Prepared by R.R. Donnelley Financial -- Annual Report for Period of June 30, 2002

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2001

6 Months

1 Year

Since Inception*

Long-Term U.S. Government Portfolio Institutional Class

11.68%

10.35%

Lehman Brothers Long-Term Treasury Index

N-30D 1 dn30d.htm ANNUAL REPORT FOR PERIOD OF JUNE 30, 2002 Prepared by R.R. Donnelley Financial -- Annual Report for Period of June 30, 2002

P I M C O

PIMCO VARIABLE INSURANCE TRUST

MONEY MARKET PORTFOLIO

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Schedule of Investments		7
Notes to Financial Statements		8

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Signs of a rebound in the U. S. economy and expectations of Federal Reserve tightening drove interest rates higher in the first quarter, depressing bond market returns. U.S. Treasury yields rose across all maturities, led by the two- and the five- year, which climbed 0.70% and 0.54%, respectively. Yields fell earlier in the quarter but reversed course sharply in late February and March after positive economic reports suggested that a cyclical turning point was at hand.

Most bond markets gained during the second quarter as investors sought safe haven amid turbulence in other financial markets. Interest rates fell worldwide with yields on U.S. Treasuries declining as much as 0.91% in the short/intermediate portion of the yield curve. The broad U.S. bond market performed well during the quarter even as global stock markets declined and the U.S. dollar fell sharply against the euro and the yen.

Financial markets were unsettled despite positive indicators about the health of the U.S. economy, the engine of global growth over the past several years. The U.S. continued to grow faster than Europe or Japan after emerging from a mild recession last year. Nevertheless, business investment remained weak, raising doubts about the staying power of the recovery. Still, rebounds in manufacturing, subdued inflation, continued productivity gains, an accommodative Federal Reserve and stimulative fiscal policy have provided grounds for optimism.

Any optimism about the direction of the real economy was thoroughly undermined, however, by the growing loss of confidence in financial markets and in the economic model that produced the New Age Economy. Outrage about the expanding list of companies caught up in accounting scandals and corporate governance abuses cast a pall over the stock market and hurt performance of corporate bonds, especially in the telecom and energy/utility sectors. Demand for U.S. assets declined among investors already nervous about lofty equity valuations, a potential slowing of the recovery later this year and a swelling U.S. current account deficit. This dramatic shift in investor sentiment helped drive the dollar down 12% against the euro and pushed it 10% lower versus the yen.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Money Market Portfolio

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum current income, consistent with preservation of capital and daily liquidity.	47.5 days	$19.9 million

	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
PORTFOLIO:	4/10/2000	Paul A. McCulley
Primarily money market instruments.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002

	7 Day Yield	6 Months	1 Year	Since Inception*
Money Market Portfolio Institutional Class	1.72%	0.84%	2.33%	4.25%
Salomon 3-Month U.S. Treasury Bill Index	—	0.87%	2.45%	—

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $10,000 on 5/01/2000, the first full month following the Portfolio’s Institutional Class inception on 4/10/2000, compared to the Salomon 3-Month U.S. Treasury Bill Index, an unmanaged market index. It is not possible to invest directly in the index. An investment in the Money Market Portfolio is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. Government Agency. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio. If there is a material difference between the quoted total return and the quoted current yield, the yield quotation more closely reflects the current earnings of the Money Market Portfolio than the total return quotation.

PORTFOLIO INSIGHTS

•

The total return performance of the Money Market Portfolio was 0.84% for the six-month period ended June 30, 2002, versus a return of 0.87% for the benchmark Salomon 3-Month Treasury Bill Index.

•

Interest rates fell and most bonds gained as investors sought a safe haven amid turbulent financial markets.

•

The Portfolio’s average duration was maintained at about one-month, providing for ample liquidity and limiting the price effects from increasing yields.

•

The Fund maintained an Aaa rating by holding the highest quality short-term securities; holdings remained very liquid, which helped to protect principal.

•

U.S. issued high quality (A1/P1) commercial paper was emphasized due to attractive yields, limited interest rate sensitivity, and low credit exposure.

•

Seven-day and thirty-day SEC yields were 1.72% and 1.73%, respectively, at quarter-end. These yields are competitive with yields on similar duration portfolios.

Financial Highlights

Money Market Portfolio (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (b)			12/31/2001			04/10/2000 – 12/31/2000
Net asset value beginning of period	$	1.00		$	1.00		$	1.00
Net investment income (a)		0.01			0.04			0.04
Total income from investment operations		0.01			0.04			0.04
Dividends from net investment income		(0.01	)		(0.04	)		(0.04	)
Total Distributions		(0.01	)		(0.04	)		(0.04	)
Net asset value end of period	$	1.00		$	1.00		$	1.00
Total return		0.84	%		3.99	%		4.60	%
Net assets end of period (000s)	$	11		$	11		$	80
Ratio of net expenses to average net assets		0.35	%*		0.35	%		0.35	%*
Ratio of net investment income to average net assets		1.69	%*		4.59	%		6.02	%*

Annualized

(a)

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

(b)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Money Market Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	19,822
Interest and dividends receivable		91
Other assets		14

		19,927

Liabilities:
Accrued investment advisory fee	$	2
Accrued administration fee		3
Accrued distribution fee		14
Accrued servicing fee		2

		21

Net Assets	$	19,906

Net Assets Consist of:
Paid in capital	$	19,906

	$	19,906

Net Assets:
Institutional Class	$	11
Administrative Class		19,895

Shares Issued and Outstanding:
Institutional Class		11
Administrative Class		19,895

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	1.00
Administrative Class		1.00

Cost of Investments Owned	$	19,822

See accompanying notes

Statement of Operations

Money Market Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	180

Total Income		180

Expenses:
Investment advisory fees		13
Administration fees		18
Distribution and/or servicing fees—Administrative Class		14

Total Expenses		45

Net Investment Income		135

Net Increase in Assets Resulting from Operations	$	135

See accompanying notes

Statements of Changes in Net Assets

Money Market Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002			Year Ended December 31, 2001
	(unaudited)
Operations:
Net investment income	$	135		$	223

Net increase resulting from operations		135			223

Distributions to Shareholders:
From net investment income
Institutional Class		0			(1	)
Administrative Class		(135	)		(222	)

Total Distributions		(135	)		(223	)

Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		0			0
Administrative Class		25,758			11,748
Issued as reinvestment of distributions
Institutional Class		0			1
Administrative Class		135			222
Cost of shares redeemed
Institutional Class		0			(70	)
Administrative Class		(18,858	)		(3,444	)

Net increase resulting from Portfolio share transactions		7,035			8,457

Total Increase in Net Assets		7,035			8,457

Net Assets:
Beginning of period		12,871			4,414
End of period*	$	19,906		$	12,871

*Including net undistributed investment income of:	$	0		$	0

See accompanying notes

Schedule of Investments

Money Market Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 23.7%
Banking & Finance 20.6%
Associates Corp. of North America
6.500% due 07/15/2002	$	50	$	50
Bank of America Corp.
7.875% due 12/01/2002		215		220
Bank One Corp.
7.250% due 08/01/2002		200		200
Bear Stearns Co., Inc.
6.450% due 08/01/2002		251		252
6.500% due 08/01/2002		25		25
CitiFinancial Credit Co.
6.375% due 09/15/2002		120		121
Household Finance Corp.
2.270% due 08/07/2003 (a)		500		499
Merrill Lynch & Co.
6.000% due 02/12/2003		557		567
Morgan Stanley, Dean Witter & Co.
1.900% due 08/15/2005 (a)		200		200
National Rural Utilities Cooperative Finance Corp.
7.375% due 02/10/2003		400		410
Oesterreichische National Bank
1.780% due 07/15/2002		700		699
Paine Webber Group, Inc.
7.750% due 09/01/2002		400		403
Wells Fargo Financial, Inc.
6.375% due 09/15/2002		455		459

				4,105

Industrials 1.8%
Pacific Bell
7.250% due 07/01/2002		165		165
Shell Oil Co.
6.700% due 08/15/2002		190		191

				356

Utilities 1.3%
Virginia Electric & Power Co.
7.375% due 07/01/2002		250		250

Total Corporate Bonds & Notes (Cost $4,711)				4,711

U.S. GOVERNMENT AGENCIES 0.0%
Freddie Mac
6.770% due 09/15/2002		10		10

Total U.S. Government Agencies (Cost $10)				10

SHORT-TERM INSTRUMENTS 75.9%
Commercial Paper 75.5%
ABN AMRO Mortgage Corp.
1.780% due 09/16/2002		700		697
American Express Credit Corp.
1.750% due 07/31/2002		700		699
Anz Delaware, Inc.
1.810% due 09/05/2002		800		800
Becton Dickinson & Co.
1.850% due 07/08/2002		425		425
1.850% due 08/02/2002		112		112
BP Amoco Capital PLC
1.780% due 08/07/2002		250		249
CBA (de) Finance
1.780% due 09/09/2002		200		199
1.790% due 09/09/2002		200		199
CDC
1.755% due 07/25/2002		900		898
Danske Corp.
1.780% due 09/06/2002		700		699
Eksportfinans ASA
1.750% due 08/12/2002		500		499
Electricite De France
1.800% due 07/12/2002		400		400
Export Development Corp.
1.760% due 07/10/2002		900		900
National Australia Funding, Inc.
1.750% due 07/02/2002		800		798
National Rural Utilities Cooperative Finance Corp.
5.950% due 01/15/2003		250		253
Nestle Capital Corp.
1.820% due 07/08/2002		800		800
PB Finance (Delaware), Inc.
1.800% due 07/29/2002		800		799
Pfizer, Inc.
1.750% due 07/22/2002		800		799
Shell Finance (UK) PLC
1.790% due 08/27/2002		700		699
Stadshypotek Delaware, Inc.
1.770% due 07/08/2002		900		900
Svenska Handelsbank
1.780% due 09/03/2002		800		797
Swedbank
1.820% due 08/22/2002		800		798
UBS Finance, Inc.
2.000% due 08/28/2002		400		399
Washington Post Co.
1.820% due 08/26/2002		700		698
Wisconsin Electric Power Co.
1.760% due 07/19/2002		300		300
1.760% due 07/22/2002		200		200

				15,016

Repurchase Agreement 0.4%
State Street Bank
1.550% due 07/01/2002		85		85
(Dated 06/28/2002. Collateralized by Fannie Mae 3.250% due 01/23/2004 valued at $88. Repurchase proceeds are $85.)

Total Short-Term Instruments (Cost $15,101)				15,101

Total Investments 99.6% (Cost $19,822)			$	19,822

Other Assets and Liabilities (Net) 0.4%				84

Net Assets 100.0%			$	19,906

Notes to Schedule of Investments (amounts in thousands):

(a)

Variable rate security. The rate listed is as of June 30, 2002.

See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The Money Market Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Trust. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on September 30, 1999.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities held by the Portfolio are valued at amortized cost, which approximates current market value. When valuations are not readily available, securities are valued at fair value as determined in accordance with procedures adopted by the board of trustees.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed at least once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.

Distributions reflected as a tax basis return of capital in the accompanying Statement of Changes in Net Assets have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Federal Income Taxes. The Portfolio intends to qualify as a regulated investment company and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Repurchase Agreements. The Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (PIMCO) is a wholly-owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P. (formerly PIMCO Advisors L.P.), and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract, for which it receives a monthly advisory fee based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.15%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on average daily net assets of the Portfolio. The Administration Fee is charged at the annual rate of 0.20%.

Servicing Fee. PIMCO Funds Distributors LLC, (“PFD”), a wholly-owned subsidiary partnership of Allianz Dresdner Asset Management of America L.P., serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse, out of the Administrative Class assets of the Portfolio in an amount up to 0.15% on an annual basis of the average daily net assets of that class, financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Portfolio shares as their funding medium. The effective rate paid to PFD was 0.15% during current fiscal year.

Expenses. The Portfolio is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the cost of borrowing money, including interest expense; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class shares and may include certain other expenses as permitted by the Trust’s Multiple Class Plan adopted pursuant to Rule 18f-3 under the Investment Company Act of 1940 and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed in Financial Highlights, may differ from the annual Portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of its administrative fees to the extent that the payment of the Portfolio’s pro rata share of Trustee fees cause the actual expense ratio to rise above the rate disclosed in the prospectus (as set forth below) plus 0.49 basis points (calculated as a percentage of the Portfolio’s average daily net assets attributable to each class):

		Institutional Class			Administrative Class
Money Market Portfolio		0.35	%		0.50	%

PIMCO may be reimbursed for these waived amounts in future periods.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive renumeration for their services to the Trust from the Administrator or its affiliates.

Each unaffiliated Trustee receives an annual retainer of $4,000, plus $1,500 for each Board of Trustees meeting attended in person and $250 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, an unaffiliated Trustee who serves as a committee chair receives an additional annual retainer of $500. These expenses are allocated to the Portfolios of the Trust according to their respective net assets.

4. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Money Market Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	25,758			25,758		11,748			11,748
Issued as reinvestment of distributions
Institutional Class	0			0		1			1
Administrative Class	135			135		222			222
Cost of shares redeemed
Institutional Class	0			0		(70	)		(70	)
Administrative Class	(18,858	)		(18,858	)	(3,444	)		(3,444	)

Net increase resulting from Portfolio share transactions	7,035		$	7,035		8,457		$	8,457

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Money Market Portfolio
Administrative Class	1	100
Institutional Class	1	100

Pacific Investment Management Company LLC (PIMCO) is responsible for the management and administration of the PIMCO Variable Insurance Trust. Founded in 1971, PIMCO currently manages assets in excess of $274 billion on behalf of mutual fund and institutional clients located around the world. Renowned for its fixed income management expertise, PIMCO manages assets for many of the largest corporations, foundations, endowments, and governmental bodies in the United States and the world.

Allianz Dresdner Asset Management of America L.P. (formerly Pimco Advisors L.P.) is one of the largest investment management companies in the United States with assets under management of more than $346 billion as of June 30, 2002 and is a member of the Allianz Group of Companies. Allianz AG is a European based multi-national insurance and financial services holding company. PIMCO Advisors is recognized for providing consistent performance and high-quality service to mutual fund and institutional clients worldwide.

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust. It is not authorized for distribution to prospective investors unless accompanied or preceded by an effective prospectus for the PIMCO Variable Insurance Trust, which contains information covering its investment policies as well as other pertinent information.

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

LONG-TERM U.S. GOVERNMENT PORTFOLIO

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Statement of Cash Flows		7
Schedule of Investments		8-9
Notes to Financial Statements		10

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Long-Term U.S. Government Portfolio

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum total return, consistent with preservation of capital and prudent investment management.	10.5 years	$52.6 million

PORTFOLIO:	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
Primarily long-term maturity fixed income securities.	4/10/2000	James M. Keller

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

PORTFOLIO INSIGHTS

•

The Long-Term U.S. Government Portfolio Institutional Class strongly outperformed the benchmark Lehman Brothers Long-Term Treasury Index for the six-month period ended June 30, 2002, returning 5.45% versus 4.22% for the Index.

•

In anticipation of a reflationary interest rate environment, an above benchmark duration was shifted to below the Index and was overall neutral for returns.

•

An overweight to intermediate-term maturities relative to the Lehman Long-Term Treasury Index was significantly positive as rates rallied most along that portion of the yield curve.

•

A mortgage emphasis via agency pass-throughs and non-Agency CMO’s augmented the Portfolio’s returns, as mortgages were one of the best performing sectors of the year.

•

Exposure to asset-backed securities was positive as investors sought their strong collateral protection and premium yields.

Financial Highlights

Long-Term U.S. Government Portfolio (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (b)			12/31/2001			04/10/2000 – 12/31/2000
Net asset value beginning of period	$	10.27		$	10.56		$	9.90
Net investment income (a)		0.23			0.54			0.43
Net realized/unrealized gain on investments (a)		0.32			0.08			0.66
Total income from investment operations		0.55			0.62			1.09
Dividends from net investment income		(0.23	)		(0.54	)		(0.43	)
Distributions from net realized capital gains		0.00			(0.37	)		0.00
Total distributions		(0.23	)		(0.91	)		(0.43	)
Net asset value end of period	$	10.59		$	10.27		$	10.56
Total return		5.45	%		6.03	%		11.32	%
Net assets end of period (000s)	$	11		$	11		$	10
Ratio of net expenses to average net assets		0.50	%*		0.50	%		0.50	%*
Ratio of net investment income to average net assets		4.54	%*		5.05	%		5.97	%*
Portfolio turnover rate		208	%		457	%		533	%

Annualized

(a)

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

(b)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Long-Term U.S. Government Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	57,105
Cash		106
Receivable for investments sold		4,665
Receivable for Portfolio shares sold		372
Interest and dividends receivable		601
Other assets		1

		62,850

Liabilities:
Payable for investments purchased	$	5,531
Payable for financing transactions		4,485
Written options outstanding		168
Payable for Portfolio shares redeemed		19
Accrued investment advisory fee		10
Accrued administration fee		10
Accrued servicing fee		5
Variation margin payable		38
Recoupment payable to Manager		1
Other liabilities		17

		10,284

Net Assets	$	52,566

Net Assets Consist of:
Paid in capital	$	51,719
Undistributed net investment income		194
Accumulated undistributed net realized gain		144
Net unrealized appreciation		509

	$	52,566

Net Assets:
Institutional Class	$	11
Administrative Class		52,555

Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		4,962

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.59
Administrative Class		10.59

Cost of Investments Owned	$	56,713

See accompanying notes

Statement of Operations

Long-Term U.S. Government Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest	$	1,021

Total Income		1,021

Expenses:
Investment advisory fees		50
Administration fees		50
Distribution and/or servicing fees—Administrative Class		30
Trustees’ fees		1
Interest expense		1

Total Expenses		132

Net Investment Income		889

Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		246
Net realized gain on futures contracts, written options, and swaps		460
Net change in unrealized appreciation on investments		681
Net change in unrealized (depreciation) on futures contracts, written options, and swaps		(15	)

Net Gain		1,372

Net Increase in Assets Resulting from Operations	$	2,261

See accompanying notes

Statements of Changes in Net Assets

Long-Term U.S. Government Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002 (unaudited)			Year Ended December 31, 2001
Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002 (unaudited)			Year Ended December 31, 2001
Operations:
Net investment income	$	889		$	919
Net realized gain		706			563
Net change in unrealized appreciation (depreciation)		666			(653	)

Net increase resulting from operations		2,261			829

Distributions to Shareholders:
From net investment income
Institutional Class		0			(1	)
Administrative Class		(888	)		(918	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(1,107	)

Total Distributions		(888	)		(2,026	)

Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		0			0
Administrative Class		23,828			30,788
Issued as reinvestment of distributions
Institutional Class		0			1
Administrative Class		888			2,025
Cost of shares redeemed
Institutional Class		0			0
Administrative Class		(6,547	)		(8,228	)

Net increase resulting from Portfolio share transactions		18,169			24,586

Total Increase in Net Assets		19,542			23,389

Net Assets:
Beginning of period		33,024			9,635
End of period*	$	52,566		$	33,024

*Including net undistributed investment income of:	$	194		$	193

See accompanying notes

Statement of Cash Flows

Long-Term U.S. Government Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Increase (Decrease) in Cash from:
Financing Activities
Sales of Portfolio shares	$	23,457
Redemptions of Portfolio shares		(6,528	)
Cash distributions paid		601
Proceeds from financing transactions		4,482

Net increase from financing activities		22,012

Operating Activities
Purchases of long-term securities		(48,726	)
Proceeds from sales of long-term securities		21,544
Purchases of short-term securities (net)		8,553
Net investment income		889
Change in other receivables/payables (net)		(4,475	)

Net (decrease) from operating activities		(22,215	)

Net (decrease) in Cash		(203	)

Cash
Beginning of period		309
End of period	$	106

See accompanying notes

Schedule of Investments

Long-Term U.S. Government Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 4.9%
Banking & Finance 3.6%
Donaldson, Lufkin & Jenrette, Inc.
2.235% due 07/18/2003 (d)	$	100	$	100
Ford Motor Credit Co.
2.410% due 07/18/2005 (d)		200		193
2.530% due 06/23/2003 (d)		500		497
General Motors Acceptance Corp.
2.040% due 03/10/2003 (d)		200		199
2.223% due 07/21/2003 (d)		100		99
Merrill Lynch & Co., Inc.
2.140% due 03/08/2004 (d)		200		200
Morgan Stanley Dean Witter
2.110% due 09/19/2003 (d)		400		400
National Rural Utilities Cooperative Finance Corp.
2.940% due 04/26/2004 (d)		200		200

				1,888

Industrials 0.7%
DaimlerChrysler North America Holding Corp.
2.230% due 08/16/2004 (d)		200		199
Ford Motor Credit Co.
7.450% due 07/16/2031		200		187

				386

Utilities 0.6%
BellSouth Corp.
6.875% due 10/15/2031		200		199
SCANA Corp.
2.630% due 07/15/2002 (d)		100		100

				299

Total Corporate Bonds & Notes (Cost $2,583)				2,573

MUNICIPAL BONDS & NOTES 0.2%
California 0.2%
Kern County California Pension Obligation Revenue Bonds, (MBIA Insured), Series 1995 7.260% due 08/15/2014		100		112

Total Municipal Bonds & Notes (Cost $104)				112

U.S. GOVERNMENT AGENCIES 10.9%
Fannie Mae
7.125% due 09/19/2005		2,000		2,024
Financing Corp.
10.700% due 10/06/2017		650		958
Freddie Mac
4.000% due 12/27/2004		1,000		1,007
4.300% due 05/31/2005		1,000		1,013
Overseas Private Investment Corp.
5.590% due 11/30/2010		700		725

Total U.S. Government Agencies (Cost $5,649)				5,727

U.S. TREASURY OBLIGATIONS 33.2%
Treasury Inflation Protected Securities (e)
3.375% due 01/15/2007 (b)		170		177
3.625% due 07/15/2002 (b)		112		112
3.875% due 01/15/2009		658		698
U.S. Treasury Bonds
5.375% due 02/15/2031		1,700		1,665
5.500% due 08/15/2028		3,100		3,019
8.125% due 08/15/2019		500		641
11.250% due 02/15/2015		4,600		7,148
U.S. Treasury Notes
6.250% due 02/15/2003		3,000		3,082
U.S. Treasury Strips
0.000% due 11/15/2021		2,800		888

Total U.S. Treasury Obligations (Cost $17,282)				17,430

MORTGAGE-BACKED SECURITIES 24.4%
Collateralized Mortgage Obligations 19.4%
Bank of America Mortgage Securities, Inc.
7.250% due 02/25/2031		84		85
Bear Stearns Adjustable Rate Mortgage Trust
6.566% due 01/25/2032 (d)		380		388
6.640% due 01/25/2032 (d)		913		938
Fannie Mae
6.500% due 01/25/2024		28		29
7.000% due 10/25/2022		289		308
Federal Agricultural Mortgage Corp.
7.238% due 07/25/2011		216		227
Freddie Mac
6.000% due 05/15/2029		97		89
6.000% due 12/15/2031		206		192
6.500% due 12/15/2023		208		213
7.000% due 07/15/2023		47		49
8.000% due 02/13/2017		200		201
Residential Funding Mortgage Securities I
7.500% due 04/25/2027		36		36
Sequoia Mortgage Trust
2.178% due 05/20/2032		397		397
Structured Asset Mortgage Investments, Inc.
6.318% due 03/25/2032 (d)		969		1,011
7.130% due 02/25/2030 (d)		570		590
Structured Asset Securities Corp.
2.130% due 02/25/2032 (d)		494		494
2.168% due 08/30/2032 (d)		2,000		2,000
2.340% due 07/25/2032 (d)		1,000		1,000
United Mortgage Securities Corp.
5.910% due 06/25/2032 (d)		880		886
Washington Mutual, Inc.
4.490% due 01/25/2041 (d)		51		51
6.500% due 10/19/2029		1,000		1,030

				10,214

Fannie Mae 3.9%
6.000% due 07/18/2017 (d)		2,000		2,039

Federal Housing Administration 1.1%
6.896% due 07/01/2020		591		579

Total Mortgage-Backed Securities (Cost $12,676)				12,832

ASSET-BACKED SECURITIES 10.8%
Ace Securities Corp.
2.180% due 06/25/2032 (d)		500		500
Americredit Automobile Receivables Trust
2.040% due 04/05/2007 (d)		800		802
3.780% due 02/12/2007		800		801
CS First Boston Mortgage Securities Corp.
2.100% due 12/15/2030 (d)		52		52
DaimlerChrysler Auto Trust
2.900% due 12/06/2004		500		503
Household Automotive Trust
2.750% due 05/17/2005		700		700
Household Finance Corp.
2.138% due 05/20/2032 (d)		1,000		1,000
Novastar Home Equity Loan
2.130% due 01/25/2031 (d)		416		416
Sallie Mae
2.390% due 10/27/2025 (d)		207		207
WFS Financial Owner Trust
2.820% due 05/20/2005 (d)		700		702

Total Asset-Backed Securities (Cost $5,671)				5,683

See accompanying notes

	Principal Amount (000s)		Value (000s)
PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 95.750 Exp. 12/16/2002	$	44,000	$	1
Eurodollar September Futures (CME)
Strike @ 97.500 Exp. 09/16/2002		10,000		0

Total Purchased Put Options (Cost $1)				1

SHORT-TERM INSTRUMENTS 24.2%
Commercial Paper 2.2%
Federal Home Loan Bank
1.745% due 07/26/2002		1,000		999
Freddie Mac
1.760% due 08/01/2002 (b)		150		150

				1,149

Repurchase Agreements 20.5%
Credit Suisse First Boston
1.850% due 07/01/2002		5,000		5,000
(Dated 06/28/2002. Collateralized by U.S. Treasury Inflation Protected Securities 3.375% due 01/15/2007 valued at $5,104. Repurchase proceeds are $5,001.)
Lehman Brothers, Inc.
1.850% due 07/01/2002		5,000		5,000
(Dated 06/28/2002. Collateralized by U.S. Treasury Bonds 6.375% due 08/15/2027 valued at $5,123. Repurchase proceeds are $5,001.)
State Street Bank
1.550% due 07/01/2002		800		800
(Dated 06/28/2002. Collateralized by Fannie Mae 0.000% due 07/25/2002 valued at $819. Repurchase proceeds are $800.)

				10,800

U.S. Treasury Bills 1.5%
1.665% due 08/15/2002 (b)		800		798

Total Short-Term Instruments (Cost $12,747)				12,747

Total Investments (a) 108.6% (Cost $56,713)			$	57,105

Written Options (c) (0.3%) (Premiums $123)				(168	)

Other Assets and Liabilities (Net) (8.3%)				(4,371	)

Net Assets 100.0%			$	52,566

Notes to Schedule of Investments (amounts in thousands):

(a)

At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost.	$	428

Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.		(36	)

Unrealized appreciation-net	$	392

(b)

Securities with an aggregate market value of $1,237 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
10 Year Interest Rate Swap Future (09/2002)	20	$	(46	)
U.S. Treasury 10 Year Note (09/2002)	102		189
U.S. Treasury 30 Year Bond (09/2002)	263		20

		$	163

(c)

Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—CME Eurodollar September Futures
Strike @ 98.000 Exp. 09/16/2002	29	$	6	$	9
Put—CME Eurodollar September Futures
Strike @ 98.000 Exp. 09/16/2002	29		9		6
Put—CME Eurodollar December Futures
Strike @ 97.250 Exp. 12/16/2002	50		15		13
Put—CBOT U.S. Treasury Note September Futures
Strike @ 107.000 Exp. 08/24/2002	54		35		81
Call—CBOT U.S. Treasury Note September Futures
Strike @ 104.000 Exp. 08/24/2002	12		20		42
Call—CBOT U.S. Treasury Note September Futures
Strike @ 109.000 Exp. 08/24/2002	19		11		11
Put—CBOT U.S. Treasury Note September Futures
Strike @ 104.000 Exp. 08/24/2002	21		27		6

		$	123	$	168

(d)

Variable rate security. The rate listed is as of June 30, 2002.

(e)

Principal amount of the security is adjusted for inflation.

See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The Long-Term U.S. Government Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Trust. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on April 30, 1999.

2. Significant Accounting Policies

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. Fixed income securities including those to be purchased under firm commitment agreements are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Certain fixed income securities for which daily market quotations are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to fixed income securities whose prices are more readily obtainable.

Foreign Currency. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses). Realized gains (losses) and unrealized appreciation (depreciation) on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. All dividends are reinvested in additional shares of the Portfolio. Net realized capital gains earned by the Portfolio, if any, will be distributed at least once each year.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific

expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Financing Transactions. The Portfolio may enter into financing transactions consisting of the sale by the Portfolio of securities, together with a commitment to repurchase similar securities at a future date. The difference between the selling price and the future purchase price is an adjustment to interest income. If the counterparty to whom the Portfolio sells the security becomes insolvent, the Portfolio’s right to repurchase the security may be restricted; the value of the security may change over the term of the financing transaction; and the return earned by the Portfolio with the proceeds of a financing transaction may not exceed transaction costs.

Futures and Options. The Portfolio is authorized to enter into futures contracts and options. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts and options are imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and options, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts and purchased options are valued based upon their quoted daily settlement prices. The premium received for a written option is recorded as an asset with an equal liability which is marked to market based on the option’s quoted daily settlement price. Fluctuations in the value of such instruments are recorded as unrealized appreciation (depreciation) until terminated, at which time realized gains and losses are recognized.

Forward Currency Transactions. The Portfolio is authorized to enter into forward foreign exchange contracts for the purpose of hedging against foreign exchange risk arising from the Portfolio’s investment or anticipated investment in securities denominated in foreign currencies. The Portfolio also may enter into these contracts for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. All commitments are marked to market daily at the applicable translation rates and any resulting unrealized gains or losses are recorded. Realized gains or losses are recorded at the time the forward contract matures or by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Swaps. The Portfolio is authorized to enter into interest rate, total return, currency exchange, and credit default swap agreements in order to obtain a desired return at a lower cost than if the Portfolio had invested directly in the asset that yielded the desired return. Swaps involve commitments to exchange components of income (generally interest or returns) pegged to the underlying assets based on a notional principal amount. Swaps are marked to market daily based upon quotations from market makers and the change, if any, is recorded as unrealized gains or losses in the Statements of Operations. The Portfolio bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a counterparty. The Portfolios exposures to market risk in swap transaction (or credit risk in the case of credit default swaps) may exceed the unrealized appreciation (depreciation) on the transaction which is reported in the Statements of Assets and Liabilities. Such exposure is a function of the underlying notional value of the swap transaction.

Inflation-Indexed Bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be considered interest income, even though investors do not receive their principal until maturity.

Delayed Delivery Transactions. The Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will set aside and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security. Forward sales commitments are accounted for by the Portfolio in the same manner as forward currency contracts discussed above.

3. Fees, Expenses, and Related Party Transactions

		Institutional Class		Administrative Class
Long-Term U.S. Government Portfolio		0.50%		0.65%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
Long-Term U.S. Government Portfolio	$	80,655	$	82,372	$	18,639	$	3,031

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

Long-Term U.S. Government Portfolio
	Premium
Balance at 12/31/2001	$ 10
Sales	137
Closing Buys	0
Expirations	(24	)
Exercised	0

Balance at 06/30/2002	$123

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Long-Term U.S. Government Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	2,294			23,828		2,877			30,788
Issued as reinvestment of distributions
Institutional Class	0			0		0			1
Administrative Class	85			888		196			2,025
Cost of shares redeemed
Institutional Class	0		$	0		0		$	0
Administrative Class	(632	)		(6,547	)	(769	)		(8,228	)

Net increase resulting from Portfolio share transactions	1,747		$	18,169		2,304		$	24,586

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Long-Term U.S. Government Portfolio
Administrative Class	3	95
Institutional Class	1	100

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

FOREIGN BOND PORTFOLIO

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Statement of Cash Flows		7
Schedule of Investments		8-12
Notes to Financial Statements		13

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Foreign Bond Portfolio

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum total return, consistent with preservation of capital and prudent investment management.	4.4 years	$9.5 million
	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
PORTFOLIO:	4/10/2000	Michael R. Asay
Primarily intermediate maturity hedged non-U.S. fixed income securities.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002

	6 Months	1 Year	Since Inception
*Foreign Bond Portfolio Institutional Class	3.30%	7.23%	7.81%
J.P. Morgan Non-U.S. Index (Hedged)	1.93%	4.72%	—

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

PORTFOLIO INSIGHTS

•

The Foreign Bond Portfolio Institutional Class returned 3.30% for the six-month period ended June 30, 2002, outperforming the 1.93% return of the benchmark J.P. Morgan Non-U.S. Index (Hedged).

•

An overweight in core European bonds versus the benchmark detracted from returns as investors flocked to other government bond markets.

•

An overweight in the euro was strongly positive. The euro rose versus the dollar as investors anticipated a weaker U.S. economic environment.

•

Real return bonds added to returns due to favorable inflation accruals and falling real yields.

•

A focus on global mortgages aided returns as investors sought high quality yields during a tumultuous quarter.

•

An underweight to Japan was negative. Japanese bonds returned more than other developed markets represented in the benchmark.

•

Emerging market bonds detracted from returns as Brazil’s problems adversely affected the asset class as a whole.

•

Corporate holdings, especially telecom and energy/pipeline issues, were strongly negative for returns.

Financial Highlights

Foreign Bond Portfolio (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (b)			12/31/2001			04/10/2000 – 12/31/2000

Net asset value beginning of period	$	9.69		$	9.40		$	9.48
Net investment income (a)		0.21			0.44			0.39
Net realized/unrealized gain on investments (a)		0.11			0.28			0.18
Total income from investment operations		0.32			0.72			0.57
Dividends from net investment income		(0.20	)		(0.43	)		(0.39	)
Distributions from net realized capital gains		0.00			0.00			(0.26	)
Total distirbutions		(0.20	)		(0.43	)		(0.65	)
Net asset value end of period	$	9.81		$	9.69		$	9.40
Total return		3.30	%		7.75	%		6.18	%
Net assets end of period (000s)	$	12		$	935		$	5,185
Ratio of net expenses to average net assets		0.75	%*		0.75	%		0.74	%*
Ratio of net investment income to average net assets		4.30	%*		4.56	%		5.58	%*
Portfolio turnover rate		164	%		285	%		306	%

Annualized

(a)

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

(b)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Foreign Bond Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	19,064
Foreign currency, at value		298
Receivable for investments sold and forward foreign currency contracts		10,754
Receivable for Portfolio shares sold		250
Interest and dividends receivable		444

		30,810

Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	1,027
Payable for financing transactions		15,745
Payable for short sale		4,206
Written options outstanding		49
Payable for Portfolio shares redeemed		54
Accrued investment advisory fee		2
Accrued administration fee		3
Accrued servicing fee		1
Variation margin payable		2
Other liabilities		205

		21,294

Net Assets	$	9,516

Net Assets Consist of:
Paid in capital	$	9,470
Undistributed net investment income		387
Accumulated undistributed net realized (loss)		(586	)
Net unrealized appreciation		245

	$	9,516

Net Assets:
Institutional Class	$	12
Administrative Class		9,504

Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		969

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	9.81
Administrative Class		9.81

Cost of Investments Owned	$	18,007

See accompanying notes

Statement of Operations

Foreign Bond Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	156
Dividends, net of foreign taxes		5

Total Income		161

Expenses:
Investment advisory fees		8
Administration fees		17
Distribution and/or servicing fees—Administrative Class		5

Total Expenses		30

Net Investment Income		131

Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(13	)
Net realized (loss) on futures contracts, written options, and swaps		(40	)
Net realized (loss) on foreign currency transactions		(288	)
Net change in unrealized appreciation on investments		1,105
Net change in unrealized (depreciation) on futures contracts, written options, and swaps		(80	)
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(575	)

Net Gain		109

Net Increase in Assets Resulting from Operations	$	240

See accompanying notes

Statements of Changes in Net Assets

Foreign Bond Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002 (unaudited)			Year Ended December 31, 2001
Operations:
Net investment income	$	131		$	282
Net realized gain (loss)		(341	)		215
Net change in unrealized appreciation (depreciation)		450			(14	)

Net increase resulting from operations		240			483

Distributions to Shareholders:
From net investment income
Institutional Class		(2	)		(182	)
Administrative Class		(128	)		(98	)

Total Distributions		(130	)		(280	)

Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		0			0
Administrative Class		10,594			5,854
Issued as reinvestment of distributions
Institutional Class		2			182
Administrative Class		128			98
Cost of shares redeemed
Institutional Class		(930	)		(4,589	)
Administrative Class		(6,179	)		(2,066	)

Net increase (decrease) resulting from Portfolio share transactions		3,615			(521	)

Total Increase (Decrease) in Net Assets		3,725			(318	)

Net Assets:
Beginning of period		5,791			6,109
End of period*	$	9,516		$	5,791

*Including net undistributed investment income of:	$	387		$	386

See accompanying notes

Statement of Cash Flows

Foreign Bond Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Increase (Decrease) in Cash and Foreign Currency from:

Financing Activities
Sales of Portfolio shares	$	10,348
Redemptions of Portfolio shares		(7,125	)
Cash distributions paid		444
Proceeds from financing transactions		5,400

Net increase from financing activities		9,067

Operating Activities
Purchases of long-term securities and foreign currency		(26,563	)
Proceeds from sales of long-term securities and foreign currency		17,436
Purchases of short-term securities (net)		(1,989	)
Net investment income		131
Change in other receivables/payables (net)		1,801

Net (Decrease) from operating activities		(9,184	)

Net (Decrease) in Cash and Foreign Currency		(117	)

Cash and Foreign Currency
Beginning of period		415
End of period	$	298

See accompanying notes

Schedule of Investments

Foreign Bond Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)	Value (000s)
AUSTRALIA 1.1%
Medallion Trust
2.210% due 07/12/2031(i)	$ 56	$	56
National Australia Bank Ltd.
2.535% due 05/19/2010(i)	50		50

Total Australia (Cost $106)			106

BRAZIL 0.5%
Republic of Brazil
3.062% due 04/15/2006(i)	$ 64		51

Total Brazil (Cost $61)			51

CANADA(d)(e) 0.7%
Commonwealth of Canada
5.500% due 06/01/2010(h)	C$ 100		66

Total Canada (Cost $67)			66

CAYMAN ISLANDS(d)(e) 0.1%
International Credit Recovery-Japan
3.575% due 05/22/2006(i)	JY 1,547		13

Total Cayman Islands (Cost $13)			13

DENMARK(d)(e) 1.3%
Nykredit
6.000% due 10/01/2029	DK 972		126

Total Denmark (Cost $106)			126

FRANCE(d)(e) 5.6%
Republic of France
6.000% due 04/25/2004	EC 310		315
4.000% due 04/25/2009	80		75
4.000% due 10/25/2009	30		28
5.500% due 04/25/2010(h)	110		112

Total France (Cost $468)			530

GERMANY(d)(e) 84.7%
Commerzbank AG
3.811% due 10/25/2032(i)	EC 100		99
Depfa Pfandbriefbank
4.750% due 07/15/2008	20		19
5.750% due 03/04/2009	20		20
Landesbank Baden-Wuerttemberg AG
5.500% due 04/02/2007	30		30
Landesbank Rheinland-Pfalz
4.750% due 04/04/2008	100		98
Republic of Germany
6.500% due 10/14/2005(h)	3,400		3,571
6.000% due 01/05/2006(h)	1,600		1,659
5.000% due 02/17/2006(h)	300		302
6.250% due 04/26/2006(h)	600		629
5.250% due 01/04/2008	10		10
4.500% due 07/04/2009(h)	200		194
5.375% due 01/04/2010(h)	400		407
5.250% due 07/04/2010(h)	100		101
5.250% due 01/04/2011(h)	100		101
6.500% due 07/04/2027(h)	590		673
4.750% due 07/04/2028	30		27
5.500% due 01/04/2031(h)	100		102
WestDeutsche Landersbank
4.750% due 09/28/2007	20		20

Total Germany (Cost $7,333)			8,062

ITALY(d)(e) 13.0%
First Italian Auto Transaction
3.730% due 07/12/2008(i)	EC 70		69
Republic of Italy
9.500% due 02/01/2006(h)	400		460
4.500% due 05/01/2009(h)	360		347
4.250% due 11/01/2009(h)	60		57
5.500% due 11/01/2010(h)	110		112
Seashell Securities PLC
3.692% due 10/25/2028(i)	200		197

Total Italy (Cost $1,122)			1,242

JAPAN(d)(e) 5.4%
Government of Japan
1.900% due 12/20/2010(h)	JY48,000		427
Japan Financial Corp.
5.875% due 03/14/2011	$80		82

Total Japan (Cost $475)			509

MEXICO 0.7%
Banco Nacional de Comercio Exterior
8.000% due 08/05/2003	$10		11
Petroleos Mexicanos
8.850% due 09/15/2007	20		21
9.375% due 12/02/2008	30		32

Total Mexico (Cost $58)			64

NETHERLANDS(d)(e) 2.2%
Kingdom of Netherlands
6.000% due 01/15/2006(h)	EC 200		207

Total Netherlands (Cost $198)			207

NEW ZEALAND(d)(e) 1.6%
Commonwealth of New Zealand
4.500% due 02/15/2016	N$ 280		150

Total New Zealand (Cost $155)			150

PANAMA 0.4%
Republic of Panama
4.750% due 07/17/2014	$ 46		39

Total Panama (Cost $42)			39

PERU 0.3%
Republic of Peru
4.500% due 03/07/2017	$ 40		29

Total Peru (Cost $32)			29


SPAIN(d)(e) 3.5%
Kingdom of Spain
4.950% due 07/30/2005	EC 130		131
5.150% due 07/30/2009(h)	110		110
4.000% due 01/31/2010(h)	100		92

Total Spain (Cost $304)			333

SUPRANATIONAL(d)(e) 0.7%
Eurofima
4.750% due 07/07/2004	SK 600		64

Total Supranational (Cost $68)			64

See accompanying notes

	Principal Amount (000s)		Value (000s)
SWEDEN(d)(e) 0.4%
Kingdom of Sweden
5.000% due 01/28/2009	SK	400	$	43

Total Sweden (Cost $39)				43

UNITED KINGDOM(d)(e) 3.1%
BG Transco Holdings PLC
5.306% due 12/14/2009(i)	BP	20		30
British Telecom PLC
3.181% due 12/15/2003(i)	$	50		50
Haus Ltd.
3.647% due 12/10/2037(i)	EC	95		94
Lloyds TSB Bank PLC
5.625% due 07/15/2049(i)		40		39
2.062% due 11/29/2049(i)	$	100		84

Total United Kingdom (Cost $293)				297

UNITED STATES(d)(e) 53.7%
Asset-Backed Securities 8.6%
Ameriquest Mortgage Securities, Inc.
2.160% due 06/15/2030(i)	$	31		31
Amresco Residential Securities Mortgage Loan Trust
2.310% due 06/25/2029(i)		17		17
CS First Boston Mortgage Securities Corp.
2.100% due 12/15/2030(i)		52		52
First Alliance Mortgage Loan Trust
2.068% due 12/20/2027(i)		14		14
Household Finance Corp.
2.138% due 05/20/2032(i)		100		100
Irwin Home Equity Loan Trust
2.070% due 11/25/2011(i)		38		38
Long Beach Auto Receivables Trust
3.114% due 03/13/2005(i)		100		100
MLCC Mortgage Investors, Inc.
2.220% due 03/15/2025(i)		54		55
Morgan Stanley Dean Witter Capital I
2.170% due 07/25/2032(i)		100		100
Novastar Home Equity Loan
2.115% due 04/25/2028(i)		27		27
2.120% due 01/25/2031(i)		59		59
Providian Home Equity Loan Trust
2.130% due 06/25/2025(i)		28		28
Residential Asset Securities Corp.
2.090% due 07/25/2032(i)		100		100
2.090% due 07/25/2032(i)		100		100

				821

Corporate Bonds & Notes 9.2%
AOL Time Warner, Inc.
5.625% due 05/01/2005		100		98
AT&T Corp.
5.026% due 11/21/2003(i)	EC	100		91
DaimlerChrysler North America Holding Corp.
2.170% due 08/23/2002(i)	$	30		30
6.400% due 05/15/2006		60		62
Donaldson, Lufkin & Jenrette, Inc.
2.390% due 04/25/2003(i)		50		50
Ford Motor Credit Co.
1.000% due 12/22/2003	JY	1,000		8
1.200% due 02/07/2005		6,000		49
General Motors Acceptance Corp.
6.875% due 09/09/2004	BP	75		115
J.P. Morgan & Co., Inc.
1.574% due 02/15/2012(i)	$	10		10
KFW International Finance, Inc.
1.760% due 09/12/2002	JY	200		199
1.750% due 03/23/2010		11,000		99
Pfizer, Inc.
0.800% due 03/18/2008		6,000		51
Sprint Capital Corp.
5.875% due 05/01/2004	$	10		9

				871

Mortgage-Backed Securities 18.5%
Bear Stearns Adjustable Rate Mortgage Trust
6.905% due 02/25/2031(i)		23		23
6.281% due 01/25/2032(i)		70		72
5.700% due 03/25/2032(i)		100		101
Countrywide Home Loans
6.500% due 08/25/2032(i)		100		102
Credit-Based Asset Servicing & Securitization
2.158% due 06/25/2032(i)		100		100
Crusade Global Trust
2.230% due 05/15/2021(i)		52		52
CS First Boston Mortgage Securities Corp.
2.060% due 06/25/2032(i)		94		94
2.180% due 07/25/2032(i)		95		95
Fannie Mae
2.194% due 01/25/2016(i)		100		100
First Horizon Asset Securities, Inc.
7.000% due 05/25/2030		46		47
Freddie Mac
5.125% due 01/15/2012	EC	100		98
2.310% due 10/15/2024(i)	$	100		99
Government National Mortgage Association
6.375% due 04/20/2028(i)		16		16
6.000% due 02/15/2029		62		62
5.000% due 04/20/2030-05/20/2030(j)(i)		87		89
4.250% due 06/20/2030(i)		86		87
J.P. Morgan Commercial Mortgage Finance Corp.
2.120% due 04/15/2010(i)		57		57
Residential Funding Mortgage Securities II
2.030% due 08/25/2014(i)		73		73
Residential Funding Mortgage Securities, Inc.
2.285% due 05/12/2032(i)		71		71
Resolution Funding Strip
0.000% due 10/15/2020-01/15/2021		400		127
Structured Asset Securities Corp.
2.130% due 02/25/2032(i)		99		99
2.168% due 08/30/2032(i)		100		100

				1,764


		Shares
Preferred Security 2.2%
DG Funding Trust
4.159% due 12/28/2049(i)		20,000		205


		Principal Amount (000s)
U.S. Government Agencies 8.7%
Fannie Mae
3.810% due 04/30/2004	$	100		101
4.250% due 10/25/2004		100		102
Freddie Mac
6.530% due 11/26/2012		300		319
Tennessee Valley Authority
4.875% due 12/15/2016		300		305

				827

U.S. Treasury Obligations 6.5%
Treasury Inflation Protected Securities(k)
3.375% due 01/15/2007(b)		113		118
3.625% due 04/15/2028		111		120

See accompanying notes

	Principal Amount (000s)		Value (000s)
U.S. Treasury Bonds
7.500% due 11/15/2016	$	100	$	120
8.125% due 08/15/2019		200		256

				614

Total United States (Cost $ 5,077)				5,102

PURCHASED CALL OPTIONS 0.6%
Eurodollar December Futures(CME)
Strike @ 96.250 Exp. 12/16/2002	$	5,000		18
Eurodollar March Futures(CME)
Strike @ 95.750 Exp. 03/17/2003		10,000		39
Total Purchased Call Options (Cost $ 15)				57

PURCHASED PUT OPTIONS 0.0%
Eurodollar September Futures(CME)
Strike @ 92.750 Exp. 09/16/2002		5,000		0
Government of Japan (OTC)
0.000% due 06/30/2002
Strike @ 127.000 Exp. 09/03/2002		200,000		0
Republic of Germany (OTC)
6.000% due 01/05/2006
Strike @ 95.000 Exp. 10/03/2002		1,100		0
Republic of Germany (OTC)
6.500% due 10/14/2005
Strike @ 98.000 Exp. 10/03/2002		4,290		0
Total Purchased Put Options (Cost $ 1)				0

SHORT-TERM INSTRUMENTS 20.7%
Commercial Paper 14.7%
ABN AMRO Mortgage Corp.
1.770% due 09/16/2002		300		299
Anz, Inc.
1.770% due 08/05/2002		200		200
Federal Home Loan Bank
1.700% due 07/24/2002		100		100
Freddie Mac
1.740% due 08/20/2002		100		100
Svenska Handelsbank
1.795% due 08/19/2002		400		399
Swedbank
1.850% due 08/22/2002		200		199
UBS Finance, Inc.
1.760% due 08/28/2002		100		100

				1,397

Repurchase Agreement 2.4%
State Street Bank
1.550% due 07/01/2002		233		233
(Dated 06/28/2002. Collateralized by Freddie Mac 2.210% due 11/26/2002 valued at $239. Repurchase proceeds are $233.)

