PIMCO VARIABLE INSURANCE TRUST
497, 2000-11-06
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<PAGE>

                       PIMCO Funds Prospectus


PIMCO                  ---------------------------------------------------------
Variable               INTERMEDIATE DURATION BOND PORTFOLIO
Insurance              Total Return Bond Portfolio II
Trust

October 31, 2000

Share Class

Adm Administrative




                                                                    P I M C O
This cover is not part of the Prospectus                            ---------
                                                                        FUNDS
<PAGE>

            Prospectus


PIMCO       This Prospectus describes the Total Return Bond Portfolio II
Variable    Portfolio (the "Portfolio") which is a separate investment
Insurance   portfolio offered by the PIMCO Variable Insurance Trust (the
Trust       "Trust"). The Portfolio provides access to the professional
            investment management services offered by Pacific Investment
October     Management Company LLC ("PIMCO"). The investments made by the
31, 2000    Portfolio at any given time are not expected to be the same as
            those made by other mutual funds for which PIMCO acts as
            investment adviser, including mutual funds with investment
            objectives and strategies similar to those of the Portfolio.
            Accordingly, the performance of the Portfolio can be expected to
            vary from that of the other mutual funds.

Share       This Prospectus explains what you should know about the Portfolio
Class       before you invest. Please read it carefully.
Admini-
strative    Shares of the Portfolio currently are sold to segregated asset
            accounts ("Separate Accounts") of insurance companies that fund
            variable annuity contracts and variable life insurance policies
            ("Variable Contracts"). Assets in the Separate Account are
            invested in shares of the Portfolio in accordance with allocation
            instructions received from owners of the Variable Contracts
            ("Variable Contract Owners"). Variable Contract Owners do not deal
            directly with the Portfolio to purchase or redeem shares. The
            allocation rights of Variable Contract Owners are described in the
            accompanying Separate Account prospectus. Shares of the Portfolio
            also may be sold to qualified pension and retirement plans outside
            of the separate account context.

            This Prospectus should be read in conjunction with the prospectus
            of the Separate Account. Both prospectuses should be read
            carefully and retained for future reference.

            The Securities and Exchange Commission has not approved or
            disapproved these securities, or determined if this Prospectus is
            truthful or complete. Any representation to the contrary is a
            criminal offense.

   PIMCO Variable Insurance Trust
1
<PAGE>

            Table of Contents

<TABLE>
         <S>                                                               <C>
         Summary Information..............................................   3
         Portfolio Summary................................................   5
           Total Return Bond Portfolio II.................................   5
         Summary of Principal Risks.......................................   7
         Management of the Portfolios.....................................   9
         Investment Options...............................................  10
         Purchases and Redemptions........................................  11
         How Portfolio Shares are Priced..................................  12
         Tax Consequences.................................................  13
         Characteristics and Risks of Securities and Investment
          Techniques......................................................  14
         Financial Highlights.............................................  21
         Appendix A--Description of Securities Ratings.................... A-1
</TABLE>

                                                                  Prospectus
                                                                               2
<PAGE>

            Summary Information

The table below describes certain investment characteristics of the Portfolio.
Other important characteristics are described in the individual Portfolio
Summary beginning on page 5. Following the table are certain key concepts which
are used throughout the Prospectus.

<TABLE>
<CAPTION>
                                                                                    Non-U.S.
                                                                                    Dollar
                                                                         Credit     Denominated
                                    Main Investments           Duration  Quality(1) Securities
-----------------------------------------------------------------------------------------------
 <C>           <C>                  <S>                        <C>       <C>        <C>
 Intermediate  Total Return Bond II Intermediate maturity      3-6 years Baa to Aaa     0%
 Duration                           fixed income securities
 Bond                               with quality and non-
 Portfolio                          U.S. issuer restrictions
-----------------------------------------------------------------------------------------------
</TABLE>
(1)  As rated by Moody's Investors Service, Inc., or equivalently rated by
     Standard & Poor's Ratings Service, or if unrated, determined by PIMCO to
     be of comparable quality.

3  PIMCO Variable Insurance Trust
<PAGE>

            Summary Information (continued)

Fixed       The Total Return Bond II Portfolio invests at least 65% of its
Income      assets in "Fixed Income Instruments," which as used in this
Instruments Prospectus includes:

            . securities issued or guaranteed by the U.S. Government, its
              agencies or government-sponsored enterprises ("U.S. Government
              Securities");
            . corporate debt securities of U.S. and non-U.S. issuers,
              including convertible securities and corporate commercial paper;
            . mortgage-backed and other asset-backed securities;
            . inflation-indexed bonds issued both by governments and
              corporations;
            . structured notes, including hybrid or "indexed" securities,
              event-linked bonds and loan participations;
            . delayed funding loans and revolving credit facilities;
            . bank certificates of deposit, fixed time deposits and bankers'
              acceptances;
            . repurchase agreements and reverse repurchase agreements;
            . debt securities issued by states or local governments and their
              agencies, authorities and other instrumentalities;
            . obligations of non-U.S. governments or their subdivisions,
              agencies and instrumentalities; and
            . obligations of international agencies or supranational entities.

Duration    Duration is a measure of the expected life of a fixed income
            security that is used to determine the sensitivity of a security's
            price to changes in interest rates. The longer a security's
            duration, the more sensitive it will be to changes in interest
            rates. Similarly, a Portfolio with a longer average portfolio
            duration will be more sensitive to changes in interest rates than
            a Portfolio with a shorter average portfolio duration.

Credit      In this Prospectus, references are made to credit ratings of debt
Ratings     securities which measure an issuer's expected ability to pay
            principal and interest on time. Credit ratings are determined by
            rating organizations, such as Standard & Poor's Ratings Service
            ("S&P") or Moody's Investors Service, Inc. ("Moody's"). The
            following terms are generally used to describe the credit quality
            of debt securities depending on the security's credit rating or,
            if unrated, credit quality as determined by PIMCO:

            . high quality
            . investment grade
            . below investment grade ("high yield securities" or "junk bonds")

             For a further description of credit ratings, see "Appendix A--
            Description of Securities Ratings."

Portfolio   The Portfolio provides a broad range of investment choices. The
Descrip-    following summary identifies the Portfolio's investment objective,
tions,      principal investments and strategies, principal risks, performance
Performance information and fees and expenses. A more detailed "Summary of
and Fees    Principal Risks" describing principal risks of investing in the
            Portfolio begins after the Portfolio Summary.

             It is possible to lose money on investments in the Portfolio.

             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.

                                                                  Prospectus
                                                                               4
<PAGE>

            PIMCO Total Return Portfolio II

--------------------------------------------------------------------------------
Principal     Investment Objective  Portfolio Focus      Credit Quality
Investments   Seeks maximum         Intermediate         Baa to Aaa
and           total return,         maturity fixed
Strategies    consistent with       income               Dividend Frequency
              preservation of       securities           Declared daily and
              capital and                                distributed monthly
              prudent
              investment            Average Portfolio Duration
              management            3-6 years

            The Portfolio seeks to achieve its investment objective by
            investing under normal circumstances at least 65% of its assets in
            a diversified portfolio of Fixed Income Instruments of varying
            maturities. The average portfolio duration of this Portfolio
            normally varies within a three- to six-year time frame based on
            PIMCO's forecast for interest rates. 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 BBB by S&P, or,
            if unrated, determined by PIMCO to be of comparable quality.

             The Portfolio may invest all of its assets in derivative
            instruments, such as options, futures contracts or swap
            agreements, or in mortgage- or asset-backed securities. The
            Portfolio may lend its portfolio securities to brokers, dealers
            and other financial institutions to earn income. The Portfolio may
            seek to obtain market exposure to the securities in which it
            primarily invests by entering into a series of purchase and sale
            contracts or by using other investment techniques (such as buy
            backs or dollar rolls). The "total return" sought by the Portfolio
            consists of income earned on the Portfolio's investments, plus
            capital appreciation, if any, which generally arises from
            decreases in interest rates or improving credit fundamentals for a
            particular sector or security.

--------------------------------------------------------------------------------
Principal   Among the principal risks of investing in the Portfolio, which
Risks       could adversely affect its net asset value, yield and total
            return, are:

              .  Interest Rate      .  Issuer Risk        .  Leveraging Risk
                 Risk               .  Derivatives Risk   .  Liquidity Risk
              .  Credit Risk        .  Mortgage Risk      .  Management Risk
              .  Market Risk

            Please see "Summary of Principal Risks" following the Portfolio
            Summaries for a description of these and other risks of investing
            in the Portfolio.

--------------------------------------------------------------------------------
Performance Performance information for this Portfolio is not provided because
Information it has not been in operation for a full calendar year.

