2032		500		775
Total France (Cost $1,057)				1,065
GERMANY 22.7%
KFW International Finance, Inc.
1.750% due 03/23/2010	JPY	11,000		91
Republic of Germany
3.750% due 01/04/2015	EUR	900		1,156
4.250% due 07/04/2014		900		1,196
4.500% due 07/04/2009		10		13
4.750% due 07/04/2028		30		41
4.750% due 07/04/2034		100		136
5.000% due 07/04/2012		400		552
5.250% due 07/04/2010		1,400		1,933
5.250% due 01/04/2011		2,100		2,907
5.500% due 01/04/2031		100		150
5.625% due 01/04/2028		2,650		3,999
6.250% due 01/04/2024		600		955
6.500% due 07/04/2027		590		980
Total Germany (Cost $13,432)				14,109

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ICELAND 0.2%
Glitnir Banki HF
5.829% due 01/18/2012	$	100	$	101
Total Iceland (Cost $100)				101
IRELAND 0.2%
Bank of Ireland
5.370% due 12/19/2008	$	100		100
Total Ireland (Cost $100)				100
ITALY 1.3%
Italy Buoni Poliennali Del Tesoro
4.250% due 11/01/2009	EUR	60		81
4.500% due 05/01/2009		360		487
5.500% due 11/01/2010		110		153
Seashell Securities PLC
4.295% due 07/25/2028		77		105
Total Italy (Cost $786)				826
JAPAN 16.3%
Bank of Tokyo-Mitsubishi UFJ Ltd.
3.500% due 12/16/2015	EUR	100		129
Japan Finance Corp. for Municipal Enterprises
5.875% due 03/14/2011	$	80		81
Japan Government Bond
1.500% due 03/20/2014	JPY	40,000		322
1.500% due 03/20/2015		38,000		304
1.600% due 06/20/2014		240,000		1,942
1.600% due 09/20/2014		60,000		485
2.300% due 06/20/2035		70,000		553
2.400% due 03/20/2034		20,000		162
2.500% due 09/20/2035		160,000		1,319
2.500% due 06/20/2036		160,000		1,314
Japanese Government CPI Linked Bond
0.800% due 12/10/2015		39,960		315
1.000% due 02/28/2016		20,000		162
1.100% due 12/10/2016		367,780		2,950
Sumitomo Mitsui Banking Corp.
5.625% due 07/29/2049	$	100		95
Total Japan (Cost $10,962)				10,133
JERSEY, CHANNEL ISLANDS 0.1%
Haus Ltd.
4.139% due 12/10/2037	EUR	32		43
Total Jersey, Channel Islands (Cost $31)				43
MEXICO 0.2%
America Movil SAB de C.V.
5.460% due 06/27/2008	$	100		100
Total Mexico (Cost $100)				100
NETHERLANDS 0.2%
Siemens Financieringsmaatschappij NV
5.410% due 08/14/2009	$	100		100
Total Netherlands (Cost $100)				100
RUSSIA 0.3%
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008	$	200		200
Total Russia (Cost $200)				200

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SPAIN 7.2%
Santander U.S. Debt S.A. Unipersonal
5.416% due 02/06/2009	$	200	$	200
5.420% due 11/20/2009		100		100
Spain Government Bond
4.000% due 01/31/2010	EUR	100		134
4.400% due 01/31/2015		1,800		2,402
5.150% due 07/30/2009		1,210		1,658
Total Spain (Cost $4,239)				4,494
UNITED KINGDOM 14.1%
HBOS PLC
5.920% due 09/29/2049	$	300		282
HSBC Holdings PLC
6.500% due 05/02/2036		400		412
Lloyds TSB Bank PLC
5.562% due 11/29/2049		100		87
5.625% due 07/15/2049	EUR	40		55
Royal Bank of Scotland Group PLC
5.750% due 07/06/2012	$	100		100
United Kingdom Gilt
4.250% due 03/07/2011	GBP	2,200		4,194
4.750% due 06/07/2010		600		1,171
4.750% due 09/07/2015		700		1,334
5.000% due 03/07/2008		100		200
5.000% due 03/07/2012		500		976
Total United Kingdom (Cost $8,679)				8,811
UNITED STATES 92.5%
ASSET-BACKED SECURITIES 7.4%
ACE Securities Corp.
5.370% due 07/25/2036	$	101		101
5.370% due 08/25/2036		122		122
Amortizing Residential Collateral Trust
5.610% due 07/25/2032		1		1
5.670% due 10/25/2031		3		3
Amresco Residential Securities Mortgage Loan Trust
6.260% due 06/25/2029		1		1
Asset-Backed Funding Certificates
5.380% due 01/25/2037		151		151
Bear Stearns Asset-Backed Securities, Inc.
5.390% due 12/25/2036		248		248
Centex Home Equity
5.370% due 06/25/2036		61		61
Citigroup Mortgage Loan Trust, Inc.
5.370% due 10/25/2036		129		130
Countrywide Asset-Backed Certificates
5.370% due 01/25/2037		98		98
5.400% due 06/25/2037		265		265
CS First Boston Mortgage Securities Corp.
5.940% due 01/25/2032		3		2
CSAB Mortgage-Backed Trust
5.420% due 06/25/2036		32		32
First Alliance Mortgage Loan Trust
5.550% due 12/20/2027		2		2
First Franklin Mortgage Loan Asset-Backed Certificates
5.370% due 11/25/2036		164		164
GSR Mortgage Loan Trust
5.420% due 11/25/2030		31		31
Honda Auto Receivables Owner Trust
5.420% due 12/22/2008		66		66
HSI Asset Securitization Corp. Trust
5.370% due 12/25/2036		169		169

See Accompanying Notes Semiannual Report June 30, 2007 9

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

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Indymac Residential Asset-Backed Trust
5.380% due 04/25/2037	$	158	$	158
IXIS Real Estate Capital Trust
5.380% due 08/25/2036		31		31
Long Beach Mortgage Loan Trust
5.600% due 10/25/2034		49		49
Merrill Lynch Mortgage Investors, Inc.
5.390% due 08/25/2036		130		130
Morgan Stanley ABS Capital I
5.370% due 09/25/2036		141		141
Morgan Stanley Home Equity Loans
5.390% due 02/25/2036		114		114
New Century Home Equity Loan Trust
5.490% due 02/25/2036		300		300
Newcastle Mortgage Securities Trust
5.390% due 03/25/2036		97		97
Quest Trust
5.880% due 06/25/2034		5		5
Residential Asset Mortgage Products, Inc.
5.400% due 01/25/2036		40		40
Residential Asset Securities Corp.
5.360% due 08/25/2036		113		114
5.820% due 07/25/2032		8		8
SACO I, Inc.
5.380% due 05/25/2036		31		31
Securitized Asset-Backed Receivables LLC Trust
5.380% due 03/25/2036		67		67
5.400% due 11/25/2036		260		260
SLM Student Loan Trust
5.365% due 01/26/2015		15		15
Soundview Home Equity Loan Trust
5.400% due 01/25/2037		216		217
Structured Asset Investment Loan Trust
5.370% due 05/25/2036		176		176
Structured Asset Securities Corp.
5.370% due 10/25/2036		148		148
5.610% due 01/25/2033		4		4
USAA Auto Owner Trust
5.337% due 07/11/2008		400		400
Wells Fargo Home Equity Trust
5.440% due 12/25/2035		77		77
5.550% due 10/25/2035		164		164
5.560% due 11/25/2035		200		200
				4,593
BANK LOAN OBLIGATIONS 0.5%
OAO Rosneft Oil Co.
6.000% due 09/16/2007		300		300
CORPORATE BONDS & NOTES 11.9%
American Express Credit Corp.
5.380% due 05/18/2009		100		100
American International Group, Inc.
5.360% due 06/23/2008		100		100
Bear Stearns Cos., Inc.
5.585% due 01/31/2011		200		199
BellSouth Corp.
5.460% due 08/15/2008		100		100
CenterPoint Energy, Inc.
5.875% due 06/01/2008		100		100
Charter One Bank N.A.
5.405% due 04/24/2009		250		250

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CIT Group, Inc.
5.430% due 02/21/2008	$	100	$	100
Citigroup, Inc.
5.400% due 12/26/2008		100		100
CMS Energy Corp.
7.500% due 01/15/2009		100		103
Comcast Corp.
5.656% due 07/14/2009		200		200
ConocoPhillips Australia Funding Co.
5.460% due 04/09/2009		200		200
CVS Caremark Corp.
5.750% due 08/15/2011		100		100
DaimlerChrysler N.A. Holding Corp.
5.750% due 05/18/2009		100		100
Dex Media East LLC
9.875% due 11/15/2009		100		104
DR Horton, Inc.
6.000% due 04/15/2011		100		98
Equistar Chemicals LP
8.750% due 02/15/2009		100		104
Ford Motor Credit Co.
5.800% due 01/12/2009		100		98
6.625% due 06/16/2008		100		100
7.250% due 10/25/2011		50		48
7.800% due 06/01/2012		50		49
8.105% due 01/13/2012		200		200
Freeport-McMoRan Copper & Gold, Inc.
8.564% due 04/01/2015		100		105
General Motors Acceptance Corp.
6.510% due 09/23/2008		100		100
GMAC LLC
6.610% due 05/15/2009		100		100
Goldman Sachs Group, Inc.
5.400% due 12/23/2008		200		200
5.450% due 12/22/2008		100		100
HSBC Finance Corp.
5.360% due 05/21/2008		200		200
International Lease Finance Corp.
5.400% due 02/15/2012		100		99
iStar Financial, Inc.
5.150% due 03/01/2012		100		96
JC Penney Corp., Inc.
8.000% due 03/01/2010		100		106
JPMorgan & Co., Inc. CPI Linked Bond
2.991% due 02/15/2012		10		11
JPMorgan Chase & Co.
5.058% due 02/22/2021	CAD	100		91
JPMorgan Chase Capital XXII
6.450% due 02/02/2037		100		95
JPMorgan Mortgage Acquisition Corp.
6.550% due 09/15/2066		100		97
Kraft Foods, Inc.
6.250% due 06/01/2012		100		102
Lehman Brothers Holdings, Inc.
5.410% due 12/23/2008		300		300
Mandalay Resort Group
9.500% due 08/01/2008		100		104
Merck & Co., Inc.
4.750% due 03/01/2015		100		94
Merrill Lynch & Co., Inc.
5.390% due 12/22/2008		300		300
5.395% due 10/23/2008		100		100

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Mizuho JGB Investment LLC
9.870% due 12/31/2049	$	100	$	104
Mizuho Preferred Capital Co. LLC
8.790% due 12/29/2049		100		103
Morgan Stanley
5.467% due 02/09/2009		200		200
Nationwide Health Properties, Inc.
6.500% due 07/15/2011		100		102
Newell Rubbermaid, Inc.
4.000% due 05/01/2010		100		96
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		100		100
Rabobank Capital Funding Trust
5.254% due 12/29/2049		100		94
Safeway, Inc.
4.950% due 08/16/2010		100		98
SB Treasury Co. LLC
9.400% due 12/29/2049		100		104
State Street Capital Trust IV
6.355% due 06/15/2037		100		101
Tesoro Corp.
6.500% due 06/01/2017		100		98
Time Warner, Inc.
5.590% due 11/13/2009		100		100
Toyota Motor Credit Corp.
5.330% due 10/12/2007		100		100
TXU Corp.
6.375% due 01/01/2008		100		101
U.S. Bancorp
5.350% due 04/28/2009		100		100
Valero Energy Corp.
4.750% due 06/15/2013		100		95
Wachovia Bank N.A.
5.400% due 03/23/2009		250		250
Wal-Mart Stores, Inc.
5.260% due 06/16/2008		100		100
Wells Fargo Capital X
5.950% due 12/15/2036		100		94
Westpac Banking Corp.
5.280% due 06/06/2008		100		100
Xerox Corp.
9.750% due 01/15/2009		200		212
				7,405
MORTGAGE-BACKED SECURITIES 7.6%
Banc of America Commercial Mortgage, Inc.
4.772% due 07/11/2043		217		214
Banc of America Mortgage Securities, Inc.
5.000% due 05/25/2034		173		170
Bear Stearns Alt-A Trust
5.480% due 02/25/2034		232		233
Commercial Mortgage Asset Trust
6.975% due 01/17/2032		100		106
Countrywide Alternative Loan Trust
5.530% due 03/20/2046		209		208
5.600% due 02/25/2037		155		156
Countrywide Home Loan Mortgage Pass-Through Trust
5.550% due 05/25/2035		110		110
5.640% due 03/25/2035		238		239
5.650% due 02/25/2035		31		31
CS First Boston Mortgage Securities Corp.
6.500% due 04/25/2033		7		7

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
First Horizon Asset Securities, Inc.
6.250% due 08/25/2017	$	78	$	78
GMAC Commercial Mortgage Securities, Inc.
6.420% due 05/15/2035		87		88
GMAC Mortgage Corp. Loan Trust
5.500% due 09/25/2034		110		109
Greenpoint Mortgage Funding Trust
5.400% due 01/25/2047		289		289
Greenwich Capital Commercial Funding Corp.
5.444% due 03/10/2039		200		194
Harborview Mortgage Loan Trust
5.540% due 05/19/2035		107		107
Indymac Index Mortgage Loan Trust
5.400% due 07/25/2046		29		29
JPMorgan Mortgage Trust
4.500% due 08/25/2019		179		176
Mellon Residential Funding Corp.
5.760% due 12/15/2030		46		46
MLCC Mortgage Investors, Inc.
5.700% due 03/15/2025		13		13
Residential Accredit Loans, Inc.
5.530% due 04/25/2046		232		232
Structured Asset Mortgage Investments, Inc.
5.540% due 05/25/2036		255		255
5.610% due 07/19/2034		15		15
5.650% due 09/19/2032		14		14
5.670% due 03/19/2034		25		25
TBW Mortgage-Backed Pass-Through Certificates
5.430% due 01/25/2037		142		142
Thornburg Mortgage Securities Trust
5.430% due 12/25/2036		170		170
Wachovia Bank Commercial Mortgage Trust
5.410% due 09/15/2021		229		229
Washington Mutual, Inc.
5.094% due 10/25/2032		4		4
5.474% due 02/27/2034		27		26
5.550% due 04/25/2045		35		35
5.630% due 01/25/2045		33		33
5.860% due 12/25/2027		75		75
6.009% due 06/25/2046		144		145
6.029% due 02/25/2046		352		352
Wells Fargo Mortgage-Backed Securities Trust
4.500% due 11/25/2018		108		105
4.950% due 03/25/2036		255		251
5.254% due 04/25/2036		69		69
				4,780
MUNICIPAL BONDS & NOTES 0.3%
Illinois State Educational Facilities Authority Revenue Bonds, Series 2003
5.000% due 07/01/2033		95		97
Lower Colorado River, Texas Authority Revenue Bonds, (FSA Insured), Series 2003
5.000% due 05/15/2023		100		102
				199

		SHARES		VALUE (000S)
PREFERRED STOCKS 1.2%
DG Funding Trust
7.600% due 12/31/2049		65	$	677
Fresenius Medical Care Capital Trust II
7.875% due 02/01/2008		100		101
				778
		PRINCIPAL AMOUNT (000S)
U.S. GOVERNMENT AGENCIES 61.4%
Fannie Mae
4.187% due 11/01/2034	$	325		322
4.673% due 05/25/2035		100		99
4.940% due 12/01/2034		48		48
5.000% due 09/01/2018 - 03/01/2036		586		554
5.440% due 03/25/2034		33		33
5.470% due 08/25/2034		27		27
5.500% due 11/01/2016 - 07/01/2037		8,330		8,045
5.670% due 09/25/2042		77		78
6.000% due 07/01/2037 - 07/25/2044		26,050		25,770
6.227% due 10/01/2044		109		110
Freddie Mac
4.500% due 03/15/2016		600		588
4.682% due 03/01/2035		402		396
4.980% due 04/01/2035		412		404
5.000% due 08/15/2020 - 07/15/2025		796		785
5.550% due 07/15/2037		400		400
6.227% due 10/25/2044		232		234
6.530% due 11/26/2012		300		301
7.190% due 02/01/2029		27		27
Ginnie Mae
5.375% due 04/20/2028 - 06/20/2030		16		16
5.380% due 05/20/2030		5		5
				38,242
U.S. TREASURY OBLIGATIONS 2.2%
U.S. Treasury Bonds
8.125% due 08/15/2019		300		380
8.875% due 02/15/2019		100		132
U.S. Treasury Notes
4.750% due 05/15/2014		800		790
U.S. Treasury Strips
0.000% due 11/15/2021		100		47
				1,349
Total United States (Cost $57,980)				57,646
SHORT-TERM INSTRUMENTS 7.5%
CERTIFICATES OF DEPOSIT 3.0%
Barclays Bank PLC
5.281% due 03/17/2008		400		400
BNP Paribas
5.262% due 05/28/2008		200		200

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Countrywide Funding Corp.
5.360% due 08/16/2007	$	200	$	200
Dexia S.A.
5.270% due 09/29/2008		300		300
Fortis Bank NY
5.265% due 04/28/2008		100		100
5.300% due 09/30/2008		400		400
Nordea Bank Finland PLC
5.308% due 05/28/2008		100		100
Unicredito Italiano NY
5.358% due 12/13/2007		100		100
5.360% due 12/03/2007		100		100
				1,900
COMMERCIAL PAPER 2.9%
Societe Generale NY
5.210% due 11/26/2007		1,300		1,287
UBS Finance Delaware LLC
5.350% due 10/23/2007		500		500
				1,787
REPURCHASE AGREEMENTS 1.0%
State Street Bank and Trust Co.
4.900% due 07/02/2007		619		619
(Dated 06/29/2007. Collateralized by U.S. Treasury Notes 3.625% due 01/15/2010 valued at $636. Repurchase proceeds are $619.)
U.S. TREASURY BILLS 0.6%
4.617% due 09/13/2007 (a)(c)		395		391
Total Short-Term Instruments (Cost $4,698)				4,697
PURCHASED OPTIONS (e) 0.6%
(Cost $454)				398
Total Investments (b) 167.5% (Cost $104,302)			$	104,312
Written Options (f) (0.1%) (Premiums $128)				(31	)
Other Assets and Liabilities (Net) (67.4%)				(41,996	)
Net Assets 100.0%			$	62,285

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) As of June 30, 2007, portfolio securities with an aggregate value of $1,007 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

See Accompanying Notes Semiannual Report June 30, 2007 11

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

(c) Securities with an aggregate market value of $391 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2007	17	$	4
90-Day Eurodollar March Futures	Long	03/2008	13		(8	)
90-Day Eurodollar September Futures	Short	09/2007	2		3
90-Day Euroyen December Futures	Long	12/2007	19		(4	)
Euro-Bobl 5-Year Note September Futures	Long	09/2007	37		(11	)
Euro-Bund 10-Year Note September Futures	Long	09/2007	97		(75	)
Euro-Bund 10-Year Note September Futures Put Options Strike @ EUR 104.000	Long	09/2007	8		0
Euro-Bund 10-Year Note September Futures Put Options Strike @ EUR 106.000	Long	09/2007	86		1
Japan Government 10-Year Bond September Futures	Long	09/2007	11		(45	)
U.S. Treasury 10-Year Note September Futures	Short	09/2007	53		(20	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2007	2		2
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2007	12		(12	)
				$	(165	)

(d) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016	EUR	300	$	0
BNP Paribas Bank	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		200		0
Deutsche Bank AG	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		400		(1	)
Goldman Sachs & Co.	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		100		0
JPMorgan Chase & Co.	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		200		0
Deutsche Bank AG	SOFTBANK Corp. 1.750% due 03/31/2014	Sell	2.300%		09/20/2007	JPY	13,000		1
Bank of America	DR Horton, Inc. 6.000% due 04/15/2011	Buy	(0.890%	)	06/20/2011	$	100		2
Bank of America	GlobalSantaFe Corp. 5.000% due 02/15/2013	Buy	(0.455%	)	06/20/2012		200		(1	)
Bank of America	Transocean, Inc. 7.375% due 04/15/2018	Buy	(0.505%	)	06/20/2017		200		0
Barclays Bank PLC	International Lease Finance Corp. 5.400% due 02/15/2012	Buy	(0.170%	)	03/20/2012		100		0
Barclays Bank PLC	Capital One Bank 5.125% due 02/15/2014	Buy	(0.160%	)	06/20/2012		100		0
Bear Stearns & Co., Inc.	Kraft Foods, Inc. 6.250% due 06/01//2012	Buy	(0.170%	)	06/20/2012		100		1
Citibank N.A.	Newell Rubbermaid, Inc. 4.000% due 05/01/2010	Buy	(0.130%	)	06/20/2010		100		0
Credit Suisse First Boston	CenterPoint Energy, Inc. 5.875% due 06/01/2008	Buy	(0.170%	)	06/20/2008		100		0
Credit Suisse First Boston	DaimlerChrysler N.A. Holding Corp. 5.750% due 05/18/2009	Buy	(0.380%	)	06/20/2009		100		0
Credit Suisse First Boston	Safeway, Inc. 4.950% due 08/16/2010	Buy	(0.300%	)	09/20/2010		100		(1	)
Credit Suisse First Boston	iStar Financial, Inc. 5.150% due 03/01/2012	Buy	(0.450%	)	03/20/2012		100		(1	)
Credit Suisse First Boston	Noble Corp. 5.875% due 06/01/2013	Buy	(0.519%	)	06/20/2012		200		(1	)
Deutsche Bank AG	JC Penney Corp., Inc. 8.000% due 03/01/2010	Buy	(0.270%	)	03/20/2010		100		0
Deutsche Bank AG	Nationwide Health Properties, Inc. 6.500% due 07/15/2011	Buy	(0.620%	)	09/20/2011		100		(1	)
Deutsche Bank AG	International Paper Co. 5.850% due 10/30/2012	Buy	(0.700%	)	06/20/2017		100		0
Goldman Sachs & Co.	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		7,000		41
Goldman Sachs & Co.	MeadWestvaco Corp. 6.850% due 04/01/2012	Buy	(1.040%	)	06/20/2017		200		1
Goldman Sachs & Co.	Transocean, Inc. 7.375% due 04/15/2018	Buy	(0.500%	)	06/20/2017		100		0
HSBC Bank USA	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.240%		02/20/2008		200		0
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.730%		04/20/2009		100		0
Lehman Brothers, Inc.	Ford Motor Credit Co. 7.875% due 06/15/2010	Buy	(2.310%	)	06/20/2010		100		1
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.280%		08/20/2011		2,200		64
Lehman Brothers, Inc.	CVS Corp. 5.750% due 08/15/2011	Buy	(0.210%	)	09/20/2011		100		0
Lehman Brothers, Inc.	Valero Energy Corp. 4.750% due 06/15/2013	Buy	(0.410%	)	06/20/2013		100		0
Lehman Brothers, Inc.	Merck & Co., Inc. 4.750% due 03/01/2015	Buy	(0.135%	)	03/20/2015		100		0
Morgan Stanley	Xerox Corp. 9.750% due 01/15/2009	Buy	(0.290%	)	03/20/2009		100		0
Royal Bank of Canada	JPMorgan Chase & Co. 6.750% due 02/01/2011	Buy	(0.310%	)	03/20/2016		100		0
Royal Bank of Scotland Group PLC	Glitnir Banki HF floating rate based on 3-Month USD-LIBOR plus 0.470% due 01/18/2012	Buy	(0.290%	)	03/20/2012		100		0
UBS Warburg LLC	American International Group, Inc. 4.250% due 05/15/2013	Sell	0.070%		06/20/2008		300		0
UBS Warburg LLC	Lennar Corp. 5.950% due 03/01/2013	Buy	(1.190%	)	06/20/2017		200		5
UBS Warburg LLC	Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.930%	)	06/20/2017		200		1
								$	111

⁽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, 2007 (Unaudited)

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	6.500%	01/15/2009	AUD	1,500	$	(3	)
Citibank N.A.	6-Month Australian Bank Bill	Pay	6.000%	06/15/2010		700		(19	)
Citibank N.A.	6-Month Australian Bank Bill	Receive	6.000%	06/15/2015		400		20
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.500%	01/15/2009		5,000		(13	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		1,200		(9	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.000%	06/15/2012		500		(13	)
Deutsche Bank AG	6-Month Australian Bank Bill	Receive	6.000%	06/15/2017		300		14
HSBC Bank USA	6-Month Australian Bank Bill	Pay	6.000%	06/15/2012		300		(8	)
HSBC Bank USA	6-Month Australian Bank Bill	Receive	6.000%	06/15/2017		200		9
JPMorgan Chase & Co.	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		500		(3	)
Morgan Stanley	6-Month Australian Bank Bill	Pay	6.500%	01/15/2009		2,300		(6	)
Royal Bank of Canada	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		1,500		(10	)
UBS Warburg LLC	6-Month Australian Bank Bill	Pay	6.000%	06/15/2010		1,600		(45	)
UBS Warburg LLC	6-Month Australian Bank Bill	Receive	6.000%	06/15/2015		1,000		59
Merrill Lynch & Co., Inc.	3-Month Canadian Bank Bill	Receive	5.500%	06/20/2017	CAD	400		(1	)
Royal Bank of Canada	3-Month Canadian Bank Bill	Receive	5.000%	06/15/2015		200		3
Citibank N.A.	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011	EUR	1,600		3
Citibank N.A.	6-Month EUR-LIBOR	Receive	5.000%	06/17/2012		200		21
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		200		7
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		4,880		216
Goldman Sachs & Co.	6-Month EUR-LIBOR	Pay	4.000%	06/17/2010		200		(8	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	03/30/2012		500		(4	)
Goldman Sachs & Co.	6-Month EUR-LIBOR	Receive	5.000%	09/19/2012		800		(3	)
Goldman Sachs & Co.	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		1,900		114
Goldman Sachs & Co.	6-Month EUR-LIBOR	Receive	5.000%	03/19/2038		400		(7	)
HSBC Bank USA	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		500		22
JPMorgan Chase & Co.	6-Month EUR-LIBOR	Pay	4.000%	06/17/2010		200		(14	)
JPMorgan Chase & Co.	6-Month EUR-LIBOR	Receive	5.000%	06/17/2012		100		10
Lehman Brothers, Inc.	6-Month EUR-LIBOR	Pay	6.000%	06/18/2034		200		(17	)
Morgan Stanley	6-Month EUR-LIBOR	Pay	4.000%	06/17/2010		100		(7	)
Morgan Stanley	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		1,200		47
Morgan Stanley	6-Month EUR-LIBOR	Receive	4.000%	06/15/2017		500		48
Morgan Stanley	6-Month EUR-LIBOR	Pay	6.000%	06/18/2034		800		(21	)
UBS Warburg LLC	6-Month EUR-LIBOR	Pay	4.000%	06/17/2010		200		(15	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009	GBP	1,700		(19	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		1,400		(118	)
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	5.000%	09/15/2015		400		52
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.500%	09/15/2017		1,500		15
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	5.000%	06/18/2034		200		(17	)
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		200		21
Deutsche Bank AG	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		300		(11	)
Deutsche Bank AG	6-Month GBP-LIBOR	Receive	4.250%	06/12/2036		100		26
Goldman Sachs & Co.	6-Month GBP-LIBOR	Receive	4.250%	06/12/2036		200		38
HSBC Bank USA	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		1,400		(125	)
Merrill Lynch & Co., Inc.	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		1,000		(89	)
Morgan Stanley	6-Month GBP-LIBOR	Pay	5.000%	09/15/2015		300		(37	)
Goldman Sachs & Co.	3-Month Hong Kong Bank Bill	Receive	4.235%	12/17/2008	HKD	7,100		6
Barclays Bank PLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	420,000		(7	)
Barclays Bank PLC	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		190,000		(14	)
Barclays Bank PLC	6-Month JPY-LIBOR	Pay	2.500%	06/20/2036		20,000		(5	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		1,040,000		3
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		540,000		(9	)
Deutsche Bank AG	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		50,000		(4	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	3.000%	06/20/2027		20,000		(1	)
Goldman Sachs & Co.	6-Month JPY-LIBOR	Receive	2.020%	05/18/2010		17,000		(3	)
Goldman Sachs & Co.	6-Month JPY-LIBOR	Receive	1.300%	09/21/2011		40,000		3
Goldman Sachs & Co.	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		590,000		(36	)
Morgan Stanley	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		80,000		(1	)
Morgan Stanley	6-Month JPY-LIBOR	Receive	2.000%	12/20/2013		130,000		7
Morgan Stanley	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		220,000		(13	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		1,560,000		(22	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		820,000		(15	)
UBS Warburg LLC	6-Month JPY-LIBOR	Receive	0.800%	03/20/2012		50,000		(3	)
UBS Warburg LLC	6-Month JPY-LIBOR	Receive	2.000%	12/20/2013		190,000		20
UBS Warburg LLC	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		320,000		(12	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	3.000%	06/20/2027		20,000		(1	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	2.500%	06/20/2036		60,000		(15	)
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016	MXN	2,000		(2	)
Merrill Lynch & Co., Inc.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		4,000		(1	)
Bank of America	3-Month USD-LIBOR	Pay	5.000%	06/18/2009	$	5,900		(29	)
Citibank N.A.	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		800		28
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	06/18/2009		22,800		(107	)
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		200		7
Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	5.000%	12/19/2012		1,300		(2	)

See Accompanying Notes Semiannual Report June 30, 2007 13

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)
Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	5.000%	06/20/2014	$	4,700	$	166
Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		800		(6	)
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	06/20/2009		900		(8	)
Morgan Stanley	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		3,300		(22	)
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		100		2
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	06/20/2008		1,000		(1	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2014		200		(1	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		9,300		(60	)
UBS Warburg LLC	3-Month USD-LIBOR	Receive	5.000%	12/20/2026		900		1
							$	(54	)

(e) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$	109.000	08/24/2007	20	$	0	$	0

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.800%	08/08/2007	$	2,000	$	8	$	0
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		4,600		18		8
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		4,000		19		8
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.850%	07/02/2007		17,200		45		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.900%	08/08/2007		7,000		16		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		2,000		10		3
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	12/15/2008		4,500		15		10
								$	131	$	29

Foreign Currency Options

Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Euro versus U.S. dollar	$	1.355	05/21/2008	EUR	1,000	$	30	$	34
Put - OTC Euro versus U.S. dollar		1.355	05/21/2008		1,000		30		25
Call - OTC U.S. dollar versus Japanese yen	JPY	120.000	09/26/2007	$	300		2		7
Call - OTC U.S. dollar versus Japanese yen		117.900	11/09/2007		600		6		20
Call - OTC U.S. dollar versus Japanese yen		117.500	11/19/2007		300		3		11
Call - OTC U.S. dollar versus Japanese yen		114.281	12/05/2007		300		4		17
Call - OTC U.S. dollar versus Japanese yen		114.650	01/18/2008		1,000		33		52
Put - OTC U.S. dollar versus Japanese yen		114.650	01/18/2008		1,000		33		8
Call - OTC U.S. dollar versus Japanese yen		121.400	01/23/2008		500		5		7
Call - OTC U.S. dollar versus Japanese yen		117.500	03/13/2008		400		3		13
Call - OTC U.S. dollar versus Japanese yen		115.950	06/09/2008		400		11		15
Put - OTC U.S. dollar versus Japanese yen		115.950	06/09/2008		400		10		8
Call - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		2,800		74		73
Put - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		2,800		74		76
						$	318	$	366

Options on Securities

Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 6.000% due 07/01/2037	$	91.500	07/05/2007	$	3,000	$	0	$	0
Call - OTC Fannie Mae 5.000% due 09/01/2037		101.125	09/06/2007		8,000		1		1
Put - OTC Fannie Mae 5.500% due 08/01/2037		89.500	08/07/2007		5,000		1		0
Put - OTC Fannie Mae 6.000% due 09/01/2037		92.500	09/06/2007		23,000		3		2
Call - OTC Fannie Mae 5.000% due 09/01/2037		102.438	09/06/2007		1,460		0		0
						$	5	$	3

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(f) Written options outstanding on June 30, 2007:

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	Bank of America	3-Month USD-LIBOR	Receive	4.900%	08/08/2007	$	1,000	$	8	$	0
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		2,000		18		7
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		2,000		22		10
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	07/02/2007		3,700		40		0
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	08/08/2007		1,200		14		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		900		11		3
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/15/2008		1,500		15		11
								$	128	$	31

(g) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value
Fannie Mae	5.000%	07/01/2037	$	10,000	$	9,611	$	9,370

(h) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AUD	1,772	07/2007	$	6	$	0		$	6
Sell		643	07/2007		0		(4	)		(4	)
Buy	BRL	1,256	07/2007		15		0			15
Sell		1,256	07/2007		8		0			8
Buy		1,021	10/2007		19		0			19
Buy		1,571	03/2008		9		(9	)		0
Sell	CAD	518	08/2007		0		(2	)		(2	)
Buy	CLP	6,033	11/2007		0		0			0
Buy		4,000	03/2008		0		0			0
Buy	CNY	5,292	11/2007		3		0			3
Buy		14,644	01/2008		0		(9	)		(9	)
Buy	DKK	32	09/2007		0		0			0
Sell		178	09/2007		0		0			0
Sell	EUR	10,084	07/2007		0		(132	)		(132	)
Sell	GBP	2,757	08/2007		0		(29	)		(29	)
Buy	HKD	475	07/2007		0		0			0
Buy		475	08/2007		0		0			0
Buy	JPY	41,361	07/2007		1		0			1
Sell		1,136,167	07/2007		131		(1	)		130
Buy	KRW	241,826	07/2007		2		0			2
Buy		278,085	08/2007		0		0			0
Buy		41,181	09/2007		1		0			1
Buy	MXN	4,263	03/2008		10		0			10
Buy	NOK	2,097	09/2007		6		0			6
Sell	NZD	649	07/2007		0		(5	)		(5	)
Buy	PLN	555	09/2007		2		0			2
Buy	RUB	9,889	09/2007		2		0			2
Buy		339	11/2007		0		0			0
Buy		5,866	12/2007		1		0			1
Buy	SEK	2,492	09/2007		4		0			4
Buy	SGD	176	08/2007		0		(2	)		(2	)
Buy	TWD	3,534	07/2007		1		0			1
Buy		3,534	08/2007		0		0			0
Buy	ZAR	70	09/2007		0		0			0
				$	221	$	(193	)	$	28

See Accompanying Notes Semiannual Report June 30, 2007 15

Notes to Financial Statements

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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	NOK	Norwegian Krone
CLP	Chilean Peso	NZD	New Zealand Dollar
CNY	Chinese Yuan Renminbi	PLN	Polish Zloty
DKK	Danish Krone	RUB	Russian Ruble
EUR	Euro	SEK	Swedish Krona
GBP	Great British Pound	SGD	Singapore Dollar
HKD	Hong Kong Dollar	TWD	Taiwan Dollar
JPY	Japanese Yen	ZAR	South African Rand

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set

price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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.

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

(j) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(k) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)   The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the

Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(l) 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 on 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.

(m) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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

18 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(n) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

(o) Bridge Debt Commitments  At the period ended June 30, 2007, the Portfolio had $300,000 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.

(p) 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-related 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.

(q) 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” or “Ginnie Mae”), 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.

(r) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.50%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	244,978	$	245,637	$	62,337	$	54,812

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	Notional Amount in $			Notional Amount in GBP			Premium
Balance at 12/31/2006	$	27,300		GBP	1,000		$	275
Sales		7,600			0			79
Closing Buys		(22,600	)		0			(207	)
Expirations		0			(1,000	)		(19	)
Exercised		0			0			0
Balance at 06/30/2007	$	12,300		GBP	0		$	128

20 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	1,076			10,804		2,354			24,018
Issued as reinvestment of distributions
Institutional Class	0			0		0			1
Administrative Class	103			1,029		246			2,512
Cost of shares redeemed
Institutional Class	0			0		0			0
Administrative Class	(933	)		(9,322	)	(1,340	)		(13,658	)
Net increase resulting from Portfolio share transactions	246		$	2,511		1,260		$	12,873

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	5	89

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

Semiannual Report June 30, 2007 21

Notes to Financial Statements (Cont.)

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    1,513	$    (1,503)	$    10

22 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 23

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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	17
Privacy Policy	24

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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).

Semiannual Report June 30, 2007 3

PIMCO Global Bond Portfolio (Unhedged)

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

United States	55.5%
Germany	12.6%
United Kingdom	10.1%
Japan	9.1%
Short-Term Instruments	6.1%
Spain	2.9%
Other	3.7%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio     Inception     (01/10/02)**
	PIMCO Global Bond Portfolio (Unhedged) Administrative Class	-1.10%	1.19%	5.90%	7.32%
	JPMorgan Government Bond Indices Global FX New York Index Unhedged in USD±	-0.43%	2.91%	6.21%	7.42%

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.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± JPMorgan Government Bond Indices Global FX New York Index Unhedged in USD is an unmanaged index 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 the index. The index does not reflect deduction for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	988.98	$	1,020.33
Expenses Paid During Period†	$	4.44	$	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 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.

» Global unhedged bonds produced weak returns as bond yields rose across major markets.

» Exposure to U.S. shorter maturities, principally through interest rate futures contracts, detracted from performance as yields rose.

» An underweight to U.K. interest rates, notably at the long-end of the yield curve, was positive for returns as U.K. yields rose sharply.

» An overweight to European interest rates was negative for returns as yields rose due to the region’s growth momentum.

» An overweight to mortgage-backed securities detracted from returns as mortgage spreads widened.

» Emerging market currency exposure was positive for returns as these currencies outperformed the U.S. dollar.

» Global swap spread widening strategies were positive for returns as global swap spreads widened.

4 PIMCO Variable Insurance Trust

Financial Highlights  Global Bond Portfolio (Unhedged)

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			01/10/2002-12/31/2002
Administrative Class
Net asset value beginning of year or period	$	12.06		$	11.91		$	13.27		$	13.03		$	11.69		$	10.00
Net investment income (a)		0.20			0.42			0.35			0.26			0.25			0.28
Net realized/unrealized gain (loss) on investments (a)		(0.33	)		0.13			(1.22	)		1.08			1.42			1.73
Total income (loss) from investment operations		(0.13	)		0.55			(0.87	)		1.34			1.67			2.01
Dividends from net investment income		(0.19	)		(0.40	)		(0.32	)		(0.24	)		(0.25	)		(0.27	)
Distributions from net realized capital gains		0.00			0.00			(0.17	)		(0.86	)		(0.08	)		(0.05	)
Total distributions		(0.19	)		(0.40	)		(0.49	)		(1.10	)		(0.33	)		(0.32	)
Net asset value end of year or period	$	11.74		$	12.06		$	11.91		$	13.27		$	13.03		$	11.69
Total return		(1.10	)%		4.63	%		(6.61	)%		10.60	%		14.43	%		20.35	%
Net assets end of year or period (000s)	$	201,348		$	173,894		$	94,214		$	41,695		$	29,415		$	20,456
Ratio of expenses to average net assets		0.90	%*		0.90	%		0.90	%		0.90	%		0.92	%		0.90	%*(b)
Ratio of expenses to average net assets excluding interest expense		0.90	%*		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%*(b)
Ratio of net investment income to average net assets		3.31	%*		3.49	%		2.82	%		2.03	%		2.03	%		2.65	%*
Portfolio turnover rate		277	%		224	%		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%.

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Global Bond Portfolio (Unhedged)

(Amounts in thousands, except per share amounts)	June 30, 2007 (Unaudited)
Assets:
Investments, at value	$	296,193
Foreign currency, at value		4,357
Receivable for investments sold		25,626
Receivable for Portfolio shares sold		134
Interest and dividends receivable		2,426
Variation margin receivable		98
Swap premiums paid		5,055
Unrealized appreciation on foreign currency contracts		458
Unrealized appreciation on swap agreements		2,768
		337,115
Liabilities:
Payable for investments purchased	$	101,093
Payable for investments purchased on a delayed-delivery basis		5,295
Payable for Portfolio shares redeemed		580
Payable for short sales		24,418
Written options outstanding		123
Accrued investment advisory fee		42
Accrued administration fee		84
Accrued servicing fee		25
Variation margin payable		109
Swap premiums received		583
Unrealized depreciation on foreign currency contracts		589
Unrealized depreciation on swap agreements		2,628
		135,569
Net Assets	$	201,546
Net Assets Consist of:
Paid in capital	$	206,138
(Overdistributed) net investment income		(311	)
Accumulated undistributed net realized (loss)		(4,303	)
Net unrealized appreciation		22
	$	201,546
Net Assets:
Institutional Class	$	188
Administrative Class		201,348
Advisor Class		10
Shares Issued and Outstanding:
Institutional Class		16
Administrative Class		17,147
Advisor Class		1
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	11.74
Administrative Class		11.74
Advisor Class		11.74
Cost of Investments Owned	$	296,515
Cost of Foreign Currency Held	$	4,343
Proceeds Received on Short Sales	$	24,631
Premiums Received on Written Options	$	547

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Global Bond Portfolio (Unhedged)

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)
Investment Income:
Interest, net of foreign taxes*	$	3,989
Dividends		23
Miscellaneous income		4
Total Income		4,016
Expenses:
Investment advisory fees		237
Administration fees		475
Servicing fees – Administrative Class		142
Trustees’ fees		2
Interest expense		1
Total Expenses		857
Net Investment Income		3,159
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(1,909	)
Net realized (loss) on futures contracts, written options and swaps		(946	)
Net realized (loss) on foreign currency transactions		(1,938	)
Net change in unrealized (depreciation) on investments		(2,177	)
Net change in unrealized appreciation on futures contracts, written options and swaps		1,272
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		391
Net (Loss)		(5,307	)
Net (Decrease) in Net Assets Resulting from Operations	$	(2,148	)
*Foreign tax withholding	$	1

See Accompanying Notes Semiannual Report June 30, 2007 7

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

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	3,159		$	4,817
Net realized gain (loss)		(4,793	)		1,490
Net change in unrealized (depreciation)		(514	)		(120	)
Net increase (decrease) resulting from operations		(2,148	)		6,187
Distributions to Shareholders:
From net investment income
Institutional Class		(3	)		0
Administrative Class		(3,049	)		(4,594	)
Advisor Class		0			0
Total Distributions		(3,052	)		(4,594	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		150			49
Administrative Class		50,329			99,227
Advisor Class		0			10
Issued as reinvestment of distributions
Institutional Class		3			0
Administrative Class		3,049			4,593
Advisor Class		0			0
Cost of shares redeemed
Institutional Class		(8	)		(1	)
Administrative Class		(20,729	)		(25,733	)
Advisor Class		0			0
Net increase resulting from Portfolio share transactions		32,794			78,145
Total Increase in Net Assets		27,594			79,738
Net Assets:
Beginning of period		173,952			94,214
End of period*	$	201,546		$	173,952
*Including (overdistributed) net investment income of:	$	(311	)	$	(418	)

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Global Bond Portfolio (Unhedged) June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BELGIUM 0.4%
Belgium Government Bond
4.250% due 09/28/2014	EUR	600	$	795
Total Belgium (Cost $761)				795
BERMUDA 0.2%
Intelsat Bermuda Ltd.
5.250% due 11/01/2008	$	400		396
Total Bermuda (Cost $395)				396
BRAZIL 0.1%
Vale Overseas Ltd.
6.250% due 01/11/2016	$	300		299
Total Brazil (Cost $300)				299
CANADA 0.5%
DaimlerChrysler Canada Finance, Inc.
4.850% due 03/30/2009	CAD	200		187
Province of Ontario Canada
6.200% due 06/02/2031		500		550
Rogers Wireless, Inc.
7.250% due 12/15/2012	$	200		211
Total Canada (Cost $939)				948
CAYMAN ISLANDS 1.0%
Mizuho Finance Cayman Ltd.
2.116% due 08/29/2049	JPY	100,000		822
8.375% due 12/29/2049	$	400		418
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049		400		394
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049		400		387
Total Cayman Islands (Cost $2,083)				2,021
FRANCE 0.8%
France Government Bond
3.150% due 07/25/2032 (c)	EUR	110		170
5.750% due 10/25/2032		600		930
6.500% due 04/25/2011		300		434
Total France (Cost $1,569)				1,534
GERMANY 18.5%
Republic of Germany
3.750% due 01/04/2015	EUR	3,200		4,111
4.250% due 01/04/2014		1,400		1,862
4.250% due 07/04/2014		5,700		7,573
4.750% due 07/04/2028		300		407
4.750% due 07/04/2034		100		136
5.000% due 07/04/2012		3,500		4,833
5.250% due 01/04/2011		5,400		7,475
5.500% due 01/04/2031		400		600
5.625% due 01/04/2028		3,550		5,357
6.250% due 01/04/2024		600		955
6.250% due 01/04/2030		1,300		2,124
6.500% due 07/04/2027		1,100		1,826
Total Germany (Cost $36,778)				37,259
ICELAND 0.2%
Glitnir Banki HF
5.618% due 04/20/2010	$	500		500
Total Iceland (Cost $500)				500

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
IRELAND 0.2%
Bank of Ireland
5.370% due 12/19/2008	$	400	$	401
Total Ireland (Cost $400)				401
ITALY 0.2%
Seashell Securities PLC
4.295% due 07/25/2028	EUR	39		52
Siena Mortgages SpA
4.377% due 12/16/2038		237		323
Total Italy (Cost $332)				375
JAPAN 13.4%
Bank of Tokyo-Mitsubishi UFJ Ltd.
3.500% due 12/16/2015	EUR	100		129
Japan Government Bond
1.000% due 09/20/2010	JPY	100,000		806
1.500% due 03/20/2011		620,000		5,075
1.500% due 03/20/2014		30,000		241
1.600% due 09/20/2013		10,000		81
1.600% due 06/20/2014		120,000		971
1.600% due 09/20/2014		120,000		969
2.300% due 05/20/2030		7,000		57
2.300% due 06/20/2035		130,000		1,028
2.400% due 03/20/2034		130,000		1,054
2.500% due 09/20/2035		360,000		2,968
2.500% due 06/20/2036		280,000		2,299
Japanese Government CPI Linked Bond
0.800% due 12/10/2015		119,880		944
1.100% due 12/10/2016		1,053,640		8,453
1.200% due 06/10/2017		120,000		968
Resona Bank Ltd.
5.850% due 09/29/2049	$	100		96
Sumitomo Mitsui Banking Corp.
1.641% due 12/31/2049	JPY	100,000		819
5.625% due 07/29/2049	$	100		95
Total Japan (Cost $28,833)				27,053
JERSEY, CHANNEL ISLANDS 0.1%
HSBC Capital Funding LP
9.547% due 12/31/2049	$	100		110
Total Jersey, Channel Islands (Cost $112)				111
MEXICO 0.1%
Pemex Project Funding Master Trust
5.750% due 12/15/2015	$	100		98
Total Mexico (Cost $97)				98
NETHERLANDS 0.8%
Dutch Mortgage-Backed Securities BV
4.202% due 10/02/2079	EUR	969		1,317
Netherlands Government Bond
4.250% due 07/15/2013		200		266
Siemens Financieringsmaatschappij NV
5.410% due 08/14/2009	$	100		100
Total Netherlands (Cost $1,539)				1,683
NORWAY 0.2%
DnB NORBank ASA
5.425% due 10/13/2009	$	300		300
Total Norway (Cost $300)				300

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
RUSSIA 0.2%
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008	$	500	$	501
Total Russia (Cost $500)				501
SPAIN 4.2%
Santander U.S. Debt S.A. Unipersonal
5.420% due 11/20/2009	$	400		400
Spain Government Bond
4.750% due 07/30/2014	EUR	5,000		6,844
5.150% due 07/30/2009		900		1,233
Total Spain (Cost $8,097)				8,477
UNITED KINGDOM 14.8%
HBOS PLC
5.920% due 09/29/2049	$	1,200		1,127
Holmes Financing PLC
4.228% due 07/15/2010	EUR	100		135
HSBC Holdings PLC
6.500% due 05/02/2036	$	1,200		1,237
Punch Taverns Finance Ltd.
6.824% due 10/15/2032 (a)	GBP	100		201
Royal Bank of Scotland Group PLC
5.750% due 07/06/2012	$	100		100
Tate & Lyle International Finance PLC
6.125% due 06/15/2011		200		202
United Kingdom Gilt
4.250% due 03/07/2011	GBP	2,200		4,194
4.750% due 06/07/2010		7,520		14,675
4.750% due 09/07/2015		1,500		2,859
5.000% due 03/07/2008		100		200
5.000% due 03/07/2012		2,500		4,877
XL Capital Europe PLC
6.500% due 01/15/2012	$	100		103
Total United Kingdom (Cost $28,717)				29,910
UNITED STATES 81.6%
ASSET-BACKED SECURITIES 7.5%
Accredited Mortgage Loan Trust
5.360% due 09/25/2036	$	373		373
5.370% due 02/25/2037		689		690
ACE Securities Corp.
5.430% due 10/25/2035		17		17
Amortizing Residential Collateral Trust
5.610% due 07/25/2032		1		1
5.670% due 10/25/2031		3		3
Asset-Backed Funding Certificates
5.380% due 01/25/2037		603		603
Asset-Backed Securities Corp. Home Equity
5.370% due 12/25/2036		571		571
Carrington Mortgage Loan Trust
5.370% due 12/25/2036		680		681
Centex Home Equity
5.370% due 06/25/2036		182		182
Countrywide Asset-Backed Certificates
5.350% due 01/25/2046		362		362
5.370% due 05/25/2037		1,328		1,328
Credit-Based Asset Servicing & Securitization LLC
5.380% due 11/25/2036		655		656
CSAB Mortgage-Backed Trust
5.420% due 06/25/2036		97		97

See Accompanying Notes Semiannual Report June 30, 2007 9

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

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CS First Boston Mortgage Securities Corp.
5.940% due 01/25/2032	$	1	$	1
First Franklin Mortgage Loan Asset-Backed Certificates
5.350% due 05/25/2036		277		277
5.360% due 01/25/2038		658		658
Fremont Home Loan Trust
5.370% due 10/25/2036		554		554
GSAMP Trust
5.420% due 01/25/2047		721		721
5.610% due 03/25/2034		41		41
HSI Asset Securitization Corp. Trust
5.370% due 12/25/2036		674		675
Indymac Residential Asset-Backed Trust
5.360% due 08/25/2036		272		272
5.380% due 04/25/2037		632		632
IXIS Real Estate Capital Trust
5.380% due 08/25/2036		94		94
JPMorgan Mortgage Acquisition Corp.
5.370% due 10/25/2036		654		653
Lehman XS Trust
5.400% due 04/25/2046		178		179
5.400% due 07/25/2046		354		354
Long Beach Mortgage Loan Trust
5.380% due 05/25/2046		124		124
Merrill Lynch Mortgage Investors, Inc.
5.390% due 08/25/2036		520		521
Morgan Stanley ABS Capital I
5.360% due 07/25/2036		340		340
5.390% due 02/25/2036		155		155
Morgan Stanley Home Equity Loans
5.390% due 02/25/2036		227		227
Option One Mortgage Loan Trust
5.390% due 01/25/2036		186		187
Residential Asset Mortgage Products, Inc.
5.400% due 01/25/2036		96		96
5.400% due 02/25/2036		129		129
Residential Asset Securities Corp.
5.380% due 04/25/2036		81		81
SACO I, Inc.
5.380% due 05/25/2036		92		92
Saxon Asset Securities Trust
5.590% due 01/25/2032		2		2
Securitized Asset-Backed Receivables LLC Trust
5.370% due 12/25/2036		675		675
5.380% due 03/25/2036		202		202
Soundview Home Equity Loan Trust
5.430% due 11/25/2035		8		8
Structured Asset Securities Corp.
4.900% due 04/25/2035		54		54
5.720% due 05/25/2034		10		10
Truman Capital Mortgage Loan Trust
5.660% due 01/25/2034		13		13
Washington Mutual Asset-Backed Certificates
5.380% due 10/25/2036		674		675
Wells Fargo Home Equity Trust
5.440% due 12/25/2035		270		270
5.550% due 10/25/2035		546		547
				15,083
CORPORATE BONDS & NOTES 11.4%
American Express Credit Corp.
5.380% due 03/02/2009		400		401

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
American International Group, Inc.
4.875% due 03/15/2067	EUR	200	$	257
6.250% due 03/15/2037	$	100		95
AT&T, Inc.
5.450% due 05/15/2008		600		601
AutoZone, Inc.
5.875% due 10/15/2012		100		100
Bank of America Corp.
5.366% due 11/06/2009		400		400
BellSouth Corp.
5.200% due 09/15/2014		200		192
Boston Scientific Corp.
6.400% due 06/15/2016		200		195
CenterPoint Energy, Inc.
5.875% due 06/01/2008		200		200
Charter One Bank N.A.
5.405% due 04/24/2009		1,000		1,001
CIT Group, Inc.
5.430% due 02/21/2008		300		300
5.470% due 06/08/2009		500		498
5.570% due 05/23/2008		100		100
Citigroup, Inc.
5.400% due 12/26/2008		400		400
CMS Energy Corp.
6.310% due 01/15/2013 (a)		200		201
7.500% due 01/15/2009		200		206
CNA Financial Corp.
6.000% due 08/15/2011		200		201
ConocoPhillips Australia Funding Co.
5.460% due 04/09/2009		500		500
CSX Corp.
6.300% due 03/15/2012		200		204
CVS Caremark Corp.
5.750% due 08/15/2011		200		200
DaimlerChrysler N.A. Holding Corp.
5.710% due 03/13/2009		600		601
5.750% due 05/18/2009		200		201
Dex Media East LLC
9.875% due 11/15/2009		400		416
Dominion Resources, Inc.
5.660% due 09/28/2007		100		100
DR Horton, Inc.
6.000% due 04/15/2011		200		195
El Paso Performance-Linked Trust
7.750% due 07/15/2011		300		311
Equistar Chemicals LP
8.750% due 02/15/2009		400		416
Fleet National Bank
0.801% due 07/07/2008	JPY	30,000		244
Ford Motor Credit Co.
5.800% due 01/12/2009	$	200		196
6.625% due 06/16/2008		600		600
7.250% due 10/25/2011		200		193
8.105% due 01/13/2012		500		499
Freeport-McMoRan Copper & Gold, Inc.
8.564% due 04/01/2015		400		420
General Electric Capital Corp.
5.460% due 06/15/2009		1,300		1,304
General Motors Acceptance Corp.
6.510% due 09/23/2008		500		500
GMAC LLC
6.610% due 05/15/2009		500		500

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Harrah’s Operating Co., Inc.
5.956% due 02/08/2008	$	100	$	100
HJ Heinz Co.
6.428% due 12/01/2008		300		303
HJ Heinz Finance Co.
6.000% due 03/15/2012		100		100
HSBC Finance Corp.
5.450% due 06/19/2009		400		401
5.490% due 09/15/2008		100		100
International Lease Finance Corp.
5.350% due 03/01/2012		200		198
5.400% due 02/15/2012		200		198
iStar Financial, Inc.
5.150% due 03/01/2012		200		193
JC Penney Corp., Inc.
8.000% due 03/01/2010		200		211
JPMorgan Chase & Co.
5.058% due 02/22/2021	CAD	200		182
JPMorgan Chase Capital XXII
6.450% due 02/02/2037	$	100		95
JPMorgan Mortgage Acquisition Corp.
6.550% due 09/15/2066		400		386
Kraft Foods, Inc.
6.250% due 06/01/2012		200		204
Mandalay Resort Group
6.500% due 07/31/2009		400		402
Merck & Co., Inc.
4.750% due 03/01/2015		200		188
Merrill Lynch & Co., Inc.
5.395% due 10/23/2008		200		200
5.450% due 08/14/2009		200		200
Mizuho Preferred Capital Co. LLC
8.790% due 12/29/2049		100		103
Morgan Stanley
5.467% due 02/09/2009		500		501
5.809% due 10/18/2016		200		200
Newell Rubbermaid, Inc.
4.000% due 05/01/2010		200		192
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		100		101
Rabobank Capital Funding Trust
5.254% due 12/29/2049		400		375
Ryder System, Inc.
5.850% due 11/01/2016		200		194
Sara Lee Corp.
6.250% due 09/15/2011		200		204
SB Treasury Co. LLC
9.400% due 12/29/2049		100		103
State Street Capital Trust IV
6.355% due 06/15/2037		500		504
Time Warner, Inc.
5.500% due 11/15/2011		200		198
5.590% due 11/13/2009		400		401
Tokai Preferred Capital Co. LLC
9.980% due 12/29/2049		300		313
Toyota Motor Credit Corp.
5.330% due 10/12/2007		400		400
TXU Corp.
6.375% due 01/01/2008		300		302
U.S. Bancorp
5.350% due 04/28/2009		300		300
Wachovia Bank N.A.
5.400% due 03/23/2009		500		500

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Wal-Mart Stores, Inc.
5.260% due 06/16/2008	$	400	$	400
Wells Fargo Capital X
5.950% due 12/15/2036		200		187
Westpac Banking Corp.
5.280% due 06/06/2008		400		400
Wyeth
6.950% due 03/15/2011		200		210
Xerox Corp.
9.750% due 01/15/2009		200		212
				22,909
MORTGAGE-BACKED SECURITIES 5.8%
Banc of America Mortgage Securities, Inc.
5.000% due 05/25/2034		231		226
Bear Stearns Commercial Mortgage Securities
5.430% due 03/15/2019		649		649
Bear Stearns Mortgage Funding Trust
5.390% due 02/25/2037		737		737
CC Mortgage Funding Corp.
5.500% due 07/25/2036		514		514
Countrywide Alternative Loan Trust
5.530% due 03/20/2046		348		347
5.600% due 02/25/2037		388		389
6.185% due 08/25/2036		579		579
Countrywide Home Loan Mortgage Pass-Through Trust
5.550% due 05/25/2035		258		258
5.610% due 04/25/2035		23		23
5.640% due 03/25/2035		330		331
5.650% due 02/25/2035		31		31
5.700% due 09/25/2034		41		41
CS First Boston Mortgage Securities Corp.
6.500% due 04/25/2033		7		7
First Horizon Asset Securities, Inc.
6.250% due 08/25/2017		235		234
GE Capital Commercial Mortgage Corp.
4.229% due 12/10/2037		507		496
GMAC Commercial Mortgage Securities, Inc.
6.420% due 05/15/2035		87		88
GMAC Mortgage Corp. Loan Trust
5.500% due 09/25/2034		110		109
Greenpoint Mortgage Funding Trust
5.590% due 11/25/2045		35		35
Greenwich Capital Commercial Funding Corp.
5.444% due 03/10/2039		800		775
GSR Mortgage Loan Trust
4.538% due 09/25/2035		232		229
5.354% due 06/25/2034		50		51
Harborview Mortgage Loan Trust
5.690% due 02/19/2034		13		13
Indymac Index Mortgage Loan Trust
5.400% due 07/25/2046		87		87
JPMorgan Mortgage Trust
4.768% due 07/25/2035		750		741
MASTR Asset Securitization Trust
4.500% due 03/25/2018		173		169
Mellon Residential Funding Corp.
5.760% due 12/15/2030		46		46
Nomura Asset Acceptance Corp.
5.050% due 10/25/2035		69		69
Residential Accredit Loans, Inc.
5.530% due 04/25/2046		465		465

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Structured Asset Mortgage Investments, Inc.
5.540% due 05/25/2036	$	509	$	510
5.610% due 07/19/2034		15		15
5.670% due 03/19/2034		25		25
Thornburg Mortgage Securities Trust
5.430% due 12/25/2036		681		681
Wachovia Bank Commercial Mortgage Trust
5.410% due 09/15/2021		610		610
Washington Mutual, Inc.
5.094% due 10/25/2032		4		4
5.474% due 02/27/2034		18		18
5.590% due 12/25/2045		177		177
5.610% due 10/25/2045		93		94
5.630% due 01/25/2045		33		33
5.640% due 01/25/2045		31		31
5.724% due 07/25/2046		563		566
5.860% due 12/25/2027		113		113
6.429% due 08/25/2042		32		32
Wells Fargo Mortgage-Backed Securities Trust
4.500% due 11/25/2018		379		368
4.750% due 10/25/2018		218		211
4.950% due 03/25/2036		425		419
5.254% due 04/25/2036		138		138
				11,784
MUNICIPAL BONDS & NOTES 0.0%
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2004
5.000% due 02/01/2028		25		26
		SHARES
PREFERRED STOCKS 0.4%
DG Funding Trust
7.600% due 12/31/2049		58		604
Fresenius Medical Care Capital Trust II
7.875% due 02/01/2008		200		202
				806
		PRINCIPAL AMOUNT (000S)
COMMODITY INDEX-LINKED NOTES 0.5%
Morgan Stanley
0.000% due 07/07/2008	$	1,000		994
U.S. GOVERNMENT AGENCIES 54.8%
Fannie Mae
4.187% due 11/01/2034		325		322
4.397% due 10/01/2034		38		38
4.940% due 12/01/2034		48		48
5.000% due 11/01/2018 - 03/01/2036		796		758
5.440% due 03/25/2034		33		33
5.470% due 08/25/2034		27		27
5.500% due 10/01/2016 - 07/01/2037		22,233		21,483
5.570% due 06/25/2044		29		29
6.000% due 07/01/2037 - 07/25/2044		72,100		71,324
6.500% due 07/01/2037		7,000		7,067
Freddie Mac
4.500% due 02/15/2017 - 02/01/2018		1,991		1,913
5.000% due 03/15/2017		331		327
5.500% due 06/01/2035 - 07/01/2037		4,657		4,497
5.550% due 07/15/2037		1,400		1,400
6.000% due 04/15/2036		965		907
6.227% due 10/25/2044		193		195
7.190% due 02/01/2029		27		27

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Ginnie Mae
5.125% due 11/20/2024	$	6	$	7
				110,402
U.S. TREASURY OBLIGATIONS 1.2%
U.S. Treasury Bonds
8.125% due 08/15/2019		100		127
8.750% due 05/15/2017		100		128
8.875% due 02/15/2019		200		265
U.S. Treasury Notes
4.250% due 11/15/2014		1,000		954
4.625% due 02/29/2012		200		198
4.875% due 01/31/2009		100		100
U.S. Treasury Strips
0.000% due 05/15/2017		430		260
0.000% due 08/15/2020		300		151
0.000% due 11/15/2021		600		283
				2,466
Total United States (Cost $164,845)				164,470
SHORT-TERM INSTRUMENTS 9.0%
CERTIFICATES OF DEPOSIT 2.8%
Abbey National Treasury Services PLC
5.270% due 07/02/2008		400		400
BNP Paribas
5.262% due 05/28/2008		800		800
Countrywide Funding Corp.
5.360% due 08/16/2007		700		700
Fortis Bank NY
5.265% due 04/28/2008		300		300
Nordea Bank Finland PLC
5.308% due 05/28/2008		500		501
Societe Generale NY
5.271% due 06/30/2008		1,300		1,301
Unicredito Italiano NY
5.358% due 12/13/2007		400		400
5.358% due 05/06/2008		900		900
5.360% due 12/03/2007		300		300
				5,602
COMMERCIAL PAPER 5.2%
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		4,600		4,600
UBS Finance Delaware LLC
5.205% due 10/23/2007		300		299
5.235% due 10/23/2007		5,600		5,545
				10,444
REPURCHASE AGREEMENTS 0.5%
State Street Bank and Trust Co.
4.900% due 07/02/2007		922		922
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $945. Repurchase proceeds are $922.)
U.S. TREASURY BILLS 0.5%
4.657% due 08/30/2007 - 09/13/2007 (b)(e)		1,110		1,099
Total Short-Term Instruments (Cost $18,068)				18,067

See Accompanying Notes Semiannual Report June 30, 2007 11

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

		VALUE (000S)
PURCHASED OPTIONS (g) 0.5%
(Cost $1,350)	$	995
Total Investments (d) 147.0% (Cost $296,515)	$	296,193
Written Options (h) (0.1%) (Premiums $547)		(123	)
Other Assets and Liabilities (Net) (46.9%)		(94,524	)
Net Assets 100.0%	$	201,546

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) When-issued security.

(b) Coupon represents a weighted average rate.

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

(d) As of June 30, 2007, portfolio securities with an aggregate value of $2,394 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(e) Securities with an aggregate market value of $1,099 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2007	36	$	9
90-Day Eurodollar March Futures	Long	03/2008	8		(9	)
90-Day Euroyen December Futures	Long	12/2007	133		(32	)
Euro-Bobl 5-Year Note September Futures	Long	09/2007	146		(50	)
Euro-Bobl 5-Year Note September Futures Put Options Strike @ EUR 104.000	Long	09/2007	93		1
Euro-Bund 10-Year Note September Futures	Long	09/2007	240		(176	)
Euro-Bund 10-Year Note September Futures Put Options Strike @ EUR 106.000	Long	09/2007	207		3
Japan Government 10-Year Bond September Futures	Long	09/2007	34		(132	)
U.S. Treasury 10-Year Note September Futures	Long	09/2007	125		62
U.S. Treasury 30-Year Bond September Futures	Long	09/2007	32		33
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2007	34		(36	)
				$	(327	)

(f) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016	EUR	800	$	(1	)
BNP Paribas Bank	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		500		0
Deutsche Bank AG	Akzo Nobel NV 4.250% due 06/14/2011	Buy	(0.290%	)	06/20/2012		200		(1	)
Deutsche Bank AG	Kelda Group PLC 6.625% DUE 04/17/2031	Buy	(0.210%	)	06/20/2012		200		0
Deutsche Bank AG	United Utilities PLC 6.875% due 08/15/2028	Buy	(0.235%	)	06/20/2012		200		1
Deutsche Bank AG	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		1,200		(1	)
Goldman Sachs & Co.	ICI Wilmington, Inc. 5.625% due 12/01/2013	Buy	(0.340%	)	06/20/2012		200		0
Goldman Sachs & Co.	Koninklijke DSM NV 4.000% due 11/10/2015	Buy	(0.365%	)	06/20/2012		200		(1	)
Goldman Sachs & Co.	SCA Finans AB 4.500% due 07/15/2015	Buy	(0.250%	)	06/20/2012		200		0
Goldman Sachs & Co.	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		100		0
HSBC Bank USA	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		100		0
JPMorgan Chase & Co.	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		700		(2	)
Merrill Lynch & Co., Inc.	Compass Group PLC 6.375% due 05/29/2012	Buy	(0.390%	)	06/20/2012		200		0
Deutsche Bank AG	SOFTBANK Corp. 1.750% due 03/31/2014	Sell	2.300%		09/20/2007	JPY	47,000		2
Bank of America	Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.150%		06/20/2008	$	600		0
Bank of America	Merrill Lynch & Co., Inc. 6.000% due 02/17/2009	Sell	0.150%		06/20/2008		200		0
Bank of America	DR Horton, Inc. 6.000% due 04/15/2011	Buy	(0.890%	)	06/20/2011		200		3
Bank of America	Time Warner, Inc. 5.500% due 11/15/2011	Buy	(0.310%	)	12/20/2011		200		(1	)
Bank of America	Transocean, Inc. 7.375% due 04/15/2018	Buy	(0.539%	)	06/20/2017		100		0
Bank of America	Transocean, Inc. 7.375% due 04/15/2018	Buy	(0.505%	)	06/20/2017		400		(1	)
Barclays Bank PLC	International Lease Finance Corp. 5.400% due 02/15/2012	Buy	(0.170%	)	03/20/2012		200		0

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	XL Capital Europe PLC 6.500% due 01/15/2012	Buy	(0.310%	)	03/20/2012	$	100	$	0
Barclays Bank PLC	American Electric Power Co., Inc. 5.250% due 06/01/2015	Buy	(0.100%	)	06/20/2012		100		0
Barclays Bank PLC	Capital One Bank 5.125% due 02/15/2014	Buy	(0.160%	)	06/20/2012		400		1
Barclays Bank PLC	Noble Corp. 5.875% due 06/01/2013	Buy	(0.530%	)	06/20/2012		100		0
Bear Stearns & Co., Inc.	CNA Financial Corp. 6.000% due 08/15/2011	Buy	(0.440%	)	09/20/2011		100		0
Bear Stearns & Co., Inc.	H.J. Heinz Finance Co. 6.000% due 03/15/2012	Buy	(0.370%	)	03/20/2012		100		0
Bear Stearns & Co., Inc.	Kraft Foods, Inc. 6.250% due 06/01//2012	Buy	(0.170%	)	06/20/2012		200		1
Bear Stearns & Co., Inc.	MeadWestvaco Corp. 6.850% due 04/01/2012	Buy	(0.520%	)	06/20/2012		1,000		2
Bear Stearns & Co., Inc.	Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.480%	)	06/20/2012		1,000		(1	)
Bear Stearns & Co., Inc.	Ryder System, Inc. 5.850% due 11/01/2016	Buy	(0.460%	)	12/20/2016		200		4
Citibank N.A.	Newell Rubbermaid, Inc. 4.000% due 05/01/2010	Buy	(0.130%	)	06/20/2010		200		0
Citibank N.A.	Nabors Industries, Inc. 5.375% due 08/15/2012	Buy	(0.470%	)	06/20/2012		100		(1	)
Citibank N.A.	AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.680%	)	12/20/2012		100		(2	)
Credit Suisse First Boston	CenterPoint Energy, Inc. 5.875% due 06/01/2008	Buy	(0.170%	)	06/20/2008		200		0
Credit Suisse First Boston	DaimlerChrysler N.A. Holding Corp. 5.750% due 05/18/2009	Buy	(0.380%	)	06/20/2009		200		(1	)
Credit Suisse First Boston	iStar Financial, Inc. 5.150% due 03/01/2012	Buy	(0.450%	)	03/20/2012		200		1
Credit Suisse First Boston	Noble Corp. 5.875% due 06/01/2013	Buy	(0.530%	)	06/20/2012		100		0
Credit Suisse First Boston	Noble Corp. 5.875% due 06/01/2013	Buy	(0.519%	)	06/20/2012		300		(1	)
Deutsche Bank AG	Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.160%		06/20/2008		300		0
Deutsche Bank AG	Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.120%		06/20/2008		600		0
Deutsche Bank AG	Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.160%		06/20/2008		700		0
Deutsche Bank AG	JC Penney Corp., Inc. 8.000% due 03/01/2010	Buy	(0.270%	)	03/20/2010		200		0
Goldman Sachs & Co.	Carnival Corp. 6.650% due 01/15/2028	Buy	(0.210%	)	06/20/2012		100		0
Goldman Sachs & Co.	Dow Jones CDX N.A. IG8 Index	Sell	0.350%		06/20/2012		6,700		(15	)
Goldman Sachs & Co.	GlobalSantaFe Corp. 5.000% due 02/15/2013	Buy	(0.445%	)	06/20/2012		300		(1	)
Goldman Sachs & Co.	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		26,200		150
Goldman Sachs & Co.	International Paper Co. 5.850% due 10/30/2012	Buy	(0.675%	)	06/20/2017		100		0
Goldman Sachs & Co.	MeadWestvaco Corp. 6.850% due 04/01/2012	Buy	(1.040%	)	06/20/2017		500		3
HSBC Bank USA	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.240%		02/20/2008		500		0
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700%		04/20/2009		400		2
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.730%		04/20/2009		400		2
JPMorgan Chase & Co.	CNA Financial Corp. 6.000% due 08/15/2011	Buy	(0.440%	)	09/20/2011		100		0
Lehman Brothers, Inc.	Ford Motor Credit Co. 7.875% due 06/15/2010	Buy	(2.310%	)	06/20/2010		200		0
Lehman Brothers, Inc.	Wyeth 6.950% due 03/15/2011	Buy	(0.100%	)	03/20/2011		200		0
Lehman Brothers, Inc.	Tate & Lyle International Finance PLC 6.125% due 06/15/2011	Buy	(0.315%	)	06/20/2011		200		0
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.280%		08/20/2011		3,200		93
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.350%		08/20/2011		2,300		73
Lehman Brothers, Inc.	CVS Corp. 5.750% due 08/15/2011	Buy	(0.210%	)	09/20/2011		200		0
Lehman Brothers, Inc.	Sealed Air Corp. 6.250% due 09/15/2011	Buy	(0.350%	)	09/20/2011		200		0
Lehman Brothers, Inc.	BellSouth Corp. 5.200% due 09/15/2014	Buy	(0.325%	)	09/20/2014		200		(1	)
Lehman Brothers, Inc.	Merck & Co., Inc. 4.750% due 03/01/2015	Buy	(0.135%	)	03/20/2015		200		1
Merrill Lynch & Co., Inc.	CSX Corp. 6.300% due 03/15/2012	Buy	(0.230%	)	03/20/2012		200		1
Merrill Lynch & Co., Inc.	International Lease Finance Corp. 5.350% due 03/01/2012	Buy	(0.130%	)	03/20/2012		200		0
Morgan Stanley	Xerox Corp. 9.750% due 01/15/2009	Buy	(0.290%	)	03/20/2009		200		0
Morgan Stanley	Glitnir Banki HF floating rate based on 3-Month USD-LIBOR plus 0.260% due 04/20/2010	Buy	(0.170%	)	06/20/2010		500		0
Morgan Stanley	Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.480%	)	06/20/2012		1,000		(1	)
Morgan Stanley	Rogers Wireless, Inc. 7.250% due 12/15/2012	Buy	(0.540%	)	12/20/2012		200		0
Morgan Stanley	Diamond Offshore Drilling, Inc. 4.875% due 07/01/2015	Buy	(0.495%	)	06/20/2017		100		0
Royal Bank of Canada	DaimlerChrysler Canada Finance, Inc. 4.850% due 03/30/2009	Buy	(0.350%	)	06/20/2009		200		(1	)
Royal Bank of Canada	JPMorgan Chase & Co. 6.750% due 02/01/2011	Buy	(0.310%	)	03/20/2016		200		0
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.280%		12/20/2011		100		1
Royal Bank of Scotland Group PLC	Morgan Stanley floating rate based on 3-Month USD-LIBOR plus 0.450% due 10/18/2016	Buy	(0.320%	)	12/20/2016		200		2
UBS Warburg LLC	American International Group, Inc. 4.250% due 05/15/2013	Sell	0.070%		06/20/2008		800		0
UBS Warburg LLC	DR Horton, Inc. 5.375% due 06/15/2012	Buy	(1.540%	)	06/20/2017		200		12
UBS Warburg LLC	Lennar Corp. 5.950% due 03/01/2013	Buy	(1.190%	)	06/20/2017		500		14
UBS Warburg LLC	Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.930%	)	06/20/2017		400		2
Wachovia Bank N.A.	GlobalSantaFe Corp. 5.000% due 02/15/2013	Buy	(0.530%	)	06/20/2012		100		(1	)
Wachovia Bank N.A.	GlobalSantaFe Corp. 5.000% due 02/15/2013	Buy	(0.520%	)	06/20/2012		100		(1	)
								$	336

⁽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.

See Accompanying Notes Semiannual Report June 30, 2007 13

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

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	6.500%	01/15/2009	AUD	4,600	$	(12	)
Citibank N.A.	6-Month Australian Bank Bill	Pay	6.000%	06/15/2010		700		(19	)
Citibank N.A.	6-Month Australian Bank Bill	Receive	6.000%	06/15/2015		400		21
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.500%	01/15/2009		15,700		(40	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		7,000		(52	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.000%	06/15/2012		3,900		(99	)
Deutsche Bank AG	6-Month Australian Bank Bill	Receive	6.000%	06/15/2017		2,300		103
HSBC Bank USA	6-Month Australian Bank Bill	Pay	6.000%	06/15/2012		3,100		(80	)
HSBC Bank USA	6-Month Australian Bank Bill	Receive	6.000%	06/15/2017		1,800		82
Morgan Stanley	6-Month Australian Bank Bill	Pay	6.500%	01/15/2009		7,000		(18	)
Royal Bank of Canada	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		2,400		(18	)
UBS Warburg LLC	6-Month Australian Bank Bill	Pay	6.000%	06/15/2010		1,700		(48	)
UBS Warburg LLC	6-Month Australian Bank Bill	Receive	6.000%	06/15/2015		1,100		63
Citibank N.A.	3-Month Canadian Bank Bill	Receive	5.000%	06/15/2015	CAD	500		21
Royal Bank of Canada	3-Month Canadian Bank Bill	Receive	5.000%	06/15/2015		1,500		20
Barclays Bank PLC	6-Month EUR-LIBOR	Receive	4.000%	06/17/2010	EUR	10		0
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		900		(23	)
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		700		23
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		12,160		514
Goldman Sachs & Co.	6-Month EUR-LIBOR	Receive	5.000%	09/19/2012		2,600		(12	)
Goldman Sachs & Co.	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		7,000		421
Goldman Sachs & Co.	6-Month EUR-LIBOR	Receive	5.000%	03/19/2038		1,400		(26	)
HSBC Bank USA	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		2,300		102
JPMorgan Chase & Co.	6-Month EUR-LIBOR	Receive	5.000%	06/17/2012		900		75
Lehman Brothers, Inc.	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		600		43
Lehman Brothers, Inc.	6-Month EUR-LIBOR	Pay	6.000%	06/18/2034		700		(58	)
Merrill Lynch & Co., Inc.	6-Month EUR-LIBOR	Pay	6.000%	06/18/2034		1,000		(58	)
Morgan Stanley	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		3,300		130
Morgan Stanley	6-Month EUR-LIBOR	Receive	4.000%	06/15/2017		500		48
Morgan Stanley	6-Month EUR-LIBOR	Pay	6.000%	06/18/2034		2,000		(56	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.950%	03/30/2012		600		(6	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.940%	04/10/2012		600		(7	)
UBS Warburg LLC	6-Month EUR-LIBOR	Pay	4.000%	06/17/2010		200		(15	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009	GBP	9,800		(110	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		3,200		(216	)
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	5.000%	09/15/2015		600		78
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.500%	09/15/2017		4,500		45
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		1,200		134
Deutsche Bank AG	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		100		(4	)
Deutsche Bank AG	6-Month GBP-LIBOR	Receive	4.250%	06/12/2036		200		52
Goldman Sachs & Co.	6-Month GBP-LIBOR	Receive	4.250%	06/12/2036		300		80
JPMorgan Chase & Co.	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		400		28
Merrill Lynch & Co., Inc.	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		2,800		(251	)
Morgan Stanley	6-Month GBP-LIBOR	Pay	5.000%	09/15/2015		700		(87	)
Goldman Sachs & Co.	3-Month Hong Kong Bank Bill	Receive	4.235%	12/17/2008	HKD	5,800		5
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008	JPY	2,060,000		6
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	3.000%	06/20/2027		120,000		(7	)
Goldman Sachs & Co.	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		1,520,000		(93	)
Morgan Stanley	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		20,000		0
Morgan Stanley	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		1,460,000		(84	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		2,660,000		(41	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		2,090,000		(38	)
UBS Warburg LLC	6-Month JPY-LIBOR	Receive	0.800%	03/20/2012		50,000		(3	)
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		41
UBS Warburg LLC	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		1,730,000		(70	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	3.000%	06/20/2027		130,000		(8	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	2.500%	06/20/2036		380,000		(88	)
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016	MXN	5,000		(4	)
Bank of America	3-Month USD-LIBOR	Pay	5.000%	06/18/2009	$	18,100		(90	)
Barclays Bank PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		4,500		(28	)
Citibank N.A.	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		2,000		71
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	06/18/2009		81,000		(396	)
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2009		700		(1	)
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2012		700		(1	)
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		500		18
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		1,400		(9	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		800		10
Goldman Sachs & Co.	3-Month USD-LIBOR	Pay	5.500%	12/16/2014		700		(15	)
Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		4,300		152
Morgan Stanley	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		4,700		(31	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2008		7,300		(36	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2014		600		(2	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		39,000		(233	)
							$	(196	)

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(g) Purchased options outstanding on June 30, 2007:

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.800%	08/08/2007	$	7,000	$	29	$	0
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		4,600		18		7
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		5,400		27		11
Call - OTC 1-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Pay	4.750%	02/01/2008		14,000		40		4
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	5.000%	12/20/2007		12,200		79		15
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.850%	07/02/2007		42,700		111		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.900%	08/08/2007		19,900		45		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		5,800		29		9
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		22,800		138		28
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		5,400		19		11
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	12/15/2008		12,200		41		28
								$	576	$	113

Foreign Currency Options

Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Euro versus U.S. dollar		$1.362	05/21/2008	EUR	1,000	$	31	$	30
Put - OTC Euro versus U.S. dollar		1.362	05/21/2008		1,000		30		29
Call - OTC Euro versus U.S. dollar		1.375	05/21/2010		1,200		59		60
Call - OTC Euro versus U.S. dollar		1.375	05/21/2010		1,100		52		55
Put - OTC Euro versus U.S. dollar		1.375	05/21/2010		1,100		52		50
Put - OTC Euro versus U.S. dollar		1.375	05/21/2010		1,200		59		55
Call - OTC U.S. dollar versus Japanese yen	JPY	120.000	09/26/2007	$	800		6		18
Call - OTC U.S. dollar versus Japanese yen		117.900	11/09/2007		1,600		17		54
Call - OTC U.S. dollar versus Japanese yen		117.500	11/19/2007		800		9		29
Call - OTC U.S. dollar versus Japanese yen		114.281	12/05/2007		700		8		40
Call - OTC U.S. dollar versus Japanese yen		114.650	01/18/2008		2,000		67		105
Put - OTC U.S. dollar versus Japanese yen		114.650	01/18/2008		2,000		67		17
Call - OTC U.S. dollar versus Japanese yen		117.500	03/13/2008		1,200		10		38
Call - OTC U.S. dollar versus Japanese yen		115.950	06/09/2008		3,000		80		111
Put - OTC U.S. dollar versus Japanese yen		115.950	06/09/2008		3,000		80		58
Call - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		2,600		68		67
Put - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		2,600		68		71
						$	763	$	887

Options on Securities

Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.500% due 08/01/2037	$	89.500	08/07/2007	$	21,000	$	3	$	0
Put - OTC Fannie Mae 6.000% due 09/01/2037		92.500	09/06/2007		72,000		8		5
						$	11	$	5

Straddle Options

Description	Counterparty	Exercise Price (2)	Expiration Date	Notional Amount		Cost (2)		Value
Call & Put - OTC U.S. dollar versus Japanese yen Forward Delta Neutral Straddle	Goldman Sachs & Co.	$    0.000	09/20/2007	$	3,900	$	0	$	(10	)

⁽²⁾ Exercise price and final cost determined on a future date, based upon implied volatility parameters.

(h) Written options outstanding on June 30, 2007:

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	Bank of America	3-Month USD-LIBOR	Receive	4.900%	08/08/2007	$	3,000	$	26	$	0
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		2,000		18		7
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		2,300		27		12
Call - OTC 5-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Receive	4.900%	02/01/2008		3,100		39		7
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	5.150%	12/20/2007		5,300		77		17
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	07/02/2007		9,200		99		0
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	08/08/2007		3,300		38		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		2,500		30		9
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		9,900		132		30
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		2,400		20		12
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/15/2008		4,100		41		29
								$	547	$	123

See Accompanying Notes Semiannual Report June 30, 2007 15

Schedule of Investments  Global Bond Portfolio (Unhedged) (Cont.) June 30, 2007 (Unaudited)

(i) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value
Fannie Mae	5.000%	07/01/2037	$	24,000	$	22,703	$	22,489
Fannie Mae	5.500%	07/01/2037		2,000		1,928		1,929
					$	24,631	$	24,418

(j) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AUD	5,465	07/2007	$	42	$	0		$	42
Sell		1,316	07/2007		0		(9	)		(9	)
Buy	BRL	2,865	10/2007		53		0			53
Buy		1,209	03/2008		52		0			52
Buy	CAD	2,958	08/2007		12		0			12
Buy	CLP	6,033	11/2007		0		0			0
Buy		10,300	03/2008		0		0			0
Buy	CNY	17,463	11/2007		9		0			9
Buy		43,578	01/2008		0		(26	)		(26	)
Buy	DKK	6,472	09/2007		4		0			4
Buy	EUR	14,841	07/2007		186		0			186
Sell	GBP	7,298	08/2007		0		(77	)		(77	)
Buy	INR	648	11/2007		0		0			0
Buy	JPY	3,843,259	07/2007		0		(451	)		(451	)
Sell		42,254	07/2007		0		(1	)		(1	)
Buy	KRW	760,822	07/2007		7		0			7
Buy		916,130	08/2007		0		0			0
Buy		39,973	09/2007		1		0			1
Buy	MXN	12,663	03/2008		28		0			28
Buy	NOK	6,216	09/2007		18		0			18
Sell	NZD	1,995	07/2007		0		(19	)		(19	)
Buy	PLN	1,692	09/2007		6		0			6
Buy	RUB	31,071	09/2007		7		0			7
Buy		458	11/2007		1		0			1
Buy		20,301	12/2007		3		0			3
Buy	SEK	15,066	09/2007		26		0			26
Buy	SGD	439	08/2007		0		(5	)		(5	)
Buy	TWD	9,248	07/2007		3		0			3
Buy		9,248	08/2007		0		(1	)		(1	)
Buy	ZAR	97	09/2007		0		0			0
				$	458	$	(589	)	$	(131	)

16 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2007 (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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) When-Issued Transactions  The Portfolio may purchase or sell securities on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by the Portfolio is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Portfolio may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

(e) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from 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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(f) 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.

(g) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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 BRL CAD CLP CNY DKK EUR GBP HKD INR	Australian Dollar Brazilian Real Canadian Dollar Chilean Peso Chinese Yuan Renminbi Danish Krone Euro Great British Pound Hong Kong Dollar Indian Rupee	KRW MXN NOK NZD PLN RUB SEK SGD TWD ZAR	South Korean Won Mexican Peso Norwegian Krone New Zealand Dollar Polish Zloty Russian Ruble Swedish Krona Singapore Dollar Taiwan Dollar South African Rand
JPY	Japanese Yen

(h) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(i) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(j) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(k) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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.

18 PIMCO Variable Insurance Trust

June 30, 2007 (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 on the 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.

(l) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(m) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(n) 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 on 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.

(o) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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.

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

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 credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(p) Commodities Index-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 notes 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 on the accompanying financial statements. Net payments are recorded as net realized gains and 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, 2007, the value of these securities comprised 0.5% of the Portfolio’s net assets and resulted in unrealized depreciation of $5,668.

(q) 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-related 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.

(r) 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” or “Ginnie Mae”), 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.

(s) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

20 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.50%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to

April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	725,855	$	722,821	$	57,615	$	17,547

Semiannual Report June 30, 2007 21

Notes to Financial Statements (Cont.)

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	Notional Amount in $			Notional Amount in GBP			Premium
Balance at 12/31/2006	$	79,300		GBP	2,100		$	827
Sales		29,600			0			344
Closing Buys		(61,800	)		0			(588	)
Expirations		0			(2,100	)		(36	)
Exercised		0			0			0
Balance at 06/30/2007	$	47,100		GBP	0		$	547

8. 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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	13		$	149		4		$	49
Administrative Class	4,198			50,329		8,273			99,227
Advisor Class	0			1		1			10
Issued as reinvestment of distributions
Institutional Class	0			2		0			0
Administrative Class	255			3,049		381			4,593
Advisor Class	0			0		0			0
Cost of shares redeemed
Institutional Class	(1	)		(8	)	0			(1	)
Administrative Class	(1,721	)		(20,729	)	(2,147	)		(25,733	)
Advisor Class	0			0		0			0
Net increase resulting from Portfolio share transactions	2,744		$	32,793		6,512		$	78,145

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	6	96
Advisor Class	1	95

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to

22 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    2,880	$    (3,202)	$    (322)

Semiannual Report June 30, 2007 23

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

24 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

1345 Avenue of the Americas

New York, New York 10105

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

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	17
Privacy Policy	24

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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).

Semiannual Report June 30, 2007 3

PIMCO Global Bond Portfolio (Unhedged)

Cumulative Returns Through June 30, 2007

$10,000 invested at the end of the nearest month to the inception date of the Portfolio’s Institutional Class.

Allocation Breakdown^‡

United States	55.5%
Germany	12.6%
United Kingdom	10.1%
Japan	9.1%
Short-Term Instruments	6.1%
Spain	2.9%
Other	3.7%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	Portfolio Inception (01/31/06)
	PIMCO Global Bond Portfolio (Unhedged) Institutional Class	-1.03%	1.36%	1.91%
	JPMorgan Government Bond Indices Global FX New York Index Unhedged in USD±	-0.43%	2.91%	2.98%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± JPMorgan Government Bond Indices Global FX New York Index Unhedged in USD is an unmanaged index 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 the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	989.72	$	1,021.08
Expenses Paid During Period†	$	3.70	$	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 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.

» Global unhedged bonds produced weak returns as bond yields rose across major markets.

» Exposure to U.S. shorter maturities, principally through interest rate futures contracts, detracted from performance as yields rose.

» An underweight to U.K. interest rates, notably at the long-end of the yield curve, was positive for returns as U.K. yields rose sharply.

» An overweight to European interest rates was negative for returns as yields rose due to the region’s growth momentum.

» An overweight to mortgage-backed securities detracted from returns as mortgage spreads widened.

» Emerging market currency exposure was positive for returns as these currencies outperformed the U.S. dollar.

» Global swap spread widening strategies were positive for returns as global swap spreads widened.

4 PIMCO Variable Insurance Trust

Financial Highlights  Global Bond Portfolio (Unhedged)

Selected per Share Data for the Period Ended:	06/30/2007+			01/31/2006-12/31/2006
Institutional Class
Net asset value beginning of period	$	12.06		$	12.00
Net investment income (a)		0.21			0.41
Net realized/unrealized gain (loss) on investments (a)		(0.33	)		0.04
Total income (loss) from investment operations		(0.12	)		0.45
Dividends from net investment income		(0.20	)		(0.39	)
Total distributions		(0.20	)		(0.39	)
Net asset value end of period	$	11.74		$	12.06
Total return		(1.03	)%		3.77	%
Net assets end of period (000s)	$	188		$	48
Ratio of expenses to average net assets		0.75	%*		0.75	%*
Ratio of expenses to average net assets excluding interest expense		0.75	%*		0.75	%*
Ratio of net investment income to average net assets		3.48	%*		3.70	%*
Portfolio turnover rate		277	%		224	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Global Bond Portfolio (Unhedged)

(Amounts in thousands, except per share amounts)	June 30, 2007 (Unaudited)
Assets:
Investments, at value	$	296,193
Foreign currency, at value		4,357
Receivable for investments sold		25,626
Receivable for Portfolio shares sold		134
Interest and dividends receivable		2,426
Variation margin receivable		98
Swap premiums paid		5,055
Unrealized appreciation on foreign currency contracts		458
Unrealized appreciation on swap agreements		2,768
		337,115
Liabilities:
Payable for investments purchased	$	101,093
Payable for investments purchased on a delayed-delivery basis		5,295
Payable for Portfolio shares redeemed		580
Payable for short sales		24,418
Written options outstanding		123
Accrued investment advisory fee		42
Accrued administration fee		84
Accrued servicing fee		25
Variation margin payable		109
Swap premiums received		583
Unrealized depreciation on foreign currency contracts		589
Unrealized depreciation on swap agreements		2,628
		135,569
Net Assets	$	201,546
Net Assets Consist of:
Paid in capital	$	206,138
(Overdistributed) net investment income		(311	)
Accumulated undistributed net realized (loss)		(4,303	)
Net unrealized appreciation		22
	$	201,546
Net Assets:
Institutional Class	$	188
Administrative Class		201,348
Advisor Class		10
Shares Issued and Outstanding:
Institutional Class		16
Administrative Class		17,147
Advisor Class		1
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	11.74
Administrative Class		11.74
Advisor Class		11.74
Cost of Investments Owned	$	296,515
Cost of Foreign Currency Held	$	4,343
Proceeds Received on Short Sales	$	24,631
Premiums Received on Written Options	$	547

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Global Bond Portfolio (Unhedged)

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)
Investment Income:
Interest, net of foreign taxes*	$	3,989
Dividends		23
Miscellaneous income		4
Total Income		4,016
Expenses:
Investment advisory fees		237
Administration fees		475
Servicing fees – Administrative Class		142
Trustees’ fees		2
Interest expense		1
Total Expenses		857
Net Investment Income		3,159
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(1,909	)
Net realized (loss) on futures contracts, written options and swaps		(946	)
Net realized (loss) on foreign currency transactions		(1,938	)
Net change in unrealized (depreciation) on investments		(2,177	)
Net change in unrealized appreciation on futures contracts, written options and swaps		1,272
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		391
Net (Loss)		(5,307	)
Net (Decrease) in Net Assets Resulting from Operations	$	(2,148	)
*Foreign tax withholding	$	1

See Accompanying Notes Semiannual Report June 30, 2007 7

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

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	3,159		$	4,817
Net realized gain (loss)		(4,793	)		1,490
Net change in unrealized (depreciation)		(514	)		(120	)
Net increase (decrease) resulting from operations		(2,148	)		6,187
Distributions to Shareholders:
From net investment income
Institutional Class		(3	)		0
Administrative Class		(3,049	)		(4,594	)
Advisor Class		0			0
Total Distributions		(3,052	)		(4,594	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		150			49
Administrative Class		50,329			99,227
Advisor Class		0			10
Issued as reinvestment of distributions
Institutional Class		3			0
Administrative Class		3,049			4,593
Advisor Class		0			0
Cost of shares redeemed
Institutional Class		(8	)		(1	)
Administrative Class		(20,729	)		(25,733	)
Advisor Class		0			0
Net increase resulting from Portfolio share transactions		32,794			78,145
Total Increase in Net Assets		27,594			79,738
Net Assets:
Beginning of period		173,952			94,214
End of period*	$	201,546		$	173,952
*Including (overdistributed) net investment income of:	$	(311	)	$	(418	)

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Global Bond Portfolio (Unhedged) June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BELGIUM 0.4%
Belgium Government Bond
4.250% due 09/28/2014	EUR	600	$	795
Total Belgium (Cost $761)				795
BERMUDA 0.2%
Intelsat Bermuda Ltd.
5.250% due 11/01/2008	$	400		396
Total Bermuda (Cost $395)				396
BRAZIL 0.1%
Vale Overseas Ltd.
6.250% due 01/11/2016	$	300		299
Total Brazil (Cost $300)				299
CANADA 0.5%
DaimlerChrysler Canada Finance, Inc.
4.850% due 03/30/2009	CAD	200		187
Province of Ontario Canada
6.200% due 06/02/2031		500		550
Rogers Wireless, Inc.
7.250% due 12/15/2012	$	200		211
Total Canada (Cost $939)				948
CAYMAN ISLANDS 1.0%
Mizuho Finance Cayman Ltd.
2.116% due 08/29/2049	JPY	100,000		822
8.375% due 12/29/2049	$	400		418
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049		400		394
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049		400		387
Total Cayman Islands (Cost $2,083)				2,021
FRANCE 0.8%
France Government Bond
3.150% due 07/25/2032 (c)	EUR	110		170
5.750% due 10/25/2032		600		930
6.500% due 04/25/2011		300		434
Total France (Cost $1,569)				1,534
GERMANY 18.5%
Republic of Germany
3.750% due 01/04/2015	EUR	3,200		4,111
4.250% due 01/04/2014		1,400		1,862
4.250% due 07/04/2014		5,700		7,573
4.750% due 07/04/2028		300		407
4.750% due 07/04/2034		100		136
5.000% due 07/04/2012		3,500		4,833
5.250% due 01/04/2011		5,400		7,475
5.500% due 01/04/2031		400		600
5.625% due 01/04/2028		3,550		5,357
6.250% due 01/04/2024		600		955
6.250% due 01/04/2030		1,300		2,124
6.500% due 07/04/2027		1,100		1,826
Total Germany (Cost $36,778)				37,259
ICELAND 0.2%
Glitnir Banki HF
5.618% due 04/20/2010	$	500		500
Total Iceland (Cost $500)				500

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
IRELAND 0.2%
Bank of Ireland
5.370% due 12/19/2008	$	400	$	401
Total Ireland (Cost $400)				401
ITALY 0.2%
Seashell Securities PLC
4.295% due 07/25/2028	EUR	39		52
Siena Mortgages SpA
4.377% due 12/16/2038		237		323
Total Italy (Cost $332)				375
JAPAN 13.4%
Bank of Tokyo-Mitsubishi UFJ Ltd.
3.500% due 12/16/2015	EUR	100		129
Japan Government Bond
1.000% due 09/20/2010	JPY	100,000		806
1.500% due 03/20/2011		620,000		5,075
1.500% due 03/20/2014		30,000		241
1.600% due 09/20/2013		10,000		81
1.600% due 06/20/2014		120,000		971
1.600% due 09/20/2014		120,000		969
2.300% due 05/20/2030		7,000		57
2.300% due 06/20/2035		130,000		1,028
2.400% due 03/20/2034		130,000		1,054
2.500% due 09/20/2035		360,000		2,968
2.500% due 06/20/2036		280,000		2,299
Japanese Government CPI Linked Bond
0.800% due 12/10/2015		119,880		944
1.100% due 12/10/2016		1,053,640		8,453
1.200% due 06/10/2017		120,000		968
Resona Bank Ltd.
5.850% due 09/29/2049	$	100		96
Sumitomo Mitsui Banking Corp.
1.641% due 12/31/2049	JPY	100,000		819
5.625% due 07/29/2049	$	100		95
Total Japan (Cost $28,833)				27,053
JERSEY, CHANNEL ISLANDS 0.1%
HSBC Capital Funding LP
9.547% due 12/31/2049	$	100		110
Total Jersey, Channel Islands (Cost $112)				111
MEXICO 0.1%
Pemex Project Funding Master Trust
5.750% due 12/15/2015	$	100		98
Total Mexico (Cost $97)				98
NETHERLANDS 0.8%
Dutch Mortgage-Backed Securities BV
4.202% due 10/02/2079	EUR	969		1,317
Netherlands Government Bond
4.250% due 07/15/2013		200		266
Siemens Financieringsmaatschappij NV
5.410% due 08/14/2009	$	100		100
Total Netherlands (Cost $1,539)				1,683
NORWAY 0.2%
DnB NORBank ASA
5.425% due 10/13/2009	$	300		300
Total Norway (Cost $300)				300

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
RUSSIA 0.2%
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008	$	500	$	501
Total Russia (Cost $500)				501
SPAIN 4.2%
Santander U.S. Debt S.A. Unipersonal
5.420% due 11/20/2009	$	400		400
Spain Government Bond
4.750% due 07/30/2014	EUR	5,000		6,844
5.150% due 07/30/2009		900		1,233
Total Spain (Cost $8,097)				8,477
UNITED KINGDOM 14.8%
HBOS PLC
5.920% due 09/29/2049	$	1,200		1,127
Holmes Financing PLC
4.228% due 07/15/2010	EUR	100		135
HSBC Holdings PLC
6.500% due 05/02/2036	$	1,200		1,237
Punch Taverns Finance Ltd.
6.824% due 10/15/2032 (a)	GBP	100		201
Royal Bank of Scotland Group PLC
5.750% due 07/06/2012	$	100		100
Tate & Lyle International Finance PLC
6.125% due 06/15/2011		200		202
United Kingdom Gilt
4.250% due 03/07/2011	GBP	2,200		4,194
4.750% due 06/07/2010		7,520		14,675
4.750% due 09/07/2015		1,500		2,859
5.000% due 03/07/2008		100		200
5.000% due 03/07/2012		2,500		4,877
XL Capital Europe PLC
6.500% due 01/15/2012	$	100		103
Total United Kingdom (Cost $28,717)				29,910
UNITED STATES 81.6%
ASSET-BACKED SECURITIES 7.5%
Accredited Mortgage Loan Trust
5.360% due 09/25/2036	$	373		373
5.370% due 02/25/2037		689		690
ACE Securities Corp.
5.430% due 10/25/2035		17		17
Amortizing Residential Collateral Trust
5.610% due 07/25/2032		1		1
5.670% due 10/25/2031		3		3
Asset-Backed Funding Certificates
5.380% due 01/25/2037		603		603
Asset-Backed Securities Corp. Home Equity
5.370% due 12/25/2036		571		571
Carrington Mortgage Loan Trust
5.370% due 12/25/2036		680		681
Centex Home Equity
5.370% due 06/25/2036		182		182
Countrywide Asset-Backed Certificates
5.350% due 01/25/2046		362		362
5.370% due 05/25/2037		1,328		1,328
Credit-Based Asset Servicing & Securitization LLC
5.380% due 11/25/2036		655		656
CSAB Mortgage-Backed Trust
5.420% due 06/25/2036		97		97

See Accompanying Notes Semiannual Report June 30, 2007 9

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

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CS First Boston Mortgage Securities Corp.
5.940% due 01/25/2032	$	1	$	1
First Franklin Mortgage Loan Asset-Backed Certificates
5.350% due 05/25/2036		277		277
5.360% due 01/25/2038		658		658
Fremont Home Loan Trust
5.370% due 10/25/2036		554		554
GSAMP Trust
5.420% due 01/25/2047		721		721
5.610% due 03/25/2034		41		41
HSI Asset Securitization Corp. Trust
5.370% due 12/25/2036		674		675
Indymac Residential Asset-Backed Trust
5.360% due 08/25/2036		272		272
5.380% due 04/25/2037		632		632
IXIS Real Estate Capital Trust
5.380% due 08/25/2036		94		94
JPMorgan Mortgage Acquisition Corp.
5.370% due 10/25/2036		654		653
Lehman XS Trust
5.400% due 04/25/2046		178		179
5.400% due 07/25/2046		354		354
Long Beach Mortgage Loan Trust
5.380% due 05/25/2046		124		124
Merrill Lynch Mortgage Investors, Inc.
5.390% due 08/25/2036		520		521
Morgan Stanley ABS Capital I
5.360% due 07/25/2036		340		340
5.390% due 02/25/2036		155		155
Morgan Stanley Home Equity Loans
5.390% due 02/25/2036		227		227
Option One Mortgage Loan Trust
5.390% due 01/25/2036		186		187
Residential Asset Mortgage Products, Inc.
5.400% due 01/25/2036		96		96
5.400% due 02/25/2036		129		129
Residential Asset Securities Corp.
5.380% due 04/25/2036		81		81
SACO I, Inc.
5.380% due 05/25/2036		92		92
Saxon Asset Securities Trust
5.590% due 01/25/2032		2		2
Securitized Asset-Backed Receivables LLC Trust
5.370% due 12/25/2036		675		675
5.380% due 03/25/2036		202		202
Soundview Home Equity Loan Trust
5.430% due 11/25/2035		8		8
Structured Asset Securities Corp.
4.900% due 04/25/2035		54		54
5.720% due 05/25/2034		10		10
Truman Capital Mortgage Loan Trust
5.660% due 01/25/2034		13		13
Washington Mutual Asset-Backed Certificates
5.380% due 10/25/2036		674		675
Wells Fargo Home Equity Trust
5.440% due 12/25/2035		270		270
5.550% due 10/25/2035		546		547
				15,083
CORPORATE BONDS & NOTES 11.4%
American Express Credit Corp.
5.380% due 03/02/2009		400		401

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
American International Group, Inc.
4.875% due 03/15/2067	EUR	200	$	257
6.250% due 03/15/2037	$	100		95
AT&T, Inc.
5.450% due 05/15/2008		600		601
AutoZone, Inc.
5.875% due 10/15/2012		100		100
Bank of America Corp.
5.366% due 11/06/2009		400		400
BellSouth Corp.
5.200% due 09/15/2014		200		192
Boston Scientific Corp.
6.400% due 06/15/2016		200		195
CenterPoint Energy, Inc.
5.875% due 06/01/2008		200		200
Charter One Bank N.A.
5.405% due 04/24/2009		1,000		1,001
CIT Group, Inc.
5.430% due 02/21/2008		300		300
5.470% due 06/08/2009		500		498
5.570% due 05/23/2008		100		100
Citigroup, Inc.
5.400% due 12/26/2008		400		400
CMS Energy Corp.
6.310% due 01/15/2013 (a)		200		201
7.500% due 01/15/2009		200		206
CNA Financial Corp.
6.000% due 08/15/2011		200		201
ConocoPhillips Australia Funding Co.
5.460% due 04/09/2009		500		500
CSX Corp.
6.300% due 03/15/2012		200		204
CVS Caremark Corp.
5.750% due 08/15/2011		200		200
DaimlerChrysler N.A. Holding Corp.
5.710% due 03/13/2009		600		601
5.750% due 05/18/2009		200		201
Dex Media East LLC
9.875% due 11/15/2009		400		416
Dominion Resources, Inc.
5.660% due 09/28/2007		100		100
DR Horton, Inc.
6.000% due 04/15/2011		200		195
El Paso Performance-Linked Trust
7.750% due 07/15/2011		300		311
Equistar Chemicals LP
8.750% due 02/15/2009		400		416
Fleet National Bank
0.801% due 07/07/2008	JPY	30,000		244
Ford Motor Credit Co.
5.800% due 01/12/2009	$	200		196
6.625% due 06/16/2008		600		600
7.250% due 10/25/2011		200		193
8.105% due 01/13/2012		500		499
Freeport-McMoRan Copper & Gold, Inc.
8.564% due 04/01/2015		400		420
General Electric Capital Corp.
5.460% due 06/15/2009		1,300		1,304
General Motors Acceptance Corp.
6.510% due 09/23/2008		500		500
GMAC LLC
6.610% due 05/15/2009		500		500

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Harrah’s Operating Co., Inc.
5.956% due 02/08/2008	$	100	$	100
HJ Heinz Co.
6.428% due 12/01/2008		300		303
HJ Heinz Finance Co.
6.000% due 03/15/2012		100		100
HSBC Finance Corp.
5.450% due 06/19/2009		400		401
5.490% due 09/15/2008		100		100
International Lease Finance Corp.
5.350% due 03/01/2012		200		198
5.400% due 02/15/2012		200		198
iStar Financial, Inc.
5.150% due 03/01/2012		200		193
JC Penney Corp., Inc.
8.000% due 03/01/2010		200		211
JPMorgan Chase & Co.
5.058% due 02/22/2021	CAD	200		182
JPMorgan Chase Capital XXII
6.450% due 02/02/2037	$	100		95
JPMorgan Mortgage Acquisition Corp.
6.550% due 09/15/2066		400		386
Kraft Foods, Inc.
6.250% due 06/01/2012		200		204
Mandalay Resort Group
6.500% due 07/31/2009		400		402
Merck & Co., Inc.
4.750% due 03/01/2015		200		188
Merrill Lynch & Co., Inc.
5.395% due 10/23/2008		200		200
5.450% due 08/14/2009		200		200
Mizuho Preferred Capital Co. LLC
8.790% due 12/29/2049		100		103
Morgan Stanley
5.467% due 02/09/2009		500		501
5.809% due 10/18/2016		200		200
Newell Rubbermaid, Inc.
4.000% due 05/01/2010		200		192
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		100		101
Rabobank Capital Funding Trust
5.254% due 12/29/2049		400		375
Ryder System, Inc.
5.850% due 11/01/2016		200		194
Sara Lee Corp.
6.250% due 09/15/2011		200		204
SB Treasury Co. LLC
9.400% due 12/29/2049		100		103
State Street Capital Trust IV
6.355% due 06/15/2037		500		504
Time Warner, Inc.
5.500% due 11/15/2011		200		198
5.590% due 11/13/2009		400		401
Tokai Preferred Capital Co. LLC
9.980% due 12/29/2049		300		313
Toyota Motor Credit Corp.
5.330% due 10/12/2007		400		400
TXU Corp.
6.375% due 01/01/2008		300		302
U.S. Bancorp
5.350% due 04/28/2009		300		300
Wachovia Bank N.A.
5.400% due 03/23/2009		500		500

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Wal-Mart Stores, Inc.
5.260% due 06/16/2008	$	400	$	400
Wells Fargo Capital X
5.950% due 12/15/2036		200		187
Westpac Banking Corp.
5.280% due 06/06/2008		400		400
Wyeth
6.950% due 03/15/2011		200		210
Xerox Corp.
9.750% due 01/15/2009		200		212
				22,909
MORTGAGE-BACKED SECURITIES 5.8%
Banc of America Mortgage Securities, Inc.
5.000% due 05/25/2034		231		226
Bear Stearns Commercial Mortgage Securities
5.430% due 03/15/2019		649		649
Bear Stearns Mortgage Funding Trust
5.390% due 02/25/2037		737		737
CC Mortgage Funding Corp.
5.500% due 07/25/2036		514		514
Countrywide Alternative Loan Trust
5.530% due 03/20/2046		348		347
5.600% due 02/25/2037		388		389
6.185% due 08/25/2036		579		579
Countrywide Home Loan Mortgage Pass-Through Trust
5.550% due 05/25/2035		258		258
5.610% due 04/25/2035		23		23
5.640% due 03/25/2035		330		331
5.650% due 02/25/2035		31		31
5.700% due 09/25/2034		41		41
CS First Boston Mortgage Securities Corp.
6.500% due 04/25/2033		7		7
First Horizon Asset Securities, Inc.
6.250% due 08/25/2017		235		234
GE Capital Commercial Mortgage Corp.
4.229% due 12/10/2037		507		496
GMAC Commercial Mortgage Securities, Inc.
6.420% due 05/15/2035		87		88
GMAC Mortgage Corp. Loan Trust
5.500% due 09/25/2034		110		109
Greenpoint Mortgage Funding Trust
5.590% due 11/25/2045		35		35
Greenwich Capital Commercial Funding Corp.
5.444% due 03/10/2039		800		775
GSR Mortgage Loan Trust
4.538% due 09/25/2035		232		229
5.354% due 06/25/2034		50		51
Harborview Mortgage Loan Trust
5.690% due 02/19/2034		13		13
Indymac Index Mortgage Loan Trust
5.400% due 07/25/2046		87		87
JPMorgan Mortgage Trust
4.768% due 07/25/2035		750		741
MASTR Asset Securitization Trust
4.500% due 03/25/2018		173		169
Mellon Residential Funding Corp.
5.760% due 12/15/2030		46		46
Nomura Asset Acceptance Corp.
5.050% due 10/25/2035		69		69
Residential Accredit Loans, Inc.
5.530% due 04/25/2046		465		465

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Structured Asset Mortgage Investments, Inc.
5.540% due 05/25/2036	$	509	$	510
5.610% due 07/19/2034		15		15
5.670% due 03/19/2034		25		25
Thornburg Mortgage Securities Trust
5.430% due 12/25/2036		681		681
Wachovia Bank Commercial Mortgage Trust
5.410% due 09/15/2021		610		610
Washington Mutual, Inc.
5.094% due 10/25/2032		4		4
5.474% due 02/27/2034		18		18
5.590% due 12/25/2045		177		177
5.610% due 10/25/2045		93		94
5.630% due 01/25/2045		33		33
5.640% due 01/25/2045		31		31
5.724% due 07/25/2046		563		566
5.860% due 12/25/2027		113		113
6.429% due 08/25/2042		32		32
Wells Fargo Mortgage-Backed Securities Trust
4.500% due 11/25/2018		379		368
4.750% due 10/25/2018		218		211
4.950% due 03/25/2036		425		419
5.254% due 04/25/2036		138		138
				11,784
MUNICIPAL BONDS & NOTES 0.0%
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2004
5.000% due 02/01/2028		25		26
		SHARES
PREFERRED STOCKS 0.4%
DG Funding Trust
7.600% due 12/31/2049		58		604
Fresenius Medical Care Capital Trust II
7.875% due 02/01/2008		200		202
				806
		PRINCIPAL AMOUNT (000S)
COMMODITY INDEX-LINKED NOTES 0.5%
Morgan Stanley
0.000% due 07/07/2008	$	1,000		994
U.S. GOVERNMENT AGENCIES 54.8%
Fannie Mae
4.187% due 11/01/2034		325		322
4.397% due 10/01/2034		38		38
4.940% due 12/01/2034		48		48
5.000% due 11/01/2018 - 03/01/2036		796		758
5.440% due 03/25/2034		33		33
5.470% due 08/25/2034		27		27
5.500% due 10/01/2016 - 07/01/2037		22,233		21,483
5.570% due 06/25/2044		29		29
6.000% due 07/01/2037 - 07/25/2044		72,100		71,324
6.500% due 07/01/2037		7,000		7,067
Freddie Mac
4.500% due 02/15/2017 - 02/01/2018		1,991		1,913
5.000% due 03/15/2017		331		327
5.500% due 06/01/2035 - 07/01/2037		4,657		4,497
5.550% due 07/15/2037		1,400		1,400
6.000% due 04/15/2036		965		907
6.227% due 10/25/2044		193		195
7.190% due 02/01/2029		27		27

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Ginnie Mae
5.125% due 11/20/2024	$	6	$	7
				110,402
U.S. TREASURY OBLIGATIONS 1.2%
U.S. Treasury Bonds
8.125% due 08/15/2019		100		127
8.750% due 05/15/2017		100		128
8.875% due 02/15/2019		200		265
U.S. Treasury Notes
4.250% due 11/15/2014		1,000		954
4.625% due 02/29/2012		200		198
4.875% due 01/31/2009		100		100
U.S. Treasury Strips
0.000% due 05/15/2017		430		260
0.000% due 08/15/2020		300		151
0.000% due 11/15/2021		600		283
				2,466
Total United States (Cost $164,845)				164,470
SHORT-TERM INSTRUMENTS 9.0%
CERTIFICATES OF DEPOSIT 2.8%
Abbey National Treasury Services PLC
5.270% due 07/02/2008		400		400
BNP Paribas
5.262% due 05/28/2008		800		800
Countrywide Funding Corp.
5.360% due 08/16/2007		700		700
Fortis Bank NY
5.265% due 04/28/2008		300		300
Nordea Bank Finland PLC
5.308% due 05/28/2008		500		501
Societe Generale NY
5.271% due 06/30/2008		1,300		1,301
Unicredito Italiano NY
5.358% due 12/13/2007		400		400
5.358% due 05/06/2008		900		900
5.360% due 12/03/2007		300		300
				5,602
COMMERCIAL PAPER 5.2%
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		4,600		4,600
UBS Finance Delaware LLC
5.205% due 10/23/2007		300		299
5.235% due 10/23/2007		5,600		5,545
				10,444
REPURCHASE AGREEMENTS 0.5%
State Street Bank and Trust Co.
4.900% due 07/02/2007		922		922
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $945. Repurchase proceeds are $922.)
U.S. TREASURY BILLS 0.5%
4.657% due 08/30/2007 - 09/13/2007 (b)(e)		1,110		1,099
Total Short-Term Instruments (Cost $18,068)				18,067

See Accompanying Notes Semiannual Report June 30, 2007 11

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

		VALUE (000S)
PURCHASED OPTIONS (g) 0.5%
(Cost $1,350)	$	995
Total Investments (d) 147.0% (Cost $296,515)	$	296,193
Written Options (h) (0.1%) (Premiums $547)		(123	)
Other Assets and Liabilities (Net) (46.9%)		(94,524	)
Net Assets 100.0%	$	201,546

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) When-issued security.

(b) Coupon represents a weighted average rate.

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

(d) As of June 30, 2007, portfolio securities with an aggregate value of $2,394 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(e) Securities with an aggregate market value of $1,099 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2007	36	$	9
90-Day Eurodollar March Futures	Long	03/2008	8		(9	)
90-Day Euroyen December Futures	Long	12/2007	133		(32	)
Euro-Bobl 5-Year Note September Futures	Long	09/2007	146		(50	)
Euro-Bobl 5-Year Note September Futures Put Options Strike @ EUR 104.000	Long	09/2007	93		1
Euro-Bund 10-Year Note September Futures	Long	09/2007	240		(176	)
Euro-Bund 10-Year Note September Futures Put Options Strike @ EUR 106.000	Long	09/2007	207		3
Japan Government 10-Year Bond September Futures	Long	09/2007	34		(132	)
U.S. Treasury 10-Year Note September Futures	Long	09/2007	125		62
U.S. Treasury 30-Year Bond September Futures	Long	09/2007	32		33
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2007	34		(36	)
				$	(327	)

(f) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016	EUR	800	$	(1	)
BNP Paribas Bank	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		500		0
Deutsche Bank AG	Akzo Nobel NV 4.250% due 06/14/2011	Buy	(0.290%	)	06/20/2012		200		(1	)
Deutsche Bank AG	Kelda Group PLC 6.625% DUE 04/17/2031	Buy	(0.210%	)	06/20/2012		200		0
Deutsche Bank AG	United Utilities PLC 6.875% due 08/15/2028	Buy	(0.235%	)	06/20/2012		200		1
Deutsche Bank AG	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		1,200		(1	)
Goldman Sachs & Co.	ICI Wilmington, Inc. 5.625% due 12/01/2013	Buy	(0.340%	)	06/20/2012		200		0
Goldman Sachs & Co.	Koninklijke DSM NV 4.000% due 11/10/2015	Buy	(0.365%	)	06/20/2012		200		(1	)
Goldman Sachs & Co.	SCA Finans AB 4.500% due 07/15/2015	Buy	(0.250%	)	06/20/2012		200		0
Goldman Sachs & Co.	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		100		0
HSBC Bank USA	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		100		0
JPMorgan Chase & Co.	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		700		(2	)
Merrill Lynch & Co., Inc.	Compass Group PLC 6.375% due 05/29/2012	Buy	(0.390%	)	06/20/2012		200		0
Deutsche Bank AG	SOFTBANK Corp. 1.750% due 03/31/2014	Sell	2.300%		09/20/2007	JPY	47,000		2
Bank of America	Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.150%		06/20/2008	$	600		0
Bank of America	Merrill Lynch & Co., Inc. 6.000% due 02/17/2009	Sell	0.150%		06/20/2008		200		0
Bank of America	DR Horton, Inc. 6.000% due 04/15/2011	Buy	(0.890%	)	06/20/2011		200		3
Bank of America	Time Warner, Inc. 5.500% due 11/15/2011	Buy	(0.310%	)	12/20/2011		200		(1	)
Bank of America	Transocean, Inc. 7.375% due 04/15/2018	Buy	(0.539%	)	06/20/2017		100		0
Bank of America	Transocean, Inc. 7.375% due 04/15/2018	Buy	(0.505%	)	06/20/2017		400		(1	)
Barclays Bank PLC	International Lease Finance Corp. 5.400% due 02/15/2012	Buy	(0.170%	)	03/20/2012		200		0

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	XL Capital Europe PLC 6.500% due 01/15/2012	Buy	(0.310%	)	03/20/2012	$	100	$	0
Barclays Bank PLC	American Electric Power Co., Inc. 5.250% due 06/01/2015	Buy	(0.100%	)	06/20/2012		100		0
Barclays Bank PLC	Capital One Bank 5.125% due 02/15/2014	Buy	(0.160%	)	06/20/2012		400		1
Barclays Bank PLC	Noble Corp. 5.875% due 06/01/2013	Buy	(0.530%	)	06/20/2012		100		0
Bear Stearns & Co., Inc.	CNA Financial Corp. 6.000% due 08/15/2011	Buy	(0.440%	)	09/20/2011		100		0
Bear Stearns & Co., Inc.	H.J. Heinz Finance Co. 6.000% due 03/15/2012	Buy	(0.370%	)	03/20/2012		100		0
Bear Stearns & Co., Inc.	Kraft Foods, Inc. 6.250% due 06/01//2012	Buy	(0.170%	)	06/20/2012		200		1
Bear Stearns & Co., Inc.	MeadWestvaco Corp. 6.850% due 04/01/2012	Buy	(0.520%	)	06/20/2012		1,000		2
Bear Stearns & Co., Inc.	Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.480%	)	06/20/2012		1,000		(1	)
Bear Stearns & Co., Inc.	Ryder System, Inc. 5.850% due 11/01/2016	Buy	(0.460%	)	12/20/2016		200		4
Citibank N.A.	Newell Rubbermaid, Inc. 4.000% due 05/01/2010	Buy	(0.130%	)	06/20/2010		200		0
Citibank N.A.	Nabors Industries, Inc. 5.375% due 08/15/2012	Buy	(0.470%	)	06/20/2012		100		(1	)
Citibank N.A.	AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.680%	)	12/20/2012		100		(2	)
Credit Suisse First Boston	CenterPoint Energy, Inc. 5.875% due 06/01/2008	Buy	(0.170%	)	06/20/2008		200		0
Credit Suisse First Boston	DaimlerChrysler N.A. Holding Corp. 5.750% due 05/18/2009	Buy	(0.380%	)	06/20/2009		200		(1	)
Credit Suisse First Boston	iStar Financial, Inc. 5.150% due 03/01/2012	Buy	(0.450%	)	03/20/2012		200		1
Credit Suisse First Boston	Noble Corp. 5.875% due 06/01/2013	Buy	(0.530%	)	06/20/2012		100		0
Credit Suisse First Boston	Noble Corp. 5.875% due 06/01/2013	Buy	(0.519%	)	06/20/2012		300		(1	)
Deutsche Bank AG	Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.160%		06/20/2008		300		0
Deutsche Bank AG	Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.120%		06/20/2008		600		0
Deutsche Bank AG	Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.160%		06/20/2008		700		0
Deutsche Bank AG	JC Penney Corp., Inc. 8.000% due 03/01/2010	Buy	(0.270%	)	03/20/2010		200		0
Goldman Sachs & Co.	Carnival Corp. 6.650% due 01/15/2028	Buy	(0.210%	)	06/20/2012		100		0
Goldman Sachs & Co.	Dow Jones CDX N.A. IG8 Index	Sell	0.350%		06/20/2012		6,700		(15	)
Goldman Sachs & Co.	GlobalSantaFe Corp. 5.000% due 02/15/2013	Buy	(0.445%	)	06/20/2012		300		(1	)
Goldman Sachs & Co.	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		26,200		150
Goldman Sachs & Co.	International Paper Co. 5.850% due 10/30/2012	Buy	(0.675%	)	06/20/2017		100		0
Goldman Sachs & Co.	MeadWestvaco Corp. 6.850% due 04/01/2012	Buy	(1.040%	)	06/20/2017		500		3
HSBC Bank USA	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.240%		02/20/2008		500		0
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700%		04/20/2009		400		2
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.730%		04/20/2009		400		2
JPMorgan Chase & Co.	CNA Financial Corp. 6.000% due 08/15/2011	Buy	(0.440%	)	09/20/2011		100		0
Lehman Brothers, Inc.	Ford Motor Credit Co. 7.875% due 06/15/2010	Buy	(2.310%	)	06/20/2010		200		0
Lehman Brothers, Inc.	Wyeth 6.950% due 03/15/2011	Buy	(0.100%	)	03/20/2011		200		0
Lehman Brothers, Inc.	Tate & Lyle International Finance PLC 6.125% due 06/15/2011	Buy	(0.315%	)	06/20/2011		200		0
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.280%		08/20/2011		3,200		93
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.350%		08/20/2011		2,300		73
Lehman Brothers, Inc.	CVS Corp. 5.750% due 08/15/2011	Buy	(0.210%	)	09/20/2011		200		0
Lehman Brothers, Inc.	Sealed Air Corp. 6.250% due 09/15/2011	Buy	(0.350%	)	09/20/2011		200		0
Lehman Brothers, Inc.	BellSouth Corp. 5.200% due 09/15/2014	Buy	(0.325%	)	09/20/2014		200		(1	)
Lehman Brothers, Inc.	Merck & Co., Inc. 4.750% due 03/01/2015	Buy	(0.135%	)	03/20/2015		200		1
Merrill Lynch & Co., Inc.	CSX Corp. 6.300% due 03/15/2012	Buy	(0.230%	)	03/20/2012		200		1
Merrill Lynch & Co., Inc.	International Lease Finance Corp. 5.350% due 03/01/2012	Buy	(0.130%	)	03/20/2012		200		0
Morgan Stanley	Xerox Corp. 9.750% due 01/15/2009	Buy	(0.290%	)	03/20/2009		200		0
Morgan Stanley	Glitnir Banki HF floating rate based on 3-Month USD-LIBOR plus 0.260% due 04/20/2010	Buy	(0.170%	)	06/20/2010		500		0
Morgan Stanley	Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.480%	)	06/20/2012		1,000		(1	)
Morgan Stanley	Rogers Wireless, Inc. 7.250% due 12/15/2012	Buy	(0.540%	)	12/20/2012		200		0
Morgan Stanley	Diamond Offshore Drilling, Inc. 4.875% due 07/01/2015	Buy	(0.495%	)	06/20/2017		100		0
Royal Bank of Canada	DaimlerChrysler Canada Finance, Inc. 4.850% due 03/30/2009	Buy	(0.350%	)	06/20/2009		200		(1	)
Royal Bank of Canada	JPMorgan Chase & Co. 6.750% due 02/01/2011	Buy	(0.310%	)	03/20/2016		200		0
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.280%		12/20/2011		100		1
Royal Bank of Scotland Group PLC	Morgan Stanley floating rate based on 3-Month USD-LIBOR plus 0.450% due 10/18/2016	Buy	(0.320%	)	12/20/2016		200		2
UBS Warburg LLC	American International Group, Inc. 4.250% due 05/15/2013	Sell	0.070%		06/20/2008		800		0
UBS Warburg LLC	DR Horton, Inc. 5.375% due 06/15/2012	Buy	(1.540%	)	06/20/2017		200		12
UBS Warburg LLC	Lennar Corp. 5.950% due 03/01/2013	Buy	(1.190%	)	06/20/2017		500		14
UBS Warburg LLC	Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.930%	)	06/20/2017		400		2
Wachovia Bank N.A.	GlobalSantaFe Corp. 5.000% due 02/15/2013	Buy	(0.530%	)	06/20/2012		100		(1	)
Wachovia Bank N.A.	GlobalSantaFe Corp. 5.000% due 02/15/2013	Buy	(0.520%	)	06/20/2012		100		(1	)
								$	336

⁽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.