U.S. Treasury Bills 3.6%
1.554% due 08/15/2002(b)		345		344

Total Short-Term Instruments (Cost $ 1,974)				1,974

Total Investments(a) 200.3% (Cost $ 18,007)			$	19,064

Written Options(c) (0.5%) (Premiums $ 54)				(49	)

Other Assets and Liabilities (Net) (99.8%)				(9,499	)

Net Assets 100.0%			$	9,516

Notes to Schedule of Investments (amounts in thousands):

(a)

At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost.	$	1,130

Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.		(73	)

Unrealized appreciation-net	$	1,057

(b)

Securities with an aggregate market value of $462 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Government of Japan 10 Year Note (09/2002)	1	$	9
U.S. Treasury 10 Year Note (09/2002)	16		44
U.S. Treasury 30 Year Bond (09/2002)	1		1
Eurodollar March Futures (03/2003)	1		2

		$	56

(c)

Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.000% Exp. 10/20/2003	300,000	$	14	$	13
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.000% Exp. 10/20/2003	300,000		14		12
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.650% Exp. 11/19/2003	300,000		10		9
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.300% Exp. 12/11/2002	980,000		15		15
Call—CME Eurodollar June Futures Strike @ 97.250 Exp. 09/16/2002	1		1		0

		$	54	$	49

(d)

Foreign forward currency contracts outstanding at June 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Buy	A$	90	07/2002	$	0
Sell	BP	106	07/2002		(7	)
Buy	C$	121	07/2002		2
Sell		57	07/2002		0
Sell	DK	1,015	09/2002		(6	)
Buy	EC	50	07/2002		3
Sell		1,717	07/2002		(72	)
Buy	HK$	114	07/2002		0
Buy	JY	12,883	07/2002		7
Sell		55,794	07/2002		(39	)
Sell	N$	331	09/2002		3
Sell	SK	1,062	08/2002		(12	)

				$	(121	)

See accompanying notes

(e)

Principal amount denoted in indicated currency:

A$ — Australian Dollar
BP — British Pound
C$ — Canadian Dollar
DK — Danish Krone
EC — Euro
HK$ — Hong Kong Dollar
JY — Japanese Yen
N$ — New Zealand Dollar
SK — Swedish Krona

(f)

Swap agreements outstanding at June 30, 2002:

Type		Notional Amount	Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 3-month Canadian Bank Bill and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs
Exp. 12/17/2009	C$	700	$	(5	)
Receive floating rate based on 3-month Canadian Bank Bill and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs
Exp. 12/17/2006		300		(5	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: UBS-Warburg
Exp. 03/15/2032	EC	400		8
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month EC-LIBOR.
Broker: Merrill Lynch
Exp. 06/17/2003		700		1
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co.
Exp. 06/17/2012		100		(2	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Broker: J.P. Morgan Chase & Co.
Exp. 03/15/2031		100		(9	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Citibank London NA
Exp. 06/17/2012		200		0
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley
Exp. 03/15/2031		100		(8	)
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Morgan Stanley
Exp. 03/15/2008	BP	100		1
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: UBS-Warburg
Exp. 03/15/2032	BP	200		(4	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.250%.
Broker: Morgan Stanley
Exp. 09/15/2002		100		(1	)
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Morgan Stanley
Exp. 03/15/2004		200		4
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley
Exp. 03/15/2016		600		(3	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Goldman Sachs
Exp. 03/15/2016		100		0
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.753%.
Broker: Goldman Sachs
Exp. 02/08/2006	H$	3,000		(21	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.020%.
Broker: Goldman Sachs
Exp. 05/18/2010	JY	17,000		(12	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.300%.
Broker: Goldman Sachs
Exp. 09/21/2011		40,000		(4	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc.
Exp. 09/10/2003	$	100		(1	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America
Exp. 12/18/2022		200		1
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs
Exp. 12/17/2009		400		7

See accompanying notes

Schedule of Investments (Cont.)

Foreign Bond Portfolio

June 30, 2002 (Unaudited)

Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs
Exp. 12/17/2006	$	100	$	4
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs
Exp. 06/17/2012		100		(6	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley
Exp. 06/17/2012		1,400		(95	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley
Exp. 12/17/2021		100		7
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs
Exp. 12/17/2021		100		(5	)
Receive a fixed rate equal to 5.670% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs
Exp. 02/08/2006		400		21

			$	(127	)

Type	Fixed Spread (%)	Fixed Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Morgan Stanley

Exp. 08/15/2002	0.465	$	2,500	$	(8	)

				$	(8	)

(g)

Short sales open at June 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par	Value		Proceeds
Republic of Germany	6.500	10/14/2005	1,700	$	1,786	$	1,614
U.S. Treasury Notes	6.000	08/15/2009	300		326		314
U.S. Treasury Notes	5.000	08/15/2011	800		811		811
U.S. Treasury Notes	3.500	11/15/2006	1,100		1,080		1,073
U.S. Treasury Notes	4.375	05/15/2007	200		203		202

				$	4,206	$	4,014

(h)

Security, or a portion thereof, subject to financing transaction.

(i)

Variable rate security. The rate listed is as of June 30, 2002.

(j)

Securities are grouped by coupon or range of coupons and represent a range of maturities.

(k)

Principal amount of the security is adjusted for inflation.

See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The Foreign Bond Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Trust. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on February 16, 1999.

2. Significant Accounting Policies

it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security. Forward sales commitments are accounted for by the Portfolio in the same manner as forward currency contracts discussed above.

3. Fees, Expenses, and Related Party Transactions

		Institutional Class			Administrative Class
Foreign Bond Portfolio		0.75	%		0.90	%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
Foreign Bond Portfolio	$	16,639	$	18,831	$	9,742	$	1,397

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

Foreign Bond Portfolio
	Premium
Balance at 12/31/2001	$	49
Sales		38
Closing Buys		(23	)
Expirations		(10	)
Exercised		0

Balance at 06/30/2002	$	54

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Foreign Bond Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	1,091			10,594		605			5,854
Issued as reinvestment of distributions
Institutional Class	0			2		18			182
Administrative Class	13			128		10			98
Cost of shares redeemed
Institutional Class	(95	)		(930	)	(474	)		(4,589	)
Administrative Class	(636	)		(6,179	)	(212	)		(2,066	)

Net increase (decrease) resulting from Portfolio share transaction	373		$	3,615		(53	)	$	(521	)

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Foreign Bond Portfolio
Administrative Class	3	94
Institutional Class	1	100

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

LOW DURATION PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Schedule of Investments		7-8
Notes to Financial Statements		9

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Low Duration Portfolio

PORTFOLIO CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum total return, consistent with preservation of capital and prudent investment management.	2.0 years	$9.1 million

	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
PORTFOLIO:	2/16/1999	William H. Gross
Primarily short maturity fixed income securities.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002

	6 Months	1 Year	3 Years*	Since Inception*

Low Duration Portfolio Administrative Class	3.34%	7.24%	6.55%	6.21%

Merrill Lynch 1-3 Year Treasury Index	2.38%	6.65%	6.85%	—

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

PORTFOLIO INSIGHTS

The Low Duration Portfolio Administrative Class returned 3.34% during the six-month period ended June 30, 2002, compared to a 2.38% return for the benchmark Merrill Lynch 1-3 Year Treasury Index.

An above-benchmark duration aided performance as short term rates fell.

Mortgage holdings enhanced returns, as prepayments were lower than anticipated.

An investment-grade corporate emphasis modestly detracted from performance in response to corporate governance and transparency worries.

Limited holdings in non-investment-grade securities were negative due to cash outflows from the sector amid concerns about credit quality.

An increased allocation to non-U.S. bonds hurt performance as the flight to safety in the second quarter caused U.S. rates to fall most.

Euro exposure helped returns; the euro gained vs. the dollar amid a decline in demand for U.S. assets, mainly stocks.

Emerging market bonds detracted from returns as Brazil’s problems adversely affected the entire asset class.

Financial Highlights

Low Duration Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (e)			12/31/2001			12/31/2000			02/16/1999 – 12/31/1999
Net asset value beginning of period	$	9.95		$	9.82		$	9.74		$	10.00
Net investment income (a)		0.19			0.52			0.59			0.50
Net realized/unrealized gain (loss) on investments (a)		0.26			0.21			0.11			(0.25	)
Total income from investment operations		0.45			0.73			0.70			0.25
Dividends from net investment income		(0.31	)		(0.54	)		(0.62	)		(0.51	)
Distributions from net realized capital gains		0.00			(0.06	)		0.00			0.00
Total Distributions		(0.31	)		(0.60	)		(0.62	)		(0.51	)
Net asset value end of period	$	10.09		$	9.95		$	9.82		$	9.74
Total return		3.34	%		7.61	%		7.41	%		2.56	%
Net assets end of period (000s)	$	9,100		$	5,175		$	742		$	5,149
Ratio of net expenses to average net assets		0.65	%*		0.69	%(c)(d)		0.65	%		0.65	%(b)*
Ratio of net investment income to average net assets		3.83	%*		5.18	%		6.07	%		5.74	%*
Portfolio turnover rate		216	%		661	%		165	%		11	%

Annualized

(a)

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

(b)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.78% for the period ended December 31, 1999.

(c)

Ratio of net expenses to average net assets excluding interest expense is 0.65%.

(d)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.70% for the period ended December 31, 2001.

(e)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Low Duration Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	10,236
Cash		1
Foreign currency, at value		19
Receivable for investments sold and forward foreign currency contracts		1,028
Interest and dividends receivable		56

		11,340

Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	2,174
Payable for financing transactions		14
Written options outstanding		1
Payable for Fund shares redeemed		43
Accrued investment advisory fee		2
Accrued administration fee		2
Accrued servicing fee		1
Variation margin payable		1
Other liabilities		2

		2,240

Net Assets	$	9,100

Net Assets Consist of:
Paid in capital	$	8,997
Undistributed (overdistributed) net investment income		(7	)
Accumulated undistributed net realized gain		66
Net unrealized appreciation		44

	$	9,100

Net Assets:
Institutional Class	$	10
Administrative Class		9,090

Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		901

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.09
Administrative Class		10.09

Cost of Investments Owned	$	10,194
Cost of Foreign Currency Held	$	19

See accompanying notes

Statement of Operations

Low Duration Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	154

Total Income		154

Expenses:
Investment advisory fees		9
Administration fees		8
Distribution and/or servicing fees—Administrative Class		5
Interest expense		1

Total Expenses		23

Net Investment Income		131

Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		100
Net realized gain on futures contracts, written options, and swaps		8
Net realized gain on foreign currency transactions		4
Net change in unrealized (depreciation) on investments		(15	)
Net change in unrealized appreciation on futures contracts, written options, and swaps		4
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(8	)

Net Gain		93

Net Increase in Assets Resulting from Operations	$	224

See accompanying notes

Statements of Changes in Net Assets

Low Duration Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002			Year Ended December 31, 2001
Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002			Year Ended December 31, 2001
Operations:
Net investment income	$	131		$	350
Net realized gain		112			59
Net change in unrealized appreciation (depreciation)		(19	)		64

Net increase resulting from operations		224			473

Distributions to Shareholders:
From net investment income
Institutional Class		(1	)		(205	)
Administrative Class		(130	)		(145	)
From net realized capital gains
Institutional Class		0			(3	)
Administrative Class		0			(29	)

Total Distributions		(131	)		(382	)

Fund Share Transactions:
Receipts for shares sold
Institutional Class		0			0
Administrative Class		4,147			4,669
Issued as reinvestment of distributions
Institutional Class		1			208
Administrative Class		130			174
Cost of shares redeemed
Institutional Class		(460	)		(5,270	)
Administrative Class		(454	)		(401	)

Net increase (decrease) resulting from Fund share transactions		3,364			(620	)

Total Increase (Decrease) in Net Assets		3,457			(529	)

Net Assets:
Beginning of period		5,643			6,172
End of period*	$	9,100		$	5,643

*Including net (overdistributed) investment income of:	$	(7	)	$	(7	)

See accompanying notes

Schedule of Investments

Low Duration Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 9.7%
Banking & Finance 3.3%
General Motors Acceptance Corp.
2.540% due 08/04/2003 (g)	$	200	$	199
Pemex Project Funding Master Trust
3.363% due 01/07/2005 (g)		100		100

				299

Industrials 2.7%
Conoco Funding Co.
5.450% due 10/15/2006		100		103
Witco Corp.
6.600% due 04/01/2003		150		149

				252

Utilities 3.7%
Appalachian Power Co.
4.800% due 06/15/2005		40		40
British Telecom PLC
3.181% due 12/15/2003 (g)		100		100
France Telecom
7.200% due 03/01/2006		100		96
Pacific Gas & Electric Co.
1.000% due 10/31/2049 (g)(h)		100		99

				335

Total Corporate Bonds & Notes (Cost $889)				886

U.S. TREASURY OBLIGATIONS 1.9%
Treasury Inflation Protected Securities
3.625% due 07/15/2002 (j)		168		168

Total U.S. Treasury Obligations (Cost $ 168)				168

MORTGAGE-BACKED SECURITIES 65.4%
Collateralized Mortgage Obligations 34.3%
Bank of America Mortgage Securities, Inc.
6.234% due 07/25/2031 (g)		57		58
Bear Stearns Adjustable Rate Mortgage Trust
6.230% due 06/28/2032		100		102
6.281% due 01/25/2032 (g)		70		72
Collateralized Mortgage Securities Corp.
10.950% due 02/01/2014		493		494
Credit-Based Asset Servicing & Securitization
2.158% due 06/25/2032 (g)		24		24
CS First Boston Mortgage Securities Corp.
2.478% due 03/25/2032 (g)		97		97
4.370% due 12/19/2039		89		89
Fannie Mae
6.000% due 08/19/2017		1,000		1,016
Federal Housing Administration
6.390% due 10/01/2020		407		412
First Horizon Asset Securities, Inc.
6.750% due 02/25/2031		21		21
Freddie Mac
2.190% due 07/15/2028 (g)		52		52
General Electric Capital Mortgage Services, Inc.
6.500% due 03/25/2024		250		255
Sequoia Mortgage Trust
2.180% due 05/20/2032		99		99
Structured Asset Securities Corp.
1.000% due 08/30/2032 (g)		20		20
2.150% due 10/25/2027 (g)		96		96
6.150% due 07/25/2032 (g)		20		20
6.750% due 07/25/2029		95		97
Washington Mutual, Inc.
4.494% due 01/25/2041 (g)		51		51
Wells Fargo Mortgage-Backed Securities Trust
7.000% due 02/25/2016		45		46

				3,121

Fannie Mae 31.1%
4.660% due 09/01/2040 (g)		99	100
6.000% due 08/01/2016-04/01/2017 (i)		2,675	2,733

			2,833

Total Mortgage-Backed Securities (Cost $ 5,915)			5,954

ASSET-BACKED SECURITIES 6.3%
CIT Group Home Equity Loan Trust
2.110% due 06/25/2033 (g)		100	100
Equity One ABS, Inc.
2.120% due 11/25/2032 (g)		97	97
Home Equity Mortgage Trust
2.170% due 11/25/2032 (g)		100	100
6.117% due 06/25/2032 (g)		50	51
Household Finance Corp.
1.000% due 05/20/2032 (g)		21	21
Irwin Home Equity Loan Trust
2.130% due 06/25/2029 (g)		23	23
Morgan Stanley Dean Witter Capital I
2.170% due 07/25/2032 (g)		45	45
Oakwood Mortgage Investors, Inc.
2.140% due 03/15/2014 (g)		32	32
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013		100	100

Total Asset-Backed Securities (Cost $ 569)			569

SOVEREIGN ISSUES 1.0%
Republic of Brazil
3.062% due 04/15/2006 (g)		109	86

Total Sovereign Issues (Cost $101)			86

FOREIGN CURRENCY-DENOMINATED (e)(f) 0.1%
Republic of Germany
4.250% due 03/14/2003	EC	10	10

Total Foreign Currency-Denominated (Cost $10)			10

PURCHASED CALL OPTIONS 0.5%
Euro vs. U.S. Dollar (OTC)
Strike @ 0.850 Exp. 07/11/2002	$	327	45

Total Purchased Call Options (Cost $24)			45

CONVERTIBLE BONDS & NOTES 4.4%
Banking & Finance 4.4%
Verizon Global Funding
5.750% due 04/01/2003		400	404

Total Convertible Bonds & Notes (Cost $404)			404

SHORT-TERM INSTRUMENTS 23.2%
Commercial Paper 21.9%
Abbey National North America
1.790% due 09/09/2002		300	299
ABN AMRO Mortgage Corp.
1.770% due 09/16/2002		300	299
CDC
1.760% due 07/25/2002		400	399
Danske Corp.
1.800% due 09/06/2002		300	300
Federal Home Loan Bank
1.740% due 07/24/2002		400	399

See accompanying notes

	Principal Amount (000s)		Value (000s)
Halifax PLC
1.790% due 07/29/2002	$	300	$	300

				1,996

Repurchase Agreement 1.2%
State Street Bank
1.550% due 07/01/2002		108		108
(Dated 06/28/2002. Collateralized by Freddie Mac 3.375% due 11/15/2004 valued at $111. Repurchase proceeds are $108.)

U.S. Treasury Bills 0.1%
1.740% due 08/15/2002 (b)		10		10

Total Short-Term Instruments (Cost $2,114)				2,114

Total Investments (a) 112.5% (Cost $ 10,194)			$	10,236

Written Options (c) (0.0%)				(1	)
(Premiums $ 5)

Other Assets and Liabilities (Net) (12.5%)				(1,135	)

Net Assets 100.0%			$	9,100

Notes to Schedule of Investments (amounts in thousands):

(a)

At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost.	$	69

Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.		(27	)

Unrealized appreciation-net	$	42

(b)

Securities with an aggregate market value of $178 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Euro-Bobl 5 Year Note (09/2002)	6	$	4
Euribor Futures (03/2003)	4		1

		$	5

(c)

Premiums received on written options:

Type

# of Contracts

Premium

Value

Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.300% Exp. 08/23/2002	100,000	$	1	$	1
Put—CME Eurodollar September Futures Strike @ 97.250 Exp. 09/16/2002	1		0		0
Put—CME Eurodollar December Futures Strike @ 96.000 Exp. 12/16/2002	6		3		0
Put—CME Eurodollar December Futures Strike @ 96.500 Exp. 12/16/2002	1		1		0

		$	5	$	1

(d)

Swap agreements outstanding at June 30, 2002:

Type	Notional Amount	Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley
Exp. 03/15/2032	BP 100	$	(4	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.805%.
Broker: Morgan Stanley
Exp. 01/11/2011	JY 4,000		(2	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co.
Exp. 03/15/2032	EC 200		4

		$	(2	)

(e)

Foreign forward currency contracts outstanding at June 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Buy	EC	306	07/2002	$	20
Sell		497	07/2002		(24	)
Buy	JY	238	07/2002		0

				$	(4	)

(f)

Principal amount denoted in indicated currency:

BP — British Pound

EC — Euro

JY — Japanese Yen

(g)

Variable rate security. The rate listed is as of June 30, 2002.

(h)

Security is in default.

(i)

Securities are grouped by coupon or range of coupons and represent a range of maturities.

(j)

Principal amount of security is adjusted for inflation.

See accompanying notes

Notes to Financial Statements

June 30, 2002

1. Organization

The Low Duration Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Trust. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on February 16, 1999.

2. Significant Accounting Policies

3. Fees, Expenses, and Related Party Transactions

		Institutional Class			Administrative Class
Low Duration Portfolio		0.50	%		0.65	%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
Low Duration Portfolio	$	13,370	$	13,236	$	1,765	$	420

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

Low Duration Portfolio
	Premium
Balance at 12/31/2001	$	0
Sales		5
Closing Buys		0
Expirations		0
Exercised		0

Balance at 06/30/2002	$	5

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Low Duration Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	413			4,147		467			4,669
Issued as reinvestment of distributions
Institutional Class	0			1		21			208
Administrative Class	13			130		17			174
Cost of shares redeemed
Institutional Class	(46	)	$	(460	)	(527	)	$	(5,270	)
Administrative Class	(45	)		(454	)	(40	)		(401	)

Net increase (decrease) resulting from Portfolio share transactions	335		$	3,364		(62	)	$	(620	)

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Low Duration Portfolio
Administrative Class	2	93
Institutional Class	1	100

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

TOTAL RETURN PORTFOLIO II

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter				1
Fund Summary				2
Financial Highlights				3
Statement of Assets and Liabilities				4
Statement of Operations				5
Statements of Changes in Net Assets				6
Schedule of Investments				7-8
Notes to Financial Statements				9

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Total Return Portfolio II

PORTFOLIO CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum total return, consistent with preservation of capital and prudent investment management.	4.2 years	$4.0 million

	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
PORTFOLIO:	5/28/1999	William H. Gross
Primarily intermediate maturity fixed income securities with quality and non-U.S. issuer restrictions.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002

	6 Months	1 Year	3 Years*	Since Inception*

Total Return Portfolio II Administrative Class	2.46%	8.98%	8.01%	8.02%

Lehman Brothers Aggregate Bond Index	3.79%	8.63%	8.11%	—

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

PORTFOLIO INSIGHTS

The Total Return Portfolio II Administrative Class returned 2.46% for the six-month period ended June 30, 2002. It’s benchmark, the Lehman Brothers Aggregate Bond Index, returned 3.79% over the same period.

Portfolio duration was near the benchmark throughout the period, and had no effect on relative performance.

An emphasis on shorter maturity securities was positive for returns as market expectation of near-term Federal Reserve tightening declined, which caused short-term interest rates to fall.

The Portfolio benefited from an overweight in mortgages, which provided a high quality source of additional yield.

The allocation to corporates hurt returns as accounting concerns caused investors to sell corporate bonds.

Financial Highlights

Total Return Portfolio II (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (e)			12/31/2001			12/31/2000			05/28/1999 – 12/31/1999
Net asset value beginning of period	$	10.12		$	10.24		$	9.82		$	10.00
Net investment income (a)		0.19			0.48			0.63			0.32
Net realized/unrealized gain (loss) on investments (a)		0.06			0.49			0.44			(0.18	)
Total income from investment operations		0.25			0.97			1.07			0.14
Dividends from net investment income		(0.19	)		(0.48	)		(0.65	)		(0.32	)
Distributions from net realized capital gains		0.00			(0.61	)		0.00			0.00
Total distributions		(0.19	)		(1.09	)		(0.65	)		(0.32	)
Net asset value end of period	$	10.18		$	10.12		$	10.24		$	9.82
Total return		2.46	%		9.72	%		11.30	%		1.41	%
Net assets end of period (000s)	$	2,799		$	2,403		$	2,203		$	5,128
Ratio of net expenses to average net assets		0.66	%(d)*		0.65	%(c)		0.65	%		0.65	%(b)*
Ratio of net investment income to average net assets		3.75	%*		4.56	%		6.34	%		5.38	%*
Portfolio turnover rate		242	%		606	%		937	%		378	%

Annualized

(a)

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

(b)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.78% for the period ended December 31, 1999.

(c)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.66% for the period ended December 31, 2001.

(d)

Ratio of expenses to average net assets excluding trustee’s expense is 0.65%.

(e)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Total Return Portfolio II

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	5,030
Receivable for investments sold and forward foreign currency contracts		511
Interest and dividends receivable		35
Variation margin receivable		2

		5,578

Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	1,542
Written options outstanding		20
Accrued investment advisory fee		1
Accrued administration fee		1
Variation margin payable		3
Other liabilities		13

		1,580

Net Assets	$	3,998

Net Assets Consist of:
Paid in capital	$	3,889
Undistributed net investment income		9
Accumulated undistributed net realized gain		108
Net unrealized (depreciation)		(8	)

	$	3,998

Net Assets:
Institutional Class	$	1,199
Administrative Class		2,799

Shares Issued and Outstanding:
Institutional Class		118
Administrative Class		275

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.18
Administrative Class		10.18

Cost of Investments Owned	$	5,048

See accompanying notes

Statement of Operations

Total Return Portfolio II

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	86

Total Income		86

Expenses:
Investment advisory fees		5
Administration fees		5
Distribution and/or servicing fees—Administrative Class		2
Total Expenses		12

Net Investment Income		74

Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		37
Net realized gain on futures contracts, written options, and swaps		76
Net change in unrealized (depreciation) on investments		(51	)
Net change in unrealized (depreciation) on futures contracts, written options, and swaps		(19	)

Net Gain		43

Net Increase in Assets Resulting from Operations	$	117

See accompanying notes

Statements of Changes in Net Assets

Total Return Portfolio II

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002			Year Ended December 31, 2001
Operations:
Net investment income	$	74		$	279
Net realized gain		113			307
Net change in unrealized depreciation		(70	)		(27	)

Net increase resulting from operations		117			559

Distributions to Shareholders:
From net investment income
Institutional Class		(25	)		(174	)
Administrative Class		(49	)		(105	)
From net realized capital gains
Institutional Class		0			(217	)
Administrative Class		0			(135	)

Total Distributions		(74	)		(631	)

Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		0			0
Administrative Class		485			1
Issued as reinvestment of distributions
Institutional Class		25			390
Administrative Class		49			241
Cost of shares redeemed
Institutional Class		(2,700	)		0
Administrative Class		(152	)		(14	)

Net increase (decrease) resulting from Portfolio share transactions		(2,293	)		618

Total Increase (Decrease) in Net Assets		(2,250	)		546

Net Assets:
Beginning of period		6,248			5,702
End of period*	$	3,998		$	6,248
*Including net undistributed investment income of:	$	9		$	9

See accompanying notes

Schedule of Investments

Total Return Portfolio II

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 14.6%
Banking & Finance 3.0%
Ford Motor Credit Co.
7.250% due 10/25/2011	$	100	$	100
General Electric Capital Corp.
6.125% due 02/22/2011		20		20

				120

Industrials 4.8%
AOL Time Warner, Inc.
7.625% due 04/15/2031		100		88
Weyerhaeuser Co.
7.375% due 03/15/2032		100		102

				190

Utilities 6.8%
Appalachian Power Co.
4.800% due 06/15/2005		20		20
Sprint Capital Corp.
7.625% due 01/30/2011		100		80
Verizon Pennsylvania
5.650% due 11/15/2011		100		92
Williams Cos., Inc.
7.875% due 09/01/2021		100		80

				272

Total Corporate Bonds & Notes (Cost $ 646)				582

MUNICIPAL BONDS & NOTES 1.7%
California 0.7%
California State Department of Water Resources Center Valley Project Revenue Bonds, (FGIC Insured),
Series 2002 9.115% due 12/01/2022 (e)		25		27

Massachusetts 0.3%
Massachusetts State General Obligation Revenue Bonds, (FGIC Insured),
Series 2002 1.000% due 06/01/2022 (e)		13		13

New York 0.7%
New York State Environmental Facilities Corporate Revenue Bonds,
Series 2002 5.125% due 06/15/2023 (e)		25		25

New York State Metropolitan Transitional Authority Revenue Bonds, (FGIC Insured),
Series 2002 5.125% due 11/15/2022 (e)		5		5

				30

Total Municipal Bonds & Notes (Cost $ 69)				70

U.S. GOVERNMENT AGENCIES 2.8%
Freddie Mac
6.875% due 09/15/2010		100		111

Total U.S. Government Agencies (Cost $ 107)				111

U.S. TREASURY OBLIGATIONS 9.6%
Treasury Inflation Protected Securities
3.375% due 01/15/2007 (g)(b)		113		118
U.S. Treasury Notes
5.750% due 08/15/2010		250		268

Total U.S. Treasury Obligations (Cost $ 381)				386

MORTGAGE-BACKED SECURITIES 65.3%
Collateralized Mortgage Obligations 32.5%
Bear Stearns Adjustable Rate Mortgage Trust
6.539% due 10/25/2031		69		70
Chase Mortgage Finance Corp.
6.221% due 07/25/2032		20		20
Countrywide Home Loans
6.500% due 08/25/2032 (e)		9		9
CS First Boston Mortgage Securities Corp.
6.250% due 04/25/2032 (e)		10		10
Fannie Mae
6.000% due 08/19/2017		500		508
Freddie Mac
5.750% due 04/15/2032		100		104
Government National Mortgage Association
2.338% due 09/20/2030 (e)		55		55
G-Wing Ltd.
4.493% due 05/06/2004 (e)		100		100
Merrill Lynch Mortgage Investors, Inc.
2.138% due 01/20/2030 (e)		28		28
Morgan Stanley Capital I
7.460% due 02/15/2020		132		139
Structured Asset Securities Corp.
2.110% due 06/25/2032 (e)		50		50
2.168% due 08/30/2032 (e)		10		10
5.800% due 09/25/2031		10		10
6.150% due 07/25/2032 (e)		10		10
6.500% due 09/25/2031		78		78
US Restaurant Properties Funding
4.210% due 08/26/2008 (e)		96		96

				1,297

Fannie Mae 28.9%
6.000% due 11/01/2016-07/18/2017 (e)(f)		1,132		1,156

				1,156

Freddie Mac 0.9%
5.324% due 07/01/2027 (e)		16		16
6.631% due 01/01/2028 (e)		19		20

				36

Government National Mortgage Association 3.0%
5.375% due 02/20/2027 (e)		69		70
5.500% due 05/20/2030 (e)		50		51

				121

Total Mortgage-Backed Securities (Cost $ 2,589)				2,610


ASSET-BACKED SECURITIES 9.0%
CIT Group Home Equity Loan Trust
2.110% due 06/25/2033 (e)		30		30
Conseco Recreational Enthusiast Consumer Trust
7.562% due 10/15/2007		21		21
Equity One ABS, Inc.
2.120% due 11/25/2032 (e)		49		50
Home Equity Mortgage Trust
6.117% due 06/25/2032 (e)		100		102
Household Finance Corp.
2.138% due 05/20/2032 (e)		10		10
Irwin Home Equity Loan Trust
2.130% due 06/25/2029 (e)		10		10
Morgan Stanley Dean Witter Capital I
2.170% due 07/25/2032 (e)		22		22
Oakwood Mortgage Investors, Inc.
2.140% due 03/15/2014 (e)		16		16
Providian Gateway Master Trust
2.060% due 03/15/2007 (e)		100		100

Total Asset-Backed Securities (Cost $ 360)				361

PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 95.750 Exp. 12/16/2002		4,000		0
Strike @ 95.500 Exp. 12/16/2002		7,000		0

Total Purchased Put Options (Cost $ 0)				0

	Shares		Value (000s)
PREFERRED SECURITY 2.9%
UBS Preferred Funding Trust I
8.622% due 10/29/2049 (e)		100,000	$	115

Total Preferred Security (Cost $ 101)				115

SHORT-TERM INSTRUMENTS 19.9%
	Principal Amount (000s)
Commercial Paper 17.5%
Fannie Mae
1.880% due 08/28/2002	$	400		399
Freddie Mac
1.870% due 08/30/2002		300		299

				698

Repurchase Agreement 0.9%
State Street Bank
1.550% due 07/01/2002		37		37

(Dated 06/28/2002. Collateralized by Fannie Mae 2.600% due 05/28/2003 valued at $40. Repurchase proceeds are $37.)
U.S. Treasury Bills 1.5% (b)
1.670% due 08/15/2002		60		60

Total Short-Term Instruments (Cost $ 795)				795

Total Investments (a) 125.8% (Cost $ 5,048)			$	5,030
Written Options (c) (0.5%)
(Premiums $ 26)				(20	)
Other Assets and Liabilities (Net) (25.3%)				(1,012	)

Net Assets 100.0%			$	3,998

Notes to Schedule of Investments (amounts in thousands):

(a)

At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost.	$	52

Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.		(70	)

Unrealized depreciation-net	$	(18	)

(b)

Securities with an aggregate market value of $178 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2002:

Type	# of Contracts	Unrealized Appreciation
U.S. Treasury 10 Year Note (09/2002)	7	$	17
Eurodollar December Futures (12/2002)	1		0

		$	17

(c)

Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—OTC 3 month LIBOR Interest Rate Swap Strike @ 6.000 % Exp. 10/19/2004	100,000	$	4	$	4
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.000% Exp. 10/19/2004	100,000		4		4
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.200% Exp. 11/02/2004	100,000		3		2
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @6.700% Exp. 11/02/2004	100,000		3		3
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.400% Exp. 08/23/2002	100,000		1		1
Call—CBOT U.S. Treasury Note September Futures Strike @ 107.000 Exp. 08/24/2002	4		2		6
Put—CME Eurodollar September Futures Strike @ 96.500 Exp. 09/16/2002	1		1		0
Put—CME Eurodollar September Futures Strike @ 97.250 Exp. 09/16/2002	4		2		0
Put—CME Eurodollar September Futures Strike @ 96.750 Exp. 09/16/2002	1		1		0
Put—CME Eurodollar December Futures Strike @ 96.000 Exp. 12/16/2002	1		1		0
Put—CME Eurodollar December Futures Strike @ 96.500 Exp. 12/16/2002	5		4		0

		$	26	$	20

(d)

Swap agreements outstanding at June 30, 2002:

Type	Notional Amount		Unrealized (Depreciation)
Receive a fixed rate equal to 0.350% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: Lehman Brothers, Inc.
Exp. 06/24/2003	$	1,000	$	0
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America
Exp. 06/17/2012		200		(13	)

			$	(13	)

(e)

Variable rate security. The rate listed is as of June 30, 2002.

(f)

Securities are grouped by coupon or range of coupons and represent a range of maturities.

(g)

Principal amount of security is adjusted for inflation.

See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The Total Return Portfolio II (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Trust. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on May 28, 1999.

2. Significant Accounting Policies

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific

expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

3. Fees, Expenses, and Related Party Transactions

		Institutional Class			Administrative Class
Total Return Portfolio II		0.50	%		0.65	%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. Government/Agency				All Others
	Purchases		Sales		Purchases		Sales
Total Return Portfolio II	$	9,883	$	11,847	$	1,193	$	3,364

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

Total Return Portfolio II Premium
	Premium
Balance at 12/31/2001	$	93
Sales		12
Closing Buys		(36	)
Expirations		(43	)
Exercised		0

Balance at 06/30/2002	$	26

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Total Return Portfolio II
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	48			485		0			1
Issued as reinvest\ment of distributions
Institutional Class	2			25		38			390
Administrative Class	5			49		23			241
Cost of shares redeemed
Institutional Class	(264	)		(2,700	)	0			0
Administrative Class	(15	)		(152	)	(1	)		(14	)

Net increase (decrease) resulting from Portfolio share transactions	(224	)	$	(2,293	)	60		$	618

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Total Return Portfolio II
Administrative Class	2	100
Institutional Class	1	100

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH , CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

STOCKSPLUS GROWTH AND INCOME PORTFOLIO

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Schedule of Investments		7-9
Notes to Financial Statements		10

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

StocksPLUS Growth and Income Portfolio

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Total return which exceeds that of the S&P 500 Index.	0.9 years	$225.2 million

PORTFOLIO:	FUND INCEPTION DATE:	PORTFOLIO MANAGER TEAM LEAD:
Primarily S&P 500 stock index derivatives backed by a portfolio of short-term fixed income securities.	4/28/2000	William H. Gross

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002
	6 Months		1 Year		Since Inception*

StocksPLUS Growth and Income Portfolio (Institutional Class)	-12.38	%	-16.81	%	-14.26	%

S&P 500 Index	-13.16	%	-17.99	%	–

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*		QUALITY BREAKDOWN*

* % of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

PORTFOLIO INSIGHTS

The S&P 500 Index posted a negative total return of 13.16% in the first half of 2002 amid concerns about widespread accounting irregularities and weak profits.

The StocksPLUS Growth and Income Portfolio Institutional Class outperformed the S&P 500 Index by 0.78%, returning a negative 12.38% for the first half of 2002.

A longer duration relative to the effective benchmark was modestly positive for performance as short-term interest rates fell.

High relative yields provided by mortgage-and asset-backed securities enhanced performance.

Corporate fixed income holdings provided attractive yields but detracted from returns overall due to adverse price performance, particularly in the telecom sector.

Modest holdings of emerging market bonds detracted from returns as political concerns in Brazil affected the entire sector.

Real return bonds helped returns as inflation accruals were strong and falling real yields generated additional gains.

Financial Highlights

StocksPLUS Growth and Income Portfolio (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (d)			12/31/2001			12/31/2000
Net asset value beginning of period	$	9.36		$	11.05		$	13.21
Net investment income (a)		0.12			0.45			0.49
Net realized/unrealized loss on investments (a)		(1.27	)		(1.71	)		(1.48	)
Total loss from investment operations		(1.15	)		(1.26	)		(0.99	)
Dividends from net investment income		(0.10	)		(0.43	)		(0.63	)
Distributions from net realized capital gains		0.00			0.00			(0.54	)
Total distributions		(0.10	)		(0.43	)		(1.17	)
Net asset value end of period	$	8.11		$	9.36		$	11.05
Total return		(12.38	)%		(11.28	)%		(7.91	)%
Net assets end of period (000s)	$	868		$	187		$	63
Ratio of net expenses to average net assets		0.50	%*		0.52	%(b)(c)		0.50	%
Ratio of net investment income to average net assets		2.75	%*		4.60	%		5.79	%
Portfolio turnover rate		118	%		547	%		350	%

Annualized

(a)

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

(b)

Ratio of net expenses to average net assets excluding interest expense is 0.50%.

(c)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.53% for the period ended December 31, 2001.