   PIMCO Variable Insurance Trust
5
<PAGE>

            PIMCO Total Return Portfolio II (continued)

--------------------------------------------------------------------------------
Fees and    These tables describe the fees and expenses you may pay if you buy
Expenses    and hold Administrative Class shares of the Portfolio:
of the
Portfolio   Shareholder Fees (fees paid directly from your investment)     None

            Annual Portfolio Operating Expenses (expenses that are deducted
            from Portfolio assets)

<TABLE>
<CAPTION>
                                                      Total Annual                     Net Portfolio
                         Advisory Service Other       Portfolio Operating Expense      Operating
         Share Class     Fees     Fees    Expenses(1) Expenses            Reduction(2) Expenses
            ----------------------------------------------------------------------------------------
         <S>             <C>      <C>     <C>         <C>                 <C>          <C>
         Administrative  0.25%    0.15%   0.38%       0.78%               (0.13%)      0.65%
            ----------------------------------------------------------------------------------------
</TABLE>

            (1) "Other Expenses" reflect a 0.25% administrative fee and 0.13%
                representing the Portfolio's organizational expenses as
                attributed to the class and pro rata Trustees' fees.
            (2) PIMCO has contractually agreed to reduce total annual
                portfolio operating expenses for the Administrative Class
                shares to the extent they would exceed, due to the payment of
                organizational expenses and Trustees' fees, 0.65% of average
                daily net assets. Under the Expense Limitation Agreement,
                PIMCO may recoup these waivers and reimbursements in future
                periods, not exceeding three years, provided total expenses,
                including such recoupment, do not exceed the annual expense
                limit.

            Examples. The Examples are intended to help you compare the cost
            of investing in Administrative Class shares of the Portfolio with
            the costs of investing in other mutual funds. The Examples assume
            that you invest $10,000 in the noted class of shares for the time
            periods indicated, and then redeem all your shares at the end of
            those periods. The Examples also assume that your investment has a
            5% return each year, the reinvestment of all dividends and
            distributions, and that the Portfolio's operating expenses remain
            the same. Although your actual costs may be higher or lower, the
            Examples show what your costs would be based on these assumptions.

<TABLE>
<CAPTION>
         Share Class                         Year 1                                         Year 3
            --------------------------------------------------------------------------------------
         <S>                                 <C>                                            <C>
         Administrative                      $66                                            $236
            --------------------------------------------------------------------------------------
</TABLE>

                                                                  Prospectus
                                                                               6
<PAGE>


            Summary of Principal Risks

            The value of your investment in the Portfolio changes with the
            values of the Portfolio's investments. Many factors can affect
            those values. The factors that are most likely to have a material
            effect on the Portfolio's portfolio as a whole are called
            "principal risks." The principal risks of the Portfolio are
            identified in the Portfolio Summary and are described in this
            section. The Portfolio may be subject to additional principal
            risks and risks other than those described below because the types
            of investments made by the Portfolio can change over time.
            Securities and investment techniques mentioned in this summary and
            described in greater detail under "Characteristics and Risks of
            Securities and Investment Techniques" appear in bold type. That
            section and "Investment Objectives and Policies" in the Statement
            of Additional Information also include more information about the
            Portfolio, its investments and the related risks. There is no
            guarantee that the Portfolio will be able to achieve its
            investment objective.

Interest    As interest rates rise, the value of fixed income securities held
Rate Risk   by the Portfolio are likely to decrease. Securities with longer
            durations tend to be more sensitive to changes in interest rates,
            usually making them more volatile than securities with shorter
            durations.

Credit      The Portfolio could lose money if the issuer or guarantor of a
Risk        fixed income security, or the counterparty to a derivatives
            contract, repurchase agreement or a loan of portfolio securities,
            is unable or unwilling to make timely principal and/or interest
            payments, or to otherwise honor its obligations. Securities are
            subject to varying degrees of credit risk, which are often
            reflected in credit ratings. Municipal bonds are subject to the
            risk that litigation, legislation or other political events, local
            business or economic conditions, or the bankruptcy of the issuer
            could have a significant effect on an issuer's ability to make
            payments of principal and/or interest.

Market      The market price of securities owned by the Portfolio may go up or
Risk        down, sometimes rapidly or unpredictably. Securities may decline
            in value due to factors affecting securities markets generally or
            particular industries represented in the securities markets. The
            value of a security may decline due to general market conditions
            which are not specifically related to a particular company, such
            as real or perceived adverse economic conditions, changes in the
            general outlook for corporate earnings, changes in interest or
            currency rates or adverse investor sentiment generally. They may
            also decline due to factors which affect a particular industry or
            industries, such as labor shortages or increased production costs
            and competitive conditions within an industry. Equity securities
            generally have greater price volatility than fixed income
            securities.

Issuer      The value of a security may decline for a number of reasons which
Risk        directly relate to the issuer, such as management performance,
            financial leverage and reduced demand for the issuer's goods or
            services.

Liquidity   Liquidity risk exists when particular investments are difficult to
Risk        purchase or sell. The Portfolio's investments in illiquid
            securities may reduce the returns of the Portfolio because it may
            be unable to sell the illiquid securities at an advantageous time
            or price. A Portfolio with principal investment strategies that
            involve foreign securities, derivatives or securities with
            substantial market and/or credit risk tend to have the greatest
            exposure to liquidity risk.

   PIMCO Variable Insurance Trust
7
<PAGE>

Derivatives Derivatives are financial contracts whose value depends on, or is
Risk        derived from, the value of an underlying asset, reference rate or
            index. The various derivative instruments that the Portfolio may
            use are referenced under "Characteristics and Risks of Securities
            and Investment Techniques--Derivatives" in this Prospectus and
            described in more detail under "Investment Objectives and
            Policies" in the Statement of Additional Information. The
            Portfolio typically uses derivatives as a substitute for taking a
            position in the underlying asset and/or part of a strategy
            designed to reduce exposure to other risks, such as interest rate
            or currency risk. The Portfolio may also use derivatives for
            leverage, in which case their use would involve leveraging risk.
            The Portfolio's use of derivative instruments involves risks
            different from, or possibly greater than, the risks associated
            with investing directly in securities and other traditional
            investments. Derivatives are subject to a number of risks
            described elsewhere in this section, such as liquidity risk,
            interest rate risk, market risk, credit risk and management risk.
            They also involve the risk of mispricing or improper valuation and
            the risk that changes in the value of the derivative may not
            correlate perfectly with the underlying asset, rate or index. A
            Portfolio investing in a derivative instrument could lose more
            than the principal amount invested. Also, suitable derivative
            transactions may not be available in all circumstances and there
            can be no assurance that a Portfolio will engage in these
            transactions to reduce exposure to other risks when that would be
            beneficial.

Mortgage    A Portfolio that purchases mortgage-related securities is subject
Risk        to certain additional risks. Rising interest rates tend to extend
            the duration of mortgage-related securities, making them more
            sensitive to changes in interest rates. As a result, in a period
            of rising interest rates, a Portfolio that holds mortgage-related
            securities may exhibit additional volatility. This is known as
            extension risk. In addition, mortgage-related securities are
            subject to prepayment risk. When interest rates decline, borrowers
            may pay off their mortgages sooner than expected. This can reduce
            the returns of a Portfolio because the Portfolio will have to
            reinvest that money at the lower prevailing interest rates.

Leveraging  Certain transactions may give rise to a form of leverage. Such
Risk        transactions may include, among others, reverse repurchase
            agreements, loans of portfolios securities, and the use of when-
            issued, delayed delivery or forward commitment transactions. The
            use of derivatives may also create leveraging risk. To mitigate
            leveraging risk, PIMCO will segregate liquid assets or otherwise
            cover the transactions that may give rise to such risk. The use of
            leverage may cause a Portfolio to liquidate portfolio positions
            when it may not be advantageous to do so to satisfy its
            obligations or to meet segregation requirements. Leverage,
            including borrowing, may cause a Portfolio to be more volatile
            than if the Portfolio had not been leveraged. This is because
            leverage tends to exaggerate the effect of any increase or
            decrease in the value of a Portfolio's portfolio securities.

Management  The Portfolio is subject to management risk because it is an
Risk        actively managed investment portfolio. PIMCO and each individual
            portfolio manager will apply investment techniques and risk
            analyses in making investment decisions for the Portfolio, but
            there can be no guarantee that these will produce the desired
            results.

                                                                  Prospectus
                                                                               8
<PAGE>

            Management of the Portfolios

Investment  PIMCO serves as investment adviser and the administrator (serving
Adviser     in its capacity as administrator, the "Administrator") for the
and         Portfolio. Subject to the supervision of the Board of Trustees,
Adminis-    PIMCO is responsible for managing the investment activities of the
trator      Portfolio and the Portfolio's business affairs and other
            administrative matters.

             PIMCO's address is 840 Newport Center Drive, Suite 300, Newport
            Beach, California 92660. Organized in 1971, PIMCO provides
            investment management and advisory services to private accounts of
            institutional and individual clients and to mutual funds. As of
            September 30, 2000, PIMCO had approximately $207 billion in assets
            under management.

Advisory    The Portfolio pays PIMCO fees in return for providing investment
Fees        advisory services. For the fiscal year ended December 31, 1999,
            the Portfolio paid monthly advisory fees to PIMCO at the following
            annual rate (stated as a percentage of the average daily net
            assets of the Portfolio.):

<TABLE>
<CAPTION>
         Portfolio                       Advisory Fees
            ------------------------------------------
         <S>                             <C>
         Total Return Bond Portfolio II      0.40%
</TABLE>

             Effective April 1, 2000, the Portfolio pays monthly advisory fees
            to PIMCO at the following annual rate (stated as a percentage of
            the average daily net assets of the Portfolio.):

<TABLE>
<CAPTION>
         Portfolio                       Advisory Fees
            ------------------------------------------
         <S>                             <C>
         Total Return Bond Portfolio II      0.25%
</TABLE>

Adminis-    The Portfolio pays for the administrative services it requires
rative      under a fee structure which is essentially fixed. Shareholders of
Fees        the Portfolio pay an administrative fee to PIMCO, computed as a
            percentage of the Portfolio's assets attributable in the aggregate
            to that class of shares. PIMCO, in turn, provides or procures
            administrative services for shareholders and also bears the costs
            of various third-party services required by the Portfolio,
            including audit, custodial, portfolio accounting, legal, transfer
            agency and printing costs. The result of this fee structure is an
            expense level for shareholders of the Portfolio that, with limited
            exceptions, is precise and predictable under ordinary
            circumstances.

