Form 497K PIMCO VARIABLE INSURANCE
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PIMCO CommodityRealReturn® Strategy Portfolio
Summary Prospectus
April 30, 2026 (as supplemented June 16, 2026)
| 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 30, 2026, as supplemented, are incorporated by reference into this Summary Prospectus.
Investment Objective
The Portfolio seeks maximum real return, consistent with prudent investment
management.
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 brokerage 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 |
0.74% |
| Distribution and/or Service (12b-1) Fees |
0.15% |
| Other Expenses(1) |
2.30% |
| Acquired Fund Fees and Expenses |
0.19% |
| Total Annual Portfolio Operating Expenses
|
3.38% |
| Fee Waiver and/or Expense Reimbursement(2) |
(0.19%) |
| Total Annual Portfolio Operating Expenses After Fee Waiver
and/or Expense Reimbursement
|
3.19% |
1
“Other Expenses” include interest expense of 2.30%. 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 After Fee Waiver and/or Expense Reimbursement are 0.89% for Administrative Class shares.
2
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 I Ltd. (the “CRRS Subsidiary”) to PIMCO. The CRRS 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 CRRS 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 hold or 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 |
$322 |
$1,021 |
$1,744 |
$3,654 |
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 178% of the average value of its portfolio.
Principal Investment Strategies
The Portfolio seeks to achieve its investment objective by investing under normal circumstances in commodity-linked derivative instruments backed by a portfolio of
inflation-indexed securities and other Fixed Income Instruments. “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. “Real Return” equals total return less the estimated cost of inflation, which is typically measured by the change in an official inflation measure. The Portfolio invests in commodity-linked derivative instruments,
including swap agreements, futures, options on futures, commodity index-linked notes and
commodity options, that provide exposure to the investment returns of the commodities markets,
without investing directly in physical commodities. Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. The value of commodity-linked derivative instruments may be
affected by overall market movements and other factors affecting the value of a particular
industry or commodity, such as weather, disease, embargoes, or political and regulatory
developments. The Portfolio may also invest in common and preferred securities as well as convertible securities of issuers in commodity-related industries. When determining the target allocation for the strategy, PIMCO may use
proprietary quantitative models. The target allocations may include long, short, or no positions in the underlying financial markets and commodities specified in the models. The quantitative models are developed
and maintained by PIMCO, and are subject to change over time without notice in PIMCO’s discretion. PIMCO also retains discretion over the final target asset allocation and the implementation of the target
asset allocation, which may include positions that are different from target allocations determined by quantitative models.
The Portfolio will generally seek to gain exposure to the commodity markets primarily through investments in
swap agreements, futures, and options on futures and through investments in the PIMCO Cayman
PIMCO Variable Insurance Trust | Summary
Prospectus
PIMCO
CommodityRealReturn®
Strategy Portfolio
Commodity Portfolio I Ltd., a wholly-owned
subsidiary of the Portfolio organized under the laws of the Cayman Islands (the “CRRS
Subsidiary”). The CRRS Subsidiary is advised by PIMCO, and has the same investment
objective as the Portfolio. As discussed in greater detail elsewhere in this prospectus, the CRRS Subsidiary (unlike the Portfolio) may invest without limitation in commodity-linked swap agreements and other commodity-linked derivative
instruments. In order to comply with certain issuer diversification limits imposed by the Internal Revenue Code of 1986, as amended (the “Code”), the Portfolio may invest up to 25% of its total assets in
the CRRS Subsidiary.
The derivative instruments in which the Portfolio
and the CRRS Subsidiary primarily intend to invest are instruments linked to certain commodity
indices. Additionally, the Portfolio or the CRRS Subsidiary may invest in derivative instruments linked to the value of a particular commodity or commodity futures contract, or a subset of commodities or commodity futures contracts. The
Portfolio’s or the CRRS Subsidiary’s investments in commodity-linked derivative instruments may specify exposure to commodity futures with different roll dates, reset dates or contract months than those specified
by a particular commodity index. As a result, the commodity-linked derivatives component of the
Portfolio’s portfolio may deviate from the returns of any particular commodity index. The
Portfolio or the CRRS Subsidiary may over-weight or under-weight its exposure to a particular commodity index, or a subset of commodities, such that the Portfolio has greater or lesser exposure to that index than the value of
the Portfolio’s net assets, or greater or lesser exposure to a subset of commodities than is
represented by a particular commodity index. Such deviations will frequently be the result of
temporary market fluctuations, and under normal circumstances the Portfolio will seek to maintain notional exposure to one or more commodity indices within 5% (plus or minus) of the value of the Portfolio’s net
assets.
The Portfolio may also invest in leveraged or unleveraged
commodity index-linked notes, which are derivative debt instruments with principal and/or coupon
payments linked to the performance of commodity indices. These commodity index-linked notes are sometimes referred to as “structured notes” because the terms of these notes may be structured by the issuer and the
purchaser of the note. The value of these notes will rise or fall in response to changes in the underlying commodity or related index of investment.
Assets not invested in commodity-linked derivative instruments or the CRRS Subsidiary may be invested in
inflation-indexed securities and other Fixed Income Instruments, including derivative Fixed Income
Instruments. In addition, the Portfolio may invest its assets in particular sectors of the
commodities market.
