Form 497K PIMCO VARIABLE INSURANCE
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PIMCO Global Managed Asset Allocation
Portfolio
Summary Prospectus
April 29, 2022
| Share Class: |
Administrative Class |
Before you invest, you may want to review the Portfolio’s prospectus, which, as supplemented, contains more information about the Portfolio and its risks. You can find the Portfolio’s prospectus, reports to shareholders and other information about the Portfolio online at http://www.pimco.com/pvit. You can also get this information at no cost by calling 1.800.927.4648 or by sending an email request to
[email protected]. The Portfolio’s prospectus and Statement of Additional Information, both dated April 29, 2022, as supplemented, are incorporated by reference into this Summary Prospectus.
Investment Objective
The Portfolio seeks total return which exceeds that of a blend of 60% MSCI World Index/40% Bloomberg U.S. Aggregate Index.
Fees and Expenses of the Portfolio
This table describes the fees and expenses that you may pay if you buy, hold and sell Administrative Class
shares of the Portfolio. You may pay other fees, such as commissions and other fees to financial
intermediaries, which are not reflected in the table and example below. Overall fees and expenses
of investing in the Portfolio are higher than shown because the table does not reflect variable contract fees and expenses.
| Shareholder Fees (fees paid directly from your investment): |
N/A |
Annual Portfolio Operating Expenses (expenses that you pay each year as a
percentage of the value of your investment):
| |
Administrative Class |
| Management Fees |
0.95% |
| Distribution and/or Service (12b-1) Fees |
0.15% |
| Other Expenses(1) |
0.01% |
| Acquired Fund Fees and Expenses |
0.21% |
| Total Annual Portfolio Operating Expenses(2) |
1.32% |
| Fee Waiver and/or Expense Reimbursement(3)(4)
|
(0.21%) |
| Total Annual Portfolio Operating Expenses After Fee Waiver
and/or Expense Reimbursement
|
1.11% |
1
“Other Expenses” include interest expense of 0.01%. Interest expense is
borne by the Portfolio separately from the management fees paid to Pacific Investment Management
Company LLC (“PIMCO”). Excluding interest expense, Total Annual Portfolio Operating Expenses are 1.10% for Administrative Class shares.
2
Total Annual Portfolio Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding
Waivers of the Portfolio, as set forth in the Financial Highlights table of the Portfolio’s prospectus, because the Ratio of Expenses to Average Net Assets Excluding Waivers reflects the operating expenses of the Portfolio and does not include
Acquired Fund Fees and Expenses.
3
PIMCO has contractually agreed, through May 1, 2023, to waive, first, the advisory fee and, second, the supervisory and administrative fee it receives from the
Portfolio in an amount equal to the expenses attributable to the Management Fees of Underlying
PIMCO Funds indirectly incurred by the Portfolio in connection with its investments in Underlying
PIMCO Funds, up to a maximum waived amount that is equal to the Portfolio's aggregate advisory fee and supervisory and administrative fee. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days'
notice prior to the end of the contract
term. For purposes of the expense reduction described above, references to Underlying PIMCO Funds include funds of PIMCO ETF Trust.
4
PIMCO has contractually agreed to waive the Portfolio’s advisory fee and the supervisory and
administrative fee in an amount equal to the management fee and administrative services fee, respectively, paid by the PIMCO Cayman Commodity Portfolio II Ltd. (the “GMAA Subsidiary”) to PIMCO. The GMAA Subsidiary pays PIMCO a management fee
and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO’s contract with the GMAA Subsidiary is in
place.
Example. The Example is intended to help you compare the cost of investing in Administrative Class shares of the
Portfolio with the costs of investing in other mutual funds. The Example assumes that you invest
$10,000 for the time periods indicated, and then redeem all your shares at the end of those
periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, the Example shows what your costs
would be based on these assumptions. The Example does not reflect fees and expenses of any
variable annuity contract or variable life insurance policy, and would be higher if it
did.
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Administrative Class |
$113 |
$398 |
$703 |
$1,572 |
Portfolio Turnover
The Portfolio pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs. These costs, which are not reflected in the Annual Portfolio Operating Expenses or in the Example table, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover
rate was 108% of the average value of its portfolio.
Principal
Investment Strategies
The Portfolio is intended for investors who prefer to have their asset allocation decisions made by professional investment managers. PIMCO uses a three-step approach in seeking to
achieve the Portfolio’s investment objective which consists of 1) developing a target asset
allocation; 2) developing a series of relative value strategies designed to add value beyond the
target allocation; and 3) utilizing hedging techniques to manage risks. PIMCO evaluates these three steps and uses varying combinations of Acquired Funds and/or direct investments to implement them within the Portfolio.
The Portfolio may invest in Institutional Class or Class M shares of any funds of the PIMCO Funds
and PIMCO Equity Series, affiliated open-end investment companies, except other funds of funds
and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic
Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal
Opportunistic Value Fund (“Underlying PIMCO Funds”), and may also invest in other affiliated, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, “Acquired Funds”).
PIMCO Variable Insurance Trust | Summary Prospectus
PIMCO
Global Managed Asset Allocation Portfolio
The Portfolio seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds, which may or may not be
registered under the Investment Company Act of 1940, as amended (the “1940 Act”), Fixed
Income Instruments, equity securities, forwards and derivatives. “Fixed Income
Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Portfolio will invest in Acquired Funds, securities, instruments and other investments to the
extent permitted under the 1940 Act, or any exemptive relief therefrom. To the extent the Portfolio
invests in Underlying PIMCO Funds, PIMCO expects to select such Underlying PIMCO Funds without
considering or canvassing the universe of available unaffiliated Acquired Funds. The Portfolio will
invest either directly or indirectly (through a fund) in instruments that are economically tied
to at least three countries (one of which may be the United States).
The Portfolio seeks concurrent exposure to a broad spectrum of asset classes and other investments. The
Portfolio will typically invest 50% to 70%, and under normal circumstances will invest a minimum of 20%, of its net assets in equity-related investments (including investment in common stock, preferred securities,
equity securities of real estate investment trusts and/or investment in the Domestic Equity-Related
Underlying PIMCO Funds, the International Equity-Related Underlying PIMCO Funds and the PIMCO
RealEstateRealReturn Strategy Fund, an Underlying PIMCO Fund and in other equity-related Acquired Funds). The Portfolio may invest up to 5% of its net assets in real estate investment trusts. With respect to its
direct or indirect (through a fund) investments in equity securities, there is no limitation on the market capitalization range of the issuers in which the Portfolio may invest. The Portfolio may invest up to 5% of
its net assets in commodity-related investments (including exposure to commodity-related investments obtained through investment in the PIMCO Cayman Commodity Portfolio II Ltd., a wholly-owned subsidiary of the
Portfolio organized under the laws of the Cayman Islands (the “GMAA Subsidiary”), and
investment in the PIMCO CommoditiesPLUS® Strategy Fund and PIMCO CommodityRealReturn
Strategy Fund®, Underlying PIMCO Funds). The GMAA Subsidiary is advised by PIMCO and primarily invests in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other
Fixed Income Instruments. As discussed in greater detail elsewhere in this prospectus, the GMAA
Subsidiary (unlike the Portfolio) may invest without limitation in commodity-linked swap
agreements and other commodity-linked derivative instruments. The Portfolio may invest up to 25% of its total assets in the GMAA Subsidiary. The Portfolio may invest up to 10% of its net assets in equity securities that
are economically tied to emerging market countries. The Portfolio’s combined investments in equity securities tied to emerging market countries, commodity-related investments and real estate investment trusts
will normally not exceed 15% of its net assets.