             For the fiscal year ended December 31, 1999, the Portfolios paid
            PIMCO monthly administrative fees at the following annual rates:

<TABLE>
<CAPTION>
         Portfolio                       Administrative Fees
            ------------------------------------------------
         <S>                             <C>
         Total Return Bond Portfolio II         0.25%
</TABLE>

             Effective April 1, 2000, the Portfolios pay PIMCO monthly
            administrative fees at the following annual rates:

<TABLE>
<CAPTION>
         Portfolio                       Administrative Fees
            ------------------------------------------------
         <S>                             <C>
         Total Return Bond Portfolio II         0.25%
</TABLE>

   PIMCO Variable Insurance Trust
9
<PAGE>

             PIMCO may use its assets and resources, including its profits
            from advisory or administrative fees paid by the Portfolio, to pay
            insurance companies for services rendered to current and
            prospective owners of Variable Contracts, including the provision
            of support services such as providing information about the Trust
            and the Portfolio, the delivery of Trust documents, and other
            services. Any such payments are made by PIMCO and not by the Trust
            and PIMCO does not receive any separate fees for such expenses.

Individual  The table below provides information about the individual
Portfolio   portfolio manager responsible for management of the Trust's
Managers    Portfolio, including their occupations for the past five years.

<TABLE>
<CAPTION>
                              Portfolio              Recent Professional
         Portfolio            Manager          Since Experience
            -------------------------------------------------------------------

         <C>                  <C>              <C>   <S>
         Total Return Bond II William H. Gross 5/99* Managing Director, Chief
                                                     Investment Officer and a
                                                     founding partner of PIMCO.
</TABLE>

            -------
            *  Since inception of the Portfolio.

Distributor The Trust's Distributor is PIMCO Funds Distributors LLC, a wholly
            owned subsidiary of PIMCO Advisors L.P. The Distributor, located
            at 2187 Atlantic Street, Stamford CT 06902, is a broker-dealer
            registered with the Securities and Exchange Commission.

            Investment Options--
            Administrative Class Shares

            Effective April 1, 2000, the Trust offers investors Institutional
            Class and Administrative Class shares of the Portfolio. On that
            date, outstanding shares of the Trust were designated
            Administrative Class Shares. The Trust does not charge any sales
            charges (loads) or other fees in connection with purchases, sales
            (redemptions) or exchanges of Administrative Class shares.

                                                                  Prospectus
                                                                              10
<PAGE>

              . Service Fees--Administrative Class Shares. The Trust has
            adopted an Administrative Services Plan (the "Plan") for the
            Administrative Class shares of the Portfolio. The Plan allows the
            Portfolio to use Administrative Class assets to reimburse
            financial intermediaries that provide services relating to
            Administrative Class shares. The services that may be provided
            under the Plan include, among other things, teleservicing support
            in connection with Portfolio; delivery of current Trust
            prospectuses and other shareholder communications; recordkeeping
            services; provision of support services, including providing
            information about the Trust and its Portfolios and answering
            questions concerning the Trust and its Portfolios, including
            questions respecting investors' interests in one or more
            Portfolios; provision and administration of insurance features for
            the benefit of investors in connection with the Portfolios;
            receiving, aggregating and forwarding purchase and redemption
            orders; processing dividend payments; issuing investor reports and
            transaction confirmations; providing subaccounting services;
            general account administration activities; and providing such
            similar services as the Trust may reasonably request to the extent
            the service provider is permitted to do so under applicable
            statutes, rules or regulation. The Plan also permits reimbursement
            for services in connection with the administration of plans or
            programs that use Administrative Class shares of the Portfolios as
            their funding medium and for related expenses.

             The Plan permits the Portfolio to make total reimbursements at an
            annual rate of 0.15% of the Portfolio's average daily net assets
            attributable to its Administrative Class shares. Because these
            fees are paid out of the Portfolio's Administrative Class assets
            on an ongoing basis, over time they will increase the cost of an
            investment in Administrative Class shares.

              . Arrangements with Service Agents. Administrative Class shares
            of the Portfolio may be offered through certain brokers and
            financial intermediaries ("service agents") that have established
            a shareholder servicing relationship with the Trust on behalf of
            their customers. The Trust pays no compensation to such entities
            other than service fees paid with respect to Administrative Class
            shares. Service agents may impose additional or different
            conditions than the Trust on purchases, redemptions or exchanges
            of Portfolio shares by their customers. Service agents may also
            independently establish and charge their customers transaction
            fees, account fees and other amounts in connection with purchases,
            sales and redemptions of Portfolio shares in addition to any fees
            charged by the Trust. These additional fees may vary over time and
            would increase the cost of the customer's investment and lower
            investment returns. Each service agent is responsible for
            transmitting to its customers a schedule of any such fees and
            information regarding any additional or different conditions
            regarding purchases, redemptions and exchanges. Shareholders who
            are customers of service agents should consult their service
            agents for information regarding these fees and conditions.

            Purchases and Redemptions

Purchasing  Investors do not deal directly with the Portfolio to purchase and
Shares      redeem shares. Please refer to the prospectus for the Separate
            Account for information on the allocation of premiums and on
            transfers of accumulated value among sub-accounts of the Separate
            Account that invest in the Portfolio.

             As of the date of this Prospectus, shares of the Portfolio are
            offered for purchase by Separate Accounts to serve as an
            investment medium for Variable Contracts issued by life insurance
            companies, and to qualified pension and retirement plans outside
            of the separate account context.

             While the Portfolio currently does not foresee any disadvantages
            to Variable Contract Owners if the Portfolio serves as an
            investment medium for both variable annuity contracts and variable
            life insurance policies, due to differences in tax treatment or
            other considerations, it is theoretically possible that the
            interest of owners of annuity contracts and insurance policies for
            which the Portfolio served as an investment medium might at some
            time be in conflict. However, the Trust's Board of Trustees and
            each insurance company with a separate account

   PIMCO Variable Insurance Trust
11
<PAGE>

            allocating assets to the Portfolio are required to monitor events
            to identify any material conflicts between variable annuity
            contract owners and variable life insurance policy owners, and
            would have to determine what action, if any, should be taken in
            the event of such a conflict. If such a conflict occurred, an
            insurance company participating in the Portfolio might be required
            to redeem the investment of one or more of its separate accounts
            from the Portfolio, which might force the Portfolio to sell
            securities at disadvantageous prices.

             The Trust and its distributor each reserves the right, in its
            sole discretion, to suspend the offering of shares of the
            Portfolio or to reject any purchase order, in whole or in part, or
            to redeem shares, in whole or in part, when, in the judgment of
            management, such suspension or rejection is in the best interests
            of the Trust. The sale of shares will be suspended when trading on
            the New York Stock Exchange is restricted or during an emergency
            which makes it impracticable for the Portfolio to dispose of their
            securities or to determine fairly the value of their net assets,
            or during any other period as permitted by the SEC for the
            protection of investors. In the event that the Portfolio ceases
            offering its shares, any investments allocated to the Portfolio
            will, subject to any necessary regulatory approvals, be invested
            in another Portfolio.

Redeeming   Shares may be redeemed without charge on any day that the net
Shares      asset value is calculated. All redemption orders are effected at
            the net asset value per share next determined after a redemption
            request is received. Payment for shares redeemed normally will be
            made within seven days.

             Redemption's of Portfolio shares may be suspended when trading on
            the New York Stock Exchange is restricted or during an emergency
            which makes it impractical for the Portfolio to dispose of their
            securities or to determine fairly the value of their net assets,
            or during any other period as permitted by the Securities and
            Exchange Commission for the protection of investors. Under these
            and other unusual circumstances, the Trust may suspend redemption
            or postpone payment for more than seven days, as permitted by law.
            In consideration of the best interests of the remaining
            shareholders, the Trust reserves the right to pay redemption
            proceeds in whole or in part by a distribution in kind of
            securities held by the Portfolio in lieu of cash. It is highly
            unlikely that shares would ever be redeemed in kind. If shares are
            redeemed in kind, however, the redeeming shareholder should expect
            to incur transaction costs upon the disposition of the securities
            received in the distribution.

            How Portfolio Shares Are Priced

            The net asset value ("NAV") of the Portfolio's Administrative
            Class shares is determined by dividing the total value of the
            Portfolio's investments and other assets attributable to that
            class, less any liabilities, by the total number of shares
            outstanding of that class.

             For purposes of calculating NAV, portfolio securities and other
            assets for which market quotes are 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. Certain securities or
            investments for which daily market quotations are not readily
            available may be valued, pursuant to guidelines established by the
            Board of Trustees, with reference to other securities or indices.
            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 exchange. Other securities 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 its direction.