(d)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

StocksPLUS Growth and Income Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	230,052
Cash		5,964
Receivable for investments sold and forward foreign currency contracts		1,532
Receivable for Portfolio shares sold		39
Interest and dividends receivable		834
Variation margin receivable		2
Other assets		2

		238,425

Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	11,334
Written options outstanding		255
Payable for Portfolio shares redeemed		620
Accrued investment advisory fee		72
Accrued administration fee		19
Accrued servicing fee		30
Variation margin payable		416
Recoupment payable to Manager		6
Other liabilities		439

		13,191

Net Assets	$	225,234

Net Assets Consist of:
Paid in capital	$	348,793
Undistributed net investment income		1,028
Accumulated undistributed net realized (loss)		(102,121	)
Net unrealized (depreciation)		(22,466	)

	$	225,234

Net Assets:
Institutional Class	$	868
Administrative Class		224,366

Shares Issued and Outstanding:
Institutional Class		107
Administrative Class		27,700

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	8.11
Administrative Class		8.10

Cost of Investments Owned	$	231,780

See accompanying notes

Statement of Operations

StocksPLUS Growth and Income Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	4,171

Total Income		4,171

Expenses:
Investment advisory fees		502
Administration fees		125
Distribution and/or servicing fees—Administrative Class		188
Trustees’ fees		9
Organization Costs		1
Miscellaneous expense		6

Total Expenses		831

Net Investment Income		3,340

Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		624
Net realized (loss) on futures contracts, written options, and swaps		(11,818	)
Net realized gain on foreign currency transactions		230
Net change in unrealized (depreciation) on investments		(501	)
Net change in unrealized (depreciation) on futures contracts, written options, and swaps		(25,097	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		95

Net (Loss)		(36,467	)

Net Decrease in Assets Resulting from Operations	$	(33,127	)

See accompanying notes

Statements of Changes in Net Assets

StocksPLUS Growth and Income Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002			Year Ended December 31, 2001
	(unaudited)
Operations:
Net investment income	$	3,340		$	11,694
Net realized loss		(10,964	)		(54,530	)
Net change in unrealized appreciation (depreciation)		(25,503	)		9,909

Net decrease resulting from operations		(33,127	)		(32,927	)

Distributions to Shareholders:
From net investment income
Institutional Class		(7	)		(8	)
Administrative Class		(2,778	)		(10,789	)

Total Distributions		(2,785	)		(10,797	)

Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		785			147
Administrative Class		51,556			79,030
Issued as reinvestment of distributions
Institutional Class		7			8
Administrative Class		2,778			10,789
Cost of shares redeemed
Institutional Class		(7	)		(6	)
Administrative Class		(54,086	)		(58,945	)

Net increase resulting from Portfolio share transactions		1,033			31,023

Total Decrease in Net Assets		(34,879	)		(12,701	)

Net Assets:
Beginning of period		260,113			272,814
End of period*	$	225,234		$	260,113

*Including net undistributed investment income of:	$	1,028		$	473

See accompanying notes

Schedule of Investments

StocksPLUS Growth and Income Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 20.2%
Banking & Finance 10.0%
Bear Stearns Cos., Inc.
2.496% due 05/24/2004 (f)	$	5,700	$	5,728
Bell Atlantic Financial Services
5.750% due 04/01/2003		300		303
CIT Group, Inc.
2.250% due 02/28/2003 (f)		900		880
Donaldson, Lufkin & Jenrette, Inc.
2.390% due 04/25/2003 (f)		1,100		1,103
Finova Group, Inc.
7.500% due 11/15/2009		900		301
Ford Motor Credit Co.
2.167% due 06/02/2003 (f)		4,600		4,562
General Motors Acceptance Corp.
2.400% due 05/16/2003 (f)		300		300
6.750% due 03/15/2003		1,500		1,539
Golden State Holdings
2.912% due 08/01/2003 (f)		1,000		995
National Rural Utilities Cooperative Finance Corp.
2.940% due 04/26/2004 (f)		2,100		2,101
Old Kent Bank
2.662% due 11/01/2005 (f)		700		700
Pemex Project Funding Master Trust
3.512% due 01/07/2005 (f)		3,900		3,915

				22,427

Industrials 7.4%
Conoco, Inc.
2.750% due 10/15/2002 (f)		1,500		1,502
DaimlerChrysler North America Holding Corp.
2.170% due 08/23/2002 (f)		3,300		3,301
Enron Corp.
8.000% due 08/15/2005 (g)		1,700		361
HCA, Inc.
3.510% due 09/19/2002 (f)		7,300		7,303
Park Place Entertainment Corp.
7.950% due 08/01/2003		1,430		1,462
R.J. Reynolds Tobacco Holdings, Inc.
7.375% due 05/15/2003		700		720
Walt Disney Co.
3.900% due 09/15/2003		1,200		1,208
Weyerhaeuser Co.
3.011% due 09/15/2003 (f)		900		900

				16,757

Utilities 2.8%
Entergy Arkansas, Inc.
7.720% due 03/01/2003		600		618
Georgia Power Co.
5.250% due 05/08/2003		900		917
Niagara Mohawk Power Co.
7.375% due 07/01/2003		529		552
SCANA Corp.
2.630% due 07/15/2002 (f)		2,100		2,100
Sprint Capital Corp.
5.700% due 11/15/2003		2,100		1,867
7.900% due 03/15/2005		400		345

				6,399

Total Corporate Bonds & Notes (Cost $ 47,257)				45,583

MUNICIPAL BONDS & NOTES 1.9%
North Carolina 1.9%
North Carolina State Education Assistance Authority
Revenue Bonds, (GTD Insured), Series 2000
1.911% due 06/01/2009 (f)		4,259		4,268

Total Municipal Bonds & Notes (Cost $ 4,260)				4,268

U.S. TREASURY OBLIGATIONS 11.2%
Treasury Inflation Protected Securities (i)
3.625% due 07/15/2002 (b)	$	14,707	$	14,718
3.625% due 01/15/2008 (b)		10,016		10,489

Total U.S. Treasury Obligations (Cost $24,807)				25,207

MORTGAGE-BACKED SECURITIES 23.1%
Collateralized Mortgage Obligations 12.4%
Bank of America Mortgage Securities, Inc.
6.069% due 06/25/2031		404		415
Bear Stearns Adjustable Rate Mortgage Trust
6.288% due 01/25/2032 (f)		1,334		1,371
7.490% due 12/25/2030 (f)		2,855		2,885
Countrywide Home Loans
6.050% due 04/25/2029		83		83
CS First Boston Mortgage Securities Corp.
2.240% due 02/25/2032 (f)		1,576		1,573
2.478% due 03/25/2032 (f)		2,824		2,824
4.370% due 12/19/2039		1,599		1,599
6.960% due 06/20/2029		44		45
DLJ Mortgage Acceptance Corp.
2.340% due 06/25/2026 (f)		418		419
Fannie Mae
6.900% due 10/25/2020		263		265
8.000% due 05/01/2030		198		210
8.000% due 06/01/2030		203		216
GE Capital Mortgage Services, Inc.
6.500% due 12/25/2023		84		86
Headlands Mortgage Securities, Inc.
7.250% due 11/25/2027		297		301
Housing Securities, Inc.
4.505% due 07/25/2032		336		336
Morgan Stanley Capital I
2.070% due 07/25/2027 (f)		37		37
PNC Mortgage Securities Corp.
7.470% due 05/25/2040 (f)		244		249
Resecuritization Mortgage Trust
2.090% due 04/26/2021 (f)		56		56
Salomon Brothers Mortgage Securities VII
6.508% due 12/25/2030 (f)		2,306		2,369
Structured Asset Mortgage Investments, Inc.
7.000% due 07/28/2028		1,478		1,493
Structured Asset Securities Corp.
2.140% due 10/25/2027 (f)		1,244		1,246
6.500% due 09/25/2031		5,119		5,161
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031		1,093		1,091
Washington Mutual, Inc.
6.008% due 10/19/2039 (f)		3,500		3,644

				27,974

Fannie Mae 6.1%
6.000% due 11/01/2016-07/18/2017 (f)		7,647		7,800
6.500% due 09/01/2005		160		165
8.000% due 09/01/2031		297		316
6.000% due 02/01/2017-06/01/2017		5,273		5,386

				13,667

Government National Mortgage Association 4.6%
8.000% due 02/15/2031		115		122
6.000% due 11/20/2029 (f) (h)		1,238		1,268
6.375% due 04/20/2024-04/20/2027 (f)		3,997		4,076
6.750% due 08/20/2024 (f)		98		102
7.500% due 07/15/2030-12/15/2030		250		266
8.000% due 04/15/2027-10/15/2030		4,242		4,520
8.500% due 04/20/2030		80		86

				10,440

Total Mortgage-Backed Securities (Cost $51,746)				52,081

		Principal Amount (000s)		Value (000s)
ASSET-BACKED SECURITIES 8.8%
Advanta Equipment Receivables
7.560% due 02/15/2007		$	2,061	$	2,130
Countrywide Asset-Backed Certificates
2.098% due 05/25/2032 (f)			5,800		5,800
Green Tree Recreational, Equipment, & Consumables
6.550% due 07/15/2028			120		123
Home Equity Mortgage Trust
2.170% due 03/25/2032 (f)			1,200		1,200
2.170% due 11/25/2032 (f)			3,800		3,800
6.007% due 06/25/2032 (f)			700		715
6.117% due 06/25/2032 (f)			1,600		1,636
Option One Mortgage Loan Trust
2.170% due 04/25/2030 (f)			1,520		1,523
Saxon Asset Securities Trust
2.070% due 05/25/2029 (f)			116		115
Structured Product Asset Trust
3.100% due 02/12/2003 (f)			3,000		2,790

Total Asset-Backed Securities (Cost $19,970)					19,832

SOVEREIGN ISSUES 1.1%
Republic of Brazil
3.062% due 04/15/2006 (f)			2,816		2,239
3.125% due 04/15/2009 (f)			165		105

Total Sovereign Issues (Cost $2,700)					2,344

FOREIGN CURRENCY-DENOMINATED 1.3%
Korea Development Bank
5.625% due 11/05/2002 (e)	FF		20,000		2,977

Total Foreign Currency-Denominated (Cost $3,233)					2,977

PURCHASED CALL OPTIONS 0.2%
Euro vs. U.S. Dollar (OTC)
Strike @ 0.850 Exp. 07/11/2002		$	165		22
Eurodollar vs. U.S. Dollar (OTC)
Strike @ 0.870 Exp. 08/02/2002			3,827		443

Total Purchased Call Options (Cost $363)					465

PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 95.500 Exp. 12/16/2002			363,000		2
Strike @ 93.250 Exp. 12/16/2002			105,000		1
Fannie Mae (OTC)
6.000% due 08/17/2017
Strike @ 88.240 Exp. 08/12/2002			4,000		0
Government National Mortgage Association (OTC)
8.000% due 8/21/2032
Strike @ 93.280 Exp. 08/14/2002			3,000		0
PNC Mortgage Securities (OTC)
7.470% due 5/25/2040
Strike @ 100.000 Exp. 04/01/2005			1,300		0
S&P 500 Index Futures (CME)
Strike @ 550.000 Exp. 09/20/2002			350,000		16

Total Purchased Put Options (Cost $ 62)					19

CONVERTIBLE BONDS & NOTES 3.0%
Banking & Finance 3.0%
Verizon Global Funding
4.250% due 09/15/2005			1,100		1,111
4.250% due 09/15/2005			5,600		5,670

Total Convertible Bonds & Notes (Cost $ 6,742)					6,781

SHORT-TERM INSTRUMENTS
Commercial Paper 26.4%
AT&T Corp.
3.720% due 04/18/2003 (f)			5,100		4,947
Fannie Mae
1.865% due 08/21/2002			4,500		4,488
1.880% due 08/28/2002			1,000		997
1.900% due 08/28/2002			8,000		7,975
2.035% due 09/11/2002			10,000		9,963
2.040% due 09/11/2002			6,500		6,476
Freddie Mac
1.870% due 08/15/2002			7,000		6,984
1.870% due 08/30/2002			5,300		5,283
2.085% due 09/12/2002			3,400		3,387
Shell Finance
1.850% due 08/21/2002			7,000		6,982
UBS Finance, Inc.
1.760% due 08/28/2002			2,000		1,996

					59,478

Repurchase Agreement 2.7%
State Street Bank
1.550% due 07/01/2002			6,087		6,087
(Dated 06/28/2002. Collateralized by Fannie Mae 3.500% due 02/13/2004 valued at $6,211. Repurchase proceeds are $6,088.)

U.S. Treasury Bills 2.2%
1.620% due 08/15/2002 (b)			4,940		4,930

Total Short-Term Instruments (Cost $70,640)					70,495

Total Investments (a) 102.1% (Cost $231,780)				$	230,052

Written Options (c) (0.1%) (Premiums $361)					(255	)

Other Assets and Liabilities (Net) (2.0%)					(4,563	)

Net Assets 100.0%				$	225,234

Notes to Schedule of Investments (amounts in thousands):

(a)

At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost.	$	1,317

Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.		(3,044	)

Unrealized depreciation-net	$	(1,727	)

(b)

Securities with an aggregate market value of $ 30,133 have been segregated with the custodian to cover margin equirements for the following open futures contracts at June 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euribor Futures (03/2003)	44	$	21
S&P 500 Index (09/2002)	875		(21,009	)
Eurodollar September Futures (09/2002)	1		2
Eurodollar December Futures (12/2002)	71		44
Eurodollar March Futures (03/2003)	11		23

		$	(20,919	)

(c)

Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—CME Eurodollar September Futures Strike @ 97.250 Exp. 09/16/2002	28	$	18	$	0
Put—CME Eurodollar September Futures
Strike @ 96.750 Exp. 09/16/2002	6		3		0
Put—CME Eurodollar December Futures Strike @ 96.000 Exp. 12/16/2002	40		18		1
Put—CME Eurodollar December Futures
Strike @ 96.500 Exp. 12/16/2002	142		116		5
Put—CME Eurodollar December Futures Strike @ 97.000 Exp. 12/16/2002	169		80		17
Call—CME S&P September Futures Strike @ 95.750 Exp. 06/17/2002	8		66		106
Call—CME S&P September Futures Strike @ 96.000 Exp. 06/17/2002	8		60		126

		$	361	$	255

(d)

Swap agreements outstanding at June 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 6.600% and the Fund will pay to the counterparty at par in the event of default of France Telecom 5.750% due 04/25/2007.
Broker: Merrill Lynch
Exp. 06/27/2003	$	2,000	$	(17	)
Receive a fixed rate equal to 0.340% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.750% due 04/06/2004.
Broker: Citibank London NA
Exp. 06/13/2003		2,900		0
Receive a fixed rate equal to 3.550% and the Fund will pay to the counterparty at par in the event of default France Telecom 5.700% due 07/25/2010.
Broker: Morgan Stanley
Exp. 05/30/2003		3,600		(24	)
Receive a fixed rate equal to 2.000% and the Fund will pay to the counterparty at par in the event of default of Deutsche Telekom AG 5.250% due 05/20/2008.
Broker: Morgan Stanley
Exp. 05/29/2003		4,000		1
Receive a fixed rate equal to 5.000% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 6.875% due 11/15/2028.
Broker: Morgan Stanley
Exp. 05/28/2004		5,000		(212	)
Receive a fixed rate equal to 4.250% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 8.125% due 03/15/2005.
Broker: Merrill Lynch
Exp. 05/31/2003		1,500		(179	)

			$	(431	)

(e)

Principal amount denoted in indicated currency:

FF—French Franc

(f)

Variable rate security. The rate listed is as of June 30, 2002.

(g)

Security is in default.

(h)

Securities are grouped by coupon or range of coupons and represent a range of maturities.

(i)

Principal amount of the security is adjusted for inflation.

See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The StocksPLUS Growth and Income Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Trust. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on December 31, 1997.

2. Significant Accounting Policies

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific

expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

3. Fees, Expenses, and Related Party Transactions

		Institutional Class			Administrative Class
StocksPLUS Growth and Income Portfolio		0.50	%		0.65	%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
StocksPLUS Growth and
Income Portfolio	$	175,121	$	244,424	$	60,671	$	33,166

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		StocksPLUS Growth and Income Portfolio
		Premium
Balance at 12/31/2001		$912
Sales		2,287
Closing Buys		(567)
Expirations		(2,271)
Exercised		0

Balance at 06/30/2002		$361

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	StocksPLUS Growth and Income Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	87		$	785		14		$	147
Administrative Class	5,633			51,556		8,079			79,030
Issued as reinvestment of distributions
Institutional Class	1			7		1			8
Administrative Class	313			2,778		1,177			10,789
Cost of shares redeemed
Institutional Class	(1	)		(7	)	(1	)		(6	)
Administrative Class	(6,033	)		(54,086	)	(6,160	)		(58,945	)

Net increase resulting from Portfolio share transactions	0		$	1,033		3,110		$	31,023

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
StocksPLUS Growth and Income Portfolio
Administrative Class	1	88
Institutional Class	1	100

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

TOTAL RETURN PORTFOLIO

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Schedule of Investments		7-11
Notes to Financial Statements		12

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Signs of a rebound in the U.S. economy and expectations of Federal Reserve tightening drove interest rates higher in the first quarter, depressing bond market returns. U.S. Treasury yields rose across all maturities, led by the two- and the five-year, which climbed 0.70% and 0.54%, respectively. Yields fell earlier in the quarter but reversed course sharply in late February and March after positive economic reports suggested that a cyclical turning point was at hand.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Total Return Portfolio

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum total return, consistent with preservation of capital and prudent investment management.	4.2 years	$676.7 million

	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
PORTFOLIO:	4/10/2000	William H. Gross
Primarily intermediate maturity fixed income securities.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002

	6 Months		1 Year		Since Inception*

Total Return Portfolio Institutional Class	3.40	%	9.33	%	8.96	%
Lehman Brothers Aggregate Bond Index	3.79	%	8.63	%	—

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

PORTFOLIO INSIGHTS

The Total Return Portfolio Institutional Class returned 3.40% for the six-month period ended June 30, 2002. It’s benchmark, the Lehman Brothers Aggregate Bond Index, returned 3.79% for the period.

Portfolio duration was near the benchmark throughout the period, and had no effect on relative performance. An emphasis on shorter maturity securities was positive for returns as market expectation of near-term Federal Reserve tightening declined, which caused short-term interest rates to fall.

The Portfolio benefited from an overweight in mortgages, which provided a high quality source of additional yield.

The allocation to corporates hurt returns as accounting concerns caused investors to sell corporate bonds.

Euro-zone holdings were a negative for performance; however a modest euro position rallied strongly and benefited performance.

A small, high-quality emerging markets exposure was a negative for performance as political uncertainty in Latin America and investor flight from risk hurt performance.

Financial Highlights

Total Return Portfolio (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (b)			12/31/2001			04/10/2000 – 12/31/2000
Net asset value beginning of period	$	9.89		$	9.77		$	9.50
Net investment income (a)		0.21			0.50			0.45
Net realized/unrealized gain on investments (a)		0.12			0.31			0.27
Total income from investment operations		0.33			0.81			0.72
Dividends from net investment income		(0.21	)		(0.50	)		(0.45	)
Distributions from net realized capital gains		0.00			(0.19	)		0.00
Total distributions		(0.21	)		(0.69	)		(0.45	)
Net asset value end of period	$	10.01		$	9.89		$	9.77
Total return		3.40	%		8.53	%		7.82	%
Net assets end of period (000s)	$	35,148		$	35,231		$	625
Ratio of net expenses to average net assets		0.50	%*		0.50	%		0.50	%*
Ratio of net investment income to average net assets		4.31	%*		5.00	%		6.48	%*
Portfolio turnover rate		127	%		217	%		415	%

Annualized

(a)

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

(b)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Total Return Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	754,781
Cash		356
Foreign currency, at value		3,527
Receivable for investments sold and forward foreign currency contracts		7,242
Receivable for Portfolio shares sold		2,700
Interest and dividends receivable		4,755
Other assets		56

		773,417

Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	79,273
Written options outstanding		1,322
Payable for Portfolio shares redeemed		15,438
Accrued investment advisory fee		126
Accrued administration fee		126
Accrued servicing fee		68
Variation margin payable		315
Recoupment payable to Manager		12
Other liabilities		40

		96,720

Net Assets	$	676,697

Net Assets Consist of:
Paid in capital	$	672,631
Undistributed net investment income		549
Accumulated undistributed net realized gain		2,093
Net unrealized appreciation		1,424

	$	676,697

Net Assets:
Institutional Class	$	35,148
Administrative Class		641,549
Shares Issued and Outstanding:
Institutional Class		3,511
Administrative Class		64,089
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.01
Administrative Class		10.01
Cost of Investments Owned	$	758,223
Cost of Foreign Currency Held	$	3,418

See accompanying notes

Statement of Operations

Total Return Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	12,309
Miscellaneous income		2

Total Income		12,311

Expenses:
Investment advisory fees		630
Administration fees		630
Distribution and/or servicing fees—Administrative Class		351
Trustees’ fees		14
Organization Costs		1
Miscellaneous expense		12

Total Expenses		1,638

Net Investment Income		10,673

Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		1,990
Net realized gain on futures contracts, written options, and swaps		3,319
Net realized (loss) on foreign currency transactions		(31	)
Net change in unrealized (depreciation) on investments		(3,111	)
Net change in unrealized appreciation on futures contracts, written options, and swaps		1,026
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		1,939

Net Gain		5,132

Net Increase in Assets Resulting from Operations	$	15,805

See accompanying notes

Statements of Changes in Net Assets

Total Return Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002			Year Ended December 31, 2001
	(unaudited)
Operations:
Net investment income	$	10,673		$	9,528
Net realized gain		5,278			4,347
Net change in unrealized appreciation (depreciation)		(146	)		651

Net increase resulting from operations		15,805			14,526

Distributions to Shareholders:
From net investment income
Institutional Class		(782	)		(1,561	)
Administrative Class		(9,892	)		(7,971	)
From net realized capital gains
Institutional Class		0			(666	)
Administrative Class		0			(6,502	)

Total Distributions		(10,674	)		(16,700	)

Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		7,456			38,223
Administrative Class		354,135			328,425
Issued as reinvestment of distributions
Institutional Class		782			2,227
Administrative Class		9,892			14,473
Cost of shares redeemed
Institutional Class		(8,766	)		(6,077	)
Administrative Class		(59,987	)		(63,201	)

Net increase resulting from Portfolio share transactions		303,512			314,070

Total Increase in Net Assets		308,643			311,896

Net Assets:
Beginning of period		368,054			56,158
End of period*	$	676,697		$	368,054
*Including net undistributed investment income of:	$	549		$	550

See accompanying notes

Schedule of Investments

Total Return Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 19.2%
Banking & Finance 5.6%
Atlas Reinsurance PLC
4.387% due 01/07/2005 (g)	$	1,000	$	1,006
Banco Nacional de Comercio Exterior
7.250% due 02/02/2004		700		732
Bear Stearns Cos., Inc.
2.210% due 12/01/2003 (g)		2,000		2,003
Chrysler Financial Corp. LLC
1.960% due 06/17/2003 (g)		300		299
1.980% due 06/18/2003 (g)		700		698
2.020% due 03/10/2003 (g)		100		100
CIT Group, Inc.
2.462% due 04/07/2003 (g)		1,300		1,270
Donaldson, Lufkin & Jenrette, Inc.
2.235% due 07/18/2003 (g)		100		100
Ford Motor Credit Co.
2.530% due 06/23/2003 (g)		350		348
Gemstone Investors Ltd.
7.710% due 10/31/2004		700		683
General Electric Capital Corp.
6.125% due 02/22/2011		2,700		2,756
General Motors Acceptance Corp.
2.010% due 08/18/2003 (g)		1,600		1,589
2.223% due 07/21/2003 (g)		500		498
2.250% due 08/04/2003 (g)		1,900		1,893
2.270% due 07/30/2004 (g)		600		595
2.298% due 07/21/2004 (g)		200		198
2.378% due 07/20/2004 (g)		500		496
2.600% due 05/10/2004 (g)		500		499
2.620% due 05/17/2004 (g)		700		699
2.720% due 05/04/2004 (g)		2,500		2,500
2.843% due 03/22/2004 (g)		1,500		1,503
8.000% due 11/01/2031		2,400		2,462
Heller Financial, Inc.
2.315% due 07/24/2002 (g)		500		500
Household Finance Corp.
2.250% due 05/28/2004 (g)		600		594
Morgan Stanley Tracers
2.005% due 09/15/2011 (g)		5,024		5,197
Pemex Finance Ltd.
5.720% due 11/15/2003		75		77
Pemex Master Trust
8.000% due 11/15/2011		3,100		3,061
PNC Funding Corp.
6.125% due 09/01/2003		100		103
Popular, Inc.
6.625% due 01/15/2004		500		523
Premium Asset Trust
2.226% due 11/27/2004 (g)		100		100
2.295% due 09/08/2007 (g)		100		100
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		657		371
Residential Reinsurance
6.887% due 06/01/2004 (g)		100		100
Sears Roebuck Acceptance Corp.
6.720% due 10/23/2002		2,000		2,027
Wachovia Corp.
4.950% due 11/01/2006		1,000		1,009
Western Capital
6.970% due 01/07/2003 (g)		1,300		1,300

				37,989

Industrials 7.2%
American Airlines, Inc.
7.858% due 10/01/2011		700		760
AOL Time Warner, Inc.
7.625% due 04/15/2031		8,600		7,550
7.700% due 05/01/2032		3,300		2,935
Continental Airlines, Inc.
7.256% due 03/15/2020		442		445
DaimlerChrysler North America Holding Corp.
2.132% due 08/21/2003 (g)		2,300		2,295
2.170% due 08/23/2002 (g)		1,300		1,300
2.656% due 12/16/2002 (g)		2,100		2,106
7.750% due 05/27/2003		200		208
8.500% due 01/18/2031		4,000		4,435
Ford Motor Credit Co.
7.450% due 07/16/2031		5,300		4,947
Kroger Co.
2.650% due 08/16/2012 (g)		500		500
Northwest Airlines, Inc.
6.841% due 04/01/2011		3,300		3,357
Singapore Telecommunications Ltd.
7.375% due 12/01/2031		3,000		2,962
Starwood Hotels & Resorts
6.750% due 11/15/2005		250		247
TRW, Inc.
6.625% due 06/01/2004		250		261
Tyco International Group SA
6.750% due 02/15/2011		157		122
United Air Lines, Inc.
2.117% due 12/02/2002 (g)		1,365		1,353
6.071% due 03/01/2013		7,120		6,700
8.030% due 07/01/2011		470		411
Walt Disney Co.
4.500% due 09/15/2004		4,300		4,347
Weyerhaeuser Co.
6.750% due 03/15/2012		1,200		1,245

				48,486

Utilities 6.4%
Allete, Inc.
2.798% due 10/20/2003 (g)		100		100
AT&T Wireless Services, Inc.
7.875% due 03/01/2011		100		81
British Telecom PLC
3.181% due 12/15/2003 (g)		1,900		1,904
8.125% due 12/15/2010 (g)		100		109
Commonwealth Edison Co.
2.547% due 09/30/2002 (g)		300		300
DTE Energy Co.
7.110% due 11/15/2038 (g)		500		509
Entergy Gulf States, Inc.
3.197% due 09/01/2004 (g)		3,400		3,406
France Telecom
2.585% due 07/16/2003 (g)		200		200
3.636% due 03/14/2003 (g)		4,800		4,808
7.750% due 03/01/2011		200		183
Indiana Michigan Power Co.
2.522% due 09/03/2002 (g)		100		100
Kerr-McGee Corp.
2.797% due 06/28/2004 (g)		300		300
Pacific Gas & Electric Co.
1.000% due 10/31/2049 (h) (g)		400		394
Philadelphia Electric
6.500% due 05/01/2003		100		103
PSE&G Power LLC
7.750% due 04/15/2011		5,700		6,035
Sprint Capital Corp.
6.000% due 01/15/2007		100		78
8.125% due 07/15/2002		150		150
8.375% due 03/15/2012		3,200		2,655
8.750% due 03/15/2032		14,000		10,551
Telekomunikacja Polska SA
7.125% due 12/10/2003		100		96
Texas Utilities Corp.
2.486% due 06/15/2003 (g)		3,000		3,004
Verizon Global Funding Corp.
6.125% due 06/15/2007		3,700		3,687

See accompanying notes

Schedule of Investments (Cont.)

Total Return Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Williams Cos., Inc.
7.875% due 09/01/2021	$	5,500	$	4,395

				43,148

Total Corporate Bonds & Notes (Cost $136,429)				129,623

MUNICIPAL BONDS & NOTES 1.6%
California 0.3%
California State Department of Water Resources Center Valley Project Revenue Bonds, (FGIC Insured), Series 2002 5.500% due 12/01/2022 (g)		1,800		1,958

New York 0.2%
New York State Environmental Facilities Corporate Revenue Bonds, Series 2002 5.125% due 06/15/2023 (g)		850		861
New York State Metropolitan Transitional Authority Revenue Bonds, (AMBAC Insured), Series 2002 5.125% due 11/15/2020 (g)		200		215

				1,076

North Carolina 0.4%
Durham County, North Carolina General Obligation Revenue Bonds, Series 2002 0.990% due 04/01/2021 (g)		2,733		2,830

Texas 0.2%
San Antonio, Texas Water Revenue Bonds, (FSA Insured), Series 2002 5.000% due 05/15/2028 (g)		1,500		1,447

Wisconsin 0.5%
Badger Asset Securitization Corporate Revenue Bonds, Series 2002 6.000% due 06/01/2017		3,700		3,669

Total Municipal Bonds & Notes (Cost $10,793)				10,980

U.S. GOVERNMENT AGENCIES 2.9%
Small Business Administration
6.030% due 02/01/2012		14,919		15,085
6.290% due 01/01/2021		380		396
7.449% due 08/01/2010		97		105
7.500% due 04/01/2017		3,511		3,844

Total U.S. Government Agencies (Cost $19,010)				19,430

U.S. TREASURY OBLIGATIONS 1.1%
Treasury Inflation Protected Securities (j)
3.375% due 01/15/2007 (b)		454		472
3.375% due 01/15/2012		2,025		2,076
3.625% due 07/15/2002 (b)		168		168
3.875% due 01/15/2009		2,192		2,327
4.250% due 01/15/2010		2,137		2,320

Total U.S. Treasury Obligations (Cost $7,381)				7,363

MORTGAGE-BACKED SECURITIES 52.6%
Collateralized Mortgage Obligations 14.6%
Aurora Loan Services
2.540% due 05/25/2030 (g)		923		923
Bank of America Mortgage Securities, Inc.
7.500% due 02/25/2031		4		4
Bear Stearns Adjustable Rate Mortgage Trust
4.922% due 11/25/2030 (g)		55		57
6.123% due 12/25/2031 (g)		693		707
6.174% due 12/25/2031 (g)		1,154		1,178
6.274% due 01/25/2032 (g)		2,387		2,454
6.539% due 10/25/2031		1,233		1,260
6.679% due 11/25/2031 (g)		1,421		1,452
7.459% due 12/25/2030 (g)		649		655
7.493% due 12/25/2030 (g)		125		126
Cendant Mortgage Corp.
2.490% due 08/25/2030 (g)		558		559
Chase Mortgage Finance Corp.
6.221% due 07/25/2032		2,300		2,345
Countrywide Alternative Loan Trust
8.000% due 07/25/2030		63		63
Countrywide Home Loans
6.500% due 08/25/2032 (g)		1,500		1,531
Credit-Based Asset Servicing and Securitization
2.250% due 09/25/2029 (g)		293		294
CS First Boston Mortgage Securities Corp.
6.250% due 04/25/2032 (g)		1,266		1,294
6.750% due 12/27/2028		100		103
DLJ Commercial Mortgage Corp.
2.241% due 07/05/2008 (g)		731		731
Fannie Mae
5.000% due 04/25/2023 (g)		624		629
6.000% due 08/19/2017		7,000		7,112
6.750% due 08/21/2031		955		986
7.000% due 04/25/2023		11,377		12,191
First Horizon Asset Securities, Inc.
6.750% due 02/25/2031		740		759
First Nationwide Trust
7.750% due 07/25/2030		1,145		1,186
Freddie Mac
2.290% due 11/15/2030 (g)		728		726
2.340% due 09/15/2030 (g)		498		500
6.250% due 08/25/2022		7,200		7,536
6.500% due 04/15/2029		614		601
7.500% due 11/15/2016		313		327
7.500% due 07/15/2030		300		318
8.500% due 08/01/2024		121		130
GMAC Commercial Mortgage Asset Corp.
2.140% due 06/01/2005 (g)		238		238
GMAC Commercial Mortgage Securities, Inc.
2.412% due 09/11/2006 (g)		2,000		1,800
Government National Mortgage Association
2.240% due 06/20/2030 (g)		75		75
2.340% due 09/20/2030 (g)		547		549
7.500% due 11/20/2029		482		508
G-Wing Ltd.
4.500% due 05/06/2004 (g)		1,800		1,800
Indymac Adjustable Rate Mortgage Trust
6.434% due 01/25/2032 (g)		423		435
Morgan Stanley Dean Witter Capital I
2.140% due 07/11/2011 (g)		1,282		1,277
PNC Mortgage Securities Corp.
7.500% due 02/25/2031		313		323
Resecuritization Mortgage Trust
6.500% due 04/19/2029		241		248
Residential Asset Securitization Trust
7.130% due 07/25/2031		3,400		3,506
Residential Funding Mortgage Securities I
6.500% due 12/25/2023		7,766		7,872
Salomon Brothers Mortgage Securities VII
2.240% due 09/25/2029 (g)		514		516
7.602% due 11/25/2030		48		49
Small Business Investment Cos.
6.344% due 08/10/2011		2,577		2,655
8.017% due 02/10/2010		809		900

Schedule of Investments (Cont.)

Total Return Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Structured Asset Securities Corp.
2.110% due 06/25/2032 (g)	$	6,560	$	6,558
2.130% due 02/25/2032 (g)		1,680		1,681
2.168% due 08/30/2032 (g)		1,400		1,400
2.300% due 05/25/2031 (g)		602		607
5.800% due 09/25/2031		768		778
6.150% due 07/25/2032 (g)		1,300		1,332
6.307% due 02/25/2032		1,453		1,468
6.500% due 09/25/2031		621		626
7.000% due 02/25/2016		201		208
Superannuation Members Home Loans Global Fund
2.141% due 06/15/2026 (g)		763		765
Torrens Trust
2.100% due 07/15/2031 (g)		1,977		1,980
Washington Mutual, Inc.
4.494% due 01/25/2041 (g)		101		102
6.399% due 10/19/2039		8,100		8,399
Wells Fargo Mortgage-Backed Securities Trust
6.669% due 10/25/2031		1,412		1,442

				98,834

Fannie Mae 34.8%
4.187% due 09/01/2040 (g)		542		551
4.602% due 11/01/2035 (g)		1,037		1,056
4.683% due 10/01/2032 (g)		5,205		5,299
5.500% due 01/01/2017-07/18/2017 (i)		1,988		1,991
6.000% due 03/01/2016-07/18/2017 (i)		219,505		224,127
6.639% due 09/01/2039 (g)		2,200		2,296
6.983% due 11/01/2025 (g)		10		10
7.430% due 01/25/2023		544		552

				235,882

Freddie Mac 1.5%
5.320% due 07/01/2027 (g)		16		16
6.630% due 01/01/2028 (g)		19		20
7.000% due 06/15/2023		9,371		10,018
7.811% due 07/01/2030 (g)		43		45

				10,099

Government National Mortgage Association 1.7%
4.500% due 02/20/2032		6,405		6,482
5.500% due 05/20/2030 (g)		101		102
6.000% due 02/15/2029-07/20/2030 (i) (g)		3,758		3,834
6.375% due 04/20/2026-02/20/2027 (i) (g)		720		734
7.500% due 07/15/2029-10/15/2031 (i)		168		177

				11,329

Total Mortgage-Backed Securities (Cost $350,913)				356,144

ASSET-BACKED SECURITIES 6.9%
Ace Securities Corp.
2.180% due 06/25/2032 (g)		1,400		1,400
Ameriquest Mortgage Securities, Inc.
2.140% due 07/15/2030 (g)		128		128
2.160% due 06/15/2030 (g)		31		31
Asset-Backed Securities Home Equity Corp.
2.080% due 06/15/2031 (g)		0		0
Bayview Financial Acquisition Trust
2.120% due 07/25/2031 (g)		147		147
2.230% due 07/25/2030 (g)		58		58
Bayview Financial Asset Trust
2.240% due 04/25/2031 (g)		210		210
Conseco Finance
2.210% due 10/15/2031 (g)		597		599
Conseco Finance Securitizations Corp.
3.220% due 09/01/2023		4,152		4,177
Conseco Private Label Credit Card
2.120% due 11/17/2008 (g)		1,300		1,304
Conseco Recreational Enthusiast Consumer Trust
7.562% due 10/15/2007		42		43
CS First Boston Mortgage Securities Corp.
2.100% due 12/15/2030 (g)		567		567
2.190% due 08/25/2031 (g)		4,791		4,778
EMC Mortgage Loan Trust
2.210% due 05/25/2040 (g)		4,060		4,068
GRMT II Mortgage Loan Trust
2.107% due 06/20/2032 (g)		233		233
Home Equity Mortgage Trust
6.117% due 06/25/2032 (g)		13,400		13,678
Household Finance Corp.
2.138% due 05/20/2032 (g)		1,500		1,500
Irwin Home Equity Loan Trust
2.130% due 06/25/2029 (g)		1,300		1,300
2.215% due 06/25/2021 (g)		37		37
Marriott Vacation Club Owner Trust
2.190% due 09/20/2017 (g)		64		64
Morgan Stanley Dean Witter Capital I
2.170% due 07/25/2032 (g)		2,900		2,900
NPF XII, Inc.
2.393% due 06/01/2004 (g)		1,800		1,800
Providian Gateway Master Trust
2.175% due 03/16/2009 (g)		300		294
Residential Asset Mortgage Products, Inc.
7.610% due 12/25/2027		440		449
Structured Product Asset Trust
5.054% due 06/20/2004 (g)		2,250		2,250
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013		5,000		5,002

Total Asset-Backed Securities (Cost $46,975)				47,017

SOVEREIGN ISSUES 3.0%
Province of Quebec
7.500% due 09/15/2029		75		86
Republic of Brazil
3.187% due 04/15/2006 (g)		3,072		2,442
8.000% due 04/15/2014 (g)		493		311
11.000% due 01/11/2012		2,300		1,397
11.000% due 08/17/2040		2,600		1,462
11.500% due 03/12/2008		2,300		1,570
Republic of Egypt
8.750% due 07/11/2011 (g)		2,000		1,945
Republic of Panama
4.500% due 07/17/2014		370		311
9.625% due 02/08/2011		800		778
Republic of Peru
9.125% due 02/21/2012		500		454
Republic of South Africa
7.375% due 04/25/2012		800		793
9.125% due 05/19/2009		500		558
United Mexican States
8.300% due 08/15/2031		1,900		1,853
8.375% due 01/14/2011		300		312
9.875% due 02/01/2010		100		112
11.375% due 09/15/2016		5,100		6,286

Total Sovereign Issues (Cost $ 22,975)				20,670

See accompanying notes

Schedule of Investments (Cont.)

Total Return Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
SHORT-TERM INSTRUMENTS 24.2%
Commercial Paper 22.7%
Abbey National North America
1.790% due 09/09/2002	$	1,000	$	1,000
ABN AMRO Mortgage Corp.
1.770% due 09/16/2002		1,700		1,693
AT&T Corp.
3.720% due 04/18/2003 (g)		6,500		6,305
CDC
1.760% due 07/25/2002		2,200		2,196
Danske Corp.
1.760% due 08/12/2002		25,000		24,949
1.780% due 08/05/2002		3,000		2,995
Fannie Mae
1.865% due 08/21/2002		14,700		14,661
1.900% due 08/28/2002		12,000		11,963
1.910% due 09/04/2002		4,700		4,684
Freddie Mac
1.760% due 08/01/2002 (b)		330		329
1.870% due 08/15/2002		7,700		7,682
1.985% due 08/15/2002		3,800		3,791
2.085% due 09/12/2002		3,200		3,188
Halifax PLC
1.790% due 07/29/2002		3,800		3,795
Lloyds TSB Bank PLC
1.770% due 08/15/2002		30,000		29,934
National Australia Funding, Inc.
1.770% due 07/02/2002		5,000		4,993
Pfizer, Inc.
1.750% due 07/22/2002		5,500		5,494
Shell Finance
1.850% due 08/21/2002		3,500		3,491
Svenska Handelsbank
1.795% due 08/19/2002		2,000		1,995
UBS Finance, Inc.
1.770% due 08/28/2002		18,000		17,962

				153,100

Repurchase Agreement 1.0%
State Street Bank
1.550% due 07/01/2002 (Dated 06/28/2002. Collateralized by Fannie Mae 5.375% due 11/15/2011 valued at $7,070. Repurchase proceeds are $6,928.)		6,927		6,927

U.S. Treasury Bills 0.5%
1.661% due 08/15/2002		3,535		3,527

Total Short-Term Instruments
(Cost $163,747)				163,554

Total Investments (a) 111.5%
(Cost $758,223)				754,781
Written Options (c) (0.2%)				(1,322	)
(Premiums $1,741)
Other Assets and Liabilities (Net) (11.3%)				(76,762	)

Net Assets 100.0%			$	676,697

Notes to Schedule of Investments (amounts in thousands):

(a)

At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost.	$	7,165
Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.		(10,607	)

Unrealized depreciation-net	$	(3,442	)

(b)

Securities with an aggregate market value of $3,499 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Euro-Bobl 5 Year Note (09/2002)	727	$	665
EuroBond 10 Year Note (09/2002)	387		322
Euribor Futures (03/2003)	206		62
U.S. Treasury 10 Year Note (09/2002)	389		903
Eurodollar September Futures (09/2002)	4		10
Eurodollar December Futures (12/2002)	134		67
Eurodollar March Futures (03/2003)	27		55

		$	2,084

(c)

Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @5.970% Exp. 10/04/2004	6,400,000	$	257	$	236
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000% Exp. 10/19/2004	1,700,000		69		71
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000% Exp. 10/19/2004	1,700,000		69		64
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.970% Exp. 10/04/2004	6,400,000		257		268
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.500% Exp. 01/07/2005	3,900,000		95		97
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 7.000% Exp. 01/07/2005	3,900,000		132		97
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.400% Exp. 08/23/2002	6,400,000		44		84
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.400% Exp. 08/23/2002	4,100,000		30		55
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.300% Exp. 08/23/2002	1,500,000		10		15
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.300% Exp. 08/23/2002	1,500,000		10		15
Put—CME Eurodollar September Futures
Strike @ 96.500 Exp. 09/16/2002	31		24		0
Put—CME Eurodollar September Futures
Strike @ 97.250 Exp. 09/16/2002	88		58		1
Put—CME Eurodollar September Futures
Strike @ 96.750 Exp. 09/16/2002	13		7		0
Put—CME Eurodollar December Futures
Strike @ 96.000 Exp. 12/16/2002	45		41		1

See accompanying notes

Type	# of Contracts	Premium		Value
Put—CME Eurodollar December Futures Strike @ 96.500 Exp. 12/16/2002	631	$	495	$	24
Call—CBOT U.S. Treasury Note September Futures Strike @ 107.000 Exp. 08/24/2002	204		138		286
Call—CBOT U.S. Treasury Note September Futures Strike @ 108.000 Exp. 08/24/2002	8		5		8

		$	1,741	$	1,322


(d) Swap agreements outstanding at June 30, 2002:
Type		Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR
Broker: UBS-Warburg Exp. 03/15/2032	EC		1,100	$	22
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR
Broker: Goldman Sachs Exp. 03/15/2017			4,000		18
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032			1,500		28
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR
Broker: UBS-Warburg Exp. 03/15/2017			500		3
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%
Broker: UBS-Warburg Exp. 03/15/2032	BP		600		(12	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032			900		(5	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%
Broker: Goldman Sachs Exp. 03/15/2017			1,700		6
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017			300		0
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%
Broker: UBS-Warburg Exp. 03/15/2017			700		(1	)
Receive a fixed rate equal to 1.150% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011
Broker: Goldman Sachs Exp. 04/23/2003		$	400	$	(3	)

				$	56


(e) Foreign forward currency contracts outstanding at June 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Sell	BP	528	07/2002	$	(35	)
Buy	EC	31,689	07/2002		3,088

Sell		20,703	07/2002		(832	)
Buy	JY	310,211	07/2002		216
Sell		310,211	07/2002		(237	)

				$	2,200


(f) Principal amount denoted in Indicated currency:

BP—British Pound

EC—Euro

JY—Japanese Yen

(g)

Variable rate security. The rate listed is as of June 30, 2002.

(h)

Security is in default.

(i)

Securities are grouped by coupon or range of coupons and represent a range of maturities.

(j)

Principal amount of security is adjusted for inflation.

See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The Total Return Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Trust. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on December 31, 1997.

2. Significant Accounting Policies

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific

expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

3. Fees, Expenses, and Related Party Transactions

		Institutional Class		Administrative Class
Total Return Portfolio		0.50%		0.65%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
Total Return Portfolio	$	675,064	$	533,907	$	169,962	$	99,384

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

	Total Return Portfolio
	Premium
Balance at 12/31/2001	$	3,668
Sales		3,516
Closing Buys		(620	)
Expirations		(4,823	)
Exercised		0

Balance at 06/30/2002	$	1,741

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Total Return Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	748		$	7,456		3,884		$	38,223
Administrative Class	35,450			354,135		32,859			328,425
Issued as reinvestment of distributions
Institutional Class	78			782		225			2,227
Administrative Class	989			9,892		1,459			14,473
Cost of shares redeemed
Institutional Class	(877	)		(8,766	)	(611	)		(6,077	)
Administrative Class	(6,000	)		(59,987	)	(6,353	)		(63,201	)

Net increase resulting from Portfolio share transactions	30,388		$	303,512		31,463		$	314,070

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Total Return Portfolio
Administrative Class	6	80
Institutional Class	2	100

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

LOW DURATION PORTFOLIO

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents

Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Schedule of Investments		7-8
Notes to Financial Statements		9

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Low Duration Portfolio

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum total return, consistent with preservation of capital and prudent investment management.	2.0 years	$9.1 million

	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
PORTFOLIO:	4/10/2000	William H. Gross
Primarily short maturity fixed income securities.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002
	6 Months	1 Year	Since Inception*

Low Duration Portfolio Institutional Class	3.42%	7.40%	7.85%
Merrill Lynch 1-3 Year Treasury Index	2.38%	6.65%	—

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

PORTFOLIO INSIGHTS

•

The Low Duration Portfolio Institutional Class returned 3.42% during the six-month period ended June 30, 2002, compared to a 2.38% return for the benchmark Merrill Lynch 1-3 Year Treasury Index.

•

An above-benchmark duration aided performance as short term rates fell.

•

Mortgage holdings enhanced returns, as prepayments were lower than anticipated.

•

An investment-grade corporate emphasis modestly detracted from performance in response to corporate governance and transparency worries.

•

Limited holdings in non-investment-grade securities were negative due to cash outflows from the sector amid concerns about credit quality.

•

An increased allocation to non-U.S. bonds hurt performance as the flight to safety in the second quarter caused U.S. rates to fall most.

•

Euro exposure helped returns; the euro gained vs. the dollar amid a decline in demand for U.S. assets, mainly stocks.

•

Emerging market bonds detracted from returns as Brazil’s problems adversely affected the entire asset class.