The Portfolio may invest up to 30% of its total assets in Fixed Income Instruments denominated in foreign
currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Portfolio may invest up to 15% of its total assets in Fixed Income
Instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less
than 1 year remaining to maturity, which means the Portfolio may invest, together with any other
Fixed Income Instruments denominated in foreign currencies, up to 30% of its total assets in such
instruments). The Portfolio may invest up to 10% of its total assets in high yield securities (“junk bonds”), as rated by Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Ratings
Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, as determined by PIMCO. In the event that ratings services assign different ratings to the same security, PIMCO will use the highest rating as the credit rating for that security. The
average portfolio duration of this Portfolio normally varies from 0-6 years. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a
security’s duration, the more sensitive it will be to changes in interest rates. The Portfolio may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales.
The Portfolio’s assets are not allocated according to a predetermined blend of shares of the Acquired Funds and/or direct investments in securities, instruments and other
investments. Instead, when making allocation decisions among the Acquired Funds, securities, instruments and other investments, PIMCO considers various qualitative and quantitative factors relating to the U.S. and
non-U.S. economies, and securities and commodities markets. These factors include projected
growth trends in the U.S. and non-U.S. economies, forecasts for interest rates and the
relationship between short- and long-term interest rates (yield curve), current and projected trends in inflation, relative valuation levels in the equity, fixed income, commodity and real estate markets and various segments within those
markets, the outlook and projected growth of various industrial sectors, information relating to business cycles, borrowing needs and the cost of capital, political trends data relating to trade balances, and labor
information. PIMCO uses these factors to help determine the Portfolio’s target asset allocation and to identify potentially attractive relative value and risk hedging strategies. PIMCO has the flexibility to
reallocate the Portfolio’s assets among any or all of the investment exposures represented by affiliated or unaffiliated funds, or invest directly in securities, instruments and other investments, based on its ongoing
analyses of the global economy and financial markets. While these analyses are performed daily, material shifts in investment exposures typically take place over longer periods of time.
As part of its investment process, PIMCO will seek to reduce exposure to certain risks by implementing various hedging transactions.
Once the target asset allocation, relative value strategies and risk hedging strategies have been determined,
PIMCO then evaluates various combinations of affiliated or unaffiliated funds, securities,
instruments and other investments to obtain the desired exposures and invests
accordingly.
2 Summary Prospectus | PIMCO Variable Insurance Trust
Summary
Prospectus
Additional information for these Underlying PIMCO Funds can be found in the Statement of Additional Information and the Underlying PIMCO Funds’ prospectuses and financial
reports. Additional Underlying PIMCO Funds may be added or deleted in the future without shareholder notification.
Principal
Risks
It is possible to lose money on an investment in the Portfolio. The principal risks of investing in the Portfolio include risks from direct investments and/ or indirect exposure through investment in Acquired Funds. The principal risks of investing
in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below:
Allocation
Risk: the risk that a Portfolio could lose money as a result of less than optimal or poor asset allocation decisions. The Portfolio could miss attractive investment
opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines
Acquired Fund
Risk: the risk that a Portfolio's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that
the ability of a Portfolio to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives
Interest Rate Risk: the risk that fixed income securities will decline in value because of an increase in interest rates; a
portfolio with a longer average portfolio duration will be more sensitive to changes in interest
rates than a portfolio with a shorter average portfolio duration
Call
Risk: the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their
maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality).
If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with
greater credit risks or securities with other, less favorable features
Credit
Risk: the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or
is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations
High Yield Risk: the risk that high yield securities and unrated securities of similar credit quality (commonly known as
“junk bonds”) are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make
principal and interest payments, and may be more volatile than higher-rated securities of similar maturity
Distressed Company
Risk: the risk that securities of distressed companies may be subject to greater levels of credit, issuer and liquidity
risk than a portfolio that does not invest in such securities. Securities of distressed companies include both debt and equity securities. Debt securities of distressed companies are
considered predominantly speculative with respect to the issuers’ continuing ability to make
principal and interest payments
Market
Risk: the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets
generally or particular industries
Issuer Risk: the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand
for the issuer’s goods or services
Liquidity Risk: the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or
price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in
fixed income securities, and may be magnified in a rising interest rate environment or other
circumstances where investor redemptions from fixed income funds may be higher than normal,
causing increased supply in the market due to selling activity
Derivatives Risk: the risk of investing in derivative instruments (such as futures, swaps and structured securities), including
leverage, liquidity, interest rate, market, credit and management risks, and valuation
complexity. Changes in the value of a derivative may not correlate perfectly with, and may be
more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. The Portfolio’s use of derivatives may result in losses to the Portfolio, a
reduction in the Portfolio’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the
other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. The primary credit risk on derivatives that are exchange-traded or traded
through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could
potentially limit or impact the Portfolio’s ability to invest in derivatives, limit the Portfolio’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the
Portfolio’s performance
Commodity Risk: the risk that investing in commodity-linked derivative instruments may subject the Portfolio to greater volatility than investments in traditional
securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry
or commodity, such as drought, floods, weather, livestock disease, public health emergencies,
embargoes, tariffs and international economic, political and regulatory developments
April 29, 2022 | SUMMARY PROSPECTUS 3
PIMCO
Global Managed Asset Allocation Portfolio
Equity Risk: the risk that the value of equity securities, such as common stocks and preferred securities, may decline due
to general market conditions which are not specifically related to a particular company or to
factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities
Mortgage-Related and Other Asset-Backed Securities Risk: the risks of investing in
mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk
Foreign (Non-U.S.)
Investment Risk: the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value
than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets,
differing reporting, accounting and auditing standards, increased risk of delayed settlement of
portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political
changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers
Real Estate
Risk: the risk that the Portfolio’s investments in Real Estate Investment Trusts (“REITs”) or real estate-linked derivative instruments will subject the
Portfolio to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning
laws, regulatory limitations on rents, property taxes and operating expenses. A Portfolio’s
investments in REITs or real estate-linked derivative instruments subject it to management and
tax risks. In addition, privately traded REITs subject a Portfolio to liquidity and valuation risk
Emerging Markets
Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk
Sovereign Debt Risk: the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a
result of default or other adverse credit event resulting from an issuer’s inability or
unwillingness to make principal or interest payments in a timely fashion
Currency
Risk: the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio’s investments in foreign (non-U.S.)
currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies
Leveraging
Risk: the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed
delivery or forward commitment transactions, or derivative instruments, may give rise to leverage,
magnifying gains and losses and causing the Portfolio to be more
volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss
Smaller Company Risk: the risk that the value of securities issued by a smaller company may go up or down, sometimes rapidly and
unpredictably as compared to more widely held securities, due to narrow markets and limited
resources of smaller companies. A Portfolio’s investments in smaller companies subject it to greater levels of credit, market and issuer risk
Management Risk: the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired
results and that actual or potential conflicts of interest, legislative, regulatory, or tax
restrictions, policies or developments may affect the investment techniques available to PIMCO
and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective
of the Portfolio will be achieved
Tax Risk: the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked
notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is “qualifying
income” under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Portfolio’s taxable income or gains and distributions
Subsidiary Risk: the risk that, by investing in the GMAA Subsidiary, the Portfolio is indirectly exposed to the risks
associated with the GMAA Subsidiary’s investments. The GMAA Subsidiary is not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee
that the investment objective of the GMAA Subsidiary will be achieved
Short Exposure Risk: the risk of entering into short sales, including the potential loss of more money than the actual cost of the
investment, and the risk that the third party to the short sale will not fulfill its contractual
obligations, causing a loss to the Portfolio
Value Investing Risk: a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that
the portfolio manager believes will cause the stock price to increase do not occur
Convertible Securities Risk: as convertible securities share both fixed income and equity characteristics, they are subject to risks to
which fixed income and equity investments are subject. These risks include equity risk, interest
rate risk and credit risk
Exchange-Traded Fund Risk: the risk that an exchange-traded fund may not track the performance of the index it is designed to track, among other reasons, because of exchange
rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially,
or shares of an exchange-traded fund may trade significantly above or below net asset value, any
of which may cause losses to the Portfolio invested in the exchange-traded fund
4 Summary Prospectus | PIMCO Variable Insurance Trust
Summary Prospectus
LIBOR Transition Risk: the risk related to the anticipated discontinuation of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by the
Portfolio rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty
regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain. The
transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by the
Portfolio
Please see “Description of Principal Risks” in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio. An investment in the Portfolio is
not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance Information
The performance information shows summary performance information for the Portfolio in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Portfolio by showing changes in its
performance from year to year and by showing how the Portfolio’s average annual returns compare with the returns of a broad-based securities market index. The Portfolio’s performance information reflects applicable fee waivers and/or expense limitations in effect during the
periods presented. Absent such fee waivers and/or expense limitations, if any, performance would have been lower. Performance shown does not reflect any charges or expenses imposed by an insurance company, and, if it did, performance shown would be lower. The bar chart and the table show performance of the Portfolio’s Administrative Class shares. The Portfolio’s past performance is not necessarily an indication of
how the Portfolio will perform in the future.
The 60% MSCI World Index/40% Bloomberg U.S. Aggregate Index is a blended index. The MSCI World Index is a free
float-adjusted market capitalization weighted index that is designed to measure the equity market
performance of developed markets. The MSCI World Index consists of 23 developed market country indices. The Bloomberg U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The
Bloomberg U.S. Aggregate Index covers the U.S. investment grade fixed rate bond market, with index
components for government and corporate securities, mortgage pass-through securities, and
asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.
Performance
for the Portfolio is updated daily and monthly and may be obtained as follows: daily updates on the net asset value may be obtained by calling 1-888-87-PIMCO
and monthly performance may be obtained at www.pimco.com/pvit.
Calendar Year Total Returns — Administrative Class
| Best Quarter |
June 30, 2020 |
15.79% |
| Worst Quarter |
March 31, 2020 |
-13.99% |
Average Annual Total Returns (for periods ended 12/31/21)
| |
1 Year |
5 Years |
10 Years |
| Administrative Class Return |
12.63% |
10.69% |
6.13% |
| 60% MSCI World Index/40% Bloomberg
U.S. Aggregate Index (reflects no deductions for fees,
expenses or taxes) |
12.04% |
10.62% |
8.92% |
Investment Adviser/Portfolio Managers
PIMCO serves as the investment adviser for the Portfolio. The Portfolio’s portfolio is jointly and primarily managed by Erin Browne, Geraldine Sundstrom and Emmanuel Sharef. Ms. Browne is a Managing Director of PIMCO and a senior
portfolio manager in the Asset Allocation team and has managed the Portfolio since January 2019.
Ms. Sundstrom is a Managing Director of PIMCO and a senior portfolio manager in the Asset Allocation team and has managed the Portfolio since July 2015. Dr. Sharef is an Executive Vice President of PIMCO and has managed the Portfolio
since December 2019.
Purchase and Sale of Portfolio Shares
Shares of the Portfolio currently are sold to segregated asset accounts (“Separate Accounts”) of insurance companies that fund variable annuity contracts and variable
life insurance policies (“Variable Contracts”) and other funds that serve as underlying investment options for Variable Contracts (i.e., variable insurance funds). Investors do not deal directly with the Portfolio to purchase and redeem shares.
Please refer to the prospectus for the Separate Account for information on the allocation of
premiums and on transfers of accumulated value among sub-accounts of the Separate Account.
April 29, 2022 | SUMMARY PROSPECTUS 5
PIMCO
Global Managed Asset Allocation Portfolio
Tax Information
The shareholders of the Portfolio are the insurance companies offering the variable products or other variable
insurance funds. Please refer to the prospectus for the Separate Account and the Variable Contract for information regarding the federal income tax treatment of distributions to the Separate Account.
Payments to Insurance Companies and Other Financial Intermediaries
The Portfolio and/or its related companies (including PIMCO) may pay the insurance company and other intermediaries for the sale of the Portfolio and/or other services. These
payments may create a conflict of interest by influencing the insurance company or intermediary and your salesperson to recommend a Variable Contract and the Portfolio over another investment. Ask your insurance
company or salesperson or visit your financial intermediary’s Web site for more information.
PVIT1971S_042922
PIMCO Global Managed Asset Allocation
Portfolio
Summary Prospectus
April 29, 2022
| Share Class: |
Advisor Class |
Before you invest, you may want to review the Portfolio’s prospectus, which, as supplemented, contains more information about the Portfolio and its risks. You can find the Portfolio’s prospectus, reports to shareholders and other information about the Portfolio online at http://www.pimco.com/pvit. You can also get this information at no cost by calling 1.800.927.4648 or by sending an email request to
[email protected]. The Portfolio’s prospectus and Statement of Additional Information, both dated April 29, 2022, as supplemented, are incorporated by reference into this Summary Prospectus.
Investment Objective
The Portfolio seeks total return which exceeds that of a blend of 60% MSCI World Index/40% Bloomberg U.S. Aggregate Index.
Fees and Expenses of the Portfolio
This table describes the fees and expenses that you may pay if you buy, hold and sell Advisor Class shares of
the Portfolio. You may pay other fees, such as commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Overall fees and expenses of investing in the
Portfolio are higher than shown because the table does not reflect variable contract fees and expenses.
| Shareholder Fees (fees paid directly from your investment): |
N/A |
Annual Portfolio Operating Expenses (expenses that you pay each year as a
percentage of the value of your investment):
| |
Advisor Class |
| Management Fees |
0.95% |
| Distribution and/or Service (12b-1) Fees |
0.25% |
| Other Expenses(1) |
0.01% |
| Acquired Fund Fees and Expenses |
0.21% |
| Total Annual Portfolio Operating Expenses(2) |
1.42% |
| Fee Waiver and/or Expense Reimbursement(3)(4)
|
(0.21%) |
| Total Annual Portfolio Operating Expenses After Fee Waiver
and/or Expense Reimbursement
|
1.21% |
1
“Other Expenses” include interest expense of 0.01%. Interest expense is
borne by the Portfolio separately from the management fees paid to Pacific Investment Management
Company LLC (“PIMCO”). Excluding interest expense, Total Annual Portfolio Operating Expenses are 1.20% for Advisor Class shares.
2
Total Annual Portfolio Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding
Waivers of the Portfolio, as set forth in the Financial Highlights table of the Portfolio’s prospectus, because the Ratio of Expenses to Average Net Assets Excluding Waivers reflects the operating expenses of the Portfolio and does not include
Acquired Fund Fees and Expenses.