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<PAGE>

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

             Portfolio shares are valued at the close of regular trading
            (normally 4:00 p.m., Eastern time) (the "NYSE Close") on each day
            that the New York Stock Exchange is open. For purposes of
            calculating the NAV, the Portfolios normally use pricing data for
            domestic equity securities received shortly after the NYSE Close
            and do not normally take into account trading, clearances or
            settlements that take place after the NYSE Close. Domestic fixed
            income and foreign securities are normally priced using data
            reflecting the earlier closing of the principal markets for those
            securities. Information that becomes known to the Portfolio or its
            agents after the NAV has been calculated on a particular day will
            not generally be used to retroactively adjust the price of a
            security or the NAV determined earlier that day.

             In unusual circumstances, instead of valuing securities in the
            usual manner, the Portfolio may value securities at fair value or
            estimate their value as determined in good faith by the Board of
            Trustees, generally based upon recommendations provided by PIMCO.
            Fair valuation may also be used if extraordinary events occur
            after the close of the relevant market but prior to the NYSE
            Close.

            Tax Consequences

            The Portfolio intends to qualify as a regulated investment company
            annually and to elect to be treated as a regulated investment
            company for federal income tax purposes. As such, the Portfolio
            generally will not pay federal income tax on the income and gains
            it pays as dividends to its shareholders. In order to avoid a 4%
            federal excise tax, the Portfolio intends to distribute each year
            substantially all of its net income and gains.

             The Portfolio also intends to comply with diversification
            requirements imposed by regulations under Section 817(h) of the
            Internal Revenue Code, as amended. Compliance with these
            diversification rules generally will limit the ability of a
            Portfolio to invest greater than 55% of its total assets in direct
            obligations of the U.S. Treasury (or any other issuer), or to
            invest primarily in securities issued by a single agency or
            instrumentality of the U.S. Government.

             If a Portfolio fails to meet the diversification requirement
            under Section 817(h), income with respect to Variable Contracts
            invested in the Portfolio at any time during the calendar quarter
            in which the failure occurred could become currently taxable to
            the owners of the Variable Contracts and income for prior periods
            with respect to such contracts also could be taxable, most likely
            in the year of the failure to achieve the required
            diversification. Other adverse tax consequences could also ensue.

             Please refer to the prospectus for the Separate Account and
            Variable Contract for information regarding the federal income tax
            treatment of distributions to the Separate Account. See
            "Additional Information--Additional Tax Information" in the
            Portfolio's Statement of Additional Information for more
            information on taxes.

13 PIMCO Variable Insurance Trust
<PAGE>

            Characteristics and Risks of
            Securities and Investment Techniques

            This section provides additional information about some of the
            principal investments and related risks of the Portfolio described
            under the "Portfolio Summary" above. It also describes
            characteristics and risks of additional securities and investment
            techniques that may be used by the Portfolio from time to time.
            Most of these securities and investment techniques are
            discretionary, which means that PIMCO can decide whether to use
            them or not. This Prospectus does not attempt to disclose all of
            the various types of securities and investment techniques that may
            be used by the Portfolio. As with any mutual fund, investors in
            the Portfolio rely on the professional investment judgment and
            skill of PIMCO and the individual portfolio managers. Please see
            "Investment Objectives and Policies" in the Statement of
            Additional Information for more detailed information about the
            securities and investment techniques described in this section and
            about other strategies and techniques that may be used by the
            Portfolio.

Securities  The Portfolio seeks maximum total return. The total return sought
Selection   by the Portfolio consists of both income earned on the Portfolio's
            investments and capital appreciation, if any, arising from
            increases in the market value of the Portfolio's holdings. Capital
            appreciation of fixed income securities generally results from
            decreases in market interest rates or improving credit
            fundamentals for a particular market sector or security.

             In selecting securities for the Portfolio, PIMCO develops an
            outlook for interest rates, foreign currency exchange rates and
            the economy; analyzes credit and call risks, and uses other
            security selection techniques. The proportion of the Portfolio's
            assets committed to investment in securities with particular
            characteristics (such as quality, sector, interest rate or
            maturity) varies based on PIMCO's outlook for the U.S. and foreign
            economies, the financial markets and other factors.

             PIMCO attempts to identify areas of the bond market that are
            undervalued relative to the rest of the market. PIMCO identifies
            these areas by grouping bonds into the following sectors: money
            markets, governments, corporates, mortgages, asset-backed and
            international. Sophisticated proprietary software then assists in
            evaluating sectors and pricing specific securities. Once
            investment opportunities are identified, PIMCO will shift assets
            among sectors depending upon changes in relative valuations and
            credit spreads. There is no guarantee that PIMCO's security
            selection techniques will produce the desired results.

U.S.        U.S. Government securities are obligations of and, in certain
Government  cases, guaranteed by, the U.S. Government, its agencies or
Securities  government-sponsored enterprises. U.S. Government Securities are
            subject to market and interest rate risk, and may be subject to
            varying degrees of credit risk. U.S. Government securities may
            include zero coupon securities, which do not distribute interest
            on a current basis and tend to be subject to greater market risk
            than interest-paying securities of similar maturities.

Muncipal    Municipal bonds are generally issued by states and local
Bonds       governments and their agencies, authorities and other
            instumentalities. Municipal bonds are subject to interest rate,
            credit and market risk. The ability of an issuer to make payments
            could be affected by litigation, legislation or other political
            events or the bankruptcy of the issuer. Lower rated municipal
            bonds are subject to greater credit and market risk than higher
            quality municipal bonds. The types of municipal bonds in which the
            Portfolios may invest include municipal lease obligations. The
            Portfolio may also invest in securities issued by entities whose
            underlying assets are municipal bonds.

Mortgage-   The Portfolio may invest all of its assets in mortgage- and asset-
Related     backed securities. Mortgage-related securities include mortgage
and Other   pass-through securities, collateralized mortgage obligations
Asset-      ("CMOs"), commercial mortgage-backed securities, mortgage dollar
Backed      rolls, CMO residuals, stripped mortgage-backed securities
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.

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<PAGE>

             The value of some mortgage- or asset-backed securities may be
            particularly sensitive to changes in prevailing interest rates.
            Early repayment of principal on some mortgage-related securities
            may expose the Portfolio to a lower rate of return upon
            reinvestment of principal. When interest rates rise, the value of
            a mortgage-related security generally will decline; however, when
            interest rates are declining, the value of mortgage-related
            securities with prepayment features may not increase as much as
            other fixed income securities. The rate of prepayments on
            underlying mortgages will affect the price and volatility of a
            mortgage-related security, and may shorten or extend the effective
            maturity of the security beyond what was anticipated at the time
            of purchase. If unanticipated rates of prepayment on underlying
            mortgages increase the effective maturity of a mortgage-related
            security, the volatility of the security can be expected to
            increase. The value of these securities may fluctuate in response
            to the market's perception of the creditworthiness of the issuers.
            Additionally, although mortgages and mortgage-related securities
            are generally supported by some form of government or private
            guarantee and/or insurance, there is no assurance that private
            guarantors or insurers will meet their obligations.

             One type of SMBS has one class receiving all of the interest from
            the mortgage assets (the interest-only, or "IO" class), while the
            other class will receive all of the principal (the principal-only,
            or "PO" class). The yield to maturity on an IO class is extremely
            sensitive to the rate of principal payments (including
            prepayments) on the underlying mortgage assets, and a rapid rate
            of principal payments may have a material adverse effect on a
            Portfolio's yield to maturity from these securities. The Portfolio
            may not invest more than 5% of its net assets in any combination
            of IO, PO, or inverse floater securities. The Portfolio may invest
            in other asset-backed securities that have been offered to
            investors.

Loan        The Portfolio may invest in fixed- and floating-rate loans, which
Partici-    investments generally will be in the form of loan participations
ations      and assignments of portions of such loans. Participations and
and         assignments involve special types of risk, including credit risk,
Assignments interest rate risk, liquidity risk, and the risks of being a
            lender. If the Portfolio purchases a participation, it may only be
            able to enforce its rights through the lender, and may assume the
            credit risk of the lender in addition to the borrower.

Corporate   Corporate debt securities are subject to the risk of the issuer's
Debt        inability to meet principal and interest payments on the
Securities  obligation and may also be subject to price volatility due to such
            factors as interest rate sensitivity, market perception of the
            credit-worthiness of the issuer and general market liquidity. When
            interest rates rise, the value of corporate debt securities can be
            expected to decline. Debt securities with longer maturities tend
            to be more sensitive to interest rate movements than those with
            shorter maturities.

High        Securities rated lower than Baa by Moody's or lower than BBB by
Yield       S&P are sometimes referred to as "high yield" or "junk" bonds.
Securities  Investing in high yield securities involves special risks in
            addition to the risks associated with investments in higher-rated
            fixed income securities. While offering a greater potential
            opportunity for capital appreciation and higher yields, high yield
            securities typically entail greater potential price volatility and
            may be less liquid than higher-rated securities. High yield
            securities may be regarded as predominately speculative with
            respect to the issuer's continuing ability to meet principal and
            interest payments. They may also be more susceptible to real or
            perceived adverse economic and competitive industry conditions
            than higher-rated securities.