See Accompanying Notes Semiannual Report June 30, 2007 13

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

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	6.500%	01/15/2009	AUD	4,600	$	(12	)
Citibank N.A.	6-Month Australian Bank Bill	Pay	6.000%	06/15/2010		700		(19	)
Citibank N.A.	6-Month Australian Bank Bill	Receive	6.000%	06/15/2015		400		21
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.500%	01/15/2009		15,700		(40	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		7,000		(52	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.000%	06/15/2012		3,900		(99	)
Deutsche Bank AG	6-Month Australian Bank Bill	Receive	6.000%	06/15/2017		2,300		103
HSBC Bank USA	6-Month Australian Bank Bill	Pay	6.000%	06/15/2012		3,100		(80	)
HSBC Bank USA	6-Month Australian Bank Bill	Receive	6.000%	06/15/2017		1,800		82
Morgan Stanley	6-Month Australian Bank Bill	Pay	6.500%	01/15/2009		7,000		(18	)
Royal Bank of Canada	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		2,400		(18	)
UBS Warburg LLC	6-Month Australian Bank Bill	Pay	6.000%	06/15/2010		1,700		(48	)
UBS Warburg LLC	6-Month Australian Bank Bill	Receive	6.000%	06/15/2015		1,100		63
Citibank N.A.	3-Month Canadian Bank Bill	Receive	5.000%	06/15/2015	CAD	500		21
Royal Bank of Canada	3-Month Canadian Bank Bill	Receive	5.000%	06/15/2015		1,500		20
Barclays Bank PLC	6-Month EUR-LIBOR	Receive	4.000%	06/17/2010	EUR	10		0
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		900		(23	)
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		700		23
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		12,160		514
Goldman Sachs & Co.	6-Month EUR-LIBOR	Receive	5.000%	09/19/2012		2,600		(12	)
Goldman Sachs & Co.	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		7,000		421
Goldman Sachs & Co.	6-Month EUR-LIBOR	Receive	5.000%	03/19/2038		1,400		(26	)
HSBC Bank USA	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		2,300		102
JPMorgan Chase & Co.	6-Month EUR-LIBOR	Receive	5.000%	06/17/2012		900		75
Lehman Brothers, Inc.	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		600		43
Lehman Brothers, Inc.	6-Month EUR-LIBOR	Pay	6.000%	06/18/2034		700		(58	)
Merrill Lynch & Co., Inc.	6-Month EUR-LIBOR	Pay	6.000%	06/18/2034		1,000		(58	)
Morgan Stanley	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		3,300		130
Morgan Stanley	6-Month EUR-LIBOR	Receive	4.000%	06/15/2017		500		48
Morgan Stanley	6-Month EUR-LIBOR	Pay	6.000%	06/18/2034		2,000		(56	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.950%	03/30/2012		600		(6	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.940%	04/10/2012		600		(7	)
UBS Warburg LLC	6-Month EUR-LIBOR	Pay	4.000%	06/17/2010		200		(15	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009	GBP	9,800		(110	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		3,200		(216	)
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	5.000%	09/15/2015		600		78
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.500%	09/15/2017		4,500		45
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		1,200		134
Deutsche Bank AG	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		100		(4	)
Deutsche Bank AG	6-Month GBP-LIBOR	Receive	4.250%	06/12/2036		200		52
Goldman Sachs & Co.	6-Month GBP-LIBOR	Receive	4.250%	06/12/2036		300		80
JPMorgan Chase & Co.	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		400		28
Merrill Lynch & Co., Inc.	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		2,800		(251	)
Morgan Stanley	6-Month GBP-LIBOR	Pay	5.000%	09/15/2015		700		(87	)
Goldman Sachs & Co.	3-Month Hong Kong Bank Bill	Receive	4.235%	12/17/2008	HKD	5,800		5
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008	JPY	2,060,000		6
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	3.000%	06/20/2027		120,000		(7	)
Goldman Sachs & Co.	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		1,520,000		(93	)
Morgan Stanley	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		20,000		0
Morgan Stanley	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		1,460,000		(84	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		2,660,000		(41	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		2,090,000		(38	)
UBS Warburg LLC	6-Month JPY-LIBOR	Receive	0.800%	03/20/2012		50,000		(3	)
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		41
UBS Warburg LLC	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		1,730,000		(70	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	3.000%	06/20/2027		130,000		(8	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	2.500%	06/20/2036		380,000		(88	)
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016	MXN	5,000		(4	)
Bank of America	3-Month USD-LIBOR	Pay	5.000%	06/18/2009	$	18,100		(90	)
Barclays Bank PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		4,500		(28	)
Citibank N.A.	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		2,000		71
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	06/18/2009		81,000		(396	)
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2009		700		(1	)
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2012		700		(1	)
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		500		18
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		1,400		(9	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		800		10
Goldman Sachs & Co.	3-Month USD-LIBOR	Pay	5.500%	12/16/2014		700		(15	)
Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		4,300		152
Morgan Stanley	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		4,700		(31	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2008		7,300		(36	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2014		600		(2	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		39,000		(233	)
							$	(196	)

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(g) Purchased options outstanding on June 30, 2007:

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.800%	08/08/2007	$	7,000	$	29	$	0
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		4,600		18		7
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		5,400		27		11
Call - OTC 1-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Pay	4.750%	02/01/2008		14,000		40		4
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	5.000%	12/20/2007		12,200		79		15
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.850%	07/02/2007		42,700		111		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.900%	08/08/2007		19,900		45		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		5,800		29		9
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		22,800		138		28
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		5,400		19		11
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	12/15/2008		12,200		41		28
								$	576	$	113

Foreign Currency Options

Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Euro versus U.S. dollar		$1.362	05/21/2008	EUR	1,000	$	31	$	30
Put - OTC Euro versus U.S. dollar		1.362	05/21/2008		1,000		30		29
Call - OTC Euro versus U.S. dollar		1.375	05/21/2010		1,200		59		60
Call - OTC Euro versus U.S. dollar		1.375	05/21/2010		1,100		52		55
Put - OTC Euro versus U.S. dollar		1.375	05/21/2010		1,100		52		50
Put - OTC Euro versus U.S. dollar		1.375	05/21/2010		1,200		59		55
Call - OTC U.S. dollar versus Japanese yen	JPY	120.000	09/26/2007	$	800		6		18
Call - OTC U.S. dollar versus Japanese yen		117.900	11/09/2007		1,600		17		54
Call - OTC U.S. dollar versus Japanese yen		117.500	11/19/2007		800		9		29
Call - OTC U.S. dollar versus Japanese yen		114.281	12/05/2007		700		8		40
Call - OTC U.S. dollar versus Japanese yen		114.650	01/18/2008		2,000		67		105
Put - OTC U.S. dollar versus Japanese yen		114.650	01/18/2008		2,000		67		17
Call - OTC U.S. dollar versus Japanese yen		117.500	03/13/2008		1,200		10		38
Call - OTC U.S. dollar versus Japanese yen		115.950	06/09/2008		3,000		80		111
Put - OTC U.S. dollar versus Japanese yen		115.950	06/09/2008		3,000		80		58
Call - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		2,600		68		67
Put - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		2,600		68		71
						$	763	$	887

Options on Securities

Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.500% due 08/01/2037	$	89.500	08/07/2007	$	21,000	$	3	$	0
Put - OTC Fannie Mae 6.000% due 09/01/2037		92.500	09/06/2007		72,000		8		5
						$	11	$	5

Straddle Options

Description	Counterparty	Exercise Price (2)	Expiration Date	Notional Amount		Cost (2)		Value
Call & Put - OTC U.S. dollar versus Japanese yen Forward Delta Neutral Straddle	Goldman Sachs & Co.	$    0.000	09/20/2007	$	3,900	$	0	$	(10	)

⁽²⁾ Exercise price and final cost determined on a future date, based upon implied volatility parameters.

(h) Written options outstanding on June 30, 2007:

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	Bank of America	3-Month USD-LIBOR	Receive	4.900%	08/08/2007	$	3,000	$	26	$	0
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		2,000		18		7
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		2,300		27		12
Call - OTC 5-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Receive	4.900%	02/01/2008		3,100		39		7
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	5.150%	12/20/2007		5,300		77		17
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	07/02/2007		9,200		99		0
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	08/08/2007		3,300		38		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		2,500		30		9
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		9,900		132		30
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		2,400		20		12
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/15/2008		4,100		41		29
								$	547	$	123

See Accompanying Notes Semiannual Report June 30, 2007 15

Schedule of Investments  Global Bond Portfolio (Unhedged) (Cont.) June 30, 2007 (Unaudited)

(i) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value
Fannie Mae	5.000%	07/01/2037	$	24,000	$	22,703	$	22,489
Fannie Mae	5.500%	07/01/2037		2,000		1,928		1,929
					$	24,631	$	24,418

(j) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AUD	5,465	07/2007	$	42	$	0		$	42
Sell		1,316	07/2007		0		(9	)		(9	)
Buy	BRL	2,865	10/2007		53		0			53
Buy		1,209	03/2008		52		0			52
Buy	CAD	2,958	08/2007		12		0			12
Buy	CLP	6,033	11/2007		0		0			0
Buy		10,300	03/2008		0		0			0
Buy	CNY	17,463	11/2007		9		0			9
Buy		43,578	01/2008		0		(26	)		(26	)
Buy	DKK	6,472	09/2007		4		0			4
Buy	EUR	14,841	07/2007		186		0			186
Sell	GBP	7,298	08/2007		0		(77	)		(77	)
Buy	INR	648	11/2007		0		0			0
Buy	JPY	3,843,259	07/2007		0		(451	)		(451	)
Sell		42,254	07/2007		0		(1	)		(1	)
Buy	KRW	760,822	07/2007		7		0			7
Buy		916,130	08/2007		0		0			0
Buy		39,973	09/2007		1		0			1
Buy	MXN	12,663	03/2008		28		0			28
Buy	NOK	6,216	09/2007		18		0			18
Sell	NZD	1,995	07/2007		0		(19	)		(19	)
Buy	PLN	1,692	09/2007		6		0			6
Buy	RUB	31,071	09/2007		7		0			7
Buy		458	11/2007		1		0			1
Buy		20,301	12/2007		3		0			3
Buy	SEK	15,066	09/2007		26		0			26
Buy	SGD	439	08/2007		0		(5	)		(5	)
Buy	TWD	9,248	07/2007		3		0			3
Buy		9,248	08/2007		0		(1	)		(1	)
Buy	ZAR	97	09/2007		0		0			0
				$	458	$	(589	)	$	(131	)

16 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2007 (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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) When-Issued Transactions  The Portfolio may purchase or sell securities on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by the Portfolio is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Portfolio may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

(e) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from 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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(f) 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.

(g) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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 BRL CAD CLP CNY DKK EUR GBP HKD INR	Australian Dollar Brazilian Real Canadian Dollar Chilean Peso Chinese Yuan Renminbi Danish Krone Euro Great British Pound Hong Kong Dollar Indian Rupee	KRW MXN NOK NZD PLN RUB SEK SGD TWD ZAR	South Korean Won Mexican Peso Norwegian Krone New Zealand Dollar Polish Zloty Russian Ruble Swedish Krona Singapore Dollar Taiwan Dollar South African Rand
JPY	Japanese Yen

(h) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(i) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(j) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(k) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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.

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June 30, 2007 (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 on the 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.

(l) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(m) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(n) 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 on 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.

(o) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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.

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

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 credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(p) Commodities Index-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 notes 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 on the accompanying financial statements. Net payments are recorded as net realized gains and 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, 2007, the value of these securities comprised 0.5% of the Portfolio’s net assets and resulted in unrealized depreciation of $5,668.

(q) 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-related 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.

(r) 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” or “Ginnie Mae”), 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.

(s) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

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June 30, 2007 (Unaudited)

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.50%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to

April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	725,855	$	722,821	$	57,615	$	17,547

Semiannual Report June 30, 2007 21

Notes to Financial Statements (Cont.)

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	Notional Amount in $			Notional Amount in GBP			Premium
Balance at 12/31/2006	$	79,300		GBP	2,100		$	827
Sales		29,600			0			344
Closing Buys		(61,800	)		0			(588	)
Expirations		0			(2,100	)		(36	)
Exercised		0			0			0
Balance at 06/30/2007	$	47,100		GBP	0		$	547

8. 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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	13		$	149		4		$	49
Administrative Class	4,198			50,329		8,273			99,227
Advisor Class	0			1		1			10
Issued as reinvestment of distributions
Institutional Class	0			2		0			0
Administrative Class	255			3,049		381			4,593
Advisor Class	0			0		0			0
Cost of shares redeemed
Institutional Class	(1	)		(8	)	0			(1	)
Administrative Class	(1,721	)		(20,729	)	(2,147	)		(25,733	)
Advisor Class	0			0		0			0
Net increase resulting from Portfolio share transactions	2,744		$	32,793		6,512		$	78,145

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	6	96
Advisor Class	1	95

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to

22 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    2,880	$    (3,202)	$    (322)

Semiannual Report June 30, 2007 23

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

24 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

1345 Avenue of the Americas

New York, New York 10105

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

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	17
Privacy Policy	24

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Global Bond Portfolio (Unhedged)

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

United States	55.5%
Germany	12.6%
United Kingdom	10.1%
Japan	9.1%
Short-Term Instruments	6.1%
Spain	2.9%
Other	3.7%

^‡ % of Total Investments as of 06/30/2007

Cumulative Total Return for the period ended June 30, 2007
		6 Months*	Portfolio Inception (10/31/06)
	PIMCO Global Bond Portfolio (Unhedged) Advisor Class	-1.15%	-0.87%
	JPMorgan Government Bond Indices Global FX New York Index Unhedged in USD±	-0.43%	0.30%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± JPMorgan Government Bond Indices Global FX New York Index Unhedged in USD is an unmanaged index 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 the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	988.48	$	1,019.84
Expenses Paid During Period†	$	4.93	$	5.01

† Expenses are equal to the Portfolio’s Advisor 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 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.

» Global unhedged bonds produced weak returns as bond yields rose across major markets.

» Exposure to U.S. shorter maturities, principally through interest rate futures contracts, detracted from performance as yields rose.

» An underweight to U.K. interest rates, notably at the long-end of the yield curve, was positive for returns as U.K. yields rose sharply.

» An overweight to European interest rates was negative for returns as yields rose due to the region’s growth momentum.

» An overweight to mortgage-backed securities detracted from returns as mortgage spreads widened.

» Emerging market currency exposure was positive for returns as these currencies outperformed the U.S. dollar.

» Global swap spread widening strategies were positive for returns as global swap spreads widened.

4 PIMCO Variable Insurance Trust

Financial Highlights  Global Bond Portfolio (Unhedged)

Selected per Share Data for the Period Ended:	06/30/2007+			10/31/2006-12/31/2006
Advisor Class
Net asset value beginning of period	$	12.06		$	12.09
Net investment income (a)		0.19			0.07
Net realized/unrealized (loss) on investments (a)		(0.33	)		(0.04	)
Total income (loss) from investment operations		(0.14	)		0.03
Dividends from net investment income		(0.18	)		(0.06	)
Total distributions		(0.18	)		(0.06	)
Net asset value end of period	$	11.74		$	12.06
Total return		(1.15	)%		0.28	%
Net assets end of period (000s)	$	10		$	10
Ratio of expenses to average net assets		1.00	%*		1.00	%*
Ratio of expenses to average net assets excluding interest expense		1.00	%*		1.00	%*
Ratio of net investment income to average net assets		3.20	%*		3.08	%*
Portfolio turnover rate		277	%		224	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Global Bond Portfolio (Unhedged)

(Amounts in thousands, except per share amounts)	June 30, 2007 (Unaudited)
Assets:
Investments, at value	$	296,193
Foreign currency, at value		4,357
Receivable for investments sold		25,626
Receivable for Portfolio shares sold		134
Interest and dividends receivable		2,426
Variation margin receivable		98
Swap premiums paid		5,055
Unrealized appreciation on foreign currency contracts		458
Unrealized appreciation on swap agreements		2,768
		337,115
Liabilities:
Payable for investments purchased	$	101,093
Payable for investments purchased on a delayed-delivery basis		5,295
Payable for Portfolio shares redeemed		580
Payable for short sales		24,418
Written options outstanding		123
Accrued investment advisory fee		42
Accrued administration fee		84
Accrued servicing fee		25
Variation margin payable		109
Swap premiums received		583
Unrealized depreciation on foreign currency contracts		589
Unrealized depreciation on swap agreements		2,628
		135,569
Net Assets	$	201,546
Net Assets Consist of:
Paid in capital	$	206,138
(Overdistributed) net investment income		(311	)
Accumulated undistributed net realized (loss)		(4,303	)
Net unrealized appreciation		22
	$	201,546
Net Assets:
Institutional Class	$	188
Administrative Class		201,348
Advisor Class		10
Shares Issued and Outstanding:
Institutional Class		16
Administrative Class		17,147
Advisor Class		1
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	11.74
Administrative Class		11.74
Advisor Class		11.74
Cost of Investments Owned	$	296,515
Cost of Foreign Currency Held	$	4,343
Proceeds Received on Short Sales	$	24,631
Premiums Received on Written Options	$	547

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Global Bond Portfolio (Unhedged)

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)
Investment Income:
Interest, net of foreign taxes*	$	3,989
Dividends		23
Miscellaneous income		4
Total Income		4,016
Expenses:
Investment advisory fees		237
Administration fees		475
Servicing fees – Administrative Class		142
Trustees’ fees		2
Interest expense		1
Total Expenses		857
Net Investment Income		3,159
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(1,909	)
Net realized (loss) on futures contracts, written options and swaps		(946	)
Net realized (loss) on foreign currency transactions		(1,938	)
Net change in unrealized (depreciation) on investments		(2,177	)
Net change in unrealized appreciation on futures contracts, written options and swaps		1,272
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		391
Net (Loss)		(5,307	)
Net (Decrease) in Net Assets Resulting from Operations	$	(2,148	)
*Foreign tax withholding	$	1

See Accompanying Notes Semiannual Report June 30, 2007 7

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

(Amounts in thousands)	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	3,159		$	4,817
Net realized gain (loss)		(4,793	)		1,490
Net change in unrealized (depreciation)		(514	)		(120	)
Net increase (decrease) resulting from operations		(2,148	)		6,187
Distributions to Shareholders:
From net investment income
Institutional Class		(3	)		0
Administrative Class		(3,049	)		(4,594	)
Advisor Class		0			0
Total Distributions		(3,052	)		(4,594	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		150			49
Administrative Class		50,329			99,227
Advisor Class		0			10
Issued as reinvestment of distributions
Institutional Class		3			0
Administrative Class		3,049			4,593
Advisor Class		0			0
Cost of shares redeemed
Institutional Class		(8	)		(1	)
Administrative Class		(20,729	)		(25,733	)
Advisor Class		0			0
Net increase resulting from Portfolio share transactions		32,794			78,145
Total Increase in Net Assets		27,594			79,738
Net Assets:
Beginning of period		173,952			94,214
End of period*	$	201,546		$	173,952
*Including (overdistributed) net investment income of:	$	(311	)	$	(418	)

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Global Bond Portfolio (Unhedged) June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BELGIUM 0.4%
Belgium Government Bond
4.250% due 09/28/2014	EUR	600	$	795
Total Belgium (Cost $761)				795
BERMUDA 0.2%
Intelsat Bermuda Ltd.
5.250% due 11/01/2008	$	400		396
Total Bermuda (Cost $395)				396
BRAZIL 0.1%
Vale Overseas Ltd.
6.250% due 01/11/2016	$	300		299
Total Brazil (Cost $300)				299
CANADA 0.5%
DaimlerChrysler Canada Finance, Inc.
4.850% due 03/30/2009	CAD	200		187
Province of Ontario Canada
6.200% due 06/02/2031		500		550
Rogers Wireless, Inc.
7.250% due 12/15/2012	$	200		211
Total Canada (Cost $939)				948
CAYMAN ISLANDS 1.0%
Mizuho Finance Cayman Ltd.
2.116% due 08/29/2049	JPY	100,000		822
8.375% due 12/29/2049	$	400		418
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049		400		394
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049		400		387
Total Cayman Islands (Cost $2,083)				2,021
FRANCE 0.8%
France Government Bond
3.150% due 07/25/2032 (c)	EUR	110		170
5.750% due 10/25/2032		600		930
6.500% due 04/25/2011		300		434
Total France (Cost $1,569)				1,534
GERMANY 18.5%
Republic of Germany
3.750% due 01/04/2015	EUR	3,200		4,111
4.250% due 01/04/2014		1,400		1,862
4.250% due 07/04/2014		5,700		7,573
4.750% due 07/04/2028		300		407
4.750% due 07/04/2034		100		136
5.000% due 07/04/2012		3,500		4,833
5.250% due 01/04/2011		5,400		7,475
5.500% due 01/04/2031		400		600
5.625% due 01/04/2028		3,550		5,357
6.250% due 01/04/2024		600		955
6.250% due 01/04/2030		1,300		2,124
6.500% due 07/04/2027		1,100		1,826
Total Germany (Cost $36,778)				37,259
ICELAND 0.2%
Glitnir Banki HF
5.618% due 04/20/2010	$	500		500
Total Iceland (Cost $500)				500

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
IRELAND 0.2%
Bank of Ireland
5.370% due 12/19/2008	$	400	$	401
Total Ireland (Cost $400)				401
ITALY 0.2%
Seashell Securities PLC
4.295% due 07/25/2028	EUR	39		52
Siena Mortgages SpA
4.377% due 12/16/2038		237		323
Total Italy (Cost $332)				375
JAPAN 13.4%
Bank of Tokyo-Mitsubishi UFJ Ltd.
3.500% due 12/16/2015	EUR	100		129
Japan Government Bond
1.000% due 09/20/2010	JPY	100,000		806
1.500% due 03/20/2011		620,000		5,075
1.500% due 03/20/2014		30,000		241
1.600% due 09/20/2013		10,000		81
1.600% due 06/20/2014		120,000		971
1.600% due 09/20/2014		120,000		969
2.300% due 05/20/2030		7,000		57
2.300% due 06/20/2035		130,000		1,028
2.400% due 03/20/2034		130,000		1,054
2.500% due 09/20/2035		360,000		2,968
2.500% due 06/20/2036		280,000		2,299
Japanese Government CPI Linked Bond
0.800% due 12/10/2015		119,880		944
1.100% due 12/10/2016		1,053,640		8,453
1.200% due 06/10/2017		120,000		968
Resona Bank Ltd.
5.850% due 09/29/2049	$	100		96
Sumitomo Mitsui Banking Corp.
1.641% due 12/31/2049	JPY	100,000		819
5.625% due 07/29/2049	$	100		95
Total Japan (Cost $28,833)				27,053
JERSEY, CHANNEL ISLANDS 0.1%
HSBC Capital Funding LP
9.547% due 12/31/2049	$	100		110
Total Jersey, Channel Islands (Cost $112)				111
MEXICO 0.1%
Pemex Project Funding Master Trust
5.750% due 12/15/2015	$	100		98
Total Mexico (Cost $97)				98
NETHERLANDS 0.8%
Dutch Mortgage-Backed Securities BV
4.202% due 10/02/2079	EUR	969		1,317
Netherlands Government Bond
4.250% due 07/15/2013		200		266
Siemens Financieringsmaatschappij NV
5.410% due 08/14/2009	$	100		100
Total Netherlands (Cost $1,539)				1,683
NORWAY 0.2%
DnB NORBank ASA
5.425% due 10/13/2009	$	300		300
Total Norway (Cost $300)				300

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
RUSSIA 0.2%
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008	$	500	$	501
Total Russia (Cost $500)				501
SPAIN 4.2%
Santander U.S. Debt S.A. Unipersonal
5.420% due 11/20/2009	$	400		400
Spain Government Bond
4.750% due 07/30/2014	EUR	5,000		6,844
5.150% due 07/30/2009		900		1,233
Total Spain (Cost $8,097)				8,477
UNITED KINGDOM 14.8%
HBOS PLC
5.920% due 09/29/2049	$	1,200		1,127
Holmes Financing PLC
4.228% due 07/15/2010	EUR	100		135
HSBC Holdings PLC
6.500% due 05/02/2036	$	1,200		1,237
Punch Taverns Finance Ltd.
6.824% due 10/15/2032 (a)	GBP	100		201
Royal Bank of Scotland Group PLC
5.750% due 07/06/2012	$	100		100
Tate & Lyle International Finance PLC
6.125% due 06/15/2011		200		202
United Kingdom Gilt
4.250% due 03/07/2011	GBP	2,200		4,194
4.750% due 06/07/2010		7,520		14,675
4.750% due 09/07/2015		1,500		2,859
5.000% due 03/07/2008		100		200
5.000% due 03/07/2012		2,500		4,877
XL Capital Europe PLC
6.500% due 01/15/2012	$	100		103
Total United Kingdom (Cost $28,717)				29,910
UNITED STATES 81.6%
ASSET-BACKED SECURITIES 7.5%
Accredited Mortgage Loan Trust
5.360% due 09/25/2036	$	373		373
5.370% due 02/25/2037		689		690
ACE Securities Corp.
5.430% due 10/25/2035		17		17
Amortizing Residential Collateral Trust
5.610% due 07/25/2032		1		1
5.670% due 10/25/2031		3		3
Asset-Backed Funding Certificates
5.380% due 01/25/2037		603		603
Asset-Backed Securities Corp. Home Equity
5.370% due 12/25/2036		571		571
Carrington Mortgage Loan Trust
5.370% due 12/25/2036		680		681
Centex Home Equity
5.370% due 06/25/2036		182		182
Countrywide Asset-Backed Certificates
5.350% due 01/25/2046		362		362
5.370% due 05/25/2037		1,328		1,328
Credit-Based Asset Servicing & Securitization LLC
5.380% due 11/25/2036		655		656
CSAB Mortgage-Backed Trust
5.420% due 06/25/2036		97		97

See Accompanying Notes Semiannual Report June 30, 2007 9

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

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CS First Boston Mortgage Securities Corp.
5.940% due 01/25/2032	$	1	$	1
First Franklin Mortgage Loan Asset-Backed Certificates
5.350% due 05/25/2036		277		277
5.360% due 01/25/2038		658		658
Fremont Home Loan Trust
5.370% due 10/25/2036		554		554
GSAMP Trust
5.420% due 01/25/2047		721		721
5.610% due 03/25/2034		41		41
HSI Asset Securitization Corp. Trust
5.370% due 12/25/2036		674		675
Indymac Residential Asset-Backed Trust
5.360% due 08/25/2036		272		272
5.380% due 04/25/2037		632		632
IXIS Real Estate Capital Trust
5.380% due 08/25/2036		94		94
JPMorgan Mortgage Acquisition Corp.
5.370% due 10/25/2036		654		653
Lehman XS Trust
5.400% due 04/25/2046		178		179
5.400% due 07/25/2046		354		354
Long Beach Mortgage Loan Trust
5.380% due 05/25/2046		124		124
Merrill Lynch Mortgage Investors, Inc.
5.390% due 08/25/2036		520		521
Morgan Stanley ABS Capital I
5.360% due 07/25/2036		340		340
5.390% due 02/25/2036		155		155
Morgan Stanley Home Equity Loans
5.390% due 02/25/2036		227		227
Option One Mortgage Loan Trust
5.390% due 01/25/2036		186		187
Residential Asset Mortgage Products, Inc.
5.400% due 01/25/2036		96		96
5.400% due 02/25/2036		129		129
Residential Asset Securities Corp.
5.380% due 04/25/2036		81		81
SACO I, Inc.
5.380% due 05/25/2036		92		92
Saxon Asset Securities Trust
5.590% due 01/25/2032		2		2
Securitized Asset-Backed Receivables LLC Trust
5.370% due 12/25/2036		675		675
5.380% due 03/25/2036		202		202
Soundview Home Equity Loan Trust
5.430% due 11/25/2035		8		8
Structured Asset Securities Corp.
4.900% due 04/25/2035		54		54
5.720% due 05/25/2034		10		10
Truman Capital Mortgage Loan Trust
5.660% due 01/25/2034		13		13
Washington Mutual Asset-Backed Certificates
5.380% due 10/25/2036		674		675
Wells Fargo Home Equity Trust
5.440% due 12/25/2035		270		270
5.550% due 10/25/2035		546		547
				15,083
CORPORATE BONDS & NOTES 11.4%
American Express Credit Corp.
5.380% due 03/02/2009		400		401

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
American International Group, Inc.
4.875% due 03/15/2067	EUR	200	$	257
6.250% due 03/15/2037	$	100		95
AT&T, Inc.
5.450% due 05/15/2008		600		601
AutoZone, Inc.
5.875% due 10/15/2012		100		100
Bank of America Corp.
5.366% due 11/06/2009		400		400
BellSouth Corp.
5.200% due 09/15/2014		200		192
Boston Scientific Corp.
6.400% due 06/15/2016		200		195
CenterPoint Energy, Inc.
5.875% due 06/01/2008		200		200
Charter One Bank N.A.
5.405% due 04/24/2009		1,000		1,001
CIT Group, Inc.
5.430% due 02/21/2008		300		300
5.470% due 06/08/2009		500		498
5.570% due 05/23/2008		100		100
Citigroup, Inc.
5.400% due 12/26/2008		400		400
CMS Energy Corp.
6.310% due 01/15/2013 (a)		200		201
7.500% due 01/15/2009		200		206
CNA Financial Corp.
6.000% due 08/15/2011		200		201
ConocoPhillips Australia Funding Co.
5.460% due 04/09/2009		500		500
CSX Corp.
6.300% due 03/15/2012		200		204
CVS Caremark Corp.
5.750% due 08/15/2011		200		200
DaimlerChrysler N.A. Holding Corp.
5.710% due 03/13/2009		600		601
5.750% due 05/18/2009		200		201
Dex Media East LLC
9.875% due 11/15/2009		400		416
Dominion Resources, Inc.
5.660% due 09/28/2007		100		100
DR Horton, Inc.
6.000% due 04/15/2011		200		195
El Paso Performance-Linked Trust
7.750% due 07/15/2011		300		311
Equistar Chemicals LP
8.750% due 02/15/2009		400		416
Fleet National Bank
0.801% due 07/07/2008	JPY	30,000		244
Ford Motor Credit Co.
5.800% due 01/12/2009	$	200		196
6.625% due 06/16/2008		600		600
7.250% due 10/25/2011		200		193
8.105% due 01/13/2012		500		499
Freeport-McMoRan Copper & Gold, Inc.
8.564% due 04/01/2015		400		420
General Electric Capital Corp.
5.460% due 06/15/2009		1,300		1,304
General Motors Acceptance Corp.
6.510% due 09/23/2008		500		500
GMAC LLC
6.610% due 05/15/2009		500		500

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Harrah’s Operating Co., Inc.
5.956% due 02/08/2008	$	100	$	100
HJ Heinz Co.
6.428% due 12/01/2008		300		303
HJ Heinz Finance Co.
6.000% due 03/15/2012		100		100
HSBC Finance Corp.
5.450% due 06/19/2009		400		401
5.490% due 09/15/2008		100		100
International Lease Finance Corp.
5.350% due 03/01/2012		200		198
5.400% due 02/15/2012		200		198
iStar Financial, Inc.
5.150% due 03/01/2012		200		193
JC Penney Corp., Inc.
8.000% due 03/01/2010		200		211
JPMorgan Chase & Co.
5.058% due 02/22/2021	CAD	200		182
JPMorgan Chase Capital XXII
6.450% due 02/02/2037	$	100		95
JPMorgan Mortgage Acquisition Corp.
6.550% due 09/15/2066		400		386
Kraft Foods, Inc.
6.250% due 06/01/2012		200		204
Mandalay Resort Group
6.500% due 07/31/2009		400		402
Merck & Co., Inc.
4.750% due 03/01/2015		200		188
Merrill Lynch & Co., Inc.
5.395% due 10/23/2008		200		200
5.450% due 08/14/2009		200		200
Mizuho Preferred Capital Co. LLC
8.790% due 12/29/2049		100		103
Morgan Stanley
5.467% due 02/09/2009		500		501
5.809% due 10/18/2016		200		200
Newell Rubbermaid, Inc.
4.000% due 05/01/2010		200		192
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		100		101
Rabobank Capital Funding Trust
5.254% due 12/29/2049		400		375
Ryder System, Inc.
5.850% due 11/01/2016		200		194
Sara Lee Corp.
6.250% due 09/15/2011		200		204
SB Treasury Co. LLC
9.400% due 12/29/2049		100		103
State Street Capital Trust IV
6.355% due 06/15/2037		500		504
Time Warner, Inc.
5.500% due 11/15/2011		200		198
5.590% due 11/13/2009		400		401
Tokai Preferred Capital Co. LLC
9.980% due 12/29/2049		300		313
Toyota Motor Credit Corp.
5.330% due 10/12/2007		400		400
TXU Corp.
6.375% due 01/01/2008		300		302
U.S. Bancorp
5.350% due 04/28/2009		300		300
Wachovia Bank N.A.
5.400% due 03/23/2009		500		500

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Wal-Mart Stores, Inc.
5.260% due 06/16/2008	$	400	$	400
Wells Fargo Capital X
5.950% due 12/15/2036		200		187
Westpac Banking Corp.
5.280% due 06/06/2008		400		400
Wyeth
6.950% due 03/15/2011		200		210
Xerox Corp.
9.750% due 01/15/2009		200		212
				22,909
MORTGAGE-BACKED SECURITIES 5.8%
Banc of America Mortgage Securities, Inc.
5.000% due 05/25/2034		231		226
Bear Stearns Commercial Mortgage Securities
5.430% due 03/15/2019		649		649
Bear Stearns Mortgage Funding Trust
5.390% due 02/25/2037		737		737
CC Mortgage Funding Corp.
5.500% due 07/25/2036		514		514
Countrywide Alternative Loan Trust
5.530% due 03/20/2046		348		347
5.600% due 02/25/2037		388		389
6.185% due 08/25/2036		579		579
Countrywide Home Loan Mortgage Pass-Through Trust
5.550% due 05/25/2035		258		258
5.610% due 04/25/2035		23		23
5.640% due 03/25/2035		330		331
5.650% due 02/25/2035		31		31
5.700% due 09/25/2034		41		41
CS First Boston Mortgage Securities Corp.
6.500% due 04/25/2033		7		7
First Horizon Asset Securities, Inc.
6.250% due 08/25/2017		235		234
GE Capital Commercial Mortgage Corp.
4.229% due 12/10/2037		507		496
GMAC Commercial Mortgage Securities, Inc.
6.420% due 05/15/2035		87		88
GMAC Mortgage Corp. Loan Trust
5.500% due 09/25/2034		110		109
Greenpoint Mortgage Funding Trust
5.590% due 11/25/2045		35		35
Greenwich Capital Commercial Funding Corp.
5.444% due 03/10/2039		800		775
GSR Mortgage Loan Trust
4.538% due 09/25/2035		232		229
5.354% due 06/25/2034		50		51
Harborview Mortgage Loan Trust
5.690% due 02/19/2034		13		13
Indymac Index Mortgage Loan Trust
5.400% due 07/25/2046		87		87
JPMorgan Mortgage Trust
4.768% due 07/25/2035		750		741
MASTR Asset Securitization Trust
4.500% due 03/25/2018		173		169
Mellon Residential Funding Corp.
5.760% due 12/15/2030		46		46
Nomura Asset Acceptance Corp.
5.050% due 10/25/2035		69		69
Residential Accredit Loans, Inc.
5.530% due 04/25/2046		465		465

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Structured Asset Mortgage Investments, Inc.
5.540% due 05/25/2036	$	509	$	510
5.610% due 07/19/2034		15		15
5.670% due 03/19/2034		25		25
Thornburg Mortgage Securities Trust
5.430% due 12/25/2036		681		681
Wachovia Bank Commercial Mortgage Trust
5.410% due 09/15/2021		610		610
Washington Mutual, Inc.
5.094% due 10/25/2032		4		4
5.474% due 02/27/2034		18		18
5.590% due 12/25/2045		177		177
5.610% due 10/25/2045		93		94
5.630% due 01/25/2045		33		33
5.640% due 01/25/2045		31		31
5.724% due 07/25/2046		563		566
5.860% due 12/25/2027		113		113
6.429% due 08/25/2042		32		32
Wells Fargo Mortgage-Backed Securities Trust
4.500% due 11/25/2018		379		368
4.750% due 10/25/2018		218		211
4.950% due 03/25/2036		425		419
5.254% due 04/25/2036		138		138
				11,784
MUNICIPAL BONDS & NOTES 0.0%
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2004
5.000% due 02/01/2028		25		26
		SHARES
PREFERRED STOCKS 0.4%
DG Funding Trust
7.600% due 12/31/2049		58		604
Fresenius Medical Care Capital Trust II
7.875% due 02/01/2008		200		202
				806
		PRINCIPAL AMOUNT (000S)
COMMODITY INDEX-LINKED NOTES 0.5%
Morgan Stanley
0.000% due 07/07/2008	$	1,000		994
U.S. GOVERNMENT AGENCIES 54.8%
Fannie Mae
4.187% due 11/01/2034		325		322
4.397% due 10/01/2034		38		38
4.940% due 12/01/2034		48		48
5.000% due 11/01/2018 - 03/01/2036		796		758
5.440% due 03/25/2034		33		33
5.470% due 08/25/2034		27		27
5.500% due 10/01/2016 - 07/01/2037		22,233		21,483
5.570% due 06/25/2044		29		29
6.000% due 07/01/2037 - 07/25/2044		72,100		71,324
6.500% due 07/01/2037		7,000		7,067
Freddie Mac
4.500% due 02/15/2017 - 02/01/2018		1,991		1,913
5.000% due 03/15/2017		331		327
5.500% due 06/01/2035 - 07/01/2037		4,657		4,497
5.550% due 07/15/2037		1,400		1,400
6.000% due 04/15/2036		965		907
6.227% due 10/25/2044		193		195
7.190% due 02/01/2029		27		27

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Ginnie Mae
5.125% due 11/20/2024	$	6	$	7
				110,402
U.S. TREASURY OBLIGATIONS 1.2%
U.S. Treasury Bonds
8.125% due 08/15/2019		100		127
8.750% due 05/15/2017		100		128
8.875% due 02/15/2019		200		265
U.S. Treasury Notes
4.250% due 11/15/2014		1,000		954
4.625% due 02/29/2012		200		198
4.875% due 01/31/2009		100		100
U.S. Treasury Strips
0.000% due 05/15/2017		430		260
0.000% due 08/15/2020		300		151
0.000% due 11/15/2021		600		283
				2,466
Total United States (Cost $164,845)				164,470
SHORT-TERM INSTRUMENTS 9.0%
CERTIFICATES OF DEPOSIT 2.8%
Abbey National Treasury Services PLC
5.270% due 07/02/2008		400		400
BNP Paribas
5.262% due 05/28/2008		800		800
Countrywide Funding Corp.
5.360% due 08/16/2007		700		700
Fortis Bank NY
5.265% due 04/28/2008		300		300
Nordea Bank Finland PLC
5.308% due 05/28/2008		500		501
Societe Generale NY
5.271% due 06/30/2008		1,300		1,301
Unicredito Italiano NY
5.358% due 12/13/2007		400		400
5.358% due 05/06/2008		900		900
5.360% due 12/03/2007		300		300
				5,602
COMMERCIAL PAPER 5.2%
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		4,600		4,600
UBS Finance Delaware LLC
5.205% due 10/23/2007		300		299
5.235% due 10/23/2007		5,600		5,545
				10,444
REPURCHASE AGREEMENTS 0.5%
State Street Bank and Trust Co.
4.900% due 07/02/2007		922		922
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $945. Repurchase proceeds are $922.)
U.S. TREASURY BILLS 0.5%
4.657% due 08/30/2007 - 09/13/2007 (b)(e)		1,110		1,099
Total Short-Term Instruments (Cost $18,068)				18,067

See Accompanying Notes Semiannual Report June 30, 2007 11

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

		VALUE (000S)
PURCHASED OPTIONS (g) 0.5%
(Cost $1,350)	$	995
Total Investments (d) 147.0% (Cost $296,515)	$	296,193
Written Options (h) (0.1%) (Premiums $547)		(123	)
Other Assets and Liabilities (Net) (46.9%)		(94,524	)
Net Assets 100.0%	$	201,546

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) When-issued security.

(b) Coupon represents a weighted average rate.

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

(d) As of June 30, 2007, portfolio securities with an aggregate value of $2,394 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(e) Securities with an aggregate market value of $1,099 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2007	36	$	9
90-Day Eurodollar March Futures	Long	03/2008	8		(9	)
90-Day Euroyen December Futures	Long	12/2007	133		(32	)
Euro-Bobl 5-Year Note September Futures	Long	09/2007	146		(50	)
Euro-Bobl 5-Year Note September Futures Put Options Strike @ EUR 104.000	Long	09/2007	93		1
Euro-Bund 10-Year Note September Futures	Long	09/2007	240		(176	)
Euro-Bund 10-Year Note September Futures Put Options Strike @ EUR 106.000	Long	09/2007	207		3
Japan Government 10-Year Bond September Futures	Long	09/2007	34		(132	)
U.S. Treasury 10-Year Note September Futures	Long	09/2007	125		62
U.S. Treasury 30-Year Bond September Futures	Long	09/2007	32		33
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2007	34		(36	)
				$	(327	)

(f) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016	EUR	800	$	(1	)
BNP Paribas Bank	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		500		0
Deutsche Bank AG	Akzo Nobel NV 4.250% due 06/14/2011	Buy	(0.290%	)	06/20/2012		200		(1	)
Deutsche Bank AG	Kelda Group PLC 6.625% DUE 04/17/2031	Buy	(0.210%	)	06/20/2012		200		0
Deutsche Bank AG	United Utilities PLC 6.875% due 08/15/2028	Buy	(0.235%	)	06/20/2012		200		1
Deutsche Bank AG	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		1,200		(1	)
Goldman Sachs & Co.	ICI Wilmington, Inc. 5.625% due 12/01/2013	Buy	(0.340%	)	06/20/2012		200		0
Goldman Sachs & Co.	Koninklijke DSM NV 4.000% due 11/10/2015	Buy	(0.365%	)	06/20/2012		200		(1	)
Goldman Sachs & Co.	SCA Finans AB 4.500% due 07/15/2015	Buy	(0.250%	)	06/20/2012		200		0
Goldman Sachs & Co.	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		100		0
HSBC Bank USA	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		100		0
JPMorgan Chase & Co.	Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016		700		(2	)
Merrill Lynch & Co., Inc.	Compass Group PLC 6.375% due 05/29/2012	Buy	(0.390%	)	06/20/2012		200		0
Deutsche Bank AG	SOFTBANK Corp. 1.750% due 03/31/2014	Sell	2.300%		09/20/2007	JPY	47,000		2
Bank of America	Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.150%		06/20/2008	$	600		0
Bank of America	Merrill Lynch & Co., Inc. 6.000% due 02/17/2009	Sell	0.150%		06/20/2008		200		0
Bank of America	DR Horton, Inc. 6.000% due 04/15/2011	Buy	(0.890%	)	06/20/2011		200		3
Bank of America	Time Warner, Inc. 5.500% due 11/15/2011	Buy	(0.310%	)	12/20/2011		200		(1	)
Bank of America	Transocean, Inc. 7.375% due 04/15/2018	Buy	(0.539%	)	06/20/2017		100		0
Bank of America	Transocean, Inc. 7.375% due 04/15/2018	Buy	(0.505%	)	06/20/2017		400		(1	)
Barclays Bank PLC	International Lease Finance Corp. 5.400% due 02/15/2012	Buy	(0.170%	)	03/20/2012		200		0

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	XL Capital Europe PLC 6.500% due 01/15/2012	Buy	(0.310%	)	03/20/2012	$	100	$	0
Barclays Bank PLC	American Electric Power Co., Inc. 5.250% due 06/01/2015	Buy	(0.100%	)	06/20/2012		100		0
Barclays Bank PLC	Capital One Bank 5.125% due 02/15/2014	Buy	(0.160%	)	06/20/2012		400		1
Barclays Bank PLC	Noble Corp. 5.875% due 06/01/2013	Buy	(0.530%	)	06/20/2012		100		0
Bear Stearns & Co., Inc.	CNA Financial Corp. 6.000% due 08/15/2011	Buy	(0.440%	)	09/20/2011		100		0
Bear Stearns & Co., Inc.	H.J. Heinz Finance Co. 6.000% due 03/15/2012	Buy	(0.370%	)	03/20/2012		100		0
Bear Stearns & Co., Inc.	Kraft Foods, Inc. 6.250% due 06/01//2012	Buy	(0.170%	)	06/20/2012		200		1
Bear Stearns & Co., Inc.	MeadWestvaco Corp. 6.850% due 04/01/2012	Buy	(0.520%	)	06/20/2012		1,000		2
Bear Stearns & Co., Inc.	Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.480%	)	06/20/2012		1,000		(1	)
Bear Stearns & Co., Inc.	Ryder System, Inc. 5.850% due 11/01/2016	Buy	(0.460%	)	12/20/2016		200		4
Citibank N.A.	Newell Rubbermaid, Inc. 4.000% due 05/01/2010	Buy	(0.130%	)	06/20/2010		200		0
Citibank N.A.	Nabors Industries, Inc. 5.375% due 08/15/2012	Buy	(0.470%	)	06/20/2012		100		(1	)
Citibank N.A.	AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.680%	)	12/20/2012		100		(2	)
Credit Suisse First Boston	CenterPoint Energy, Inc. 5.875% due 06/01/2008	Buy	(0.170%	)	06/20/2008		200		0
Credit Suisse First Boston	DaimlerChrysler N.A. Holding Corp. 5.750% due 05/18/2009	Buy	(0.380%	)	06/20/2009		200		(1	)
Credit Suisse First Boston	iStar Financial, Inc. 5.150% due 03/01/2012	Buy	(0.450%	)	03/20/2012		200		1
Credit Suisse First Boston	Noble Corp. 5.875% due 06/01/2013	Buy	(0.530%	)	06/20/2012		100		0
Credit Suisse First Boston	Noble Corp. 5.875% due 06/01/2013	Buy	(0.519%	)	06/20/2012		300		(1	)
Deutsche Bank AG	Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.160%		06/20/2008		300		0
Deutsche Bank AG	Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.120%		06/20/2008		600		0
Deutsche Bank AG	Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.160%		06/20/2008		700		0
Deutsche Bank AG	JC Penney Corp., Inc. 8.000% due 03/01/2010	Buy	(0.270%	)	03/20/2010		200		0
Goldman Sachs & Co.	Carnival Corp. 6.650% due 01/15/2028	Buy	(0.210%	)	06/20/2012		100		0
Goldman Sachs & Co.	Dow Jones CDX N.A. IG8 Index	Sell	0.350%		06/20/2012		6,700		(15	)
Goldman Sachs & Co.	GlobalSantaFe Corp. 5.000% due 02/15/2013	Buy	(0.445%	)	06/20/2012		300		(1	)
Goldman Sachs & Co.	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		26,200		150
Goldman Sachs & Co.	International Paper Co. 5.850% due 10/30/2012	Buy	(0.675%	)	06/20/2017		100		0
Goldman Sachs & Co.	MeadWestvaco Corp. 6.850% due 04/01/2012	Buy	(1.040%	)	06/20/2017		500		3
HSBC Bank USA	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.240%		02/20/2008		500		0
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700%		04/20/2009		400		2
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.730%		04/20/2009		400		2
JPMorgan Chase & Co.	CNA Financial Corp. 6.000% due 08/15/2011	Buy	(0.440%	)	09/20/2011		100		0
Lehman Brothers, Inc.	Ford Motor Credit Co. 7.875% due 06/15/2010	Buy	(2.310%	)	06/20/2010		200		0
Lehman Brothers, Inc.	Wyeth 6.950% due 03/15/2011	Buy	(0.100%	)	03/20/2011		200		0
Lehman Brothers, Inc.	Tate & Lyle International Finance PLC 6.125% due 06/15/2011	Buy	(0.315%	)	06/20/2011		200		0
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.280%		08/20/2011		3,200		93
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.350%		08/20/2011		2,300		73
Lehman Brothers, Inc.	CVS Corp. 5.750% due 08/15/2011	Buy	(0.210%	)	09/20/2011		200		0
Lehman Brothers, Inc.	Sealed Air Corp. 6.250% due 09/15/2011	Buy	(0.350%	)	09/20/2011		200		0
Lehman Brothers, Inc.	BellSouth Corp. 5.200% due 09/15/2014	Buy	(0.325%	)	09/20/2014		200		(1	)
Lehman Brothers, Inc.	Merck & Co., Inc. 4.750% due 03/01/2015	Buy	(0.135%	)	03/20/2015		200		1
Merrill Lynch & Co., Inc.	CSX Corp. 6.300% due 03/15/2012	Buy	(0.230%	)	03/20/2012		200		1
Merrill Lynch & Co., Inc.	International Lease Finance Corp. 5.350% due 03/01/2012	Buy	(0.130%	)	03/20/2012		200		0
Morgan Stanley	Xerox Corp. 9.750% due 01/15/2009	Buy	(0.290%	)	03/20/2009		200		0
Morgan Stanley	Glitnir Banki HF floating rate based on 3-Month USD-LIBOR plus 0.260% due 04/20/2010	Buy	(0.170%	)	06/20/2010		500		0
Morgan Stanley	Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.480%	)	06/20/2012		1,000		(1	)
Morgan Stanley	Rogers Wireless, Inc. 7.250% due 12/15/2012	Buy	(0.540%	)	12/20/2012		200		0
Morgan Stanley	Diamond Offshore Drilling, Inc. 4.875% due 07/01/2015	Buy	(0.495%	)	06/20/2017		100		0
Royal Bank of Canada	DaimlerChrysler Canada Finance, Inc. 4.850% due 03/30/2009	Buy	(0.350%	)	06/20/2009		200		(1	)
Royal Bank of Canada	JPMorgan Chase & Co. 6.750% due 02/01/2011	Buy	(0.310%	)	03/20/2016		200		0
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.280%		12/20/2011		100		1
Royal Bank of Scotland Group PLC	Morgan Stanley floating rate based on 3-Month USD-LIBOR plus 0.450% due 10/18/2016	Buy	(0.320%	)	12/20/2016		200		2
UBS Warburg LLC	American International Group, Inc. 4.250% due 05/15/2013	Sell	0.070%		06/20/2008		800		0
UBS Warburg LLC	DR Horton, Inc. 5.375% due 06/15/2012	Buy	(1.540%	)	06/20/2017		200		12
UBS Warburg LLC	Lennar Corp. 5.950% due 03/01/2013	Buy	(1.190%	)	06/20/2017		500		14
UBS Warburg LLC	Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.930%	)	06/20/2017		400		2
Wachovia Bank N.A.	GlobalSantaFe Corp. 5.000% due 02/15/2013	Buy	(0.530%	)	06/20/2012		100		(1	)
Wachovia Bank N.A.	GlobalSantaFe Corp. 5.000% due 02/15/2013	Buy	(0.520%	)	06/20/2012		100		(1	)
								$	336

⁽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.

See Accompanying Notes Semiannual Report June 30, 2007 13

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

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	6.500%	01/15/2009	AUD	4,600	$	(12	)
Citibank N.A.	6-Month Australian Bank Bill	Pay	6.000%	06/15/2010		700		(19	)
Citibank N.A.	6-Month Australian Bank Bill	Receive	6.000%	06/15/2015		400		21
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.500%	01/15/2009		15,700		(40	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		7,000		(52	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.000%	06/15/2012		3,900		(99	)
Deutsche Bank AG	6-Month Australian Bank Bill	Receive	6.000%	06/15/2017		2,300		103
HSBC Bank USA	6-Month Australian Bank Bill	Pay	6.000%	06/15/2012		3,100		(80	)
HSBC Bank USA	6-Month Australian Bank Bill	Receive	6.000%	06/15/2017		1,800		82
Morgan Stanley	6-Month Australian Bank Bill	Pay	6.500%	01/15/2009		7,000		(18	)
Royal Bank of Canada	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		2,400		(18	)
UBS Warburg LLC	6-Month Australian Bank Bill	Pay	6.000%	06/15/2010		1,700		(48	)
UBS Warburg LLC	6-Month Australian Bank Bill	Receive	6.000%	06/15/2015		1,100		63
Citibank N.A.	3-Month Canadian Bank Bill	Receive	5.000%	06/15/2015	CAD	500		21
Royal Bank of Canada	3-Month Canadian Bank Bill	Receive	5.000%	06/15/2015		1,500		20
Barclays Bank PLC	6-Month EUR-LIBOR	Receive	4.000%	06/17/2010	EUR	10		0
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		900		(23	)
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		700		23
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		12,160		514
Goldman Sachs & Co.	6-Month EUR-LIBOR	Receive	5.000%	09/19/2012		2,600		(12	)
Goldman Sachs & Co.	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		7,000		421
Goldman Sachs & Co.	6-Month EUR-LIBOR	Receive	5.000%	03/19/2038		1,400		(26	)
HSBC Bank USA	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		2,300		102
JPMorgan Chase & Co.	6-Month EUR-LIBOR	Receive	5.000%	06/17/2012		900		75
Lehman Brothers, Inc.	6-Month EUR-LIBOR	Receive	4.000%	12/15/2014		600		43
Lehman Brothers, Inc.	6-Month EUR-LIBOR	Pay	6.000%	06/18/2034		700		(58	)
Merrill Lynch & Co., Inc.	6-Month EUR-LIBOR	Pay	6.000%	06/18/2034		1,000		(58	)
Morgan Stanley	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		3,300		130
Morgan Stanley	6-Month EUR-LIBOR	Receive	4.000%	06/15/2017		500		48
Morgan Stanley	6-Month EUR-LIBOR	Pay	6.000%	06/18/2034		2,000		(56	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.950%	03/30/2012		600		(6	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.940%	04/10/2012		600		(7	)
UBS Warburg LLC	6-Month EUR-LIBOR	Pay	4.000%	06/17/2010		200		(15	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009	GBP	9,800		(110	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		3,200		(216	)
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	5.000%	09/15/2015		600		78
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.500%	09/15/2017		4,500		45
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		1,200		134
Deutsche Bank AG	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		100		(4	)
Deutsche Bank AG	6-Month GBP-LIBOR	Receive	4.250%	06/12/2036		200		52
Goldman Sachs & Co.	6-Month GBP-LIBOR	Receive	4.250%	06/12/2036		300		80
JPMorgan Chase & Co.	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		400		28
Merrill Lynch & Co., Inc.	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		2,800		(251	)
Morgan Stanley	6-Month GBP-LIBOR	Pay	5.000%	09/15/2015		700		(87	)
Goldman Sachs & Co.	3-Month Hong Kong Bank Bill	Receive	4.235%	12/17/2008	HKD	5,800		5
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008	JPY	2,060,000		6
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	3.000%	06/20/2027		120,000		(7	)
Goldman Sachs & Co.	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		1,520,000		(93	)
Morgan Stanley	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		20,000		0
Morgan Stanley	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		1,460,000		(84	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		2,660,000		(41	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		2,090,000		(38	)
UBS Warburg LLC	6-Month JPY-LIBOR	Receive	0.800%	03/20/2012		50,000		(3	)
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		41
UBS Warburg LLC	6-Month JPY-LIBOR	Receive	2.000%	12/20/2016		1,730,000		(70	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	3.000%	06/20/2027		130,000		(8	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	2.500%	06/20/2036		380,000		(88	)
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016	MXN	5,000		(4	)
Bank of America	3-Month USD-LIBOR	Pay	5.000%	06/18/2009	$	18,100		(90	)
Barclays Bank PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		4,500		(28	)
Citibank N.A.	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		2,000		71
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	06/18/2009		81,000		(396	)
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2009		700		(1	)
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2012		700		(1	)
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		500		18
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		1,400		(9	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		800		10
Goldman Sachs & Co.	3-Month USD-LIBOR	Pay	5.500%	12/16/2014		700		(15	)
Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		4,300		152
Morgan Stanley	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		4,700		(31	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2008		7,300		(36	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2014		600		(2	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		39,000		(233	)
							$	(196	)

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(g) Purchased options outstanding on June 30, 2007:

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.800%	08/08/2007	$	7,000	$	29	$	0
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		4,600		18		7
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		5,400		27		11
Call - OTC 1-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Pay	4.750%	02/01/2008		14,000		40		4
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	5.000%	12/20/2007		12,200		79		15
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.850%	07/02/2007		42,700		111		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.900%	08/08/2007		19,900		45		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		5,800		29		9
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		22,800		138		28
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		5,400		19		11
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	12/15/2008		12,200		41		28
								$	576	$	113

Foreign Currency Options

Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Euro versus U.S. dollar		$1.362	05/21/2008	EUR	1,000	$	31	$	30
Put - OTC Euro versus U.S. dollar		1.362	05/21/2008		1,000		30		29
Call - OTC Euro versus U.S. dollar		1.375	05/21/2010		1,200		59		60
Call - OTC Euro versus U.S. dollar		1.375	05/21/2010		1,100		52		55
Put - OTC Euro versus U.S. dollar		1.375	05/21/2010		1,100		52		50
Put - OTC Euro versus U.S. dollar		1.375	05/21/2010		1,200		59		55
Call - OTC U.S. dollar versus Japanese yen	JPY	120.000	09/26/2007	$	800		6		18
Call - OTC U.S. dollar versus Japanese yen		117.900	11/09/2007		1,600		17		54
Call - OTC U.S. dollar versus Japanese yen		117.500	11/19/2007		800		9		29
Call - OTC U.S. dollar versus Japanese yen		114.281	12/05/2007		700		8		40
Call - OTC U.S. dollar versus Japanese yen		114.650	01/18/2008		2,000		67		105
Put - OTC U.S. dollar versus Japanese yen		114.650	01/18/2008		2,000		67		17
Call - OTC U.S. dollar versus Japanese yen		117.500	03/13/2008		1,200		10		38
Call - OTC U.S. dollar versus Japanese yen		115.950	06/09/2008		3,000		80		111
Put - OTC U.S. dollar versus Japanese yen		115.950	06/09/2008		3,000		80		58
Call - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		2,600		68		67
Put - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		2,600		68		71
						$	763	$	887

Options on Securities

Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.500% due 08/01/2037	$	89.500	08/07/2007	$	21,000	$	3	$	0
Put - OTC Fannie Mae 6.000% due 09/01/2037		92.500	09/06/2007		72,000		8		5
						$	11	$	5

Straddle Options

Description	Counterparty	Exercise Price (2)	Expiration Date	Notional Amount		Cost (2)		Value
Call & Put - OTC U.S. dollar versus Japanese yen Forward Delta Neutral Straddle	Goldman Sachs & Co.	$    0.000	09/20/2007	$	3,900	$	0	$	(10	)

⁽²⁾ Exercise price and final cost determined on a future date, based upon implied volatility parameters.

(h) Written options outstanding on June 30, 2007:

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	Bank of America	3-Month USD-LIBOR	Receive	4.900%	08/08/2007	$	3,000	$	26	$	0
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		2,000		18		7
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		2,300		27		12
Call - OTC 5-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Receive	4.900%	02/01/2008		3,100		39		7
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	5.150%	12/20/2007		5,300		77		17
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	07/02/2007		9,200		99		0
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	08/08/2007		3,300		38		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		2,500		30		9
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		9,900		132		30
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		2,400		20		12
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/15/2008		4,100		41		29
								$	547	$	123

See Accompanying Notes Semiannual Report June 30, 2007 15

Schedule of Investments  Global Bond Portfolio (Unhedged) (Cont.) June 30, 2007 (Unaudited)

(i) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value
Fannie Mae	5.000%	07/01/2037	$	24,000	$	22,703	$	22,489
Fannie Mae	5.500%	07/01/2037		2,000		1,928		1,929
					$	24,631	$	24,418

(j) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AUD	5,465	07/2007	$	42	$	0		$	42
Sell		1,316	07/2007		0		(9	)		(9	)
Buy	BRL	2,865	10/2007		53		0			53
Buy		1,209	03/2008		52		0			52
Buy	CAD	2,958	08/2007		12		0			12
Buy	CLP	6,033	11/2007		0		0			0
Buy		10,300	03/2008		0		0			0
Buy	CNY	17,463	11/2007		9		0			9
Buy		43,578	01/2008		0		(26	)		(26	)
Buy	DKK	6,472	09/2007		4		0			4
Buy	EUR	14,841	07/2007		186		0			186
Sell	GBP	7,298	08/2007		0		(77	)		(77	)
Buy	INR	648	11/2007		0		0			0
Buy	JPY	3,843,259	07/2007		0		(451	)		(451	)
Sell		42,254	07/2007		0		(1	)		(1	)
Buy	KRW	760,822	07/2007		7		0			7
Buy		916,130	08/2007		0		0			0
Buy		39,973	09/2007		1		0			1
Buy	MXN	12,663	03/2008		28		0			28
Buy	NOK	6,216	09/2007		18		0			18
Sell	NZD	1,995	07/2007		0		(19	)		(19	)
Buy	PLN	1,692	09/2007		6		0			6
Buy	RUB	31,071	09/2007		7		0			7
Buy		458	11/2007		1		0			1
Buy		20,301	12/2007		3		0			3
Buy	SEK	15,066	09/2007		26		0			26
Buy	SGD	439	08/2007		0		(5	)		(5	)
Buy	TWD	9,248	07/2007		3		0			3
Buy		9,248	08/2007		0		(1	)		(1	)
Buy	ZAR	97	09/2007		0		0			0
				$	458	$	(589	)	$	(131	)

16 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2007 (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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) When-Issued Transactions  The Portfolio may purchase or sell securities on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by the Portfolio is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Portfolio may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

(e) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from 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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(f) 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.

(g) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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 BRL CAD CLP CNY DKK EUR GBP HKD INR	Australian Dollar Brazilian Real Canadian Dollar Chilean Peso Chinese Yuan Renminbi Danish Krone Euro Great British Pound Hong Kong Dollar Indian Rupee	KRW MXN NOK NZD PLN RUB SEK SGD TWD ZAR	South Korean Won Mexican Peso Norwegian Krone New Zealand Dollar Polish Zloty Russian Ruble Swedish Krona Singapore Dollar Taiwan Dollar South African Rand
JPY	Japanese Yen

(h) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(i) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(j) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(k) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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.

18 PIMCO Variable Insurance Trust

June 30, 2007 (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 on the 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.

(l) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(m) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(n) 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 on 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.

(o) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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.

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

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 credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(p) Commodities Index-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 notes 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 on the accompanying financial statements. Net payments are recorded as net realized gains and 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, 2007, the value of these securities comprised 0.5% of the Portfolio’s net assets and resulted in unrealized depreciation of $5,668.

(q) 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-related 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.

(r) 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” or “Ginnie Mae”), 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.

(s) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

20 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.50%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to

April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	725,855	$	722,821	$	57,615	$	17,547

Semiannual Report June 30, 2007 21

Notes to Financial Statements (Cont.)

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	Notional Amount in $			Notional Amount in GBP			Premium
Balance at 12/31/2006	$	79,300		GBP	2,100		$	827
Sales		29,600			0			344
Closing Buys		(61,800	)		0			(588	)
Expirations		0			(2,100	)		(36	)
Exercised		0			0			0
Balance at 06/30/2007	$	47,100		GBP	0		$	547

8. 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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	13		$	149		4		$	49
Administrative Class	4,198			50,329		8,273			99,227
Advisor Class	0			1		1			10
Issued as reinvestment of distributions
Institutional Class	0			2		0			0
Administrative Class	255			3,049		381			4,593
Advisor Class	0			0		0			0
Cost of shares redeemed
Institutional Class	(1	)		(8	)	0			(1	)
Administrative Class	(1,721	)		(20,729	)	(2,147	)		(25,733	)
Advisor Class	0			0		0			0
Net increase resulting from Portfolio share transactions	2,744		$	32,793		6,512		$	78,145

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	6	96
Advisor Class	1	95

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to

22 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    2,880	$    (3,202)	$    (322)

Semiannual Report June 30, 2007 23

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

24 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

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	21

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO High Yield Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

Corporate Bonds & Notes	78.3%
Bank Loan Obligations	8.4%
Short-Term Instruments	5.2%
U.S. Government Agencies	3.1%
Foreign Currency-Denominated Issues	3.0%
Other	2.0%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio Inception (04/30/98)
	PIMCO High Yield Portfolio Administrative Class	2.08%	9.75%	10.00%	5.55%
	Merrill Lynch U.S. High Yield BB-B Rated Constrained Index±	2.59%	10.34%	10.19%	5.64%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Merrill Lynch U.S. High Yield BB-B Rated Constrained Index tracks the performance of BB-B Rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. 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. Similarly, the face value of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,020.80	$	1,021.08
Expenses Paid During Period†	$	3.76	$	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 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 (“junk bonds”), which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements, rated below investment grade but rated at least Caa by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality, subject to a maximum of 5% of total assets in securities rated Caa by Moody’s, or equivalently rated by S&P or Fitch, or if unrated, determined by PIMCO to be of comparable quality.

» An underweight to the building products sector, led lower by poor performing building and construction credits, added to relative performance.

» An emphasis on B-rated technology issues, which outperformed their higher-quality BB-rated counterparts, was a strong boost to returns.

» Security selection in the healthcare sector was a strong positive for returns as middle- and lower-rated quality tiers outperformed considerably.

» An underweight to consumer non-cyclicals, which outperformed wholesale foods, food/drug retailers, and pharmaceuticals, detracted from relative performance.

» As the metals and mining sector outperformed over the period, an underweight to the sector weighed on the Portfolio’s returns.

» Within the telecom sector, an emphasis on integrated service providers, which fell significantly short of wireless and wireline companies, was negative for relative performance.

» An underweight to BB-rated issues, in general, and some tactical exposure to CCC-rated bonds, added to performance as lower quality outperformed.

4 PIMCO Variable Insurance Trust

Financial Highlights  High Yield Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Administrative Class
Net asset value beginning of year or period	$	8.34		$	8.19		$	8.40		$	8.19		$	7.17		$	7.88
Net investment income (a)		0.28			0.56			0.54			0.53			0.55			0.59
Net realized/unrealized gain (loss) on investments (a)		(0.10	)		0.16			(0.21	)		0.22			1.04			(0.70	)
Total income from investment operations		0.18			0.72			0.33			0.75			1.59			(0.11	)
Dividends from net investment income		(0.29	)		(0.57	)		(0.54	)		(0.54	)		(0.57	)		(0.60	)
Total distributions		(0.29	)		(0.57	)		(0.54	)		(0.54	)		(0.57	)		(0.60	)
Net asset value end of year or period	$	8.23		$	8.34		$	8.19		$	8.40		$	8.19		$	7.17
Total return		2.08	%		9.08	%		4.11	%		9.54	%		22.85	%		(1.19	)%
Net assets end of year or period (000s)	$	500,127		$	516,823		$	460,926		$	414,062		$	955,599		$	481,473
Ratio of expenses to average net assets		0.75	%*		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%(b)
Ratio of expenses to average net assets excluding interest expense		0.75	%*		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%(b)
Ratio of net investment income to average net assets		6.79	%*		6.90	%		6.50	%		6.48	%		7.14	%		8.14	%
Portfolio turnover rate		38	%		81	%		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 0.76%.

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  High Yield Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	489,863
Cash		745
Foreign currency, at value		3,556
Receivable for investments sold		37,299
Receivable for Portfolio shares sold		118
Interest and dividends receivable		8,417
Swap premiums paid		45
Unrealized appreciation on swap agreements		843
		540,886
Liabilities:
Payable for investments purchased	$	34,671
Payable for Portfolio shares redeemed		1,933
Accrued investment advisory fee		111
Accrued administration fee		155
Accrued servicing fee		55
Swap premiums received		5
Unrealized depreciation on foreign currency contracts		168
Unrealized depreciation on swap agreements		990
		38,088
Net Assets	$	502,798
Net Assets Consist of:
Paid in capital	$	503,818
(Overdistributed) net investment income		(1,553	)
Accumulated undistributed net realized (loss)		(1,193	)
Net unrealized appreciation		1,726
	$	502,798
Net Assets:
Institutional Class	$	2,588
Administrative Class		500,127
Advisor Class		83
Shares Issued and Outstanding:
Institutional Class		315
Administrative Class		60,773
Advisor Class		10
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	8.23
Administrative Class		8.23
Advisor Class		8.23
Cost of Investments Owned	$	487,844
Cost of Foreign Currency Held	$	3,537

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  High Yield Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	19,591
Dividends		92
Miscellaneous income		39
Total Income		19,722
Expenses:
Investment advisory fees		650
Administration fees		910
Servicing fees – Administrative Class		388
Trustees’ fees		5
Interest expense		6
Total Expenses		1,959
Net Investment Income		17,763
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		4,407
Net realized (loss) on futures contracts, written options and swaps		(2,164	)
Net realized (loss) on foreign currency transactions		(156	)
Net change in unrealized (depreciation) on investments		(9,745	)
Net change in unrealized appreciation on futures contracts, written options and swaps		860
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(259	)
Net (Loss)		(7,057	)
Net Increase in Net Assets Resulting from Operations	$	10,706

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  High Yield Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	17,763		$	33,041
Net realized gain		2,087			2,834
Net change in unrealized appreciation (depreciation)		(9,144	)		6,670
Net increase resulting from operations		10,706			42,545
Distributions to Shareholders:
From net investment income
Institutional Class		(81	)		(70	)
Administrative Class		(17,782	)		(32,991	)
Advisor Class		(3	)		(1	)
Total Distributions		(17,866	)		(33,062	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		717			1,213
Administrative Class		57,387			140,974
Advisor Class		270			64
Issued as reinvestment of distributions
Institutional Class		81			70
Administrative Class		17,782			33,006
Advisor Class		3			1
Cost of shares redeemed
Institutional Class		(132	)		(27	)
Administrative Class		(84,751	)		(127,544	)
Advisor Class		(251	)		(1	)
Net increase (decrease) resulting from Portfolio share transactions		(8,894	)		47,756
Total Increase (Decrease) in Net Assets		(16,054	)		57,239
Net Assets:
Beginning of period		518,852			461,613
End of period*	$	502,798		$	518,852
*Including (overdistributed) net investment income of:	$	(1,553	)	$	(1,450	)

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  High Yield Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 8.2%
AES Corp.
7.180% due 04/30/2010	$	2,000	$	2,005
Amadeus Global Travel Distribution S.A.
7.830% due 04/08/2013		700		705
8.580% due 04/08/2014		700		708
Biomet, Inc.
6.000% due 03/08/2008		1,500		1,504
Centennial Cellular Operating Co. LLC
7.350% due 02/09/2011		766		770
7.360% due 01/20/2011		59		60
Community Health Corp.
4.000% due 07/02/2014		62		62
5.000% due 07/02/2014		938		940
7.000% due 04/10/2008		2,000		1,995
Ford Motor Co.
8.360% due 11/29/2013		1,493		1,500
Harrah’s Entertainment, Inc.
7.500% due 03/09/2008		3,000		2,985
HCA, Inc.
7.600% due 11/14/2013		1,247		1,254
Headwaters, Inc.
7.360% due 04/30/2011		852		855
HealthSouth Corp.
7.850% due 02/02/2013		1,695		1,704
7.860% due 02/02/2013		32		32
Ineos Group Holdings PLC
7.571% due 10/07/2012		56		56
7.580% due 10/07/2012		937		940
JSG Holding PLC
7.725% due 11/29/2013		650		654
8.225% due 11/29/2014		650		654
Lear Corp.
8.000% due 06/27/2014		1,000		992
Metro-Goldwyn-Mayer, Inc.
8.614% due 04/08/2012		1,489		1,494
Novelis, Inc.
4.000% due 05/25/2008		1,100		1,102
Riverdeep Interactive
8.100% due 11/28/2013		997		1,001
Roundy’s Supermarket, Inc.
8.070% due 10/27/2011		2		2
8.110% due 11/01/2011		985		994
SLM Corp.
6.000% due 06/30/2008		2,600		2,587
Telesat Canada, Inc.
2.620% due 02/14/2008		1,500		1,501
Thompson Learning, Inc.
5.000% due 06/27/2014		2,100		2,076
Tribune Co.
7.875% due 05/30/2009		825		826
8.375% due 05/30/2014		1,375		1,346
Univision Communications, Inc.
6.250% due 09/15/2014		121		119
7.605% due 09/15/2014		1,879		1,856
VNU/Nielson Finance LLC
7.607% due 08/08/2013		1,990		2,004
VWR International, Inc.
7.000% due 05/30/2008		2,500		2,503
Wind Acquisition Finance S.A.
12.609% due 12/21/2011		517		521
Worldspan LP
8.606% due 12/07/2013		500		503

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
8.610% due 12/07/2013	$	495	$	497
10.500% due 12/07/2013		2		3
Total Bank Loan Obligations (Cost $41,194)				41,310
CORPORATE BONDS��& NOTES 76.3%
BANKING & FINANCE 9.7%
AES Ironwood LLC
8.857% due 11/30/2025		2,421		2,700
AES Red Oak LLC
8.540% due 11/30/2019		1,185		1,297
Bluewater Finance Ltd.
10.250% due 02/15/2012		2,200		2,305
Ferrellgas Escrow LLC
6.750% due 05/01/2014		2,100		2,000
Ford Motor Credit Co.
7.250% due 10/25/2011		1,900		1,830
7.800% due 06/01/2012		8,375		8,178
8.625% due 11/01/2010		1,260		1,281
Forest City Enterprises, Inc.
7.625% due 06/01/2015		1,225		1,240
General Motors Acceptance Corp.
6.000% due 04/01/2011		1,194		1,152
7.000% due 02/01/2012		3,000		2,945
7.250% due 03/02/2011		500		499
8.000% due 11/01/2031		2,350		2,410
GMAC LLC
6.625% due 05/15/2012		1,100		1,063
Hexion U.S. Finance Corp.
9.750% due 11/15/2014		1,300		1,352
K&F Acquisition, Inc.
7.750% due 11/15/2014		1,000		1,065
KRATON Polymers LLC
8.125% due 01/15/2014		1,500		1,470
NSG Holdings LLC/NSG Holdings, Inc.
7.750% due 12/15/2025		925		939
Petroleum Export Ltd. II
6.340% due 06/20/2011		1,280		1,254
Petroplus Finance Ltd.
6.750% due 05/01/2014		375		363
7.000% due 05/01/2017		375		363
Rotech Healthcare, Inc.
9.500% due 04/01/2012		3,575		3,396
Targeted Return Index Securities Trust
7.548% due 05/01/2016		826		814
Tenneco, Inc.
8.625% due 11/15/2014		975		1,009
10.250% due 07/15/2013		500		540
TNK-BP Finance S.A.
6.625% due 03/20/2017		500		486
7.500% due 07/18/2016		1,000		1,034
Universal City Development Partners
11.750% due 04/01/2010		525		558
Universal City Florida Holding Co. I
8.375% due 05/01/2010		1,425		1,464
10.106% due 05/01/2010		175		179
Ventas Realty LP
6.750% due 04/01/2017		250		248
7.125% due 06/01/2015		500		506
9.000% due 05/01/2012		500		549
Wind Acquisition Finance S.A.
10.750% due 12/01/2015		1,000		1,152

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Yankee Acquisition Corp.
8.500% due 02/15/2015	$	1,100	$	1,072
				48,713
INDUSTRIALS 54.2%
Abitibi-Consolidated Co. of Canada
7.750% due 06/15/2011		125		115
Abitibi-Consolidated, Inc.
8.550% due 08/01/2010		1,275		1,224
Actuant Corp.
6.875% due 06/15/2017		1,000		995
Albertson’s, Inc.
7.450% due 08/01/2029		3,250		3,186
Allied Waste North America, Inc.
7.250% due 03/15/2015		5,650		5,622
AmeriGas Partners LP
7.125% due 05/20/2016		2,650		2,617
7.250% due 05/20/2015		1,850		1,841
Aramark Corp.
8.500% due 02/01/2015		3,775		3,860
Arco Chemical Co.
10.250% due 11/01/2010		50		54
Armor Holdings, Inc.
8.250% due 08/15/2013		800		846
ArvinMeritor, Inc.
8.125% due 09/15/2015		1,525		1,485
8.750% due 03/01/2012		2,750		2,791
Berry Plastics Holding Corp.
8.875% due 09/15/2014		975		992
Bon-Ton Stores, Inc.
10.250% due 03/15/2014		3,750		3,816
Bowater Canada Finance
7.950% due 11/15/2011		1,315		1,244
Buhrmann U.S., Inc.
7.875% due 03/01/2015		1,300		1,287
8.250% due 07/01/2014		1,000		1,010
C8 Capital SPV Ltd.
6.640% due 12/31/2049		1,500		1,478
CanWest Media, Inc.
8.000% due 09/15/2012		770		768
Cascades, Inc.
7.250% due 02/15/2013		1,425		1,393
CCO Holdings LLC
8.750% due 11/15/2013		7,400		7,567
Celestica, Inc.
7.625% due 07/01/2013		875		823
7.875% due 07/01/2011		1,900		1,853
Chart Industries, Inc.
9.125% due 10/15/2015		425		448
Chemtura Corp.
6.875% due 06/01/2016		1,750		1,663
Chesapeake Energy Corp.
6.875% due 01/15/2016		1,200		1,179
7.000% due 08/15/2014		1,550		1,546
7.500% due 06/15/2014		75		76
7.750% due 01/15/2015		500		511
Choctaw Resort Development Enterprise
7.250% due 11/15/2019		1,357		1,343
Citic Resources Finance Ltd.
6.750% due 05/15/2014		450		435
Compagnie Générale de Géophysique-Veritas
7.500% due 05/15/2015		450		452
7.750% due 05/15/2017		225		229

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  High Yield Portfolio (Cont.)

			PRINCIPAL AMOUNT (000S)		VALUE (000S)
Continental Airlines, Inc.
6.920% due 04/02/2013 (f)		$	712	$	725
7.373% due 06/15/2017			253		251
Cooper-Standard Automotive, Inc.
7.000% due 12/15/2012			1,100		1,037
Corrections Corp. of America
7.500% due 05/01/2011			1,250		1,273
Crown Americas LLC & Crown Americas Capital Corp.
7.625% due 11/15/2013			425		431
7.750% due 11/15/2015			1,500		1,515
CSC Holdings, Inc.
6.750% due 04/15/2012			1,000		955
7.625% due 04/01/2011			2,000		1,995
DaVita, Inc.
7.250% due 03/15/2015			4,150		4,119
Delhaize America, Inc.
9.000% due 04/15/2031			1,917		2,326
Dresser-Rand Group, Inc.
7.375% due 11/01/2014			396		399
DRS Technologies, Inc.
7.625% due 02/01/2018	��		1,050		1,066
Dynegy Holdings, Inc.
7.125% due 05/15/2018			1,750		1,566
7.500% due 06/01/2015			200		189
7.750% due 06/01/2019			3,100		2,899
8.375% due 05/01/2016			1,000		983
EchoStar DBS Corp.
6.625% due 10/01/2014			1,000		958
7.125% due 02/01/2016			3,225		3,169
El Paso Corp.
7.000% due 06/15/2017			1,750		1,740
7.750% due 01/15/2032			1,200		1,215
7.800% due 08/01/2031			325		331
8.050% due 10/15/2030			1,300		1,372
Equistar Chemicals LP
10.125% due 09/01/2008			26		27
Ferrellgas Partners LP
8.750% due 06/15/2012			1,525		1,578
8.870% due 08/01/2009 (f)			1,200		1,272
Fisher Communications, Inc.
8.625% due 09/15/2014			1,000		1,070
Ford Motor Co.
7.450% due 07/16/2031			3,600		2,894
Forest Oil Corp.
7.250% due 06/15/2019			825		804
Freeport-McMoRan Copper & Gold, Inc.
8.250% due 04/01/2015			1,200		1,269
8.375% due 04/01/2017			2,300		2,461
Freescale Semiconductor, Inc.
8.875% due 12/15/2014			4,000		3,840
9.125% due 12/15/2014 (b)			1,850		1,748
9.235% due 12/15/2014			500		485
Fresenius Medical Care Capital Trust
7.875% due 06/15/2011			2,250		2,340
Gaylord Entertainment Co.
8.000% due 11/15/2013			800		815
General Motors Corp.
8.100% due 06/15/2024			300		266
8.250% due 07/15/2023			4,850		4,444
8.800% due 03/01/2021			700		665
Georgia-Pacific Corp.
7.125% due 01/15/2017			2,000		1,930
7.375% due 12/01/2025			5,960		5,617
7.750% due 11/15/2029			100		94
8.000% due 01/15/2024			775		756

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Goodyear Tire & Rubber Co.
9.000% due 07/01/2015	$	1,024	$	1,108
Grupo Transportacion Ferroviaria Mexicana S.A. de C.V.
9.375% due 05/01/2012		1,200		1,290
Hanover Compressor Co.
9.000% due 06/01/2014		500		531
Hanover Equipment Trust
8.750% due 09/01/2011		800		826
HCA, Inc.
6.750% due 07/15/2013		4,400		4,015
7.190% due 11/15/2015		200		181
7.500% due 12/15/2023		400		347
7.580% due 09/15/2025		550		478
9.250% due 11/15/2016		8,595		9,175
Herbst Gaming, Inc.
7.000% due 11/15/2014		2,000		1,885
Hertz Corp.
8.875% due 01/01/2014		4,225		4,426
Horizon Lines LLC
9.000% due 11/01/2012		1,016		1,080
Host Marriott LP
7.125% due 11/01/2013		1,430		1,435
Idearc, Inc.
8.000% due 11/15/2016		3,800		3,857
Ineos Group Holdings PLC
8.500% due 02/15/2016		3,125		3,070
Ingles Markets, Inc.
8.875% due 12/01/2011		1,450		1,510
Intelsat Bermuda Ltd.
9.250% due 06/15/2016		1,275		1,361
Intelsat Corp.
9.000% due 06/15/2016		400		421
Intelsat Subsidiary Holding Co. Ltd.
8.250% due 01/15/2013		400		408
8.625% due 01/15/2015		1,500		1,545
Jefferson Smurfit Corp. U.S.
8.250% due 10/01/2012		600		599
JET Equipment Trust
7.630% due 08/15/2012 (a)		218		161
10.000% due 06/15/2012 (a)		526		547
L-3 Communications Corp.
6.375% due 10/15/2015		700		665
7.625% due 06/15/2012		2,450		2,520
Legrand France
8.500% due 02/15/2025		975		1,143
Lyondell Chemical Co.
8.000% due 09/15/2014		1,475		1,523
8.250% due 09/15/2016		925		971
MGM Mirage
6.625% due 07/15/2015		850		777
6.875% due 04/01/2016		1,725		1,596
7.500% due 06/01/2016		1,725		1,645
Mirage Resorts, Inc.
7.250% due 08/01/2017		2,600		2,561
Nalco Co.
7.750% due 11/15/2011		500		506
Norampac, Inc.
6.750% due 06/01/2013		875		839
Nordic Telephone Co. Holdings ApS
8.875% due 05/01/2016		1,500		1,598
Nortel Networks Ltd.
9.606% due 07/15/2011		200		214

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
10.125% due 07/15/2013	$	1,500	$	1,616
10.750% due 07/15/2016		475		527
Northwest Pipeline Corp.
7.125% due 12/01/2025		500		516
Novelis, Inc.
7.250% due 02/15/2015		120		124
NPC International, Inc.
9.500% due 05/01/2014		2,050		1,999
OPTI Canada, Inc.
8.250% due 12/15/2014		1,900		1,938
Owens Brockway Glass Container, Inc.
6.750% due 12/01/2014		1,775		1,740
8.750% due 11/15/2012		525		550
Peabody Energy Corp.
6.875% due 03/15/2013		1,291		1,291
Pilgrim’s Pride Corp.
7.625% due 05/01/2015		1,695		1,699
8.375% due 05/01/2017		300		299
Plains Exploration & Production Co.
7.000% due 03/15/2017		225		214
7.750% due 06/15/2015		650		648
Pogo Producing Co.
7.875% due 05/01/2013		175		179
PQ Corp.
7.500% due 02/15/2013		2,225		2,370
Premier Entertainment Biloxi LLC
10.750% due 02/01/2012		750		784
Primedia, Inc.
8.000% due 05/15/2013		400		423
Quiksilver, Inc.
6.875% due 04/15/2015		1,350		1,276
Qwest Communications International, Inc.
7.500% due 02/15/2014		8,250		8,394
Reynolds American, Inc.
7.250% due 06/15/2037		500		514
7.625% due 06/01/2016		925		984
7.750% due 06/01/2018		1,875		2,010
RH Donnelley Corp.
6.875% due 01/15/2013		250		238
8.875% due 01/15/2016		5,950		6,218
Rockwood Specialties Group, Inc.
7.500% due 11/15/2014		1,700		1,717
Rogers Cable, Inc.
8.750% due 05/01/2032		400		486
Roseton
7.270% due 11/08/2010		1,200		1,214
7.670% due 11/08/2016		2,325		2,408
Royal Caribbean Cruises Ltd.
7.250% due 03/15/2018		1,750		1,722
Sanmina-SCI Corp.
8.125% due 03/01/2016		2,325		2,174
SemGroup LP
8.750% due 11/15/2015		3,075		3,106
Sensata Technologies BV
8.000% due 05/01/2014		1,175		1,140
Service Corp. International
7.375% due 10/01/2014		425		429
7.625% due 10/01/2018		1,025		1,043
Sinclair Broadcast Group, Inc.
8.000% due 03/15/2012		6		7
Smurfit Capital Funding PLC
7.500% due 11/20/2025		500		506

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Smurfit Kappa Funding PLC
7.750% due 04/01/2015	$	125	$	126
9.625% due 10/01/2012		342		360
Smurfit-Stone Container Enterprises, Inc.
8.000% due 03/15/2017		925		902
8.375% due 07/01/2012		750		755
Sonat, Inc.
7.000% due 02/01/2018		500		492
Station Casinos, Inc.
6.875% due 03/01/2016		1,275		1,132
7.750% due 08/15/2016		2,295		2,284
Suburban Propane Partners LP
6.875% due 12/15/2013		2,750		2,668
Sungard Data Systems, Inc.
9.125% due 08/15/2013		3,141		3,231
Superior Essex Communications LLC
9.000% due 04/15/2012		500		513
Supervalu, Inc.
7.500% due 11/15/2014		1,475		1,519
Tenet Healthcare Corp.
7.375% due 02/01/2013		1,766		1,605
Tesoro Corp.
6.500% due 06/01/2017		1,000		982
TransDigm, Inc.
7.750% due 07/15/2014		1,330		1,350
Triad Hospitals, Inc.
7.000% due 11/15/2013		2,640		2,781
Trinity Industries, Inc.
6.500% due 03/15/2014		780		766
TRW Automotive, Inc.
7.000% due 03/15/2014		500		479
7.250% due 03/15/2017		550		527
U.S. Airways Group, Inc.
9.330% due 01/01/2049 (a)		84		1
United Airlines, Inc.
6.071% due 03/01/2013		215		216
6.201% due 03/01/2010		108		109
6.602% due 03/01/2015		243		245
Unity Media GmbH
10.375% due 02/15/2015		750		767
Verso Paper Holdings LLC
9.125% due 08/01/2014		3,150		3,268
West Corp.
9.500% due 10/15/2014		300		309
11.000% due 10/15/2016		300		315
Williams Cos., Inc.
7.625% due 07/15/2019		3,950		4,187
7.750% due 06/15/2031		775		824
7.875% due 09/01/2021		2,575		2,781
Williams Partners LP
7.250% due 02/01/2017		425		429
Wynn Las Vegas LLC
6.625% due 12/01/2014		5,400		5,231
Xerox Capital Trust I
8.000% due 02/01/2027		2,100		2,161
				272,270
UTILITIES 12.4%
AES Corp.
8.750% due 05/15/2013		2,325		2,464
Cincinnati Bell, Inc.
7.250% due 07/15/2013		2,500		2,575
8.375% due 01/15/2014		1,270		1,289

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Citizens Communications Co.
7.125% due 03/15/2019	$	2,300	$	2,185
7.450% due 07/01/2035		250		221
7.875% due 01/15/2027		425		415
9.000% due 08/15/2031		1,425		1,475
Complete Production Services, Inc.
8.000% due 12/15/2016		575		584
Edison Mission Energy
7.000% due 05/15/2017		675		639
7.200% due 05/15/2019		975		921
7.750% due 06/15/2016		1,000		1,000
Hawaiian Telcom Communications, Inc.
9.750% due 05/01/2013		1,500		1,579
10.860% due 05/01/2013		1,000		1,025
Homer City Funding LLC
8.734% due 10/01/2026		974		1,076
MetroPCS Wireless, Inc.
9.250% due 11/01/2014		1,300		1,349
Midwest Generation LLC
8.560% due 01/02/2016		4,487		4,787
Mobile Telesystems Finance S.A.
8.000% due 01/28/2012		450		464
8.375% due 10/14/2010		500		522
Nevada Power Co.
6.750% due 07/01/2037		300		307
Nextel Communications, Inc.
7.375% due 08/01/2015		1,575		1,576
Northwestern Bell Telephone
7.750% due 05/01/2030		1,208		1,225
NRG Energy, Inc.
7.250% due 02/01/2014		1,000		1,005
7.375% due 02/01/2016		5,665		5,693
7.375% due 01/15/2017		450		453
NTL Cable PLC
9.125% due 08/15/2016		500		526
PSEG Energy Holdings LLC
8.500% due 06/15/2011		4,250		4,523
Qwest Corp.
7.200% due 11/10/2026		1,700		1,679
8.875% due 03/15/2012		2,625		2,841
Reliant Energy, Inc.
6.750% due 12/15/2014		3,075		3,152
7.625% due 06/15/2014		1,000		980
7.875% due 06/15/2017		1,300		1,271
9.250% due 07/15/2010		0		1
Rural Cellular Corp.
9.875% due 02/01/2010		1,775		1,864
Sierra Pacific Power Co.
6.750% due 07/01/2037		500		506
Sierra Pacific Resources
6.750% due 08/15/2017		775		766
7.803% due 06/15/2012		625		660
8.625% due 03/15/2014		1,250		1,348
South Point Energy Center LLC
8.400% due 05/30/2012 (h)		1,158		1,145
Tenaska Alabama Partners LP
7.000% due 06/30/2021		2,189		2,251
Time Warner Telecom Holdings, Inc.
9.250% due 02/15/2014		2,875		3,062

		PRINCIPAL AMOUNT (000S)			VALUE (000S)
UBS Luxembourg S.A. for OJSC Vimpel Communications
8.250% due 05/23/2016	$	1,000	$		1,046
					62,450
Total Corporate Bonds & Notes (Cost $383,250)					383,433
CONVERTIBLE BONDS & NOTES 0.9%
Advanced Micro Devices, Inc.
6.000% due 05/01/2015		750			726
Chesapeake Energy Corp.
2.750% due 11/15/2035		300			327
CMS Energy Corp.
2.875% due 12/01/2024		1,000			1,311
Deutsche Bank AG
0.000% due 07/14/2008		300			280
0.000% due 09/29/2008		275			258
0.000% due 10/24/2008		350			344
Host Hotels & Resorts, Inc.
2.625% due 04/15/2027		100			92
Nortel Networks Corp.
2.125% due 04/15/2014		800			785
Qwest Communications International, Inc.
3.500% due 11/15/2025		200			351
Total Convertible Bonds & Notes (Cost $4,354)					4,474
MUNICIPAL BONDS & NOTES 0.3%
Bell, California Public Financing Authority Notes, Series 2006
7.400% due 11/01/2007		1,500			1,502
Total Municipal Bonds & Notes (Cost $1,500)				��	1,502
U.S. GOVERNMENT AGENCIES 3.0%
Fannie Mae
5.500% due 07/01/2037 - 08/01/2037		15,600			15,042
Total U.S. Government Agencies (Cost $14,999)					15,042
FOREIGN CURRENCY-DENOMINATED ISSUES 2.9%
Bombardier, Inc.
7.250% due 11/15/2016	EUR	1,750			2,478
JSG Holding PLC
10.125% due 10/01/2012		15			22
Lighthouse International Co. S.A.
8.000% due 04/30/2014		1,670			2,399
Nordic Telephone Co. Holdings ApS
5.875% due 11/30/2014		446			610
6.125% due 11/30/2014		550			755
8.250% due 05/01/2016		1,000			1,455
NTL Cable PLC
8.750% due 04/15/2014		1,000			1,418
Royal Bank of Scotland Group PLC
9.370% due 04/06/2011	GBP	586			1,181
SigmaKalon
6.164% due 06/30/2012	EUR	924			1,252
UPC Financing Partnership
5.942% due 12/31/2014		942			1,276
UPC Holding BV
7.750% due 01/15/2014		600			808
8.625% due 01/15/2014		800			1,113
Total Foreign Currency-Denominated Issues (Cost $13,185)					14,767

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  High Yield Portfolio (Cont.)

	SHARES		VALUE (000S)
CONVERTIBLE PREFERRED STOCKS 0.4%
Chesapeake Energy Corp.
4.500% due 12/31/2049	5,000	$	507
5.000% due 12/31/2049	2,900		324
Freeport-McMoRan Copper & Gold, Inc.
6.750% due 05/01/2010	3,300		424
Vale Capital Ltd.
5.500% due 06/15/2010	14,100		697
Total Convertible Preferred Stocks (Cost $1,863)			1,952
PREFERRED STOCKS 0.4%
Fresenius Medical Care Capital Trust II
7.875% due 02/01/2008	2,050		2,065
Total Preferred Stocks (Cost $2,172)			2,065

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INSTRUMENTS 5.0%
COMMERCIAL PAPER 4.8%
Societe Generale NY
5.245% due 11/26/2007	$	21,300	$	21,043
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		1,900		1,900
UBS Finance Delaware LLC
5.350% due 10/23/2007		1,400		1,400
				24,343
REPURCHASE AGREEMENTS 0.1%
State Street Bank and Trust Co.
4.900% due 07/02/2007		728		728
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $747. Repurchase proceeds are $728.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 0.1%
4.605% due 09/13/2007 (c)	$	250	$	247
Total Short-Term Instruments (Cost $25,327)				25,318
Total Investments (d) 97.4% (Cost $487,844)			$	489,863
Other Assets and Liabilities (Net) 2.6%				12,935
Net Assets 100.0%			$	502,798

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) Payment in-kind bond security.

(c) Securities with an aggregate market value of $247 have been pledged as collateral for swap and swaption contracts on June 30, 2007.

(d) As of June 30, 2007, portfolio securities with an aggregate value of $9,228 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(e) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	SOFTBANK Corp. 1.750% due 03/31/2014	Sell	2.300%		09/20/2007	JPY	300,000	$	12
Bank of America	MGM Mirage 5.875% due 02/27/2014	Buy	(0.810%	)	06/20/2010	$	1,500		18
Bank of America	Dow Jones CDX N.A. HY7 Index	Buy	(3.250%	)	12/20/2011		3,300		(30	)
Bank of America	Aramark Corp. 8.500 due 02/01/2015	Sell	2.302%		06/20/2012		200		(6	)
Bank of America	MGM Mirage 5.875% due 02/27/2014	Sell	1.530%		06/20/2012		1,500		(51	)
Bank of America	Community Health Systems 8.875% due 07/15/2015	Sell	2.850%		09/20/2012		900		4
Barclays Bank PLC	Domtar, Inc. 7.875% due 10/15/2011	Sell	1.500%		09/20/2007		400		1
Barclays Bank PLC	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.760%		02/20/2009		1,500		16
Barclays Bank PLC	RSHB Capital S.A. for OJSC Russian Agricultural Bank 7.175% due 05/16/2013	Sell	0.740%		03/20/2009		1,000		9
Barclays Bank PLC	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.900%		02/20/2012		2,000		23
Barclays Bank PLC	Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	1.470%		03/20/2012		2,000		(54	)
Barclays Bank PLC	Allied Waste North America, Inc. 7.375% due 04/15/2014	Sell	2.030%		06/20/2012		500		(16	)
Barclays Bank PLC	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.770%		06/20/2012		200		(3	)
Barclays Bank PLC	Freescale Semiconductor, Inc. 8.875% due 12/15/2014	Sell	3.620%		06/20/2012		200		(4	)
Barclays Bank PLC	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.360%		06/20/2012		200		(3	)
Barclays Bank PLC	Sungard Data Systems, Inc. 9.125% due 08/15/2013	Sell	2.600%		06/20/2012		200		(5	)
Bear Stearns & Co., Inc.	Georgia-Pacific Corp. 8.125% due 05/15/2011	Sell	1.950%		06/20/2012		200		(6	)
Citibank N.A.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.000%		09/20/2007		1,000		4
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.120%		12/20/2008		1,000		(3	)
Citibank N.A.	Georgia-Pacific Corp. 8.125% due 05/15/2011	Buy	(1.070%	)	06/20/2010		1,500		28
Citibank N.A.	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.050%		06/20/2011		1,500		(12	)
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.050%		03/20/2012		3,000		(94	)
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.600%		03/20/2012		1,000		(10	)
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.880%		03/20/2012		1,000		0
Citibank N.A.	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.030%		06/20/2012		100		(1	)
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	2.000%		06/20/2012		1,500		5
Citibank N.A.	Georgia-Pacific Corp. 8.125% due 05/15/2011	Sell	1.820%		06/20/2012		1,000		(38	)
Citibank N.A.	LCDX N.A. 8 Index	Sell	1.200%		06/20/2012		1,500		(35	)
Citibank N.A.	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.300%		06/20/2012		1,000		(16	)

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Citibank N.A.	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.400%		06/20/2012	$	1,000	$	(14	)
Citibank N.A.	Georgia-Pacific Corp. 7.750% due 11/15/2029	Sell	2.220%		09/20/2012		500		(13	)
Citibank N.A.	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.600%		09/20/2012		625		(6	)
Citibank N.A.	Sungard Data Systems, Inc. 9.125% due 08/15/2013	Sell	2.920%		09/20/2012		1,000		(17	)
Citibank N.A.	Anadarko Petroleum Corp. 6.125% due 03/15/2012	Buy	(0.490%	)	03/20/2014		1,000		(2	)
Citibank N.A.	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.370%		03/20/2014		1,000		(14	)
Credit Suisse First Boston	Abitibi-Consolidated Co. of Canada 8.375% due 04/01/2015	Sell	0.650%		03/20/2008		1,000		(17	)
Credit Suisse First Boston	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	0.750%		03/20/2008		2,500		(10	)
Credit Suisse First Boston	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	1.450%		12/20/2008		2,000		(5	)
Credit Suisse First Boston	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.610%		06/20/2012		400		(9	)
Credit Suisse First Boston	Solectron Global Finance Ltd. 8.000% due 03/15/2016	Sell	3.700%		06/20/2012		1,000		93
Credit Suisse First Boston	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.930%		09/20/2012		1,000		(11	)
Credit Suisse First Boston	Pride International, Inc. 7.375% due 07/15/2014	Sell	1.950%		09/20/2012		300		(3	)
Deutsche Bank AG	Dow Jones CDX N.A. HY7 Index	Buy	(3.250%	)	12/20/2011		100		(1	)
Deutsche Bank AG	LCDX N.A. 8 Index	Sell	1.200%		06/20/2012		500		(10	)
Goldman Sachs & Co.	Host Marriott LP 7.125% due 11/01/2013	Sell	1.770%		12/20/2010		500		5
Goldman Sachs & Co.	Dow Jones CDX N.A. HY7 Index	Sell	0.785%		12/20/2011		800		0
Goldman Sachs & Co.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.025%		03/20/2012		2,000		(64	)
HSBC Bank USA	NAK Naftogaz Ukrainy 8.125% due 09/30/2009	Sell	3.000%		04/20/2008		1,500		(8	)
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700%		04/20/2009		1,500		6
JPMorgan Chase & Co.	Multiple Reference Entities of Gazprom	Sell	0.770%		02/20/2012		2,000		23
Lehman Brothers, Inc.	NRG Energy, Inc. 7.250% due 02/01/2014	Sell	0.750%		03/20/2008		1,800		(5	)
Lehman Brothers, Inc.	Nortel Networks Corp. 4.250% due 09/01/2008	Buy	(1.520%	)	06/20/2010		1,500		10
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.370%		08/20/2011		5,400		177
Lehman Brothers, Inc.	Dow Jones CDX N.A. HY7 Index	Sell	0.720%		12/20/2011		2,000		(6	)
Lehman Brothers, Inc.	Solectron Global Finance Ltd. 8.000% due 03/15/2016	Sell	3.100%		03/20/2012		1,000		67
Lehman Brothers, Inc.	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.090%		06/20/2012		500		(4	)
Lehman Brothers, Inc.	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.110%		06/20/2012		1,000		(7	)
Lehman Brothers, Inc.	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.750%		06/20/2012		250		(4	)
Lehman Brothers, Inc.	LCDX N.A. 8 Index	Sell	1.200%		06/20/2012		600		(14	)
Lehman Brothers, Inc.	Pride International, Inc. 7.375% due 07/15/2014	Sell	1.750%		06/20/2012		325		(4	)
Lehman Brothers, Inc.	Celestica, Inc. 7.625% due 07/01/2013	Sell	4.250%		09/20/2012		1,000		(13	)
Lehman Brothers, Inc.	CSC Holdings, Inc. 7.625% due 07/15/2018	Sell	2.520%		09/20/2012		1,000		(13	)
Merrill Lynch & Co., Inc.	CSC Holdings, Inc. 7.625% due 07/15/2018	Sell	2.080%		06/20/2012		400		(11	)
Merrill Lynch & Co., Inc.	Georgia-Pacific Corp. 8.125% due 05/15/2011	Sell	1.800%		06/20/2012		500		(19	)
Morgan Stanley	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.245%		06/20/2008		200		0
Morgan Stanley	Allied Waste North America, Inc. 7.375% due 04/15/2014	Buy	(1.120%	)	06/20/2010		1,500		17
Morgan Stanley	Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	1.800%		06/20/2010		2,000		28
Morgan Stanley	Multiple Reference Entities of Gazprom	Sell	1.050%		04/20/2011		3,000		63
Morgan Stanley	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.380%		08/20/2011		5,400		179
Morgan Stanley	Allied Waste North America, Inc. 7.375% due 04/15/2014	Sell	2.020%		06/20/2012		1,000		(34	)
Morgan Stanley	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.700%		06/20/2012		500		(9	)
Morgan Stanley	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.730%		06/20/2012		250		(4	)
Morgan Stanley	Reliant Energy, Inc. 6.750% due 12/15/2014	Sell	2.200%		06/20/2012		425		(12	)
Morgan Stanley	Aramark Corp. 8.500 due 02/01/2015	Sell	2.680%		09/20/2012		500		(9	)
Morgan Stanley	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.630%		09/20/2012		625		(5	)
Morgan Stanley	Pride International, Inc. 7.375% due 07/15/2014	Sell	1.960%		09/20/2012		700		(4	)
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.390%		12/20/2011		3,000		51
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.100%		03/20/2012		1,000		4
								$	75

⁽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.

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized (Depreciation)
Morgan Stanley	BRL-CDI-Compounded	Pay	10.115%	01/02/2012	BRL	21,000	$	(219	)
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	7.910%	05/14/2009	MXN	25,000		0
Morgan Stanley	28-Day Mexico Interbank TIIE Banxico	Pay	7.910%	05/14/2009		33,000		(1	)
							$	(220	)

See Accompanying Notes Semiannual Report June 30, 2007 13

Schedule of Investments  High Yield Portfolio (Cont.) June 30, 2007 (Unaudited)

Total Return Swaps

Counterparty	Type	Receive Total Return	Pay	Expiration Date	# of Contracts	Unrealized (Depreciation)
Merrill Lynch & Co., Inc.	Long	Motorola, Inc.	5.579%	07/23/2007	10,100	$	(2	)

(f) Restricted securities as of June 30, 2007:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Continental Airlines, Inc.	6.920%	04/02/2013	07/01/2003	$	657	$	725	0.15%
Ferrellgas Partners LP	8.870%	08/01/2009	06/30/2003		1,260		1,272	0.25%
				$	1,917	$	1,997	0.40%

(g) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized (Depreciation)
Sell	EUR	12,247	07/2007	$	0	$	(160	)	$	(160	)
Sell	GBP	704	08/2007		0		(8	)		(8	)
				$	0	$	(168	)	$	(168	)

(h) Security is subject to a forbearance agreement entered into by the Portfolio which forbears the Portfolio from taking action to, among other things, accelerate and collect payments on the subject note with respect to specified events of default.

14 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2007 (Unaudited)

1.  ORGANIZATION

The High Yield Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from 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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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, 2007 15

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.

(d) 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.

(e) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	JPY	Japanese Yen
EUR	Euro	MXN	Mexican Peso
GBP	Great British Pound

(f) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(g) 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 interest (referred to as a dirty price) and require a pro-rata adjustment from interest receivable to the unrealized appreciation or depreciation on investment on the Statement of Assets and Liabilities.

(h) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(i) Reverse Repurchase Agreements  The Portfolio may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Portfolio sells to a financial institution a security that it holds with an agreement to repurchase the same security at an agreed-upon price and date. Securities sold under reverse repurchase agreements are reflected as a liability on the Statement of Assets and Liabilities. A reverse repurchase agreement involves the risk that the market value of the security sold by the Portfolio may decline below the repurchase price of the security. The Portfolio will segregate assets determined to be liquid by the investment adviser or otherwise cover its obligations under reverse repurchase agreements.

(j) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(k) Restricted Securities  The Portfolio may 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. Securities acquired under the provisions of Rule 144A can only be traded between qualified institutional investors. The Board of Trustees considers 144A securities to be liquid.

(l) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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 credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(m) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

(n) Bridge Debt Commitments  At the period ended June 30, 2007, the Portfolio had $14,177,071 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.

(o) 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” or “Ginnie Mae”), 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.

(p) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.35%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

18 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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, 2007, the Portfolio engaged in purchases and sales of securities pursuant to the Rule 17a-7 of the Act (amounts in thousands):

Purchases	Sales
$    0	$    1,816

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	17,586	$	0	$	173,842	$	206,950

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Premium
Balance at 12/31/2006	290		$	99
Sales	0			0
Closing Buys	(290	)		(99	)
Expirations	0			0
Exercised	0			0
Balance at 06/30/2007	0		$	0

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	85		$	717		146		$	1,213
Administrative Class	6,841			57,387		17,264			140,974
Advisor Class	32			270		8			64
Issued as reinvestment of distributions
Institutional Class	10			81		8			70
Administrative Class	2,123			17,782		4,025			33,006
Advisor Class	0			3		0			1
Cost of shares redeemed
Institutional Class	(15	)		(132	)	(3	)		(27	)
Administrative Class	(10,252	)		(84,751	)	(15,623	)		(127,544	)
Advisor Class	(30	)		(251	)	0			(1	)
Net increase (decrease) resulting from Portfolio share transactions	(1,206	)	$	(8,894	)	5,825		$	47,756

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	96
Administrative Class	3	76
Advisor Class	2	99

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

shareholders of the PIMCO Funds or on behalf of the PIMCO Funds itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds

managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    7,556	$    (5,537)	$    2,019

20 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 21

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	21

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO High Yield Portfolio

Cumulative Returns Through June 30, 2007

$10,000 invested at the end of the nearest month to the inception date of the Portfolio’s Institutional Class.

Allocation Breakdown^‡

Corporate Bonds & Notes	78.3%
Bank Loan Obligations	8.4%
Short-Term Instruments	5.2%
U.S. Government Agencies	3.1%
Foreign Currency-Denominated Issues	3.0%
Other	2.0%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	Portfolio     Inception     (07/01/02)**
	PIMCO High Yield Portfolio Institutional Class	2.16%	9.91%	10.20%
	Merrill Lynch U.S. High Yield BB-B Rated Constrained Index±	2.59%	10.34%	10.19%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Portfolio began operations on 07/01/02. Index comparisons began on 06/30/02.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Merrill Lynch U.S. High Yield BB-B Rated Constrained Index tracks the performance of BB-B Rated US Dollar-denominated corporate bonds publicly issued in the U.S. 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. Similarly, the face value of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,021.56	$	1,021.82
Expenses Paid During Period†	$	3.01	$	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 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 (“junk bonds”), which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements, rated below investment grade but rated at least Caa by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality, subject to a maximum of 5% of total assets in securities rated Caa by Moody’s, or equivalently rated by S&P or Fitch, or if unrated, determined by PIMCO to be of comparable quality.

» An underweight to the building products sector, led lower by poor performing building and construction credits, added to relative performance.

» An emphasis on B-rated technology issues, which outperformed their higher-quality BB-rated counterparts, was a strong boost to returns.

» Security selection in the healthcare sector was a strong positive for returns as middle- and lower-rated quality tiers outperformed considerably.

» An underweight to consumer non-cyclicals, which outperformed wholesale foods, food/drug retailers, and pharmaceuticals, detracted from relative performance.

» As the metals and mining sector outperformed over the period, an underweight to the sector weighed on the Portfolio’s returns.

» Within the telecom sector, an emphasis on integrated service providers, which fell significantly short of wireless and wireline companies, was negative for relative performance.

» An underweight to BB-rated issues, in general, and some tactical exposure to CCC-rated bonds, added to performance as lower quality outperformed.

4 PIMCO Variable Insurance Trust

Financial Highlights  High Yield Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			07/01/2002-12/31/2002
Institutional Class
Net asset value beginning of year or period	$	8.34		$	8.19		$	8.40		$	8.19		$	7.17		$	7.25
Net investment income (a)		0.29			0.58			0.55			0.53			0.57			0.29
Net realized/unrealized gain (loss) on investments (a)		(0.10	)		0.15			(0.21	)		0.23			1.03			(0.06	)
Total income from investment operations		0.19			0.73			0.34			0.76			1.60			0.23
Dividends from net investment income		(0.30	)		(0.58	)		(0.55	)		(0.55	)		(0.58	)		(0.31	)
Total distributions		(0.30	)		(0.58	)		(0.55	)		(0.55	)		(0.58	)		(0.31	)
Net asset value end of year or period	$	8.23		$	8.34		$	8.19		$	8.40		$	8.19		$	7.17
Total return		2.16	%		9.24	%		4.26	%		9.71	%		23.08	%		3.43	%
Net assets end of year or period (000s)	$	2,588		$	1,963		$	687		$	343		$	13		$	10
Ratio of expenses to average net assets		0.60	%*		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%*(b)
Ratio of expenses to average net assets excluding interest expense		0.60	%*		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%*(b)
Ratio of net investment income to average net assets		6.96	%*		7.05	%		6.68	%		6.51	%		7.36	%		8.59	%*
Portfolio turnover rate		38	%		81	%		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, 2007 5

Statement of Assets and Liabilities  High Yield Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	489,863
Cash		745
Foreign currency, at value		3,556
Receivable for investments sold		37,299
Receivable for Portfolio shares sold		118
Interest and dividends receivable		8,417
Swap premiums paid		45
Unrealized appreciation on swap agreements		843
		540,886
Liabilities:
Payable for investments purchased	$	34,671
Payable for Portfolio shares redeemed		1,933
Accrued investment advisory fee		111
Accrued administration fee		155
Accrued servicing fee		55
Swap premiums received		5
Unrealized depreciation on foreign currency contracts		168
Unrealized depreciation on swap agreements		990
		38,088
Net Assets	$	502,798
Net Assets Consist of:
Paid in capital	$	503,818
(Overdistributed) net investment income		(1,553	)
Accumulated undistributed net realized (loss)		(1,193	)
Net unrealized appreciation		1,726
	$	502,798
Net Assets:
Institutional Class	$	2,588
Administrative Class		500,127
Advisor Class		83
Shares Issued and Outstanding:
Institutional Class		315
Administrative Class		60,773
Advisor Class		10
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	8.23
Administrative Class		8.23
Advisor Class		8.23
Cost of Investments Owned	$	487,844
Cost of Foreign Currency Held	$	3,537

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  High Yield Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	19,591
Dividends		92
Miscellaneous income		39
Total Income		19,722
Expenses:
Investment advisory fees		650
Administration fees		910
Servicing fees – Administrative Class		388
Trustees’ fees		5
Interest expense		6
Total Expenses		1,959
Net Investment Income		17,763
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		4,407
Net realized (loss) on futures contracts, written options and swaps		(2,164	)
Net realized (loss) on foreign currency transactions		(156	)
Net change in unrealized (depreciation) on investments		(9,745	)
Net change in unrealized appreciation on futures contracts, written options and swaps		860
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(259	)
Net (Loss)		(7,057	)
Net Increase in Net Assets Resulting from Operations	$	10,706

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  High Yield Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	17,763		$	33,041
Net realized gain		2,087			2,834
Net change in unrealized appreciation (depreciation)		(9,144	)		6,670
Net increase resulting from operations		10,706			42,545
Distributions to Shareholders:
From net investment income
Institutional Class		(81	)		(70	)
Administrative Class		(17,782	)		(32,991	)
Advisor Class		(3	)		(1	)
Total Distributions		(17,866	)		(33,062	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		717			1,213
Administrative Class		57,387			140,974
Advisor Class		270			64
Issued as reinvestment of distributions
Institutional Class		81			70
Administrative Class		17,782			33,006
Advisor Class		3			1
Cost of shares redeemed
Institutional Class		(132	)		(27	)
Administrative Class		(84,751	)		(127,544	)
Advisor Class		(251	)		(1	)
Net increase (decrease) resulting from Portfolio share transactions		(8,894	)		47,756
Total Increase (Decrease) in Net Assets		(16,054	)		57,239
Net Assets:
Beginning of period		518,852			461,613
End of period*	$	502,798		$	518,852
*Including (overdistributed) net investment income of:	$	(1,553	)	$	(1,450	)

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  High Yield Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 8.2%
AES Corp.
7.180% due 04/30/2010	$	2,000	$	2,005
Amadeus Global Travel Distribution S.A.
7.830% due 04/08/2013		700		705
8.580% due 04/08/2014		700		708
Biomet, Inc.
6.000% due 03/08/2008		1,500		1,504
Centennial Cellular Operating Co. LLC
7.350% due 02/09/2011		766		770
7.360% due 01/20/2011		59		60
Community Health Corp.
4.000% due 07/02/2014		62		62
5.000% due 07/02/2014		938		940
7.000% due 04/10/2008		2,000		1,995
Ford Motor Co.
8.360% due 11/29/2013		1,493		1,500
Harrah’s Entertainment, Inc.
7.500% due 03/09/2008		3,000		2,985
HCA, Inc.
7.600% due 11/14/2013		1,247		1,254
Headwaters, Inc.
7.360% due 04/30/2011		852		855
HealthSouth Corp.
7.850% due 02/02/2013		1,695		1,704
7.860% due 02/02/2013		32		32
Ineos Group Holdings PLC
7.571% due 10/07/2012		56		56
7.580% due 10/07/2012		937		940
JSG Holding PLC
7.725% due 11/29/2013		650		654
8.225% due 11/29/2014		650		654
Lear Corp.
8.000% due 06/27/2014		1,000		992
Metro-Goldwyn-Mayer, Inc.
8.614% due 04/08/2012		1,489		1,494
Novelis, Inc.
4.000% due 05/25/2008		1,100		1,102
Riverdeep Interactive
8.100% due 11/28/2013		997		1,001
Roundy’s Supermarket, Inc.
8.070% due 10/27/2011		2		2
8.110% due 11/01/2011		985		994
SLM Corp.
6.000% due 06/30/2008		2,600		2,587
Telesat Canada, Inc.
2.620% due 02/14/2008		1,500		1,501
Thompson Learning, Inc.
5.000% due 06/27/2014		2,100		2,076
Tribune Co.
7.875% due 05/30/2009		825		826
8.375% due 05/30/2014		1,375		1,346
Univision Communications, Inc.
6.250% due 09/15/2014		121		119
7.605% due 09/15/2014		1,879		1,856
VNU/Nielson Finance LLC
7.607% due 08/08/2013		1,990		2,004
VWR International, Inc.
7.000% due 05/30/2008		2,500		2,503
Wind Acquisition Finance S.A.
12.609% due 12/21/2011		517		521
Worldspan LP
8.606% due 12/07/2013		500		503

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
8.610% due 12/07/2013	$	495	$	497
10.500% due 12/07/2013		2		3
Total Bank Loan Obligations (Cost $41,194)				41,310
CORPORATE BONDS & NOTES 76.3%
BANKING & FINANCE 9.7%
AES Ironwood LLC
8.857% due 11/30/2025		2,421		2,700
AES Red Oak LLC
8.540% due 11/30/2019		1,185		1,297
Bluewater Finance Ltd.
10.250% due 02/15/2012		2,200		2,305
Ferrellgas Escrow LLC
6.750% due 05/01/2014		2,100		2,000
Ford Motor Credit Co.
7.250% due 10/25/2011		1,900		1,830
7.800% due 06/01/2012		8,375		8,178
8.625% due 11/01/2010		1,260		1,281
Forest City Enterprises, Inc.
7.625% due 06/01/2015		1,225		1,240
General Motors Acceptance Corp.
6.000% due 04/01/2011		1,194		1,152
7.000% due 02/01/2012		3,000		2,945
7.250% due 03/02/2011		500		499
8.000% due 11/01/2031		2,350		2,410
GMAC LLC
6.625% due 05/15/2012		1,100		1,063
Hexion U.S. Finance Corp.
9.750% due 11/15/2014		1,300		1,352
K&F Acquisition, Inc.
7.750% due 11/15/2014		1,000		1,065
KRATON Polymers LLC
8.125% due 01/15/2014		1,500		1,470
NSG Holdings LLC/NSG Holdings, Inc.
7.750% due 12/15/2025		925		939
Petroleum Export Ltd. II
6.340% due 06/20/2011		1,280		1,254
Petroplus Finance Ltd.
6.750% due 05/01/2014		375		363
7.000% due 05/01/2017		375		363
Rotech Healthcare, Inc.
9.500% due 04/01/2012		3,575		3,396
Targeted Return Index Securities Trust
7.548% due 05/01/2016		826		814
Tenneco, Inc.
8.625% due 11/15/2014		975		1,009
10.250% due 07/15/2013		500		540
TNK-BP Finance S.A.
6.625% due 03/20/2017		500		486
7.500% due 07/18/2016		1,000		1,034
Universal City Development Partners
11.750% due 04/01/2010		525		558
Universal City Florida Holding Co. I
8.375% due 05/01/2010		1,425		1,464
10.106% due 05/01/2010		175		179
Ventas Realty LP
6.750% due 04/01/2017		250		248
7.125% due 06/01/2015		500		506
9.000% due 05/01/2012		500		549
Wind Acquisition Finance S.A.
10.750% due 12/01/2015		1,000		1,152

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Yankee Acquisition Corp.
8.500% due 02/15/2015	$	1,100	$	1,072
				48,713
INDUSTRIALS 54.2%
Abitibi-Consolidated Co. of Canada
7.750% due 06/15/2011		125		115
Abitibi-Consolidated, Inc.
8.550% due 08/01/2010		1,275		1,224
Actuant Corp.
6.875% due 06/15/2017		1,000		995
Albertson’s, Inc.
7.450% due 08/01/2029		3,250		3,186
Allied Waste North America, Inc.
7.250% due 03/15/2015		5,650		5,622
AmeriGas Partners LP
7.125% due 05/20/2016		2,650		2,617
7.250% due 05/20/2015		1,850		1,841
Aramark Corp.
8.500% due 02/01/2015		3,775		3,860
Arco Chemical Co.
10.250% due 11/01/2010		50		54
Armor Holdings, Inc.
8.250% due 08/15/2013		800		846
ArvinMeritor, Inc.
8.125% due 09/15/2015		1,525		1,485
8.750% due 03/01/2012		2,750		2,791
Berry Plastics Holding Corp.
8.875% due 09/15/2014		975		992
Bon-Ton Stores, Inc.
10.250% due 03/15/2014		3,750		3,816
Bowater Canada Finance
7.950% due 11/15/2011		1,315		1,244
Buhrmann U.S., Inc.
7.875% due 03/01/2015		1,300		1,287
8.250% due 07/01/2014		1,000		1,010
C8 Capital SPV Ltd.
6.640% due 12/31/2049		1,500		1,478
CanWest Media, Inc.
8.000% due 09/15/2012		770		768
Cascades, Inc.
7.250% due 02/15/2013		1,425		1,393
CCO Holdings LLC
8.750% due 11/15/2013		7,400		7,567
Celestica, Inc.
7.625% due 07/01/2013		875		823
7.875% due 07/01/2011		1,900		1,853
Chart Industries, Inc.
9.125% due 10/15/2015		425		448
Chemtura Corp.
6.875% due 06/01/2016		1,750		1,663
Chesapeake Energy Corp.
6.875% due 01/15/2016		1,200		1,179
7.000% due 08/15/2014		1,550		1,546
7.500% due 06/15/2014		75		76
7.750% due 01/15/2015		500		511
Choctaw Resort Development Enterprise
7.250% due 11/15/2019		1,357		1,343
Citic Resources Finance Ltd.
6.750% due 05/15/2014		450		435
Compagnie Générale de Géophysique-Veritas
7.500% due 05/15/2015		450		452
7.750% due 05/15/2017		225		229

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  High Yield Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Continental Airlines, Inc.
6.920% due 04/02/2013 (f)	$	712	$	725
7.373% due 06/15/2017		253		251
Cooper-Standard Automotive, Inc.
7.000% due 12/15/2012		1,100		1,037
Corrections Corp. of America
7.500% due 05/01/2011		1,250		1,273
Crown Americas LLC & Crown Americas Capital Corp.
7.625% due 11/15/2013		425		431
7.750% due 11/15/2015		1,500		1,515
CSC Holdings, Inc.
6.750% due 04/15/2012		1,000		955
7.625% due 04/01/2011		2,000		1,995
DaVita, Inc.
7.250% due 03/15/2015		4,150		4,119
Delhaize America, Inc.
9.000% due 04/15/2031		1,917		2,326
Dresser-Rand Group, Inc.
7.375% due 11/01/2014		396		399
DRS Technologies, Inc.
7.625% due 02/01/2018		1,050		1,066
Dynegy Holdings, Inc.
7.125% due 05/15/2018		1,750		1,566
7.500% due 06/01/2015		200		189
7.750% due 06/01/2019		3,100		2,899
8.375% due 05/01/2016		1,000		983
EchoStar DBS Corp.
6.625% due 10/01/2014		1,000		958
7.125% due 02/01/2016		3,225		3,169
El Paso Corp.
7.000% due 06/15/2017		1,750		1,740
7.750% due 01/15/2032		1,200		1,215
7.800% due 08/01/2031		325		331
8.050% due 10/15/2030		1,300		1,372
Equistar Chemicals LP
10.125% due 09/01/2008		26		27
Ferrellgas Partners LP
8.750% due 06/15/2012		1,525		1,578
8.870% due 08/01/2009 (f)		1,200		1,272
Fisher Communications, Inc.
8.625% due 09/15/2014		1,000		1,070
Ford Motor Co.
7.450% due 07/16/2031		3,600		2,894
Forest Oil Corp.
7.250% due 06/15/2019		825		804
Freeport-McMoRan Copper & Gold, Inc.
8.250% due 04/01/2015		1,200		1,269
8.375% due 04/01/2017		2,300		2,461
Freescale Semiconductor, Inc.
8.875% due 12/15/2014		4,000		3,840
9.125% due 12/15/2014 (b)		1,850		1,748
9.235% due 12/15/2014		500		485
Fresenius Medical Care Capital Trust
7.875% due 06/15/2011		2,250		2,340
Gaylord Entertainment Co.
8.000% due 11/15/2013		800		815
General Motors Corp.
8.100% due 06/15/2024		300		266
8.250% due 07/15/2023		4,850		4,444
8.800% due 03/01/2021		700		665
Georgia-Pacific Corp.
7.125% due 01/15/2017		2,000		1,930
7.375% due 12/01/2025		5,960		5,617
7.750% due 11/15/2029		100		94
8.000% due 01/15/2024		775		756

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Goodyear Tire & Rubber Co.
9.000% due 07/01/2015	$	1,024	$	1,108
Grupo Transportacion Ferroviaria Mexicana S.A. de C.V.
9.375% due 05/01/2012		1,200		1,290
Hanover Compressor Co.
9.000% due 06/01/2014		500		531
Hanover Equipment Trust
8.750% due 09/01/2011		800		826
HCA, Inc.
6.750% due 07/15/2013		4,400		4,015
7.190% due 11/15/2015		200		181
7.500% due 12/15/2023		400		347
7.580% due 09/15/2025		550		478
9.250% due 11/15/2016		8,595		9,175
Herbst Gaming, Inc.
7.000% due 11/15/2014		2,000		1,885
Hertz Corp.
8.875% due 01/01/2014		4,225		4,426
Horizon Lines LLC
9.000% due 11/01/2012		1,016		1,080
Host Marriott LP
7.125% due 11/01/2013		1,430		1,435
Idearc, Inc.
8.000% due 11/15/2016		3,800		3,857
Ineos Group Holdings PLC
8.500% due 02/15/2016		3,125		3,070
Ingles Markets, Inc.
8.875% due 12/01/2011		1,450		1,510
Intelsat Bermuda Ltd.
9.250% due 06/15/2016		1,275		1,361
Intelsat Corp.
9.000% due 06/15/2016		400		421
Intelsat Subsidiary Holding Co. Ltd.
8.250% due 01/15/2013		400		408
8.625% due 01/15/2015		1,500		1,545
Jefferson Smurfit Corp. U.S.
8.250% due 10/01/2012		600		599
JET Equipment Trust
7.630% due 08/15/2012 (a)		218		161
10.000% due 06/15/2012 (a)		526		547
L-3 Communications Corp.
6.375% due 10/15/2015		700		665
7.625% due 06/15/2012		2,450		2,520
Legrand France
8.500% due 02/15/2025		975		1,143
Lyondell Chemical Co.
8.000% due 09/15/2014		1,475		1,523
8.250% due 09/15/2016		925		971
MGM Mirage
6.625% due 07/15/2015		850		777
6.875% due 04/01/2016		1,725		1,596
7.500% due 06/01/2016		1,725		1,645
Mirage Resorts, Inc.
7.250% due 08/01/2017		2,600		2,561
Nalco Co.
7.750% due 11/15/2011		500		506
Norampac, Inc.
6.750% due 06/01/2013		875		839
Nordic Telephone Co. Holdings ApS
8.875% due 05/01/2016		1,500		1,598
Nortel Networks Ltd.
9.606% due 07/15/2011		200		214

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
10.125% due 07/15/2013	$	1,500	$	1,616
10.750% due 07/15/2016		475		527
Northwest Pipeline Corp.
7.125% due 12/01/2025		500		516
Novelis, Inc.
7.250% due 02/15/2015		120		124
NPC International, Inc.
9.500% due 05/01/2014		2,050		1,999
OPTI Canada, Inc.
8.250% due 12/15/2014		1,900		1,938
Owens Brockway Glass Container, Inc.
6.750% due 12/01/2014		1,775		1,740
8.750% due 11/15/2012		525		550
Peabody Energy Corp.
6.875% due 03/15/2013		1,291		1,291
Pilgrim’s Pride Corp.
7.625% due 05/01/2015		1,695		1,699
8.375% due 05/01/2017		300		299
Plains Exploration & Production Co.
7.000% due 03/15/2017		225		214
7.750% due 06/15/2015		650		648
Pogo Producing Co.
7.875% due 05/01/2013		175		179
PQ Corp.
7.500% due 02/15/2013		2,225		2,370
Premier Entertainment Biloxi LLC
10.750% due 02/01/2012		750		784
Primedia, Inc.
8.000% due 05/15/2013		400		423
Quiksilver, Inc.
6.875% due 04/15/2015		1,350		1,276
Qwest Communications International, Inc.
7.500% due 02/15/2014		8,250		8,394
Reynolds American, Inc.
7.250% due 06/15/2037		500		514
7.625% due 06/01/2016		925		984
7.750% due 06/01/2018		1,875		2,010
RH Donnelley Corp.
6.875% due 01/15/2013		250		238
8.875% due 01/15/2016		5,950		6,218
Rockwood Specialties Group, Inc.
7.500% due 11/15/2014		1,700		1,717
Rogers Cable, Inc.
8.750% due 05/01/2032		400		486
Roseton
7.270% due 11/08/2010		1,200		1,214
7.670% due 11/08/2016		2,325		2,408
Royal Caribbean Cruises Ltd.
7.250% due 03/15/2018		1,750		1,722
Sanmina-SCI Corp.
8.125% due 03/01/2016		2,325		2,174
SemGroup LP
8.750% due 11/15/2015		3,075		3,106
Sensata Technologies BV
8.000% due 05/01/2014		1,175		1,140
Service Corp. International
7.375% due 10/01/2014		425		429
7.625% due 10/01/2018		1,025		1,043
Sinclair Broadcast Group, Inc.
8.000% due 03/15/2012		6		7
Smurfit Capital Funding PLC
7.500% due 11/20/2025		500		506

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Smurfit Kappa Funding PLC
7.750% due 04/01/2015	$	125	$	126
9.625% due 10/01/2012		342		360
Smurfit-Stone Container Enterprises, Inc.
8.000% due 03/15/2017		925		902
8.375% due 07/01/2012		750		755
Sonat, Inc.
7.000% due 02/01/2018		500		492
Station Casinos, Inc.
6.875% due 03/01/2016		1,275		1,132
7.750% due 08/15/2016		2,295		2,284
Suburban Propane Partners LP
6.875% due 12/15/2013		2,750		2,668
Sungard Data Systems, Inc.
9.125% due 08/15/2013		3,141		3,231
Superior Essex Communications LLC
9.000% due 04/15/2012		500		513
Supervalu, Inc.
7.500% due 11/15/2014		1,475		1,519
Tenet Healthcare Corp.
7.375% due 02/01/2013		1,766		1,605
Tesoro Corp.
6.500% due 06/01/2017		1,000		982
TransDigm, Inc.
7.750% due 07/15/2014		1,330		1,350
Triad Hospitals, Inc.
7.000% due 11/15/2013		2,640		2,781
Trinity Industries, Inc.
6.500% due 03/15/2014		780		766
TRW Automotive, Inc.
7.000% due 03/15/2014		500		479
7.250% due 03/15/2017		550		527
U.S. Airways Group, Inc.
9.330% due 01/01/2049 (a)		84		1
United Airlines, Inc.
6.071% due 03/01/2013		215		216
6.201% due 03/01/2010		108		109
6.602% due 03/01/2015		243		245
Unity Media GmbH
10.375% due 02/15/2015		750		767
Verso Paper Holdings LLC
9.125% due 08/01/2014		3,150		3,268
West Corp.
9.500% due 10/15/2014		300		309
11.000% due 10/15/2016		300		315
Williams Cos., Inc.
7.625% due 07/15/2019		3,950		4,187
7.750% due 06/15/2031		775		824
7.875% due 09/01/2021		2,575		2,781
Williams Partners LP
7.250% due 02/01/2017		425		429
Wynn Las Vegas LLC
6.625% due 12/01/2014		5,400		5,231
Xerox Capital Trust I
8.000% due 02/01/2027		2,100		2,161
				272,270
UTILITIES 12.4%
AES Corp.
8.750% due 05/15/2013		2,325		2,464
Cincinnati Bell, Inc.
7.250% due 07/15/2013		2,500		2,575
8.375% due 01/15/2014		1,270		1,289

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Citizens Communications Co.
7.125% due 03/15/2019	$	2,300	$	2,185
7.450% due 07/01/2035		250		221
7.875% due 01/15/2027		425		415
9.000% due 08/15/2031		1,425		1,475
Complete Production Services, Inc.
8.000% due 12/15/2016		575		584
Edison Mission Energy
7.000% due 05/15/2017		675		639
7.200% due 05/15/2019		975		921
7.750% due 06/15/2016		1,000		1,000
Hawaiian Telcom Communications, Inc.
9.750% due 05/01/2013		1,500		1,579
10.860% due 05/01/2013		1,000		1,025
Homer City Funding LLC
8.734% due 10/01/2026		974		1,076
MetroPCS Wireless, Inc.
9.250% due 11/01/2014		1,300		1,349
Midwest Generation LLC
8.560% due 01/02/2016		4,487		4,787
Mobile Telesystems Finance S.A.
8.000% due 01/28/2012		450		464
8.375% due 10/14/2010		500		522
Nevada Power Co.
6.750% due 07/01/2037		300		307
Nextel Communications, Inc.
7.375% due 08/01/2015		1,575		1,576
Northwestern Bell Telephone
7.750% due 05/01/2030		1,208		1,225
NRG Energy, Inc.
7.250% due 02/01/2014		1,000		1,005
7.375% due 02/01/2016		5,665		5,693
7.375% due 01/15/2017		450		453
NTL Cable PLC
9.125% due 08/15/2016		500		526
PSEG Energy Holdings LLC
8.500% due 06/15/2011		4,250		4,523
Qwest Corp.
7.200% due 11/10/2026		1,700		1,679
8.875% due 03/15/2012		2,625		2,841
Reliant Energy, Inc.
6.750% due 12/15/2014		3,075		3,152
7.625% due 06/15/2014		1,000		980
7.875% due 06/15/2017		1,300		1,271
9.250% due 07/15/2010		0		1
Rural Cellular Corp.
9.875% due 02/01/2010		1,775		1,864
Sierra Pacific Power Co.
6.750% due 07/01/2037		500		506
Sierra Pacific Resources
6.750% due 08/15/2017		775		766
7.803% due 06/15/2012		625		660
8.625% due 03/15/2014		1,250		1,348
South Point Energy Center LLC
8.400% due 05/30/2012 (h)		1,158		1,145
Tenaska Alabama Partners LP
7.000% due 06/30/2021		2,189		2,251
Time Warner Telecom Holdings, Inc.
9.250% due 02/15/2014		2,875		3,062

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
UBS Luxembourg S.A. for OJSC Vimpel Communications
8.250% due 05/23/2016	$	1,000	$	1,046
				62,450
Total Corporate Bonds & Notes (Cost $383,250)				383,433
CONVERTIBLE BONDS & NOTES 0.9%
Advanced Micro Devices, Inc.
6.000% due 05/01/2015		750		726
Chesapeake Energy Corp.
2.750% due 11/15/2035		300		327
CMS Energy Corp.
2.875% due 12/01/2024		1,000		1,311
Deutsche Bank AG
0.000% due 07/14/2008		300		280
0.000% due 09/29/2008		275		258
0.000% due 10/24/2008		350		344
Host Hotels & Resorts, Inc.
2.625% due 04/15/2027		100		92
Nortel Networks Corp.
2.125% due 04/15/2014		800		785
Qwest Communications International, Inc.
3.500% due 11/15/2025		200		351
Total Convertible Bonds & Notes (Cost $4,354)				4,474
MUNICIPAL BONDS & NOTES 0.3%
Bell, California Public Financing Authority Notes, Series 2006
7.400% due 11/01/2007		1,500		1,502
Total Municipal Bonds & Notes (Cost $1,500)				1,502
U.S. GOVERNMENT AGENCIES 3.0%
Fannie Mae
5.500% due 07/01/2037 - 08/01/2037		15,600		15,042
Total U.S. Government Agencies (Cost $14,999)				15,042
FOREIGN CURRENCY-DENOMINATED ISSUES 2.9%
Bombardier, Inc.
7.250% due 11/15/2016	EUR	1,750		2,478
JSG Holding PLC
10.125% due 10/01/2012		15		22
Lighthouse International Co. S.A.
8.000% due 04/30/2014		1,670		2,399
Nordic Telephone Co. Holdings ApS
5.875% due 11/30/2014		446		610
6.125% due 11/30/2014		550		755
8.250% due 05/01/2016		1,000		1,455
NTL Cable PLC
8.750% due 04/15/2014		1,000		1,418
Royal Bank of Scotland Group PLC
9.370% due 04/06/2011	GBP	586		1,181
SigmaKalon
6.164% due 06/30/2012	EUR	924		1,252
UPC Financing Partnership
5.942% due 12/31/2014		942		1,276
UPC Holding BV
7.750% due 01/15/2014		600		808
8.625% due 01/15/2014		800		1,113
Total Foreign Currency-Denominated Issues (Cost $13,185)				14,767

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  High Yield Portfolio (Cont.)