Financial Highlights

Low Duration Portfolio (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (c)			12/31/2001			04/10/2000 –12/31/2000
Net asset value beginning of period	$	9.95		$	9.82		$	9.70
Net investment income (a)		0.19			0.60			0.46
Net realized/unrealized gain on investments (a)		0.15			0.15			0.12
Total income from investment operations		0.34			0.75			0.58
Dividends from net investment income		(0.20	)		(0.56	)		(0.46	)
Distributions from net realized capital gains		0.00			(0.06	)		0.00
Total Distributions		(0.20	)		(0.62	)		(0.46	)
Net asset value end of period	$	10.09		$	9.95		$	9.82
Total return		3.42	%		7.77	%		6.13	%
Net assets end of period (000s)	$	10		$	468		$	5,430
Ratio of net expenses to average net assets		0.50	%*		0.55	%(b)		0.50	%*
Ratio of net investment income to average net assets		3.89	%*		5.99	%		6.49	%*
Portfolio turnover rate		216	%		661	%		165	%

Annualized

(a)

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

(b)

Ratio of net expenses to average net assets excluding interest expense is 0.50%.

(c)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Low Duration Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	10,236
Cash		1
Foreign currency, at value		19
Receivable for investments sold and forward foreign currency contracts		1,028
Interest and dividends receivable		56

		11,340

Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	2,174
Payable for financing transactions		14
Written options outstanding		1
Payable for Fund shares redeemed		43
Accrued investment advisory fee		2
Accrued administration fee		2
Accrued servicing fee		1
Variation margin payable		1
Other liabilities		2

		2,240

Net Assets	$	9,100

Net Assets Consist of:
Paid in capital	$	8,997
Undistributed (overdistributed) net investment income		(7	)
Accumulated undistributed net realized gain		66
Net unrealized appreciation		44

	$	9,100

Net Assets:
Institutional Class	$	10
Administrative Class		9,090

Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		901

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.09
Administrative Class		10.09

Cost of Investments Owned	$	10,194
Cost of Foreign Currency Held	$	19

See accompanying notes

Statement of Operations

Low Duration Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	154

Total Income		154

Expenses:
Investment advisory fees		9
Administration fees		8
Distribution and/or servicing fees—Administrative Class		5
Interest expense		1

Total Expenses		23

Net Investment Income		131

Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		100
Net realized gain on futures contracts, written options, and swaps		8
Net realized gain on foreign currency transactions		4
Net change in unrealized (depreciation) on investments		(15	)
Net change in unrealized appreciation on futures contracts, written options, and swaps		4
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(8	)

Net Gain		93

Net Increase in Assets Resulting from Operations	$	224

See accompanying notes

Statements of Changes in Net Assets

Low Duration Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002 (unaudited)			Year Ended December 31, 2001
Operations:
Net investment income	$	131		$	350
Net realized gain		112			59
Net change in unrealized appreciation (depreciation)		(19	)		64

Net increase resulting from operations		224			473

Distributions to Shareholders:
From net investment income
Institutional Class		(1	)		(205	)
Administrative Class		(130	)		(145	)
From net realized capital gains
Institutional Class		0			(3	)
Administrative Class		0			(29	)

Total Distributions		(131	)		(382	)

Fund Share Transactions:
Receipts for shares sold
Institutional Class		0			0
Administrative Class		4,147			4,669
Issued as reinvestment of distributions
Institutional Class		1			208
Administrative Class		130			174
Cost of shares redeemed
Institutional Class		(460	)		(5,270	)
Administrative Class		(454	)		(401	)

Net increase (decrease) resulting from Fund share transactions		3,364			(620	)

Total Increase (Decrease) in Net Assets		3,457			(529	)

Net Assets:
Beginning of period		5,643			6,172
End of period*	$	9,100		$	5,643

*Including net (overdistributed) investment income of:	$	(7	)	$	(7	)

See accompanying notes

Schedule of Investments

Low Duration Portfolio

June 30, 2002 (Unaudited)

		Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 9.7%
Banking & Finance 3.3%
General Motors Acceptance Corp.
2.540% due 08/04/2003 (g)		$	200	$	199
Pemex Project Funding Master Trust
3.363% due 01/07/2005 (g)			100		100

					299

Industrials 2.7%
Conoco Funding Co.
5.450% due 10/15/2006			100		103
Witco Corp.
6.600% due 04/01/2003			150		149

					252

Utilities 3.7%
Appalachian Power Co.
4.800% due 06/15/2005			40		40
British Telecom PLC
3.181% due 12/15/2003 (g)			100		100
France Telecom
7.200% due 03/01/2006			100		96
Pacific Gas & Electric Co.
1.000% due 10/31/2049 (g)(h)			100		99

					335

Total Corporate Bonds & Notes (Cost $889)					886

U.S. TREASURY OBLIGATIONS 1.9%
Treasury Inflation Protected Securities
3.625% due 07/15/2002 (j)			168		168

Total U.S. Treasury Obligations (Cost $168)					168

MORTGAGE-BACKED SECURITIES 65.4%
Collateralized Mortgage Obligations 34.3%
Bank of America Mortgage Securities, Inc.
6.234% due 07/25/2031 (g)			57		58
Bear Stearns Adjustable Rate Mortgage Trust
6.230% due 06/28/2032			100		102
6.281% due 01/25/2032 (g)			70		72
Collateralized Mortgage Securities Corp.
10.950% due 02/01/2014			493		494
Credit-Based Asset Servicing & Securitization
2.158% due 06/25/2032 (g)			24		24
CS First Boston Mortgage Securities Corp.
2.478% due 03/25/2032 (g)			97		97
4.370% due 12/19/2039			89		89
Fannie Mae
6.000% due 08/19/2017			1,000		1,016
Federal Housing Administration
6.390% due 10/01/2020			407		412
First Horizon Asset Securities, Inc.
6.750% due 02/25/2031			21		21
Freddie Mac
2.190% due 07/15/2028 (g)			52		52
General Electric Capital Mortgage Services, Inc.
6.500% due 03/25/2024			250		255
Sequoia Mortgage Trust
2.180% due 05/20/2032			99		99
Structured Asset Securities Corp.
1.000% due 08/30/2032 (g)			20		20
2.150% due 10/25/2027 (g)			96		96
6.150% due 07/25/2032 (g)			20		20
6.750% due 07/25/2029			95		97
Washington Mutual, Inc.
4.494% due 01/25/2041 (g)			51		51
Wells Fargo Mortgage-Backed Securities Trust
7.000% due 02/25/2016			45		46

					3,121

Fannie Mae 31.1%
4.660% due 09/01/2040 (g)			99		100
6.000% due 08/01/2016-04/01/2017 (i)			2,675		2,733

					2,833

Total Mortgage-Backed Securities (Cost $5,915)					5,954

ASSET-BACKED SECURITIES 6.3%
CIT Group Home Equity Loan Trust
2.110% due 06/25/2033 (g)			100		100
Equity One ABS, Inc.
2.120% due 11/25/2032 (g)			97		97
Home Equity Mortgage Trust
2.170% due 11/25/2032 (g)			100		100
6.117% due 06/25/2032 (g)			50		51
Household Finance Corp.
1.000% due 05/20/2032 (g)			21		21
Irwin Home Equity Loan Trust
2.130% due 06/25/2029 (g)			23		23
Morgan Stanley Dean Witter Capital I
2.170% due 07/25/2032 (g)			45		45
Oakwood Mortgage Investors, Inc.
2.140% due 03/15/2014 (g)			32		32
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013			100		100

Total Asset-Backed Securities (Cost $569)					569

SOVEREIGN ISSUES 1.0%
Republic of Brazil
3.062% due 04/15/2006 (g)			109		86

Total Sovereign Issues (Cost $101)					86

FOREIGN CURRENCY-DENOMINATED(e)(f) 0.1%
Republic of Germany
4.250% due 03/14/2003	EC		10		10

Total Foreign Currency-Denominated (Cost $10)					10

PURCHASED CALL OPTIONS 0.5%
Euro vs. U.S. Dollar (OTC)
Strike @ 0.850 Exp. 07/11/2002		$	327		45

Total Purchased Call Options (Cost $24)					45

CONVERTIBLE BONDS & NOTES 4.4%
Banking & Finance 4.4%
Verizon Global Funding
5.750% due 04/01/2003			400		404

Total Convertible Bonds & Notes (Cost $404)					404

SHORT-TERM INSTRUMENTS 23.2%
Commercial Paper 21.9%
Abbey National North America
1.790% due 09/09/2002			300		299
ABN AMRO Mortgage Corp.
1.770% due 09/16/2002			300		299
CDC
1.760% due 07/25/2002			400		399
Danske Corp.
1.800% due 09/06/2002			300		300
Federal Home Loan Bank
1.740% due 07/24/2002			400		399

See accompanying notes

	Principal Amount (000s)		Value (000s)
Halifax PLC
1.790% due 07/29/2002	$	300	$	300

				1,996

Repurchase Agreement 1.2%
State Street Bank
1.550% due 07/01/2002		108		108
(Dated 06/28/2002. Collateralized by Freddie Mac 3.375% due 11/15/2004 valued at $111. Repurchase proceeds are $108.)

U.S. Treasury Bills 0.1%
1.740% due 08/15/2002 (b)		10		10

Total Short-Term Instruments (Cost $2,114)				2,114

Total Investments (a) 112.5% (Cost $10,194)			$	10,236
Written Options (c) (0.0%) (Premiums $5)				(1	)
Other Assets and Liabilities (Net) (12.5%)				(1,135	)

Net Assets 100.0%			$	9,100

Notes to Schedule of Investments (amounts in thousands):

(a)

At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost.	$	69
Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.		(27	)

Unrealized appreciation-net	$	42

(b)

Securities with an aggregate market value of $178 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Euro-Bobl 5 Year Note (09/2002)	6	$	4
Euribor Futures (03/2003)	4		1

		$	5

(c)

Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.300% Exp. 08/23/2002	100,000	$	1	$	1
Put—CME Eurodollar September Futures Strike @ 97.250 Exp. 09/16/2002	1		0		0
Put—CME Eurodollar December Futures Strike @ 96.000 Exp. 12/16/2002	6		3		0
Put—CME Eurodollar December Futures Strike @ 96.500 Exp. 12/16/2002	1		1		0

		$	5	$	1

(d)

Swap agreements outstanding at June 30, 2002:

Type		Notional Amount	Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley
Exp. 03/15/2032	BP	100	$	(4	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.805%.
Broker: Morgan Stanley
Exp. 01/11/2011	JY	4,000		(2	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co.
Exp. 03/15/2032	EC	200		4

			$	(2	)

(e)

Foreign forward currency contracts outstanding at June 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Buy	EC	306	07/2002	$	20
Sell		497	07/2002		(24	)
Buy	JY	238	07/2002		0

				$	(4	)

(f)

Principal amount denoted in indicated currency:

BP — British Pound

EC — Euro

JY — Japanese Yen

(g)

Variable rate security. The rate listed is as of June 30, 2002.

(h)

Security is in default.

(i)

Securities are grouped by coupon or range of coupons and represent a range of maturities.

(j)

Principal amount of security is adjusted for inflation.

See accompanying notes

Notes to Financial Statements

June 30, 2002

1. Organization

The Low Duration Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Trust. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on February 16, 1999.

2. Significant Accounting Policies

3. Fees, Expenses, and Related Party Transactions

		Institutional Class		Administrative Class
Low Duration Portfolio		0.50%		0.65%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. GovernmentAgency				All Other
	Purchases		Sales		Purchases		Sales
Low Duration Portfolio	$	13,370	$	13,236	$	1,765	$	420

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

Low Duration Portfolio
	Premium
Balance at 12/31/2001	$	0
Sales		5
Closing Buys		0
Expirations		0
Exercised		0

Balance at 06/30/2002	$	5

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Low Duration Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	413			4,147		467			4,669
Issued as reinvestment of distributions
Institutional Class	0			1		21			208
Administrative Class	13			130		17			174
Cost of shares redeemed
Institutional Class	(46	)		(460	)	(527	)		(5,270	)
Administrative Class	(45	)		(454	)	(40	)		(401	)

Net increase (decrease) resulting from Portfolio share transactions	335		$	3,364		(62	)	$	(620	)

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Low Duration Portfolio
Administrative Class	2	93
Institutional Class	1	100

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

SHORT-TERM PORTFOLIO

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Schedule of Investments		7-8
Notes to Financial Statements		9

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Short-Term Portfolio

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum current income, consistent with preservation of capital and daily liquidity.	0.7 years	$7.9 million

	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
PORTFOLIO:	4/28/2000	Paul A. McCulley
Primarily money market instruments and short maturity fixed income securities.

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $10,000 on 5/01/2000, the first full month following the Portfolio’s inception on 4/28/2000, compared to the Salomon 3-Month Treasury Bill Index, an unmanaged market index. It is not possible to invest directly in the index. Whereas money market funds attempt to maintain a stable share price, the Short-Term Portfolio’s share price will fluctuate in response to market conditions. The Portfolio may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political uncertainty.

PORTFOLIO INSIGHTS

The total return performance of the Short-Term Portfolio was 1.25% for the six-month period ended June 30, 2002, versus a return of 0.87% for the benchmark Salomon 3-Month Treasury Bill Index.

A longer than effective benchmark portfolio duration was positive for returns as short-term rates fell.

High relative yields provided by mortgages enhanced performance.

Corporate holdings provided attractive yields but detracted from returns overall due to adverse price performance, particularly in the telecom sector.

Modest high yield holdings were negative amid anxiety about weak profits, excess capacity and corporate scandals.

Asset-backed securities helped returns as investors sought their strong collateral protection and premium yields.

Modest emerging market holdings detracted from returns as political concerns in Brazil adversely affected the entire sector.

Financial Highlights

Short-Term Portfolio (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (d)			12/31/2001			04/28/2000 – 12/31/2000
Net asset value beginning of period	$	10.08		$	10.01		$	10.00
Net investment income (a)		0.15			0.53			0.45
Net realized/unrealized gain (loss) on investments (a)		(0.03	)		0.12			0.01
Total income from investment operations		0.12			0.65			0.46
Dividends from net investment income		(0.15	)		(0.54	)		(0.45	)
Distributions from net realized capital gains		0.00			(0.04	)		0.00
Total distributions		(0.15	)		(0.58	)		(0.45	)
Net asset value end of period	$	10.05		$	10.08		$	10.01
Total return		1.25	%		6.59	%		4.64	%
Net assets end of period (000s)	$	4,515		$	4,093		$	3,388
Ratio of net expenses to average net assets		0.45	%*		0.47	%(b)(c)		0.45	%*
Ratio of net investment income to average net assets		3.09	%*		5.30	%		6.56	%*
Portfolio turnover rate		36	%		94	%		281	%

Annualized

(a)

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

(b)

Ratio of net expenses to average net assets excluding interest expense is 0.45%.

(c)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.46% for the period ended December 31, 2001.

(d)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Short-Term Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	7,752
Cash		1
Receivable for investments sold		107
Receivable for Portfolio shares sold		3
Interest and dividends receivable		62

		7,925

Liabilities:
Written options outstanding	$	10
Accrued investment advisory fee		2
Accrued administration fee		1

		13

Net Assets	$	7,912

Net Assets Consist of:
Paid in capital	$	7,896
Undistributed net investment income		12
Accumulated undistributed net realized (loss)		(15	)
Net unrealized appreciation		19

	$	7,912

Net Assets:
Institutional Class	$	4,515
Administrative Class		3,397

Shares Issued and Outstanding:
Institutional Class		448
Administrative Class		338

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.05
Administrative Class		10.05

Cost of Investments Owned	$	7,761

See accompanying notes

Statement of Operations

Short-Term Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	120

Total Income		120

Expenses:
Investment advisory fees		8
Administration fees		7
Distribution and/or servicing fees—Administrative Class		2

Total Expenses		17

Net Investment Income		103

Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(19	)
Net realized (loss) on futures contracts, written options, and swaps		(1	)
Net change in unrealized (depreciation) on investments		(23	)
Net change in unrealized appreciation on futures contracts, written options, and swaps		30

Net (Loss)		(13	)

Net Increase in Assets Resulting from Operations	$	90

See accompanying notes

Statements of Changes in Net Assets

Short-Term Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002			Year Ended December 31, 2001
	(unaudited)
Operations:
Net investment income	$	103		$	227
Net realized gain (loss)		(20	)		30
Net change in unrealized appreciation		7			16

Net increase resulting from operations		90			273

Distributions to Shareholders:
From net investment income
Institutional Class		(65	)		(195	)
Administrative Class		(38	)		(32	)
From net realized capital gains
Institutional Class		0			(15	)
Administrative Class		0			(5	)

Total Distributions		(103	)		(247	)

Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		376			480
Administrative Class		2,036			2,158
Issued as reinvestment of distributions
Institutional Class		65			209
Administrative Class		38			38
Cost of shares redeemed
Institutional Class		(8	)		(8	)
Administrative Class		(358	)		(552	)

Net increase resulting from Portfolio share transactions		2,149			2,325

Total Increase in Net Assets		2,136			2,351

Net Assets:
Beginning of period		5,776			3,425
End of period*	$	7,912		$	5,776

*Including net undistributed investment income of:	$	12		$	12

See accompanying notes

Schedule of Investments

Short-Term Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 52.0%
Banking & Finance 15.1%
Bank One Corp.
6.375% due 10/01/2002	$	85	$	86
Bear Stearns Co., Inc.
2.264% due 09/21/2004 (e)		100		100
Boeing Capital Corp.
1.960% due 09/27/2002 (e)		100		100
CIT Group, Inc.
2.931% due 04/07/2003 (e)		100		98
Ford Motor Credit Co.
2.170% due 06/20/2003 (e)		100		99
2.690% due 03/08/2004 (e)		100		99
General Motors Acceptance Corp.
2.010% due 08/18/2003 (e)		104		103
2.610% due 05/17/2004 (e)		100		100
Golden State Holdings
7.000% due 08/01/2003		100		104
Household Finance Corp.
2.515% due 08/07/2003 (e)		100		100
National Rural Utilities Cooperative Finance Corp.
2.940% due 04/26/2004 (e)		100		100
5.250% due 07/15/2004		100		103

				1,192

Industrials 17.0%
Conoco, Inc.
3.251% due 10/15/2002 (e)		0		0
Cox Communications, Inc.
6.500% due 11/15/2002		100		100
DaimlerChrysler North America Holding Corp.
2.230% due 08/16/2004 (e)		100		99
2.412% due 08/01/2003 (e)		200		200
Ingersoll-Rand Co.
5.750% due 02/14/2003		100		102
Kroger Co.
7.150% due 03/01/2003		100		103
Nabisco, Inc.
6.125% due 02/01/2033		100		102
R.J. Reynolds Tobacco Holdings, Inc.
7.375% due 05/15/2003		100		103
Raytheon Co.
6.450% due 08/15/2002		100		101
Safeway, Inc.
7.000% due 09/15/2002		150		151
Shell Oil Co.
6.700% due 08/15/2002		40		40
Time Warner, Inc.
7.975% due 08/15/2004		100		105
Waste Management, Inc.
6.500% due 12/15/2002		40		40
6.625% due 07/15/2002		100		100

				1,346

Utilities 19.9%
Allete, Inc.
3.240% due 10/20/2003 (e)		100		100
British Telecom PLC
3.182% due 12/15/2003 (e)		100		100
Carolina Power & Light Energy, Inc.
2.449% due 07/29/2002 (e)		100		100
Deutsche Telekom AG
7.750% due 06/15/2005		200		205
Entergy Mississippi, Inc.
7.750% due 02/15/2003		100		103
Indiana Michigan Power Co.
2.706% due 09/03/2002 (e)		100		100
Kinder Morgan, Inc.
6.450% due 03/01/2003		100		102
Ohio Edison Co.
7.375% due 09/15/2002		100		101
Public Service Electric & Gas Co.
7.190% due 09/06/2002		175		176
SCANA Corp.
2.477% due 07/15/2002 (e)		100		100
Sprint Capital Corp.
5.700% due 11/15/2003		150		133
TCI Communications, Inc.
8.250% due 01/15/2003		150		152
Texas Utilities Corp.
2.500% due 06/15/2003 (e)		100		100

				1,572

Total Corporate Bonds & Notes (Cost $4,121)				4,110

MORTGAGE-BACKED SECURITIES 19.1%
Collateralized Mortgage Obligations 11.7%
Bank of America Mortgage Securities, Inc.
6.374% due 07/25/2032 (e)		200		206
Bear Stearns Adjustable Rate Mortgage Trust
6.299% due 01/25/2032 (e)		70		72
CS First Boston Mortgage Securities Corp.
2.478% due 03/25/2032 (e)		292		292
Fannie Mae
6.500% due 10/25/2007		1		1
Freddie Mac
5.500% due 08/15/2004		38		39
6.500% due 04/15/2021		314		319

				929

Freddie Mac 3.6%
7.000% due 10/01/2002		18		18
9.500% due 12/01/2019		237		264

				282

Government National Mortgage Association 3.8%
5.000% due 02/20/2032 (e)		295		300

Total Mortgage-Backed Securities (Cost $1,501)				1,511

ASSET-BACKED SECURITIES 1.9%
Contimortgage Home Equity Loan Trust
2.020% due 04/15/2029 (e)		152		153

Total Asset-Backed Securities (Cost $152)				153

SOVEREIGN ISSUES 1.0%
Republic of Brazil
3.063% due 04/15/2006 (e)		96		76

Total Sovereign Issues (Cost $85)				76

PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 95.750 Exp. 12/16/2002		1,000		0

Total Purchased Put Options (Cost $0)				0

SHORT-TERM INSTRUMENTS 24.0%
Commercial Paper 21.4%
Anz Delaware, Inc.
1.760% due 09/05/2002		200		199
Danske Corp.
1.770% due 09/06/2002		100		100
Export Development Corp.
1.760% due 07/10/2002		300		300
Fannie Mae
1.910% due 09/04/2002		300		299
Federal Home Loan Bank
1.745% due 07/26/2002		500		499

See accompanying notes

Schedule of Investments (Cont.)

Short-Term Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
National Australia Funding, Inc.
1.790% due 07/02/2002	$	300	$	300

				1,697

Repurchase Agreement 1.7%
State Street Bank
1.550% due 07/01/2002		135		135
(Dated 06/28/2002. Collateralized by Federal Home Loan Bank 1.690% due 12/19/2003 valued at $139. Repurchase proceeds are $135.)

U.S. Treasury Bills 0.9%
1.702% due 08/15/2002 (b)		70		70

Total Short-Term Instruments (Cost $1,902)				1,902

Total Investments (a) 98.0% (Cost $7,761)			$	7,752

Written Options (c) (0.1%)				(10	)
(Premiums $14)

Other Assets and Liabilities (Net) 2.1%				170

Net Assets 100.0%			$	7,912

Notes to Schedule of Investments (amounts in thousands):

(a)

At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost.	$	22

Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.		(31	)

Unrealized depreciation—net	$	(9	)

(b)

Securities with an aggregate market value of $70 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Eurodollar December Futures (12/2002)	4	$	15
Eurodollar June Futures (06/2003)	4		8

		$	23

(c)

Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—CME Eurodollar March Futures Strike @ 96.750 Exp. 03/17/2003	7	$	7	$	4
Put—CME Eurodollar December Futures Strike @ 95.750 Exp. 12/16/2002	7		1		0
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.000 Exp. 01/07/2005	140,000		3		4
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 7.000 Exp. 01/07/2005	140,000		3		2

		$	14	$	10

(d)

Swap agreements outstanding at June 30, 2002:

Type	Notional Amount		Unrealized Appreciation
Receive a fixed rate equal to 0.410% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: Goldman Sachs
Exp. 06/07/2004	$	100	$	0
Receive a fixed rate equal to 0.950% and the Fund will pay to the counterparty at par in the event of default of Republic of South Africa 9.125% due 05/19/2009.
Broker: Goldman Sachs
Exp. 04/15/2003		30		0
Pay a fixed rate equal to 0.880% and the Fund will receive from the counterparty at par in the event of default of Republic of Bulgaria 2.813% due 07/28/2011.
Broker: Goldman Sachs
Exp. 04/15/2003		30		0
Receive a fixed rate equal to 1.450% and the Fund will pay to the counterparty at par in the event of default of Republic of Bulgaria 2.813% due 07/28/2011.
Broker: Goldman Sachs
Exp. 04/15/2004		30		0
Receive a fixed rate equal to 1.300% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs
Exp. 04/15/2003		30		0

			$	0

(e)

Variable rate security. The rate listed is as of June 30, 2002.

See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The Short-Term Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Trust. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on September 30, 1999.

2. Significant Accounting Policies

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific

expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Swaps. The Portfolio is authorized to enter into interest rate, total return, currency exchange, and credit default swap agreements in order to obtain a desired return at a lower cost than if the Portfolio had invested directly in the asset that yielded the desired return. Swaps involve commitments to exchange components of income (generally interest or returns) pegged to the underlying assets based on a notional principal amount. Swaps are marked to market daily based upon quotations from market makers and the change, if any, is recorded as unrealized gains or losses in the Statement of Operations. The Portfolio bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a counterparty. The Portfolios exposures to market risk in swap transaction (or credit risk in the case of credit default swaps) may exceed the unrealized appreciation (depreciation) on the transaction which is reported in the Statement of Assets and Liabilities. Such exposure is a function of the underlying notional value of the swap transaction.

3. Fees, Expenses, and Related Party Transactions

		Institutional Class			Administrative Class
Short-Term Portfolio		0.45	%		0.60	%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
Short-Term Portfolio	$	804	$	300	$	4,790	$	2,806

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

		Short-Term Portfolio
		Premium
Balance at 12/31/2001		$ 0
Sales		42
Closing Buys		(28)
Expirations		0
Exercised		0

Balance at 06/30/2002		$14

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Short-Term Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	37		$	376		48		$	480
Administrative Class	203			2,036		214			2,158
Issued as reinvestment of distributions
Institutional Class	6			65		21			209
Administrative Class	4			38		4			38
Cost of shares redeemed
Institutional Class	(1	)		(8	)	(1	)		(8	)
Administrative Class	(36	)		(358	)	(55	)		(552	)

Net increase resulting from Portfolio share transactions	213		$	2,149		231		$	2,325

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Short-Term Portfolio
Administrative Class	2	96
Institutional Class	4	95

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

TOTAL RETURN PORTFOLIO II

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Schedule of Investments		7-8
Notes to Financial Statements		9

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Total Return Portfolio II

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum total return, consistent with preservation of capital and prudent investment management.	4.2 years	$4.0 million

	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
PORTFOLIO:	4/10/2000	William H. Gross
Primarily intermediate maturity fixed income securities with quality and non-U.S . issuer restrictions.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002

	6 Months	1 Year	Since Inception*
Total Return Portfolio II Institutional Class	2.54%	9.14%	8.96%
Lehman Brothers Aggregate Bond Index	3.79%	8.63%	—

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

PORTFOLIO INSIGHTS

•

The Total Return Portfolio II Institutional Class returned 2.54% for the six-month period ended June 30, 2002. It’s benchmark, the Lehman Brothers Aggregate Bond Index, returned 3.79% over the same period.

•

Portfolio duration was near the benchmark throughout the period, and had no effect on relative performance.

•

An emphasis on shorter maturity securities was positive for returns as market expectation of near-term Federal Reserve tightening declined, which caused short-term interest rates to fall.

•

The Portfolio benefited from an overweight in mortgages, which provided a high quality source of additional yield.

•

The allocation to corporates hurt returns as accounting concerns caused investors to sell corporate bonds.

Financial Highlights

Total Return Portfolio II (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (c)			12/31/2001			04/10/2000 – 12/31/2000
Net asset value beginning of period	$	10.12		$	10.24		$	10.02
Net investment income(a)		0.19			0.50			0.50
Net realized/unrealized gain on investments(a)		0.07			0.49			0.22
Total income from investment operations		0.26			0.99			0.72
Dividends from net investment income		(0.20	)		(0.50	)		(0.50	)
Distributions from net realized capital gains		0.00			(0.61	)		0.00
Total distributions		(0.20	)		(1.11	)		(0.50	)
Net asset value end of period	$	10.18		$	10.12		$	10.24
Total return		2.54	%		9.88	%		7.41	%
Net assets end of period (000s)	$	1,199		$	3,845		$	3,499
Ratio of net expenses to average net assets		0.50	%*		0.50	%(b)		0.50	%*
Ratio of net investment income to average net assets		3.77	%*		4.71	%		6.90	%*
Portfolio turnover rate		242	%		606	%		937	%

Annualized

(a)

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

(b)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.51% for the period ended December 31, 2001.

(c)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Total Return Portfolio II

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	5,030
Receivable for investments sold and forward foreign currency contracts		511
Interest and dividends receivable		35
Variation margin receivable		2

		5,578

Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	1,542
Written options outstanding		20
Accrued investment advisory fee		1
Accrued administration fee		1
Variation margin payable		3
Other liabilities		13

		1,580

Net Assets	$	3,998

Net Assets Consist of:
Paid in capital	$	3,889
Undistributed net investment income		9
Accumulated undistributed net realized gain		108
Net unrealized (depreciation)		(8	)

	$	3,998

Net Assets:
Institutional Class	$	1,199
Administrative Class		2,799

Shares Issued and Outstanding:
Institutional Class		118
Administrative Class		275

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)

Institutional Class	$	10.18
Administrative Class		10.18

Cost of Investments Owned	$	5,048

See accompanying notes

Statement of Operations

Total Return Portfolio II

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	86

Total Income		86

Expenses:
Investment advisory fees		5
Administration fees		5
Distribution and/or servicing fees—Administrative Class		2

Total Expenses		12

Net Investment Income		74

Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		37
Net realized gain on futures contracts, written options, and swaps		76
Net change in unrealized (depreciation) on investments		(51	)
Net change in unrealized (depreciation) on futures contracts, written options, and swaps		(19	)

Net Gain		43

Net Increase in Assets Resulting from Operations	$	117

See accompanying notes

Statements of Changes in Net Assets

Total Return Portfolio II

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002			Year Ended December 31, 2001
	(unaudited)
Operations:
Net investment income	$	74		$	279
Net realized gain		113			307
Net change in unrealized depreciation		(70	)		(27	)

Net increase resulting from operations		117			559

Distributions to Shareholders:
From net investment income
Institutional Class		(25	)		(174	)
Administrative Class		(49	)		(105	)
From net realized capital gains
Institutional Class		0			(217	)
Administrative Class		0			(135	)

Total Distributions		(74	)		(631	)

Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		0			0
Administrative Class		485			1
Issued as reinvestment of distributions
Institutional Class		25			390
Administrative Class		49			241
Cost of shares redeemed
Institutional Class		(2,700	)		0
Administrative Class		(152	)		(14	)

Net increase (decrease) resulting from Portfolio share transactions		(2,293	)		618

Total Increase (Decrease) in Net Assets		(2,250	)		546

Net Assets:
Beginning of period		6,248			5,702
End of period*	$	3,998		$	6,248

*Including net undistributed investment income of:	$	9		$	9

See accompanying notes

Schedule of Investments

Total Return Portfolio II

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 14.6%
Banking & Finance 3.0%
Ford Motor Credit Co.
7.250% due 10/25/2011	$	100	$	100
General Electric Capital Corp.
6.125% due 02/22/2011		20		20

				120

Industrials 4.8%
AOL Time Warner, Inc.
7.625% due 04/15/2031		100		88
Weyerhaeuser Co.
7.375% due 03/15/2032		100		102

				190

Utilities 6.8%
Appalachian Power Co.
4.800% due 06/15/2005		20		20
Sprint Capital Corp.
7.625% due 01/30/2011		100		80
Verizon Pennsylvania
5.650% due 11/15/2011		100		92
Williams Cos., Inc.
7.875% due 09/01/2021		100		80

				272

Total Corporate Bonds & Notes (Cost $646)				582

MUNICIPAL BONDS & NOTES 1.7%
California 0.7%
California State Department of Water Resources Center Valley Project Revenue Bonds, (FGIC Insured), Series 2002 9.115% due 12/01/2022 (e)		25		27

Massachusetts 0.3%
Massachusetts State General Obligation Revenue Bonds, (FGIC Insured), Series 2002 1.000% due 06/01/2022 (e)		13		13

New York 0.7%
New York State Environmental Facilities Corporate Revenue Bonds, Series 2002 5.125% due 06/15/2023 (e)		25		25
New York State Metropolitan Transitional Authority Revenue Bonds, (FGIC Insured), Series 2002 5.125% due 11/15/2022 (e)		5		5

				30

.Total Municipal Bonds & Notes (Cost $69)				70

U.S. GOVERNMENT AGENCIES 2.8%
Freddie Mac
6.875% due 09/15/2010		100		111

Total U.S. Government Agencies (Cost $107)				111

U.S. TREASURY OBLIGATIONS 9.6%
Treasury Inflation Protected Securities
3.375% due 01/15/2007 (g)(b)		113		118
U.S. Treasury Notes
5.750% due 08/15/2010		250		268

Total U.S. Treasury Obligations (Cost $381)				386

MORTGAGE-BACKED SECURITIES 65.3%
Collateralized Mortgage Obligations 32.5%
Bear Stearns Adjustable Rate Mortgage Trust
6.539% due 10/25/2031		69		70
Chase Mortgage Finance Corp.
6.221% due 07/25/2032		20		20
Countrywide Home Loans
6.500% due 08/25/2032 (e)		9		9
CS First Boston Mortgage Securities Corp.
6.250% due 04/25/2032 (e)		10		10
Fannie Mae
6.000% due 08/19/2017		500		508
Freddie Mac
5.750% due 04/15/2032		100		104
Government National Mortgage Association
2.338% due 09/20/2030 (e)		55		55
G-Wing Ltd.
4.493% due 05/06/2004 (e)		100		100
Merrill Lynch Mortgage Investors, Inc.
2.138% due 01/20/2030 (e)		28		28
Morgan Stanley Capital I
7.460% due 02/15/2020		132		139
Structured Asset Securities Corp.
2.110% due 06/25/2032 (e)		50		50
2.168% due 08/30/2032 (e)		10		10
5.800% due 09/25/2031		10		10
6.150% due 07/25/2032 (e)		10		10
6.500% due 09/25/2031		78		78
US Restaurant Properties Funding
4.210% due 08/26/2008 (e)		96		96

				1,297

Fannie Mae 28.9%
6.000% due 11/01/2016-07/18/2017 (e)(f)		1,132		1,156

				1,156

Freddie Mac 0.9%
5.324% due 07/01/2027 (e)		16		16
6.631% due 01/01/2028 (e)		19		20

				36

Government National Mortgage Association 3.0%
5.375% due 02/20/2027 (e)		69		70
5.500% due 05/20/2030 (e)		50		51

				121

Total Mortgage-Backed Securities (Cost $2,589)				2,610

ASSET-BACKED SECURITIES 9.0%
CIT Group Home Equity Loan Trust
2.110% due 06/25/2033 (e)		30		30
Conseco Recreational Enthusiast Consumer Trust
7.562% due 10/15/2007		21		21
Equity One ABS, Inc.
2.120% due 11/25/2032 (e)		49		50
Home Equity Mortgage Trust
6.117% due 06/25/2032 (e)		100		102
Household Finance Corp.
2.138% due 05/20/2032 (e)		10		10
Irwin Home Equity Loan Trust
2.130% due 06/25/2029 (e)		10		10
Morgan Stanley Dean Witter Capital I
2.170% due 07/25/2032 (e)		22		22
Oakwood Mortgage Investors, Inc.
2.140% due 03/15/2014 (e)		16		16
Providian Gateway Master Trust
2.060% due 03/15/2007 (e)		100		100

Total Asset-Backed Securities (Cost $360)				361

PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 95.750 Exp. 12/16/2002		4,000		0
Strike @ 95.500 Exp. 12/16/2002		7,000		0

Total Purchased Put Options (Cost $0)				0

See accompanying notes

	Shares		Value (000s)
PREFERRED SECURITY 2.9%
UBS Preferred Funding Trust I
8.622% due 10/29/2049 (e)		100,000	$	115

Total Preferred Security (Cost $101)				115

SHORT-TERM INSTRUMENTS 19.9%

	Principal Amount (000s)
Commercial Paper 17.5%
Fannie Mae
1.880% due 08/28/2002	$	400		399
Freddie Mac
1.870% due 08/30/2002		300		299

				698

Repurchase Agreement 0.9%
State Street Bank
1.550% due 07/01/2002		37		37
(Dated 06/28/2002. Collateralized by Fannie Mae 2.600% due 05/28/2003 valued at $40. Repurchase proceeds are $37.)

U.S. Treasury Bills 1.5% (b)
1.670% due 08/15/2002		60		60

Total Short-Term Instruments (Cost $795)				795

Total Investments (a) 125.8% (Cost $5,048)			$	5,030

Written Options (c) (0.5%) (Premiums $26)				(20	)

Other Assets and Liabilities (Net) (25.3%)				(1,012	)

Net Assets 100.0%			$	3,998

Notes to Schedule of Investments (amounts in thousands):

(a)

At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost.	$	52

Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.		(70	)

Unrealized depreciation-net	$	(18	)

(b)

Securities with an aggregate market value of $178 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2002:

Type	# of Contracts	Unrealized Appreciation
U.S. Treasury 10 Year Note (09/2002)	7	$	17
Eurodollar December Futures (12/2002)	1		0

		$	17

(c)

Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—OTC 3 month LIBOR Interest Rate Swap Strike @ 6.000% Exp. 10/19/2004	100,000	$	4	$	4
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.000% Exp. 10/19/2004	100,000		4		4
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.200% Exp. 11/02/2004	100,000		3		2
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @6.700% Exp. 11/02/2004	100,000		3		3
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.400% Exp. 08/23/2002	100,000		1		1
Call—CBOT U.S. Treasury Note September Futures Strike @ 107.000 Exp. 08/24/2002	4		2		6
Put—CME Eurodollar September Futures Strike @ 96.500 Exp. 09/16/2002	1		1		0
Put—CME Eurodollar September Futures Strike @ 97.250 Exp. 09/16/2002	4		2		0
Put—CME Eurodollar September Futures Strike @ 96.750 Exp. 09/16/2002	1		1		0
Put—CME Eurodollar December Futures Strike @ 96.000 Exp. 12/16/2002	1		1		0
Put—CME Eurodollar December Futures Strike @ 96.500 Exp. 12/16/2002	5		4		0

		$	26	$	20

(d)

Swap agreements outstanding at June 30, 2002:

Type	Notional Amount		Unrealized (Depreciation)
Receive a fixed rate equal to 0.350% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.

Broker: Lehman Brothers, Inc. Exp. 06/24/2003	$	1,000	$	0

Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.

Broker: Bank of America Exp. 06/17/2012		200		(13	)

			$	(13	)

(e)

Variable rate security. The rate listed is as of June 30, 2002.

(f)

Securities are grouped by coupon or range of coupons and represent a range of maturities.

(g)

Principal amount of security is adjusted for inflation.

See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The Total Return Portfolio II (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Trust. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on May 28, 1999.

2. Significant Accounting Policies

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific

expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

3. Fees, Expenses, and Related Party Transactions

		Institutional Class			Administrative Class
Total Return Portfolio II		0.50	%		0.65	%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. Government/Agency				All Others
	Purchases		Sales		Purchases		Sales
Total Return Portfolio II	$	9,883	$	11,847	$	1,193	$	3,364

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

Total Return Portfolio II
	Premium
Balance at 12/31/2001	$	93
Sales		12
Closing Buys		(36	)
Expirations		(43	)
Exercised		0

Balance at 06/30/2002	$	26

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Total Return Portfolio II
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	48			485		0			1
Issued as reinvestment of distributions
Institutional Class	2			25		38			390
Administrative Class	5			49		23			241
Cost of shares redeemed
Institutional Class	(264	)		(2,700	)	0			0
Administrative Class	(15	)		(152	)	(1	)		(14	)

Net increase (decrease) resulting from Portfolio share transactions	(224	)	$	(2,293	)	60		$	618

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Total Return Portfolio II
Administrative Class	2	100
Institutional Class	1	100

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

REAL RETURN PORTFOLIO

INSTITUTIONAL CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Statement of Cash Flows		7
Schedule of Investments		8
Notes to Financial Statements		9

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Real Return Portfolio

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum real return, consistent with preservation of real capital and prudent investment management	5.6 years	$21.0 million

	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
PORTFOLIO:	4/10/2000	John B. Brynjolfsson
Primarily inflation-indexed fixed income securities

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002
	6 Months	1 Year	Since Inception*
Real Return Portfolio (Institutional Class)	7.51%	9.86%	11.89%
Lehman Brothers Global Real: U.S. TIPS Index	7.41%	8.81%	—

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

*Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $10,000 on 5/01/2000, the first full month following the Portfolio’s Institutional Class inception on 4/10/2000, compared to the Lehman Brothers Global Real U.S. TIPS Index, an unmanaged market index, formerly the Lehman Brothers Inflation Linked Treasury Index. It is not possible to invest directly in the index. The Portfolio may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty.

PORTFOLIO INSIGHTS

•

The Real Return Portfolio Institutional Class returned 7.51% for the first six months of 2002, which was 0.10% greater than its benchmark, the Lehman Brothers Global Real: U.S. TIPS Index.

•

Treasury Inflation Protection Securities (TIPS) outperformed conventional Treasuries during the first half of the year, as real yields fell more than nominal yields.

•

Managing the Portfolio duration to be above benchmark was positive for performance.

•

Cash-backing strategies, using TIPS, increased the Portfolio’s return.

•

During the first six months, the breakeven rate of inflation, which measures the difference between TIPS real yields and nominal Treasury yields, increased to 1.77% on 10-year maturities.