              . Credit Ratings and Unrated Securities. Rating agencies are
            private services that provide ratings of the credit quality of
            fixed income securities, including convertible securities.
            Appendix A to this Prospectus describes the various ratings
            assigned to fixed income securities by Moody's and S&P. Ratings
            assigned by a rating agency are not absolute standards of credit
            quality and do not evaluate market risks. Rating agencies may fail
            to make timely changes in credit ratings and an issuer's current
            financial condition may be better or worse than a rating
            indicates. The Portfolio will not necessarily sell a security when
            its rating is reduced below its rating at the time of purchase.
            PIMCO does not rely solely on credit ratings, and develops its own
            analysis of issuer credit quality.

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15
<PAGE>

             A Portfolio may purchase unrated securities (which are not rated
            by a rating agency) if its portfolio manager determines that the
            security is of comparable quality to a rated security that the
            Portfolio may purchase. Unrated securities may be less liquid than
            comparable rated securities and involve the risk that the
            portfolio manager may not accurately evaluate the security's
            comparative credit rating. Analysis of the creditworthiness of
            issuers of high yield securities may be more complex than for
            issuers of higher-quality fixed income securities. To the extent
            that a Portfolio invests in high yield and/or unrated securities,
            the Portfolio's success in achieving its investment objective may
            depend more heavily on the portfolio manager's creditworthiness
            analysis than if the Portfolio invested exclusively in higher-
            quality and rated securities.

Variable    Variable and floating rate securities provide for a periodic
and         adjustment in the interest rate paid on the obligations. The
Floating    Portfolio may invest in floating rate debt instruments
Rate        ("floaters") and engage in credit spread trades. While floaters
Securities  provide a certain degree of protection against rises in interest
            rates, the Portfolio will participate in any declines in interest
            rates as well. The Portfolio may also invest in inverse floating
            rate debt instruments ("inverse floaters"). An inverse floater may
            exhibit greater price volatility than a fixed rate obligation of
            similar credit quality. The Portfolio may not invest more than 5%
            of its assets in any combination of inverse floater, interest
            only, or principal only securities.

Inflation-  Inflation-indexed bonds are fixed income securities whose
Indexed     principal value is periodically adjusted according to the rate of
Bonds       inflation. If the index measuring inflation falls, the principal
            value of inflation-indexed bonds will be adjusted downward, and
            consequently the interest payable on these securities (calculated
            with respect to a smaller principal amount) will be reduced.
            Repayment of the original bond principal upon maturity (as
            adjusted for inflation) is guaranteed in the case of U.S. Treasury
            inflation-indexed bonds. For bonds that do not provide a similar
            guarantee, the adjusted principal value of the bond repaid at
            maturity may be less than the original principal.

             The value of inflation-indexed bonds is expected to change in
            response to changes in real interest rates. Real interest rates
            are tied to the relationship between nominal interest rates and
            the rate of inflation. If nominal interest rates increase at a
            faster rate than inflation, real interest rates may rise, leading
            to a decrease in value of inflation-indexed bonds. Short-term
            increases in inflation may lead to a decline in value. Any
            increase in the principal amount of an inflation-indexed bond will
            be considered taxable ordinary income, even though investors do
            not receive their principal until maturity.

Event-      The Portfolio may invest in "event-linked bonds," which are fixed
Linked      income securities for which the return of principal and payment of
Bonds       interest is contingent on the non-occurrence of a specific
            "trigger" event, such as a hurricane, earthquake or other physical
            or weather-related phenomenon. Some event-linked bonds are
            commonly referred to as "catastrophe bonds." If a trigger event
            occurs, the Portfolio may lose a portion or all of its principal
            invested in the bond. Event-linked bonds often provide for an
            extension of maturity to process and audit loss claims where a
            trigger event has, or possibly has, occurred. Event-linked bonds
            may also expose the Portfolio to certain unanticipated risks
            including but not limited to issuer (credit) default, adverse
            regulatory or jurisdictional interpretation, and adverse tax
            consequences. Event-linked bonds may also be subject to liquidity
            risk.

Convertible The Portfolio may invest in convertible securities. Convertible
and         securities are generally preferred stocks and other securities,
Equity      including fixed income securities and warrants, that are
Securities  convertible into or exercisable for common stock at a stated price
            or rate. The price of a convertible security will normally vary in
            some proportion to changes in the price of the underlying common
            stock because of this conversion or exercise feature. However, the
            value of a convertible security may not increase or decrease as
            rapidly as the underlying common stock. A convertible security
            will normally also provide income and is subject to interest rate
            risk. Convertible securities may be lower-rated securities subject
            to greater levels of credit risk. The Portfolio may be forced to
            convert a security before it would otherwise choose, which may
            have an adverse effect on the Portfolio's ability to achieve its
            investment objective.

                                                                  Prospectus
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<PAGE>

             While the Portfolio intends to invest primarily in fixed income
            securities, it may invest in convertible securities or equity
            securities. While some countries or companies may be regarded as
            favorable investments, pure fixed income opportunities may be
            unattractive or limited due to insufficient supply, or legal or
            technical restrictions. In such cases, a Portfolio may consider
            convertible securities or equity securities to gain exposure to
            such investments.

             Equity securities generally have greater price volatility than
            fixed income securities. The market price of equity securities
            owned by a Portfolio may go up or down, sometimes rapidly or
            unpredictably. Equity securities may decline in value due to
            factors affecting equity securities markets generally or
            particular industries represented in those markets. The value of
            an equity security may also decline for a number of reasons which
            directly relate to the issuer, such as management performance,
            financial leverage and reduced demand for the issuer's goods or
            services.

Repurchase  The Portfolio may enter into repurchase agreements, in which the
Agreements  Portfolio purchases a security from a bank or broker-dealer and
            agrees to repurchase the security at the Portfolio's cost plus
            interest within a specified time. If the party agreeing to
            repurchase should default, the Portfolio will seek to sell the
            securities which it holds. This could involve procedural costs or
            delays in addition to a loss on the securities if their value
            should fall below their repurchase price. Repurchase agreements
            maturing in more than seven days are considered illiquid
            securities.

Reverse     The Portfolio may enter into reverse repurchase agreements and
Repurchase  dollar rolls, subject to the Portfolio's limitations on
Agreements, borrowings. A reverse repurchase agreement or dollar roll involves
Dollar      the sale of a security by a Portfolio and its agreement to
Rolls and   repurchase the instrument at a specified time and price, and may
Other       be considered a form of borrowing for some purposes. A Portfolio
Borrowings  will segregate assets determined to be liquid by PIMCO in
            accordance with procedures established by the Board of Trustees to
            cover its obligations under reverse repurchase agreements, dollar
            rolls, and other borrowings. Reverse repurchase agreements, dollar
            rolls and other forms of borrowings may create leveraging risk for
            a Portfolio.

             The Portfolio may borrow money to the extent permitted under the
            Investment Company Act of 1940 ("1940 Act"), as amended. This
            means that, in general, the Portfolio may borrow money from banks
            for any purpose on a secured basis in an amount up to 1/3 of the
            Portfolio's total assets. The Portfolio may also borrow money for
            temporary administrative purposes on an unsecured basis in an
            amount not to exceed 5% of the Portfolio's total assets.

Derivatives The Portfolio may, but is not required to, use derivative
            instruments for risk management purposes or as part of its
            investment strategies. Generally, derivatives are financial
            contracts whose value depends upon, or is derived from, the value
            of an underlying asset, reference rate or index, and may relate to
            stocks, bonds, interest rates, currencies or currency exchange
            rates, commodities, and related indexes. Examples of derivative
            instruments include options contracts, futures contracts, options
            on futures contracts and swap agreements. The Portfolio may invest
            all of its assets in derivative instruments, subject to the
            Portfolio's objective and policies. A portfolio manager may decide
            not to employ any of these strategies and there is no assurance
            that any derivatives strategy used by a Portfolio will succeed. A
            description of these and other derivative instruments that the
            Portfolios may use are described under "Investment Objectives and
            Policies" in the Statement of Additional Information.

             The Portfolio's use of derivative instruments involves risks
            different from, or greater than, the risks associated with
            investing directly in securities and other more traditional
            investments. A description of various risks associated with
            particular derivative instruments is included in "Investment
            Objectives and Policies" in the Statement of Additional
            Information. The following provides a more general discussion of
            important risk factors relating to all derivative instruments that
            may be used by the Portfolio.

             Management Risk. Derivative products are highly specialized
            instruments that require investment techniques and risk analyses
            different from those associated with stocks and bonds. The use of
            a derivative requires an

   PIMCO Variable Insurance Trust
17
<PAGE>

            understanding not only of the underlying instrument but also of
            the derivative itself, without the benefit of observing the
            performance of the derivative under all possible market
            conditions.

             Credit Risk. The use of a derivative instrument involves the risk
            that a loss may be sustained as a result of the failure of another
            party to the contract (usually referred to as a "counterparty") to
            make required payments or otherwise comply with the contract's
            terms.

             Liquidity Risk. Liquidity risk exists when a particular
            derivative instrument is difficult to purchase or sell. If a
            derivative transaction is particularly large or if the relevant
            market is illiquid (as is the case with many privately negotiated
            derivatives), it may not be possible to initiate a transaction or
            liquidate a position at an advantageous time or price.