	SHARES		VALUE (000S)
CONVERTIBLE PREFERRED STOCKS 0.4%
Chesapeake Energy Corp.
4.500% due 12/31/2049	5,000	$	507
5.000% due 12/31/2049	2,900		324
Freeport-McMoRan Copper & Gold, Inc.
6.750% due 05/01/2010	3,300		424
Vale Capital Ltd.
5.500% due 06/15/2010	14,100		697
Total Convertible Preferred Stocks (Cost $1,863)			1,952
PREFERRED STOCKS 0.4%
Fresenius Medical Care Capital Trust II
7.875% due 02/01/2008	2,050		2,065
Total Preferred Stocks (Cost $2,172)			2,065

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INSTRUMENTS 5.0%
COMMERCIAL PAPER 4.8%
Societe Generale NY
5.245% due 11/26/2007	$	21,300	$	21,043
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		1,900		1,900
UBS Finance Delaware LLC
5.350% due 10/23/2007		1,400		1,400
				24,343
REPURCHASE AGREEMENTS 0.1%
State Street Bank and Trust Co.
4.900% due 07/02/2007		728		728
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $747. Repurchase proceeds are $728.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 0.1%
4.605% due 09/13/2007 (c)	$	250	$	247
Total Short-Term Instruments (Cost $25,327)				25,318
Total Investments (d) 97.4% (Cost $487,844)			$	489,863
Other Assets and Liabilities (Net) 2.6%				12,935
Net Assets 100.0%			$	502,798

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) Payment in-kind bond security.

(c) Securities with an aggregate market value of $247 have been pledged as collateral for swap and swaption contracts on June 30, 2007.

(d) As of June 30, 2007, portfolio securities with an aggregate value of $9,228 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(e) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	SOFTBANK Corp. 1.750% due 03/31/2014	Sell	2.300%		09/20/2007	JPY	300,000	$	12
Bank of America	MGM Mirage 5.875% due 02/27/2014	Buy	(0.810%	)	06/20/2010	$	1,500		18
Bank of America	Dow Jones CDX N.A. HY7 Index	Buy	(3.250%	)	12/20/2011		3,300		(30	)
Bank of America	Aramark Corp. 8.500 due 02/01/2015	Sell	2.302%		06/20/2012		200		(6	)
Bank of America	MGM Mirage 5.875% due 02/27/2014	Sell	1.530%		06/20/2012		1,500		(51	)
Bank of America	Community Health Systems 8.875% due 07/15/2015	Sell	2.850%		09/20/2012		900		4
Barclays Bank PLC	Domtar, Inc. 7.875% due 10/15/2011	Sell	1.500%		09/20/2007		400		1
Barclays Bank PLC	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.760%		02/20/2009		1,500		16
Barclays Bank PLC	RSHB Capital S.A. for OJSC Russian Agricultural Bank 7.175% due 05/16/2013	Sell	0.740%		03/20/2009		1,000		9
Barclays Bank PLC	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.900%		02/20/2012		2,000		23
Barclays Bank PLC	Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	1.470%		03/20/2012		2,000		(54	)
Barclays Bank PLC	Allied Waste North America, Inc. 7.375% due 04/15/2014	Sell	2.030%		06/20/2012		500		(16	)
Barclays Bank PLC	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.770%		06/20/2012		200		(3	)
Barclays Bank PLC	Freescale Semiconductor, Inc. 8.875% due 12/15/2014	Sell	3.620%		06/20/2012		200		(4	)
Barclays Bank PLC	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.360%		06/20/2012		200		(3	)
Barclays Bank PLC	Sungard Data Systems, Inc. 9.125% due 08/15/2013	Sell	2.600%		06/20/2012		200		(5	)
Bear Stearns & Co., Inc.	Georgia-Pacific Corp. 8.125% due 05/15/2011	Sell	1.950%		06/20/2012		200		(6	)
Citibank N.A.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.000%		09/20/2007		1,000		4
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.120%		12/20/2008		1,000		(3	)
Citibank N.A.	Georgia-Pacific Corp. 8.125% due 05/15/2011	Buy	(1.070%	)	06/20/2010		1,500		28
Citibank N.A.	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.050%		06/20/2011		1,500		(12	)
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.050%		03/20/2012		3,000		(94	)
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.600%		03/20/2012		1,000		(10	)
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.880%		03/20/2012		1,000		0
Citibank N.A.	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.030%		06/20/2012		100		(1	)
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	2.000%		06/20/2012		1,500		5
Citibank N.A.	Georgia-Pacific Corp. 8.125% due 05/15/2011	Sell	1.820%		06/20/2012		1,000		(38	)
Citibank N.A.	LCDX N.A. 8 Index	Sell	1.200%		06/20/2012		1,500		(35	)
Citibank N.A.	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.300%		06/20/2012		1,000		(16	)

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Citibank N.A.	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.400%		06/20/2012	$	1,000	$	(14	)
Citibank N.A.	Georgia-Pacific Corp. 7.750% due 11/15/2029	Sell	2.220%		09/20/2012		500		(13	)
Citibank N.A.	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.600%		09/20/2012		625		(6	)
Citibank N.A.	Sungard Data Systems, Inc. 9.125% due 08/15/2013	Sell	2.920%		09/20/2012		1,000		(17	)
Citibank N.A.	Anadarko Petroleum Corp. 6.125% due 03/15/2012	Buy	(0.490%	)	03/20/2014		1,000		(2	)
Citibank N.A.	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.370%		03/20/2014		1,000		(14	)
Credit Suisse First Boston	Abitibi-Consolidated Co. of Canada 8.375% due 04/01/2015	Sell	0.650%		03/20/2008		1,000		(17	)
Credit Suisse First Boston	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	0.750%		03/20/2008		2,500		(10	)
Credit Suisse First Boston	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	1.450%		12/20/2008		2,000		(5	)
Credit Suisse First Boston	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.610%		06/20/2012		400		(9	)
Credit Suisse First Boston	Solectron Global Finance Ltd. 8.000% due 03/15/2016	Sell	3.700%		06/20/2012		1,000		93
Credit Suisse First Boston	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.930%		09/20/2012		1,000		(11	)
Credit Suisse First Boston	Pride International, Inc. 7.375% due 07/15/2014	Sell	1.950%		09/20/2012		300		(3	)
Deutsche Bank AG	Dow Jones CDX N.A. HY7 Index	Buy	(3.250%	)	12/20/2011		100		(1	)
Deutsche Bank AG	LCDX N.A. 8 Index	Sell	1.200%		06/20/2012		500		(10	)
Goldman Sachs & Co.	Host Marriott LP 7.125% due 11/01/2013	Sell	1.770%		12/20/2010		500		5
Goldman Sachs & Co.	Dow Jones CDX N.A. HY7 Index	Sell	0.785%		12/20/2011		800		0
Goldman Sachs & Co.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.025%		03/20/2012		2,000		(64	)
HSBC Bank USA	NAK Naftogaz Ukrainy 8.125% due 09/30/2009	Sell	3.000%		04/20/2008		1,500		(8	)
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700%		04/20/2009		1,500		6
JPMorgan Chase & Co.	Multiple Reference Entities of Gazprom	Sell	0.770%		02/20/2012		2,000		23
Lehman Brothers, Inc.	NRG Energy, Inc. 7.250% due 02/01/2014	Sell	0.750%		03/20/2008		1,800		(5	)
Lehman Brothers, Inc.	Nortel Networks Corp. 4.250% due 09/01/2008	Buy	(1.520%	)	06/20/2010		1,500		10
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.370%		08/20/2011		5,400		177
Lehman Brothers, Inc.	Dow Jones CDX N.A. HY7 Index	Sell	0.720%		12/20/2011		2,000		(6	)
Lehman Brothers, Inc.	Solectron Global Finance Ltd. 8.000% due 03/15/2016	Sell	3.100%		03/20/2012		1,000		67
Lehman Brothers, Inc.	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.090%		06/20/2012		500		(4	)
Lehman Brothers, Inc.	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.110%		06/20/2012		1,000		(7	)
Lehman Brothers, Inc.	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.750%		06/20/2012		250		(4	)
Lehman Brothers, Inc.	LCDX N.A. 8 Index	Sell	1.200%		06/20/2012		600		(14	)
Lehman Brothers, Inc.	Pride International, Inc. 7.375% due 07/15/2014	Sell	1.750%		06/20/2012		325		(4	)
Lehman Brothers, Inc.	Celestica, Inc. 7.625% due 07/01/2013	Sell	4.250%		09/20/2012		1,000		(13	)
Lehman Brothers, Inc.	CSC Holdings, Inc. 7.625% due 07/15/2018	Sell	2.520%		09/20/2012		1,000		(13	)
Merrill Lynch & Co., Inc.	CSC Holdings, Inc. 7.625% due 07/15/2018	Sell	2.080%		06/20/2012		400		(11	)
Merrill Lynch & Co., Inc.	Georgia-Pacific Corp. 8.125% due 05/15/2011	Sell	1.800%		06/20/2012		500		(19	)
Morgan Stanley	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.245%		06/20/2008		200		0
Morgan Stanley	Allied Waste North America, Inc. 7.375% due 04/15/2014	Buy	(1.120%	)	06/20/2010		1,500		17
Morgan Stanley	Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	1.800%		06/20/2010		2,000		28
Morgan Stanley	Multiple Reference Entities of Gazprom	Sell	1.050%		04/20/2011		3,000		63
Morgan Stanley	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.380%		08/20/2011		5,400		179
Morgan Stanley	Allied Waste North America, Inc. 7.375% due 04/15/2014	Sell	2.020%		06/20/2012		1,000		(34	)
Morgan Stanley	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.700%		06/20/2012		500		(9	)
Morgan Stanley	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.730%		06/20/2012		250		(4	)
Morgan Stanley	Reliant Energy, Inc. 6.750% due 12/15/2014	Sell	2.200%		06/20/2012		425		(12	)
Morgan Stanley	Aramark Corp. 8.500 due 02/01/2015	Sell	2.680%		09/20/2012		500		(9	)
Morgan Stanley	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.630%		09/20/2012		625		(5	)
Morgan Stanley	Pride International, Inc. 7.375% due 07/15/2014	Sell	1.960%		09/20/2012		700		(4	)
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.390%		12/20/2011		3,000		51
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.100%		03/20/2012		1,000		4
								$	75

⁽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.

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized (Depreciation)
Morgan Stanley	BRL-CDI-Compounded	Pay	10.115%	01/02/2012	BRL	21,000	$	(219	)
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	7.910%	05/14/2009	MXN	25,000		0
Morgan Stanley	28-Day Mexico Interbank TIIE Banxico	Pay	7.910%	05/14/2009		33,000		(1	)
							$	(220	)

See Accompanying Notes Semiannual Report June 30, 2007 13

Schedule of Investments  High Yield Portfolio (Cont.) June 30, 2007 (Unaudited)

Total Return Swaps

Counterparty	Type	Receive Total Return	Pay	Expiration Date	# of Contracts	Unrealized (Depreciation)
Merrill Lynch & Co., Inc.	Long	Motorola, Inc.	5.579%	07/23/2007	10,100	$	(2	)

(f) Restricted securities as of June 30, 2007:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Continental Airlines, Inc.	6.920%	04/02/2013	07/01/2003	$	657	$	725	0.15%
Ferrellgas Partners LP	8.870%	08/01/2009	06/30/2003		1,260		1,272	0.25%
				$	1,917	$	1,997	0.40%

(g) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized (Depreciation)
Sell	EUR	12,247	07/2007	$	0	$	(160	)	$	(160	)
Sell	GBP	704	08/2007		0		(8	)		(8	)
				$	0	$	(168	)	$	(168	)

(h) Security is subject to a forbearance agreement entered into by the Portfolio which forbears the Portfolio from taking action to, among other things, accelerate and collect payments on the subject note with respect to specified events of default.

14 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2007 (Unaudited)

1.  ORGANIZATION

The High Yield Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from 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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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, 2007 15

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.

(d) 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.

(e) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	JPY	Japanese Yen
EUR	Euro	MXN	Mexican Peso
GBP	Great British Pound

(f) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(g) 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 interest (referred to as a dirty price) and require a pro-rata adjustment from interest receivable to the unrealized appreciation or depreciation on investment on the Statement of Assets and Liabilities.

(h) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(i) Reverse Repurchase Agreements  The Portfolio may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Portfolio sells to a financial institution a security that it holds with an agreement to repurchase the same security at an agreed-upon price and date. Securities sold under reverse repurchase agreements are reflected as a liability on the Statement of Assets and Liabilities. A reverse repurchase agreement involves the risk that the market value of the security sold by the Portfolio may decline below the repurchase price of the security. The Portfolio will segregate assets determined to be liquid by the investment adviser or otherwise cover its obligations under reverse repurchase agreements.

(j) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(k) Restricted Securities  The Portfolio may 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. Securities acquired under the provisions of Rule 144A can only be traded between qualified institutional investors. The Board of Trustees considers 144A securities to be liquid.

(l) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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 credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(m) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

(n) Bridge Debt Commitments  At the period ended June 30, 2007, the Portfolio had $14,177,071 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.

(o) 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” or “Ginnie Mae”), 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.

(p) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.35%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

18 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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, 2007, the Portfolio engaged in purchases and sales of securities pursuant to the Rule 17a-7 of the Act (amounts in thousands):

Purchases	Sales
$    0	$    1,816

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	17,586	$	0	$	173,842	$	206,950

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Premium
Balance at 12/31/2006	290		$	99
Sales	0			0
Closing Buys	(290	)		(99	)
Expirations	0			0
Exercised	0			0
Balance at 06/30/2007	0		$	0

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	85		$	717		146		$	1,213
Administrative Class	6,841			57,387		17,264			140,974
Advisor Class	32			270		8			64
Issued as reinvestment of distributions
Institutional Class	10			81		8			70
Administrative Class	2,123			17,782		4,025			33,006
Advisor Class	0			3		0			1
Cost of shares redeemed
Institutional Class	(15	)		(132	)	(3	)		(27	)
Administrative Class	(10,252	)		(84,751	)	(15,623	)		(127,544	)
Advisor Class	(30	)		(251	)	0			(1	)
Net increase (decrease) resulting from Portfolio share transactions	(1,206	)	$	(8,894	)	5,825		$	47,756

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	96
Administrative Class	3	76
Advisor Class	2	99

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

shareholders of the PIMCO Funds or on behalf of the PIMCO Funds itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds

managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    7,556	$    (5,537)	$    2,019

20 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 21

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	21

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO High Yield Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

Corporate Bonds & Notes	78.3%
Bank Loan Obligations	8.4%
Short-Term Instruments	5.2%
U.S. Government Agencies	3.1%
Foreign Currency-Denominated Issues	3.0%
Other	2.0%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	Portfolio Inception (03/31/06)
	PIMCO High Yield Portfolio Advisor Class	2.03%	9.64%	6.80%
	Merrill Lynch U.S. High Yield BB-B Rated Constrained Index±	2.59%	10.34%	7.72%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Merrill Lynch U.S. High Yield BB-B Rated Constrained Index tracks the performance of BB-B Rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. 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. Similarly, the face value of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,020.29	$	1,020.58
Expenses Paid During Period†	$	4.26	$	4.26

† 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 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 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 (“junk bonds”), which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements, rated below investment grade but rated at least Caa by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality, subject to a maximum of 5% of total assets in securities rated Caa by Moody’s, or equivalently rated by S&P or Fitch, or if unrated, determined by PIMCO to be of comparable quality.

» An underweight to the building products sector, led lower by poor performing building and construction credits, added to relative performance.

» An emphasis on B-rated technology issues, which outperformed their higher-quality BB-rated counterparts, was a strong boost to returns.

» Security selection in the healthcare sector was a strong positive for returns as middle- and lower-rated quality tiers outperformed considerably.

» An underweight to consumer non-cyclicals, which outperformed wholesale foods, food/drug retailers, and pharmaceuticals, detracted from relative performance.

» As the metals and mining sector outperformed over the period, an underweight to the sector weighed on the Portfolio’s returns.

» Within the telecom sector, an emphasis on integrated service providers, which fell significantly short of wireless and wireline companies, was negative for relative performance.

» An underweight to BB-rated issues, in general, and some tactical exposure to CCC-rated bonds, added to performance as lower quality outperformed.

4 PIMCO Variable Insurance Trust

Financial Highlights  High Yield Portfolio

Selected per Share Data for the Period Ended:	06/30/2007+			03/31/2006-12/31/2006
Advisor Class
Net asset value beginning of period	$	8.34		$	8.24
Net investment income (a)		0.28			0.42
Net realized/unrealized gain (loss) on investments (a)		(0.11	)		0.09
Total income from investment operations		0.17			0.51
Dividends from net investment income		(0.28	)		(0.41	)
Total distributions		(0.28	)		(0.41	)
Net asset value end of period	$	8.23		$	8.34
Total return		2.03	%		6.41	%
Net assets end of period (000s)	$	83		$	66
Ratio of expenses to average net assets		0.85	%*		0.86	%*
Ratio of expenses to average net assets excluding interest expense		0.85	%*		0.85	%*
Ratio of net investment income to average net assets		6.72	%*		6.80	%*
Portfolio turnover rate		38	%		81	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  High Yield Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	489,863
Cash		745
Foreign currency, at value		3,556
Receivable for investments sold		37,299
Receivable for Portfolio shares sold		118
Interest and dividends receivable		8,417
Swap premiums paid		45
Unrealized appreciation on swap agreements		843
		540,886
Liabilities:
Payable for investments purchased	$	34,671
Payable for Portfolio shares redeemed		1,933
Accrued investment advisory fee		111
Accrued administration fee		155
Accrued servicing fee		55
Swap premiums received		5
Unrealized depreciation on foreign currency contracts		168
Unrealized depreciation on swap agreements		990
		38,088
Net Assets	$	502,798
Net Assets Consist of:
Paid in capital	$	503,818
(Overdistributed) net investment income		(1,553	)
Accumulated undistributed net realized (loss)		(1,193	)
Net unrealized appreciation		1,726
	$	502,798
Net Assets:
Institutional Class	$	2,588
Administrative Class		500,127
Advisor Class		83
Shares Issued and Outstanding:
Institutional Class		315
Administrative Class		60,773
Advisor Class		10
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	8.23
Administrative Class		8.23
Advisor Class		8.23
Cost of Investments Owned	$	487,844
Cost of Foreign Currency Held	$	3,537

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  High Yield Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	19,591
Dividends		92
Miscellaneous income		39
Total Income		19,722
Expenses:
Investment advisory fees		650
Administration fees		910
Servicing fees – Administrative Class		388
Trustees’ fees		5
Interest expense		6
Total Expenses		1,959
Net Investment Income		17,763
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		4,407
Net realized (loss) on futures contracts, written options and swaps		(2,164	)
Net realized (loss) on foreign currency transactions		(156	)
Net change in unrealized (depreciation) on investments		(9,745	)
Net change in unrealized appreciation on futures contracts, written options and swaps		860
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(259	)
Net (Loss)		(7,057	)
Net Increase in Net Assets Resulting from Operations	$	10,706

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  High Yield Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	17,763		$	33,041
Net realized gain		2,087			2,834
Net change in unrealized appreciation (depreciation)		(9,144	)		6,670
Net increase resulting from operations		10,706			42,545
Distributions to Shareholders:
From net investment income
Institutional Class		(81	)		(70	)
Administrative Class		(17,782	)		(32,991	)
Advisor Class		(3	)		(1	)
Total Distributions		(17,866	)		(33,062	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		717			1,213
Administrative Class		57,387			140,974
Advisor Class		270			64
Issued as reinvestment of distributions
Institutional Class		81			70
Administrative Class		17,782			33,006
Advisor Class		3			1
Cost of shares redeemed
Institutional Class		(132	)		(27	)
Administrative Class		(84,751	)		(127,544	)
Advisor Class		(251	)		(1	)
Net increase (decrease) resulting from Portfolio share transactions		(8,894	)		47,756
Total Increase (Decrease) in Net Assets		(16,054	)		57,239
Net Assets:
Beginning of period		518,852			461,613
End of period*	$	502,798		$	518,852
*Including (overdistributed) net investment income of:	$	(1,553	)	$	(1,450	)

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  High Yield Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 8.2%
AES Corp.
7.180% due 04/30/2010	$	2,000	$	2,005
Amadeus Global Travel Distribution S.A.
7.830% due 04/08/2013		700		705
8.580% due 04/08/2014		700		708
Biomet, Inc.
6.000% due 03/08/2008		1,500		1,504
Centennial Cellular Operating Co. LLC
7.350% due 02/09/2011		766		770
7.360% due 01/20/2011		59		60
Community Health Corp.
4.000% due 07/02/2014		62		62
5.000% due 07/02/2014		938		940
7.000% due 04/10/2008		2,000		1,995
Ford Motor Co.
8.360% due 11/29/2013		1,493		1,500
Harrah’s Entertainment, Inc.
7.500% due 03/09/2008		3,000		2,985
HCA, Inc.
7.600% due 11/14/2013		1,247		1,254
Headwaters, Inc.
7.360% due 04/30/2011		852		855
HealthSouth Corp.
7.850% due 02/02/2013		1,695		1,704
7.860% due 02/02/2013		32		32
Ineos Group Holdings PLC
7.571% due 10/07/2012		56		56
7.580% due 10/07/2012		937		940
JSG Holding PLC
7.725% due 11/29/2013		650		654
8.225% due 11/29/2014		650		654
Lear Corp.
8.000% due 06/27/2014		1,000		992
Metro-Goldwyn-Mayer, Inc.
8.614% due 04/08/2012		1,489		1,494
Novelis, Inc.
4.000% due 05/25/2008		1,100		1,102
Riverdeep Interactive
8.100% due 11/28/2013		997		1,001
Roundy’s Supermarket, Inc.
8.070% due 10/27/2011		2		2
8.110% due 11/01/2011		985		994
SLM Corp.
6.000% due 06/30/2008		2,600		2,587
Telesat Canada, Inc.
2.620% due 02/14/2008		1,500		1,501
Thompson Learning, Inc.
5.000% due 06/27/2014		2,100		2,076
Tribune Co.
7.875% due 05/30/2009		825		826
8.375% due 05/30/2014		1,375		1,346
Univision Communications, Inc.
6.250% due 09/15/2014		121		119
7.605% due 09/15/2014		1,879		1,856
VNU/Nielson Finance LLC
7.607% due 08/08/2013		1,990		2,004
VWR International, Inc.
7.000% due 05/30/2008		2,500		2,503
Wind Acquisition Finance S.A.
12.609% due 12/21/2011		517		521
Worldspan LP
8.606% due 12/07/2013		500		503

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
8.610% due 12/07/2013	$	495	$	497
10.500% due 12/07/2013		2		3
Total Bank Loan Obligations (Cost $41,194)				41,310
CORPORATE BONDS & NOTES 76.3%
BANKING & FINANCE 9.7%
AES Ironwood LLC
8.857% due 11/30/2025		2,421		2,700
AES Red Oak LLC
8.540% due 11/30/2019		1,185		1,297
Bluewater Finance Ltd.
10.250% due 02/15/2012		2,200		2,305
Ferrellgas Escrow LLC
6.750% due 05/01/2014		2,100		2,000
Ford Motor Credit Co.
7.250% due 10/25/2011		1,900		1,830
7.800% due 06/01/2012		8,375		8,178
8.625% due 11/01/2010		1,260		1,281
Forest City Enterprises, Inc.
7.625% due 06/01/2015		1,225		1,240
General Motors Acceptance Corp.
6.000% due 04/01/2011		1,194		1,152
7.000% due 02/01/2012		3,000		2,945
7.250% due 03/02/2011		500		499
8.000% due 11/01/2031		2,350		2,410
GMAC LLC
6.625% due 05/15/2012		1,100		1,063
Hexion U.S. Finance Corp.
9.750% due 11/15/2014		1,300		1,352
K&F Acquisition, Inc.
7.750% due 11/15/2014		1,000		1,065
KRATON Polymers LLC
8.125% due 01/15/2014		1,500		1,470
NSG Holdings LLC/NSG Holdings, Inc.
7.750% due 12/15/2025		925		939
Petroleum Export Ltd. II
6.340% due 06/20/2011		1,280		1,254
Petroplus Finance Ltd.
6.750% due 05/01/2014		375		363
7.000% due 05/01/2017		375		363
Rotech Healthcare, Inc.
9.500% due 04/01/2012		3,575		3,396
Targeted Return Index Securities Trust
7.548% due 05/01/2016		826		814
Tenneco, Inc.
8.625% due 11/15/2014		975		1,009
10.250% due 07/15/2013		500		540
TNK-BP Finance S.A.
6.625% due 03/20/2017		500		486
7.500% due 07/18/2016		1,000		1,034
Universal City Development Partners
11.750% due 04/01/2010		525		558
Universal City Florida Holding Co. I
8.375% due 05/01/2010		1,425		1,464
10.106% due 05/01/2010		175		179
Ventas Realty LP
6.750% due 04/01/2017		250		248
7.125% due 06/01/2015		500		506
9.000% due 05/01/2012		500		549
Wind Acquisition Finance S.A.
10.750% due 12/01/2015		1,000		1,152

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Yankee Acquisition Corp.
8.500% due 02/15/2015	$	1,100	$	1,072
				48,713
INDUSTRIALS 54.2%
Abitibi-Consolidated Co. of Canada
7.750% due 06/15/2011		125		115
Abitibi-Consolidated, Inc.
8.550% due 08/01/2010		1,275		1,224
Actuant Corp.
6.875% due 06/15/2017		1,000		995
Albertson’s, Inc.
7.450% due 08/01/2029		3,250		3,186
Allied Waste North America, Inc.
7.250% due 03/15/2015		5,650		5,622
AmeriGas Partners LP
7.125% due 05/20/2016		2,650		2,617
7.250% due 05/20/2015		1,850		1,841
Aramark Corp.
8.500% due 02/01/2015		3,775		3,860
Arco Chemical Co.
10.250% due 11/01/2010		50		54
Armor Holdings, Inc.
8.250% due 08/15/2013		800		846
ArvinMeritor, Inc.
8.125% due 09/15/2015		1,525		1,485
8.750% due 03/01/2012		2,750		2,791
Berry Plastics Holding Corp.
8.875% due 09/15/2014		975		992
Bon-Ton Stores, Inc.
10.250% due 03/15/2014		3,750		3,816
Bowater Canada Finance
7.950% due 11/15/2011		1,315		1,244
Buhrmann U.S., Inc.
7.875% due 03/01/2015		1,300		1,287
8.250% due 07/01/2014		1,000		1,010
C8 Capital SPV Ltd.
6.640% due 12/31/2049		1,500		1,478
CanWest Media, Inc.
8.000% due 09/15/2012		770		768
Cascades, Inc.
7.250% due 02/15/2013		1,425		1,393
CCO Holdings LLC
8.750% due 11/15/2013		7,400		7,567
Celestica, Inc.
7.625% due 07/01/2013		875		823
7.875% due 07/01/2011		1,900		1,853
Chart Industries, Inc.
9.125% due 10/15/2015		425		448
Chemtura Corp.
6.875% due 06/01/2016		1,750		1,663
Chesapeake Energy Corp.
6.875% due 01/15/2016		1,200		1,179
7.000% due 08/15/2014		1,550		1,546
7.500% due 06/15/2014		75		76
7.750% due 01/15/2015		500		511
Choctaw Resort Development Enterprise
7.250% due 11/15/2019		1,357		1,343
Citic Resources Finance Ltd.
6.750% due 05/15/2014		450		435
Compagnie Générale de Géophysique-Veritas
7.500% due 05/15/2015		450		452
7.750% due 05/15/2017		225		229

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  High Yield Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Continental Airlines, Inc.
6.920% due 04/02/2013 (f)	$	712	$	725
7.373% due 06/15/2017		253		251
Cooper-Standard Automotive, Inc.
7.000% due 12/15/2012		1,100		1,037
Corrections Corp. of America
7.500% due 05/01/2011		1,250		1,273
Crown Americas LLC & Crown Americas Capital Corp.
7.625% due 11/15/2013		425		431
7.750% due 11/15/2015		1,500		1,515
CSC Holdings, Inc.
6.750% due 04/15/2012		1,000		955
7.625% due 04/01/2011		2,000		1,995
DaVita, Inc.
7.250% due 03/15/2015		4,150		4,119
Delhaize America, Inc.
9.000% due 04/15/2031		1,917		2,326
Dresser-Rand Group, Inc.
7.375% due 11/01/2014		396		399
DRS Technologies, Inc.
7.625% due 02/01/2018		1,050		1,066
Dynegy Holdings, Inc.
7.125% due 05/15/2018		1,750		1,566
7.500% due 06/01/2015		200		189
7.750% due 06/01/2019		3,100		2,899
8.375% due 05/01/2016		1,000		983
EchoStar DBS Corp.
6.625% due 10/01/2014		1,000		958
7.125% due 02/01/2016		3,225		3,169
El Paso Corp.
7.000% due 06/15/2017		1,750		1,740
7.750% due 01/15/2032		1,200		1,215
7.800% due 08/01/2031		325		331
8.050% due 10/15/2030		1,300		1,372
Equistar Chemicals LP
10.125% due 09/01/2008		26		27
Ferrellgas Partners LP
8.750% due 06/15/2012		1,525		1,578
8.870% due 08/01/2009 (f)		1,200		1,272
Fisher Communications, Inc.
8.625% due 09/15/2014		1,000		1,070
Ford Motor Co.
7.450% due 07/16/2031		3,600		2,894
Forest Oil Corp.
7.250% due 06/15/2019		825		804
Freeport-McMoRan Copper & Gold, Inc.
8.250% due 04/01/2015		1,200		1,269
8.375% due 04/01/2017		2,300		2,461
Freescale Semiconductor, Inc.
8.875% due 12/15/2014		4,000		3,840
9.125% due 12/15/2014 (b)		1,850		1,748
9.235% due 12/15/2014		500		485
Fresenius Medical Care Capital Trust
7.875% due 06/15/2011		2,250		2,340
Gaylord Entertainment Co.
8.000% due 11/15/2013		800		815
General Motors Corp.
8.100% due 06/15/2024		300		266
8.250% due 07/15/2023		4,850		4,444
8.800% due 03/01/2021		700		665
Georgia-Pacific Corp.
7.125% due 01/15/2017		2,000		1,930
7.375% due 12/01/2025		5,960		5,617
7.750% due 11/15/2029		100		94
8.000% due 01/15/2024		775		756

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Goodyear Tire & Rubber Co.
9.000% due 07/01/2015	$	1,024	$	1,108
Grupo Transportacion Ferroviaria Mexicana S.A. de C.V.
9.375% due 05/01/2012		1,200		1,290
Hanover Compressor Co.
9.000% due 06/01/2014		500		531
Hanover Equipment Trust
8.750% due 09/01/2011		800		826
HCA, Inc.
6.750% due 07/15/2013		4,400		4,015
7.190% due 11/15/2015		200		181
7.500% due 12/15/2023		400		347
7.580% due 09/15/2025		550		478
9.250% due 11/15/2016		8,595		9,175
Herbst Gaming, Inc.
7.000% due 11/15/2014		2,000		1,885
Hertz Corp.
8.875% due 01/01/2014		4,225		4,426
Horizon Lines LLC
9.000% due 11/01/2012		1,016		1,080
Host Marriott LP
7.125% due 11/01/2013		1,430		1,435
Idearc, Inc.
8.000% due 11/15/2016		3,800		3,857
Ineos Group Holdings PLC
8.500% due 02/15/2016		3,125		3,070
Ingles Markets, Inc.
8.875% due 12/01/2011		1,450		1,510
Intelsat Bermuda Ltd.
9.250% due 06/15/2016		1,275		1,361
Intelsat Corp.
9.000% due 06/15/2016		400		421
Intelsat Subsidiary Holding Co. Ltd.
8.250% due 01/15/2013		400		408
8.625% due 01/15/2015		1,500		1,545
Jefferson Smurfit Corp. U.S.
8.250% due 10/01/2012		600		599
JET Equipment Trust
7.630% due 08/15/2012 (a)		218		161
10.000% due 06/15/2012 (a)		526		547
L-3 Communications Corp.
6.375% due 10/15/2015		700		665
7.625% due 06/15/2012		2,450		2,520
Legrand France
8.500% due 02/15/2025		975		1,143
Lyondell Chemical Co.
8.000% due 09/15/2014		1,475		1,523
8.250% due 09/15/2016		925		971
MGM Mirage
6.625% due 07/15/2015		850		777
6.875% due 04/01/2016		1,725		1,596
7.500% due 06/01/2016		1,725		1,645
Mirage Resorts, Inc.
7.250% due 08/01/2017		2,600		2,561
Nalco Co.
7.750% due 11/15/2011		500		506
Norampac, Inc.
6.750% due 06/01/2013		875		839
Nordic Telephone Co. Holdings ApS
8.875% due 05/01/2016		1,500		1,598
Nortel Networks Ltd.
9.606% due 07/15/2011		200		214

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
10.125% due 07/15/2013	$	1,500	$	1,616
10.750% due 07/15/2016		475		527
Northwest Pipeline Corp.
7.125% due 12/01/2025		500		516
Novelis, Inc.
7.250% due 02/15/2015		120		124
NPC International, Inc.
9.500% due 05/01/2014		2,050		1,999
OPTI Canada, Inc.
8.250% due 12/15/2014		1,900		1,938
Owens Brockway Glass Container, Inc.
6.750% due 12/01/2014		1,775		1,740
8.750% due 11/15/2012		525		550
Peabody Energy Corp.
6.875% due 03/15/2013		1,291		1,291
Pilgrim’s Pride Corp.
7.625% due 05/01/2015		1,695		1,699
8.375% due 05/01/2017		300		299
Plains Exploration & Production Co.
7.000% due 03/15/2017		225		214
7.750% due 06/15/2015		650		648
Pogo Producing Co.
7.875% due 05/01/2013		175		179
PQ Corp.
7.500% due 02/15/2013		2,225		2,370
Premier Entertainment Biloxi LLC
10.750% due 02/01/2012		750		784
Primedia, Inc.
8.000% due 05/15/2013		400		423
Quiksilver, Inc.
6.875% due 04/15/2015		1,350		1,276
Qwest Communications International, Inc.
7.500% due 02/15/2014		8,250		8,394
Reynolds American, Inc.
7.250% due 06/15/2037		500		514
7.625% due 06/01/2016		925		984
7.750% due 06/01/2018		1,875		2,010
RH Donnelley Corp.
6.875% due 01/15/2013		250		238
8.875% due 01/15/2016		5,950		6,218
Rockwood Specialties Group, Inc.
7.500% due 11/15/2014		1,700		1,717
Rogers Cable, Inc.
8.750% due 05/01/2032		400		486
Roseton
7.270% due 11/08/2010		1,200		1,214
7.670% due 11/08/2016		2,325		2,408
Royal Caribbean Cruises Ltd.
7.250% due 03/15/2018		1,750		1,722
Sanmina-SCI Corp.
8.125% due 03/01/2016		2,325		2,174
SemGroup LP
8.750% due 11/15/2015		3,075		3,106
Sensata Technologies BV
8.000% due 05/01/2014		1,175		1,140
Service Corp. International
7.375% due 10/01/2014		425		429
7.625% due 10/01/2018		1,025		1,043
Sinclair Broadcast Group, Inc.
8.000% due 03/15/2012		6		7
Smurfit Capital Funding PLC
7.500% due 11/20/2025		500		506

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Smurfit Kappa Funding PLC
7.750% due 04/01/2015	$	125	$	126
9.625% due 10/01/2012		342		360
Smurfit-Stone Container Enterprises, Inc.
8.000% due 03/15/2017		925		902
8.375% due 07/01/2012		750		755
Sonat, Inc.
7.000% due 02/01/2018		500		492
Station Casinos, Inc.
6.875% due 03/01/2016		1,275		1,132
7.750% due 08/15/2016		2,295		2,284
Suburban Propane Partners LP
6.875% due 12/15/2013		2,750		2,668
Sungard Data Systems, Inc.
9.125% due 08/15/2013		3,141		3,231
Superior Essex Communications LLC
9.000% due 04/15/2012		500		513
Supervalu, Inc.
7.500% due 11/15/2014		1,475		1,519
Tenet Healthcare Corp.
7.375% due 02/01/2013		1,766		1,605
Tesoro Corp.
6.500% due 06/01/2017		1,000		982
TransDigm, Inc.
7.750% due 07/15/2014		1,330		1,350
Triad Hospitals, Inc.
7.000% due 11/15/2013		2,640		2,781
Trinity Industries, Inc.
6.500% due 03/15/2014		780		766
TRW Automotive, Inc.
7.000% due 03/15/2014		500		479
7.250% due 03/15/2017		550		527
U.S. Airways Group, Inc.
9.330% due 01/01/2049 (a)		84		1
United Airlines, Inc.
6.071% due 03/01/2013		215		216
6.201% due 03/01/2010		108		109
6.602% due 03/01/2015		243		245
Unity Media GmbH
10.375% due 02/15/2015		750		767
Verso Paper Holdings LLC
9.125% due 08/01/2014		3,150		3,268
West Corp.
9.500% due 10/15/2014		300		309
11.000% due 10/15/2016		300		315
Williams Cos., Inc.
7.625% due 07/15/2019		3,950		4,187
7.750% due 06/15/2031		775		824
7.875% due 09/01/2021		2,575		2,781
Williams Partners LP
7.250% due 02/01/2017		425		429
Wynn Las Vegas LLC
6.625% due 12/01/2014		5,400		5,231
Xerox Capital Trust I
8.000% due 02/01/2027		2,100		2,161
				272,270
UTILITIES 12.4%
AES Corp.
8.750% due 05/15/2013		2,325		2,464
Cincinnati Bell, Inc.
7.250% due 07/15/2013		2,500		2,575
8.375% due 01/15/2014		1,270		1,289

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Citizens Communications Co.
7.125% due 03/15/2019	$	2,300	$	2,185
7.450% due 07/01/2035		250		221
7.875% due 01/15/2027		425		415
9.000% due 08/15/2031		1,425		1,475
Complete Production Services, Inc.
8.000% due 12/15/2016		575		584
Edison Mission Energy
7.000% due 05/15/2017		675		639
7.200% due 05/15/2019		975		921
7.750% due 06/15/2016		1,000		1,000
Hawaiian Telcom Communications, Inc.
9.750% due 05/01/2013		1,500		1,579
10.860% due 05/01/2013		1,000		1,025
Homer City Funding LLC
8.734% due 10/01/2026		974		1,076
MetroPCS Wireless, Inc.
9.250% due 11/01/2014		1,300		1,349
Midwest Generation LLC
8.560% due 01/02/2016		4,487		4,787
Mobile Telesystems Finance S.A.
8.000% due 01/28/2012		450		464
8.375% due 10/14/2010		500		522
Nevada Power Co.
6.750% due 07/01/2037		300		307
Nextel Communications, Inc.
7.375% due 08/01/2015		1,575		1,576
Northwestern Bell Telephone
7.750% due 05/01/2030		1,208		1,225
NRG Energy, Inc.
7.250% due 02/01/2014		1,000		1,005
7.375% due 02/01/2016		5,665		5,693
7.375% due 01/15/2017		450		453
NTL Cable PLC
9.125% due 08/15/2016		500		526
PSEG Energy Holdings LLC
8.500% due 06/15/2011		4,250		4,523
Qwest Corp.
7.200% due 11/10/2026		1,700		1,679
8.875% due 03/15/2012		2,625		2,841
Reliant Energy, Inc.
6.750% due 12/15/2014		3,075		3,152
7.625% due 06/15/2014		1,000		980
7.875% due 06/15/2017		1,300		1,271
9.250% due 07/15/2010		0		1
Rural Cellular Corp.
9.875% due 02/01/2010		1,775		1,864
Sierra Pacific Power Co.
6.750% due 07/01/2037		500		506
Sierra Pacific Resources
6.750% due 08/15/2017		775		766
7.803% due 06/15/2012		625		660
8.625% due 03/15/2014		1,250		1,348
South Point Energy Center LLC
8.400% due 05/30/2012 (h)		1,158		1,145
Tenaska Alabama Partners LP
7.000% due 06/30/2021		2,189		2,251
Time Warner Telecom Holdings, Inc.
9.250% due 02/15/2014		2,875		3,062

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
UBS Luxembourg S.A. for OJSC Vimpel Communications
8.250% due 05/23/2016	$	1,000	$	1,046
				62,450
Total Corporate Bonds & Notes (Cost $383,250)				383,433
CONVERTIBLE BONDS & NOTES 0.9%
Advanced Micro Devices, Inc.
6.000% due 05/01/2015		750		726
Chesapeake Energy Corp.
2.750% due 11/15/2035		300		327
CMS Energy Corp.
2.875% due 12/01/2024		1,000		1,311
Deutsche Bank AG
0.000% due 07/14/2008		300		280
0.000% due 09/29/2008		275		258
0.000% due 10/24/2008		350		344
Host Hotels & Resorts, Inc.
2.625% due 04/15/2027		100		92
Nortel Networks Corp.
2.125% due 04/15/2014		800		785
Qwest Communications International, Inc.
3.500% due 11/15/2025		200		351
Total Convertible Bonds & Notes (Cost $4,354)				4,474
MUNICIPAL BONDS & NOTES 0.3%
Bell, California Public Financing Authority Notes, Series 2006
7.400% due 11/01/2007		1,500		1,502
Total Municipal Bonds & Notes (Cost $1,500)				1,502
U.S. GOVERNMENT AGENCIES 3.0%
Fannie Mae
5.500% due 07/01/2037 - 08/01/2037		15,600		15,042
Total U.S. Government Agencies (Cost $14,999)				15,042
FOREIGN CURRENCY-DENOMINATED ISSUES 2.9%
Bombardier, Inc.
7.250% due 11/15/2016	EUR	1,750		2,478
JSG Holding PLC
10.125% due 10/01/2012		15		22
Lighthouse International Co. S.A.
8.000% due 04/30/2014		1,670		2,399
Nordic Telephone Co. Holdings ApS
5.875% due 11/30/2014		446		610
6.125% due 11/30/2014		550		755
8.250% due 05/01/2016		1,000		1,455
NTL Cable PLC
8.750% due 04/15/2014		1,000		1,418
Royal Bank of Scotland Group PLC
9.370% due 04/06/2011	GBP	586		1,181
SigmaKalon
6.164% due 06/30/2012	EUR	924		1,252
UPC Financing Partnership
5.942% due 12/31/2014		942		1,276
UPC Holding BV
7.750% due 01/15/2014		600		808
8.625% due 01/15/2014		800		1,113
Total Foreign Currency-Denominated Issues (Cost $13,185)				14,767

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  High Yield Portfolio (Cont.)

	SHARES		VALUE (000S)
CONVERTIBLE PREFERRED STOCKS 0.4%
Chesapeake Energy Corp.
4.500% due 12/31/2049	5,000	$	507
5.000% due 12/31/2049	2,900		324
Freeport-McMoRan Copper & Gold, Inc.
6.750% due 05/01/2010	3,300		424
Vale Capital Ltd.
5.500% due 06/15/2010	14,100		697
Total Convertible Preferred Stocks (Cost $1,863)			1,952
PREFERRED STOCKS 0.4%
Fresenius Medical Care Capital Trust II
7.875% due 02/01/2008	2,050		2,065
Total Preferred Stocks (Cost $2,172)			2,065

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INSTRUMENTS 5.0%
COMMERCIAL PAPER 4.8%
Societe Generale NY
5.245% due 11/26/2007	$	21,300	$	21,043
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		1,900		1,900
UBS Finance Delaware LLC
5.350% due 10/23/2007		1,400		1,400
				24,343
REPURCHASE AGREEMENTS 0.1%
State Street Bank and Trust Co.
4.900% due 07/02/2007		728		728
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $747. Repurchase proceeds are $728.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 0.1%
4.605% due 09/13/2007 (c)	$	250	$	247
Total Short-Term Instruments (Cost $25,327)				25,318
Total Investments (d) 97.4% (Cost $487,844)			$	489,863
Other Assets and Liabilities (Net) 2.6%				12,935
Net Assets 100.0%			$	502,798

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) Payment in-kind bond security.

(c) Securities with an aggregate market value of $247 have been pledged as collateral for swap and swaption contracts on June 30, 2007.

(d) As of June 30, 2007, portfolio securities with an aggregate value of $9,228 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(e) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	SOFTBANK Corp. 1.750% due 03/31/2014	Sell	2.300%		09/20/2007	JPY	300,000	$	12
Bank of America	MGM Mirage 5.875% due 02/27/2014	Buy	(0.810%	)	06/20/2010	$	1,500		18
Bank of America	Dow Jones CDX N.A. HY7 Index	Buy	(3.250%	)	12/20/2011		3,300		(30	)
Bank of America	Aramark Corp. 8.500 due 02/01/2015	Sell	2.302%		06/20/2012		200		(6	)
Bank of America	MGM Mirage 5.875% due 02/27/2014	Sell	1.530%		06/20/2012		1,500		(51	)
Bank of America	Community Health Systems 8.875% due 07/15/2015	Sell	2.850%		09/20/2012		900		4
Barclays Bank PLC	Domtar, Inc. 7.875% due 10/15/2011	Sell	1.500%		09/20/2007		400		1
Barclays Bank PLC	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.760%		02/20/2009		1,500		16
Barclays Bank PLC	RSHB Capital S.A. for OJSC Russian Agricultural Bank 7.175% due 05/16/2013	Sell	0.740%		03/20/2009		1,000		9
Barclays Bank PLC	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.900%		02/20/2012		2,000		23
Barclays Bank PLC	Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	1.470%		03/20/2012		2,000		(54	)
Barclays Bank PLC	Allied Waste North America, Inc. 7.375% due 04/15/2014	Sell	2.030%		06/20/2012		500		(16	)
Barclays Bank PLC	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.770%		06/20/2012		200		(3	)
Barclays Bank PLC	Freescale Semiconductor, Inc. 8.875% due 12/15/2014	Sell	3.620%		06/20/2012		200		(4	)
Barclays Bank PLC	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.360%		06/20/2012		200		(3	)
Barclays Bank PLC	Sungard Data Systems, Inc. 9.125% due 08/15/2013	Sell	2.600%		06/20/2012		200		(5	)
Bear Stearns & Co., Inc.	Georgia-Pacific Corp. 8.125% due 05/15/2011	Sell	1.950%		06/20/2012		200		(6	)
Citibank N.A.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.000%		09/20/2007		1,000		4
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.120%		12/20/2008		1,000		(3	)
Citibank N.A.	Georgia-Pacific Corp. 8.125% due 05/15/2011	Buy	(1.070%	)	06/20/2010		1,500		28
Citibank N.A.	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.050%		06/20/2011		1,500		(12	)
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.050%		03/20/2012		3,000		(94	)
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.600%		03/20/2012		1,000		(10	)
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.880%		03/20/2012		1,000		0
Citibank N.A.	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.030%		06/20/2012		100		(1	)
Citibank N.A.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	2.000%		06/20/2012		1,500		5
Citibank N.A.	Georgia-Pacific Corp. 8.125% due 05/15/2011	Sell	1.820%		06/20/2012		1,000		(38	)
Citibank N.A.	LCDX N.A. 8 Index	Sell	1.200%		06/20/2012		1,500		(35	)
Citibank N.A.	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.300%		06/20/2012		1,000		(16	)

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Citibank N.A.	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.400%		06/20/2012	$	1,000	$	(14	)
Citibank N.A.	Georgia-Pacific Corp. 7.750% due 11/15/2029	Sell	2.220%		09/20/2012		500		(13	)
Citibank N.A.	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.600%		09/20/2012		625		(6	)
Citibank N.A.	Sungard Data Systems, Inc. 9.125% due 08/15/2013	Sell	2.920%		09/20/2012		1,000		(17	)
Citibank N.A.	Anadarko Petroleum Corp. 6.125% due 03/15/2012	Buy	(0.490%	)	03/20/2014		1,000		(2	)
Citibank N.A.	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.370%		03/20/2014		1,000		(14	)
Credit Suisse First Boston	Abitibi-Consolidated Co. of Canada 8.375% due 04/01/2015	Sell	0.650%		03/20/2008		1,000		(17	)
Credit Suisse First Boston	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	0.750%		03/20/2008		2,500		(10	)
Credit Suisse First Boston	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	1.450%		12/20/2008		2,000		(5	)
Credit Suisse First Boston	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.610%		06/20/2012		400		(9	)
Credit Suisse First Boston	Solectron Global Finance Ltd. 8.000% due 03/15/2016	Sell	3.700%		06/20/2012		1,000		93
Credit Suisse First Boston	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.930%		09/20/2012		1,000		(11	)
Credit Suisse First Boston	Pride International, Inc. 7.375% due 07/15/2014	Sell	1.950%		09/20/2012		300		(3	)
Deutsche Bank AG	Dow Jones CDX N.A. HY7 Index	Buy	(3.250%	)	12/20/2011		100		(1	)
Deutsche Bank AG	LCDX N.A. 8 Index	Sell	1.200%		06/20/2012		500		(10	)
Goldman Sachs & Co.	Host Marriott LP 7.125% due 11/01/2013	Sell	1.770%		12/20/2010		500		5
Goldman Sachs & Co.	Dow Jones CDX N.A. HY7 Index	Sell	0.785%		12/20/2011		800		0
Goldman Sachs & Co.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.025%		03/20/2012		2,000		(64	)
HSBC Bank USA	NAK Naftogaz Ukrainy 8.125% due 09/30/2009	Sell	3.000%		04/20/2008		1,500		(8	)
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700%		04/20/2009		1,500		6
JPMorgan Chase & Co.	Multiple Reference Entities of Gazprom	Sell	0.770%		02/20/2012		2,000		23
Lehman Brothers, Inc.	NRG Energy, Inc. 7.250% due 02/01/2014	Sell	0.750%		03/20/2008		1,800		(5	)
Lehman Brothers, Inc.	Nortel Networks Corp. 4.250% due 09/01/2008	Buy	(1.520%	)	06/20/2010		1,500		10
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.370%		08/20/2011		5,400		177
Lehman Brothers, Inc.	Dow Jones CDX N.A. HY7 Index	Sell	0.720%		12/20/2011		2,000		(6	)
Lehman Brothers, Inc.	Solectron Global Finance Ltd. 8.000% due 03/15/2016	Sell	3.100%		03/20/2012		1,000		67
Lehman Brothers, Inc.	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.090%		06/20/2012		500		(4	)
Lehman Brothers, Inc.	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.110%		06/20/2012		1,000		(7	)
Lehman Brothers, Inc.	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.750%		06/20/2012		250		(4	)
Lehman Brothers, Inc.	LCDX N.A. 8 Index	Sell	1.200%		06/20/2012		600		(14	)
Lehman Brothers, Inc.	Pride International, Inc. 7.375% due 07/15/2014	Sell	1.750%		06/20/2012		325		(4	)
Lehman Brothers, Inc.	Celestica, Inc. 7.625% due 07/01/2013	Sell	4.250%		09/20/2012		1,000		(13	)
Lehman Brothers, Inc.	CSC Holdings, Inc. 7.625% due 07/15/2018	Sell	2.520%		09/20/2012		1,000		(13	)
Merrill Lynch & Co., Inc.	CSC Holdings, Inc. 7.625% due 07/15/2018	Sell	2.080%		06/20/2012		400		(11	)
Merrill Lynch & Co., Inc.	Georgia-Pacific Corp. 8.125% due 05/15/2011	Sell	1.800%		06/20/2012		500		(19	)
Morgan Stanley	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.245%		06/20/2008		200		0
Morgan Stanley	Allied Waste North America, Inc. 7.375% due 04/15/2014	Buy	(1.120%	)	06/20/2010		1,500		17
Morgan Stanley	Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	1.800%		06/20/2010		2,000		28
Morgan Stanley	Multiple Reference Entities of Gazprom	Sell	1.050%		04/20/2011		3,000		63
Morgan Stanley	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.380%		08/20/2011		5,400		179
Morgan Stanley	Allied Waste North America, Inc. 7.375% due 04/15/2014	Sell	2.020%		06/20/2012		1,000		(34	)
Morgan Stanley	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.700%		06/20/2012		500		(9	)
Morgan Stanley	Forest Oil Corp. 7.750% due 05/01/2014	Sell	1.730%		06/20/2012		250		(4	)
Morgan Stanley	Reliant Energy, Inc. 6.750% due 12/15/2014	Sell	2.200%		06/20/2012		425		(12	)
Morgan Stanley	Aramark Corp. 8.500 due 02/01/2015	Sell	2.680%		09/20/2012		500		(9	)
Morgan Stanley	Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.630%		09/20/2012		625		(5	)
Morgan Stanley	Pride International, Inc. 7.375% due 07/15/2014	Sell	1.960%		09/20/2012		700		(4	)
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.390%		12/20/2011		3,000		51
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.100%		03/20/2012		1,000		4
								$	75

⁽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.

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized (Depreciation)
Morgan Stanley	BRL-CDI-Compounded	Pay	10.115%	01/02/2012	BRL	21,000	$	(219	)
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	7.910%	05/14/2009	MXN	25,000		0
Morgan Stanley	28-Day Mexico Interbank TIIE Banxico	Pay	7.910%	05/14/2009		33,000		(1	)
							$	(220	)

See Accompanying Notes Semiannual Report June 30, 2007 13

Schedule of Investments  High Yield Portfolio (Cont.) June 30, 2007 (Unaudited)

Total Return Swaps

Counterparty	Type	Receive Total Return	Pay	Expiration Date	# of Contracts	Unrealized (Depreciation)
Merrill Lynch & Co., Inc.	Long	Motorola, Inc.	5.579%	07/23/2007	10,100	$	(2	)

(f) Restricted securities as of June 30, 2007:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Continental Airlines, Inc.	6.920%	04/02/2013	07/01/2003	$	657	$	725	0.15%
Ferrellgas Partners LP	8.870%	08/01/2009	06/30/2003		1,260		1,272	0.25%
				$	1,917	$	1,997	0.40%

(g) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized (Depreciation)
Sell	EUR	12,247	07/2007	$	0	$	(160	)	$	(160	)
Sell	GBP	704	08/2007		0		(8	)		(8	)
				$	0	$	(168	)	$	(168	)

(h) Security is subject to a forbearance agreement entered into by the Portfolio which forbears the Portfolio from taking action to, among other things, accelerate and collect payments on the subject note with respect to specified events of default.

14 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2007 (Unaudited)

1.  ORGANIZATION

The High Yield Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from 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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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, 2007 15

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.

(d) 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.

(e) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	JPY	Japanese Yen
EUR	Euro	MXN	Mexican Peso
GBP	Great British Pound

(f) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(g) 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 interest (referred to as a dirty price) and require a pro-rata adjustment from interest receivable to the unrealized appreciation or depreciation on investment on the Statement of Assets and Liabilities.

(h) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(i) Reverse Repurchase Agreements  The Portfolio may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Portfolio sells to a financial institution a security that it holds with an agreement to repurchase the same security at an agreed-upon price and date. Securities sold under reverse repurchase agreements are reflected as a liability on the Statement of Assets and Liabilities. A reverse repurchase agreement involves the risk that the market value of the security sold by the Portfolio may decline below the repurchase price of the security. The Portfolio will segregate assets determined to be liquid by the investment adviser or otherwise cover its obligations under reverse repurchase agreements.

(j) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(k) Restricted Securities  The Portfolio may 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. Securities acquired under the provisions of Rule 144A can only be traded between qualified institutional investors. The Board of Trustees considers 144A securities to be liquid.

(l) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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 credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(m) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

(n) Bridge Debt Commitments  At the period ended June 30, 2007, the Portfolio had $14,177,071 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.

(o) 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” or “Ginnie Mae”), 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.

(p) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.35%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

18 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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, 2007, the Portfolio engaged in purchases and sales of securities pursuant to the Rule 17a-7 of the Act (amounts in thousands):

Purchases	Sales
$    0	$    1,816

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	17,586	$	0	$	173,842	$	206,950

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Premium
Balance at 12/31/2006	290		$	99
Sales	0			0
Closing Buys	(290	)		(99	)
Expirations	0			0
Exercised	0			0
Balance at 06/30/2007	0		$	0

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	85		$	717		146		$	1,213
Administrative Class	6,841			57,387		17,264			140,974
Advisor Class	32			270		8			64
Issued as reinvestment of distributions
Institutional Class	10			81		8			70
Administrative Class	2,123			17,782		4,025			33,006
Advisor Class	0			3		0			1
Cost of shares redeemed
Institutional Class	(15	)		(132	)	(3	)		(27	)
Administrative Class	(10,252	)		(84,751	)	(15,623	)		(127,544	)
Advisor Class	(30	)		(251	)	0			(1	)
Net increase (decrease) resulting from Portfolio share transactions	(1,206	)	$	(8,894	)	5,825		$	47,756

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	96
Administrative Class	3	76
Advisor Class	2	99

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

shareholders of the PIMCO Funds or on behalf of the PIMCO Funds itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds

managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    7,556	$    (5,537)	$    2,019

20 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 21

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	18

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Long-Term U.S. Government Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

U.S. Government Agencies	39.1%
Short-Term Instruments	29.7%
U.S. Treasury Obligations	10.7%
Mortgage-Backed Securities	9.4%
Asset-Backed Securities	5.6%
Corporate Bonds & Notes	5.5%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio Inception (04/30/99)
	PIMCO Long-Term U.S. Government Portfolio Administrative Class	-2.17%	4.30%	5.27%	6.50%
	Lehman Brothers Long-Term Treasury Index±	-0.90%	5.98%	5.86%	6.35%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Lehman Brothers Long-Term Treasury Index is an unmanaged index of U.S. Treasury issues with maturities greater than 10 years. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	978.31	$	1,021.70
Expenses Paid During Period†	$	3.07	$	3.13

† Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.625%, 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 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.

» Over the six-month period, long-term yields rose, which detracted from performance of long-term Treasuries.

» Duration positioning was slightly negative for performance during the first six months of 2007. During the first quarter, above-benchmark duration added value to performance as interest rates declined across most maturities. The above-index duration position negatively outweighed these gains as interest rates increased in the second quarter, especially during the month of May.

» The Portfolio’s emphasis on the short-term portion of the yield curve throughout the six- month reporting period positively impacted relative performance as the two- to 30-year yield spread steepened during the period.

» Interest rate swap exposure detracted from performance as swap spreads widened across all maturities during the period.

» An allocation to long-term agency debentures detracted from relative performance as they underperformed like-duration Treasuries over the period.

» Compared to the Lehman Brothers Long-Term Treasury Index, a modest out-of-benchmark allocation to long-term Treasury Inflation-Protected Securities (“TIPS”) slightly detracted from performance for the period. Long-term TIPS outperformed like-duration Treasuries during the first quarter, but their performance declined compared to similar Treasuries during the second quarter.

4 PIMCO Variable Insurance Trust

Financial Highlights  Long-Term U.S. Government Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Administrative Class
Net asset value beginning of year or period	$	10.43		$	11.00		$	11.19		$	11.01		$	11.09		$	10.27
Net investment income (a)		0.23			0.46			0.40			0.33			0.30			0.44
Net realized/unrealized gain (loss) on investments (a)		(0.45	)		(0.34	)		0.12			0.49			0.12			1.31
Total income (loss) from investment operations		(0.22	)		0.12			0.52			0.82			0.42			1.75
Dividends from net investment income		(0.23	)		(0.46	)		(0.40	)		(0.34	)		(0.33	)		(0.44	)
Distributions from net realized capital gains		0.00			(0.23	)		(0.31	)		(0.30	)		(0.17	)		(0.49	)
Total distributions		(0.23	)		(0.69	)		(0.71	)		(0.64	)		(0.50	)		(0.93	)
Net asset value end of year or period	$	9.98		$	10.43		$	11.00		$	11.19		$	11.01		$	11.09
Total return		(2.17	)%		1.15	%		4.75	%		7.57	%		3.90	%		17.59	%
Net assets end of year or period (000s)	$	105,663		$	100,762		$	89,426		$	92,122		$	94,003		$	92,256
Ratio of expenses to average net assets		0.625	%*		0.625	%		0.65	%(c)		0.66	%		0.66	%		0.65	%(b)
Ratio of expenses to average net assets excluding interest expense		0.625	%*		0.625	%		0.65	%(c)		0.62	%		0.62	%		0.65	%(b)
Ratio of net investment income to average net assets		4.49	%*		4.34	%		3.52	%		2.93	%		2.72	%		4.05	%
Portfolio turnover rate		79	%		785	%		533	%		237	%		619	%		586	%

+ 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) Effective October 31, 2005, the advisory fee was reduced to 0.225%.

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Long-Term U.S. Government Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	122,459
Receivable for investments sold		12,561
Receivable for Portfolio shares sold		39
Interest and dividends receivable		512
Variation margin receivable		323
Swap premiums paid		1,021
Unrealized appreciation on swap agreements		732
		137,647
Liabilities:
Payable for investments purchased	$	17,159
Payable for investments purchased on a delayed-delivery basis		800
Payable for Portfolio shares redeemed		1
Payable for short sales		4,877
Overdraft due to custodian		2,749
Written options outstanding		95
Accrued investment advisory fee		20
Accrued administration fee		22
Accrued servicing fee		11
Variation margin payable		97
Swap premiums received		5,372
Unrealized depreciation on swap agreements		132
		31,335
Net Assets	$	106,312
Net Assets Consist of:
Paid in capital	$	114,128
Undistributed net investment income		65
Accumulated undistributed net realized (loss)		(6,955	)
Net unrealized (depreciation)		(926	)
	$	106,312
Net Assets:
Institutional Class	$	649
Administrative Class		105,663
Shares Issued and Outstanding:
Institutional Class		65
Administrative Class		10,587
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	9.98
Administrative Class		9.98
Cost of Investments Owned	$	123,574
Proceeds Received on Short Sales	$	4,718
Premiums Received on Written Options	$	199

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, 2007
	(Unaudited)
Investment Income:
Interest	$	2,646
Total Income		2,646
Expenses:
Investment advisory fees		116
Administration fees		129
Servicing fees – Administrative Class		77
Trustees’ fees		1
Total Expenses		323
Net Investment Income		2,323
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		275
Net realized (loss) on futures contracts, written options and swaps		(4,471	)
Net change in unrealized (depreciation) on investments		(957	)
Net change in unrealized appreciation on futures contracts, written options and swaps		464
Net (Loss)		(4,689	)
Net (Decrease) in Net Assets Resulting from Operations	$	(2,366	)

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Long-Term U.S. Government Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	2,323		$	3,819
Net realized (loss)		(4,196	)		(1,775	)
Net change in unrealized (depreciation)		(493	)		(1,232	)
Net increase (decrease) resulting from operations		(2,366	)		812
Distributions to Shareholders:
From net investment income
Institutional Class		(13	)		(23	)
Administrative Class		(2,308	)		(3,800	)
From net realized capital gains
Institutional Class		0			(7	)
Administrative Class		0			(2,110	)
Total Distributions		(2,321	)		(5,940	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		305			495
Administrative Class		18,728			23,572
Issued as reinvestment of distributions
Institutional Class		13			30
Administrative Class		2,308			5,909
Cost of shares redeemed
Institutional Class		(82	)		(467	)
Administrative Class		(11,478	)		(13,023	)
Net increase resulting from Portfolio share transactions		9,794			16,516
Total Increase in Net Assets		5,107			11,388
Net Assets:
Beginning of period		101,205			89,817
End of period*	$	106,312		$	101,205
*Including undistributed net investment income of:	$	65		$	63

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Long-Term U.S. Government Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 6.3%
BANKING & FINANCE 5.8%
Allstate Life Global Funding Trusts
5.415% due 01/25/2008	$	200	$	200
Bank of America N.A.
5.360% due 12/18/2008		1,300		1,301
CIT Group, Inc.
5.480% due 08/17/2009		300		299
Citigroup, Inc.
5.395% due 01/30/2009		600		600
Goldman Sachs Group, Inc.
5.536% due 02/06/2012		700		699
JPMorgan Mortgage Acquisition Corp.
6.550% due 09/15/2066		200		193
Lehman Brothers Holdings, Inc.
5.445% due 01/23/2009		1,400		1,402
Pricoa Global Funding I
5.435% due 01/25/2008		200		200
U.S. Trade Funding Corp.
4.260% due 11/15/2014		658		642
Wachovia Bank N.A.
5.320% due 10/03/2008		300		300
Wells Fargo & Co.
5.420% due 03/23/2010		400		401
				6,237
INDUSTRIALS 0.5%
DaimlerChrysler N.A. Holding Corp.
5.790% due 03/13/2009		400		402
Walt Disney Co.
5.460% due 09/10/2009		100		100
				502
Total Corporate Bonds & Notes (Cost $6,756)				6,739
U.S. GOVERNMENT AGENCIES 45.1%
Fannie Mae
4.425% due 01/01/2033		99		99
4.500% due 06/25/2019 - 09/01/2035		660		602
5.000% due 11/01/2019 - 08/25/2033		770		703
5.250% due 06/15/2008		11,100		11,097
5.375% due 02/25/2022		150		142
5.500% due 09/25/2024 - 08/01/2037		11,712		11,298
5.794% due 08/25/2021		20		20
5.800% due 02/09/2026		500		490
5.944% due 08/25/2022		11		11
6.080% due 09/01/2028		64		68
6.220% due 04/25/2032		29		30
6.244% due 04/25/2021		14		14
6.500% due 07/25/2031		590		597
Farmer Mac
7.280% due 07/25/2011		146		145
Federal Farm Credit Bank
5.050% due 03/28/2019		400		386
5.150% due 03/25/2020		250		241
Federal Home Loan Bank
4.000% due 07/14/2008		1,000		987
5.120% due 01/10/2013		5,000		4,902
6.000% due 02/12/2021		50		53
6.125% due 06/08/2018		80		84
Federal Housing Administration
6.896% due 07/01/2020		384		384

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Financing Corp.
10.700% due 10/06/2017	$	650	$	915
Freddie Mac
4.500% due 05/15/2025		1,000		878
5.000% due 03/18/2014 - 09/15/2035		2,000		1,844
5.400% due 03/17/2021		1,000		979
5.500% due 11/15/2023 - 06/15/2034		1,302		1,251
5.550% due 07/15/2037		800		800
5.625% due 11/23/2035		900		845
5.720% due 01/15/2033		97		98
6.000% due 05/15/2036		3,201		3,006
6.075% due 02/15/2027		17		18
6.227% due 10/25/2044		155		156
6.375% due 02/15/2021		21		21
7.000% due 07/15/2023 - 12/01/2031		72		74
8.250% due 06/01/2016		350		413
Ginnie Mae
4.500% due 08/20/2030		18		17
5.500% due 01/20/2036		541		489
6.000% due 08/20/2033		1,258		1,207
Overseas Private Investment Corp.
4.736% due 03/15/2022		396		375
Private Export Funding Corp.
5.000% due 12/15/2016		500		484
Small Business Administration
5.240% due 08/01/2023		773		761
Tennessee Valley Authority
5.375% due 04/01/2056		1,000		952
Total U.S. Government Agencies (Cost $48,276)				47,936
U.S. TREASURY OBLIGATIONS 12.3%
Treasury Inflation Protected Securities (b)
2.000% due 01/15/2026		416		378
2.375% due 01/15/2025		329		316
U.S. Treasury Bonds
4.750% due 02/15/2037		2,800		2,641
5.375% due 02/15/2031		1,000		1,027
U.S. Treasury Strips
0.000% due 08/15/2019		15,400		8,237
0.000% due 02/15/2033		1,700		464
Total U.S. Treasury Obligations (Cost $13,680)				13,063
MORTGAGE-BACKED SECURITIES 10.9%
American Home Mortgage Investment Trust
5.000% due 09/25/2035		400		394
Bear Stearns Adjustable Rate Mortgage Trust
4.750% due 10/25/2035		831		818
4.773% due 01/25/2034		75		75
5.044% due 04/25/2033		507		506
5.292% due 04/25/2033		138		138
Countrywide Alternative Loan Trust
5.500% due 10/25/2033		1,228		1,078
5.530% due 05/25/2035		182		182
Countrywide Home Loan Mortgage Pass-Through Trust
5.640% due 03/25/2035		335		337
5.660% due 06/25/2035		2,625		2,620
CS First Boston Mortgage Securities Corp.
5.870% due 04/25/2033		10		10
7.339% due 11/25/2032		16		16
First Republic Mortgage Loan Trust
5.670% due 11/15/2031		234		235

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
GS Mortgage Securities Corp. II
5.410% due 03/06/2020	$	500	$	501
Harborview Mortgage Loan Trust
5.450% due 04/19/2038		167		167
5.540% due 05/19/2035		143		143
Impac CMB Trust
5.249% due 09/25/2034		621		612
JPMorgan Chase Commercial Mortgage Securities Corp.
5.747% due 02/12/2049		300		299
LB-UBS Commercial Mortgage Trust
2.720% due 03/15/2027		356		352
MASTR Asset Securitization Trust
5.500% due 09/25/2033		424		406
Residential Accredit Loans, Inc.
5.720% due 01/25/2033		43		43
5.720% due 03/25/2033		92		93
Residential Funding Mortgage Securities I, Inc.
6.500% due 03/25/2032		77		77
Sequoia Mortgage Trust
5.670% due 07/20/2033		350		352
Structured Adjustable Rate Mortgage Loan Trust
5.540% due 05/25/2037		388		389
Structured Asset Mortgage Investments, Inc.
5.650% due 09/19/2032		339		339
5.740% due 10/19/2033		97		97
Washington Mutual MSC Mortgage Pass-Through Certificates
5.407% due 02/25/2033		25		25
6.866% due 02/25/2033		12		13
6.909% due 02/25/2031		30		30
7.301% due 05/25/2033		22		22
Washington Mutual, Inc.
5.550% due 04/25/2045		140		140
5.724% due 10/25/2046		220		220
6.029% due 08/25/2046		845		847
Total Mortgage-Backed Securities (Cost $11,669)				11,576
ASSET-BACKED SECURITIES 6.4%
American Express Credit Account Master Trust
5.430% due 09/15/2010		100		100
Argent Securities, Inc.
5.370% due 10/25/2036		342		342
5.390% due 04/25/2036		203		203
Bear Stearns Asset-Backed Securities, Inc.
5.820% due 11/25/2042		246		247
Chase Credit Card Master Trust
5.490% due 09/15/2011		300		301
Chase Funding Mortgage Loan Asset-Backed Certificates
5.820% due 10/25/2031		15		16
Credit-Based Asset Servicing & Securitization LLC
5.410% due 12/25/2037		228		228
First Franklin Mortgage Loan Asset-Backed Certificates
5.370% due 03/25/2037		275		275
First USA Credit Card Master Trust
5.480% due 04/18/2011		1,400		1,404
Fremont Home Loan Trust
5.370% due 10/25/2036		693		693
Indymac Residential Asset-Backed Trust
5.380% due 04/25/2037		237		237
LA Arena Funding LLC
7.656% due 12/15/2026		86		90

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Long-Term U.S. Government Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
MASTR Asset-Backed Securities Trust
5.380% due 11/25/2036	$	407	$	407
Merrill Lynch Mortgage Investors, Inc.
5.390% due 08/25/2036		325		325
Morgan Stanley ABS Capital I
5.440% due 02/25/2036		300		300
Peco Energy Transition Trust
6.130% due 03/01/2009		1		1
Renaissance Home Equity Loan Trust
5.760% due 08/25/2033		13		13
5.820% due 12/25/2033		75		76
Residential Asset Mortgage Products, Inc.
5.400% due 02/25/2036		215		215
Residential Asset Securities Corp.
6.060% due 01/25/2033		60		60
SLM Student Loan Trust
5.345% due 10/27/2014		97		97
5.355% due 04/25/2017		500		500
5.465% due 04/25/2017		146		146
SMS Student Loan Trust
5.420% due 10/27/2025		51		51
Specialty Underwriting & Residential Finance
5.660% due 01/25/2034		12		12

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Structured Asset Securities Corp.
5.450% due 12/25/2035	$	192	$	192
5.610% due 01/25/2033		21		22
Wells Fargo Home Equity Trust
5.370% due 01/25/2037		247		247
Total Asset-Backed Securities (Cost $6,804)				6,800
SHORT-TERM INSTRUMENTS 34.2%
COMMERCIAL PAPER 24.5%
Fannie Mae
5.080% due 07/02/2007		17,200		17,200
Freddie Mac
4.800% due 07/02/2007		8,800		8,800
				26,000
REPURCHASE AGREEMENTS 1.2%
State Street Bank and Trust Co.
4.900% due 07/02/2007		1,286		1,286
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $1,317. Repurchase proceeds are $1,287.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 8.5%
4.557% due 08/30/2007 - 09/13/2007 (a)(c)(e)	$	9,130	$	9,034
Total Short-Term Instruments (Cost $36,335)				36,320
PURCHASED OPTIONS (g) 0.0%
(Cost $54)				25
Total Investments (d) 115.2% (Cost $123,574)			$	122,459
Written Options (h) (0.1%) (Premiums $199)				(95	)
Other Assets and Liabilities (Net) (15.1%)				(16,052	)
Net Assets 100.0%			$	106,312

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

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

(c) Securities with an aggregate market value of $6,928 have been pledged as collateral for swap and swaption contracts on June 30, 2007.

(d) As of June 30, 2007, portfolio securities with an aggregate value of $3,141 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(e) Securities with an aggregate market value of $1,365 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2007	41	$	0
90-Day Eurodollar March Futures	Long	03/2008	89		9
90-Day Eurodollar September Futures	Long	09/2008	266		(276	)
U.S. Treasury 5-Year Note September Futures	Short	09/2007	396		(69	)
U.S. Treasury 10-Year Note September Futures	Long	09/2007	3		4
U.S. Treasury 30-Year Bond September Futures	Long	09/2007	267		(103	)
				$	(435	)

(f) Swap agreements outstanding on June 30, 2007:

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%	12/19/2012	$	2,400	$	8
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		9,400		116
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		7,800		128
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		57,600		211
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		17,300		(132	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2022		17,700		269
							$	600

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(g) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 5-Year Note September Futures	$	109.000	08/24/2007	89	$	2	$	1
Call - CBOT U.S. Treasury 5-Year Note September Futures		109.500	08/24/2007	160		3		2
Call - CME 90-Day Eurodollar December Futures		95.500	12/17/2007	21		8		1
Call - CME 90-Day Eurodollar December Futures		96.250	12/17/2007	43		4		0
Put - CME 90-Day Eurodollar December Futures		94.500	12/17/2007	21		7		2
					$	24	$	6

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.750%	09/26/2008	$	1,600	$	8	$	3
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		1,700		6		3
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/15/2008		3,800		16		13
								$	30	$	19

(h) Written options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CME 90-Day Eurodollar December Futures	$	95.250	12/17/2007	43	$	28	$	2

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	$	0
Put - OTC 7-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	5.500%	05/02/2008		700		17		14
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		700		8		4
Call - OTC 7-Year Interest Rate Swap	JPMorgan Chase & Co.	3-Month USD-LIBOR	Receive	4.500%	05/02/2008		1,500		33		2
Put - OTC 7-Year Interest Rate Swap	JPMorgan Chase & Co.	3-Month USD-LIBOR	Pay	5.500%	05/02/2008		1,500		35		29
Call - OTC 7-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-Month USD-LIBOR	Receive	4.500%	05/02/2008		700		14		0
Put - OTC 7-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-Month USD-LIBOR	Pay	5.500%	05/02/2008		700		17		14
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		700		6		3
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.200%	12/15/2008		1,300		15		13
								$	159	$	79

Options on Securities

Description	Strike Price		Expiration Date	Notional Amount		Premium		Value
Call - OTC Fannie Mae 6.000% due 09/01/2037	$	99.188	08/23/2007	$	4,000	$	12	$	14

(i) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (1)
Fannie Mae	6.000%	07/01/2037	$	747	$	743	$	739
U.S. Treasury Bonds	4.750%	02/15/2037		4,300		3,975		4,138
					$	4,718	$	4,877

⁽¹⁾ Market value includes $82 of interest payable on short sales.

See Accompanying Notes Semiannual Report June 30, 2007 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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

12 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(g) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(h) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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.

(i) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(j) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the

Semiannual Report June 30, 2007 13

Notes to Financial Statements (Cont.)

Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(k) 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 on 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.

(l) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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 credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that

14 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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.

(m) 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-related 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.

(n) 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” or “Ginnie Mae”), 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.

(o) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.225%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

Semiannual Report June 30, 2007 15

Notes to Financial Statements (Cont.)

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	64,589	$	89,775	$	6,044	$	788

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Premium
Balance at 12/31/2006	129		$	8,800		$	223
Sales	194			6,700			86
Closing Buys	0			(3,000	)		(35	)
Expirations	(259	)		0			(67	)
Exercised	(21	)		0			(8	)
Balance at 06/30/2007	43		$	12,500		$	199

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	29		$	304		47		$	495
Administrative Class	1,793			18,728		2,211			23,572
Issued as reinvestment of distributions
Institutional Class	2			13		3			30
Administrative Class	224			2,309		560			5,909
Cost of shares redeemed
Institutional Class	(8	)		(82	)	(44	)		(467	)
Administrative Class	(1,092	)		(11,478	)	(1,234	)		(13,023	)
Net increase resulting from Portfolio share transactions	948		$	9,794		1,543		$	16,516

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	99
Administrative Class	4	95

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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

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June 30, 2007 (Unaudited)

used to pay brokers to promote funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    203	$    (1,318)	$    (1,115)

Semiannual Report June 30, 2007 17

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

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

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	18

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Long-Term U.S. Government Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

U.S. Government Agencies	39.1%
Short-Term Instruments	29.7%
U.S. Treasury Obligations	10.7%
Mortgage-Backed Securities	9.4%
Asset-Backed Securities	5.6%
Corporate Bonds & Notes	5.5%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio     Inception     (04/10/00)**
	PIMCO Long-Term U.S. Government Portfolio Institutional Class	-2.10%	4.45%	5.42%	6.92%
	Lehman Brothers Long-Term Treasury Index±	-0.90%	5.98%	5.86%	6.77%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Portfolio began operations on 04/10/00. Index comparisons began on 03/31/00.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Lehman Brothers Long-Term Treasury Index is an unmanaged index of U.S. Treasury issues with maturities greater than 10 years. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	979.05	$	1,022.44
Expenses Paid During Period†	$	2.33	$	2.38

† Expenses are equal to the Portfolio’s Institutional Class annualized expense ratio of 0.475%, 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 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.

» Over the six-month period, long-term yields rose, which detracted from performance of long-term Treasuries.

» Duration positioning was slightly negative for performance during the first six months of 2007. During the first quarter, above-benchmark duration added value to performance as interest rates declined across most maturities. The above-index duration position negatively outweighed these gains as interest rates increased in the second quarter, especially during the month of May.

» The Portfolio’s emphasis on the short-term portion of the yield curve throughout the six-month reporting period positively impacted relative performance as the two- to 30-year yield spread steepened during the period.

» Interest rate swap exposure detracted from performance as swap spreads widened across all maturities during the period.

» An allocation to long-term agency debentures detracted from relative performance as they underperformed like-duration Treasuries over the period.

» Compared to the Lehman Brothers Long-Term Treasury Index, a modest out-of-benchmark allocation to long-term Treasury Inflation-Protected Securities (“TIPS”) slightly detracted from performance for the period. Long-term TIPS outperformed like-duration Treasuries during the first quarter, but their performance declined compared to similar Treasuries during the second quarter.

4 PIMCO Variable Insurance Trust

Financial Highlights  Long-Term U.S. Government Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Institutional Class
Net asset value beginning of year or period	$	10.43		$	11.00		$	11.19		$	11.01		$	11.09		$	10.27
Net investment income (a)		0.24			0.49			0.42			0.36			0.32			0.46
Net realized/unrealized gain (loss) on investments (a)		(0.45	)		(0.35	)		0.12			0.48			0.12			1.31
Total income (loss) from investment operations		(0.21	)		0.14			0.54			0.84			0.44			1.77
Dividends from net investment income		(0.24	)		(0.48	)		(0.42	)		(0.36	)		(0.35	)		(0.46	)
Distributions from net realized capital gains		0.00			(0.23	)		(0.31	)		(0.30	)		(0.17	)		(0.49	)
Total distributions		(0.24	)		(0.71	)		(0.73	)		(0.66	)		(0.52	)		(0.95	)
Net asset value end of year or period	$	9.98		$	10.43		$	11.00		$	11.19		$	11.01		$	11.09
Total return		(2.10	)%		1.30	%		4.90	%		7.73	%		4.05	%		17.77	%
Net assets end of year or period (000s)	$	649		$	443		$	391		$	311		$	13		$	13
Ratio of expenses to average net assets		0.475	%*		0.475	%		0.50	%(c)		0.50	%		0.51	%		0.50	%(b)
Ratio of expenses to average net assets excluding interest expense		0.475	%*		0.475	%		0.50	%(c)		0.50	%		0.50	%		0.50	%(b)
Ratio of net investment income to average net assets		4.68	%*		4.61	%		3.75	%		3.22	%		2.85	%		4.22	%
Portfolio turnover rate		79	%		785	%		533	%		237	%		619	%		586	%

+ 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) Effective October 31, 2005, the advisory fee was reduced to 0.225%.

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Long-Term U.S. Government Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	122,459
Receivable for investments sold		12,561
Receivable for Portfolio shares sold		39
Interest and dividends receivable		512
Variation margin receivable		323
Swap premiums paid		1,021
Unrealized appreciation on swap agreements		732
		137,647
Liabilities:
Payable for investments purchased	$	17,159
Payable for investments purchased on a delayed-delivery basis		800
Payable for Portfolio shares redeemed		1
Payable for short sales		4,877
Overdraft due to custodian		2,749
Written options outstanding		95
Accrued investment advisory fee		20
Accrued administration fee		22
Accrued servicing fee		11
Variation margin payable		97
Swap premiums received		5,372
Unrealized depreciation on swap agreements		132
		31,335
Net Assets	$	106,312
Net Assets Consist of:
Paid in capital	$	114,128
Undistributed net investment income		65
Accumulated undistributed net realized (loss)		(6,955	)
Net unrealized (depreciation)		(926	)
	$	106,312
Net Assets:
Institutional Class	$	649
Administrative Class		105,663
Shares Issued and Outstanding:
Institutional Class		65
Administrative Class		10,587
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	9.98
Administrative Class		9.98
Cost of Investments Owned	$	123,574
Proceeds Received on Short Sales	$	4,718
Premiums Received on Written Options	$	199

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, 2007
	(Unaudited)
Investment Income:
Interest	$	2,646
Total Income		2,646
Expenses:
Investment advisory fees		116
Administration fees		129
Servicing fees – Administrative Class		77
Trustees’ fees		1
Total Expenses		323
Net Investment Income		2,323
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		275
Net realized (loss) on futures contracts, written options and swaps		(4,471	)
Net change in unrealized (depreciation) on investments		(957	)
Net change in unrealized appreciation on futures contracts, written options and swaps		464
Net (Loss)		(4,689	)
Net (Decrease) in Net Assets Resulting from Operations	$	(2,366	)

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Long-Term U.S. Government Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	2,323		$	3,819
Net realized (loss)		(4,196	)		(1,775	)
Net change in unrealized (depreciation)		(493	)		(1,232	)
Net increase (decrease) resulting from operations		(2,366	)		812
Distributions to Shareholders:
From net investment income
Institutional Class		(13	)		(23	)
Administrative Class		(2,308	)		(3,800	)
From net realized capital gains
Institutional Class		0			(7	)
Administrative Class		0			(2,110	)
Total Distributions		(2,321	)		(5,940	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		305			495
Administrative Class		18,728			23,572
Issued as reinvestment of distributions
Institutional Class		13			30
Administrative Class		2,308			5,909
Cost of shares redeemed
Institutional Class		(82	)		(467	)
Administrative Class		(11,478	)		(13,023	)
Net increase resulting from Portfolio share transactions		9,794			16,516
Total Increase in Net Assets		5,107			11,388
Net Assets:
Beginning of period		101,205			89,817
End of period*	$	106,312		$	101,205
*Including undistributed net investment income of:	$	65		$	63

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Long-Term U.S. Government Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 6.3%
BANKING & FINANCE 5.8%
Allstate Life Global Funding Trusts
5.415% due 01/25/2008	$	200	$	200
Bank of America N.A.
5.360% due 12/18/2008		1,300		1,301
CIT Group, Inc.
5.480% due 08/17/2009		300		299
Citigroup, Inc.
5.395% due 01/30/2009		600		600
Goldman Sachs Group, Inc.
5.536% due 02/06/2012		700		699
JPMorgan Mortgage Acquisition Corp.
6.550% due 09/15/2066		200		193
Lehman Brothers Holdings, Inc.
5.445% due 01/23/2009		1,400		1,402
Pricoa Global Funding I
5.435% due 01/25/2008		200		200
U.S. Trade Funding Corp.
4.260% due 11/15/2014		658		642
Wachovia Bank N.A.
5.320% due 10/03/2008		300		300
Wells Fargo & Co.
5.420% due 03/23/2010		400		401
				6,237
INDUSTRIALS 0.5%
DaimlerChrysler N.A. Holding Corp.
5.790% due 03/13/2009		400		402
Walt Disney Co.
5.460% due 09/10/2009		100		100
				502
Total Corporate Bonds & Notes (Cost $6,756)				6,739
U.S. GOVERNMENT AGENCIES 45.1%
Fannie Mae
4.425% due 01/01/2033		99		99
4.500% due 06/25/2019 - 09/01/2035		660		602
5.000% due 11/01/2019 - 08/25/2033		770		703
5.250% due 06/15/2008		11,100		11,097
5.375% due 02/25/2022		150		142
5.500% due 09/25/2024 - 08/01/2037		11,712		11,298
5.794% due 08/25/2021		20		20
5.800% due 02/09/2026		500		490
5.944% due 08/25/2022		11		11
6.080% due 09/01/2028		64		68
6.220% due 04/25/2032		29		30
6.244% due 04/25/2021		14		14
6.500% due 07/25/2031		590		597
Farmer Mac
7.280% due 07/25/2011		146		145
Federal Farm Credit Bank
5.050% due 03/28/2019		400		386
5.150% due 03/25/2020		250		241
Federal Home Loan Bank
4.000% due 07/14/2008		1,000		987
5.120% due 01/10/2013		5,000		4,902
6.000% due 02/12/2021		50		53
6.125% due 06/08/2018		80		84
Federal Housing Administration
6.896% due 07/01/2020		384		384

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Financing Corp.
10.700% due 10/06/2017	$	650	$	915
Freddie Mac
4.500% due 05/15/2025		1,000		878
5.000% due 03/18/2014 - 09/15/2035		2,000		1,844
5.400% due 03/17/2021		1,000		979
5.500% due 11/15/2023 - 06/15/2034		1,302		1,251
5.550% due 07/15/2037		800		800
5.625% due 11/23/2035		900		845
5.720% due 01/15/2033		97		98
6.000% due 05/15/2036		3,201		3,006
6.075% due 02/15/2027		17		18
6.227% due 10/25/2044		155		156
6.375% due 02/15/2021		21		21
7.000% due 07/15/2023 - 12/01/2031		72		74
8.250% due 06/01/2016		350		413
Ginnie Mae
4.500% due 08/20/2030		18		17
5.500% due 01/20/2036		541		489
6.000% due 08/20/2033		1,258		1,207
Overseas Private Investment Corp.
4.736% due 03/15/2022		396		375
Private Export Funding Corp.
5.000% due 12/15/2016		500		484
Small Business Administration
5.240% due 08/01/2023		773		761
Tennessee Valley Authority
5.375% due 04/01/2056		1,000		952
Total U.S. Government Agencies (Cost $48,276)				47,936
U.S. TREASURY OBLIGATIONS 12.3%
Treasury Inflation Protected Securities (b)
2.000% due 01/15/2026		416		378
2.375% due 01/15/2025		329		316
U.S. Treasury Bonds
4.750% due 02/15/2037		2,800		2,641
5.375% due 02/15/2031		1,000		1,027
U.S. Treasury Strips
0.000% due 08/15/2019		15,400		8,237
0.000% due 02/15/2033		1,700		464
Total U.S. Treasury Obligations (Cost $13,680)				13,063
MORTGAGE-BACKED SECURITIES 10.9%
American Home Mortgage Investment Trust
5.000% due 09/25/2035		400		394
Bear Stearns Adjustable Rate Mortgage Trust
4.750% due 10/25/2035		831		818
4.773% due 01/25/2034		75		75
5.044% due 04/25/2033		507		506
5.292% due 04/25/2033		138		138
Countrywide Alternative Loan Trust
5.500% due 10/25/2033		1,228		1,078
5.530% due 05/25/2035		182		182
Countrywide Home Loan Mortgage Pass-Through Trust
5.640% due 03/25/2035		335		337
5.660% due 06/25/2035		2,625		2,620
CS First Boston Mortgage Securities Corp.
5.870% due 04/25/2033		10		10
7.339% due 11/25/2032		16		16
First Republic Mortgage Loan Trust
5.670% due 11/15/2031		234		235

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
GS Mortgage Securities Corp. II
5.410% due 03/06/2020	$	500	$	501
Harborview Mortgage Loan Trust
5.450% due 04/19/2038		167		167
5.540% due 05/19/2035		143		143
Impac CMB Trust
5.249% due 09/25/2034		621		612
JPMorgan Chase Commercial Mortgage Securities Corp.
5.747% due 02/12/2049		300		299
LB-UBS Commercial Mortgage Trust
2.720% due 03/15/2027		356		352
MASTR Asset Securitization Trust
5.500% due 09/25/2033		424		406
Residential Accredit Loans, Inc.
5.720% due 01/25/2033		43		43
5.720% due 03/25/2033		92		93
Residential Funding Mortgage Securities I, Inc.
6.500% due 03/25/2032		77		77
Sequoia Mortgage Trust
5.670% due 07/20/2033		350		352
Structured Adjustable Rate Mortgage Loan Trust
5.540% due 05/25/2037		388		389
Structured Asset Mortgage Investments, Inc.
5.650% due 09/19/2032		339		339
5.740% due 10/19/2033		97		97
Washington Mutual MSC Mortgage Pass-Through Certificates
5.407% due 02/25/2033		25		25
6.866% due 02/25/2033		12		13
6.909% due 02/25/2031		30		30
7.301% due 05/25/2033		22		22
Washington Mutual, Inc.
5.550% due 04/25/2045		140		140
5.724% due 10/25/2046		220		220
6.029% due 08/25/2046		845		847
Total Mortgage-Backed Securities (Cost $11,669)				11,576
ASSET-BACKED SECURITIES 6.4%
American Express Credit Account Master Trust
5.430% due 09/15/2010		100		100
Argent Securities, Inc.
5.370% due 10/25/2036		342		342
5.390% due 04/25/2036		203		203
Bear Stearns Asset-Backed Securities, Inc.
5.820% due 11/25/2042		246		247
Chase Credit Card Master Trust
5.490% due 09/15/2011		300		301
Chase Funding Mortgage Loan Asset-Backed Certificates
5.820% due 10/25/2031		15		16
Credit-Based Asset Servicing & Securitization LLC
5.410% due 12/25/2037		228		228
First Franklin Mortgage Loan Asset-Backed Certificates
5.370% due 03/25/2037		275		275
First USA Credit Card Master Trust
5.480% due 04/18/2011		1,400		1,404
Fremont Home Loan Trust
5.370% due 10/25/2036		693		693
Indymac Residential Asset-Backed Trust
5.380% due 04/25/2037		237		237
LA Arena Funding LLC
7.656% due 12/15/2026		86		90

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Long-Term U.S. Government Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
MASTR Asset-Backed Securities Trust
5.380% due 11/25/2036	$	407	$	407
Merrill Lynch Mortgage Investors, Inc.
5.390% due 08/25/2036		325		325
Morgan Stanley ABS Capital I
5.440% due 02/25/2036		300		300
Peco Energy Transition Trust
6.130% due 03/01/2009		1		1
Renaissance Home Equity Loan Trust
5.760% due 08/25/2033		13		13
5.820% due 12/25/2033		75		76
Residential Asset Mortgage Products, Inc.
5.400% due 02/25/2036		215		215
Residential Asset Securities Corp.
6.060% due 01/25/2033		60		60
SLM Student Loan Trust
5.345% due 10/27/2014		97		97
5.355% due 04/25/2017		500		500
5.465% due 04/25/2017		146		146
SMS Student Loan Trust
5.420% due 10/27/2025		51		51
Specialty Underwriting & Residential Finance
5.660% due 01/25/2034		12		12

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Structured Asset Securities Corp.
5.450% due 12/25/2035	$	192	$	192
5.610% due 01/25/2033		21		22
Wells Fargo Home Equity Trust
5.370% due 01/25/2037		247		247
Total Asset-Backed Securities (Cost $6,804)				6,800
SHORT-TERM INSTRUMENTS 34.2%
COMMERCIAL PAPER 24.5%
Fannie Mae
5.080% due 07/02/2007		17,200		17,200
Freddie Mac
4.800% due 07/02/2007		8,800		8,800
				26,000
REPURCHASE AGREEMENTS 1.2%
State Street Bank and Trust Co.
4.900% due 07/02/2007		1,286		1,286
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $1,317. Repurchase proceeds are $1,287.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 8.5%
4.557% due 08/30/2007 - 09/13/2007 (a)(c)(e)	$	9,130	$	9,034
Total Short-Term Instruments (Cost $36,335)				36,320
PURCHASED OPTIONS (g) 0.0%
(Cost $54)				25
Total Investments (d) 115.2% (Cost $123,574)			$	122,459
Written Options (h) (0.1%) (Premiums $199)				(95	)
Other Assets and Liabilities (Net) (15.1%)				(16,052	)
Net Assets 100.0%			$	106,312

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

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

(c) Securities with an aggregate market value of $6,928 have been pledged as collateral for swap and swaption contracts on June 30, 2007.

(d) As of June 30, 2007, portfolio securities with an aggregate value of $3,141 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(e) Securities with an aggregate market value of $1,365 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2007	41	$	0
90-Day Eurodollar March Futures	Long	03/2008	89		9
90-Day Eurodollar September Futures	Long	09/2008	266		(276	)
U.S. Treasury 5-Year Note September Futures	Short	09/2007	396		(69	)
U.S. Treasury 10-Year Note September Futures	Long	09/2007	3		4
U.S. Treasury 30-Year Bond September Futures	Long	09/2007	267		(103	)
				$	(435	)

(f) Swap agreements outstanding on June 30, 2007:

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%	12/19/2012	$	2,400	$	8
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		9,400		116
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		7,800		128
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		57,600		211
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		17,300		(132	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2022		17,700		269
							$	600

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(g) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 5-Year Note September Futures	$	109.000	08/24/2007	89	$	2	$	1
Call - CBOT U.S. Treasury 5-Year Note September Futures		109.500	08/24/2007	160		3		2
Call - CME 90-Day Eurodollar December Futures		95.500	12/17/2007	21		8		1
Call - CME 90-Day Eurodollar December Futures		96.250	12/17/2007	43		4		0
Put - CME 90-Day Eurodollar December Futures		94.500	12/17/2007	21		7		2
					$	24	$	6

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.750%	09/26/2008	$	1,600	$	8	$	3
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		1,700		6		3
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/15/2008		3,800		16		13
								$	30	$	19

(h) Written options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CME 90-Day Eurodollar December Futures	$	95.250	12/17/2007	43	$	28	$	2

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	$	0
Put - OTC 7-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	5.500%	05/02/2008		700		17		14
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		700		8		4
Call - OTC 7-Year Interest Rate Swap	JPMorgan Chase & Co.	3-Month USD-LIBOR	Receive	4.500%	05/02/2008		1,500		33		2
Put - OTC 7-Year Interest Rate Swap	JPMorgan Chase & Co.	3-Month USD-LIBOR	Pay	5.500%	05/02/2008		1,500		35		29
Call - OTC 7-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-Month USD-LIBOR	Receive	4.500%	05/02/2008		700		14		0
Put - OTC 7-Year Interest Rate Swap	Merrill Lynch & Co., Inc.	3-Month USD-LIBOR	Pay	5.500%	05/02/2008		700		17		14
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		700		6		3
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.200%	12/15/2008		1,300		15		13
								$	159	$	79

Options on Securities

Description	Strike Price		Expiration Date	Notional Amount		Premium		Value
Call - OTC Fannie Mae 6.000% due 09/01/2037	$	99.188	08/23/2007	$	4,000	$	12	$	14

(i) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (1)
Fannie Mae	6.000%	07/01/2037	$	747	$	743	$	739
U.S. Treasury Bonds	4.750%	02/15/2037		4,300		3,975		4,138
					$	4,718	$	4,877

⁽¹⁾ Market value includes $82 of interest payable on short sales.

See Accompanying Notes Semiannual Report June 30, 2007 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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

12 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(g) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(h) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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.

(i) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(j) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the

Semiannual Report June 30, 2007 13

Notes to Financial Statements (Cont.)

Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(k) 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 on 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.

(l) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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 credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that

14 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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.

(m) 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-related 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.

(n) 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” or “Ginnie Mae”), 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.

(o) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.225%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

Semiannual Report June 30, 2007 15

Notes to Financial Statements (Cont.)

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	64,589	$	89,775	$	6,044	$	788

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Premium
Balance at 12/31/2006	129		$	8,800		$	223
Sales	194			6,700			86
Closing Buys	0			(3,000	)		(35	)
Expirations	(259	)		0			(67	)
Exercised	(21	)		0			(8	)
Balance at 06/30/2007	43		$	12,500		$	199

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	29		$	304		47		$	495
Administrative Class	1,793			18,728		2,211			23,572
Issued as reinvestment of distributions
Institutional Class	2			13		3			30
Administrative Class	224			2,309		560			5,909
Cost of shares redeemed
Institutional Class	(8	)		(82	)	(44	)		(467	)
Administrative Class	(1,092	)		(11,478	)	(1,234	)		(13,023	)
Net increase resulting from Portfolio share transactions	948		$	9,794		1,543		$	16,516

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	99
Administrative Class	4	95

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

used to pay brokers to promote funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    203	$    (1,318)	$    (1,115)

Semiannual Report June 30, 2007 17

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

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

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	23

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Low Duration Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

Corporate Bonds & Notes	26.9%
Short-Term Instruments	26.0%
U.S. Government Agencies	20.5%
Asset-Backed Securities	18.0%
Mortgage-Backed Securities	7.0%
Other	1.6%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio     Inception     (02/16/99)**
	PIMCO Low Duration Portfolio Administrative Class	1.57%	4.90%	2.87%	4.20%
	Merrill Lynch 1-3 Year Treasury Index±	2.11%	5.07%	2.77%	4.26%

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.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± 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. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,015.73	$	1,021.57
Expenses Paid During Period†	$	3.25	$	3.26

† Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.65%, 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 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, which may be represented by forwards or derivatives, such as options, futures contracts or swap agreements.

» Above-index duration exposure, or sensitivity to changes in market interest rates, during the period detracted from performance as interest rates rose.

» The Portfolio’s emphasis at the shorter-end of the yield curve, mostly through Eurodollar contracts, added to returns as rates on short maturities declined during the period.

» An emphasis on mortgages was slightly negative for returns as the sector slightly underperformed Treasuries on a like-duration basis.

» Exposure to high-yield and corporate bonds was slightly positive for performance as these sectors outperformed Treasuries.

» Low exposure to emerging markets was neutral for performance as the sector slightly outperformed Treasuries on a like-duration basis.

» Tactical exposure to non-U.S. issues, with a focus on shorter-maturity U.K. securities, detracted from returns as these positions underperformed comparable U.S. Treasuries.

4 PIMCO Variable Insurance Trust

Financial Highlights  Low Duration Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Administrative Class
Net asset value beginning of year or period	$	10.06		$	10.09		$	10.30		$	10.27		$	10.23		$	9.95
Net investment income (a)		0.24			0.43			0.29			0.13			0.13			0.34
Net realized/unrealized gain (loss) on investments (a)		(0.08	)		(0.04	)		(0.18	)		0.06			0.11			0.35
Total income from investment operations		0.16			0.39			0.11			0.19			0.24			0.69
Dividends from net investment income		(0.24	)		(0.42	)		(0.29	)		(0.13	)		(0.19	)		(0.35	)
Distributions from net realized capital gains		0.00			0.00			(0.03	)		(0.03	)		(0.01	)		(0.06	)
Total distributions		(0.24	)		(0.42	)		(0.32	)		(0.16	)		(0.20	)		(0.41	)
Net asset value end of year or period	$	9.98		$	10.06		$	10.09		$	10.30		$	10.27		$	10.23
Total return		1.57	%		3.97	%		1.01	%		1.85	%		2.34	%		7.05	%
Net assets end of year or period (000s)	$	1,002,451		$	764,846		$	458,677		$	281,711		$	115,419		$	19,495
Ratio of expenses to average net assets		0.65	%*		0.65	%		0.65	%		0.65	%		0.65	%		0.66	%(b)
Ratio of expenses to average net assets excluding interest expense		0.65	%*		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%(b)
Ratio of net investment income to average net assets		4.75	%*		4.24	%		2.83	%		1.24	%		1.30	%		3.39	%
Portfolio turnover rate		12	%		200	%		184	%		483	%		284	%		339	%

+ 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%.

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Low Duration Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	1,037,081
Cash		259
Foreign currency, at value		6,512
Receivable for investments sold		6,658
Receivable for Portfolio shares sold		3,235
Interest and dividends receivable		3,739
Variation margin receivable		773
Swap premiums paid		2,713
Unrealized appreciation on foreign currency contracts		1,514
Unrealized appreciation on swap agreements		956
		1,063,440
Liabilities:
Payable for investments purchased	$	20,328
Payable for investments purchased on a delayed-delivery basis		12,597
Payable for Portfolio shares redeemed		48
Payable for short sales		6,621
Written options outstanding		492
Dividends payable		12
Accrued investment advisory fee		208
Accrued administration fee		208
Accrued servicing fee		111
Variation margin payable		663
Swap premiums received		444
Unrealized depreciation on foreign currency contracts		109
Unrealized depreciation on swap agreements		715
Other liabilities		11
		42,567
Net Assets	$	1,020,873
Net Assets Consist of:
Paid in capital	$	1,036,658
Undistributed net investment income		1,093
Accumulated undistributed net realized (loss)		(9,797	)
Net unrealized (depreciation)		(7,081	)
	$	1,020,873
Net Assets:
Institutional Class	$	18,166
Administrative Class		1,002,451
Advisor Class		256
Shares Issued and Outstanding:
Institutional Class		1,820
Administrative Class		100,430
Advisor Class		26
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	9.98
Administrative Class		9.98
Advisor Class		9.98
Cost of Investments Owned	$	1,040,151
Cost of Foreign Currency Held	$	6,490
Proceeds Received on Short Sales	$	6,608
Premiums Received on Written Options	$	1,363

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Low Duration Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest, net of foreign taxes*	$	23,402
Dividends		166
Miscellaneous income		25
Total Income		23,593
Expenses:
Investment advisory fees		1,086
Administration fees		1,086
Servicing fees – Administrative Class		633
Trustees’ fees		9
Total Expenses		2,814
Net Investment Income		20,779
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(434	)
Net realized (loss) on futures contracts, written options and swaps		(2,941	)
Net realized gain on foreign currency transactions		512
Net change in unrealized (depreciation) on investments		(2,479	)
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(3,146	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		1,382
Net (Loss)		(7,106	)
Net Increase in Net Assets Resulting from Operations	$	13,673
*Foreign tax withholding	$	8

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Low Duration Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase in Net Assets from:
Operations:
Net investment income	$	20,779		$	26,588
Net realized (loss)		(2,863	)		(382	)
Net change in unrealized (depreciation)		(4,243	)		(846	)
Net increase resulting from operations		13,673			25,360
Distributions to Shareholders:
From net investment income
Institutional Class		(600	)		(1,072	)
Administrative Class		(20,271	)		(25,602	)
Advisor Class		(3	)		(2	)
Total Distributions		(20,874	)		(26,676	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		3,048			11,541
Administrative Class		291,518			369,230
Advisor Class		421			390
Issued as reinvestment of distributions
Institutional Class		600			1,072
Administrative Class		20,247			25,602
Advisor Class		3			2
Cost of shares redeemed
Institutional Class		(11,174	)		(4,778	)
Administrative Class		(67,154	)		(87,388	)
Advisor Class		(355	)		(204	)
Net increase resulting from Portfolio share transactions		237,154			315,467
Total Increase in Net Assets		229,953			314,151
Net Assets:
Beginning of period		790,920			476,769
End of period*	$	1,020,873		$	790,920
*Including undistributed net investment income of:	$	1,093		$	1,188

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Low Duration Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.2%
SLM Corp.
6.000% due 06/30/2008	$	2,200	$	2,189
Total Bank Loan Obligations (Cost $2,189)				2,189
CORPORATE BONDS & NOTES 27.4%
BANKING & FINANCE 21.0%
AIG-Fp Matched Funding Corp.
5.360% due 06/16/2008		1,700		1,703
Allstate Life Global Funding Trusts
5.400% due 03/23/2009		800		801
American Express Bank FSB
5.330% due 10/16/2008		2,000		2,000
5.380% due 06/22/2009		1,300		1,301
5.380% due 10/20/2009		2,100		2,101
American Express Centurion Bank
5.320% due 05/07/2008		1,400		1,400
5.340% due 06/12/2009		1,900		1,901
American Express Credit Corp.
5.380% due 11/09/2009		1,100		1,101
American International Group, Inc.
5.360% due 06/23/2008		600		600
5.370% due 06/16/2009		5,200		5,222
ANZ National International Ltd.
5.396% due 08/07/2009		1,500		1,500
Bank of America Corp.
5.366% due 11/06/2009		900		900
5.370% due 06/19/2009		6,100		6,109
Bank of America N.A.
5.360% due 02/27/2009		700		700
Bank of Ireland
5.370% due 12/19/2008		3,100		3,104
5.410% due 12/18/2009		1,120		1,122
Bear Stearns Cos., Inc.
5.450% due 03/30/2009		2,900		2,902
5.450% due 08/21/2009		300		300
5.480% due 05/18/2010		2,400		2,399
5.505% due 04/29/2008		3,400		3,405
Calabash Re II Ltd.
13.760% due 01/08/2010		1,900		1,917
16.260% due 01/08/2010		1,900		1,978
Caterpillar Financial Services Corp.
5.420% due 05/18/2009		5,480		5,488
5.430% due 03/10/2009		6,400		6,407
CIT Group, Inc.
5.510% due 08/15/2008		300		300
5.510% due 12/19/2008		400		400
5.570% due 05/23/2008		4,600		4,606
Citigroup Funding, Inc.
5.360% due 06/26/2009		1,400		1,399
Citigroup Global Markets Holdings, Inc.
5.460% due 03/17/2009		1,800		1,803
Citigroup, Inc.
4.200% due 12/20/2007		4,100		4,078
5.390% due 12/28/2009		4,000		4,003
5.395% due 01/30/2009		1,900		1,901
5.400% due 12/26/2008		200		200
Credit Agricole S.A.
5.360% due 05/28/2009		1,500		1,501
5.410% due 05/28/2010		1,700		1,701
DnB NORBank ASA
5.425% due 10/13/2009		8,400		8,405

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Export-Import Bank of Korea
5.450% due 06/01/2009	$	2,200	$	2,201
General Electric Capital Corp.
5.390% due 01/05/2009		2,500		2,502
5.410% due 10/06/2010		2,100		2,102
5.428% due 01/20/2010		1,400		1,403
5.430% due 08/15/2011		5,500		5,498
5.560% due 01/08/2016		300		300
General Motors Acceptance Corp.
6.510% due 09/23/2008		1,100		1,100
GMAC LLC
6.000% due 12/15/2011		300		285
Goldman Sachs Group, Inc.
5.400% due 12/23/2008		400		400
5.410% due 03/30/2009		2,900		2,902
5.440% due 11/16/2009		600		601
5.450% due 12/22/2008		2,100		2,103
5.455% due 07/29/2008		1,700		1,703
5.475% due 10/05/2007		1,600		1,601
5.685% due 07/23/2009		1,300		1,307
HBOS Treasury Services PLC
5.397% due 07/17/2009		2,200		2,203
HSBC Bank USA N.A.
5.500% due 06/10/2009		1,400		1,404
HSBC Finance Corp.
5.490% due 09/15/2008		500		501
5.500% due 12/05/2008		1,300		1,303
5.607% due 05/10/2010		2,200		2,211
ICICI Bank Ltd.
5.895% due 01/12/2010		2,300		2,305
John Deere Capital Corp.
5.406% due 04/15/2008		1,200		1,201
5.406% due 07/15/2008		1,400		1,401
JPMorgan Chase & Co.
5.539% due 10/02/2009		3,500		3,515
Lehman Brothers Holdings, Inc.
5.370% due 11/24/2008		1,000		1,000
5.410% due 12/23/2008		400		400
5.440% due 04/03/2009		1,700		1,702
5.460% due 08/21/2009		1,600		1,601
5.460% due 11/16/2009		5,200		5,205
5.570% due 12/23/2010		900		901
5.579% due 07/18/2011		1,000		1,002
Longpoint Re Ltd.
10.609% due 05/08/2010		700		700
Merrill Lynch & Co., Inc.
5.406% due 05/08/2009		1,700		1,701
5.440% due 12/04/2009		1,400		1,401
5.460% due 06/16/2008		6,000		6,007
Metropolitan Life Global Funding I
5.400% due 05/17/2010		3,200		3,202
Morgan Stanley
5.406% due 05/07/2009		2,800		2,802
5.467% due 02/09/2009		1,100		1,102
5.595% due 01/22/2009		3,700		3,703
5.609% due 01/18/2011		1,500		1,502
Mystic Re Ltd.
11.660% due 12/05/2008		1,800		1,789
National Australia Bank Ltd.
5.400% due 09/11/2009		1,400		1,402
Pricoa Global Funding I
5.405% due 07/27/2009		3,700		3,706
5.440% due 06/03/2008		3,000		3,005
Residential Capital LLC
6.460% due 05/22/2009		2,000		1,992

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Residential Reinsurance 2007 Ltd.
15.610% due 06/07/2010	$	300	$	300
Royal Bank of Scotland Group PLC
5.360% due 12/21/2007		1,200		1,201
5.750% due 07/06/2012		5,900		5,900
Santander U.S. Debt S.A. Unipersonal
5.370% due 09/21/2007		3,000		3,001
5.370% due 11/20/2008		700		700
5.420% due 09/19/2008		2,800		2,803
SLM Corp.
5.495% due 07/27/2009		900		878
Unicredit Luxembourg Finance S.A.
5.405% due 10/24/2008		1,700		1,701
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008		1,300		1,303
Wachovia Bank N.A.
5.420% due 05/25/2010		6,000		6,016
Wachovia Corp.
5.486% due 10/15/2011		1,100		1,102
Wells Fargo & Co.
5.400% due 03/10/2008		4,000		4,003
5.460% due 09/15/2009		2,600		2,607
Westpac Banking Corp.
5.280% due 06/06/2008		900		900
World Savings Bank FSB
5.396% due 05/08/2009		7,100		7,104
				214,054
INDUSTRIALS 3.7%
Altria Group, Inc.
7.650% due 07/01/2008		200		204
Amgen, Inc.
5.440% due 11/28/2008		3,600		3,602
Anadarko Petroleum Corp.
5.760% due 09/15/2009		2,200		2,203
BP AMI Leasing, Inc.
5.370% due 06/26/2009		3,700		3,701
Comcast Corp.
5.656% due 07/14/2009		1,600		1,601
CSC Holdings, Inc.
7.250% due 07/15/2008		3,500		3,535
7.875% due 12/15/2007		1,500		1,513
DaimlerChrysler N.A. Holding Corp.
5.710% due 03/13/2009		1,600		1,604
5.840% due 09/10/2007		4,758		4,762
Diageo Capital PLC
5.457% due 11/10/2008		2,600		2,603
El Paso Corp.
6.950% due 12/15/2007		1,980		2,001
FedEx Corp.
5.436% due 08/08/2007		1,300		1,300
General Electric Co.
5.400% due 12/09/2008		2,600		2,602
Salomon Brothers AG for OAO Gazprom
10.500% due 10/21/2009		200		221
Time Warner, Inc.
5.590% due 11/13/2009		1,800		1,803
Transocean, Inc.
5.560% due 09/05/2008		1,300		1,301
Wal-Mart Stores, Inc.
5.260% due 06/16/2008		3,300		3,300
				37,856

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Low Duration Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
UTILITIES 2.7%
AT&T, Inc.
5.450% due 05/15/2008	$	5,900	$	5,906
BellSouth Corp.
5.460% due 08/15/2008		5,900		5,906
Deutsche Telekom International Finance BV
5.540% due 03/23/2009		2,500		2,507
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		5,670		5,698
Telecom Italia Capital S.A.
5.969% due 07/18/2011		1,800		1,813
Telefonica Emisones SAU
5.660% due 06/19/2009		1,700		1,706
Verizon Communications, Inc.
5.400% due 04/03/2009		3,800		3,803
				27,339
Total Corporate Bonds & Notes (Cost $278,880)				279,249
COMMODITY INDEX-LINKED NOTES 0.3%
Morgan Stanley
0.000% due 07/07/2008		3,000		2,983
Total Commodity Index-Linked Notes (Cost $3,000)				2,983
U.S. GOVERNMENT AGENCIES 20.9%
Fannie Mae
3.736% due 07/01/2034		248		250
4.350% due 03/01/2035		323		326
4.417% due 05/01/2035		774		771
4.500% due 06/25/2043		2,895		2,873
4.510% due 05/01/2035		717		712
4.542% due 09/01/2035		1,335		1,326
4.560% due 11/01/2035		1,476		1,466
4.655% due 08/01/2035		3,369		3,333
4.683% due 07/01/2035		519		512
5.000% due 12/25/2016 - 04/25/2033		70,546		68,501
5.380% due 12/25/2036		905		903
5.440% due 03/25/2034		133		133
5.500% due 12/01/2009 - 10/01/2035		64,244		63,276
5.670% due 09/25/2042 - 03/25/2044		1,567		1,573
5.720% due 05/25/2031 - 11/25/2032		1,501		1,507
6.000% due 08/01/2016 - 07/01/2037		1,140		1,129
6.183% due 09/01/2034		80		81
6.214% due 07/01/2042 - 06/01/2043		1,647		1,672
6.264% due 09/01/2041		675		681
6.335% due 12/01/2036		83		84
6.414% due 09/01/2040		11		11
6.500% due 12/25/2042		22		23
6.973% due 11/01/2035		385		398
Federal Housing Administration
7.430% due 10/01/2020		19		19
Freddie Mac
4.715% due 06/01/2035		2,255		2,207
4.922% due 07/01/2035		975		965
5.000% due 10/01/2018 - 12/15/2026		5,284		5,251
5.470% due 07/15/2019 - 10/15/2020		36,000		35,969
5.500% due 08/15/2030		1		1
5.550% due 07/15/2037		12,600		12,599
5.580% due 08/25/2031		436		438
5.620% due 05/15/2036		1,093		1,097

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.670% due 12/15/2030	$	533	$	535
5.720% due 06/15/2018		187		187
6.000% due 09/01/2016 - 07/01/2037		1,113		1,104
6.227% due 02/25/2045		961		957
6.500% due 07/25/2043		166		168
Ginnie Mae
4.000% due 07/16/2027		56		56
Total U.S. Government Agencies (Cost $215,509)				213,094
MORTGAGE-BACKED SECURITIES 7.1%
American Home Mortgage Investment Trust
4.290% due 10/25/2034		1,475		1,448
4.390% due 02/25/2045		566		554
Arran Residential Mortgages Funding PLC
5.340% due 04/12/2036		1,099		1,099
Banc of America Funding Corp.
4.113% due 05/25/2035		7,605		7,449
Banc of America Mortgage Securities, Inc.
6.500% due 10/25/2031		89		90
Bear Stearns Adjustable Rate Mortgage Trust
4.750% due 10/25/2035		2,780		2,749
4.773% due 01/25/2034		125		125
5.044% due 04/25/2033		29		29
5.329% due 02/25/2033		11		11
5.448% due 04/25/2033		52		51
Bear Stearns Alt-A Trust
5.377% due 05/25/2035		913		909
5.480% due 02/25/2034		1,472		1,472
Bear Stearns Mortgage Funding Trust
5.390% due 02/25/2037		2,672		2,673
Citigroup Mortgage Loan Trust, Inc.
4.900% due 12/25/2035		729		728
Countrywide Alternative Loan Trust
4.500% due 06/25/2035		2,381		2,349
5.500% due 05/25/2047		1,196		1,199
5.600% due 02/25/2037		3,646		3,656
6.000% due 10/25/2033		93		92
6.500% due 06/25/2033		9		9
Countrywide Home Loan Mortgage Pass-Through Trust
5.250% due 02/20/2036		1,166		1,162
5.560% due 04/25/2035		258		259
5.590% due 05/25/2034		44		44
CS First Boston Mortgage Securities Corp.
4.938% due 12/15/2040		622		617
5.953% due 03/25/2032		6		6
GMAC Mortgage Corp. Loan Trust
4.998% due 11/19/2035		776		776
Greenpoint Mortgage Funding Trust
5.400% due 10/25/2046		1,563		1,565
5.400% due 01/25/2047		1,639		1,640
GS Mortgage Securities Corp. II
5.410% due 03/06/2020		6,000		6,007
5.420% due 06/06/2020		763		764
GSR Mortgage Loan Trust
4.538% due 09/25/2035		3,249		3,203
6.000% due 03/25/2032		2		2
Harborview Mortgage Loan Trust
5.540% due 05/19/2035		321		321
Impac CMB Trust
6.120% due 07/25/2033		61		61
LB-UBS Commercial Mortgage Trust
4.990% due 11/15/2030		818		812

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lehman Brothers Floating Rate Commercial Mortgage Trust
5.400% due 09/15/2021	$	330	$	331
MASTR Asset Securitization Trust
5.500% due 09/25/2033		77		74
Mellon Residential Funding Corp.
5.800% due 06/15/2030		532		532
MLCC Mortgage Investors, Inc.
6.974% due 01/25/2029		101		102
Morgan Stanley Capital I
5.380% due 10/15/2020		4,081		4,086
Prime Mortgage Trust
5.720% due 02/25/2019		20		20
5.720% due 02/25/2034		67		67
Salomon Brothers Mortgage Securities VII, Inc.
4.000% due 12/25/2018		267		254
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		1,027		1,028
5.340% due 08/25/2034		1,260		1,259
6.429% due 01/25/2035		734		738
Structured Asset Mortgage Investments, Inc.
5.600% due 02/25/2036		376		376
5.650% due 09/19/2032		16		16
Structured Asset Securities Corp.
5.329% due 10/25/2035		1,695		1,693
Thornburg Mortgage Securities Trust
5.430% due 12/25/2036		1,363		1,363
5.440% due 08/25/2036		2,967		2,965
Wachovia Bank Commercial Mortgage Trust
5.400% due 06/15/2020		2,900		2,901
5.410% due 09/15/2021		3,811		3,813
Washington Mutual, Inc.
4.816% due 10/25/2032		208		208
5.474% due 02/27/2034		72		71
5.590% due 12/25/2045		397		399
5.610% due 10/25/2045		2,287		2,292
5.759% due 01/25/2047		796		796
6.223% due 05/25/2041		189		190
6.229% due 11/25/2042		285		285
6.429% due 06/25/2042		191		191
6.429% due 08/25/2042		79		79
6.529% due 09/25/2046		1,238		1,243
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036		1,444		1,424
Total Mortgage-Backed Securities (Cost $72,892)				72,727
ASSET-BACKED SECURITIES 18.2%
Accredited Mortgage Loan Trust
5.360% due 09/25/2036		2,983		2,985
ACE Securities Corp.
5.380% due 10/25/2036		1,642		1,643
5.430% due 10/25/2035		353		353
Amortizing Residential Collateral Trust
5.610% due 07/25/2032		13		13
Argent Securities, Inc.
5.370% due 09/25/2036		541		541
5.380% due 05/25/2036		1,948		1,949
5.400% due 01/25/2036		470		471
Asset-Backed Funding Certificates
5.380% due 10/25/2036		1,533		1,534
5.380% due 01/25/2037		1,130		1,131
Asset-Backed Securities Corp. Home Equity
5.370% due 12/25/2036		1,784		1,785
5.595% due 09/25/2034		495		495
6.970% due 03/15/2032		359		359

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bear Stearns Asset-Backed Securities, Inc.
5.520% due 09/25/2034	$	97	$	97
Carrington Mortgage Loan Trust
5.385% due 02/25/2036		256		256
Chase Credit Card Master Trust
5.430% due 02/15/2011		2,300		2,305
CIT Group Home Equity Loan Trust
5.590% due 06/25/2033		4		4
Citibank Credit Card Issuance Trust
2.900% due 05/17/2010		2,500		2,449
5.526% due 02/07/2010		9,300		9,316
Citigroup Mortgage Loan Trust, Inc.
5.360% due 08/25/2036		949		950
5.380% due 05/25/2037		19,300		19,309
5.390% due 01/25/2036		393		393
5.420% due 10/25/2036		7,100		7,099
Countrywide Asset-Backed Certificates
5.370% due 01/25/2037		1,612		1,613
5.370% due 05/25/2037		13,790		13,798
5.370% due 12/25/2046		556		556
5.370% due 03/25/2047		1,212		1,213
5.390% due 06/25/2037		1,387		1,388
5.400% due 06/25/2037		1,149		1,149
5.430% due 10/25/2046		1,306		1,307
5.500% due 09/25/2036		9,500		9,507
5.800% due 12/25/2031		77		77
Credit-Based Asset Servicing & Securitization LLC
5.380% due 03/25/2036		369		369
5.380% due 11/25/2036		1,228		1,229
CS First Boston Mortgage Securities Corp.
5.940% due 01/25/2032		15		16
Equity One Asset-Backed Securities, Inc.
5.600% due 11/25/2032		17		17
First Franklin Mortgage Loan Asset-Backed Certificates
5.370% due 11/25/2036		1,965		1,966
First USA Credit Card Master Trust
5.480% due 04/18/2011		4,400		4,412
Fremont Home Loan Trust
5.370% due 05/25/2036		245		245
5.380% due 01/25/2037		1,076		1,076
5.390% due 02/25/2037		791		791
GE-WMC Mortgage Securities LLC
5.360% due 08/25/2036		582		582
GS Auto Loan Trust
5.344% due 07/15/2008		2,500		2,500
GSAMP Trust
5.390% due 12/25/2036		1,485		1,485
5.610% due 03/25/2034		228		228
GSR Mortgage Loan Trust
5.420% due 11/25/2030		157		158
HFC Home Equity Loan Asset-Backed Certificates
5.390% due 03/20/2036		1,140		1,140
5.670% due 09/20/2033		188		188
HSI Asset Securitization Corp. Trust
5.370% due 12/25/2036		843		844
Indymac Residential Asset-Backed Trust
5.380% due 04/25/2037		947		948
5.420% due 03/25/2036		146		146
JPMorgan Mortgage Acquisition Corp.
5.370% due 08/25/2036		608		608
5.380% due 04/01/2037		2,121		2,120
Lehman XS Trust
5.390% due 05/25/2046		558		558
5.400% due 11/25/2046		1,935		1,936
5.440% due 11/25/2036		2,021		2,023

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Long Beach Mortgage Loan Trust
5.400% due 02/25/2036	$	179	$	179
5.410% due 01/25/2036		346		347
5.600% due 10/25/2034		135		135
MASTR Asset-Backed Securities Trust
5.380% due 11/25/2036		1,466		1,467
Merrill Lynch Mortgage Investors, Inc.
5.390% due 08/25/2036		5,009		5,010
5.430% due 07/25/2036		975		976
Morgan Stanley ABS Capital I
5.370% due 09/25/2036		4,997		4,998
5.380% due 05/25/2037		2,754		2,753
Nationstar Home Equity Loan Trust
5.440% due 04/25/2037		8,602		8,608
Nelnet Student Loan Trust
5.340% due 09/25/2012		941		942
Newcastle Mortgage Securities Trust
5.390% due 03/25/2036		1,040		1,040
Nomura Home Equity Loan, Inc.
5.400% due 02/25/2036		323		323
Option One Mortgage Loan Trust
5.370% due 01/25/2037		1,560		1,561
5.420% due 11/25/2035		194		194
Residential Asset Mortgage Products, Inc.
5.430% due 09/25/2035		193		193
Residential Asset Securities Corp.
5.360% due 08/25/2036		625		625
5.390% due 11/25/2036		1,533		1,534
Residential Funding Mortgage Securities II, Inc.
5.440% due 05/25/2037		3,267		3,269
Saxon Asset Securities Trust
5.380% due 11/25/2036		718		718
Securitized Asset-Backed Receivables LLC Trust
5.440% due 05/25/2037		2,500		2,500
SLM Student Loan Trust
5.325% due 10/25/2012		2,224		2,225
5.335% due 04/25/2012		1,454		1,455
5.335% due 04/25/2014		6,348		6,352
5.355% due 01/25/2016		880		881
5.355% due 10/25/2016		2,500		2,502
5.365% due 01/26/2015		170		170
5.365% due 04/27/2015		2,270		2,271
Soundview Home Equity Loan Trust
5.370% due 10/25/2036		1,010		1,010
5.380% due 11/25/2036		5,465		5,465
5.400% due 01/25/2037		5,629		5,633
5.420% due 12/25/2035		67		67
5.430% due 11/25/2035		79		79
Structured Asset Securities Corp.
5.370% due 10/25/2036		1,700		1,701
5.420% due 09/25/2035		581		581
5.450% due 12/25/2035		423		423
Truman Capital Mortgage Loan Trust
5.660% due 01/25/2034		67		67
USAA Auto Owner Trust
5.337% due 07/11/2008		1,800		1,800
Wachovia Auto Owner Trust
4.820% due 02/20/2009		88		88
5.337% due 06/20/2008		2,100		2,100
Wells Fargo Home Equity Trust
5.370% due 01/25/2037		988		989
5.440% due 12/25/2035		1,285		1,285
Total Asset-Backed Securities (Cost $186,057)				186,146

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SOVEREIGN ISSUES 0.6%
Korea Development Bank
5.490% due 04/03/2010	$	6,100	$	6,105
Total Sovereign Issues (Cost $6,100)				6,105
		SHARES
PREFERRED STOCKS 0.4%
DG Funding Trust
7.600% due 12/31/2049		420		4,376
Total Preferred Stocks (Cost $4,462)				4,376
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 26.4%
CERTIFICATES OF DEPOSIT 5.2%
BNP Paribas
5.262% due 05/28/2008	$	1,200		1,200
5.262% due 07/03/2008		6,800		6,799
BNP Paribas Finance, Inc.
5.270% due 09/23/2008		800		799
Calyon Financial, Inc.
5.340% due 01/16/2009		2,400		2,400
Dexia Credit Local S.A.
5.270% due 09/29/2008		8,900		8,895
Fortis Bank NY
5.265% due 04/28/2008		3,200		3,202
5.265% due 06/30/2008		1,400		1,400
5.310% due 09/30/2008		1,800		1,800
HSBC Bank USA N.A.
5.460% due 07/28/2008		3,100		3,105
Nordea Bank Finland PLC
5.308% due 05/28/2008		1,200		1,201
Royal Bank of Canada
5.267% due 06/30/2008		3,300		3,303
Royal Bank of Scotland Group PLC
5.262% due 07/03/2008		900		900
5.265% due 03/26/2008		800		800
Societe Generale NY
5.269% due 06/30/2008		5,600		5,603
5.270% due 03/26/2008		3,000		3,000
5.271% due 06/30/2008		900		901
Unicredito Italiano NY
5.360% due 12/03/2007		5,400		5,402
5.360% due 05/29/2008		2,200		2,201
				52,911
COMMERCIAL PAPER 20.2%
Bank of America Corp.
5.195% due 10/04/2007		10,700		10,668
Calyon N.A. LLC
5.175% due 06/29/2010		23,000		22,977
Cox Communications, Inc.
5.570% due 09/17/2007		600		600
Danske Corp.
5.205% due 10/12/2007		18,300		18,103
Fortis Funding LLC
5.255% due 09/05/2007		23,200		23,146
5.275% due 09/05/2007		900		896
Freddie Mac
4.800% due 07/02/2007		35,000		35,000
Nordea N.A., Inc.
5.308% due 04/09/2009		3,600		3,599

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  Low Duration Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Societe Generale NY
5.210% due 11/26/2007	$	900	$	891
5.225% due 11/26/2007		1,200		1,182
5.240% due 11/26/2007		2,200		2,174
5.250% due 11/26/2007		800		789
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		27,500		27,500
UBS Finance Delaware LLC
5.145% due 10/23/2007		400		398
5.205% due 10/23/2007		1,100		1,097
5.230% due 10/23/2007		21,200		20,868
5.235% due 10/23/2007		2,200		2,178
5.240% due 10/23/2007		5,900		5,819

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Westpac Banking Corp.
5.240% due 11/05/2007	$	28,700	$	28,361
				206,246
REPURCHASE AGREEMENTS 0.6%
State Street Bank and Trust Co.
4.900% due 07/02/2007		5,573		5,573
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $5,687. Repurchase proceeds are $5,575.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 0.4%
4.635% due 08/30/2007 - 09/13/2007 (a)(c)	$	4,470	$	4,422
Total Short-Term Instruments (Cost $269,167)				269,152
PURCHASED OPTIONS (e) 0.1%
(Cost $1,895)				1,060
Total Investments (b) 101.6% (Cost $1,040,151)			$	1,037,081
Written Options (f) (0.1%) (Premiums $1,363)				(492	)
Other Assets and Liabilities (Net) (1.5%)				(15,716	)
Net Assets 100.0%			$	1,020,873

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) As of June 30, 2007, portfolio securities with an aggregate value of $77,693 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(c) Securities with an aggregate market value of $4,422 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Euribor December Futures	Long	12/2007	140	$	(199	)
90-Day Euribor December Futures	Long	12/2008	46		(103	)
90-Day Euribor June Futures	Long	06/2008	86		(185	)
90-Day Euribor March Futures	Long	03/2008	22		(44	)
90-Day Euribor September Futures	Long	09/2008	46		(106	)
90-Day Eurodollar December Futures	Long	12/2007	784		(748	)
90-Day Eurodollar December Futures	Long	12/2008	259		(115	)
90-Day Eurodollar June Futures	Long	06/2008	1,258		(1,320	)
90-Day Eurodollar March Futures	Long	03/2008	1,978		(2,263	)
90-Day Eurodollar March Futures	Long	03/2009	20		(29	)
90-Day Eurodollar September Futures	Long	09/2008	178		(57	)
90-Day Euroyen December Futures	Long	12/2007	131		(16	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2007	55		(113	)
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	371		(541	)
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2008	21		(28	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2007	55		(118	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	324		(500	)
U.S. Treasury 30-Year Bond September Futures	Short	09/2007	445		(97	)
				$	(6,582	)

(d) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	SOFTBANK Corp. 1.750% due 03/31/2014	Sell	2.300%		09/20/2007	JPY	54,000	$	2
Bank of America	Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016	$	2,000		17
Barclays Bank PLC	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.710%		12/20/2008		1,000		3
Barclays Bank PLC	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.290%		06/20/2009		4,000		(4	)
Barclays Bank PLC	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.275%		06/20/2009		4,000		(1	)
Credit Suisse First Boston	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	0.950%		12/20/2007		300		0
Deutsche Bank AG	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		1,400		6
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.730%		04/20/2009		2,700		12
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.520%		05/20/2009		1,000		0
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.490%		06/20/2009		4,000		(5	)
JPMorgan Chase & Co.	Multiple Reference Entities of Gazprom	Sell	0.415%		11/20/2007		5,100		6

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.240%	11/20/2007	$	3,600	$	2
Lehman Brothers, Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	0.950%	12/20/2007		500		0
Lehman Brothers, Inc.	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%	12/20/2008		500		0
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.120%	11/20/2011		6,000		114
Morgan Stanley	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.245%	06/20/2008		200		0
Morgan Stanley	Multiple Reference Entities of Gazprom	Sell	0.860%	11/20/2011		2,600		34
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.390%	12/20/2008		1,000		0
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.438%	06/20/2009		4,000		0
							$	186

⁽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.

