Administrative

This semi-annual shareholder report contains important information about the PIMCO All Asset Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$25	0.48%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.48%

^[1]

28

21.00%

Additional Information [Text Block]

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
Affiliated Investments	100.1%
Other Assets and Liabilities, Net	(0.1%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Fund Name

PIMCO All Asset Portfolio

No Trading Symbol [Flag]

true

You can find additional information about the Portfolio at www.pimco.com/pvit. You can also request this information by contacting us at 888.87.PIMCO (888.877.4626).

Additional Information Website

www.pimco.com/pvit

Expenses Paid, Amount

$ 30

AssetsNet

$ 205,195,000

Advisory Fees Paid, Amount

$ 66,000

Additional Fund Statistics [Text Block]

Key Portfolio Statistics^{Footnote Reference†} (as of the end of the reporting period)

Table Summary
Total Net Assets	$205,195
# of Portfolio Holdings	28
Portfolio Turnover Rate	21%
Total Net Advisory Fees Paid During the Reporting Period	$66

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

Largest Holdings [Text Block]

Top Holdings (% of Net Asset Value)^{Footnote Reference**}

Table Summary
PIMCO All Asset: Multi-Real Fund	20.6%
PIMCO All Asset: Multi-RAE PLUS Fund	14.7%
PIMCO Emerging Markets Local Currency and Bond Fund	9.1%
PIMCO Total Return Fund	7.4%
PIMCO Low Duration Fund	5.5%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	3.8%
PIMCO TRENDS Fund	3.7%
PIMCO High Yield Fund	3.5%
PIMCO RAE Fundamental Advantage PLUS Fund	3.4%
PIMCO RAE Worldwide Long/Short PLUS Fund	3.3%

Footnote	Description
Footnote^**	Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table.

Institutional

This semi-annual shareholder report contains important information about the PIMCO All Asset Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$17	0.33%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.33%

^[3]

28

21.00%

Additional Information [Text Block]

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
Affiliated Investments	100.1%
Other Assets and Liabilities, Net	(0.1%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Fund Name

PIMCO All Asset Portfolio

No Trading Symbol [Flag]

true

You can find additional information about the Portfolio at www.pimco.com/pvit. You can also request this information by contacting us at 888.87.PIMCO (888.877.4626).

Additional Information Website

www.pimco.com/pvit

Expenses Paid, Amount

$ 40

AssetsNet

$ 205,195,000

Advisory Fees Paid, Amount

$ 66,000

Additional Fund Statistics [Text Block]

Key Portfolio Statistics^{Footnote Reference†} (as of the end of the reporting period)

Table Summary
Total Net Assets	$205,195
# of Portfolio Holdings	28
Portfolio Turnover Rate	21%
Total Net Advisory Fees Paid During the Reporting Period	$66

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

Largest Holdings [Text Block]

Top Holdings (% of Net Asset Value)^{Footnote Reference**}

Table Summary
PIMCO All Asset: Multi-Real Fund	20.6%
PIMCO All Asset: Multi-RAE PLUS Fund	14.7%
PIMCO Emerging Markets Local Currency and Bond Fund	9.1%
PIMCO Total Return Fund	7.4%
PIMCO Low Duration Fund	5.5%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	3.8%
PIMCO TRENDS Fund	3.7%
PIMCO High Yield Fund	3.5%
PIMCO RAE Fundamental Advantage PLUS Fund	3.4%
PIMCO RAE Worldwide Long/Short PLUS Fund	3.3%

Footnote	Description
Footnote^**	Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table.

Administrative

This semi-annual shareholder report contains important information about the PIMCO Balanced Allocation Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$41	0.80%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.80%

^[5]

138

106.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Treasury Obligations	11.7%
U.S. Government Agencies	7.9%
Corporate Bonds & Notes	3.9%
Asset-Backed Securities	1.2%
Sovereign Issues	0.3%
Non-Agency Mortgage-Backed Securities	0.3%
Short-Term Instruments	41.1%
Affiliated Investments	33.3%
Financial Derivative Instruments	0.3%
Other Assets and Liabilities, Net	0.0%^{Footnote Reference^}
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.