             Leverage Risk. Because many derivatives have a leverage
            component, adverse changes in the value or level of the underlying
            asset, reference rate or index can result in a loss substantially
            greater than the amount invested in the derivative itself. Certain
            derivatives have the potential for unlimited loss, regardless of
            the size of the initial investment. When a Portfolio uses
            derivatives for leverage, investments in that Portfolio will tend
            to be more volatile, resulting in larger gains or losses in
            response to market changes. To limit leverage risk, each Portfolio
            will segregate assets determined to be liquid by PIMCO in
            accordance with procedures established by the Board of Trustees
            (or, as permitted by applicable regulation, enter into certain
            offsetting positions) to cover its obligations under derivative
            instruments.

             Lack of Availability. Because the markets for certain derivative
            instruments (including markets located in foreign countries) are
            relatively new and still developing, suitable derivatives
            transactions may not be available in all circumstances for risk
            management or other purposes. There is no assurance that a
            Portfolio will engage in derivatives transactions at any time or
            from time to time. A Portfolio's ability to use derivatives may
            also be limited by certain regulatory and tax considerations.

             Market and Other Risks. Like most other investments, derivative
            instruments are subject to the risk that the market value of the
            instrument will change in a way detrimental to a Portfolio's
            interest. If a portfolio manager incorrectly forecasts the values
            of securities, currencies or interest rates or other economic
            factors in using derivatives for a Portfolio, the Portfolio might
            have been in a better position if it had not entered into the
            transaction at all. While some strategies involving derivative
            instruments can reduce the risk of loss, they can also reduce the
            opportunity for gain or even result in losses by offsetting
            favorable price movements in other Portfolio investments. A
            Portfolio may also have to buy or sell a security at a
            disadvantageous time or price because the Portfolio is legally
            required to maintain offsetting positions or asset coverage in
            connection with certain derivatives transactions.

             Other risks in using derivatives include the risk of mispricing
            or improper valuation of derivatives and the inability of
            derivatives to correlate perfectly with underlying assets, rates
            and indexes. Many derivatives, in particular privately negotiated
            derivatives, are complex and often valued subjectively. Improper
            valuations can result in increased cash payment requirements to
            counterparties or a loss of value to a Portfolio. Also, the value
            of derivatives may not correlate perfectly, or at all, with the
            value of the assets, reference rates or indexes they are designed
            to closely track. In addition, a Portfolio's use of derivatives
            may cause the Portfolio to realize higher amounts of short-term
            capital gains (generally taxed at ordinary income tax rates) than
            if the Portfolio had not used such instruments.

Delayed     The Portfolio may also enter into, or acquire participations in,
Funding     delayed funding loans and revolving credit facilities, in which a
Loans and   lender agrees to make loans up to a maximum amount upon demand by
Revolving   the borrower during a specified term. These commitments may have
Credit      the effect of requiring the Portfolio to increase its investment
Facilities  in a company at a time when it might not otherwise decide to do so
            (including at a time when the

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                                                                              18
<PAGE>

              company's financial condition makes it unlikely that such amounts
              will be repaid). To the extent that the Portfolio is committed to
              advance additional funds, it will segregate assets determined to
              be liquid by PIMCO in accordance with procedures established by
              the Board of Trustees in an amount sufficient to meet such
              commitments. Delayed funding loans and revolving credit facilities
              are subject to credit, interest rate and liquidity risk and the
              risks of being a lender.

When-         The Portfolio may purchase securities which it is eligible to
Issued,       purchase on a when-issued basis, may purchase and sell such
Delayed       securities for delayed delivery and may make contracts to purchase
Delivery      such securities for a fixed price at a future date beyond normal
and           settlement time (forward commitments). When-issued transactions,
Forward       delayed delivery purchases and forward commitments involve a risk
Commitment    of loss if the value of the securities declines prior to the
Transactions  settlement date. This risk is in addition to the risk that the
              Portfolio's other assets will decline in the value. Therefore,
              these transactions may result in a form of leverage and increase a
              Portfolio's overall investment exposure. Typically, no income
              accrues on securities the Portfolio has committed to purchase
              prior to the time delivery of the securities is made, although a
              Portfolio may earn income on securities it has segregated to cover
              these positions.

Investment    The Portfolio may invest up to 10% of its assets in securities of
in Other      other investment companies, such as closed-end management
Investment    investment companies, or in pooled accounts or other investment
Companies     vehicles which invest in foreign markets. As a shareholder of any
              investment company, the Portfolio may indirectly bear service and
              other fees which are in addition to the fees the Portfolio pays
              its service providers.

              Subject to the restrictions and limitations of the 1940 Act, the
              Portfolio may, in the future, elect to pursue its investment
              objective by investing in one or more underlying investment
              vehicles or companies that have substantially similar investment
              objectives, policies and limitations as the Portfolio.

Short         The Portfolio may make short sales as part of its overall
Sales         portfolio management strategies or to offset a potential decline
              in value of a security. A short sale involves the sale of a
              security that is borrowed from a broker or other institution to
              complete the sale. Short sales expose a Portfolio to the risk that
              it will be required to acquire, convert or exchange securities to
              replace the borrowed securities (also known as "covering" the
              short position) at a time when the securities sold short have
              appreciated in value, thus resulting in a loss to the Portfolio. A
              Portfolio making a short sale must segregate assets determined to
              be liquid by PIMCO in accordance with procedures established by
              the Board of Trustees or otherwise cover its position in a
              permissible manner.

Illiquid      The Portfolio may invest up to 15% of its net assets in illiquid
Securities    securities. Certain illiquid securities may require pricing at
              fair value as determined in good faith under the supervision of
              the Board of Trustees. A portfolio manager may be subject to
              significant delays in disposing of illiquid securities, and
              transactions in illiquid securities may entail registration
              expenses and other transaction costs that are higher than those
              for transactions in liquid securities. The term "illiquid
              securities" for this purpose means securities that cannot be
              disposed of within seven days in the ordinary course of business
              at approximately the amount at which a Portfolio has valued the
              securities. Restricted securities, i.e., securities subject to
              legal or contractual restrictions on resale, may be illiquid.
              However, some restricted securities (such as securities issued
              pursuant to Rule 144A under the Securities Act of 1933 and certain
              commercial paper) may be treated as liquid, although they may be
              less liquid than registered securities traded on established
              secondary markets.

Loans of      For the purpose of achieving income, the Portfolio may lend its
Portfolio     portfolio securities to brokers, dealers, and other financial
Securities    institutions provided a number of conditions are satisfied,
              including that the loan is fully collateralized. Please see
              "Investment Objectives and Policies" in the Statement of
              Additional Information for details. When a Portfolio lends
              portfolio securities, its investment performance will continue to
              reflect changes in the value of the securities loaned, and the
              Portfolio will also receive a fee or interest on the collateral.

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<PAGE>

            Securities lending involves the risk of loss of rights in the
            collateral or delay in recovery of the collateral if the borrower
            fails to return the security loaned or becomes insolvent. A
            Portfolio may pay lending fees to a party arranging the loan.

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

Temporary   For temporary or defensive purposes, the Portfolio may invest
Defensive   without limit in U.S. debt securities, including taxable
Positions   securities and short-term money market securities, when PIMCO
            deems it appropriate to do so. When a Portfolio engages in such
            strategies, it may not achieve its investment objective.

Changes     The investment objective of the Portfolio is fundamental and may
in          not be changed without shareholder approval. Unless otherwise
Investment  stated, all other investment policies of the Portfolio may be
Objectives  changed by the Board of Trustees without shareholder approval.
and
Policies

Percentage  Unless otherwise stated, all percentage limitations on Portfolio
Investment  investments listed in this Prospectus will apply at the time of
Limitations investment. A Portfolio would not violate these limitations unless
            an excess or deficiency occurs or exists immediately after and as
            a result of an investment.

Other       The Portfolio may invest in other types of securities and use a
Investments variety of investment techniques and strategies which are not
and         described in this Prospectus. These securities and techniques may
Techniques  subject the Portfolio to additional risks. Please see the
            Statement of Additional Information for additional information
            about the securities and investment techniques described in this
            Prospectus and about additional securities and techniques that may
            be used by the Portfolio.

                                                                  Prospectus
                                                                              20
<PAGE>

            Financial Highlights

            The financial highlights table is intended to help a shareholder
            understand the Portfolio's financial performance for the period of
            operations. Certain information reflects financial results for a
            single Portfolio share. The total returns in the table represent
            the rate that an investor would have earned or lost on an
            investment in a particular class of shares of a Portfolio
            (assuming reinvestment of all dividends and distributions). This
            information has been audited by PricewaterhouseCoopers LLP, the
            Portfolio's independent auditors. Their report, along with full
            financial statements, appears in the Trust's Annual Report, which
            is available upon request.

<TABLE>
<CAPTION>
                      Net Asset             Net Realized  Total Income Dividends  Dividends in  Distributions Distributions
Year or                 Value      Net     and Unrealized (Loss) from   from Net  Excess of Net   from Net    in Excess of
Period                Beginning Investment Gain (Loss) on  Investment  Investment  Investment     Realized    Net Realized
Ended                 of Period Income(a)   Investments    Operations    Income      Income     Capital Gains Capital Gains
---------------------------------------------------------------------------------------------------------------------------
<S>                   <C>       <C>        <C>            <C>          <C>        <C>           <C>           <C>
Total Return II
 Administrative Class
 12/31/1999(b)         $10.00     $0.32        $(0.18)(a)    $0.14       $(0.32)      $0.00         $0.00         $0.00
</TABLE>
-------
(a) Per share amounts based on average number of shares outstanding during the
    period.
(b) Commenced operations on May 28, 1999.