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	7.000%	12/15/2009	AUD	2,100	$	(1	)
Barclays Bank PLC	BRL-CDI-Compounded	Pay	11.360%	01/04/2010	BRL	4,200		24
Goldman Sachs & Co.	BRL-CDI-Compounded	Pay	11.465%	01/04/2010		1,100		8
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	11.430%	01/04/2010		2,700		18
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	12.948%	01/04/2010		1,400		29
Morgan Stanley	BRL-CDI-Compounded	Pay	12.780%	01/04/2010		1,500		27
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	04/05/2012	EUR	300		(3	)
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010		1,300		16
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		4,600		94
Goldman Sachs & Co.	6-Month EUR-LIBOR	Pay	4.000%	03/20/2009		2,400		(17	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	03/30/2012		600		(5	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		1,100		(11	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.958%	04/10/2012		3,600		(38	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.955%	03/28/2012		900		(9	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.950%	03/30/2012		1,300		(13	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	12/20/2008	GBP	5,900		(58	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009		3,400		(49	)
Credit Suisse First Boston	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		700		(17	)
Deutsche Bank AG	6-Month GBP-LIBOR	Pay	6.000%	12/20/2008		3,500		(35	)
Deutsche Bank AG	6-Month GBP-LIBOR	Receive	4.000%	12/15/2036		6,000		525
HSBC Bank USA	6-Month GBP-LIBOR	Pay	4.500%	12/20/2007		1,700		(26	)
Lehman Brothers, Inc.	6-Month GBP-LIBOR	Pay	4.500%	09/20/2009		200		(13	)
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009		3,100		(46	)
Barclays Bank PLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	310,000		(7	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		2,290,000		(12	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		500,000		(7	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		160,000		(1	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		2,940,000		(42	)
Goldman Sachs & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	7.780%	04/03/2012	MXN	12,200		(10	)
Bank of America	3-Month USD-LIBOR	Pay	5.000%	12/19/2009	$	13,600		(15	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		41,900		18
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		11,100		(84	)
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	06/20/2009		20,300		(160	)
Morgan Stanley	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		3,800		(25	)
							$	55

(e) Purchased options outstanding on June 30, 2007:

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Barclays Bank PLC	6-Month EUR-LIBOR	Pay	3.960%	07/02/2007	EUR	6,000	$	28	$	0
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.900%	08/08/2007	$	9,000		40		0
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		44,000		208		87
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		13,800		77		17
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		5,200		18		10
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	07/02/2007		10,000		41		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.850%	07/02/2007		30,000		78		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.900%	08/08/2007		36,000		81		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		45,700		227		73
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		63,600		371		79
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/15/2008		62,700		218		212
								$	1,387	$	478

See Accompanying Notes Semiannual Report June 30, 2007 13

Schedule of Investments  Low Duration Portfolio (Cont.)

Foreign Currency Options

Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC U.S. dollar versus Japanese yen	JPY	103.800	03/17/2010	$	1,000	$	44	$	77
Put - OTC U.S. dollar versus Japanese yen		103.800	03/17/2010		1,000		44		25
Call - OTC U.S. dollar versus Japanese yen		104.650	03/31/2010		1,000		45		71
Put - OTC U.S. dollar versus Japanese yen		104.650	03/31/2010		1,000		39		27
Call - OTC U.S. dollar versus Japanese yen		105.200	03/31/2010		1,000		42		68
Put - OTC U.S. dollar versus Japanese yen		105.200	03/31/2010		1,000		42		28
Call - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		3,000		126		201
Put - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		3,000		126		85
						$	508	$	582

(f) Written options outstanding on June 30, 2007:

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	Barclays Bank PLC	6-Month EUR-LIBOR	Receive	4.100%	07/02/2007	EUR	2,000	$	24	$	0
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	4.950%	09/26/2008	$	19,000		209		96
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		6,000		73		18
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		2,300		19		12
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	07/02/2007		7,600		82		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	07/02/2007		4,500		47		0
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	08/08/2007		6,000		70		0
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	08/08/2007		3,000		34		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		20,000		240		72
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		14,700		196		45
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	03/31/2008		13,000		160		44
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.200%	12/15/2008		20,900		209		205
								$	1,363	$	492

(g) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.500%	07/01/2037	$	4,000	$	3,885	$	3,858
U.S. Treasury Notes	4.625%	02/15/2017		2,800		2,723		2,763
					$	6,608	$	6,621

⁽²⁾ Market value includes $50 of interest payable on short sales.

(h) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AUD	3,792	07/2007	$	23	$	0		$	23
Sell		34	07/2007		0		0			0
Buy	BRL	29,907	10/2007		572		0			572
Buy		14,977	03/2008		478		0			478
Buy	CAD	2,735	08/2007		11		0			11
Buy	CLP	130,534	03/2008		0		(1	)		(1	)
Buy	CNY	768	09/2007		2		0			2
Sell		768	09/2007		0		0			0
Buy		11,517	11/2007		12		0			12
Sell		14,080	11/2007		1		(4	)		(3	)
Buy		4,059	01/2008		0		(4	)		(4	)
Sell		4,059	01/2008		0		(1	)		(1	)
Buy	EUR	5,466	07/2007		72		0			72
Sell	GBP	3,730	08/2007		0		(39	)		(39	)
Buy	INR	41,409	10/2007		4		0			4
Buy		4,970	11/2007		0		(1	)		(1	)
Buy		260,547	05/2008		59		0			59
Buy	KRW	2,631,872	07/2007		17		0			17
Sell		177,295	07/2007		0		(1	)		(1	)
Buy		1,082,809	08/2007		0		0			0
Buy		987,632	09/2007		7		0			7
Sell		241,906	09/2007		0		(5	)		(5	)
Buy	MXN	14,088	09/2007		18		0			18
Buy		34,243	03/2008		19		(5	)		14

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	MYR	6,017	05/2008	$	0	$	(13	)	$	(13	)
Buy	NZD	408	07/2007		8		0			8
Buy	PHP	14,604	05/2008		0		(3	)		(3	)
Buy	PLN	11,325	09/2007		76		(1	)		75
Buy	RUB	35,543	09/2007		18		0			18
Buy		21,548	11/2007		21		0			21
Buy		50,111	12/2007		45		0			45
Buy		85,054	01/2008		17		0			17
Buy	SEK	5,098	09/2007		9		0			9
Buy	SGD	5,064	07/2007		0		(18	)		(18	)
Sell		2,968	07/2007		0		(11	)		(11	)
Buy		2,154	08/2007		8		(2	)		6
Buy		172	09/2007		0		0			0
Buy		4,887	10/2007		17		0			17
Buy	ZAR	106	09/2007		0		0			0
Buy		202	03/2008		0		0			0
				$	1,514	$	(109	)	$	1,405

See Accompanying Notes Semiannual Report June 30, 2007 15

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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	MXN	Mexican Peso
BRL	Brazilian Real	MYR	Malaysian Ringgit
CAD	Canadian Dollar	NZD	New Zealand Dollar
CLP	Chilean Peso	PHP	Philippines Peso
CNY	Chinese Yuan Renminbi	PLN	Polish Zloty
EUR	Euro	RUB	Russian Ruble
GBP	Great British Pound	SEK	Swedish Krona
INR	Indian Rupee	SGD	Singapore Dollar
JPY	Japanese Yen	ZAR	South African Rand
KRW	South Korean Won

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency

contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

offset against the proceeds on the underlying future, swap, security or currency transaction to determine the realized gain or loss.

(j) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(k) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)   The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(l) 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 on 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.

(m) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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

18 PIMCO Variable Insurance Trust

June 30, 2007 (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, 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 U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(n) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

(o) Bridge Debt Commitments  At the period ended June 30, 2007, the Portfolio had $2,189,000 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.

(p) Commodities Index-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 notes 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 on the accompanying financial statements. Net payments are recorded as net realized gains and 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, 2007, the value of these securities comprised 0.3% of the Portfolio’s net assets and resulted in unrealized depreciation of $17,003.

(q) 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-related 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.

(r) 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” or “Ginnie Mae”), 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.

(s) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	132,589	$	60,737	$	195,469	$	25,549

20 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Notional Amount in EUR		Notional Amount in GBP			Premium
Balance at 12/31/2006	19		$	98,000		EUR	2,000	GBP	1,300		$	1,000
Sales	309			104,900			0		0			1,311
Closing Buys	(138	)		(85,900	)		0		0			(862	)
Expirations	(165	)		0			0		(1,300	)		(76	)
Exercised	(25	)		0			0		0			(10	)
Balance at 06/30/2007	0		$	117,000		EUR	2,000	GBP	0		$	1,363

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	304		$	3,048		1,150		$	11,541
Administrative Class	29,060			291,519		36,746			369,230
Advisor Class	42			421		39			390
Issued as reinvestment of distributions
Institutional Class	60			599		106			1,072
Administrative Class	2,018			20,247		2,547			25,602
Advisor Class	0			3		0			2
Cost of shares redeemed
Institutional Class	(1,117	)		(11,174	)	(476	)		(4,778	)
Administrative Class	(6,686	)		(67,154	)	(8,707	)		(87,388	)
Advisor Class	(35	)		(355	)	(20	)		(204	)
Net increase resulting from Portfolio share transactions	23,646		$	237,154		31,385		$	315,467

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	71
Advisor Class	1	96

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to

Semiannual Report June 30, 2007 21

Notes to Financial Statements (Cont.)

reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    767	$    (3,837)	$    (3,070)

22 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 23

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	23

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Low Duration Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

Corporate Bonds & Notes	26.9%
Short-Term Instruments	26.0%
U.S. Government Agencies	20.5%
Asset-Backed Securities	18.0%
Mortgage-Backed Securities	7.0%
Other	1.6%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio     Inception     (04/10/00)**
	PIMCO Low Duration Portfolio Institutional Class	1.65%	5.06%	3.02%	4.48%
	Merrill Lynch 1-3 Year U.S. Treasury Index±	2.11%	5.07%	2.77%	4.29%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Portfolio began operations on 04/10/00. Index comparisons began on 03/31/00.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± 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. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,016.48	$	1,022.32
Expenses Paid During Period†	$	2.50	$	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 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, which may be represented by forwards or derivatives, such as options, futures contracts or swap agreements.

» Above-index duration exposure, or sensitivity to changes in market interest rates, during the period detracted from performance as interest rates rose.

» The Portfolio’s emphasis at the shorter-end of the yield curve, mostly through Eurodollar contracts, added to returns as rates on short maturities declined during the period.

» An emphasis on mortgages was slightly negative for returns as the sector slightly underperformed Treasuries on a like-duration basis.

» Exposure to high-yield and corporate bonds was slightly positive for performance as these sectors outperformed Treasuries.

» Low exposure to emerging markets was neutral for performance as the sector slightly outperformed Treasuries on a like-duration basis.

» Tactical exposure to non-U.S. issues, with a focus on shorter-maturity U.K. securities, detracted from returns as these positions underperformed comparable U.S. Treasuries.

4 PIMCO Variable Insurance Trust

Financial Highlights  Low Duration Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Institutional Class
Net asset value beginning of year or period	$	10.06		$	10.09		$	10.30		$	10.27		$	10.23		$	9.95
Net investment income (a)		0.24			0.44			0.30			0.15			0.17			0.38
Net realized/unrealized gain (loss) on investments (a)		(0.07	)		(0.03	)		(0.18	)		0.05			0.08			0.33
Total income from investment operations		0.17			0.41			0.12			0.20			0.25			0.71
Dividends from net investment income		(0.25	)		(0.44	)		(0.30	)		(0.14	)		(0.20	)		(0.37	)
Distributions from net realized capital gains		0.00			0.00			(0.03	)		(0.03	)		(0.01	)		(0.06	)
Total distributions		(0.25	)		(0.44	)		(0.33	)		(0.17	)		(0.21	)		(0.43	)
Net asset value end of year or period	$	9.98		$	10.06		$	10.09		$	10.30		$	10.27		$	10.23
Total return		1.65	%		4.13	%		1.16	%		2.00	%		2.49	%		7.22	%
Net assets end of year or period (000s)	$	18,166		$	25,886		$	18,093		$	12,252		$	11		$	11
Ratio of expenses to average net assets		0.50	%*		0.50	%		0.50	%		0.50	%		0.50	%		0.51	%
Ratio of expenses to average net assets excluding interest expense		0.50	%*		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		4.88	%*		4.37	%		2.92	%		1.49	%		1.68	%		3.78	%
Portfolio turnover rate		12	%		200	%		184	%		483	%		284	%		339	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Low Duration Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	1,037,081
Cash		259
Foreign currency, at value		6,512
Receivable for investments sold		6,658
Receivable for Portfolio shares sold		3,235
Interest and dividends receivable		3,739
Variation margin receivable		773
Swap premiums paid		2,713
Unrealized appreciation on foreign currency contracts		1,514
Unrealized appreciation on swap agreements		956
		1,063,440
Liabilities:
Payable for investments purchased	$	20,328
Payable for investments purchased on a delayed-delivery basis		12,597
Payable for Portfolio shares redeemed		48
Payable for short sales		6,621
Written options outstanding		492
Dividends payable		12
Accrued investment advisory fee		208
Accrued administration fee		208
Accrued servicing fee		111
Variation margin payable		663
Swap premiums received		444
Unrealized depreciation on foreign currency contracts		109
Unrealized depreciation on swap agreements		715
Other liabilities		11
		42,567
Net Assets	$	1,020,873
Net Assets Consist of:
Paid in capital	$	1,036,658
Undistributed net investment income		1,093
Accumulated undistributed net realized (loss)		(9,797	)
Net unrealized (depreciation)		(7,081	)
	$	1,020,873
Net Assets:
Institutional Class	$	18,166
Administrative Class		1,002,451
Advisor Class		256
Shares Issued and Outstanding:
Institutional Class		1,820
Administrative Class		100,430
Advisor Class		26
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	9.98
Administrative Class		9.98
Advisor Class		9.98
Cost of Investments Owned	$	1,040,151
Cost of Foreign Currency Held	$	6,490
Proceeds Received on Short Sales	$	6,608
Premiums Received on Written Options	$	1,363

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Low Duration Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest, net of foreign taxes*	$	23,402
Dividends		166
Miscellaneous income		25
Total Income		23,593
Expenses:
Investment advisory fees		1,086
Administration fees		1,086
Servicing fees – Administrative Class		633
Trustees’ fees		9
Total Expenses		2,814
Net Investment Income		20,779
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(434	)
Net realized (loss) on futures contracts, written options and swaps		(2,941	)
Net realized gain on foreign currency transactions		512
Net change in unrealized (depreciation) on investments		(2,479	)
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(3,146	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		1,382
Net (Loss)		(7,106	)
Net Increase in Net Assets Resulting from Operations	$	13,673
*Foreign tax withholding	$	8

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Low Duration Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase in Net Assets from:
Operations:
Net investment income	$	20,779		$	26,588
Net realized (loss)		(2,863	)		(382	)
Net change in unrealized (depreciation)		(4,243	)		(846	)
Net increase resulting from operations		13,673			25,360
Distributions to Shareholders:
From net investment income
Institutional Class		(600	)		(1,072	)
Administrative Class		(20,271	)		(25,602	)
Advisor Class		(3	)		(2	)
Total Distributions		(20,874	)		(26,676	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		3,048			11,541
Administrative Class		291,518			369,230
Advisor Class		421			390
Issued as reinvestment of distributions
Institutional Class		600			1,072
Administrative Class		20,247			25,602
Advisor Class		3			2
Cost of shares redeemed
Institutional Class		(11,174	)		(4,778	)
Administrative Class		(67,154	)		(87,388	)
Advisor Class		(355	)		(204	)
Net increase resulting from Portfolio share transactions		237,154			315,467
Total Increase in Net Assets		229,953			314,151
Net Assets:
Beginning of period		790,920			476,769
End of period*	$	1,020,873		$	790,920
*Including undistributed net investment income of:	$	1,093		$	1,188

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Low Duration Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.2%
SLM Corp.
6.000% due 06/30/2008	$	2,200	$	2,189
Total Bank Loan Obligations (Cost $2,189)				2,189
CORPORATE BONDS & NOTES 27.4%
BANKING & FINANCE 21.0%
AIG-Fp Matched Funding Corp.
5.360% due 06/16/2008		1,700		1,703
Allstate Life Global Funding Trusts
5.400% due 03/23/2009		800		801
American Express Bank FSB
5.330% due 10/16/2008		2,000		2,000
5.380% due 06/22/2009		1,300		1,301
5.380% due 10/20/2009		2,100		2,101
American Express Centurion Bank
5.320% due 05/07/2008		1,400		1,400
5.340% due 06/12/2009		1,900		1,901
American Express Credit Corp.
5.380% due 11/09/2009		1,100		1,101
American International Group, Inc.
5.360% due 06/23/2008		600		600
5.370% due 06/16/2009		5,200		5,222
ANZ National International Ltd.
5.396% due 08/07/2009		1,500		1,500
Bank of America Corp.
5.366% due 11/06/2009		900		900
5.370% due 06/19/2009		6,100		6,109
Bank of America N.A.
5.360% due 02/27/2009		700		700
Bank of Ireland
5.370% due 12/19/2008		3,100		3,104
5.410% due 12/18/2009		1,120		1,122
Bear Stearns Cos., Inc.
5.450% due 03/30/2009		2,900		2,902
5.450% due 08/21/2009		300		300
5.480% due 05/18/2010		2,400		2,399
5.505% due 04/29/2008		3,400		3,405
Calabash Re II Ltd.
13.760% due 01/08/2010		1,900		1,917
16.260% due 01/08/2010		1,900		1,978
Caterpillar Financial Services Corp.
5.420% due 05/18/2009		5,480		5,488
5.430% due 03/10/2009		6,400		6,407
CIT Group, Inc.
5.510% due 08/15/2008		300		300
5.510% due 12/19/2008		400		400
5.570% due 05/23/2008		4,600		4,606
Citigroup Funding, Inc.
5.360% due 06/26/2009		1,400		1,399
Citigroup Global Markets Holdings, Inc.
5.460% due 03/17/2009		1,800		1,803
Citigroup, Inc.
4.200% due 12/20/2007		4,100		4,078
5.390% due 12/28/2009		4,000		4,003
5.395% due 01/30/2009		1,900		1,901
5.400% due 12/26/2008		200		200
Credit Agricole S.A.
5.360% due 05/28/2009		1,500		1,501
5.410% due 05/28/2010		1,700		1,701
DnB NORBank ASA
5.425% due 10/13/2009		8,400		8,405

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Export-Import Bank of Korea
5.450% due 06/01/2009	$	2,200	$	2,201
General Electric Capital Corp.
5.390% due 01/05/2009		2,500		2,502
5.410% due 10/06/2010		2,100		2,102
5.428% due 01/20/2010		1,400		1,403
5.430% due 08/15/2011		5,500		5,498
5.560% due 01/08/2016		300		300
General Motors Acceptance Corp.
6.510% due 09/23/2008		1,100		1,100
GMAC LLC
6.000% due 12/15/2011		300		285
Goldman Sachs Group, Inc.
5.400% due 12/23/2008		400		400
5.410% due 03/30/2009		2,900		2,902
5.440% due 11/16/2009		600		601
5.450% due 12/22/2008		2,100		2,103
5.455% due 07/29/2008		1,700		1,703
5.475% due 10/05/2007		1,600		1,601
5.685% due 07/23/2009		1,300		1,307
HBOS Treasury Services PLC
5.397% due 07/17/2009		2,200		2,203
HSBC Bank USA N.A.
5.500% due 06/10/2009		1,400		1,404
HSBC Finance Corp.
5.490% due 09/15/2008		500		501
5.500% due 12/05/2008		1,300		1,303
5.607% due 05/10/2010		2,200		2,211
ICICI Bank Ltd.
5.895% due 01/12/2010		2,300		2,305
John Deere Capital Corp.
5.406% due 04/15/2008		1,200		1,201
5.406% due 07/15/2008		1,400		1,401
JPMorgan Chase & Co.
5.539% due 10/02/2009		3,500		3,515
Lehman Brothers Holdings, Inc.
5.370% due 11/24/2008		1,000		1,000
5.410% due 12/23/2008		400		400
5.440% due 04/03/2009		1,700		1,702
5.460% due 08/21/2009		1,600		1,601
5.460% due 11/16/2009		5,200		5,205
5.570% due 12/23/2010		900		901
5.579% due 07/18/2011		1,000		1,002
Longpoint Re Ltd.
10.609% due 05/08/2010		700		700
Merrill Lynch & Co., Inc.
5.406% due 05/08/2009		1,700		1,701
5.440% due 12/04/2009		1,400		1,401
5.460% due 06/16/2008		6,000		6,007
Metropolitan Life Global Funding I
5.400% due 05/17/2010		3,200		3,202
Morgan Stanley
5.406% due 05/07/2009		2,800		2,802
5.467% due 02/09/2009		1,100		1,102
5.595% due 01/22/2009		3,700		3,703
5.609% due 01/18/2011		1,500		1,502
Mystic Re Ltd.
11.660% due 12/05/2008		1,800		1,789
National Australia Bank Ltd.
5.400% due 09/11/2009		1,400		1,402
Pricoa Global Funding I
5.405% due 07/27/2009		3,700		3,706
5.440% due 06/03/2008		3,000		3,005
Residential Capital LLC
6.460% due 05/22/2009		2,000		1,992

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Residential Reinsurance 2007 Ltd.
15.610% due 06/07/2010	$	300	$	300
Royal Bank of Scotland Group PLC
5.360% due 12/21/2007		1,200		1,201
5.750% due 07/06/2012		5,900		5,900
Santander U.S. Debt S.A. Unipersonal
5.370% due 09/21/2007		3,000		3,001
5.370% due 11/20/2008		700		700
5.420% due 09/19/2008		2,800		2,803
SLM Corp.
5.495% due 07/27/2009		900		878
Unicredit Luxembourg Finance S.A.
5.405% due 10/24/2008		1,700		1,701
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008		1,300		1,303
Wachovia Bank N.A.
5.420% due 05/25/2010		6,000		6,016
Wachovia Corp.
5.486% due 10/15/2011		1,100		1,102
Wells Fargo & Co.
5.400% due 03/10/2008		4,000		4,003
5.460% due 09/15/2009		2,600		2,607
Westpac Banking Corp.
5.280% due 06/06/2008		900		900
World Savings Bank FSB
5.396% due 05/08/2009		7,100		7,104
				214,054
INDUSTRIALS 3.7%
Altria Group, Inc.
7.650% due 07/01/2008		200		204
Amgen, Inc.
5.440% due 11/28/2008		3,600		3,602
Anadarko Petroleum Corp.
5.760% due 09/15/2009		2,200		2,203
BP AMI Leasing, Inc.
5.370% due 06/26/2009		3,700		3,701
Comcast Corp.
5.656% due 07/14/2009		1,600		1,601
CSC Holdings, Inc.
7.250% due 07/15/2008		3,500		3,535
7.875% due 12/15/2007		1,500		1,513
DaimlerChrysler N.A. Holding Corp.
5.710% due 03/13/2009		1,600		1,604
5.840% due 09/10/2007		4,758		4,762
Diageo Capital PLC
5.457% due 11/10/2008		2,600		2,603
El Paso Corp.
6.950% due 12/15/2007		1,980		2,001
FedEx Corp.
5.436% due 08/08/2007		1,300		1,300
General Electric Co.
5.400% due 12/09/2008		2,600		2,602
Salomon Brothers AG for OAO Gazprom
10.500% due 10/21/2009		200		221
Time Warner, Inc.
5.590% due 11/13/2009		1,800		1,803
Transocean, Inc.
5.560% due 09/05/2008		1,300		1,301
Wal-Mart Stores, Inc.
5.260% due 06/16/2008		3,300		3,300
				37,856

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Low Duration Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
UTILITIES 2.7%
AT&T, Inc.
5.450% due 05/15/2008	$	5,900	$	5,906
BellSouth Corp.
5.460% due 08/15/2008		5,900		5,906
Deutsche Telekom International Finance BV
5.540% due 03/23/2009		2,500		2,507
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		5,670		5,698
Telecom Italia Capital S.A.
5.969% due 07/18/2011		1,800		1,813
Telefonica Emisones SAU
5.660% due 06/19/2009		1,700		1,706
Verizon Communications, Inc.
5.400% due 04/03/2009		3,800		3,803
				27,339
Total Corporate Bonds & Notes (Cost $278,880)				279,249
COMMODITY INDEX-LINKED NOTES 0.3%
Morgan Stanley
0.000% due 07/07/2008		3,000		2,983
Total Commodity Index-Linked Notes (Cost $3,000)				2,983
U.S. GOVERNMENT AGENCIES 20.9%
Fannie Mae
3.736% due 07/01/2034		248		250
4.350% due 03/01/2035		323		326
4.417% due 05/01/2035		774		771
4.500% due 06/25/2043		2,895		2,873
4.510% due 05/01/2035		717		712
4.542% due 09/01/2035		1,335		1,326
4.560% due 11/01/2035		1,476		1,466
4.655% due 08/01/2035		3,369		3,333
4.683% due 07/01/2035		519		512
5.000% due 12/25/2016 - 04/25/2033		70,546		68,501
5.380% due 12/25/2036		905		903
5.440% due 03/25/2034		133		133
5.500% due 12/01/2009 - 10/01/2035		64,244		63,276
5.670% due 09/25/2042 - 03/25/2044		1,567		1,573
5.720% due 05/25/2031 - 11/25/2032		1,501		1,507
6.000% due 08/01/2016 - 07/01/2037		1,140		1,129
6.183% due 09/01/2034		80		81
6.214% due 07/01/2042 - 06/01/2043		1,647		1,672
6.264% due 09/01/2041		675		681
6.335% due 12/01/2036		83		84
6.414% due 09/01/2040		11		11
6.500% due 12/25/2042		22		23
6.973% due 11/01/2035		385		398
Federal Housing Administration
7.430% due 10/01/2020		19		19
Freddie Mac
4.715% due 06/01/2035		2,255		2,207
4.922% due 07/01/2035		975		965
5.000% due 10/01/2018 - 12/15/2026		5,284		5,251
5.470% due 07/15/2019 - 10/15/2020		36,000		35,969
5.500% due 08/15/2030		1		1
5.550% due 07/15/2037		12,600		12,599
5.580% due 08/25/2031		436		438
5.620% due 05/15/2036		1,093		1,097

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.670% due 12/15/2030	$	533	$	535
5.720% due 06/15/2018		187		187
6.000% due 09/01/2016 - 07/01/2037		1,113		1,104
6.227% due 02/25/2045		961		957
6.500% due 07/25/2043		166		168
Ginnie Mae
4.000% due 07/16/2027		56		56
Total U.S. Government Agencies (Cost $215,509)				213,094
MORTGAGE-BACKED SECURITIES 7.1%
American Home Mortgage Investment Trust
4.290% due 10/25/2034		1,475		1,448
4.390% due 02/25/2045		566		554
Arran Residential Mortgages Funding PLC
5.340% due 04/12/2036		1,099		1,099
Banc of America Funding Corp.
4.113% due 05/25/2035		7,605		7,449
Banc of America Mortgage Securities, Inc.
6.500% due 10/25/2031		89		90
Bear Stearns Adjustable Rate Mortgage Trust
4.750% due 10/25/2035		2,780		2,749
4.773% due 01/25/2034		125		125
5.044% due 04/25/2033		29		29
5.329% due 02/25/2033		11		11
5.448% due 04/25/2033		52		51
Bear Stearns Alt-A Trust
5.377% due 05/25/2035		913		909
5.480% due 02/25/2034		1,472		1,472
Bear Stearns Mortgage Funding Trust
5.390% due 02/25/2037		2,672		2,673
Citigroup Mortgage Loan Trust, Inc.
4.900% due 12/25/2035		729		728
Countrywide Alternative Loan Trust
4.500% due 06/25/2035		2,381		2,349
5.500% due 05/25/2047		1,196		1,199
5.600% due 02/25/2037		3,646		3,656
6.000% due 10/25/2033		93		92
6.500% due 06/25/2033		9		9
Countrywide Home Loan Mortgage Pass-Through Trust
5.250% due 02/20/2036		1,166		1,162
5.560% due 04/25/2035		258		259
5.590% due 05/25/2034		44		44
CS First Boston Mortgage Securities Corp.
4.938% due 12/15/2040		622		617
5.953% due 03/25/2032		6		6
GMAC Mortgage Corp. Loan Trust
4.998% due 11/19/2035		776		776
Greenpoint Mortgage Funding Trust
5.400% due 10/25/2046		1,563		1,565
5.400% due 01/25/2047		1,639		1,640
GS Mortgage Securities Corp. II
5.410% due 03/06/2020		6,000		6,007
5.420% due 06/06/2020		763		764
GSR Mortgage Loan Trust
4.538% due 09/25/2035		3,249		3,203
6.000% due 03/25/2032		2		2
Harborview Mortgage Loan Trust
5.540% due 05/19/2035		321		321
Impac CMB Trust
6.120% due 07/25/2033		61		61
LB-UBS Commercial Mortgage Trust
4.990% due 11/15/2030		818		812

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lehman Brothers Floating Rate Commercial Mortgage Trust
5.400% due 09/15/2021	$	330	$	331
MASTR Asset Securitization Trust
5.500% due 09/25/2033		77		74
Mellon Residential Funding Corp.
5.800% due 06/15/2030		532		532
MLCC Mortgage Investors, Inc.
6.974% due 01/25/2029		101		102
Morgan Stanley Capital I
5.380% due 10/15/2020		4,081		4,086
Prime Mortgage Trust
5.720% due 02/25/2019		20		20
5.720% due 02/25/2034		67		67
Salomon Brothers Mortgage Securities VII, Inc.
4.000% due 12/25/2018		267		254
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		1,027		1,028
5.340% due 08/25/2034		1,260		1,259
6.429% due 01/25/2035		734		738
Structured Asset Mortgage Investments, Inc.
5.600% due 02/25/2036		376		376
5.650% due 09/19/2032		16		16
Structured Asset Securities Corp.
5.329% due 10/25/2035		1,695		1,693
Thornburg Mortgage Securities Trust
5.430% due 12/25/2036		1,363		1,363
5.440% due 08/25/2036		2,967		2,965
Wachovia Bank Commercial Mortgage Trust
5.400% due 06/15/2020		2,900		2,901
5.410% due 09/15/2021		3,811		3,813
Washington Mutual, Inc.
4.816% due 10/25/2032		208		208
5.474% due 02/27/2034		72		71
5.590% due 12/25/2045		397		399
5.610% due 10/25/2045		2,287		2,292
5.759% due 01/25/2047		796		796
6.223% due 05/25/2041		189		190
6.229% due 11/25/2042		285		285
6.429% due 06/25/2042		191		191
6.429% due 08/25/2042		79		79
6.529% due 09/25/2046		1,238		1,243
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036		1,444		1,424
Total Mortgage-Backed Securities (Cost $72,892)				72,727
ASSET-BACKED SECURITIES 18.2%
Accredited Mortgage Loan Trust
5.360% due 09/25/2036		2,983		2,985
ACE Securities Corp.
5.380% due 10/25/2036		1,642		1,643
5.430% due 10/25/2035		353		353
Amortizing Residential Collateral Trust
5.610% due 07/25/2032		13		13
Argent Securities, Inc.
5.370% due 09/25/2036		541		541
5.380% due 05/25/2036		1,948		1,949
5.400% due 01/25/2036		470		471
Asset-Backed Funding Certificates
5.380% due 10/25/2036		1,533		1,534
5.380% due 01/25/2037		1,130		1,131
Asset-Backed Securities Corp. Home Equity
5.370% due 12/25/2036		1,784		1,785
5.595% due 09/25/2034		495		495
6.970% due 03/15/2032		359		359

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bear Stearns Asset-Backed Securities, Inc.
5.520% due 09/25/2034	$	97	$	97
Carrington Mortgage Loan Trust
5.385% due 02/25/2036		256		256
Chase Credit Card Master Trust
5.430% due 02/15/2011		2,300		2,305
CIT Group Home Equity Loan Trust
5.590% due 06/25/2033		4		4
Citibank Credit Card Issuance Trust
2.900% due 05/17/2010		2,500		2,449
5.526% due 02/07/2010		9,300		9,316
Citigroup Mortgage Loan Trust, Inc.
5.360% due 08/25/2036		949		950
5.380% due 05/25/2037		19,300		19,309
5.390% due 01/25/2036		393		393
5.420% due 10/25/2036		7,100		7,099
Countrywide Asset-Backed Certificates
5.370% due 01/25/2037		1,612		1,613
5.370% due 05/25/2037		13,790		13,798
5.370% due 12/25/2046		556		556
5.370% due 03/25/2047		1,212		1,213
5.390% due 06/25/2037		1,387		1,388
5.400% due 06/25/2037		1,149		1,149
5.430% due 10/25/2046		1,306		1,307
5.500% due 09/25/2036		9,500		9,507
5.800% due 12/25/2031		77		77
Credit-Based Asset Servicing & Securitization LLC
5.380% due 03/25/2036		369		369
5.380% due 11/25/2036		1,228		1,229
CS First Boston Mortgage Securities Corp.
5.940% due 01/25/2032		15		16
Equity One Asset-Backed Securities, Inc.
5.600% due 11/25/2032		17		17
First Franklin Mortgage Loan Asset-Backed Certificates
5.370% due 11/25/2036		1,965		1,966
First USA Credit Card Master Trust
5.480% due 04/18/2011		4,400		4,412
Fremont Home Loan Trust
5.370% due 05/25/2036		245		245
5.380% due 01/25/2037		1,076		1,076
5.390% due 02/25/2037		791		791
GE-WMC Mortgage Securities LLC
5.360% due 08/25/2036		582		582
GS Auto Loan Trust
5.344% due 07/15/2008		2,500		2,500
GSAMP Trust
5.390% due 12/25/2036		1,485		1,485
5.610% due 03/25/2034		228		228
GSR Mortgage Loan Trust
5.420% due 11/25/2030		157		158
HFC Home Equity Loan Asset-Backed Certificates
5.390% due 03/20/2036		1,140		1,140
5.670% due 09/20/2033		188		188
HSI Asset Securitization Corp. Trust
5.370% due 12/25/2036		843		844
Indymac Residential Asset-Backed Trust
5.380% due 04/25/2037		947		948
5.420% due 03/25/2036		146		146
JPMorgan Mortgage Acquisition Corp.
5.370% due 08/25/2036		608		608
5.380% due 04/01/2037		2,121		2,120
Lehman XS Trust
5.390% due 05/25/2046		558		558
5.400% due 11/25/2046		1,935		1,936
5.440% due 11/25/2036		2,021		2,023

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Long Beach Mortgage Loan Trust
5.400% due 02/25/2036	$	179	$	179
5.410% due 01/25/2036		346		347
5.600% due 10/25/2034		135		135
MASTR Asset-Backed Securities Trust
5.380% due 11/25/2036		1,466		1,467
Merrill Lynch Mortgage Investors, Inc.
5.390% due 08/25/2036		5,009		5,010
5.430% due 07/25/2036		975		976
Morgan Stanley ABS Capital I
5.370% due 09/25/2036		4,997		4,998
5.380% due 05/25/2037		2,754		2,753
Nationstar Home Equity Loan Trust
5.440% due 04/25/2037		8,602		8,608
Nelnet Student Loan Trust
5.340% due 09/25/2012		941		942
Newcastle Mortgage Securities Trust
5.390% due 03/25/2036		1,040		1,040
Nomura Home Equity Loan, Inc.
5.400% due 02/25/2036		323		323
Option One Mortgage Loan Trust
5.370% due 01/25/2037		1,560		1,561
5.420% due 11/25/2035		194		194
Residential Asset Mortgage Products, Inc.
5.430% due 09/25/2035		193		193
Residential Asset Securities Corp.
5.360% due 08/25/2036		625		625
5.390% due 11/25/2036		1,533		1,534
Residential Funding Mortgage Securities II, Inc.
5.440% due 05/25/2037		3,267		3,269
Saxon Asset Securities Trust
5.380% due 11/25/2036		718		718
Securitized Asset-Backed Receivables LLC Trust
5.440% due 05/25/2037		2,500		2,500
SLM Student Loan Trust
5.325% due 10/25/2012		2,224		2,225
5.335% due 04/25/2012		1,454		1,455
5.335% due 04/25/2014		6,348		6,352
5.355% due 01/25/2016		880		881
5.355% due 10/25/2016		2,500		2,502
5.365% due 01/26/2015		170		170
5.365% due 04/27/2015		2,270		2,271
Soundview Home Equity Loan Trust
5.370% due 10/25/2036		1,010		1,010
5.380% due 11/25/2036		5,465		5,465
5.400% due 01/25/2037		5,629		5,633
5.420% due 12/25/2035		67		67
5.430% due 11/25/2035		79		79
Structured Asset Securities Corp.
5.370% due 10/25/2036		1,700		1,701
5.420% due 09/25/2035		581		581
5.450% due 12/25/2035		423		423
Truman Capital Mortgage Loan Trust
5.660% due 01/25/2034		67		67
USAA Auto Owner Trust
5.337% due 07/11/2008		1,800		1,800
Wachovia Auto Owner Trust
4.820% due 02/20/2009		88		88
5.337% due 06/20/2008		2,100		2,100
Wells Fargo Home Equity Trust
5.370% due 01/25/2037		988		989
5.440% due 12/25/2035		1,285		1,285
Total Asset-Backed Securities (Cost $186,057)				186,146

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SOVEREIGN ISSUES 0.6%
Korea Development Bank
5.490% due 04/03/2010	$	6,100	$	6,105
Total Sovereign Issues (Cost $6,100)				6,105
		SHARES
PREFERRED STOCKS 0.4%
DG Funding Trust
7.600% due 12/31/2049		420		4,376
Total Preferred Stocks (Cost $4,462)				4,376
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 26.4%
CERTIFICATES OF DEPOSIT 5.2%
BNP Paribas
5.262% due 05/28/2008	$	1,200		1,200
5.262% due 07/03/2008		6,800		6,799
BNP Paribas Finance, Inc.
5.270% due 09/23/2008		800		799
Calyon Financial, Inc.
5.340% due 01/16/2009		2,400		2,400
Dexia Credit Local S.A.
5.270% due 09/29/2008		8,900		8,895
Fortis Bank NY
5.265% due 04/28/2008		3,200		3,202
5.265% due 06/30/2008		1,400		1,400
5.310% due 09/30/2008		1,800		1,800
HSBC Bank USA N.A.
5.460% due 07/28/2008		3,100		3,105
Nordea Bank Finland PLC
5.308% due 05/28/2008		1,200		1,201
Royal Bank of Canada
5.267% due 06/30/2008		3,300		3,303
Royal Bank of Scotland Group PLC
5.262% due 07/03/2008		900		900
5.265% due 03/26/2008		800		800
Societe Generale NY
5.269% due 06/30/2008		5,600		5,603
5.270% due 03/26/2008		3,000		3,000
5.271% due 06/30/2008		900		901
Unicredito Italiano NY
5.360% due 12/03/2007		5,400		5,402
5.360% due 05/29/2008		2,200		2,201
				52,911
COMMERCIAL PAPER 20.2%
Bank of America Corp.
5.195% due 10/04/2007		10,700		10,668
Calyon N.A. LLC
5.175% due 06/29/2010		23,000		22,977
Cox Communications, Inc.
5.570% due 09/17/2007		600		600
Danske Corp.
5.205% due 10/12/2007		18,300		18,103
Fortis Funding LLC
5.255% due 09/05/2007		23,200		23,146
5.275% due 09/05/2007		900		896
Freddie Mac
4.800% due 07/02/2007		35,000		35,000
Nordea N.A., Inc.
5.308% due 04/09/2009		3,600		3,599

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  Low Duration Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Societe Generale NY
5.210% due 11/26/2007	$	900	$	891
5.225% due 11/26/2007		1,200		1,182
5.240% due 11/26/2007		2,200		2,174
5.250% due 11/26/2007		800		789
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		27,500		27,500
UBS Finance Delaware LLC
5.145% due 10/23/2007		400		398
5.205% due 10/23/2007		1,100		1,097
5.230% due 10/23/2007		21,200		20,868
5.235% due 10/23/2007		2,200		2,178
5.240% due 10/23/2007		5,900		5,819

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Westpac Banking Corp.
5.240% due 11/05/2007	$	28,700	$	28,361
				206,246
REPURCHASE AGREEMENTS 0.6%
State Street Bank and Trust Co.
4.900% due 07/02/2007		5,573		5,573
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $5,687. Repurchase proceeds are $5,575.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 0.4%
4.635% due 08/30/2007 - 09/13/2007 (a)(c)	$	4,470	$	4,422
Total Short-Term Instruments (Cost $269,167)				269,152
PURCHASED OPTIONS (e) 0.1%
(Cost $1,895)				1,060
Total Investments (b) 101.6% (Cost $1,040,151)			$	1,037,081
Written Options (f) (0.1%) (Premiums $1,363)				(492	)
Other Assets and Liabilities (Net) (1.5%)				(15,716	)
Net Assets 100.0%			$	1,020,873

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) As of June 30, 2007, portfolio securities with an aggregate value of $77,693 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(c) Securities with an aggregate market value of $4,422 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Euribor December Futures	Long	12/2007	140	$	(199	)
90-Day Euribor December Futures	Long	12/2008	46		(103	)
90-Day Euribor June Futures	Long	06/2008	86		(185	)
90-Day Euribor March Futures	Long	03/2008	22		(44	)
90-Day Euribor September Futures	Long	09/2008	46		(106	)
90-Day Eurodollar December Futures	Long	12/2007	784		(748	)
90-Day Eurodollar December Futures	Long	12/2008	259		(115	)
90-Day Eurodollar June Futures	Long	06/2008	1,258		(1,320	)
90-Day Eurodollar March Futures	Long	03/2008	1,978		(2,263	)
90-Day Eurodollar March Futures	Long	03/2009	20		(29	)
90-Day Eurodollar September Futures	Long	09/2008	178		(57	)
90-Day Euroyen December Futures	Long	12/2007	131		(16	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2007	55		(113	)
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	371		(541	)
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2008	21		(28	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2007	55		(118	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	324		(500	)
U.S. Treasury 30-Year Bond September Futures	Short	09/2007	445		(97	)
				$	(6,582	)

(d) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	SOFTBANK Corp. 1.750% due 03/31/2014	Sell	2.300%		09/20/2007	JPY	54,000	$	2
Bank of America	Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016	$	2,000		17
Barclays Bank PLC	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.710%		12/20/2008		1,000		3
Barclays Bank PLC	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.290%		06/20/2009		4,000		(4	)
Barclays Bank PLC	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.275%		06/20/2009		4,000		(1	)
Credit Suisse First Boston	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	0.950%		12/20/2007		300		0
Deutsche Bank AG	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		1,400		6
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.730%		04/20/2009		2,700		12
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.520%		05/20/2009		1,000		0
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.490%		06/20/2009		4,000		(5	)
JPMorgan Chase & Co.	Multiple Reference Entities of Gazprom	Sell	0.415%		11/20/2007		5,100		6

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.240%	11/20/2007	$	3,600	$	2
Lehman Brothers, Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	0.950%	12/20/2007		500		0
Lehman Brothers, Inc.	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%	12/20/2008		500		0
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.120%	11/20/2011		6,000		114
Morgan Stanley	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.245%	06/20/2008		200		0
Morgan Stanley	Multiple Reference Entities of Gazprom	Sell	0.860%	11/20/2011		2,600		34
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.390%	12/20/2008		1,000		0
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.438%	06/20/2009		4,000		0
							$	186

⁽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.

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	7.000%	12/15/2009	AUD	2,100	$	(1	)
Barclays Bank PLC	BRL-CDI-Compounded	Pay	11.360%	01/04/2010	BRL	4,200		24
Goldman Sachs & Co.	BRL-CDI-Compounded	Pay	11.465%	01/04/2010		1,100		8
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	11.430%	01/04/2010		2,700		18
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	12.948%	01/04/2010		1,400		29
Morgan Stanley	BRL-CDI-Compounded	Pay	12.780%	01/04/2010		1,500		27
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	04/05/2012	EUR	300		(3	)
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010		1,300		16
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		4,600		94
Goldman Sachs & Co.	6-Month EUR-LIBOR	Pay	4.000%	03/20/2009		2,400		(17	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	03/30/2012		600		(5	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		1,100		(11	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.958%	04/10/2012		3,600		(38	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.955%	03/28/2012		900		(9	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.950%	03/30/2012		1,300		(13	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	12/20/2008	GBP	5,900		(58	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009		3,400		(49	)
Credit Suisse First Boston	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		700		(17	)
Deutsche Bank AG	6-Month GBP-LIBOR	Pay	6.000%	12/20/2008		3,500		(35	)
Deutsche Bank AG	6-Month GBP-LIBOR	Receive	4.000%	12/15/2036		6,000		525
HSBC Bank USA	6-Month GBP-LIBOR	Pay	4.500%	12/20/2007		1,700		(26	)
Lehman Brothers, Inc.	6-Month GBP-LIBOR	Pay	4.500%	09/20/2009		200		(13	)
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009		3,100		(46	)
Barclays Bank PLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	310,000		(7	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		2,290,000		(12	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		500,000		(7	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		160,000		(1	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		2,940,000		(42	)
Goldman Sachs & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	7.780%	04/03/2012	MXN	12,200		(10	)
Bank of America	3-Month USD-LIBOR	Pay	5.000%	12/19/2009	$	13,600		(15	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		41,900		18
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		11,100		(84	)
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	06/20/2009		20,300		(160	)
Morgan Stanley	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		3,800		(25	)
							$	55

(e) Purchased options outstanding on June 30, 2007:

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Barclays Bank PLC	6-Month EUR-LIBOR	Pay	3.960%	07/02/2007	EUR	6,000	$	28	$	0
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.900%	08/08/2007	$	9,000		40		0
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		44,000		208		87
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		13,800		77		17
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		5,200		18		10
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	07/02/2007		10,000		41		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.850%	07/02/2007		30,000		78		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.900%	08/08/2007		36,000		81		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		45,700		227		73
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		63,600		371		79
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/15/2008		62,700		218		212
								$	1,387	$	478

See Accompanying Notes Semiannual Report June 30, 2007 13

Schedule of Investments  Low Duration Portfolio (Cont.)

Foreign Currency Options

Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC U.S. dollar versus Japanese yen	JPY	103.800	03/17/2010	$	1,000	$	44	$	77
Put - OTC U.S. dollar versus Japanese yen		103.800	03/17/2010		1,000		44		25
Call - OTC U.S. dollar versus Japanese yen		104.650	03/31/2010		1,000		45		71
Put - OTC U.S. dollar versus Japanese yen		104.650	03/31/2010		1,000		39		27
Call - OTC U.S. dollar versus Japanese yen		105.200	03/31/2010		1,000		42		68
Put - OTC U.S. dollar versus Japanese yen		105.200	03/31/2010		1,000		42		28
Call - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		3,000		126		201
Put - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		3,000		126		85
						$	508	$	582

(f) Written options outstanding on June 30, 2007:

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	Barclays Bank PLC	6-Month EUR-LIBOR	Receive	4.100%	07/02/2007	EUR	2,000	$	24	$	0
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	4.950%	09/26/2008	$	19,000		209		96
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		6,000		73		18
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		2,300		19		12
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	07/02/2007		7,600		82		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	07/02/2007		4,500		47		0
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	08/08/2007		6,000		70		0
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	08/08/2007		3,000		34		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		20,000		240		72
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		14,700		196		45
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	03/31/2008		13,000		160		44
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.200%	12/15/2008		20,900		209		205
								$	1,363	$	492

(g) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.500%	07/01/2037	$	4,000	$	3,885	$	3,858
U.S. Treasury Notes	4.625%	02/15/2017		2,800		2,723		2,763
					$	6,608	$	6,621

⁽²⁾ Market value includes $50 of interest payable on short sales.

(h) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AUD	3,792	07/2007	$	23	$	0		$	23
Sell		34	07/2007		0		0			0
Buy	BRL	29,907	10/2007		572		0			572
Buy		14,977	03/2008		478		0			478
Buy	CAD	2,735	08/2007		11		0			11
Buy	CLP	130,534	03/2008		0		(1	)		(1	)
Buy	CNY	768	09/2007		2		0			2
Sell		768	09/2007		0		0			0
Buy		11,517	11/2007		12		0			12
Sell		14,080	11/2007		1		(4	)		(3	)
Buy		4,059	01/2008		0		(4	)		(4	)
Sell		4,059	01/2008		0		(1	)		(1	)
Buy	EUR	5,466	07/2007		72		0			72
Sell	GBP	3,730	08/2007		0		(39	)		(39	)
Buy	INR	41,409	10/2007		4		0			4
Buy		4,970	11/2007		0		(1	)		(1	)
Buy		260,547	05/2008		59		0			59
Buy	KRW	2,631,872	07/2007		17		0			17
Sell		177,295	07/2007		0		(1	)		(1	)
Buy		1,082,809	08/2007		0		0			0
Buy		987,632	09/2007		7		0			7
Sell		241,906	09/2007		0		(5	)		(5	)
Buy	MXN	14,088	09/2007		18		0			18
Buy		34,243	03/2008		19		(5	)		14

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	MYR	6,017	05/2008	$	0	$	(13	)	$	(13	)
Buy	NZD	408	07/2007		8		0			8
Buy	PHP	14,604	05/2008		0		(3	)		(3	)
Buy	PLN	11,325	09/2007		76		(1	)		75
Buy	RUB	35,543	09/2007		18		0			18
Buy		21,548	11/2007		21		0			21
Buy		50,111	12/2007		45		0			45
Buy		85,054	01/2008		17		0			17
Buy	SEK	5,098	09/2007		9		0			9
Buy	SGD	5,064	07/2007		0		(18	)		(18	)
Sell		2,968	07/2007		0		(11	)		(11	)
Buy		2,154	08/2007		8		(2	)		6
Buy		172	09/2007		0		0			0
Buy		4,887	10/2007		17		0			17
Buy	ZAR	106	09/2007		0		0			0
Buy		202	03/2008		0		0			0
				$	1,514	$	(109	)	$	1,405

See Accompanying Notes Semiannual Report June 30, 2007 15

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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	MXN	Mexican Peso
BRL	Brazilian Real	MYR	Malaysian Ringgit
CAD	Canadian Dollar	NZD	New Zealand Dollar
CLP	Chilean Peso	PHP	Philippines Peso
CNY	Chinese Yuan Renminbi	PLN	Polish Zloty
EUR	Euro	RUB	Russian Ruble
GBP	Great British Pound	SEK	Swedish Krona
INR	Indian Rupee	SGD	Singapore Dollar
JPY	Japanese Yen	ZAR	South African Rand
KRW	South Korean Won

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency

contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

offset against the proceeds on the underlying future, swap, security or currency transaction to determine the realized gain or loss.

(j) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(k) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)   The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(l) 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 on 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.

(m) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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

18 PIMCO Variable Insurance Trust

June 30, 2007 (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, 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 U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(n) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

(o) Bridge Debt Commitments  At the period ended June 30, 2007, the Portfolio had $2,189,000 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.

(p) Commodities Index-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 notes 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 on the accompanying financial statements. Net payments are recorded as net realized gains and 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, 2007, the value of these securities comprised 0.3% of the Portfolio’s net assets and resulted in unrealized depreciation of $17,003.

(q) 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-related 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.

(r) 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” or “Ginnie Mae”), 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.

(s) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	132,589	$	60,737	$	195,469	$	25,549

20 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Notional Amount in EUR		Notional Amount in GBP			Premium
Balance at 12/31/2006	19		$	98,000		EUR	2,000	GBP	1,300		$	1,000
Sales	309			104,900			0		0			1,311
Closing Buys	(138	)		(85,900	)		0		0			(862	)
Expirations	(165	)		0			0		(1,300	)		(76	)
Exercised	(25	)		0			0		0			(10	)
Balance at 06/30/2007	0		$	117,000		EUR	2,000	GBP	0		$	1,363

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	304		$	3,048		1,150		$	11,541
Administrative Class	29,060			291,519		36,746			369,230
Advisor Class	42			421		39			390
Issued as reinvestment of distributions
Institutional Class	60			599		106			1,072
Administrative Class	2,018			20,247		2,547			25,602
Advisor Class	0			3		0			2
Cost of shares redeemed
Institutional Class	(1,117	)		(11,174	)	(476	)		(4,778	)
Administrative Class	(6,686	)		(67,154	)	(8,707	)		(87,388	)
Advisor Class	(35	)		(355	)	(20	)		(204	)
Net increase resulting from Portfolio share transactions	23,646		$	237,154		31,385		$	315,467

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	71
Advisor Class	1	96

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to

Semiannual Report June 30, 2007 21

Notes to Financial Statements (Cont.)

reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    767	$    (3,837)	$    (3,070)

22 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 23

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	23

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Low Duration Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

Corporate Bonds & Notes	26.9%
Short-Term Instruments	26.0%
U.S. Government Agencies	20.5%
Asset-Backed Securities	18.0%
Mortgage-Backed Securities	7.0%
Other	1.6%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	Portfolio Inception (03/31/06)
	PIMCO Low Duration Portfolio Advisor Class	1.52%	4.80%	4.24%
	Merrill Lynch 1-3 Year Treasury Index±	2.11%	5.07%	4.58%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± 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. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,015.18	$	1,021.08
Expenses Paid During Period†	$	3.75	$	3.76

† 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 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 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, which may be represented by forwards or derivatives, such as options, futures contracts or swap agreements.

» Above-index duration exposure, or sensitivity to changes in market interest rates, during the period detracted from performance as interest rates rose.

» The Portfolio’s emphasis at the shorter-end of the yield curve, mostly through Eurodollar contracts, added to returns as rates on short maturities declined during the period.

» An emphasis on mortgages was slightly negative for returns as the sector slightly underperformed Treasuries on a like-duration basis.

» Exposure to high-yield and corporate bonds was slightly positive for performance as these sectors outperformed Treasuries.

» Low exposure to emerging markets was neutral for performance as the sector slightly outperformed Treasuries on a like-duration basis.

» Tactical exposure to non-U.S. issues, with a focus on shorter-maturity U.K. securities, detracted from returns as these positions underperformed comparable U.S. Treasuries.

4 PIMCO Variable Insurance Trust

Financial Highlights  Low Duration Portfolio

Selected per Share Data for the Period Ended:	06/30/2007+			03/31/2006–12/31/2006
Advisor Class
Net asset value beginning of period	$	10.06		$	10.01
Net investment income (a)		0.23			0.35
Net realized/unrealized gain (loss) on investments (a)		(0.08	)		0.02
Total income from investment operations		0.15			0.37
Dividends from net investment income		(0.23	)		(0.32	)
Total distributions		(0.23	)		(0.32	)
Net asset value end of period	$	9.98		$	10.06
Total return		1.52	%		3.75	%
Net assets end of period (000s)	$	256		$	188
Ratio of expenses to average net assets		0.75	%*		0.75	%*
Ratio of expenses to average net assets excluding interest expense		0.75	%*		0.75	%*
Ratio of net investment income to average net assets		4.58	%*		4.59	%*
Portfolio turnover rate		12	%		200	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Low Duration Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	1,037,081
Cash		259
Foreign currency, at value		6,512
Receivable for investments sold		6,658
Receivable for Portfolio shares sold		3,235
Interest and dividends receivable		3,739
Variation margin receivable		773
Swap premiums paid		2,713
Unrealized appreciation on foreign currency contracts		1,514
Unrealized appreciation on swap agreements		956
		1,063,440
Liabilities:
Payable for investments purchased	$	20,328
Payable for investments purchased on a delayed-delivery basis		12,597
Payable for Portfolio shares redeemed		48
Payable for short sales		6,621
Written options outstanding		492
Dividends payable		12
Accrued investment advisory fee		208
Accrued administration fee		208
Accrued servicing fee		111
Variation margin payable		663
Swap premiums received		444
Unrealized depreciation on foreign currency contracts		109
Unrealized depreciation on swap agreements		715
Other liabilities		11
		42,567
Net Assets	$	1,020,873
Net Assets Consist of:
Paid in capital	$	1,036,658
Undistributed net investment income		1,093
Accumulated undistributed net realized (loss)		(9,797	)
Net unrealized (depreciation)		(7,081	)
	$	1,020,873
Net Assets:
Institutional Class	$	18,166
Administrative Class		1,002,451
Advisor Class		256
Shares Issued and Outstanding:
Institutional Class		1,820
Administrative Class		100,430
Advisor Class		26
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	9.98
Administrative Class		9.98
Advisor Class		9.98
Cost of Investments Owned	$	1,040,151
Cost of Foreign Currency Held	$	6,490
Proceeds Received on Short Sales	$	6,608
Premiums Received on Written Options	$	1,363

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Low Duration Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest, net of foreign taxes*	$	23,402
Dividends		166
Miscellaneous income		25
Total Income		23,593
Expenses:
Investment advisory fees		1,086
Administration fees		1,086
Servicing fees – Administrative Class		633
Trustees’ fees		9
Total Expenses		2,814
Net Investment Income		20,779
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(434	)
Net realized (loss) on futures contracts, written options and swaps		(2,941	)
Net realized gain on foreign currency transactions		512
Net change in unrealized (depreciation) on investments		(2,479	)
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(3,146	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		1,382
Net (Loss)		(7,106	)
Net Increase in Net Assets Resulting from Operations	$	13,673
*Foreign tax withholding	$	8

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Low Duration Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase in Net Assets from:
Operations:
Net investment income	$	20,779		$	26,588
Net realized (loss)		(2,863	)		(382	)
Net change in unrealized (depreciation)		(4,243	)		(846	)
Net increase resulting from operations		13,673			25,360
Distributions to Shareholders:
From net investment income
Institutional Class		(600	)		(1,072	)
Administrative Class		(20,271	)		(25,602	)
Advisor Class		(3	)		(2	)
Total Distributions		(20,874	)		(26,676	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		3,048			11,541
Administrative Class		291,518			369,230
Advisor Class		421			390
Issued as reinvestment of distributions
Institutional Class		600			1,072
Administrative Class		20,247			25,602
Advisor Class		3			2
Cost of shares redeemed
Institutional Class		(11,174	)		(4,778	)
Administrative Class		(67,154	)		(87,388	)
Advisor Class		(355	)		(204	)
Net increase resulting from Portfolio share transactions		237,154			315,467
Total Increase in Net Assets		229,953			314,151
Net Assets:
Beginning of period		790,920			476,769
End of period*	$	1,020,873		$	790,920
*Including undistributed net investment income of:	$	1,093		$	1,188

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Low Duration Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.2%
SLM Corp.
6.000% due 06/30/2008	$	2,200	$	2,189
Total Bank Loan Obligations (Cost $2,189)				2,189
CORPORATE BONDS & NOTES 27.4%
BANKING & FINANCE 21.0%
AIG-Fp Matched Funding Corp.
5.360% due 06/16/2008		1,700		1,703
Allstate Life Global Funding Trusts
5.400% due 03/23/2009		800		801
American Express Bank FSB
5.330% due 10/16/2008		2,000		2,000
5.380% due 06/22/2009		1,300		1,301
5.380% due 10/20/2009		2,100		2,101
American Express Centurion Bank
5.320% due 05/07/2008		1,400		1,400
5.340% due 06/12/2009		1,900		1,901
American Express Credit Corp.
5.380% due 11/09/2009		1,100		1,101
American International Group, Inc.
5.360% due 06/23/2008		600		600
5.370% due 06/16/2009		5,200		5,222
ANZ National International Ltd.
5.396% due 08/07/2009		1,500		1,500
Bank of America Corp.
5.366% due 11/06/2009		900		900
5.370% due 06/19/2009		6,100		6,109
Bank of America N.A.
5.360% due 02/27/2009		700		700
Bank of Ireland
5.370% due 12/19/2008		3,100		3,104
5.410% due 12/18/2009		1,120		1,122
Bear Stearns Cos., Inc.
5.450% due 03/30/2009		2,900		2,902
5.450% due 08/21/2009		300		300
5.480% due 05/18/2010		2,400		2,399
5.505% due 04/29/2008		3,400		3,405
Calabash Re II Ltd.
13.760% due 01/08/2010		1,900		1,917
16.260% due 01/08/2010		1,900		1,978
Caterpillar Financial Services Corp.
5.420% due 05/18/2009		5,480		5,488
5.430% due 03/10/2009		6,400		6,407
CIT Group, Inc.
5.510% due 08/15/2008		300		300
5.510% due 12/19/2008		400		400
5.570% due 05/23/2008		4,600		4,606
Citigroup Funding, Inc.
5.360% due 06/26/2009		1,400		1,399
Citigroup Global Markets Holdings, Inc.
5.460% due 03/17/2009		1,800		1,803
Citigroup, Inc.
4.200% due 12/20/2007		4,100		4,078
5.390% due 12/28/2009		4,000		4,003
5.395% due 01/30/2009		1,900		1,901
5.400% due 12/26/2008		200		200
Credit Agricole S.A.
5.360% due 05/28/2009		1,500		1,501
5.410% due 05/28/2010		1,700		1,701
DnB NORBank ASA
5.425% due 10/13/2009		8,400		8,405

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Export-Import Bank of Korea
5.450% due 06/01/2009	$	2,200	$	2,201
General Electric Capital Corp.
5.390% due 01/05/2009		2,500		2,502
5.410% due 10/06/2010		2,100		2,102
5.428% due 01/20/2010		1,400		1,403
5.430% due 08/15/2011		5,500		5,498
5.560% due 01/08/2016		300		300
General Motors Acceptance Corp.
6.510% due 09/23/2008		1,100		1,100
GMAC LLC
6.000% due 12/15/2011		300		285
Goldman Sachs Group, Inc.
5.400% due 12/23/2008		400		400
5.410% due 03/30/2009		2,900		2,902
5.440% due 11/16/2009		600		601
5.450% due 12/22/2008		2,100		2,103
5.455% due 07/29/2008		1,700		1,703
5.475% due 10/05/2007		1,600		1,601
5.685% due 07/23/2009		1,300		1,307
HBOS Treasury Services PLC
5.397% due 07/17/2009		2,200		2,203
HSBC Bank USA N.A.
5.500% due 06/10/2009		1,400		1,404
HSBC Finance Corp.
5.490% due 09/15/2008		500		501
5.500% due 12/05/2008		1,300		1,303
5.607% due 05/10/2010		2,200		2,211
ICICI Bank Ltd.
5.895% due 01/12/2010		2,300		2,305
John Deere Capital Corp.
5.406% due 04/15/2008		1,200		1,201
5.406% due 07/15/2008		1,400		1,401
JPMorgan Chase & Co.
5.539% due 10/02/2009		3,500		3,515
Lehman Brothers Holdings, Inc.
5.370% due 11/24/2008		1,000		1,000
5.410% due 12/23/2008		400		400
5.440% due 04/03/2009		1,700		1,702
5.460% due 08/21/2009		1,600		1,601
5.460% due 11/16/2009		5,200		5,205
5.570% due 12/23/2010		900		901
5.579% due 07/18/2011		1,000		1,002
Longpoint Re Ltd.
10.609% due 05/08/2010		700		700
Merrill Lynch & Co., Inc.
5.406% due 05/08/2009		1,700		1,701
5.440% due 12/04/2009		1,400		1,401
5.460% due 06/16/2008		6,000		6,007
Metropolitan Life Global Funding I
5.400% due 05/17/2010		3,200		3,202
Morgan Stanley
5.406% due 05/07/2009		2,800		2,802
5.467% due 02/09/2009		1,100		1,102
5.595% due 01/22/2009		3,700		3,703
5.609% due 01/18/2011		1,500		1,502
Mystic Re Ltd.
11.660% due 12/05/2008		1,800		1,789
National Australia Bank Ltd.
5.400% due 09/11/2009		1,400		1,402
Pricoa Global Funding I
5.405% due 07/27/2009		3,700		3,706
5.440% due 06/03/2008		3,000		3,005
Residential Capital LLC
6.460% due 05/22/2009		2,000		1,992

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Residential Reinsurance 2007 Ltd.
15.610% due 06/07/2010	$	300	$	300
Royal Bank of Scotland Group PLC
5.360% due 12/21/2007		1,200		1,201
5.750% due 07/06/2012		5,900		5,900
Santander U.S. Debt S.A. Unipersonal
5.370% due 09/21/2007		3,000		3,001
5.370% due 11/20/2008		700		700
5.420% due 09/19/2008		2,800		2,803
SLM Corp.
5.495% due 07/27/2009		900		878
Unicredit Luxembourg Finance S.A.
5.405% due 10/24/2008		1,700		1,701
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008		1,300		1,303
Wachovia Bank N.A.
5.420% due 05/25/2010		6,000		6,016
Wachovia Corp.
5.486% due 10/15/2011		1,100		1,102
Wells Fargo & Co.
5.400% due 03/10/2008		4,000		4,003
5.460% due 09/15/2009		2,600		2,607
Westpac Banking Corp.
5.280% due 06/06/2008		900		900
World Savings Bank FSB
5.396% due 05/08/2009		7,100		7,104
				214,054
INDUSTRIALS 3.7%
Altria Group, Inc.
7.650% due 07/01/2008		200		204
Amgen, Inc.
5.440% due 11/28/2008		3,600		3,602
Anadarko Petroleum Corp.
5.760% due 09/15/2009		2,200		2,203
BP AMI Leasing, Inc.
5.370% due 06/26/2009		3,700		3,701
Comcast Corp.
5.656% due 07/14/2009		1,600		1,601
CSC Holdings, Inc.
7.250% due 07/15/2008		3,500		3,535
7.875% due 12/15/2007		1,500		1,513
DaimlerChrysler N.A. Holding Corp.
5.710% due 03/13/2009		1,600		1,604
5.840% due 09/10/2007		4,758		4,762
Diageo Capital PLC
5.457% due 11/10/2008		2,600		2,603
El Paso Corp.
6.950% due 12/15/2007		1,980		2,001
FedEx Corp.
5.436% due 08/08/2007		1,300		1,300
General Electric Co.
5.400% due 12/09/2008		2,600		2,602
Salomon Brothers AG for OAO Gazprom
10.500% due 10/21/2009		200		221
Time Warner, Inc.
5.590% due 11/13/2009		1,800		1,803
Transocean, Inc.
5.560% due 09/05/2008		1,300		1,301
Wal-Mart Stores, Inc.
5.260% due 06/16/2008		3,300		3,300
				37,856

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Low Duration Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
UTILITIES 2.7%
AT&T, Inc.
5.450% due 05/15/2008	$	5,900	$	5,906
BellSouth Corp.
5.460% due 08/15/2008		5,900		5,906
Deutsche Telekom International Finance BV
5.540% due 03/23/2009		2,500		2,507
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		5,670		5,698
Telecom Italia Capital S.A.
5.969% due 07/18/2011		1,800		1,813
Telefonica Emisones SAU
5.660% due 06/19/2009		1,700		1,706
Verizon Communications, Inc.
5.400% due 04/03/2009		3,800		3,803
				27,339
Total Corporate Bonds & Notes (Cost $278,880)				279,249
COMMODITY INDEX-LINKED NOTES 0.3%
Morgan Stanley
0.000% due 07/07/2008		3,000		2,983
Total Commodity Index-Linked Notes (Cost $3,000)				2,983
U.S. GOVERNMENT AGENCIES 20.9%
Fannie Mae
3.736% due 07/01/2034		248		250
4.350% due 03/01/2035		323		326
4.417% due 05/01/2035		774		771
4.500% due 06/25/2043		2,895		2,873
4.510% due 05/01/2035		717		712
4.542% due 09/01/2035		1,335		1,326
4.560% due 11/01/2035		1,476		1,466
4.655% due 08/01/2035		3,369		3,333
4.683% due 07/01/2035		519		512
5.000% due 12/25/2016 - 04/25/2033		70,546		68,501
5.380% due 12/25/2036		905		903
5.440% due 03/25/2034		133		133
5.500% due 12/01/2009 - 10/01/2035		64,244		63,276
5.670% due 09/25/2042 - 03/25/2044		1,567		1,573
5.720% due 05/25/2031 - 11/25/2032		1,501		1,507
6.000% due 08/01/2016 - 07/01/2037		1,140		1,129
6.183% due 09/01/2034		80		81
6.214% due 07/01/2042 - 06/01/2043		1,647		1,672
6.264% due 09/01/2041		675		681
6.335% due 12/01/2036		83		84
6.414% due 09/01/2040		11		11
6.500% due 12/25/2042		22		23
6.973% due 11/01/2035		385		398
Federal Housing Administration
7.430% due 10/01/2020		19		19
Freddie Mac
4.715% due 06/01/2035		2,255		2,207
4.922% due 07/01/2035		975		965
5.000% due 10/01/2018 - 12/15/2026		5,284		5,251
5.470% due 07/15/2019 - 10/15/2020		36,000		35,969
5.500% due 08/15/2030		1		1
5.550% due 07/15/2037		12,600		12,599
5.580% due 08/25/2031		436		438
5.620% due 05/15/2036		1,093		1,097

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.670% due 12/15/2030	$	533	$	535
5.720% due 06/15/2018		187		187
6.000% due 09/01/2016 - 07/01/2037		1,113		1,104
6.227% due 02/25/2045		961		957
6.500% due 07/25/2043		166		168
Ginnie Mae
4.000% due 07/16/2027		56		56
Total U.S. Government Agencies (Cost $215,509)				213,094
MORTGAGE-BACKED SECURITIES 7.1%
American Home Mortgage Investment Trust
4.290% due 10/25/2034		1,475		1,448
4.390% due 02/25/2045		566		554
Arran Residential Mortgages Funding PLC
5.340% due 04/12/2036		1,099		1,099
Banc of America Funding Corp.
4.113% due 05/25/2035		7,605		7,449
Banc of America Mortgage Securities, Inc.
6.500% due 10/25/2031		89		90
Bear Stearns Adjustable Rate Mortgage Trust
4.750% due 10/25/2035		2,780		2,749
4.773% due 01/25/2034		125		125
5.044% due 04/25/2033		29		29
5.329% due 02/25/2033		11		11
5.448% due 04/25/2033		52		51
Bear Stearns Alt-A Trust
5.377% due 05/25/2035		913		909
5.480% due 02/25/2034		1,472		1,472
Bear Stearns Mortgage Funding Trust
5.390% due 02/25/2037		2,672		2,673
Citigroup Mortgage Loan Trust, Inc.
4.900% due 12/25/2035		729		728
Countrywide Alternative Loan Trust
4.500% due 06/25/2035		2,381		2,349
5.500% due 05/25/2047		1,196		1,199
5.600% due 02/25/2037		3,646		3,656
6.000% due 10/25/2033		93		92
6.500% due 06/25/2033		9		9
Countrywide Home Loan Mortgage Pass-Through Trust
5.250% due 02/20/2036		1,166		1,162
5.560% due 04/25/2035		258		259
5.590% due 05/25/2034		44		44
CS First Boston Mortgage Securities Corp.
4.938% due 12/15/2040		622		617
5.953% due 03/25/2032		6		6
GMAC Mortgage Corp. Loan Trust
4.998% due 11/19/2035		776		776
Greenpoint Mortgage Funding Trust
5.400% due 10/25/2046		1,563		1,565
5.400% due 01/25/2047		1,639		1,640
GS Mortgage Securities Corp. II
5.410% due 03/06/2020		6,000		6,007
5.420% due 06/06/2020		763		764
GSR Mortgage Loan Trust
4.538% due 09/25/2035		3,249		3,203
6.000% due 03/25/2032		2		2
Harborview Mortgage Loan Trust
5.540% due 05/19/2035		321		321
Impac CMB Trust
6.120% due 07/25/2033		61		61
LB-UBS Commercial Mortgage Trust
4.990% due 11/15/2030		818		812

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lehman Brothers Floating Rate Commercial Mortgage Trust
5.400% due 09/15/2021	$	330	$	331
MASTR Asset Securitization Trust
5.500% due 09/25/2033		77		74
Mellon Residential Funding Corp.
5.800% due 06/15/2030		532		532
MLCC Mortgage Investors, Inc.
6.974% due 01/25/2029		101		102
Morgan Stanley Capital I
5.380% due 10/15/2020		4,081		4,086
Prime Mortgage Trust
5.720% due 02/25/2019		20		20
5.720% due 02/25/2034		67		67
Salomon Brothers Mortgage Securities VII, Inc.
4.000% due 12/25/2018		267		254
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		1,027		1,028
5.340% due 08/25/2034		1,260		1,259
6.429% due 01/25/2035		734		738
Structured Asset Mortgage Investments, Inc.
5.600% due 02/25/2036		376		376
5.650% due 09/19/2032		16		16
Structured Asset Securities Corp.
5.329% due 10/25/2035		1,695		1,693
Thornburg Mortgage Securities Trust
5.430% due 12/25/2036		1,363		1,363
5.440% due 08/25/2036		2,967		2,965
Wachovia Bank Commercial Mortgage Trust
5.400% due 06/15/2020		2,900		2,901
5.410% due 09/15/2021		3,811		3,813
Washington Mutual, Inc.
4.816% due 10/25/2032		208		208
5.474% due 02/27/2034		72		71
5.590% due 12/25/2045		397		399
5.610% due 10/25/2045		2,287		2,292
5.759% due 01/25/2047		796		796
6.223% due 05/25/2041		189		190
6.229% due 11/25/2042		285		285
6.429% due 06/25/2042		191		191
6.429% due 08/25/2042		79		79
6.529% due 09/25/2046		1,238		1,243
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036		1,444		1,424
Total Mortgage-Backed Securities (Cost $72,892)				72,727
ASSET-BACKED SECURITIES 18.2%
Accredited Mortgage Loan Trust
5.360% due 09/25/2036		2,983		2,985
ACE Securities Corp.
5.380% due 10/25/2036		1,642		1,643
5.430% due 10/25/2035		353		353
Amortizing Residential Collateral Trust
5.610% due 07/25/2032		13		13
Argent Securities, Inc.
5.370% due 09/25/2036		541		541
5.380% due 05/25/2036		1,948		1,949
5.400% due 01/25/2036		470		471
Asset-Backed Funding Certificates
5.380% due 10/25/2036		1,533		1,534
5.380% due 01/25/2037		1,130		1,131
Asset-Backed Securities Corp. Home Equity
5.370% due 12/25/2036		1,784		1,785
5.595% due 09/25/2034		495		495
6.970% due 03/15/2032		359		359

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bear Stearns Asset-Backed Securities, Inc.
5.520% due 09/25/2034	$	97	$	97
Carrington Mortgage Loan Trust
5.385% due 02/25/2036		256		256
Chase Credit Card Master Trust
5.430% due 02/15/2011		2,300		2,305
CIT Group Home Equity Loan Trust
5.590% due 06/25/2033		4		4
Citibank Credit Card Issuance Trust
2.900% due 05/17/2010		2,500		2,449
5.526% due 02/07/2010		9,300		9,316
Citigroup Mortgage Loan Trust, Inc.
5.360% due 08/25/2036		949		950
5.380% due 05/25/2037		19,300		19,309
5.390% due 01/25/2036		393		393
5.420% due 10/25/2036		7,100		7,099
Countrywide Asset-Backed Certificates
5.370% due 01/25/2037		1,612		1,613
5.370% due 05/25/2037		13,790		13,798
5.370% due 12/25/2046		556		556
5.370% due 03/25/2047		1,212		1,213
5.390% due 06/25/2037		1,387		1,388
5.400% due 06/25/2037		1,149		1,149
5.430% due 10/25/2046		1,306		1,307
5.500% due 09/25/2036		9,500		9,507
5.800% due 12/25/2031		77		77
Credit-Based Asset Servicing & Securitization LLC
5.380% due 03/25/2036		369		369
5.380% due 11/25/2036		1,228		1,229
CS First Boston Mortgage Securities Corp.
5.940% due 01/25/2032		15		16
Equity One Asset-Backed Securities, Inc.
5.600% due 11/25/2032		17		17
First Franklin Mortgage Loan Asset-Backed Certificates
5.370% due 11/25/2036		1,965		1,966
First USA Credit Card Master Trust
5.480% due 04/18/2011		4,400		4,412
Fremont Home Loan Trust
5.370% due 05/25/2036		245		245
5.380% due 01/25/2037		1,076		1,076
5.390% due 02/25/2037		791		791
GE-WMC Mortgage Securities LLC
5.360% due 08/25/2036		582		582
GS Auto Loan Trust
5.344% due 07/15/2008		2,500		2,500
GSAMP Trust
5.390% due 12/25/2036		1,485		1,485
5.610% due 03/25/2034		228		228
GSR Mortgage Loan Trust
5.420% due 11/25/2030		157		158
HFC Home Equity Loan Asset-Backed Certificates
5.390% due 03/20/2036		1,140		1,140
5.670% due 09/20/2033		188		188
HSI Asset Securitization Corp. Trust
5.370% due 12/25/2036		843		844
Indymac Residential Asset-Backed Trust
5.380% due 04/25/2037		947		948
5.420% due 03/25/2036		146		146
JPMorgan Mortgage Acquisition Corp.
5.370% due 08/25/2036		608		608
5.380% due 04/01/2037		2,121		2,120
Lehman XS Trust
5.390% due 05/25/2046		558		558
5.400% due 11/25/2046		1,935		1,936
5.440% due 11/25/2036		2,021		2,023

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Long Beach Mortgage Loan Trust
5.400% due 02/25/2036	$	179	$	179
5.410% due 01/25/2036		346		347
5.600% due 10/25/2034		135		135
MASTR Asset-Backed Securities Trust
5.380% due 11/25/2036		1,466		1,467
Merrill Lynch Mortgage Investors, Inc.
5.390% due 08/25/2036		5,009		5,010
5.430% due 07/25/2036		975		976
Morgan Stanley ABS Capital I
5.370% due 09/25/2036		4,997		4,998
5.380% due 05/25/2037		2,754		2,753
Nationstar Home Equity Loan Trust
5.440% due 04/25/2037		8,602		8,608
Nelnet Student Loan Trust
5.340% due 09/25/2012		941		942
Newcastle Mortgage Securities Trust
5.390% due 03/25/2036		1,040		1,040
Nomura Home Equity Loan, Inc.
5.400% due 02/25/2036		323		323
Option One Mortgage Loan Trust
5.370% due 01/25/2037		1,560		1,561
5.420% due 11/25/2035		194		194
Residential Asset Mortgage Products, Inc.
5.430% due 09/25/2035		193		193
Residential Asset Securities Corp.
5.360% due 08/25/2036		625		625
5.390% due 11/25/2036		1,533		1,534
Residential Funding Mortgage Securities II, Inc.
5.440% due 05/25/2037		3,267		3,269
Saxon Asset Securities Trust
5.380% due 11/25/2036		718		718
Securitized Asset-Backed Receivables LLC Trust
5.440% due 05/25/2037		2,500		2,500
SLM Student Loan Trust
5.325% due 10/25/2012		2,224		2,225
5.335% due 04/25/2012		1,454		1,455
5.335% due 04/25/2014		6,348		6,352
5.355% due 01/25/2016		880		881
5.355% due 10/25/2016		2,500		2,502
5.365% due 01/26/2015		170		170
5.365% due 04/27/2015		2,270		2,271
Soundview Home Equity Loan Trust
5.370% due 10/25/2036		1,010		1,010
5.380% due 11/25/2036		5,465		5,465
5.400% due 01/25/2037		5,629		5,633
5.420% due 12/25/2035		67		67
5.430% due 11/25/2035		79		79
Structured Asset Securities Corp.
5.370% due 10/25/2036		1,700		1,701
5.420% due 09/25/2035		581		581
5.450% due 12/25/2035		423		423
Truman Capital Mortgage Loan Trust
5.660% due 01/25/2034		67		67
USAA Auto Owner Trust
5.337% due 07/11/2008		1,800		1,800
Wachovia Auto Owner Trust
4.820% due 02/20/2009		88		88
5.337% due 06/20/2008		2,100		2,100
Wells Fargo Home Equity Trust
5.370% due 01/25/2037		988		989
5.440% due 12/25/2035		1,285		1,285
Total Asset-Backed Securities (Cost $186,057)				186,146

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SOVEREIGN ISSUES 0.6%
Korea Development Bank
5.490% due 04/03/2010	$	6,100	$	6,105
Total Sovereign Issues (Cost $6,100)				6,105
		SHARES
PREFERRED STOCKS 0.4%
DG Funding Trust
7.600% due 12/31/2049		420		4,376
Total Preferred Stocks (Cost $4,462)				4,376
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 26.4%
CERTIFICATES OF DEPOSIT 5.2%
BNP Paribas
5.262% due 05/28/2008	$	1,200		1,200
5.262% due 07/03/2008		6,800		6,799
BNP Paribas Finance, Inc.
5.270% due 09/23/2008		800		799
Calyon Financial, Inc.
5.340% due 01/16/2009		2,400		2,400
Dexia Credit Local S.A.
5.270% due 09/29/2008		8,900		8,895
Fortis Bank NY
5.265% due 04/28/2008		3,200		3,202
5.265% due 06/30/2008		1,400		1,400
5.310% due 09/30/2008		1,800		1,800
HSBC Bank USA N.A.
5.460% due 07/28/2008		3,100		3,105
Nordea Bank Finland PLC
5.308% due 05/28/2008		1,200		1,201
Royal Bank of Canada
5.267% due 06/30/2008		3,300		3,303
Royal Bank of Scotland Group PLC
5.262% due 07/03/2008		900		900
5.265% due 03/26/2008		800		800
Societe Generale NY
5.269% due 06/30/2008		5,600		5,603
5.270% due 03/26/2008		3,000		3,000
5.271% due 06/30/2008		900		901
Unicredito Italiano NY
5.360% due 12/03/2007		5,400		5,402
5.360% due 05/29/2008		2,200		2,201
				52,911
COMMERCIAL PAPER 20.2%
Bank of America Corp.
5.195% due 10/04/2007		10,700		10,668
Calyon N.A. LLC
5.175% due 06/29/2010		23,000		22,977
Cox Communications, Inc.
5.570% due 09/17/2007		600		600
Danske Corp.
5.205% due 10/12/2007		18,300		18,103
Fortis Funding LLC
5.255% due 09/05/2007		23,200		23,146
5.275% due 09/05/2007		900		896
Freddie Mac
4.800% due 07/02/2007		35,000		35,000
Nordea N.A., Inc.
5.308% due 04/09/2009		3,600		3,599

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  Low Duration Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Societe Generale NY
5.210% due 11/26/2007	$	900	$	891
5.225% due 11/26/2007		1,200		1,182
5.240% due 11/26/2007		2,200		2,174
5.250% due 11/26/2007		800		789
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		27,500		27,500
UBS Finance Delaware LLC
5.145% due 10/23/2007		400		398
5.205% due 10/23/2007		1,100		1,097
5.230% due 10/23/2007		21,200		20,868
5.235% due 10/23/2007		2,200		2,178
5.240% due 10/23/2007		5,900		5,819

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Westpac Banking Corp.
5.240% due 11/05/2007	$	28,700	$	28,361
				206,246
REPURCHASE AGREEMENTS 0.6%
State Street Bank and Trust Co.
4.900% due 07/02/2007		5,573		5,573
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $5,687. Repurchase proceeds are $5,575.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 0.4%
4.635% due 08/30/2007 - 09/13/2007 (a)(c)	$	4,470	$	4,422
Total Short-Term Instruments (Cost $269,167)				269,152
PURCHASED OPTIONS (e) 0.1%
(Cost $1,895)				1,060
Total Investments (b) 101.6% (Cost $1,040,151)			$	1,037,081
Written Options (f) (0.1%) (Premiums $1,363)				(492	)
Other Assets and Liabilities (Net) (1.5%)				(15,716	)
Net Assets 100.0%			$	1,020,873

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) As of June 30, 2007, portfolio securities with an aggregate value of $77,693 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(c) Securities with an aggregate market value of $4,422 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Euribor December Futures	Long	12/2007	140	$	(199	)
90-Day Euribor December Futures	Long	12/2008	46		(103	)
90-Day Euribor June Futures	Long	06/2008	86		(185	)
90-Day Euribor March Futures	Long	03/2008	22		(44	)
90-Day Euribor September Futures	Long	09/2008	46		(106	)
90-Day Eurodollar December Futures	Long	12/2007	784		(748	)
90-Day Eurodollar December Futures	Long	12/2008	259		(115	)
90-Day Eurodollar June Futures	Long	06/2008	1,258		(1,320	)
90-Day Eurodollar March Futures	Long	03/2008	1,978		(2,263	)
90-Day Eurodollar March Futures	Long	03/2009	20		(29	)
90-Day Eurodollar September Futures	Long	09/2008	178		(57	)
90-Day Euroyen December Futures	Long	12/2007	131		(16	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2007	55		(113	)
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	371		(541	)
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2008	21		(28	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2007	55		(118	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	324		(500	)
U.S. Treasury 30-Year Bond September Futures	Short	09/2007	445		(97	)
				$	(6,582	)

(d) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	SOFTBANK Corp. 1.750% due 03/31/2014	Sell	2.300%		09/20/2007	JPY	54,000	$	2
Bank of America	Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016	$	2,000		17
Barclays Bank PLC	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.710%		12/20/2008		1,000		3
Barclays Bank PLC	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.290%		06/20/2009		4,000		(4	)
Barclays Bank PLC	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.275%		06/20/2009		4,000		(1	)
Credit Suisse First Boston	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	0.950%		12/20/2007		300		0
Deutsche Bank AG	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		1,400		6
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.730%		04/20/2009		2,700		12
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.520%		05/20/2009		1,000		0
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.490%		06/20/2009		4,000		(5	)
JPMorgan Chase & Co.	Multiple Reference Entities of Gazprom	Sell	0.415%		11/20/2007		5,100		6

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.240%	11/20/2007	$	3,600	$	2
Lehman Brothers, Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	0.950%	12/20/2007		500		0
Lehman Brothers, Inc.	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%	12/20/2008		500		0
Lehman Brothers, Inc.	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.120%	11/20/2011		6,000		114
Morgan Stanley	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.245%	06/20/2008		200		0
Morgan Stanley	Multiple Reference Entities of Gazprom	Sell	0.860%	11/20/2011		2,600		34
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.390%	12/20/2008		1,000		0
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.438%	06/20/2009		4,000		0
							$	186

⁽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.

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	7.000%	12/15/2009	AUD	2,100	$	(1	)
Barclays Bank PLC	BRL-CDI-Compounded	Pay	11.360%	01/04/2010	BRL	4,200		24
Goldman Sachs & Co.	BRL-CDI-Compounded	Pay	11.465%	01/04/2010		1,100		8
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	11.430%	01/04/2010		2,700		18
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	12.948%	01/04/2010		1,400		29
Morgan Stanley	BRL-CDI-Compounded	Pay	12.780%	01/04/2010		1,500		27
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	04/05/2012	EUR	300		(3	)
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010		1,300		16
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		4,600		94
Goldman Sachs & Co.	6-Month EUR-LIBOR	Pay	4.000%	03/20/2009		2,400		(17	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	03/30/2012		600		(5	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		1,100		(11	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.958%	04/10/2012		3,600		(38	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.955%	03/28/2012		900		(9	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.950%	03/30/2012		1,300		(13	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	12/20/2008	GBP	5,900		(58	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009		3,400		(49	)
Credit Suisse First Boston	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		700		(17	)
Deutsche Bank AG	6-Month GBP-LIBOR	Pay	6.000%	12/20/2008		3,500		(35	)
Deutsche Bank AG	6-Month GBP-LIBOR	Receive	4.000%	12/15/2036		6,000		525
HSBC Bank USA	6-Month GBP-LIBOR	Pay	4.500%	12/20/2007		1,700		(26	)
Lehman Brothers, Inc.	6-Month GBP-LIBOR	Pay	4.500%	09/20/2009		200		(13	)
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009		3,100		(46	)
Barclays Bank PLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	310,000		(7	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		2,290,000		(12	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		500,000		(7	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		160,000		(1	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		2,940,000		(42	)
Goldman Sachs & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	7.780%	04/03/2012	MXN	12,200		(10	)
Bank of America	3-Month USD-LIBOR	Pay	5.000%	12/19/2009	$	13,600		(15	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		41,900		18
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		11,100		(84	)
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	06/20/2009		20,300		(160	)
Morgan Stanley	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		3,800		(25	)
							$	55

(e) Purchased options outstanding on June 30, 2007:

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Barclays Bank PLC	6-Month EUR-LIBOR	Pay	3.960%	07/02/2007	EUR	6,000	$	28	$	0
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.900%	08/08/2007	$	9,000		40		0
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		44,000		208		87
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		13,800		77		17
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		5,200		18		10
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	07/02/2007		10,000		41		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.850%	07/02/2007		30,000		78		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.900%	08/08/2007		36,000		81		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		45,700		227		73
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		63,600		371		79
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/15/2008		62,700		218		212
								$	1,387	$	478

See Accompanying Notes Semiannual Report June 30, 2007 13

Schedule of Investments  Low Duration Portfolio (Cont.)

Foreign Currency Options

Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC U.S. dollar versus Japanese yen	JPY	103.800	03/17/2010	$	1,000	$	44	$	77
Put - OTC U.S. dollar versus Japanese yen		103.800	03/17/2010		1,000		44		25
Call - OTC U.S. dollar versus Japanese yen		104.650	03/31/2010		1,000		45		71
Put - OTC U.S. dollar versus Japanese yen		104.650	03/31/2010		1,000		39		27
Call - OTC U.S. dollar versus Japanese yen		105.200	03/31/2010		1,000		42		68
Put - OTC U.S. dollar versus Japanese yen		105.200	03/31/2010		1,000		42		28
Call - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		3,000		126		201
Put - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		3,000		126		85
						$	508	$	582

(f) Written options outstanding on June 30, 2007:

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	Barclays Bank PLC	6-Month EUR-LIBOR	Receive	4.100%	07/02/2007	EUR	2,000	$	24	$	0
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	4.950%	09/26/2008	$	19,000		209		96
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		6,000		73		18
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		2,300		19		12
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	07/02/2007		7,600		82		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	07/02/2007		4,500		47		0
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	08/08/2007		6,000		70		0
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	08/08/2007		3,000		34		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		20,000		240		72
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		14,700		196		45
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	03/31/2008		13,000		160		44
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.200%	12/15/2008		20,900		209		205
								$	1,363	$	492

(g) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.500%	07/01/2037	$	4,000	$	3,885	$	3,858
U.S. Treasury Notes	4.625%	02/15/2017		2,800		2,723		2,763
					$	6,608	$	6,621

⁽²⁾ Market value includes $50 of interest payable on short sales.

(h) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AUD	3,792	07/2007	$	23	$	0		$	23
Sell		34	07/2007		0		0			0
Buy	BRL	29,907	10/2007		572		0			572
Buy		14,977	03/2008		478		0			478
Buy	CAD	2,735	08/2007		11		0			11
Buy	CLP	130,534	03/2008		0		(1	)		(1	)
Buy	CNY	768	09/2007		2		0			2
Sell		768	09/2007		0		0			0
Buy		11,517	11/2007		12		0			12
Sell		14,080	11/2007		1		(4	)		(3	)
Buy		4,059	01/2008		0		(4	)		(4	)
Sell		4,059	01/2008		0		(1	)		(1	)
Buy	EUR	5,466	07/2007		72		0			72
Sell	GBP	3,730	08/2007		0		(39	)		(39	)
Buy	INR	41,409	10/2007		4		0			4
Buy		4,970	11/2007		0		(1	)		(1	)
Buy		260,547	05/2008		59		0			59
Buy	KRW	2,631,872	07/2007		17		0			17
Sell		177,295	07/2007		0		(1	)		(1	)
Buy		1,082,809	08/2007		0		0			0
Buy		987,632	09/2007		7		0			7
Sell		241,906	09/2007		0		(5	)		(5	)
Buy	MXN	14,088	09/2007		18		0			18
Buy		34,243	03/2008		19		(5	)		14

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	MYR	6,017	05/2008	$	0	$	(13	)	$	(13	)
Buy	NZD	408	07/2007		8		0			8
Buy	PHP	14,604	05/2008		0		(3	)		(3	)
Buy	PLN	11,325	09/2007		76		(1	)		75
Buy	RUB	35,543	09/2007		18		0			18
Buy		21,548	11/2007		21		0			21
Buy		50,111	12/2007		45		0			45
Buy		85,054	01/2008		17		0			17
Buy	SEK	5,098	09/2007		9		0			9
Buy	SGD	5,064	07/2007		0		(18	)		(18	)
Sell		2,968	07/2007		0		(11	)		(11	)
Buy		2,154	08/2007		8		(2	)		6
Buy		172	09/2007		0		0			0
Buy		4,887	10/2007		17		0			17
Buy	ZAR	106	09/2007		0		0			0
Buy		202	03/2008		0		0			0
				$	1,514	$	(109	)	$	1,405

See Accompanying Notes Semiannual Report June 30, 2007 15

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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	MXN	Mexican Peso
BRL	Brazilian Real	MYR	Malaysian Ringgit
CAD	Canadian Dollar	NZD	New Zealand Dollar
CLP	Chilean Peso	PHP	Philippines Peso
CNY	Chinese Yuan Renminbi	PLN	Polish Zloty
EUR	Euro	RUB	Russian Ruble
GBP	Great British Pound	SEK	Swedish Krona
INR	Indian Rupee	SGD	Singapore Dollar
JPY	Japanese Yen	ZAR	South African Rand
KRW	South Korean Won

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency

contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

offset against the proceeds on the underlying future, swap, security or currency transaction to determine the realized gain or loss.

(j) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(k) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)   The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(l) 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 on 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.

(m) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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

18 PIMCO Variable Insurance Trust

June 30, 2007 (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, 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 U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(n) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

(o) Bridge Debt Commitments  At the period ended June 30, 2007, the Portfolio had $2,189,000 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.

(p) Commodities Index-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 notes 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 on the accompanying financial statements. Net payments are recorded as net realized gains and 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, 2007, the value of these securities comprised 0.3% of the Portfolio’s net assets and resulted in unrealized depreciation of $17,003.

(q) 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-related 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.

(r) 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” or “Ginnie Mae”), 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.

(s) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	132,589	$	60,737	$	195,469	$	25,549

20 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Notional Amount in EUR		Notional Amount in GBP			Premium
Balance at 12/31/2006	19		$	98,000		EUR	2,000	GBP	1,300		$	1,000
Sales	309			104,900			0		0			1,311
Closing Buys	(138	)		(85,900	)		0		0			(862	)
Expirations	(165	)		0			0		(1,300	)		(76	)
Exercised	(25	)		0			0		0			(10	)
Balance at 06/30/2007	0		$	117,000		EUR	2,000	GBP	0		$	1,363

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	304		$	3,048		1,150		$	11,541
Administrative Class	29,060			291,519		36,746			369,230
Advisor Class	42			421		39			390
Issued as reinvestment of distributions
Institutional Class	60			599		106			1,072
Administrative Class	2,018			20,247		2,547			25,602
Advisor Class	0			3		0			2
Cost of shares redeemed
Institutional Class	(1,117	)		(11,174	)	(476	)		(4,778	)
Administrative Class	(6,686	)		(67,154	)	(8,707	)		(87,388	)
Advisor Class	(35	)		(355	)	(20	)		(204	)
Net increase resulting from Portfolio share transactions	23,646		$	237,154		31,385		$	315,467

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	71
Advisor Class	1	96

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to

Semiannual Report June 30, 2007 21

Notes to Financial Statements (Cont.)

reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    767	$    (3,837)	$    (3,070)

22 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 23

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Money Market Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

Commercial Paper	93.3%
Corporate Bonds & Notes	4.7%
Certificates of Deposit	1.8%
Repurchase Agreements	0.2%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		7-Day Yield	30-Day Yield	6 Months*	1 Year	5 Years	Portfolio Inception (09/30/99)
	PIMCO Money Market Portfolio Administrative Class	4.85%	4.83%	2.40%	4.92%	2.40%	3.08%
	Citigroup 3-Month Treasury Bill Index±	—	—	2.49%	5.06%	2.67%	3.29%
	Lipper Money Market Fund Index±±	—	—	2.36%	4.82%	2.29%	2.99%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

An investment in the PIMCO Money Market Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio.

± 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. The index does not reflect deductions for fees and expenses.

±± Lipper Money Market Fund Index is an average of the 30 largest equal weighted Money Market Funds as compiled by Lipper Analytic Inc. It is not possible to invest directly in an unmanaged index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,024.04	$	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 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, which has a Aaa money market fund rating by Moody’s Investors Service, emphasizes high-quality commercial paper, shorter-term agency and high-quality corporate debt issues due to their potential for strong liquidity, attractive yields and limited credit risks.

» The yield curve for high-quality (A1/P1) commercial paper steepened slightly during the period, providing opportunities to capture term premiums.

» U.S. and non-U.S. issued high-quality (A1/P1) commercial paper was emphasized due to their potential for attractive yields compared to Treasuries, modest interest rate sensitivity, and limited credit risk.

» Higher-quality (A1/P1) three-month commercial paper yield spreads relative to Treasuries widened by 0.25%, which added to the yield of the Portfolio.

4 PIMCO Variable Insurance Trust

Financial Highlights  Money Market Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Administrative Class
Net asset value beginning of year or period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (a)		0.02			0.05			0.03			0.01			0.01			0.01
Dividends from net investment income		(0.02	)		(0.05	)		(0.03	)		(0.01	)		(0.01	)		(0.01	)
Net asset value end of year or period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		2.40	%		4.61	%		2.77	%		0.89	%		0.72	%		1.41	%
Net assets end of year or period (000s)	$	155,978		$	66,240		$	43,434		$	32,184		$	27,032		$	25,850
Ratio of expenses to average net assets		0.50	%*		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of expenses to average net assets excluding interest expense		0.50	%*		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		4.84	%*		4.61	%		2.81	%		0.91	%		0.70	%		1.41	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Money Market Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	390,196
Receivable for Portfolio shares sold		4,949
Interest and dividends receivable		118
		395,263
Liabilities:
Payable for Portfolio shares redeemed	$	26
Accrued investment advisory fee		40
Accrued administration fee		53
Accrued servicing fee		17
		136
Net Assets	$	395,127
Net Assets Consist of:
Paid in capital	$	395,128
Undistributed net investment income		35
Accumulated undistributed net realized (loss)		(36	)
	$	395,127
Net Assets:
Institutional Class	$	239,149
Administrative Class		155,978
Shares Issued and Outstanding:
Institutional Class		239,149
Administrative Class		155,978
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	1.00
Administrative Class		1.00
Cost of Investments Owned	$	390,196

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Money Market Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	8,209
Total Income		8,209
Expenses:
Investment advisory fees		230
Administration fees		306
Servicing fees – Administrative Class		86
Trustees’ fees		3
Total Expenses		625
Net Investment Income		7,584
Net Realized (Loss):
Net realized (loss) on investments		(14	)
Net (Loss)		(14	)
Net Increase in Net Assets Resulting from Operations	$	7,570

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Money Market Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase in Net Assets from:
Operations:
Net investment income	$	7,584		$	8,555
Net realized (loss)		(14	)		(16	)
Net increase resulting from operations		7,570			8,539
Distributions to Shareholders:
From net investment income
Institutional Class		(4,798	)		(6,063	)
Administrative Class		(2,772	)		(2,476	)
Total Distributions		(7,570	)		(8,539	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		140,803			159,066
Administrative Class		214,175			72,207
Issued as reinvestment of distributions
Institutional Class		4,798			6,063
Administrative Class		2,772			2,477
Cost of shares redeemed
Institutional Class		(113,757	)		(58,019	)
Administrative Class		(127,209	)		(51,878	)
Net increase resulting from Portfolio share transactions		121,582			129,916
Total Increase in Net Assets		121,582			129,916
Net Assets:
Beginning of period		273,545			143,629
End of period*	$	395,127		$	273,545
*Including undistributed net investment income of:	$	35		$	21

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Money Market Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 4.7%
Allstate Life Global Funding Trusts
5.380% due 11/14/2007	$	2,350	$	2,351
American Honda Finance Corp.
5.465% due 10/22/2007		2,600		2,601
Bear Stearns Cos., Inc.
5.420% due 01/15/2008		2,600		2,602
Lehman Brothers Holdings, Inc.
5.385% due 07/19/2007		2,700		2,700
Morgan Stanley
5.482% due 11/09/2007		3,200		3,202
Santander U.S. Debt S.A. Unipersonal
5.370% due 09/21/2007		2,300		2,300
Wachovia Bank N.A.
5.310% due 11/30/2007		2,600		2,600
Total Corporate Bonds & Notes (Cost $18,356)				18,356
SHORT-TERM INSTRUMENTS 94.1%
CERTIFICATES OF DEPOSIT 1.8%
BNP Paribas
5.262% due 04/03/2008		2,000		1,999
Royal Bank of Scotland Group PLC
5.265% due 03/26/2008		3,200		3,199
Societe Generale NY
5.265% due 09/21/2007		1,600		1,600
Unicredito Italiano SpA
5.360% due 05/29/2008		300		300
				7,098
COMMERCIAL PAPER 92.2%
Abbey National Treasury Services PLC
5.270% due 07/02/2008		700		700
ANZ National International Ltd.
5.165% due 09/19/2007		14,000		13,869

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bank of America Corp.
5.245% due 10/04/2007	$	12,700	$	12,550
Bank of Ireland
5.230% due 11/08/2007		13,700		13,684
CBA (de) Finance
5.255% due 09/28/2007		11,800		11,716
Danske Corp.
5.165% due 10/12/2007		8,900		8,770
5.220% due 10/12/2007		4,000		3,995
Dexia Delaware LLC
5.225% due 09/21/2007		8,400		8,361
DnB NORBank ASA
5.170% due 10/12/2007		10,700		10,543
Eksportfinans A/S
5.290% due 07/02/2007		12,700		12,700
Export Development Corp.
5.190% due 12/27/2007		10,500		10,231
Fannie Mae
5.080% due 07/02/2007		23,200		23,200
5.100% due 07/18/2007		12,800		12,771
Freddie Mac
5.050% due 08/20/2007		12,200		12,116
5.052% due 09/24/2007		1,195		1,181
5.065% due 09/10/2007		4,284		4,242
5.065% due 01/11/2008		6,700		6,518
General Electric Capital Corp.
5.155% due 02/29/2008		11,600		11,198
HBOS Treasury Services PLC
5.155% due 11/13/2007		3,300		3,237
5.240% due 09/21/2007		4,000		3,981
Intesa Funding LLC
5.265% due 09/05/2007		15,000		14,982
National Australia Funding Corp.
5.270% due 07/16/2007		14,600		14,577
Natixis S.A.
5.260% due 09/21/2007		13,000		12,954

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Nordea N.A., Inc.
5.170% due 07/26/2007	$	11,300	$	11,285
Rabobank USA Financial Corp.
5.330% due 07/26/2007		15,300		15,300
Sanofi Aventis
5.260% due 07/06/2007		12,700		12,693
Societe Generale NY
5.225% due 11/26/2007		7,500		7,476
Statens Bostadsfin Bank
5.270% due 09/14/2007		15,000		14,859
Svenska Handelsbanken, Inc.
5.225% due 08/06/2007		4,800		4,779
5.260% due 10/09/2007		15,000		14,783
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		15,300		15,300
Toyota Motor Credit Corp.
5.170% due 09/14/2007		11,500		11,378
5.220% due 09/14/2007		4,600		4,598
UBS Finance Delaware LLC
5.270% due 10/23/2007		13,000		12,985
Unicredito Italiano SpA
5.125% due 01/22/2008		11,000		10,681
				364,193
REPURCHASE AGREEMENTS 0.1%
State Street Bank and Trust Co.
4.900% due 07/02/2007		549		549
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $564. Repurchase proceeds are $549.)
Total Short-Term Instruments (Cost $371,840)				371,840
Total Investments 98.8% (Cost $390,196)			$	390,196
Other Assets and Liabilities (Net) 1.2%				4,931
Net Assets 100.0%			$	395,127

See Accompanying Notes Semiannual Report June 30, 2007 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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) Security Valuation  Portfolio securities held by the Portfolio are valued at amortized cost, which approximates current market value.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from 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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(d) 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.

(e) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(f) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) Investment Advisory Fee  Pacific Investment Management Company LLC (“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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.15%.

10 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.20%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	140,802		$	140,803		159,066		$	159,066
Administrative Class	214,174			214,174		72,207			72,207
Issued as reinvestment of distributions
Institutional Class	4,799			4,799		6,063			6,063
Administrative Class	2,772			2,772		2,477			2,477
Cost of shares redeemed
Institutional Class	(113,757	)		(113,757	)	(58,019	)		(58,019	)
Administrative Class	(127,446	)		(127,209	)	(51,878	)		(51,878	)
Net increase resulting from Portfolio share transactions	121,344		$	121,582		129,916		$	129,916

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

	Number of Shareholders	% of Portfolio Held
Institutional Class	3	94
Administrative Class	2	98

7.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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

Semiannual Report June 30, 2007 11

Notes to Financial Statements (Cont.)

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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

8.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    0	$    0	$    0

12 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 13

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Money Market Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

Commercial Paper	93.3%
Corporate Bonds & Notes	4.7%
Certificates of Deposit	1.8%
Repurchase Agreements	0.2%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		7-Day Yield	30-Day Yield	6 Months*	1 Year	5 Years	Portfolio     Inception     (04/10/00)**
	PIMCO Money Market Portfolio Institutional Class	5.00%	4.98%	2.48%	5.09%	2.56%	3.08%
	Citigroup 3-Month Treasury Bill Index±	—	—	2.49%	5.06%	2.67%	3.16%
	Lipper Money Market Fund Index±±	—	—	2.36%	4.82%	2.29%	2.83%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Portfolio began operations on 04/10/00. Index comparisons began on 03/31/00.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

An investment in the PIMCO Money Market Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio.

± 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. The index does not reflect deductions for fees and expenses.

±± Lipper Money Market Fund Index is an average of the 30 largest equal weighted Money Market Funds as compiled by Lipper Analytic Inc. It is not possible to invest directly in an unmanaged index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,024.79	$	1,023.06
Expenses Paid During Period†	$	1.76	$	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 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, which has a Aaa money market fund rating by Moody’s Investors Service, emphasizes high-quality commercial paper, shorter-term agency and high-quality corporate debt issues due to their potential for strong liquidity, attractive yields and limited credit risks.

» The yield curve for high-quality (A1/P1) commercial paper steepened slightly during the period, providing opportunities to capture term premiums.

» U.S. and non-U.S. issued high-quality (A1/P1) commercial paper was emphasized due to their potential for attractive yields compared to Treasuries, modest interest rate sensitivity, and limited credit risk.

» Higher-quality (A1/P1) three-month commercial paper yield spreads relative to Treasuries widened by 0.25%, which added to the yield of the Portfolio.

4 PIMCO Variable Insurance Trust

Financial Highlights  Money Market Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Institutional Class
Net asset value beginning of year or period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (a)		0.03			0.05			0.03			0.01			0.01			0.02
Dividends from net investment income		(0.03	)		(0.05	)		(0.03	)		(0.01	)		(0.01	)		(0.02	)
Net asset value end of year or period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		2.48	%		4.78	%		2.93	%		1.06	%		0.88	%		1.56	%
Net assets end of year or period (000s)	$	239,149		$	207,305		$	100,195		$	12		$	11		$	11
Ratio of expenses to average net assets		0.35	%*		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of expenses to average net assets excluding interest expense		0.35	%*		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income to average net assets		4.96	%*		4.77	%		3.23	%		1.04	%		0.85	%		1.58	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Money Market Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	390,196
Receivable for Portfolio shares sold		4,949
Interest and dividends receivable		118
		395,263
Liabilities:
Payable for Portfolio shares redeemed	$	26
Accrued investment advisory fee		40
Accrued administration fee		53
Accrued servicing fee		17
		136
Net Assets	$	395,127
Net Assets Consist of:
Paid in capital	$	395,128
Undistributed net investment income		35
Accumulated undistributed net realized (loss)		(36	)
	$	395,127
Net Assets:
Institutional Class	$	239,149
Administrative Class		155,978
Shares Issued and Outstanding:
Institutional Class		239,149
Administrative Class		155,978
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	1.00
Administrative Class		1.00
Cost of Investments Owned	$	390,196

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Money Market Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	8,209
Total Income		8,209
Expenses:
Investment advisory fees		230
Administration fees		306
Servicing fees – Administrative Class		86
Trustees’ fees		3
Total Expenses		625
Net Investment Income		7,584
Net Realized (Loss):
Net realized (loss) on investments		(14	)
Net (Loss)		(14	)
Net Increase in Net Assets Resulting from Operations	$	7,570

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Money Market Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase in Net Assets from:
Operations:
Net investment income	$	7,584		$	8,555
Net realized (loss)		(14	)		(16	)
Net increase resulting from operations		7,570			8,539
Distributions to Shareholders:
From net investment income
Institutional Class		(4,798	)		(6,063	)
Administrative Class		(2,772	)		(2,476	)
Total Distributions		(7,570	)		(8,539	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		140,803			159,066
Administrative Class		214,175			72,207
Issued as reinvestment of distributions
Institutional Class		4,798			6,063
Administrative Class		2,772			2,477
Cost of shares redeemed
Institutional Class		(113,757	)		(58,019	)
Administrative Class		(127,209	)		(51,878	)
Net increase resulting from Portfolio share transactions		121,582			129,916
Total Increase in Net Assets		121,582			129,916
Net Assets:
Beginning of period		273,545			143,629
End of period*	$	395,127		$	273,545
*Including undistributed net investment income of:	$	35		$	21

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Money Market Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 4.7%
Allstate Life Global Funding Trusts
5.380% due 11/14/2007	$	2,350	$	2,351
American Honda Finance Corp.
5.465% due 10/22/2007		2,600		2,601
Bear Stearns Cos., Inc.
5.420% due 01/15/2008		2,600		2,602
Lehman Brothers Holdings, Inc.
5.385% due 07/19/2007		2,700		2,700
Morgan Stanley
5.482% due 11/09/2007		3,200		3,202
Santander U.S. Debt S.A. Unipersonal
5.370% due 09/21/2007		2,300		2,300
Wachovia Bank N.A.
5.310% due 11/30/2007		2,600		2,600
Total Corporate Bonds & Notes (Cost $18,356)				18,356
SHORT-TERM INSTRUMENTS 94.1%
CERTIFICATES OF DEPOSIT 1.8%
BNP Paribas
5.262% due 04/03/2008		2,000		1,999
Royal Bank of Scotland Group PLC
5.265% due 03/26/2008		3,200		3,199
Societe Generale NY
5.265% due 09/21/2007		1,600		1,600
Unicredito Italiano SpA
5.360% due 05/29/2008		300		300
				7,098
COMMERCIAL PAPER 92.2%
Abbey National Treasury Services PLC
5.270% due 07/02/2008		700		700
ANZ National International Ltd.
5.165% due 09/19/2007		14,000		13,869

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bank of America Corp.
5.245% due 10/04/2007	$	12,700	$	12,550
Bank of Ireland
5.230% due 11/08/2007		13,700		13,684
CBA (de) Finance
5.255% due 09/28/2007		11,800		11,716
Danske Corp.
5.165% due 10/12/2007		8,900		8,770
5.220% due 10/12/2007		4,000		3,995
Dexia Delaware LLC
5.225% due 09/21/2007		8,400		8,361
DnB NORBank ASA
5.170% due 10/12/2007		10,700		10,543
Eksportfinans A/S
5.290% due 07/02/2007		12,700		12,700
Export Development Corp.
5.190% due 12/27/2007		10,500		10,231
Fannie Mae
5.080% due 07/02/2007		23,200		23,200
5.100% due 07/18/2007		12,800		12,771
Freddie Mac
5.050% due 08/20/2007		12,200		12,116
5.052% due 09/24/2007		1,195		1,181
5.065% due 09/10/2007		4,284		4,242
5.065% due 01/11/2008		6,700		6,518
General Electric Capital Corp.
5.155% due 02/29/2008		11,600		11,198
HBOS Treasury Services PLC
5.155% due 11/13/2007		3,300		3,237
5.240% due 09/21/2007		4,000		3,981
Intesa Funding LLC
5.265% due 09/05/2007		15,000		14,982
National Australia Funding Corp.
5.270% due 07/16/2007		14,600		14,577
Natixis S.A.
5.260% due 09/21/2007		13,000		12,954

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Nordea N.A., Inc.
5.170% due 07/26/2007	$	11,300	$	11,285
Rabobank USA Financial Corp.
5.330% due 07/26/2007		15,300		15,300
Sanofi Aventis
5.260% due 07/06/2007		12,700		12,693
Societe Generale NY
5.225% due 11/26/2007		7,500		7,476
Statens Bostadsfin Bank
5.270% due 09/14/2007		15,000		14,859
Svenska Handelsbanken, Inc.
5.225% due 08/06/2007		4,800		4,779
5.260% due 10/09/2007		15,000		14,783
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		15,300		15,300
Toyota Motor Credit Corp.
5.170% due 09/14/2007		11,500		11,378
5.220% due 09/14/2007		4,600		4,598
UBS Finance Delaware LLC
5.270% due 10/23/2007		13,000		12,985
Unicredito Italiano SpA
5.125% due 01/22/2008		11,000		10,681
				364,193
REPURCHASE AGREEMENTS 0.1%
State Street Bank and Trust Co.
4.900% due 07/02/2007		549		549
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $564. Repurchase proceeds are $549.)
Total Short-Term Instruments (Cost $371,840)				371,840
Total Investments 98.8% (Cost $390,196)			$	390,196
Other Assets and Liabilities (Net) 1.2%				4,931
Net Assets 100.0%			$	395,127

See Accompanying Notes Semiannual Report June 30, 2007 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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) Security Valuation  Portfolio securities held by the Portfolio are valued at amortized cost, which approximates current market value.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from 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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(d) 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.