Administrative

This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Bond Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$56	1.12%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.12%

^[6]

1,074

30.00%

Geographic Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
Mexico	7.3%
Brazil	6.9%
United States	6.4%
Turkey	5.6%
Indonesia	3.9%
United Arab Emirates	3.5%
Argentina	3.5%
Luxembourg	3.0%
Peru	3.0%
Cayman Islands	2.9%
Chile	2.6%
Other Countries	48.4%
Short-Term Instruments	2.0%
Affiliated Investments	0.4%
Financial Derivative Instruments	0.2%
Other Assets and Liabilities, Net	0.4%
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Advisor

This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Bond Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$61	1.22%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.22%

^[7]

1,074

30.00%

Geographic Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
Mexico	7.3%
Brazil	6.9%
United States	6.4%
Turkey	5.6%
Indonesia	3.9%
United Arab Emirates	3.5%
Argentina	3.5%
Luxembourg	3.0%
Peru	3.0%
Cayman Islands	2.9%
Chile	2.6%
Other Countries	48.4%
Short-Term Instruments	2.0%
Affiliated Investments	0.4%
Financial Derivative Instruments	0.2%
Other Assets and Liabilities, Net	0.4%
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Institutional

This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Bond Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$49	0.97%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.97%

^[8]

1,074

30.00%

Geographic Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
Mexico	7.3%
Brazil	6.9%
United States	6.4%
Turkey	5.6%
Indonesia	3.9%
United Arab Emirates	3.5%
Argentina	3.5%
Luxembourg	3.0%
Peru	3.0%
Cayman Islands	2.9%
Chile	2.6%
Other Countries	48.4%
Short-Term Instruments	2.0%
Affiliated Investments	0.4%
Financial Derivative Instruments	0.2%
Other Assets and Liabilities, Net	0.4%
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

M

This semi-annual shareholder report contains important information about the PIMCO Emerging Markets Bond Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$71	1.42%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.42%

^[9]

1,074

30.00%

Geographic Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
Mexico	7.3%
Brazil	6.9%
United States	6.4%
Turkey	5.6%
Indonesia	3.9%
United Arab Emirates	3.5%
Argentina	3.5%
Luxembourg	3.0%
Peru	3.0%
Cayman Islands	2.9%
Chile	2.6%
Other Countries	48.4%
Short-Term Instruments	2.0%
Affiliated Investments	0.4%
Financial Derivative Instruments	0.2%
Other Assets and Liabilities, Net	0.4%
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Administrative

This semi-annual shareholder report contains important information about the PIMCO Global Core Bond (Hedged) Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$58	1.16%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.16%

^[10]

1,021

315.00%

Geographic Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
United States	80.2%
United Kingdom	7.7%
Japan	5.3%
France	5.1%
Australia	5.1%
China	4.5%
Canada	4.4%
Spain	3.1%
Brazil	2.7%
Italy	2.5%
Other Countries	24.8%
Short-Term Instruments	1.8%
Affiliated Investments	2.7%
Financial Derivative Instruments	0.8%
Other Assets and Liabilities, Net	(50.7%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Administrative

This semi-annual shareholder report contains important information about the PIMCO Global Diversified Allocation Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$24	0.47%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.47%

^[11]

19

5.00%

Additional Information [Text Block]

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
Affiliated Investments	95.4%
Financial Derivative Instruments	0.6%
Other Assets and Liabilities, Net	4.0%
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Fund Name

PIMCO Global Diversified Allocation Portfolio

No Trading Symbol [Flag]

true

You can find additional information about the Portfolio at www.pimco.com/pvit. You can also request this information by contacting us at 888.87.PIMCO (888.877.4626).