   PIMCO Variable Insurance Trust
21
<PAGE>




<TABLE>
<CAPTION>
                                                                   Ratio of Net
Tax Basis                Net Asset        Net Assets  Ratio of      Investment
 Return                    Value             End     Expenses to    Income to   Portfolio
   of          Total        End    Total  of Period    Average       Average    Turnover
 Capital   Distributions of Period Return   (000's)  Net Assets     Net Assets    Rate
-----------------------------------------------------------------------------------------
<S>        <C>           <C>       <C>    <C>        <C>           <C>          <C>


  $0.00       $(0.32)      $9.82    1.41%   $5,128      0.65%*(c)      5.38%*      378%
</TABLE>
-------
*   Annualized.
(c) If the investment manager had not reimbursed expenses, the ration of
    operating expenses to average net assets would have been 0.78%* for the
    period ended December 31, 1999.

                                                                   Prospectus
                                                                              22
<PAGE>

            Other Information


Performance The following table provides information concerning the historical
Information total return performance of the Institutional Class shares of
of          certain series of PIMCO Funds: Pacific Investment Management
Similar     Series ("PIMS"). Each PIMS series has investment objectives,
Funds       policies and strategies substantially similar to those of its
            respective PIMCO Variable Insurance Trust ("PVIT") Portfolio and
            is currently managed by the same portfolio manager. While the
            investment objectives and policies of each PIMS series and its
            respective PVIT Portfolio are similar, they are not identical and
            the performance of the PIMS series and the PVIT Portfolio will
            vary. The data is provided to illustrate the past performance of
            PIMCO in managing a substantially similar investment portfolio and
            does not represent the past performance of any of the PVIT
            Portfolios or the future performance of any PVIT Portfolio or its
            portfolio manager. Consequently, potential investors should not
            consider this performance data as an indication of the future
            performance of any PVIT Portfolio or of its portfolio manager.

            The performance data shown below reflects the operating expenses
            of the Institutional Class of the PIMS series. The operating
            expenses of the Institutional Class of the PIMS series in the
            table are lower than the operating expenses of the Administrative
            Class of the corresponding PVIT Portfolio. As such, performance
            would have been lower if the PVIT Portfolios' expenses were used.
            In addition, the PIMS series, unlike the Portfolio, are not sold
            to Separate Accounts to fund Variable Contracts. As a result, the
            performance results presented below do not take into account
            charges or deductions against a Separate Account or Variable
            Contract for cost of insurance charges, premium loads,
            administrative fees, maintenance fees, premium taxes, mortality
            and expense risk charges, or other charges that may be incurred
            under a Variable Contract for which the Portfolio serves as an
            underlying investment vehicle. By contrast, Variable Contract
            Owners with contract value allocated to the Portfolio will be
            subject to charges and expenses relating to the Variable Contracts
            and Separate Accounts.

            The PIMS series' performance data shown below is calculated in
            accordance with standards prescribed by the SEC for the
            calculation of average annual total return information. The
            investment results of the PIMS series presented below are
            unaudited and are not intended to predict or suggest results that
            might be experienced by the PIMS series or the Portfolio. Share
            prices and investment returns will fluctuate reflecting market
            conditions, as well as changes in company-specific fundamentals of
            portfolio securities. The performance data for the benchmark
            indices identified below does not reflect the fees or expenses of
            the PIMS series or the Portfolio.

   Average Annual Total Return for Similar Series of PIMS Institutional Class
         and for Benchmark Indices for Periods Ended December 31, 1999

<TABLE>
<CAPTION>
                                                             Since   Inception
                                   1 Year  3 Years 5 Years Inception   Date
------------------------------------------------------------------------------
<S>                                <C>     <C>     <C>     <C>       <C>
PIMCO Total Return Fund II         (1.07)   6.06    8.07     7.25    12/30/91
 Lehman Brothers Aggregate Bond/1/ (0.82)   5.73    7.73
</TABLE>
-------
/1/ The Lehman Brothers Aggregate Bond Index is an unmanaged index of investment
    grade, U.S. dollar-denominated fixed income securities of domestic issuers
    having a maturity greater than one year. It is not possible to invest
    directly in the index.

   PIMCO Variable Insurance Trust
23
<PAGE>


            Appendix A
            Description of Securities Ratings

            A Portfolio's investments may range in quality from securities
            rated in the lowest category in which the Portfolio is permitted
            to invest to securities rated in the highest category (as rated by
            Moody's or S&P or, if unrated, determined by PIMCO to be of
            comparable quality). The percentage of a Portfolio's assets
            invested in securities in a particular rating category will vary.
            Following is a description of Moody's and S&P's ratings applicable
            to fixed income securities.

             High Quality Debt Securities are those rated in one of the two
            highest rating categories (the hightest category for commercial
            pages) or, if unrated, deemed comparable by PIMCO.

             Investment Grade Debt Securities are those rated in one of the
            four highest rating categories, or if unrated deemed comparable by
            PIMCO.

             Below Investment Grade High Yield Securities ("Junk Bonds") are
            those rated lower than Baa by Moody's or BBB by S&P and comparable
            securities. They are deemed predominantly speculative with respect
            to the issuer's ability to repay principal and interest.

             Following is a description of Moody's and S&P's rating categories
            applicable to fixed income securities.

Moody's     Corporate and Municipal Bond Ratings
Investors
Service,     Aaa: Bonds which are rated Aaa are judged to be of the best
Inc.        quality. They carry the smallest degree of investment risk and are
            generally referred to as "gilt edge." Interest payments are
            protected by a large or by an exceptionally stable margin and
            principal is secure. While the various protective elements are
            likely to change, such changes as can be visualized are most
            unlikely to impair the fundamentally strong position of such
            issues.

             Aa: Bonds which are rated Aa are judged to be of high quality by
            all standards. Together with the Aaa group they comprise what are
            generally known as high-grade bonds. They are rated lower than the
            best bonds because margins of protection may not be as large as in
            Aaa securities or fluctuation of protective elements may be of
            greater amplitude or there may be other elements present that make
            the long-term risks appear somewhat larger than with Aaa
            securities.

             A: Bonds which are rated A possess many favorable investment
            attributes and are to be considered as upper-medium-grade
            obligations. Factors giving security to principal and interest are
            considered adequate but elements may be present that suggest a
            susceptibility to impairment sometime in the future.

             Baa: Bonds which are rated Baa are considered as medium-grade
            obligations (i.e., they are neither highly protected nor poorly
            secured). Interest payments and principal security appear adequate
            for the present but certain protective elements may be lacking or
            may be characteristically unreliable over any great length of
            time. Such bonds lack outstanding investment characteristics and
            in fact have speculative characteristics as well.

             Ba: Bonds which are rated Ba are judged to have speculative
            elements; their future cannot be considered as well-assured. Often
            the protection of interest and principal payments may be very
            moderate and thereby not well safeguarded during both good and bad
            times over the future. Uncertainty of position characterizes bonds
            in this class.

             B: Bonds which are rated B generally lack characteristics of a
            desirable investment. Assurance of interest and principal payments
            or of maintenance of other terms of the contract over any long
            period of time may be small.

                                                                  Prospectus
                                                                             A-1
<PAGE>

             Caa: Bonds which are rated Caa are of poor standing. Such issues
            may be in default or there may be present elements of danger with
            respect to principal or interest.

             Ca: Bonds which are rated Ca represent obligations which are
            speculative in a high degree. Such issues are often in default or
            have other marked shortcomings.

             C: Bonds which are rated C are the lowest rated class of bonds
            and issues so rated can be regarded as having extremely poor
            prospects of ever attaining any real investment standing.

             Moody's applies numerical modifiers, 1, 2, and 3 in each generic
            rating classified from Aa through B in its corporate bond rating
            system. The modifier 1 indicates that the security ranks in the
            higher end of its generic rating category; the modifier 2
            indicates a mid-range ranking; and the modifier 3 indicates that
            the issue ranks in the lower end of its generic rating category.

Corporate   Moody's short-term debt ratings are opinions of the ability of
Short-      issuers to repay punctually senior debt obligations which have an
Term Debt   original maturity not exceeding one year. Obligations relying upon
Ratings     support mechanisms such as letters of credit and bonds of
            indemnity are excluded unless explicitly rated.

             Moody's employs the following three designations, all judged to
            be investment grade, to indicate the relative repayment ability of
            rated issuers:

             PRIME-1: Issuers rated Prime-1 (or supporting institutions) have
            a superior ability for repayment of senior short-term debt
            obligations. Prime-1 repayment ability will often be evidenced by
            many of the following characteristics: leading market positions in
            well-established industries; high rates of return on funds
            employed; conservative capitalization structure with moderate
            reliance on debt and ample asset protection; broad margins in
            earnings coverage of fixed financial charges and high internal
            cash generation; and well-established access to a range of
            financial markets and assured sources of alternate liquidity.