Financial Highlights

Real Return Portfolio (Institutional Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (b)			12/31/2001			04/10/2000 – 12/31/2000
Net asset value beginning of period	$	10.56		$	10.34		$	10.11
Net investment income (a)		0.27			0.57			0.62
Net realized/unrealized gain on investments (a)		0.52			0.43			0.23
Total income from investment operations		0.79			1.00			0.85
Dividends from net investment income		(0.27	)		(0.64	)		(0.62	)
Distributions from net realized capital gains		0.00			(0.14	)		0.00
Total distributions		(0.27	)		(0.78	)		(0.62	)
Net asset value end of period	$	11.08		$	10.56		$	10.34
Total return		7.51	%		9.79	%		8.73	%
Net assets end of period (000s)	$	15		$	14		$	3,294
Ratio of net expenses to average net assets		0.50	%*		0.50	%		0.50	%*
Ratio of net investment income to average net assets		5.02	%*		5.32	%		8.41	%*
Portfolio turnover rate		22	%		58	%		18	%

Annualized

(a)

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

(b)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Real Return Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	39,601
Cash		1
Interest and dividends receivable		157

		39,759

Liabilities:
Payable for financing transactions	$	18,693
Accrued investment advisory fee		4
Accrued administration fee		4
Accrued servicing fee		2
Other liabilities		49

		18,752

Net Assets	$	21,007

Net Assets Consist of:
Paid in capital	$	20,307
Undistributed net investment income		1
Accumulated undistributed net realized gain		38
Net unrealized appreciation		661

	$	21,007

Net Assets:
Institutional Class	$	15
Administrative Class		20,992

Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		1,894

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	11.08
Administrative Class		11.08

Cost of Investments Owned	$	38,940

See accompanying notes

Statement of Operations

Real Return Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	384

Total Income		384

Expenses:
Investment advisory fees		15
Administration fees		15
Distribution and/or servicing fees—Administrative Class		9

Total Expenses		39

Net Investment Income		345

Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		32
Net realized gain on futures contracts, written options, and swaps		8
Net change in unrealized appreciation on investments		556
Net change in unrealized (depreciation) on futures contracts, written options, and swaps		(2	)

Net Gain		594

Net Increase in Assets Resulting from Operations	$	939

See accompanying notes

Statements of Changes in Net Assets

Real Return Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002 (unaudited)			Year Ended December 31, 2001

Operations:
Net investment income	$	345		$	284
Net realized gain		40			80
Net change in unrealized appreciation (depreciation)		554			(1	)

Net increase resulting from operations		939			363

Distributions to Shareholders:
From net investment income
Institutional Class		0			(40	)
Administrative Class		(346	)		(244	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(90	)

Total Distributions		(346	)		(374	)

Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		0			0
Administrative Class		14,419			10,191
Issued as reinvestment of distributions
Institutional Class		0			40
Administrative Class		345			334
Cost of shares redeemed
Institutional Class		0			(3,436	)
Administrative Class		(1,770	)		(3,440	)

Net increase resulting from Portfolio share transactions		12,994			3,689

Total Increase in Net Assets		13,587			3,678

Net Assets:
Beginning of period		7,420			3,742
End of period *	$	21,007		$	7,420
*Including net undistributed investment income of:	$	1		$	2

See accompanying notes

Statement of Cash Flows

Real Return Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Increase (Decrease) in Cash from:
Financing Activities
Sales of Portfolio shares	$	14,419
Redemptions of Portfolio shares		(1,770	)
Cash distributions paid		0
Proceeds from financing transactions		15,773

Net increase from financing activities		28,422

Operating Activities
Purchases of long-term securities		(18,515	)
Proceeds from sales of long-term securities		4,040
Purchases of short-term securities (net)		(13,716	)
Net investment income		345
Change in other receivables/payables (net)		(577	)
Net (decrease) from operating activities		(28,423	)

Net (decrease) in Cash		(1	)

Cash
Beginning of period		2
End of period	$	1

See accompanying notes

Schedule of Investments

Real Return Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 5.9%
Banking & Finance 3.5%
Ford Motor Credit Co.
2.410% due 07/18/2005 (d)	$	200	$	193
General Motors Acceptance Corp.
2.121% due 12/09/2002 (d)		150		150
2.250% due 08/04/2003 (d)		200		199
Merrill Lynch & Co.
2.020% due 06/24/2003 (d)		200		200

				742

Utilities 2.4%
British Telecom PLC
3.295% due 12/15/2003 (d)		300		301
France Telecom
3.613% due 03/14/2003 (d)		200		200

				501

Total Corporate Bonds & Notes (Cost $1,244)				1,243

U.S. TREASURY OBLIGATIONS 98.7%
Treasury Inflation Protected Securities (e)
3.375% due 01/15/2007 (c)		2,837		2,951
3.375% due 01/15/2012 (c)		2,025		2,076
3.375% due 04/15/2032 (c)		770		814
3.500% due 01/15/2011		1,549		1,604
3.625% due 01/15/2008 (c)		1,780		1,864
3.625% due 04/15/2028 (c)		1,612		1,741
3.875% due 01/15/2009 (c)		3,069		3,258
3.875% due 04/15/2029 (c)		3,281		3,698
4.250% due 01/15/2010 (c)		2,511		2,726

Total U.S. Treasury Obligations (Cost $20,072)				20,732

MORTGAGE-BACKED SECURITIES 9.8%
Collateralized Mortgage Obligations 9.5%
Federal Home Loan Bank
1.745% due 07/26/2002		2,000		1,998

Fannie Mae 0.3%
6.807% due 11/01/2024 (d)		55		55

Total Mortgage-Backed Securities (Cost $2,052)				2,053

ASSET-BACKED SECURITIES 0.5%
SLM Student Loan Trust
2.309% due 10/25/2005 (d)		111		111

Total Asset-Backed Securities (Cost $110)				111

SHORT-TERM INSTRUMENTS 73.6%
Commercial Paper 24.7%
Abbey National North America
1.790% due 09/09/2002		800		797
Anz Delaware, Inc.
1.790% due 09/05/2002		800		798
CBA (de) Finance
1.790% due 09/09/2002		500		498
Danske Corp.
1.800% due 09/06/2002		800		797
KFW International Finance, Inc.
1.760% due 09/12/2002		200		199
Lloyds TSB Bank PLC
1.770% due 08/15/2002		400		399
Shell Finance (UK) PLC
1.780% due 08/27/2002		800		798
Swedish National Housing Finance
1.770% due 08/07/2002		300		300
UBS Finance, Inc.
1.770% due 08/28/2002		600		598

				5,184

Repurchase Agreements 48.8%
Credit Suisse First Boston
1.850% due 07/01/2002	$	2,000	$	2,000
(Dated 06/28/2002. Collateralized by U.S. Treasury Inflation Protected Securities 3.375% due 01/15/2007 valued $2,042. Repurchase proceeds are $2,000.)
Lehman Brothers Inc.
1.850% due 07/01/2002		2,000		2,000
(Dated 06/28/2002. Collateralized by U.S. Treasury Notes 6.375% due 08/15/2027 valued at $2,051. Repurchase proceeds are $2,000.)
State Street Bank
1.550% due 07/01/2002		6,253		6,253
(Dated 06/28/2002. Collateralized by Fannie Mae 3.500% due 02/13/2004 valued at $6,378. Repurchase proceeds are $6,254.)

				10,253

U.S. Treasury Bills 0.1%
1.740% due 08/15/2002		25		25

Total Short-Term Instruments (Cost $15,462)				15,462

Total Investments (a) 188.5% (Cost $38,940)			$	39,601

Other Assets and Liabilities (Net) (88.5%)				(18,594	)

Net Assets 100.0%			$	21,007

Notes to Schedule of Investments (amounts in thousands): (a) At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost.			$	669
Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.				(9	)

Unrealized appreciation-net			$	660

(b) Swap agreements outstanding at June 30, 2002:
Type	Notional Amount		Unrealized Appreciation
Receive a fixed rate equal to 0.410% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corporation 5.875% due 02/15/2012.
Broker: Goldman Sachs
Exp. 06/07/2004	$	100	$	0
Receive a fixed rate equal to 0.950% and the Fund will pay to the counterparty at par in the event of default of Republic of South Africa 9.125% due 05/19/2009.
Broker: Goldman Sachs
Exp. 04/15/2003		30		0
Receive a fixed rate equal to 1.300% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs
Exp. 04/15/2003		30		0

			$	0

(c) Subject to financing transaction. (d) Variable rate security. The rate listed is as of June 30, 2002. (e) Principal amount of security is adjusted for inflation. See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The Real Return Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional Class of the Trust. Certain detailed financial information for the Administrative Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on September 30, 1999.

2. Significant Accounting Policies

3. Fees, Expenses, and Related Party Transactions

		Institutional Class		Administrative Class
Real Return Portfolio		0.50%		0.65%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
Real Return Portfolio	$	18,276	$	3,199	$	191	$	617

5. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Real Return Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	1,325			14,419		945			10,191
Issued as reinvestment of distributions
Institutional Class	0			0		4			40
Administrative Class	31			345		31			334
Cost of shares redeemed
Institutional Class	0			0		(322	)		(3,436	)
Administrative Class	(163	)		(1,770	)	(318	)		(3,440	)

Net increase resulting from Portfolio share transactions	1,193		$	12,994		340		$	3,689

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Real Return Portfolio
Administrative Class	1	100
Institutional Class	5	84

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

LONG-TERM U.S. GOVERNMENT PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Statement of Cash Flows		7
Schedule of Investments		8-9
Notes to Financial Statements		10

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Signs of a rebound in the U.S. economy and expectations of Federal Reserve tightening drove interest rates higher in the first quarter, depressing bond market returns. U.S. Treasury yields rose across all maturities, led by the two- and the five- year, which climbed 0.70% and 0.54%, respectively. Yields fell earlier in the quarter but reversed course sharply in late February and March after positive economic reports suggested that a cyclical turning point was at hand.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Long-Term U.S. Government Portfolio

PORTFOLIO CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum total return, consistent with preservation of capital and prudent investment management.	10.5 years	$52.6 million

	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
PORTFOLIO:	4/30/1999	James M. Keller
Primarily long-term maturity fixed income securities.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002

	6 Months	1 Year	3 Years*	Since Inception*

Long-Term U.S. Gov’t Portfolio Administrative Class	5.37%	11.50%	9.85%	8.48%

Lehman Brothers Long-Term Treasury Index	4.22%	9.06%	8.50%	—

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

PORTFOLIO INSIGHTS

The Long-Term U.S. Government Portfolio Administrative Class strongly outperformed the benchmark Lehman Brothers Long-Term Treasury Index for the six-month period ended June 30, 2002, returning 5.37% versus 4.22% for the Index.

In anticipation of a reflationary interest rate environment, an above benchmark duration was shifted to below the Index and was overall neutral for returns.

An overweight to intermediate-term maturities relative to the Lehman Long-Term Treasury Index was significantly positive as rates rallied most along that portion of the yield curve.

A mortgage emphasis via agency pass-throughs and non-Agency CMO’s augmented the Portfolio’s returns, as mortgages were one of the best performing sectors of the year.

Exposure to asset-backed securities was positive as investors sought their strong collateral protection and premium yields.

Financial Highlights

Long-Term U.S. Government Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (d)			12/31/2001			12/31/2000			04/30/1999 – 12/31/1999
Net asset value beginning of period	$	10.27		$	10.56		$	9.22		$	10.00
Net investment income (a)		0.23			0.51			0.56			0.36
Net realized/unrealized gain (loss) on investments (a)		0.32			0.09			1.34			(0.78	)
Total income (loss) from investment operations		0.55			0.60			1.90			(0.42	)
Dividends from net investment income		(0.23	)		(0.52	)		(0.56	)		(0.36	)
Distributions from net realized capital gains		0.00			(0.37	)		0.00			0.00
Total Distributions		(0.23	)		(0.89	)		(0.56	)		(0.36	)
Net asset value end of period	$	10.59		$	10.27		$	10.56		$	9.22
Total return		5.37	%		5.86	%		21.24	%		(4.28	)%
Net assets end of period (000s)	$	52,566		$	33,013		$	9,625		$	7,173
Ratio of net expenses to average net assets		0.65	%*		0.65	%(c)		0.65	%		0.65	%(b)*
Ratio of net investment income to average net assets		4.38	%*		4.75	%		5.70	%		5.55	%*
Portfolio turnover rate		208	%		457	%		533	%		294	%

Annualized

(a)

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

(b)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.71% for the period ended December 31, 1999.

(c)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.66% for the period ended December 31, 2001.

(d)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Long-Term U.S. Government Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	57,105
Cash		106
Receivable for investments sold		4,665
Receivable for Portfolio shares sold		372
Interest and dividends receivable		601
Other assets		1

		62,850

Liabilities:
Payable for investments purchased	$	5,531
Payable for financing transactions		4,485
Written options outstanding		168
Payable for Portfolio shares redeemed		19
Accrued investment advisory fee		10
Accrued administration fee		10
Accrued servicing fee		5
Variation margin payable		38
Recoupment payable to Manager		1
Other liabilities		17

		10,284

Net Assets	$	52,566

Net Assets Consist of:
Paid in capital	$	51,719
Undistributed net investment income		194
Accumulated undistributed net realized gain		144
Net unrealized appreciation		509

	$	52,566

Net Assets:
Institutional Class	$	11
Administrative Class		52,555
Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		4,962
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.59
Administrative Class		10.59
Cost of Investments Owned	$	56,713

See accompanying notes

Statement of Operations

Long-Term U.S. Government Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest	$	1,021

Total Income		1,021

Expenses:
Investment advisory fees		50
Administration fees		50
Distribution and/or servicing fees—Administrative Class		30
Trustees’ fees		1
Interest expense		1

Total Expenses		132

Net Investment Income		889

Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		246
Net realized gain on futures contracts, written options, and swaps		460
Net change in unrealized appreciation on investments		681
Net change in unrealized (depreciation) on futures contracts, written options, and swaps		(15	)

Net Gain		1,372

Net Increase in Assets Resulting from Operations	$	2,261

See accompanying notes

Statements of Changes in Net Assets

Long-Term U.S. Government Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002			Year Ended December 31, 2001
Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002			Year Ended December 31, 2001
Operations:
Net investment income	$	889		$	919
Net realized gain		706			563
Net change in unrealized appreciation (depreciation)		666			(653	)

Net increase resulting from operations		2,261			829

Distributions to Shareholders:
From net investment income
Institutional Class		0			(1	)
Administrative Class		(888	)		(918	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(1,107	)

Total Distributions		(888	)		(2,026	)

Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		0			0
Administrative Class		23,828			30,788
Issued as reinvestment of distributions
Institutional Class		0			1
Administrative Class		888			2,025
Cost of shares redeemed
Institutional Class		0			0
Administrative Class		(6,547	)		(8,228	)

Net increase resulting from Portfolio share transactions		18,169			24,586

Total Increase in Net Assets		19,542			23,389

Net Assets:
Beginning of period		33,024			9,635
End of period*	$	52,566		$	33,024
*Including net undistributed investment income of:	$	194		$	193

See accompanying notes

Statement of Cash Flows

Long-Term U.S. Government Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Increase (Decrease) in Cash from:
Financing Activities
Sales of Portfolio shares	$	23,457
Redemptions of Portfolio shares		(6,528	)
Cash distributions paid		601
Proceeds from financing transactions		4,482

Net increase from financing activities		22,012

Operating Activities
Purchases of long-term securities		(48,726	)
Proceeds from sales of long-term securities		21,544
Purchases of short-term securities (net)		8,553
Net investment income		889
Change in other receivables/payables (net)		(4,475	)

Net decrease from operating activities		(22,215	)

Net decrease in Cash		(203	)

Cash
Beginning of period		309
End of period	$	106

See accompanying notes

Schedule of Investments

Long-Term U.S. Government Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)	Value (000s)
CORPORATE BONDS & NOTES 4.9%
Banking & Finance 3.6%
Donaldson, Lufkin & Jenrette, Inc.
2.235% due 07/18/2003 (d)	$ 100	$ 100
Ford Motor Credit Co.
2.410% due 07/18/2005 (d)	200	193
2.530% due 06/23/2003 (d)	500	497
General Motors Acceptance Corp.
2.040% due 03/10/2003 (d)	200	199
2.223% due 07/21/2003 (d)	100	99
Merrill Lynch & Co., Inc.
2.140% due 03/08/2004 (d)	200	200
Morgan Stanley Dean Witter
2.110% due 09/19/2003 (d)	400	400
National Rural Utilities Cooperative Finance Corp.
2.940% due 04/26/2004 (d)	200	200

		1,888

Industrials 0.7%
DaimlerChrysler North America Holding Corp.
2.230% due 08/16/2004 (d)	200	199
Ford Motor Credit Co.
7.450% due 07/16/2031	200	187

		386

Utilities 0.6%
BellSouth Corp.
6.875% due 10/15/2031	200	199
SCANA Corp.
2.630% due 07/15/2002 (d)	100	100

		299

Total Corporate Bonds & Notes (Cost $2,583)		2,573

MUNICIPAL BONDS & NOTES 0.2%
California 0.2%
Kern County California Pension Obligation Revenue Bonds, (MBIA Insured),
Series 1995 7.260% due 08/15/2014	100	112

Total Municipal Bonds & Notes (Cost $104)		112

U.S. GOVERNMENT AGENCIES 10.9%
Fannie Mae
7.125% due 09/19/2005	2,000	2,024
Financing Corp.
10.700% due 10/06/2017	650	958
Freddie Mac
4.000% due 12/27/2004	1,000	1,007
4.300% due 05/31/2005	1,000	1,013
Overseas Private Investment Corp.
5.590% due 11/30/2010	700	725

Total U.S. Government Agencies (Cost $5,649)		5,727

U.S. TREASURY OBLIGATIONS 33.2%
Treasury Inflation Protected Securities (e)
3.375% due 01/15/2007 (b)	170	177
3.625% due 07/15/2002 (b)	112	112
3.875% due 01/15/2009	658	698
U.S. Treasury Bonds
5.375% due 02/15/2031	1,700	1,665
5.500% due 08/15/2028	3,100	3,019
8.125% due 08/15/2019	500	641
11.250% due 02/15/2015	4,600	7,148
U.S. Treasury Notes
6.250% due 02/15/2003	3,000	3,082
U.S. Treasury Strips
0.000% due 11/15/2021	2,800	888

Total U.S. Treasury Obligations (Cost $17,282)		17,430


MORTGAGE-BACKED SECURITIES 24.4%
Collateralized Mortgage Obligations 19.4%
Bank of America Mortgage Securities, Inc.
7.250% due 02/25/2031	84	85
Bear Stearns Adjustable Rate Mortgage Trust
6.566% due 01/25/2032 (d)	380	388
6.640% due 01/25/2032 (d)	913	938
Fannie Mae
6.500% due 01/25/2024	28	29
7.000% due 10/25/2022	289	308
Federal Agricultural Mortgage Corp.
7.238% due 07/25/2011	216	227
Freddie Mac
6.000% due 05/15/2029	97	89
6.000% due 12/15/2031	206	192
6.500% due 12/15/2023	208	213
7.000% due 07/15/2023	47	49
8.000% due 02/13/2017	200	201
Residential Funding Mortgage Securities I
7.500% due 04/25/2027	36	36
Sequoia Mortgage Trust
2.178% due 05/20/2032	397	397
Structured Asset Mortgage Investments, Inc.
6.318% due 03/25/2032 (d)	969	1,011
7.130% due 02/25/2030 (d)	570	590
Structured Asset Securities Corp.
2.130% due 02/25/2032 (d)	494	494
2.168% due 08/30/2032 (d)	2,000	2,000
2.340% due 07/25/2032 (d)	1,000	1,000
United Mortgage Securities Corp.
5.910% due 06/25/2032 (d)	880	886
Washington Mutual, Inc.
4.490% due 01/25/2041 (d)	51	51
6.500% due 10/19/2029	1,000	1,030

		10,214

Fannie Mae 3.9%
6.000% due 07/18/2017 (d)	2,000	2,039

Federal Housing Administration 1.1%
6.896% due 07/01/2020	591	579

Total Mortgage-Backed Securities (Cost $12,676)		12,832

ASSET-BACKED SECURITIES 10.8%
Ace Securities Corp.
2.180% due 06/25/2032 (d)	500	500
Americredit Automobile Receivables Trust
2.040% due 04/05/2007 (d)	800	802
3.780% due 02/12/2007	800	801
CS First Boston Mortgage Securities Corp.
2.100% due 12/15/2030 (d)	52	52
DaimlerChrysler Auto Trust
2.900% due 12/06/2004	500	503
Household Automotive Trust
2.750% due 05/17/2005	700	700
Household Finance Corp.
2.138% due 05/20/2032 (d)	1,000	1,000
Novastar Home Equity Loan
2.130% due 01/25/2031 (d)	416	416
Sallie Mae
2.390% due 10/27/2025 (d)	207	207
WFS Financial Owner Trust
2.820% due 05/20/2005 (d)	700	702

Total Asset-Backed Securities (Cost $5,671)		5,683

	Principal Amount (000s)		Value (000s)
PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 95.750 Exp. 12/16/2002	$	44,000	$	1
Eurodollar September Futures (CME)
Strike @ 97.500 Exp. 09/16/2002		10,000		0

Total Purchased Put Options (Cost $1)				1

SHORT-TERM INSTRUMENTS 24.2%
Commercial Paper 2.2%
Federal Home Loan Bank
1.745% due 07/26/2002		1,000		999
Freddie Mac
1.760% due 08/01/2002 (b)		150		150

				1,149

Repurchase Agreements 20.5%
Credit Suisse First Boston
1.850% due 07/01/2002		5,000		5,000
(Dated 06/28/2002. Collateralized by U.S. Treasury Inflation Protected Securities 3.375% due 01/15/2007 valued at $5,104. Repurchase proceeds are $5,001.)
Lehman Brothers, Inc.
1.850% due 07/01/2002		5,000		5,000
(Dated 06/28/2002. Collateralized by U.S. Treasury Bonds 6.375% due 08/15/2027 valued at $5,123. Repurchase proceeds are $5,001.)
State Street Bank
1.550% due 07/01/2002		800		800
(Dated 06/28/2002. Collateralized by Fannie Mae 0.000% due 07/25/2002 valued at $819. Repurchase proceeds are $800.)
				10,800

U.S. Treasury Bills 1.5%
1.665% due 08/15/2002 (b)		800		798


Total Short-Term Instruments (Cost $12,747)				12,747

Total Investments (a) 108.6% (Cost $56,713)			$	57,105
Written Options (c) (0.3%)
(Premiums $123)				(168	)
Other Assets and Liablities (Net) (8.3%)				(4,371	)

Net Assets 100.0%			$	52,566

Notes to Schedule of Investments (amounts in thousands):

(a)

At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost.	$	428
Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.		(36	)

Unrealized appreciation-net	$	392

(b)

Securities with an aggregate market value of $1,237 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2002:

Unrealized

Type	# of Contracts	Appreciation/ (Depreciation)
10 Year Interest Rate Swap Future (09/2002)	20	$	(46	)
U.S. Treasury 10 Year Note (09/2002)	102		189
U.S. Treasury 30 Year Bond (09/2002)	263		20

		$	163

(c)

Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—CME Eurodollar September Futures Strike @ 98.000 Exp. 09/16/2002	29	$	6	$	9
Put—CME Eurodollar September Futures Strike @ 98.000 Exp. 09/16/2002	29		9		6
Put—CME Eurodollar December Futures Strike @ 97.250 Exp. 12/16/2002	50		15		13
Put—CBOT U.S. Treasury Note September Futures Strike @ 107.000 Exp. 08/24/2002	54		35		81
Call—CBOT U.S. Treasury Note September Futures Strike @ 104.000 Exp. 08/24/2002	12		20		42
Call—CBOT U.S. Treasury Note September Futures Strike @ 109.000 Exp. 08/24/2002	19		11		11
Put—CBOT U.S. Treasury Note September Futures Strike @ 104.000 Exp. 08/24/2002	21		27		6

		$	123	$	168

(d)

Variable rate security. The rate listed is as of June 30, 2002.

(e)

Principal amount of the security is adjusted for inflation.

See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The Long-Term U.S. Government Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Trust. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on April 30, 1999.

2. Significant Accounting Policies

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific

expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

3. Fees, Expenses, and Related Party Transactions

	Institutional Class		Administrative Class
Long-Term
U.S. Government Portfolio	0.50	%	0.65	%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
Long-Term
U.S. Government Portfolio	$	80,655	$	82,372	$	18,639	$	3,031

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

Long-Term U.S. Government Portfolio
	Premium
Balance at 12/31/2001	$	10
Sales		137
Closing Buys		0
Expirations		(24	)
Exercised		0

Balance at 06/30/2002	$	123

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Long-Term U.S. Government Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	2,294			23,828		2,877			30,788
Issued as reinvestment of distributions
Institutional Class	0			0		0			1
Administrative Class	85			888		196			2,025
Cost of shares redeemed
Institutional Class	0		$	0		0		$	0
Administrative Class	(632	)		(6,547	)	(769	)		(8,228	)

Net increase resulting from Portfolio share transactions	1,747		$	18,169		2,304		$	24,586

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Long-Term U.S. Government Portfolio
Administrative Class	3	95
Institutional Class	1	100

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

GLOBAL BOND PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Schedule of Investments		7
Notes to Financial Statements		8

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Global Bond Portfolio

PORTFOLIO CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum total return, consistent with preservation of capital and prudent investment management.	4.3 years	$4.9 million

	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
PORTFOLIO:	1/10/2002	Michael R. Asay
Primarily U.S. and non-U.S. intermediate maturity fixed income securities.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002

	1 Month	3 Months	Since Inception

Global Bond Portfolio Administrative Class	4.41%	11.35%	10.49%

J.P. Morgan Global Index (Unhedged)	4.67%	11.33%	—

(all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

PORTFOLIO INSIGHTS

•

The Global Bond Portfolio Administrative Class returned 10.49% for the period since inception through June 30, 2002.

•

Reducing U.S. duration versus the benchmark detracted from returns as U.S. interest rates declined strongly.

•

An overweight in core Europe versus the U.S. detracted from returns as investors flocked to the relative safety of U.S. Treasuries.

•

An overweight in the euro was strongly positive. The euro rose versus the U.S. dollar as investors anticipated a weaker U.S. economic environment.

•

Real return bonds added to returns due to favorable inflation accruals and falling real yields.

•

A focus on global mortgages aided returns as investors sought high quality yields during a tumultuous quarter.

•

An underweight to Japan was positive as ratings downgrades and unexpectedly strong economic data kept Japanese yields from falling as much as in other markets.

•

Corporate holdings, especially telecom issues, were negative for returns.

Financial Highlights

Global Bond Portfolio (Administrative Class)

Selected Per Share Data for the Period Ended:	01/10/2002 – 06/30/2002 (b)
Net asset value beginning of period	$	10.00
Net investment income		0.13	(a)
Net realized/unrealized loss on investments		0.90	(a)
Total income (loss) from investment operations		1.03
Dividends from net investment income		(0.12	)
Distributions from net realized capital gains		0.00
Total distributions		(0.12	)
Net asset value end of period	$	10.92
Total return		10.49	%
Net assets end of period (000s)	$	4,949
Ratio of net expenses to average net assets		0.90	%*
Ratio of net investment income to average net assets		2.56	%*
Portfolio turnover rate		394	%

Annualized

(a)

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

(b)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Global Bond Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	6,059
Cash		1
Foreign currency, at value		37
Receivable for investments sold		1,727
Receivable for Portfolio shares sold		29
Interest and dividends receivable		116
Other assets		2

		7,971

Liabilities:
Payable for investments purchased	$	420
Payable for financing transactions		1,387
Payable for short sale		1,185
Written options outstanding		15
Payable for Portfolio shares redeemed		1
Accrued investment advisory fee		1
Accrued administration fee		2
Accrued servicing fee		1
Variation margin payable		2
Other liabilities		8

		3,022

Net Assets	$	4,949

Net Assets Consist of:
Paid in capital	$	4,621
Undistributed net investment income		0
Accumulated undistributed net realized (loss)		(67	)
Net unrealized appreciation		395

	$	4,949

Net Assets:
Administrative Class		4,949

Shares Issued and Outstanding:
Administrative Class		454

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Administrative Class		10.92

Cost of Investments Owned	$	5,729
Cost of Foreign Currency Held	$	36

See accompanying notes

Statement of Operations

Global Bond Portfolio

For the period ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	50

Total Income		50

Expenses:
Investment advisory fees		4
Administration fees		8

Total Expenses		12

Net Investment Income		38

Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(4	)
Net realized (loss) on futures contracts, written options, and swaps		(8	)
Net realized (loss) on foreign currency transactions		(55	)
Net change in unrealized appreciation on investments		321
Net change in unrealized appreciation on futures contracts, written options, and swaps		29
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		45

Net Gain		328

Net Increase in Assets Resulting from Operations	$	366

See accompanying notes

Statement of Changes in Net Assets

Global Bond Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Period From January 10, 2002 to June 30, 2002
Increase (Decrease) in Net Assets from:	Period From January 10, 2002 to June 30, 2002
Operations:
Net investment income	$	38
Net realized loss		(67	)
Net change in unrealized appreciation		395

Net increase resulting from operations		366

Distributions to Shareholders:
From net investment income
Administrative Class		(38	)

Total Distributions		(38	)

Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		4,793
Issued as reinvestment of distributions
Administrative Class		38
Cost of shares redeemed
Administrative Class		(210	)

Net increase resulting from Portfolio share transactions		4,621

Total Increase in Net Assets		4,949

Net Assets:
End of period*	$	4,949

*Including net undistributed investment income of:	$	0

See accompanying notes

Schedule of Investments

Global Bond Portfolio

June 30, 2002 (Unaudited)

		Principal Amount (000s)	Value (000s)
FRANCE (e)(f) 0.8%
France Telecom
0.837% due 07/16/2003 (i)	JY	5,000	$	40

Total France (Cost $36)				40

GERMANY (e)(f) 29.7%
Republic of Germany
5.000% due 08/19/2005	EC	100		101
5.250% due 07/04/2010 (h)		720		726
6.000% due 01/05/2006 (h)		300		311
6.250% due 04/26/2006		100		105
6.500% due 07/04/2027 (h)		200		228

Total Germany (Cost $1,322)				1,471

ITALY (e)(f) 15.1%
Republic of Italy
9.500% due 02/01/2006	EC	650		748

Total Italy (Cost $658)				748

JAPAN (e)(f) 6.3%
Government of Japan
1.800% due 03/22/2010 (h)	JY	35,000		310

Total Japan (Cost $275)				310

NETHERLANDS (e)(f) 14.7%
Kingdom of Netherlands
6.000% due 01/15/2006	EC	700		726

Total Netherlands (Cost $690)				726

UNITED KINGDOM (e)(f) 3.4%
United Kingdom Gilt
7.250% due 12/07/2007	BP	100		168

Total United Kingdom (Cost $158)				168

UNITED STATES 16.2%
Mortgage-Backed Securities 10.1%
Fannie Mae
5.500% due 07/18/2017 (i)	$	500		500

U.S. Treasury Obligations 6.1%
U.S. Treasury Bonds
7.500% due 11/15/2016		100		120
8.125% due 08/15/2019		100		128
U.S. Treasury Notes
6.500% due 02/15/2010		50		56

				304

Total United States (Cost $799)				804

PURCHASED CALL OPTIONS 0.0%
U.S. Treasury Note (OTC)
3.500% due 11/15/2006
Strike @ 99.750 Exp. 07/08/2002		900		0

Total Purchased Call Options (Cost $0)				0

PURCHASED PUT OPTIONS (e)(f) 0.0%
Republic of Germany (OTC)
6.000% due 09/30/2002
Strike @ 95.000 Exp. 09/03/2002	EC	400		0
Republic of Germany (OTC)
6.000% due 01/05/2006
Strike @ 95.000 Exp. 10/03/2002	EC	200		0
Government of Japan (OTC)
5.150% due 07/30/2009
Strike @ 127.000 Exp. 09/03/2002	JY	100,000		0
Eurodollar September Futures (CME)
Strike @ 92.750 Exp. 09/16/2002	$	4,000		0

Total Purchased Put Options (Cost $0)				0

SHORT-TERM INSTRUMENTS 36.2%
Commercial Paper 20.2%
CBA (de) Finance
1.760% due 09/09/2002		200		200
Fannie Mae
2.040% due 09/11/2002		300		299
Freddie Mac
1.820% due 07/11/2002		300		300
UBS Finance, Inc.
1.770% due 08/28/2002		200		199

				998

Repurchase Agreement 13.8%
State Street Bank
1.550% due 07/01/2002
(Dated 06/28/2002. Collateralized by Freddie Mac 3.500% due 02/20/2004 valued at $699. Repurchase proceeds are $684.)		684		684

U.S. Treasury Bills 2.2%
0.795% due 08/15/2002 (b)		110		110

Total Short-Term Instruments
(Cost $1,791)				1,792

Total Investments (a) 122.4%
(Cost $5,729)			$	6,059

Written Options (c) (0.3%)
(Premiums $10)				(15	)

Other Assets and Liabilities (Net) (22.1%)				(1,095	)

Net Assets 100.0%			$	4,949

Notes to Schedule of Investments (amounts in thousands):
(a) At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost.	$	331

Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.		(1	)

Unrealized appreciation-net	$	330

See accompanying notes

(b)

Securities with an aggregate market value of $109 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Euro-Bobl 5 Year Note (09/2002)	4	$	5
U.S. Treasury 5 Year Note (09/2002)	1		0
U.S. Treasury 10 Year Note (09/2002)	8		15
U.S. Treasury 30 Year Bond (09/2002)	3		3
Eurodollar March Futures (03/2003)	3		10

		$	33

(c)

Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/20/2003	15,000	$	3	$	6
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.300 Exp. 12/11/2002	600,000		7		9

		$	10	$	15

(d)

Short sales open at June 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par	Value		Proceeds
U.S. Treasury Note	5.000	8/15/2011	200	$	203	$	203
U.S. Treasury Note	3.500	11/15/2006	1,000		982		974

				$	1,185	$	1,177

(e)

Foreign forward currency contracts outstanding at June 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Buy	A$	80	07/2002	$	0
Buy		55	08/2002		0
Buy	BP	42	07/2002		2
Sell		2	07/2002		0
Buy	C$	225	07/2002		4
Sell		3	07/2002		0
Buy	DK	365	09/2002		2
Buy	EC	296	07/2002		10
Sell		990	07/2002		(33	)
Buy	JY	71,119	07/2002		25
Sell		4,000	07/2002		(1	)
Buy		4,948	08/2002		0
Buy		83,348	09/2002		66
Buy	SK	260	08/2002		3

				$	78

(f)

Principal amount denoted in indicate currency:

		A$—Australian Dollar
		BP—British Pound
		C$—Canadian Dollar
		DK—Danish Krone
		EC—Euro
		JY—Japanese Yen
		SK—Swedish Krona

(g)

Swap agreements outstanding at June 30, 2002:

Type		Notional Amount	Unrealized Appreciation
Receive floating rate based on 3-month Canadian Bank Bill and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs
Exp. 12/17/2006	C$	100	$	0
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month EC-LIBOR.
Broker: Merrill Lynch
Exp. 06/17/2003	EC	100		0
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Goldman Sachs
Exp. 06/17/2012		100		2
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley
Exp. 12/15/2031		100		0
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Merrill Lynch
Exp. 03/15/2016	BP	300		0
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America
Exp. 12/18/2022	$	100		0
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs
Exp. 12/17/2006		100		0

			$	2

(h)

Subject to financing transaction.

(i)

Variable rate security. The rate listed is as of June 30, 2002.

See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The Global Bond Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Trust. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on January 10, 2002.

2. Significant Accounting Policies

3. Fees, Expenses, and Related Party Transactions

		Administrative Class
Global Bond Portfolio		0.90	%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
Global Bond Portfolio	$	11,460	$	10,646	$	6,284	$	752

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

	Global Bond Portfolio
	Premium
Balance at 01/10/2002	$	0
Sales		12
Closing Buys		(2	)
Expirations		0
Exercised		0

Balance at 06/30/2002	$	10

Notes to Financial Statements (Cont.)

June 30, 2002 (Unaudited)

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Global Bond Portfolio
	Period from 01/10/2002 to 06/30/2002
	Shares		Amount
Receipts for shares sold
Administrative Class	470		$	4,793
Issued as reinvestment of distributions
Administrative Class	4			38
Cost of shares redeemed
Administrative Class	(20	)		(210	)

Net increase resulting from Portfolio share transactions	454		$	4,621

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Global Bond Portfolio
Administrative Class	4	95

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

TOTAL RETURN PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Schedule of Investments		7-11
Notes to Financial Statements		12

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Signs of a rebound in the U.S. economy and expectations of Federal Reserve tightening drove interest rates higher in the first quarter, depressing bond market returns. U.S. Treasury yields rose across all maturities, led by the two- and the five-year, which climbed 0.70% and 0.54%, respectively. Yields fell earlier in the quarter but reversed course sharply in late February and March after positive economic reports suggested that a cyclical turning point was at hand.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Total Return Portfolio

PORTFOLIO CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum total return, consistent with preservation of capital and prudent investment management.	4.2 years	$676.7 million

PORTFOLIO:	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
Primarily intermediate maturity fixed income securities.	12/31/1997	William H. Gross

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002
	6 Months	1 Year	3 Years*	Since Inception*
Total Return Portfolio Administrative Class	3.32%	9.17%	7.68%	6.58%
Lehman Brothers Aggregate Bond Index	3.79%	8.63%	8.11%	—
* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

* % of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

PORTFOLIO INSIGHTS

•

The Total Return Portfolio Administrative Class returned 3.32% for the six-month period ended June 30, 2002. It’s benchmark, the Lehman Brothers Aggregate Bond Index, returned 3.79% for the period.

•

The Portfolio benefited from an overweight in mortgages, which provided a high quality source of additional yield.

•

The allocation to corporates hurt returns as accounting concerns caused investors to sell corporate bonds.

•

Euro-zone holdings were a negative for performance; however a modest euro position rallied strongly and benefited performance.

•

A small, high-quality emerging markets exposure was a negative for performance as political uncertainty in Latin America and investor flight from risk hurt performance.

PIMCO Financial Highlights

Total Return Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (e)			12/31/2001			12/31/2000			12/31/1999			12/31/1997 – 12/31/1998
Net asset value beginning of period	$	9.89		$	9.77		$	9.45		$	10.09		$	10.00
Net investment income (a)		0.21			0.45			0.62			0.58			0.56
Net realized/unrealized gain (loss) on investments (a)		0.12			0.35			0.30			(0.64	)		0.28
Total income (loss) from investment operations		0.33			0.80			0.92			(0.06	)		0.84
Dividends from net investment income		(0.21	)		(0.49	)		(0.60	)		(0.58	)		(0.56	)
Distributions from net realized capital gains		0.00			(0.19	)		0.00			0.00			(0.19	)
Total distributions		(0.21	)		(0.68	)		(0.60	)		(0.58	)		(0.75	)
Net asset value end of period	$	10.01		$	9.89		$	9.77		$	9.45		$	10.09
Total return		3.32	%		8.37	%		10.15	%		(0.58	)%		8.61	%
Net assets end of period (000s)	$	641,549		$	332,823		$	55,533		$	3,877		$	3,259
Ratio of net expenses to average net assets		0.65	%*		0.65	%(d)		0.65	%(c)		0.65	%(b)		0.65	%
Ratio of net investment income to average net assets		4.19	%*		4.55	%		6.46	%		5.96	%		5.55	%
Portfolio turnover rate		127	%		217	%		415	%		102	%		139	%

Annualized

(a)

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

(b)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.69% for the period ended December 31, 1999.

(c)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.66% for the period ended December 31, 2000.

(d)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.66% for the period ended December 31, 2001.

(e)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Total Return Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	754,781
Cash		356
Foreign currency, at value		3,527
Receivable for investments sold and forward foreign currency contracts		7,242
Receivable for Portfolio shares sold		2,700
Interest and dividends receivable		4,755
Other assets		56

		773,417

Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	79,273
Written options outstanding		1,322
Payable for Portfolio shares redeemed		15,438
Accrued investment advisory fee		126
Accrued administration fee		126
Accrued servicing fee		68
Variation margin payable		315
Recoupment payable to Manager		12
Other liabilities		40

		96,720

Net Assets	$	676,697

Net Assets Consist of:
Paid in capital	$	672,631
Undistributed net investment income		549
Accumulated undistributed net realized gain		2,093
Net unrealized appreciation		1,424

	$	676,697

Net Assets:
Institutional Class	$	35,148
Administrative Class		641,549

Shares Issued and Outstanding:
Institutional Class		3,511
Administrative Class		64,089

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.01
Administrative Class		10.01

Cost of Investments Owned	$	758,223
Cost of Foreign Currency Held	$	3,418

See accompanying notes

Statement of Operations

Total Return Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	12,309
Miscellaneous income		2

Total Income		12,311

Expenses:
Investment advisory fees		630
Administration fees		630
Distribution and/or servicing fees—Administrative Class		351
Trustees’ fees		14
Organization Costs		1
Miscellaneous expense		12

Total Expenses		1,638

Net Investment Income		10,673

Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		1,990
Net realized gain on futures contracts, written options, and swaps		3,319
Net realized (loss) on foreign currency transactions		(31	)
Net change in unrealized (depreciation) on investments		(3,111	)
Net change in unrealized appreciation on futures contracts, written options, and swaps		1,026
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		1,939

Net Gain		5,132

Net Increase in Assets Resulting from Operations	$	15,805

See accompanying notes

Statements of Changes in Net Assets

Total Return Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002 (unaudited)			Year Ended December 31, 2001
Operations:
Net investment income	$	10,673		$	9,528
Net realized gain		5,278			4,347
Net change in unrealized appreciation (depreciation)		(146	)		651

Net increase resulting from operations		15,805			14,526

Distributions to Shareholders:
From net investment income
Institutional Class		(782	)		(1,561	)
Administrative Class		(9,892	)		(7,971	)
From net realized capital gains
Institutional Class		0			(666	)
Administrative Class		0			(6,502	)

Total Distributions		(10,674	)		(16,700	)

Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		7,456			38,223
Administrative Class		354,135			328,425
Issued as reinvestment of distributions
Institutional Class		782			2,227
Administrative Class		9,892			14,473
Cost of shares redeemed
Institutional Class		(8,766	)		(6,077	)
Administrative Class		(59,987	)		(63,201	)

Net increase resulting from Portfolio share transactions		303,512			314,070

Total Increase in Net Assets		308,643			311,896

Net Assets:
Beginning of period		368,054			56,158
End of period*	$	676,697		$	368,054

*Including net undistributed investment income of:	$	549		$	550

See accompanying notes

Schedule of Investments

Total Return Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 19.2%
Banking & Finance 5.6%
Atlas Reinsurance PLC
4.387% due 01/07/2005 (g)	$	1,000	$	1,006
Banco Nacional de Comercio Exterior
7.250% due 02/02/2004		700		732
Bear Stearns Cos., Inc.
2.210% due 12/01/2003 (g)		2,000		2,003
Chrysler Financial Corp. LLC
1.960% due 06/17/2003 (g)		300		299
1.980% due 06/18/2003 (g)		700		698
2.020% due 03/10/2003 (g)		100		100
CIT Group, Inc.
2.462% due 04/07/2003 (g)		1,300		1,270
Donaldson, Lufkin & Jenrette, Inc.
2.235% due 07/18/2003 (g)		100		100
Ford Motor Credit Co.
2.530% due 06/23/2003 (g)		350		348
Gemstone Investors Ltd.
7.710% due 10/31/2004		700		683
General Electric Capital Corp.
6.125% due 02/22/2011		2,700		2,756
General Motors Acceptance Corp.
2.010% due 08/18/2003 (g)		1,600		1,589
2.223% due 07/21/2003 (g)		500		498
2.250% due 08/04/2003 (g)		1,900		1,893
2.270% due 07/30/2004 (g)		600		595
2.298% due 07/21/2004 (g)		200		198
2.378% due 07/20/2004 (g)		500		496
2.600% due 05/10/2004 (g)		500		499
2.620% due 05/17/2004 (g)		700		699
2.720% due 05/04/2004 (g)		2,500		2,500
2.843% due 03/22/2004 (g)		1,500		1,503
8.000% due 11/01/2031		2,400		2,462
Heller Financial, Inc.
2.315% due 07/24/2002 (g)		500		500
Household Finance Corp.
2.250% due 05/28/2004 (g)		600		594
Morgan Stanley Tracers
2.005% due 09/15/2011 (g)		5,024		5,197
Pemex Finance Ltd.
5.720% due 11/15/2003		75		77
Pemex Master Trust
8.000% due 11/15/2011		3,100		3,061
PNC Funding Corp.
6.125% due 09/01/2003		100		103
Popular, Inc.
6.625% due 01/15/2004		500		523
Premium Asset Trust
2.226% due 11/27/2004 (g)		100		100
2.295% due 09/08/2007 (g)		100		100
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		657		371
Residential Reinsurance
6.887% due 06/01/2004 (g)		100		100
Sears Roebuck Acceptance Corp.
6.720% due 10/23/2002		2,000		2,027
Wachovia Corp.
4.950% due 11/01/2006		1,000		1,009
Western Capital
6.970% due 01/07/2003 (g)		1,300		1,300

				37,989

Industrials 7.2%
American Airlines, Inc.
7.858% due 10/01/2011		700		760
AOL Time Warner, Inc.
7.625% due 04/15/2031		8,600		7,550
7.700% due 05/01/2032		3,300		2,935
Continental Airlines, Inc.
7.256% due 03/15/2020		442		445
DaimlerChrysler North America Holding Corp.
2.132% due 08/21/2003 (g)		2,300		2,295
2.170% due 08/23/2002 (g)		1,300		1,300
2.656% due 12/16/2002 (g)		2,100		2,106
7.750% due 05/27/2003		200		208
8.500% due 01/18/2031		4,000		4,435
Ford Motor Credit Co.
7.450% due 07/16/2031		5,300		4,947
Kroger Co.
2.650% due 08/16/2012 (g)		500		500
Northwest Airlines, Inc.
6.841% due 04/01/2011		3,300		3,357
Singapore Telecommunications Ltd.
7.375% due 12/01/2031		3,000		2,962
Starwood Hotels & Resorts
6.750% due 11/15/2005		250		247
TRW, Inc.
6.625% due 06/01/2004		250		261
Tyco International Group SA
6.750% due 02/15/2011		157		122
United Air Lines, Inc.
2.117% due 12/02/2002 (g)		1,365		1,353
6.071% due 03/01/2013		7,120		6,700
8.030% due 07/01/2011		470		411
Walt Disney Co.
4.500% due 09/15/2004		4,300		4,347
Weyerhaeuser Co.
6.750% due 03/15/2012		1,200		1,245

				48,486

Utilities 6.4%
Allete, Inc.
2.798% due 10/20/2003 (g)		100		100
AT&T Wireless Services, Inc.
7.875% due 03/01/2011		100		81
British Telecom PLC
3.181% due 12/15/2003 (g)		1,900		1,904
8.125% due 12/15/2010 (g)		100		109
Commonwealth Edison Co.
2.547% due 09/30/2002 (g)		300		300
DTE Energy Co.
7.110% due 11/15/2038 (g)		500		509
Entergy Gulf States, Inc.
3.197% due 09/01/2004 (g)		3,400		3,406
France Telecom
2.585% due 07/16/2003 (g)		200		200
3.636% due 03/14/2003 (g)		4,800		4,808
7.750% due 03/01/2011		200		183
Indiana Michigan Power Co.
2.522% due 09/03/2002 (g)		100		100
Kerr-McGee Corp.
2.797% due 06/28/2004 (g)		300		300
Pacific Gas & Electric Co.
1.000% due 10/31/2049 (h) (g)		400		394
Philadelphia Electric
6.500% due 05/01/2003		100		103
PSE&G Power LLC
7.750% due 04/15/2011		5,700		6,035
Sprint Capital Corp.
6.000% due 01/15/2007		100		78
8.125% due 07/15/2002		150		150
8.375% due 03/15/2012		3,200		2,655
8.750% due 03/15/2032		14,000		10,551
Telekomunikacja Polska SA
7.125% due 12/10/2003		100		96
Texas Utilities Corp.
2.486% due 06/15/2003 (g)		3,000		3,004
Verizon Global Funding Corp.
6.125% due 06/15/2007		3,700		3,687