Additional Information Website

www.pimco.com/pvit

Expenses Paid, Amount

$ 29

AssetsNet

$ 153,846,000

Advisory Fees Paid, Amount

$ 0

Additional Fund Statistics [Text Block]

Key Portfolio Statistics^{Footnote Reference†} (as of the end of the reporting period)

Table Summary
Total Net Assets	$153,846
# of Portfolio Holdings	19
Portfolio Turnover Rate	5%
Total Net Advisory Fees Paid During the Reporting Period	$0

Footnote	Description
Footnote^†	Dollar amounts displayed in 000's

Largest Holdings [Text Block]

Top Holdings (% of Net Asset Value)^{Footnote Reference**}

Table Summary
PIMCO Short-Term Fund	15.1%
PIMCO Total Return Fund IV	15.0%
PIMCO International Stocks PLUS Bond Alpha Fund (Unhedged)	10.1%
PIMCO Stocks PLUS Bond Alpha Fund	5.0%
PIMCO International Stocks PLUS Bond Alpha Fund (USD Hedged)	5.0%
PIMCO Real Return Fund	5.0%
PIMCO RAE PLUS EMG Fund	5.0%
PIMCO Income Fund	5.0%
PIMCO Investment Grade Credit Bond Fund	5.0%
PIMCO RAE International Fund	5.0%

Footnote	Description
Footnote^**	Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table.

Administrative

This semi-annual shareholder report contains important information about the PIMCO High Yield Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$41	0.82%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.82%

^[13]

555

37.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
Corporate Bonds & Notes	82.3%
Loan Participations and Assignments	4.3%
U.S. Treasury Obligations	3.0%
Convertible Bonds & Notes	0.2%
Other Investments	0.1%
Short-Term Instruments	0.8%
Affiliated Investments	7.5%
Financial Derivative Instruments	(0.0%)^{Footnote Reference^}
Other Assets and Liabilities, Net	1.8%
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.

Advisor

This semi-annual shareholder report contains important information about the PIMCO High Yield Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$46	0.92%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.92%

^[14]

555

37.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
Corporate Bonds & Notes	82.3%
Loan Participations and Assignments	4.3%
U.S. Treasury Obligations	3.0%
Convertible Bonds & Notes	0.2%
Other Investments	0.1%
Short-Term Instruments	0.8%
Affiliated Investments	7.5%
Financial Derivative Instruments	(0.0%)^{Footnote Reference^}
Other Assets and Liabilities, Net	1.8%
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.

Institutional

This semi-annual shareholder report contains important information about the PIMCO High Yield Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$33	0.67%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.67%

^[15]

555

37.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
Corporate Bonds & Notes	82.3%
Loan Participations and Assignments	4.3%
U.S. Treasury Obligations	3.0%
Convertible Bonds & Notes	0.2%
Other Investments	0.1%
Short-Term Instruments	0.8%
Affiliated Investments	7.5%
Financial Derivative Instruments	(0.0%)^{Footnote Reference^}
Other Assets and Liabilities, Net	1.8%
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.

Administrative

This semi-annual shareholder report contains important information about the PIMCO Income Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$53	1.05%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.05%

^[16]

1,538

264.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Government Agencies	57.7%
Asset-Backed Securities	38.0%
Non-Agency Mortgage-Backed Securities	18.0%
Sovereign Issues	13.1%
U.S. Treasury Obligations	13.0%
Corporate Bonds & Notes	12.4%
Loan Participations and Assignments	1.2%
Common Stocks	0.2%
Preferred Securities	0.1%
Other Investments	0.0%^{Footnote Reference^}
Short-Term Instruments	0.2%
Affiliated Investments	0.4%
Financial Derivative Instruments	0.0%^{Footnote Reference^}
Other Assets and Liabilities, Net	(54.3%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.

Advisor

This semi-annual shareholder report contains important information about the PIMCO Income Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$58	1.15%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.15%

^[17]

1,538

264.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Government Agencies	57.7%
Asset-Backed Securities	38.0%
Non-Agency Mortgage-Backed Securities	18.0%
Sovereign Issues	13.1%
U.S. Treasury Obligations	13.0%
Corporate Bonds & Notes	12.4%
Loan Participations and Assignments	1.2%
Common Stocks	0.2%
Preferred Securities	0.1%
Other Investments	0.0%^{Footnote Reference^}
Short-Term Instruments	0.2%
Affiliated Investments	0.4%
Financial Derivative Instruments	0.0%^{Footnote Reference^}
Other Assets and Liabilities, Net	(54.3%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.