             PRIME-2: Issuers rated Prime-2 (or supporting institutions) have
            a strong ability for repayment of senior short-term debt
            obligations. This will normally be evidenced by many of the
            characteristics cited above but to a lesser degree. Earnings
            trends and coverage ratios, while sound, may be more subject to
            variation. Capitalization characteristics, while still
            appropriate, may be more affected by external conditions. Ample
            alternate liquidity is maintained.

             PRIME-3: Issuers rated Prime-3 (or supporting institutions) have
            an acceptable ability for repayment of senior short-term
            obligations. The effect of industry characteristics and market
            compositions may be more pronounced. Variability in earnings and
            profitability may result in changes in the level of debt
            protection measurements and may require relatively high financial
            leverage. Adequate alternate liquidity is maintained.

             NOT PRIME: Issuers rated Not Prime do not fall within any of the
            Prime rating categories.

Standard    Corporate and Municipal Bond Ratings
& Poor's    Investment Grade
Ratings
Service      AAA: Debt rated AAA has the highest rating assigned by Standard &
            Poor's. Capacity to pay interest and repay principal is extremely
            strong.

             AA: Debt rated AA has a very strong capacity to pay interest and
            repay principal and differs from the highest rated issues only in
            small degree.

             A: Debt rated A has a strong capacity to pay interest and repay
            principal although it is somewhat more susceptible to the adverse
            effects of changes in circumstances and economic conditions than
            debt in higher rated categories.

   PIMCO Variable Insurance Trust
A-2
<PAGE>

             BBB: Debt rated BBB is regarded as having an adequate capacity to
            pay interest and repay principal. Whereas it normally exhibits
            adequate protection parameters, adverse economic conditions, or
            changing circumstances are more likely to lead to a weakened
            capacity to pay interest and repay principal for debt in this
            category than in higher-rated categories.

            Speculative Grade

             Debt rated BB, B, CCC, CC, and C is regarded as having
            predominantly speculative characteristics with respect to capacity
            to pay interest and repay principal. BB indicates the least degree
            of speculation and C the highest. While such debt will likely have
            some quality and protective characteristics, these are outweighed
            by large uncertainties or major exposures to adverse conditions.

             BB: Debt rated BB has less near-term vulnerability to default
            than other speculative issues. However, it faces major ongoing
            uncertainties or exposure to adverse business, financial, or
            economic conditions which could lead to inadequate capacity to
            meet timely interest and principal payments. The BB rating
            category also is used for debt subordinated to senior debt that is
            assigned an actual or implied BBB- rating.

             B: Debt rated B has a greater vulnerability to default but
            currently has the capacity to meet interest payments and principal
            repayments. Adverse business, financial, or economic conditions
            will likely impair capacity or willingness to pay interest and
            repay principal. The B rating category also is used for debt
            subordinated to senior debt that is assigned an actual or implied
            BB or BB- rating.

             CCC: Debt rated CCC has a currently identifiable vulnerability to
            default and is dependent upon favorable business, financial, and
            economic conditions to meet timely payment of interest and
            repayment of principal. In the event of adverse business,
            financial or economic conditions, it is not likely to have the
            capacity to pay interest and repay principal. The CCC rating
            category also is used for debt subordinated to senior debt that is
            assigned an actual or implied B or B- rating.

             CC: The rating CC is typically applied to debt subordinated to
            senior debt that is assigned an actual or implied CCC rating.

             C: The rating C is typically applied to debt subordinated to
            senior debt that is assigned an actual or implied CCC-debt rating.
            The C rating may be used to cover a situation where a bankruptcy
            petition has been filed, but debt service payments are continued.

             CI: The rating CI is reserved for income bonds on which no
            interest is being paid.

             D: Debt rated D is in payment default. The D rating category is
            used when interest payments or principal payments are not made on
            the date due even if the applicable grace period has not expired,
            unless S&P believes that such payments will be made during such
            grace period. The D rating will also be used upon the filing of a
            bankruptcy petition if debt service payments are jeopardized.

             Plus (+) or Minus (-): The ratings from AA to CCC may be modified
            by the addition of a plus or minus sign to show relative standing
            within the major rating categories.

             Provisional ratings: The letter "p" indicates that the rating is
            provisional. A provisional rating assumes the successful
            completion of the project being financed by the debt being rated
            and indicates that payment of debt service requirements is largely
            or entirely dependent upon the successful and timely completion of
            the project. This rating, however, while addressing credit quality
            after completion of the project, makes no comment on the
            likelihood of, or the risk of default upon failure of, such
            completion. The investor should exercise his own judgment with
            respect to such likelihood and risk.

             r: The "r" is attached to highlight derivative, hybrid, and
            certain other obligations that S&P believes may experience high
            volatility or high variability in expected returns due to non-
            credit risks. Examples of such

                                                                  Prospectus
                                                                             A-3
<PAGE>

            obligations are: securities whose principal or interest return is
            indexed to equities, commodities, or currencies; certain swaps and
            options; and interest only and principal only mortgage securities.

             The absence of an "r" symbol should not be taken as an indication
            that an obligation will exhibit no volatility or variability in
            total return.

             N.R.: Not rated.

             Debt obligations of issuers outside the United States and its
            territories are rated on the same basis as domestic corporate and
            municipal issues. The ratings measure the creditworthiness of the
            obligor but do not take into account currency exchange and related
            uncertainties.

Commercial  A Standard & Poor's commercial paper rating is a current
Paper       assessment of the likelihood of timely payment of debt having an
Rating      original maturity of no more than 365 days. Ratings are graded
Definitions into several categories, ranging from A for the highest quality
            obligations to D for the lowest. These categories are as follows:

             A-1: This highest category indicates that the degree of safety
            regarding timely payment is strong. Those issues determined to
            possess extremely strong safety characteristics are denoted with a
            plus sign (+) designation.

             A-2: Capacity for timely payment on issues with this designation
            is satisfactory. However, the relative degree of safety is not as
            high as for issues designated A-1.

             A-3: Issues carrying this designation have adequate capacity for
            timely payment. They are, however, more vulnerable to the adverse
            effects of changes in circumstances than obligations carrying the
            higher designations.

             B: Issues rated B are regarded as having only speculative
            capacity for timely payment.

             C: This rating is assigned to short-term debt obligations with a
            doubtful capacity for payment.

             D: Debt rated D is in payment default. The D rating category is
            used when interest payments or principal payments are not made on
            the date due, even if the applicable grace period has not expired,
            unless S&P believes that such payments will be made during such
            grace period.

             A commercial paper rating is not a recommendation to purchase,
            sell or hold a security inasmuch as it does not comment as to
            market price or suitability for a particular investor. The ratings
            are based on current information furnished to Standard & Poor's by
            the issuer or obtained from other sources it considers reliable.
            Standard & Poor's does not perform an audit in connection with any
            rating and may, on occasion, rely on unaudited financial
            information. The ratings may be changed, suspended, or withdrawn
            as a result of changes in or unavailability of such information.

   PIMCO Variable Insurance Trust
A-4
<PAGE>

            -------------------------------------------------------------------
PIMCO       INVESTMENT ADVISER AND ADMINISTRATOR
Variable    PIMCO, 840 Newport Center Drive, Suite 300, Newport Beach, CA
Insurance   92660
Trust

            -------------------------------------------------------------------
            CUSTODIAN
            State Street Bank & Trust Co., 801 Pennsylvania, Kansas City, MO
            64105

            -------------------------------------------------------------------
            TRANSFER AGENT
            National Financial Data Services, 330 W. 9th Street, 4th Floor,
            Kansas City, MO 64105

            -------------------------------------------------------------------
            INDEPENDENT ACCOUNTANTS
            PricewaterhouseCoopers LLP, 1055 Broadway, Kansas City, MO 64105

            -------------------------------------------------------------------
            LEGAL COUNSEL
            Dechert, 1775 Eye Street N.W., Washington, D.C. 20006

            -------------------------------------------------------------------
<PAGE>

The Trust's Statement of Additional Information ("SAI") and annual and
semi-annual reports to shareholders include additional information about the
Portfolios. The SAI and the financial statements included in the Portfolios'
most recent annual report to shareholders are incorporated by reference into
this Prospectus, which means they are part of this Prospectus for legal
purposes. The Portfolios' annual report discusses the market conditions and
investment strategies that significantly affected each Portfolio's performance
during its last fiscal year.

You may get free copies of any of these materials, request other information
about a Portfolio, or make shareholder inquiries by calling the Trust at
1-800-987-4626 or by writing to:

PIMCO Variable Insurance Trust
840 Newport Center Drive
Suite 300
Newport Beach, CA 92660

You may review and copy information about the Trust, including its SAI, at the
Securities and Exchange Commission's public reference room in Washington, D.C.
You may call the Commission at 1-800-SEC-0330 for information about the
operation of the public reference room. You may also access reports and other
information about the trust on the Commission's Web site at www.sec.gov. You may
get copies of this information, with payment of a duplication fee, by writing
the Public Reference Section of the Commission, Washington, D.C. 20549-0102.
You may need to refer to the Trust's file number under the Investment Company
Act, which is 811-8399.




                         P I M C O
                         ---------
                             FUNDS


PIMCO Funds

840 Newport Center Drive
Suite 300
Newport Beach, CA 92660



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