See accompanying notes

Williams Cos., Inc.
7.875% due 09/01/2021	$	5,500	$	4,395

				43,148

Total Corporate Bonds & Notes (Cost $ 136,429)				129,623

MUNICIPAL BONDS & NOTES 1.6%
California 0.3%
California State Department of Water Resources Center Valley Project Revenue Bonds, (FGIC Insured), Series 2002
5.500% due 12/01/2022 (g)		1,800		1,958

New York 0.2%
New York State Environmental Facilities Corporate Revenue Bonds, Series 2002
5.125% due 06/15/2023 (g)		850		861
New York State Metropolitan Transitional Authority Revenue Bonds, (AMBAC Insured), Series 2002
5.125% due 11/15/2020 (g)		200		215

				1,076

North Carolina 0.4%
Durham County, North Carolina General Obligation Revenue Bonds, Series 2002
0.990% due 04/01/2021 (g)		2,733		2,830

Texas 0.2%
San Antonio, Texas Water Revenue Bonds, (FSA Insured), Series 2002
5.000% due 05/15/2028 (g)		1,500		1,447

Wisconsin 0.5%
Badger Asset Securitization Corporate Revenue Bonds, Series 2002
6.000% due 06/01/2017		3,700		3,669

Total Municipal Bonds & Notes (Cost $ 10,793)				10,980

U.S. GOVERNMENT AGENCIES 2.9%
Small Business Administration
6.030% due 02/01/2012		14,919		15,085
6.290% due 01/01/2021		380		396
7.449% due 08/01/2010		97		105
7.500% due 04/01/2017		3,511		3,844

Total U.S. Government Agencies (Cost $ 19,010)				19,430

U.S. TREASURY OBLIGATIONS 1.1%
Treasury Inflation Protected Securities (j)
3.375% due 01/15/2007 (b)		454		472
3.375% due 01/15/2012		2,025		2,076
3.625% due 07/15/2002 (b)		168		168
3.875% due 01/15/2009		2,192		2,327
4.250% due 01/15/2010		2,137		2,320

Total U.S. Treasury Obligations (Cost $ 7,381)				7,363

MORTGAGE-BACKED SECURITIES 52.6%
Collateralized Mortgage Obligations 14.6%
Aurora Loan Services
2.540% due 05/25/2030 (g)		923		923
Bank of America Mortgage Securities, Inc.
7.500% due 02/25/2031		4		4
Bear Stearns Adjustable Rate Mortgage Trust
4.922% due 11/25/2030 (g)		55		57
6.123% due 12/25/2031 (g)		693		707
6.174% due 12/25/2031 (g)		1,154		1,178
6.274% due 01/25/2032 (g)		2,387		2,454
6.539% due 10/25/2031		1,233		1,260
6.679% due 11/25/2031 (g)		1,421		1,452
7.459% due 12/25/2030 (g)		649		655
7.493% due 12/25/2030 (g)		125		126
Cendant Mortgage Corp.
2.490% due 08/25/2030 (g)		558		559
Chase Mortgage Finance Corp.
6.221% due 07/25/2032		2,300		2,345
Countrywide Alternative Loan Trust
8.000% due 07/25/2030		63		63
Countrywide Home Loans
6.500% due 08/25/2032 (g)		1,500		1,531
Credit-Based Asset Servicing and Securitization
2.250% due 09/25/2029 (g)		293		294
CS First Boston Mortgage Securities Corp.
6.250% due 04/25/2032 (g)		1,266		1,294
6.750% due 12/27/2028		100		103
DLJ Commercial Mortgage Corp.
2.241% due 07/05/2008 (g)		731		731
Fannie Mae
5.000% due 04/25/2023 (g)		624		629
6.000% due 08/19/2017		7,000		7,112
6.750% due 08/21/2031		955		986
7.000% due 04/25/2023		11,377		12,191
First Horizon Asset Securities, Inc.
6.750% due 02/25/2031		740		759
First Nationwide Trust
7.750% due 07/25/2030		1,145		1,186
Freddie Mac
2.290% due 11/15/2030 (g)		728		726
2.340% due 09/15/2030 (g)		498		500
6.250% due 08/25/2022		7,200		7,536
6.500% due 04/15/2029		614		601
7.500% due 11/15/2016		313		327
7.500% due 07/15/2030		300		318
8.500% due 08/01/2024		121		130
GMAC Commercial Mortgage Asset Corp.
2.140% due 06/01/2005 (g)		238		238
GMAC Commercial Mortgage Securities, Inc.
2.412% due 09/11/2006 (g)		2,000		1,800
Government National Mortgage Association
2.240% due 06/20/2030 (g)		75		75
2.340% due 09/20/2030 (g)		547		549
7.500% due 11/20/2029		482		508
G-Wing Ltd.
4.500% due 05/06/2004 (g)		1,800		1,800
Indymac Adjustable Rate Mortgage Trust
6.434% due 01/25/2032 (g)		423		435
Morgan Stanley Dean Witter Capital I
2.140% due 07/11/2011 (g)		1,282		1,277
PNC Mortgage Securities Corp.
7.500% due 02/25/2031		313		323
Resecuritization Mortgage Trust
6.500% due 04/19/2029		241		248
Residential Asset Securitization Trust
7.130% due 07/25/2031		3,400		3,506
Residential Funding Mortgage Securities I
6.500% due 12/25/2023		7,766		7,872
Salomon Brothers Mortgage Securities VII
2.240% due 09/25/2029 (g)		514		516
7.602% due 11/25/2030		48		49
Small Business Investment Cos.
6.344% due 08/10/2011		2,577		2,655
8.017% due 02/10/2010		809		900

See accompanying notes

Structured Asset Securities Corp.
2.110% due 06/25/2032 (g)	$	6,560	$	6,558
2.130% due 02/25/2032 (g)		1,680		1,681
2.168% due 08/30/2032 (g)		1,400		1,400
2.300% due 05/25/2031 (g)		602		607
5.800% due 09/25/2031		768		778
6.150% due 07/25/2032 (g)		1,300		1,332
6.307% due 02/25/2032		1,453		1,468
6.500% due 09/25/2031		621		626
7.000% due 02/25/2016		201		208
Superannuation Members Home Loans Global Fund
2.141% due 06/15/2026 (g)		763		765
Torrens Trust
2.100% due 07/15/2031 (g)		1,977		1,980
Washington Mutual, Inc.
4.494% due 01/25/2041 (g)		101		102
6.399% due 10/19/2039		8,100		8,399
Wells Fargo Mortgage-Backed Securities Trust
6.669% due 10/25/2031		1,412		1,442

				98,834

Fannie Mae 34.8%
4.187% due 09/01/2040 (g)		542		551
4.602% due 11/01/2035 (g)		1,037		1,056
4.683% due 10/01/2032 (g)		5,205		5,299
5.500% due 01/01/2017-07/18/2017 (i)		1,988		1,991
6.000% due 03/01/2016-07/18/2017 (i)		219,505		224,127
6.639% due 09/01/2039 (g)		2,200		2,296
6.983% due 11/01/2025 (g)		10		10
7.430% due 01/25/2023		544		552

				235,882

Freddie Mac 1.5%
5.320% due 07/01/2027 (g)		16		16
6.630% due 01/01/2028 (g)		19		20
7.000% due 06/15/2023		9,371		10,018
7.811% due 07/01/2030 (g)		43		45

				10,099

Government National Mortgage Association 1.7%
4.500% due 02/20/2032		6,405		6,482
5.500% due 05/20/2030 (g)		101		102
6.000% due 02/15/2029-07/20/2030 (i) (g)		3,758		3,834
6.375% due 04/20/2026-02/20/2027 (i) (g)		720		734
7.500% due 07/15/2029-10/15/2031 (i)		168		177

				11,329

Total Mortgage-Backed Securities (Cost $350,913)				356,144

ASSET-BACKED SECURITIES 6.9%
Ace Securities Corp.
2.180% due 06/25/2032 (g)		1,400		1,400
Ameriquest Mortgage Securities, Inc.
2.140% due 07/15/2030 (g)		128		128
2.160% due 06/15/2030 (g)		31		31
Asset-Backed Securities Home Equity Corp.
2.080% due 06/15/2031 (g)		0		0
Bayview Financial Acquisition Trust
2.120% due 07/25/2031 (g)		147		147
2.230% due 07/25/2030 (g)		58		58
Bayview Financial Asset Trust
2.240% due 04/25/2031 (g)		210		210
Conseco Finance
2.210% due 10/15/2031 (g)		597		599
Conseco Finance Securitizations Corp.
3.220% due 09/01/2023		4,152		4,177
Conseco Private Label Credit Card
2.120% due 11/17/2008 (g)		1,300		1,304
Conseco Recreational Enthusiast Consumer Trust
7.562% due 10/15/2007		42		43
CS First Boston Mortgage Securities Corp.
2.100% due 12/15/2030 (g)		567		567
2.190% due 08/25/2031 (g)		4,791		4,778
EMC Mortgage Loan Trust
2.210% due 05/25/2040 (g)		4,060		4,068
GRMT II Mortgage Loan Trust
2.107% due 06/20/2032 (g)		233		233
Home Equity Mortgage Trust
6.117% due 06/25/2032 (g)		13,400		13,678
Household Finance Corp.
2.138% due 05/20/2032 (g)		1,500		1,500
Irwin Home Equity Loan Trust
2.130% due 06/25/2029 (g)		1,300		1,300
2.215% due 06/25/2021 (g)		37		37
Marriott Vacation Club Owner Trust
2.190% due 09/20/2017 (g)		64		64
Morgan Stanley Dean Witter Capital I
2.170% due 07/25/2032 (g)		2,900		2,900
NPF XII, Inc.
2.393% due 06/01/2004 (g)		1,800		1,800
Providian Gateway Master Trust
2.175% due 03/16/2009 (g)		300		294
Residential Asset Mortgage Products, Inc.
7.610% due 12/25/2027		440		449
Structured Product Asset Trust
5.054% due 06/20/2004 (g)		2,250		2,250
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013		5,000		5,002

Total Asset-Backed Securities (Cost $ 46,975)				47,017

SOVEREIGN ISSUES 3.0%
Province of Quebec
7.500% due 09/15/2029		75		86
Republic of Brazil
3.187% due 04/15/2006 (g)		3,072		2,442
8.000% due 04/15/2014 (g)		493		311
11.000% due 01/11/2012		2,300		1,397
11.000% due 08/17/2040		2,600		1,462
11.500% due 03/12/2008		2,300		1,570
Republic of Egypt
8.750% due 07/11/2011 (g)		2,000		1,945
Republic of Panama
4.500% due 07/17/2014		370		311
9.625% due 02/08/2011		800		778
Republic of Peru
9.125% due 02/21/2012		500		454
Republic of South Africa
7.375% due 04/25/2012		800		793
9.125% due 05/19/2009		500		558
United Mexican States
8.300% due 08/15/2031		1,900		1,853
8.375% due 01/14/2011		300		312
9.875% due 02/01/2010		100		112
11.375% due 09/15/2016		5,100		6,286

Total Sovereign Issues (Cost $ 22,975)				20,670

See accompanying nottes

SHORT-TERM INSTRUMENTS 24.2%
Commercial Paper 22.7%
Abbey National North America
1.790% due 09/09/2002	$	1,000	$	1,000
ABN AMRO Mortgage Corp.
1.770% due 09/16/2002		1,700		1,693
AT&T Corp.
3.720% due 04/18/2003 (g)		6,500		6,305
CDC
1.760% due 07/25/2002		2,200		2,196
Danske Corp.
1.760% due 08/12/2002		25,000		24,949
1.780% due 08/05/2002		3,000		2,995
Fannie Mae
1.865% due 08/21/2002		14,700		14,661
1.900% due 08/28/2002		12,000		11,963
1.910% due 09/04/2002		4,700		4,684
Freddie Mac
1.760% due 08/01/2002 (b)		330		329
1.870% due 08/15/2002		7,700		7,682
1.985% due 08/15/2002		3,800		3,791
2.085% due 09/12/2002		3,200		3,188
Halifax PLC
1.790% due 07/29/2002		3,800		3,795
Lloyds TSB Bank PLC
1.770% due 08/15/2002		30,000		29,934
National Australia Funding, Inc.
1.770% due 07/02/2002		5,000		4,993
Pfizer, Inc.
1.750% due 07/22/2002		5,500		5,494
Shell Finance
1.850% due 08/21/2002		3,500		3,491
Svenska Handelsbank
1.795% due 08/19/2002		2,000		1,995
UBS Finance, Inc.
1.770% due 08/28/2002		18,000		17,962

				153,100

Repurchase Agreement 1.0%
State Street Bank
1.550% due 07/01/2002 (Dated 06/28/2002. Collateralized by Fannie Mae 5.375% due 11/15/2011 valued at $7,070. Repurchase proceeds are $6,928.)		6,927		6,927

U.S. Treasury Bills 0.5%
1.661% due 08/15/2002		3,535		3,527

Total Short-Term Instruments (Cost $ 163,747)				163,554

Total Investments (a) 111.5% (Cost $ 758,223)			$	754,781
Written Options (c) (0.2%)				(1,322	)
(Premiums $ 1,741)
Other Assets and Liabilities (Net) (11.3%)				(76,762	)

Net Assets 100.0%			$	676,697

Notes to Schedule of Investments (amounts in thousands):

(a)

At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost.	$	7,165

Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.		(10,607	)

Unrealized depreciation-net	$	(3,442	)

(b)

Securities with an aggregate market value of $3,499 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Euro-Bobl 5 Year Note (09/2002)	727	$	665
EuroBond 10 Year Note (09/2002)	387		322
Euribor Futures (03/2003)	206		62
U.S. Treasury 10 Year Note (09/2002)	389		903
Eurodollar September Futures (09/2002)	4		10
Eurodollar December Futures (12/2002)	134		67
Eurodollar March Futures (03/2003)	27		55

		$	2,084

(c)

Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @5.970% Exp. 10/04/2004	6,400,000	$	257	$	236
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.000% Exp. 10/19/2004	1,700,000		69		71
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.000% Exp. 10/19/2004	1,700,000		69		64
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.970% Exp. 10/04/2004	6,400,000		257		268
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.500% Exp. 01/07/2005	3,900,000		95		97
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 7.000% Exp. 01/07/2005	3,900,000		132		97
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.400% Exp. 08/23/2002	6,400,000		44		84
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.400% Exp. 08/23/2002	4,100,000		30		55
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.300% Exp. 08/23/2002	1,500,000		10		15
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.300% Exp. 08/23/2002	1,500,000		10		15
Put—CME Eurodollar September Futures Strike @ 96.500 Exp. 09/16/2002	31		24		0
Put—CME Eurodollar September Futures Strike @ 97.250 Exp. 09/16/2002	88		58		1
Put—CME Eurodollar September Futures Strike @ 96.750 Exp. 09/16/2002	13		7		0
Put—CME Eurodollar December Futures Strike @ 96.000 Exp. 12/16/2002	45		41		1

See accompanying notes

Type	# of Contracts	Premium		Value
Put—CME Eurodollar December Futures
Strike @ 96.500 Exp. 12/16/2002	631	$	495	$	24
Call—CBOT U.S. Treasury Note September Futures
Strike @ 107.000 Exp. 08/24/2002	204		138		286
Call—CBOT U.S. Treasury Note September Futures
Strike @ 108.000 Exp. 08/24/2002	8		5		8

		$	1,741	$	1,322

(d)

Swap agreements outstanding at June 30, 2002:

Type	Notional Amount	Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: UBS-Warburg
Exp. 03/15/2032	EC 1,100	$ 22
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: Goldman Sachs
Exp. 03/15/2017	4,000	18
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co.
Exp. 03/15/2032	1,500	28
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: UBS-Warburg
Exp. 03/15/2017	500	3
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: UBS-Warburg
Exp. 03/15/2032	BP 600	(12	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co.
Exp. 03/15/2032	900	(5	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Goldman Sachs
Exp. 03/15/2017	1,700	6
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co.
Exp. 03/15/2017	300	0
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: UBS-Warburg
Exp. 03/15/2017	700	(1	)
Receive a fixed rate equal to 1.150% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama
9.625% due 02/08/2011.
Broker: Goldman Sachs
Exp. 04/23/2003	$ 400	$ (3	)

		$ 56

(e)

Foreign forward currency contracts outstanding at June 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Sell	BP	528	07/2002	$	(35	)
Buy	EC	31,689	07/2002		3,088

Sell		20,703	07/2002		(832	)
Buy	JY	310,211	07/2002		216
Sell		310,211	07/2002		(237	)

				$	2,200

(f)

Principal amount denoted in Indicated currency:

BP — British Pound

EC — Euro

JY — Japanese Yen

(g)

Variable rate security. The rate listed is as of June 30, 2002.

(h)

Security is in default.

(i)

Securities are grouped by coupon or range of coupons and represent a range of maturities.

(j)

Principal amount of security is adjusted for inflation.

See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The Total Return Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Trust. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on December 31, 1997.

2. Significant Accounting Policies

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific

expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

3. Fees, Expenses, and Related Party Transactions

		Institutional Class			Administrative Class
Total Return Portfolio		0.50	%		0.65	%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
Total Return Portfolio	$	675,064	$	533,907	$	169,962	$	99,384

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

	Total Return Portfolio
	Premium
Balance at 12/31/2001	$3,668
Sales	3,516
Closing Buys	(620	)
Expirations	(4,823	)
Exercised	0

Balance at 06/30/2002	$1,741

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Total Return Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	748		$	7,456		3,884		$	38,223
Administrative Class	35,450			354,135		32,859			328,425
Issued as reinvestment of distributions
Institutional Class	78			782		225			2,227
Administrative Class	989			9,892		1,459			14,473
Cost of shares redeemed
Institutional Class	(877	)		(8,766	)	(611	)		(6,077	)
Administrative Class	(6,000	)		(59,987	)	(6,353	)		(63,201	)

Net increase resulting from Portfolio share transactions	30,388		$	303,512		31,463		$	314,070

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Total Return Portfolio
Administrative Class	6	80
Institutional Class	2	100

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEW PORT CENTER DRIVE, SUITE 300

NEW PORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

REAL RETURN PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Statement of Cash Flows		7
Schedule of Investments		8
Notes to Financial Statements		9

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Real Return Portfolio

PORTFOLIO CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum real return, consistent with preservation of real capital and prudent investment management.	5.6 years	$21.0 million

PORTFOLIO:	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
Primarily inflation-indexed fixed income securities.	9/30/1999	John B. Brynjolfsson

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002
	6 Months		1 Year		Since Inception*

Real Return Portfolio Administrative Class	7.44	%	9.70	%	11.33	%
Lehman Brothers Global Real: US TIPS Index	7.41	%	8.81	%	—

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $10,000 on 10/01/1999, the first full month following the Portfolio’s Administrative Class inception on 9/30/1999, compared to the Lehman Brothers Global Real: U.S. TIPS Index, an unmanaged market index, formerly the Lehman Brothers Inflation Linked Treasury Index. It is not possible to invest directly in the index. The Portfolio may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty.

PORTFOLIO INSIGHTS

The Real Return Portfolio Administrative Class returned 7.44% for the first six months of 2002, which was 0.03% greater than its benchmark, the Lehman Brothers Global Real: U.S. TIPS Index.

Treasury Inflation Protection Securities (TIPS) outperformed conventional Treasuries during the first half of the year, as real yields fell more than nominal yields.

Managing the Portfolio duration to be above benchmark was positive for performance.

Cash-backing strategies, using TIPS, increased the Portfolio’s return.

During the first six months, the breakeven rate of inflation, which measures the difference between TIPS real yields and nominal Treasury yields, increased to 1.77% on 10-year maturities.

Financial Highlights

Real Return Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (e)			12/31/2001			12/31/2000			09/30/1999 – 12/31/1999
Net asset value beginning of period	$	10.56		$	10.34		$	9.80		$	10.00
Net investment income (a)		0.31			0.61			0.64			0.20
Net realized/unrealized gain (loss) on investments (a)		0.47			0.38			0.69			(0.20	)
Total income from investment operations		0.78			0.99			1.33			0.00
Dividends from net investment income		(0.26	)		(0.63	)		(0.79	)		(0.20	)
Distributions from net realized capital gains		0.00			(0.14	)		0.00			0.00
Total distributions		(0.26	)		(0.77	)		(0.79	)		(0.20	)
Net asset value end of period	$	11.08		$	10.56		$	10.34		$	9.80
Total return		7.44	%		9.63			14.11	%		(0.03	)%
Net assets end of period (000s)	$	20,992		$	7,406		$	448		$	3,000
Ratio of net expenses to average net assets		0.65	%		0.66	%(c)(d)		0.65	%		0.65	%(b)*
Ratio of net investment income to average net assets		5.86	%		5.63	%		6.69	%		7.72	%*
Portfolio turnover rate		22	%		58	%		18	%		23	%

*Annualized

(a)

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

(b)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.92% for the period ended December 31, 1999.

(c)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.67% for the period ended December 31, 2001.

(d)

Ratio of net expenses to average net assets excluding interest expense is 0.65%.

(e)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Real Return Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	39,601
Cash		1
Interest and dividends receivable		157

		39,759

Liabilities:
Payable for financing transactions		18,693
Accrued investment advisory fee		4
Accrued administration fee		4
Accrued servicing fee		2
Other liabilities		49

		18,752

Net Assets	$	21,007

Net Assets Consist of:
Paid in capital	$	20,307
Undistributed net investment income		1
Accumulated undistributed net realized gain		38
Net unrealized appreciation		661

	$	21,007

Net Assets:
Institutional Class	$	15
Administrative Class		20,992

Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		1,894

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	11.08
Administrative Class		11.08

Cost of Investments Owned	$	38,940

See accompanying notes

Statement of Operations

Real Return Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	384

Total Income		384

Expenses:
Investment advisory fees		15
Administration fees		15
Distribution and/or servicing fees—Administrative Class		9

Total Expenses		39

Net Investment Income		345

Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		32
Net realized gain on futures contracts, written options, and swaps		8
Net change in unrealized appreciation on investments		556
Net change in unrealized (depreciation) on futures contracts, written options, and swaps		(2	)

Net Gain		594

Net Increase in Assets Resulting from Operations	$	939

See accompanying notes

Statements of Changes in Net Assets

Real Return Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002			Year Ended December 31, 2001
Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002			Year Ended December 31, 2001
Operations:
Net investment income	$	345		$	284
Net realized gain		40			80
Net change in unrealized appreciation (depreciation)		554			(1	)

Net increase resulting from operations		939			363

Distributions to Shareholders:
From net investment income
Institutional Class		0			(40	)
Administrative Class		(346	)		(244	)
From net realized capital gains
Institutional Class		0			0
Administrative Class		0			(90	)

Total Distributions		(346	)		(374	)

Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		0			0
Administrative Class		14,419			10,191
Issued as reinvestment of distributions
Institutional Class		0			40
Administrative Class		345			334
Cost of shares redeemed
Institutional Class		0			(3,436	)
Administrative Class		(1,770	)		(3,440	)

Net increase resulting from Portfolio share transactions		12,994			3,689

Total Increase in Net Assets		13,587			3,678

Net Assets:
Beginning of period		7,420			3,742
End of period *	$	21,007		$	7,420

*Including net undistributed investment income of:	$	1		$	2

See accompanying notes

Statement of Cash Flows

Real Return Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands

Increase (Decrease) in Cash from:
Financing Activities
Sales of Portfolio shares	$	14,419
Redemptions of Portfolio shares		(1,770	)
Cash distributions paid		0
Proceeds from financing transactions		15,773

Net increase from financing activities		28,422


Operating Activities
Purchases of long-term securities		(18,515	)
Proceeds from sales of long-term securities		4,040
Purchases of short-term securities (net)		(13,716	)
Net investment income		345
Change in other receivables/payables (net)		(577	)

Net (decrease) from operating activities		(28,423	)

Net (decrease) in Cash		(1	)

Cash
Beginning of period		2
End of period	$	1

See accompanying notes

Schedule of Investments

Real Return Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 5.9%
Banking & Finance 3.5%
Ford Motor Credit Co.
2.410% due 07/18/2005 (d)	$	200	$	193
General Motors Acceptance Corp.
2.121% due 12/09/2002 (d)		150		150
2.250% due 08/04/2003 (d)		200		199
Merrill Lynch & Co.
2.020% due 06/24/2003 (d)		200		200

				742

Utilities 2.4%
British Telecom PLC
3.295% due 12/15/2003 (d)		300		301
France Telecom
3.613% due 03/14/2003 (d)		200		200

				501

Total Corporate Bonds & Notes (Cost $1,244)				1,243

U.S. TREASURY OBLIGATIONS 98.7%
Treasury Inflation Protected Securities (e)
3.375% due 01/15/2007 (c)		2,837		2,951
3.375% due 01/15/2012 (c)		2,025		2,076
3.375% due 04/15/2032 (c)		770		814
3.500% due 01/15/2011		1,549		1,604
3.625% due 01/15/2008 (c)		1,780		1,864
3.625% due 04/15/2028 (c)		1,612		1,741
3.875% due 01/15/2009 (c)		3,069		3,258
3.875% due 04/15/2029 (c)		3,281		3,698
4.250% due 01/15/2010 (c)		2,511		2,726

Total U.S. Treasury Obligations (Cost $20,072)				20,732

MORTGAGE-BACKED SECURITIES 9.8%
Collateralized Mortgage Obligations 9.5%
Federal Home Loan Bank
1.745% due 07/26/2002		2,000		1,998
Fannie Mae 0.3%
6.807% due 11/01/2024 (d)		55		55

Total Mortgage-Backed Securities (Cost $2,052)				2,053

ASSET-BACKED SECURITIES 0.5%
SLM Student Loan Trust
2.309% due 10/25/2005 (d)		111		111

Total Asset-Backed Securities (Cost $110)				111

SHORT-TERM INSTRUMENTS 73.6%
Commercial Paper 24.7%
Abbey National North America
1.790% due 09/09/2002		800		797
Anz Delaware, Inc.
1.790% due 09/05/2002		800		798
CBA (de) Finance
1.790% due 09/09/2002		500		498
Danske Corp.
1.800% due 09/06/2002		800		797
KFW International Finance, Inc.
1.760% due 09/12/2002		200		199
Lloyds TSB Bank PLC
1.770% due 08/15/2002		400		399
Shell Finance (UK) PLC
1.780% due 08/27/2002		800		798
Swedish National Housing Finance
1.770% due 08/07/2002		300		300
UBS Finance, Inc.
1.770% due 08/28/2002		600		598

				5,184

Repurchase Agreements 48.8%
Credit Suisse First Boston
1.850% due 07/01/2002		2,000		2,000
(Dated 06/28/2002. Collateralized by U.S. Treasury Inflation Protected Securities 3.375% due 01/15/2007 valued $2,042. Repurchase proceeds are $2,000.)
Lehman Brothers Inc.
1.850% due 07/01/2002		2,000		2,000
(Dated 06/28/2002. Collateralized by U.S. Treasury Notes 6.375% due 08/15/2027 valued at $2,051. Repurchase proceeds are $2,000.)
State Street Bank
1.550% due 07/01/2002		6,253		6,253
(Dated 06/28/2002. Collateralized by Fannie Mae 3.500% due 02/13/2004 valued at $6,378. Repurchase proceeds are $6,254.)

				10,253

U.S. Treasury Bills 0.1%
1.740% due 08/15/2002		25		25

Total Short-Term Instruments (Cost $15,462)				15,462

Total Investments (a) 188.5% (Cost $38,940)			$	39,601
Other Assets and Liabilities (Net) (88.5%)				(18,594	)

Net Assets 100.0%			$	21,007

Notes to Schedule of Investments (amounts in thousands):

(a)

At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:

Aggregate gross unrealized depreciation for all investments in which there was an excess of value over tax cost.	$	669

Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.		(9	)

Unrealized appreciation-net	$	660

(b)

Swap agreements outstanding at June 30, 2002:

Type	Notional Amount		Unrealized Appreciation
Receive a fixed rate equal to 0.410% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corporation 5.875% due 02/15/2012.
Broker: Goldman Sachs
Exp. 06/07/2004	$	100	$	0
Receive a fixed rate equal to 0.950% and the Fund will pay to the counterparty at par in the event of default of Republic of South Africa 9.125% due 05/19/2009.
Broker: Goldman Sachs
Exp. 04/15/2003		30		0
Receive a fixed rate equal to 1.300% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs
Exp. 04/15/2003		30		0

			$	0

(c)

Subject to financing transaction.

(d)

Variable rate security. The rate listed is as of June 30, 2002.

(e)

Principal amount of security is adjusted for inflation.

See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The Real Return Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Trust. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on September 30, 1999.

2. Significant Accounting Policies

3. Fees, Expenses, and Related Party Transactions

		Institutional Class			Administrative Class
Real Return Portfolio 0.50 %		0.50	%		0.65	%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
Real Return Portfolio	$	18,276	$	3,199	$	191	$	617

5. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Real Return Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	1,325			14,419		945			10,191
Issued as reinvestment of distributions
Institutional Class	0			0		4			40
Administrative Class	31			345		31			334
Cost of shares redeemed
Institutional Class	0			0		(322	)		(3,436	)
Administrative Class	(163	)		(1,770	)	(318	)		(3,440	)

Net increase resulting from Portfolio share transactions	1,193		$	12,994		340		$	3,689

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Real Return Portfolio
Administrative Class	1	100
Institutional Class	5	84

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

SHORT-TERM PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Schedule of Investments		7-8
Notes to Financial Statements		9

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Signs of a rebound in the U.S. economy and expectations of Federal Reserve tightening drove interest rates higher in the first quarter, depressing bond market returns. U.S. Treasury yields rose across all maturities, led by the two- and the five- year, which climbed 0.70% and 0.54%, respectively. Yields fell earlier in the quarter but reversed course sharply in late February and March after positive economic reports suggested that a cyclical turning point was at hand.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Short-Term Portfolio

PORTFOLIO CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum current income, consistent with preservation of capital and daily liquidity.	0.7 years	$7.9 million

	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
PORTFOLIO:	9/30/1999	Paul A. McCulley
Primarily money market instruments and short maturity fixed income securities.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002

	6 Months		1 Year		Since Inception*

Short-Term Portfolio Administrative Class	1.17	%	4.94	%	5.59	%
Salomon 3-Month U.S. Treasury Bill Index	0.87	%	2.45	%	—

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $10,000 on 10/01/1999, the first full month following the Portfolio’s Administrative Class inception on 9/30/1999, compared to the Salomon 3-Month U.S. Treasury Bill Index, an unmanaged market index. It is not possible to invest directly in the index. Whereas money market funds attempt to maintain a stable share price, the Short-Term Bond Portfolio’s share price will fluctuate in response to market conditions. The Portfolio may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty.

PORTFOLIO INSIGHTS

The total return performance of the Short-Term Portfolio was 1.17% for the six-month period ended June 30, 2002, versus a return of 0.87% for the benchmark Salomon 3-Month Treasury Bill Index.

A longer than effective benchmark portfolio duration was positive for returns as short-term rates fell.

High relative yields provided by mortgages enhanced performance.

Corporate holdings provided attractive yields but detracted from returns overall due to adverse price performance, particularly in the telecom sector.

Modest high yield holdings were negative amid anxiety about weak profits, excess capacity and corporate scandals.

Asset-backed securities helped returns as investors sought their strong collateral protection and premium yields.

Modest emerging market holdings detracted from returns as political concerns in Brazil adversely affected the entire sector.

The 30-day yield at June 30, 2002 was 2.93%.

Financial Highlights

Short-Term Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (e)			12/31/2001			12/31/2000			09/30/1999 – 12/31/1999
Net asset value beginning of period	$	10.08		$	10.01		$	10.00		$	10.00
Net investment income (a)		0.14			0.48			0.53			0.13
Net realized/unrealized gain (loss) on investments (a)		(0.02	)		0.15			0.09			0.00
Total income from investment operations		0.12			0.63			0.62			0.13
Dividends from net investment income		(0.15	)		(0.52	)		(0.61	)		(0.13	)
Distributions from net realized capital gains		0.00			(0.04	)		0.00			0.00
Total distributions		(0.15	)		(0.56	)		(0.61	)		(0.13	)
Net asset value end of period	$	10.05		$	10.08		$	10.01		$	10.00
Total return		1.17	%		6.45	%		6.42	%		1.32	%
Net assets end of period (000s)	$	3,397		$	1,683		$	37		$	3,040
Ratio of net expenses to average net assets		0.60	%*		0.61	%(c)(d)		0.60	%		0.60	%(b)*
Ratio of net investment income to average net assets		2.90	%*		4.74	%		5.27	%		5.17	%*
Portfolio turnover rate		36	%		94	%		281	%		N/A

Annualized

(a)

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

(b)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 1.42% for the period ended December 31, 1999.

(c)

Ratio of net expenses to average net assets excluding interest expense is 0.60%.

(d)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.62% for the period ended December 31, 2001.

(e)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Short-Term Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	7,752
Cash		1
Receivable for investments sold		107
Receivable for Portfolio shares sold		3
Interest and dividends receivable		62

		7,925

Liabilities:
Written options outstanding	$	10
Accrued investment advisory fee		2
Accrued administration fee		1

		13

Net Assets	$	7,912

Net Assets Consist of:
Paid in capital	$	7,896
Undistributed net investment income		12
Accumulated undistributed net realized (loss)		(15	)
Net unrealized appreciation		19

	$	7,912

Net Assets:
Institutional Class	$	4,515
Administrative Class		3,397
Shares Issued and Outstanding:
Institutional Class		448
Administrative Class		338
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.05
Administrative Class		10.05
Cost of Investments Owned	$	7,761

See accompanying notes

Statement of Operations

Short-Term Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	120

Total Income		120

Expenses:
Investment advisory fees		8
Administration fees		7
Distribution and/or servicing fees—Administrative Class		2

Total Expenses		17

Net Investment Income		103

Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(19	)
Net realized (loss) on futures contracts, written options, and swaps		(1	)
Net change in unrealized (depreciation) on investments		(23	)
Net change in unrealized appreciation on futures contracts, written options, and swaps		30

Net (Loss)		(13	)

Net Increase in Assets Resulting from Operations	$	90

See accompanying notes

Statements of Changes in Net Assets

Short-Term Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002 (Unaudited)			Year Ended December 31, 2001
Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002 (Unaudited)			Year Ended December 31, 2001
Operations:
Net investment income	$	103		$	227
Net realized gain (loss)		(20	)		30
Net change in unrealized appreciation		7			16

Net increase resulting from operations		90			273

Distributions to Shareholders:
From net investment income
Institutional Class		(65	)		(195	)
Administrative Class		(38	)		(32	)
From net realized capital gains
Institutional Class		0			(15	)
Administrative Class		0			(5	)

Total Distributions		(103	)		(247	)

Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		376			480
Administrative Class		2,036			2,158
Issued as reinvestment of distributions
Institutional Class		65			209
Administrative Class		38			38
Cost of shares redeemed
Institutional Class		(8	)		(8	)
Administrative Class		(358	)		(552	)

Net increase resulting from Portfolio share transactions		2,149			2,325

Total Increase in Net Assets		2,136			2,351

Net Assets:
Beginning of period		5,776			3,425
End of period*	$	7,912		$	5,776
*Including net undistributed investment income of:	$	12		$	12

See accompanying notes

Schedule of Investments

Short-Term Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 52.0%
Banking & Finance 15.1%
Bank One Corp.
6.375% due 10/01/2002	$	85	$	86
Bear Stearns Co., Inc.
2.264% due 09/21/2004 (e)		100		100
Boeing Capital Corp.
1.960% due 09/27/2002 (e)		100		100
CIT Group, Inc.
2.931% due 04/07/2003 (e)		100		98
Ford Motor Credit Co.
2.170% due 06/20/2003 (e)		100		99
2.690% due 03/08/2004 (e)		100		99
General Motors Acceptance Corp.
2.010% due 08/18/2003 (e)		104		103
2.610% due 05/17/2004 (e)		100		100
Golden State Holdings
7.000% due 08/01/2003		100		104
Household Finance Corp.
2.515% due 08/07/2003 (e)		100		100
National Rural Utilities Cooperative Finance Corp.
2.940% due 04/26/2004 (e)		100		100
5.250% due 07/15/2004		100		103

				1,192

Industrials 17.0%
Conoco, Inc.
3.251% due 10/15/2002 (e)		0		0
Cox Communications, Inc.
6.500% due 11/15/2002		100		100
DaimlerChrysler North America Holding Corp.
2.230% due 08/16/2004 (e)		100		99
2.412% due 08/01/2003 (e)		200		200
Ingersoll-Rand Co.
5.750% due 02/14/2003		100		102
Kroger Co.
7.150% due 03/01/2003		100		103
Nabisco, Inc.
6.125% due 02/01/2033		100		102
R.J. Reynolds Tobacco Holdings, Inc.
7.375% due 05/15/2003		100		103
Raytheon Co.
6.450% due 08/15/2002		100		101
Safeway, Inc.
7.000% due 09/15/2002		150		151
Shell Oil Co.
6.700% due 08/15/2002		40		40
Time Warner, Inc.
7.975% due 08/15/2004		100		105
Waste Management, Inc.
6.500% due 12/15/2002		40		40
6.625% due 07/15/2002		100		100

				1,346

Utilities 19.9%
Allete, Inc.
3.240% due 10/20/2003 (e)		100		100
British Telecom PLC
3.182% due 12/15/2003 (e)		100		100
Carolina Power & Light Energy, Inc.
2.449% due 07/29/2002 (e)		100		100
Deutsche Telekom AG
7.750% due 06/15/2005		200		205
Entergy Mississippi, Inc.
7.750% due 02/15/2003		100		103
Indiana Michigan Power Co.
2.706% due 09/03/2002 (e)		100		100
Kinder Morgan, Inc.
6.450% due 03/01/2003		100		102
Ohio Edison Co.
7.375% due 09/15/2002		100		101
Public Service Electric & Gas Co.
7.190% due 09/06/2002		175		176
SCANA Corp.
2.477% due 07/15/2002 (e)		100		100
Sprint Capital Corp.
5.700% due 11/15/2003		150		133
TCI Communications, Inc.
8.250% due 01/15/2003		150		152
Texas Utilities Corp.
2.500% due 06/15/2003 (e)		100		100

				1,572

Total Corporate Bonds & Notes (Cost $4,121)				4,110

MORTGAGE-BACKED SECURITIES 19.1%
Collateralized Mortgage Obligations 11.7%
Bank of America Mortgage Securities, Inc.
6.374% due 07/25/2032 (e)		200		206
Bear Stearns Adjustable Rate Mortgage Trust
6.299% due 01/25/2032 (e)		70		72
CS First Boston Mortgage Securities Corp.
2.478% due 03/25/2032 (e)		292		292
Fannie Mae
6.500% due 10/25/2007		1		1
Freddie Mac
5.500% due 08/15/2004		38		39
6.500% due 04/15/2021		314		319

				929

Freddie Mac 3.6%
7.000% due 10/01/2002		18		18
9.500% due 12/01/2019		237		264

				282

Government National Mortgage Association 3.8%
5.000% due 02/20/2032 (e)		295		300

Total Mortgage-Backed Securities (Cost $1,501)				1,511

ASSET-BACKED SECURITIES 1.9%
Contimortgage Home Equity Loan Trust
2.020% due 04/15/2029 (e)		152		153

Total Asset-Backed Securities (Cost $152)				153

SOVEREIGN ISSUES 1.0%
Republic of Brazil
3.063% due 04/15/2006 (e)		96		76

Total Sovereign Issues (Cost $85)				76

PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 95.750 Exp. 12/16/2002		1,000		0

Total Purchased Put Options (Cost $0)				0

SHORT-TERM INSTRUMENTS 24.0%
Commercial Paper 21.4%
Anz Delaware, Inc.
1.760% due 09/05/2002		200		199
Danske Corp.
1.770% due 09/06/2002		100		100
Export Development Corp.
1.760% due 07/10/2002		300		300
Fannie Mae
1.910% due 09/04/2002		300		299
Federal Home Loan Bank
1.745% due 07/26/2002		500		499

See accompanying notes

Schedule of Investments (Cont.)

Short-Term Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
National Australia Funding, Inc.
1.790% due 07/02/2002	$	300	$	300

				1,697

Repurchase Agreement 1.7%
State Street Bank
1.550% due 07/01/2002		135		135
(Dated 06/28/2002. Collateralized by Federal Home Loan Bank 1.690% due 12/19/2003 valued at $139. Repurchase proceeds are $135.)

U.S. Treasury Bills 0.9%
1.702% due 08/15/2002 (b)		70		70

Total Short-Term Instruments (Cost $1,902)				1,902

Total Investments (a) 98.0% (Cost $7,761)			$	7,752
Written Options (c) (0.1%)				(10	)
(Premiums $14)
Other Assets and Liabilities (Net) 2.1%				170

Net Assets 100.0%			$	7,912

Notes to Schedule of Investments (amounts in thousands):

(a)

At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost.	$	22
Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.		(31	)

Unrealized depreciation—net	$	(9	)

(b)

Securities with an aggregate market value of $70 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Eurodollar December Futures (12/2002)	4	$	15
Eurodollar June Futures (06/2003)	4		8

		$	23

(c)

Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—CME Eurodollar March Futures Strike @ 96.750 Exp. 03/17/2003	7	$	7	$	4
Put—CME Eurodollar December Futures Strike @ 95.750 Exp. 12/16/2002	7		1		0
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.000 Exp. 01/07/2005	140,000		3		4
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 7.000 Exp. 01/07/2005	140,000		3		2

		$	14	$	10

(d)

Swap agreements outstanding at June 30, 2002:

Type	Notional Amount		Unrealized Appreciation
Receive a fixed rate equal to 0.410% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: Goldman Sachs
Exp. 06/07/2004	$	100	$	0
Receive a fixed rate equal to 0.950% and the Fund will pay to the counterparty at par in the event of default of Republic of South Africa 9.125% due 05/19/2009.
Broker: Goldman Sachs
Exp. 04/15/2003		30		0
Pay a fixed rate equal to 0.880% and the Fund will receive from the counterparty at par in the event of default of Republic of Bulgaria 2.813% due 07/28/2011.
Broker: Goldman Sachs
Exp. 04/15/2003		30		0
Receive a fixed rate equal to 1.450% and the Fund will pay to the counterparty at par in the event of default of Republic of Bulgaria 2.813% due 07/28/2011.
Broker: Goldman Sachs
Exp. 04/15/2004		30		0
Receive a fixed rate equal to 1.300% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs
Exp. 04/15/2003		30		0

			$	0

(e)

Variable rate security. The rate listed is as of June 30, 2002.

See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The Short-Term Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Trust. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on September 30, 1999.

2. Significant Accounting Policies

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific

expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

Swaps. The Portfolio is authorized to enter into interest rate, total return, currency exchange, and credit default swap agreements in order to obtain a desired return at a lower cost than if the Portfolio had invested directly in the asset that yielded the desired return. Swaps involve commitments to exchange components of income (generally interest or returns) pegged to the underlying assets based on a notional principal amount. Swaps are marked to market daily based upon quotations from market makers and the change, if any, is recorded as unrealized gains or losses in the Statement of Operations. The Portfolio bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a counterparty. The Portfolios exposures to market risk in swap transaction (or credit risk in the case of credit default swaps) may exceed the unrealized appreciation (depreciation) on the transaction which is reported in the Statement of Assets and Liabilities. Such exposure is a function of the underlying notional value of the swap transaction.

