PIMCO Variable Insurance Trust

                      Supplement dated December 15, 1998 to
                        Prospectus dated October 1, 1998


         PIMCO  has  contractually  undertaken  to  waive  some  or  all  of its
administrative  fee with respect to each Portfolio,  subject to potential future
reimbursement,  to the extent that total Portfolio  operating  expenses for that
Portfolio  would  exceed,  due to the payment by the  Portfolio  of its pro rata
portion of the Trust's Trustees' fees, the "Total Portfolio  Operating Expenses"
specified  in  the  table  of  Annual  Portfolio  Operating  Expenses  for  that
Portfolio.

         For  the  Portfolios  that  are  operational  as of the  date  of  this
Supplement,  absent this contractual undertaking,  the total Portfolio operating
expenses, based on estimates for the current fiscal year, would be as follows:

         PIMCO Total Return Bond Portfolio                             0.79%
         PIMCO High Yield Bond Portfolio                               0.88%
         PIMCO StocksPLUS Growth and Income Portfolio                  0.77%



               Please retain this Supplement for future reference



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