(e) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(f) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) Investment Advisory Fee  Pacific Investment Management Company LLC (“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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.15%.

10 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.20%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	140,802		$	140,803		159,066		$	159,066
Administrative Class	214,174			214,174		72,207			72,207
Issued as reinvestment of distributions
Institutional Class	4,799			4,799		6,063			6,063
Administrative Class	2,772			2,772		2,477			2,477
Cost of shares redeemed
Institutional Class	(113,757	)		(113,757	)	(58,019	)		(58,019	)
Administrative Class	(127,446	)		(127,209	)	(51,878	)		(51,878	)
Net increase resulting from Portfolio share transactions	121,344		$	121,582		129,916		$	129,916

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

	Number of Shareholders	% of Portfolio Held
Institutional Class	3	94
Administrative Class	2	98

7.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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

Semiannual Report June 30, 2007 11

Notes to Financial Statements (Cont.)

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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

8.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    0	$    0	$    0

12 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 13

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	23

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Real Return Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

U.S. Treasury Obligations	47.8%
Short-Term Instruments	26.5%
U.S. Government Agencies	10.2%
Corporate Bonds & Notes	6.3%
Asset-Backed Securities	5.1%
Other	4.1%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio Inception (09/30/99)
	PIMCO Real Return Portfolio Administrative Class	0.83%	2.90%	6.14%	7.95%
	Lehman Brothers U.S. TIPS Index±	1.73%	3.99%	6.03%	7.55%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± 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), having at least 1 year to final maturity, and at least $250 million par amount outstanding. It is not possible to invest directly in the index. The index does not reflect deduction for fees or expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,008.34	$	1,021.57
Expenses Paid During Period†	$	3.24	$	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 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 or corporations, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.

» Positioning for a steeper U.S. nominal yield curve added to performance as the U.S. nominal yield curve steepened.

» An emphasis on nominal bonds in the Eurozone benefited performance as nominal bonds outperformed inflation-linked bonds in the region.

» Above-index U.S. real duration was negative for performance as real yields increased.

» Modest exposure to U.K. nominal bonds was negative for performance due to rising interest rates and a tightening bias from the Bank of England.

» Holdings of mortgage-backed securities detracted from performance as mortgage spreads widened.

4 PIMCO Variable Insurance Trust

Financial Highlights  Real Return Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Administrative Class
Net asset value beginning of year or period	$	11.93		$	12.69		$	12.92		$	12.36		$	11.90		$	10.56
Net investment income (a)		0.28			0.53			0.36			0.13			0.27			0.48
Net realized/unrealized gain (loss) on investments (a)		(0.17	)		(0.43	)		(0.09	)		0.97			0.77			1.36
Total income from investment operations		0.11			0.10			0.27			1.10			1.04			1.84
Dividends from net investment income		(0.29	)		(0.53	)		(0.36	)		(0.13	)		(0.32	)		(0.48	)
Distributions from net realized capital gains		0.00			(0.33	)		(0.14	)		(0.41	)		(0.26	)		(0.02	)
Total distributions		(0.29	)		(0.86	)		(0.50	)		(0.54	)		(0.58	)		(0.50	)
Net asset value end of year or period	$	11.75		$	11.93		$	12.69		$	12.92		$	12.36		$	11.90
Total return		0.83	%		0.71	%		2.09	%		8.92	%		8.84	%		17.77	%
Net assets end of year or period (000s)	$	942,932		$	1,033,666		$	1,012,042		$	636,565		$	275,029		$	90,724
Ratio of expenses to average net assets		0.65	%*		0.65	%		0.66	%		0.65	%		0.66	%		0.66	%
Ratio of expenses to average net assets excluding interest expense		0.65	%*		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets		4.73	%*		4.22	%		2.79	%		1.03	%		2.21	%		4.19	%
Portfolio turnover rate		484	%		963	%		1,102	%		1,064	%		738	%		87	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Real Return Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	2,091,451
Cash		72
Foreign currency, at value		8,246
Receivable for investments sold		96,104
Receivable for investments sold on a delayed-delivery basis		10,275
Receivable for Portfolio shares sold		7,639
Interest and dividends receivable		4,575
Variation margin receivable		12
Swap premiums paid		5,874
Unrealized appreciation on foreign currency contracts		179
Unrealized appreciation on swap agreements		3,526
		2,227,953
Liabilities:
Payable for investments purchased	$	149,673
Payable for investments purchased on a delayed-delivery basis		1,007,734
Payable for Portfolio shares redeemed		1,310
Payable for short sales		57,627
Written options outstanding		238
Dividends payable		18
Accrued investment advisory fee		207
Accrued administration fee		207
Accrued distribution fee		2
Accrued servicing fee		106
Variation margin payable		933
Swap premiums received		5,324
Unrealized depreciation on foreign currency contracts		239
Unrealized depreciation on swap agreements		3,124
Other liabilities		2,531
		1,229,273
Net Assets	$	998,680
Net Assets Consist of:
Paid in capital	$	1,073,947
Undistributed net investment income		9,102
Accumulated undistributed net realized (loss)		(87,924	)
Net unrealized appreciation		3,555
	$	998,680
Net Assets:
Institutional Class	$	46,629
Administrative Class		942,932
Advisor Class		9,119
Shares Issued and Outstanding:
Institutional Class		3,967
Administrative Class		80,217
Advisor Class		776
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	11.75
Administrative Class		11.75
Advisor Class		11.75
Cost of Investments Owned	$	2,084,650
Cost of Foreign Currency Held	$	8,225
Proceeds Received on Short Sales	$	56,863
Premiums Received on Written Options	$	387

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Real Return Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	28,500
Miscellaneous income		32
Total Income		28,532
Expenses:
Investment advisory fees		1,318
Administration fees		1,318
Servicing fees – Administrative Class		753
Distribution and/or servicing fees – Advisor Class		7
Trustees’ fees		10
Total Expenses		3,406
Net Investment Income		25,126
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(40,473	)
Net realized gain on futures contracts, written options and swaps		84
Net realized (loss) on foreign currency transactions		(743	)
Net change in unrealized appreciation on investments		30,216
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(2,279	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		321
Net (Loss)		(12,874	)
Net Increase in Net Assets Resulting from Operations	$	12,252

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Real Return Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	25,126		$	47,440
Net realized (loss)		(41,132	)		(12,066	)
Net change in unrealized appreciation (depreciation)		28,258			(27,331	)
Net increase resulting from operations		12,252			8,043
Distributions to Shareholders:
From net investment income
Institutional Class		(1,137	)		(1,932	)
Administrative Class		(24,024	)		(45,759	)
Advisor Class		(119	)		(41	)
From net realized capital gains
Institutional Class		0			(1,205	)
Administrative Class		0			(28,225	)
Advisor Class		0			(68	)
Total Distributions		(25,280	)		(77,230	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		3,580			7,837
Administrative Class		166,885			367,822
Advisor Class		6,796			3,086
Issued as reinvestment of distributions
Institutional Class		1,137			3,137
Administrative Class		23,367			73,676
Advisor Class		119			109
Cost of shares redeemed
Institutional Class		(3,266	)		(6,951	)
Administrative Class		(268,783	)		(353,626	)
Advisor Class		(329	)		(402	)
Net increase (decrease) resulting from Portfolio share transactions		(70,494	)		94,688
Total Increase (Decrease) in Net Assets		(83,522	)		25,501
Net Assets:
Beginning of period		1,082,202			1,056,701
End of period*	$	998,680		$	1,082,202
*Including undistributed net investment income of:	$	9,102		$	9,256

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments Real Return Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.3%
Georgia-Pacific Corp.
7.110% due 12/20/2012	$	988	$	991
OAO Rosneft Oil Co.
6.000% due 09/16/2007		1,600		1,602
Total Bank Loan Obligations (Cost $2,586)				2,593
CORPORATE BONDS & NOTES 13.2%
BANKING & FINANCE 11.0%
American Express Centurion Bank
5.320% due 05/07/2008		500		500
American International Group, Inc.
5.360% due 06/23/2008		1,200		1,200
Atlantic & Western Re Ltd.
11.599% due 01/09/2009		900		908
Bank of America Corp.
5.366% due 11/06/2009		900		900
5.510% due 02/17/2009		5,400		5,414
Bank of America N.A.
5.360% due 12/18/2008		5,400		5,403
Bank of Ireland
5.370% due 12/19/2008		1,500		1,502
5.410% due 12/18/2009		1,000		1,002
C10 Capital SPV Ltd.
6.722% due 12/31/2049		500		488
Calabash Re II Ltd.
16.260% due 01/08/2010		250		260
Charter One Bank N.A.
5.405% due 04/24/2009		8,400		8,411
CIT Group, Inc.
5.505% due 01/30/2009		4,600		4,594
Citigroup Funding, Inc.
5.320% due 04/23/2009		5,700		5,703
Citigroup, Inc.
5.390% due 12/28/2009		3,900		3,903
5.395% due 01/30/2009		1,000		1,001
5.400% due 12/26/2008		4,900		4,904
5.405% due 05/02/2008		1,000		1,001
Commonwealth Bank of Australia
5.360% due 06/08/2009		400		400
Credit Agricole S.A.
5.360% due 05/28/2009		1,900		1,901
DnB NORBank ASA
5.425% due 10/13/2009		1,100		1,101
East Lane Re Ltd.
12.355% due 05/06/2011		300		301
Export-Import Bank of Korea
5.570% due 10/04/2011		1,600		1,602
Ford Motor Credit Co.
7.250% due 10/25/2011		1,200		1,156
7.800% due 06/01/2012		100		98
Foundation Re II Ltd.
12.110% due 11/26/2010		800		803
General Electric Capital Corp.
5.355% due 10/24/2008		800		801
5.385% due 10/26/2009		1,000		1,001
5.400% due 03/04/2008		2,800		2,803
5.400% due 12/12/2008		900		901
General Motors Acceptance Corp.
6.750% due 12/01/2014		1,600		1,534
Goldman Sachs Group, Inc.
5.660% due 06/28/2010		4,700		4,730

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
HBOS Treasury Services PLC
5.320% due 07/17/2008	$	1,100	$	1,101
HSBC Finance Corp.
5.360% due 05/21/2008		1,200		1,201
5.415% due 10/21/2009		1,900		1,901
JPMorgan Chase & Co.
5.370% due 06/26/2009		700		701
5.410% due 06/26/2009		5,500		5,508
Lehman Brothers Holdings, Inc.
5.370% due 11/24/2008		300		300
Longpoint Re Ltd.
10.609% due 05/08/2010		1,100		1,100
Merrill Lynch & Co., Inc.
5.395% due 10/23/2008		2,500		2,504
Morgan Stanley
5.360% due 11/21/2008		1,000		1,000
Mystic Re Ltd.
14.360% due 12/05/2008		600		594
Phoenix Quake Ltd.
7.800% due 07/03/2008		500		503
Phoenix Quake Wind I Ltd.
7.800% due 07/03/2008		2,000		2,007
Rabobank Nederland
5.376% due 01/15/2009		800		801
Redwood Capital IX Ltd.
11.610% due 01/09/2008		500		504
12.110% due 01/09/2008		500		504
Royal Bank of Scotland Group PLC
5.405% due 07/21/2008		400		400
Santander U.S. Debt S.A. Unipersonal
5.370% due 09/21/2007		400		400
5.420% due 09/19/2008		500		501
5.420% due 11/20/2009		2,700		2,702
Shackleton Re Ltd.
13.355% due 02/07/2008		1,000		1,015
Travelers Property Casualty Corp.
3.750% due 03/15/2008		100		99
Unicredit Luxembourg Finance S.A.
5.405% due 10/24/2008		1,700		1,701
Vita Capital II Ltd.
6.249% due 01/01/2010		300		300
Vita Capital III Ltd.
6.469% due 01/01/2012		700		701
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008		1,700		1,704
Wachovia Bank N.A.
5.360% due 02/23/2009		5,400		5,403
5.430% due 12/02/2010		2,400		2,402
Westpac Banking Corp.
5.280% due 06/06/2008		5,400		5,401
World Savings Bank FSB
5.396% due 05/08/2009		300		300
5.410% due 06/20/2008		300		300
5.485% due 03/02/2009		300		301
				110,085
INDUSTRIALS 1.1%
C8 Capital SPV Ltd.
6.640% due 12/31/2049		500		493
CSC Holdings, Inc.
7.875% due 12/15/2007		600		605
EchoStar DBS Corp.
5.750% due 10/01/2008		500		500
7.000% due 10/01/2013		5,000		4,950

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Pemex Project Funding Master Trust
7.375% due 12/15/2014	$	500	$	546
8.625% due 02/01/2022		200		247
Royal Caribbean Cruises Ltd.
7.000% due 10/15/2007		200		202
Wal-Mart Stores, Inc.
5.260% due 06/16/2008		3,200		3,199
				10,742
UTILITIES 1.1%
America Movil SAB de C.V.
5.460% due 06/27/2008		5,500		5,501
AT&T, Inc.
5.456% due 02/05/2010		2,800		2,805
Cleveland Electric Illuminating Co.
6.860% due 10/01/2008		100		102
CMS Energy Corp.
9.875% due 10/15/2007		1,600		1,623
Dominion Resources, Inc.
5.540% due 11/14/2008		300		300
Embarq Corp.
7.082% due 06/01/2016		300		302
NiSource Finance Corp.
5.930% due 11/23/2009		800		802
				11,435
Total Corporate Bonds & Notes (Cost $132,018)				132,262
CONVERTIBLE BONDS & NOTES 0.4%
Chesapeake Energy Corp.
2.500% due 05/15/2037		3,750		3,844
Total Convertible Bonds & Notes (Cost $3,808)				3,844
MUNICIPAL BONDS & NOTES 0.1%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2017		475		509
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2006
6.265% due 12/15/2013		130		128
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2023		500		529
Total Municipal Bonds & Notes (Cost $1,016)				1,166
U.S. GOVERNMENT AGENCIES 21.3%
Fannie Mae
4.187% due 11/01/2034		6,176		6,125
4.541% due 07/01/2035		740		736
4.673% due 05/25/2035		2,900		2,863
4.682% due 01/01/2035		680		670
5.380% due 12/25/2036		490		489
5.470% due 08/25/2034		450		450
5.500% due 03/01/2034 - 08/01/2037		117,293		113,134
5.670% due 05/25/2042		298		299
5.950% due 02/25/2044		1,053		1,051
6.000% due 09/01/2035 - 07/01/2037		14,538		14,387
6.227% due 06/01/2043 - 09/01/2044		10,458		10,592
7.320% due 11/01/2024		17		17

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Real Return Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Freddie Mac
4.000% due 03/15/2023 - 10/15/2023	$	957	$	945
4.550% due 01/01/2034		667		659
5.000% due 02/15/2020 - 08/15/2020		9,907		9,748
5.470% due 07/15/2019 - 10/15/2020		19,200		19,183
5.500% due 05/15/2016		7,567		7,567
5.550% due 07/15/2037		1,400		1,400
5.580% due 08/25/2031		182		182
5.670% due 12/15/2030		485		486
6.227% due 10/25/2044 - 02/25/2045		16,300		16,404
Small Business Administration
4.504% due 02/10/2014		1,567		1,497
4.880% due 11/01/2024		3,464		3,314
Total U.S. Government Agencies (Cost $212,767)				212,198
U.S. TREASURY OBLIGATIONS 100.1%
Treasury Inflation Protected Securities (b)
0.875% due 04/15/2010		46,039		43,737
1.625% due 01/15/2015		3,372		3,135
1.875% due 07/15/2015		105,075		99,329
2.000% due 04/15/2012		22,109		21,465
2.000% due 01/15/2014		82,621		79,426
2.000% due 07/15/2014		99,281		95,333
2.000% due 01/15/2016		4,500		4,274
2.000% due 01/15/2026		81,940		74,245
2.375% due 04/15/2011		28,981		28,673
2.375% due 01/15/2025		74,048		71,225
2.375% due 01/15/2027		24,616		23,647
2.500% due 07/15/2016		20,261		20,041
3.000% due 07/15/2012		107,896		110,020
3.375% due 01/15/2012		4,679		4,831
3.375% due 04/15/2032		1,872		2,155
3.500% due 01/15/2011		28,874		29,716
3.625% due 01/15/2008		1,285		1,287
3.625% due 04/15/2028		63,131		73,158
3.875% due 01/15/2009		71,163		72,319
3.875% due 04/15/2029		66,711		80,564
4.250% due 01/15/2010		48,693		50,553
U.S. Treasury Bonds
6.000% due 02/15/2026		1,400		1,529
6.625% due 02/15/2027		1,300		1,523
8.875% due 08/15/2017		1,000		1,296
U.S. Treasury Notes
4.500% due 02/28/2011		1,700		1,677
4.875% due 04/30/2011		4,600		4,595
Total U.S. Treasury Obligations (Cost $993,078)				999,753
MORTGAGE-BACKED SECURITIES 6.5%
American Home Mortgage Investment Trust
5.470% due 09/25/2035		111		111
Arkle Master Issuer PLC
5.300% due 11/19/2007		1,300		1,300
Arran Residential Mortgages Funding PLC
5.340% due 04/12/2036		2,119		2,119
Banc of America Funding Corp.
4.614% due 02/20/2036		3,244		3,193
Banc of America Mortgage Securities, Inc.
6.500% due 09/25/2033		186		186
Bear Stearns Commercial Mortgage Securities
6.440% due 06/16/2030		600		603
Citigroup Commercial Mortgage Trust
5.390% due 08/15/2021		95		95

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035	$	4,161	$	4,087
4.900% due 12/25/2035		219		218
Countrywide Alternative Loan Trust
5.390% due 07/25/2046		326		326
5.400% due 09/20/2046		667		668
5.500% due 02/20/2047		1,349		1,347
5.500% due 05/25/2047		460		461
5.600% due 12/25/2035		105		105
Countrywide Home Loan Mortgage Pass-Through Trust
3.786% due 11/19/2033		250		241
5.660% due 06/25/2035		687		686
CS First Boston Mortgage Securities Corp.
4.938% due 12/15/2040		1,011		1,003
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
5.420% due 10/25/2036		1,018		1,019
First Horizon Alternative Mortgage Securities
4.732% due 06/25/2034		885		874
GE Capital Commercial Mortgage Corp.
4.229% due 12/10/2037		7,248		7,087
Greenpoint Mortgage Funding Trust
5.400% due 10/25/2046		695		695
5.400% due 01/25/2047		5,206		5,209
5.540% due 06/25/2045		1,099		1,100
5.590% due 11/25/2045		635		636
GSR Mortgage Loan Trust
4.538% due 09/25/2035		2,321		2,288
Harborview Mortgage Loan Trust
5.540% due 05/19/2035		285		286
Impac Secured Assets CMN Owner Trust
5.400% due 01/25/2037		354		354
Indymac Index Mortgage Loan Trust
5.410% due 11/25/2046		932		933
5.420% due 01/25/2037		672		672
JPMorgan Mortgage Trust
5.008% due 07/25/2035		1,416		1,398
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		700		686
Mellon Residential Funding Corp.
5.670% due 11/15/2031		1,131		1,133
5.760% due 12/15/2030		940		944
Merrill Lynch Floating Trust
5.390% due 06/15/2022		267		267
Residential Accredit Loans, Inc.
5.620% due 08/25/2035		368		369
Securitized Asset Sales, Inc.
7.542% due 11/26/2023		12		12
Sequoia Mortgage Trust
5.670% due 10/19/2026		350		350
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		693		694
6.429% due 01/25/2035		389		391
Structured Asset Mortgage Investments, Inc.
5.390% due 08/25/2036		784		785
5.510% due 06/25/2036		343		343
Structured Asset Securities Corp.
5.329% due 10/25/2035		693		692
5.370% due 05/25/2036		56		56
TBW Mortgage-Backed Pass-Through Certificates
5.420% due 09/25/2036		138		139
5.430% due 01/25/2037		991		992
Thornburg Mortgage Securities Trust
5.430% due 04/25/2036		90		90

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.430% due 12/25/2036	$	4,514	$	4,514
5.440% due 08/25/2036		2,225		2,224
Wachovia Bank Commercial Mortgage Trust
5.681% due 04/15/2034		595		596
Washington Mutual, Inc.
5.580% due 11/25/2045		551		553
5.610% due 08/25/2045		89		89
5.610% due 10/25/2045		3,593		3,602
5.724% due 07/25/2046		1,931		1,939
5.759% due 01/25/2047		1,946		1,946
5.839% due 12/25/2046		252		253
6.029% due 02/25/2046		469		470
6.229% due 11/25/2042		119		120
6.529% due 11/25/2046		285		286
Wells Fargo Mortgage-Backed Securities Trust
3.539% due 09/25/2034		531		517
4.110% due 06/25/2035		788		785
Total Mortgage-Backed Securities (Cost $65,143)				65,137
ASSET-BACKED SECURITIES 10.7%
Aames Mortgage Investment Trust
5.380% due 04/25/2036		71		71
Accredited Mortgage Loan Trust
5.480% due 09/25/2035		216		216
ACE Securities Corp.
5.370% due 07/25/2036		406		406
5.370% due 12/25/2036		301		301
5.430% due 10/25/2035		431		431
Argent Securities, Inc.
5.370% due 10/25/2036		1,026		1,026
5.390% due 04/25/2036		365		365
5.400% due 03/25/2036		411		412
Asset-Backed Funding Certificates
5.380% due 11/25/2036		142		142
5.380% due 01/25/2037		4,070		4,072
5.670% due 06/25/2034		1,169		1,172
Asset-Backed Securities Corp. Home Equity
5.370% due 11/25/2036		114		114
Bank One Issuance Trust
5.430% due 12/15/2010		600		601
Bear Stearns Asset-Backed Securities, Inc.
5.370% due 11/25/2036		154		154
5.400% due 12/25/2035		130		130
5.410% due 04/25/2036		234		234
5.520% due 09/25/2034		422		422
5.650% due 10/25/2032		58		58
5.650% due 01/25/2036		141		141
5.770% due 03/25/2043		191		191
Carrington Mortgage Loan Trust
5.370% due 01/25/2037		978		979
Centex Home Equity
5.370% due 06/25/2036		1,123		1,124
Chase Credit Card Master Trust
5.430% due 10/15/2010		500		501
5.430% due 02/15/2011		1,000		1,002
5.440% due 02/15/2010		300		300
Chase Issuance Trust
5.330% due 12/15/2010		400		400
Citibank Credit Card Issuance Trust
5.456% due 01/15/2010		1,505		1,507
Citigroup Mortgage Loan Trust, Inc.
5.370% due 11/25/2036		373		374
5.400% due 12/25/2035		586		586
Countrywide Asset-Backed Certificates
5.350% due 01/25/2046		1,188		1,189
5.370% due 01/25/2037		733		733

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.370% due 05/25/2037	$	4,697	$	4,699
5.380% due 09/25/2046		425		425
5.390% due 07/25/2036		285		285
5.390% due 09/25/2036		316		316
5.390% due 06/25/2037		7,110		7,114
5.430% due 10/25/2046		1,031		1,032
5.450% due 07/25/2036		235		236
Credit-Based Asset Servicing & Securitization LLC
5.380% due 11/25/2036		2,538		2,540
Equity One Asset-Backed Securities, Inc.
5.620% due 04/25/2034		96		96
First Franklin Mortgage Loan Asset-Backed Certificates
5.350% due 07/25/2036		2,846		2,848
5.370% due 11/25/2036		2,047		2,048
5.370% due 12/25/2036		214		214
5.410% due 01/25/2036		979		980
Fremont Home Loan Trust
5.370% due 10/25/2036		139		139
5.380% due 01/25/2037		497		497
5.490% due 01/25/2036		194		194
GSAMP Trust
5.360% due 10/25/2046		217		217
5.390% due 10/25/2036		110		110
5.390% due 12/25/2036		990		990
5.430% due 11/25/2035		190		190
5.610% due 03/25/2034		207		207
GSR Mortgage Loan Trust
5.420% due 11/25/2030		315		315
HFC Home Equity Loan Asset-Backed Certificates
5.390% due 03/20/2036		317		317
Home Equity Asset Trust
5.400% due 05/25/2036		454		454
5.430% due 02/25/2036		173		173
Honda Auto Receivables Owner Trust
5.342% due 11/15/2007		189		190
HSI Asset Securitization Corp. Trust
5.370% due 10/25/2036		238		238
5.370% due 12/25/2036		5,130		5,133
5.400% due 12/25/2035		525		526
Hyundai Auto Receivables Trust
5.348% due 11/15/2007		32		32
Indymac Residential Asset-Backed Trust
5.370% due 11/25/2036		379		379
5.380% due 04/25/2037		2,842		2,843
5.420% due 03/25/2036		249		249
JPMorgan Mortgage Acquisition Corp.
5.360% due 08/25/2036		177		177
5.370% due 07/25/2036		363		363
5.370% due 08/25/2036		912		912
5.370% due 10/25/2036		2,698		2,695
5.390% due 11/25/2036		195		195
5.530% due 06/25/2035		23		23
Lehman XS Trust
5.390% due 05/25/2046		418		419
5.400% due 04/25/2046		1,107		1,107
5.400% due 07/25/2046		759		760
5.400% due 11/25/2046		1,161		1,162
Long Beach Mortgage Loan Trust
5.350% due 06/25/2036		68		68
5.360% due 11/25/2036		154		154
5.380% due 05/25/2046		99		99
5.390% due 03/25/2036		84		84
5.400% due 02/25/2036		164		164
5.410% due 01/25/2036		231		231
5.500% due 08/25/2035		180		180
MASTR Asset-Backed Securities Trust
5.380% due 10/25/2036		34		35

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.380% due 11/25/2036	$	2,442	$	2,444
5.400% due 01/25/2036		487		488
MBNA Credit Card Master Note Trust
5.420% due 12/15/2011		100		100
5.501% due 09/15/2010		200		200
Merrill Lynch Mortgage Investors, Inc.
5.350% due 06/25/2037		321		321
5.370% due 05/25/2037		670		670
5.390% due 08/25/2036		2,928		2,928
5.390% due 07/25/2037		704		705
5.400% due 01/25/2037		102		102
Morgan Stanley ABS Capital I
5.350% due 06/25/2036		39		39
5.360% due 06/25/2036		86		86
5.360% due 07/25/2036		2,608		2,610
5.360% due 10/25/2036		589		590
5.370% due 09/25/2036		563		563
5.370% due 10/25/2036		373		373
5.400% due 12/25/2035		16		16
Morgan Stanley IXIS Real Estate Capital Trust
5.370% due 11/25/2036		145		145
Nelnet Student Loan Trust
5.325% due 10/27/2014		81		81
5.340% due 09/25/2012		3,764		3,766
5.445% due 07/25/2016		386		387
5.445% due 10/25/2016		346		346
Newcastle Mortgage Securities Trust
5.390% due 03/25/2036		260		260
Nissan Auto Lease Trust
5.347% due 12/14/2007		9		9
Nomura Asset Acceptance Corp.
5.460% due 01/25/2036		289		290
Nomura Home Equity Loan, Inc.
5.400% due 02/25/2036		86		86
Option One Mortgage Loan Trust
5.360% due 02/25/2037		71		71
5.370% due 07/25/2036		84		84
5.420% due 11/25/2035		147		147
Park Place Securities, Inc.
5.580% due 09/25/2035		51		52
Renaissance Home Equity Loan Trust
5.700% due 12/25/2032		81		81
Residential Asset Mortgage Products, Inc.
5.390% due 11/25/2036		232		232
5.400% due 01/25/2036		60		60
Residential Asset Securities Corp.
5.360% due 06/25/2036		2,188		2,190
5.390% due 04/25/2036		79		79
5.390% due 11/25/2036		1,914		1,915
Residential Funding Mortgage Securities II, Inc.
5.460% due 09/25/2035		531		532
Securitized Asset-Backed Receivables LLC Trust
5.370% due 09/25/2036		206		206
5.380% due 12/25/2036		9,622		9,626
5.390% due 10/25/2035		99		99
SLM Student Loan Trust
5.325% due 10/25/2012		489		489
5.325% due 07/25/2013		550		550
5.335% due 04/25/2012		260		260
Soundview Home Equity Loan Trust
5.350% due 07/25/2036		538		538
5.370% due 10/25/2036		831		832
5.380% due 11/25/2036		462		462
5.390% due 03/25/2036		47		47
5.420% due 10/25/2036		212		212
5.550% due 06/25/2035		72		72

		PRINCIPAL AMOUNT (000S)			VALUE (000S)
Specialty Underwriting & Residential Finance
5.350% due 06/25/2037	$		114	$	114
5.365% due 11/25/2037			70		70
Structured Asset Investment Loan Trust
5.370% due 07/25/2036			113		113
Structured Asset Securities Corp.
4.900% due 04/25/2035			1,410		1,406
5.370% due 10/25/2036			1,035		1,035
5.400% due 11/25/2035			195		196
5.450% due 12/25/2035			692		692
Truman Capital Mortgage Loan Trust
5.660% due 01/25/2034			33		33
USAA Auto Owner Trust
5.030% due 11/17/2008			72		73
Wachovia Auto Owner Trust
4.820% due 02/20/2009			662		663
Washington Mutual Asset-Backed Certificates
5.370% due 01/25/2037			874		875
Wells Fargo Home Equity Trust
5.370% due 01/25/2037			1,070		1,071
Total Asset-Backed Securities (Cost $107,130)					107,190
SOVEREIGN ISSUES 0.0%
Colombia Government International Bond
10.000% due 01/23/2012			350		405
Total Sovereign Issues (Cost $352)					405
FOREIGN CURRENCY-DENOMINATED ISSUES 1.2%
Canadian Government Bond
3.000% due 12/01/2036 (b)	CAD		542		610
France Government Bond
3.000% due 07/25/2012 (b)	EUR		1,678		2,335
Italy Buoni Poliennali Del Tesoro
2.150% due 09/15/2014 (b)			543		717
Pylon Ltd.
5.648% due 12/18/2008			700		956
8.048% due 12/18/2008			1,100		1,520
United Kingdom Gilt Inflation Linked Bond
2.500% due 05/20/2009	GBP		1,100		5,679
Total Foreign Currency-Denominated Issues (Cost $11,335)					11,817
SHORT-TERM INSTRUMENTS 55.4%
CERTIFICATES OF DEPOSIT 7.0%
Abbey National Treasury Services PLC
5.270% due 07/02/2008	$		7,200		7,203
BNP Paribas
5.262% due 05/28/2008			5,400		5,402
5.262% due 07/03/2008			8,200		8,198
Calyon Financial, Inc.
5.340% due 01/16/2009			1,800		1,800
Fortis Bank NY
5.265% due 06/30/2008			5,200		5,202
HSBC Bank USA N.A.
5.426% due 07/28/2008			1,100		1,102
Nordea Bank Finland PLC
5.267% due 03/31/2008			300		300
5.308% due 05/28/2008			700		701
Royal Bank of Canada
5.267% due 06/30/2008			7,900		7,907

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  Real Return Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Royal Bank of Scotland Group PLC
5.265% due 03/26/2008	$	5,700	$	5,700
Skandinav Enskilda BK
5.272% due 08/21/2008		100		100
5.340% due 08/21/2008		5,600		5,602
5.350% due 02/13/2009		5,400		5,404
Societe Generale NY
5.270% due 03/26/2008		5,700		5,700
5.271% due 06/30/2008		5,600		5,602
Unicredito Italiano NY
5.360% due 05/29/2008		4,200		4,202
				70,125
COMMERCIAL PAPER 45.3%
Australia and New Zealand Banking Group Ltd.
5.245% due 09/19/2007		26,800		26,480
Bank of Ireland
5.230% due 11/08/2007		1,300		1,298
Barclays U.S. Funding Corp.
5.235% due 09/26/2007		27,800		27,598
5.245% due 09/26/2007		100		99
5.250% due 09/26/2007		2,000		1,974
BNP Paribas Finance, Inc.
5.330% due 10/23/2007		10,600		10,600
Calyon N.A. LLC
5.175% due 06/29/2010		31,200		31,169
CBA (de) Finance
5.225% due 09/28/2007		4,100		4,087
Cox Communications, Inc.
5.570% due 09/17/2007		1,100		1,100
Danske Corp.
5.205% due 10/12/2007		300		298
5.220% due 10/12/2007		30,500		30,465

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Dexia Delaware LLC
5.240% due 09/21/2007	$	29,000	$	28,662
DnB NORBank ASA
5.225% due 10/12/2007		3,900		3,900
Fortis Funding LLC
5.255% due 09/05/2007		23,900		23,844
5.275% due 09/05/2007		600		598
General Electric Capital Corp.
5.200% due 11/06/2007		2,500		2,490
HBOS Treasury Services PLC
5.225% due 11/13/2007		500		500
5.250% due 09/21/2007		27,700		27,365
Intesa Funding LLC
5.320% due 09/05/2007		20,000		19,988
Natixis S.A.
5.250% due 09/21/2007		2,400		2,371
5.380% due 09/21/2007		27,200		27,200
Nordea N.A., Inc.
5.308% due 04/09/2009		2,300		2,300
Rabobank USA Financial Corp.
5.330% due 07/26/2007		27,200		27,200
Santander Hispano Finance Delaware
5.250% due 09/26/2007		18,800		18,556
Societe Generale NY
5.240% due 11/26/2007		1,000		988
5.245% due 11/26/2007		17,300		17,093
5.250% due 11/26/2007		200		197
Svenska Handelsbanken, Inc.
5.185% due 10/09/2007		22,500		22,477
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		27,200		27,200

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
UBS Finance Delaware LLC
5.145% due 10/23/2007	$	800	$	797
5.200% due 10/23/2007		20,800		20,463
5.230% due 10/23/2007		2,200		2,165
5.235% due 10/23/2007		5,800		5,742
5.240% due 10/23/2007		700		690
Unicredito Italiano SpA
5.200% due 01/22/2008		10,500		10,319
Westpac Banking Corp.
5.195% due 11/05/2007		22,400		22,300
5.230% due 11/05/2007		600		598
5.240% due 11/05/2007		1,100		1,087
				452,258
TRI-PARTY REPURCHASE AGREEMENTS 0.3%
State Street Bank and Trust Co.
4.900% due 07/02/2007		3,467		3,467
(Dated 06/29/2007. Collateralized by Freddie Mac 5.000% due 06/11/2009 valued at $3,539. Repurchase proceeds are $3,468.)
U.S. TREASURY BILLS 2.8%
4.575% due 08/30/2007 - 09/13/2007 (a)(c)(d)(f)		27,920		27,666
Total Short-Term Instruments (Cost $553,565)				553,516
PURCHASED OPTIONS (h) 0.2%				1,570
(Cost $1,852)				1,570
Total Investments (e) 209.4% (Cost $2,084,650)			$	2,091,451
Written Options (i) (0.0%)				(238	)
(Premiums $387)
Other Assets and Liabilities (Net) (109.4%)				(1,092,533	)
Net Assets 100.0%			$	998,680

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

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

(c) Securities with an aggregate market value of $2,476 have been pledged as collateral for swap and swaption contracts on June 30, 2007.

(d) Securities with an aggregate market value of $2,661 have been pledged as collateral for delayed-delivery securities on June 30, 2007.

(e) As of June 30, 2007, portfolio securities with an aggregate value of $30,875 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) Securities with an aggregate market value of $2,406 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Euribor December Futures	Long	12/2008	21	$	(8	)
90-Day Euribor June Futures	Long	06/2009	21		(5	)
90-Day Euribor March Futures	Long	03/2009	21		(7	)
90-Day Euribor September Futures	Long	09/2008	21		(8	)
90-Day Eurodollar December Futures	Short	12/2007	28		38
90-Day Eurodollar December Futures	Long	12/2008	12		(6	)
90-Day Eurodollar June Futures	Short	06/2008	35		38
90-Day Eurodollar June Futures	Long	06/2009	35		(17	)
90-Day Eurodollar March Futures	Short	03/2008	28		34
90-Day Eurodollar March Futures	Long	03/2009	12		(6	)
90-Day Eurodollar September Futures	Short	09/2008	49		49
Japan Government 10-Year Bond September Futures	Long	09/2007	16		7
U.S. Treasury 30-Year Bond September Futures	Short	09/2007	665		932
U.S. Treasury 5-Year Note September Futures	Short	09/2007	214		(105	)
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	550		(944	)
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2008	448		(845	)
				$	(853	)

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(g) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%		12/20/2008	$	2,900	$	1
Barclays Bank PLC	Peru Government International Bond 8.750% due 11/21/2033	Sell	0.350%		12/20/2008		1,500		1
Barclays Bank PLC	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.330%		12/20/2008		1,500		1
Barclays Bank PLC	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.780%		12/20/2008		1,500		6
Citibank N.A.	Glitnir Banki HF 6.330% due 07/28/2011	Buy	(0.290%	)	06/20/2012		1,100		(1	)
Credit Suisse First Boston	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	0.970%		06/20/2012		300		(3	)
Credit Suisse First Boston	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.010%		06/20/2012		300		(3	)
Credit Suisse First Boston	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.010%		06/20/2012		1,100		(11	)
Credit Suisse First Boston	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.040%		06/20/2012		200		(2	)
Deutsche Bank AG	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.510%		12/20/2008		3,000		6
Deutsche Bank AG	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.325%		12/20/2008		1,400		1
Deutsche Bank AG	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.790%		12/20/2008		1,400		6
Goldman Sachs & Co.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	3.400%		06/20/2011		700		37
HSBC Bank USA	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.280%		11/20/2007		1,000		0
HSBC Bank USA	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.240%		02/20/2008		2,000		2
Lehman Brothers, Inc.	Peru Government International Bond 9.125% due 02/21/2012	Sell	0.370%		12/20/2008		1,400		2
UBS Warburg LLC	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	5.250%		09/20/2007		1,300		16
								$	59

⁽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.

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	6.500%	01/15/2010	AUD	4,700	$	(33	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		18,700		(126	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	7.000%	06/15/2010		46,200		(50	)
JPMorgan Chase & Co.	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		3,100		(22	)
Royal Bank of Canada	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		1,900		(12	)
Royal Bank of Canada	3-Month Canadian Bank Bill	Receive	5.500%	06/20/2017	CAD	18,500		3
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.103%	10/15/2010	EUR	2,500		41
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		600		(15	)
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	04/05/2012		300		(3	)
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.980%	04/30/2012		900		(10	)
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010		2,500		30
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.983%	03/15/2012		1,900		(16	)
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.150%	01/19/2016		15,000		120
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.976%	12/15/2011		5,100		(15	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.995%	03/15/2012		9,200		(51	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	03/30/2012		700		(6	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		600		(6	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.958%	04/10/2012		3,800		(40	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.353%	10/15/2016		2,500		14
Morgan Stanley	6-Month EUR-LIBOR	Receive	4.000%	06/15/2017		6,800		657
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.955%	03/28/2012		2,100		(20	)
UBS Warburg LLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.146%	10/15/2010		3,700		56
UBS Warburg LLC	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	Receive	2.275%	10/15/2016		2,700		9
UBS Warburg LLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.350%	10/15/2016		2,700		10
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009	GBP	19,700		(731	)
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		5,700		442
Credit Suisse First Boston	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		4,600		(203	)
Credit Suisse First Boston	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		1,800		134
Goldman Sachs & Co.	6-Month GBP-LIBOR	Receive	5.000%	09/15/2015		4,300		413
HSBC Bank USA	6-Month GBP-LIBOR	Receive	4.250%	06/12/2036		2,500		635
JPMorgan Chase & Co.	6-Month GBP-LIBOR	Pay	5.000%	06/15/2008		5,000		(85	)
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		6,700		(306	)
UBS Warburg LLC	United Kingdom RPI Index	Pay	2.548%	11/14/2016		5,000		(118	)
Morgan Stanley	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	2,900,000		(4	)
Barclays Bank PLC	28-Day Mexico Interbank TIIE Banxico	Pay	8.720%	09/05/2016	MXN	17,000		66
Barclays Bank PLC	28-Day Mexico Interbank TIIE Banxico	Pay	8.330%	02/14/2017		11,100		18
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		136,400		44
Goldman Sachs & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		15,300		11
Merrill Lynch & Co., Inc.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		52,900		28
Morgan Stanley	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		20,900		5

See Accompanying Notes Semiannual Report June 30, 2007 13

Schedule of Investments  Real Return Portfolio (Cont.)

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bank of America	3-Month USD-LIBOR	Pay	5.000%	06/20/2027	$	5,000	$	(333	)
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		5,900		(7	)
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		10,600		34
Barclays Bank PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		23,000		(145	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		9,000		19
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		17,100		27
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/20/2021		5,400		27
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/20/2026		5,700		8
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		1,700		21
Goldman Sachs & Co.	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		23,500		(26	)
Goldman Sachs & Co.	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		6,500		230
JPMorgan Chase & Co.	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		2,900		(7	)
Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		1,400		2
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	06/20/2009		30,000		(281	)
Morgan Stanley	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		100		(1	)
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		13,500		221
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		13,000		48
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		47,100		(348	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		4,600		74
UBS Warburg LLC	3-Month USD-LIBOR	Pay	5.000%	06/18/2009		184,000		(50	)
UBS Warburg LLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		2,700		(34	)
							$	343

(h) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 30-Year Bond September Futures	$	118.000	08/24/2007	665	$	13	$	11
Put - CBOT U.S. Treasury 10-Year Note September Futures		102.000	08/24/2007	294		5		18
					$	18	$	29

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	03/31/2008	$	43,000	$	241	$	53
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		9,000		45		18
								$	286	$	71

Foreign Currency Options

Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Euro versus U.S. dollar	$	1.353	06/26/2008	EUR	4,600	$	145	$	169
Put - OTC Euro versus U.S. dollar		1.353	06/26/2008		4,600		145		118
Call - OTC U.S. dollar versus Japanese yen	JPY	118.150	06/23/2008	$	21,800		574		564
Put - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		21,800		574		594
						$	1,438	$	1,445

Options on Securities

Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.500% due 07/01/2037	$	89.000	07/05/2007	$	81,300	$	10	$	0
Put - OTC Treasury Inflation Protected Securities 1.875% due 07/15/2015		66.531	09/19/2007		92,100		22		0
Put - OTC Treasury Inflation Protected Securities 3.875% due 01/15/2009		90.000	09/19/2007		70,700		17		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2025		65.000	07/23/2007		100,000		23		0
Put - OTC Treasury Inflation Protected Securities 3.000% due 07/15/2012		88.000	07/23/2007		100,000		23		0
Put - OTC Treasury Inflation Protected Securities 3.625% due 04/15/2028		77.000	08/27/2007		53,000		12		0
Put - OTC Treasury Inflation Protected Securities 3.875% due 04/15/2029		79.000	08/27/2007		13,000		3		0
						$	110	$	0

Straddle Options

Description	Counterparty	Exercise Price (2)		Expiration Date	Notional Amount		Cost (2)		Value
Call & Put - OTC U.S. dollar versus Swiss franc Forward Delta Neutral Straddle	JPMorgan Chase & Co.	CHF	0.000	09/26/2007	$	5,800	$	0	$	10
Call & Put - OTC U.S. dollar versus Swiss franc Forward Delta Neutral Straddle	Royal Bank of Scotland Group PLC		0.000	09/26/2007		5,700		0		15
							$	0	$	25

⁽²⁾ Exercise price and final cost determined on a future date, based upon implied volatility parameters.

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(i) Written options outstanding on June 30, 2007:

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	08/24/2007	112	$	29	$	68
Call - CBOT U.S. Treasury 10-Year Note September Futures		109.000	08/24/2007	110		13		5
Call - CBOT U.S. Treasury 30-Year Bond September Futures		109.000	08/24/2007	103		35		68
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/24/2007	112		31		12
					$	108	$	153

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	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	03/31/2008	$	19,000	$	234	$	65
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		4,000		45		20
								$	279	$	85

(j) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (3)
Treasury Inflation Protected Securities	1.875%	07/15/2013	$	11,966	$	11,427	$	11,483
Treasury Inflation Protected Securities	2.375%	01/15/2017		26,526		25,775		25,909
U.S. Treasury Notes	3.625%	05/15/2013		300		281		282
U.S. Treasury Notes	4.875%	08/15/2016		19,800		19,380		19,953
					$	56,863	$	57,627

⁽³⁾ Market value includes $395 of interest payable on short sales.

(k) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	3,604	10/2007	$	4	$	(15	)	$	(11	)
Sell	CAD	1,247	08/2007		0		(5	)		(5	)
Sell	CHF	910	09/2007		0		0			0
Buy	CNY	92,519	01/2008		62		0			62
Buy		92,514	03/2008		0		(66	)		(66	)
Sell	EUR	5,798	07/2007		0		(76	)		(76	)
Sell	GBP	6,409	08/2007		0		(68	)		(68	)
Sell	JPY	214,501	07/2007		25		0			25
Buy	KRW	148,200	07/2007		1		0			1
Buy		1,571,959	09/2007		8		0			8
Buy	MXN	15,220	09/2007		1		(3	)		(2	)
Buy		5,042	03/2008		5		0			5
Buy	PLN	5,528	09/2007		38		0			38
Buy	RUB	2,255	12/2007		2		0			2
Buy		48,032	01/2008		16		0			16
Buy	SGD	2,610	07/2007		7		0			7
Sell		1,578	07/2007		0		(6	)		(6	)
Buy		245	08/2007		1		0			1
Buy		2,599	10/2007		9		0			9
				$	179	$	(239	)	$	(60	)

See Accompanying Notes Semiannual Report June 30, 2007 15

Notes to Financial Statements

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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	JPY	Japanese Yen
BRL	Brazilian Real	KRW	South Korean Won
CAD	Canadian Dollar	MXN	Mexican Peso
CHF	Swiss Franc	PLN	Polish Zloty
CNY	Chinese Yuan Renminbi	RUB	Russian Ruble
EUR	Euro	SGD	Singapore Dollar
GBP	Great British Pound

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(j) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

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.

(k) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(l) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”) The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for

accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(m) 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 on 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.

(n) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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.

18 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(o) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

(p) Bridge Debt Commitments  At the period ended June 30, 2007, the Portfolio had $1,602,246 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.

(q) 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-related 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.

(r) 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” or “Ginnie Mae”), 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.

(s) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to

April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	8,513,157	$	8,707,451	$	137,558	$	29,607

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Premium
Balance at 12/31/2006	146		$	97,800		$	643
Sales	1,025			23,000			592
Closing Buys	(73	)		(46,000	)		(362	)
Expirations	(661	)		(51,800	)		(486	)
Exercised	0			0			0
Balance at 06/30/2007	437		$	23,000		$	387

20 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	301		$	3,580		629		$	7,837
Administrative Class	13,980			166,885		29,533			367,822
Advisor Class	568			6,796		248			3,086
Issued as reinvestment of distributions
Institutional Class	95			1,137		255			3,137
Administrative Class	1,955			23,367		5,979			73,676
Advisor Class	10			119		9			109
Cost of shares redeemed
Institutional Class	(274	)		(3,266	)	(557	)		(6,951	)
Administrative Class	(22,385	)		(268,783	)	(28,578	)		(353,626	)
Advisor Class	(27	)		(329	)	(32	)		(402	)
Net increase (decrease) resulting from Portfolio share transactions	(5,777	)	$	(70,494	)	7,486		$	94,688

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	3	54
Advisor Class	2	94

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

Semiannual Report June 30, 2007 21

Notes to Financial Statements (Cont.)

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    8,525	$    (1,724)	$    6,801

22 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 23

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	23

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Real Return Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

U.S. Treasury Obligations	47.8%
Short-Term Instruments	26.5%
U.S. Government Agencies	10.2%
Corporate Bonds & Notes	6.3%
Asset-Backed Securities	5.1%
Other	4.1%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio     Inception     (04/10/00)**
	PIMCO Real Return Portfolio Institutional Class	0.91%	3.05%	6.30%	7.99%
	Lehman Brothers U.S. TIPS Index±	1.73%	3.99%	6.03%	7.47%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Portfolio began operations on 04/10/00. Index comparisons began on 03/31/00.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± 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), having at least 1 year to final maturity, and at least $250 million par amount outstanding. It is not possible to invest directly in the index. The index does not reflect deductions for fees or expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,009.09	$	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 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 or corporations, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.

» Positioning for a steeper U.S. nominal yield curve added to performance as the U.S. nominal yield curve steepened.

» An emphasis on nominal bonds in the Eurozone benefited performance as nominal bonds outperformed inflation-linked bonds in the region.

» Above-index U.S. real duration was negative for performance as real yields increased.

» Modest exposure to U.K. nominal bonds was negative for performance due to rising interest rates and a tightening bias from the Bank of England.

» Holdings of mortgage-backed securities detracted from performance as mortgage spreads widened.

4 PIMCO Variable Insurance Trust

Financial Highlights  Real Return Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Institutional Class
Net asset value beginning of year or period	$	11.93		$	12.69		$	12.92		$	12.36		$	11.90		$	10.56
Net investment income (a)		0.29			0.54			0.37			0.15			0.25			0.49
Net realized/unrealized gain (loss) on investments (a)		(0.17	)		(0.42	)		(0.08	)		0.96			0.81			1.36
Total income from investment operations		0.12			0.12			0.29			1.11			1.06			1.85
Dividends from net investment income		(0.30	)		(0.55	)		(0.38	)		(0.14	)		(0.34	)		(0.49	)
Distributions from net realized capital gains		0.00			(0.33	)		(0.14	)		(0.41	)		(0.26	)		(0.02	)
Total distributions		(0.30	)		(0.88	)		(0.52	)		(0.55	)		(0.60	)		(0.51	)
Net asset value end of year or period	$	11.75		$	11.93		$	12.69		$	12.92		$	12.36		$	11.90
Total return		0.91	%		0.86	%		2.24	%		9.08	%		9.00	%		17.93	%
Net assets end of year or period (000s)	$	46,629		$	45,852		$	44,659		$	36,691		$	26,540		$	16
Ratio of expenses to average net assets		0.50	%*		0.50	%		0.51	%		0.50	%		0.51	%		0.51	%
Ratio of expenses to average net assets excluding interest expense		0.50	%*		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		4.88	%*		4.38	%		2.88	%		1.14	%		2.06	%		4.40	%
Portfolio turnover rate		484	%		963	%		1,102	%		1,064	%		738	%		87	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Real Return Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	2,091,451
Cash		72
Foreign currency, at value		8,246
Receivable for investments sold		96,104
Receivable for investments sold on a delayed-delivery basis		10,275
Receivable for Portfolio shares sold		7,639
Interest and dividends receivable		4,575
Variation margin receivable		12
Swap premiums paid		5,874
Unrealized appreciation on foreign currency contracts		179
Unrealized appreciation on swap agreements		3,526
		2,227,953
Liabilities:
Payable for investments purchased	$	149,673
Payable for investments purchased on a delayed-delivery basis		1,007,734
Payable for Portfolio shares redeemed		1,310
Payable for short sales		57,627
Written options outstanding		238
Dividends payable		18
Accrued investment advisory fee		207
Accrued administration fee		207
Accrued distribution fee		2
Accrued servicing fee		106
Variation margin payable		933
Swap premiums received		5,324
Unrealized depreciation on foreign currency contracts		239
Unrealized depreciation on swap agreements		3,124
Other liabilities		2,531
		1,229,273
Net Assets	$	998,680
Net Assets Consist of:
Paid in capital	$	1,073,947
Undistributed net investment income		9,102
Accumulated undistributed net realized (loss)		(87,924	)
Net unrealized appreciation		3,555
	$	998,680
Net Assets:
Institutional Class	$	46,629
Administrative Class		942,932
Advisor Class		9,119
Shares Issued and Outstanding:
Institutional Class		3,967
Administrative Class		80,217
Advisor Class		776
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	11.75
Administrative Class		11.75
Advisor Class		11.75
Cost of Investments Owned	$	2,084,650
Cost of Foreign Currency Held	$	8,225
Proceeds Received on Short Sales	$	56,863
Premiums Received on Written Options	$	387

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Real Return Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	28,500
Miscellaneous income		32
Total Income		28,532
Expenses:
Investment advisory fees		1,318
Administration fees		1,318
Servicing fees – Administrative Class		753
Distribution and/or servicing fees – Advisor Class		7
Trustees’ fees		10
Total Expenses		3,406
Net Investment Income		25,126
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(40,473	)
Net realized gain on futures contracts, written options and swaps		84
Net realized (loss) on foreign currency transactions		(743	)
Net change in unrealized appreciation on investments		30,216
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(2,279	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		321
Net (Loss)		(12,874	)
Net Increase in Net Assets Resulting from Operations	$	12,252

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Real Return Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	25,126		$	47,440
Net realized (loss)		(41,132	)		(12,066	)
Net change in unrealized appreciation (depreciation)		28,258			(27,331	)
Net increase resulting from operations		12,252			8,043
Distributions to Shareholders:
From net investment income
Institutional Class		(1,137	)		(1,932	)
Administrative Class		(24,024	)		(45,759	)
Advisor Class		(119	)		(41	)
From net realized capital gains
Institutional Class		0			(1,205	)
Administrative Class		0			(28,225	)
Advisor Class		0			(68	)
Total Distributions		(25,280	)		(77,230	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		3,580			7,837
Administrative Class		166,885			367,822
Advisor Class		6,796			3,086
Issued as reinvestment of distributions
Institutional Class		1,137			3,137
Administrative Class		23,367			73,676
Advisor Class		119			109
Cost of shares redeemed
Institutional Class		(3,266	)		(6,951	)
Administrative Class		(268,783	)		(353,626	)
Advisor Class		(329	)		(402	)
Net increase (decrease) resulting from Portfolio share transactions		(70,494	)		94,688
Total Increase (Decrease) in Net Assets		(83,522	)		25,501
Net Assets:
Beginning of period		1,082,202			1,056,701
End of period*	$	998,680		$	1,082,202
*Including undistributed net investment income of:	$	9,102		$	9,256

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments Real Return Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.3%
Georgia-Pacific Corp.
7.110% due 12/20/2012	$	988	$	991
OAO Rosneft Oil Co.
6.000% due 09/16/2007		1,600		1,602
Total Bank Loan Obligations (Cost $2,586)				2,593
CORPORATE BONDS & NOTES 13.2%
BANKING & FINANCE 11.0%
American Express Centurion Bank
5.320% due 05/07/2008		500		500
American International Group, Inc.
5.360% due 06/23/2008		1,200		1,200
Atlantic & Western Re Ltd.
11.599% due 01/09/2009		900		908
Bank of America Corp.
5.366% due 11/06/2009		900		900
5.510% due 02/17/2009		5,400		5,414
Bank of America N.A.
5.360% due 12/18/2008		5,400		5,403
Bank of Ireland
5.370% due 12/19/2008		1,500		1,502
5.410% due 12/18/2009		1,000		1,002
C10 Capital SPV Ltd.
6.722% due 12/31/2049		500		488
Calabash Re II Ltd.
16.260% due 01/08/2010		250		260
Charter One Bank N.A.
5.405% due 04/24/2009		8,400		8,411
CIT Group, Inc.
5.505% due 01/30/2009		4,600		4,594
Citigroup Funding, Inc.
5.320% due 04/23/2009		5,700		5,703
Citigroup, Inc.
5.390% due 12/28/2009		3,900		3,903
5.395% due 01/30/2009		1,000		1,001
5.400% due 12/26/2008		4,900		4,904
5.405% due 05/02/2008		1,000		1,001
Commonwealth Bank of Australia
5.360% due 06/08/2009		400		400
Credit Agricole S.A.
5.360% due 05/28/2009		1,900		1,901
DnB NORBank ASA
5.425% due 10/13/2009		1,100		1,101
East Lane Re Ltd.
12.355% due 05/06/2011		300		301
Export-Import Bank of Korea
5.570% due 10/04/2011		1,600		1,602
Ford Motor Credit Co.
7.250% due 10/25/2011		1,200		1,156
7.800% due 06/01/2012		100		98
Foundation Re II Ltd.
12.110% due 11/26/2010		800		803
General Electric Capital Corp.
5.355% due 10/24/2008		800		801
5.385% due 10/26/2009		1,000		1,001
5.400% due 03/04/2008		2,800		2,803
5.400% due 12/12/2008		900		901
General Motors Acceptance Corp.
6.750% due 12/01/2014		1,600		1,534
Goldman Sachs Group, Inc.
5.660% due 06/28/2010		4,700		4,730

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
HBOS Treasury Services PLC
5.320% due 07/17/2008	$	1,100	$	1,101
HSBC Finance Corp.
5.360% due 05/21/2008		1,200		1,201
5.415% due 10/21/2009		1,900		1,901
JPMorgan Chase & Co.
5.370% due 06/26/2009		700		701
5.410% due 06/26/2009		5,500		5,508
Lehman Brothers Holdings, Inc.
5.370% due 11/24/2008		300		300
Longpoint Re Ltd.
10.609% due 05/08/2010		1,100		1,100
Merrill Lynch & Co., Inc.
5.395% due 10/23/2008		2,500		2,504
Morgan Stanley
5.360% due 11/21/2008		1,000		1,000
Mystic Re Ltd.
14.360% due 12/05/2008		600		594
Phoenix Quake Ltd.
7.800% due 07/03/2008		500		503
Phoenix Quake Wind I Ltd.
7.800% due 07/03/2008		2,000		2,007
Rabobank Nederland
5.376% due 01/15/2009		800		801
Redwood Capital IX Ltd.
11.610% due 01/09/2008		500		504
12.110% due 01/09/2008		500		504
Royal Bank of Scotland Group PLC
5.405% due 07/21/2008		400		400
Santander U.S. Debt S.A. Unipersonal
5.370% due 09/21/2007		400		400
5.420% due 09/19/2008		500		501
5.420% due 11/20/2009		2,700		2,702
Shackleton Re Ltd.
13.355% due 02/07/2008		1,000		1,015
Travelers Property Casualty Corp.
3.750% due 03/15/2008		100		99
Unicredit Luxembourg Finance S.A.
5.405% due 10/24/2008		1,700		1,701
Vita Capital II Ltd.
6.249% due 01/01/2010		300		300
Vita Capital III Ltd.
6.469% due 01/01/2012		700		701
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008		1,700		1,704
Wachovia Bank N.A.
5.360% due 02/23/2009		5,400		5,403
5.430% due 12/02/2010		2,400		2,402
Westpac Banking Corp.
5.280% due 06/06/2008		5,400		5,401
World Savings Bank FSB
5.396% due 05/08/2009		300		300
5.410% due 06/20/2008		300		300
5.485% due 03/02/2009		300		301
				110,085
INDUSTRIALS 1.1%
C8 Capital SPV Ltd.
6.640% due 12/31/2049		500		493
CSC Holdings, Inc.
7.875% due 12/15/2007		600		605
EchoStar DBS Corp.
5.750% due 10/01/2008		500		500
7.000% due 10/01/2013		5,000		4,950

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Pemex Project Funding Master Trust
7.375% due 12/15/2014	$	500	$	546
8.625% due 02/01/2022		200		247
Royal Caribbean Cruises Ltd.
7.000% due 10/15/2007		200		202
Wal-Mart Stores, Inc.
5.260% due 06/16/2008		3,200		3,199
				10,742
UTILITIES 1.1%
America Movil SAB de C.V.
5.460% due 06/27/2008		5,500		5,501
AT&T, Inc.
5.456% due 02/05/2010		2,800		2,805
Cleveland Electric Illuminating Co.
6.860% due 10/01/2008		100		102
CMS Energy Corp.
9.875% due 10/15/2007		1,600		1,623
Dominion Resources, Inc.
5.540% due 11/14/2008		300		300
Embarq Corp.
7.082% due 06/01/2016		300		302
NiSource Finance Corp.
5.930% due 11/23/2009		800		802
				11,435
Total Corporate Bonds & Notes (Cost $132,018)				132,262
CONVERTIBLE BONDS & NOTES 0.4%
Chesapeake Energy Corp.
2.500% due 05/15/2037		3,750		3,844
Total Convertible Bonds & Notes (Cost $3,808)				3,844
MUNICIPAL BONDS & NOTES 0.1%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2017		475		509
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2006
6.265% due 12/15/2013		130		128
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2023		500		529
Total Municipal Bonds & Notes (Cost $1,016)				1,166
U.S. GOVERNMENT AGENCIES 21.3%
Fannie Mae
4.187% due 11/01/2034		6,176		6,125
4.541% due 07/01/2035		740		736
4.673% due 05/25/2035		2,900		2,863
4.682% due 01/01/2035		680		670
5.380% due 12/25/2036		490		489
5.470% due 08/25/2034		450		450
5.500% due 03/01/2034 - 08/01/2037		117,293		113,134
5.670% due 05/25/2042		298		299
5.950% due 02/25/2044		1,053		1,051
6.000% due 09/01/2035 - 07/01/2037		14,538		14,387
6.227% due 06/01/2043 - 09/01/2044		10,458		10,592
7.320% due 11/01/2024		17		17

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Real Return Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Freddie Mac
4.000% due 03/15/2023 - 10/15/2023	$	957	$	945
4.550% due 01/01/2034		667		659
5.000% due 02/15/2020 - 08/15/2020		9,907		9,748
5.470% due 07/15/2019 - 10/15/2020		19,200		19,183
5.500% due 05/15/2016		7,567		7,567
5.550% due 07/15/2037		1,400		1,400
5.580% due 08/25/2031		182		182
5.670% due 12/15/2030		485		486
6.227% due 10/25/2044 - 02/25/2045		16,300		16,404
Small Business Administration
4.504% due 02/10/2014		1,567		1,497
4.880% due 11/01/2024		3,464		3,314
Total U.S. Government Agencies (Cost $212,767)				212,198
U.S. TREASURY OBLIGATIONS 100.1%
Treasury Inflation Protected Securities (b)
0.875% due 04/15/2010		46,039		43,737
1.625% due 01/15/2015		3,372		3,135
1.875% due 07/15/2015		105,075		99,329
2.000% due 04/15/2012		22,109		21,465
2.000% due 01/15/2014		82,621		79,426
2.000% due 07/15/2014		99,281		95,333
2.000% due 01/15/2016		4,500		4,274
2.000% due 01/15/2026		81,940		74,245
2.375% due 04/15/2011		28,981		28,673
2.375% due 01/15/2025		74,048		71,225
2.375% due 01/15/2027		24,616		23,647
2.500% due 07/15/2016		20,261		20,041
3.000% due 07/15/2012		107,896		110,020
3.375% due 01/15/2012		4,679		4,831
3.375% due 04/15/2032		1,872		2,155
3.500% due 01/15/2011		28,874		29,716
3.625% due 01/15/2008		1,285		1,287
3.625% due 04/15/2028		63,131		73,158
3.875% due 01/15/2009		71,163		72,319
3.875% due 04/15/2029		66,711		80,564
4.250% due 01/15/2010		48,693		50,553
U.S. Treasury Bonds
6.000% due 02/15/2026		1,400		1,529
6.625% due 02/15/2027		1,300		1,523
8.875% due 08/15/2017		1,000		1,296
U.S. Treasury Notes
4.500% due 02/28/2011		1,700		1,677
4.875% due 04/30/2011		4,600		4,595
Total U.S. Treasury Obligations (Cost $993,078)				999,753
MORTGAGE-BACKED SECURITIES 6.5%
American Home Mortgage Investment Trust
5.470% due 09/25/2035		111		111
Arkle Master Issuer PLC
5.300% due 11/19/2007		1,300		1,300
Arran Residential Mortgages Funding PLC
5.340% due 04/12/2036		2,119		2,119
Banc of America Funding Corp.
4.614% due 02/20/2036		3,244		3,193
Banc of America Mortgage Securities, Inc.
6.500% due 09/25/2033		186		186
Bear Stearns Commercial Mortgage Securities
6.440% due 06/16/2030		600		603
Citigroup Commercial Mortgage Trust
5.390% due 08/15/2021		95		95

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035	$	4,161	$	4,087
4.900% due 12/25/2035		219		218
Countrywide Alternative Loan Trust
5.390% due 07/25/2046		326		326
5.400% due 09/20/2046		667		668
5.500% due 02/20/2047		1,349		1,347
5.500% due 05/25/2047		460		461
5.600% due 12/25/2035		105		105
Countrywide Home Loan Mortgage Pass-Through Trust
3.786% due 11/19/2033		250		241
5.660% due 06/25/2035		687		686
CS First Boston Mortgage Securities Corp.
4.938% due 12/15/2040		1,011		1,003
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
5.420% due 10/25/2036		1,018		1,019
First Horizon Alternative Mortgage Securities
4.732% due 06/25/2034		885		874
GE Capital Commercial Mortgage Corp.
4.229% due 12/10/2037		7,248		7,087
Greenpoint Mortgage Funding Trust
5.400% due 10/25/2046		695		695
5.400% due 01/25/2047		5,206		5,209
5.540% due 06/25/2045		1,099		1,100
5.590% due 11/25/2045		635		636
GSR Mortgage Loan Trust
4.538% due 09/25/2035		2,321		2,288
Harborview Mortgage Loan Trust
5.540% due 05/19/2035		285		286
Impac Secured Assets CMN Owner Trust
5.400% due 01/25/2037		354		354
Indymac Index Mortgage Loan Trust
5.410% due 11/25/2046		932		933
5.420% due 01/25/2037		672		672
JPMorgan Mortgage Trust
5.008% due 07/25/2035		1,416		1,398
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		700		686
Mellon Residential Funding Corp.
5.670% due 11/15/2031		1,131		1,133
5.760% due 12/15/2030		940		944
Merrill Lynch Floating Trust
5.390% due 06/15/2022		267		267
Residential Accredit Loans, Inc.
5.620% due 08/25/2035		368		369
Securitized Asset Sales, Inc.
7.542% due 11/26/2023		12		12
Sequoia Mortgage Trust
5.670% due 10/19/2026		350		350
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		693		694
6.429% due 01/25/2035		389		391
Structured Asset Mortgage Investments, Inc.
5.390% due 08/25/2036		784		785
5.510% due 06/25/2036		343		343
Structured Asset Securities Corp.
5.329% due 10/25/2035		693		692
5.370% due 05/25/2036		56		56
TBW Mortgage-Backed Pass-Through Certificates
5.420% due 09/25/2036		138		139
5.430% due 01/25/2037		991		992
Thornburg Mortgage Securities Trust
5.430% due 04/25/2036		90		90

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.430% due 12/25/2036	$	4,514	$	4,514
5.440% due 08/25/2036		2,225		2,224
Wachovia Bank Commercial Mortgage Trust
5.681% due 04/15/2034		595		596
Washington Mutual, Inc.
5.580% due 11/25/2045		551		553
5.610% due 08/25/2045		89		89
5.610% due 10/25/2045		3,593		3,602
5.724% due 07/25/2046		1,931		1,939
5.759% due 01/25/2047		1,946		1,946
5.839% due 12/25/2046		252		253
6.029% due 02/25/2046		469		470
6.229% due 11/25/2042		119		120
6.529% due 11/25/2046		285		286
Wells Fargo Mortgage-Backed Securities Trust
3.539% due 09/25/2034		531		517
4.110% due 06/25/2035		788		785
Total Mortgage-Backed Securities (Cost $65,143)				65,137
ASSET-BACKED SECURITIES 10.7%
Aames Mortgage Investment Trust
5.380% due 04/25/2036		71		71
Accredited Mortgage Loan Trust
5.480% due 09/25/2035		216		216
ACE Securities Corp.
5.370% due 07/25/2036		406		406
5.370% due 12/25/2036		301		301
5.430% due 10/25/2035		431		431
Argent Securities, Inc.
5.370% due 10/25/2036		1,026		1,026
5.390% due 04/25/2036		365		365
5.400% due 03/25/2036		411		412
Asset-Backed Funding Certificates
5.380% due 11/25/2036		142		142
5.380% due 01/25/2037		4,070		4,072
5.670% due 06/25/2034		1,169		1,172
Asset-Backed Securities Corp. Home Equity
5.370% due 11/25/2036		114		114
Bank One Issuance Trust
5.430% due 12/15/2010		600		601
Bear Stearns Asset-Backed Securities, Inc.
5.370% due 11/25/2036		154		154
5.400% due 12/25/2035		130		130
5.410% due 04/25/2036		234		234
5.520% due 09/25/2034		422		422
5.650% due 10/25/2032		58		58
5.650% due 01/25/2036		141		141
5.770% due 03/25/2043		191		191
Carrington Mortgage Loan Trust
5.370% due 01/25/2037		978		979
Centex Home Equity
5.370% due 06/25/2036		1,123		1,124
Chase Credit Card Master Trust
5.430% due 10/15/2010		500		501
5.430% due 02/15/2011		1,000		1,002
5.440% due 02/15/2010		300		300
Chase Issuance Trust
5.330% due 12/15/2010		400		400
Citibank Credit Card Issuance Trust
5.456% due 01/15/2010		1,505		1,507
Citigroup Mortgage Loan Trust, Inc.
5.370% due 11/25/2036		373		374
5.400% due 12/25/2035		586		586
Countrywide Asset-Backed Certificates
5.350% due 01/25/2046		1,188		1,189
5.370% due 01/25/2037		733		733

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.370% due 05/25/2037	$	4,697	$	4,699
5.380% due 09/25/2046		425		425
5.390% due 07/25/2036		285		285
5.390% due 09/25/2036		316		316
5.390% due 06/25/2037		7,110		7,114
5.430% due 10/25/2046		1,031		1,032
5.450% due 07/25/2036		235		236
Credit-Based Asset Servicing & Securitization LLC
5.380% due 11/25/2036		2,538		2,540
Equity One Asset-Backed Securities, Inc.
5.620% due 04/25/2034		96		96
First Franklin Mortgage Loan Asset-Backed Certificates
5.350% due 07/25/2036		2,846		2,848
5.370% due 11/25/2036		2,047		2,048
5.370% due 12/25/2036		214		214
5.410% due 01/25/2036		979		980
Fremont Home Loan Trust
5.370% due 10/25/2036		139		139
5.380% due 01/25/2037		497		497
5.490% due 01/25/2036		194		194
GSAMP Trust
5.360% due 10/25/2046		217		217
5.390% due 10/25/2036		110		110
5.390% due 12/25/2036		990		990
5.430% due 11/25/2035		190		190
5.610% due 03/25/2034		207		207
GSR Mortgage Loan Trust
5.420% due 11/25/2030		315		315
HFC Home Equity Loan Asset-Backed Certificates
5.390% due 03/20/2036		317		317
Home Equity Asset Trust
5.400% due 05/25/2036		454		454
5.430% due 02/25/2036		173		173
Honda Auto Receivables Owner Trust
5.342% due 11/15/2007		189		190
HSI Asset Securitization Corp. Trust
5.370% due 10/25/2036		238		238
5.370% due 12/25/2036		5,130		5,133
5.400% due 12/25/2035		525		526
Hyundai Auto Receivables Trust
5.348% due 11/15/2007		32		32
Indymac Residential Asset-Backed Trust
5.370% due 11/25/2036		379		379
5.380% due 04/25/2037		2,842		2,843
5.420% due 03/25/2036		249		249
JPMorgan Mortgage Acquisition Corp.
5.360% due 08/25/2036		177		177
5.370% due 07/25/2036		363		363
5.370% due 08/25/2036		912		912
5.370% due 10/25/2036		2,698		2,695
5.390% due 11/25/2036		195		195
5.530% due 06/25/2035		23		23
Lehman XS Trust
5.390% due 05/25/2046		418		419
5.400% due 04/25/2046		1,107		1,107
5.400% due 07/25/2046		759		760
5.400% due 11/25/2046		1,161		1,162
Long Beach Mortgage Loan Trust
5.350% due 06/25/2036		68		68
5.360% due 11/25/2036		154		154
5.380% due 05/25/2046		99		99
5.390% due 03/25/2036		84		84
5.400% due 02/25/2036		164		164
5.410% due 01/25/2036		231		231
5.500% due 08/25/2035		180		180
MASTR Asset-Backed Securities Trust
5.380% due 10/25/2036		34		35

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.380% due 11/25/2036	$	2,442	$	2,444
5.400% due 01/25/2036		487		488
MBNA Credit Card Master Note Trust
5.420% due 12/15/2011		100		100
5.501% due 09/15/2010		200		200
Merrill Lynch Mortgage Investors, Inc.
5.350% due 06/25/2037		321		321
5.370% due 05/25/2037		670		670
5.390% due 08/25/2036		2,928		2,928
5.390% due 07/25/2037		704		705
5.400% due 01/25/2037		102		102
Morgan Stanley ABS Capital I
5.350% due 06/25/2036		39		39
5.360% due 06/25/2036		86		86
5.360% due 07/25/2036		2,608		2,610
5.360% due 10/25/2036		589		590
5.370% due 09/25/2036		563		563
5.370% due 10/25/2036		373		373
5.400% due 12/25/2035		16		16
Morgan Stanley IXIS Real Estate Capital Trust
5.370% due 11/25/2036		145		145
Nelnet Student Loan Trust
5.325% due 10/27/2014		81		81
5.340% due 09/25/2012		3,764		3,766
5.445% due 07/25/2016		386		387
5.445% due 10/25/2016		346		346
Newcastle Mortgage Securities Trust
5.390% due 03/25/2036		260		260
Nissan Auto Lease Trust
5.347% due 12/14/2007		9		9
Nomura Asset Acceptance Corp.
5.460% due 01/25/2036		289		290
Nomura Home Equity Loan, Inc.
5.400% due 02/25/2036		86		86
Option One Mortgage Loan Trust
5.360% due 02/25/2037		71		71
5.370% due 07/25/2036		84		84
5.420% due 11/25/2035		147		147
Park Place Securities, Inc.
5.580% due 09/25/2035		51		52
Renaissance Home Equity Loan Trust
5.700% due 12/25/2032		81		81
Residential Asset Mortgage Products, Inc.
5.390% due 11/25/2036		232		232
5.400% due 01/25/2036		60		60
Residential Asset Securities Corp.
5.360% due 06/25/2036		2,188		2,190
5.390% due 04/25/2036		79		79
5.390% due 11/25/2036		1,914		1,915
Residential Funding Mortgage Securities II, Inc.
5.460% due 09/25/2035		531		532
Securitized Asset-Backed Receivables LLC Trust
5.370% due 09/25/2036		206		206
5.380% due 12/25/2036		9,622		9,626
5.390% due 10/25/2035		99		99
SLM Student Loan Trust
5.325% due 10/25/2012		489		489
5.325% due 07/25/2013		550		550
5.335% due 04/25/2012		260		260
Soundview Home Equity Loan Trust
5.350% due 07/25/2036		538		538
5.370% due 10/25/2036		831		832
5.380% due 11/25/2036		462		462
5.390% due 03/25/2036		47		47
5.420% due 10/25/2036		212		212
5.550% due 06/25/2035		72		72

		PRINCIPAL AMOUNT (000S)			VALUE (000S)
Specialty Underwriting & Residential Finance
5.350% due 06/25/2037	$		114	$	114
5.365% due 11/25/2037			70		70
Structured Asset Investment Loan Trust
5.370% due 07/25/2036			113		113
Structured Asset Securities Corp.
4.900% due 04/25/2035			1,410		1,406
5.370% due 10/25/2036			1,035		1,035
5.400% due 11/25/2035			195		196
5.450% due 12/25/2035			692		692
Truman Capital Mortgage Loan Trust
5.660% due 01/25/2034			33		33
USAA Auto Owner Trust
5.030% due 11/17/2008			72		73
Wachovia Auto Owner Trust
4.820% due 02/20/2009			662		663
Washington Mutual Asset-Backed Certificates
5.370% due 01/25/2037			874		875
Wells Fargo Home Equity Trust
5.370% due 01/25/2037			1,070		1,071
Total Asset-Backed Securities (Cost $107,130)					107,190
SOVEREIGN ISSUES 0.0%
Colombia Government International Bond
10.000% due 01/23/2012			350		405
Total Sovereign Issues (Cost $352)					405
FOREIGN CURRENCY-DENOMINATED ISSUES 1.2%
Canadian Government Bond
3.000% due 12/01/2036 (b)	CAD		542		610
France Government Bond
3.000% due 07/25/2012 (b)	EUR		1,678		2,335
Italy Buoni Poliennali Del Tesoro
2.150% due 09/15/2014 (b)			543		717
Pylon Ltd.
5.648% due 12/18/2008			700		956
8.048% due 12/18/2008			1,100		1,520
United Kingdom Gilt Inflation Linked Bond
2.500% due 05/20/2009	GBP		1,100		5,679
Total Foreign Currency-Denominated Issues (Cost $11,335)					11,817
SHORT-TERM INSTRUMENTS 55.4%
CERTIFICATES OF DEPOSIT 7.0%
Abbey National Treasury Services PLC
5.270% due 07/02/2008	$		7,200		7,203
BNP Paribas
5.262% due 05/28/2008			5,400		5,402
5.262% due 07/03/2008			8,200		8,198
Calyon Financial, Inc.
5.340% due 01/16/2009			1,800		1,800
Fortis Bank NY
5.265% due 06/30/2008			5,200		5,202
HSBC Bank USA N.A.
5.426% due 07/28/2008			1,100		1,102
Nordea Bank Finland PLC
5.267% due 03/31/2008			300		300
5.308% due 05/28/2008			700		701
Royal Bank of Canada
5.267% due 06/30/2008			7,900		7,907

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  Real Return Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Royal Bank of Scotland Group PLC
5.265% due 03/26/2008	$	5,700	$	5,700
Skandinav Enskilda BK
5.272% due 08/21/2008		100		100
5.340% due 08/21/2008		5,600		5,602
5.350% due 02/13/2009		5,400		5,404
Societe Generale NY
5.270% due 03/26/2008		5,700		5,700
5.271% due 06/30/2008		5,600		5,602
Unicredito Italiano NY
5.360% due 05/29/2008		4,200		4,202
				70,125
COMMERCIAL PAPER 45.3%
Australia and New Zealand Banking Group Ltd.
5.245% due 09/19/2007		26,800		26,480
Bank of Ireland
5.230% due 11/08/2007		1,300		1,298
Barclays U.S. Funding Corp.
5.235% due 09/26/2007		27,800		27,598
5.245% due 09/26/2007		100		99
5.250% due 09/26/2007		2,000		1,974
BNP Paribas Finance, Inc.
5.330% due 10/23/2007		10,600		10,600
Calyon N.A. LLC
5.175% due 06/29/2010		31,200		31,169
CBA (de) Finance
5.225% due 09/28/2007		4,100		4,087
Cox Communications, Inc.
5.570% due 09/17/2007		1,100		1,100
Danske Corp.
5.205% due 10/12/2007		300		298
5.220% due 10/12/2007		30,500		30,465

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Dexia Delaware LLC
5.240% due 09/21/2007	$	29,000	$	28,662
DnB NORBank ASA
5.225% due 10/12/2007		3,900		3,900
Fortis Funding LLC
5.255% due 09/05/2007		23,900		23,844
5.275% due 09/05/2007		600		598
General Electric Capital Corp.
5.200% due 11/06/2007		2,500		2,490
HBOS Treasury Services PLC
5.225% due 11/13/2007		500		500
5.250% due 09/21/2007		27,700		27,365
Intesa Funding LLC
5.320% due 09/05/2007		20,000		19,988
Natixis S.A.
5.250% due 09/21/2007		2,400		2,371
5.380% due 09/21/2007		27,200		27,200
Nordea N.A., Inc.
5.308% due 04/09/2009		2,300		2,300
Rabobank USA Financial Corp.
5.330% due 07/26/2007		27,200		27,200
Santander Hispano Finance Delaware
5.250% due 09/26/2007		18,800		18,556
Societe Generale NY
5.240% due 11/26/2007		1,000		988
5.245% due 11/26/2007		17,300		17,093
5.250% due 11/26/2007		200		197
Svenska Handelsbanken, Inc.
5.185% due 10/09/2007		22,500		22,477
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		27,200		27,200

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
UBS Finance Delaware LLC
5.145% due 10/23/2007	$	800	$	797
5.200% due 10/23/2007		20,800		20,463
5.230% due 10/23/2007		2,200		2,165
5.235% due 10/23/2007		5,800		5,742
5.240% due 10/23/2007		700		690
Unicredito Italiano SpA
5.200% due 01/22/2008		10,500		10,319
Westpac Banking Corp.
5.195% due 11/05/2007		22,400		22,300
5.230% due 11/05/2007		600		598
5.240% due 11/05/2007		1,100		1,087
				452,258
TRI-PARTY REPURCHASE AGREEMENTS 0.3%
State Street Bank and Trust Co.
4.900% due 07/02/2007		3,467		3,467
(Dated 06/29/2007. Collateralized by Freddie Mac 5.000% due 06/11/2009 valued at $3,539. Repurchase proceeds are $3,468.)
U.S. TREASURY BILLS 2.8%
4.575% due 08/30/2007 - 09/13/2007 (a)(c)(d)(f)		27,920		27,666
Total Short-Term Instruments (Cost $553,565)				553,516
PURCHASED OPTIONS (h) 0.2%				1,570
(Cost $1,852)				1,570
Total Investments (e) 209.4% (Cost $2,084,650)			$	2,091,451
Written Options (i) (0.0%)				(238	)
(Premiums $387)
Other Assets and Liabilities (Net) (109.4%)				(1,092,533	)
Net Assets 100.0%			$	998,680

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

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

(c) Securities with an aggregate market value of $2,476 have been pledged as collateral for swap and swaption contracts on June 30, 2007.

(d) Securities with an aggregate market value of $2,661 have been pledged as collateral for delayed-delivery securities on June 30, 2007.

(e) As of June 30, 2007, portfolio securities with an aggregate value of $30,875 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) Securities with an aggregate market value of $2,406 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Euribor December Futures	Long	12/2008	21	$	(8	)
90-Day Euribor June Futures	Long	06/2009	21		(5	)
90-Day Euribor March Futures	Long	03/2009	21		(7	)
90-Day Euribor September Futures	Long	09/2008	21		(8	)
90-Day Eurodollar December Futures	Short	12/2007	28		38
90-Day Eurodollar December Futures	Long	12/2008	12		(6	)
90-Day Eurodollar June Futures	Short	06/2008	35		38
90-Day Eurodollar June Futures	Long	06/2009	35		(17	)
90-Day Eurodollar March Futures	Short	03/2008	28		34
90-Day Eurodollar March Futures	Long	03/2009	12		(6	)
90-Day Eurodollar September Futures	Short	09/2008	49		49
Japan Government 10-Year Bond September Futures	Long	09/2007	16		7
U.S. Treasury 30-Year Bond September Futures	Short	09/2007	665		932
U.S. Treasury 5-Year Note September Futures	Short	09/2007	214		(105	)
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	550		(944	)
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2008	448		(845	)
				$	(853	)

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(g) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%		12/20/2008	$	2,900	$	1
Barclays Bank PLC	Peru Government International Bond 8.750% due 11/21/2033	Sell	0.350%		12/20/2008		1,500		1
Barclays Bank PLC	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.330%		12/20/2008		1,500		1
Barclays Bank PLC	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.780%		12/20/2008		1,500		6
Citibank N.A.	Glitnir Banki HF 6.330% due 07/28/2011	Buy	(0.290%	)	06/20/2012		1,100		(1	)
Credit Suisse First Boston	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	0.970%		06/20/2012		300		(3	)
Credit Suisse First Boston	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.010%		06/20/2012		300		(3	)
Credit Suisse First Boston	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.010%		06/20/2012		1,100		(11	)
Credit Suisse First Boston	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.040%		06/20/2012		200		(2	)
Deutsche Bank AG	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.510%		12/20/2008		3,000		6
Deutsche Bank AG	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.325%		12/20/2008		1,400		1
Deutsche Bank AG	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.790%		12/20/2008		1,400		6
Goldman Sachs & Co.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	3.400%		06/20/2011		700		37
HSBC Bank USA	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.280%		11/20/2007		1,000		0
HSBC Bank USA	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.240%		02/20/2008		2,000		2
Lehman Brothers, Inc.	Peru Government International Bond 9.125% due 02/21/2012	Sell	0.370%		12/20/2008		1,400		2
UBS Warburg LLC	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	5.250%		09/20/2007		1,300		16
								$	59

⁽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.

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	6.500%	01/15/2010	AUD	4,700	$	(33	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		18,700		(126	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	7.000%	06/15/2010		46,200		(50	)
JPMorgan Chase & Co.	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		3,100		(22	)
Royal Bank of Canada	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		1,900		(12	)
Royal Bank of Canada	3-Month Canadian Bank Bill	Receive	5.500%	06/20/2017	CAD	18,500		3
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.103%	10/15/2010	EUR	2,500		41
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		600		(15	)
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	04/05/2012		300		(3	)
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.980%	04/30/2012		900		(10	)
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010		2,500		30
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.983%	03/15/2012		1,900		(16	)
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.150%	01/19/2016		15,000		120
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.976%	12/15/2011		5,100		(15	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.995%	03/15/2012		9,200		(51	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	03/30/2012		700		(6	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		600		(6	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.958%	04/10/2012		3,800		(40	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.353%	10/15/2016		2,500		14
Morgan Stanley	6-Month EUR-LIBOR	Receive	4.000%	06/15/2017		6,800		657
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.955%	03/28/2012		2,100		(20	)
UBS Warburg LLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.146%	10/15/2010		3,700		56
UBS Warburg LLC	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	Receive	2.275%	10/15/2016		2,700		9
UBS Warburg LLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.350%	10/15/2016		2,700		10
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009	GBP	19,700		(731	)
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		5,700		442
Credit Suisse First Boston	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		4,600		(203	)
Credit Suisse First Boston	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		1,800		134
Goldman Sachs & Co.	6-Month GBP-LIBOR	Receive	5.000%	09/15/2015		4,300		413
HSBC Bank USA	6-Month GBP-LIBOR	Receive	4.250%	06/12/2036		2,500		635
JPMorgan Chase & Co.	6-Month GBP-LIBOR	Pay	5.000%	06/15/2008		5,000		(85	)
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		6,700		(306	)
UBS Warburg LLC	United Kingdom RPI Index	Pay	2.548%	11/14/2016		5,000		(118	)
Morgan Stanley	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	2,900,000		(4	)
Barclays Bank PLC	28-Day Mexico Interbank TIIE Banxico	Pay	8.720%	09/05/2016	MXN	17,000		66
Barclays Bank PLC	28-Day Mexico Interbank TIIE Banxico	Pay	8.330%	02/14/2017		11,100		18
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		136,400		44
Goldman Sachs & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		15,300		11
Merrill Lynch & Co., Inc.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		52,900		28
Morgan Stanley	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		20,900		5

See Accompanying Notes Semiannual Report June 30, 2007 13

Schedule of Investments  Real Return Portfolio (Cont.)

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bank of America	3-Month USD-LIBOR	Pay	5.000%	06/20/2027	$	5,000	$	(333	)
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		5,900		(7	)
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		10,600		34
Barclays Bank PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		23,000		(145	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		9,000		19
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		17,100		27
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/20/2021		5,400		27
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/20/2026		5,700		8
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		1,700		21
Goldman Sachs & Co.	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		23,500		(26	)
Goldman Sachs & Co.	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		6,500		230
JPMorgan Chase & Co.	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		2,900		(7	)
Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		1,400		2
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	06/20/2009		30,000		(281	)
Morgan Stanley	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		100		(1	)
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		13,500		221
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		13,000		48
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		47,100		(348	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		4,600		74
UBS Warburg LLC	3-Month USD-LIBOR	Pay	5.000%	06/18/2009		184,000		(50	)
UBS Warburg LLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		2,700		(34	)
							$	343

(h) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 30-Year Bond September Futures	$	118.000	08/24/2007	665	$	13	$	11
Put - CBOT U.S. Treasury 10-Year Note September Futures		102.000	08/24/2007	294		5		18
					$	18	$	29

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	03/31/2008	$	43,000	$	241	$	53
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		9,000		45		18
								$	286	$	71

Foreign Currency Options

Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Euro versus U.S. dollar	$	1.353	06/26/2008	EUR	4,600	$	145	$	169
Put - OTC Euro versus U.S. dollar		1.353	06/26/2008		4,600		145		118
Call - OTC U.S. dollar versus Japanese yen	JPY	118.150	06/23/2008	$	21,800		574		564
Put - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		21,800		574		594
						$	1,438	$	1,445

Options on Securities

Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.500% due 07/01/2037	$	89.000	07/05/2007	$	81,300	$	10	$	0
Put - OTC Treasury Inflation Protected Securities 1.875% due 07/15/2015		66.531	09/19/2007		92,100		22		0
Put - OTC Treasury Inflation Protected Securities 3.875% due 01/15/2009		90.000	09/19/2007		70,700		17		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2025		65.000	07/23/2007		100,000		23		0
Put - OTC Treasury Inflation Protected Securities 3.000% due 07/15/2012		88.000	07/23/2007		100,000		23		0
Put - OTC Treasury Inflation Protected Securities 3.625% due 04/15/2028		77.000	08/27/2007		53,000		12		0
Put - OTC Treasury Inflation Protected Securities 3.875% due 04/15/2029		79.000	08/27/2007		13,000		3		0
						$	110	$	0

Straddle Options

Description	Counterparty	Exercise Price (2)		Expiration Date	Notional Amount		Cost (2)		Value
Call & Put - OTC U.S. dollar versus Swiss franc Forward Delta Neutral Straddle	JPMorgan Chase & Co.	CHF	0.000	09/26/2007	$	5,800	$	0	$	10
Call & Put - OTC U.S. dollar versus Swiss franc Forward Delta Neutral Straddle	Royal Bank of Scotland Group PLC		0.000	09/26/2007		5,700		0		15
							$	0	$	25

⁽²⁾ Exercise price and final cost determined on a future date, based upon implied volatility parameters.

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(i) Written options outstanding on June 30, 2007:

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	08/24/2007	112	$	29	$	68
Call - CBOT U.S. Treasury 10-Year Note September Futures		109.000	08/24/2007	110		13		5
Call - CBOT U.S. Treasury 30-Year Bond September Futures		109.000	08/24/2007	103		35		68
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/24/2007	112		31		12
					$	108	$	153

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	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	03/31/2008	$	19,000	$	234	$	65
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		4,000		45		20
								$	279	$	85

(j) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (3)
Treasury Inflation Protected Securities	1.875%	07/15/2013	$	11,966	$	11,427	$	11,483
Treasury Inflation Protected Securities	2.375%	01/15/2017		26,526		25,775		25,909
U.S. Treasury Notes	3.625%	05/15/2013		300		281		282
U.S. Treasury Notes	4.875%	08/15/2016		19,800		19,380		19,953
					$	56,863	$	57,627

⁽³⁾ Market value includes $395 of interest payable on short sales.

(k) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	3,604	10/2007	$	4	$	(15	)	$	(11	)
Sell	CAD	1,247	08/2007		0		(5	)		(5	)
Sell	CHF	910	09/2007		0		0			0
Buy	CNY	92,519	01/2008		62		0			62
Buy		92,514	03/2008		0		(66	)		(66	)
Sell	EUR	5,798	07/2007		0		(76	)		(76	)
Sell	GBP	6,409	08/2007		0		(68	)		(68	)
Sell	JPY	214,501	07/2007		25		0			25
Buy	KRW	148,200	07/2007		1		0			1
Buy		1,571,959	09/2007		8		0			8
Buy	MXN	15,220	09/2007		1		(3	)		(2	)
Buy		5,042	03/2008		5		0			5
Buy	PLN	5,528	09/2007		38		0			38
Buy	RUB	2,255	12/2007		2		0			2
Buy		48,032	01/2008		16		0			16
Buy	SGD	2,610	07/2007		7		0			7
Sell		1,578	07/2007		0		(6	)		(6	)
Buy		245	08/2007		1		0			1
Buy		2,599	10/2007		9		0			9
				$	179	$	(239	)	$	(60	)

See Accompanying Notes Semiannual Report June 30, 2007 15

Notes to Financial Statements

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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	JPY	Japanese Yen
BRL	Brazilian Real	KRW	South Korean Won
CAD	Canadian Dollar	MXN	Mexican Peso
CHF	Swiss Franc	PLN	Polish Zloty
CNY	Chinese Yuan Renminbi	RUB	Russian Ruble
EUR	Euro	SGD	Singapore Dollar
GBP	Great British Pound

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(j) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

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.

(k) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(l) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”) The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for

accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(m) 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 on 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.

(n) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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.

18 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(o) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

(p) Bridge Debt Commitments  At the period ended June 30, 2007, the Portfolio had $1,602,246 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.

(q) 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-related 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.

(r) 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” or “Ginnie Mae”), 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.

(s) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to

April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	8,513,157	$	8,707,451	$	137,558	$	29,607

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Premium
Balance at 12/31/2006	146		$	97,800		$	643
Sales	1,025			23,000			592
Closing Buys	(73	)		(46,000	)		(362	)
Expirations	(661	)		(51,800	)		(486	)
Exercised	0			0			0
Balance at 06/30/2007	437		$	23,000		$	387

20 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	301		$	3,580		629		$	7,837
Administrative Class	13,980			166,885		29,533			367,822
Advisor Class	568			6,796		248			3,086
Issued as reinvestment of distributions
Institutional Class	95			1,137		255			3,137
Administrative Class	1,955			23,367		5,979			73,676
Advisor Class	10			119		9			109
Cost of shares redeemed
Institutional Class	(274	)		(3,266	)	(557	)		(6,951	)
Administrative Class	(22,385	)		(268,783	)	(28,578	)		(353,626	)
Advisor Class	(27	)		(329	)	(32	)		(402	)
Net increase (decrease) resulting from Portfolio share transactions	(5,777	)	$	(70,494	)	7,486		$	94,688

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	3	54
Advisor Class	2	94

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

Semiannual Report June 30, 2007 21

Notes to Financial Statements (Cont.)

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    8,525	$    (1,724)	$    6,801

22 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 23

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	23

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Real Return Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

U.S. Treasury Obligations	47.8%
Short-Term Instruments	26.5%
U.S. Government Agencies	10.2%
Corporate Bonds & Notes	6.3%
Asset-Backed Securities	5.1%
Other	4.1%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	Portfolio Inception (02/28/06)
	PIMCO Real Return Portfolio Advisor Class	0.79%	2.79%	0.62%
	Lehman Brothers U.S. TIPS Index±	1.73%	3.99%	1.65%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± 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), having at least 1 year to final maturity, and at least $250 million par amount outstanding. It is not possible to invest directly in the index. The index does not reflect deductions for fees or expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,007.87	$	1,021.08
Expenses Paid During Period†	$	3.73	$	3.76

† 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 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 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 or corporations, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.

» Positioning for a steeper U.S. nominal yield curve added to performance as the U.S. nominal yield curve steepened.

» An emphasis on nominal bonds in the Eurozone benefited performance as nominal bonds outperformed inflation-linked bonds in the region.

» Above-index U.S. real duration was negative for performance as real yields increased.

» Modest exposure to U.K. nominal bonds was negative for performance due to rising interest rates and a tightening bias from the Bank of England.

» Holdings of mortgage-backed securities detracted from performance as mortgage spreads widened.

4 PIMCO Variable Insurance Trust

Financial Highlights  Real Return Portfolio

Selected per Share Data for the Period Ended:	06/30/2007+			02/28/2006-12/31/2006
Advisor Class
Net asset value beginning of period	$	11.93		$	12.69
Net investment income (a)		0.28			0.47
Net realized/unrealized (loss) on investments (a)		(0.18	)		(0.46	)
Total income from investment operations		0.10			0.01
Dividends from net investment income		(0.28	)		(0.44	)
Distributions from net realized capital gains		0.00			(0.33	)
Total distributions		(0.28	)		(0.77	)
Net asset value end of period	$	11.75		$	11.93
Total return		0.79	%		0.04	%
Net assets end of period (000s)	$	9,119		$	2,684
Ratio of expenses to average net assets		0.75	%*		0.75	%*
Ratio of expenses to average net assets excluding interest expense		0.75	%*		0.75	%*
Ratio of net investment income to average net assets		4.67	%*		4.49	%*
Portfolio turnover rate		484	%		963	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Real Return Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	2,091,451
Cash		72
Foreign currency, at value		8,246
Receivable for investments sold		96,104
Receivable for investments sold on a delayed-delivery basis		10,275
Receivable for Portfolio shares sold		7,639
Interest and dividends receivable		4,575
Variation margin receivable		12
Swap premiums paid		5,874
Unrealized appreciation on foreign currency contracts		179
Unrealized appreciation on swap agreements		3,526
		2,227,953
Liabilities:
Payable for investments purchased	$	149,673
Payable for investments purchased on a delayed-delivery basis		1,007,734
Payable for Portfolio shares redeemed		1,310
Payable for short sales		57,627
Written options outstanding		238
Dividends payable		18
Accrued investment advisory fee		207
Accrued administration fee		207
Accrued distribution fee		2
Accrued servicing fee		106
Variation margin payable		933
Swap premiums received		5,324
Unrealized depreciation on foreign currency contracts		239
Unrealized depreciation on swap agreements		3,124
Other liabilities		2,531
		1,229,273
Net Assets	$	998,680
Net Assets Consist of:
Paid in capital	$	1,073,947
Undistributed net investment income		9,102
Accumulated undistributed net realized (loss)		(87,924	)
Net unrealized appreciation		3,555
	$	998,680
Net Assets:
Institutional Class	$	46,629
Administrative Class		942,932
Advisor Class		9,119
Shares Issued and Outstanding:
Institutional Class		3,967
Administrative Class		80,217
Advisor Class		776
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	11.75
Administrative Class		11.75
Advisor Class		11.75
Cost of Investments Owned	$	2,084,650
Cost of Foreign Currency Held	$	8,225
Proceeds Received on Short Sales	$	56,863
Premiums Received on Written Options	$	387

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Real Return Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	28,500
Miscellaneous income		32
Total Income		28,532
Expenses:
Investment advisory fees		1,318
Administration fees		1,318
Servicing fees – Administrative Class		753
Distribution and/or servicing fees – Advisor Class		7
Trustees’ fees		10
Total Expenses		3,406
Net Investment Income		25,126
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(40,473	)
Net realized gain on futures contracts, written options and swaps		84
Net realized (loss) on foreign currency transactions		(743	)
Net change in unrealized appreciation on investments		30,216
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(2,279	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		321
Net (Loss)		(12,874	)
Net Increase in Net Assets Resulting from Operations	$	12,252

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Real Return Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	25,126		$	47,440
Net realized (loss)		(41,132	)		(12,066	)
Net change in unrealized appreciation (depreciation)		28,258			(27,331	)
Net increase resulting from operations		12,252			8,043
Distributions to Shareholders:
From net investment income
Institutional Class		(1,137	)		(1,932	)
Administrative Class		(24,024	)		(45,759	)
Advisor Class		(119	)		(41	)
From net realized capital gains
Institutional Class		0			(1,205	)
Administrative Class		0			(28,225	)
Advisor Class		0			(68	)
Total Distributions		(25,280	)		(77,230	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		3,580			7,837
Administrative Class		166,885			367,822
Advisor Class		6,796			3,086
Issued as reinvestment of distributions
Institutional Class		1,137			3,137
Administrative Class		23,367			73,676
Advisor Class		119			109
Cost of shares redeemed
Institutional Class		(3,266	)		(6,951	)
Administrative Class		(268,783	)		(353,626	)
Advisor Class		(329	)		(402	)
Net increase (decrease) resulting from Portfolio share transactions		(70,494	)		94,688
Total Increase (Decrease) in Net Assets		(83,522	)		25,501
Net Assets:
Beginning of period		1,082,202			1,056,701
End of period*	$	998,680		$	1,082,202
*Including undistributed net investment income of:	$	9,102		$	9,256

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments Real Return Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.3%
Georgia-Pacific Corp.
7.110% due 12/20/2012	$	988	$	991
OAO Rosneft Oil Co.
6.000% due 09/16/2007		1,600		1,602
Total Bank Loan Obligations (Cost $2,586)				2,593
CORPORATE BONDS & NOTES 13.2%
BANKING & FINANCE 11.0%
American Express Centurion Bank
5.320% due 05/07/2008		500		500
American International Group, Inc.
5.360% due 06/23/2008		1,200		1,200
Atlantic & Western Re Ltd.
11.599% due 01/09/2009		900		908
Bank of America Corp.
5.366% due 11/06/2009		900		900
5.510% due 02/17/2009		5,400		5,414
Bank of America N.A.
5.360% due 12/18/2008		5,400		5,403
Bank of Ireland
5.370% due 12/19/2008		1,500		1,502
5.410% due 12/18/2009		1,000		1,002
C10 Capital SPV Ltd.
6.722% due 12/31/2049		500		488
Calabash Re II Ltd.
16.260% due 01/08/2010		250		260
Charter One Bank N.A.
5.405% due 04/24/2009		8,400		8,411
CIT Group, Inc.
5.505% due 01/30/2009		4,600		4,594
Citigroup Funding, Inc.
5.320% due 04/23/2009		5,700		5,703
Citigroup, Inc.
5.390% due 12/28/2009		3,900		3,903
5.395% due 01/30/2009		1,000		1,001
5.400% due 12/26/2008		4,900		4,904
5.405% due 05/02/2008		1,000		1,001
Commonwealth Bank of Australia
5.360% due 06/08/2009		400		400
Credit Agricole S.A.
5.360% due 05/28/2009		1,900		1,901
DnB NORBank ASA
5.425% due 10/13/2009		1,100		1,101
East Lane Re Ltd.
12.355% due 05/06/2011		300		301
Export-Import Bank of Korea
5.570% due 10/04/2011		1,600		1,602
Ford Motor Credit Co.
7.250% due 10/25/2011		1,200		1,156
7.800% due 06/01/2012		100		98
Foundation Re II Ltd.
12.110% due 11/26/2010		800		803
General Electric Capital Corp.
5.355% due 10/24/2008		800		801
5.385% due 10/26/2009		1,000		1,001
5.400% due 03/04/2008		2,800		2,803
5.400% due 12/12/2008		900		901
General Motors Acceptance Corp.
6.750% due 12/01/2014		1,600		1,534
Goldman Sachs Group, Inc.
5.660% due 06/28/2010		4,700		4,730

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
HBOS Treasury Services PLC
5.320% due 07/17/2008	$	1,100	$	1,101
HSBC Finance Corp.
5.360% due 05/21/2008		1,200		1,201
5.415% due 10/21/2009		1,900		1,901
JPMorgan Chase & Co.
5.370% due 06/26/2009		700		701
5.410% due 06/26/2009		5,500		5,508
Lehman Brothers Holdings, Inc.
5.370% due 11/24/2008		300		300
Longpoint Re Ltd.
10.609% due 05/08/2010		1,100		1,100
Merrill Lynch & Co., Inc.
5.395% due 10/23/2008		2,500		2,504
Morgan Stanley
5.360% due 11/21/2008		1,000		1,000
Mystic Re Ltd.
14.360% due 12/05/2008		600		594
Phoenix Quake Ltd.
7.800% due 07/03/2008		500		503
Phoenix Quake Wind I Ltd.
7.800% due 07/03/2008		2,000		2,007
Rabobank Nederland
5.376% due 01/15/2009		800		801
Redwood Capital IX Ltd.
11.610% due 01/09/2008		500		504
12.110% due 01/09/2008		500		504
Royal Bank of Scotland Group PLC
5.405% due 07/21/2008		400		400
Santander U.S. Debt S.A. Unipersonal
5.370% due 09/21/2007		400		400
5.420% due 09/19/2008		500		501
5.420% due 11/20/2009		2,700		2,702
Shackleton Re Ltd.
13.355% due 02/07/2008		1,000		1,015
Travelers Property Casualty Corp.
3.750% due 03/15/2008		100		99
Unicredit Luxembourg Finance S.A.
5.405% due 10/24/2008		1,700		1,701
Vita Capital II Ltd.
6.249% due 01/01/2010		300		300
Vita Capital III Ltd.
6.469% due 01/01/2012		700		701
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008		1,700		1,704
Wachovia Bank N.A.
5.360% due 02/23/2009		5,400		5,403
5.430% due 12/02/2010		2,400		2,402
Westpac Banking Corp.
5.280% due 06/06/2008		5,400		5,401
World Savings Bank FSB
5.396% due 05/08/2009		300		300
5.410% due 06/20/2008		300		300
5.485% due 03/02/2009		300		301
				110,085
INDUSTRIALS 1.1%
C8 Capital SPV Ltd.
6.640% due 12/31/2049		500		493
CSC Holdings, Inc.
7.875% due 12/15/2007		600		605
EchoStar DBS Corp.
5.750% due 10/01/2008		500		500
7.000% due 10/01/2013		5,000		4,950

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Pemex Project Funding Master Trust
7.375% due 12/15/2014	$	500	$	546
8.625% due 02/01/2022		200		247
Royal Caribbean Cruises Ltd.
7.000% due 10/15/2007		200		202
Wal-Mart Stores, Inc.
5.260% due 06/16/2008		3,200		3,199
				10,742
UTILITIES 1.1%
America Movil SAB de C.V.
5.460% due 06/27/2008		5,500		5,501
AT&T, Inc.
5.456% due 02/05/2010		2,800		2,805
Cleveland Electric Illuminating Co.
6.860% due 10/01/2008		100		102
CMS Energy Corp.
9.875% due 10/15/2007		1,600		1,623
Dominion Resources, Inc.
5.540% due 11/14/2008		300		300
Embarq Corp.
7.082% due 06/01/2016		300		302
NiSource Finance Corp.
5.930% due 11/23/2009		800		802
				11,435
Total Corporate Bonds & Notes (Cost $132,018)				132,262
CONVERTIBLE BONDS & NOTES 0.4%
Chesapeake Energy Corp.
2.500% due 05/15/2037		3,750		3,844
Total Convertible Bonds & Notes (Cost $3,808)				3,844
MUNICIPAL BONDS & NOTES 0.1%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2017		475		509
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2006
6.265% due 12/15/2013		130		128
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2023		500		529
Total Municipal Bonds & Notes (Cost $1,016)				1,166
U.S. GOVERNMENT AGENCIES 21.3%
Fannie Mae
4.187% due 11/01/2034		6,176		6,125
4.541% due 07/01/2035		740		736
4.673% due 05/25/2035		2,900		2,863
4.682% due 01/01/2035		680		670
5.380% due 12/25/2036		490		489
5.470% due 08/25/2034		450		450
5.500% due 03/01/2034 - 08/01/2037		117,293		113,134
5.670% due 05/25/2042		298		299
5.950% due 02/25/2044		1,053		1,051
6.000% due 09/01/2035 - 07/01/2037		14,538		14,387
6.227% due 06/01/2043 - 09/01/2044		10,458		10,592
7.320% due 11/01/2024		17		17

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Real Return Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Freddie Mac
4.000% due 03/15/2023 - 10/15/2023	$	957	$	945
4.550% due 01/01/2034		667		659
5.000% due 02/15/2020 - 08/15/2020		9,907		9,748
5.470% due 07/15/2019 - 10/15/2020		19,200		19,183
5.500% due 05/15/2016		7,567		7,567
5.550% due 07/15/2037		1,400		1,400
5.580% due 08/25/2031		182		182
5.670% due 12/15/2030		485		486
6.227% due 10/25/2044 - 02/25/2045		16,300		16,404
Small Business Administration
4.504% due 02/10/2014		1,567		1,497
4.880% due 11/01/2024		3,464		3,314
Total U.S. Government Agencies (Cost $212,767)				212,198
U.S. TREASURY OBLIGATIONS 100.1%
Treasury Inflation Protected Securities (b)
0.875% due 04/15/2010		46,039		43,737
1.625% due 01/15/2015		3,372		3,135
1.875% due 07/15/2015		105,075		99,329
2.000% due 04/15/2012		22,109		21,465
2.000% due 01/15/2014		82,621		79,426
2.000% due 07/15/2014		99,281		95,333
2.000% due 01/15/2016		4,500		4,274
2.000% due 01/15/2026		81,940		74,245
2.375% due 04/15/2011		28,981		28,673
2.375% due 01/15/2025		74,048		71,225
2.375% due 01/15/2027		24,616		23,647
2.500% due 07/15/2016		20,261		20,041
3.000% due 07/15/2012		107,896		110,020
3.375% due 01/15/2012		4,679		4,831
3.375% due 04/15/2032		1,872		2,155
3.500% due 01/15/2011		28,874		29,716
3.625% due 01/15/2008		1,285		1,287
3.625% due 04/15/2028		63,131		73,158
3.875% due 01/15/2009		71,163		72,319
3.875% due 04/15/2029		66,711		80,564
4.250% due 01/15/2010		48,693		50,553
U.S. Treasury Bonds
6.000% due 02/15/2026		1,400		1,529
6.625% due 02/15/2027		1,300		1,523
8.875% due 08/15/2017		1,000		1,296
U.S. Treasury Notes
4.500% due 02/28/2011		1,700		1,677
4.875% due 04/30/2011		4,600		4,595
Total U.S. Treasury Obligations (Cost $993,078)				999,753
MORTGAGE-BACKED SECURITIES 6.5%
American Home Mortgage Investment Trust
5.470% due 09/25/2035		111		111
Arkle Master Issuer PLC
5.300% due 11/19/2007		1,300		1,300
Arran Residential Mortgages Funding PLC
5.340% due 04/12/2036		2,119		2,119
Banc of America Funding Corp.
4.614% due 02/20/2036		3,244		3,193
Banc of America Mortgage Securities, Inc.
6.500% due 09/25/2033		186		186
Bear Stearns Commercial Mortgage Securities
6.440% due 06/16/2030		600		603
Citigroup Commercial Mortgage Trust
5.390% due 08/15/2021		95		95

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035	$	4,161	$	4,087
4.900% due 12/25/2035		219		218
Countrywide Alternative Loan Trust
5.390% due 07/25/2046		326		326
5.400% due 09/20/2046		667		668
5.500% due 02/20/2047		1,349		1,347
5.500% due 05/25/2047		460		461
5.600% due 12/25/2035		105		105
Countrywide Home Loan Mortgage Pass-Through Trust
3.786% due 11/19/2033		250		241
5.660% due 06/25/2035		687		686
CS First Boston Mortgage Securities Corp.
4.938% due 12/15/2040		1,011		1,003
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
5.420% due 10/25/2036		1,018		1,019
First Horizon Alternative Mortgage Securities
4.732% due 06/25/2034		885		874
GE Capital Commercial Mortgage Corp.
4.229% due 12/10/2037		7,248		7,087
Greenpoint Mortgage Funding Trust
5.400% due 10/25/2046		695		695
5.400% due 01/25/2047		5,206		5,209
5.540% due 06/25/2045		1,099		1,100
5.590% due 11/25/2045		635		636
GSR Mortgage Loan Trust
4.538% due 09/25/2035		2,321		2,288
Harborview Mortgage Loan Trust
5.540% due 05/19/2035		285		286
Impac Secured Assets CMN Owner Trust
5.400% due 01/25/2037		354		354
Indymac Index Mortgage Loan Trust
5.410% due 11/25/2046		932		933
5.420% due 01/25/2037		672		672
JPMorgan Mortgage Trust
5.008% due 07/25/2035		1,416		1,398
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		700		686
Mellon Residential Funding Corp.
5.670% due 11/15/2031		1,131		1,133
5.760% due 12/15/2030		940		944
Merrill Lynch Floating Trust
5.390% due 06/15/2022		267		267
Residential Accredit Loans, Inc.
5.620% due 08/25/2035		368		369
Securitized Asset Sales, Inc.
7.542% due 11/26/2023		12		12
Sequoia Mortgage Trust
5.670% due 10/19/2026		350		350
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		693		694
6.429% due 01/25/2035		389		391
Structured Asset Mortgage Investments, Inc.
5.390% due 08/25/2036		784		785
5.510% due 06/25/2036		343		343
Structured Asset Securities Corp.
5.329% due 10/25/2035		693		692
5.370% due 05/25/2036		56		56
TBW Mortgage-Backed Pass-Through Certificates
5.420% due 09/25/2036		138		139
5.430% due 01/25/2037		991		992
Thornburg Mortgage Securities Trust
5.430% due 04/25/2036		90		90

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.430% due 12/25/2036	$	4,514	$	4,514
5.440% due 08/25/2036		2,225		2,224
Wachovia Bank Commercial Mortgage Trust
5.681% due 04/15/2034		595		596
Washington Mutual, Inc.
5.580% due 11/25/2045		551		553
5.610% due 08/25/2045		89		89
5.610% due 10/25/2045		3,593		3,602
5.724% due 07/25/2046		1,931		1,939
5.759% due 01/25/2047		1,946		1,946
5.839% due 12/25/2046		252		253
6.029% due 02/25/2046		469		470
6.229% due 11/25/2042		119		120
6.529% due 11/25/2046		285		286
Wells Fargo Mortgage-Backed Securities Trust
3.539% due 09/25/2034		531		517
4.110% due 06/25/2035		788		785
Total Mortgage-Backed Securities (Cost $65,143)				65,137
ASSET-BACKED SECURITIES 10.7%
Aames Mortgage Investment Trust
5.380% due 04/25/2036		71		71
Accredited Mortgage Loan Trust
5.480% due 09/25/2035		216		216
ACE Securities Corp.
5.370% due 07/25/2036		406		406
5.370% due 12/25/2036		301		301
5.430% due 10/25/2035		431		431
Argent Securities, Inc.
5.370% due 10/25/2036		1,026		1,026
5.390% due 04/25/2036		365		365
5.400% due 03/25/2036		411		412
Asset-Backed Funding Certificates
5.380% due 11/25/2036		142		142
5.380% due 01/25/2037		4,070		4,072
5.670% due 06/25/2034		1,169		1,172
Asset-Backed Securities Corp. Home Equity
5.370% due 11/25/2036		114		114
Bank One Issuance Trust
5.430% due 12/15/2010		600		601
Bear Stearns Asset-Backed Securities, Inc.
5.370% due 11/25/2036		154		154
5.400% due 12/25/2035		130		130
5.410% due 04/25/2036		234		234
5.520% due 09/25/2034		422		422
5.650% due 10/25/2032		58		58
5.650% due 01/25/2036		141		141
5.770% due 03/25/2043		191		191
Carrington Mortgage Loan Trust
5.370% due 01/25/2037		978		979
Centex Home Equity
5.370% due 06/25/2036		1,123		1,124
Chase Credit Card Master Trust
5.430% due 10/15/2010		500		501
5.430% due 02/15/2011		1,000		1,002
5.440% due 02/15/2010		300		300
Chase Issuance Trust
5.330% due 12/15/2010		400		400
Citibank Credit Card Issuance Trust
5.456% due 01/15/2010		1,505		1,507
Citigroup Mortgage Loan Trust, Inc.
5.370% due 11/25/2036		373		374
5.400% due 12/25/2035		586		586
Countrywide Asset-Backed Certificates
5.350% due 01/25/2046		1,188		1,189
5.370% due 01/25/2037		733		733

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.370% due 05/25/2037	$	4,697	$	4,699
5.380% due 09/25/2046		425		425
5.390% due 07/25/2036		285		285
5.390% due 09/25/2036		316		316
5.390% due 06/25/2037		7,110		7,114
5.430% due 10/25/2046		1,031		1,032
5.450% due 07/25/2036		235		236
Credit-Based Asset Servicing & Securitization LLC
5.380% due 11/25/2036		2,538		2,540
Equity One Asset-Backed Securities, Inc.
5.620% due 04/25/2034		96		96
First Franklin Mortgage Loan Asset-Backed Certificates
5.350% due 07/25/2036		2,846		2,848
5.370% due 11/25/2036		2,047		2,048
5.370% due 12/25/2036		214		214
5.410% due 01/25/2036		979		980
Fremont Home Loan Trust
5.370% due 10/25/2036		139		139
5.380% due 01/25/2037		497		497
5.490% due 01/25/2036		194		194
GSAMP Trust
5.360% due 10/25/2046		217		217
5.390% due 10/25/2036		110		110
5.390% due 12/25/2036		990		990
5.430% due 11/25/2035		190		190
5.610% due 03/25/2034		207		207
GSR Mortgage Loan Trust
5.420% due 11/25/2030		315		315
HFC Home Equity Loan Asset-Backed Certificates
5.390% due 03/20/2036		317		317
Home Equity Asset Trust
5.400% due 05/25/2036		454		454
5.430% due 02/25/2036		173		173
Honda Auto Receivables Owner Trust
5.342% due 11/15/2007		189		190
HSI Asset Securitization Corp. Trust
5.370% due 10/25/2036		238		238
5.370% due 12/25/2036		5,130		5,133
5.400% due 12/25/2035		525		526
Hyundai Auto Receivables Trust
5.348% due 11/15/2007		32		32
Indymac Residential Asset-Backed Trust
5.370% due 11/25/2036		379		379
5.380% due 04/25/2037		2,842		2,843
5.420% due 03/25/2036		249		249
JPMorgan Mortgage Acquisition Corp.
5.360% due 08/25/2036		177		177
5.370% due 07/25/2036		363		363
5.370% due 08/25/2036		912		912
5.370% due 10/25/2036		2,698		2,695
5.390% due 11/25/2036		195		195
5.530% due 06/25/2035		23		23
Lehman XS Trust
5.390% due 05/25/2046		418		419
5.400% due 04/25/2046		1,107		1,107
5.400% due 07/25/2046		759		760
5.400% due 11/25/2046		1,161		1,162
Long Beach Mortgage Loan Trust
5.350% due 06/25/2036		68		68
5.360% due 11/25/2036		154		154
5.380% due 05/25/2046		99		99
5.390% due 03/25/2036		84		84
5.400% due 02/25/2036		164		164
5.410% due 01/25/2036		231		231
5.500% due 08/25/2035		180		180
MASTR Asset-Backed Securities Trust
5.380% due 10/25/2036		34		35

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.380% due 11/25/2036	$	2,442	$	2,444
5.400% due 01/25/2036		487		488
MBNA Credit Card Master Note Trust
5.420% due 12/15/2011		100		100
5.501% due 09/15/2010		200		200
Merrill Lynch Mortgage Investors, Inc.
5.350% due 06/25/2037		321		321
5.370% due 05/25/2037		670		670
5.390% due 08/25/2036		2,928		2,928
5.390% due 07/25/2037		704		705
5.400% due 01/25/2037		102		102
Morgan Stanley ABS Capital I
5.350% due 06/25/2036		39		39
5.360% due 06/25/2036		86		86
5.360% due 07/25/2036		2,608		2,610
5.360% due 10/25/2036		589		590
5.370% due 09/25/2036		563		563
5.370% due 10/25/2036		373		373
5.400% due 12/25/2035		16		16
Morgan Stanley IXIS Real Estate Capital Trust
5.370% due 11/25/2036		145		145
Nelnet Student Loan Trust
5.325% due 10/27/2014		81		81
5.340% due 09/25/2012		3,764		3,766
5.445% due 07/25/2016		386		387
5.445% due 10/25/2016		346		346
Newcastle Mortgage Securities Trust
5.390% due 03/25/2036		260		260
Nissan Auto Lease Trust
5.347% due 12/14/2007		9		9
Nomura Asset Acceptance Corp.
5.460% due 01/25/2036		289		290
Nomura Home Equity Loan, Inc.
5.400% due 02/25/2036		86		86
Option One Mortgage Loan Trust
5.360% due 02/25/2037		71		71
5.370% due 07/25/2036		84		84
5.420% due 11/25/2035		147		147
Park Place Securities, Inc.
5.580% due 09/25/2035		51		52
Renaissance Home Equity Loan Trust
5.700% due 12/25/2032		81		81
Residential Asset Mortgage Products, Inc.
5.390% due 11/25/2036		232		232
5.400% due 01/25/2036		60		60
Residential Asset Securities Corp.
5.360% due 06/25/2036		2,188		2,190
5.390% due 04/25/2036		79		79
5.390% due 11/25/2036		1,914		1,915
Residential Funding Mortgage Securities II, Inc.
5.460% due 09/25/2035		531		532
Securitized Asset-Backed Receivables LLC Trust
5.370% due 09/25/2036		206		206
5.380% due 12/25/2036		9,622		9,626
5.390% due 10/25/2035		99		99
SLM Student Loan Trust
5.325% due 10/25/2012		489		489
5.325% due 07/25/2013		550		550
5.335% due 04/25/2012		260		260
Soundview Home Equity Loan Trust
5.350% due 07/25/2036		538		538
5.370% due 10/25/2036		831		832
5.380% due 11/25/2036		462		462
5.390% due 03/25/2036		47		47
5.420% due 10/25/2036		212		212
5.550% due 06/25/2035		72		72

		PRINCIPAL AMOUNT (000S)			VALUE (000S)
Specialty Underwriting & Residential Finance
5.350% due 06/25/2037	$		114	$	114
5.365% due 11/25/2037			70		70
Structured Asset Investment Loan Trust
5.370% due 07/25/2036			113		113
Structured Asset Securities Corp.
4.900% due 04/25/2035			1,410		1,406
5.370% due 10/25/2036			1,035		1,035
5.400% due 11/25/2035			195		196
5.450% due 12/25/2035			692		692
Truman Capital Mortgage Loan Trust
5.660% due 01/25/2034			33		33
USAA Auto Owner Trust
5.030% due 11/17/2008			72		73
Wachovia Auto Owner Trust
4.820% due 02/20/2009			662		663
Washington Mutual Asset-Backed Certificates
5.370% due 01/25/2037			874		875
Wells Fargo Home Equity Trust
5.370% due 01/25/2037			1,070		1,071
Total Asset-Backed Securities (Cost $107,130)					107,190
SOVEREIGN ISSUES 0.0%
Colombia Government International Bond
10.000% due 01/23/2012			350		405
Total Sovereign Issues (Cost $352)					405
FOREIGN CURRENCY-DENOMINATED ISSUES 1.2%
Canadian Government Bond
3.000% due 12/01/2036 (b)	CAD		542		610
France Government Bond
3.000% due 07/25/2012 (b)	EUR		1,678		2,335
Italy Buoni Poliennali Del Tesoro
2.150% due 09/15/2014 (b)			543		717
Pylon Ltd.
5.648% due 12/18/2008			700		956
8.048% due 12/18/2008			1,100		1,520
United Kingdom Gilt Inflation Linked Bond
2.500% due 05/20/2009	GBP		1,100		5,679
Total Foreign Currency-Denominated Issues (Cost $11,335)					11,817
SHORT-TERM INSTRUMENTS 55.4%
CERTIFICATES OF DEPOSIT 7.0%
Abbey National Treasury Services PLC
5.270% due 07/02/2008	$		7,200		7,203
BNP Paribas
5.262% due 05/28/2008			5,400		5,402
5.262% due 07/03/2008			8,200		8,198
Calyon Financial, Inc.
5.340% due 01/16/2009			1,800		1,800
Fortis Bank NY
5.265% due 06/30/2008			5,200		5,202
HSBC Bank USA N.A.
5.426% due 07/28/2008			1,100		1,102
Nordea Bank Finland PLC
5.267% due 03/31/2008			300		300
5.308% due 05/28/2008			700		701
Royal Bank of Canada
5.267% due 06/30/2008			7,900		7,907

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  Real Return Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Royal Bank of Scotland Group PLC
5.265% due 03/26/2008	$	5,700	$	5,700
Skandinav Enskilda BK
5.272% due 08/21/2008		100		100
5.340% due 08/21/2008		5,600		5,602
5.350% due 02/13/2009		5,400		5,404
Societe Generale NY
5.270% due 03/26/2008		5,700		5,700
5.271% due 06/30/2008		5,600		5,602
Unicredito Italiano NY
5.360% due 05/29/2008		4,200		4,202
				70,125
COMMERCIAL PAPER 45.3%
Australia and New Zealand Banking Group Ltd.
5.245% due 09/19/2007		26,800		26,480
Bank of Ireland
5.230% due 11/08/2007		1,300		1,298
Barclays U.S. Funding Corp.
5.235% due 09/26/2007		27,800		27,598
5.245% due 09/26/2007		100		99
5.250% due 09/26/2007		2,000		1,974
BNP Paribas Finance, Inc.
5.330% due 10/23/2007		10,600		10,600
Calyon N.A. LLC
5.175% due 06/29/2010		31,200		31,169
CBA (de) Finance
5.225% due 09/28/2007		4,100		4,087
Cox Communications, Inc.
5.570% due 09/17/2007		1,100		1,100
Danske Corp.
5.205% due 10/12/2007		300		298
5.220% due 10/12/2007		30,500		30,465

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Dexia Delaware LLC
5.240% due 09/21/2007	$	29,000	$	28,662
DnB NORBank ASA
5.225% due 10/12/2007		3,900		3,900
Fortis Funding LLC
5.255% due 09/05/2007		23,900		23,844
5.275% due 09/05/2007		600		598
General Electric Capital Corp.
5.200% due 11/06/2007		2,500		2,490
HBOS Treasury Services PLC
5.225% due 11/13/2007		500		500
5.250% due 09/21/2007		27,700		27,365
Intesa Funding LLC
5.320% due 09/05/2007		20,000		19,988
Natixis S.A.
5.250% due 09/21/2007		2,400		2,371
5.380% due 09/21/2007		27,200		27,200
Nordea N.A., Inc.
5.308% due 04/09/2009		2,300		2,300
Rabobank USA Financial Corp.
5.330% due 07/26/2007		27,200		27,200
Santander Hispano Finance Delaware
5.250% due 09/26/2007		18,800		18,556
Societe Generale NY
5.240% due 11/26/2007		1,000		988
5.245% due 11/26/2007		17,300		17,093
5.250% due 11/26/2007		200		197
Svenska Handelsbanken, Inc.
5.185% due 10/09/2007		22,500		22,477
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		27,200		27,200

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
UBS Finance Delaware LLC
5.145% due 10/23/2007	$	800	$	797
5.200% due 10/23/2007		20,800		20,463
5.230% due 10/23/2007		2,200		2,165
5.235% due 10/23/2007		5,800		5,742
5.240% due 10/23/2007		700		690
Unicredito Italiano SpA
5.200% due 01/22/2008		10,500		10,319
Westpac Banking Corp.
5.195% due 11/05/2007		22,400		22,300
5.230% due 11/05/2007		600		598
5.240% due 11/05/2007		1,100		1,087
				452,258
TRI-PARTY REPURCHASE AGREEMENTS 0.3%
State Street Bank and Trust Co.
4.900% due 07/02/2007		3,467		3,467
(Dated 06/29/2007. Collateralized by Freddie Mac 5.000% due 06/11/2009 valued at $3,539. Repurchase proceeds are $3,468.)
U.S. TREASURY BILLS 2.8%
4.575% due 08/30/2007 - 09/13/2007 (a)(c)(d)(f)		27,920		27,666
Total Short-Term Instruments (Cost $553,565)				553,516
PURCHASED OPTIONS (h) 0.2%				1,570
(Cost $1,852)				1,570
Total Investments (e) 209.4% (Cost $2,084,650)			$	2,091,451
Written Options (i) (0.0%)				(238	)
(Premiums $387)
Other Assets and Liabilities (Net) (109.4%)				(1,092,533	)
Net Assets 100.0%			$	998,680

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

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

(c) Securities with an aggregate market value of $2,476 have been pledged as collateral for swap and swaption contracts on June 30, 2007.