Institutional

This semi-annual shareholder report contains important information about the PIMCO Income Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$45	0.90%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.90%

^[18]

1,538

264.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Government Agencies	57.7%
Asset-Backed Securities	38.0%
Non-Agency Mortgage-Backed Securities	18.0%
Sovereign Issues	13.1%
U.S. Treasury Obligations	13.0%
Corporate Bonds & Notes	12.4%
Loan Participations and Assignments	1.2%
Common Stocks	0.2%
Preferred Securities	0.1%
Other Investments	0.0%^{Footnote Reference^}
Short-Term Instruments	0.2%
Affiliated Investments	0.4%
Financial Derivative Instruments	0.0%^{Footnote Reference^}
Other Assets and Liabilities, Net	(54.3%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.

Administrative

This semi-annual shareholder report contains important information about the PIMCO Long-Term U.S. Government Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$128	2.57%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

2.57%

^[19]

357

90.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Treasury Obligations	137.6%
U.S. Government Agencies	19.6%
Non-Agency Mortgage-Backed Securities	4.8%
Asset-Backed Securities	1.1%
Corporate Bonds & Notes	0.4%
Affiliated Investments	0.3%
Financial Derivative Instruments	0.2%
Other Assets and Liabilities, Net	(64.0%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Advisor

This semi-annual shareholder report contains important information about the PIMCO Long-Term U.S. Government Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$132	2.67%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

2.67%

^[20]

357

90.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Treasury Obligations	137.6%
U.S. Government Agencies	19.6%
Non-Agency Mortgage-Backed Securities	4.8%
Asset-Backed Securities	1.1%
Corporate Bonds & Notes	0.4%
Affiliated Investments	0.3%
Financial Derivative Instruments	0.2%
Other Assets and Liabilities, Net	(64.0%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Institutional

This semi-annual shareholder report contains important information about the PIMCO Long-Term U.S. Government Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$120	2.42%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

2.42%

^[21]

357

90.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Treasury Obligations	137.6%
U.S. Government Agencies	19.6%
Non-Agency Mortgage-Backed Securities	4.8%
Asset-Backed Securities	1.1%
Corporate Bonds & Notes	0.4%
Affiliated Investments	0.3%
Financial Derivative Instruments	0.2%
Other Assets and Liabilities, Net	(64.0%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Administrative

This semi-annual shareholder report contains important information about the PIMCO Low Duration Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$33	0.67%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.67%

^[22]

1,041

208.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Government Agencies	39.0%
Corporate Bonds & Notes	20.3%
Asset-Backed Securities	6.9%
Non-Agency Mortgage-Backed Securities	4.5%
Sovereign Issues	4.1%
U.S. Treasury Obligations	1.6%
Short-Term Instruments	28.0%
Affiliated Investments	14.3%
Financial Derivative Instruments	0.1%
Other Assets and Liabilities, Net	(18.8%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Advisor

This semi-annual shareholder report contains important information about the PIMCO Low Duration Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$38	0.77%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.77%

^[23]

1,041

208.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Government Agencies	39.0%
Corporate Bonds & Notes	20.3%
Asset-Backed Securities	6.9%
Non-Agency Mortgage-Backed Securities	4.5%
Sovereign Issues	4.1%
U.S. Treasury Obligations	1.6%
Short-Term Instruments	28.0%
Affiliated Investments	14.3%
Financial Derivative Instruments	0.1%
Other Assets and Liabilities, Net	(18.8%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Institutional

This semi-annual shareholder report contains important information about the PIMCO Low Duration Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$26	0.52%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.52%

^[24]

1,041

208.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Government Agencies	39.0%
Corporate Bonds & Notes	20.3%
Asset-Backed Securities	6.9%
Non-Agency Mortgage-Backed Securities	4.5%
Sovereign Issues	4.1%
U.S. Treasury Obligations	1.6%
Short-Term Instruments	28.0%
Affiliated Investments	14.3%
Financial Derivative Instruments	0.1%
Other Assets and Liabilities, Net	(18.8%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Administrative

This semi-annual shareholder report contains important information about the PIMCO CommodityRealReturn^® Strategy Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$204	3.85%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

3.85%

^[25]

828

81.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Treasury Obligations	115.8%
U.S. Government Agencies	17.6%
Sovereign Issues	10.6%
Asset-Backed Securities	7.9%
Non-Agency Mortgage-Backed Securities	1.9%
Corporate Bonds & Notes	1.5%
Other Investments	0.0%^{Footnote Reference^}
Short-Term Instruments	44.8%
Affiliated Investments	0.1%
Financial Derivative Instruments	(4.3%)
Other Assets and Liabilities, Net	(95.9%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.