3. Fees, Expenses, and Related Party Transactions

		Institutional Class			Administrative Class
Short-Term Portfolio		0.45	%		0.60	%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
Short-Term Portfolio	$	804	$	300	$	4,790	$	2,806

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

Short-Term Portfolio
	Premium
Balance at 12/31/2001	$	0
Sales		42
Closing Buys		(28	)
Expirations		0
Exercised		0

Balance at 06/30/2002	$	14

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Short-Term Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	37		$	376		48		$	480
Administrative Class	203			2,036		214			2,158
Issued as reinvestment of distributions
Institutional Class	6			65		21			209
Administrative Class	4			38		4			38
Cost of shares redeemed
Institutional Class	(1	)		(8	)	(1	)		(8	)
Administrative Class	(36	)		(358	)	(55	)		(552	)

Net increase resulting from Portfolio share transactions	213		$	2,149		231		$	2,325

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Short-Term Portfolio
Administrative Class	2	96
Institutional Class	4	95

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

HIGH YIELD PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Schedule of Investments		7-11
Notes to Financial Statements		12

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Signs of a rebound in the U.S. economy and expectations of Federal Reserve tightening drove interest rates higher in the first quarter, depressing bond market returns. U.S. Treasury yields rose across all maturities, led by the two- and the five- year, which climbed 0.70% and 0.54%, respectively. Yields fell earlier in the quarter but reversed course sharply in late February and March after positive economic reports suggested that a cyclical turning point was at hand.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

High Yield Portfolio

PORTFOLIO CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum total return, consistent with preservation of capital and prudent investment management.	4.0 years	$298.4 million

PORTFOLIO:	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
Primarily higher yielding fixed income securities.	4/30/1998	Benjamin L. Trosky Raymond G. Kennedy

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002

	6 Months	1 Year	3 Years*	Since Inception*

High Yield Portfolio Administrative Class	-4.28%	-1.64%	-0.47%	0.44%
Merrill Lynch U.S. High Yield BB-B Rated Index	-4.62%	-3.03%	0.89%	—
Lehman Brothers BB U.S. High Yield Index	-3.36%	7.41%	8.81%	—

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $10,000 on 5/01/1998, the first full month following the Portfolio’s Administrative Class inception on 4/30/1998, compared to the Merrill Lynch U.S. High Yield BB-B Rated Index and the Lehman Brothers BB U.S. High Yield Index, each an unmanaged market index. It is not possible to invest directly in the index. The Portfolio changed its benchmark index because the Merrill Lynch U.S. High Yield BB-B Rated Index more closely reflects the universe of securities in which the Portfolio invests. The Portfolio may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. The investments made by the High Yield Bond Portfolio may involve high risk and may have speculative characteristics.

PORTFOLIO INSIGHTS

•

The high yield market finished the first half of 2002 with the worst one-month performance on record, erasing modest gains generated during the first five months of the year.

•

The High Yield Portfolio Administrative Class outperformed the Merrill Lynch U.S. High Yield BB-B Rated Index for the six-month period ended June 30, 2002, posting a return of –4.28% versus –4.62% for the Index.

•

Exposure to BBB-rated issues helped relative returns as higher quality issues performed best; BBBs outperformed BBs by 4.98% year-to-date.

•

An underweight to B-rated credits contributed to returns as Bs underperformed BBs by 0.81%.

•

An underweight to the telecom sector was positive for performance, as this was the market’s worst performing sector, losing over 30% year to date.

•

An overweight to the energy sector, focusing on investment grade issuers with real assets and strong asset coverage, was positive for performance.

•

Underweighting consumer cyclicals, specifically retailers, was negative for performance as consumer spending remained strong.

Financial Highlights

High Yield Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (e)			12/31/2001			12/31/2000			12/31/1999			04/30/1998 – 12/31/1998
Net asset value beginning of period	$	7.88		$	8.33		$	9.18		$	9.67		$	10.00
Net investment income (a)		0.31			0.64			0.77			0.77			0.51
Net realized/unrealized loss on investments (a)		(0.63	)		(0.45	)		(0.85	)		(0.49	)		(0.34	)
Total income (loss) from investment operations		(0.32	)		0.19			(0.08	)		0.28			0.17
Dividends from net investment income		(0.31	)		(0.64	)		(0.77	)		(0.77	)		(0.50	)
Total distributions		(0.31	)		(0.64	)		(0.77	)		(0.71	)		(0.50	)
Net asset value end of period	$	7.25		$	7.88		$	8.33		$	9.18		$	9.67
Total return		(4.28	)%		2.35	%		(0.86	)%		3.01	%		1.80	%
Net assets end of period (000s)	$	298,399		$	264,718		$	169,550		$	151,020		$	49,767
Ratio of net expenses to average net assets		0.76	%(d)*		0.75	%(c)		0.75	%		0.75	%(b)		0.75	%*
Ratio of net investment income to average net assets		7.94	%*		7.88	%		8.81	%		8.25	%		7.90	%*
Portfolio turnover rate		58	%		129	%		59	%		13	%		13	%

Annualized

(a)

Per share amounts based on average number of share outstanding during the period.

(b)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.76% for the period ended December 31, 1999.

(c)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.76% for the period ended December 31, 2001.

(d)

Ratio of expenses to average net assets excluding trustee’s expense is 0.75%.

(e)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

High Yield Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	289,361
Cash		309
Receivable for investments sold and forward foreign currency contracts		3,977
Receivable for Portfolio shares sold		946
Interest and dividends receivable		6,228
Other assets		19

		300,840

Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	1,766
Written options outstanding		232
Payable for Portfolio shares redeemed		107
Accrued investment advisory fee		60
Accrued administration fee		83
Accrued servicing fee		36
Recoupment payable to Manager		7
Other liabilities		150
		2,441

Net Assets	$	298,399

Net Assets Consist of:
Paid in capital	$	358,723
Undistributed net investment income		66
Accumulated undistributed net realized (loss)		(32,353	)
Net unrealized (depreciation)		(28,037	)

	$	298,399

Net Assets:
Administrative Class	$	298,399

Shares Issued and Outstanding:
Administrative Class		64,394

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Administrative Class	$	7.25

Cost of Investments Owned	$	318,199

See accompanying notes

Statement of Operations

High Yield Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	12,777
Dividends, net of foreign taxes		216

Total Income		12,993

Expenses:
Investment advisory fees		371
Administration fees		520
Distribution and/or servicing fees—Administrative Class		223
Trustees’ fees		10
Organization Costs		1
Interest expense		7

Total Expenses		1,132

Net Investment Income		11,861

Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(9,902	)
Net realized gain on futures contracts, written options, and swaps		612
Net realized (loss) on foreign currency transactions		(42	)
Net change in unrealized (depreciation) on investments		(16,642	)
Net change in unrealized appreciation on futures contracts, written options, and swaps		662
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(36	)

Net (Loss)		(25,348	)

Net Decrease in Assets Resulting from Operations	$	(13,487	)

See accompanying notes

Statements of Changes in Net Assets

High Yield Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002			Year Ended December 31, 2001
	(unaudited)
Operations:
Net investment income	$	11,861		$	18,057
Net realized loss		(9,332	)		(11,385	)
Net change in unrealized depreciation		(16,016	)		(1,908	)

Net increase (decrease) resulting from operations		(13,487	)		4,764

Distributions to Shareholders:
From net investment income
Administrative Class		(11,855	)		(18,049	)

Total Distributions		(11,855	)		(18,049	)

Portfolio Share Transactions:
Receipts for shares sold
Administrative Class		137,196			224,991
Issued as reinvestment of distributions
Administrative Class		11,855			18,048
Cost of shares redeemed
Administrative Class		(90,028	)		(134,593	)

Net increase resulting from Portfolio share transactions		59,023			108,446

Total Increase in Net Assets		33,681			95,161

Net Assets:
Beginning of period		264,718			169,557
End of period*	$	298,399		$	264,718

*Including net undistributed investment income of:	$	66		$	60

See accompanying notes

Schedule of Investments

High Yield Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 76.4%
Banking & Finance 8.6%
Arvin Capital
9.500% due 02/01/2027	$	700	$	697
Bluewater Finance Ltd.
10.250% due 02/15/2012		1,300		1,293
Case Credit Corp.
6.125% due 02/15/2003		2,000		1,964
Cedar Brakes II LLC
9.875% due 09/01/2013		1,250		1,279
Credit & Repack Securities Ltd.
10.250% due 10/30/2006		1,250		1,250
Credit Links
9.400% due 06/14/2005		2,000		2,037
Finova Group, Inc.
7.500% due 11/15/2009		3,500		1,172
Forest City Enterprises, Inc.
8.500% due 03/15/2008		1,205		1,235
Gemstone Investors Ltd.
7.710% due 10/31/2004		1,500		1,463
Golden State Holdings
7.125% due 08/01/2005		3,000		3,206
JET Equipment Trust
7.630% due 08/15/2012		410		351
10.000% due 06/15/2012		800		633
Pemex Master Trust
8.000% due 11/15/2011		1,750		1,728
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		7,000		3,955
Reliance Group Holdings, Inc.
0.000% due 11/15/2049 (h)		1,200		36
Rotech Healthcare, Inc.
9.500% due 04/01/2012		900		922
Steers Credit Backed Trust
7.523% due 05/27/2003 (g)		900		900
Ventas, Inc.
8.750% due 05/01/2009		1,500		1,522

				25,643

Industrials 52.6%
Airgas, Inc.
7.140% due 03/08/2004		800		816
Allied Waste Industries, Inc.
7.375% due 01/01/2004		550		536
7.875% due 01/01/2009		2,990		2,885
Allied Waste North America, Inc.
8.500% due 12/01/2008		425		412
8.875% due 04/01/2008		1,400		1,379
American Cellular Corp.
9.500% due 10/15/2009		1,750		324
American Media Operation, Inc.
10.250% due 05/01/2009		500		527
10.250% due 05/01/2009		400		422
AmeriGas Partners LP
8.830% due 04/19/2010		1,250		1,301
10.000% due 04/15/2006		300		319
10.125% due 04/15/2007		1,063		1,095
Amphenol Corp.
9.875% due 05/15/2007		340		356
Arco Chemical Co.
9.375% due 12/15/2005		250		240
10.250% due 11/01/2010		600		600
Argosy Gaming Co.
9.000% due 09/01/2011		700		722
Armkel LLC
9.500% due 08/15/2009		1,350		1,411
Avecia Group PLC
11.000% due 07/01/2009		800		800
Ball Corp.
7.750% due 08/01/2006		0		0
Barrett Resources Corp.
7.550% due 02/01/2007		200		168
Beverly Enterprises, Inc.
9.000% due 02/15/2006		1,000		1,006
9.625% due 04/15/2009		1,500		1,545
Boyd Gaming Corp.
8.750% due 04/15/2012		300		303
Briggs & Stratton Corp.
8.875% due 03/15/2011		1,050		1,108
British Sky Broadcasting Group PLC
6.875% due 02/23/2009		600		553
7.300% due 10/15/2006		500		487
8.200% due 07/15/2009		600		591
BRL Universal Equipment
8.875% due 02/15/2008		1,200		1,194
Building Materials Corp.
7.750% due 07/15/2005		200		177
8.000% due 10/15/2007		200		169
8.000% due 12/01/2008		500		413
8.625% due 12/15/2006		250		217
Cadmus Communications Corp.
9.750% due 06/01/2009		800		816
Canwest Media, Inc.
10.625% due 05/15/2011		1,500		1,500
Case Corp.
6.250% due 12/01/2003		800		781
Century Aluminum Co.
11.750% due 04/15/2008		500		540
CF Cable TV, Inc.
9.125% due 07/15/2007		350		362
Charter Communications Holdings LLC
0.000% due 01/15/2011 (e)		500		190
0.000% due 04/01/2011 (e)		700		338
8.250% due 04/01/2007		600		405
8.625% due 04/01/2009		150		101
9.625% due 11/15/2009		1,650		1,105
9.625% due 11/15/2009		500		335
10.000% due 04/01/2009		875		608
10.000% due 05/15/2011		500		340
10.750% due 10/01/2009		2,600		1,839
Compass Minerals Group, Inc.
10.000% due 08/15/2011		1,200		1,272
Constellation Brands, Inc.
8.500% due 03/01/2009		900		931
Continental Airlines, Inc.
7.373% due 12/15/2015		1,000		993
7.461% due 04/01/2015		258		261
Crown Castle International Corp.
10.750% due 08/01/2011		950		632
CSC Holdings, Inc.
7.625% due 04/01/2011		4,600		3,707
8.125% due 08/15/2009		505		419
Dimon, Inc.
6.250% due 03/31/2007		1,600		1,379
9.625% due 10/15/2011		550		579
Dresser, Inc.
9.375% due 04/15/2011		400		407
9.375% due 04/15/2011		1,850		1,882
Dunlop Stand Aerospace Holdings
11.875% due 05/15/2009		800		848
Dura Operating Corp.
8.625% due 04/15/2012		300		303
Echostar Communications Corp.
9.250% due 02/01/2006		1,250		1,156
9.375% due 02/01/2009		2,075		1,930
Electric Lightwave, Inc.
6.050% due 05/15/2004		500		494
Equistar Chemical/Funding
10.125% due 09/01/2008		1,750		1,680

See accompanying notes

Schedule of Investments (Cont.)

High Yield Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Extended Stay America, Inc.
9.875% due 06/15/2011	$	500	$	512
Extendicare Health Services
9.350% due 12/15/2007		1,050		982
Fairpoint Communications, Inc.
9.500% due 05/01/2008		850		710
Ferrellgas Partners LP
6.990% due 08/01/2005		1,000		970
9.375% due 06/15/2006		2,105		2,179
Ferro Corp.
9.125% due 01/01/2009		550		592
Fisher Scientific International
9.000% due 02/01/2008		1,150		1,182
9.000% due 02/01/2008		900		925
Flag Ltd.
8.250% due 01/30/2008		1,000		95
Foamex International, Inc.
10.750% due 04/01/2009		700		717
Fox/Liberty Networks LLC
8.875% due 08/15/2007		900		931
Fresenius Medical Care
7.875% due 06/15/2011		2,300		2,070
Garden State Newspapers
8.625% due 07/01/2011		250		245
8.750% due 10/01/2009		1,150		1,141
Georgia Pacific Corp.
8.125% due 05/15/2011		800		767
Georgia-Pacific Corp.
8.875% due 05/15/2031		1,500		1,415
9.125% due 07/01/2022		500		469
Giant Industries, Inc.
11.000% due 05/15/2012		400		354
Golden Northwest Aluminum
12.000% due 12/15/2006		125		60
Gray Communication System, Inc.
9.250% due 12/15/2011		1,000		1,025
H&E Equipment Services LLC
11.125% due 06/15/2012		400		382
Harrahs Operating Co., Inc.
7.875% due 12/15/2005		2,100		2,163
HEALTHSOUTH Corp.
8.375% due 10/01/2011		750		787
8.500% due 02/01/2008		1,410		1,488
Hercules, Inc.
6.600% due 08/01/2027		500		470
11.125% due 11/15/2007		1,785		2,008
Hollinger International Publishing
9.250% due 02/01/2006		400		414
9.250% due 03/15/2007		1,450		1,501
Hollinger Participation Trust
12.125% due 11/15/2010		896		846
Horseshoe Gaming Holding
8.625% due 05/15/2009		1,200		1,227
Host Marriott LP
8.375% due 02/15/2006		1,100		1,083
9.250% due 10/01/2007		2,000		2,020
Ingles Markets, Inc.
8.875% due 12/01/2011		1,050		1,050
Insight Midwest/Insight Capital
9.750% due 10/01/2009		250		231
10.500% due 11/01/2010		2,250		2,115
International Game Technology
8.375% due 05/15/2009		100		106
ISP Chemco, Inc.
10.250% due 07/01/2011		2,350		2,409
ISP Holdings, Inc.
10.625% due 12/15/2009		300		298
Johnsondiversey, Inc.
9.625% due 05/15/2012		900		945
Jupiters Ltd.
8.500% due 03/01/2006	$	800	$	820
Leviathan Gas Corp.
10.375% due 06/01/2009		1,050		1,118
Lyondell Chemical Co.
9.500% due 12/15/2008		600		561
9.625% due 05/01/2007		1,100		1,053
11.125% due 07/15/2012		500		499
Mail-Well Corp.
9.625% due 03/15/2012		1,650		1,666
Mandalay Resort Group
6.700% due 11/15/2096		350		352
6.750% due 07/15/2003		1,100		1,108
7.000% due 11/15/2036		650		628
9.250% due 12/01/2005		200		207
Marsh Supermarkets, Inc.
8.875% due 08/01/2007		425		421
Mediacom Broadband LLC
11.000% due 07/15/2013		1,600		1,504
Methanex Corp.
8.750% due 08/15/2012		1,000		1,025
Metromedia Fiber Network, Inc.
10.000% due 11/15/2008		750		11
MGM Mirage, Inc.
8.500% due 09/15/2010		500		522
9.750% due 06/01/2007		2,000		2,120
Midwest Generation LLC
8.560% due 01/02/2016		1,000		1,001
Millenium America, Inc.
9.250% due 06/15/2008		800		820
Mirage Resorts, Inc.
6.750% due 02/01/2008		600		597
7.250% due 10/15/2006		600		615
Newpark Resources, Inc.
8.625% due 12/15/2007		1,100		1,067
NMHG Holding Co.
10.000% due 05/15/2009		250		255
OM Group, Inc.
9.250% due 12/15/2011		950		988
P&L Coal Holdings
8.875% due 05/15/2008		900		952
Pacificare Health Systems, Inc.
10.750% due 06/01/2009		1,500		1,543
PanAmSat Corp.
8.500% due 02/01/2012		2,100		1,943
Park Place Entertainment Corp.
7.875% due 12/15/2005		900		905
8.875% due 09/15/2008		800		827
Pioneer National Resources Co.
8.250% due 08/15/2007		1,400		1,478
8.875% due 04/15/2005		250		260
Price Communications Wireless, Inc.
9.125% due 12/15/2006		4,630		4,844
Pride International, Inc.
9.375% due 05/01/2007		1,925		2,016
Primedia, Inc.
8.875% due 05/15/2011		250		189
PSS World Medical, Inc.
8.500% due 10/01/2007		1,100		1,108
Quebecor Media, Inc.
11.125% due 07/15/2011		2,700		2,673
Qwest Capital Funding, Inc.
7.900% due 08/15/2010		2,000		1,140
Qwest Communications International, Inc.
7.500% due 11/01/2008		500		305
Qwest Corp.
7.750% due 02/15/2031		440		231
8.875% due 03/15/2012		500		448
R.H. Donnelley, Inc.
9.125% due 06/01/2008		700		728

Schedule of Investments (Cont.)

High Yield Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Rogers Cantel, Inc.
8.300% due 10/01/2007	$	1,500	$	1,043
8.800% due 10/01/2007		750		491
9.375% due 06/01/2008		500		348
Rural Cellular Corp.
9.625% due 05/15/2008		1,425		663
Safety-Kleen Corp.
0.000% due 06/01/2008 (h)		1,450		36
0.000% due 05/15/2009 (h)		250		6
SC International Services, Inc.
9.250% due 09/01/2007		1,500		1,290
Sinclair Broadcast Group, Inc.
9.000% due 07/15/2007		200		201
Starwood Hotels & Resorts
6.750% due 11/15/2005		1,850		1,829
Station Casinos, Inc.
8.875% due 12/01/2008		250		255
9.750% due 04/15/2007		900		936
Telecorp PCS, Inc.
10.625% due 07/15/2010		331		311
Time Warner, Inc.
9.750% due 07/15/2008		1,300		631
Transocean, Inc.
9.125% due 12/15/2003		750		805
Tritel PCS, Inc.
0.000% due 05/15/2009 (e)		780		616
10.375% due 01/15/2011		903		826
Tyco International Group SA
6.875% due 09/05/2002		4,200		4,076
U.S. Airways, Inc.
9.330% due 01/01/2006		90		59
9.625% due 09/01/2003		1,075		774
United Air Lines, Inc.
6.201% due 09/01/2008		225		210
6.602% due 09/01/2013		1,000		887
7.186% due 04/01/2011		393		368
7.730% due 07/01/2010		1,000		942
Vintage Petroleum
8.250% due 05/01/2012		2,100		2,074
Vintage Petroleum, Inc.
7.875% due 05/15/2011		1,000		910
9.000% due 12/15/2005		600		597
VoiceStream Wireless Corp.
10.375% due 11/15/2009		390		376
WCG Trust
8.250% due 03/15/2004		2,200		2,036
Western Gas Resources, Inc.
10.000% due 06/15/2009		750		814
Williams Communications Group, Inc.
10.875% due 10/01/2009		1,050		92
Young Broadcasting, Inc.
9.000% due 01/15/2006		700		662
10.000% due 03/01/2011		2,400		2,136

				156,941

Utilities 15.2%
AES Corp.
9.375% due 09/15/2010		3,050		1,998
9.500% due 06/01/2009		300		200
AT&T Canada, Inc.
0.000% due 06/15/2008 (t)		975		102
AT&T Corp.
8.000% due 11/15/2031		1,100		866
Calpine Corp.
7.625% due 04/15/2006		1,390		966
7.875% due 04/01/2008		2,200		1,463
8.500% due 02/15/2011		300		203
8.625% due 08/15/2010		800		524
8.750% due 07/15/2007		1,700		1,199
Chesapeake Energy Corp.
8.375% due 11/01/2008		1,400		1,407
CMS Energy Corp.
6.750% due 01/15/2004		500		375
7.000% due 01/15/2005		1,125		811
7.500% due 01/15/2009		2,575		1,779
8.900% due 07/15/2008		850		613
Deutsche Telekom AG
8.250% due 06/15/2030		1,000		932
8.500% due 06/15/2010		500		499
Dynegy Holdings, Inc.
6.875% due 04/01/2011		1,800		1,244
8.750% due 02/15/2012		700		522
El Paso Corp.
7.000% due 05/15/2011		400		384
7.750% due 01/15/2032		1,300		1,209
7.875% due 06/15/2012		2,000		2,018
El Paso Energy Partners
8.500% due 06/01/2011		700		700
8.500% due 06/01/2011		600		600
France Telecom
7.750% due 03/01/2011		650		595
8.500% due 03/01/2031		1,000		887
Hanover Equipment Trust
8.500% due 09/01/2008		1,350		1,256
Ipalco Enterprises, Inc.
7.625% due 11/14/2011		600		549
Mastec, Inc.
7.750% due 02/01/2008		400		366
Mission Energy Holding Co.
3.420% due 07/02/2006		0		0
3.420% due 07/25/2006		0		0
13.500% due 07/15/2008		1,000		1,010
Niagara Mohawk Power Co.
0.000% due 07/01/2010 (e)		1,000		1,018
Pinnacle Partners
8.830% due 08/15/2004		800		813
PSEG Energy Holdings, Inc.
10.000% due 10/01/2009		1,690		1,703
Qwest Corp.
8.875% due 06/01/2031		350		275
Rogers Communication, Inc.
8.875% due 07/15/2007		200		183
9.125% due 01/15/2006		550		509
SESI, LLC
8.875% due 05/15/2011		1,665		1,690
Sprint Capital Corp.
6.125% due 11/15/2008		350		268
6.875% due 11/15/2028		1,920		1,204
8.375% due 03/15/2012		1,370		1,137
8.750% due 03/15/2032		4,000		3,015
Tesoro Petroleum Corp.
9.625% due 11/01/2008		330		307
9.625% due 04/01/2012		1,100		1,012
TSI Telecommunication Services, Inc.
12.750% due 02/01/2009 (f)		1,000		975
US Unwired, Inc.
0.000% due 11/01/2009 (e)		1,150		282
Western Resources, Inc.
7.875% due 05/01/2007		1,000		994
Williams Cos., Inc.
7.500% due 01/15/2031		400		288
7.625% due 07/15/2019		2,000		1,578
7.750% due 06/15/2031		400		294
7.875% due 09/01/2021		300		240
8.125% due 03/15/2012		1,700		1,428
WorldCom, Inc.
6.950% due 08/15/2028 (h)		550		85
8.250% due 05/15/2031 (h)		4,500		698

				45,273

Total Corporate Bonds & Notes (Cost $254,581)				227,857

See accompanying notes

Schedule of Investments (Cont.)

High Yield Portfolio

June 30, 2002 (Unaudited)

		Principal Amount (000s)		Value (000s)
ASSET-BACKED SECURITIES 2.7%
Alpharma, Inc.
5.250% due 10/09/2008		$	760	$	757
5.260% due 10/09/2008			665		662
5.300% due 09/08/2008			340		338
5.300% due 09/18/2008			234		233
Conseco Finance
9.300% due 10/15/2030			1,300		1,415
Extended Stay America, Inc.
4.929% due 01/31/2009			1,928		1,941
Nextel Partners, Inc.
6.937% due 06/30/2008			500		396
7.187% due 12/31/2008			500		396
Stone Container Corp.
5.375% due 10/01/2005			1,231		1,235
5.375% due 10/01/2005			269		269
5.375% due 03/31/2006			232		232
5.375% due 03/31/2006			268		269

Total Asset-Backed Securities (Cost $ 8,040)					8,143

SOVEREIGN ISSUES 3.4%
Petroleos Mexicanos
9.375% due 12/02/2008			300		323
Republic of Brazil
3.062% due 04/15/2006 (g)			3,520		2,798
8.000% due 04/15/2014 (g)			4,556		2,876
11.000% due 01/11/2012			1,300		790
11.000% due 08/17/2040			300		169
Republic of Egypt
8.750% due 07/11/2011 (g)			0		0
Republic of Panama
4.750% due 07/17/2014			278		233
Republic of Peru
9.125% due 02/21/2012			1,250		1,135
9.125% due 02/21/2012			525		476
Russian Federation
5.000% due 03/31/2030			2,000		1,385

Total Sovereign Issues (Cost $11,676)					10,185

FOREIGN CURRENCY-DENOMINATED 0.3%
Fort James Corp.
4.750% due 06/29/2004 (d)	EC		500		459
Remy Cointreau S.A.
10.000% due 07/30/2005			400		415

Total Foreign Currency-Denominated (Cost $802)					874

PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME) Strike @ 92.750 Exp. 12/16/2002		$	2,276,000		14
Eurodollar September Futures (CME) Strike @ 92.750 Exp. 09/16/2002			20,000		0

Total Purchased Put Options (Cost $23)					14

CONVERTIBLE BONDS & NOTES 3.1%
Consumer Staples 0.4%
Elan Finance Corp.
0.000% due 12/14/2018			2,700		1,245

Healthcare 0.2%
Omnicare, Inc.
5.000% due 12/01/2007			500		476

Industrials 1.4%
Mail-Well, Inc.
5.000% due 11/01/2002			1,000		981
Pride International, Inc.
0.000% due 04/24/2018			1,500		709
Roundy’s, Inc.
8.875% due 06/15/2012			800		802
Tyco International Ltd.
0.000% due 02/12/2021			2,650		1,842

					4,334

Technology 0.6%
Solectron Corp.
0.000% due 05/08/2020			3,050		1,799

Utilities 0.5%
Nextel Communications, Inc.
5.250% due 01/15/2010			500		209
Rogers Communication, Inc.
2.000% due 11/26/2005			1,500		1,148

					1,357

Total Convertible Bonds & Notes (Cost $9,356)					9,211

		Shares
PREFERRED STOCK 1.3%
CSC Holdings, Inc.
11.125% due 04/01/2008			3,374		217
11.750% due 10/01/2007			5,000		336
Fresenius Medical Care
7.875% due 02/01/2008			3,550		3,204

Total Preferred Stock (Cost $4,401)					3,757

		Principal Amount (000s)
SHORT-TERM INSTRUMENTS 9.8%
Commercial Paper 8.7%
Federal Home Loan Bank
1.745% due 07/26/2002		$	7,900		7,890
Freddie Mac
2.085% due 09/12/2002			400		398
National Australia Funding
1.770% due 07/31/2002			2,500		2,496
1.790% due 07/02/2002			8,000		8,000
UBS Finance, Inc.
1.770% due 08/28/2002			7,200		7,183

					25,967

Repurchase Agreement 0.7%
State Street Bank
1.550% due 07/01/2002			2,075		2,075
(Dated 06/28/2002. Collateralized by Federal Home Loan Bank 0.000% due 11/14/2003 valued at $2,121. Repurchase proceeds are $2,075.)

U.S. Treasury Bills 0.4%
1.668% due 08/15/2002			1,280		1,278

Total Short-Term Instruments (Cost $29,320)					29,320

Total Investments (a) 97.0% (Cost $318,199)					289,361

Written Options (b) (0.1%) (Premiums $833)					(232	)

Other Assets and Liabilities (Net) 3.1%					9,270

Net Assets 100.0%				$	298,399

See accompanying notes

Notes to Schedule of Investments (amounts in thousands):

(a)

At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost.	$	3,137

Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.		(31,975	)

Unrealized depreciation-net	$	(28,838	)

(b)

Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.500% Exp. 01/07/2005	5,900,000	$	122	$	146
Put—CME Eurodollar December Futures Strike @ 96.500% Exp. 12/16/2002	2,276		711		86

		$	833	$	232

(c)

Swap agreements outstanding at June 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 7.500% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 2.250% due 02/28/2003.
Broker: Morgan Stanley Exp. 06/19/2003	$	1,500	$	33
Receive a fixed rate equal to 2.000% and the Fund will pay to the counterparty at par in the event of default of Deutsche Telekom AG 5.250% due 05/20/2008.
Broker: UBS-Warburg Exp. 06/14/2003		3,000		(14	)
Receive a fixed rate equal to 7.500% and the Fund will pay to the counterparty at par in the event of default of Qwest Corp. 8.875% due 03/15/2012.
Broker: Morgan Stanley Exp. 06/05/2003		3,000		21
Receive a fixed rate equal to 3.550% and the Fund will pay to the counterparty at par in the event of default of France Telecom 3.637% due 03/14/2003.
Broker: ABN AMRO Exp. 06/03/2003		3,000		0
Receive a fixed rate equal to 1.820% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 11/30/2003		1,500		(29	)
Receive a fixed rate equal to 1.570% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Goldman Sachs Exp. 05/29/2003		1,500		(3	)
Receive a fixed rate equal to 0.900% and the Fund will pay to the counterparty at par in the event of default of Republic of Bulgaria 2.813% due 07/28/2011.
Broker: J.P. Morgan Chase & Co. Exp. 05/28/2003		1,500		(2	)
Receive a fixed rate equal to 3.000% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 6.875% due 04/01/2011.
Broker: Merrill Lynch Exp. 05/15/2003		1,000		26
Receive a fixed rate equal to 1.200% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: J.P. Morgan Chase & Co. Exp. 05/24/2003		1,500		(3	)
Receive a fixed rate equal to 7.000% and the Fund will pay to the counterparty at par in the event of default of The Williams Cos., Inc. 6.625% due 11/15/2004.
Broker: Goldman Sachs Exp. 12/01/2002		1,500		31

			$	60

(e)

Foreign forward currency contracts outstanding at June 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized (Depreciation)
Sell	EC	996	07/2002	$ (43)

				$ (43)

(d)

Principal amount denoted in indicated currency:

EC—Euro

(e)

Security becomes interest bearing at a future date.

(f)

Restricted security.

(g)

Variable rate security. The rate listed is as of June 30, 2002.

(h)

Security is in default.

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The High Yield Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Trust. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on April 30, 1998.

2. Significant Accounting Policies

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific expenses, and realized and unrealized capital gains and

losses are allocated to each class of shares based on the relative net assets of each class.

basis, the Portfolio does not participate in future gains and losses with respect to the security. Forward sales commitments are accounted for by the Portfolio in the same manner as forward currency contracts discussed above.

3. Fees, Expenses, and Related Party Transactions

		Administrative Class
High Yield Portfolio		0.75	%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S.Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
High Yield Portfolio	$	0	$	0	$	198,268	$	160,561

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

	High Yield Portfolio
	Premium
Balance at 12/31/2001	$	0
Sales		920
Closing Buys		0
Expirations		(86	)
Exercised		0

Balance at 06/30/2002	$	833

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	High Yield Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Administrative Class	17,629		$	137,196		27,683		$	224,991
Issued as reinvestment of distributions
Administrative Class	1,542			11,855		2,239			18,048
Cost of shares redeemed
Administrative Class	(11,615	)		(90,028	)	(16,680	)		(134,593	)

Net increase resulting from Portfolio share transactions	7,556		$	59,023		13,242		$	108,446

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of Portfolio held by such shareholders:

	Number	% of Portfolio Held
High Yield Portfolio
Administrative Class	2	92

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

MONEY MARKET PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORt

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Schedule of Investments		7
Notes to Financial Statements		8

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Signs of a rebound in the U.S. economy and expectations of Federal Reserve tightening drove interest rates higher in the first quarter, depressing bond market returns. U.S. Treasury yields rose across all maturities, led by the two- and the five- year, which climbed 0.70% and 0.54%, respectively. Yields fell earlier in the quarter but reversed course sharply in late February and March after positive economic reports suggested that a cyclical turning point was at hand.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Money Market Portfolio

PORTFOLIO CHARACTERISTICS
OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum current income, consistent with preservation of capital and daily liquidity.	47.5 days	$19.9 million

PORTFOLIO:	FUND INCEPTION DATE: 9/30/1999	PORTFOLIO MANAGER: Paul A. McCulley
Primarily money market instruments.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002

	7 Day Yield	6 Months	1 Year	Since Inception*

Money Market Portfolio Administrative Class	1.57%	0.76%	2.18%	4.32%
Salomon 3-Month U.S. Treasury Bill Index	—	0.87%	2.45%	—

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN

QUALITY BREAKDOWN

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $10,000 on 10/01/1999, the first full month following the Portfolio’s Administrative Class inception on 9/30/1999, compared to the Salomon 3-Month U.S. Treasury Bill Index, an unmanaged market index. It is not possible to invest directly in the index. An investment in the Money Market Portfolio is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. Government Agency. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio. If there is a material difference between the quoted total return and the quoted current yield, the yield quotation more closely reflects the current earnings of the Money Market Portfolio than the total return quotation.

PORTFOLIO INSIGHTS

•

The total return performance of the Money Market Portfolio was 0.76% for the six-month period ended June 30, 2002, versus a return of 0.87% for the benchmark Salomon 3-Month Treasury Bill Index.

•

Interest rates fell and most bonds gained as investors sought a safe haven amid turbulent financial markets.

•

The Portfolio’s average duration was maintained at about one-month, providing for ample liquidity and limiting the price effects from increasing yields.

•

The Fund maintained an Aaa rating by holding the highest quality short-term securities; holdings remained very liquid, which helped to protect principal.

•

U.S. issued high quality (A1/P1) commercial paper was emphasized due to attractive yields, limited interest rate sensitivity, and low credit exposure.

•

Seven-day and thirty-day SEC yields were 1.57% and 1.57%, respectively, at quarter-end. These yields are competitive with yields on similar duration portfolios.

Financial Highlights

Money Market Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (d)			12/31/2001			12/31/2000			09/30/1999 – 12/31/1999
Net asset value beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (a)		0.01			0.04			0.06			0.01
Total income from investment operations		0.01			0.04			0.06			0.01
Dividends from net investment income		(0.01	)		(0.04	)		(0.06	)		(0.01	)
Total Distributions		(0.01	)		(0.04	)		(0.06	)		(0.01	)
Net asset value end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.76	%		3.83	%		6.01	%		1.30	%
Net assets end of period (000s)	$	19,895		$	12,860		$	4,334		$	3,605
Ratio of net expenses to average net assets		0.50	%*		0.50	%(c)		0.50	%		0.50	%(b)*
Ratio of net investment income to average net assets		1.53	%*		3.37	%		5.88	%		5.14	%

Annualized

(a)

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

(b)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 1.27% for the period ended December 31,1999.

(c)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.51% for the period ended December 31,2001.

(d)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Money Market Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	19,822
Interest and dividends receivable		91
Other assets		14

		19,927

Liabilities:
Accrued investment advisory fee	$	2
Accrued administration fee		3
Accrued distribution fee		14
Accrued servicing fee		2

		21

Net Assets	$	19,906

Net Assets Consist of:
Paid in capital	$	19,906

	$	19,906

Net Assets:
Institutional Class	$	11
Administrative Class		19,895

Shares Issued and Outstanding:
Institutional Class		11
Administrative Class		19,895

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	1.00
Administrative Class		1.00

Cost of Investments Owned	$	19,822

See accompanying notes

Statement of Operations

Money Market Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	180

Total Income		180

Expenses:
Investment advisory fees		13
Administration fees		18
Distribution and/or servicing fees—Administrative Class		14

Total Expenses		45

Net Investment Income		135

Net Increase in Assets Resulting from Operations	$	135

Statements of Changes in Net Assets

Money Market Portfolio

Amounts in thousands

	Six Months Ended June 30, 2002			Year Ended December 31, 2001
	(unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	135		$	223

Net increase resulting from operations		135			223

Distributions to Shareholders:
From net investment income
Institutional Class		0			(1	)
Administrative Class		(135	)		(222	)

Total Distributions		(135	)		(223	)

Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		0			0
Administrative Class		25,758			11,748
Issued as reinvestment of distributions
Institutional Class		0			1
Administrative Class		135			222
Cost of shares redeemed
Institutional Class		0			(70	)
Administrative Class		(18,858	)		(3,444	)

Net increase resulting from Portfolio share transactions		7,035			8,457

Total Increase in Net Assets		7,035			8,457

Net Assets:
Beginning of period		12,871			4,414
End of period*	$	19,906		$	12,871
*Including net undistributed investment income of:	$	0		$	0

See accompanying notes

Schedule of Investments

Money Market Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 23.7%
Banking & Finance 20.6%
Associates Corp. of North America
6.500% due 07/15/2002	$	50	$	50
Bank of America Corp.
7.875% due 12/01/2002		215		220
Bank One Corp.
7.250% due 08/01/2002		200		200
Bear Stearns Co., Inc.
6.450% due 08/01/2002		251		252
6.500% due 08/01/2002		25		25
CitiFinancial Credit Co.
6.375% due 09/15/2002		120		121
Household Finance Corp.
2.270% due 08/07/2003 (a)		500		499
Merrill Lynch & Co.
6.000% due 02/12/2003		557		567
Morgan Stanley, Dean Witter & Co.
1.900% due 08/15/2005 (a)		200		200
National Rural Utilities Cooperative Finance Corp.
7.375% due 02/10/2003		400		410
Oesterreichische National Bank
1.780% due 07/15/2002		700		699
Paine Webber Group, Inc.
7.750% due 09/01/2002		400		403
Wells Fargo Financial, Inc.
6.375% due 09/15/2002		455		459

				4,105

Industrials 1.8%
Pacific Bell
7.250% due 07/01/2002		165		165
Shell Oil Co.
6.700% due 08/15/2002		190		191

				356

Utilities 1.3%
Virginia Electric & Power Co.
7.375% due 07/01/2002		250		250

Total Corporate Bonds & Notes (Cost $4,711)				4,711

U.S. GOVERNMENT AGENCIES 0.0%
Freddie Mac
6.770% due 09/15/2002		10		10

Total U.S. Government Agencies (Cost $10)				10

SHORT-TERM INSTRUMENTS 75.9%
Commercial Paper 75.5%
ABN AMRO Mortgage Corp.
1.780% due 09/16/2002		700		697
American Express Credit Corp.
1.750% due 07/31/2002		700		699
Anz Delaware, Inc.
1.810% due 09/05/2002		800		800
Becton Dickinson & Co.
1.850% due 07/08/2002		425		425
1.850% due 08/02/2002		112		112
BP Amoco Capital PLC
1.780% due 08/07/2002		250		249
CBA (de) Finance
1.780% due 09/09/2002		200		199
1.790% due 09/09/2002		200		199
CDC
1.755% due 07/25/2002		900		898
Danske Corp.
1.780% due 09/06/2002		700		699
Eksportfinans ASA
1.750% due 08/12/2002		500		499
Electricite De France
1.800% due 07/12/2002		400		400
Export Development Corp.
1.760% due 07/10/2002		900		900
National Australia Funding, Inc.
1.750% due 07/02/2002		800		798
National Rural Utilities Cooperative Finance Corp.
5.950% due 01/15/2003		250		253
Nestle Capital Corp.
1.820% due 07/08/2002		800		800
PB Finance (Delaware), Inc.
1.800% due 07/29/2002		800		799
Pfizer, Inc.
1.750% due 07/22/2002		800		799
Shell Finance (UK) PLC
1.790% due 08/27/2002		700		699
Stadshypotek Delaware, Inc.
1.770% due 07/08/2002		900		900
Svenska Handelsbank
1.780% due 09/03/2002		800		797
Swedbank
1.820% due 08/22/2002		800		798
UBS Finance, Inc.
2.000% due 08/28/2002		400		399
Washington Post Co.
1.820% due 08/26/2002		700		698
Wisconsin Electric Power Co.
1.760% due 07/19/2002		300		300
1.760% due 07/22/2002		200		200

				15,016

Repurchase Agreement 0.4%
State Street Bank
1.550% due 07/01/2002		85		85
(Dated 06/28/2002. Collateralized by Fannie Mae 3.250% due 01/23/2004 valued at $88. Repurchase proceeds are $85.)

Total Short-Term Instruments (Cost $15,101)				15,101

Total Investments 99.6% (Cost $19,822)			$	19,822

Other Assets and Liabilities (Net) 0.4%				84

Net Assets 100.0%			$	19,906

Notes to Schedule of Investments (amounts in thousands):

(a)

Variable rate security. The rate listed is as of June 30, 2002.

See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The Money Market Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Trust. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on September 30, 1999.

2. Significant Accounting Policies

3. Fees, Expenses, and Related Party Transactions

		Institutional Class			Administrative Class
Money Market Portfolio		0.35	%		0.50	%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Money Market Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	25,758			25,758		11,748			11,748
Issued as reinvestment of distributions
Institutional Class	0			0		1			1
Administrative Class	135			135		222			222
Cost of shares redeemed
Institutional Class	0			0		(70	)		(70	)
Administrative Class	(18,858	)		(18,858	)	(3,444	)		(3,444	)

Net increase resulting from Portfolio share transactions	7,035		$	7,035		8,457		$	8,457

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Money Market Portfolio
Administrative Class	1	100
Institutional Class	1	100

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO.COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

FOREIGN BOND PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Statement of Cash Flows		7
Schedule of Investments		8-12
Notes to Financial Statements		13

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

Signs of a rebound in the U.S. economy and expectations of Federal Reserve tightening drove interest rates higher in the first quarter, depressing bond market returns. U.S. Treasury yields rose across all maturities, led by the two- and the five-year, which climbed 0.70% and 0.54%, respectively. Yields fell earlier in the quarter but reversed course sharply in late February and March after positive economic reports suggested that a cyclical turning point was at hand.

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

Foreign Bond Portfolio

PORTFOLIO CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Maximum total return, consistent with preservation of capital and prudent investment management.	4.4 years	$9.5 million

	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
PORTFOLIO:	2/16/1999	Michael R. Asay
Primarily intermediate maturity, hedged non-U.S. fixed income securities.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002

	6 Months	1 Year	3 Years*	Since Inception*

Foreign Bond Portfolio Administrative Class	3.21%	7.06%	6.67%	5.40%
J.P. Morgan Non-U.S. Index (Hedged)	1.93%	4.72%	6.35%	—

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

PORTFOLIO INSIGHTS

The Foreign Bond Portfolio Administrative Class returned 3.21% for the six-month period ended June 30, 2002, outperforming the 1.93% return of the benchmark J.P. Morgan non-U.S. Index (Hedged).

An overweight in core European bonds versus the benchmark detracted from returns as investors flocked to other government bond markets.

An overweight in the euro was strongly positive. The euro rose versus the dollar as investors anticipated a weaker U.S. economic environment.

Real return bonds added to returns due to favorable inflation accruals and falling real yields.

A focus on global mortgages aided returns as investors sought high quality yields during a tumultuous quarter.

An underweight to Japan was negative. Japanese bonds returned more than other developed markets represented in the benchmark.

Emerging market bonds detracted from returns as Brazil’s problems adversely affected the asset class as a whole.

Corporate holdings, especially telecom and energy/pipeline issues, were strongly negative for returns.

Financial Highlights

Foreign Bond Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002 (e)			12/31/2001			12/31/2000			02/16/1999 – 12/31/1999
Net asset value beginning of period	$	9.69		$	9.40		$	9.42		$	10.00
Net investment income (a)		0.18			0.40			0.51			0.41
Net realized/unrealized gain (loss) on investments (a)		0.13			0.30			0.25			(0.49	)
Total income (loss) from investment operations		0.31			0.70			0.76			(0.08	)
Dividends from net investment income		(0.19	)		(0.41	)		(0.52	)		(0.41	)
Distributions from net realized capital gains		0.00			0.00			(0.26	)		(0.09	)
Total distributions		(0.19	)		(0.41	)		(0.78	)		(0.50	)
Net asset value end of period	$	9.81		$	9.69		$	9.40		$	9.42
Total return		3.21	%		7.59	%		8.36	%		(0.78	)%
Net assets end of period (000s)	$	9,504		$	4,856		$	924		$	5,215
Ratio of net expenses to average net assets		0.90	%*		0.90	%(d)		0.90	%		1.10	%(b)(c)*
Ratio of net investment income to average net assets		3.83	%*		4.17	%		5.38	%		4.83	%*
Portfolio turnover rate		164	%		285	%		306	%		285	%

Annualized

(a)

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

(b)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 1.25% for the period ended December 31, 1999.