3
PIMCO has contractually agreed, through May 1, 2023, to waive, first, the advisory fee and, second, the supervisory and administrative fee it receives from the
Portfolio in an amount equal to the expenses attributable to the Management Fees of Underlying
PIMCO Funds indirectly incurred by the Portfolio in connection with its investments in Underlying
PIMCO Funds, up to a maximum waived amount that is equal to the Portfolio's aggregate advisory fee and supervisory and administrative fee. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days'
notice prior to the end of the contract
term. For purposes of the expense reduction described above, references to Underlying PIMCO Funds include funds of PIMCO ETF Trust.
4
PIMCO has contractually agreed to waive the Portfolio’s advisory fee and the supervisory and
administrative fee in an amount equal to the management fee and administrative services fee, respectively, paid by the PIMCO Cayman Commodity Portfolio II Ltd. (the “GMAA Subsidiary”) to PIMCO. The GMAA Subsidiary pays PIMCO a management fee
and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO’s contract with the GMAA Subsidiary is in
place.
Example. The Example is intended to help you compare the cost of investing in Advisor Class shares of the Portfolio
with the costs of investing in other mutual funds. The Example assumes that you invest $10,000
for the time periods indicated, and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same.
Although your actual costs may be higher or lower, the Example shows what your costs would be based on these assumptions. The Example does not reflect fees and expenses of any variable annuity contract or variable life
insurance policy, and would be higher if it did.
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Advisor Class |
$123 |
$429 |
$756 |
$1,684 |
Portfolio Turnover
The Portfolio pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs. These costs, which are not reflected in the Annual Portfolio Operating Expenses or in the Example table, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover
rate was 108% of the average value of its portfolio.
Principal
Investment Strategies
The Portfolio is intended for investors who prefer to have their asset allocation decisions made by professional investment managers. PIMCO uses a three-step approach in seeking to
achieve the Portfolio’s investment objective which consists of 1) developing a target asset
allocation; 2) developing a series of relative value strategies designed to add value beyond the
target allocation; and 3) utilizing hedging techniques to manage risks. PIMCO evaluates these three steps and uses varying combinations of Acquired Funds and/or direct investments to implement them within the Portfolio.
The Portfolio may invest in Institutional Class or Class M shares of any funds of the PIMCO Funds
and PIMCO Equity Series, affiliated open-end investment companies, except other funds of funds
and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic
Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal
Opportunistic Value Fund (“Underlying PIMCO Funds”), and may also invest in other affiliated, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, “Acquired Funds”).
PIMCO Variable Insurance Trust | Summary Prospectus
PIMCO
Global Managed Asset Allocation Portfolio
The Portfolio seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds, which may or may not be
registered under the Investment Company Act of 1940, as amended (the “1940 Act”), Fixed
Income Instruments, equity securities, forwards and derivatives. “Fixed Income
Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Portfolio will invest in Acquired Funds, securities, instruments and other investments to the
extent permitted under the 1940 Act, or any exemptive relief therefrom. To the extent the Portfolio
invests in Underlying PIMCO Funds, PIMCO expects to select such Underlying PIMCO Funds without
considering or canvassing the universe of available unaffiliated Acquired Funds. The Portfolio will
invest either directly or indirectly (through a fund) in instruments that are economically tied
to at least three countries (one of which may be the United States).
The Portfolio seeks concurrent exposure to a broad spectrum of asset classes and other investments. The
Portfolio will typically invest 50% to 70%, and under normal circumstances will invest a minimum of 20%, of its net assets in equity-related investments (including investment in common stock, preferred securities,
equity securities of real estate investment trusts and/or investment in the Domestic Equity-Related
Underlying PIMCO Funds, the International Equity-Related Underlying PIMCO Funds and the PIMCO
RealEstateRealReturn Strategy Fund, an Underlying PIMCO Fund and in other equity-related Acquired Funds). The Portfolio may invest up to 5% of its net assets in real estate investment trusts. With respect to its
direct or indirect (through a fund) investments in equity securities, there is no limitation on the market capitalization range of the issuers in which the Portfolio may invest. The Portfolio may invest up to 5% of
its net assets in commodity-related investments (including exposure to commodity-related investments obtained through investment in the PIMCO Cayman Commodity Portfolio II Ltd., a wholly-owned subsidiary of the
Portfolio organized under the laws of the Cayman Islands (the “GMAA Subsidiary”), and
investment in the PIMCO CommoditiesPLUS® Strategy Fund and PIMCO CommodityRealReturn
Strategy Fund®, Underlying PIMCO Funds). The GMAA Subsidiary is advised by PIMCO and primarily invests in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other
Fixed Income Instruments. As discussed in greater detail elsewhere in this prospectus, the GMAA
Subsidiary (unlike the Portfolio) may invest without limitation in commodity-linked swap
agreements and other commodity-linked derivative instruments. The Portfolio may invest up to 25% of its total assets in the GMAA Subsidiary. The Portfolio may invest up to 10% of its net assets in equity securities that
are economically tied to emerging market countries. The Portfolio’s combined investments in equity securities tied to emerging market countries, commodity-related investments and real estate investment trusts
will normally not exceed 15% of its net assets.
The Portfolio may invest up to 30% of its total assets in Fixed Income Instruments denominated in foreign
currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Portfolio may invest up to 15% of its total assets in Fixed Income
Instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less
than 1 year remaining to maturity, which means the Portfolio may invest, together with any other
Fixed Income Instruments denominated in foreign currencies, up to 30% of its total assets in such
instruments). The Portfolio may invest up to 10% of its total assets in high yield securities (“junk bonds”), as rated by Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Ratings
Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, as determined by PIMCO. In the event that ratings services assign different ratings to the same security, PIMCO will use the highest rating as the credit rating for that security. The
average portfolio duration of this Portfolio normally varies from 0-6 years. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a
security’s duration, the more sensitive it will be to changes in interest rates. The Portfolio may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales.
The Portfolio’s assets are not allocated according to a predetermined blend of shares of the Acquired Funds and/or direct investments in securities, instruments and other
investments. Instead, when making allocation decisions among the Acquired Funds, securities, instruments and other investments, PIMCO considers various qualitative and quantitative factors relating to the U.S. and
non-U.S. economies, and securities and commodities markets. These factors include projected
growth trends in the U.S. and non-U.S. economies, forecasts for interest rates and the
relationship between short- and long-term interest rates (yield curve), current and projected trends in inflation, relative valuation levels in the equity, fixed income, commodity and real estate markets and various segments within those
markets, the outlook and projected growth of various industrial sectors, information relating to business cycles, borrowing needs and the cost of capital, political trends data relating to trade balances, and labor
information. PIMCO uses these factors to help determine the Portfolio’s target asset allocation and to identify potentially attractive relative value and risk hedging strategies. PIMCO has the flexibility to
reallocate the Portfolio’s assets among any or all of the investment exposures represented by affiliated or unaffiliated funds, or invest directly in securities, instruments and other investments, based on its ongoing
analyses of the global economy and financial markets. While these analyses are performed daily, material shifts in investment exposures typically take place over longer periods of time.
As part of its investment process, PIMCO will seek to reduce exposure to certain risks by implementing various hedging transactions.
Once the target asset allocation, relative value strategies and risk hedging strategies have been determined,
PIMCO then evaluates various combinations of affiliated or unaffiliated funds, securities,
instruments and other investments to obtain the desired exposures and invests
accordingly.