(d) Securities with an aggregate market value of $2,661 have been pledged as collateral for delayed-delivery securities on June 30, 2007.

(e) As of June 30, 2007, portfolio securities with an aggregate value of $30,875 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) Securities with an aggregate market value of $2,406 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Euribor December Futures	Long	12/2008	21	$	(8	)
90-Day Euribor June Futures	Long	06/2009	21		(5	)
90-Day Euribor March Futures	Long	03/2009	21		(7	)
90-Day Euribor September Futures	Long	09/2008	21		(8	)
90-Day Eurodollar December Futures	Short	12/2007	28		38
90-Day Eurodollar December Futures	Long	12/2008	12		(6	)
90-Day Eurodollar June Futures	Short	06/2008	35		38
90-Day Eurodollar June Futures	Long	06/2009	35		(17	)
90-Day Eurodollar March Futures	Short	03/2008	28		34
90-Day Eurodollar March Futures	Long	03/2009	12		(6	)
90-Day Eurodollar September Futures	Short	09/2008	49		49
Japan Government 10-Year Bond September Futures	Long	09/2007	16		7
U.S. Treasury 30-Year Bond September Futures	Short	09/2007	665		932
U.S. Treasury 5-Year Note September Futures	Short	09/2007	214		(105	)
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	550		(944	)
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2008	448		(845	)
				$	(853	)

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(g) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%		12/20/2008	$	2,900	$	1
Barclays Bank PLC	Peru Government International Bond 8.750% due 11/21/2033	Sell	0.350%		12/20/2008		1,500		1
Barclays Bank PLC	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.330%		12/20/2008		1,500		1
Barclays Bank PLC	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.780%		12/20/2008		1,500		6
Citibank N.A.	Glitnir Banki HF 6.330% due 07/28/2011	Buy	(0.290%	)	06/20/2012		1,100		(1	)
Credit Suisse First Boston	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	0.970%		06/20/2012		300		(3	)
Credit Suisse First Boston	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.010%		06/20/2012		300		(3	)
Credit Suisse First Boston	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.010%		06/20/2012		1,100		(11	)
Credit Suisse First Boston	Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.040%		06/20/2012		200		(2	)
Deutsche Bank AG	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.510%		12/20/2008		3,000		6
Deutsche Bank AG	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.325%		12/20/2008		1,400		1
Deutsche Bank AG	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.790%		12/20/2008		1,400		6
Goldman Sachs & Co.	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	3.400%		06/20/2011		700		37
HSBC Bank USA	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.280%		11/20/2007		1,000		0
HSBC Bank USA	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.240%		02/20/2008		2,000		2
Lehman Brothers, Inc.	Peru Government International Bond 9.125% due 02/21/2012	Sell	0.370%		12/20/2008		1,400		2
UBS Warburg LLC	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	5.250%		09/20/2007		1,300		16
								$	59

⁽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.

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	6.500%	01/15/2010	AUD	4,700	$	(33	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		18,700		(126	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	7.000%	06/15/2010		46,200		(50	)
JPMorgan Chase & Co.	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		3,100		(22	)
Royal Bank of Canada	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010		1,900		(12	)
Royal Bank of Canada	3-Month Canadian Bank Bill	Receive	5.500%	06/20/2017	CAD	18,500		3
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.103%	10/15/2010	EUR	2,500		41
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		600		(15	)
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	04/05/2012		300		(3	)
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.980%	04/30/2012		900		(10	)
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010		2,500		30
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.983%	03/15/2012		1,900		(16	)
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.150%	01/19/2016		15,000		120
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.976%	12/15/2011		5,100		(15	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.995%	03/15/2012		9,200		(51	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	03/30/2012		700		(6	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		600		(6	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.958%	04/10/2012		3,800		(40	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.353%	10/15/2016		2,500		14
Morgan Stanley	6-Month EUR-LIBOR	Receive	4.000%	06/15/2017		6,800		657
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.955%	03/28/2012		2,100		(20	)
UBS Warburg LLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.146%	10/15/2010		3,700		56
UBS Warburg LLC	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	Receive	2.275%	10/15/2016		2,700		9
UBS Warburg LLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.350%	10/15/2016		2,700		10
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009	GBP	19,700		(731	)
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		5,700		442
Credit Suisse First Boston	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		4,600		(203	)
Credit Suisse First Boston	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		1,800		134
Goldman Sachs & Co.	6-Month GBP-LIBOR	Receive	5.000%	09/15/2015		4,300		413
HSBC Bank USA	6-Month GBP-LIBOR	Receive	4.250%	06/12/2036		2,500		635
JPMorgan Chase & Co.	6-Month GBP-LIBOR	Pay	5.000%	06/15/2008		5,000		(85	)
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Pay	5.000%	09/15/2010		6,700		(306	)
UBS Warburg LLC	United Kingdom RPI Index	Pay	2.548%	11/14/2016		5,000		(118	)
Morgan Stanley	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	2,900,000		(4	)
Barclays Bank PLC	28-Day Mexico Interbank TIIE Banxico	Pay	8.720%	09/05/2016	MXN	17,000		66
Barclays Bank PLC	28-Day Mexico Interbank TIIE Banxico	Pay	8.330%	02/14/2017		11,100		18
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		136,400		44
Goldman Sachs & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		15,300		11
Merrill Lynch & Co., Inc.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		52,900		28
Morgan Stanley	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016		20,900		5

See Accompanying Notes Semiannual Report June 30, 2007 13

Schedule of Investments  Real Return Portfolio (Cont.)

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bank of America	3-Month USD-LIBOR	Pay	5.000%	06/20/2027	$	5,000	$	(333	)
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		5,900		(7	)
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		10,600		34
Barclays Bank PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		23,000		(145	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		9,000		19
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		17,100		27
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/20/2021		5,400		27
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/20/2026		5,700		8
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		1,700		21
Goldman Sachs & Co.	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		23,500		(26	)
Goldman Sachs & Co.	3-Month USD-LIBOR	Receive	5.000%	06/20/2014		6,500		230
JPMorgan Chase & Co.	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		2,900		(7	)
Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		1,400		2
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	06/20/2009		30,000		(281	)
Morgan Stanley	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		100		(1	)
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		13,500		221
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2012		13,000		48
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		47,100		(348	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		4,600		74
UBS Warburg LLC	3-Month USD-LIBOR	Pay	5.000%	06/18/2009		184,000		(50	)
UBS Warburg LLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		2,700		(34	)
							$	343

(h) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 30-Year Bond September Futures	$	118.000	08/24/2007	665	$	13	$	11
Put - CBOT U.S. Treasury 10-Year Note September Futures		102.000	08/24/2007	294		5		18
					$	18	$	29

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	03/31/2008	$	43,000	$	241	$	53
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		9,000		45		18
								$	286	$	71

Foreign Currency Options

Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Euro versus U.S. dollar	$	1.353	06/26/2008	EUR	4,600	$	145	$	169
Put - OTC Euro versus U.S. dollar		1.353	06/26/2008		4,600		145		118
Call - OTC U.S. dollar versus Japanese yen	JPY	118.150	06/23/2008	$	21,800		574		564
Put - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		21,800		574		594
						$	1,438	$	1,445

Options on Securities

Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.500% due 07/01/2037	$	89.000	07/05/2007	$	81,300	$	10	$	0
Put - OTC Treasury Inflation Protected Securities 1.875% due 07/15/2015		66.531	09/19/2007		92,100		22		0
Put - OTC Treasury Inflation Protected Securities 3.875% due 01/15/2009		90.000	09/19/2007		70,700		17		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2025		65.000	07/23/2007		100,000		23		0
Put - OTC Treasury Inflation Protected Securities 3.000% due 07/15/2012		88.000	07/23/2007		100,000		23		0
Put - OTC Treasury Inflation Protected Securities 3.625% due 04/15/2028		77.000	08/27/2007		53,000		12		0
Put - OTC Treasury Inflation Protected Securities 3.875% due 04/15/2029		79.000	08/27/2007		13,000		3		0
						$	110	$	0

Straddle Options

Description	Counterparty	Exercise Price (2)		Expiration Date	Notional Amount		Cost (2)		Value
Call & Put - OTC U.S. dollar versus Swiss franc Forward Delta Neutral Straddle	JPMorgan Chase & Co.	CHF	0.000	09/26/2007	$	5,800	$	0	$	10
Call & Put - OTC U.S. dollar versus Swiss franc Forward Delta Neutral Straddle	Royal Bank of Scotland Group PLC		0.000	09/26/2007		5,700		0		15
							$	0	$	25

⁽²⁾ Exercise price and final cost determined on a future date, based upon implied volatility parameters.

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(i) Written options outstanding on June 30, 2007:

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	08/24/2007	112	$	29	$	68
Call - CBOT U.S. Treasury 10-Year Note September Futures		109.000	08/24/2007	110		13		5
Call - CBOT U.S. Treasury 30-Year Bond September Futures		109.000	08/24/2007	103		35		68
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/24/2007	112		31		12
					$	108	$	153

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	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	03/31/2008	$	19,000	$	234	$	65
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		4,000		45		20
								$	279	$	85

(j) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (3)
Treasury Inflation Protected Securities	1.875%	07/15/2013	$	11,966	$	11,427	$	11,483
Treasury Inflation Protected Securities	2.375%	01/15/2017		26,526		25,775		25,909
U.S. Treasury Notes	3.625%	05/15/2013		300		281		282
U.S. Treasury Notes	4.875%	08/15/2016		19,800		19,380		19,953
					$	56,863	$	57,627

⁽³⁾ Market value includes $395 of interest payable on short sales.

(k) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	3,604	10/2007	$	4	$	(15	)	$	(11	)
Sell	CAD	1,247	08/2007		0		(5	)		(5	)
Sell	CHF	910	09/2007		0		0			0
Buy	CNY	92,519	01/2008		62		0			62
Buy		92,514	03/2008		0		(66	)		(66	)
Sell	EUR	5,798	07/2007		0		(76	)		(76	)
Sell	GBP	6,409	08/2007		0		(68	)		(68	)
Sell	JPY	214,501	07/2007		25		0			25
Buy	KRW	148,200	07/2007		1		0			1
Buy		1,571,959	09/2007		8		0			8
Buy	MXN	15,220	09/2007		1		(3	)		(2	)
Buy		5,042	03/2008		5		0			5
Buy	PLN	5,528	09/2007		38		0			38
Buy	RUB	2,255	12/2007		2		0			2
Buy		48,032	01/2008		16		0			16
Buy	SGD	2,610	07/2007		7		0			7
Sell		1,578	07/2007		0		(6	)		(6	)
Buy		245	08/2007		1		0			1
Buy		2,599	10/2007		9		0			9
				$	179	$	(239	)	$	(60	)

See Accompanying Notes Semiannual Report June 30, 2007 15

Notes to Financial Statements

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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax regulations and GAAP may change the fiscal year when income and capital items

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	JPY	Japanese Yen
BRL	Brazilian Real	KRW	South Korean Won
CAD	Canadian Dollar	MXN	Mexican Peso
CHF	Swiss Franc	PLN	Polish Zloty
CNY	Chinese Yuan Renminbi	RUB	Russian Ruble
EUR	Euro	SGD	Singapore Dollar
GBP	Great British Pound

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(j) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

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.

(k) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(l) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”) The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for

accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(m) 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 on 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.

(n) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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.

18 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(o) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

(p) Bridge Debt Commitments  At the period ended June 30, 2007, the Portfolio had $1,602,246 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.

(q) 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-related 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.

(r) 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” or “Ginnie Mae”), 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.

(s) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to

April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	8,513,157	$	8,707,451	$	137,558	$	29,607

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Premium
Balance at 12/31/2006	146		$	97,800		$	643
Sales	1,025			23,000			592
Closing Buys	(73	)		(46,000	)		(362	)
Expirations	(661	)		(51,800	)		(486	)
Exercised	0			0			0
Balance at 06/30/2007	437		$	23,000		$	387

20 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	301		$	3,580		629		$	7,837
Administrative Class	13,980			166,885		29,533			367,822
Advisor Class	568			6,796		248			3,086
Issued as reinvestment of distributions
Institutional Class	95			1,137		255			3,137
Administrative Class	1,955			23,367		5,979			73,676
Advisor Class	10			119		9			109
Cost of shares redeemed
Institutional Class	(274	)		(3,266	)	(557	)		(6,951	)
Administrative Class	(22,385	)		(268,783	)	(28,578	)		(353,626	)
Advisor Class	(27	)		(329	)	(32	)		(402	)
Net increase (decrease) resulting from Portfolio share transactions	(5,777	)	$	(70,494	)	7,486		$	94,688

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	3	54
Advisor Class	2	94

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

Semiannual Report June 30, 2007 21

Notes to Financial Statements (Cont.)

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    8,525	$    (1,724)	$    6,801

22 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 23

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	18

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, 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 as part of an investment strategy, as described under “Portfolio Insights”, or for hedging purposes. 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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; and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from January 1, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO RealEstateRealReturn Strategy Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

U.S. Treasury Obligations	47.5%
Short-Term Instruments	46.0%
U.S. Government Agencies	6.5%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	Portfolio Inception (09/30/05)
	PIMCO RealEstateRealReturn Strategy Portfolio Administrative Class	-8.39%	8.00%	10.54%
	Dow Jones Wilshire Real Estate Investment Trust Index±	-6.33%	11.47%	16.57%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Dow Jones Wilshire Real Estate Investment Trust Index, a subset of the Wilshire Real Estate Securities Index (WRESI), is an unmanaged index comprised of U.S. publicly traded Real Estate Investment Trusts, weighted by full market capitalization. Effective March 1, 2007, the Portfolio began tracking its performance against a float-adjusted version of the Index as real-time calculation of the Index ceased to be disseminated on February 28, 2007. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	916.06	$	1,020.33
Expenses Paid During Period†	$	4.28	$	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 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.

» Returns for Real Estate Investment Trusts (“REITs”) generally declined for the period, which detracted from total return performance.

» The Portfolio’s use of Treasury Inflation-Protected Securities (“TIPS”) as collateral was negative for performance in the first half of the year as TIPS underperformed the assumed one-month LIBOR financing cost of gaining REIT index exposure.

» Positioning for a steeper U.S. nominal yield curve added to performance as the U.S. nominal yield curve steepened.

» An emphasis on nominal bonds in the Eurozone benefited performance as nominal bonds outperformed inflation-linked bonds in the region.

» Holdings of mortgage-backed securities detracted from performance as mortgage spreads widened.

4 PIMCO Variable Insurance Trust

Financial Highlights  RealEstateRealReturn Strategy Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			09/30/2005-12/31/2005
Administrative Class
Net asset value beginning of year or period	$	12.22		$	10.21		$	10.00
Net investment income (a)		0.27			0.44			0.19
Net realized/unrealized gain (loss) on investments (a)		(1.22	)		2.31			0.02
Total income (loss) from investment operations		(0.95	)		2.75			0.21
Dividends from net investment income		(0.93	)		(0.74	)		0.00
Total distributions		(0.93	)		(0.74	)		0.00
Net asset value end of year or period	$	10.34		$	12.22		$	10.21
Total return		(8.39	)%		27.38	%		2.10	%
Net assets end of year or period (000s)	$	4,598		$	4,434		$	3,062
Ratio of expenses to average net assets		0.90	%*		0.90	%		0.89	%*(b)
Ratio of expenses to average net assets excluding interest expense		0.89	%*		0.89	%		0.89	%*(b)
Ratio of net investment income to average net assets		4.40	%*		3.88	%		7.78	%*
Portfolio turnover rate		656	%		1213	%		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%.

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  RealEstateRealReturn Strategy Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	9,336
Repurchase agreements, at value		1,090
Foreign currency, at value		45
Receivable for investments sold		541
Receivable for investments sold on a delayed-delivery basis		749
Interest and dividends receivable		7
Swap premiums paid		2
Unrealized appreciation on foreign currency contracts		1
Unrealized appreciation on swap agreements		24
		11,795
Liabilities:
Payable for investments purchased	$	965
Payable for investments purchased on a delayed-delivery basis		5,561
Payable for short sales		104
Written options outstanding		1
Accrued investment advisory fee		2
Accrued administration fee		1
Accrued servicing fee		1
Variation margin payable		7
Swap premiums received		36
Unrealized depreciation on foreign currency contracts		1
Unrealized depreciation on swap agreements		505
Other liabilities		13
		7,197
Net Assets	$	4,598
Net Assets Consist of:
Paid in capital	$	4,709
Undistributed net investment income		767
Accumulated undistributed net realized (loss)		(392	)
Net unrealized (depreciation)		(486	)
	$	4,598
Net Assets:
Administrative Class	$	4,598
Shares Issued and Outstanding:
Administrative Class		445
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Administrative Class	$	10.34
Cost of Investments Owned	$	9,306
Cost of Repurchase Agreements Owned	$	1,090
Cost of Foreign Currency Held	$	45
Proceeds Received on Short Sales	$	103
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, 2007
	(Unaudited)
Investment Income:
Interest	$	127
Total Income		127
Expenses:
Investment advisory fees		12
Administration fees		6
Servicing fees – Administrative Class		4
Total Expenses		22
Net Investment Income		105
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(224	)
Net realized (loss) on futures contracts, written options and swaps		(69	)
Net realized (loss) on foreign currency transactions		(2	)
Net change in unrealized appreciation on investments		149
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(388	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		2
Net (Loss)		(532	)
Net (Decrease) in Net Assets Resulting from Operations	$	(427	)

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  RealEstateRealReturn Strategy Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	105		$	142
Net realized gain (loss)		(295	)		999
Net change in unrealized (depreciation)		(237	)		(267	)
Net increase (decrease) resulting from operations		(427	)		874
Distributions to Shareholders:
From net investment income
Administrative Class		(372	)		(247	)
Total Distributions		(372	)		(247	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		1,116			816
Issued as reinvestment of distributions
Administrative Class		372			246
Cost of shares redeemed
Administrative Class		(525	)		(317	)
Net increase resulting from Portfolio share transactions		963			745
Total Increase in Net Assets		164			1,372
Net Assets:
Beginning of period		4,434			3,062
End of period*	$	4,598		$	4,434
*Including undistributed net investment income of:	$	767		$	1,034

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  RealEstateRealReturn Strategy Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES 14.7%
Fannie Mae
5.500% due 07/01/2037	$	200	$	193
6.000% due 09/01/2036 - 07/01/2037		486		481
Total U.S. Government Agencies (Cost $678)				674
U.S. TREASURY OBLIGATIONS 107.6%
Treasury Inflation Protected Securities (b)
1.875% due 07/15/2015		1,249		1,181
2.000% due 04/15/2012		409		397
2.000% due 01/15/2014		337		324
2.000% due 01/15/2026		471		427
2.375% due 01/15/2017		309		302
2.375% due 01/15/2025		1,322		1,272
2.375% due 01/15/2027		31		30
2.500% due 07/15/2016		1,029		1,017
Total U.S. Treasury Obligations (Cost $4,915)				4,950
SHORT-TERM INSTRUMENTS 104.4%
COMMERCIAL PAPER 79.1%
Abbey National N.A. LLC
5.270% due 09/14/2007		100		99
Bank of America Corp.
5.230% due 10/04/2007		200		199
Barclays U.S. Funding Corp.
5.235% due 09/26/2007		200		200
BNP Paribas Finance, Inc.
5.200% due 10/23/2007		250		250
CBA (de) Finance
5.260% due 09/28/2007		100		99

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Dexia Delaware LLC
5.225% due 09/21/2007	$	200	$	199
DnB NORBank ASA
5.350% due 10/12/2007		100		100
Fannie Mae
5.080% due 07/02/2007		100		100
Freddie Mac
5.150% due 07/20/2007		700		698
5.165% due 07/25/2007		700		698
HBOS Treasury Services PLC
5.245% due 11/13/2007		100		99
Oesterreichische
5.240% due 07/20/2007		400		399
Rabobank USA Financial Corp.
5.330% due 07/26/2007		100		100
Societe Generale NY
5.280% due 11/26/2007		200		199
Swedbank AB
5.225% due 09/06/2007		100		100
UBS Finance Delaware LLC
5.230% due 10/23/2007		100		99
				3,638
REPURCHASE AGREEMENTS 23.7%
Lehman Brothers, Inc.
4.000% due 07/02/2007		900		900
(Dated 06/29/2007. Collateralized by U.S. Treasury Inflation Protected Securities 2.000% due 01/15/2014 valued at $923. Repurchase proceeds are $900.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
State Street Bank and Trust Co.
4.900% due 07/02/2007	$	190	$	190
(Dated 06/29/2007. Collateralized by Federal Home Loan Bank 3.750% due 08/15/2008 valued at $194. Repurchase proceeds are $190.)
				1,090
U.S. TREASURY BILLS 1.6%
4.615% due 08/30/2007 - 09/13/2007 (a)(c)		75		74
Total Short-Term Instruments (Cost $4,802)				4,802
PURCHASED OPTIONS (e) 0.0%
(Cost $1)				0
Total Investments 226.7% (Cost $10,396)			$	10,426
Written Options (f) (0.0%) (Premiums $1)				(1	)
Other Assets and Liabilities (Net) (126.7%)				(5,827	)
Net Assets 100.0%			$	4,598

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

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

(c) Securities with an aggregate market value of $74 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2007	2	$	(2	)
90-Day Eurodollar June Futures	Long	06/2008	3		(4	)
90-Day Eurodollar June Futures	Long	06/2009	2		1
90-Day Eurodollar March Futures	Short	03/2008	1		1
90-Day Eurodollar March Futures	Long	03/2009	1		0
Euro-Bund 10-Year Note September Futures Put Options Strike @ EUR 106.000	Long	09/2007	2		0
U.S. Treasury 5-Year Note September Futures	Short	09/2007	6		(2	)
U.S. Treasury 10-Year Note September Futures	Short	09/2007	4		4
U.S. Treasury 30-Year Bond September Futures	Short	09/2007	3		(3	)
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	4		(8	)
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2008	4		(8	)
				$	(21	)

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  RealEstateRealReturn Strategy Portfolio (Cont.)

(d) Swap agreements outstanding on June 30, 2007:

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	6.500%	01/15/2010	AUD	100	$	(1	)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	7.000%	06/15/2010		300		0
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.988%	12/15/2011	EUR	100		0
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.976%	12/15/2011		600		(2	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.261%	07/14/2011		100		2
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009	GBP	100		(4	)
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		100		8
Morgan Stanley	6-Month JPY-LIBOR	Pay	1.500%	06/20/2012	JPY	30,000		(2	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2012	$	100		0
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2017		100		1
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		200		2
							$	4

Total Return Swaps

Counterparty	Type	Receive Total Return	Pay	Expiration Date	# of Contracts	Unrealized Appreciation/ (Depreciation)
Credit Suisse First Boston	Long	Dow Jones - Wilshire REIT Total Return	1-Month USD-LIBOR plus 0.350%	02/29/2008	809	$	(496	)
Credit Suisse First Boston	Short	Dow Jones - Wilshire REIT Total Return	1-Month USD-LIBOR plus 0.350%	02/29/2008	18		11
						$	(485	)

(e) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 5-Year Note September Futures	$	106.000	08/24/2007	5	$	0	$	0
Call - CBOT U.S. Treasury 10-Year Note September Futures		110.000	08/24/2007	5		0		0
Put - CME 90-Day Eurodollar September Futures		90.500	09/17/2007	8		0		0
					$	0	$	0

Options on Securities

Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.500% due 09/01/2037	$	86.500	09/06/2007	$	200	$	0	$	0
Put - OTC Fannie Mae 6.000% due 09/01/2037		88.000	09/06/2007		240		0		0
Put - OTC Treasury Inflation Protected Securities 0.875% due 04/15/2010		88.000	09/28/2007		400		0		0
Put - OTC Treasury Inflation Protected Securities 1.875% due 07/15/2015		75.000	07/23/2007		500		0		0
Put - OTC Treasury Inflation Protected Securities 1.875% due 07/15/2015		75.000	08/22/2007		800		1		0
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2026		61.000	09/20/2007		300		0		0
Put - OTC Treasury Inflation Protected Securities 2.000% due 04/15/2012		86.000	09/28/2007		200		0		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2025		62.700	09/07/2007		700		0		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2025		66.000	09/20/2007		600		0		0
Put - OTC Treasury Inflation Protected Securities 2.500% due 07/15/2016		70.531	09/19/2007		600		0		0
						$	1	$	0

(f) Written options outstanding on June 30, 2007:

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	$	107.000	08/24/2007	2	$	1	$	1
Call - CBOT U.S. Treasury 10-Year Note September Futures		109.000	08/24/2007	1		0		0
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/24/2007	2		0		0
					$	1	$	1

(g) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (1)
Treasury Inflation Protected Securities	2.375%	0/15/2011	$	105	$	103	$	104

⁽¹⁾ Market value includes $1 of interest payable on short sales.

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(h) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	17	10/2007	$	0	$	0		$	0
Sell	CHF	5	09/2007		0		0			0
Buy	CNY	381	01/2008		1		0			1
Buy		440	03/2008		0		(1	)		(1	)
Sell	EUR	25	07/2007		0		0			0
Sell	GBP	18	08/2007		0		0			0
Sell	JPY	238	07/2007		0		0			0
Buy	KRW	926	07/2007		0		0			0
Buy		7,407	09/2007		0		0			0
Buy	MXN	76	09/2007		0		0			0
Buy		22	03/2008		0		0			0
Buy	PLN	25	09/2007		0		0			0
Buy	RUB	233	01/2008		0		0			0
Buy	SGD	12	07/2007		0		0			0
Sell		8	07/2007		0		0			0
Buy		2	08/2007		0		0			0
Buy		12	10/2007		0		0			0
				$	1	$	(1	)	$	0

See Accompanying Notes Semiannual Report June 30, 2007 11

Notes to Financial Statements

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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers one class of shares: Administrative. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) 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.

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June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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 BRL CHF CNY EUR	Australian Dollar Brazilian Real Swiss Franc Chinese Yuan Renminbi Euro	JPY KRW MXN PLN RUB	Japanese Yen South Korean Won Mexican Peso Polish Zloty Russian Ruble
GBP	Great British Pound	SGD	Singapore Dollar

(f) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(g) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(h) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(i) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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.

Semiannual Report June 30, 2007 13

Notes to Financial Statements (Cont.)

(j) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(k) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by

including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(l) 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 on 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.

(m) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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

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June 30, 2007 (Unaudited)

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 U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(n) 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” or “Ginnie Mae”), 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.

(o) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30,

2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.49%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of

Semiannual Report June 30, 2007 15

Notes to Financial Statements (Cont.)

Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

(e) Expense Limitation  PIMCO has contractually agreed to reduce total annual portfolio operating expenses for the Portfolio by waiving a portion of its administrative fee or reimbursing the Portfolio, to the extent that they would exceed, due to the payment of organizational expenses and pro rata Trustees’ fees, the sum of such Portfolio’s advisory fee, service fees, distribution fees (with respect to Advisor Class only), administrative fees and other expenses borne by the Portfolio not covered by the administrative fee as described above (other than organizational expenses and pro rata Trustees’ fees), plus 0.49 basis points. PIMCO may recoup these waivers and reimbursements for a period not exceeding three years, provided that total expenses, including such recoupment, do not exceed the annual expense limit. As of June 30, 2007, the recoverable amount to the Administrator was $20,992.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	37,196	$	37,015	$	0	$	0

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Premium
Balance at 12/31/2006	0		$	0
Sales	13			3
Closing Buys	(6	)		(2	)
Expirations	(2	)		0
Exercised	0			0
Balance at 06/30/2007	5		$	1

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Administrative Class	92		$	1,116		68		$	816
Issued as reinvestment of distributions
Administrative Class	33			372		21			246
Cost of shares redeemed
Administrative Class	(43	)		(525	)	(26	)		(317	)
Net increase resulting from Portfolio share transactions	82		$	963		63		$	745

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

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized Appreciation
$    35	$    (5)	$    30

Semiannual Report June 30, 2007 17

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

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

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	19

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Short-Term Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

Short-Term Instruments	39.7%
U.S. Government Agencies	21.4%
Corporate Bonds & Notes	17.1%
Asset-Backed Securities	12.9%
Mortgage-Backed Securities	8.4%
Other	0.5%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio Inception (09/30/99)
	PIMCO Short-Term Portfolio Administrative Class	1.96%	4.52%	2.79%	3.77%
	Citigroup 3-Month Treasury Bill Index±	2.49%	5.06%	2.67%	3.29%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± 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. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,019.60	$	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 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, which may be represented by forwards or derivatives, such as options, futures contracts or swap agreements.

» U.S. duration exposure, with emphasis at the front end of the yield curve, was the primary detractor from performance as U.S. interest rates trended higher during the first half of 2007.

» Curve steepening strategies enhanced performance as the U.S. Treasury yield curve steepened during the period.

» Positions at the front end of the U.K. and the European yield curves detracted from returns as central banks raised interest rates during the period.

» Exposure to credit sensitive assets, such as mortgages, emerging markets and positive swap spread exposure, detracted from performance as spreads widened.

4 PIMCO Variable Insurance Trust

Financial Highlights  Short-Term Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Administrative Class
Net asset value beginning of year or period	$	10.04		$	10.05		$	10.08		$	10.10		$	10.08		$	10.08
Net investment income (a)		0.24			0.44			0.28			0.12			0.13			0.28
Net realized/unrealized gain (loss) on investments (a)		(0.04	)		(0.02	)		(0.03	)		0.01			0.07			0.02
Total income from investment operations		0.20			0.42			0.25			0.13			0.20			0.30
Dividends from net investment income		(0.24	)		(0.43	)		(0.28	)		(0.13	)		(0.17	)		(0.29	)
Distributions from net realized capital gains		0.00			0.00			0.00			(0.02	)		(0.01	)		(0.01	)
Total distributions		(0.24	)		(0.43	)		(0.28	)		(0.15	)		(0.18	)		(0.30	)
Net asset value end of year or period	$	10.00		$	10.04		$	10.05		$	10.08		$	10.10		$	10.08
Total return		1.96	%		4.27	%		2.52	%		1.30	%		2.05	%		3.02	%
Net assets end of year or period (000s)	$	10,539		$	9,211		$	8,186		$	8,274		$	5,948		$	4,340
Ratio of expenses to average net assets		0.60	%*		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%(b)
Ratio of expenses to average net assets excluding interest expense		0.60	%*		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%(b)
Ratio of net investment income to average net assets		4.80	%*		4.40	%		2.77	%		1.18	%		1.33	%		2.81	%
Portfolio turnover rate		88	%		111	%		154	%		251	%		199	%		60	%

+ 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 average net assets would have been 0.61%.

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Short-Term Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	22,881
Cash		3
Foreign currency, at value		65
Receivable for investments sold		489
Receivable for Portfolio shares sold		75
Interest and dividends receivable		80
Swap premiums paid		49
Unrealized appreciation on foreign currency contracts		18
		23,660
Liabilities:
Payable for investments purchased	$	994
Payable for investments purchased on a delayed-delivery basis		400
Payable for Portfolio shares redeemed		7
Payable for short sales		494
Written options outstanding		5
Accrued investment advisory fee		4
Accrued administration fee		4
Accrued servicing fee		1
Variation margin payable		7
Unrealized depreciation on foreign currency contracts		7
Unrealized depreciation on swap agreements		32
		1,955
Net Assets	$	21,705
Net Assets Consist of:
Paid in capital	$	21,926
Undistributed net investment income		47
Accumulated undistributed net realized (loss)		(124	)
Net unrealized (depreciation)		(144	)
	$	21,705
Net Assets:
Institutional Class	$	11,166
Administrative Class		10,539
Shares Issued and Outstanding:
Institutional Class		1,117
Administrative Class		1,054
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	10.00
Administrative Class		10.00
Cost of Investments Owned	$	22,946
Cost of Foreign Currency Held	$	65
Proceeds Received on Short Sales	$	483
Premiums Received on Written Options	$	12

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Short-Term Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	610
Dividends		2
Total Income		612
Expenses:
Investment advisory fees		28
Administration fees		23
Servicing fees – Administrative Class		7
Total Expenses		58
Net Investment Income		554
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(24	)
Net realized gain on futures contracts, written options and swaps		93
Net realized (loss) on foreign currency transactions		(16	)
Net change in unrealized (depreciation) on investments		(60	)
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(97	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		18
Net (Loss)		(86	)
Net Increase in Net Assets Resulting from Operations	$	468

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Short-Term Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	554		$	1,308
Net realized gain (loss)		53			(155	)
Net change in unrealized appreciation (depreciation)		(139	)		87
Net increase resulting from operations		468			1,240
Distributions to Shareholders:
From net investment income
Institutional Class		(314	)		(884	)
Administrative Class		(231	)		(399	)
Total Distributions		(545	)		(1,283	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		1,304			17,254
Administrative Class		5,388			5,591
Issued as reinvestment of distributions
Institutional Class		314			885
Administrative Class		231			399
Cost of shares redeemed
Institutional Class		(7,783	)		(33,154	)
Administrative Class		(4,255	)		(4,954	)
Net (decrease) resulting from Portfolio share transactions		(4,801	)		(13,979	)
Total (Decrease) in Net Assets		(4,878	)		(14,022	)
Net Assets:
Beginning of period		26,583			40,605
End of period*	$	21,705		$	26,583
*Including undistributed net investment income of:	$	47		$	38

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Short-Term Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 18.0%
BANKING & FINANCE 11.3%
American Express Bank FSB
5.380% due 06/22/2009	$	10	$	10
American International Group, Inc.
5.395% due 01/29/2010		200		200
Bear Stearns Cos., Inc.
5.450% due 02/23/2010		100		100
Citigroup, Inc.
5.405% due 05/02/2008		250		251
Ford Motor Credit Co.
5.625% due 10/01/2008		100		99
General Electric Capital Corp.
5.410% due 10/06/2010		100		100
5.417% due 05/10/2010		100		100
Goldman Sachs Group, Inc.
5.450% due 06/23/2009		200		201
5.475% due 10/05/2007		100		100
HSBC Finance Corp.
5.490% due 09/15/2008		100		100
Lehman Brothers Holdings, Inc.
5.570% due 12/23/2010		100		100
MBNA Europe Funding PLC
5.460% due 09/07/2007		300		300
Metropolitan Life Global Funding I
5.400% due 05/17/2010		100		100
Mirage Resorts, Inc.
6.750% due 08/01/2007		100		100
Morgan Stanley
5.467% due 02/09/2009		100		100
National Australia Bank Ltd.
5.400% due 09/11/2009		100		100
Rabobank Nederland
5.376% due 01/15/2009		200		200
Royal Bank of Scotland Group PLC
5.360% due 04/11/2008		100		100
VTB Capital S.A. for Vneshtorgbank
6.110% due 09/21/2007		100		100
				2,461
INDUSTRIALS 5.2%
Albertson’s, Inc.
6.950% due 08/01/2009		100		103
CSC Holdings, Inc.
7.250% due 07/15/2008		100		101
Enterprise Products Operating LP
4.000% due 10/15/2007		30		30
Historic TW, Inc.
8.180% due 08/15/2007		100		100
HJ Heinz Co.
6.428% due 12/01/2008		100		101
Home Depot, Inc.
5.485% due 12/16/2009		100		100
Service Corp. International
6.500% due 03/15/2008		100		100
Siemens Financieringsmaatschappij NV
5.410% due 08/14/2009		100		100
Sungard Data Systems, Inc.
3.750% due 01/15/2009		100		97
Transocean, Inc.
5.560% due 09/05/2008		100		100

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Walt Disney Co.
5.460% due 09/10/2009	$	100	$	100
Xerox Corp.
9.750% due 01/15/2009		100		106
				1,138
UTILITIES 1.5%
Entergy Gulf States, Inc.
3.600% due 06/01/2008		100		98
Midwest Generation LLC
8.300% due 07/02/2009		84		86
Ohio Edison Co.
4.000% due 05/01/2008		30		30
SEMCO Energy, Inc.
7.125% due 05/15/2008		100		101
				315
Total Corporate Bonds & Notes (Cost $3,915)				3,914
U.S. GOVERNMENT AGENCIES 22.6%
Fannie Mae
5.000% due 07/25/2020 - 02/01/2037		590		558
5.380% due 12/25/2036		82		81
5.440% due 03/25/2034		37		37
5.470% due 08/25/2034		14		14
5.500% due 11/01/2016		98		97
5.670% due 05/25/2042		25		25
6.000% due 06/01/2017 - 07/01/2037		2,423		2,399
6.227% due 03/01/2044 - 07/01/2044		149		151
7.252% due 10/01/2031		11		11
Freddie Mac
3.500% due 03/15/2022		81		80
5.000% due 01/15/2018		55		54
5.500% due 08/15/2030		2		2
5.550% due 07/15/2037		400		400
5.670% due 06/15/2031		65		65
6.227% due 10/25/2044 - 02/25/2045		696		698
6.427% due 07/25/2044		138		139
9.500% due 12/01/2019		18		19
Ginnie Mae
6.000% due 02/20/2032 - 03/20/2032		67		67
Total U.S. Government Agencies (Cost $4,947)				4,897
MORTGAGE-BACKED SECURITIES 8.9%
Arran Residential Mortgages Funding PLC
5.340% due 04/12/2036		39		39
Banc of America Mortgage Securities, Inc.
7.429% due 07/20/2032		2		2
Bear Stearns Adjustable Rate Mortgage Trust
4.622% due 01/25/2034		14		14
4.750% due 10/25/2035		199		196
Bear Stearns Commercial Mortgage Securities
6.440% due 06/16/2030		100		101
Countrywide Alternative Loan Trust
5.470% due 05/20/2046		47		47
5.600% due 02/25/2037		155		156
Countrywide Home Loan Mortgage Pass-Through Trust
5.660% due 06/25/2035		62		62

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CS First Boston Mortgage Securities Corp.
5.631% due 05/25/2032	$	3	$	3
5.953% due 03/25/2032		18		18
First Republic Mortgage Loan Trust
5.620% due 08/15/2032		47		48
Greenpoint Mortgage Funding Trust
5.540% due 06/25/2045		94		94
GSR Mortgage Loan Trust
4.538% due 09/25/2035		77		76
Harborview Mortgage Loan Trust
5.540% due 05/19/2035		107		107
Impac Secured Assets CMN Owner Trust
5.400% due 01/25/2037		71		71
Indymac Index Mortgage Loan Trust
5.420% due 01/25/2037		67		67
Mellon Residential Funding Corp.
5.760% due 12/15/2030		23		23
Merrill Lynch Floating Trust
5.390% due 06/15/2022		89		89
Sequoia Mortgage Funding Co.
0.800% due 10/21/2008 (a)		115		0
Structured Asset Mortgage Investments, Inc.
5.540% due 05/25/2036		85		85
5.550% due 05/25/2045		123		123
5.650% due 09/19/2032		14		14
Structured Asset Securities Corp.
5.370% due 05/25/2036		56		56
Thornburg Mortgage Securities Trust
5.430% due 12/25/2036		85		85
5.440% due 04/25/2036		100		100
Washington Mutual, Inc.
5.094% due 10/25/2032		3		3
5.860% due 12/25/2027		38		38
6.029% due 02/25/2046		59		59
6.029% due 08/25/2046		84		85
6.229% due 11/25/2042		55		55
6.429% due 06/25/2042		13		13
Total Mortgage-Backed Securities (Cost $1,932)				1,929
ASSET-BACKED SECURITIES 13.6%
ACE Securities Corp.
5.370% due 12/25/2036		75		75
5.400% due 02/25/2036		55		55
Argent Securities, Inc.
5.390% due 04/25/2036		20		20
Asset-Backed Securities Corp. Home Equity
5.370% due 11/25/2036		57		57
Bank One Issuance Trust
5.430% due 12/15/2010		200		200
Bear Stearns Asset-Backed Securities, Inc.
5.370% due 11/25/2036		77		77
5.400% due 10/25/2036		82		82
5.410% due 04/25/2036		33		33
5.650% due 10/25/2032		4		4
Chase Credit Card Master Trust
5.430% due 02/15/2011		100		100
Citibank Credit Card Issuance Trust
5.456% due 01/15/2010		100		100
Countrywide Asset-Backed Certificates
5.370% due 05/25/2037		167		167
5.390% due 06/25/2036		62		62
5.390% due 07/25/2036		26		26
5.390% due 08/25/2036		29		29

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Short-Term Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.480% due 02/25/2036	$	57	$	57
5.800% due 12/25/2031		4		4
6.060% due 05/25/2032		1		1
CS First Boston Mortgage Securities Corp.
6.060% due 08/25/2032		3		3
First Franklin Mortgage Loan Asset-Backed Certificates
5.370% due 12/25/2036		71		72
5.390% due 01/25/2036		21		21
5.410% due 01/25/2036		36		36
First NLC Trust
5.440% due 02/25/2036		9		9
Fremont Home Loan Trust
5.380% due 01/25/2037		83		83
GSAMP Trust
5.430% due 11/25/2035		18		18
5.440% due 12/25/2035		27		27
Home Equity Asset Trust
5.400% due 05/25/2036		41		41
HSI Asset Securitization Corp. Trust
5.370% due 12/25/2036		84		84
Irwin Home Equity Corp.
5.860% due 07/25/2032		4		4
JPMorgan Mortgage Acquisition Corp.
5.370% due 10/25/2036		82		82
Lehman XS Trust
5.390% due 05/25/2046		47		47
Long Beach Mortgage Loan Trust
5.360% due 11/25/2036		77		77
5.390% due 03/25/2036		17		17
5.410% due 01/25/2036		58		58
5.500% due 08/25/2035		30		30
MASTR Asset-Backed Securities Trust
5.370% due 11/25/2036		82		82
5.400% due 01/25/2036		38		38
Merrill Lynch Mortgage Investors, Inc.
5.350% due 06/25/2037		53		54
5.390% due 02/25/2037		32		32
Morgan Stanley ABS Capital I
5.390% due 02/25/2036		26		26
Nelnet Student Loan Trust
5.445% due 07/25/2016		55		55
New Century Home Equity Loan Trust
5.580% due 06/25/2035		43		42
Nissan Auto Lease Trust
5.347% due 12/14/2007		3		3
Option One Mortgage Loan Trust
5.360% due 02/25/2037		71		71
Quest Trust
5.880% due 06/25/2034		2		2
Renaissance Home Equity Loan Trust
5.680% due 11/25/2034		20		20
5.760% due 08/25/2033		16		16
5.820% due 12/25/2033		75		76
Residential Asset Mortgage Products, Inc.
5.400% due 01/25/2036		16		16
5.400% due 02/25/2036		16		16
Residential Asset Securities Corp.
5.400% due 01/25/2036		22		22
Residential Funding Mortgage Securities II, Inc.
5.460% due 09/25/2035		71		71
SACO I, Inc.
5.400% due 04/25/2036		1		1

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Saxon Asset Securities Trust
5.590% due 01/25/2032	$	1	$	1
SLC Student Loan Trust
5.313% due 02/15/2015		100		100
SLM Student Loan Trust
5.325% due 07/25/2013		79		79
Soundview Home Equity Loan Trust
5.390% due 03/25/2036		5		5
5.390% due 05/25/2036		5		5
Specialty Underwriting & Residential Finance
5.365% due 11/25/2037		70		70
Structured Asset Investment Loan Trust
5.370% due 07/25/2036		56		56
Structured Asset Securities Corp.
5.610% due 01/25/2033		4		4
Wachovia Auto Owner Trust
4.820% due 02/20/2009		27		27
Wells Fargo Home Equity Trust
5.560% due 10/25/2035		100		100
Total Asset-Backed Securities (Cost $2,947)				2,948
		SHARES
PREFERRED STOCKS 0.4%
Fresenius Medical Care Capital Trust II
7.875% due 02/01/2008		100		101
Total Preferred Stocks (Cost $103)				101
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 41.9%
CERTIFICATES OF DEPOSIT 6.9%
Bank of Ireland
5.400% due 01/15/2010	$	100		100
BNP Paribas
5.262% due 07/03/2008		200		200
Calyon Financial, Inc.
5.340% due 01/16/2009		100		100
Fortis Bank NY
5.300% due 09/30/2008		100		100
Nordea Bank Finland PLC
5.282% due 12/01/2008		100		100
5.308% due 05/28/2008		100		100
Royal Bank of Canada
5.267% due 06/30/2008		200		200
Royal Bank of Scotland Group PLC
5.262% due 07/03/2008		100		100
5.265% due 03/26/2008		100		100
Skandinav Enskilda BK
5.340% due 08/21/2008		100		100
Societe Generale NY
5.265% due 09/21/2007		200		200
5.270% due 03/26/2008		100		100
				1,500
COMMERCIAL PAPER 33.9%
Danske Corp.
5.235% due 10/12/2007		800		792
Dexia Delaware LLC
5.240% due 09/21/2007		600		593
Fortis Funding LLC
5.255% due 09/05/2007		500		499

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Freddie Mac
4.800% due 07/02/2007	$	400	$	400
General Electric Capital Corp.
5.200% due 11/06/2007		300		299
HBOS Treasury Services PLC
5.250% due 09/21/2007		1,000		988
Rabobank USA Financial Corp.
5.330% due 07/26/2007		400		400
Societe Generale NY
5.240% due 11/26/2007		300		296
Statens Bostadsfin Bank
5.255% due 09/14/2007		500		494
Swedbank AB
5.225% due 09/06/2007		500		498
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		500		500
UBS Finance Delaware LLC
5.230% due 10/23/2007		300		298
5.245% due 10/23/2007		300		297
Westpac Trust Securities NZ Ltd.
5.240% due 10/19/2007		1,000		993
				7,347
REPURCHASE AGREEMENTS 0.6%
State Street Bank and Trust Co.
4.900% due 07/02/2007		134		134
(Dated 06/29/2007. Collateralized by Federal Home Loan Bank 4.375% due 09/17/2010 valued at $138. Repurchase proceeds are $134.)
U.S. TREASURY BILLS 0.5%
4.701% due 08/30/2007 - 09/13/2007 (b)(d)		105		104
Total Short-Term Instruments (Cost $9,086)				9,085
PURCHASED OPTIONS (f) 0.0%
(Cost $16)				7
Total Investments (c) 105.4% (Cost $22,946)			$	22,881
Written Options (g) (0.0%) (Premiums $12)				(5	)
Other Assets and Liabilities (Net) (5.4%)				(1,171	)
Net Assets 100.0%			$	21,705

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Interest only security.

(b) Coupon represents a weighted average rate.

(c) As of June 30, 2007, portfolio securities with an aggregate value of $485 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(d) Securities with an aggregate market value of $104 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar June Futures	Long	06/2008	12	$	(12	)
90-Day Eurodollar March Futures	Long	03/2008	59		(46	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2007	13		(31	)
U.S. Treasury 10-Year Note September Futures	Short	09/2007	37		30
				$	(59	)

(e) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
JPMorgan Chase & Co.	Morgan Stanley 6.600% due 04/01/2012	Sell	0.070%	12/20/2007	$	100	$	0

⁽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.

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized (Depreciation)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.995%	03/15/2012	EUR	100	$	(1	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	06/18/2009	$	5,600		(24	)
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		300		(2	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		400		(3	)
UBS Warburg LLC	3-Month USD-LIBOR	Pay	5.000%	06/21/2008		800		(2	)
							$	(32	)

(f) Purchased options outstanding on June 30, 2007:

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 1-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Pay	4.750%	02/01/2008	$	1,000	$	3	$	0
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		500		3		1
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		700		3		1
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		1,000		4		2
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/15/2008		800		3		3
								$	16	$	7

(g) Written options outstanding on June 30, 2007:

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	Barclays Bank PLC	3-Month USD-LIBOR	Receive	4.900%	02/01/2008	$	200	$	2	$	0
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		200		2		1
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		300		4		1
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.200%	12/15/2008		300		4		3
								$	12	$	5

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  Short-Term Portfolio (Cont.) June 30, 2007 (Unaudited)

(h) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
U.S. Treasury Notes	4.250%	11/15/2014	$	300	$	283	$	291
U.S. Treasury Notes	5.000%	02/15/2011		200		200		203
					$	483	$	494

⁽²⁾ Market value includes $6 of interest payable on short sales.

(i) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	176	03/2008	$	8	$	0		$	8
Buy	CLP	10,534	11/2007		0		0			0
Buy	CNY	1,791	01/2008		0		(2	)		(2	)
Buy		2,916	03/2008		0		(3	)		(3	)
Sell		1,102	03/2008		1		0			1
Buy	EUR	14	07/2007		0		0			0
Sell	GBP	76	08/2007		0		(1	)		(1	)
Buy	KRW	73,885	11/2007		0		0			0
Buy	MXN	866	03/2008		2		0			2
Buy	NOK	347	09/2007		1		0			1
Buy	PLN	230	09/2007		3		0			3
Buy	RUB	7,775	12/2007		3		0			3
Buy	SGD	92	07/2007		0		(1	)		(1	)
Buy	ZAR	213	03/2008		0		0			0
				$	18	$	(7	)	$	11

12 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2007 (Unaudited)

1.  ORGANIZATION

The Short-Term Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax

Semiannual Report June 30, 2007 13

Notes to Financial Statements (Cont.)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	NOK	Norwegian Krone
CNY	Chinese Yuan Renminbi	PLN	Polish Zloty
EUR	Euro	RUB	Russian Ruble
GBP	Great British Pound	SGD	Singapore Dollar
KRW	South Korean Won	ZAR	South African Rand

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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.

14 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

(j) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(k) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by

including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(l) 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 on 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.

(m) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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

Semiannual Report June 30, 2007 15

Notes to Financial Statements (Cont.)

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 U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(n) 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-related 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 or a portion of the interest from the mortgage assets (the interest-only, or “IO” and/or the high coupon rate with relatively low principal amount, or “IOette” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs and IOettes are included in interest income on the Statements of Operations. Because little to no principal will be received at the maturity of an IO or IOettes, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

(o) 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” or “Ginnie Mae”), 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.

(p) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.20%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	12,754	$	12,785	$	2,560	$	1,429

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	Notional Amount in $			Premium
Balance at 12/31/2006	$	800		$	9
Sales		1,000			12
Closing Buys		(800	)		(9	)
Expirations		0			0
Exercised		0			0
Balance at 06/30/2007	$	1,000		$	12

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	130		$	1,304		1,718		$	17,254
Administrative Class	537			5,388		557			5,591
Issued as reinvestment of distributions
Institutional Class	32			314		88			885
Administrative Class	23			231		40			399
Cost of shares redeemed
Institutional Class	(775	)		(7,783	)	(3,302	)		(33,154	)
Administrative Class	(424	)		(4,255	)	(494	)		(4,954	)
Net (decrease) resulting from Portfolio share transactions	(477	)	$	(4,801	)	(1,393	)	$	(13,979	)

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

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	3	78

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    14	$    (79)	$    (65)

18 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 19

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	19

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Short-Term Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

Short-Term Instruments	39.7%
U.S. Government Agencies	21.4%
Corporate Bonds & Notes	17.1%
Asset-Backed Securities	12.9%
Mortgage-Backed Securities	8.4%
Other	0.5%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio     Inception     (04/28/00)**
	PIMCO Short-Term Portfolio Institutional Class	2.04%	4.67%	2.94%	3.78%
	Citigroup 3-Month Treasury Bill Index±	2.49%	5.06%	2.67%	3.12%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Portfolio began operations on 04/28/00. Index comparisons began on 04/30/00.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± 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. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,020.38	$	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 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, which may be represented by forwards or derivatives, such as options, futures contracts or swap agreements.

» U.S. duration exposure, with emphasis at the front end of the yield curve, was the primary detractor from performance as U.S. interest rates trended higher during the first half of 2007.

» Curve steepening strategies enhanced performance as the U.S. Treasury yield curve steepened during the period.

» Positions at the front end of the U.K. and the European yield curves detracted from returns as central banks raised interest rates during the period.

» Exposure to credit sensitive assets, such as mortgages, emerging markets and positive swap spread exposure, detracted from performance as spreads widened.

4 PIMCO Variable Insurance Trust

Financial Highlights  Short-Term Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Institutional Class
Net asset value beginning of year or period	$	10.04		$	10.05		$	10.08		$	10.10		$	10.08		$	10.08
Net investment income (a)		0.24			0.45			0.30			0.14			0.14			0.30
Net realized/unrealized gain (loss) on investments (a)		(0.03	)		(0.01	)		(0.03	)		0.00			0.08			0.01
Total income from investment operations		0.21			0.44			0.27			0.14			0.22			0.31
Dividends from net investment income		(0.25	)		(0.45	)		(0.30	)		(0.14	)		(0.19	)		(0.30	)
Distributions from net realized capital gains		0.00			0.00			0.00			(0.02	)		(0.01	)		(0.01	)
Total distributions		(0.25	)		(0.45	)		(0.30	)		(0.16	)		(0.20	)		(0.31	)
Net asset value end of year or period	$	10.00		$	10.04		$	10.05		$	10.08		$	10.10		$	10.08
Total return		2.04	%		4.43	%		2.67	%		1.45	%		2.20	%		3.18	%
Net assets end of year or period (000s)	$	11,166		$	17,372		$	32,419		$	25,320		$	14,932		$	4,893
Ratio of expenses to average net assets		0.45	%*		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Ratio of expenses to average net assets excluding interest expense		0.45	%*		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Ratio of net investment income to average net assets		4.93	%*		4.44	%		2.95	%		1.34	%		1.36	%		2.99	%
Portfolio turnover rate		88	%		111	%		154	%		251	%		199	%		60	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Short-Term Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	22,881
Cash		3
Foreign currency, at value		65
Receivable for investments sold		489
Receivable for Portfolio shares sold		75
Interest and dividends receivable		80
Swap premiums paid		49
Unrealized appreciation on foreign currency contracts		18
		23,660
Liabilities:
Payable for investments purchased	$	994
Payable for investments purchased on a delayed-delivery basis		400
Payable for Portfolio shares redeemed		7
Payable for short sales		494
Written options outstanding		5
Accrued investment advisory fee		4
Accrued administration fee		4
Accrued servicing fee		1
Variation margin payable		7
Unrealized depreciation on foreign currency contracts		7
Unrealized depreciation on swap agreements		32
		1,955
Net Assets	$	21,705
Net Assets Consist of:
Paid in capital	$	21,926
Undistributed net investment income		47
Accumulated undistributed net realized (loss)		(124	)
Net unrealized (depreciation)		(144	)
	$	21,705
Net Assets:
Institutional Class	$	11,166
Administrative Class		10,539
Shares Issued and Outstanding:
Institutional Class		1,117
Administrative Class		1,054
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	10.00
Administrative Class		10.00
Cost of Investments Owned	$	22,946
Cost of Foreign Currency Held	$	65
Proceeds Received on Short Sales	$	483
Premiums Received on Written Options	$	12

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Short-Term Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	610
Dividends		2
Total Income		612
Expenses:
Investment advisory fees		28
Administration fees		23
Servicing fees – Administrative Class		7
Total Expenses		58
Net Investment Income		554
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(24	)
Net realized gain on futures contracts, written options and swaps		93
Net realized (loss) on foreign currency transactions		(16	)
Net change in unrealized (depreciation) on investments		(60	)
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(97	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		18
Net (Loss)		(86	)
Net Increase in Net Assets Resulting from Operations	$	468

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Short-Term Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	554		$	1,308
Net realized gain (loss)		53			(155	)
Net change in unrealized appreciation (depreciation)		(139	)		87
Net increase resulting from operations		468			1,240
Distributions to Shareholders:
From net investment income
Institutional Class		(314	)		(884	)
Administrative Class		(231	)		(399	)
Total Distributions		(545	)		(1,283	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		1,304			17,254
Administrative Class		5,388			5,591
Issued as reinvestment of distributions
Institutional Class		314			885
Administrative Class		231			399
Cost of shares redeemed
Institutional Class		(7,783	)		(33,154	)
Administrative Class		(4,255	)		(4,954	)
Net (decrease) resulting from Portfolio share transactions		(4,801	)		(13,979	)
Total (Decrease) in Net Assets		(4,878	)		(14,022	)
Net Assets:
Beginning of period		26,583			40,605
End of period*	$	21,705		$	26,583
*Including undistributed net investment income of:	$	47		$	38

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Short-Term Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 18.0%
BANKING & FINANCE 11.3%
American Express Bank FSB
5.380% due 06/22/2009	$	10	$	10
American International Group, Inc.
5.395% due 01/29/2010		200		200
Bear Stearns Cos., Inc.
5.450% due 02/23/2010		100		100
Citigroup, Inc.
5.405% due 05/02/2008		250		251
Ford Motor Credit Co.
5.625% due 10/01/2008		100		99
General Electric Capital Corp.
5.410% due 10/06/2010		100		100
5.417% due 05/10/2010		100		100
Goldman Sachs Group, Inc.
5.450% due 06/23/2009		200		201
5.475% due 10/05/2007		100		100
HSBC Finance Corp.
5.490% due 09/15/2008		100		100
Lehman Brothers Holdings, Inc.
5.570% due 12/23/2010		100		100
MBNA Europe Funding PLC
5.460% due 09/07/2007		300		300
Metropolitan Life Global Funding I
5.400% due 05/17/2010		100		100
Mirage Resorts, Inc.
6.750% due 08/01/2007		100		100
Morgan Stanley
5.467% due 02/09/2009		100		100
National Australia Bank Ltd.
5.400% due 09/11/2009		100		100
Rabobank Nederland
5.376% due 01/15/2009		200		200
Royal Bank of Scotland Group PLC
5.360% due 04/11/2008		100		100
VTB Capital S.A. for Vneshtorgbank
6.110% due 09/21/2007		100		100
				2,461
INDUSTRIALS 5.2%
Albertson’s, Inc.
6.950% due 08/01/2009		100		103
CSC Holdings, Inc.
7.250% due 07/15/2008		100		101
Enterprise Products Operating LP
4.000% due 10/15/2007		30		30
Historic TW, Inc.
8.180% due 08/15/2007		100		100
HJ Heinz Co.
6.428% due 12/01/2008		100		101
Home Depot, Inc.
5.485% due 12/16/2009		100		100
Service Corp. International
6.500% due 03/15/2008		100		100
Siemens Financieringsmaatschappij NV
5.410% due 08/14/2009		100		100
Sungard Data Systems, Inc.
3.750% due 01/15/2009		100		97
Transocean, Inc.
5.560% due 09/05/2008		100		100

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Walt Disney Co.
5.460% due 09/10/2009	$	100	$	100
Xerox Corp.
9.750% due 01/15/2009		100		106
				1,138
UTILITIES 1.5%
Entergy Gulf States, Inc.
3.600% due 06/01/2008		100		98
Midwest Generation LLC
8.300% due 07/02/2009		84		86
Ohio Edison Co.
4.000% due 05/01/2008		30		30
SEMCO Energy, Inc.
7.125% due 05/15/2008		100		101
				315
Total Corporate Bonds & Notes (Cost $3,915)				3,914
U.S. GOVERNMENT AGENCIES 22.6%
Fannie Mae
5.000% due 07/25/2020 - 02/01/2037		590		558
5.380% due 12/25/2036		82		81
5.440% due 03/25/2034		37		37
5.470% due 08/25/2034		14		14
5.500% due 11/01/2016		98		97
5.670% due 05/25/2042		25		25
6.000% due 06/01/2017 - 07/01/2037		2,423		2,399
6.227% due 03/01/2044 - 07/01/2044		149		151
7.252% due 10/01/2031		11		11
Freddie Mac
3.500% due 03/15/2022		81		80
5.000% due 01/15/2018		55		54
5.500% due 08/15/2030		2		2
5.550% due 07/15/2037		400		400
5.670% due 06/15/2031		65		65
6.227% due 10/25/2044 - 02/25/2045		696		698
6.427% due 07/25/2044		138		139
9.500% due 12/01/2019		18		19
Ginnie Mae
6.000% due 02/20/2032 - 03/20/2032		67		67
Total U.S. Government Agencies (Cost $4,947)				4,897
MORTGAGE-BACKED SECURITIES 8.9%
Arran Residential Mortgages Funding PLC
5.340% due 04/12/2036		39		39
Banc of America Mortgage Securities, Inc.
7.429% due 07/20/2032		2		2
Bear Stearns Adjustable Rate Mortgage Trust
4.622% due 01/25/2034		14		14
4.750% due 10/25/2035		199		196
Bear Stearns Commercial Mortgage Securities
6.440% due 06/16/2030		100		101
Countrywide Alternative Loan Trust
5.470% due 05/20/2046		47		47
5.600% due 02/25/2037		155		156
Countrywide Home Loan Mortgage Pass-Through Trust
5.660% due 06/25/2035		62		62

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CS First Boston Mortgage Securities Corp.
5.631% due 05/25/2032	$	3	$	3
5.953% due 03/25/2032		18		18
First Republic Mortgage Loan Trust
5.620% due 08/15/2032		47		48
Greenpoint Mortgage Funding Trust
5.540% due 06/25/2045		94		94
GSR Mortgage Loan Trust
4.538% due 09/25/2035		77		76
Harborview Mortgage Loan Trust
5.540% due 05/19/2035		107		107
Impac Secured Assets CMN Owner Trust
5.400% due 01/25/2037		71		71
Indymac Index Mortgage Loan Trust
5.420% due 01/25/2037		67		67
Mellon Residential Funding Corp.
5.760% due 12/15/2030		23		23
Merrill Lynch Floating Trust
5.390% due 06/15/2022		89		89
Sequoia Mortgage Funding Co.
0.800% due 10/21/2008 (a)		115		0
Structured Asset Mortgage Investments, Inc.
5.540% due 05/25/2036		85		85
5.550% due 05/25/2045		123		123
5.650% due 09/19/2032		14		14
Structured Asset Securities Corp.
5.370% due 05/25/2036		56		56
Thornburg Mortgage Securities Trust
5.430% due 12/25/2036		85		85
5.440% due 04/25/2036		100		100
Washington Mutual, Inc.
5.094% due 10/25/2032		3		3
5.860% due 12/25/2027		38		38
6.029% due 02/25/2046		59		59
6.029% due 08/25/2046		84		85
6.229% due 11/25/2042		55		55
6.429% due 06/25/2042		13		13
Total Mortgage-Backed Securities (Cost $1,932)				1,929
ASSET-BACKED SECURITIES 13.6%
ACE Securities Corp.
5.370% due 12/25/2036		75		75
5.400% due 02/25/2036		55		55
Argent Securities, Inc.
5.390% due 04/25/2036		20		20
Asset-Backed Securities Corp. Home Equity
5.370% due 11/25/2036		57		57
Bank One Issuance Trust
5.430% due 12/15/2010		200		200
Bear Stearns Asset-Backed Securities, Inc.
5.370% due 11/25/2036		77		77
5.400% due 10/25/2036		82		82
5.410% due 04/25/2036		33		33
5.650% due 10/25/2032		4		4
Chase Credit Card Master Trust
5.430% due 02/15/2011		100		100
Citibank Credit Card Issuance Trust
5.456% due 01/15/2010		100		100
Countrywide Asset-Backed Certificates
5.370% due 05/25/2037		167		167
5.390% due 06/25/2036		62		62
5.390% due 07/25/2036		26		26
5.390% due 08/25/2036		29		29

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Short-Term Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.480% due 02/25/2036	$	57	$	57
5.800% due 12/25/2031		4		4
6.060% due 05/25/2032		1		1
CS First Boston Mortgage Securities Corp.
6.060% due 08/25/2032		3		3
First Franklin Mortgage Loan Asset-Backed Certificates
5.370% due 12/25/2036		71		72
5.390% due 01/25/2036		21		21
5.410% due 01/25/2036		36		36
First NLC Trust
5.440% due 02/25/2036		9		9
Fremont Home Loan Trust
5.380% due 01/25/2037		83		83
GSAMP Trust
5.430% due 11/25/2035		18		18
5.440% due 12/25/2035		27		27
Home Equity Asset Trust
5.400% due 05/25/2036		41		41
HSI Asset Securitization Corp. Trust
5.370% due 12/25/2036		84		84
Irwin Home Equity Corp.
5.860% due 07/25/2032		4		4
JPMorgan Mortgage Acquisition Corp.
5.370% due 10/25/2036		82		82
Lehman XS Trust
5.390% due 05/25/2046		47		47
Long Beach Mortgage Loan Trust
5.360% due 11/25/2036		77		77
5.390% due 03/25/2036		17		17
5.410% due 01/25/2036		58		58
5.500% due 08/25/2035		30		30
MASTR Asset-Backed Securities Trust
5.370% due 11/25/2036		82		82
5.400% due 01/25/2036		38		38
Merrill Lynch Mortgage Investors, Inc.
5.350% due 06/25/2037		53		54
5.390% due 02/25/2037		32		32
Morgan Stanley ABS Capital I
5.390% due 02/25/2036		26		26
Nelnet Student Loan Trust
5.445% due 07/25/2016		55		55
New Century Home Equity Loan Trust
5.580% due 06/25/2035		43		42
Nissan Auto Lease Trust
5.347% due 12/14/2007		3		3
Option One Mortgage Loan Trust
5.360% due 02/25/2037		71		71
Quest Trust
5.880% due 06/25/2034		2		2
Renaissance Home Equity Loan Trust
5.680% due 11/25/2034		20		20
5.760% due 08/25/2033		16		16
5.820% due 12/25/2033		75		76
Residential Asset Mortgage Products, Inc.
5.400% due 01/25/2036		16		16
5.400% due 02/25/2036		16		16
Residential Asset Securities Corp.
5.400% due 01/25/2036		22		22
Residential Funding Mortgage Securities II, Inc.
5.460% due 09/25/2035		71		71
SACO I, Inc.
5.400% due 04/25/2036		1		1

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Saxon Asset Securities Trust
5.590% due 01/25/2032	$	1	$	1
SLC Student Loan Trust
5.313% due 02/15/2015		100		100
SLM Student Loan Trust
5.325% due 07/25/2013		79		79
Soundview Home Equity Loan Trust
5.390% due 03/25/2036		5		5
5.390% due 05/25/2036		5		5
Specialty Underwriting & Residential Finance
5.365% due 11/25/2037		70		70
Structured Asset Investment Loan Trust
5.370% due 07/25/2036		56		56
Structured Asset Securities Corp.
5.610% due 01/25/2033		4		4
Wachovia Auto Owner Trust
4.820% due 02/20/2009		27		27
Wells Fargo Home Equity Trust
5.560% due 10/25/2035		100		100
Total Asset-Backed Securities (Cost $2,947)				2,948
		SHARES
PREFERRED STOCKS 0.4%
Fresenius Medical Care Capital Trust II
7.875% due 02/01/2008		100		101
Total Preferred Stocks (Cost $103)				101
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 41.9%
CERTIFICATES OF DEPOSIT 6.9%
Bank of Ireland
5.400% due 01/15/2010	$	100		100
BNP Paribas
5.262% due 07/03/2008		200		200
Calyon Financial, Inc.
5.340% due 01/16/2009		100		100
Fortis Bank NY
5.300% due 09/30/2008		100		100
Nordea Bank Finland PLC
5.282% due 12/01/2008		100		100
5.308% due 05/28/2008		100		100
Royal Bank of Canada
5.267% due 06/30/2008		200		200
Royal Bank of Scotland Group PLC
5.262% due 07/03/2008		100		100
5.265% due 03/26/2008		100		100
Skandinav Enskilda BK
5.340% due 08/21/2008		100		100
Societe Generale NY
5.265% due 09/21/2007		200		200
5.270% due 03/26/2008		100		100
				1,500
COMMERCIAL PAPER 33.9%
Danske Corp.
5.235% due 10/12/2007		800		792
Dexia Delaware LLC
5.240% due 09/21/2007		600		593
Fortis Funding LLC
5.255% due 09/05/2007		500		499

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Freddie Mac
4.800% due 07/02/2007	$	400	$	400
General Electric Capital Corp.
5.200% due 11/06/2007		300		299
HBOS Treasury Services PLC
5.250% due 09/21/2007		1,000		988
Rabobank USA Financial Corp.
5.330% due 07/26/2007		400		400
Societe Generale NY
5.240% due 11/26/2007		300		296
Statens Bostadsfin Bank
5.255% due 09/14/2007		500		494
Swedbank AB
5.225% due 09/06/2007		500		498
TotalFinaElf Capital S.A.
5.340% due 07/02/2007		500		500
UBS Finance Delaware LLC
5.230% due 10/23/2007		300		298
5.245% due 10/23/2007		300		297
Westpac Trust Securities NZ Ltd.
5.240% due 10/19/2007		1,000		993
				7,347
REPURCHASE AGREEMENTS 0.6%
State Street Bank and Trust Co.
4.900% due 07/02/2007		134		134
(Dated 06/29/2007. Collateralized by Federal Home Loan Bank 4.375% due 09/17/2010 valued at $138. Repurchase proceeds are $134.)
U.S. TREASURY BILLS 0.5%
4.701% due 08/30/2007 - 09/13/2007 (b)(d)		105		104
Total Short-Term Instruments (Cost $9,086)				9,085
PURCHASED OPTIONS (f) 0.0%
(Cost $16)				7
Total Investments (c) 105.4% (Cost $22,946)			$	22,881
Written Options (g) (0.0%) (Premiums $12)				(5	)
Other Assets and Liabilities (Net) (5.4%)				(1,171	)
Net Assets 100.0%			$	21,705

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Interest only security.

(b) Coupon represents a weighted average rate.

(c) As of June 30, 2007, portfolio securities with an aggregate value of $485 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(d) Securities with an aggregate market value of $104 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar June Futures	Long	06/2008	12	$	(12	)
90-Day Eurodollar March Futures	Long	03/2008	59		(46	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2007	13		(31	)
U.S. Treasury 10-Year Note September Futures	Short	09/2007	37		30
				$	(59	)

(e) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
JPMorgan Chase & Co.	Morgan Stanley 6.600% due 04/01/2012	Sell	0.070%	12/20/2007	$	100	$	0

⁽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.

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized (Depreciation)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.995%	03/15/2012	EUR	100	$	(1	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	06/18/2009	$	5,600		(24	)
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		300		(2	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		400		(3	)
UBS Warburg LLC	3-Month USD-LIBOR	Pay	5.000%	06/21/2008		800		(2	)
							$	(32	)

(f) Purchased options outstanding on June 30, 2007:

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 1-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Pay	4.750%	02/01/2008	$	1,000	$	3	$	0
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		500		3		1
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		700		3		1
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		1,000		4		2
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/15/2008		800		3		3
								$	16	$	7

(g) Written options outstanding on June 30, 2007:

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	Barclays Bank PLC	3-Month USD-LIBOR	Receive	4.900%	02/01/2008	$	200	$	2	$	0
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		200		2		1
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		300		4		1
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.200%	12/15/2008		300		4		3
								$	12	$	5

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  Short-Term Portfolio (Cont.) June 30, 2007 (Unaudited)

(h) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
U.S. Treasury Notes	4.250%	11/15/2014	$	300	$	283	$	291
U.S. Treasury Notes	5.000%	02/15/2011		200		200		203
					$	483	$	494

⁽²⁾ Market value includes $6 of interest payable on short sales.

(i) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	176	03/2008	$	8	$	0		$	8
Buy	CLP	10,534	11/2007		0		0			0
Buy	CNY	1,791	01/2008		0		(2	)		(2	)
Buy		2,916	03/2008		0		(3	)		(3	)
Sell		1,102	03/2008		1		0			1
Buy	EUR	14	07/2007		0		0			0
Sell	GBP	76	08/2007		0		(1	)		(1	)
Buy	KRW	73,885	11/2007		0		0			0
Buy	MXN	866	03/2008		2		0			2
Buy	NOK	347	09/2007		1		0			1
Buy	PLN	230	09/2007		3		0			3
Buy	RUB	7,775	12/2007		3		0			3
Buy	SGD	92	07/2007		0		(1	)		(1	)
Buy	ZAR	213	03/2008		0		0			0
				$	18	$	(7	)	$	11

12 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2007 (Unaudited)

1.  ORGANIZATION

The Short-Term Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax

Semiannual Report June 30, 2007 13

Notes to Financial Statements (Cont.)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	NOK	Norwegian Krone
CNY	Chinese Yuan Renminbi	PLN	Polish Zloty
EUR	Euro	RUB	Russian Ruble
GBP	Great British Pound	SGD	Singapore Dollar
KRW	South Korean Won	ZAR	South African Rand

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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.

14 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

(j) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(k) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by

including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(l) 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 on 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.

(m) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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

Semiannual Report June 30, 2007 15

Notes to Financial Statements (Cont.)

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 U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(n) 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-related 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 or a portion of the interest from the mortgage assets (the interest-only, or “IO” and/or the high coupon rate with relatively low principal amount, or “IOette” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs and IOettes are included in interest income on the Statements of Operations. Because little to no principal will be received at the maturity of an IO or IOettes, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

(o) 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” or “Ginnie Mae”), 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.

(p) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.20%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	12,754	$	12,785	$	2,560	$	1,429

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	Notional Amount in $			Premium
Balance at 12/31/2006	$	800		$	9
Sales		1,000			12
Closing Buys		(800	)		(9	)
Expirations		0			0
Exercised		0			0
Balance at 06/30/2007	$	1,000		$	12

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	130		$	1,304		1,718		$	17,254
Administrative Class	537			5,388		557			5,591
Issued as reinvestment of distributions
Institutional Class	32			314		88			885
Administrative Class	23			231		40			399
Cost of shares redeemed
Institutional Class	(775	)		(7,783	)	(3,302	)		(33,154	)
Administrative Class	(424	)		(4,255	)	(494	)		(4,954	)
Net (decrease) resulting from Portfolio share transactions	(477	)	$	(4,801	)	(1,393	)	$	(13,979	)

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

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	3	78

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    14	$    (79)	$    (65)

18 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 19

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	18

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty separate investment portfolios, including the Small Cap StocksPLUS^® TR 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 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, emerging markets 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 as part of an investment strategy, as described under “Portfolio Insights”, or for hedging purposes. 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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 31, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Small Cap StocksPLUS^® TR Portfolio

Allocation Breakdown^‡

U.S. Government Agencies	29.9%
Corporate Bonds & Notes	25.9%
Asset-Backed Securities	21.8%
Short-Term Instruments	20.2%
Mortgage-Backed Securities	2.2%

^‡ % of Total Investments as of 06/30/2007

A line graph is not included since the Portfolio has less than six months of unaudited financial statements.

Cumulative Total Return for the period ended June 30, 2007
		Portfolio Inception (01/31/07)
	PIMCO Small Cap StocksPLUS® TR Portfolio Administrative Class	3.63%
	Russell 2000® Index±	4.70%

All Portfolio returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Russell 2000^® Index is composed of 2,000 of the smallest companies in the Russell 3000 Index and is considered to be representative of the small cap market in general. It is not possible to invest directly in an unmanaged index. The index does not reflect deductions for fees, expenses or taxes.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/31/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,036.35	$	1,020.18
Expenses Paid During Period†	$	3.89	$	4.66

† Expenses are equal to the Portfolio’s Administrative annualized expense ratio of 0.93%, multiplied by the average account value over the period, multiplied by 151/365 (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 an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO Small Cap StocksPLUS^® TR Portfolio seeks to exceed the total return of the Russell 2000^® Index by investing under normal circumstances substantially all of its assets in Russell 2000^® Index derivatives, backed by a diversified portfolio of fixed-income instruments actively managed by PIMCO.

» The Portfolio’s fixed-income portfolio underperformed the financing cost embedded in equity index futures holdings, thus leading the Portfolio to underperform the Russell 2000.

» U.S. duration exposure was negative for performance as interest rates moved higher in instruments where the Portfolio’s duration exposure was concentrated. In particular, Eurodollar futures yields moved higher. Exposure to three-year and longer maturities also detracted from performance as rates moved higher among these maturities.

» Holdings of mortgage-backed securities detracted from performance as they underperformed like-duration Treasuries.

» Credit sensitive holdings, including corporate bonds and emerging market bonds, added value as they outperformed like-duration Treasuries.

» Currency strategies, including long exposure to the euro and a basket of emerging market currencies, helped performance as these currencies appreciated relative to the U.S. dollar.

4 PIMCO Variable Insurance Trust

Financial Highlights  Small Cap StocksPLUS^® TR Portfolio

Selected per Share Data for the Period Ended:	01/31/2007-06/30/2007+
Administrative Class
Net asset value beginning of period	$	10.00
Net investment income (a)		0.19
Net realized/unrealized gain on investments (a)		0.17
Total income from investment operations		0.36
Dividends from net investment income		(0.02	)
Total distributions		(0.02	)
Net asset value end of period	$	10.34
Total return		3.63	%
Net assets end of period (000s)	$	3,091
Ratio of expenses to average net assets		0.93	%*
Ratio of expenses to average net assets excluding interest expense		0.89	%*
Ratio of net investment income to average net assets		4.41	%*
Portfolio turnover rate		250	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Small Cap StocksPLUS^® TR Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	4,094
Cash		2
Receivable for investments sold		29
Interest and dividends receivable		10
Variation margin receivable		8
Unrealized appreciation on foreign currency contracts		4
		4,147
Liabilities:
Payable for investments purchased	$	994
Payable for investments purchased on a delayed-delivery basis		30
Accrued investment advisory fee		1
Accrued administration fee		1
Variation margin payable		12
Swap premiums received		1
Unrealized depreciation on swap agreements		1
		1,040
Net Assets	$	3,107
Net Assets Consist of:
Paid in capital	$	3,003
Undistributed net investment income		49
Accumulated undistributed net realized gain		140
Net unrealized (depreciation)		(85	)
	$	3,107
Net Assets:
Administrative Class	$	3,091
Advisor Class		16
Shares Issued and Outstanding:
Administrative Class		299
Advisor Class		1
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Administrative Class	$	10.34
Advisor Class		10.35
Cost of Investments Owned	$	4,101

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Small Cap StocksPLUS^® TR Portfolio

(Amounts in thousands)	Period from January 31, 2007 to June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	68
Total Income		68
Expenses:
Investment advisory fees		6
Administration fees		3
Servicing fees – Administrative Class		2
Interest expense		1
Total Expenses		12
Net Investment Income		56
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(9	)
Net realized gain on futures contracts, written options and swaps		150
Net realized (loss) on foreign currency transactions		(1	)
Net change in unrealized (depreciation) on investments		(7	)
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(82	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		4
Net Gain		55
Net Increase in Net Assets Resulting from Operations	$	111

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Small Cap StocksPLUS^® TR Portfolio

(Amounts in thousands)	Period from January 31, 2007 to June 30, 2007
	(Unaudited)
Increase in Net Assets from:
Operations:
Net investment income	$	56
Net realized gain		140
Net change in unrealized (depreciation)		(85	)
Net increase resulting from operations		111
Distributions to Shareholders:
From net investment income
Administrative Class		(7	)
Total Distributions		(7	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		3,000
Advisor Class		16
Issued as reinvestment of distributions
Administrative Class		7
Cost of shares redeemed
Administrative Class		(20	)
Net increase resulting from Portfolio share transactions		3,003
Total Increase in Net Assets		3,107
Net Assets:
Beginning of period		0
End of period*	$	3,107
*Including undistributed net investment income of:	$	49

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Small Cap StocksPLUS^® TR Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 34.1%
BANKING & FINANCE 21.5%
American Express Bank FSB
5.380% due 06/22/2009	$	30	$	30
American Honda Finance Corp.
5.407% due 02/09/2010		30		30
Bear Stearns Cos., Inc.
5.480% due 05/18/2010		30		30
Caterpillar Financial Services Corp.
5.420% due 05/18/2009		30		30
Citigroup Funding, Inc.
5.320% due 04/23/2009		50		50
Credit Suisse First Boston
5.560% due 08/15/2010		30		30
Ford Motor Credit Co.
6.625% due 06/16/2008		100		100
7.250% due 10/25/2011		30		29
General Electric Capital Corp.
5.430% due 08/15/2011		50		50
Goldman Sachs Group, Inc.
5.685% due 07/23/2009		30		30
HSBC Finance Corp.
5.607% due 05/10/2010		30		30
5.640% due 11/16/2009		20		20
JPMorgan Chase & Co.
5.396% due 05/07/2010		30		30
Lehman Brothers Holdings, Inc.
5.460% due 11/16/2009		30		30
Merrill Lynch & Co., Inc.
5.406% due 05/08/2009		30		30
Morgan Stanley
5.360% due 11/21/2008		30		30
SLM Corp.
5.495% due 07/27/2009		30		30
Wachovia Corp.
5.410% due 12/01/2009		30		30
Wells Fargo & Co.
5.460% due 09/15/2009		30		30
				669
INDUSTRIALS 7.1%
Amgen, Inc.
5.440% due 11/28/2008		30		30
DaimlerChrysler N.A. Holding Corp.
5.886% due 10/31/2008		38		39
Salomon Brothers AG for OAO Gazprom
10.500% due 10/21/2009		30		33
Time Warner, Inc.
5.590% due 11/13/2009		100		100
Walt Disney Co.
5.460% due 09/10/2009		20		20
				222
UTILITIES 5.5%
AT&T, Inc.
5.456% due 02/05/2010		100		100
Ohio Power Co.
5.530% due 04/05/2010		30		30
TXU Electric Delivery Co.
5.735% due 09/16/2008		30		30

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Verizon Communications, Inc.
5.400% due 04/03/2009	$	10	$	10
				170
Total Corporate Bonds & Notes (Cost $1,062)				1,061
U.S. GOVERNMENT AGENCIES 39.4%
Fannie Mae
4.500% due 06/25/2043		10		9
5.000% due 12/25/2016 - 02/25/2017		36		36
6.000% due 07/01/2037		1,000		989
Freddie Mac
4.250% due 09/15/2024		19		19
5.470% due 08/15/2019 - 10/15/2020		140		140
5.550% due 07/15/2037		30		30
Total U.S. Government Agencies (Cost $1,229)				1,223
MORTGAGE-BACKED SECURITIES 2.9%
Countrywide Alternative Loan Trust
5.520% due 06/25/2037		29		29
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
5.400% due 03/25/2037		24		24
GS Mortgage Securities Corp. II
5.410% due 03/06/2020		30		30
Lehman Brothers Floating Rate Commercial Mortgage Trust
5.400% due 09/15/2021		7		7
Total Mortgage-Backed Securities (Cost $90)				90
ASSET-BACKED SECURITIES 28.7%
American Express Credit Account Master Trust
5.320% due 01/18/2011		30		30
5.430% due 09/15/2010		30		30
Bank One Issuance Trust
5.440% due 06/15/2010		30		30
Bear Stearns Asset-Backed Securities, Inc.
5.410% due 06/25/2047		29		29
BNC Mortgage Loan Trust
5.420% due 05/25/2037		28		28
Chase Credit Card Master Trust
5.430% due 07/15/2010		30		30
Citibank Credit Card Issuance Trust
5.526% due 02/07/2010		30		30
Citigroup Mortgage Loan Trust, Inc.
5.360% due 12/25/2036		27		27
5.390% due 01/25/2037		26		26
5.400% due 12/25/2035		18		18
5.430% due 03/25/2037		29		29
Countrywide Asset-Backed Certificates
5.400% due 10/25/2037		29		29
5.500% due 09/25/2036		30		30
First Franklin Mortgage Loan Asset-Backed Certificates
5.370% due 10/25/2036		23		23
5.370% due 11/25/2036		24		25
First USA Credit Card Master Trust
5.480% due 04/18/2011		30		30
Fremont Home Loan Trust
5.420% due 05/25/2036		30		30

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
GE-WMC Mortgage Securities LLC
5.440% due 10/25/2035	$	6	$	6
Honda Auto Receivables Owner Trust
5.322% due 03/18/2008		16		16
Long Beach Mortgage Loan Trust
5.400% due 02/25/2036		12		12
MASTR Asset-Backed Securities Trust
5.360% due 08/25/2036		19		19
5.370% due 01/25/2037		28		28
5.400% due 05/25/2037		29		29
MBNA Credit Card Master Note Trust
4.200% due 09/15/2010		30		30
5.440% due 08/16/2010		30		30
5.446% due 12/15/2009		30		30
Morgan Stanley ABS Capital I
5.360% due 01/25/2037		27		27
5.370% due 10/25/2036		22		22
Nationstar Home Equity Loan Trust
5.440% due 04/25/2037		29		29
Securitized Asset-Backed Receivables LLC Trust
5.360% due 01/25/2037		26		26
Soundview Home Equity Loan Trust
5.400% due 06/25/2037		29		29
Structured Asset Securities Corp.
5.420% due 01/25/2037		26		26
USAA Auto Owner Trust
5.337% due 07/11/2008		30		30
Wells Fargo Home Equity Trust
5.420% due 03/25/2037		29		29
Total Asset-Backed Securities (Cost $891)				892
SHORT-TERM INSTRUMENTS 26.6%
CERTIFICATES OF DEPOSIT 3.5%
Dexia S.A.
5.270% due 09/29/2008		30		30
Fortis Bank NY
5.300% due 09/30/2008		30		30
Skandinav Enskilda BK
5.350% due 02/13/2009		10		10
Societe Generale NY
5.270% due 03/26/2008		40		40
				110
COMMERCIAL PAPER 12.8%
Dexia Delaware LLC
5.225% due 09/21/2007		100		100
Freddie Mac
4.800% due 07/02/2007		200		200
UBS Finance Delaware LLC
5.200% due 10/23/2007		100		98
				398
REPURCHASE AGREEMENTS 4.7%
State Street Bank and Trust Co.
4.900% due 07/02/2007		147		147
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $153. Repurchase proceeds are $147.)

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Small Cap StocksPLUS^® TR Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 5.6%
4.659% due 08/30/2007 - 09/13/2007 (a)(c)	$	175	$	173
Total Short-Term Instruments (Cost $828)				828
PURCHASED OPTIONS (e) 0.0%
(Cost $1)				0
Total Investments (b) 131.7% (Cost $4,101)			$	4,094
Other Assets and Liabilities (Net) (31.7%)				(987	)
Net Assets 100.0%			$	3,107

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) As of June 30, 2007 portfolio securities with an aggregate value of $160 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(c) Securities with an aggregate market value of $173 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	8	$	(4	)
90-Day Eurodollar June Futures	Long	06/2008	7		(2	)
90-Day Eurodollar March Futures	Long	03/2008	9		(5	)
90-Day Eurodollar September Futures	Long	09/2008	8		(3	)
E-mini Russell 2000 Index September Futures	Long	09/2007	37		(67	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2007	1		(1	)
				$	(82	)

(d) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
Barclays Bank PLC	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	0.620%	09/20/2007	$	100	$	0
Credit Suisse First Boston	Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%	02/20/2009		30		0
HSBC Bank USA	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.240%	02/20/2008		30		0
Morgan Stanley	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.050%	09/20/2008		10		0
Morgan Stanley	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.610%	02/20/2009		30		0
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.085%	03/20/2012		30		0
							$	0

⁽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.

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized (Depreciation)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.955%	03/28/2012	EUR	30	$	0
Goldman Sachs & Co.	6-Month GBP-LIBOR	Pay	6.000%	06/19/2009	GBP	100		(1	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	20,000		0
Bank of America	3-Month USD-LIBOR	Pay	5.000%	12/19/2009	$	100		0
							$	(1	)

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(e) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Put - CME E-mini Russell 2000 Index September Futures	$	570.000	09/21/2007	16	$	1	$	0

Options on Securities

Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 6.000% due 07/01/2037	$	93.750	07/05/2007	$	1,000	$	0	$	0

(f) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation
Buy	AUD	8	07/2007	$	0	$	0	$	0
Buy	BRL	117	10/2007		3		0		3
Buy		8	03/2008		0		0		0
Buy	CAD	8	08/2007		0		0		0
Buy	EUR	62	07/2007		1		0		1
Sell	GBP	3	08/2007		0		0		0
Buy	INR	136	10/2007		0		0		0
Buy		113	05/2008		0		0		0
Buy	KRW	4,085	07/2007		0		0		0
Buy		4,912	09/2007		0		0		0
Buy	MXN	22	09/2007		0		0		0
Buy		81	03/2008		0		0		0
Buy	MYR	17	05/2008		0		0		0
Buy	PHP	367	05/2008		0		0		0
Buy	PLN	21	09/2007		0		0		0
Buy		6	03/2008		0		0		0
Buy	RUB	52	09/2007		0		0		0
Buy		343	01/2008		0		0		0
Buy	SGD	8	07/2007		0		0		0
Buy		3	08/2007		0		0		0
Buy		11	10/2007		0		0		0
				$	4	$	0	$	4

See Accompanying Notes Semiannual Report June 30, 2007 11

Notes to Financial Statements

1.  ORGANIZATION

The Small Cap StocksPLUS^® TR 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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) 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.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax

12 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	MYR	Malaysian Ringgit
EUR	Euro	PHP	Philippines Peso
GBP	Great British Pound	PLN	Polish Zloty
INR	Indian Rupee	RUB	Russian Ruble
JPY	Japanese Yen	SGD	Singapore Dollar

(g) Foreign Currency  Transactions The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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.

(j) Repurchase Agreements  The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio

Semiannual Report June 30, 2007 13

Notes to Financial Statements (Cont.)

takes possession of an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The underlying securities for all repurchase agreements are held in safekeeping at the Portfolio’s custodian or designated subcustodians under tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(k) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140 – Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the

Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(l) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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 credit default swaps and other swap agreements that provide for

14 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(m) 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-related 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.

(n) 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” or “Ginnie Mae”), 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.

(o) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has

evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.49%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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;

Semiannual Report June 30, 2007 15

Notes to Financial Statements (Cont.)

(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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

(e) Expense Limitation  PIMCO has contractually agreed to reduce total annual portfolio operating expenses for the Portfolio by waiving a portion of its administrative fee or reimbursing the Portfolio, to the extent that they would exceed, due to the payment of organizational expenses and pro rata Trustees’ fees, the sum of such Portfolio’s advisory fee, service fees, distribution fees (with respect to Advisor Class only), administrative fees and other expenses borne by the Portfolio not covered by the administrative fee as described above (other than organizational expenses and pro rata Trustees’ fees), plus 0.49 basis points. PIMCO may recoup these waivers and reimbursements for a period not exceeding three years, provided that total expenses, including such recoupment, do not exceed the annual expense limit. As of June 30, 2007, there was no recoverable amount.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	7,455	$	6,184	$	2,284	$	90

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):

	Period from 01/31/2007 to 06/30/2007
	Shares		Amount
Receipts for shares sold
Administrative Class	300		$	3,000
Advisor Class	2			16
Issued as reinvestment of distributions
Administrative Class	1			7
Advisor Class	0			0
Cost of shares redeemed
Administrative Class	(2	)		(20	)
Advisor Class	0			0
Net increase resulting from Portfolio share transactions	301		$	3,003

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
Advisor Class	2	100

8.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

9.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    1	$    (8)	$    (7)

Semiannual Report June 30, 2007 17

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

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

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	18

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty separate investment portfolios, including the Small Cap StocksPLUS^® TR 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 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, emerging markets 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 as part of an investment strategy, as described under “Portfolio Insights”, or for hedging purposes. 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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 31, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Small Cap StocksPLUS^® TR Portfolio

Allocation Breakdown^‡

U.S. Government Agencies	29.9%
Corporate Bonds & Notes	25.9%
Asset-Backed Securities	21.8%
Short-Term Instruments	20.2%
Mortgage-Backed Securities	2.2%

^‡ % of Total Investments as of 06/30/2007

A line graph is not included since the Portfolio has less than six months of unaudited financials statements.

Cumulative Total Return for the period ended June 30, 2007
		Portfolio Inception (01/31/07)
	PIMCO Small Cap StocksPLUS® TR Portfolio Advisor Class	3.70%
	Russell 2000® Index±	4.70%

All Portfolio returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Russell 2000^® Index is composed of 2,000 of the smallest companies in the Russell 3000 Index and is considered to be representative of the small cap market in general. It is not possible to invest directly in an unmanaged index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/31/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,037.03	$	1,019.59
Expenses Paid During Period†	$	4.39	$	5.26

† Expenses are equal to the Portfolio’s Advisor Class annualized expense ratio of 1.05%, multiplied by the average account value over the period, multiplied by 151/365 (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 an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO Small Cap StocksPLUS^® TR Portfolio seeks to exceed the total return of the Russell 2000^® Index by investing under normal circumstances substantially all of its assets in Russell 2000^® Index derivatives, backed by a diversified portfolio of fixed-income instruments actively managed by PIMCO.

» The Portfolio’s fixed-income portfolio underperformed the financing cost embedded in equity index futures holdings, thus leading the Portfolio to underperform the Russell 2000.

» U.S. duration exposure was negative for performance as interest rates moved higher in instruments where the Portfolio’s duration exposure was concentrated. In particular, Eurodollar futures yields moved higher. Exposure to three-year and longer maturities also detracted from performance as rates moved higher among these maturities.

» Holdings of mortgage-backed securities detracted from performance as they underperformed like-duration Treasuries.

» Credit sensitive holdings, including corporate bonds and emerging market bonds, added value as they outperformed like-duration Treasuries.

» Currency strategies, including long exposure to the euro and a basket of emerging market currencies, helped performance as these currencies appreciated relative to the U.S. dollar.

4 PIMCO Variable Insurance Trust

Financial Highlights  Small Cap StocksPLUS^® TR Portfolio

Selected per Share Data for the Period Ended:	01/31/2007-06/30/2007+
Advisor Class
Net asset value beginning of period	$	10.00
Net investment income (a)		0.18
Net realized/unrealized gain on investments (a)		0.19
Total income from investment operations		0.37
Dividends from net investment income		(0.02	)
Total distributions		(0.02	)
Net asset value end of period	$	10.35
Total return		3.70	%
Net assets end of period (000s)	$	16
Ratio of expenses to average net assets		1.05	%*
Ratio of expenses to average net assets excluding interest expense		0.99	%*
Ratio of net investment income to average net assets		4.31	%*
Portfolio turnover rate		250	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Small Cap StocksPLUS^® TR Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	4,094
Cash		2
Receivable for investments sold		29
Interest and dividends receivable		10
Variation margin receivable		8
Unrealized appreciation on foreign currency contracts		4
		4,147
Liabilities:
Payable for investments purchased	$	994
Payable for investments purchased on a delayed-delivery basis		30
Accrued investment advisory fee		1
Accrued administration fee		1
Variation margin payable		12
Swap premiums received		1
Unrealized depreciation on swap agreements		1
		1,040
Net Assets	$	3,107
Net Assets Consist of:
Paid in capital	$	3,003
Undistributed net investment income		49
Accumulated undistributed net realized gain		140
Net unrealized (depreciation)		(85	)
	$	3,107
Net Assets:
Administrative Class	$	3,091
Advisor Class		16
Shares Issued and Outstanding:
Administrative Class		299
Advisor Class		1
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Administrative Class	$	10.34
Advisor Class		10.35
Cost of Investments Owned	$	4,101

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Small Cap StocksPLUS^® TR Portfolio

(Amounts in thousands)	Period from January 31, 2007 to June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	68
Total Income		68
Expenses:
Investment advisory fees		6
Administration fees		3
Servicing fees – Administrative Class		2
Interest expense		1
Total Expenses		12
Net Investment Income		56
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(9	)
Net realized gain on futures contracts, written options and swaps		150
Net realized (loss) on foreign currency transactions		(1	)
Net change in unrealized (depreciation) on investments		(7	)
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(82	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		4
Net Gain		55
Net Increase in Net Assets Resulting from Operations	$	111

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Small Cap StocksPLUS^® TR Portfolio

(Amounts in thousands)	Period from January 31, 2007 to June 30, 2007
	(Unaudited)
Increase in Net Assets from:
Operations:
Net investment income	$	56
Net realized gain		140
Net change in unrealized (depreciation)		(85	)
Net increase resulting from operations		111
Distributions to Shareholders:
From net investment income
Administrative Class		(7	)
Total Distributions		(7	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		3,000
Advisor Class		16
Issued as reinvestment of distributions
Administrative Class		7
Cost of shares redeemed
Administrative Class		(20	)
Net increase resulting from Portfolio share transactions		3,003
Total Increase in Net Assets		3,107
Net Assets:
Beginning of period		0
End of period*	$	3,107
*Including undistributed net investment income of:	$	49

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Small Cap StocksPLUS^® TR Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 34.1%
BANKING & FINANCE 21.5%
American Express Bank FSB
5.380% due 06/22/2009	$	30	$	30
American Honda Finance Corp.
5.407% due 02/09/2010		30		30
Bear Stearns Cos., Inc.
5.480% due 05/18/2010		30		30
Caterpillar Financial Services Corp.
5.420% due 05/18/2009		30		30
Citigroup Funding, Inc.
5.320% due 04/23/2009		50		50
Credit Suisse First Boston
5.560% due 08/15/2010		30		30
Ford Motor Credit Co.
6.625% due 06/16/2008		100		100
7.250% due 10/25/2011		30		29
General Electric Capital Corp.
5.430% due 08/15/2011		50		50
Goldman Sachs Group, Inc.
5.685% due 07/23/2009		30		30
HSBC Finance Corp.
5.607% due 05/10/2010		30		30
5.640% due 11/16/2009		20		20
JPMorgan Chase & Co.
5.396% due 05/07/2010		30		30
Lehman Brothers Holdings, Inc.
5.460% due 11/16/2009		30		30
Merrill Lynch & Co., Inc.
5.406% due 05/08/2009		30		30
Morgan Stanley
5.360% due 11/21/2008		30		30
SLM Corp.
5.495% due 07/27/2009		30		30
Wachovia Corp.
5.410% due 12/01/2009		30		30
Wells Fargo & Co.
5.460% due 09/15/2009		30		30
				669
INDUSTRIALS 7.1%
Amgen, Inc.
5.440% due 11/28/2008		30		30
DaimlerChrysler N.A. Holding Corp.
5.886% due 10/31/2008		38		39
Salomon Brothers AG for OAO Gazprom
10.500% due 10/21/2009		30		33
Time Warner, Inc.
5.590% due 11/13/2009		100		100
Walt Disney Co.
5.460% due 09/10/2009		20		20
				222
UTILITIES 5.5%
AT&T, Inc.
5.456% due 02/05/2010		100		100
Ohio Power Co.
5.530% due 04/05/2010		30		30
TXU Electric Delivery Co.
5.735% due 09/16/2008		30		30

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Verizon Communications, Inc.
5.400% due 04/03/2009	$	10	$	10
				170
Total Corporate Bonds & Notes (Cost $1,062)				1,061
U.S. GOVERNMENT AGENCIES 39.4%
Fannie Mae
4.500% due 06/25/2043		10		9
5.000% due 12/25/2016 - 02/25/2017		36		36
6.000% due 07/01/2037		1,000		989
Freddie Mac
4.250% due 09/15/2024		19		19
5.470% due 08/15/2019 - 10/15/2020		140		140
5.550% due 07/15/2037		30		30
Total U.S. Government Agencies (Cost $1,229)				1,223
MORTGAGE-BACKED SECURITIES 2.9%
Countrywide Alternative Loan Trust
5.520% due 06/25/2037		29		29
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
5.400% due 03/25/2037		24		24
GS Mortgage Securities Corp. II
5.410% due 03/06/2020		30		30
Lehman Brothers Floating Rate Commercial Mortgage Trust
5.400% due 09/15/2021		7		7
Total Mortgage-Backed Securities (Cost $90)				90
ASSET-BACKED SECURITIES 28.7%
American Express Credit Account Master Trust
5.320% due 01/18/2011		30		30
5.430% due 09/15/2010		30		30
Bank One Issuance Trust
5.440% due 06/15/2010		30		30
Bear Stearns Asset-Backed Securities, Inc.
5.410% due 06/25/2047		29		29
BNC Mortgage Loan Trust
5.420% due 05/25/2037		28		28
Chase Credit Card Master Trust
5.430% due 07/15/2010		30		30
Citibank Credit Card Issuance Trust
5.526% due 02/07/2010		30		30
Citigroup Mortgage Loan Trust, Inc.
5.360% due 12/25/2036		27		27
5.390% due 01/25/2037		26		26
5.400% due 12/25/2035		18		18
5.430% due 03/25/2037		29		29
Countrywide Asset-Backed Certificates
5.400% due 10/25/2037		29		29
5.500% due 09/25/2036		30		30
First Franklin Mortgage Loan Asset-Backed Certificates
5.370% due 10/25/2036		23		23
5.370% due 11/25/2036		24		25
First USA Credit Card Master Trust
5.480% due 04/18/2011		30		30
Fremont Home Loan Trust
5.420% due 05/25/2036		30		30

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
GE-WMC Mortgage Securities LLC
5.440% due 10/25/2035	$	6	$	6
Honda Auto Receivables Owner Trust
5.322% due 03/18/2008		16		16
Long Beach Mortgage Loan Trust
5.400% due 02/25/2036		12		12
MASTR Asset-Backed Securities Trust
5.360% due 08/25/2036		19		19
5.370% due 01/25/2037		28		28
5.400% due 05/25/2037		29		29
MBNA Credit Card Master Note Trust
4.200% due 09/15/2010		30		30
5.440% due 08/16/2010		30		30
5.446% due 12/15/2009		30		30
Morgan Stanley ABS Capital I
5.360% due 01/25/2037		27		27
5.370% due 10/25/2036		22		22
Nationstar Home Equity Loan Trust
5.440% due 04/25/2037		29		29
Securitized Asset-Backed Receivables LLC Trust
5.360% due 01/25/2037		26		26
Soundview Home Equity Loan Trust
5.400% due 06/25/2037		29		29
Structured Asset Securities Corp.
5.420% due 01/25/2037		26		26
USAA Auto Owner Trust
5.337% due 07/11/2008		30		30
Wells Fargo Home Equity Trust
5.420% due 03/25/2037		29		29
Total Asset-Backed Securities (Cost $891)				892
SHORT-TERM INSTRUMENTS 26.6%
CERTIFICATES OF DEPOSIT 3.5%
Dexia S.A.
5.270% due 09/29/2008		30		30
Fortis Bank NY
5.300% due 09/30/2008		30		30
Skandinav Enskilda BK
5.350% due 02/13/2009		10		10
Societe Generale NY
5.270% due 03/26/2008		40		40
				110
COMMERCIAL PAPER 12.8%
Dexia Delaware LLC
5.225% due 09/21/2007		100		100
Freddie Mac
4.800% due 07/02/2007		200		200
UBS Finance Delaware LLC
5.200% due 10/23/2007		100		98
				398
REPURCHASE AGREEMENTS 4.7%
State Street Bank and Trust Co.
4.900% due 07/02/2007		147		147
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $153. Repurchase proceeds are $147.)

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Small Cap StocksPLUS^® TR Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 5.6%
4.659% due 08/30/2007 - 09/13/2007 (a)(c)	$	175	$	173
Total Short-Term Instruments (Cost $828)				828
PURCHASED OPTIONS (e) 0.0%
(Cost $1)				0
Total Investments (b) 131.7% (Cost $4,101)			$	4,094
Other Assets and Liabilities (Net) (31.7%)				(987	)
Net Assets 100.0%			$	3,107

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) As of June 30, 2007 portfolio securities with an aggregate value of $160 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(c) Securities with an aggregate market value of $173 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	8	$	(4	)
90-Day Eurodollar June Futures	Long	06/2008	7		(2	)
90-Day Eurodollar March Futures	Long	03/2008	9		(5	)
90-Day Eurodollar September Futures	Long	09/2008	8		(3	)
E-mini Russell 2000 Index September Futures	Long	09/2007	37		(67	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2007	1		(1	)
				$	(82	)

(d) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation
Barclays Bank PLC	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	0.620%	09/20/2007	$	100	$	0
Credit Suisse First Boston	Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%	02/20/2009		30		0
HSBC Bank USA	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.240%	02/20/2008		30		0
Morgan Stanley	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.050%	09/20/2008		10		0
Morgan Stanley	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.610%	02/20/2009		30		0
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.085%	03/20/2012		30		0
							$	0

⁽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.

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized (Depreciation)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.955%	03/28/2012	EUR	30	$	0
Goldman Sachs & Co.	6-Month GBP-LIBOR	Pay	6.000%	06/19/2009	GBP	100		(1	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	20,000		0
Bank of America	3-Month USD-LIBOR	Pay	5.000%	12/19/2009	$	100		0
							$	(1	)

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(e) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Put - CME E-mini Russell 2000 Index September Futures	$	570.000	09/21/2007	16	$	1	$	0

Options on Securities

Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 6.000% due 07/01/2037	$	93.750	07/05/2007	$	1,000	$	0	$	0

(f) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation
Buy	AUD	8	07/2007	$	0	$	0	$	0
Buy	BRL	117	10/2007		3		0		3
Buy		8	03/2008		0		0		0
Buy	CAD	8	08/2007		0		0		0
Buy	EUR	62	07/2007		1		0		1
Sell	GBP	3	08/2007		0		0		0
Buy	INR	136	10/2007		0		0		0
Buy		113	05/2008		0		0		0
Buy	KRW	4,085	07/2007		0		0		0
Buy		4,912	09/2007		0		0		0
Buy	MXN	22	09/2007		0		0		0
Buy		81	03/2008		0		0		0
Buy	MYR	17	05/2008		0		0		0
Buy	PHP	367	05/2008		0		0		0
Buy	PLN	21	09/2007		0		0		0
Buy		6	03/2008		0		0		0
Buy	RUB	52	09/2007		0		0		0
Buy		343	01/2008		0		0		0
Buy	SGD	8	07/2007		0		0		0
Buy		3	08/2007		0		0		0
Buy		11	10/2007		0		0		0
				$	4	$	0	$	4

See Accompanying Notes Semiannual Report June 30, 2007 11

Notes to Financial Statements

1.  ORGANIZATION

The Small Cap StocksPLUS^® TR 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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) 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.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax

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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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	MYR	Malaysian Ringgit
EUR	Euro	PHP	Philippines Peso
GBP	Great British Pound	PLN	Polish Zloty
INR	Indian Rupee	RUB	Russian Ruble
JPY	Japanese Yen	SGD	Singapore Dollar

(g) Foreign Currency  Transactions The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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.

(j) Repurchase Agreements  The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio

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Notes to Financial Statements (Cont.)

takes possession of an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The underlying securities for all repurchase agreements are held in safekeeping at the Portfolio’s custodian or designated subcustodians under tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(k) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140 – Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the

Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(l) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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 credit default swaps and other swap agreements that provide for

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contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(m) 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-related 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.

(n) 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” or “Ginnie Mae”), 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.

(o) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has

evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.49%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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;

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Notes to Financial Statements (Cont.)

(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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

(e) Expense Limitation  PIMCO has contractually agreed to reduce total annual portfolio operating expenses for the Portfolio by waiving a portion of its administrative fee or reimbursing the Portfolio, to the extent that they would exceed, due to the payment of organizational expenses and pro rata Trustees’ fees, the sum of such Portfolio’s advisory fee, service fees, distribution fees (with respect to Advisor Class only), administrative fees and other expenses borne by the Portfolio not covered by the administrative fee as described above (other than organizational expenses and pro rata Trustees’ fees), plus 0.49 basis points. PIMCO may recoup these waivers and reimbursements for a period not exceeding three years, provided that total expenses, including such recoupment, do not exceed the annual expense limit. As of June 30, 2007, there was no recoverable amount.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	7,455	$	6,184	$	2,284	$	90

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):

	Period from 01/31/2007 to 06/30/2007
	Shares		Amount
Receipts for shares sold
Administrative Class	300		$	3,000
Advisor Class	2			16
Issued as reinvestment of distributions
Administrative Class	1			7
Advisor Class	0			0
Cost of shares redeemed
Administrative Class	(2	)		(20	)
Advisor Class	0			0
Net increase resulting from Portfolio share transactions	301		$	3,003

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
Advisor Class	2	100

8.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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

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June 30, 2007 (Unaudited)

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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

9.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    1	$    (8)	$    (7)

Semiannual Report June 30, 2007 17

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

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

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	20

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, emerging markets 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 as part of an investment strategy, as described under “Portfolio Insights”, or for hedging purposes. 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO StocksPLUS^® Growth and Income Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

Corporate Bonds & Notes	37.8%
Short-Term Instruments	22.7%
U.S. Treasury Obligations	12.5%
U.S. Government Agencies	9.4%
Asset-Backed Securities	7.8%
Mortgage-Backed Securities	6.7%
Other	3.1%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio Inception (12/31/97)
	PIMCO StocksPLUS® Growth and Income Portfolio Administrative Class	6.64%	20.29%	10.78%	6.55%
	S&P 500 Index±	6.96%	20.59%	10.71%	6.39%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The index focuses on the large-cap segment of the U.S. equities market. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,066.40	$	1,022.07
Expenses Paid During Period†	$	2.82	$	2.76

† Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.55%, 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 an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO StocksPLUS^® Growth and Income 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 Portfolio’s fixed-income portfolio underperformed the financing cost embedded in equity index futures holdings, thus leading the Portfolio to underperform the S&P 500.

» U.S. duration exposure was negative for performance as interest rates moved higher in instruments where the Portfolio’s duration exposure was concentrated. In particular, Eurodollar futures yields moved higher.

» A U.S. yield curve strategy involving short positions in longer duration (7+ year duration) instruments partially offset the negative duration impact as these rates moved higher, generating a positive price return.

» Short maturity (less than one year) exposures in Europe, the U.K. and Japan were also negative for performance as upward rate movements were pronounced in these markets.

» Holdings of mortgage-backed securities detracted from performance as they underperformed like-duration Treasuries.

» Credit sensitive holdings, including corporate bonds and emerging market bonds, added value as they outperformed like-duration Treasuries.

» Currency strategies, including long exposure to the euro and a basket of emerging market currencies, helped performance as these 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:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Administrative Class
Net asset value beginning of year or period	$	11.15		$	10.20		$	10.09		$	9.26		$	7.25		$	9.35
Net investment income (a)		0.27			0.42			0.29			0.13			0.13			0.26
Net realized/unrealized gain (loss) on investments (a)		0.46			1.06			0.06			0.86			2.06			(2.14	)
Total income (loss) from investment operations		0.73			1.48			0.35			0.99			2.19			(1.88	)
Dividends from net investment income		(0.35	)		(0.53	)		(0.24	)		(0.16	)		(0.18	)		(0.22	)
Total distributions		(0.35	)		(0.53	)		(0.24	)		(0.16	)		(0.18	)		(0.22	)
Net asset value end of year or period	$	11.53		$	11.15		$	10.20		$	10.09		$	9.26		$	7.25
Total return		6.64	%		14.90	%		3.49	%		10.81	%		30.38	%		(20.22	)%
Net assets end of year or period (000s)	$	85,942		$	85,425		$	229,193		$	266,851		$	267,880		$	218,993
Ratio of expenses to average net assets		0.55	%*		0.59	%(c)		0.65	%		0.65	%		0.65	%		0.65	%(b)
Ratio of expenses to average net assets excluding interest expense		0.55	%*		0.59	%(c)		0.65	%		0.65	%		0.65	%		0.65	%(b)
Ratio of net investment income to average net assets		4.82	%*		3.95	%		2.87	%		1.39	%		1.54	%		3.13	%
Portfolio turnover rate		26	%		135	%		264	%		249	%		134	%		192	%

+ 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) Effective October 31, 2006, the advisory fee was reduced to 0.30%.

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  StocksPLUS^® Growth and Income Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	91,752
Cash		12
Foreign currency, at value		526
Receivable for investments sold		197
Receivable for Portfolio shares sold		6
Interest and dividends receivable		552
Variation margin receivable		831
Swap premiums paid		258
Unrealized appreciation on foreign currency contracts		196
Unrealized appreciation on swap agreements		135
		94,465
Liabilities:
Payable for investments purchased	$	1,300
Payable for investments purchased on a delayed-delivery basis		1,100
Payable for Portfolio shares redeemed		8
Written options outstanding		38
Accrued investment advisory fee		23
Accrued administration fee		8
Accrued servicing fee		13
Variation margin payable		972
Swap premiums received		73
Unrealized depreciation on foreign currency contracts		24
Unrealized depreciation on swap agreements		302
		3,861
Net Assets	$	90,604
Net Assets Consist of:
Paid in capital	$	135,415
Undistributed net investment income		5,005
Accumulated undistributed net realized (loss)		(48,369	)
Net unrealized (depreciation)		(1,447	)
	$	90,604
Net Assets:
Institutional Class	$	4,662
Administrative Class		85,942
Shares Issued and Outstanding:
Institutional Class		400
Administrative Class		7,453
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	11.65
Administrative Class		11.53
Cost of Investments Owned	$	92,307
Cost of Foreign Currency Held	$	526
Premiums Received on Written Options	$	129

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  StocksPLUS^® Growth and Income Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	2,340
Dividends		68
Miscellaneous income		2
Total Income		2,410
Expenses:
Investment advisory fees		134
Administration fees		45
Servicing fees – Administrative Class		63
Trustees’ fees		1
Interest expense		2
Total Expenses		245
Net Investment Income		2,165
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(78	)
Net realized gain on futures contracts, written options and swaps		5,514
Net realized gain on foreign currency transactions		66
Net change in unrealized (depreciation) on investments		(6	)
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(1,941	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		145
Net Gain		3,700
Net Increase in Net Assets Resulting from Operations	$	5,865

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  StocksPLUS^® Growth and Income Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	2,165		$	5,394
Net realized gain		5,502			10,420
Net change in unrealized appreciation (depreciation)		(1,802	)		3,907
Net increase resulting from operations		5,865			19,721
Distributions to Shareholders:
From net investment income
Institutional Class		(143	)		(289	)
Administrative Class		(2,609	)		(4,645	)
Total Distributions		(2,752	)		(4,934	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		1,312			2,084
Administrative Class		2,953			3,872
Issued as reinvestment of distributions
Institutional Class		143			289
Administrative Class		2,609			4,644
Cost of shares redeemed
Institutional Class		(2,888	)		(2,654	)
Administrative Class		(7,973	)		(166,615	)
Net (decrease) resulting from Portfolio share transactions		(3,844	)		(158,380	)
Total (Decrease) in Net Assets		(731	)		(143,593	)
Net Assets:
Beginning of period		91,335			234,928
End of period*	$	90,604		$	91,335
*Including undistributed net investment income of:	$	5,005		$	5,592

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  StocksPLUS^® Growth and Income Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.4%
Metro-Goldwyn-Mayer, Inc.
8.614% due 04/08/2012	$	100	$	100
OAO Rosneft Oil Co.
6.000% due 09/16/2007		300		301
Total Bank Loan Obligations (Cost $400)				401
CORPORATE BONDS & NOTES 38.3%
BANKING & FINANCE 26.4%
American Express Bank FSB
5.380% due 10/20/2009		200		200
American Express Credit Corp.
5.380% due 11/09/2009		200		200
American Honda Finance Corp.
5.407% due 02/09/2010		900		901
American International Group, Inc.
5.370% due 06/16/2009		800		803
Bank of America Corp.
5.370% due 06/19/2009		800		801
Bank of Ireland
5.370% due 12/19/2008		900		901
CIT Group, Inc.
5.000% due 11/24/2008		300		298
Citigroup Funding, Inc.
5.360% due 06/26/2009		100		100
Citigroup, Inc.
4.200% due 12/20/2007		2,500		2,487
Enron Credit Linked Notes Trust
8.000% due 08/15/2005 (a)		1,700		1,454
Export-Import Bank of Korea
5.600% due 11/16/2010		1,900		1,905
Ford Motor Credit Co.
4.950% due 01/15/2008		100		99
6.190% due 09/28/2007		600		600
6.625% due 06/16/2008		3,100		3,099
General Electric Capital Corp.
5.385% due 10/26/2009		400		400
5.390% due 01/05/2009		200		200
5.430% due 08/15/2011		800		800
Goldman Sachs Group, Inc.
5.410% due 03/30/2009		200		200
5.440% due 11/16/2009		900		901
HSBC Finance Corp.
6.538% due 11/13/2007		100		100
ICICI Bank Ltd.
5.895% due 01/12/2010		300		301
Lehman Brothers Holdings, Inc.
5.445% due 01/23/2009		300		300
5.460% due 11/16/2009		500		501
5.579% due 07/18/2011		100		100
Merrill Lynch & Co., Inc.
5.390% due 12/22/2008		500		500
5.395% due 10/23/2008		200		200
5.440% due 12/04/2009		200		200
Morgan Stanley
5.446% due 01/15/2010		500		500
Osiris Capital PLC
8.206% due 01/15/2010		500		503
Royal Bank of Scotland Group PLC
5.360% due 12/21/2007		600		600
5.750% due 07/06/2012		300		300

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Spinnaker Capital Ltd.
16.860% due 06/15/2008	$	300	$	300
Unicredit Luxembourg Finance S.A.
5.405% due 10/24/2008		900		901
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008		200		200
Wachovia Corp.
5.486% due 10/15/2011		900		902
Wells Fargo & Co.
5.400% due 03/10/2008		200		200
Westpac Banking Corp.
5.280% due 06/06/2008		100		100
World Savings Bank FSB
5.396% due 05/08/2009		850		851
				23,908
INDUSTRIALS 7.9%
Albertson’s, Inc.
6.950% due 08/01/2009		300		308
Anadarko Petroleum Corp.
5.760% due 09/15/2009		200		200
DaimlerChrysler N.A. Holding Corp.
5.710% due 03/13/2009		100		100
El Paso Corp.
7.625% due 08/16/2007		500		504
General Electric Co.
5.400% due 12/09/2008		200		200
General Mills, Inc.
5.485% due 01/22/2010		100		100
Harrah’s Operating Co., Inc.
7.500% due 01/15/2009		200		203
Hospira, Inc.
5.840% due 03/30/2010		200		201
JC Penney Corp., Inc.
7.375% due 08/15/2008		100		102
Northwest Pipeline Corp.
6.625% due 12/01/2007		1,372		1,382
Pemex Project Funding Master Trust
5.960% due 12/03/2012		700		710
Salomon Brothers AG for OAO Gazprom
10.500% due 10/21/2009		100		110
Southern Natural Gas Co.
6.700% due 10/01/2007		500		504
Time Warner, Inc.
5.590% due 11/13/2009		900		901
Transcontinental Gas Pipe Line Corp.
6.636% due 04/15/2008		1,100		1,093
Transocean, Inc.
5.560% due 09/05/2008		200		200
Xerox Corp.
9.750% due 01/15/2009		300		318
				7,136
UTILITIES 4.0%
America Movil SAB de C.V.
5.460% due 06/27/2008		200		200
AT&T, Inc.
5.456% due 02/05/2010		100		100
5.570% due 11/14/2008		100		100
CMS Energy Corp.
9.875% due 10/15/2007		1,300		1,319

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Dominion Resources, Inc.
5.660% due 09/28/2007	$	900	$	900
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		200		201
Qwest Corp.
8.610% due 06/15/2013		700		763
Telecom Italia Capital S.A.
5.836% due 02/01/2011		100		101
				3,684
Total Corporate Bonds & Notes (Cost $34,894)				34,728
MUNICIPAL BONDS & NOTES 0.1%
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
5.000% due 06/01/2021		75		76
Total Municipal Bonds & Notes (Cost $75)				76
U.S. GOVERNMENT AGENCIES 9.5%
Fannie Mae
5.000% due 12/01/2017 - 09/01/2018		851		826
6.000% due 04/01/2016 - 11/01/2033		198		199
8.000% due 05/01/2030 - 09/01/2031		34		36
Federal Home Loan Bank
0.000% due 02/27/2012		500		461
Freddie Mac
5.470% due 07/15/2019 - 10/15/2020		3,300		3,297
5.500% due 08/15/2030		4		4
5.550% due 07/15/2037		1,100		1,100
6.000% due 07/01/2016 - 07/01/2037		1,863		1,852
6.500% due 10/25/2043		468		475
Ginnie Mae
4.000% due 07/16/2027		28		28
5.125% due 11/20/2029		117		118
6.375% due 02/20/2027		135		136
8.000% due 04/15/2027 - 12/15/2029		56		59
8.500% due 04/20/2030		3		3
Total U.S. Government Agencies (Cost $8,719)				8,594
U.S. TREASURY OBLIGATIONS 12.7%
Treasury Inflation Protected Securities (c)
3.625% due 01/15/2008 (e)		11,512		11,523
Total U.S. Treasury Obligations (Cost $11,652)				11,523
MORTGAGE-BACKED SECURITIES 6.8%
Arran Residential Mortgages Funding PLC
5.340% due 04/12/2036		118		118
Banc of America Funding Corp.
4.113% due 05/25/2035		447		438
Banc of America Mortgage Securities, Inc.
6.500% due 10/25/2031		178		180
Bear Stearns Adjustable Rate Mortgage Trust
5.329% due 02/25/2033		128		130
Bear Stearns Mortgage Funding Trust
5.390% due 02/25/2037		276		277
Citigroup Commercial Mortgage Trust
5.390% due 08/15/2021		127		127

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  StocksPLUS^® Growth and Income Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Countrywide Alternative Loan Trust
5.500% due 05/25/2047	$	184	$	184
6.000% due 10/25/2033		279		277
6.029% due 02/25/2036		361		364
CS First Boston Mortgage Securities Corp.
5.631% due 05/25/2032		100		99
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
5.390% due 01/25/2047		243		243
Greenpoint Mortgage Funding Trust
5.400% due 10/25/2046		174		174
Harborview Mortgage Loan Trust
5.410% due 01/19/2038		272		272
5.510% due 01/19/2038		353		353
Impac CMB Trust
6.080% due 10/25/2033		20		20
Indymac Index Mortgage Loan Trust
5.410% due 11/25/2046		155		155
Merrill Lynch Floating Trust
5.390% due 06/15/2022		800		801
Morgan Stanley Capital I
5.380% due 10/15/2020		82		82
Residential Funding Mortgage Securities I, Inc.
6.500% due 03/25/2032		186		186
Structured Asset Mortgage Investments, Inc.
5.450% due 03/25/2037		351		351
5.600% due 02/25/2036		150		150
Thornburg Mortgage Securities Trust
5.430% due 12/25/2036		170		170
Wachovia Bank Commercial Mortgage Trust
5.410% due 09/15/2021		152		153
Washington Mutual, Inc.
5.724% due 12/25/2046		863		866
Total Mortgage-Backed Securities (Cost $6,192)				6,170
ASSET-BACKED SECURITIES 7.9%
Argent Securities, Inc.
5.380% due 05/25/2036		247		247
Bear Stearns Asset-Backed Securities, Inc.
5.380% due 01/25/2037		352		352
Citigroup Mortgage Loan Trust, Inc.
5.380% due 01/25/2037		380		380
5.390% due 01/25/2036		208		208
5.430% due 08/25/2036		600		600
Countrywide Asset-Backed Certificates
5.370% due 07/25/2037		832		833
Credit-Based Asset Servicing & Securitization LLC
5.410% due 12/25/2037		684		683
First Franklin Mortgage Loan Asset-Backed Certificates
5.360% due 01/25/2038		329		329
5.370% due 11/25/2036		246		246

		PRINCIPAL AMOUNT (000S)			VALUE (000S)
HSBC Asset Loan Obligation
5.380% due 12/25/2036	$		815	$	816
HSI Asset Securitization Corp. Trust
5.370% due 12/25/2036			84		84
Long Beach Mortgage Loan Trust
5.360% due 11/25/2036			540		541
5.400% due 02/25/2036			357		357
5.600% due 10/25/2034			18		18
Morgan Stanley ABS Capital I
5.360% due 10/25/2036			74		74
Option One Mortgage Loan Trust
5.370% due 01/25/2037			164		164
Residential Asset Securities Corp.
5.390% due 11/25/2036			230		230
Securitized Asset-Backed Receivables LLC Trust
5.380% due 12/25/2036			267		267
Soundview Home Equity Loan Trust
5.400% due 01/25/2037			289		289
Structured Asset Securities Corp.
5.370% due 10/25/2036			222		222
5.420% due 07/25/2035			23		23
Wells Fargo Home Equity Trust
5.440% due 12/25/2035			161		161
Total Asset-Backed Securities (Cost $7,120)					7,124
SOVEREIGN ISSUES 0.6%
Korea Development Bank
5.640% due 11/22/2012			500		502
Total Sovereign Issues (Cost $500)					502
		SHARES
PREFERRED STOCKS 2.0%
DG Funding Trust
7.600% due 12/31/2049			173		1,802
Total Preferred Stocks (Cost $1,823)					1,802
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 23.0%
CERTIFICATES OF DEPOSIT 4.4%
BNP Paribas
5.262% due 05/28/2008		$	100		100
5.262% due 07/03/2008			800		800
Calyon Financial, Inc.
5.340% due 01/16/2009			300		300
5.395% due 06/29/2010			30		30

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Fortis Bank NY
5.265% due 04/28/2008	$	400	$	400
Nordea Bank Finland PLC
5.308% due 05/28/2008		100		100
Royal Bank of Canada
5.267% due 06/30/2008		401		400
Skandinav Enskilda BK
5.300% due 02/04/2008		600		601
5.350% due 02/13/2009		100		100
Societe Generale NY
5.269% due 06/30/2008		700		701
5.270% due 03/26/2008		400		400
				3,932
COMMERCIAL PAPER 13.3%
Bank of America Corp.
5.240% due 10/04/2007		1,900		1,884
Cox Communications, Inc.
5.570% due 09/17/2007		300		300
Danske Corp.
5.205% due 10/12/2007		4,300		4,269
Societe Generale NY
5.225% due 11/26/2007		1,600		1,592
UBS Finance Delaware LLC
5.235% due 10/23/2007		4,000		3,961
				12,006
REPURCHASE AGREEMENTS 3.4%
State Street Bank and Trust Co.
4.900% due 07/02/2007		3,107		3,107
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $3,173. Repurchase proceeds are $3,108.)
U.S. TREASURY BILLS 1.9%
4.708% due 08/30/2007 - 09/13/2007 (b)(e)		1,765		1,749
Total Short-Term Instruments (Cost $20,794)				20,794
PURCHASED OPTIONS (g) 0.0%
(Cost $138)				38
Total Investments (d) 101.3% (Cost $92,307)			$	91,752
Written Options (h) (0.1%) (Premiums $129)				(38	)
Other Assets and Liabilities (Net) (1.2%)				(1,110	)
Net Assets 100.0%			$	90,604
					��

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) Coupon represents a weighted average rate.