Advisor

This semi-annual shareholder report contains important information about the PIMCO CommodityRealReturn^® Strategy Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$209	3.95%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

3.95%

^[26]

828

81.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Treasury Obligations	115.8%
U.S. Government Agencies	17.6%
Sovereign Issues	10.6%
Asset-Backed Securities	7.9%
Non-Agency Mortgage-Backed Securities	1.9%
Corporate Bonds & Notes	1.5%
Other Investments	0.0%^{Footnote Reference^}
Short-Term Instruments	44.8%
Affiliated Investments	0.1%
Financial Derivative Instruments	(4.3%)
Other Assets and Liabilities, Net	(95.9%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.

Institutional

This semi-annual shareholder report contains important information about the PIMCO CommodityRealReturn^® Strategy Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$196	3.70%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

3.70%

^[27]

828

81.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Treasury Obligations	115.8%
U.S. Government Agencies	17.6%
Sovereign Issues	10.6%
Asset-Backed Securities	7.9%
Non-Agency Mortgage-Backed Securities	1.9%
Corporate Bonds & Notes	1.5%
Other Investments	0.0%^{Footnote Reference^}
Short-Term Instruments	44.8%
Affiliated Investments	0.1%
Financial Derivative Instruments	(4.3%)
Other Assets and Liabilities, Net	(95.9%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.

M

This semi-annual shareholder report contains important information about the PIMCO CommodityRealReturn^® Strategy Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$220	4.15%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

4.15%

^[28]

828

81.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Treasury Obligations	115.8%
U.S. Government Agencies	17.6%
Sovereign Issues	10.6%
Asset-Backed Securities	7.9%
Non-Agency Mortgage-Backed Securities	1.9%
Corporate Bonds & Notes	1.5%
Other Investments	0.0%^{Footnote Reference^}
Short-Term Instruments	44.8%
Affiliated Investments	0.1%
Financial Derivative Instruments	(4.3%)
Other Assets and Liabilities, Net	(95.9%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.

Administrative

This semi-annual shareholder report contains important information about the PIMCO Dynamic Bond Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$50	1.01%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.01%

^[29]

779

394.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Government Agencies	55.5%
Sovereign Issues	21.4%
Corporate Bonds & Notes	19.5%
Asset-Backed Securities	10.1%
U.S. Treasury Obligations	8.6%
Non-Agency Mortgage-Backed Securities	5.3%
Loan Participations and Assignments	0.9%
Municipal Bonds & Notes	0.1%
Other Investments	0.1%
Short-Term Instruments	21.3%
Affiliated Investments	16.8%
Financial Derivative Instruments	0.4%
Other Assets and Liabilities, Net	(60.0%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Advisor

This semi-annual shareholder report contains important information about the PIMCO Dynamic Bond Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$55	1.11%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.11%

^[30]

779

394.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Government Agencies	55.5%
Sovereign Issues	21.4%
Corporate Bonds & Notes	19.5%
Asset-Backed Securities	10.1%
U.S. Treasury Obligations	8.6%
Non-Agency Mortgage-Backed Securities	5.3%
Loan Participations and Assignments	0.9%
Municipal Bonds & Notes	0.1%
Other Investments	0.1%
Short-Term Instruments	21.3%
Affiliated Investments	16.8%
Financial Derivative Instruments	0.4%
Other Assets and Liabilities, Net	(60.0%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Institutional

This semi-annual shareholder report contains important information about the PIMCO Dynamic Bond Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$43	0.86%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.86%

^[31]