2 Summary Prospectus | PIMCO Variable Insurance Trust
Summary
Prospectus
Additional information for these Underlying PIMCO Funds can be found in the Statement of Additional Information and the Underlying PIMCO Funds’ prospectuses and financial
reports. Additional Underlying PIMCO Funds may be added or deleted in the future without shareholder notification.
Principal
Risks
It is possible to lose money on an investment in the Portfolio. The principal risks of investing in the Portfolio include risks from direct investments and/ or indirect exposure through investment in Acquired Funds. The principal risks of investing
in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below:
Allocation
Risk: the risk that a Portfolio could lose money as a result of less than optimal or poor asset allocation decisions. The Portfolio could miss attractive investment
opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines
Acquired Fund
Risk: the risk that a Portfolio's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that
the ability of a Portfolio to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives
Interest Rate Risk: the risk that fixed income securities will decline in value because of an increase in interest rates; a
portfolio with a longer average portfolio duration will be more sensitive to changes in interest
rates than a portfolio with a shorter average portfolio duration
Call
Risk: the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their
maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality).
If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with
greater credit risks or securities with other, less favorable features
Credit
Risk: the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or
is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations
High Yield Risk: the risk that high yield securities and unrated securities of similar credit quality (commonly known as
“junk bonds”) are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make
principal and interest payments, and may be more volatile than higher-rated securities of similar maturity
Distressed Company
Risk: the risk that securities of distressed companies may be subject to greater levels of credit, issuer and liquidity
risk than a portfolio that does not invest in such securities. Securities of distressed companies include both debt and equity securities. Debt securities of distressed companies are
considered predominantly speculative with respect to the issuers’ continuing ability to make
principal and interest payments
Market
Risk: the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets
generally or particular industries
Issuer Risk: the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand
for the issuer’s goods or services
Liquidity Risk: the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or
price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in
fixed income securities, and may be magnified in a rising interest rate environment or other
circumstances where investor redemptions from fixed income funds may be higher than normal,
causing increased supply in the market due to selling activity
Derivatives Risk: the risk of investing in derivative instruments (such as futures, swaps and structured securities), including
leverage, liquidity, interest rate, market, credit and management risks, and valuation
complexity. Changes in the value of a derivative may not correlate perfectly with, and may be
more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. The Portfolio’s use of derivatives may result in losses to the Portfolio, a
reduction in the Portfolio’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the
other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. The primary credit risk on derivatives that are exchange-traded or traded
through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could
potentially limit or impact the Portfolio’s ability to invest in derivatives, limit the Portfolio’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the
Portfolio’s performance
Commodity Risk: the risk that investing in commodity-linked derivative instruments may subject the Portfolio to greater volatility than investments in traditional
securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry
or commodity, such as drought, floods, weather, livestock disease, public health emergencies,
embargoes, tariffs and international economic, political and regulatory developments
April 29, 2022 | SUMMARY PROSPECTUS 3
PIMCO
Global Managed Asset Allocation Portfolio
Equity Risk: the risk that the value of equity securities, such as common stocks and preferred securities, may decline due
to general market conditions which are not specifically related to a particular company or to
factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities
Mortgage-Related and Other Asset-Backed Securities Risk: the risks of investing in
mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk
Foreign (Non-U.S.)
Investment Risk: the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value
than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets,
differing reporting, accounting and auditing standards, increased risk of delayed settlement of
portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political
changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers
Real Estate
Risk: the risk that the Portfolio’s investments in Real Estate Investment Trusts (“REITs”) or real estate-linked derivative instruments will subject the
Portfolio to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning
laws, regulatory limitations on rents, property taxes and operating expenses. A Portfolio’s
investments in REITs or real estate-linked derivative instruments subject it to management and
tax risks. In addition, privately traded REITs subject a Portfolio to liquidity and valuation risk
Emerging Markets
Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk
Sovereign Debt Risk: the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a
result of default or other adverse credit event resulting from an issuer’s inability or
unwillingness to make principal or interest payments in a timely fashion
Currency
Risk: the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio’s investments in foreign (non-U.S.)
currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies
Leveraging
Risk: the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed
delivery or forward commitment transactions, or derivative instruments, may give rise to leverage,
magnifying gains and losses and causing the Portfolio to be more
volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss
Smaller Company Risk: the risk that the value of securities issued by a smaller company may go up or down, sometimes rapidly and
unpredictably as compared to more widely held securities, due to narrow markets and limited
resources of smaller companies. A Portfolio’s investments in smaller companies subject it to greater levels of credit, market and issuer risk
Management Risk: the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired
results and that actual or potential conflicts of interest, legislative, regulatory, or tax
restrictions, policies or developments may affect the investment techniques available to PIMCO
and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective
of the Portfolio will be achieved
Tax Risk: the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked
notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is “qualifying
income” under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Portfolio’s taxable income or gains and distributions
Subsidiary Risk: the risk that, by investing in the GMAA Subsidiary, the Portfolio is indirectly exposed to the risks
associated with the GMAA Subsidiary’s investments. The GMAA Subsidiary is not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee
that the investment objective of the GMAA Subsidiary will be achieved
Short Exposure Risk: the risk of entering into short sales, including the potential loss of more money than the actual cost of the
investment, and the risk that the third party to the short sale will not fulfill its contractual
obligations, causing a loss to the Portfolio
Value Investing Risk: a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that
the portfolio manager believes will cause the stock price to increase do not occur
Convertible Securities Risk: as convertible securities share both fixed income and equity characteristics, they are subject to risks to
which fixed income and equity investments are subject. These risks include equity risk, interest
rate risk and credit risk
Exchange-Traded Fund Risk: the risk that an exchange-traded fund may not track the performance of the index it is designed to track, among other reasons, because of exchange
rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially,
or shares of an exchange-traded fund may trade significantly above or below net asset value, any
of which may cause losses to the Portfolio invested in the exchange-traded fund
4 Summary Prospectus | PIMCO Variable Insurance Trust
Summary Prospectus
LIBOR Transition Risk: the risk related to the anticipated discontinuation of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by the
Portfolio rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty
regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain. The
transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by the
Portfolio
Please see “Description of Principal Risks” in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio. An investment in the Portfolio is
not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance Information
The performance information shows summary performance information for the Portfolio in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Portfolio by showing changes in its
performance from year to year and by showing how the Portfolio’s average annual returns compare with the returns of a broad-based securities market index. The Portfolio’s performance information reflects applicable fee waivers and/or expense limitations in effect during the
periods presented. Absent such fee waivers and/or expense limitations, if any, performance would have been lower. Performance shown does not reflect any charges or expenses imposed by an insurance company, and, if it did, performance shown would be lower. The bar chart and the table show performance of the Portfolio’s Advisor Class shares. The Portfolio’s past performance is not necessarily an indication of
how the Portfolio will perform in the future.
The 60% MSCI World Index/40% Bloomberg U.S. Aggregate Index is a blended index. The MSCI World Index is a free
float-adjusted market capitalization weighted index that is designed to measure the equity market
performance of developed markets. The MSCI World Index consists of 23 developed market country indices. The Bloomberg U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The
Bloomberg U.S. Aggregate Index covers the U.S. investment grade fixed rate bond market, with index
components for government and corporate securities, mortgage pass-through securities, and
asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.
Performance
for the Portfolio is updated daily and monthly and may be obtained as follows: daily updates on the net asset value may be obtained by calling 1-888-87-PIMCO
and monthly performance may be obtained at www.pimco.com/pvit.