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

(d) As of June 30, 2007, portfolio securities with an aggregate value of $5,549 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(e) Securities with an aggregate market value of $13,272 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Euribor June Futures	Long	06/2008	1	$	(2	)
90-Day Eurodollar December Futures	Long	12/2008	40		(27	)
90-Day Eurodollar June Futures	Long	06/2008	238		(272	)
90-Day Eurodollar March Futures	Long	03/2008	284		(336	)
90-Day Eurodollar March Futures	Long	03/2009	2		(3	)
90-Day Eurodollar September Futures	Long	09/2008	40		(22	)
90-Day Euroyen December Futures	Long	12/2007	17		(1	)
S&P 500 Index September Futures	Long	09/2007	217		(335	)
U.S. Treasury 30-Year Bond September Futures	Short	09/2007	156		122
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2007	7		(15	)
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	29		(42	)
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2008	2		(3	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2007	7		(15	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	22		(34	)
				$	(985	)

(f) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bank of America	DaimlerChrysler N.A. Holding Corp. 6.500% due 11/15/2013	Sell	0.210%		03/20/2008	$	200	$	0
Bank of America	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.000%		09/20/2008		1,000		(3	)
Barclays Bank PLC	Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.390%		01/20/2012		1,000		4
Barclays Bank PLC	Multiple Reference Entities of Gazprom	Sell	0.740%		01/20/2012		200		2
Bear Stearns & Co., Inc.	DaimlerChrysler N.A. Holding Corp. 6.500% due 11/15/2013	Sell	0.200%		03/20/2008		100		0
Bear Stearns & Co., Inc.	DaimlerChrysler N.A. Holding Corp. 6.500% due 11/15/2013	Sell	0.225%		03/20/2008		400		1
Deutsche Bank AG	Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.063%		12/20/2007		200		0
Deutsche Bank AG	Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.063%		12/20/2007		500		0
Deutsche Bank AG	Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.100%		06/20/2008		1,000		(1	)
Deutsche Bank AG	Merrill Lynch & Co., Inc. 6.000% due 02/17/2009	Sell	0.120%		06/20/2008		100		0
Deutsche Bank AG	Multiple Reference Entities of Gazprom	Sell	1.000%		10/20/2011		300		6
Deutsche Bank AG	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.980%		01/20/2012		700		12
Deutsche Bank AG	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		100		1
Goldman Sachs & Co.	Petroleos Mexicanos 9.500% due 09/15/2027	Sell	0.200%		11/20/2007		300		0
Goldman Sachs & Co.	American International Group, Inc. 5.600% due 10/18/2016	Sell	0.065%		06/20/2008		600		0
JPMorgan Chase & Co.	Morgan Stanley 6.600% due 04/01/2012	Sell	0.100%		12/20/2007		500		0
Lehman Brothers, Inc.	Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290%		12/20/2008		100		0
Lehman Brothers, Inc.	Russia Government International Bond 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.310%		12/20/2008		100		0
Lehman Brothers, Inc.	Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.320%		03/20/2009		200		0
Lehman Brothers, Inc.	Dow Jones CDX N.A. EM6 Index	Sell	1.400%		12/20/2011		500		4
Morgan Stanley	Multiple Reference Entities of Gazprom	Sell	0.420%		11/20/2007		300		0
UBS Warburg LLC	Morgan Stanley 6.600% due 04/01/2012	Sell	0.065%		12/20/2007		300		0
								$	26

⁽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.

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  StocksPLUS^® Growth and Income Portfolio (Cont.)

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	7.000%	12/15/2009	AUD	300	$	0
Barclays Bank PLC	BRL-CDI-Compounded	Pay	11.360%	01/04/2010	BRL	400		2
Goldman Sachs & Co.	BRL-CDI-Compounded	Pay	11.465%	01/04/2010		100		1
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	11.430%	01/04/2010		300		2
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	12.948%	01/04/2010		200		4
Morgan Stanley	BRL-CDI-Compounded	Pay	12.780%	01/04/2010		200		4
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010	EUR	1,000		12
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		400		8
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.995%	03/15/2012		2,600		(15	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	03/30/2012		100		(1	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		100		(1	)
Credit Suisse First Boston	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009	GBP	1,800		(51	)
Credit Suisse First Boston	6-Month GBP-LIBOR	Receive	4.000%	12/15/2036		200		36
Deutsche Bank AG	6-Month GBP-LIBOR	Receive	4.000%	12/15/2036		400		34
HSBC Bank USA	6-Month GBP-LIBOR	Pay	4.500%	12/20/2007		1,000		(15	)
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009		300		(4	)
Barclays Bank PLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	30,000		(1	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		260,000		(1	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		60,000		(1	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		20,000		0
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		320,000		(5	)
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2009	$	400		0
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		4,500		2
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		1,200		(9	)
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	06/20/2009		2,000		(16	)
Morgan Stanley	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		400		(3	)
							$	(18	)

Total Return Swaps

Counterparty	Type	Receive Total Return	Pay	Expiration Date	# of Contracts	Unrealized (Depreciation)
Merrill Lynch & Co., Inc.	Long	S&P 500 Index	1-Month USD-LIBOR minus 0.030%	05/15/2008	5,567	$	(175	)

(g) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 30-Year Bond September Futures	$	119.000	08/24/2007	78	$	1	$	1
Put - CME S&P 500 Index September Futures		925.000	09/20/2007	75		2		0
Put - CME S&P 500 Index September Futures		950.000	09/20/2007	95		3		0
					$	6	$	1

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 1-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Pay	4.750%	02/01/2008	$	5,000	$	14	$	2
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		9,200		51		11
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.900%	08/08/2007		6,000		14		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		8,900		44		14
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/15/2008		3,000		9		10
								$	132	$	37

(h) Written options outstanding on June 30, 2007:

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	Barclays Bank PLC	3-Month USD-LIBOR	Receive	4.900%	02/01/2008	$	1,000	$	12	$	2
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		4,000		49		12
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	08/08/2007		1,000		12		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		4,000		48		14
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.200%	12/15/2008		1,000		8		10
								$	129	$	38

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(i) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AUD	298	07/2007	$	2	$	0		$	2
Buy	BRL	3,631	10/2007		96		0			96
Buy		1,502	03/2008		57		0			57
Buy	CAD	109	08/2007		0		0			0
Buy	CNY	192	09/2007		1		0			1
Sell		192	09/2007		0		0			0
Buy		3,242	10/2007		8		0			8
Sell		3,242	10/2007		0		0			0
Buy		914	11/2007		1		0			1
Sell		914	11/2007		0		0			0
Buy		1,818	01/2008		0		(2	)		(2	)
Sell		1,818	01/2008		0		0			0
Buy	EUR	410	07/2007		5		0			5
Sell	GBP	284	08/2007		0		(3	)		(3	)
Buy	IDR	617,400	05/2008		0		(3	)		(3	)
Buy	INR	2,491	10/2007		0		0			0
Buy		4,126	05/2008		2		0			2
Sell	JPY	28,813	07/2007		3		0			3
Buy	KRW	386,486	07/2007		2		0			2
Buy		146,360	08/2007		0		0			0
Buy		207,179	09/2007		0		0			0
Buy	MXN	3,316	03/2008		3		0			3
Buy	MYR	700	05/2008		0		(3	)		(3	)
Buy	NZD	46	07/2007		1		0			1
Buy	PHP	9,129	05/2008		0		(3	)		(3	)
Buy	PLN	659	09/2007		3		0			3
Buy	RUB	1,156	11/2007		1		0			1
Buy		7,505	12/2007		7		0			7
Buy		8,717	01/2008		2		0			2
Buy	SGD	617	07/2007		0		(2	)		(2	)
Buy		662	08/2007		0		(8	)		(8	)
Buy		597	10/2007		2		0			2
				$	196	$	(24	)	$	172

See Accompanying Notes Semiannual Report June 30, 2007 13

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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) 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.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax

14 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	MYR	Malaysian Ringgit
CNY	Chinese Yuan Renminbi	NZD	New Zealand Dollar
EUR	Euro	PHP	Philippines Peso
GBP	Great British Pound	PLN	Polish Zloty
IDR	Indonesian Rupiah	RUB	Russian Ruble
INR	Indian Rupee	SGD	Singapore Dollar
JPY	Japanese Yen

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency

contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(j) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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, 2007 15

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 on the 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.

(k) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(l) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(m) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(n) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

(o) Bridge Debt Commitments  At the period ended June 30, 2007, the Portfolio had $300,421 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.

(p) 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-related 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.

(q) 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” or “Ginnie Mae”), 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.

(r) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.30%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.10%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of

$500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	14,406	$	13,974	$	24,307	$	4,293

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Notional Amount in GBP			Premium
Balance at 12/31/2006	60		$	8,000		GBP	200		$	90
Sales	94			11,000			0			243
Closing Buys	(11	)		(8,000	)		0			(127	)
Expirations	(143	)		0			(200	)		(77	)
Exercised	0			0			0			0
Balance at 06/30/2007	0		$	11,000		GBP	0		$	129

18 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	113		$	1,312		198		$	2,084
Administrative Class	260			2,953		363			3,872
Issued as reinvestment of distributions
Institutional Class	13			143		27			289
Administrative Class	228			2,609		438			4,644
Cost of shares redeemed
Institutional Class	(251	)		(2,888	)	(258	)		(2,654	)
Administrative Class	(698	)		(7,973	)	(15,605	)		(166,615	)
Net (decrease) resulting from Portfolio share transactions	(335	)	$	(3,844	)	(14,837	)	$	(158,380	)

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	99
Administrative Class	5	89

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    131	$    (686)	$    (555)

Semiannual Report June 30, 2007 19

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

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

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	20

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, emerging markets 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 as part of an investment strategy, as described under “Portfolio Insights”, or for hedging purposes. 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO StocksPLUS^® Growth and Income Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

Corporate Bonds & Notes	37.8%
Short-Term Instruments	22.7%
U.S. Treasury Obligations	12.5%
U.S. Government Agencies	9.4%
Asset-Backed Securities	7.8%
Mortgage-Backed Securities	6.7%
Other	3.1%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio     Inception     (04/28/00)**
	PIMCO StocksPLUS® Growth and Income Portfolio Institutional Class	6.76%	20.52%	10.97%	2.63%
	S&P 500 Index±	6.96%	20.59%	10.71%	2.17%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Portfolio began operations on 04/28/00. Index comparisons began on 04/30/00.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The index focuses on the large-cap segment of the U.S. equities market. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,067.56	$	1,022.81
Expenses Paid During Period†	$	2.05	$	2.01

† Expenses are equal to the Portfolio’s Institutional Class annualized expense ratio of 0.40%, 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 an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO StocksPLUS^® Growth and Income 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 Portfolio’s fixed-income portfolio underperformed the financing cost embedded in equity index futures holdings, thus leading the Portfolio to underperform the S&P 500.

» U.S. duration exposure was negative for performance as interest rates moved higher in instruments where the Portfolio’s duration exposure was concentrated. In particular, Eurodollar futures yields moved higher.

» A U.S. yield curve strategy involving short positions in longer duration (7+ year duration) instruments partially offset the negative duration impact as these rates moved higher, generating a positive price return.

» Short maturity (less than one year) exposures in Europe, the U.K. and Japan were also negative for performance as upward rate movements were pronounced in these markets.

» Holdings of mortgage-backed securities detracted from performance as they underperformed like-duration Treasuries.

» Credit sensitive holdings, including corporate bonds and emerging market bonds, added value as they outperformed like-duration Treasuries.

» Currency strategies, including long exposure to the euro and a basket of emerging market currencies, helped performance as these 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:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Institutional Class
Net asset value beginning of year or period	$	11.25		$	10.27		$	10.14		$	9.29		$	7.27		$	9.36
Net investment income (a)		0.28			0.45			0.31			0.15			0.14			0.26
Net realized/unrealized gain (loss) on investments (a)		0.47			1.06			0.06			0.86			2.06			(2.13	)
Total income (loss) from investment operations		0.75			1.51			0.37			1.01			2.20			(1.87	)
Dividends from net investment income		(0.35	)		(0.53	)		(0.24	)		(0.16	)		(0.18	)		(0.22	)
Total distributions		(0.35	)		(0.53	)		(0.24	)		(0.16	)		(0.18	)		(0.22	)
Net asset value end of year or period	$	11.65		$	11.25		$	10.27		$	10.14		$	9.29		$	7.27
Total return		6.76	%		15.11	%		3.68	%		10.99	%		30.44	%		(20.08	)%
Net assets end of year or period (000s)	$	4,662		$	5,910		$	5,735		$	3,560		$	2,203		$	786
Ratio of expenses to average net assets		0.40	%*		0.44	%(c)		0.50	%		0.50	%		0.50	%		0.50	%(b)
Ratio of expenses to average net assets excluding interest expense		0.40	%*		0.44	%(c)		0.50	%		0.50	%		0.50	%		0.50	%(b)
Ratio of net investment income to average net assets		4.93	%*		4.23	%		3.12	%		1.55	%		1.65	%		3.28	%
Portfolio turnover rate		26	%		135	%		264	%		249	%		134	%		192	%

+ 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) Effective October 31, 2006, the advisory fee was reduced to 0.30%.

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  StocksPLUS^® Growth and Income Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	91,752
Cash		12
Foreign currency, at value		526
Receivable for investments sold		197
Receivable for Portfolio shares sold		6
Interest and dividends receivable		552
Variation margin receivable		831
Swap premiums paid		258
Unrealized appreciation on foreign currency contracts		196
Unrealized appreciation on swap agreements		135
		94,465
Liabilities:
Payable for investments purchased	$	1,300
Payable for investments purchased on a delayed-delivery basis		1,100
Payable for Portfolio shares redeemed		8
Written options outstanding		38
Accrued investment advisory fee		23
Accrued administration fee		8
Accrued servicing fee		13
Variation margin payable		972
Swap premiums received		73
Unrealized depreciation on foreign currency contracts		24
Unrealized depreciation on swap agreements		302
		3,861
Net Assets	$	90,604
Net Assets Consist of:
Paid in capital	$	135,415
Undistributed net investment income		5,005
Accumulated undistributed net realized (loss)		(48,369	)
Net unrealized (depreciation)		(1,447	)
	$	90,604
Net Assets:
Institutional Class	$	4,662
Administrative Class		85,942
Shares Issued and Outstanding:
Institutional Class		400
Administrative Class		7,453
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	11.65
Administrative Class		11.53
Cost of Investments Owned	$	92,307
Cost of Foreign Currency Held	$	526
Premiums Received on Written Options	$	129

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  StocksPLUS^® Growth and Income Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	2,340
Dividends		68
Miscellaneous income		2
Total Income		2,410
Expenses:
Investment advisory fees		134
Administration fees		45
Servicing fees – Administrative Class		63
Trustees’ fees		1
Interest expense		2
Total Expenses		245
Net Investment Income		2,165
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(78	)
Net realized gain on futures contracts, written options and swaps		5,514
Net realized gain on foreign currency transactions		66
Net change in unrealized (depreciation) on investments		(6	)
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(1,941	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		145
Net Gain		3,700
Net Increase in Net Assets Resulting from Operations	$	5,865

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  StocksPLUS^® Growth and Income Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	2,165		$	5,394
Net realized gain		5,502			10,420
Net change in unrealized appreciation (depreciation)		(1,802	)		3,907
Net increase resulting from operations		5,865			19,721
Distributions to Shareholders:
From net investment income
Institutional Class		(143	)		(289	)
Administrative Class		(2,609	)		(4,645	)
Total Distributions		(2,752	)		(4,934	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		1,312			2,084
Administrative Class		2,953			3,872
Issued as reinvestment of distributions
Institutional Class		143			289
Administrative Class		2,609			4,644
Cost of shares redeemed
Institutional Class		(2,888	)		(2,654	)
Administrative Class		(7,973	)		(166,615	)
Net (decrease) resulting from Portfolio share transactions		(3,844	)		(158,380	)
Total (Decrease) in Net Assets		(731	)		(143,593	)
Net Assets:
Beginning of period		91,335			234,928
End of period*	$	90,604		$	91,335
*Including undistributed net investment income of:	$	5,005		$	5,592

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  StocksPLUS^® Growth and Income Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.4%
Metro-Goldwyn-Mayer, Inc.
8.614% due 04/08/2012	$	100	$	100
OAO Rosneft Oil Co.
6.000% due 09/16/2007		300		301
Total Bank Loan Obligations (Cost $400)				401
CORPORATE BONDS & NOTES 38.3%
BANKING & FINANCE 26.4%
American Express Bank FSB
5.380% due 10/20/2009		200		200
American Express Credit Corp.
5.380% due 11/09/2009		200		200
American Honda Finance Corp.
5.407% due 02/09/2010		900		901
American International Group, Inc.
5.370% due 06/16/2009		800		803
Bank of America Corp.
5.370% due 06/19/2009		800		801
Bank of Ireland
5.370% due 12/19/2008		900		901
CIT Group, Inc.
5.000% due 11/24/2008		300		298
Citigroup Funding, Inc.
5.360% due 06/26/2009		100		100
Citigroup, Inc.
4.200% due 12/20/2007		2,500		2,487
Enron Credit Linked Notes Trust
8.000% due 08/15/2005 (a)		1,700		1,454
Export-Import Bank of Korea
5.600% due 11/16/2010		1,900		1,905
Ford Motor Credit Co.
4.950% due 01/15/2008		100		99
6.190% due 09/28/2007		600		600
6.625% due 06/16/2008		3,100		3,099
General Electric Capital Corp.
5.385% due 10/26/2009		400		400
5.390% due 01/05/2009		200		200
5.430% due 08/15/2011		800		800
Goldman Sachs Group, Inc.
5.410% due 03/30/2009		200		200
5.440% due 11/16/2009		900		901
HSBC Finance Corp.
6.538% due 11/13/2007		100		100
ICICI Bank Ltd.
5.895% due 01/12/2010		300		301
Lehman Brothers Holdings, Inc.
5.445% due 01/23/2009		300		300
5.460% due 11/16/2009		500		501
5.579% due 07/18/2011		100		100
Merrill Lynch & Co., Inc.
5.390% due 12/22/2008		500		500
5.395% due 10/23/2008		200		200
5.440% due 12/04/2009		200		200
Morgan Stanley
5.446% due 01/15/2010		500		500
Osiris Capital PLC
8.206% due 01/15/2010		500		503
Royal Bank of Scotland Group PLC
5.360% due 12/21/2007		600		600
5.750% due 07/06/2012		300		300

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Spinnaker Capital Ltd.
16.860% due 06/15/2008	$	300	$	300
Unicredit Luxembourg Finance S.A.
5.405% due 10/24/2008		900		901
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008		200		200
Wachovia Corp.
5.486% due 10/15/2011		900		902
Wells Fargo & Co.
5.400% due 03/10/2008		200		200
Westpac Banking Corp.
5.280% due 06/06/2008		100		100
World Savings Bank FSB
5.396% due 05/08/2009		850		851
				23,908
INDUSTRIALS 7.9%
Albertson’s, Inc.
6.950% due 08/01/2009		300		308
Anadarko Petroleum Corp.
5.760% due 09/15/2009		200		200
DaimlerChrysler N.A. Holding Corp.
5.710% due 03/13/2009		100		100
El Paso Corp.
7.625% due 08/16/2007		500		504
General Electric Co.
5.400% due 12/09/2008		200		200
General Mills, Inc.
5.485% due 01/22/2010		100		100
Harrah’s Operating Co., Inc.
7.500% due 01/15/2009		200		203
Hospira, Inc.
5.840% due 03/30/2010		200		201
JC Penney Corp., Inc.
7.375% due 08/15/2008		100		102
Northwest Pipeline Corp.
6.625% due 12/01/2007		1,372		1,382
Pemex Project Funding Master Trust
5.960% due 12/03/2012		700		710
Salomon Brothers AG for OAO Gazprom
10.500% due 10/21/2009		100		110
Southern Natural Gas Co.
6.700% due 10/01/2007		500		504
Time Warner, Inc.
5.590% due 11/13/2009		900		901
Transcontinental Gas Pipe Line Corp.
6.636% due 04/15/2008		1,100		1,093
Transocean, Inc.
5.560% due 09/05/2008		200		200
Xerox Corp.
9.750% due 01/15/2009		300		318
				7,136
UTILITIES 4.0%
America Movil SAB de C.V.
5.460% due 06/27/2008		200		200
AT&T, Inc.
5.456% due 02/05/2010		100		100
5.570% due 11/14/2008		100		100
CMS Energy Corp.
9.875% due 10/15/2007		1,300		1,319

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Dominion Resources, Inc.
5.660% due 09/28/2007	$	900	$	900
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		200		201
Qwest Corp.
8.610% due 06/15/2013		700		763
Telecom Italia Capital S.A.
5.836% due 02/01/2011		100		101
				3,684
Total Corporate Bonds & Notes (Cost $34,894)				34,728
MUNICIPAL BONDS & NOTES 0.1%
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
5.000% due 06/01/2021		75		76
Total Municipal Bonds & Notes (Cost $75)				76
U.S. GOVERNMENT AGENCIES 9.5%
Fannie Mae
5.000% due 12/01/2017 - 09/01/2018		851		826
6.000% due 04/01/2016 - 11/01/2033		198		199
8.000% due 05/01/2030 - 09/01/2031		34		36
Federal Home Loan Bank
0.000% due 02/27/2012		500		461
Freddie Mac
5.470% due 07/15/2019 - 10/15/2020		3,300		3,297
5.500% due 08/15/2030		4		4
5.550% due 07/15/2037		1,100		1,100
6.000% due 07/01/2016 - 07/01/2037		1,863		1,852
6.500% due 10/25/2043		468		475
Ginnie Mae
4.000% due 07/16/2027		28		28
5.125% due 11/20/2029		117		118
6.375% due 02/20/2027		135		136
8.000% due 04/15/2027 - 12/15/2029		56		59
8.500% due 04/20/2030		3		3
Total U.S. Government Agencies (Cost $8,719)				8,594
U.S. TREASURY OBLIGATIONS 12.7%
Treasury Inflation Protected Securities (c)
3.625% due 01/15/2008 (e)		11,512		11,523
Total U.S. Treasury Obligations (Cost $11,652)				11,523
MORTGAGE-BACKED SECURITIES 6.8%
Arran Residential Mortgages Funding PLC
5.340% due 04/12/2036		118		118
Banc of America Funding Corp.
4.113% due 05/25/2035		447		438
Banc of America Mortgage Securities, Inc.
6.500% due 10/25/2031		178		180
Bear Stearns Adjustable Rate Mortgage Trust
5.329% due 02/25/2033		128		130
Bear Stearns Mortgage Funding Trust
5.390% due 02/25/2037		276		277
Citigroup Commercial Mortgage Trust
5.390% due 08/15/2021		127		127

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  StocksPLUS^® Growth and Income Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Countrywide Alternative Loan Trust
5.500% due 05/25/2047	$	184	$	184
6.000% due 10/25/2033		279		277
6.029% due 02/25/2036		361		364
CS First Boston Mortgage Securities Corp.
5.631% due 05/25/2032		100		99
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
5.390% due 01/25/2047		243		243
Greenpoint Mortgage Funding Trust
5.400% due 10/25/2046		174		174
Harborview Mortgage Loan Trust
5.410% due 01/19/2038		272		272
5.510% due 01/19/2038		353		353
Impac CMB Trust
6.080% due 10/25/2033		20		20
Indymac Index Mortgage Loan Trust
5.410% due 11/25/2046		155		155
Merrill Lynch Floating Trust
5.390% due 06/15/2022		800		801
Morgan Stanley Capital I
5.380% due 10/15/2020		82		82
Residential Funding Mortgage Securities I, Inc.
6.500% due 03/25/2032		186		186
Structured Asset Mortgage Investments, Inc.
5.450% due 03/25/2037		351		351
5.600% due 02/25/2036		150		150
Thornburg Mortgage Securities Trust
5.430% due 12/25/2036		170		170
Wachovia Bank Commercial Mortgage Trust
5.410% due 09/15/2021		152		153
Washington Mutual, Inc.
5.724% due 12/25/2046		863		866
Total Mortgage-Backed Securities (Cost $6,192)				6,170
ASSET-BACKED SECURITIES 7.9%
Argent Securities, Inc.
5.380% due 05/25/2036		247		247
Bear Stearns Asset-Backed Securities, Inc.
5.380% due 01/25/2037		352		352
Citigroup Mortgage Loan Trust, Inc.
5.380% due 01/25/2037		380		380
5.390% due 01/25/2036		208		208
5.430% due 08/25/2036		600		600
Countrywide Asset-Backed Certificates
5.370% due 07/25/2037		832		833
Credit-Based Asset Servicing & Securitization LLC
5.410% due 12/25/2037		684		683
First Franklin Mortgage Loan Asset-Backed Certificates
5.360% due 01/25/2038		329		329
5.370% due 11/25/2036		246		246

		PRINCIPAL AMOUNT (000S)			VALUE (000S)
HSBC Asset Loan Obligation
5.380% due 12/25/2036	$		815	$	816
HSI Asset Securitization Corp. Trust
5.370% due 12/25/2036			84		84
Long Beach Mortgage Loan Trust
5.360% due 11/25/2036			540		541
5.400% due 02/25/2036			357		357
5.600% due 10/25/2034			18		18
Morgan Stanley ABS Capital I
5.360% due 10/25/2036			74		74
Option One Mortgage Loan Trust
5.370% due 01/25/2037			164		164
Residential Asset Securities Corp.
5.390% due 11/25/2036			230		230
Securitized Asset-Backed Receivables LLC Trust
5.380% due 12/25/2036			267		267
Soundview Home Equity Loan Trust
5.400% due 01/25/2037			289		289
Structured Asset Securities Corp.
5.370% due 10/25/2036			222		222
5.420% due 07/25/2035			23		23
Wells Fargo Home Equity Trust
5.440% due 12/25/2035			161		161
Total Asset-Backed Securities (Cost $7,120)					7,124
SOVEREIGN ISSUES 0.6%
Korea Development Bank
5.640% due 11/22/2012			500		502
Total Sovereign Issues (Cost $500)					502
		SHARES
PREFERRED STOCKS 2.0%
DG Funding Trust
7.600% due 12/31/2049			173		1,802
Total Preferred Stocks (Cost $1,823)					1,802
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 23.0%
CERTIFICATES OF DEPOSIT 4.4%
BNP Paribas
5.262% due 05/28/2008		$	100		100
5.262% due 07/03/2008			800		800
Calyon Financial, Inc.
5.340% due 01/16/2009			300		300
5.395% due 06/29/2010			30		30

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Fortis Bank NY
5.265% due 04/28/2008	$	400	$	400
Nordea Bank Finland PLC
5.308% due 05/28/2008		100		100
Royal Bank of Canada
5.267% due 06/30/2008		401		400
Skandinav Enskilda BK
5.300% due 02/04/2008		600		601
5.350% due 02/13/2009		100		100
Societe Generale NY
5.269% due 06/30/2008		700		701
5.270% due 03/26/2008		400		400
				3,932
COMMERCIAL PAPER 13.3%
Bank of America Corp.
5.240% due 10/04/2007		1,900		1,884
Cox Communications, Inc.
5.570% due 09/17/2007		300		300
Danske Corp.
5.205% due 10/12/2007		4,300		4,269
Societe Generale NY
5.225% due 11/26/2007		1,600		1,592
UBS Finance Delaware LLC
5.235% due 10/23/2007		4,000		3,961
				12,006
REPURCHASE AGREEMENTS 3.4%
State Street Bank and Trust Co.
4.900% due 07/02/2007		3,107		3,107
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $3,173. Repurchase proceeds are $3,108.)
U.S. TREASURY BILLS 1.9%
4.708% due 08/30/2007 - 09/13/2007 (b)(e)		1,765		1,749
Total Short-Term Instruments (Cost $20,794)				20,794
PURCHASED OPTIONS (g) 0.0%
(Cost $138)				38
Total Investments (d) 101.3% (Cost $92,307)			$	91,752
Written Options (h) (0.1%) (Premiums $129)				(38	)
Other Assets and Liabilities (Net) (1.2%)				(1,110	)
Net Assets 100.0%			$	90,604

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) Coupon represents a weighted average rate.

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

(d) As of June 30, 2007, portfolio securities with an aggregate value of $5,549 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(e) Securities with an aggregate market value of $13,272 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Euribor June Futures	Long	06/2008	1	$	(2	)
90-Day Eurodollar December Futures	Long	12/2008	40		(27	)
90-Day Eurodollar June Futures	Long	06/2008	238		(272	)
90-Day Eurodollar March Futures	Long	03/2008	284		(336	)
90-Day Eurodollar March Futures	Long	03/2009	2		(3	)
90-Day Eurodollar September Futures	Long	09/2008	40		(22	)
90-Day Euroyen December Futures	Long	12/2007	17		(1	)
S&P 500 Index September Futures	Long	09/2007	217		(335	)
U.S. Treasury 30-Year Bond September Futures	Short	09/2007	156		122
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2007	7		(15	)
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	29		(42	)
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2008	2		(3	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2007	7		(15	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	22		(34	)
				$	(985	)

(f) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bank of America	DaimlerChrysler N.A. Holding Corp. 6.500% due 11/15/2013	Sell	0.210%		03/20/2008	$	200	$	0
Bank of America	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.000%		09/20/2008		1,000		(3	)
Barclays Bank PLC	Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.390%		01/20/2012		1,000		4
Barclays Bank PLC	Multiple Reference Entities of Gazprom	Sell	0.740%		01/20/2012		200		2
Bear Stearns & Co., Inc.	DaimlerChrysler N.A. Holding Corp. 6.500% due 11/15/2013	Sell	0.200%		03/20/2008		100		0
Bear Stearns & Co., Inc.	DaimlerChrysler N.A. Holding Corp. 6.500% due 11/15/2013	Sell	0.225%		03/20/2008		400		1
Deutsche Bank AG	Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.063%		12/20/2007		200		0
Deutsche Bank AG	Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.063%		12/20/2007		500		0
Deutsche Bank AG	Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.100%		06/20/2008		1,000		(1	)
Deutsche Bank AG	Merrill Lynch & Co., Inc. 6.000% due 02/17/2009	Sell	0.120%		06/20/2008		100		0
Deutsche Bank AG	Multiple Reference Entities of Gazprom	Sell	1.000%		10/20/2011		300		6
Deutsche Bank AG	Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.980%		01/20/2012		700		12
Deutsche Bank AG	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		100		1
Goldman Sachs & Co.	Petroleos Mexicanos 9.500% due 09/15/2027	Sell	0.200%		11/20/2007		300		0
Goldman Sachs & Co.	American International Group, Inc. 5.600% due 10/18/2016	Sell	0.065%		06/20/2008		600		0
JPMorgan Chase & Co.	Morgan Stanley 6.600% due 04/01/2012	Sell	0.100%		12/20/2007		500		0
Lehman Brothers, Inc.	Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290%		12/20/2008		100		0
Lehman Brothers, Inc.	Russia Government International Bond 5.000% until 03/31/2007 and 7.500% thereafter, due 03/31/2030	Sell	0.310%		12/20/2008		100		0
Lehman Brothers, Inc.	Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.320%		03/20/2009		200		0
Lehman Brothers, Inc.	Dow Jones CDX N.A. EM6 Index	Sell	1.400%		12/20/2011		500		4
Morgan Stanley	Multiple Reference Entities of Gazprom	Sell	0.420%		11/20/2007		300		0
UBS Warburg LLC	Morgan Stanley 6.600% due 04/01/2012	Sell	0.065%		12/20/2007		300		0
								$	26

⁽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.

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  StocksPLUS^® Growth and Income Portfolio (Cont.)

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	7.000%	12/15/2009	AUD	300	$	0
Barclays Bank PLC	BRL-CDI-Compounded	Pay	11.360%	01/04/2010	BRL	400		2
Goldman Sachs & Co.	BRL-CDI-Compounded	Pay	11.465%	01/04/2010		100		1
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	11.430%	01/04/2010		300		2
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	12.948%	01/04/2010		200		4
Morgan Stanley	BRL-CDI-Compounded	Pay	12.780%	01/04/2010		200		4
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010	EUR	1,000		12
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		400		8
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.995%	03/15/2012		2,600		(15	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	03/30/2012		100		(1	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		100		(1	)
Credit Suisse First Boston	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009	GBP	1,800		(51	)
Credit Suisse First Boston	6-Month GBP-LIBOR	Receive	4.000%	12/15/2036		200		36
Deutsche Bank AG	6-Month GBP-LIBOR	Receive	4.000%	12/15/2036		400		34
HSBC Bank USA	6-Month GBP-LIBOR	Pay	4.500%	12/20/2007		1,000		(15	)
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009		300		(4	)
Barclays Bank PLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	30,000		(1	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		260,000		(1	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		60,000		(1	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		20,000		0
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		320,000		(5	)
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2009	$	400		0
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		4,500		2
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		1,200		(9	)
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	06/20/2009		2,000		(16	)
Morgan Stanley	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		400		(3	)
							$	(18	)

Total Return Swaps

Counterparty	Type	Receive Total Return	Pay	Expiration Date	# of Contracts	Unrealized (Depreciation)
Merrill Lynch & Co., Inc.	Long	S&P 500 Index	1-Month USD-LIBOR minus 0.030%	05/15/2008	5,567	$	(175	)

(g) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 30-Year Bond September Futures	$	119.000	08/24/2007	78	$	1	$	1
Put - CME S&P 500 Index September Futures		925.000	09/20/2007	75		2		0
Put - CME S&P 500 Index September Futures		950.000	09/20/2007	95		3		0
					$	6	$	1

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 1-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Pay	4.750%	02/01/2008	$	5,000	$	14	$	2
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		9,200		51		11
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.900%	08/08/2007		6,000		14		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		8,900		44		14
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/15/2008		3,000		9		10
								$	132	$	37

(h) Written options outstanding on June 30, 2007:

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	Barclays Bank PLC	3-Month USD-LIBOR	Receive	4.900%	02/01/2008	$	1,000	$	12	$	2
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		4,000		49		12
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	08/08/2007		1,000		12		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		4,000		48		14
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.200%	12/15/2008		1,000		8		10
								$	129	$	38

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(i) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AUD	298	07/2007	$	2	$	0		$	2
Buy	BRL	3,631	10/2007		96		0			96
Buy		1,502	03/2008		57		0			57
Buy	CAD	109	08/2007		0		0			0
Buy	CNY	192	09/2007		1		0			1
Sell		192	09/2007		0		0			0
Buy		3,242	10/2007		8		0			8
Sell		3,242	10/2007		0		0			0
Buy		914	11/2007		1		0			1
Sell		914	11/2007		0		0			0
Buy		1,818	01/2008		0		(2	)		(2	)
Sell		1,818	01/2008		0		0			0
Buy	EUR	410	07/2007		5		0			5
Sell	GBP	284	08/2007		0		(3	)		(3	)
Buy	IDR	617,400	05/2008		0		(3	)		(3	)
Buy	INR	2,491	10/2007		0		0			0
Buy		4,126	05/2008		2		0			2
Sell	JPY	28,813	07/2007		3		0			3
Buy	KRW	386,486	07/2007		2		0			2
Buy		146,360	08/2007		0		0			0
Buy		207,179	09/2007		0		0			0
Buy	MXN	3,316	03/2008		3		0			3
Buy	MYR	700	05/2008		0		(3	)		(3	)
Buy	NZD	46	07/2007		1		0			1
Buy	PHP	9,129	05/2008		0		(3	)		(3	)
Buy	PLN	659	09/2007		3		0			3
Buy	RUB	1,156	11/2007		1		0			1
Buy		7,505	12/2007		7		0			7
Buy		8,717	01/2008		2		0			2
Buy	SGD	617	07/2007		0		(2	)		(2	)
Buy		662	08/2007		0		(8	)		(8	)
Buy		597	10/2007		2		0			2
				$	196	$	(24	)	$	172

See Accompanying Notes Semiannual Report June 30, 2007 13

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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) 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.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax

14 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	MYR	Malaysian Ringgit
CNY	Chinese Yuan Renminbi	NZD	New Zealand Dollar
EUR	Euro	PHP	Philippines Peso
GBP	Great British Pound	PLN	Polish Zloty
IDR	Indonesian Rupiah	RUB	Russian Ruble
INR	Indian Rupee	SGD	Singapore Dollar
JPY	Japanese Yen

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency

contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(j) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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, 2007 15

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 on the 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.

(k) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(l) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(m) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(n) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

(o) Bridge Debt Commitments  At the period ended June 30, 2007, the Portfolio had $300,421 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.

(p) 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-related 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.

(q) 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” or “Ginnie Mae”), 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.

(r) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.30%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.10%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of

$500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	14,406	$	13,974	$	24,307	$	4,293

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Notional Amount in GBP			Premium
Balance at 12/31/2006	60		$	8,000		GBP	200		$	90
Sales	94			11,000			0			243
Closing Buys	(11	)		(8,000	)		0			(127	)
Expirations	(143	)		0			(200	)		(77	)
Exercised	0			0			0			0
Balance at 06/30/2007	0		$	11,000		GBP	0		$	129

18 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	113		$	1,312		198		$	2,084
Administrative Class	260			2,953		363			3,872
Issued as reinvestment of distributions
Institutional Class	13			143		27			289
Administrative Class	228			2,609		438			4,644
Cost of shares redeemed
Institutional Class	(251	)		(2,888	)	(258	)		(2,654	)
Administrative Class	(698	)		(7,973	)	(15,605	)		(166,615	)
Net (decrease) resulting from Portfolio share transactions	(335	)	$	(3,844	)	(14,837	)	$	(158,380	)

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	99
Administrative Class	5	89

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    131	$    (686)	$    (555)

Semiannual Report June 30, 2007 19

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

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

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	18

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, emerging markets 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 as part of an investment strategy, as described under “Portfolio Insights”, or for hedging purposes. 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO StocksPLUS^® Total Return Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

Short-Term Instruments	31.0%
U.S. Government Agencies	28.0%
Corporate Bonds & Notes	27.3%
Asset-Backed Securities	8.5%
Mortgage-Backed Securities	5.2%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	Portfolio Inception (09/30/05)
	PIMCO StocksPLUS® Total Return Portfolio Administrative Class	4.91%	20.54%	12.09%
	S&P 500 Index±	6.96%	20.59%	14.37%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The index focuses on the large-cap segment of the U.S. equities market. It is not possible to invest directly in the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,049.12	$	1,020.63
Expenses Paid During Period†	$	4.27	$	4.21

† Expenses are equal to the Portfolio’s Administrative Class annualized expense ratio of 0.84%, 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 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 Portfolio’s fixed-income portfolio underperformed the financing cost embedded in equity index futures holdings, thus leading the Portfolio to underperform the S&P 500.

» U.S. duration exposure was negative for performance as interest rates moved higher in instruments where the Portfolio’s duration exposure was concentrated. In particular, Eurodollar futures yields moved higher. Exposure to three-year and longer maturities also detracted from performance as rates moved higher among these maturities.

» Holdings of mortgage-backed securities detracted from performance as they underperformed like-duration Treasuries.

» Credit sensitive holdings, including corporate bonds and emerging market bonds, added value as they outperformed like-duration Treasuries.

» Currency strategies, including long exposure to the euro and a basket of emerging market currencies, helped performance as these currencies appreciated relative to the U.S. dollar.

4 PIMCO Variable Insurance Trust

Financial Highlights  StocksPLUS^® Total Return Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			09/30/2005-12/31/2005
Administrative Class
Net asset value beginning of year or period	$	11.38		$	10.19		$	10.00
Net investment income (a)		0.26			0.42			0.09
Net realized/unrealized gain on investments (a)		0.30			1.02			0.10
Total income from investment operations		0.56			1.44			0.19
Dividends from net investment income		(0.22	)		(0.16	)		0.00
Distributions from net realized capital gains		0.00			(0.09	)		0.00
Total distributions		(0.22	)		(0.25	)		0.00
Net asset value end of year or period	$	11.72		$	11.38		$	10.19
Total return		4.91	%		14.19	%		1.90	%
Net assets end of year or period (000s)	$	4,316		$	3,749		$	3,056
Ratio of expenses to average net assets		0.84	%*		0.88	%(c)		0.90	%*(b)
Ratio of expenses to average net assets excluding interest expense		0.84	%*		0.88	%(c)		0.89	%*(b)
Ratio of net investment income to average net assets		4.49	%*		3.95	%		3.77	%*
Portfolio turnover rate		149	%		415	%		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) Effective October 31, 2006, the advisory fee was reduced to 0.44%.

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  StocksPLUS^® Total Return Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	3,981
Repurchase agreements, at value		442
Cash		1
Foreign currency, at value		2
Receivable for investments sold		1
Interest and dividends receivable		15
Variation margin receivable		8
Unrealized appreciation on foreign currency contracts		7
Unrealized appreciation on swap agreements		1
		4,458
Liabilities:
Payable for investments purchased	$	20
Payable for investments purchased on a delayed-delivery basis		100
Accrued investment advisory fee		2
Accrued administration fee		1
Accrued servicing fee		1
Variation margin payable		5
Swap premiums received		10
Unrealized depreciation on swap agreements		3
		142
Net Assets	$	4,316
Net Assets Consist of:
Paid in capital	$	3,773
Undistributed net investment income		123
Accumulated undistributed net realized gain		520
Net unrealized (depreciation)		(100	)
	$	4,316
Net Assets:
Administrative Class	$	4,316
Shares Issued and Outstanding:
Administrative Class		368
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Administrative Class	$	11.72
Cost of Investments Owned	$	4,009
Cost of Repurchase Agreements Owned	$	442
Cost of Foreign Currency Held	$	2

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  StocksPLUS^® Total Return Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	107
Total Income		107
Expenses:
Investment advisory fees		9
Administration fees		5
Distribution and/or servicing fees – Administrative Class		3
Total Expenses		17
Net Investment Income		90
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(9	)
Net realized gain on futures contracts, written options and swaps		241
Net realized gain on foreign currency transactions		3
Net change in unrealized (depreciation) on investments		(19	)
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(124	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		5
Net Gain		97
Net Increase in Net Assets Resulting from Operations	$	187

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  StocksPLUS^® Total Return Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase in Net Assets from:
Operations:
Net investment income	$	90		$	132
Net realized gain		235			325
Net change in unrealized appreciation (depreciation)		(138	)		1
Net increase resulting from operations		187			458
Distributions to Shareholders:
From net investment income
Administrative Class		(77	)		(53	)
From net realized capital gains
Administrative Class		0			(28	)
Total Distributions		(77	)		(81	)
Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		474			415
Issued as reinvestment of distributions
Administrative Class		77			80
Cost of shares redeemed
Administrative Class		(94	)		(179	)
Net increase resulting from Portfolio share transactions		457			316
Total Increase in Net Assets		567			693
Net Assets:
Beginning of period		3,749			3,056
End of period*	$	4,316		$	3,749
*Including undistributed net investment income of:	$	123		$	110

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  StocksPLUS^® Total Return Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 28.0%
BANKING & FINANCE 20.5%
American Express Centurion Bank
5.320% due 05/07/2008	$	30	$	30
Bank of America Corp.
5.370% due 06/19/2009		30		30
Bank of America N.A.
5.360% due 06/12/2009		40		40
Bank of Ireland
5.410% due 12/18/2009		20		20
BNP Paribas
5.186% due 06/29/2049		30		28
Caterpillar Financial Services Corp.
5.420% due 05/18/2009		40		40
Citigroup, Inc.
5.400% due 12/26/2008		100		100
Ford Motor Credit Co.
6.625% due 06/16/2008		100		100
7.250% due 10/25/2011		40		39
General Electric Capital Corp.
5.410% due 10/06/2010		20		20
5.430% due 08/15/2011		50		50
5.455% due 10/21/2010		20		20
Goldman Sachs Group, Inc.
5.440% due 11/16/2009		10		10
5.450% due 06/23/2009		30		30
5.625% due 01/15/2017		20		19
HSBC Finance Corp.
5.607% due 05/10/2010		40		40
JPMorgan Chase & Co.
5.370% due 06/26/2009		40		40
Lehman Brothers Holdings, Inc.
5.440% due 04/03/2009		10		10
5.445% due 10/22/2008		30		30
Merrill Lynch & Co., Inc.
5.450% due 08/22/2008		30		30
Morgan Stanley
5.360% due 11/21/2008		40		40
RBS Capital Trust III
5.512% due 09/29/2049		60		58
Wachovia Corp.
5.405% due 10/28/2008		30		30
Wells Fargo & Co.
5.420% due 03/23/2010		30		30
				884
INDUSTRIALS 5.6%
Amgen, Inc.
5.440% due 11/28/2008		40		40
Anadarko Petroleum Corp.
5.760% due 09/15/2009		30		30
DaimlerChrysler N.A. Holding Corp.
5.840% due 09/10/2007		30		30
EchoStar DBS Corp.
5.750% due 10/01/2008		20		20
FedEx Corp.
5.436% due 08/08/2007		30		30
Home Depot, Inc.
5.485% due 12/16/2009		10		10
Morgan Stanley Bank AG for OAO Gazprom
9.625% due 03/01/2013		20		23

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Salomon Brothers AG for OAO Gazprom
10.500% due 10/21/2009	$	10	$	11
Time Warner, Inc.
5.875% due 11/15/2016		10		10
Transocean, Inc.
5.560% due 09/05/2008		10		10
Westfield Group
5.700% due 10/01/2016		30		29
				243
UTILITIES 1.9%
BellSouth Corp.
5.460% due 08/15/2008		30		30
MidAmerican Energy Holdings Co.
6.125% due 04/01/2036		10		10
TXU Electric Delivery Co.
5.735% due 09/16/2008		40		40
				80
Total Corporate Bonds & Notes (Cost $1,211)				1,207
U.S. GOVERNMENT AGENCIES 28.7%
Fannie Mae
4.439% due 06/01/2035		20		20
4.462% due 09/01/2035		18		18
4.604% due 09/01/2035		16		16
4.641% due 10/01/2035		9		9
4.661% due 12/01/2033		9		9
4.695% due 12/01/2033		5		5
4.834% due 06/01/2035		17		16
4.990% due 06/01/2035		15		15
5.500% due 08/01/2035 - 03/01/2036		843		815
Freddie Mac
4.364% due 09/01/2035		4		4
4.590% due 09/01/2035		14		14
4.712% due 08/01/2035		17		17
4.913% due 11/01/2034		14		14
5.000% due 12/15/2020		4		4
5.470% due 08/15/2019 - 10/15/2020		160		160
5.550% due 07/15/2037		100		100
6.227% due 02/25/2045		4		4
Total U.S. Government Agencies (Cost $1,263)				1,240
MORTGAGE-BACKED SECURITIES 5.3%
American Home Mortgage Investment Trust
4.390% due 02/25/2045		12		12
Countrywide Alternative Loan Trust
5.500% due 05/25/2047		28		28
Impac Secured Assets CMN Owner Trust
5.400% due 01/25/2037		22		22
Indymac Index Mortgage Loan Trust
5.167% due 01/25/2036		7		7
LB-UBS Commercial Mortgage Trust
4.990% due 11/15/2030		74		74
TBW Mortgage-Backed Pass-Through Certificates
5.430% due 01/25/2037		28		28
Thornburg Mortgage Securities Trust
5.430% due 12/25/2036		26		26
Washington Mutual, Inc.
6.029% due 02/25/2046		23		23

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036	$	8	$	8
Total Mortgage-Backed Securities (Cost $228)				228
ASSET-BACKED SECURITIES 8.7%
ACE Securities Corp.
5.370% due 12/25/2036		26		26
Bear Stearns Asset-Backed Securities, Inc.
5.400% due 10/25/2036		25		25
Chase Credit Card Master Trust
5.430% due 02/15/2011		10		10
Citigroup Mortgage Loan Trust, Inc.
5.380% due 05/25/2037		30		30
5.400% due 12/25/2035		20		20
Countrywide Asset-Backed Certificates
5.390% due 06/25/2037		35		35
First NLC Trust
5.390% due 08/25/2037		20		20
First USA Credit Card Master Trust
5.480% due 04/18/2011		40		40
Lehman XS Trust
5.390% due 05/25/2046		14		14
Long Beach Mortgage Loan Trust
5.400% due 02/25/2036		15		15
5.600% due 10/25/2034		2		2
Morgan Stanley ABS Capital I
5.370% due 10/25/2036		22		22
Nissan Auto Lease Trust
5.347% due 12/14/2007		1		1
Residential Asset Securities Corp.
5.390% due 11/25/2036		23		23
SLM Student Loan Trust
5.325% due 07/25/2013		31		31
Specialty Underwriting & Residential Finance
5.365% due 11/25/2037		23		23
USAA Auto Owner Trust
5.337% due 07/11/2008		40		40
Total Asset-Backed Securities (Cost $377)				377
SHORT-TERM INSTRUMENTS 31.8%
CERTIFICATES OF DEPOSIT 3.7%
Barclays Bank PLC
5.281% due 03/17/2008		40		40
BNP Paribas
5.262% due 05/28/2008		30		30
Fortis Bank NY
5.265% due 06/30/2008		10		10
Nordea Bank Finland PLC
5.308% due 05/28/2008		30		30
Royal Bank of Canada
5.267% due 06/30/2008		20		20
Skandinav Enskilda BK
5.350% due 02/13/2009		10		10
Societe Generale NY
5.269% due 06/30/2008		10		10
5.270% due 03/26/2008		10		10
				160
COMMERCIAL PAPER 11.5%
Dexia Delaware LLC
5.225% due 09/21/2007		100		99

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  StocksPLUS^® Total Return Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Rabobank USA Financial Corp.
5.330% due 07/26/2007	$	100	$	100
Societe Generale NY
5.250% due 11/26/2007		100		99
Swedbank AB
5.225% due 09/06/2007		100		100
UBS Finance Delaware LLC
5.230% due 10/23/2007		100		99
				497

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS 10.3%
State Street Bank and Trust Co.
4.900% due 07/02/2007	$	442	$	442
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $455. Repurchase proceeds are $442.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 6.3%
4.650% due 09/13/2007 (a)(c)	$	275	$	272
Total Short-Term Instruments (Cost $1,372)				1,371
PURCHASED OPTIONS (e) 0.0%
(Cost $0)				0
Total Investments (b) 102.5% (Cost $4,451)			$	4,423
Other Assets and Liabilities (Net) (2.5%)				(107	)
Net Assets 100.0%			$	4,316

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) As of June 30, 2007, portfolio securities with an aggregate value of $220 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(c) Securities with an aggregate market value of $272 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	4	$	(2	)
90-Day Eurodollar December Futures	Long	12/2009	1		0
90-Day Eurodollar June Futures	Long	06/2008	16		(15	)
90-Day Eurodollar June Futures	Long	06/2009	1		0
90-Day Eurodollar March Futures	Long	03/2008	8		(6	)
90-Day Eurodollar March Futures	Long	03/2010	1		0
90-Day Eurodollar September Futures	Long	09/2008	4		(2	)
90-Day Eurodollar September Futures	Long	09/2009	1		0
E-mini S&P 500 Index September Futures	Long	09/2007	12		(21	)
S&P 500 Index September Futures	Long	09/2007	9		(30	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2007	1		0
				$	(76	)

(d) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation
Barclays Bank PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.370%		03/20/2009	$	40	$	0
Credit Suisse First Boston	Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%		02/20/2009		40		0
Deutsche Bank AG	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		10		0
HSBC Bank USA	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.240%		02/20/2008		40		0
Morgan Stanley	General Motors Acceptance Corp. 6.875% due 08/28/2012	Sell	1.050%		09/20/2008		10		0
Morgan Stanley	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.610%		02/20/2009		40		0
								$	0

⁽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.

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized (Depreciation)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.955%	03/28/2012	EUR	40	$	0
Goldman Sachs	6-Month GBP-LIBOR	Pay	6.000%	06/19/2009	GBP	100		0
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008	JPY	20,000		0
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		40,000		0
Goldman Sachs	28-Day Mexico Interbank TIIE Banxico	Pay	7.780%	04/03/2012	MXN	100		0
Bank of America	3-Month USD-LIBOR	Pay	5.000%	12/19/2009	$	100		0
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2008		300		(1	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		1,100		0
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2008		300		(1	)
							$	(2	)

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(e) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Put - CME S&P 500 Index September Futures	$	925.000	09/20/2007	6	$	0	$	0

(f) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation
Buy	AUD	17	07/2007	$	0	$	0	$	0
Buy	BRL	125	10/2007		3		0		3
Buy		82	03/2008		3		0		3
Buy	CAD	12	08/2007		0		0		0
Buy	CNY	34	11/2007		0		0		0
Sell		34	11/2007		0		0		0
Buy	EUR	32	07/2007		0		0		0
Sell	GBP	4	08/2007		0		0		0
Buy	INR	183	10/2007		0		0		0
Buy		1,195	05/2008		1		0		1
Buy	KRW	5,942	07/2007		0		0		0
Sell		563	07/2007		0		0		0
Buy		779	08/2007		0		0		0
Buy		7,227	09/2007		0		0		0
Buy	MXN	33	09/2007		0		0		0
Buy		147	03/2008		0		0		0
Buy	MYR	24	05/2008		0		0		0
Buy	NZD	2	07/2007		0		0		0
Buy	PHP	459	05/2008		0		0		0
Buy	PLN	31	09/2007		0		0		0
Buy		8	03/2008		0		0		0
Buy	RUB	104	09/2007		0		0		0
Buy		222	12/2007		0		0		0
Buy		453	01/2008		0		0		0
Buy	SEK	20	09/2007		0		0		0
Buy	SGD	25	07/2007		0		0		0
Sell		14	07/2007		0		0		0
Buy		5	08/2007		0		0		0
Buy		28	10/2007		0		0		0
				$	7	$	0	$	7

See Accompanying Notes Semiannual Report June 30, 2007 11

Notes to Financial Statements

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 management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers one class of shares: Administrative. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) 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.

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

12 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	MXN	Mexican Peso
BRL	Brazilian Real	MYR	Malaysian Ringgit
CAD	Canadian Dollar	NZD	New Zealand Dollar
CNY	Chinese Yuan Renminbi	PHP	Philippines Peso
EUR	Euro	PLN	Polish Zloty
GBP	Great British Pound	RUB	Russian Ruble
INR	Indian Rupee	SEK	Swedish Krona
JPY	Japanese Yen	SGD	Singapore Dollar
KRW	South Korean Won

(f) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(g) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(h) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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.

(i) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on the Statement of Assets and Liabilities. Generally, in

Semiannual Report June 30, 2007 13

Notes to Financial Statements (Cont.)

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.

(j) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(k) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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 credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement

14 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(l) 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-related 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.

(m) 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” or “Ginnie Mae”), 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.

(n) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective

for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.44%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their respective

Semiannual Report June 30, 2007 15

Notes to Financial Statements (Cont.)

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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

(e) Expense Limitation  PIMCO has contractually agreed to reduce total annual portfolio operating expenses for the Portfolio by waiving a portion of its administrative fee or reimbursing the Portfolio, to the extent that they would exceed, due to the payment of organizational expenses and pro rata Trustees’ fees, the sum of such Portfolio’s advisory fee, service fees, distribution fees (with respect to Advisor Class only), administrative fees and other expenses borne by the Portfolio not covered by the administrative fee as described above (other than organizational expenses and pro rata Trustees’ fees), plus 0.49 basis points. PIMCO may recoup these waivers and reimbursements for a period not exceeding three years, provided that total expenses, including such recoupment, do not exceed the annual expense limit. As of June 30, 2007, the recoverable amount to the Administrator was $8,547.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	4,272	$	5,788	$	782	$	94

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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Administrative Class	40		$	473		39		$	415
Issued as reinvestment of distributions
Administrative Class	7			77		7			80
Cost of shares redeemed
Administrative Class	(8	)		(94	)	(17	)		(179	)
Net increase resulting from Portfolio share transactions	39		$	456		29		$	316

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

8.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself against other defendants. By order dated November 3, 2005, the U.S. District Court for the

16 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

9.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    1	$    (29)	$    (28)

Semiannual Report June 30, 2007 17

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

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

1345 Avenue of the Americas

New York, New York 10105

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

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	17
Privacy Policy	24

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Total Return Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

U.S. Government Agencies	42.6%
Short-Term Instruments	23.2%
Corporate Bonds & Notes	20.3%
Asset-Backed Securities	6.5%
Mortgage-Backed Securities	4.9%
Other	2.5%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio Inception (12/31/97)
	PIMCO Total Return Portfolio Administrative Class	0.37%	5.00%	4.43%	5.44%
	Lehman Brothers Aggregate Bond Index±	0.98%	6.12%	4.48%	5.66%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Lehman Brothers Aggregate Bond Index represents securities that are taxable and U.S. 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 the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,003.71	$	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 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, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.

» The Portfolio’s above-benchmark duration detracted from returns as yields rose in the first half of the year.

» An emphasis on the front-end of the U.S. yield curve contributed to returns as the curve steepened as measured by the difference between two- and 30-year yields.

» A slight overweight to mortgage-backed securities for the majority of the period detracted from returns as this sector underperformed like-duration Treasuries.

» An underweight to corporate securities detracted from returns as the sector outperformed like-duration Treasuries.

» An allocation to major non-U.S. markets moderately detracted from returns as developed countries underperformed Treasuries.

» Emerging market and high-yield bonds added to performance as strong demand for their attractive yields allowed these sectors to outperform like-duration Treasuries.

» Moderate exposure to a broad basket of currencies boosted returns as most emerging and developed market currencies appreciated relative to the U.S. dollar.

4 PIMCO Variable Insurance Trust

Financial Highlights  Total Return Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Administrative Class
Net asset value beginning of year or period	$	10.12		$	10.24		$	10.51		$	10.36		$	10.23		$	9.89
Net investment income (a)		0.24			0.44			0.35			0.19			0.25			0.41
Net realized/unrealized gain (loss) on investments (a)		(0.20	)		(0.06	)		(0.09	)		0.31			0.26			0.47
Total income from investment operations		0.04			0.38			0.26			0.50			0.51			0.88
Dividends from net investment income		(0.24	)		(0.45	)		(0.36	)		(0.20	)		(0.30	)		(0.41	)
Distributions from net realized capital gains		0.00			(0.05	)		(0.17	)		(0.15	)		(0.08	)		(0.13	)
Total distributions		(0.24	)		(0.50	)		(0.53	)		(0.35	)		(0.38	)		(0.54	)
Net asset value end of year or period	$	9.92		$	10.12		$	10.24		$	10.51		$	10.36		$	10.23
Total return		0.37	%		3.84	%		2.45	%		4.89	%		5.04	%		9.07	%
Net assets end of year or period (000s)	$	3,462,489		$	3,114,697		$	2,704,383		$	2,352,679		$	1,908,336		$	1,161,299
Ratio of expenses to average net assets		0.65	%*		0.67	%		0.65	%		0.65	%		0.65	%		0.65	%(b)
Ratio of expenses to average net assets excluding interest expense		0.65	%*		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%(b)
Ratio of net investment income to average net assets		4.74	%*		4.36	%		3.38	%		1.79	%		2.45	%		4.07	%
Portfolio turnover rate		160	%		303	%		344	%		373	%		193	%		222	%

+ 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, 2007 5

Statement of Assets and Liabilities  Total Return Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	4,398,751
Cash		2,364
Foreign currency, at value		31,870
Receivable for investments sold		140,931
Receivable for investments sold on a delayed-delivery basis		14,207
Receivable for Portfolio shares sold		12,294
Interest and dividends receivable		14,571
Variation margin receivable		4,999
Swap premiums paid		9,683
Unrealized appreciation on foreign currency contracts		6,473
Unrealized appreciation on swap agreements		8,189
		4,644,332
Liabilities:
Payable for investments purchased	$	726,520
Payable for investments purchased on a delayed-delivery basis		46,689
Payable for Portfolio shares redeemed		74,637
Payable for short sales		88,060
Written options outstanding		5,904
Dividends payable		1,806
Accrued investment advisory fee		783
Accrued administration fee		783
Accrued distribution fee		12
Accrued servicing fee		395
Variation margin payable		638
Swap premiums received		14,553
Unrealized depreciation on foreign currency contracts		580
Unrealized depreciation on swap agreements		7,150
Other liabilities		45
		968,555
Net Assets	$	3,675,777
Net Assets Consist of:
Paid in capital	$	3,791,949
Undistributed net investment income		1,072
Accumulated undistributed net realized (loss)		(49,476	)
Net unrealized (depreciation)		(67,768	)
	$	3,675,777
Net Assets:
Institutional Class	$	185,047
Administrative Class		3,462,489
Advisor Class		28,241
Shares Issued and Outstanding:
Institutional Class		18,653
Administrative Class		349,007
Advisor Class		2,847
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	9.92
Administrative Class		9.92
Advisor Class		9.92
Cost of Investments Owned	$	4,451,256
Cost of Foreign Currency Held	$	31,778
Proceeds Received on Short Sales	$	87,236
Premiums Received on Written Options	$	16,146

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Total Return Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest, net of foreign taxes*	$	92,861
Dividends		484
Miscellaneous income		64
Total Income		93,409
Expenses:
Investment advisory fees		4,312
Administration fees		4,312
Servicing fees – Administrative Class		2,447
Distribution and/or servicing fees – Advisor Class		28
Trustees’ fees		34
Legal fees		1
Total Expenses		11,134
Net Investment Income		82,275
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(6,410	)
Net realized (loss) on futures contracts, written options and swaps		(29,590	)
Net realized gain on foreign currency transactions		3,042
Net change in unrealized (depreciation) on investments		(40,500	)
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(4,370	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		5,410
Net (Loss)		(72,418	)
Net Increase in Net Assets Resulting from Operations	$	9,857
*Foreign tax withholding	$	45

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Total Return Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase in Net Assets from:
Operations:
Net investment income	$	82,275		$	132,299
Net realized gain (loss)		(32,958	)		5,631
Net change in unrealized (depreciation)		(39,460	)		(21,541	)
Net increase resulting from operations		9,857			116,389
Distributions to Shareholders:
From net investment income
Institutional Class		(4,078	)		(7,166	)
Administrative Class		(78,465	)		(127,175	)
Advisor Class		(522	)		(267	)
From net realized capital gains
Institutional Class		0			(917	)
Administrative Class		0			(16,487	)
Advisor Class		0			(95	)
Total Distributions		(83,065	)		(152,107	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		45,520			81,954
Administrative Class		674,962			843,490
Advisor Class		11,807			18,782
Issued as reinvestment of distributions
Institutional Class		4,078			8,017
Administrative Class		68,742			123,518
Advisor Class		522			362
Cost of shares redeemed
Institutional Class		(19,907	)		(73,276	)
Administrative Class		(326,621	)		(522,647	)
Advisor Class		(2,374	)		(329	)
Net increase resulting from Portfolio share transactions		456,729			479,871
Total Increase in Net Assets		383,521			444,153
Net Assets:
Beginning of period		3,292,256			2,848,103
End of period*	$	3,675,777		$	3,292,256
*Including undistributed net investment income of:	$	1,072		$	1,862

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Total Return Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.8%
CSC Holdings, Inc.
7.070% due 02/24/2013	$	2,574	$	2,576
Freeport-McMoRan Copper & Gold, Inc.
9.000% due 03/19/2014		518		519
Fresenius Medical Care Capital Trust
6.725% due 03/22/2013		4,410		4,413
6.735% due 03/22/2013		577		578
HCA, Inc.
7.100% due 11/17/2012		5,000		5,014
Kinder Morgan, Inc.
7.000% due 11/24/2013		10,000		9,981
SLM Corp.
6.000% due 06/30/2008		8,100		8,060
Total Bank Loan Obligations (Cost $31,232)				31,141
CORPORATE BONDS & NOTES 24.3%
BANKING & FINANCE 19.0%
AIG-Fp Matched Funding Corp.
5.360% due 06/16/2008		6,200		6,210
American Express Bank FSB
5.330% due 10/16/2008		8,100		8,100
5.380% due 10/20/2009		6,800		6,805
American Express Centurion Bank
5.320% due 05/07/2008		6,200		6,201
5.340% due 06/12/2009		9,100		9,104
American Express Credit Corp.
5.380% due 11/09/2009		6,700		6,706
American International Group, Inc.
5.050% due 10/01/2015		1,300		1,240
5.370% due 06/16/2009		5,400		5,422
6.250% due 03/15/2037		2,100		1,992
Bank of America Corp.
5.366% due 11/06/2009		4,000		4,000
5.450% due 09/18/2009		6,100		6,105
Bank of America N.A.
5.355% due 07/25/2008		11,200		11,207
5.360% due 12/18/2008		5,400		5,403
5.360% due 02/27/2009		5,200		5,204
6.000% due 10/15/2036		2,100		2,034
Bear Stearns Cos., Inc.
5.450% due 03/30/2009		7,100		7,105
5.450% due 08/21/2009		9,100		9,093
5.480% due 05/18/2010		12,200		12,193
5.655% due 01/30/2009		7,180		7,200
BNP Paribas
5.186% due 06/29/2049		15,600		14,569
C10 Capital SPV Ltd.
6.722% due 12/31/2049		4,300		4,198
CIT Group, Inc.
5.480% due 08/17/2009		7,100		7,076
5.505% due 01/30/2009		13,700		13,683
5.510% due 12/19/2008		2,400		2,399
Citigroup Funding, Inc.
5.320% due 04/23/2009		4,000		4,002
5.350% due 12/08/2008		2,000		2,001
5.360% due 06/26/2009		5,300		5,298
Citigroup, Inc.
5.390% due 12/28/2009		5,300		5,304
5.400% due 12/26/2008		26,880		26,903
6.125% due 08/25/2036		15,000		14,778
Credit Agricole S.A.
5.360% due 05/28/2009		5,900		5,903
5.410% due 05/28/2010		6,800		6,804

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
DBS Bank Ltd.
5.580% due 05/16/2017	$	1,000	$	1,002
DnB NORBank ASA
5.425% due 10/13/2009		5,700		5,703
Export-Import Bank of China
4.875% due 07/21/2015		900		854
Export-Import Bank of Korea
4.125% due 02/10/2009		140		137
5.450% due 06/01/2009		8,500		8,504
General Electric Capital Corp.
5.385% due 10/26/2009		12,500		12,509
5.390% due 01/05/2009		11,000		11,009
5.410% due 10/06/2010		4,600		4,604
5.428% due 01/20/2010		5,400		5,411
5.430% due 08/15/2011		14,200		14,196
5.455% due 10/21/2010		14,360		14,388
General Motors Acceptance Corp.
6.510% due 09/23/2008		3,900		3,901
GMAC LLC
6.000% due 12/15/2011		1,100		1,047
Goldman Sachs Group, Inc.
5.400% due 12/23/2008		1,600		1,601
5.410% due 03/30/2009		8,700		8,706
5.447% due 11/10/2008		7,100		7,111
5.450% due 12/22/2008		4,800		4,806
5.450% due 06/23/2009		13,070		13,086
5.455% due 07/29/2008		6,000		6,009
HBOS PLC
5.920% due 09/29/2049		1,100		1,033
HBOS Treasury Services PLC
5.397% due 07/17/2009		10,400		10,412
HSBC Bank USA N.A.
5.430% due 09/21/2007		14,500		14,504
5.500% due 06/10/2009		7,700		7,724
HSBC Finance Corp.
5.415% due 10/21/2009		4,500		4,503
5.490% due 09/15/2008		3,600		3,608
5.500% due 12/05/2008		5,900		5,915
HSBC Holdings PLC
6.500% due 05/02/2036		2,300		2,371
John Deere Capital Corp.
5.406% due 07/15/2008		6,400		6,406
JPMorgan Chase & Co.
5.370% due 06/26/2009		4,900		4,906
5.396% due 05/07/2010		9,700		9,707
JPMorgan Mortgage Acquisition Corp.
6.550% due 09/15/2066		1,200		1,159
Lehman Brothers Holdings, Inc.
5.410% due 12/23/2008		800		801
5.440% due 04/03/2009		5,300		5,307
5.460% due 08/21/2009		11,900		11,907
5.460% due 11/16/2009		15,260		15,275
5.500% due 05/25/2010		5,200		5,200
5.579% due 07/18/2011		4,800		4,811
5.607% due 11/10/2009		4,500		4,514
Longpoint Re Ltd.
10.609% due 05/08/2010		2,900		2,900
Merrill Lynch & Co., Inc.
5.390% due 12/22/2008		3,500		3,501
5.395% due 10/23/2008		7,500		7,511
5.406% due 05/08/2009		3,500		3,502
5.440% due 12/04/2009		7,300		7,304
5.450% due 08/14/2009		6,200		6,207
5.555% due 07/25/2011		8,500		8,501
MetLife, Inc.
6.400% due 12/15/2036		1,700		1,580

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Metropolitan Life Global Funding I
5.125% due 11/09/2011	$	8,200	$	8,074
5.400% due 05/17/2010		15,200		15,211
Morgan Stanley
5.360% due 11/21/2008		4,900		4,900
5.406% due 05/07/2009		8,700		8,705
5.446% due 01/15/2010		8,200		8,205
5.467% due 02/09/2009		14,600		14,624
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049		700		689
Mystic Re Ltd.
15.360% due 06/07/2011		3,000		3,007
National Australia Bank Ltd.
5.400% due 09/11/2009		5,300		5,308
Osiris Capital PLC
10.356% due 01/15/2010		3,100		3,130
Petroleum Export Ltd.
5.265% due 06/15/2011		829		809
Phoenix Quake Ltd.
7.800% due 07/03/2008		800		805
Phoenix Quake Wind I Ltd.
7.800% due 07/03/2008		800		803
Phoenix Quake Wind II Ltd.
8.850% due 07/03/2008		400		380
Premium Asset Trust
5.735% due 09/08/2007		100		100
Residential Capital LLC
6.460% due 05/22/2009		7,900		7,867
Residential Reinsurance 2007 Ltd.
15.610% due 06/07/2010		1,500		1,501
Resona Bank Ltd.
5.850% due 09/29/2049		1,200		1,149
Royal Bank of Scotland Group PLC
5.405% due 07/21/2008		11,400		11,410
Santander U.S. Debt S.A. Unipersonal
5.420% due 09/19/2008		6,900		6,907
5.420% due 11/20/2009		10,900		10,908
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049		4,100		3,965
State Street Capital Trust IV
6.355% due 06/15/2037		1,000		1,007
TNK-BP Finance S.A.
6.125% due 03/20/2012		1,200		1,175
UFJ Finance Aruba AEC
6.750% due 07/15/2013		300		317
USB Capital IX
6.189% due 04/15/2049		900		907
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008		6,000		6,014
Wachovia Bank N.A.
5.320% due 10/03/2008		8,800		8,803
5.350% due 06/27/2008		6,300		6,302
5.400% due 03/23/2009		7,100		7,104
Wachovia Corp.
5.410% due 12/01/2009		4,400		4,405
Wells Fargo & Co.
5.460% due 09/15/2009		6,715		6,733
Westpac Banking Corp.
5.280% due 06/06/2008		4,000		4,001
World Savings Bank FSB
5.485% due 03/02/2009		7,900		7,924

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Total Return Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ZFS Finance USA Trust I
5.875% due 05/09/2032	$	4,400	$	4,350
				697,394
INDUSTRIALS 3.5%
Amgen, Inc.
5.440% due 11/28/2008		14,000		14,008
Anadarko Petroleum Corp.
5.760% due 09/15/2009		10,000		10,014
BP AMI Leasing, Inc.
5.370% due 06/26/2009		13,600		13,605
CODELCO, Inc.
6.150% due 10/24/2036		700		696
Comcast Corp.
5.656% due 07/14/2009		7,700		7,704
5.875% due 02/15/2018		1,700		1,650
6.450% due 03/15/2037		1,700		1,644
DaimlerChrysler N.A. Holding Corp.
5.710% due 03/13/2009		2,900		2,907
5.805% due 08/03/2009		6,300		6,336
El Paso Corp.
6.750% due 05/15/2009		6,000		6,082
7.800% due 08/01/2031		1,300		1,323
7.875% due 06/15/2012		5,800		6,092
9.625% due 05/15/2012		800		895
Gaz Capital for Gazprom
6.212% due 11/22/2016		1,200		1,172
HJ Heinz Co.
6.428% due 12/01/2008		1,100		1,111
Morgan Stanley Bank AG for OAO Gazprom
9.625% due 03/01/2013		100		116
Peabody Energy Corp.
7.875% due 11/01/2026		2,700		2,808
Pemex Project Funding Master Trust
5.750% due 12/15/2015		2,300		2,259
8.000% due 11/15/2011		100		109
8.625% due 02/01/2022		1,200		1,482
9.500% due 09/15/2027		55		74
Salomon Brothers AG for OAO Gazprom
10.500% due 10/21/2009		6,000		6,622
Time Warner, Inc.
5.590% due 11/13/2009		6,600		6,610
Transocean, Inc.
5.560% due 09/05/2008		6,200		6,206
United Airlines, Inc.
6.071% due 03/01/2013		3,313		3,332
8.030% due 01/01/2013 (a)		465		519
Vale Overseas Ltd.
6.250% due 01/23/2017		1,300		1,296
6.875% due 11/21/2036		1,300		1,310
Wal-Mart Stores, Inc.
5.260% due 06/16/2008		14,200		14,198
Williams Cos., Inc.
6.375% due 10/01/2010		7,000		7,052
				129,232
UTILITIES 1.8%
AT&T, Inc.
5.456% due 02/05/2010		3,600		3,606
5.570% due 11/14/2008		4,200		4,214
BellSouth Corp.
4.240% due 04/26/2008		5,500		5,452
5.460% due 08/15/2008		10,200		10,211

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Entergy Gulf States, Inc.
5.700% due 06/01/2015	$	8,300	$	7,966
6.000% due 12/01/2012		6,500		6,454
Korea Electric Power Corp.
5.125% due 04/23/2034		90		87
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		657		657
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.838% due 09/30/2027		2,600		2,419
TPSA Finance BV
7.750% due 12/10/2008		120		124
TXU Energy Co. LLC
5.860% due 09/16/2008		12,200		12,208
Verizon Communications, Inc.
5.400% due 04/03/2009		14,500		14,510
				67,908
Total Corporate Bonds & Notes (Cost $894,530)				894,534
MUNICIPAL BONDS & NOTES 0.1%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2017		3,700		3,967
Iowa State Tobacco Settlement Authority Revenue Bonds, Series 2005
6.500% due 06/01/2023		1,150		1,136
Total Municipal Bonds & Notes (Cost $4,816)				5,103
COMMODITY INDEX-LINKED NOTES 0.3%
Morgan Stanley
0.000% due 07/07/2008		10,000		9,943
Total Commodity Index-Linked Notes (Cost $10,000)				9,943
U.S. GOVERNMENT AGENCIES 51.0%
Fannie Mae
4.000% due 10/01/2018		414		385
4.500% due 02/01/2035 - 06/25/2043		12,566		12,373
4.673% due 05/25/2035		1,300		1,283
4.709% due 04/01/2035		2,817		2,800
4.759% due 04/01/2035		4,039		4,015
5.000% due 02/25/2017 - 07/01/2037		316,751		299,211
5.380% due 12/25/2036		3,799		3,794
5.500% due 04/01/2014 - 08/01/2037		906,903		877,528
5.647% due 10/01/2032		1,588		1,601
5.648% due 11/01/2035		307		309
5.670% due 03/25/2044		6,205		6,211
6.000% due 04/01/2016 - 07/01/2037		343,211		339,644
6.129% due 09/01/2034		2,519		2,553
6.227% due 06/01/2043 - 07/01/2044		7,760		7,867
6.272% due 12/01/2036		2,514		2,539
6.414% due 09/01/2040		61		62
6.500% due 06/01/2029 - 04/01/2032		362		369
7.000% due 04/25/2023 - 06/01/2032		3,464		3,546
7.130% due 09/01/2039		106		107
7.269% due 11/01/2025		2		2
Federal Housing Administration
7.430% due 01/25/2023		52		53

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Freddie Mac
4.500% due 04/01/2018 - 10/01/2018	$	2,330	$	2,221
5.000% due 04/01/2018 - 09/01/2035		17,324		16,925
5.470% due 07/15/2019 - 10/15/2020		134,500		134,383
5.500% due 04/01/2033 - 07/01/2037		66,903		64,536
5.550% due 07/15/2037		46,700		46,696
5.620% due 05/15/2036		5,068		5,086
5.770% due 11/15/2030		31		31
5.820% due 09/15/2030		29		30
6.000% due 07/01/2016 - 07/01/2037		20,131		19,992
6.227% due 02/25/2045		875		872
6.500% due 03/01/2013 - 03/01/2034		947		965
7.000% due 06/15/2023		1,869		1,922
7.188% due 07/01/2030		2		2
7.290% due 07/01/2027		2		2
7.412% due 01/01/2028		2		2
7.500% due 07/15/2030 - 03/01/2032		268		278
8.500% due 08/01/2024		15		16
Ginnie Mae
4.500% due 07/20/2030		13		14
4.750% due 02/20/2032		805		807
5.125% due 10/20/2029 - 11/20/2029		272		276
5.375% due 04/20/2026 - 05/20/2030		116		117
5.500% due 04/15/2033 - 09/15/2033		555		540
5.720% due 06/20/2030		1		1
5.820% due 09/20/2030		25		25
6.000% due 07/01/2037		4,000		3,979
6.500% due 03/15/2031 - 04/15/2032		255		260
Small Business Administration
5.130% due 09/01/2023		77		76
6.030% due 02/10/2012		5,089		5,129
6.290% due 01/01/2021		199		204
6.344% due 08/01/2011		650		658
7.449% due 08/01/2010		8		8
7.500% due 04/01/2017		1,025		1,059
8.017% due 02/10/2010		75		77
Total U.S. Government Agencies (Cost $1,913,856)				1,873,441
U.S. TREASURY OBLIGATIONS 0.4%
Treasury Inflation Protected Securities (c)
2.000% due 01/15/2026		7,163		6,490
2.375% due 01/15/2025		7,236		6,959
3.625% due 04/15/2028		1,533		1,777
Total U.S. Treasury Obligations (Cost $16,092)				15,226
MORTGAGE-BACKED SECURITIES 5.9%
American Home Mortgage Investment Trust
4.390% due 02/25/2045		3,537		3,464
Banc of America Commercial Mortgage, Inc.
4.128% due 07/10/2042		395		385
4.875% due 06/10/2039		590		582
Banc of America Funding Corp.
4.113% due 05/25/2035		4,996		4,893
Banc of America Mortgage Securities, Inc.
6.500% due 10/25/2031		1,316		1,331
6.500% due 09/25/2033		507		508

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bear Stearns Adjustable Rate Mortgage Trust
4.750% due 10/25/2035	$	18,398	$	18,195
4.773% due 01/25/2034		2,930		2,916
5.044% due 04/25/2033		1,332		1,331
5.329% due 02/25/2033		350		355
5.626% due 02/25/2033		292		290
6.337% due 11/25/2030		9		9
Bear Stearns Alt-A Trust
5.377% due 05/25/2035		6,929		6,900
Citigroup Commercial Mortgage Trust
5.390% due 08/15/2021		3,703		3,708
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		1,783		1,752
Commercial Mortgage Pass-Through Certificates
6.455% due 05/15/2032		6,562		6,608
Countrywide Alternative Loan Trust
4.673% due 08/25/2034		142		141
5.500% due 05/25/2047		5,426		5,441
Countrywide Home Loan Mortgage Pass-Through Trust
5.250% due 02/20/2036		2,050		2,037
5.590% due 05/25/2034		415		415
CS First Boston Mortgage Securities Corp.
6.890% due 06/25/2032		44		44
First Nationwide Trust
6.750% due 08/21/2031		38		38
Greenpoint Mortgage Funding Trust
5.400% due 10/25/2046		6,949		6,955
5.400% due 01/25/2047		6,845		6,849
Greenwich Capital Commercial Funding Corp.
5.317% due 06/10/2036		915		895
GS Mortgage Securities Corp. II
5.396% due 08/10/2038		905		886
5.410% due 03/06/2020		23,300		23,326
GSR Mortgage Loan Trust
4.538% due 09/25/2035		21,739		21,427
Harborview Mortgage Loan Trust
5.410% due 01/19/2038		10,742		10,757
5.510% due 01/19/2038		13,936		13,960
5.540% due 05/19/2035		1,497		1,499
Impac Secured Assets CMN Owner Trust
5.400% due 01/25/2037		4,597		4,601
Indymac ARM Trust
6.633% due 01/25/2032		7		7
Indymac Index Mortgage Loan Trust
5.410% due 11/25/2046		4,816		4,819
Lehman Brothers Floating Rate Commercial Mortgage Trust
5.400% due 09/15/2021		1,564		1,565
Merrill Lynch Mortgage Trust
4.353% due 02/12/2042		515		505
Morgan Stanley Capital I
4.050% due 01/13/2041		530		515
5.380% due 10/15/2020		3,999		4,005
Prime Mortgage Trust
5.720% due 02/25/2019		242		243
5.720% due 02/25/2034		1,113		1,116
Residential Funding Mortgage Securities I, Inc.
6.500% due 03/25/2032		1,215		1,215
Structured Asset Mortgage Investments, Inc.
5.650% due 09/19/2032		190		190
Structured Asset Securities Corp.
6.063% due 02/25/2032		24		24
6.150% due 07/25/2032		30		30

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Thornburg Mortgage Securities Trust
5.430% due 12/25/2036	$	5,791	$	5,791
Wachovia Bank Commercial Mortgage Trust
5.400% due 06/15/2020		10,800		10,803
5.410% due 09/15/2021		19,057		19,067
Washington Mutual, Inc.
5.094% due 10/25/2032		283		282
5.610% due 10/25/2045		1,633		1,637
6.229% due 11/25/2042		1,259		1,260
6.429% due 08/25/2042		3,106		3,117
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036		8,237		8,127
Total Mortgage-Backed Securities (Cost $217,544)				216,816
ASSET-BACKED SECURITIES 7.8%
ACE Securities Corp.
5.370% due 12/25/2036		2,407		2,409
American Express Credit Account Master Trust
5.430% due 09/15/2010		35,400		35,451
Amortizing Residential Collateral Trust
5.590% due 06/25/2032		353		353
Argent Securities, Inc.
5.370% due 09/25/2036		2,645		2,646
Asset-Backed Funding Certificates
5.380% due 11/25/2036		6,333		6,337
5.380% due 01/25/2037		4,974		4,977
Bear Stearns Asset-Backed Securities, Inc.
5.400% due 10/25/2036		2,881		2,883
5.410% due 06/25/2047		4,699		4,702
Carrington Mortgage Loan Trust
5.470% due 09/25/2035		631		632
Chase Credit Card Master Trust
5.430% due 02/15/2011		9,900		9,921
CitiFinancial Mortgage Securities, Inc.
3.221% due 10/25/2033		4		4
Countrywide Asset-Backed Certificates
5.370% due 01/25/2037		7,522		7,525
5.370% due 05/25/2037		8,717		8,726
5.370% due 12/25/2046		2,594		2,595
Credit-Based Asset Servicing & Securitization LLC
5.380% due 11/25/2036		4,728		4,731
DaimlerChrysler Auto Trust
5.250% due 05/08/2009		7,360		7,363
EMC Mortgage Loan Trust
5.690% due 05/25/2040		686		688
First Franklin Mortgage Loan Asset-Backed Certificates
5.370% due 11/25/2036		8,596		8,601
First USA Credit Card Master Trust
5.480% due 04/18/2011		16,500		16,544
Fremont Home Loan Trust
5.380% due 01/25/2037		4,635		4,634
5.390% due 02/25/2037		3,480		3,482
Honda Auto Receivables Owner Trust
5.322% due 03/18/2008		8,877		8,886
HSI Asset Securitization Corp. Trust
5.370% due 12/25/2036		3,457		3,459
Indymac Residential Asset-Backed Trust
5.380% due 04/25/2037		4,263		4,264
JPMorgan Mortgage Acquisition Corp.
5.370% due 08/25/2036		2,735		2,737
5.380% due 04/01/2037		8,099		8,095

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lehman XS Trust
5.390% due 05/25/2046	$	2,418	$	2,419
Long Beach Mortgage Loan Trust
5.600% due 10/25/2034		619		620
MASTR Asset-Backed Securities Trust
5.380% due 11/25/2036		6,269		6,273
Merrill Lynch Mortgage Investors, Inc.
5.390% due 08/25/2036		9,238		9,239
Morgan Stanley ABS Capital I
5.360% due 10/25/2036		2,947		2,948
5.370% due 10/25/2036		2,685		2,686
Nelnet Student Loan Trust
5.340% due 09/25/2012		4,156		4,159
5.420% due 12/22/2016		8,200		8,206
Newcastle Mortgage Securities Trust
5.390% due 03/25/2036		4,873		4,875
Nissan Auto Lease Trust
5.347% due 12/14/2007		105		105
Park Place Securities, Inc.
5.632% due 10/25/2034		4,699		4,711
Residential Asset Mortgage Products, Inc.
4.230% due 05/25/2029		14		14
4.450% due 07/25/2028		331		329
Residential Asset Securities Corp.
5.360% due 08/25/2036		3,066		3,068
5.390% due 11/25/2036		6,745		6,750
Saxon Asset Securities Trust
5.380% due 11/25/2036		3,198		3,199
SBI HELOC Trust
5.490% due 08/25/2036		4,255		4,259
Securitized Asset-Backed Receivables LLC Trust
5.440% due 05/25/2037		9,300		9,300
SLM Student Loan Trust
5.355% due 10/25/2016		9,300		9,306
Soundview Home Equity Loan Trust
5.420% due 10/25/2036		8,430		8,436
Structured Asset Securities Corp.
4.370% due 10/25/2034		250		249
5.370% due 10/25/2036		7,391		7,394
5.420% due 07/25/2035		802		803
5.610% due 01/25/2033		73		73
USAA Auto Owner Trust
5.337% due 07/11/2008		6,700		6,701
Wachovia Auto Owner Trust
5.337% due 06/20/2008		7,600		7,601
Wells Fargo Home Equity Trust
5.370% due 01/25/2037		4,446		4,449
5.440% due 12/25/2035		5,901		5,904
Total Asset-Backed Securities (Cost $286,598)				286,721
SOVEREIGN ISSUES 0.7%
China Development Bank
5.000% due 10/15/2015		900		861
Korea Development Bank
5.490% due 04/03/2010		25,000		25,022
South Africa Government International Bond
5.875% due 05/30/2022		500		490
Total Sovereign Issues (Cost $26,392)				26,373

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  Total Return Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN CURRENCY-DENOMINATED ISSUES 0.1%
Brazilian Government International Bond
10.250% due 01/10/2028	BRL	4,400	$	2,543
Total Foreign Currency-Denominated Issues (Cost $2,505)				2,543
		SHARES
PREFERRED STOCKS 0.4%
DG Funding Trust
7.600% due 12/31/2049		1,239		12,909
Total Preferred Stocks (Cost $13,056)				12,909
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 27.7%
CERTIFICATES OF DEPOSIT 6.1%
Abbey National Treasury Services PLC
5.270% due 07/02/2008	$	13,600		13,606
Barclays Bank PLC
5.281% due 03/17/2008		28,400		28,404
BNP Paribas
5.262% due 07/03/2008		13,100		13,097
5.262% due 05/28/2008		5,200		5,202
Calyon Financial, Inc.
5.340% due 01/16/2009		9,900		9,902
Dexia S.A.
5.270% due 09/29/2008		34,500		34,510
Fortis Bank NY
5.265% due 04/28/2008		14,100		14,107
5.265% due 06/30/2008		5,100		5,102
Nordea Bank Finland PLC
5.267% due 03/31/2008		4,800		4,801
5.308% due 05/28/2008		5,000		5,003
5.308% due 04/09/2009		14,300		14,308
Royal Bank of Canada
5.267% due 06/30/2008		17,100		17,115
Royal Bank of Scotland Group PLC
5.262% due 07/03/2008		12,600		12,600
5.265% due 03/26/2008		10,300		10,299

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Skandinav Enskilda BK
5.340% due 08/21/2008	$	14,500	$	14,506
5.350% due 02/13/2009		8,300		8,306
Societe Generale NY
5.268% due 03/28/2008		4,200		4,203
5.269% due 06/30/2008		1,100		1,101
5.270% due 03/26/2008		8,100		8,100
				224,272
COMMERCIAL PAPER 20.6%
Bank of America Corp.
5.215% due 10/04/2007		37,900		37,414
5.220% due 10/04/2007		38,600		38,583
5.250% due 10/04/2007		2,400		2,367
Bank of Ireland
5.225% due 11/08/2007		3,600		3,583
Cox Communications, Inc.
5.619% due 09/17/2007		3,500		3,500
Danske Corp.
5.205% due 10/12/2007		11,800		11,673
Freddie Mac
4.800% due 07/02/2007		113,200		113,200
HBOS Treasury Services PLC
5.230% due 11/13/2007		6,500		6,471
Natixis S.A.
5.240% due 09/21/2007		1,300		1,295
Rabobank USA Financial Corp.
5.330% due 07/26/2007		102,500		102,500
San Paolo IMI U.S. Financial Co.
5.230% due 08/08/2007		16,400		16,326
Societe Generale NY
5.180% due 11/26/2007		700		685
5.210% due 11/26/2007		1,800		1,781
5.226% due 11/26/2007		67,700		67,356
5.245% due 11/26/2007		24,500		24,204
5.246% due 11/26/2007		4,700		4,644
5.250% due 11/26/2007		500		493
Svenska Handelsbanken, Inc.
5.203% due 10/09/2007		29,300		29,088
UBS Finance Delaware LLC
5.145% due 10/23/2007		1,700		1,693
5.200% due 10/23/2007		94,000		93,579

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.205% due 10/23/2007	$	3,900	$	3,890
5.215% due 10/23/2007		900		890
5.230% due 10/23/2007		7,600		7,559
5.235% due 10/23/2007		4,400		4,356
5.245% due 10/23/2007		700		692
Unicredito Italiano SpA
5.185% due 01/22/2008		73,600		71,993
Westpac Banking Corp.
5.165% due 11/05/2007		44,300		43,472
5.230% due 11/05/2007		2,800		2,788
5.240% due 11/05/2007		1,200		1,186
Westpac Trust Securities NZ Ltd.
5.240% due 10/19/2007		60,400		59,960
				757,221
TRI-PARTY REPURCHASE AGREEMENTS 0.2%
State Street Bank and Trust Co.
4.900% due 07/02/2007		7,112		7,112
(Dated 06/29/2007. Collateralized by Freddie Mac 5.400% due 06/15/2010 valued at $7,259. Repurchase proceeds are $7,115.)
U.S. TREASURY BILLS 0.8%
4.621% due 08/30/2007 - 09/13/2007 (b)(d)(f)		29,860		29,543
Total Short-Term Instruments (Cost $1,018,160)				1,018,148
PURCHASED OPTIONS (h) 0.2%
(Cost $16,475)				5,853
Total Investments (e) 119.7% (Cost $4,451,256)			$	4,398,751
Written Options (i) (0.2%) (Premiums $16,146)				(5,904	)
Other Assets and Liabilities (Net) (19.5%)				(717,070	)
Net Assets 100.0%			$	3,675,777

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) Coupon represents a weighted average rate.

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

(d) Securities with an aggregate market value of $7,178 have been pledged as collateral for swap and swaption contracts on June 30, 2007.

(e) As of June 30, 2007, portfolio securities with an aggregate value of $205,868 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(f) Securities with an aggregate market value of $20,629 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Euribor December Futures	Long	12/2007	444	$	(632	)
90-Day Euribor December Futures	Long	12/2008	174		(390	)
90-Day Euribor June Futures	Long	06/2008	459		(981	)
90-Day Euribor March Futures	Long	03/2008	209		(414	)
90-Day Euribor September Futures	Long	09/2008	451		(407	)
90-Day Eurodollar December Futures	Long	12/2007	4,365		(4,972	)
90-Day Eurodollar December Futures	Long	12/2008	2,346		(1,336	)
90-Day Eurodollar June Futures	Long	06/2008	8,706		(9,100	)
90-Day Eurodollar March Futures	Long	03/2008	9,007		(9,295	)
90-Day Eurodollar March Futures	Long	03/2009	214		(313	)
90-Day Eurodollar September Futures	Long	09/2008	1,885		(925	)
90-Day Euroyen December Futures	Long	12/2007	604		(68	)
Euro-Bund 10-Year Note September Futures	Short	09/2007	75		(53	)
U.S. Treasury 10-Year Note September Futures	Short	09/2007	13		(11	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2007	221		(250	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2007	430		(967	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	36		(61	)
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	362		(640	)
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2008	422		(772	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2007	243		(520	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	115		(301	)
				$	(32,408	)

(g) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bank of America	Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016	$	10,000	$	87
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.320%		09/20/2007		2,100		10
Credit Suisse First Boston	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	0.950%		12/20/2007		2,300		(2	)
Credit Suisse First Boston	Panama Government International Bond 8.875% due 09/30/2027	Sell	1.200%		02/20/2017		400		7
Deutsche Bank AG	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		5,300		24
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.	Anadarko Petroleum Corp. 6.125% due 03/15/2012	Sell	0.150%		03/20/2008		2,500		0
Goldman Sachs & Co.	Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016		44,000		336
Goldman Sachs & Co.	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		25,600		151
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700%		04/20/2009		1,600		6
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.520%		05/20/2009		4,000		(1	)
JPMorgan Chase & Co.	American International Group, Inc. 0.000% convertible until 11/09/2031	Sell	0.050%		12/20/2007		17,200		1
JPMorgan Chase & Co.	Panama Government International Bond 8.875% due 09/30/2027	Sell	0.730%		01/20/2012		1,000		6
JPMorgan Chase & Co.	Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.920%		03/20/2016		1,200		41
JPMorgan Chase & Co.	Panama Government International Bond 8.875% due 09/30/2027	Sell	1.250%		01/20/2017		1,200		27
Lehman Brothers, Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	0.950%		12/20/2007		4,200		(3	)
Lehman Brothers, Inc.	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%		12/20/2008		2,200		1
Lehman Brothers, Inc.	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700%		12/20/2008		5,000		14
Lehman Brothers, Inc.	Multiple Reference Entities of Gazprom	Sell	1.430%		07/20/2011		600		24
Lehman Brothers, Inc.	Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.920%		03/20/2016		3,100		105
Lehman Brothers, Inc.	Panama Government International Bond 8.875% due 09/30/2027	Sell	1.170%		04/20/2017		3,000		40
Morgan Stanley	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.245%		06/20/2008		1,300		0
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.390%		12/20/2008		3,000		1
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%		12/20/2008		11,000		3
								$	898

⁽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.

See Accompanying Notes Semiannual Report June 30, 2007 13

Schedule of Investments  Total Return Portfolio (Cont.)

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	7.000%	12/15/2009	AUD	9,300	$	(5	)
Barclays Bank PLC	BRL-CDI-Compounded	Pay	11.360%	01/04/2010	BRL	16,700		97
Goldman Sachs & Co.	BRL-CDI-Compounded	Pay	11.465%	01/04/2010		4,300		30
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	11.430%	01/04/2010		11,000		73
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	12.948%	01/04/2010		5,900		120
Morgan Stanley	BRL-CDI-Compounded	Pay	12.780%	01/04/2010		14,200		263
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.103%	10/15/2010	EUR	1,400		19
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	04/05/2012		1,200		(13	)
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010		10,200		128
Deutsche Bank AG	6-Month EUR-LIBOR	Pay	5.000%	12/19/2009		26,700		(9	)
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		18,700		377
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	5.000%	12/19/2017		6,300		(33	)
Goldman Sachs & Co.	6-Month EUR-LIBOR	Pay	4.000%	03/20/2009		9,600		(69	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	03/30/2012		2,400		(21	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		8,400		(77	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.958%	04/10/2012		9,300		(98	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.955%	03/28/2012		1,800		(17	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.950%	03/30/2012		1,500		(15	)
UBS Warburg LLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.146%	10/15/2010		1,900		31
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	12/20/2008	GBP	24,100		(236	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009		13,600		(196	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		14,400		(259	)
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		2,900		268
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2036		3,200		774
Credit Suisse First Boston	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		2,800		(66	)
Deutsche Bank AG	6-Month GBP-LIBOR	Pay	6.000%	12/20/2008		14,400		(146	)
Goldman Sachs & Co.	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		28,500		(697	)
Goldman Sachs & Co.	6-Month GBP-LIBOR	Pay	6.000%	06/19/2009		74,700		(235	)
Goldman Sachs & Co.	6-Month GBP-LIBOR	Receive	5.500%	12/15/2036		5,000		287
HSBC Bank USA	6-Month GBP-LIBOR	Pay	4.500%	12/20/2007		53,900		(531	)
HSBC Bank USA	6-Month GBP-LIBOR	Receive	4.000%	12/15/2036		5,500		1,145
Lehman Brothers, Inc.	6-Month GBP-LIBOR	Pay	4.500%	09/20/2009		17,500		(1,164	)
Merrill Lynch & Co., Inc.	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		2,200		208
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009		12,700		(187	)
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Pay	6.000%	06/19/2009		21,200		(80	)
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2036		10,000		2,182
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Receive	5.500%	12/15/2036		1,400		69
Barclays Bank PLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	1,270,000		(28	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		9,500,000		(49	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		2,050,000		(30	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/19/2008		22,300,000		(64	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		700,000		(3	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		18,200,000		(298	)
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016	MXN	12,100		7
Goldman Sachs & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	7.780%	04/03/2012		46,500		(38	)
Bank of America	3-Month USD-LIBOR	Pay	5.000%	12/19/2009	$	66,300		6
Bank of America	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		118,400		(129	)
Bank of America	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		17,200		160
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		64,200		(71	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2008		230,400		(498	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		730,900		551
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		77,400		(378	)
Goldman Sachs & Co.	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		200		0
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	06/20/2009		81,500		(641	)
Morgan Stanley	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		15,400		(100	)
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		2,500		41
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2008		230,400		(529	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	06/20/2009		68,700		(134	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		27,900		449
							$	141

(h) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Put - CME 90-Day Eurodollar September Futures	$	90.750	09/17/2007	400	$	4	$	0
Put - CME 90-Day Eurodollar September Futures		91.000	09/17/2007	1,774		17		0
					$	21	$	0

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Barclays Bank PLC	6-Month EUR-LIBOR	Pay	3.960%	07/02/2007	EUR	26,000	$	120	$	0
Call - OTC 2-Year Interest Rate Swap	Deutsche Bank AG	6-Month EUR-LIBOR	Pay	3.960%	07/02/2007		84,000		480		0
Call - OTC 2-Year Interest Rate Swap	Deutsche Bank AG	6-Month EUR-LIBOR	Pay	4.100%	07/02/2007		58,000		323		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	6-Month EUR-LIBOR	Pay	3.960%	07/02/2007		56,000		271		0
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.800%	08/08/2007	$	76,000		309		1
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.900%	08/08/2007		39,000		172		1
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		261,000		1,258		513
Call - OTC 2-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.250%	08/08/2007		72,000		67		60
Call - OTC 1-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Pay	4.750%	02/01/2008		100,000		287		30
Call - OTC 1-Year Interest Rate Swap	Goldman Sachs & Co.	3-Month USD-LIBOR	Pay	4.700%	08/08/2007		89,000		199		0
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		236,900		1,254		293
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		349,600		1,237		688
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	07/02/2007		66,000		273		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.850%	07/02/2007		150,000		390		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.250%	07/02/2007		316,400		1,671		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.900%	08/08/2007		144,000		326		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	08/08/2007		240,000		306		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.900%	10/25/2007		109,000		439		53
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		222,600		1,104		357
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		386,900		2,276		478
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		94,900		377		187
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	12/15/2008		380,900		1,304		864
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/15/2008		201,000		573		680
								$	15,016	$	4,205

Foreign Currency Options

Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC U.S. dollar versus Japanese yen	JPY	103.800	03/17/2010	$	3,000	$	131	$	231
Put - OTC U.S. dollar versus Japanese yen		103.800	03/17/2010		3,000		131		74
Call - OTC U.S. dollar versus Japanese yen		104.650	03/31/2010		2,000		91		143
Put - OTC U.S. dollar versus Japanese yen		104.650	03/31/2010		2,000		78		54
Call - OTC U.S. dollar versus Japanese yen		105.200	03/31/2010		3,000		126		204
Put - OTC U.S. dollar versus Japanese yen		105.200	03/31/2010		3,000		126		84
Call - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		9,000		378		602
Put - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		9,000		377		256
						$	1,438	$	1,648

(i) Written options outstanding on June 30, 2007:

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	08/24/2007	1,025	$	330	$	625
Call - CBOT U.S. Treasury 10-Year Note September Futures		107.000	08/24/2007	553		173		147
Call - CBOT U.S. Treasury 10-Year Note September Futures		108.000	08/24/2007	133		27		14
Call - CBOT U.S. Treasury 10-Year Note September Futures		109.000	08/24/2007	187		22		9
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/24/2007	248		134		27
Put - CBOT U.S. Treasury 10-Year Note September Futures		104.000	08/24/2007	777		301		170
Put - CBOT U.S. Treasury 10-Year Note September Futures		105.000	08/24/2007	876		305		411
					$	1,292	$	1,403

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	Barclays Bank PLC	6-Month EUR-LIBOR	Receive	4.100%	07/02/2007	EUR	10,000	$	120	$	0
Call - OTC 5-Year Interest Rate Swap	Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.100%	07/02/2007		36,000		493		0
Call - OTC 5-Year Interest Rate Swap	Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.230%	07/02/2007		25,000		322		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	6-Month EUR-LIBOR	Receive	4.100%	07/02/2007		24,000		271		0
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	4.900%	08/08/2007	$	33,000		290		2
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		112,900		1,265		569
Call - OTC 10-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Receive	5.570%	08/08/2007		18,000		70		80
Call - OTC 5-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Receive	4.900%	02/01/2008		22,000		274		46
Call - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.	3-Month USD-LIBOR	Receive	4.850%	08/08/2007		15,000		204		0
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		102,000		1,202		312
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		152,000		1,259		765
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	07/02/2007		34,000		367		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	07/02/2007		28,400		297		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.370%	07/02/2007		138,000		1,680		0

See Accompanying Notes Semiannual Report June 30, 2007 15

Schedule of Investments  Total Return Portfolio (Cont.) June 30, 2007 (Unaudited)

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	08/08/2007	$	24,000	$	278	$	1
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	08/08/2007		46,000		307		3
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	08/08/2007		13,000		148		1
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.010%	10/25/2007		47,000		433		63
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		97,000		1,164		347
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		106,500		1,417		325
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	03/31/2008		62,000		763		212
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		41,100		371		207
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/15/2008		128,100		1,298		910
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.200%	12/15/2008		67,000		561		658
								$	14,854	$	4,501

(j) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
U.S. Treasury Notes	4.500%	05/15/2017	$	79,600	$	76,247	$	76,909
U.S. Treasury Notes	4.625%	02/15/2017		11,300		10,989		11,151
					$	87,236	$	88,060

⁽²⁾ Market value includes $771 of interest payable on short sales.

(k) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AUD	13,512	07/2007	$	82	$	0		$	82
Sell		152	07/2007		0		(2	)		(2	)
Buy	BRL	134,709	10/2007		2,711		0			2,711
Buy		72,223	03/2008		2,203		0			2,203
Buy	CAD	8,794	08/2007		37		0			37
Buy	CLP	709,183	03/2008		0		(4	)		(4	)
Buy	CNY	3,842	09/2007		10		0			10
Sell		3,842	09/2007		0		(1	)		(1	)
Buy		49,610	11/2007		51		0			51
Sell		49,610	11/2007		5		(12	)		(7	)
Buy		23,778	01/2008		0		(21	)		(21	)
Sell		23,778	01/2008		1		(3	)		(2	)
Buy	EUR	8,967	07/2007		117		0			117
Sell	GBP	6,996	08/2007		0		(74	)		(74	)
Buy	IDR	24,255,000	05/2008		0		(114	)		(114	)
Buy	INR	187,331	10/2007		20		(1	)		19
Buy		1,010	11/2007		0		0			0
Buy		122,664	05/2008		50		0			50
Sell	JPY	1,031,294	07/2007		121		0			121
Buy	KRW	6,070,349	07/2007		44		0			44
Sell		668,852	07/2007		0		(3	)		(3	)
Buy		1,157,326	08/2007		0		(1	)		(1	)
Buy		6,709,511	09/2007		18		0			18
Buy	MXN	41,747	09/2007		54		0			54
Buy		153,994	03/2008		126		(2	)		124
Buy	MYR	28,483	05/2008		0		(123	)		(123	)
Buy	NZD	1,690	07/2007		32		0			32
Buy	PHP	391,443	05/2008		0		(108	)		(108	)
Buy	PLN	34,725	09/2007		221		(2	)		219
Buy		6,468	03/2008		29		0			29
Buy	RUB	100,792	09/2007		51		0			51
Buy		90,414	11/2007		90		0			90
Buy		235,816	12/2007		209		0			209
Buy		381,762	01/2008		66		0			66
Buy	SEK	15,753	09/2007		28		0			28
Buy	SGD	21,054	07/2007		0		(88	)		(88	)
Buy		6,884	08/2007		25		(13	)		12
Buy		860	09/2007		0		(2	)		(2	)
Buy		23,617	10/2007		69		(6	)		63
Buy	ZAR	964	09/2007		3		0			3
Buy		148	03/2008		0		0			0
				$	6,473	$	(580	)	$	5,893

16 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2007 (Unaudited)

1.  ORGANIZATION

The Total Return Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	MYR	Malaysian Ringgit
CLP	Chilean Peso	NZD	New Zealand Dollar
CNY	Chinese Yuan Renminbi	PHP	Philippines Peso
EUR	Euro	PLN	Polish Zloty
GBP	Great British Pound	RUB	Russian Ruble
IDR	Indonesian Rupiah	SEK	Swedish Krona
INR	Indian Rupee	SGD	Singapore Dollar
JPY	Japanese Yen	ZAR	South African Rand

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency

contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(j) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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.

18 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

The Portfolio pays a premium which is included on the 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.

(k) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(l) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters

acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(m) 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 on 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.

(n) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

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 credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(o) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

(p) Bridge Debt Commitments  At the period ended June 30, 2007, the Portfolio had $8,059,500 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.

(q) Commodities Index-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 notes 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 on the accompanying financial statements. Net payments are recorded as net realized gains and 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, 2007, the value of these securities comprised 0.3% of the Portfolio’s net assets and resulted in unrealized depreciation of $56,678.

(r) 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-related 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.

(s) 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” or “Ginnie Mae”), 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.

20 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

(t) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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

Semiannual Report June 30, 2007 21

Notes to Financial Statements (Cont.)

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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	5,028,312	$	4,878,535	$	652,891	$	120,358

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Notional Amount in EUR	Notional Amount in GBP			Premium
Balance at 12/31/2006	2,036		$	942,800		EUR  95,000	GBP	11,000		$	11,691
Sales	7,169			991,600		0		0			12,533
Closing Buys	(960	)		(647,400	)	0		(11,000	)		(6,704	)
Expirations	(4,112	)		0		0		0			(1,194	)
Exercised	(334	)		0		0		0			(180	)
Balance at 06/30/2007	3,799		$	1,287,000		EUR  95,000	GBP	0		$	16,146

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	4,531		$	45,520		8,090		$	81,954
Administrative Class	66,886			674,962		83,252			843,490
Advisor Class	1,171			11,807		1,856			18,782
Issued as reinvestment of distributions
Institutional Class	405			4,078		790			8,017
Administrative Class	6,829			68,742		12,178			123,518
Advisor Class	52			522		35			362
Cost of shares redeemed
Institutional Class	(1,973	)		(19,907	)	(7,223	)		(73,276	)
Administrative Class	(32,550	)		(326,621	)	(51,636	)		(522,647	)
Advisor Class	(235	)		(2,374	)	(32	)		(329	)
Net increase resulting from Portfolio share transactions	45,116		$	456,729		47,310		$	479,871

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	98
Administrative Class	6	62
Advisor Class	3	98

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred

22 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    4,959	$    (57,464)	$    (52,505)

Semiannual Report June 30, 2007 23

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

24 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

1345 Avenue of the Americas

New York, New York 10105

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

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	17
Privacy Policy	24

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Total Return Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

U.S. Government Agencies	42.6%
Short-Term Instruments	23.2%
Corporate Bonds & Notes	20.3%
Asset-Backed Securities	6.5%
Mortgage-Backed Securities	4.9%
Other	2.5%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio     Inception     (04/10/00)**
	PIMCO Total Return Portfolio Institutional Class	0.45%	5.16%	4.58%	5.91%
	Lehman Brothers Aggregate Bond Index±	0.98%	6.12%	4.48%	6.05%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Portfolio began operations on 04/10/00. Index comparisons began on 03/31/00.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Lehman Brothers Aggregate Bond Index represents securities that are taxable and U.S. 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 the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,004.47	$	1,022.32
Expenses Paid During Period†	$	2.48	$	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 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, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.

» The Portfolio’s above-benchmark duration detracted from returns as yields rose in the first half of the year.

» An emphasis on the front-end of the U.S. yield curve contributed to returns as the curve steepened as measured by the difference between two- and 30-year yields.

» A slight overweight to mortgage-backed securities for the majority of the period detracted from returns as this sector underperformed like-duration Treasuries.

» An underweight to corporate securities detracted from returns as the sector outperformed like-duration Treasuries.

» An allocation to major non-U.S. markets moderately detracted from returns as developed countries underperformed Treasuries.

» Emerging market and high-yield bonds added to performance as strong demand for their attractive yields allowed these sectors to outperform like-duration Treasuries.

» Moderate exposure to a broad basket of currencies boosted returns as most emerging and developed market currencies appreciated relative to the U.S. dollar.