779

394.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Government Agencies	55.5%
Sovereign Issues	21.4%
Corporate Bonds & Notes	19.5%
Asset-Backed Securities	10.1%
U.S. Treasury Obligations	8.6%
Non-Agency Mortgage-Backed Securities	5.3%
Loan Participations and Assignments	0.9%
Municipal Bonds & Notes	0.1%
Other Investments	0.1%
Short-Term Instruments	21.3%
Affiliated Investments	16.8%
Financial Derivative Instruments	0.4%
Other Assets and Liabilities, Net	(60.0%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

M

This semi-annual shareholder report contains important information about the PIMCO Dynamic Bond Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$65	1.31%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.31%

^[32]

779

394.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Government Agencies	55.5%
Sovereign Issues	21.4%
Corporate Bonds & Notes	19.5%
Asset-Backed Securities	10.1%
U.S. Treasury Obligations	8.6%
Non-Agency Mortgage-Backed Securities	5.3%
Loan Participations and Assignments	0.9%
Municipal Bonds & Notes	0.1%
Other Investments	0.1%
Short-Term Instruments	21.3%
Affiliated Investments	16.8%
Financial Derivative Instruments	0.4%
Other Assets and Liabilities, Net	(60.0%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Administrative

This semi-annual shareholder report contains important information about the PIMCO Global Bond Opportunities Portfolio (Unhedged) (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$55	1.11%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.11%

^[33]

1,110

387.00%

Geographic Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
United States	88.3%
United Kingdom	7.3%
France	6.3%
Japan	5.0%
Spain	4.1%
Australia	3.7%
Ireland	3.4%
South Africa	2.8%
Colombia	2.5%
Other Countries	18.7%
Short-Term Instruments	4.5%
Affiliated Investments	3.5%
Financial Derivative Instruments	(0.2%)
Other Assets and Liabilities, Net	(49.9%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Advisor

This semi-annual shareholder report contains important information about the PIMCO Global Bond Opportunities Portfolio (Unhedged) (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$60	1.21%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.21%

^[34]

1,110

387.00%

Geographic Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
United States	88.3%
United Kingdom	7.3%
France	6.3%
Japan	5.0%
Spain	4.1%
Australia	3.7%
Ireland	3.4%
South Africa	2.8%
Colombia	2.5%
Other Countries	18.7%
Short-Term Instruments	4.5%
Affiliated Investments	3.5%
Financial Derivative Instruments	(0.2%)
Other Assets and Liabilities, Net	(49.9%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Institutional

This semi-annual shareholder report contains important information about the PIMCO Global Bond Opportunities Portfolio (Unhedged) (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$47	0.96%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.96%

^[35]

1,110

387.00%

Geographic Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
United States	88.3%
United Kingdom	7.3%
France	6.3%
Japan	5.0%
Spain	4.1%
Australia	3.7%
Ireland	3.4%
South Africa	2.8%
Colombia	2.5%
Other Countries	18.7%
Short-Term Instruments	4.5%
Affiliated Investments	3.5%
Financial Derivative Instruments	(0.2%)
Other Assets and Liabilities, Net	(49.9%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Administrative

This semi-annual shareholder report contains important information about the PIMCO Global Managed Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$52	1.00%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.00%

^[36]

866

191.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Government Agencies	21.4%
Sovereign Issues	15.7%
U.S. Treasury Obligations	5.5%
Asset-Backed Securities	5.2%
Common Stocks	3.2%
Non-Agency Mortgage-Backed Securities	2.5%
Corporate Bonds & Notes	0.2%
Other Investments	0.0%^{Footnote Reference^}
Short-Term Instruments	1.2%
Affiliated Investments	61.9%
Financial Derivative Instruments	1.8%
Other Assets and Liabilities, Net	(18.6%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.

Advisor

This semi-annual shareholder report contains important information about the PIMCO Global Managed Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$58	1.10%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.10%

^[37]

866

191.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Government Agencies	21.4%
Sovereign Issues	15.7%
U.S. Treasury Obligations	5.5%
Asset-Backed Securities	5.2%
Common Stocks	3.2%
Non-Agency Mortgage-Backed Securities	2.5%
Corporate Bonds & Notes	0.2%
Other Investments	0.0%^{Footnote Reference^}
Short-Term Instruments	1.2%
Affiliated Investments	61.9%
Financial Derivative Instruments	1.8%
Other Assets and Liabilities, Net	(18.6%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.