Calendar Year Total Returns — Advisor Class
| Best Quarter |
June 30, 2020 |
15.67% |
| Worst Quarter |
March 31, 2020 |
-13.94% |
Average Annual Total Returns (for periods ended 12/31/21)
| |
1 Year |
5 Years |
10 Years |
| Advisor Class Return |
12.60% |
10.59% |
6.03% |
| 60% MSCI World Index/40% Bloomberg
U.S. Aggregate Index (reflects no deductions for fees,
expenses or taxes) |
12.04% |
10.62% |
8.92% |
Investment Adviser/Portfolio Managers
PIMCO serves as the investment adviser for the Portfolio. The Portfolio’s portfolio is jointly and primarily managed by Erin Browne, Geraldine Sundstrom and Emmanuel Sharef. Ms. Browne is a Managing Director of PIMCO and a senior
portfolio manager in the Asset Allocation team and has managed the Portfolio since January 2019.
Ms. Sundstrom is a Managing Director of PIMCO and a senior portfolio manager in the Asset Allocation team and has managed the Portfolio since July 2015. Dr. Sharef is an Executive Vice President of PIMCO and has managed the Portfolio
since December 2019.
Purchase and Sale of Portfolio Shares
Shares of the Portfolio currently are sold to segregated asset accounts (“Separate Accounts”) of insurance companies that fund variable annuity contracts and variable
life insurance policies (“Variable Contracts”) and other funds that serve as underlying investment options for Variable Contracts (i.e., variable insurance funds). Investors do not deal directly with the Portfolio to purchase and redeem shares.
Please refer to the prospectus for the Separate Account for information on the allocation of
premiums and on transfers of accumulated value among sub-accounts of the Separate Account.
April 29, 2022 | SUMMARY PROSPECTUS 5
PIMCO
Global Managed Asset Allocation Portfolio
Tax Information
The shareholders of the Portfolio are the insurance companies offering the variable products or other variable
insurance funds. Please refer to the prospectus for the Separate Account and the Variable Contract for information regarding the federal income tax treatment of distributions to the Separate Account.
Payments to Insurance Companies and Other Financial Intermediaries
The Portfolio and/or its related companies (including PIMCO) may pay the insurance company and other intermediaries for the sale of the Portfolio and/or other services. These
payments may create a conflict of interest by influencing the insurance company or intermediary and your salesperson to recommend a Variable Contract and the Portfolio over another investment. Ask your insurance
company or salesperson or visit your financial intermediary’s Web site for more information.
PVIT1972S_042922
PIMCO Global Managed Asset Allocation
Portfolio
Summary Prospectus
April 29, 2022
| Share Class: |
Institutional Class |
Before you invest, you may want to review the Portfolio’s prospectus, which, as supplemented, contains more information about the Portfolio and its risks. You can find the Portfolio’s prospectus, reports to shareholders and other information about the Portfolio online at http://www.pimco.com/pvit. You can also get this information at no cost by calling 1.800.927.4648 or by sending an email request to
[email protected]. The Portfolio’s prospectus and Statement of Additional Information, both dated April 29, 2022, as supplemented, are incorporated by reference into this Summary Prospectus.
Investment Objective
The Portfolio seeks total return which exceeds that of a blend of 60% MSCI World Index/40% Bloomberg U.S. Aggregate Index.
Fees and Expenses of the Portfolio
This table describes the fees and expenses that you may pay if you buy, hold and sell Institutional Class
shares of the Portfolio. You may pay other fees, such as commissions and other fees to financial
intermediaries, which are not reflected in the table and example below. Overall fees and expenses
of investing in the Portfolio are higher than shown because the table does not reflect variable contract fees and expenses.
| Shareholder Fees (fees paid directly from your investment): |
N/A |
Annual Portfolio Operating Expenses (expenses that you pay each year as a
percentage of the value of your investment):
| |
Institutional Class |
| Management Fees |
0.95% |
| Other Expenses(1) |
0.01% |
| Acquired Fund Fees and Expenses |
0.21% |
| Total Annual Portfolio Operating Expenses(2) |
1.17% |
| Fee Waiver and/or Expense Reimbursement(3)(4)
|
(0.21%) |
| Total Annual Portfolio Operating Expenses After Fee Waiver
and/or Expense Reimbursement
|
0.96% |
1
“Other Expenses” include interest expense of 0.01%. Interest expense is
borne by the Portfolio separately from the management fees paid to Pacific Investment Management
Company LLC (“PIMCO”). Excluding interest expense, Total Annual Portfolio Operating Expenses are 0.95% for Institutional Class shares.
2
Total Annual Portfolio Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding
Waivers of the Portfolio, as set forth in the Financial Highlights table of the Portfolio’s prospectus, because the Ratio of Expenses to Average Net Assets Excluding Waivers reflects the operating expenses of the Portfolio and does not include
Acquired Fund Fees and Expenses.
3
PIMCO has contractually agreed, through May 1, 2023, to waive, first, the advisory fee and, second, the supervisory and administrative fee it receives from the
Portfolio in an amount equal to the expenses attributable to the Management Fees of Underlying
PIMCO Funds indirectly incurred by the Portfolio in connection with its investments in Underlying
PIMCO Funds, up to a maximum waived amount that is equal to the Portfolio's aggregate advisory fee and supervisory and administrative fee. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days'
notice prior to the end of the contract
term. For purposes of the expense reduction described above, references to Underlying PIMCO Funds include funds of PIMCO ETF Trust.
4
PIMCO has contractually agreed to waive the Portfolio’s advisory fee and the supervisory and
administrative fee in an amount equal to the management fee and administrative services fee, respectively, paid by the PIMCO Cayman Commodity Portfolio II Ltd. (the “GMAA Subsidiary”) to PIMCO. The GMAA Subsidiary pays PIMCO a management fee
and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO’s contract with the GMAA Subsidiary is in
place.
Example. The Example is intended to help you compare the cost of investing in Institutional Class shares of the
Portfolio with the costs of investing in other mutual funds. The Example assumes that you invest
$10,000 for the time periods indicated, and then redeem all your shares at the end of those
periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, the Example shows what your costs
would be based on these assumptions. The Example does not reflect fees and expenses of any
variable annuity contract or variable life insurance policy, and would be higher if it
did.
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Institutional Class |
$98 |
$351 |
$623 |
$1,402 |
Portfolio Turnover
The Portfolio pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs. These costs, which are not reflected in the Annual Portfolio Operating Expenses or in the Example table, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover
rate was 108% of the average value of its portfolio.
Principal
Investment Strategies
The Portfolio is intended for investors who prefer to have their asset allocation decisions made by professional investment managers. PIMCO uses a three-step approach in seeking to
achieve the Portfolio’s investment objective which consists of 1) developing a target asset
allocation; 2) developing a series of relative value strategies designed to add value beyond the
target allocation; and 3) utilizing hedging techniques to manage risks. PIMCO evaluates these three steps and uses varying combinations of Acquired Funds and/or direct investments to implement them within the Portfolio.
The Portfolio may invest in Institutional Class or Class M shares of any funds of the PIMCO Funds
and PIMCO Equity Series, affiliated open-end investment companies, except other funds of funds
and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic
Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal
Opportunistic Value Fund (“Underlying PIMCO Funds”), and may also invest in other affiliated, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, “Acquired Funds”).