4 PIMCO Variable Insurance Trust

Financial Highlights  Total Return Portfolio

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Institutional Class
Net asset value beginning of year or period	$	10.12		$	10.24		$	10.51		$	10.36		$	10.23		$	9.89
Net investment income (a)		0.24			0.46			0.39			0.20			0.27			0.43
Net realized/unrealized gain (loss) on investments (a)		(0.19	)		(0.07	)		(0.12	)		0.31			0.25			0.47
Total income from investment operations		0.05			0.39			0.27			0.51			0.52			0.90
Dividends from net investment income		(0.25	)		(0.46	)		(0.37	)		(0.21	)		(0.31	)		(0.43	)
Distributions from net realized capital gains		0.00			(0.05	)		(0.17	)		(0.15	)		(0.08	)		(0.13	)
Total distributions		(0.25	)		(0.51	)		(0.54	)		(0.36	)		(0.39	)		(0.56	)
Net asset value end of year or period	$	9.92		$	10.12		$	10.24		$	10.51		$	10.36		$	10.23
Total return		0.45	%		4.00	%		2.60	%		5.05	%		5.20	%		9.23	%
Net assets end of year or period (000s)	$	185,047		$	158,748		$	143,720		$	63,646		$	75,540		$	46,548
Ratio of expenses to average net assets		0.50	%*		0.52	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of expenses to average net assets excluding interest expense		0.50	%*		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		4.89	%*		4.51	%		3.69	%		1.92	%		2.60	%		4.23	%
Portfolio turnover rate		160	%		303	%		344	%		373	%		193	%		222	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Total Return Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	4,398,751
Cash		2,364
Foreign currency, at value		31,870
Receivable for investments sold		140,931
Receivable for investments sold on a delayed-delivery basis		14,207
Receivable for Portfolio shares sold		12,294
Interest and dividends receivable		14,571
Variation margin receivable		4,999
Swap premiums paid		9,683
Unrealized appreciation on foreign currency contracts		6,473
Unrealized appreciation on swap agreements		8,189
		4,644,332
Liabilities:
Payable for investments purchased	$	726,520
Payable for investments purchased on a delayed-delivery basis		46,689
Payable for Portfolio shares redeemed		74,637
Payable for short sales		88,060
Written options outstanding		5,904
Dividends payable		1,806
Accrued investment advisory fee		783
Accrued administration fee		783
Accrued distribution fee		12
Accrued servicing fee		395
Variation margin payable		638
Swap premiums received		14,553
Unrealized depreciation on foreign currency contracts		580
Unrealized depreciation on swap agreements		7,150
Other liabilities		45
		968,555
Net Assets	$	3,675,777
Net Assets Consist of:
Paid in capital	$	3,791,949
Undistributed net investment income		1,072
Accumulated undistributed net realized (loss)		(49,476	)
Net unrealized (depreciation)		(67,768	)
	$	3,675,777
Net Assets:
Institutional Class	$	185,047
Administrative Class		3,462,489
Advisor Class		28,241
Shares Issued and Outstanding:
Institutional Class		18,653
Administrative Class		349,007
Advisor Class		2,847
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	9.92
Administrative Class		9.92
Advisor Class		9.92
Cost of Investments Owned	$	4,451,256
Cost of Foreign Currency Held	$	31,778
Proceeds Received on Short Sales	$	87,236
Premiums Received on Written Options	$	16,146

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Total Return Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest, net of foreign taxes*	$	92,861
Dividends		484
Miscellaneous income		64
Total Income		93,409
Expenses:
Investment advisory fees		4,312
Administration fees		4,312
Servicing fees – Administrative Class		2,447
Distribution and/or servicing fees – Advisor Class		28
Trustees’ fees		34
Legal fees		1
Total Expenses		11,134
Net Investment Income		82,275
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(6,410	)
Net realized (loss) on futures contracts, written options and swaps		(29,590	)
Net realized gain on foreign currency transactions		3,042
Net change in unrealized (depreciation) on investments		(40,500	)
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(4,370	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		5,410
Net (Loss)		(72,418	)
Net Increase in Net Assets Resulting from Operations	$	9,857
*Foreign tax withholding	$	45

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Total Return Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase in Net Assets from:
Operations:
Net investment income	$	82,275		$	132,299
Net realized gain (loss)		(32,958	)		5,631
Net change in unrealized (depreciation)		(39,460	)		(21,541	)
Net increase resulting from operations		9,857			116,389
Distributions to Shareholders:
From net investment income
Institutional Class		(4,078	)		(7,166	)
Administrative Class		(78,465	)		(127,175	)
Advisor Class		(522	)		(267	)
From net realized capital gains
Institutional Class		0			(917	)
Administrative Class		0			(16,487	)
Advisor Class		0			(95	)
Total Distributions		(83,065	)		(152,107	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		45,520			81,954
Administrative Class		674,962			843,490
Advisor Class		11,807			18,782
Issued as reinvestment of distributions
Institutional Class		4,078			8,017
Administrative Class		68,742			123,518
Advisor Class		522			362
Cost of shares redeemed
Institutional Class		(19,907	)		(73,276	)
Administrative Class		(326,621	)		(522,647	)
Advisor Class		(2,374	)		(329	)
Net increase resulting from Portfolio share transactions		456,729			479,871
Total Increase in Net Assets		383,521			444,153
Net Assets:
Beginning of period		3,292,256			2,848,103
End of period*	$	3,675,777		$	3,292,256
*Including undistributed net investment income of:	$	1,072		$	1,862

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Total Return Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.8%
CSC Holdings, Inc.
7.070% due 02/24/2013	$	2,574	$	2,576
Freeport-McMoRan Copper & Gold, Inc.
9.000% due 03/19/2014		518		519
Fresenius Medical Care Capital Trust
6.725% due 03/22/2013		4,410		4,413
6.735% due 03/22/2013		577		578
HCA, Inc.
7.100% due 11/17/2012		5,000		5,014
Kinder Morgan, Inc.
7.000% due 11/24/2013		10,000		9,981
SLM Corp.
6.000% due 06/30/2008		8,100		8,060
Total Bank Loan Obligations (Cost $31,232)				31,141
CORPORATE BONDS & NOTES 24.3%
BANKING & FINANCE 19.0%
AIG-Fp Matched Funding Corp.
5.360% due 06/16/2008		6,200		6,210
American Express Bank FSB
5.330% due 10/16/2008		8,100		8,100
5.380% due 10/20/2009		6,800		6,805
American Express Centurion Bank
5.320% due 05/07/2008		6,200		6,201
5.340% due 06/12/2009		9,100		9,104
American Express Credit Corp.
5.380% due 11/09/2009		6,700		6,706
American International Group, Inc.
5.050% due 10/01/2015		1,300		1,240
5.370% due 06/16/2009		5,400		5,422
6.250% due 03/15/2037		2,100		1,992
Bank of America Corp.
5.366% due 11/06/2009		4,000		4,000
5.450% due 09/18/2009		6,100		6,105
Bank of America N.A.
5.355% due 07/25/2008		11,200		11,207
5.360% due 12/18/2008		5,400		5,403
5.360% due 02/27/2009		5,200		5,204
6.000% due 10/15/2036		2,100		2,034
Bear Stearns Cos., Inc.
5.450% due 03/30/2009		7,100		7,105
5.450% due 08/21/2009		9,100		9,093
5.480% due 05/18/2010		12,200		12,193
5.655% due 01/30/2009		7,180		7,200
BNP Paribas
5.186% due 06/29/2049		15,600		14,569
C10 Capital SPV Ltd.
6.722% due 12/31/2049		4,300		4,198
CIT Group, Inc.
5.480% due 08/17/2009		7,100		7,076
5.505% due 01/30/2009		13,700		13,683
5.510% due 12/19/2008		2,400		2,399
Citigroup Funding, Inc.
5.320% due 04/23/2009		4,000		4,002
5.350% due 12/08/2008		2,000		2,001
5.360% due 06/26/2009		5,300		5,298
Citigroup, Inc.
5.390% due 12/28/2009		5,300		5,304
5.400% due 12/26/2008		26,880		26,903
6.125% due 08/25/2036		15,000		14,778
Credit Agricole S.A.
5.360% due 05/28/2009		5,900		5,903
5.410% due 05/28/2010		6,800		6,804

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
DBS Bank Ltd.
5.580% due 05/16/2017	$	1,000	$	1,002
DnB NORBank ASA
5.425% due 10/13/2009		5,700		5,703
Export-Import Bank of China
4.875% due 07/21/2015		900		854
Export-Import Bank of Korea
4.125% due 02/10/2009		140		137
5.450% due 06/01/2009		8,500		8,504
General Electric Capital Corp.
5.385% due 10/26/2009		12,500		12,509
5.390% due 01/05/2009		11,000		11,009
5.410% due 10/06/2010		4,600		4,604
5.428% due 01/20/2010		5,400		5,411
5.430% due 08/15/2011		14,200		14,196
5.455% due 10/21/2010		14,360		14,388
General Motors Acceptance Corp.
6.510% due 09/23/2008		3,900		3,901
GMAC LLC
6.000% due 12/15/2011		1,100		1,047
Goldman Sachs Group, Inc.
5.400% due 12/23/2008		1,600		1,601
5.410% due 03/30/2009		8,700		8,706
5.447% due 11/10/2008		7,100		7,111
5.450% due 12/22/2008		4,800		4,806
5.450% due 06/23/2009		13,070		13,086
5.455% due 07/29/2008		6,000		6,009
HBOS PLC
5.920% due 09/29/2049		1,100		1,033
HBOS Treasury Services PLC
5.397% due 07/17/2009		10,400		10,412
HSBC Bank USA N.A.
5.430% due 09/21/2007		14,500		14,504
5.500% due 06/10/2009		7,700		7,724
HSBC Finance Corp.
5.415% due 10/21/2009		4,500		4,503
5.490% due 09/15/2008		3,600		3,608
5.500% due 12/05/2008		5,900		5,915
HSBC Holdings PLC
6.500% due 05/02/2036		2,300		2,371
John Deere Capital Corp.
5.406% due 07/15/2008		6,400		6,406
JPMorgan Chase & Co.
5.370% due 06/26/2009		4,900		4,906
5.396% due 05/07/2010		9,700		9,707
JPMorgan Mortgage Acquisition Corp.
6.550% due 09/15/2066		1,200		1,159
Lehman Brothers Holdings, Inc.
5.410% due 12/23/2008		800		801
5.440% due 04/03/2009		5,300		5,307
5.460% due 08/21/2009		11,900		11,907
5.460% due 11/16/2009		15,260		15,275
5.500% due 05/25/2010		5,200		5,200
5.579% due 07/18/2011		4,800		4,811
5.607% due 11/10/2009		4,500		4,514
Longpoint Re Ltd.
10.609% due 05/08/2010		2,900		2,900
Merrill Lynch & Co., Inc.
5.390% due 12/22/2008		3,500		3,501
5.395% due 10/23/2008		7,500		7,511
5.406% due 05/08/2009		3,500		3,502
5.440% due 12/04/2009		7,300		7,304
5.450% due 08/14/2009		6,200		6,207
5.555% due 07/25/2011		8,500		8,501
MetLife, Inc.
6.400% due 12/15/2036		1,700		1,580

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Metropolitan Life Global Funding I
5.125% due 11/09/2011	$	8,200	$	8,074
5.400% due 05/17/2010		15,200		15,211
Morgan Stanley
5.360% due 11/21/2008		4,900		4,900
5.406% due 05/07/2009		8,700		8,705
5.446% due 01/15/2010		8,200		8,205
5.467% due 02/09/2009		14,600		14,624
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049		700		689
Mystic Re Ltd.
15.360% due 06/07/2011		3,000		3,007
National Australia Bank Ltd.
5.400% due 09/11/2009		5,300		5,308
Osiris Capital PLC
10.356% due 01/15/2010		3,100		3,130
Petroleum Export Ltd.
5.265% due 06/15/2011		829		809
Phoenix Quake Ltd.
7.800% due 07/03/2008		800		805
Phoenix Quake Wind I Ltd.
7.800% due 07/03/2008		800		803
Phoenix Quake Wind II Ltd.
8.850% due 07/03/2008		400		380
Premium Asset Trust
5.735% due 09/08/2007		100		100
Residential Capital LLC
6.460% due 05/22/2009		7,900		7,867
Residential Reinsurance 2007 Ltd.
15.610% due 06/07/2010		1,500		1,501
Resona Bank Ltd.
5.850% due 09/29/2049		1,200		1,149
Royal Bank of Scotland Group PLC
5.405% due 07/21/2008		11,400		11,410
Santander U.S. Debt S.A. Unipersonal
5.420% due 09/19/2008		6,900		6,907
5.420% due 11/20/2009		10,900		10,908
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049		4,100		3,965
State Street Capital Trust IV
6.355% due 06/15/2037		1,000		1,007
TNK-BP Finance S.A.
6.125% due 03/20/2012		1,200		1,175
UFJ Finance Aruba AEC
6.750% due 07/15/2013		300		317
USB Capital IX
6.189% due 04/15/2049		900		907
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008		6,000		6,014
Wachovia Bank N.A.
5.320% due 10/03/2008		8,800		8,803
5.350% due 06/27/2008		6,300		6,302
5.400% due 03/23/2009		7,100		7,104
Wachovia Corp.
5.410% due 12/01/2009		4,400		4,405
Wells Fargo & Co.
5.460% due 09/15/2009		6,715		6,733
Westpac Banking Corp.
5.280% due 06/06/2008		4,000		4,001
World Savings Bank FSB
5.485% due 03/02/2009		7,900		7,924

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Total Return Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ZFS Finance USA Trust I
5.875% due 05/09/2032	$	4,400	$	4,350
				697,394
INDUSTRIALS 3.5%
Amgen, Inc.
5.440% due 11/28/2008		14,000		14,008
Anadarko Petroleum Corp.
5.760% due 09/15/2009		10,000		10,014
BP AMI Leasing, Inc.
5.370% due 06/26/2009		13,600		13,605
CODELCO, Inc.
6.150% due 10/24/2036		700		696
Comcast Corp.
5.656% due 07/14/2009		7,700		7,704
5.875% due 02/15/2018		1,700		1,650
6.450% due 03/15/2037		1,700		1,644
DaimlerChrysler N.A. Holding Corp.
5.710% due 03/13/2009		2,900		2,907
5.805% due 08/03/2009		6,300		6,336
El Paso Corp.
6.750% due 05/15/2009		6,000		6,082
7.800% due 08/01/2031		1,300		1,323
7.875% due 06/15/2012		5,800		6,092
9.625% due 05/15/2012		800		895
Gaz Capital for Gazprom
6.212% due 11/22/2016		1,200		1,172
HJ Heinz Co.
6.428% due 12/01/2008		1,100		1,111
Morgan Stanley Bank AG for OAO Gazprom
9.625% due 03/01/2013		100		116
Peabody Energy Corp.
7.875% due 11/01/2026		2,700		2,808
Pemex Project Funding Master Trust
5.750% due 12/15/2015		2,300		2,259
8.000% due 11/15/2011		100		109
8.625% due 02/01/2022		1,200		1,482
9.500% due 09/15/2027		55		74
Salomon Brothers AG for OAO Gazprom
10.500% due 10/21/2009		6,000		6,622
Time Warner, Inc.
5.590% due 11/13/2009		6,600		6,610
Transocean, Inc.
5.560% due 09/05/2008		6,200		6,206
United Airlines, Inc.
6.071% due 03/01/2013		3,313		3,332
8.030% due 01/01/2013 (a)		465		519
Vale Overseas Ltd.
6.250% due 01/23/2017		1,300		1,296
6.875% due 11/21/2036		1,300		1,310
Wal-Mart Stores, Inc.
5.260% due 06/16/2008		14,200		14,198
Williams Cos., Inc.
6.375% due 10/01/2010		7,000		7,052
				129,232
UTILITIES 1.8%
AT&T, Inc.
5.456% due 02/05/2010		3,600		3,606
5.570% due 11/14/2008		4,200		4,214
BellSouth Corp.
4.240% due 04/26/2008		5,500		5,452
5.460% due 08/15/2008		10,200		10,211

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Entergy Gulf States, Inc.
5.700% due 06/01/2015	$	8,300	$	7,966
6.000% due 12/01/2012		6,500		6,454
Korea Electric Power Corp.
5.125% due 04/23/2034		90		87
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		657		657
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.838% due 09/30/2027		2,600		2,419
TPSA Finance BV
7.750% due 12/10/2008		120		124
TXU Energy Co. LLC
5.860% due 09/16/2008		12,200		12,208
Verizon Communications, Inc.
5.400% due 04/03/2009		14,500		14,510
				67,908
Total Corporate Bonds & Notes (Cost $894,530)				894,534
MUNICIPAL BONDS & NOTES 0.1%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2017		3,700		3,967
Iowa State Tobacco Settlement Authority Revenue Bonds, Series 2005
6.500% due 06/01/2023		1,150		1,136
Total Municipal Bonds & Notes (Cost $4,816)				5,103
COMMODITY INDEX-LINKED NOTES 0.3%
Morgan Stanley
0.000% due 07/07/2008		10,000		9,943
Total Commodity Index-Linked Notes (Cost $10,000)				9,943
U.S. GOVERNMENT AGENCIES 51.0%
Fannie Mae
4.000% due 10/01/2018		414		385
4.500% due 02/01/2035 - 06/25/2043		12,566		12,373
4.673% due 05/25/2035		1,300		1,283
4.709% due 04/01/2035		2,817		2,800
4.759% due 04/01/2035		4,039		4,015
5.000% due 02/25/2017 - 07/01/2037		316,751		299,211
5.380% due 12/25/2036		3,799		3,794
5.500% due 04/01/2014 - 08/01/2037		906,903		877,528
5.647% due 10/01/2032		1,588		1,601
5.648% due 11/01/2035		307		309
5.670% due 03/25/2044		6,205		6,211
6.000% due 04/01/2016 - 07/01/2037		343,211		339,644
6.129% due 09/01/2034		2,519		2,553
6.227% due 06/01/2043 - 07/01/2044		7,760		7,867
6.272% due 12/01/2036		2,514		2,539
6.414% due 09/01/2040		61		62
6.500% due 06/01/2029 - 04/01/2032		362		369
7.000% due 04/25/2023 - 06/01/2032		3,464		3,546
7.130% due 09/01/2039		106		107
7.269% due 11/01/2025		2		2
Federal Housing Administration
7.430% due 01/25/2023		52		53

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Freddie Mac
4.500% due 04/01/2018 - 10/01/2018	$	2,330	$	2,221
5.000% due 04/01/2018 - 09/01/2035		17,324		16,925
5.470% due 07/15/2019 - 10/15/2020		134,500		134,383
5.500% due 04/01/2033 - 07/01/2037		66,903		64,536
5.550% due 07/15/2037		46,700		46,696
5.620% due 05/15/2036		5,068		5,086
5.770% due 11/15/2030		31		31
5.820% due 09/15/2030		29		30
6.000% due 07/01/2016 - 07/01/2037		20,131		19,992
6.227% due 02/25/2045		875		872
6.500% due 03/01/2013 - 03/01/2034		947		965
7.000% due 06/15/2023		1,869		1,922
7.188% due 07/01/2030		2		2
7.290% due 07/01/2027		2		2
7.412% due 01/01/2028		2		2
7.500% due 07/15/2030 - 03/01/2032		268		278
8.500% due 08/01/2024		15		16
Ginnie Mae
4.500% due 07/20/2030		13		14
4.750% due 02/20/2032		805		807
5.125% due 10/20/2029 - 11/20/2029		272		276
5.375% due 04/20/2026 - 05/20/2030		116		117
5.500% due 04/15/2033 - 09/15/2033		555		540
5.720% due 06/20/2030		1		1
5.820% due 09/20/2030		25		25
6.000% due 07/01/2037		4,000		3,979
6.500% due 03/15/2031 - 04/15/2032		255		260
Small Business Administration
5.130% due 09/01/2023		77		76
6.030% due 02/10/2012		5,089		5,129
6.290% due 01/01/2021		199		204
6.344% due 08/01/2011		650		658
7.449% due 08/01/2010		8		8
7.500% due 04/01/2017		1,025		1,059
8.017% due 02/10/2010		75		77
Total U.S. Government Agencies (Cost $1,913,856)				1,873,441
U.S. TREASURY OBLIGATIONS 0.4%
Treasury Inflation Protected Securities (c)
2.000% due 01/15/2026		7,163		6,490
2.375% due 01/15/2025		7,236		6,959
3.625% due 04/15/2028		1,533		1,777
Total U.S. Treasury Obligations (Cost $16,092)				15,226
MORTGAGE-BACKED SECURITIES 5.9%
American Home Mortgage Investment Trust
4.390% due 02/25/2045		3,537		3,464
Banc of America Commercial Mortgage, Inc.
4.128% due 07/10/2042		395		385
4.875% due 06/10/2039		590		582
Banc of America Funding Corp.
4.113% due 05/25/2035		4,996		4,893
Banc of America Mortgage Securities, Inc.
6.500% due 10/25/2031		1,316		1,331
6.500% due 09/25/2033		507		508

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bear Stearns Adjustable Rate Mortgage Trust
4.750% due 10/25/2035	$	18,398	$	18,195
4.773% due 01/25/2034		2,930		2,916
5.044% due 04/25/2033		1,332		1,331
5.329% due 02/25/2033		350		355
5.626% due 02/25/2033		292		290
6.337% due 11/25/2030		9		9
Bear Stearns Alt-A Trust
5.377% due 05/25/2035		6,929		6,900
Citigroup Commercial Mortgage Trust
5.390% due 08/15/2021		3,703		3,708
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		1,783		1,752
Commercial Mortgage Pass-Through Certificates
6.455% due 05/15/2032		6,562		6,608
Countrywide Alternative Loan Trust
4.673% due 08/25/2034		142		141
5.500% due 05/25/2047		5,426		5,441
Countrywide Home Loan Mortgage Pass-Through Trust
5.250% due 02/20/2036		2,050		2,037
5.590% due 05/25/2034		415		415
CS First Boston Mortgage Securities Corp.
6.890% due 06/25/2032		44		44
First Nationwide Trust
6.750% due 08/21/2031		38		38
Greenpoint Mortgage Funding Trust
5.400% due 10/25/2046		6,949		6,955
5.400% due 01/25/2047		6,845		6,849
Greenwich Capital Commercial Funding Corp.
5.317% due 06/10/2036		915		895
GS Mortgage Securities Corp. II
5.396% due 08/10/2038		905		886
5.410% due 03/06/2020		23,300		23,326
GSR Mortgage Loan Trust
4.538% due 09/25/2035		21,739		21,427
Harborview Mortgage Loan Trust
5.410% due 01/19/2038		10,742		10,757
5.510% due 01/19/2038		13,936		13,960
5.540% due 05/19/2035		1,497		1,499
Impac Secured Assets CMN Owner Trust
5.400% due 01/25/2037		4,597		4,601
Indymac ARM Trust
6.633% due 01/25/2032		7		7
Indymac Index Mortgage Loan Trust
5.410% due 11/25/2046		4,816		4,819
Lehman Brothers Floating Rate Commercial Mortgage Trust
5.400% due 09/15/2021		1,564		1,565
Merrill Lynch Mortgage Trust
4.353% due 02/12/2042		515		505
Morgan Stanley Capital I
4.050% due 01/13/2041		530		515
5.380% due 10/15/2020		3,999		4,005
Prime Mortgage Trust
5.720% due 02/25/2019		242		243
5.720% due 02/25/2034		1,113		1,116
Residential Funding Mortgage Securities I, Inc.
6.500% due 03/25/2032		1,215		1,215
Structured Asset Mortgage Investments, Inc.
5.650% due 09/19/2032		190		190
Structured Asset Securities Corp.
6.063% due 02/25/2032		24		24
6.150% due 07/25/2032		30		30

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Thornburg Mortgage Securities Trust
5.430% due 12/25/2036	$	5,791	$	5,791
Wachovia Bank Commercial Mortgage Trust
5.400% due 06/15/2020		10,800		10,803
5.410% due 09/15/2021		19,057		19,067
Washington Mutual, Inc.
5.094% due 10/25/2032		283		282
5.610% due 10/25/2045		1,633		1,637
6.229% due 11/25/2042		1,259		1,260
6.429% due 08/25/2042		3,106		3,117
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036		8,237		8,127
Total Mortgage-Backed Securities (Cost $217,544)				216,816
ASSET-BACKED SECURITIES 7.8%
ACE Securities Corp.
5.370% due 12/25/2036		2,407		2,409
American Express Credit Account Master Trust
5.430% due 09/15/2010		35,400		35,451
Amortizing Residential Collateral Trust
5.590% due 06/25/2032		353		353
Argent Securities, Inc.
5.370% due 09/25/2036		2,645		2,646
Asset-Backed Funding Certificates
5.380% due 11/25/2036		6,333		6,337
5.380% due 01/25/2037		4,974		4,977
Bear Stearns Asset-Backed Securities, Inc.
5.400% due 10/25/2036		2,881		2,883
5.410% due 06/25/2047		4,699		4,702
Carrington Mortgage Loan Trust
5.470% due 09/25/2035		631		632
Chase Credit Card Master Trust
5.430% due 02/15/2011		9,900		9,921
CitiFinancial Mortgage Securities, Inc.
3.221% due 10/25/2033		4		4
Countrywide Asset-Backed Certificates
5.370% due 01/25/2037		7,522		7,525
5.370% due 05/25/2037		8,717		8,726
5.370% due 12/25/2046		2,594		2,595
Credit-Based Asset Servicing & Securitization LLC
5.380% due 11/25/2036		4,728		4,731
DaimlerChrysler Auto Trust
5.250% due 05/08/2009		7,360		7,363
EMC Mortgage Loan Trust
5.690% due 05/25/2040		686		688
First Franklin Mortgage Loan Asset-Backed Certificates
5.370% due 11/25/2036		8,596		8,601
First USA Credit Card Master Trust
5.480% due 04/18/2011		16,500		16,544
Fremont Home Loan Trust
5.380% due 01/25/2037		4,635		4,634
5.390% due 02/25/2037		3,480		3,482
Honda Auto Receivables Owner Trust
5.322% due 03/18/2008		8,877		8,886
HSI Asset Securitization Corp. Trust
5.370% due 12/25/2036		3,457		3,459
Indymac Residential Asset-Backed Trust
5.380% due 04/25/2037		4,263		4,264
JPMorgan Mortgage Acquisition Corp.
5.370% due 08/25/2036		2,735		2,737
5.380% due 04/01/2037		8,099		8,095

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lehman XS Trust
5.390% due 05/25/2046	$	2,418	$	2,419
Long Beach Mortgage Loan Trust
5.600% due 10/25/2034		619		620
MASTR Asset-Backed Securities Trust
5.380% due 11/25/2036		6,269		6,273
Merrill Lynch Mortgage Investors, Inc.
5.390% due 08/25/2036		9,238		9,239
Morgan Stanley ABS Capital I
5.360% due 10/25/2036		2,947		2,948
5.370% due 10/25/2036		2,685		2,686
Nelnet Student Loan Trust
5.340% due 09/25/2012		4,156		4,159
5.420% due 12/22/2016		8,200		8,206
Newcastle Mortgage Securities Trust
5.390% due 03/25/2036		4,873		4,875
Nissan Auto Lease Trust
5.347% due 12/14/2007		105		105
Park Place Securities, Inc.
5.632% due 10/25/2034		4,699		4,711
Residential Asset Mortgage Products, Inc.
4.230% due 05/25/2029		14		14
4.450% due 07/25/2028		331		329
Residential Asset Securities Corp.
5.360% due 08/25/2036		3,066		3,068
5.390% due 11/25/2036		6,745		6,750
Saxon Asset Securities Trust
5.380% due 11/25/2036		3,198		3,199
SBI HELOC Trust
5.490% due 08/25/2036		4,255		4,259
Securitized Asset-Backed Receivables LLC Trust
5.440% due 05/25/2037		9,300		9,300
SLM Student Loan Trust
5.355% due 10/25/2016		9,300		9,306
Soundview Home Equity Loan Trust
5.420% due 10/25/2036		8,430		8,436
Structured Asset Securities Corp.
4.370% due 10/25/2034		250		249
5.370% due 10/25/2036		7,391		7,394
5.420% due 07/25/2035		802		803
5.610% due 01/25/2033		73		73
USAA Auto Owner Trust
5.337% due 07/11/2008		6,700		6,701
Wachovia Auto Owner Trust
5.337% due 06/20/2008		7,600		7,601
Wells Fargo Home Equity Trust
5.370% due 01/25/2037		4,446		4,449
5.440% due 12/25/2035		5,901		5,904
Total Asset-Backed Securities (Cost $286,598)				286,721
SOVEREIGN ISSUES 0.7%
China Development Bank
5.000% due 10/15/2015		900		861
Korea Development Bank
5.490% due 04/03/2010		25,000		25,022
South Africa Government International Bond
5.875% due 05/30/2022		500		490
Total Sovereign Issues (Cost $26,392)				26,373

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  Total Return Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN CURRENCY-DENOMINATED ISSUES 0.1%
Brazilian Government International Bond
10.250% due 01/10/2028	BRL	4,400	$	2,543
Total Foreign Currency-Denominated Issues (Cost $2,505)				2,543
		SHARES
PREFERRED STOCKS 0.4%
DG Funding Trust
7.600% due 12/31/2049		1,239		12,909
Total Preferred Stocks (Cost $13,056)				12,909
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 27.7%
CERTIFICATES OF DEPOSIT 6.1%
Abbey National Treasury Services PLC
5.270% due 07/02/2008	$	13,600		13,606
Barclays Bank PLC
5.281% due 03/17/2008		28,400		28,404
BNP Paribas
5.262% due 07/03/2008		13,100		13,097
5.262% due 05/28/2008		5,200		5,202
Calyon Financial, Inc.
5.340% due 01/16/2009		9,900		9,902
Dexia S.A.
5.270% due 09/29/2008		34,500		34,510
Fortis Bank NY
5.265% due 04/28/2008		14,100		14,107
5.265% due 06/30/2008		5,100		5,102
Nordea Bank Finland PLC
5.267% due 03/31/2008		4,800		4,801
5.308% due 05/28/2008		5,000		5,003
5.308% due 04/09/2009		14,300		14,308
Royal Bank of Canada
5.267% due 06/30/2008		17,100		17,115
Royal Bank of Scotland Group PLC
5.262% due 07/03/2008		12,600		12,600
5.265% due 03/26/2008		10,300		10,299

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Skandinav Enskilda BK
5.340% due 08/21/2008	$	14,500	$	14,506
5.350% due 02/13/2009		8,300		8,306
Societe Generale NY
5.268% due 03/28/2008		4,200		4,203
5.269% due 06/30/2008		1,100		1,101
5.270% due 03/26/2008		8,100		8,100
				224,272
COMMERCIAL PAPER 20.6%
Bank of America Corp.
5.215% due 10/04/2007		37,900		37,414
5.220% due 10/04/2007		38,600		38,583
5.250% due 10/04/2007		2,400		2,367
Bank of Ireland
5.225% due 11/08/2007		3,600		3,583
Cox Communications, Inc.
5.619% due 09/17/2007		3,500		3,500
Danske Corp.
5.205% due 10/12/2007		11,800		11,673
Freddie Mac
4.800% due 07/02/2007		113,200		113,200
HBOS Treasury Services PLC
5.230% due 11/13/2007		6,500		6,471
Natixis S.A.
5.240% due 09/21/2007		1,300		1,295
Rabobank USA Financial Corp.
5.330% due 07/26/2007		102,500		102,500
San Paolo IMI U.S. Financial Co.
5.230% due 08/08/2007		16,400		16,326
Societe Generale NY
5.180% due 11/26/2007		700		685
5.210% due 11/26/2007		1,800		1,781
5.226% due 11/26/2007		67,700		67,356
5.245% due 11/26/2007		24,500		24,204
5.246% due 11/26/2007		4,700		4,644
5.250% due 11/26/2007		500		493
Svenska Handelsbanken, Inc.
5.203% due 10/09/2007		29,300		29,088
UBS Finance Delaware LLC
5.145% due 10/23/2007		1,700		1,693
5.200% due 10/23/2007		94,000		93,579

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.205% due 10/23/2007	$	3,900	$	3,890
5.215% due 10/23/2007		900		890
5.230% due 10/23/2007		7,600		7,559
5.235% due 10/23/2007		4,400		4,356
5.245% due 10/23/2007		700		692
Unicredito Italiano SpA
5.185% due 01/22/2008		73,600		71,993
Westpac Banking Corp.
5.165% due 11/05/2007		44,300		43,472
5.230% due 11/05/2007		2,800		2,788
5.240% due 11/05/2007		1,200		1,186
Westpac Trust Securities NZ Ltd.
5.240% due 10/19/2007		60,400		59,960
				757,221
TRI-PARTY REPURCHASE AGREEMENTS 0.2%
State Street Bank and Trust Co.
4.900% due 07/02/2007		7,112		7,112
(Dated 06/29/2007. Collateralized by Freddie Mac 5.400% due 06/15/2010 valued at $7,259. Repurchase proceeds are $7,115.)
U.S. TREASURY BILLS 0.8%
4.621% due 08/30/2007 - 09/13/2007 (b)(d)(f)		29,860		29,543
Total Short-Term Instruments (Cost $1,018,160)				1,018,148
PURCHASED OPTIONS (h) 0.2%
(Cost $16,475)				5,853
Total Investments (e) 119.7% (Cost $4,451,256)			$	4,398,751
Written Options (i) (0.2%) (Premiums $16,146)				(5,904	)
Other Assets and Liabilities (Net) (19.5%)				(717,070	)
Net Assets 100.0%			$	3,675,777

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) Coupon represents a weighted average rate.

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

(d) Securities with an aggregate market value of $7,178 have been pledged as collateral for swap and swaption contracts on June 30, 2007.

(e) As of June 30, 2007, portfolio securities with an aggregate value of $205,868 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(f) Securities with an aggregate market value of $20,629 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Euribor December Futures	Long	12/2007	444	$	(632	)
90-Day Euribor December Futures	Long	12/2008	174		(390	)
90-Day Euribor June Futures	Long	06/2008	459		(981	)
90-Day Euribor March Futures	Long	03/2008	209		(414	)
90-Day Euribor September Futures	Long	09/2008	451		(407	)
90-Day Eurodollar December Futures	Long	12/2007	4,365		(4,972	)
90-Day Eurodollar December Futures	Long	12/2008	2,346		(1,336	)
90-Day Eurodollar June Futures	Long	06/2008	8,706		(9,100	)
90-Day Eurodollar March Futures	Long	03/2008	9,007		(9,295	)
90-Day Eurodollar March Futures	Long	03/2009	214		(313	)
90-Day Eurodollar September Futures	Long	09/2008	1,885		(925	)
90-Day Euroyen December Futures	Long	12/2007	604		(68	)
Euro-Bund 10-Year Note September Futures	Short	09/2007	75		(53	)
U.S. Treasury 10-Year Note September Futures	Short	09/2007	13		(11	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2007	221		(250	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2007	430		(967	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	36		(61	)
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	362		(640	)
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2008	422		(772	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2007	243		(520	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	115		(301	)
				$	(32,408	)

(g) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bank of America	Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016	$	10,000	$	87
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.320%		09/20/2007		2,100		10
Credit Suisse First Boston	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	0.950%		12/20/2007		2,300		(2	)
Credit Suisse First Boston	Panama Government International Bond 8.875% due 09/30/2027	Sell	1.200%		02/20/2017		400		7
Deutsche Bank AG	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		5,300		24
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.	Anadarko Petroleum Corp. 6.125% due 03/15/2012	Sell	0.150%		03/20/2008		2,500		0
Goldman Sachs & Co.	Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016		44,000		336
Goldman Sachs & Co.	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		25,600		151
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700%		04/20/2009		1,600		6
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.520%		05/20/2009		4,000		(1	)
JPMorgan Chase & Co.	American International Group, Inc. 0.000% convertible until 11/09/2031	Sell	0.050%		12/20/2007		17,200		1
JPMorgan Chase & Co.	Panama Government International Bond 8.875% due 09/30/2027	Sell	0.730%		01/20/2012		1,000		6
JPMorgan Chase & Co.	Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.920%		03/20/2016		1,200		41
JPMorgan Chase & Co.	Panama Government International Bond 8.875% due 09/30/2027	Sell	1.250%		01/20/2017		1,200		27
Lehman Brothers, Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	0.950%		12/20/2007		4,200		(3	)
Lehman Brothers, Inc.	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%		12/20/2008		2,200		1
Lehman Brothers, Inc.	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700%		12/20/2008		5,000		14
Lehman Brothers, Inc.	Multiple Reference Entities of Gazprom	Sell	1.430%		07/20/2011		600		24
Lehman Brothers, Inc.	Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.920%		03/20/2016		3,100		105
Lehman Brothers, Inc.	Panama Government International Bond 8.875% due 09/30/2027	Sell	1.170%		04/20/2017		3,000		40
Morgan Stanley	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.245%		06/20/2008		1,300		0
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.390%		12/20/2008		3,000		1
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%		12/20/2008		11,000		3
								$	898

⁽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.

See Accompanying Notes Semiannual Report June 30, 2007 13

Schedule of Investments  Total Return Portfolio (Cont.)

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	7.000%	12/15/2009	AUD	9,300	$	(5	)
Barclays Bank PLC	BRL-CDI-Compounded	Pay	11.360%	01/04/2010	BRL	16,700		97
Goldman Sachs & Co.	BRL-CDI-Compounded	Pay	11.465%	01/04/2010		4,300		30
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	11.430%	01/04/2010		11,000		73
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	12.948%	01/04/2010		5,900		120
Morgan Stanley	BRL-CDI-Compounded	Pay	12.780%	01/04/2010		14,200		263
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.103%	10/15/2010	EUR	1,400		19
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	04/05/2012		1,200		(13	)
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010		10,200		128
Deutsche Bank AG	6-Month EUR-LIBOR	Pay	5.000%	12/19/2009		26,700		(9	)
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		18,700		377
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	5.000%	12/19/2017		6,300		(33	)
Goldman Sachs & Co.	6-Month EUR-LIBOR	Pay	4.000%	03/20/2009		9,600		(69	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	03/30/2012		2,400		(21	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		8,400		(77	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.958%	04/10/2012		9,300		(98	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.955%	03/28/2012		1,800		(17	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.950%	03/30/2012		1,500		(15	)
UBS Warburg LLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.146%	10/15/2010		1,900		31
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	12/20/2008	GBP	24,100		(236	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009		13,600		(196	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		14,400		(259	)
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		2,900		268
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2036		3,200		774
Credit Suisse First Boston	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		2,800		(66	)
Deutsche Bank AG	6-Month GBP-LIBOR	Pay	6.000%	12/20/2008		14,400		(146	)
Goldman Sachs & Co.	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		28,500		(697	)
Goldman Sachs & Co.	6-Month GBP-LIBOR	Pay	6.000%	06/19/2009		74,700		(235	)
Goldman Sachs & Co.	6-Month GBP-LIBOR	Receive	5.500%	12/15/2036		5,000		287
HSBC Bank USA	6-Month GBP-LIBOR	Pay	4.500%	12/20/2007		53,900		(531	)
HSBC Bank USA	6-Month GBP-LIBOR	Receive	4.000%	12/15/2036		5,500		1,145
Lehman Brothers, Inc.	6-Month GBP-LIBOR	Pay	4.500%	09/20/2009		17,500		(1,164	)
Merrill Lynch & Co., Inc.	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		2,200		208
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009		12,700		(187	)
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Pay	6.000%	06/19/2009		21,200		(80	)
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2036		10,000		2,182
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Receive	5.500%	12/15/2036		1,400		69
Barclays Bank PLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	1,270,000		(28	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		9,500,000		(49	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		2,050,000		(30	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/19/2008		22,300,000		(64	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		700,000		(3	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		18,200,000		(298	)
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016	MXN	12,100		7
Goldman Sachs & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	7.780%	04/03/2012		46,500		(38	)
Bank of America	3-Month USD-LIBOR	Pay	5.000%	12/19/2009	$	66,300		6
Bank of America	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		118,400		(129	)
Bank of America	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		17,200		160
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		64,200		(71	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2008		230,400		(498	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		730,900		551
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		77,400		(378	)
Goldman Sachs & Co.	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		200		0
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	06/20/2009		81,500		(641	)
Morgan Stanley	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		15,400		(100	)
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		2,500		41
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2008		230,400		(529	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	06/20/2009		68,700		(134	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		27,900		449
							$	141

(h) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Put - CME 90-Day Eurodollar September Futures	$	90.750	09/17/2007	400	$	4	$	0
Put - CME 90-Day Eurodollar September Futures		91.000	09/17/2007	1,774		17		0
					$	21	$	0

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Barclays Bank PLC	6-Month EUR-LIBOR	Pay	3.960%	07/02/2007	EUR	26,000	$	120	$	0
Call - OTC 2-Year Interest Rate Swap	Deutsche Bank AG	6-Month EUR-LIBOR	Pay	3.960%	07/02/2007		84,000		480		0
Call - OTC 2-Year Interest Rate Swap	Deutsche Bank AG	6-Month EUR-LIBOR	Pay	4.100%	07/02/2007		58,000		323		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	6-Month EUR-LIBOR	Pay	3.960%	07/02/2007		56,000		271		0
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.800%	08/08/2007	$	76,000		309		1
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.900%	08/08/2007		39,000		172		1
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		261,000		1,258		513
Call - OTC 2-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.250%	08/08/2007		72,000		67		60
Call - OTC 1-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Pay	4.750%	02/01/2008		100,000		287		30
Call - OTC 1-Year Interest Rate Swap	Goldman Sachs & Co.	3-Month USD-LIBOR	Pay	4.700%	08/08/2007		89,000		199		0
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		236,900		1,254		293
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		349,600		1,237		688
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	07/02/2007		66,000		273		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.850%	07/02/2007		150,000		390		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.250%	07/02/2007		316,400		1,671		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.900%	08/08/2007		144,000		326		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	08/08/2007		240,000		306		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.900%	10/25/2007		109,000		439		53
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		222,600		1,104		357
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		386,900		2,276		478
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		94,900		377		187
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	12/15/2008		380,900		1,304		864
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/15/2008		201,000		573		680
								$	15,016	$	4,205

Foreign Currency Options

Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC U.S. dollar versus Japanese yen	JPY	103.800	03/17/2010	$	3,000	$	131	$	231
Put - OTC U.S. dollar versus Japanese yen		103.800	03/17/2010		3,000		131		74
Call - OTC U.S. dollar versus Japanese yen		104.650	03/31/2010		2,000		91		143
Put - OTC U.S. dollar versus Japanese yen		104.650	03/31/2010		2,000		78		54
Call - OTC U.S. dollar versus Japanese yen		105.200	03/31/2010		3,000		126		204
Put - OTC U.S. dollar versus Japanese yen		105.200	03/31/2010		3,000		126		84
Call - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		9,000		378		602
Put - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		9,000		377		256
						$	1,438	$	1,648

(i) Written options outstanding on June 30, 2007:

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	08/24/2007	1,025	$	330	$	625
Call - CBOT U.S. Treasury 10-Year Note September Futures		107.000	08/24/2007	553		173		147
Call - CBOT U.S. Treasury 10-Year Note September Futures		108.000	08/24/2007	133		27		14
Call - CBOT U.S. Treasury 10-Year Note September Futures		109.000	08/24/2007	187		22		9
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/24/2007	248		134		27
Put - CBOT U.S. Treasury 10-Year Note September Futures		104.000	08/24/2007	777		301		170
Put - CBOT U.S. Treasury 10-Year Note September Futures		105.000	08/24/2007	876		305		411
					$	1,292	$	1,403

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	Barclays Bank PLC	6-Month EUR-LIBOR	Receive	4.100%	07/02/2007	EUR	10,000	$	120	$	0
Call - OTC 5-Year Interest Rate Swap	Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.100%	07/02/2007		36,000		493		0
Call - OTC 5-Year Interest Rate Swap	Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.230%	07/02/2007		25,000		322		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	6-Month EUR-LIBOR	Receive	4.100%	07/02/2007		24,000		271		0
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	4.900%	08/08/2007	$	33,000		290		2
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		112,900		1,265		569
Call - OTC 10-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Receive	5.570%	08/08/2007		18,000		70		80
Call - OTC 5-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Receive	4.900%	02/01/2008		22,000		274		46
Call - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.	3-Month USD-LIBOR	Receive	4.850%	08/08/2007		15,000		204		0
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		102,000		1,202		312
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		152,000		1,259		765
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	07/02/2007		34,000		367		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	07/02/2007		28,400		297		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.370%	07/02/2007		138,000		1,680		0

See Accompanying Notes Semiannual Report June 30, 2007 15

Schedule of Investments  Total Return Portfolio (Cont.) June 30, 2007 (Unaudited)

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	08/08/2007	$	24,000	$	278	$	1
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	08/08/2007		46,000		307		3
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	08/08/2007		13,000		148		1
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.010%	10/25/2007		47,000		433		63
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		97,000		1,164		347
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		106,500		1,417		325
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	03/31/2008		62,000		763		212
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		41,100		371		207
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/15/2008		128,100		1,298		910
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.200%	12/15/2008		67,000		561		658
								$	14,854	$	4,501

(j) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
U.S. Treasury Notes	4.500%	05/15/2017	$	79,600	$	76,247	$	76,909
U.S. Treasury Notes	4.625%	02/15/2017		11,300		10,989		11,151
					$	87,236	$	88,060

⁽²⁾ Market value includes $771 of interest payable on short sales.

(k) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AUD	13,512	07/2007	$	82	$	0		$	82
Sell		152	07/2007		0		(2	)		(2	)
Buy	BRL	134,709	10/2007		2,711		0			2,711
Buy		72,223	03/2008		2,203		0			2,203
Buy	CAD	8,794	08/2007		37		0			37
Buy	CLP	709,183	03/2008		0		(4	)		(4	)
Buy	CNY	3,842	09/2007		10		0			10
Sell		3,842	09/2007		0		(1	)		(1	)
Buy		49,610	11/2007		51		0			51
Sell		49,610	11/2007		5		(12	)		(7	)
Buy		23,778	01/2008		0		(21	)		(21	)
Sell		23,778	01/2008		1		(3	)		(2	)
Buy	EUR	8,967	07/2007		117		0			117
Sell	GBP	6,996	08/2007		0		(74	)		(74	)
Buy	IDR	24,255,000	05/2008		0		(114	)		(114	)
Buy	INR	187,331	10/2007		20		(1	)		19
Buy		1,010	11/2007		0		0			0
Buy		122,664	05/2008		50		0			50
Sell	JPY	1,031,294	07/2007		121		0			121
Buy	KRW	6,070,349	07/2007		44		0			44
Sell		668,852	07/2007		0		(3	)		(3	)
Buy		1,157,326	08/2007		0		(1	)		(1	)
Buy		6,709,511	09/2007		18		0			18
Buy	MXN	41,747	09/2007		54		0			54
Buy		153,994	03/2008		126		(2	)		124
Buy	MYR	28,483	05/2008		0		(123	)		(123	)
Buy	NZD	1,690	07/2007		32		0			32
Buy	PHP	391,443	05/2008		0		(108	)		(108	)
Buy	PLN	34,725	09/2007		221		(2	)		219
Buy		6,468	03/2008		29		0			29
Buy	RUB	100,792	09/2007		51		0			51
Buy		90,414	11/2007		90		0			90
Buy		235,816	12/2007		209		0			209
Buy		381,762	01/2008		66		0			66
Buy	SEK	15,753	09/2007		28		0			28
Buy	SGD	21,054	07/2007		0		(88	)		(88	)
Buy		6,884	08/2007		25		(13	)		12
Buy		860	09/2007		0		(2	)		(2	)
Buy		23,617	10/2007		69		(6	)		63
Buy	ZAR	964	09/2007		3		0			3
Buy		148	03/2008		0		0			0
				$	6,473	$	(580	)	$	5,893

16 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2007 (Unaudited)

1.  ORGANIZATION

The Total Return Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	MYR	Malaysian Ringgit
CLP	Chilean Peso	NZD	New Zealand Dollar
CNY	Chinese Yuan Renminbi	PHP	Philippines Peso
EUR	Euro	PLN	Polish Zloty
GBP	Great British Pound	RUB	Russian Ruble
IDR	Indonesian Rupiah	SEK	Swedish Krona
INR	Indian Rupee	SGD	Singapore Dollar
JPY	Japanese Yen	ZAR	South African Rand

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency

contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(j) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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.

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June 30, 2007 (Unaudited)

The Portfolio pays a premium which is included on the 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.

(k) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(l) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters

acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(m) 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 on 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.

(n) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

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 credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(o) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

(p) Bridge Debt Commitments  At the period ended June 30, 2007, the Portfolio had $8,059,500 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.

(q) Commodities Index-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 notes 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 on the accompanying financial statements. Net payments are recorded as net realized gains and 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, 2007, the value of these securities comprised 0.3% of the Portfolio’s net assets and resulted in unrealized depreciation of $56,678.

(r) 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-related 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.

(s) 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” or “Ginnie Mae”), 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.

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(t) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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

Semiannual Report June 30, 2007 21

Notes to Financial Statements (Cont.)

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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	5,028,312	$	4,878,535	$	652,891	$	120,358

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Notional Amount in EUR	Notional Amount in GBP			Premium
Balance at 12/31/2006	2,036		$	942,800		EUR  95,000	GBP	11,000		$	11,691
Sales	7,169			991,600		0		0			12,533
Closing Buys	(960	)		(647,400	)	0		(11,000	)		(6,704	)
Expirations	(4,112	)		0		0		0			(1,194	)
Exercised	(334	)		0		0		0			(180	)
Balance at 06/30/2007	3,799		$	1,287,000		EUR  95,000	GBP	0		$	16,146

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	4,531		$	45,520		8,090		$	81,954
Administrative Class	66,886			674,962		83,252			843,490
Advisor Class	1,171			11,807		1,856			18,782
Issued as reinvestment of distributions
Institutional Class	405			4,078		790			8,017
Administrative Class	6,829			68,742		12,178			123,518
Advisor Class	52			522		35			362
Cost of shares redeemed
Institutional Class	(1,973	)		(19,907	)	(7,223	)		(73,276	)
Administrative Class	(32,550	)		(326,621	)	(51,636	)		(522,647	)
Advisor Class	(235	)		(2,374	)	(32	)		(329	)
Net increase resulting from Portfolio share transactions	45,116		$	456,729		47,310		$	479,871

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	98
Administrative Class	6	62
Advisor Class	3	98

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred

22 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    4,959	$    (57,464)	$    (52,505)

Semiannual Report June 30, 2007 23

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

24 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

1345 Avenue of the Americas

New York, New York 10105

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

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	17
Privacy Policy	24

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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, 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 and Advisor 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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Total Return Portfolio

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

U.S. Government Agencies	42.6%
Short-Term Instruments	23.2%
Corporate Bonds & Notes	20.3%
Asset-Backed Securities	6.5%
Mortgage-Backed Securities	4.9%
Other	2.5%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	Portfolio Inception (02/28/06)
	PIMCO Total Return Portfolio Advisor Class	0.32%	4.90%	2.55%
	Lehman Brothers Aggregate Bond Index±	0.98%	6.12%	3.73%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Lehman Brothers Aggregate Bond Index represents securities that are taxable and U.S. 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 the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	1,003.23	$	1,021.08
Expenses Paid During Period†	$	3.73	$	3.76

† 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 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 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, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.

» The Portfolio’s above-benchmark duration detracted from returns as yields rose in the first half of the year.

» An emphasis on the front-end of the U.S. yield curve contributed to returns as the curve steepened as measured by the difference between two- and 30-year yields.

» A slight overweight to mortgage-backed securities for the majority of the period detracted from returns as this sector underperformed like-duration Treasuries.

» An underweight to corporate securities detracted from returns as the sector outperformed like-duration Treasuries.

» An allocation to major non-U.S. markets moderately detracted from returns as developed countries underperformed Treasuries.

» Emerging market and high-yield bonds added to performance as strong demand for their attractive yields allowed these sectors to outperform like-duration Treasuries.

» Moderate exposure to a broad basket of currencies boosted returns as most emerging and developed market currencies appreciated relative to the U.S. dollar.

4 PIMCO Variable Insurance Trust

Financial Highlights  Total Return Portfolio

Selected per Share Data for the Period Ended:	06/30/2007+			02/28/2006–12/31/2006
Advisor Class
Net asset value beginning of period	$	10.12		$	10.24
Net investment income (a)		0.23			0.38
Net realized/unrealized (loss) on investments (a)		(0.20	)		(0.08	)
Total income from investment operations		0.03			0.30
Dividends from net investment income		(0.23	)		(0.37	)
Distributions from net realized capital gains		0.00			(0.05	)
Total distributions		(0.23	)		(0.42	)
Net asset value end of period	$	9.92		$	10.12
Total return		0.32	%		3.09	%
Net assets end period (000s)	$	28,241		$	18,811
Ratio of expenses to average net assets		0.75	%*		0.77	%*
Ratio of expenses to average net assets excluding interest expense		0.75	%*		0.75	%*
Ratio of net investment income to average net assets		4.65	%*		4.49	%*
Portfolio turnover rate		160	%		303	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Total Return Portfolio

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	4,398,751
Cash		2,364
Foreign currency, at value		31,870
Receivable for investments sold		140,931
Receivable for investments sold on a delayed-delivery basis		14,207
Receivable for Portfolio shares sold		12,294
Interest and dividends receivable		14,571
Variation margin receivable		4,999
Swap premiums paid		9,683
Unrealized appreciation on foreign currency contracts		6,473
Unrealized appreciation on swap agreements		8,189
		4,644,332
Liabilities:
Payable for investments purchased	$	726,520
Payable for investments purchased on a delayed-delivery basis		46,689
Payable for Portfolio shares redeemed		74,637
Payable for short sales		88,060
Written options outstanding		5,904
Dividends payable		1,806
Accrued investment advisory fee		783
Accrued administration fee		783
Accrued distribution fee		12
Accrued servicing fee		395
Variation margin payable		638
Swap premiums received		14,553
Unrealized depreciation on foreign currency contracts		580
Unrealized depreciation on swap agreements		7,150
Other liabilities		45
		968,555
Net Assets	$	3,675,777
Net Assets Consist of:
Paid in capital	$	3,791,949
Undistributed net investment income		1,072
Accumulated undistributed net realized (loss)		(49,476	)
Net unrealized (depreciation)		(67,768	)
	$	3,675,777
Net Assets:
Institutional Class	$	185,047
Administrative Class		3,462,489
Advisor Class		28,241
Shares Issued and Outstanding:
Institutional Class		18,653
Administrative Class		349,007
Advisor Class		2,847
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	9.92
Administrative Class		9.92
Advisor Class		9.92
Cost of Investments Owned	$	4,451,256
Cost of Foreign Currency Held	$	31,778
Proceeds Received on Short Sales	$	87,236
Premiums Received on Written Options	$	16,146

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Total Return Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest, net of foreign taxes*	$	92,861
Dividends		484
Miscellaneous income		64
Total Income		93,409
Expenses:
Investment advisory fees		4,312
Administration fees		4,312
Servicing fees – Administrative Class		2,447
Distribution and/or servicing fees – Advisor Class		28
Trustees’ fees		34
Legal fees		1
Total Expenses		11,134
Net Investment Income		82,275
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(6,410	)
Net realized (loss) on futures contracts, written options and swaps		(29,590	)
Net realized gain on foreign currency transactions		3,042
Net change in unrealized (depreciation) on investments		(40,500	)
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(4,370	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		5,410
Net (Loss)		(72,418	)
Net Increase in Net Assets Resulting from Operations	$	9,857
*Foreign tax withholding	$	45

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Total Return Portfolio

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase in Net Assets from:
Operations:
Net investment income	$	82,275		$	132,299
Net realized gain (loss)		(32,958	)		5,631
Net change in unrealized (depreciation)		(39,460	)		(21,541	)
Net increase resulting from operations		9,857			116,389
Distributions to Shareholders:
From net investment income
Institutional Class		(4,078	)		(7,166	)
Administrative Class		(78,465	)		(127,175	)
Advisor Class		(522	)		(267	)
From net realized capital gains
Institutional Class		0			(917	)
Administrative Class		0			(16,487	)
Advisor Class		0			(95	)
Total Distributions		(83,065	)		(152,107	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		45,520			81,954
Administrative Class		674,962			843,490
Advisor Class		11,807			18,782
Issued as reinvestment of distributions
Institutional Class		4,078			8,017
Administrative Class		68,742			123,518
Advisor Class		522			362
Cost of shares redeemed
Institutional Class		(19,907	)		(73,276	)
Administrative Class		(326,621	)		(522,647	)
Advisor Class		(2,374	)		(329	)
Net increase resulting from Portfolio share transactions		456,729			479,871
Total Increase in Net Assets		383,521			444,153
Net Assets:
Beginning of period		3,292,256			2,848,103
End of period*	$	3,675,777		$	3,292,256
*Including undistributed net investment income of:	$	1,072		$	1,862

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Total Return Portfolio June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.8%
CSC Holdings, Inc.
7.070% due 02/24/2013	$	2,574	$	2,576
Freeport-McMoRan Copper & Gold, Inc.
9.000% due 03/19/2014		518		519
Fresenius Medical Care Capital Trust
6.725% due 03/22/2013		4,410		4,413
6.735% due 03/22/2013		577		578
HCA, Inc.
7.100% due 11/17/2012		5,000		5,014
Kinder Morgan, Inc.
7.000% due 11/24/2013		10,000		9,981
SLM Corp.
6.000% due 06/30/2008		8,100		8,060
Total Bank Loan Obligations (Cost $31,232)				31,141
CORPORATE BONDS & NOTES 24.3%
BANKING & FINANCE 19.0%
AIG-Fp Matched Funding Corp.
5.360% due 06/16/2008		6,200		6,210
American Express Bank FSB
5.330% due 10/16/2008		8,100		8,100
5.380% due 10/20/2009		6,800		6,805
American Express Centurion Bank
5.320% due 05/07/2008		6,200		6,201
5.340% due 06/12/2009		9,100		9,104
American Express Credit Corp.
5.380% due 11/09/2009		6,700		6,706
American International Group, Inc.
5.050% due 10/01/2015		1,300		1,240
5.370% due 06/16/2009		5,400		5,422
6.250% due 03/15/2037		2,100		1,992
Bank of America Corp.
5.366% due 11/06/2009		4,000		4,000
5.450% due 09/18/2009		6,100		6,105
Bank of America N.A.
5.355% due 07/25/2008		11,200		11,207
5.360% due 12/18/2008		5,400		5,403
5.360% due 02/27/2009		5,200		5,204
6.000% due 10/15/2036		2,100		2,034
Bear Stearns Cos., Inc.
5.450% due 03/30/2009		7,100		7,105
5.450% due 08/21/2009		9,100		9,093
5.480% due 05/18/2010		12,200		12,193
5.655% due 01/30/2009		7,180		7,200
BNP Paribas
5.186% due 06/29/2049		15,600		14,569
C10 Capital SPV Ltd.
6.722% due 12/31/2049		4,300		4,198
CIT Group, Inc.
5.480% due 08/17/2009		7,100		7,076
5.505% due 01/30/2009		13,700		13,683
5.510% due 12/19/2008		2,400		2,399
Citigroup Funding, Inc.
5.320% due 04/23/2009		4,000		4,002
5.350% due 12/08/2008		2,000		2,001
5.360% due 06/26/2009		5,300		5,298
Citigroup, Inc.
5.390% due 12/28/2009		5,300		5,304
5.400% due 12/26/2008		26,880		26,903
6.125% due 08/25/2036		15,000		14,778
Credit Agricole S.A.
5.360% due 05/28/2009		5,900		5,903
5.410% due 05/28/2010		6,800		6,804

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
DBS Bank Ltd.
5.580% due 05/16/2017	$	1,000	$	1,002
DnB NORBank ASA
5.425% due 10/13/2009		5,700		5,703
Export-Import Bank of China
4.875% due 07/21/2015		900		854
Export-Import Bank of Korea
4.125% due 02/10/2009		140		137
5.450% due 06/01/2009		8,500		8,504
General Electric Capital Corp.
5.385% due 10/26/2009		12,500		12,509
5.390% due 01/05/2009		11,000		11,009
5.410% due 10/06/2010		4,600		4,604
5.428% due 01/20/2010		5,400		5,411
5.430% due 08/15/2011		14,200		14,196
5.455% due 10/21/2010		14,360		14,388
General Motors Acceptance Corp.
6.510% due 09/23/2008		3,900		3,901
GMAC LLC
6.000% due 12/15/2011		1,100		1,047
Goldman Sachs Group, Inc.
5.400% due 12/23/2008		1,600		1,601
5.410% due 03/30/2009		8,700		8,706
5.447% due 11/10/2008		7,100		7,111
5.450% due 12/22/2008		4,800		4,806
5.450% due 06/23/2009		13,070		13,086
5.455% due 07/29/2008		6,000		6,009
HBOS PLC
5.920% due 09/29/2049		1,100		1,033
HBOS Treasury Services PLC
5.397% due 07/17/2009		10,400		10,412
HSBC Bank USA N.A.
5.430% due 09/21/2007		14,500		14,504
5.500% due 06/10/2009		7,700		7,724
HSBC Finance Corp.
5.415% due 10/21/2009		4,500		4,503
5.490% due 09/15/2008		3,600		3,608
5.500% due 12/05/2008		5,900		5,915
HSBC Holdings PLC
6.500% due 05/02/2036		2,300		2,371
John Deere Capital Corp.
5.406% due 07/15/2008		6,400		6,406
JPMorgan Chase & Co.
5.370% due 06/26/2009		4,900		4,906
5.396% due 05/07/2010		9,700		9,707
JPMorgan Mortgage Acquisition Corp.
6.550% due 09/15/2066		1,200		1,159
Lehman Brothers Holdings, Inc.
5.410% due 12/23/2008		800		801
5.440% due 04/03/2009		5,300		5,307
5.460% due 08/21/2009		11,900		11,907
5.460% due 11/16/2009		15,260		15,275
5.500% due 05/25/2010		5,200		5,200
5.579% due 07/18/2011		4,800		4,811
5.607% due 11/10/2009		4,500		4,514
Longpoint Re Ltd.
10.609% due 05/08/2010		2,900		2,900
Merrill Lynch & Co., Inc.
5.390% due 12/22/2008		3,500		3,501
5.395% due 10/23/2008		7,500		7,511
5.406% due 05/08/2009		3,500		3,502
5.440% due 12/04/2009		7,300		7,304
5.450% due 08/14/2009		6,200		6,207
5.555% due 07/25/2011		8,500		8,501
MetLife, Inc.
6.400% due 12/15/2036		1,700		1,580

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Metropolitan Life Global Funding I
5.125% due 11/09/2011	$	8,200	$	8,074
5.400% due 05/17/2010		15,200		15,211
Morgan Stanley
5.360% due 11/21/2008		4,900		4,900
5.406% due 05/07/2009		8,700		8,705
5.446% due 01/15/2010		8,200		8,205
5.467% due 02/09/2009		14,600		14,624
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049		700		689
Mystic Re Ltd.
15.360% due 06/07/2011		3,000		3,007
National Australia Bank Ltd.
5.400% due 09/11/2009		5,300		5,308
Osiris Capital PLC
10.356% due 01/15/2010		3,100		3,130
Petroleum Export Ltd.
5.265% due 06/15/2011		829		809
Phoenix Quake Ltd.
7.800% due 07/03/2008		800		805
Phoenix Quake Wind I Ltd.
7.800% due 07/03/2008		800		803
Phoenix Quake Wind II Ltd.
8.850% due 07/03/2008		400		380
Premium Asset Trust
5.735% due 09/08/2007		100		100
Residential Capital LLC
6.460% due 05/22/2009		7,900		7,867
Residential Reinsurance 2007 Ltd.
15.610% due 06/07/2010		1,500		1,501
Resona Bank Ltd.
5.850% due 09/29/2049		1,200		1,149
Royal Bank of Scotland Group PLC
5.405% due 07/21/2008		11,400		11,410
Santander U.S. Debt S.A. Unipersonal
5.420% due 09/19/2008		6,900		6,907
5.420% due 11/20/2009		10,900		10,908
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049		4,100		3,965
State Street Capital Trust IV
6.355% due 06/15/2037		1,000		1,007
TNK-BP Finance S.A.
6.125% due 03/20/2012		1,200		1,175
UFJ Finance Aruba AEC
6.750% due 07/15/2013		300		317
USB Capital IX
6.189% due 04/15/2049		900		907
VTB Capital S.A. for Vneshtorgbank
5.955% due 08/01/2008		6,000		6,014
Wachovia Bank N.A.
5.320% due 10/03/2008		8,800		8,803
5.350% due 06/27/2008		6,300		6,302
5.400% due 03/23/2009		7,100		7,104
Wachovia Corp.
5.410% due 12/01/2009		4,400		4,405
Wells Fargo & Co.
5.460% due 09/15/2009		6,715		6,733
Westpac Banking Corp.
5.280% due 06/06/2008		4,000		4,001
World Savings Bank FSB
5.485% due 03/02/2009		7,900		7,924

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Total Return Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ZFS Finance USA Trust I
5.875% due 05/09/2032	$	4,400	$	4,350
				697,394
INDUSTRIALS 3.5%
Amgen, Inc.
5.440% due 11/28/2008		14,000		14,008
Anadarko Petroleum Corp.
5.760% due 09/15/2009		10,000		10,014
BP AMI Leasing, Inc.
5.370% due 06/26/2009		13,600		13,605
CODELCO, Inc.
6.150% due 10/24/2036		700		696
Comcast Corp.
5.656% due 07/14/2009		7,700		7,704
5.875% due 02/15/2018		1,700		1,650
6.450% due 03/15/2037		1,700		1,644
DaimlerChrysler N.A. Holding Corp.
5.710% due 03/13/2009		2,900		2,907
5.805% due 08/03/2009		6,300		6,336
El Paso Corp.
6.750% due 05/15/2009		6,000		6,082
7.800% due 08/01/2031		1,300		1,323
7.875% due 06/15/2012		5,800		6,092
9.625% due 05/15/2012		800		895
Gaz Capital for Gazprom
6.212% due 11/22/2016		1,200		1,172
HJ Heinz Co.
6.428% due 12/01/2008		1,100		1,111
Morgan Stanley Bank AG for OAO Gazprom
9.625% due 03/01/2013		100		116
Peabody Energy Corp.
7.875% due 11/01/2026		2,700		2,808
Pemex Project Funding Master Trust
5.750% due 12/15/2015		2,300		2,259
8.000% due 11/15/2011		100		109
8.625% due 02/01/2022		1,200		1,482
9.500% due 09/15/2027		55		74
Salomon Brothers AG for OAO Gazprom
10.500% due 10/21/2009		6,000		6,622
Time Warner, Inc.
5.590% due 11/13/2009		6,600		6,610
Transocean, Inc.
5.560% due 09/05/2008		6,200		6,206
United Airlines, Inc.
6.071% due 03/01/2013		3,313		3,332
8.030% due 01/01/2013 (a)		465		519
Vale Overseas Ltd.
6.250% due 01/23/2017		1,300		1,296
6.875% due 11/21/2036		1,300		1,310
Wal-Mart Stores, Inc.
5.260% due 06/16/2008		14,200		14,198
Williams Cos., Inc.
6.375% due 10/01/2010		7,000		7,052
				129,232
UTILITIES 1.8%
AT&T, Inc.
5.456% due 02/05/2010		3,600		3,606
5.570% due 11/14/2008		4,200		4,214
BellSouth Corp.
4.240% due 04/26/2008		5,500		5,452
5.460% due 08/15/2008		10,200		10,211

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Entergy Gulf States, Inc.
5.700% due 06/01/2015	$	8,300	$	7,966
6.000% due 12/01/2012		6,500		6,454
Korea Electric Power Corp.
5.125% due 04/23/2034		90		87
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		657		657
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.838% due 09/30/2027		2,600		2,419
TPSA Finance BV
7.750% due 12/10/2008		120		124
TXU Energy Co. LLC
5.860% due 09/16/2008		12,200		12,208
Verizon Communications, Inc.
5.400% due 04/03/2009		14,500		14,510
				67,908
Total Corporate Bonds & Notes (Cost $894,530)				894,534
MUNICIPAL BONDS & NOTES 0.1%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2017		3,700		3,967
Iowa State Tobacco Settlement Authority Revenue Bonds, Series 2005
6.500% due 06/01/2023		1,150		1,136
Total Municipal Bonds & Notes (Cost $4,816)				5,103
COMMODITY INDEX-LINKED NOTES 0.3%
Morgan Stanley
0.000% due 07/07/2008		10,000		9,943
Total Commodity Index-Linked Notes (Cost $10,000)				9,943
U.S. GOVERNMENT AGENCIES 51.0%
Fannie Mae
4.000% due 10/01/2018		414		385
4.500% due 02/01/2035 - 06/25/2043		12,566		12,373
4.673% due 05/25/2035		1,300		1,283
4.709% due 04/01/2035		2,817		2,800
4.759% due 04/01/2035		4,039		4,015
5.000% due 02/25/2017 - 07/01/2037		316,751		299,211
5.380% due 12/25/2036		3,799		3,794
5.500% due 04/01/2014 - 08/01/2037		906,903		877,528
5.647% due 10/01/2032		1,588		1,601
5.648% due 11/01/2035		307		309
5.670% due 03/25/2044		6,205		6,211
6.000% due 04/01/2016 - 07/01/2037		343,211		339,644
6.129% due 09/01/2034		2,519		2,553
6.227% due 06/01/2043 - 07/01/2044		7,760		7,867
6.272% due 12/01/2036		2,514		2,539
6.414% due 09/01/2040		61		62
6.500% due 06/01/2029 - 04/01/2032		362		369
7.000% due 04/25/2023 - 06/01/2032		3,464		3,546
7.130% due 09/01/2039		106		107
7.269% due 11/01/2025		2		2
Federal Housing Administration
7.430% due 01/25/2023		52		53

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Freddie Mac
4.500% due 04/01/2018 - 10/01/2018	$	2,330	$	2,221
5.000% due 04/01/2018 - 09/01/2035		17,324		16,925
5.470% due 07/15/2019 - 10/15/2020		134,500		134,383
5.500% due 04/01/2033 - 07/01/2037		66,903		64,536
5.550% due 07/15/2037		46,700		46,696
5.620% due 05/15/2036		5,068		5,086
5.770% due 11/15/2030		31		31
5.820% due 09/15/2030		29		30
6.000% due 07/01/2016 - 07/01/2037		20,131		19,992
6.227% due 02/25/2045		875		872
6.500% due 03/01/2013 - 03/01/2034		947		965
7.000% due 06/15/2023		1,869		1,922
7.188% due 07/01/2030		2		2
7.290% due 07/01/2027		2		2
7.412% due 01/01/2028		2		2
7.500% due 07/15/2030 - 03/01/2032		268		278
8.500% due 08/01/2024		15		16
Ginnie Mae
4.500% due 07/20/2030		13		14
4.750% due 02/20/2032		805		807
5.125% due 10/20/2029 - 11/20/2029		272		276
5.375% due 04/20/2026 - 05/20/2030		116		117
5.500% due 04/15/2033 - 09/15/2033		555		540
5.720% due 06/20/2030		1		1
5.820% due 09/20/2030		25		25
6.000% due 07/01/2037		4,000		3,979
6.500% due 03/15/2031 - 04/15/2032		255		260
Small Business Administration
5.130% due 09/01/2023		77		76
6.030% due 02/10/2012		5,089		5,129
6.290% due 01/01/2021		199		204
6.344% due 08/01/2011		650		658
7.449% due 08/01/2010		8		8
7.500% due 04/01/2017		1,025		1,059
8.017% due 02/10/2010		75		77
Total U.S. Government Agencies (Cost $1,913,856)				1,873,441
U.S. TREASURY OBLIGATIONS 0.4%
Treasury Inflation Protected Securities (c)
2.000% due 01/15/2026		7,163		6,490
2.375% due 01/15/2025		7,236		6,959
3.625% due 04/15/2028		1,533		1,777
Total U.S. Treasury Obligations (Cost $16,092)				15,226
MORTGAGE-BACKED SECURITIES 5.9%
American Home Mortgage Investment Trust
4.390% due 02/25/2045		3,537		3,464
Banc of America Commercial Mortgage, Inc.
4.128% due 07/10/2042		395		385
4.875% due 06/10/2039		590		582
Banc of America Funding Corp.
4.113% due 05/25/2035		4,996		4,893
Banc of America Mortgage Securities, Inc.
6.500% due 10/25/2031		1,316		1,331
6.500% due 09/25/2033		507		508

10 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bear Stearns Adjustable Rate Mortgage Trust
4.750% due 10/25/2035	$	18,398	$	18,195
4.773% due 01/25/2034		2,930		2,916
5.044% due 04/25/2033		1,332		1,331
5.329% due 02/25/2033		350		355
5.626% due 02/25/2033		292		290
6.337% due 11/25/2030		9		9
Bear Stearns Alt-A Trust
5.377% due 05/25/2035		6,929		6,900
Citigroup Commercial Mortgage Trust
5.390% due 08/15/2021		3,703		3,708
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		1,783		1,752
Commercial Mortgage Pass-Through Certificates
6.455% due 05/15/2032		6,562		6,608
Countrywide Alternative Loan Trust
4.673% due 08/25/2034		142		141
5.500% due 05/25/2047		5,426		5,441
Countrywide Home Loan Mortgage Pass-Through Trust
5.250% due 02/20/2036		2,050		2,037
5.590% due 05/25/2034		415		415
CS First Boston Mortgage Securities Corp.
6.890% due 06/25/2032		44		44
First Nationwide Trust
6.750% due 08/21/2031		38		38
Greenpoint Mortgage Funding Trust
5.400% due 10/25/2046		6,949		6,955
5.400% due 01/25/2047		6,845		6,849
Greenwich Capital Commercial Funding Corp.
5.317% due 06/10/2036		915		895
GS Mortgage Securities Corp. II
5.396% due 08/10/2038		905		886
5.410% due 03/06/2020		23,300		23,326
GSR Mortgage Loan Trust
4.538% due 09/25/2035		21,739		21,427
Harborview Mortgage Loan Trust
5.410% due 01/19/2038		10,742		10,757
5.510% due 01/19/2038		13,936		13,960
5.540% due 05/19/2035		1,497		1,499
Impac Secured Assets CMN Owner Trust
5.400% due 01/25/2037		4,597		4,601
Indymac ARM Trust
6.633% due 01/25/2032		7		7
Indymac Index Mortgage Loan Trust
5.410% due 11/25/2046		4,816		4,819
Lehman Brothers Floating Rate Commercial Mortgage Trust
5.400% due 09/15/2021		1,564		1,565
Merrill Lynch Mortgage Trust
4.353% due 02/12/2042		515		505
Morgan Stanley Capital I
4.050% due 01/13/2041		530		515
5.380% due 10/15/2020		3,999		4,005
Prime Mortgage Trust
5.720% due 02/25/2019		242		243
5.720% due 02/25/2034		1,113		1,116
Residential Funding Mortgage Securities I, Inc.
6.500% due 03/25/2032		1,215		1,215
Structured Asset Mortgage Investments, Inc.
5.650% due 09/19/2032		190		190
Structured Asset Securities Corp.
6.063% due 02/25/2032		24		24
6.150% due 07/25/2032		30		30

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Thornburg Mortgage Securities Trust
5.430% due 12/25/2036	$	5,791	$	5,791
Wachovia Bank Commercial Mortgage Trust
5.400% due 06/15/2020		10,800		10,803
5.410% due 09/15/2021		19,057		19,067
Washington Mutual, Inc.
5.094% due 10/25/2032		283		282
5.610% due 10/25/2045		1,633		1,637
6.229% due 11/25/2042		1,259		1,260
6.429% due 08/25/2042		3,106		3,117
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036		8,237		8,127
Total Mortgage-Backed Securities (Cost $217,544)				216,816
ASSET-BACKED SECURITIES 7.8%
ACE Securities Corp.
5.370% due 12/25/2036		2,407		2,409
American Express Credit Account Master Trust
5.430% due 09/15/2010		35,400		35,451
Amortizing Residential Collateral Trust
5.590% due 06/25/2032		353		353
Argent Securities, Inc.
5.370% due 09/25/2036		2,645		2,646
Asset-Backed Funding Certificates
5.380% due 11/25/2036		6,333		6,337
5.380% due 01/25/2037		4,974		4,977
Bear Stearns Asset-Backed Securities, Inc.
5.400% due 10/25/2036		2,881		2,883
5.410% due 06/25/2047		4,699		4,702
Carrington Mortgage Loan Trust
5.470% due 09/25/2035		631		632
Chase Credit Card Master Trust
5.430% due 02/15/2011		9,900		9,921
CitiFinancial Mortgage Securities, Inc.
3.221% due 10/25/2033		4		4
Countrywide Asset-Backed Certificates
5.370% due 01/25/2037		7,522		7,525
5.370% due 05/25/2037		8,717		8,726
5.370% due 12/25/2046		2,594		2,595
Credit-Based Asset Servicing & Securitization LLC
5.380% due 11/25/2036		4,728		4,731
DaimlerChrysler Auto Trust
5.250% due 05/08/2009		7,360		7,363
EMC Mortgage Loan Trust
5.690% due 05/25/2040		686		688
First Franklin Mortgage Loan Asset-Backed Certificates
5.370% due 11/25/2036		8,596		8,601
First USA Credit Card Master Trust
5.480% due 04/18/2011		16,500		16,544
Fremont Home Loan Trust
5.380% due 01/25/2037		4,635		4,634
5.390% due 02/25/2037		3,480		3,482
Honda Auto Receivables Owner Trust
5.322% due 03/18/2008		8,877		8,886
HSI Asset Securitization Corp. Trust
5.370% due 12/25/2036		3,457		3,459
Indymac Residential Asset-Backed Trust
5.380% due 04/25/2037		4,263		4,264
JPMorgan Mortgage Acquisition Corp.
5.370% due 08/25/2036		2,735		2,737
5.380% due 04/01/2037		8,099		8,095

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lehman XS Trust
5.390% due 05/25/2046	$	2,418	$	2,419
Long Beach Mortgage Loan Trust
5.600% due 10/25/2034		619		620
MASTR Asset-Backed Securities Trust
5.380% due 11/25/2036		6,269		6,273
Merrill Lynch Mortgage Investors, Inc.
5.390% due 08/25/2036		9,238		9,239
Morgan Stanley ABS Capital I
5.360% due 10/25/2036		2,947		2,948
5.370% due 10/25/2036		2,685		2,686
Nelnet Student Loan Trust
5.340% due 09/25/2012		4,156		4,159
5.420% due 12/22/2016		8,200		8,206
Newcastle Mortgage Securities Trust
5.390% due 03/25/2036		4,873		4,875
Nissan Auto Lease Trust
5.347% due 12/14/2007		105		105
Park Place Securities, Inc.
5.632% due 10/25/2034		4,699		4,711
Residential Asset Mortgage Products, Inc.
4.230% due 05/25/2029		14		14
4.450% due 07/25/2028		331		329
Residential Asset Securities Corp.
5.360% due 08/25/2036		3,066		3,068
5.390% due 11/25/2036		6,745		6,750
Saxon Asset Securities Trust
5.380% due 11/25/2036		3,198		3,199
SBI HELOC Trust
5.490% due 08/25/2036		4,255		4,259
Securitized Asset-Backed Receivables LLC Trust
5.440% due 05/25/2037		9,300		9,300
SLM Student Loan Trust
5.355% due 10/25/2016		9,300		9,306
Soundview Home Equity Loan Trust
5.420% due 10/25/2036		8,430		8,436
Structured Asset Securities Corp.
4.370% due 10/25/2034		250		249
5.370% due 10/25/2036		7,391		7,394
5.420% due 07/25/2035		802		803
5.610% due 01/25/2033		73		73
USAA Auto Owner Trust
5.337% due 07/11/2008		6,700		6,701
Wachovia Auto Owner Trust
5.337% due 06/20/2008		7,600		7,601
Wells Fargo Home Equity Trust
5.370% due 01/25/2037		4,446		4,449
5.440% due 12/25/2035		5,901		5,904
Total Asset-Backed Securities (Cost $286,598)				286,721
SOVEREIGN ISSUES 0.7%
China Development Bank
5.000% due 10/15/2015		900		861
Korea Development Bank
5.490% due 04/03/2010		25,000		25,022
South Africa Government International Bond
5.875% due 05/30/2022		500		490
Total Sovereign Issues (Cost $26,392)				26,373

See Accompanying Notes Semiannual Report June 30, 2007 11

Schedule of Investments  Total Return Portfolio (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN CURRENCY-DENOMINATED ISSUES 0.1%
Brazilian Government International Bond
10.250% due 01/10/2028	BRL	4,400	$	2,543
Total Foreign Currency-Denominated Issues (Cost $2,505)				2,543
		SHARES
PREFERRED STOCKS 0.4%
DG Funding Trust
7.600% due 12/31/2049		1,239		12,909
Total Preferred Stocks (Cost $13,056)				12,909
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 27.7%
CERTIFICATES OF DEPOSIT 6.1%
Abbey National Treasury Services PLC
5.270% due 07/02/2008	$	13,600		13,606
Barclays Bank PLC
5.281% due 03/17/2008		28,400		28,404
BNP Paribas
5.262% due 07/03/2008		13,100		13,097
5.262% due 05/28/2008		5,200		5,202
Calyon Financial, Inc.
5.340% due 01/16/2009		9,900		9,902
Dexia S.A.
5.270% due 09/29/2008		34,500		34,510
Fortis Bank NY
5.265% due 04/28/2008		14,100		14,107
5.265% due 06/30/2008		5,100		5,102
Nordea Bank Finland PLC
5.267% due 03/31/2008		4,800		4,801
5.308% due 05/28/2008		5,000		5,003
5.308% due 04/09/2009		14,300		14,308
Royal Bank of Canada
5.267% due 06/30/2008		17,100		17,115
Royal Bank of Scotland Group PLC
5.262% due 07/03/2008		12,600		12,600
5.265% due 03/26/2008		10,300		10,299

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Skandinav Enskilda BK
5.340% due 08/21/2008	$	14,500	$	14,506
5.350% due 02/13/2009		8,300		8,306
Societe Generale NY
5.268% due 03/28/2008		4,200		4,203
5.269% due 06/30/2008		1,100		1,101
5.270% due 03/26/2008		8,100		8,100
				224,272
COMMERCIAL PAPER 20.6%
Bank of America Corp.
5.215% due 10/04/2007		37,900		37,414
5.220% due 10/04/2007		38,600		38,583
5.250% due 10/04/2007		2,400		2,367
Bank of Ireland
5.225% due 11/08/2007		3,600		3,583
Cox Communications, Inc.
5.619% due 09/17/2007		3,500		3,500
Danske Corp.
5.205% due 10/12/2007		11,800		11,673
Freddie Mac
4.800% due 07/02/2007		113,200		113,200
HBOS Treasury Services PLC
5.230% due 11/13/2007		6,500		6,471
Natixis S.A.
5.240% due 09/21/2007		1,300		1,295
Rabobank USA Financial Corp.
5.330% due 07/26/2007		102,500		102,500
San Paolo IMI U.S. Financial Co.
5.230% due 08/08/2007		16,400		16,326
Societe Generale NY
5.180% due 11/26/2007		700		685
5.210% due 11/26/2007		1,800		1,781
5.226% due 11/26/2007		67,700		67,356
5.245% due 11/26/2007		24,500		24,204
5.246% due 11/26/2007		4,700		4,644
5.250% due 11/26/2007		500		493
Svenska Handelsbanken, Inc.
5.203% due 10/09/2007		29,300		29,088
UBS Finance Delaware LLC
5.145% due 10/23/2007		1,700		1,693
5.200% due 10/23/2007		94,000		93,579

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.205% due 10/23/2007	$	3,900	$	3,890
5.215% due 10/23/2007		900		890
5.230% due 10/23/2007		7,600		7,559
5.235% due 10/23/2007		4,400		4,356
5.245% due 10/23/2007		700		692
Unicredito Italiano SpA
5.185% due 01/22/2008		73,600		71,993
Westpac Banking Corp.
5.165% due 11/05/2007		44,300		43,472
5.230% due 11/05/2007		2,800		2,788
5.240% due 11/05/2007		1,200		1,186
Westpac Trust Securities NZ Ltd.
5.240% due 10/19/2007		60,400		59,960
				757,221
TRI-PARTY REPURCHASE AGREEMENTS 0.2%
State Street Bank and Trust Co.
4.900% due 07/02/2007		7,112		7,112
(Dated 06/29/2007. Collateralized by Freddie Mac 5.400% due 06/15/2010 valued at $7,259. Repurchase proceeds are $7,115.)
U.S. TREASURY BILLS 0.8%
4.621% due 08/30/2007 - 09/13/2007 (b)(d)(f)		29,860		29,543
Total Short-Term Instruments (Cost $1,018,160)				1,018,148
PURCHASED OPTIONS (h) 0.2%
(Cost $16,475)				5,853
Total Investments (e) 119.7% (Cost $4,451,256)			$	4,398,751
Written Options (i) (0.2%) (Premiums $16,146)				(5,904	)
Other Assets and Liabilities (Net) (19.5%)				(717,070	)
Net Assets 100.0%			$	3,675,777

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) Coupon represents a weighted average rate.

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

(d) Securities with an aggregate market value of $7,178 have been pledged as collateral for swap and swaption contracts on June 30, 2007.

(e) As of June 30, 2007, portfolio securities with an aggregate value of $205,868 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

12 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

(f) Securities with an aggregate market value of $20,629 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Euribor December Futures	Long	12/2007	444	$	(632	)
90-Day Euribor December Futures	Long	12/2008	174		(390	)
90-Day Euribor June Futures	Long	06/2008	459		(981	)
90-Day Euribor March Futures	Long	03/2008	209		(414	)
90-Day Euribor September Futures	Long	09/2008	451		(407	)
90-Day Eurodollar December Futures	Long	12/2007	4,365		(4,972	)
90-Day Eurodollar December Futures	Long	12/2008	2,346		(1,336	)
90-Day Eurodollar June Futures	Long	06/2008	8,706		(9,100	)
90-Day Eurodollar March Futures	Long	03/2008	9,007		(9,295	)
90-Day Eurodollar March Futures	Long	03/2009	214		(313	)
90-Day Eurodollar September Futures	Long	09/2008	1,885		(925	)
90-Day Euroyen December Futures	Long	12/2007	604		(68	)
Euro-Bund 10-Year Note September Futures	Short	09/2007	75		(53	)
U.S. Treasury 10-Year Note September Futures	Short	09/2007	13		(11	)
U.S. Treasury 30-Year Bond September Futures	Long	09/2007	221		(250	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2007	430		(967	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	36		(61	)
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	362		(640	)
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2008	422		(772	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2007	243		(520	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	115		(301	)
				$	(32,408	)

(g) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bank of America	Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016	$	10,000	$	87
Bear Stearns & Co., Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	2.320%		09/20/2007		2,100		10
Credit Suisse First Boston	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	0.950%		12/20/2007		2,300		(2	)
Credit Suisse First Boston	Panama Government International Bond 8.875% due 09/30/2027	Sell	1.200%		02/20/2017		400		7
Deutsche Bank AG	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		5,300		24
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.	Anadarko Petroleum Corp. 6.125% due 03/15/2012	Sell	0.150%		03/20/2008		2,500		0
Goldman Sachs & Co.	Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016		44,000		336
Goldman Sachs & Co.	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017		25,600		151
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700%		04/20/2009		1,600		6
HSBC Bank USA	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.520%		05/20/2009		4,000		(1	)
JPMorgan Chase & Co.	American International Group, Inc. 0.000% convertible until 11/09/2031	Sell	0.050%		12/20/2007		17,200		1
JPMorgan Chase & Co.	Panama Government International Bond 8.875% due 09/30/2027	Sell	0.730%		01/20/2012		1,000		6
JPMorgan Chase & Co.	Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.920%		03/20/2016		1,200		41
JPMorgan Chase & Co.	Panama Government International Bond 8.875% due 09/30/2027	Sell	1.250%		01/20/2017		1,200		27
Lehman Brothers, Inc.	Ford Motor Credit Co. 7.000% due 10/01/2013	Sell	0.950%		12/20/2007		4,200		(3	)
Lehman Brothers, Inc.	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%		12/20/2008		2,200		1
Lehman Brothers, Inc.	Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700%		12/20/2008		5,000		14
Lehman Brothers, Inc.	Multiple Reference Entities of Gazprom	Sell	1.430%		07/20/2011		600		24
Lehman Brothers, Inc.	Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.920%		03/20/2016		3,100		105
Lehman Brothers, Inc.	Panama Government International Bond 8.875% due 09/30/2027	Sell	1.170%		04/20/2017		3,000		40
Morgan Stanley	Russia Government International Bond 7.500% due 03/31/2030	Sell	0.245%		06/20/2008		1,300		0
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.390%		12/20/2008		3,000		1
Royal Bank of Scotland Group PLC	Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%		12/20/2008		11,000		3
								$	898

⁽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.

See Accompanying Notes Semiannual Report June 30, 2007 13

Schedule of Investments  Total Return Portfolio (Cont.)

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	6-Month Australian Bank Bill	Pay	7.000%	12/15/2009	AUD	9,300	$	(5	)
Barclays Bank PLC	BRL-CDI-Compounded	Pay	11.360%	01/04/2010	BRL	16,700		97
Goldman Sachs & Co.	BRL-CDI-Compounded	Pay	11.465%	01/04/2010		4,300		30
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	11.430%	01/04/2010		11,000		73
Merrill Lynch & Co., Inc.	BRL-CDI-Compounded	Pay	12.948%	01/04/2010		5,900		120
Morgan Stanley	BRL-CDI-Compounded	Pay	12.780%	01/04/2010		14,200		263
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.103%	10/15/2010	EUR	1,400		19
Barclays Bank PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	04/05/2012		1,200		(13	)
BNP Paribas Bank	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.090%	10/15/2010		10,200		128
Deutsche Bank AG	6-Month EUR-LIBOR	Pay	5.000%	12/19/2009		26,700		(9	)
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.000%	12/15/2011		18,700		377
Deutsche Bank AG	6-Month EUR-LIBOR	Receive	5.000%	12/19/2017		6,300		(33	)
Goldman Sachs & Co.	6-Month EUR-LIBOR	Pay	4.000%	03/20/2009		9,600		(69	)
Goldman Sachs & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.960%	03/30/2012		2,400		(21	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.948%	03/15/2012		8,400		(77	)
JPMorgan Chase & Co.	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.958%	04/10/2012		9,300		(98	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.955%	03/28/2012		1,800		(17	)
Royal Bank of Scotland Group PLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	1.950%	03/30/2012		1,500		(15	)
UBS Warburg LLC	5-Year French CPI Ex Tobacco Daily Reference Index	Pay	2.146%	10/15/2010		1,900		31
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	12/20/2008	GBP	24,100		(236	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009		13,600		(196	)
Barclays Bank PLC	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		14,400		(259	)
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		2,900		268
Barclays Bank PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2036		3,200		774
Credit Suisse First Boston	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		2,800		(66	)
Deutsche Bank AG	6-Month GBP-LIBOR	Pay	6.000%	12/20/2008		14,400		(146	)
Goldman Sachs & Co.	6-Month GBP-LIBOR	Pay	5.000%	06/15/2009		28,500		(697	)
Goldman Sachs & Co.	6-Month GBP-LIBOR	Pay	6.000%	06/19/2009		74,700		(235	)
Goldman Sachs & Co.	6-Month GBP-LIBOR	Receive	5.500%	12/15/2036		5,000		287
HSBC Bank USA	6-Month GBP-LIBOR	Pay	4.500%	12/20/2007		53,900		(531	)
HSBC Bank USA	6-Month GBP-LIBOR	Receive	4.000%	12/15/2036		5,500		1,145
Lehman Brothers, Inc.	6-Month GBP-LIBOR	Pay	4.500%	09/20/2009		17,500		(1,164	)
Merrill Lynch & Co., Inc.	6-Month GBP-LIBOR	Receive	4.000%	12/15/2035		2,200		208
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Pay	6.000%	03/20/2009		12,700		(187	)
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Pay	6.000%	06/19/2009		21,200		(80	)
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Receive	4.000%	12/15/2036		10,000		2,182
Royal Bank of Scotland Group PLC	6-Month GBP-LIBOR	Receive	5.500%	12/15/2036		1,400		69
Barclays Bank PLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009	JPY	1,270,000		(28	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		9,500,000		(49	)
Deutsche Bank AG	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		2,050,000		(30	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/19/2008		22,300,000		(64	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	09/18/2008		700,000		(3	)
UBS Warburg LLC	6-Month JPY-LIBOR	Pay	1.000%	03/18/2009		18,200,000		(298	)
Citibank N.A.	28-Day Mexico Interbank TIIE Banxico	Pay	8.170%	11/04/2016	MXN	12,100		7
Goldman Sachs & Co.	28-Day Mexico Interbank TIIE Banxico	Pay	7.780%	04/03/2012		46,500		(38	)
Bank of America	3-Month USD-LIBOR	Pay	5.000%	12/19/2009	$	66,300		6
Bank of America	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		118,400		(129	)
Bank of America	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		17,200		160
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		64,200		(71	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2008		230,400		(498	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		730,900		551
Deutsche Bank AG	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		77,400		(378	)
Goldman Sachs & Co.	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		200		0
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	06/20/2009		81,500		(641	)
Morgan Stanley	3-Month USD-LIBOR	Receive	5.000%	12/19/2017		15,400		(100	)
Morgan Stanley	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		2,500		41
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2008		230,400		(529	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	06/20/2009		68,700		(134	)
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		27,900		449
							$	141

(h) Purchased options outstanding on June 30, 2007:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Put - CME 90-Day Eurodollar September Futures	$	90.750	09/17/2007	400	$	4	$	0
Put - CME 90-Day Eurodollar September Futures		91.000	09/17/2007	1,774		17		0
					$	21	$	0

14 PIMCO Variable Insurance Trust See Accompanying Notes

June 30, 2007 (Unaudited)

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Barclays Bank PLC	6-Month EUR-LIBOR	Pay	3.960%	07/02/2007	EUR	26,000	$	120	$	0
Call - OTC 2-Year Interest Rate Swap	Deutsche Bank AG	6-Month EUR-LIBOR	Pay	3.960%	07/02/2007		84,000		480		0
Call - OTC 2-Year Interest Rate Swap	Deutsche Bank AG	6-Month EUR-LIBOR	Pay	4.100%	07/02/2007		58,000		323		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	6-Month EUR-LIBOR	Pay	3.960%	07/02/2007		56,000		271		0
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.800%	08/08/2007	$	76,000		309		1
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.900%	08/08/2007		39,000		172		1
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		261,000		1,258		513
Call - OTC 2-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.250%	08/08/2007		72,000		67		60
Call - OTC 1-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Pay	4.750%	02/01/2008		100,000		287		30
Call - OTC 1-Year Interest Rate Swap	Goldman Sachs & Co.	3-Month USD-LIBOR	Pay	4.700%	08/08/2007		89,000		199		0
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		236,900		1,254		293
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		349,600		1,237		688
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	07/02/2007		66,000		273		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.850%	07/02/2007		150,000		390		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.250%	07/02/2007		316,400		1,671		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.900%	08/08/2007		144,000		326		0
Call - OTC 1-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	08/08/2007		240,000		306		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.900%	10/25/2007		109,000		439		53
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	02/01/2008		222,600		1,104		357
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		386,900		2,276		478
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		94,900		377		187
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	12/15/2008		380,900		1,304		864
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/15/2008		201,000		573		680
								$	��   15,016	$	4,205

Foreign Currency Options

Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC U.S. dollar versus Japanese yen	JPY	103.800	03/17/2010	$	3,000	$	131	$	231
Put - OTC U.S. dollar versus Japanese yen		103.800	03/17/2010		3,000		131		74
Call - OTC U.S. dollar versus Japanese yen		104.650	03/31/2010		2,000		91		143
Put - OTC U.S. dollar versus Japanese yen		104.650	03/31/2010		2,000		78		54
Call - OTC U.S. dollar versus Japanese yen		105.200	03/31/2010		3,000		126		204
Put - OTC U.S. dollar versus Japanese yen		105.200	03/31/2010		3,000		126		84
Call - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		9,000		378		602
Put - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		9,000		377		256
						$	1,438	$	1,648

(i) Written options outstanding on June 30, 2007:

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	08/24/2007	1,025	$	330	$	625
Call - CBOT U.S. Treasury 10-Year Note September Futures		107.000	08/24/2007	553		173		147
Call - CBOT U.S. Treasury 10-Year Note September Futures		108.000	08/24/2007	133		27		14
Call - CBOT U.S. Treasury 10-Year Note September Futures		109.000	08/24/2007	187		22		9
Put - CBOT U.S. Treasury 10-Year Note September Futures		103.000	08/24/2007	248		134		27
Put - CBOT U.S. Treasury 10-Year Note September Futures		104.000	08/24/2007	777		301		170
Put - CBOT U.S. Treasury 10-Year Note September Futures		105.000	08/24/2007	876		305		411
					$	1,292	$	1,403

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	Barclays Bank PLC	6-Month EUR-LIBOR	Receive	4.100%	07/02/2007	EUR	10,000	$	120	$	0
Call - OTC 5-Year Interest Rate Swap	Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.100%	07/02/2007		36,000		493		0
Call - OTC 5-Year Interest Rate Swap	Deutsche Bank AG	6-Month EUR-LIBOR	Receive	4.230%	07/02/2007		25,000		322		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	6-Month EUR-LIBOR	Receive	4.100%	07/02/2007		24,000		271		0
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	4.900%	08/08/2007	$	33,000		290		2
Call - OTC 5-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		112,900		1,265		569
Call - OTC 10-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Receive	5.570%	08/08/2007		18,000		70		80
Call - OTC 5-Year Interest Rate Swap	Barclays Bank PLC	3-Month USD-LIBOR	Receive	4.900%	02/01/2008		22,000		274		46
Call - OTC 7-Year Interest Rate Swap	Goldman Sachs & Co.	3-Month USD-LIBOR	Receive	4.850%	08/08/2007		15,000		204		0
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		102,000		1,202		312
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		152,000		1,259		765
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	07/02/2007		34,000		367		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	07/02/2007		28,400		297		0
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.370%	07/02/2007		138,000		1,680		0

See Accompanying Notes Semiannual Report June 30, 2007 15

Schedule of Investments  Total Return Portfolio (Cont.) June 30, 2007 (Unaudited)

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	08/08/2007	$	24,000	$	278	$	1
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	08/08/2007		46,000		307		3
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	08/08/2007		13,000		148		1
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.010%	10/25/2007		47,000		433		63
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.100%	02/01/2008		97,000		1,164		347
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		106,500		1,417		325
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	03/31/2008		62,000		763		212
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		41,100		371		207
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/15/2008		128,100		1,298		910
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.200%	12/15/2008		67,000		561		658
								$	14,854	$	4,501

(j) Short sales outstanding on June 30, 2007:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
U.S. Treasury Notes	4.500%	05/15/2017	$	79,600	$	76,247	$	76,909
U.S. Treasury Notes	4.625%	02/15/2017		11,300		10,989		11,151
					$	87,236	$	88,060

⁽²⁾ Market value includes $771 of interest payable on short sales.

(k) Foreign currency contracts outstanding on June 30, 2007:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AUD	13,512	07/2007	$	82	$	0		$	82
Sell		152	07/2007		0		(2	)		(2	)
Buy	BRL	134,709	10/2007		2,711		0			2,711
Buy		72,223	03/2008		2,203		0			2,203
Buy	CAD	8,794	08/2007		37		0			37
Buy	CLP	709,183	03/2008		0		(4	)		(4	)
Buy	CNY	3,842	09/2007		10		0			10
Sell		3,842	09/2007		0		(1	)		(1	)
Buy		49,610	11/2007		51		0			51
Sell		49,610	11/2007		5		(12	)		(7	)
Buy		23,778	01/2008		0		(21	)		(21	)
Sell		23,778	01/2008		1		(3	)		(2	)
Buy	EUR	8,967	07/2007		117		0			117
Sell	GBP	6,996	08/2007		0		(74	)		(74	)
Buy	IDR	24,255,000	05/2008		0		(114	)		(114	)
Buy	INR	187,331	10/2007		20		(1	)		19
Buy		1,010	11/2007		0		0			0
Buy		122,664	05/2008		50		0			50
Sell	JPY	1,031,294	07/2007		121		0			121
Buy	KRW	6,070,349	07/2007		44		0			44
Sell		668,852	07/2007		0		(3	)		(3	)
Buy		1,157,326	08/2007		0		(1	)		(1	)
Buy		6,709,511	09/2007		18		0			18
Buy	MXN	41,747	09/2007		54		0			54
Buy		153,994	03/2008		126		(2	)		124
Buy	MYR	28,483	05/2008		0		(123	)		(123	)
Buy	NZD	1,690	07/2007		32		0			32
Buy	PHP	391,443	05/2008		0		(108	)		(108	)
Buy	PLN	34,725	09/2007		221		(2	)		219
Buy		6,468	03/2008		29		0			29
Buy	RUB	100,792	09/2007		51		0			51
Buy		90,414	11/2007		90		0			90
Buy		235,816	12/2007		209		0			209
Buy		381,762	01/2008		66		0			66
Buy	SEK	15,753	09/2007		28		0			28
Buy	SGD	21,054	07/2007		0		(88	)		(88	)
Buy		6,884	08/2007		25		(13	)		12
Buy		860	09/2007		0		(2	)		(2	)
Buy		23,617	10/2007		69		(6	)		63
Buy	ZAR	964	09/2007		3		0			3
Buy		148	03/2008		0		0			0
				$	6,473	$	(580	)	$	5,893

16 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2007 (Unaudited)

1.  ORGANIZATION

The Total Return Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers three classes of shares: Institutional, Administrative and Advisor. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Delayed-Delivery Transactions  The Portfolio may purchase or sell securities on a 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.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax

Semiannual Report June 30, 2007 17

Notes to Financial Statements (Cont.)

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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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.

(e) 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.

(f) Foreign Currency  The functional and reporting currency for the Portfolio is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of 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 on 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	MYR	Malaysian Ringgit
CLP	Chilean Peso	NZD	New Zealand Dollar
CNY	Chinese Yuan Renminbi	PHP	Philippines Peso
EUR	Euro	PLN	Polish Zloty
GBP	Great British Pound	RUB	Russian Ruble
IDR	Indonesian Rupiah	SEK	Swedish Krona
INR	Indian Rupee	SGD	Singapore Dollar
JPY	Japanese Yen	ZAR	South African Rand

(g) Foreign Currency Transactions  The Portfolio may enter into foreign 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 foreign currency

contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(h) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(i) 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 on the Statement of Operations, even though investors do not receive their principal until maturity.

(j) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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.

18 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

The Portfolio pays a premium which is included on the 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.

(k) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(l) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters

acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(m) 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 on 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.

(n) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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

Semiannual Report June 30, 2007 19

Notes to Financial Statements (Cont.)

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 credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(o) 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 of the loan. At the end of the period June 30, 2007, the Portfolio had no unfunded loan commitments.

(p) Bridge Debt Commitments  At the period ended June 30, 2007, the Portfolio had $8,059,500 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.

(q) Commodities Index-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 notes 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 on the accompanying financial statements. Net payments are recorded as net realized gains and 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, 2007, the value of these securities comprised 0.3% of the Portfolio’s net assets and resulted in unrealized depreciation of $56,678.

(r) 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-related 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.

(s) 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” or “Ginnie Mae”), 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.

20 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

(t) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

The Trust has adopted a Distribution Plan, for the Advisor Class shares of the Portfolio (the “Plan”). The Plan has been adopted pursuant to Rule 12b-1 under the Act. The Plan permits payments for expenses in connection with the distribution and marketing of Advisor Class shares and/or the provision of shareholder services to Advisor Class shareholders. The Plan permits the Portfolio to make total payments at an annual rate of 0.25% of its average daily net assets attributable to its Advisor Class shares.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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

Semiannual Report June 30, 2007 21

Notes to Financial Statements (Cont.)

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, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	5,028,312	$	4,878,535	$	652,891	$	120,358

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Notional Amount in EUR	Notional Amount in GBP			Premium
Balance at 12/31/2006	2,036		$	942,800		EUR  95,000	GBP	11,000		$	11,691
Sales	7,169			991,600		0		0			12,533
Closing Buys	(960	)		(647,400	)	0		(11,000	)		(6,704	)
Expirations	(4,112	)		0		0		0			(1,194	)
Exercised	(334	)		0		0		0			(180	)
Balance at 06/30/2007	3,799		$	1,287,000		EUR  95,000	GBP	0		$	16,146

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	4,531		$	45,520		8,090		$	81,954
Administrative Class	66,886			674,962		83,252			843,490
Advisor Class	1,171			11,807		1,856			18,782
Issued as reinvestment of distributions
Institutional Class	405			4,078		790			8,017
Administrative Class	6,829			68,742		12,178			123,518
Advisor Class	52			522		35			362
Cost of shares redeemed
Institutional Class	(1,973	)		(19,907	)	(7,223	)		(73,276	)
Administrative Class	(32,550	)		(326,621	)	(51,636	)		(522,647	)
Advisor Class	(235	)		(2,374	)	(32	)		(329	)
Net increase resulting from Portfolio share transactions	45,116		$	456,729		47,310		$	479,871

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	98
Administrative Class	6	62
Advisor Class	3	98

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred

22 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    4,959	$    (57,464)	$    (52,505)

Semiannual Report June 30, 2007 23

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

24 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

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	17

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Total Return Portfolio II

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

U.S. Government Agencies	47.9%
Short-Term Instruments	14.7%
Mortgage-Backed Securities	14.7%
Corporate Bonds & Notes	11.5%
Preferred Stocks	6.5%
Other	4.7%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio     Inception     (05/28/99)**
	PIMCO Total Return Portfolio II Administrative Class	-0.32%	3.44%	3.69%	5.32%
	Lehman Brothers Aggregate Bond Index±	0.98%	6.12%	4.48%	5.72%

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.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Lehman Brothers Aggregate Bond Index represents securities that are taxable and U.S. 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 the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	996.77	$	1,021.57
Expenses Paid During Period†	$	3.22	$	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 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, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. The Portfolio may invest only in investment grade U.S. dollar-denominated securities of U.S. issuers that are rated at least Baa by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality.

» The Portfolio’s above-benchmark duration detracted from returns as yields rose in the first half of the year.

» An emphasis on the front-end of the U.S. yield curve contributed to returns as the curve steepened as measured by the difference between two- and 30-year yields.

» A slight underweight to mortgage-backed securities for the majority of the period helped returns as this sector underperformed like-duration Treasuries.

» An underweight to corporate securities detracted from returns as the sector outperformed like-duration Treasuries.

» A small allocation to municipal bonds was negative for returns as municipal bond yields increased more than U.S. Treasury yields during the period.

4 PIMCO Variable Insurance Trust

Financial Highlights  Total Return Portfolio II

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Administrative Class
Net asset value beginning of year or period	$	9.85		$	10.04		$	10.31		$	10.31		$	10.09		$	10.12
Net investment income (a)		0.23			0.44			0.34			0.17			0.17			0.38
Net realized/unrealized gain (loss) on investments (a)		(0.26	)		(0.16	)		(0.18	)		0.24			0.33			0.41
Total income (loss) from investment operations		(0.03	)		0.28			0.16			0.41			0.50			0.79
Dividends from net investment income		(0.24	)		(0.47	)		(0.35	)		(0.17	)		(0.19	)		(0.40	)
Distributions from net realized capital gains		0.00			0.00			(0.08	)		(0.24	)		(0.09	)		(0.42	)
Total distributions		(0.24	)		(0.47	)		(0.43	)		(0.41	)		(0.28	)		(0.82	)
Net asset value end of year or period	$	9.58		$	9.85		$	10.04		$	10.31		$	10.31		$	10.09
Total return		(0.32	)%		2.87	%		1.58	%		4.01	%		5.01	%		7.97	%
Net assets end of year or period (000s)	$	3,511		$	3,797		$	24,922		$	24,843		$	17,474		$	16,882
Ratio of expenses to average net assets		0.65	%*		0.66	%		0.65	%		0.65	%		0.65	%		0.66	%
Ratio of expenses to average net assets excluding interest expense		0.65	%*		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets		4.79	%*		4.49	%		3.31	%		1.58	%		1.62	%		3.71	%
Portfolio turnover rate		217	%		321	%		508	%		305	%		863	%		418	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Total Return Portfolio II

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	3,988
Cash		1
Receivable for investments sold		522
Interest and dividends receivable		24
Variation margin receivable		7
Unrealized appreciation on swap agreements		1
		4,543
Liabilities:
Payable for investments purchased	$	967
Written options outstanding		21
Accrued investment advisory fee		1
Accrued administration fee		1
Accrued servicing fee		1
Variation margin payable		2
Swap premiums received		18
Unrealized depreciation on swap agreements		2
		1,013
Net Assets	$	3,530
Net Assets Consist of:
Paid in capital	$	3,906
Undistributed net investment income		151
Accumulated undistributed net realized (loss)		(475	)
Net unrealized (depreciation)		(52	)
	$	3,530
Net Assets:
Institutional Class	$	19
Administrative Class		3,511
Shares Issued and Outstanding:
Institutional Class		2
Administrative Class		366
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	9.58
Administrative Class		9.58
Cost of Investments Owned	$	4,061
Premiums Received on Written Options	$	56

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Total Return Portfolio II

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	96
Dividends		10
Miscellaneous income		1
Total Income		107
Expenses:
Investment advisory fees		5
Administration fees		5
Servicing fees – Administrative Class		3
Total Expenses		13
Net Investment Income		94
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(46	)
Net realized (loss) on futures contracts, written options and swaps		(90	)
Net change in unrealized (depreciation) on investments		(55	)
Net change in unrealized appreciation on futures contracts, written options and swaps		85
Net (Loss)		(106	)
Net (Decrease) in Net Assets Resulting from Operations	$	(12	)

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Total Return Portfolio II

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	94		$	1,120
Net realized (loss)		(136	)		(21	)
Net change in unrealized appreciation		30			134
Net increase (decrease) resulting from operations		(12	)		1,233
Distributions to Shareholders:
From net investment income
Institutional Class		(4	)		(12	)
Administrative Class		(92	)		(1,139	)
Total Distributions		(96	)		(1,151	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		0			3,025
Administrative Class		0			2,262
Issued as reinvestment of distributions
Institutional Class		4			12
Administrative Class		92			1,236
Cost of shares redeemed
Institutional Class		(183	)		(2,857	)
Administrative Class		(273	)		(24,701	)
Net (decrease) resulting from Portfolio share transactions		(360	)		(21,023	)
Total (Decrease) in Net Assets		(468	)		(20,941	)
Net Assets:
Beginning of period		3,998			24,939
End of period*	$	3,530		$	3,998
*Including undistributed net investment income of:	$	151		$	153

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Total Return Portfolio II June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 13.0%
BANKING & FINANCE 8.2%
American Honda Finance Corp.
5.346% due 08/05/2008	$	30	$	30
Caterpillar Financial Services Corp.
5.420% due 05/18/2009		40		40
Credit Suisse First Boston
5.560% due 08/15/2010		40		40
Goldman Sachs Group, Inc.
5.450% due 12/22/2008		40		40
5.625% due 01/15/2017		20		20
HSBC Finance Corp.
5.607% due 05/10/2010		10		10
5.640% due 11/16/2009		30		30
Merrill Lynch & Co., Inc.
5.406% due 05/08/2009		40		40
Wells Fargo & Co.
5.400% due 03/10/2008		40		40
				290
INDUSTRIALS 2.3%
Amgen, Inc.
5.440% due 11/28/2008		40		40
DaimlerChrysler N.A. Holding Corp.
5.840% due 09/10/2007		40		40
				80
UTILITIES 2.5%
AT&T, Inc.
5.456% due 02/05/2010		30		30
Ohio Power Co.
5.530% due 04/05/2010		40		40
Verizon Communications, Inc.
5.400% due 04/03/2009		20		20
				90
Total Corporate Bonds & Notes (Cost $460)				460
U.S. GOVERNMENT AGENCIES 54.1%
Fannie Mae
5.000% due 04/25/2033		62		59
5.500% due 03/01/2037 - 08/01/2037		1,477		1,425
6.000% due 07/01/2016 - 03/01/2017		68		68
6.170% due 09/01/2034		27		27
6.320% due 12/01/2036		28		28
Freddie Mac
4.250% due 09/15/2024		26		25
6.000% due 09/01/2016		8		8
7.100% due 07/01/2027		2		2
7.411% due 01/01/2028		2		2
Ginnie Mae
5.820% due 09/20/2030		3		3
Small Business Administration
4.750% due 07/01/2025		276		263
Total U.S. Government Agencies (Cost $1,939)				1,910

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
MORTGAGE-BACKED SECURITIES 16.6%
American Home Mortgage Investment Trust
4.390% due 02/25/2045	$	47	$	46
Banc of America Funding Corp.
4.113% due 05/25/2035		75		73
Banc of America Mortgage Securities, Inc.
6.500% due 10/25/2031		18		18
6.500% due 09/25/2033		4		4
Bear Stearns Adjustable Rate Mortgage Trust
4.622% due 01/25/2034		29		29
5.044% due 04/25/2033		14		14
Bear Stearns Alt-A Trust
5.377% due 05/25/2035		54		54
Countrywide Alternative Loan Trust
6.029% due 02/25/2036		24		24
Countrywide Home Loan Mortgage Pass-Through Trust
5.610% due 04/25/2035		37		38
CS First Boston Mortgage Securities Corp.
7.519% due 06/25/2032		2		2
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
5.400% due 03/25/2037		32		32
GSR Mortgage Loan Trust
6.000% due 03/25/2032		2		2
Impac CMB Trust
6.120% due 07/25/2033		28		28
Indymac Index Mortgage Loan Trust
5.420% due 01/25/2037		67		67
MLCC Mortgage Investors, Inc.
6.974% due 01/25/2029		17		17
Morgan Stanley Capital I
5.380% due 10/15/2020		24		25
Prime Mortgage Trust
5.720% due 02/25/2034		22		22
Structured Asset Mortgage Investments, Inc.
5.450% due 03/25/2037		16		16
5.650% due 09/19/2032		1		1
Washington Mutual, Inc.
5.474% due 02/27/2034		18		18
6.029% due 02/25/2046		23		23
6.429% due 08/25/2042		32		32
Total Mortgage-Backed Securities (Cost $587)				585
ASSET-BACKED SECURITIES 4.8%
American Express Credit Account Master Trust
5.320% due 01/18/2011		40		40
Chase Credit Card Master Trust
5.430% due 07/15/2010		40		40
First USA Credit Card Master Trust
5.480% due 04/18/2011		30		30
Honda Auto Receivables Owner Trust
5.322% due 03/18/2008		21		21
MBNA Credit Card Master Note Trust
4.200% due 09/15/2010		40		40
Total Asset-Backed Securities (Cost $171)				171

		SHARES		VALUE (000S)
PREFERRED STOCKS 7.4%
DG Funding Trust
7.600% due 12/31/2049		25	$	260
Total Preferred Stocks (Cost $265)				260
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 16.6%
COMMERCIAL PAPER 5.6%
Bank of America Corp.
5.245% due 10/04/2007	$	100		99
Freddie Mac
4.800% due 07/02/2007		100		100
				199
REPURCHASE AGREEMENTS 9.6%
Lehman Brothers, Inc.
4.000% due 07/02/2007		200		200
(Dated 06/29/2007. Collateralized by U.S. Treasury Inflation Protected Securities 3.625% due 01/15/2008 valued at $208. Repurchase proceeds are $200.)
State Street Bank and Trust Co.
4.900% due 07/02/2007		138		138
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 02/15/2009 valued at $142. Repurchase proceeds are $138.)
				338
U.S. TREASURY BILLS 1.4%
4.639% due 09/13/2007 (a)(c)		50		49
Total Short-Term Instruments (Cost $586)				586
PURCHASED OPTIONS (e) 0.5%
(Cost $53)				16
Total Investments (b) 113.0% (Cost $4,061)			$	3,988
Written Options (f) (0.6%) (Premiums $56)				(21	)
Other Assets and Liabilities (Net) (12.4%)				(437	)
Net Assets 100.0%			$	3,530

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Total Return Portfolio II (Cont.) June 30, 2007 (Unaudited)

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) As of June 30, 2007, portfolio securities with an aggregate value of $49 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(c) Securities with an aggregate market value of $49 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar June Futures	Long	06/2008	7	$	(4	)
90-Day Eurodollar March Futures	Long	03/2008	8		(4	)
90-Day Eurodollar September Futures	Long	09/2008	8		(5	)
				$	(13	)

(d) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation
Deutsche Bank AG	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017	$	10	$	0

⁽¹⁾ If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap.

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bank of America	3-Month USD-LIBOR	Pay	5.000%	12/19/2009	$	100	$	0
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		800		(1	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2008		300		0
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		100		1
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2008		300		(1	)
							$	(1	)

(e) Purchased options outstanding on June 30, 2007:

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.750%	09/26/2008	$	2,000	$	10	$	4
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		3,300		18		4
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.250%	07/02/2007		1,000		5		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		2,000		11		2
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	12/15/2008		2,600		9		6
								$	53	$	16

(f) Written options outstanding on June 30, 2007:

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	Bank of America	3-Month USD-LIBOR	Receive	4.950%	09/26/2008	$	1,000	$	11	$	5
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		2,000		24		6
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	03/31/2008		1,000		12		4
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/15/2008		900		9		6
								$	56	$	21

10 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2007 (Unaudited)

1.  ORGANIZATION

The Total Return Portfolio II (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from 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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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, 2007 11

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.

(d) 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.

(e) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(f) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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.

(g) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(h) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse

12 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(i) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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 credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(j) 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-related 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.

(k) 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” or “Ginnie Mae”), 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

Semiannual Report June 30, 2007 13

Notes to Financial Statements (Cont.)

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.

(l) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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.

14 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	5,691	$	6,039	$	1,751	$	1,019

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Premium
Balance at 12/31/2006	4		$	4,900		$	48
Sales	0			4,900			56
Closing Buys	(4	)		(4,900	)		(48	)
Expirations	0			0			0
Exercised	0			0			0
Balance at 06/30/2007	0		$	4,900		$	56

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		302		$	3,025
Administrative Class	0			0		225			2,262
Issued as reinvestment of distributions
Institutional Class	1			4		1			12
Administrative Class	9			92		125			1,236
Cost of shares redeemed
Institutional Class	(19	)		(183	)	(285	)		(2,857	)
Administrative Class	(29	)		(273	)	(2,446	)		(24,701	)
Net (decrease) resulting from Portfolio share transactions	(38	)	$	(360	)	(2,078	)	$	(21,023	)

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	1	100

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by

affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the

Semiannual Report June 30, 2007 15

Notes to Financial Statements (Cont.)

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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    1	$    (74)	$    (73)

16 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 17

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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

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
Privacy Policy	17

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, 2007. The PIMCO Variable Insurance Trust’s net assets were $8.68 billion at June 30, 2007, as compared to $7.76 billion at December 31, 2006.

Highlights of the financial markets during the reporting period include:

n Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter, economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also rose over the period as central banks raised their key lending rates due to inflation concerns. The benchmark ten-year U.S. Treasury yielded 5.03% as of June 30, 2007, or 0.32% higher than at the beginning of the year.

n Most bonds generally returned much of their gains from earlier in the year as worldwide growth and capital flows drove interest rates higher in the second quarter. Increased risk aversion in global financial markets, due in part to subprime mortgage worries in the U.S., also contributed to the rise in interest rates. The Lehman Brothers Aggregate Bond Index, which includes Treasury, investment-grade corporate and mortgage-backed securities, returned 0.98% for the six-month period.

n Locally issued emerging market (“EM”) bonds posted positive returns for the reporting period. Yields on these bonds declined and the local currencies in which they are denominated generally gained, amid increasing investor awareness, strong economic growth and surging capital inflows. External EM bonds (debt instruments issued by emerging markets countries and typically denominated in U.S. dollars) lagged behind local EM bonds (debt instruments issued by emerging markets countries and denominated in the currency of the issuer), as external EM bonds tend to trade more in-line with U.S. Treasuries.

n Treasury Inflation-Protected Securities (“TIPS”) outpaced nominal bonds (non-inflation linked bonds) for the first part of the year and all but the longest maturity TIPS outperformed in the second quarter as high gasoline prices drove higher inflation accruals. Commodities, as represented by the Dow Jones-AIG Commodity Total Return Index, returned 4.46% for the period. Equities, as measured by the S&P 500 Index and the Russell 2000 Index, returned 6.96% and 6.45%, respectively, for the period.

On the following pages, please find specific details as to the Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs.

Sincerely,

Brent R. Harris

Chairman, PIMCO Variable Insurance Trust

July 31, 2007

Semiannual Report June 30, 2007 1

Important Information About the Portfolio

PIMCO Variable Insurance Trust (the “Trust”) is an open-end management investment company currently consisting of twenty 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 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. Because the Portfolio may invest in derivatives, it 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, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

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 also 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, and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Portfolio’s website at www.pimco.com.

PIMCO Variable Insurance Trust is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105.

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 Example 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, 2007 to June 30, 2007.

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 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, litigation expense and interest expense).

Semiannual Report June 30, 2007 3

PIMCO Total Return Portfolio II

Cumulative Returns Through June 30, 2007

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

Allocation Breakdown^‡

U.S. Government Agencies	47.9%
Short-Term Instruments	14.7%
Mortgage-Backed Securities	14.7%
Corporate Bonds & Notes	11.5%
Preferred Stocks	6.5%
Other	4.7%

^‡ % of Total Investments as of 06/30/2007

Average Annual Total Return for the period ended June 30, 2007
		6 Months*	1 Year	5 Years	Portfolio     Inception     (04/10/00)**
	PIMCO Total Return Portfolio II Institutional Class	-0.05%	3.81%	3.90%	5.43%
	Lehman Brothers Aggregate Bond Index±	0.98%	6.12%	4.48%	6.05%

All Portfolio returns are net of fees and expenses.

* Cumulative return.

** The Portfolio began operations on 04/10/00. Index comparisons began on 03/31/00.

Performance quoted represents past performance. Past performance is no guarantee of future results. 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.

± Lehman Brothers Aggregate Bond Index represents securities that are taxable and U.S. 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 the index. The index does not reflect deductions for fees and expenses.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (01/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (06/30/07)	$	999.53	$	1,022.32
Expenses Paid During Period†	$	2.48	$	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 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, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. The Portfolio may invest only in investment grade U.S. dollar-denominated securities of U.S. issuers that are rated at least Baa by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality.

» The Portfolio’s above-benchmark duration detracted from returns as yields rose in the first half of the year.

» An emphasis on the front-end of the U.S. yield curve contributed to returns as the curve steepened as measured by the difference between two- and 30-year yields.

» A slight underweight to mortgage-backed securities for the majority of the period helped returns as this sector underperformed like-duration Treasuries.

» An underweight to corporate securities detracted from returns as the sector outperformed like-duration Treasuries.

» A small allocation to municipal bonds was negative for returns as municipal bond yields increased more than U.S. Treasury yields during the period.

4 PIMCO Variable Insurance Trust

Financial Highlights  Total Return Portfolio II

Selected per Share Data for the Year or Period Ended:	06/30/2007+			12/31/2006			12/31/2005			12/31/2004			12/31/2003			12/31/2002
Institutional Class
Net asset value beginning of year or period	$	9.85		$	10.04		$	10.31		$	10.31		$	10.09		$	10.12
Net investment income (a)		0.22			0.59			0.35			0.18			0.16			0.41
Net realized/unrealized gain (loss) on investments (a)		(0.22	)		(0.29	)		(0.18	)		0.25			0.36			0.39
Total income from investment operations		0.00			0.30			0.17			0.43			0.52			0.80
Dividends from net investment income		(0.27	)		(0.49	)		(0.36	)		(0.19	)		(0.21	)		(0.41	)
Distributions from net realized capital gains		0.00			0.00			(0.08	)		(0.24	)		(0.09	)		(0.42	)
Total distributions		(0.27	)		(0.49	)		(0.44	)		(0.43	)		(0.30	)		(0.83	)
Net asset value end of year or period	$	9.58		$	9.85		$	10.04		$	10.31		$	10.31		$	10.09
Total return		(0.05	)%		3.03	%		1.72	%		4.16	%		5.24	%		8.13	%
Net assets end of year or period (000s)	$	19		$	201		$	17		$	17		$	16		$	1,217
Ratio of expenses to average net assets		0.50	%*		0.51	%		0.50	%		0.50	%		0.50	%		0.51	%
Ratio of expenses to average net assets excluding interest expense		0.50	%*		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		4.58	%*		5.99	%		3.46	%		1.70	%		1.56	%		3.97	%
Portfolio turnover rate		217	%		321	%		508	%		305	%		863	%		418	%

+ Unaudited

* Annualized

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

See Accompanying Notes Semiannual Report June 30, 2007 5

Statement of Assets and Liabilities  Total Return Portfolio II

(Amounts in thousands, except per share amounts)	June 30, 2007
	(Unaudited)
Assets:
Investments, at value	$	3,988
Cash		1
Receivable for investments sold		522
Interest and dividends receivable		24
Variation margin receivable		7
Unrealized appreciation on swap agreements		1
		4,543
Liabilities:
Payable for investments purchased	$	967
Written options outstanding		21
Accrued investment advisory fee		1
Accrued administration fee		1
Accrued servicing fee		1
Variation margin payable		2
Swap premiums received		18
Unrealized depreciation on swap agreements		2
		1,013
Net Assets	$	3,530
Net Assets Consist of:
Paid in capital	$	3,906
Undistributed net investment income		151
Accumulated undistributed net realized (loss)		(475	)
Net unrealized (depreciation)		(52	)
	$	3,530
Net Assets:
Institutional Class	$	19
Administrative Class		3,511
Shares Issued and Outstanding:
Institutional Class		2
Administrative Class		366
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	9.58
Administrative Class		9.58
Cost of Investments Owned	$	4,061
Premiums Received on Written Options	$	56

6 PIMCO Variable Insurance Trust See Accompanying Notes

Statement of Operations  Total Return Portfolio II

(Amounts in thousands)	Six Months Ended June 30, 2007
	(Unaudited)
Investment Income:
Interest	$	96
Dividends		10
Miscellaneous income		1
Total Income		107
Expenses:
Investment advisory fees		5
Administration fees		5
Servicing fees – Administrative Class		3
Total Expenses		13
Net Investment Income		94
Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(46	)
Net realized (loss) on futures contracts, written options and swaps		(90	)
Net change in unrealized (depreciation) on investments		(55	)
Net change in unrealized appreciation on futures contracts, written options and swaps		85
Net (Loss)		(106	)
Net (Decrease) in Net Assets Resulting from Operations	$	(12	)

See Accompanying Notes Semiannual Report June 30, 2007 7

Statements of Changes in Net Assets  Total Return Portfolio II

(Amounts in thousands)	Six Months Ended June 30, 2007			Year Ended December 31, 2006
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	94		$	1,120
Net realized (loss)		(136	)		(21	)
Net change in unrealized appreciation		30			134
Net increase (decrease) resulting from operations		(12	)		1,233
Distributions to Shareholders:
From net investment income
Institutional Class		(4	)		(12	)
Administrative Class		(92	)		(1,139	)
Total Distributions		(96	)		(1,151	)
Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		0			3,025
Administrative Class		0			2,262
Issued as reinvestment of distributions
Institutional Class		4			12
Administrative Class		92			1,236
Cost of shares redeemed
Institutional Class		(183	)		(2,857	)
Administrative Class		(273	)		(24,701	)
Net (decrease) resulting from Portfolio share transactions		(360	)		(21,023	)
Total (Decrease) in Net Assets		(468	)		(20,941	)
Net Assets:
Beginning of period		3,998			24,939
End of period*	$	3,530		$	3,998
*Including undistributed net investment income of:	$	151		$	153

8 PIMCO Variable Insurance Trust See Accompanying Notes

Schedule of Investments  Total Return Portfolio II June 30, 2007 (Unaudited)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 13.0%
BANKING & FINANCE 8.2%
American Honda Finance Corp.
5.346% due 08/05/2008	$	30	$	30
Caterpillar Financial Services Corp.
5.420% due 05/18/2009		40		40
Credit Suisse First Boston
5.560% due 08/15/2010		40		40
Goldman Sachs Group, Inc.
5.450% due 12/22/2008		40		40
5.625% due 01/15/2017		20		20
HSBC Finance Corp.
5.607% due 05/10/2010		10		10
5.640% due 11/16/2009		30		30
Merrill Lynch & Co., Inc.
5.406% due 05/08/2009		40		40
Wells Fargo & Co.
5.400% due 03/10/2008		40		40
				290
INDUSTRIALS 2.3%
Amgen, Inc.
5.440% due 11/28/2008		40		40
DaimlerChrysler N.A. Holding Corp.
5.840% due 09/10/2007		40		40
				80
UTILITIES 2.5%
AT&T, Inc.
5.456% due 02/05/2010		30		30
Ohio Power Co.
5.530% due 04/05/2010		40		40
Verizon Communications, Inc.
5.400% due 04/03/2009		20		20
				90
Total Corporate Bonds & Notes (Cost $460)				460
U.S. GOVERNMENT AGENCIES 54.1%
Fannie Mae
5.000% due 04/25/2033		62		59
5.500% due 03/01/2037 - 08/01/2037		1,477		1,425
6.000% due 07/01/2016 - 03/01/2017		68		68
6.170% due 09/01/2034		27		27
6.320% due 12/01/2036		28		28
Freddie Mac
4.250% due 09/15/2024		26		25
6.000% due 09/01/2016		8		8
7.100% due 07/01/2027		2		2
7.411% due 01/01/2028		2		2
Ginnie Mae
5.820% due 09/20/2030		3		3
Small Business Administration
4.750% due 07/01/2025		276		263
Total U.S. Government Agencies (Cost $1,939)				1,910

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
MORTGAGE-BACKED SECURITIES 16.6%
American Home Mortgage Investment Trust
4.390% due 02/25/2045	$	47	$	46
Banc of America Funding Corp.
4.113% due 05/25/2035		75		73
Banc of America Mortgage Securities, Inc.
6.500% due 10/25/2031		18		18
6.500% due 09/25/2033		4		4
Bear Stearns Adjustable Rate Mortgage Trust
4.622% due 01/25/2034		29		29
5.044% due 04/25/2033		14		14
Bear Stearns Alt-A Trust
5.377% due 05/25/2035		54		54
Countrywide Alternative Loan Trust
6.029% due 02/25/2036		24		24
Countrywide Home Loan Mortgage Pass-Through Trust
5.610% due 04/25/2035		37		38
CS First Boston Mortgage Securities Corp.
7.519% due 06/25/2032		2		2
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
5.400% due 03/25/2037		32		32
GSR Mortgage Loan Trust
6.000% due 03/25/2032		2		2
Impac CMB Trust
6.120% due 07/25/2033		28		28
Indymac Index Mortgage Loan Trust
5.420% due 01/25/2037		67		67
MLCC Mortgage Investors, Inc.
6.974% due 01/25/2029		17		17
Morgan Stanley Capital I
5.380% due 10/15/2020		24		25
Prime Mortgage Trust
5.720% due 02/25/2034		22		22
Structured Asset Mortgage Investments, Inc.
5.450% due 03/25/2037		16		16
5.650% due 09/19/2032		1		1
Washington Mutual, Inc.
5.474% due 02/27/2034		18		18
6.029% due 02/25/2046		23		23
6.429% due 08/25/2042		32		32
Total Mortgage-Backed Securities (Cost $587)				585
ASSET-BACKED SECURITIES 4.8%
American Express Credit Account Master Trust
5.320% due 01/18/2011		40		40
Chase Credit Card Master Trust
5.430% due 07/15/2010		40		40
First USA Credit Card Master Trust
5.480% due 04/18/2011		30		30
Honda Auto Receivables Owner Trust
5.322% due 03/18/2008		21		21
MBNA Credit Card Master Note Trust
4.200% due 09/15/2010		40		40
Total Asset-Backed Securities (Cost $171)				171

		SHARES		VALUE (000S)
PREFERRED STOCKS 7.4%
DG Funding Trust
7.600% due 12/31/2049		25	$	260
Total Preferred Stocks (Cost $265)				260
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 16.6%
COMMERCIAL PAPER 5.6%
Bank of America Corp.
5.245% due 10/04/2007	$	100		99
Freddie Mac
4.800% due 07/02/2007		100		100
				199
REPURCHASE AGREEMENTS 9.6%
Lehman Brothers, Inc.
4.000% due 07/02/2007		200		200
(Dated 06/29/2007. Collateralized by U.S. Treasury Inflation Protected Securities 3.625% due 01/15/2008 valued at $208. Repurchase proceeds are $200.)
State Street Bank and Trust Co.
4.900% due 07/02/2007		138		138
(Dated 06/29/2007. Collateralized by Fannie Mae 3.250% due 02/15/2009 valued at $142. Repurchase proceeds are $138.)
				338
U.S. TREASURY BILLS 1.4%
4.639% due 09/13/2007 (a)(c)		50		49
Total Short-Term Instruments (Cost $586)				586
PURCHASED OPTIONS (e) 0.5%
(Cost $53)				16
Total Investments (b) 113.0% (Cost $4,061)			$	3,988
Written Options (f) (0.6%) (Premiums $56)				(21	)
Other Assets and Liabilities (Net) (12.4%)				(437	)
Net Assets 100.0%			$	3,530

See Accompanying Notes Semiannual Report June 30, 2007 9

Schedule of Investments  Total Return Portfolio II (Cont.) June 30, 2007 (Unaudited)

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

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) As of June 30, 2007, portfolio securities with an aggregate value of $49 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(c) Securities with an aggregate market value of $49 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
90-Day Eurodollar June Futures	Long	06/2008	7	$	(4	)
90-Day Eurodollar March Futures	Long	03/2008	8		(4	)
90-Day Eurodollar September Futures	Long	09/2008	8		(5	)
				$	(13	)

(d) Swap agreements outstanding on June 30, 2007:

Credit Default Swaps

Counterparty	Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Notional Amount		Unrealized Appreciation
Deutsche Bank AG	Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017	$	10	$	0

⁽¹⁾ If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap.

Interest Rate Swaps

Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bank of America	3-Month USD-LIBOR	Pay	5.000%	12/19/2009	$	100	$	0
Barclays Bank PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2009		800		(1	)
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2008		300		0
Deutsche Bank AG	3-Month USD-LIBOR	Pay	5.000%	12/19/2037		100		1
Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.000%	12/19/2008		300		(1	)
							$	(1	)

(e) Purchased options outstanding on June 30, 2007:

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	Bank of America	3-Month USD-LIBOR	Pay	4.750%	09/26/2008	$	2,000	$	10	$	4
Call - OTC 2-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		3,300		18		4
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	5.250%	07/02/2007		1,000		5		0
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	03/31/2008		2,000		11		2
Call - OTC 2-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Pay	4.750%	12/15/2008		2,600		9		6
								$	53	$	16

(f) Written options outstanding on June 30, 2007:

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	Bank of America	3-Month USD-LIBOR	Receive	4.950%	09/26/2008	$	1,000	$	11	$	5
Call - OTC 5-Year Interest Rate Swap	Lehman Brothers, Inc.	3-Month USD-LIBOR	Receive	4.900%	03/31/2008		2,000		24		6
Call - OTC 5-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	4.950%	03/31/2008		1,000		12		4
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland Group PLC	3-Month USD-LIBOR	Receive	5.000%	12/15/2008		900		9		6
								$	56	$	21

10 PIMCO Variable Insurance Trust See Accompanying Notes

Notes to Financial Statements June 30, 2007 (Unaudited)

1.  ORGANIZATION

The Total Return Portfolio II (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end management investment company organized as a Delaware business trust on October 3, 1997. The Portfolio offers two classes of shares: Institutional and Administrative. Information presented on 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 on the financial statements. Actual results could differ from those estimates.

(a) 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. With respect to any portion of the Portfolio’s assets that are invested in one or more open end management investment companies, the Portfolio’s net asset value (“NAV”) will be calculated based upon the NAVs of such investments.

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 securities 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 of the Portfolio, the NAV of the Portfolio may change on days when shareholders will not be able to purchase or redeem Portfolio 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.

(b) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 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 and other asset-backed securities are recorded as components of interest income on the Statement of Operations.

(c) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from 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 on the Portfolio’s annual financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on 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, 2007 11

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.

(d) 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.

(e) Futures Contracts  The Portfolio may 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 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 on the Statement of Assets and Liabilities.

(f) 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 on the Statement of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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 on the 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.

(g) 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 (collateral) 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 tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on 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.

(h) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  The Portfolio may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse

12 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, net asset value or total return.

(i) Swap Agreements  The Portfolio may invest in swap agreements. Swap transactions are privately negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. The Portfolio may enter into interest rate, total return, forward spread-lock, credit default, and other forms of swap agreements 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. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, or (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

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 credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue Service (“IRS”) to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by the Portfolio from such investments might be subject to U.S. excise or 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 on the Statement of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(j) 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-related 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.

(k) 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” or “Ginnie Mae”), 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

Semiannual Report June 30, 2007 13

Notes to Financial Statements (Cont.)

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.

(l) New Accounting Policies  In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation became effective for the Portfolio on June 29, 2007. Management has evaluated the application of the Interpretation in relation to the Portfolio and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the accounting records of the Portfolio for the period ending June 30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial statement disclosures as warranted.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolio and will provide additional information in relation to the Statement on the Portfolio’s annual financial statements for the period ending December 31, 2007.

3.  FEES AND EXPENSES

(a) 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 from the Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate of 0.25%.

(b) 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 each share class’s average daily net assets. 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 for all classes is charged at the annual rate of 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (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.

(d) Portfolio 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.

Effective April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $15,000, plus $2,375 for each Board of Trustees meeting attended in person, $500 for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $2,000 and each other committee chair receives an additional annual retainer of $500. These expenses are allocated on a pro-rata basis to the various portfolios of the Trust according to their 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. Prior to April 1, 2007, each Trustee, other than those affiliated with PIMCO or its affiliates, received an annual retainer of $15,000 plus $2,000 for each Board of Trustees meeting attended ($500 for each special meeting attended), plus reimbursement of related expenses. The Audit Committee Chairman received an annual retainer of $1,500 and the Governance Committee Chairman received an annual retainer of $500. In addition, each member of a committee received $500 for each committee meeting attended.

4.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by FAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 3.

5.  GUARANTEES AND INDEMNIFICATIONS

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

6.  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.

14 PIMCO Variable Insurance Trust

June 30, 2007 (Unaudited)

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2007, were as follows (amounts in thousands):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	5,691	$	6,039	$	1,751	$	1,019

7.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

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

	# of Contracts		Notional Amount in $			Premium
Balance at 12/31/2006	4		$	4,900		$	48
Sales	0			4,900			56
Closing Buys	(4	)		(4,900	)		(48	)
Expirations	0			0			0
Exercised	0			0			0
Balance at 06/30/2007	0		$	4,900		$	56

8.  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 06/30/2007					Year Ended 12/31/2006
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		302		$	3,025
Administrative Class	0			0		225			2,262
Issued as reinvestment of distributions
Institutional Class	1			4		1			12
Administrative Class	9			92		125			1,236
Cost of shares redeemed
Institutional Class	(19	)		(183	)	(285	)		(2,857	)
Administrative Class	(29	)		(273	)	(2,446	)		(24,701	)
Net (decrease) resulting from Portfolio share transactions	(38	)	$	(360	)	(2,078	)	$	(21,023	)

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	1	100

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO’s parent company), AGID, and certain of their affiliates, including the PIMCO Funds (another series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by

affiliates of PIMCO)), certain Trustees of the Trust (in their capacity as Trustees of the PIMCO Funds or the Allianz Funds) and certain employees of PIMCO, 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 the 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 funds 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, certain PIMCO Funds 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 itself 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 funds of the 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.

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 PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is without merit and intends to vigorously defend itself.

In April 2006, certain portfolios of the Trust and certain other funds managed by PIMCO were 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. In July 2004, PIMCO was 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 and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain portfolios of the Trust and certain other funds managed by PIMCO—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the

Semiannual Report June 30, 2007 15

Notes to Financial Statements (Cont.)

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. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolio. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolio or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolio.

10.  FEDERAL INCOME TAX MATTERS

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

As of June 30, 2007, 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 (amount in thousands):

Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
$    1	$    (74)	$    (73)

16 PIMCO Variable Insurance Trust

  Privacy Policy* (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet web sites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund’s Distributor may also retain non-affiliated companies to market the Fund’s shares or products which use the Fund’s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

* This Privacy Policy applies to the following entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the “Funds”).

Semiannual Report June 30, 2007 17

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, New York 10105

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 of 1940, as amended (“1940 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 (as defined in Rule 30a-3(d) under the 1940 Act) 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 4, 2007

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 4, 2007
By:	/s/    JOHN P. HARDAWAY
	John P. Hardaway
	Treasurer, Principal Financial Officer
Date:	September 4, 2007