(c)

Ratio of net expenses to average net assets excluding interest expense is 0.90%.

(d)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.91% for the period ended December 31, 2001.

(e)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

Foreign Bond Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	19,064
Foreign currency, at value		298
Receivable for investments sold and forward foreign currency contracts		10,754
Receivable for Portfolio shares sold		250
Interest and dividends receivable		444

		30,810

Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	1,027
Payable for financing transactions		15,745
Payable for short sale		4,206
Written options outstanding		49
Payable for Portfolio shares redeemed		54
Accrued investment advisory fee		2
Accrued administration fee		3
Accrued servicing fee		1
Variation margin payable		2
Other liabilities		205

		21,294

Net Assets	$	9,516

Net Assets Consist of:
Paid in capital	$	9,470
Undistributed net investment income		387
Accumulated undistributed net realized (loss)		(586	)
Net unrealized appreciation		245

	$	9,516

Net Assets:
Institutional Class	$	12
Administrative Class		9,504

Shares Issued and Outstanding:
Institutional Class		1
Administrative Class		969

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	9.81
Administrative Class		9.81

Cost of Investments Owned	$	18,007

See accompanying notes

Statement of Operations

Foreign Bond Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	156
Dividends, net of foreign taxes		5

Total Income		161

Expenses:
Investment advisory fees		8
Administration fees		17
Distribution and/or servicing fees—Administrative Class		5

Total Expenses		30

Net Investment Income		131

Net Realized and Unrealized Gain (Loss):
Net realized (loss) on investments		(13	)
Net realized (loss) on futures contracts, written options, and swaps		(40	)
Net realized (loss) on foreign currency transactions		(288	)
Net change in unrealized appreciation on investments		1,105
Net change in unrealized (depreciation) on futures contracts, written options, and swaps		(80	)
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(575	)

Net Gain		109

Net Increase in Assets Resulting from Operations	$	240

See accompanying notes

Statements of Changes in Net Assets

Foreign Bond Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002 (unaudited)			Year Ended December 31, 2001
Operations:
Net investment income	$	131		$	282
Net realized gain (loss)		(341	)		215
Net change in unrealized appreciation (depreciation)		450			(14	)

Net increase resulting from operations		240			483

Distributions to Shareholders:
From net investment income
Institutional Class		(2	)		(182	)
Administrative Class		(128	)		(98	)

Total Distributions		(130	)		(280	)

Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		0			0
Administrative Class		10,594			5,854
Issued as reinvestment of distributions
Institutional Class		2			182
Administrative Class		128			98
Cost of shares redeemed
Institutional Class		(930	)		(4,589	)
Administrative Class		(6,179	)		(2,066	)

Net increase (decrease) resulting from Portfolio share transactions		3,615			(521	)

Total Increase (Decrease) in Net Assets		3,725			(318	)

Net Assets:
Beginning of period		5,791			6,109
End of period*	$	9,516		$	5,791

*Including net undistributed investment income of:	$	387		$	386

See accompanying notes

Statement of Cash Flows

Foreign Bond Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Increase (Decrease) in Cash and Foreign Currency from:

Financing Activities
Sales of Portfolio shares	$	10,348
Redemptions of Portfolio shares		(7,125	)
Cash distributions paid		444
Proceeds from financing transactions		5,400

Net increase from financing activities		9,067

Operating Activities
Purchases of long-term securities and foreign currency		(26,563	)
Proceeds from sales of long-term securities and foreign currency		17,436
Purchases of short-term securities (net)		(1,989	)
Net investment income		131
Change in other receivables/payables (net)		1,801
Net (Decrease) from operating activities		(9,184	)

Net (Decrease) in Cash and Foreign Currency		(117	)

Cash and Foreign Currency
Beginning of period		415
End of period	$	298

See accompanying notes

Schedule of Investments

Foreign Bond Portfolio

June 30, 2002 (Unaudited)

		Principal Amount (000s)	Value (000s)
AUSTRALIA 1.1%
Medallion Trust
2.210% due 07/12/2031 (i)	$	56	$56
National Australia Bank Ltd.
2.535% due 05/19/2010 (i)		50	50

Total Australia (Cost $106)			106

BRAZIL 0.5%
Republic of Brazil
3.062% due 04/15/2006 (i)	$	64	51

Total Brazil (Cost $61)			51

CANADA (d)(e) 0.7%
Commonwealth of Canada
5.500% due 06/01/2010 (h)	C$	100	66

Total Canada (Cost $67)			66

CAYMAN ISLANDS (d)(e) 0.1%
International Credit Recovery-Japan
3.575% due 05/22/2006 (i)	JY	1,547	13

Total Cayman Islands (Cost $13)			13

DENMARK (d)(e) 1.3%
Nykredit
6.000% due 10/01/2029	DK	972	126

Total Denmark (Cost $106)			126

FRANCE (d)(e) 5.6%
Republic of France
6.000% due 04/25/2004	EC	310	315
4.000% due 04/25/2009		80	75
4.000% due 10/25/2009		30	28
5.500% due 04/25/2010 (h)		110	112

Total France (Cost $468)			530

GERMANY (d)(e) 84.7%
Commerzbank AG
3.811% due 10/25/2032 (i)	EC	100	99
Depfa Pfandbriefbank
4.750% due 07/15/2008		20	19
5.750% due 03/04/2009		20	20
Landesbank Baden-Wuerttemberg AG
5.500% due 04/02/2007		30	30
Landesbank Rheinland-Pfalz
4.750% due 04/04/2008		100	98
Republic of Germany
6.500% due 10/14/2005 (h)		3,400	3,571
6.000% due 01/05/2006 (h)		1,600	1,659
5.000% due 02/17/2006 (h)		300	302
6.250% due 04/26/2006 (h)		600	629
5.250% due 01/04/2008		10	10
4.500% due 07/04/2009 (h)		200	194
5.375% due 01/04/2010 (h)		400	407
5.250% due 07/04/2010 (h)		100	101
5.250% due 01/04/2011 (h)		100	101
6.500% due 07/04/2027 (h)		590	673
4.750% due 07/04/2028		30	27
5.500% due 01/04/2031 (h)		100	102
WestDeutsche Landersbank
4.750% due 09/28/2007		20	20

Total Germany (Cost $7,333)			8,062

ITALY (d)(e) 13.0%
First Italian Auto Transaction
3.730% due 07/12/2008 (i)	EC	70	69
Republic of Italy
9.500% due 02/01/2006 (h)		400	460
4.250% due 11/01/2009 (h)		60	57
4.500% due 05/01/2009 (h)		360	347
5.500% due 11/01/2010 (h)		110	112
Seashell Securities PLC
3.692% due 10/25/2028 (i)		200	197

Total Italy (Cost $1,122)			1,242

JAPAN (d)(e) 5.4%
Government of Japan
1.900% due 12/20/2010 (h)	JY	48,000	427
Japan Financial Corp.
5.875% due 03/14/2011	$	80	82

Total Japan (Cost $475)			509

MEXICO 0.7%
Banco Nacional de Comercio Exterior
8.000% due 08/05/2003	$	10	11
Petroleos Mexicanos
8.850% due 09/15/2007		20	21
9.375% due 12/02/2008		30	32

Total Mexico (Cost $58)			64

NETHERLANDS (d)(e) 2.2%
Kingdom of Netherlands
6.000% due 01/15/2006 (h)	EC	200	207

Total Netherlands (Cost $198)			207

NEW ZEALAND (d)(e) 1.6%
Commonwealth of New Zealand
4.500% due 02/15/2016	N$	280	150

Total New Zealand (Cost $155)			150

PANAMA 0.4%
Republic of Panama
4.750% due 07/17/2014	$	46	39

Total Panama (Cost $42)			39

PERU 0.3%
Republic of Peru
4.500% due 03/07/2017	$	40	29

Total Peru (Cost $32)			29

SPAIN (d)(e) 3.5%
Kingdom of Spain
4.950% due 07/30/2005	EC	130	131
5.150% due 07/30/2009 (h)		110	110
4.000% due 01/31/2010 (h)		100	92

Total Spain (Cost $304)			333

SUPRANATIONAL (d)(e) 0.7%
Eurofima
4.750% due 07/07/2004	SK	600	64

Total Supranational (Cost $68)			64

See accompanying notes

			Principal Amount (000s)	Value (000s)
SWEDEN (d)(e) 0.4%
Kingdom of Sweden
5.000% due 01/28/2009		SK	400	$	43

Total Sweden (Cost $39)					43

UNITED KINGDOM (d)(e) 3.1%
BG Transco Holdings PLC
5.306% due 12/14/2009 (i)		BP	20		30
British Telecom PLC
3.181% due 12/15/2003 (i)		$	50		50
Haus Ltd.
3.647% due 12/10/2037 (i)		EC	95		94
Lloyds TSB Bank PLC
5.625% due 07/15/2049 (i)		$	40		39
2.062% due 11/29/2049 (i)			100		84

Total United Kingdom (Cost $293)					297


UNITED STATES (d)(e) 53.7%
Asset-Backed Securities 8.6%
Ameriquest Mortgage Securities, Inc.
2.160% due 06/15/2030 (i)		$	31		31
Amresco Residential Securities Mortgage Loan Trust
2.310% due 06/25/2029 (i)			17		17
CS First Boston Mortgage Securities Corp.
2.100% due 12/15/2030 (i)			52		52
First Alliance Mortgage Loan Trust
2.068% due 12/20/2027 (i)			14		14
Household Finance Corp.
2.138% due 05/20/2032 (i)			100		100
Irwin Home Equity Loan Trust
2.070% due 11/25/2011 (i)			38		38
Long Beach Auto Receivables Trust
3.114% due 03/13/2005 (i)			100		100
MLCC Mortgage Investors, Inc.
2.220% due 03/15/2025 (i)			54		55
Morgan Stanley Dean Witter Capital I
2.170% due 07/25/2032 (i)			100		100
Novastar Home Equity Loan
2.115% due 04/25/2028 (i)			27		27
2.120% due 01/25/2031 (i)			59		59
Providian Home Equity Loan Trust
2.130% due 06/25/2025 (i)			28		28
Residential Asset Securities Corp.
2.090% due 07/25/2032 (i)			100		100
2.090% due 07/25/2032 (i)			100		100

					821

Corporate Bonds & Notes 9.2%
AOL Time Warner, Inc.
5.625% due 05/01/2005			100		98
AT&T Corp.
5.026% due 11/21/2003 (i)		EC	100		91
DaimlerChrysler North America Holding Corp.
2.170% due 08/23/2002 (i)		$	30		30
6.400% due 05/15/2006			60		62
Donaldson, Lufkin & Jenrette, Inc.
2.390% due 04/25/2003 (i)			50		50
Ford Motor Credit Co.
1.000% due 12/22/2003		JY	1,000		8
1.200% due 02/07/2005			6,000		49
General Motors Acceptance Corp.
6.875% due 09/09/2004		BP	75		115
J.P. Morgan & Co., Inc.
1.574% due 02/15/2012 (i)		$	10		10
KFW International Finance, Inc.
1.750% due 03/23/2010		JY	11,000	$	99
1.760% due 09/12/2002			200		199
Pfizer, Inc.
0.800% due 03/18/2008			6,000		51
Sprint Capital Corp.
5.875% due 05/01/2004		$	10		9

					871

Mortgage-Backed Securities 18.5%
Bear Stearns Adjustable Rate Mortgage Trust
5.700% due 03/25/2032 (i)			100		101
6.281% due 01/25/2032 (i)			70		72
6.905% due 02/25/2031 (i)			23		23
Countrywide Home Loans
6.500% due 08/25/2032 (i)			100		102
Credit-Based Asset Servicing & Securitization
2.158% due 06/25/2032 (i)			100		100
Crusade Global Trust
2.230% due 05/15/2021 (i)			52		52
CS First Boston Mortgage Securities Corp.
2.060% due 06/25/2032 (i)			94		94
2.180% due 07/25/2032 (i)			95		95
Fannie Mae
2.194% due 01/25/2016 (i)			100		100
First Horizon Asset Securities, Inc.
7.000% due 05/25/2030			46		47
Freddie Mac
5.125% due 01/15/2012		EC	100		98
2.310% due 10/15/2024 (i)			100		99
Government National Mortgage Association
4.250% due 06/20/2030 (i)			86		87
5.000% due 04/20/2030-05/20/2030 (j)(i)			87		89
6.000% due 02/15/2029			62		62
6.375% due 04/20/2028 (i)			16		16
J.P. Morgan Commercial Mortgage Finance Corp.
2.120% due 04/15/2010 (i)			57		57
Residential Funding Mortgage Securities II
2.030% due 08/25/2014 (i)			73		73
Residential Funding Mortgage Securities, Inc.
2.285% due 05/12/2032 (i)			71		71
Resolution Funding Strip
0.000% due 10/15/2020-01/15/2021			400		127
Structured Asset Securities Corp.
2.130% due 02/25/2032 (i)			99		99
2.168% due 08/30/2032 (i)			100		100

					1,764

			Shares
Preferred Security 2.2%
DG Funding Trust
4.159% due 12/28/2049 (i)			20,000		205

			Principal Amount (000s)
U.S. Government Agencies 8.7%
Fannie Mae
3.810% due 04/30/2004	$		100		101
4.250% due 10/25/2004			100		102
Freddie Mac
6.530% due 11/26/2012			300		319
Tennessee Valley Authority
4.875% due 12/15/2016			300		305

					827

U.S. Treasury Obligations 6.5%
Treasury Inflation Protected Securities (k)
3.375% due 01/15/2007 (b)			113		118
3.625% due 04/15/2028			111		120

See accompanying notes

	Principal Amount (000s)		Value (000s)
U.S. Treasury Bonds
7.500% due 11/15/2016	$	100	$	120
8.125% due 08/15/2019		200		256

				614

Total United States (Cost $ 5,077)				5,102

PURCHASED CALL OPTIONS 0.6%
Eurodollar December Futures (CME)
Strike @ 96.250 Exp. 12/16/2002	$	5,000		18
Eurodollar March Futures (CME)
Strike @ 95.750 Exp. 03/17/2003		10,000		39

Total Purchased Call Options (Cost $ 15)				57

PURCHASED PUT OPTIONS 0.0%
Eurodollar September Futures (CME)
Strike @ 92.750 Exp. 09/16/2002		5,000		0
Government of Japan (OTC)
0.000% due 06/30/2002
Strike @ 127.000 Exp. 09/03/2002		200,000		0
Republic of Germany (OTC)
6.000% due 01/05/2006
Strike @ 95.000 Exp. 10/03/2002		1,100		0
Republic of Germany (OTC)
6.500% due 10/14/2005
Strike @ 98.000 Exp. 10/03/2002		4,290		0

Total Purchased Put Options (Cost $ 1)				0

SHORT-TERM INSTRUMENTS 20.7%
Commercial Paper 14.7%
ABN AMRO Mortgage Corp.
1.770% due 09/16/2002		300		299
Anz, Inc.
1.770% due 08/05/2002		200		200
Federal Home Loan Bank
1.700% due 07/24/2002		100		100
Freddie Mac
1.740% due 08/20/2002		100		100
Svenska Handelsbank
1.795% due 08/19/2002		400		399
Swedbank
1.850% due 08/22/2002		200		199
UBS Finance, Inc.
1.760% due 08/28/2002		100		100

				1,397

Repurchase Agreement 2.4%
State Street Bank
1.550% due 07/01/2002		233		233
(Dated 06/28/2002. Collateralized by Freddie Mac 2.210% due 11/26/2002 valued at $239. Repurchase proceeds are $233.)

U.S. Treasury Bills 3.6%
1.554% due 08/15/2002 (b)		345		344

Total Short-Term Instruments (Cost $ 1,974)				1,974

Total Investments (a) 200.3% (Cost $ 18,007)			$	19,064

Written Options (c) (0.5%)				(49	)
(Premiums $54)

Other Assets and Liabilities (Net) (99.8%)				(9,499	)

Net Assets 100.0%			$	9,516

Notes to Schedule of Investments (amounts in thousands):

(a)

At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost.	$	1,130

Aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value.		(73	)

Unrealized appreciation—net	$	1,057

(b)

Securities with an aggregate market value of $462 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Government of Japan 10 Year Note (09/2002)	1	$	9
U.S. Treasury 10 Year Note (09/2002)	16		44
U.S. Treasury 30 Year Bond (09/2002)	1		1
Eurodollar March Futures (03/2003)	1		2

		$	56

(c)

Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.000% Exp. 10/20/2003	300,000	$	14	$	13
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.000% Exp. 10/20/2003	300,000		14		12
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.650% Exp. 11/19/2003	300,000		10		9
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.300% Exp. 12/11/2002	980,000		15		15
Call—CME Eurodollar June Futures Strike @ 97.250 Exp. 09/16/2002	1		1		0

		$	54	$	49

(d)

Foreign forward currency contracts outstanding at June 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Buy	A$	90	07/2002	$	0
Sell	BP	106	07/2002		(7	)
Buy	C$	121	07/2002		2
Sell		57	07/2002		0
Sell	DK	1,015	09/2002		(6	)
Buy	EC	50	07/2002		3
Sell		1,717	07/2002		(72	)
Buy	HK$	114	07/2002		0
Buy	JY	12,883	07/2002		7
Sell		55,794	07/2002		(39	)
Sell	N$	331	09/2002		3
Sell	SK	1,062	08/2002		(12	)

				$	(121	)

See accompanying notes.

(e)

Principal amount denoted in indicated currency:

A$	—	Australian Dollar
BP	—	British Pound
C$	—	Canadian Dollar
DK	—	Danish Krone
EC	—	Euro
HK$	—	Hong Kong Dollar
JY	—	Japanese Yen
N$	—	New Zealand Dollar
SK	—	Swedish Krona

(f)

Swap agreements outstanding at June 30, 2002:

Type		Notional Amount	Unrealized Appreciation/ (Depreciation)

Receive floating rate based on 3-month Canadian Bank Bill and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs
Exp. 12/17/2009	C$	700	$	(5	)
Receive floating rate based on 3-month Canadian Bank Bill and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs
Exp. 12/17/2006		300		(5	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: UBS-Warburg
Exp. 03/15/2032	EC	400		8
Receive a fixed rate equal to 4.000% and pay floating rate based on 3-month EC-LIBOR.
Broker: Merrill Lynch
Exp. 06/17/2003		700		1
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co.
Exp. 06/17/2012		100		(2	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Broker: J.P. Morgan Chase & Co.
Exp. 03/15/2031		100		(9	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Citibank London NA
Exp. 06/17/2012		200		0
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley
Exp. 03/15/2031		100		(8	)
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Morgan Stanley
Exp. 03/15/2008	BP	100		1
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: UBS-Warburg
Exp. 03/15/2032		200		(4	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.250%.
Broker: Morgan Stanley
Exp. 09/15/2002		100		(1	)
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Morgan Stanley
Exp. 03/15/2004		200		4
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley
Exp. 03/15/2016		600		(3	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Goldman Sachs
Exp. 03/15/2016		100		0
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.753%.
Broker: Goldman Sachs
Exp. 02/08/2006	H$	3,000		(21	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.020%.
Broker: Goldman Sachs
Exp. 05/18/2010	JY	17,000		(12	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.300%.
Broker: Goldman Sachs
Exp. 09/21/2011		40,000		(4	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc.
Exp. 09/10/2003	$	100		(1	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America
Exp. 12/18/2022		200		1
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs
Exp. 12/17/2009		400		7

See accompanying notes

Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs
Exp. 12/17/2006	$	100	$	4
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs
Exp. 06/17/2012		100		(6	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley
Exp. 12/17/2021		1,400		(95	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley
Exp. 06/17/2012		100		7
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs
Exp. 12/17/2021		100		(5	)
Receive a fixed rate equal to 5.670% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs
Exp. 02/08/2006		400		21

			$	(127	)

Type	Fixed Spread (%)	Fixed Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.

Broker: Morgan Stanley
Exp. 08/15/2002	0.465	$	2,500	$	(8	)

				$	(8	)

(g)

Short sales open at June 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par	Value		Proceeds
Republic of Germany	6.500	10/14/2005	1,700	$	1,786	$	1,614
U.S. Treasury Notes	6.000	08/15/2009	300		326		314
U.S. Treasury Notes	5.000	08/15/2011	800		811		811
U.S. Treasury Notes	3.500	11/15/2006	1,100		1,080		1,073
U.S. Treasury Notes	4.375	05/15/2007	200		203		202

				$	4,206	$	4,014

(h)

Security, or a portion thereof, subject to financing transaction.

(i)

Variable rate security. The rate listed is as of June 30, 2002.

(j)

Securities are grouped by coupon or range of coupons and represent a range of maturities.

(k)

Principal amount of the security is adjusted for inflation.

See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The Foreign Bond Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Trust. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on February 16, 1999.

2. Significant Accounting Policies

3. Fees, Expenses, and Related Party Transactions

		Institutional Class		Administrative Class
Foreign Bond Portfolio		0.75%		0.90%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
Foreign Bond Portfolio	$	16,639	$	18,831	$	9,742	$	1,397

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

Foreign Bond Portfolio
	Premium
Balance at 12/31/2001	$	49
Sales		38
Closing Buys		(23	)
Expirations		(10	)
Exercised		0

Balance at 06/30/2002	$	54

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Foreign Bond Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	0		$	0		0		$	0
Administrative Class	1,091			10,594		605			5,854
Issued as reinvestment of distributions
Institutional Class	0			2		18			182
Administrative Class	13			128		10			98
Cost of shares redeemed
Institutional Class	(95	)		(930	)	(474	)		(4,589	)
Administrative Class	(636	)		(6,179	)	(212	)		(2,066	)

Net increase (decrease) resulting from Portfolio share transaction	373		$	3,615		(53	)	$	(521	)

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
Foreign Bond Portfolio
Administrative Class	3	94
Institutional Class	1	100

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648

WWW.PIMCO. COM

P I M C O

PIMCO VARIABLE INSURANCE TRUST

STOCKSPLUS GROWTH AND INCOME PORTFOLIO

ADMINISTRATIVE CLASS

SEMI-ANNUAL REPORT

June 30, 2002

Contents
Chairman’s Letter		1
Fund Summary		2
Financial Highlights		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Schedule of Investments	7	-9
Notes to Financial Statements		10

Chairman’s Letter

Dear PIMCO Variable Insurance Trust Shareholder:

On the following pages you will find a more complete review of the Portfolio in light of financial market activities as well as specific details about the total return investment performance.

We appreciate the trust you have placed in us, and we will continue to focus our efforts to meet your investment needs.

Sincerely,

Brent R. Harris

Chairman

July 31, 2002

StocksPLUS Growth and Income Portfolio

PORTFOLIO CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Total return which exceeds that of the S&P 500 Index.	0.9 years	$225.2 million

PORTFOLIO:	FUND INCEPTION DATE	PORTFOLIO MANAGER TEAM-LEAD:
Primarily S&P 500 stock index derivatives backed by a portfolio of short-term fixed income securities.	12/31/1997	William H. Gross

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended June 30, 2002

	6 Months	1 Year	3 Years*	Since Inception*

StocksPLUS Growth and Income Portfolio Administrative Class	-12.41%	-16.92%	-8.93%	2.03%

S&P 500 Index	-13.16%	-17.99%	-9.18%	–

Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*

QUALITY BREAKDOWN*

% of Total Investments as of June 30, 2002

CUMULATIVE RETURNS THROUGH JUNE 30, 2002

$10,000 invested at inception

PORTFOLIO INSIGHTS

•

The S&P 500 Index posted a negative total return of 13.16% in the first half of 2002 amid concerns about widespread accounting irregularities and weak profits.

•

The StocksPLUS Growth and Income Portfolio Administrative Class outperformed the S&P 500 Index by 0.75%, returning a negative 12.41% for the first half of 2002.

•

A longer duration relative to the effective benchmark was modestly positive for performance as short-term interest rates fell.

•

High relative yields provided by mortgage- and asset-backed securities enhanced performance.

•

Corporate fixed income holdings provided attractive yields but detracted from returns overall due to adverse price performance, particularly in the telecom sector.

•

Modest holdings of emerging market bonds detracted from returns as political concerns in Brazil affected the entire sector.

•

Real return bonds helped returns as inflation accruals were strong and falling real yields generated additional gains.

Financial Highlights

StocksPLUS Growth and Income Portfolio (Administrative Class)

Selected Per Share Data for the Year or Period Ended:	06/30/2002(e)			12/31/2001			12/31/2000			12/31/1999			12/31/1997–12/31/1998
Net asset value beginning of period	$	9.35		$	11.05		$	13.56		$	12.58		$	10.00
Net investment income (a)		0.12			0.46			0.76			0.76			0.30
Net realized/unrealized gain (loss) on investments (a)		(1.27	)		(1.74	)		(1.98	)		1.65			2.68
Total income (loss) from investment operations		(1.15	)		(1.28	)		(1.22	)		2.41			2.98
Dividends from net investment income		(0.10	)		(0.42	)		(0.75	)		(0.61	)		(0.29	)
Distributions from net realized capital gains		0.00			0.00			(0.54	)		(0.82	)		(0.11	)
Total distributions		(0.10	)		(0.42	)		(1.29	)		(1.43	)		(0.40	)
Net asset value end of period	$	8.10		$	9.35		$	11.05		$	13.56		$	12.58
Total return		(12.41	)%		(11.43	)%		(9.50	)%		19.85	%		30.11	%
Net assets end of period (000s)	$	224,366		$	259,926		$	272,751		$	230,412		$	58,264
Ratio of net expenses to average net assets		0.65	%*		0.67	%(c)(d)		0.65	%(b)		0.65	%		0.65	%
Ratio of net investment income to average net assets		2.65	%*		4.60	%		5.86	%		5.69	%		5.30	%
Portfolio turnover rate		118	%		547	%		350	%		34	%		61	%

Annualized

(a)

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

(b)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.66% for the period ended December 31, 2000.

(c)

Ratio of net expenses to average net assets excluding interest expense is 0.65%.

(d)

If the investment manager had not reimbursed expenses, the ratio of operating expenses to average net assets would have been 0.67% for the period ended December 31, 2001.

(e)

Unaudited.

See accompanying notes

Statement of Assets and Liabilities

StocksPLUS Growth and Income Portfolio

June 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	230,052
Cash		5,964
Receivable for investments sold and forward foreign currency contracts		1,532
Receivable for Portfolio shares sold		39
Interest and dividends receivable		834
Variation margin receivable		2
Other assets		2

		238,425

Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	11,334
Written options outstanding		255
Payable for Portfolio shares redeemed		620
Accrued investment advisory fee		72
Accrued administration fee		19
Accrued servicing fee		30
Variation margin payable		416
Recoupment payable to Manager		6
Other liabilities		439

		13,191

Net Assets	$	225,234

Net Assets Consist of:
Paid in capital	$	348,793
Undistributed net investment income		1,028
Accumulated undistributed net realized (loss)		(102,121	)
Net unrealized (depreciation)		(22,466	)

	$	225,234

Net Assets:
Institutional Class	$	868
Administrative Class		224,366

Shares Issued and Outstanding:
Institutional Class		107
Administrative Class		27,700

Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	8.11
Administrative Class		8.10

Cost of Investments Owned	$	231,780

See accompanying notes

Statement of Operations

StocksPLUS Growth and Income Portfolio

For the six months ended June 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	4,171

Total Income		4,171

Expenses:
Investment advisory fees		502
Administration fees		125
Distribution and/or servicing fees—Administrative Class		188
Trustees’ fees		9
Organization Costs		1
Miscellaneous expense		6

Total Expenses		831

Net Investment Income		3,340

Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		624
Net realized (loss) on futures contracts, written options, and swaps		(11,818	)
Net realized gain on foreign currency transactions		230
Net change in unrealized (depreciation) on investments		(501	)
Net change in unrealized (depreciation) on futures contracts, written options, and swaps		(25,097	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		95

Net (Loss)		(36,467	)

Net Decrease in Assets Resulting from Operations	$	(33,127	)

See accompanying notes

Statements of Changes in Net Assets

StocksPLUS Growth and Income Portfolio

Amounts in thousands

Increase (Decrease) in Net Assets from:	Six Months Ended June 30, 2002 (unaudited)			Year Ended December 31, 2001
Operations:
Net investment income	$	3,340		$	11,694
Net realized loss		(10,964	)		(54,530	)
Net change in unrealized appreciation (depreciation)		(25,503	)		9,909

Net decrease resulting from operations		(33,127	)		(32,927	)

Distributions to Shareholders:
From net investment income
Institutional Class		(7	)		(8	)
Administrative Class		(2,778	)		(10,789	)

Total Distributions		(2,785	)		(10,797	)

Portfolio Share Transactions:
Receipts for shares sold
Institutional Class		785			147
Administrative Class		51,556			79,030
Issued as reinvestment of distributions
Institutional Class		7			8
Administrative Class		2,778			10,789
Cost of shares redeemed
Institutional Class		(7	)		(6	)
Administrative Class		(54,086	)		(58,945	)

Net increase resulting from Portfolio share transactions		1,033			31,023

Total Decrease in Net Assets		(34,879	)		(12,701	)

Net Assets:
Beginning of period		260,113			272,814
End of period*	$	225,234		$	260,113

*Including net undistributed investment income of:	$	1,028		$	473

See accompanying notes

Schedule of Investments

StocksPLUS Growth and Income Portfolio

June 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 20.2%
Banking & Finance 10.0%
Bear Stearns Cos., Inc.
2.496% due 05/24/2004 (f)	$	5,700	$	5,728
Bell Atlantic Financial Services
5.750% due 04/01/2003		300		303
CIT Group, Inc.
2.250% due 02/28/2003 (f)		900		880
Donaldson, Lufkin & Jenrette, Inc.
2.390% due 04/25/2003 (f)		1,100		1,103
Finova Group, Inc.
7.500% due 11/15/2009		900		301
Ford Motor Credit Co.
2.167% due 06/02/2003 (f)		4,600		4,562
General Motors Acceptance Corp.
2.400% due 05/16/2003 (f)		300		300
6.750% due 03/15/2003		1,500		1,539
Golden State Holdings
2.912% due 08/01/2003 (f)		1,000		995
National Rural Utilities Cooperative Finance Corp.
2.940% due 04/26/2004 (f)		2,100		2,101
Old Kent Bank
2.662% due 11/01/2005 (f)		700		700
Pemex Project Funding Master Trust
3.512% due 01/07/2005 (f)		3,900		3,915

				22,427

Industrials 7.4%
Conoco, Inc.
2.750% due 10/15/2002 (f)		1,500		1,502
DaimlerChrysler North America Holding Corp.
2.170% due 08/23/2002 (f)		3,300		3,301
Enron Corp.
8.000% due 08/15/2005 (g)		1,700		361
HCA, Inc.
3.510% due 09/19/2002 (f)		7,300		7,303
Park Place Entertainment Corp.
7.950% due 08/01/2003		1,430		1,462
R.J. Reynolds Tobacco Holdings, Inc.
7.375% due 05/15/2003		700		720
Walt Disney Co.
3.900% due 09/15/2003		1,200		1,208
Weyerhaeuser Co.
3.011% due 09/15/2003 (f)		900		900

				16,757

Utilities 2.8%
Entergy Arkansas, Inc.
7.720% due 03/01/2003		600		618
Georgia Power Co.
5.250% due 05/08/2003		900		917
Niagara Mohawk Power Co.
7.375% due 07/01/2003		529		552
SCANA Corp.
2.630% due 07/15/2002 (f)		2,100		2,100
Sprint Capital Corp.
5.700% due 11/15/2003		2,100		1,867
7.900% due 03/15/2005		400		345

				6,399

Total Corporate Bonds & Notes (Cost $47,257)				45,583

MUNICIPAL BONDS & NOTES 1.9%
North Carolina 1.9%
North Carolina State Education Assistance Authority
Revenue Bonds, (GTD Insured), Series 2000
1.911% due 06/01/2009 (f)		4,259		4,268

Total Municipal Bonds & Notes (Cost $4,260)				4,268

U.S. TREASURY OBLIGATIONS 11.2%
Treasury Inflation Protected Securities (i)
3.625% due 07/15/2002 (b)		14,707		14,718
3.625% due 01/15/2008 (b)		10,016		10,489

Total U.S. Treasury Obligations (Cost $24,807)				25,207

MORTGAGE-BACKED SECURITIES 23.1%
Collateralized Mortgage Obligations 12.4%
Bank of America Mortgage Securities, Inc.
6.069% due 06/25/2031		404		415
Bear Stearns Adjustable Rate Mortgage Trust
6.288% due 01/25/2032 (f)		1,334		1,371
7.490% due 12/25/2030 (f)		2,855		2,885
Countrywide Home Loans
6.050% due 04/25/2029		83		83
CS First Boston Mortgage Securities Corp.
2.240% due 02/25/2032 (f)		1,576		1,573
2.478% due 03/25/2032 (f)		2,824		2,824
4.370% due 12/19/2039		1,599		1,599
6.960% due 06/20/2029		44		45
DLJ Mortgage Acceptance Corp.
2.340% due 06/25/2026 (f)		418		419
Fannie Mae
6.900% due 10/25/2020		263		265
8.000% due 05/01/2030		198		210
8.000% due 06/01/2030		203		216
GE Capital Mortgage Services, Inc.
6.500% due 12/25/2023		84		86
Headlands Mortgage Securities, Inc.
7.250% due 11/25/2027		297		301
Housing Securities, Inc.
4.505% due 07/25/2032		336		336
Morgan Stanley Capital I
2.070% due 07/25/2027 (f)		37		37
PNC Mortgage Securities Corp.
7.470% due 05/25/2040 (f)		244		249
Resecuritization Mortgage Trust
2.090% due 04/26/2021 (f)		56		56
Salomon Brothers Mortgage Securities VII
6.508% due 12/25/2030 (f)		2,306		2,369
Structured Asset Mortgage Investments, Inc.
7.000% due 07/28/2028		1,478		1,493
Structured Asset Securities Corp.
2.140% due 10/25/2027 (f)		1,244		1,246
6.500% due 09/25/2031		5,119		5,161
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031		1,093		1,091
Washington Mutual, Inc.
6.008% due 10/19/2039 (f)		3,500		3,644

				27,974

Fannie Mae 6.1%
6.000% due 11/01/2016-07/18/2017 (f)		7,647		7,800
6.500% due 09/01/2005		160		165
8.000% due 09/01/2031		297		316
6.000% due 02/01/2017-06/01/2017		5,273		5,386

				13,667

Government National Mortgage Association 4.6%
8.000% due 02/15/2031		115		122
6.000% due 11/20/2029 (f) (h)		1,238		1,268
6.375% due 04/20/2024-04/20/2027 (f)		3,997		4,076
6.750% due 08/20/2024 (f)		98		102
7.500% due 07/15/2030-12/15/2030		250		266
8.000% due 04/15/2027-10/15/2030		4,242		4,520
8.500% due 04/20/2030		80		86

				10,440

Total Mortgage-Backed Securities (Cost $51,746)				52,081

See accompanying notes

	Principal Amount (000s)		Value (000s)
ASSET-BACKED SECURITIES 8.8%
Advanta Equipment Receivables
7.560% due 02/15/2007	$	2,061	$	2,130
Countrywide Asset-Backed Certificates
2.098% due 05/25/2032 (f)		5,800		5,800
Green Tree Recreational, Equipment, & Consumables
6.550% due 07/15/2028		120		123
Home Equity Mortgage Trust
2.170% due 03/25/2032 (f)		1,200		1,200
2.170% due 11/25/2032 (f)		3,800		3,800
6.007% due 06/25/2032 (f)		700		715
6.117% due 06/25/2032 (f)		1,600		1,636
Option One Mortgage Loan Trust
2.170% due 04/25/2030 (f)		1,520		1,523
Saxon Asset Securities Trust
2.070% due 05/25/2029 (f)		116		115
Structured Product Asset Trust
3.100% due 02/12/2003 (f)		3,000		2,790

Total Asset-Backed Securities (Cost $19,970)				19,832

SOVEREIGN ISSUES 1.1%
Republic of Brazil
3.062% due 04/15/2006 (f)		2,816		2,239
3.125% due 04/15/2009 (f)		165		105

Total Sovereign Issues (Cost $2,700)				2,344


FOREIGN CURRENCY-DENOMINATED 1.3%
Korea Development Bank
5.625% due 11/05/2002 (e)		FF 20,000		2,977

Total Foreign Currency-Denominated (Cost $3,233)				2,977


PURCHASED CALL OPTIONS 0.2%
Euro vs. U.S. Dollar (OTC)
Strike @ 0.850 Exp. 07/11/2002	$	165		22
Eurodollar vs. U.S. Dollar (OTC)
Strike @ 0.870 Exp. 08/02/2002		3,827		443

Total Purchased Call Options (Cost $363)				465

PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 95.500 Exp. 12/16/2002		363,000		2
Strike @ 93.250 Exp. 12/16/2002		105,000		1
Fannie Mae (OTC)
6.000% due 08/17/2017
Strike @ 88.240 Exp. 08/12/2002		4,000		0
Government National Mortgage Association (OTC)
8.000% due 8/21/2032
Strike @ 93.280 Exp. 08/14/2002		3,000		0
PNC Mortgage Securities (OTC)
7.470% due 5/25/2040
Strike @ 100.000 Exp. 04/01/2005		1,300		0
S&P 500 Index Futures (CME)
Strike @ 550.000 Exp. 09/20/2002		350,000		16

Total Purchased Put Options (Cost $62)				19

CONVERTIBLE BONDS & NOTES 3.0%
Banking & Finance 3.0%
Verizon Global Funding
4.250% due 09/15/2005		1,100		1,111
4.250% due 09/15/2005		5,600		5,670

Total Convertible Bonds & Notes (Cost $6,742)				6,781

SHORT-TERM INSTRUMENTS 31.3%
Commercial Paper 26.4%
AT&T Corp.
3.720% due 04/18/2003 (f)		5,100		4,947
Fannie Mae
1.865% due 08/21/2002		4,500		4,488
1.880% due 08/28/2002		1,000		997
1.900% due 08/28/2002		8,000		7,975
2.035% due 09/11/2002		10,000		9,963
2.040% due 09/11/2002		6,500		6,476
Freddie Mac
1.870% due 08/15/2002		7,000		6,984
1.870% due 08/30/2002		5,300		5,283
2.085% due 09/12/2002		3,400		3,387
Shell Finance
1.850% due 08/21/2002		7,000		6,982
UBS Finance, Inc.
1.760% due 08/28/2002		2,000		1,996

				59,478

Repurchase Agreement 2.7%
State Street Bank
1.550% due 07/01/2002		6,087		6,087
(Dated 06/28/2002. Collateralized by Fannie Mae 3.500% due 02/13/2004 valued at $6,211. Repurchase proceeds are $6,088.)


U.S. Treasury Bills 2.2%
1.620% due 08/15/2002 (b)		4,940		4,930

Total Short-Term Instruments (Cost $70,640)				70,495


Total Investments (a) 102.1% (Cost $231,780)			$	230,052

Written Options (c) (0.1%) (Premiums $361)				(255	)

Other Assets and Liabilities (Net) (2.0%)				(4,563	)


Net Assets 100.0%			$	225,234

Notes to Schedule of Investments (amounts in thousands):

(a)

At June 30, 2002 the net unrealized appreciation (depreciation) of investments based on cost for federal income tax purposes was as follows:

(b)

Securities with an aggregate market value of $30,133 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euribor Futures (03/2003)	44	$	21
S&P 500 Index (09/2002)	875		(21,009	)
Eurodollar September Futures (09/2002)	1		2
Eurodollar December Futures (12/2002)	71		44
Eurodollar March Futures (03/2003)	11		23

		$	(20,919	)

(c)

Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—CME Eurodollar September Futures Strike @ 97.250 Exp. 09/16/2002	28	$	18	$	0
Put—CME Eurodollar September Futures Strike @ 96.750 Exp. 09/16/2002	6		3		0
Put—CME Eurodollar December Futures Strike @ 96.000 Exp. 12/16/2002	40		18		1
Put—CME Eurodollar December Futures Strike @ 96.500 Exp. 12/16/2002	142		116		5
Put—CME Eurodollar December Futures Strike @ 97.000 Exp. 12/16/2002	169		80		17
Call—CME S&P September Futures Strike @ 95.750 Exp. 06/17/2002	8		66		106
Call—CME S&P September Futures Strike @ 96.000 Exp. 06/17/2002	8		60		126

		$	361	$	255

(d)

Swap agreements outstanding at June 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 6.600% and the Fund will pay to the counterparty at par in the event of default of France Telecom 5.750% due 04/25/2007.
Broker: Merrill Lynch
Exp. 06/27/2003	$	2,000	$	(17	)
Receive a fixed rate equal to 0.340% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.750% due 04/06/2004.
Broker: Citibank London NA
Exp. 06/13/2003		2,900		0
Receive a fixed rate equal to 3.550% and the Fund will pay to the counterparty at par in the event of default France Telecom 5.700% due 07/25/2010.
Broker: Morgan Stanley
Exp. 05/30/2003		3,600		(24	)
Receive a fixed rate equal to 2.000% and the Fund will pay to the counterparty at par in the event of default of Deutsche Telekom AG 5.250% due 05/20/2008.
Broker: Morgan Stanley
Exp. 05/29/2003	$	4,000	$	1
Receive a fixed rate equal to 5.000% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 6.875% due 11/15/2028
Broker: Morgan Stanley
Exp. 05/28/2004		5,000		(212	)
Receive a fixed rate equal to 4.250% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 8.125% due 03/15/2005.
Broker: Merrill Lynch
Exp. 05/31/2003		1,500		(179	)

			$	(431	)

(e)

Principal amount denoted in indicated currency:

FF — French Franc

(f)

Variable rate security. The rate listed is as of June 30, 2002.

(g)

Security is in default.

(h)

Securities are grouped by coupon or range of coupons and represent a range of maturities.

(i)

Principal amount of the security is adjusted for inflation.

See accompanying notes

Notes to Financial Statements

June 30, 2002 (Unaudited)

1. Organization

The StocksPLUS Growth and Income Portfolio (the “Portfolio”) is a series of the PIMCO Variable Insurance Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company organized as a Delaware business trust on October 3, 1997. The Trust may offer up to two classes of shares: Institutional and Administrative. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Administrative Class of the Trust. Certain detailed financial information for the Institutional Class is provided separately and is available upon request. The Trust is designed to be used as an investment vehicle by Separate Accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. The Portfolio commenced operations on December 31, 1997.

2. Significant Accounting Policies

Multiclass Operations. Each class offered by the Trust has equal rights as to assets. Income, non-class specific

expenses, and realized and unrealized capital gains and losses are allocated to each class of shares based on the relative net assets of each class.

3. Fees, Expenses, and Related Party Transactions

		Institutional Class			Administrative Class
StocksPLUS Growth and Income Portfolio		0.50	%		0.65	%

PIMCO may be reimbursed for these waived amounts in future periods.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2002 were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
StocksPLUS Growth and Income Portfolio	$	175,121	$	244,424	$	60,671	$	33,166

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

StocksPLUS Growth and Income Portfolio
	Premium
Balance at 12/31/2001	$	912
Sales		2,287
Closing Buys		(567	)
Expirations		(2,271	)
Exercised		0

Balance at 06/30/2002	$	361

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	StocksPLUS Growth and Income Portfolio
	Period Ended 06/30/2002					Year Ended 12/31/2001
	Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	87		$	785		14		$	147
Administrative Class	5,633			51,556		8,079			79,030
Issued as reinvestment of distributions
Institutional Class	1			7		1			8
Administrative Class	313			2,778		1,177			10,789
Cost of shares redeemed
Institutional Class	(1	)		(7	)	(1	)		(6	)
Administrative Class	(6,033	)		(54,086	)	(6,160	)		(58,945	)

Net increase resulting from Portfolio share transactions	0		$	1,033		3,110		$	31,023

The following schedule shows the number of shareholders each owning 5% or more of the Portfolio and the total percentage of the Portfolio held by such shareholders:

	Number	% of Portfolio Held
StocksPLUS Growth and Income Portfolio
Administrative Class	1	88
Institutional Class	1	100

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, California 92660

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, Missouri 64105

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, Missouri 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, Missouri 64105

PIMCO VARIABLE INSURANCE TRUST

All Funds distributed by PIMCO FUNDS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE, SUITE 300

NEWPORT BEACH, CA 92660

800.927.4648