PIMCO Variable Insurance Trust | Summary Prospectus
PIMCO
Global Managed Asset Allocation Portfolio
The Portfolio seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds, which may or may not be
registered under the Investment Company Act of 1940, as amended (the “1940 Act”), Fixed
Income Instruments, equity securities, forwards and derivatives. “Fixed Income
Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Portfolio will invest in Acquired Funds, securities, instruments and other investments to the
extent permitted under the 1940 Act, or any exemptive relief therefrom. To the extent the Portfolio
invests in Underlying PIMCO Funds, PIMCO expects to select such Underlying PIMCO Funds without
considering or canvassing the universe of available unaffiliated Acquired Funds. The Portfolio will
invest either directly or indirectly (through a fund) in instruments that are economically tied
to at least three countries (one of which may be the United States).
The Portfolio seeks concurrent exposure to a broad spectrum of asset classes and other investments. The
Portfolio will typically invest 50% to 70%, and under normal circumstances will invest a minimum of 20%, of its net assets in equity-related investments (including investment in common stock, preferred securities,
equity securities of real estate investment trusts and/or investment in the Domestic Equity-Related
Underlying PIMCO Funds, the International Equity-Related Underlying PIMCO Funds and the PIMCO
RealEstateRealReturn Strategy Fund, an Underlying PIMCO Fund and in other equity-related Acquired Funds). The Portfolio may invest up to 5% of its net assets in real estate investment trusts. With respect to its
direct or indirect (through a fund) investments in equity securities, there is no limitation on the market capitalization range of the issuers in which the Portfolio may invest. The Portfolio may invest up to 5% of
its net assets in commodity-related investments (including exposure to commodity-related investments obtained through investment in the PIMCO Cayman Commodity Portfolio II Ltd., a wholly-owned subsidiary of the
Portfolio organized under the laws of the Cayman Islands (the “GMAA Subsidiary”), and
investment in the PIMCO CommoditiesPLUS® Strategy Fund and PIMCO CommodityRealReturn
Strategy Fund®, Underlying PIMCO Funds). The GMAA Subsidiary is advised by PIMCO and primarily invests in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other
Fixed Income Instruments. As discussed in greater detail elsewhere in this prospectus, the GMAA
Subsidiary (unlike the Portfolio) may invest without limitation in commodity-linked swap
agreements and other commodity-linked derivative instruments. The Portfolio may invest up to 25% of its total assets in the GMAA Subsidiary. The Portfolio may invest up to 10% of its net assets in equity securities that
are economically tied to emerging market countries. The Portfolio’s combined investments in equity securities tied to emerging market countries, commodity-related investments and real estate investment trusts
will normally not exceed 15% of its net assets.
The Portfolio may invest up to 30% of its total assets in Fixed Income Instruments denominated in foreign
currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Portfolio may invest up to 15% of its total assets in Fixed Income
Instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less
than 1 year remaining to maturity, which means the Portfolio may invest, together with any other
Fixed Income Instruments denominated in foreign currencies, up to 30% of its total assets in such
instruments). The Portfolio may invest up to 10% of its total assets in high yield securities (“junk bonds”), as rated by Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Ratings
Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, as determined by PIMCO. In the event that ratings services assign different ratings to the same security, PIMCO will use the highest rating as the credit rating for that security. The
average portfolio duration of this Portfolio normally varies from 0-6 years. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a
security’s duration, the more sensitive it will be to changes in interest rates. The Portfolio may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales.
The Portfolio’s assets are not allocated according to a predetermined blend of shares of the Acquired Funds and/or direct investments in securities, instruments and other
investments. Instead, when making allocation decisions among the Acquired Funds, securities, instruments and other investments, PIMCO considers various qualitative and quantitative factors relating to the U.S. and
non-U.S. economies, and securities and commodities markets. These factors include projected
growth trends in the U.S. and non-U.S. economies, forecasts for interest rates and the
relationship between short- and long-term interest rates (yield curve), current and projected trends in inflation, relative valuation levels in the equity, fixed income, commodity and real estate markets and various segments within those
markets, the outlook and projected growth of various industrial sectors, information relating to business cycles, borrowing needs and the cost of capital, political trends data relating to trade balances, and labor
information. PIMCO uses these factors to help determine the Portfolio’s target asset allocation and to identify potentially attractive relative value and risk hedging strategies. PIMCO has the flexibility to
reallocate the Portfolio’s assets among any or all of the investment exposures represented by affiliated or unaffiliated funds, or invest directly in securities, instruments and other investments, based on its ongoing
analyses of the global economy and financial markets. While these analyses are performed daily, material shifts in investment exposures typically take place over longer periods of time.
As part of its investment process, PIMCO will seek to reduce exposure to certain risks by implementing various hedging transactions.
Once the target asset allocation, relative value strategies and risk hedging strategies have been determined,
PIMCO then evaluates various combinations of affiliated or unaffiliated funds, securities,
instruments and other investments to obtain the desired exposures and invests
accordingly.
2 Summary Prospectus | PIMCO Variable Insurance Trust
Summary
Prospectus
Additional information for these Underlying PIMCO Funds can be found in the Statement of Additional Information and the Underlying PIMCO Funds’ prospectuses and financial
reports. Additional Underlying PIMCO Funds may be added or deleted in the future without shareholder notification.
Principal
Risks
It is possible to lose money on an investment in the Portfolio. The principal risks of investing in the Portfolio include risks from direct investments and/ or indirect exposure through investment in Acquired Funds. The principal risks of investing
in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below:
Allocation
Risk: the risk that a Portfolio could lose money as a result of less than optimal or poor asset allocation decisions. The Portfolio could miss attractive investment
opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines
Acquired Fund
Risk: the risk that a Portfolio's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that
the ability of a Portfolio to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives
Interest Rate Risk: the risk that fixed income securities will decline in value because of an increase in interest rates; a
portfolio with a longer average portfolio duration will be more sensitive to changes in interest
rates than a portfolio with a shorter average portfolio duration
Call
Risk: the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their
maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality).
If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with
greater credit risks or securities with other, less favorable features
Credit
Risk: the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or
is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations
High Yield Risk: the risk that high yield securities and unrated securities of similar credit quality (commonly known as
“junk bonds”) are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make
principal and interest payments, and may be more volatile than higher-rated securities of similar maturity
Distressed Company
Risk: the risk that securities of distressed companies may be subject to greater levels of credit, issuer and liquidity
risk than a portfolio that does not invest in such securities. Securities of distressed companies include both debt and equity securities. Debt securities of distressed companies are
considered predominantly speculative with respect to the issuers’ continuing ability to make
principal and interest payments
Market
Risk: the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets
generally or particular industries
Issuer Risk: the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand
for the issuer’s goods or services
Liquidity Risk: the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or
price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in
fixed income securities, and may be magnified in a rising interest rate environment or other
circumstances where investor redemptions from fixed income funds may be higher than normal,
causing increased supply in the market due to selling activity
Derivatives Risk: the risk of investing in derivative instruments (such as futures, swaps and structured securities), including
leverage, liquidity, interest rate, market, credit and management risks, and valuation
complexity. Changes in the value of a derivative may not correlate perfectly with, and may be
more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. The Portfolio’s use of derivatives may result in losses to the Portfolio, a
reduction in the Portfolio’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the
other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. The primary credit risk on derivatives that are exchange-traded or traded
through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could
potentially limit or impact the Portfolio’s ability to invest in derivatives, limit the Portfolio’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the
Portfolio’s performance
Commodity Risk: the risk that investing in commodity-linked derivative instruments may subject the Portfolio to greater volatility than investments in traditional
securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry
or commodity, such as drought, floods, weather, livestock disease, public health emergencies,
embargoes, tariffs and international economic, political and regulatory developments
April 29, 2022 | SUMMARY PROSPECTUS 3
PIMCO
Global Managed Asset Allocation Portfolio
Equity Risk: the risk that the value of equity securities, such as common stocks and preferred securities, may decline due
to general market conditions which are not specifically related to a particular company or to
factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities
Mortgage-Related and Other Asset-Backed Securities Risk: the risks of investing in
mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk
Foreign (Non-U.S.)