Institutional

This semi-annual shareholder report contains important information about the PIMCO Global Managed Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$45	0.85%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.85%

^[38]

866

191.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Government Agencies	21.4%
Sovereign Issues	15.7%
U.S. Treasury Obligations	5.5%
Asset-Backed Securities	5.2%
Common Stocks	3.2%
Non-Agency Mortgage-Backed Securities	2.5%
Corporate Bonds & Notes	0.2%
Other Investments	0.0%^{Footnote Reference^}
Short-Term Instruments	1.2%
Affiliated Investments	61.9%
Financial Derivative Instruments	1.8%
Other Assets and Liabilities, Net	(18.6%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.
Footnote^{^}	Rounded value of investments is less than 0.1% of net assets.

Administrative

This semi-annual shareholder report contains important information about the PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$59	1.18%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.18%

^[39]

1,298

297.00%

Geographic Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
United States	68.9%
China	9.3%
United Kingdom	8.1%
Japan	5.3%
Australia	4.7%
Canada	4.4%
France	4.1%
Ireland	3.9%
Spain	3.4%
Cayman Islands	3.3%
Peru	2.4%
Other Countries	18.2%
Short-Term Instruments	2.4%
Affiliated Investments	0.2%
Financial Derivative Instruments	1.2%
Other Assets and Liabilities, Net	(39.8%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Advisor

This semi-annual shareholder report contains important information about the PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$64	1.28%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.28%

^[40]

1,298

297.00%

Geographic Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
United States	68.9%
China	9.3%
United Kingdom	8.1%
Japan	5.3%
Australia	4.7%
Canada	4.4%
France	4.1%
Ireland	3.9%
Spain	3.4%
Cayman Islands	3.3%
Peru	2.4%
Other Countries	18.2%
Short-Term Instruments	2.4%
Affiliated Investments	0.2%
Financial Derivative Instruments	1.2%
Other Assets and Liabilities, Net	(39.8%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Institutional

This semi-annual shareholder report contains important information about the PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$51	1.03%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.03%

^[41]

1,298

297.00%

Geographic Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
United States	68.9%
China	9.3%
United Kingdom	8.1%
Japan	5.3%
Australia	4.7%
Canada	4.4%
France	4.1%
Ireland	3.9%
Spain	3.4%
Cayman Islands	3.3%
Peru	2.4%
Other Countries	18.2%
Short-Term Instruments	2.4%
Affiliated Investments	0.2%
Financial Derivative Instruments	1.2%
Other Assets and Liabilities, Net	(39.8%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Administrative

This semi-annual shareholder report contains important information about the PIMCO Real Return Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$76	1.53%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.53%

^[42]

800

99.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Treasury Obligations	98.1%
U.S. Government Agencies	18.7%
Sovereign Issues	8.7%
Asset-Backed Securities	5.7%
Non-Agency Mortgage-Backed Securities	2.7%
Corporate Bonds & Notes	1.3%
Other Investments	0.1%
Short-Term Instruments	47.6%
Affiliated Investments	0.1%
Financial Derivative Instruments	0.4%
Other Assets and Liabilities, Net	(83.4%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Advisor

This semi-annual shareholder report contains important information about the PIMCO Real Return Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$81	1.63%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.63%

^[43]

800

99.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Treasury Obligations	98.1%
U.S. Government Agencies	18.7%
Sovereign Issues	8.7%
Asset-Backed Securities	5.7%
Non-Agency Mortgage-Backed Securities	2.7%
Corporate Bonds & Notes	1.3%
Other Investments	0.1%
Short-Term Instruments	47.6%
Affiliated Investments	0.1%
Financial Derivative Instruments	0.4%
Other Assets and Liabilities, Net	(83.4%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Institutional

This semi-annual shareholder report contains important information about the PIMCO Real Return Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$69	1.38%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

1.38%

^[44]