Investment Risk: the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value
than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets,
differing reporting, accounting and auditing standards, increased risk of delayed settlement of
portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political
changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers
Real Estate
Risk: the risk that the Portfolio’s investments in Real Estate Investment Trusts (“REITs”) or real estate-linked derivative instruments will subject the
Portfolio to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning
laws, regulatory limitations on rents, property taxes and operating expenses. A Portfolio’s
investments in REITs or real estate-linked derivative instruments subject it to management and
tax risks. In addition, privately traded REITs subject a Portfolio to liquidity and valuation risk
Emerging Markets
Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk
Sovereign Debt Risk: the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a
result of default or other adverse credit event resulting from an issuer’s inability or
unwillingness to make principal or interest payments in a timely fashion
Currency
Risk: the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio’s investments in foreign (non-U.S.)
currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies
Leveraging
Risk: the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed
delivery or forward commitment transactions, or derivative instruments, may give rise to leverage,
magnifying gains and losses and causing the Portfolio to be more
volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss
Smaller Company Risk: the risk that the value of securities issued by a smaller company may go up or down, sometimes rapidly and
unpredictably as compared to more widely held securities, due to narrow markets and limited
resources of smaller companies. A Portfolio’s investments in smaller companies subject it to greater levels of credit, market and issuer risk
Management Risk: the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired
results and that actual or potential conflicts of interest, legislative, regulatory, or tax
restrictions, policies or developments may affect the investment techniques available to PIMCO
and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective
of the Portfolio will be achieved
Tax Risk: the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked
notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is “qualifying
income” under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Portfolio’s taxable income or gains and distributions
Subsidiary Risk: the risk that, by investing in the GMAA Subsidiary, the Portfolio is indirectly exposed to the risks
associated with the GMAA Subsidiary’s investments. The GMAA Subsidiary is not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee
that the investment objective of the GMAA Subsidiary will be achieved
Short Exposure Risk: the risk of entering into short sales, including the potential loss of more money than the actual cost of the
investment, and the risk that the third party to the short sale will not fulfill its contractual
obligations, causing a loss to the Portfolio
Value Investing Risk: a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that
the portfolio manager believes will cause the stock price to increase do not occur
Convertible Securities Risk: as convertible securities share both fixed income and equity characteristics, they are subject to risks to
which fixed income and equity investments are subject. These risks include equity risk, interest
rate risk and credit risk
Exchange-Traded Fund Risk: the risk that an exchange-traded fund may not track the performance of the index it is designed to track, among other reasons, because of exchange
rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially,
or shares of an exchange-traded fund may trade significantly above or below net asset value, any
of which may cause losses to the Portfolio invested in the exchange-traded fund
4 Summary Prospectus | PIMCO Variable Insurance Trust
Summary Prospectus
LIBOR Transition Risk: the risk related to the anticipated discontinuation of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by the
Portfolio rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty
regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain. The
transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by the
Portfolio
Please see “Description of Principal Risks” in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio. An investment in the Portfolio is
not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance Information
The performance information shows summary performance information for the Portfolio in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Portfolio by showing changes in its
performance from year to year and by showing how the Portfolio’s average annual returns compare with the returns of a broad-based securities market index. The Portfolio’s performance information reflects applicable fee waivers and/or expense limitations in effect during the
periods presented. Absent such fee waivers and/or expense limitations, if any, performance would have been lower. Performance shown does not reflect any charges or expenses imposed by an insurance company, and, if it did, performance shown would be lower. The bar chart and the table show performance of the Portfolio’s Institutional Class shares. The Portfolio’s past performance is not necessarily an indication of
how the Portfolio will perform in the future.
The 60% MSCI World Index/40% Bloomberg U.S. Aggregate Index is a blended index. The MSCI World Index is a free
float-adjusted market capitalization weighted index that is designed to measure the equity market
performance of developed markets. The MSCI World Index consists of 23 developed market country indices. The Bloomberg U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The
Bloomberg U.S. Aggregate Index covers the U.S. investment grade fixed rate bond market, with index
components for government and corporate securities, mortgage pass-through securities, and
asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.
Performance
for the Portfolio is updated daily and monthly and may be obtained as follows: daily updates on the net asset value may be obtained by calling 1-888-87-PIMCO
and monthly performance may be obtained at www.pimco.com/pvit.
Calendar Year Total Returns — Institutional Class
| Best Quarter |
June 30, 2020 |
15.83% |
| Worst Quarter |
March 31, 2020 |
-13.96% |
Average Annual Total Returns (for periods ended 12/31/21)
| |
1 Year |
5 Years |
Since
Inception |
Inception Date |
| Institutional Class Return |
12.77% |
10.84% |
5.93% |
4/30/2012 |
| 60% MSCI World Index/40%
Bloomberg U.S. Aggregate
Index (reflects no deductions for fees,
expenses or taxes) |
12.04% |
10.62% |
8.50% |
|
Investment Adviser/Portfolio Managers
PIMCO serves as the investment adviser for the Portfolio. The Portfolio’s portfolio is jointly and primarily managed by Erin Browne, Geraldine Sundstrom and Emmanuel Sharef. Ms. Browne is a Managing Director of PIMCO and a senior
portfolio manager in the Asset Allocation team and has managed the Portfolio since January 2019.
Ms. Sundstrom is a Managing Director of PIMCO and a senior portfolio manager in the Asset Allocation team and has managed the Portfolio since July 2015. Dr. Sharef is an Executive Vice President of PIMCO and has managed the Portfolio
since December 2019.
Purchase and Sale of Portfolio Shares
Shares of the Portfolio currently are sold to segregated asset accounts (“Separate Accounts”) of insurance companies that fund variable annuity contracts and variable
life insurance policies (“Variable Contracts”) and other funds that serve as underlying investment options for Variable Contracts (i.e., variable insurance funds). Investors do not deal directly with the Portfolio to purchase and redeem shares.
Please refer to the prospectus for the Separate Account for information on the allocation of
premiums and on transfers of accumulated value among sub-accounts of the Separate Account.
April 29, 2022 | SUMMARY PROSPECTUS 5
PIMCO
Global Managed Asset Allocation Portfolio
Tax Information
The shareholders of the Portfolio are the insurance companies offering the variable products or other variable
insurance funds. Please refer to the prospectus for the Separate Account and the Variable Contract for information regarding the federal income tax treatment of distributions to the Separate Account.
Payments to Insurance Companies and Other Financial Intermediaries
The Portfolio and/or its related companies (including PIMCO) may pay the insurance company and other intermediaries for the sale of the Portfolio and/or other services. These
payments may create a conflict of interest by influencing the insurance company or intermediary and your salesperson to recommend a Variable Contract and the Portfolio over another investment. Ask your insurance
company or salesperson or visit your financial intermediary’s Web site for more information.
PVIT2053S_042922
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