800

99.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Treasury Obligations	98.1%
U.S. Government Agencies	18.7%
Sovereign Issues	8.7%
Asset-Backed Securities	5.7%
Non-Agency Mortgage-Backed Securities	2.7%
Corporate Bonds & Notes	1.3%
Other Investments	0.1%
Short-Term Instruments	47.6%
Affiliated Investments	0.1%
Financial Derivative Instruments	0.4%
Other Assets and Liabilities, Net	(83.4%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Administrative

This semi-annual shareholder report contains important information about the PIMCO Short-Term Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$38	0.76%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.76%

^[45]

695

69.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
Corporate Bonds & Notes	50.4%
Asset-Backed Securities	18.8%
U.S. Government Agencies	18.0%
Non-Agency Mortgage-Backed Securities	5.7%
Sovereign Issues	2.0%
Loan Participations and Assignments	0.4%
Municipal Bonds & Notes	0.3%
U.S. Treasury Obligations	0.3%
Short-Term Instruments	31.7%
Affiliated Investments	9.2%
Financial Derivative Instruments	0.2%
Other Assets and Liabilities, Net	(37.0%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Advisor

This semi-annual shareholder report contains important information about the PIMCO Short-Term Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$43	0.86%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.86%

^[46]

695

69.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
Corporate Bonds & Notes	50.4%
Asset-Backed Securities	18.8%
U.S. Government Agencies	18.0%
Non-Agency Mortgage-Backed Securities	5.7%
Sovereign Issues	2.0%
Loan Participations and Assignments	0.4%
Municipal Bonds & Notes	0.3%
U.S. Treasury Obligations	0.3%
Short-Term Instruments	31.7%
Affiliated Investments	9.2%
Financial Derivative Instruments	0.2%
Other Assets and Liabilities, Net	(37.0%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Institutional

This semi-annual shareholder report contains important information about the PIMCO Short-Term Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$31	0.61%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.61%

^[47]

695

69.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
Corporate Bonds & Notes	50.4%
Asset-Backed Securities	18.8%
U.S. Government Agencies	18.0%
Non-Agency Mortgage-Backed Securities	5.7%
Sovereign Issues	2.0%
Loan Participations and Assignments	0.4%
Municipal Bonds & Notes	0.3%
U.S. Treasury Obligations	0.3%
Short-Term Instruments	31.7%
Affiliated Investments	9.2%
Financial Derivative Instruments	0.2%
Other Assets and Liabilities, Net	(37.0%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Administrative

This semi-annual shareholder report contains important information about the PIMCO Total Return Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$39	0.78%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.78%

^[48]

1,794

212.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Government Agencies	41.5%
Corporate Bonds & Notes	36.9%
U.S. Treasury Obligations	21.5%
Sovereign Issues	10.9%
Non-Agency Mortgage-Backed Securities	9.2%
Asset-Backed Securities	6.3%
Loan Participations and Assignments	0.7%
Municipal Bonds & Notes	0.6%
Other Investments	0.1%
Short-Term Instruments	1.7%
Affiliated Investments	5.7%
Financial Derivative Instruments	0.6%
Other Assets and Liabilities, Net	(35.7%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Advisor

This semi-annual shareholder report contains important information about the PIMCO Total Return Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$44	0.88%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.88%

^[49]

1,794

212.00%

Security Type Breakdown (% of Net Asset Value)^{Footnote Reference*}

Table Summary
U.S. Government Agencies	41.5%
Corporate Bonds & Notes	36.9%
U.S. Treasury Obligations	21.5%
Sovereign Issues	10.9%
Non-Agency Mortgage-Backed Securities	9.2%
Asset-Backed Securities	6.3%
Loan Participations and Assignments	0.7%
Municipal Bonds & Notes	0.6%
Other Investments	0.1%
Short-Term Instruments	1.7%
Affiliated Investments	5.7%
Financial Derivative Instruments	0.6%
Other Assets and Liabilities, Net	(35.7%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Institutional

This semi-annual shareholder report contains important information about the PIMCO Total Return Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026 (the "reporting period").

888.87.PIMCO (888.877.4626)

What were the Portfolio costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$31	0.63%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

0.63%

^[50]

1,794

212.00%