The average portfolio duration of the fixed
income portion of this Portfolio will vary based on PIMCO’s forecast for interest rates and
under normal market conditions is not expected to exceed ten 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 invest up to 10% of its total assets
in high yield securities (“junk bonds”), as rated by Moody’s Ratings (“Moody’s”), Standard & Poor’s
Ratings Services (“S&P”) or
Fitch Ratings, 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
Portfolio may invest up to 30% of its total assets in securities 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 10% of its total assets in securities and instruments that are economically tied to emerging
market countries, except the Portfolio may invest without limit in investment grade sovereign
debt issued by emerging markets issuers that is denominated in the relevant country’s local currency with less than 1 year remaining to maturity. The Portfolio will normally limit its net foreign currency exposure (from
non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. The Portfolio may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering
into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The Portfolio may also invest up to 10% of its total assets in preferred securities. The
Portfolio may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales.
Principal Risks
It is possible to experience losses on an investment in the Portfolio. Under certain conditions, generally in a market where the value of both commodity-linked derivative
instruments and fixed income securities are declining, the Portfolio may experience substantial losses. The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return,
are listed below.
Interest Rate Risk: the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government and central bank policy, inflation, the economy, and the market for bonds can impact
interest rates and yields
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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the
counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio
securities or the issuer or guarantor of collateral, 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
2 Summary Prospectus | PIMCO Variable Insurance Trust
Summary
Prospectus
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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer’s continuing ability to make principal and interest payments, and
their values may be more volatile than higher-rated securities of similar maturity
Market Risk: the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or
unpredictably, due to a variety of factors affecting securities markets generally or particular
industries or sectors
Issuer Risk: the risk that the value of a security may decline for reasons related to the issuer, such as management
performance, changes in financial condition or credit rating, financial leverage, reputation or
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 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 changing interest rate environments 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. The
liquidity of the Portfolio’s shares may be constrained by the liquidity of the Portfolio’s portfolio holdings
Derivatives Risk: the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including
leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment 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. Derivatives used for hedging or
risk management may not operate as intended or may expose the Portfolio to additional risks.
Changes in the value of a derivative or other similar instrument may also create margin delivery
or settlement payment obligations for the Portfolio. The Portfolio’s use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio’s returns and/or increased
volatility. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or
other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations relating to a
registered 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio’s
performance
Model Risk: the risk that the Portfolio’s investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain
design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of
which may result in a decline in the value of an investment in the Portfolio. The performance of the investment models may be impacted by software or other technology malfunctions, human error, issues related to the potential use of artificial
intelligence, programming inaccuracies, power loss, and other events or circumstances, which may
be difficult to detect and may be beyond the control of the Portfolio
Commodity Risk: the risk that investing in commodity-linked derivative instruments, either directly or indirectly through a
subsidiary, may subject the Portfolio to greater volatility than investments in traditional
securities. The value of commodity-linked derivative instruments or commodities underlying such derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes
in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies,
embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, sanctions, export controls, changes in storage costs, availability of transportation
systems, and international economic, political and regulatory developments
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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including
junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks
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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of
certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic
developments, trade restrictions (including tariffs) 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
Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk
April 30, 2026 (as supplemented June 16, 2026) |
SUMMARY
PROSPECTUS 3
PIMCO
CommodityRealReturn®
Strategy Portfolio
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
events 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 may fluctuate in value relative to the U.S. dollar, which can
affect the value of 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, and 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. The use of leverage may also increase the Portfolio’s sensitivity to interest rate changes and other market risks
Management Risk: the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative
models or methods, 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 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
Inflation-Indexed Security Risk: the risk that inflation-indexed debt securities are subject to the actual or anticipated effects of changes in
market interest rates caused by factors other than inflation (real interest rates). In general,
the value of an inflation-indexed security, including U.S. Treasury Inflation-Protected Securities (“TIPS”), tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on
inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are
adjusted for inflation. There can be no assurance that the inflation index used will accurately
measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Portfolio will not
receive the principal until maturity
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 CRRS Subsidiary, the Portfolio is indirectly exposed to the risks
associated with the CRRS Subsidiary’s investments. The CRRS Subsidiary is not registered under the Investment Company Act of 1940, as amended (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 CRRS Subsidiary will be achieved
Gold-Related Risk: the risk that investments in, or tied to, the price of gold may fluctuate substantially over short periods of
time or be more volatile than other types of investments due to, among other matters, changes in
interest rates, inflation expectations, currency values or other economic, financial and political factors in the U.S. and foreign (non-U.S.) countries
Oil-Related Risk: the risk that investments in, or tied to the price of, oil may fluctuate substantially over short periods of
time or be more volatile than other types of investments due to, among other things, national and
international political changes, currency values, policies of Organization of the Petroleum Exporting Countries (“OPEC”) and other oil exporting countries, changes in relationships among OPEC and other oil exporting countries and oil
importing countries, regulatory changes, taxation policies and the economies of key energy-consuming countries. Supply and demand dynamics, technological changes in energy production and market speculation may also affect
the volatility of the Portfolio's oil-related investments
Short Exposure Risk: the risk of entering into short sales or other short positions, 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 or
other short position will not fulfill its contractual obligations, causing a loss to the Portfolio
Collateralized Loan Obligations Risk: the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the
Portfolio to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks,
including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or
default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and
complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or
unexpected investment results; and (vi) the CLO's manager may perform poorly
Turnover Risk: the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower
investment performance
4 Summary Prospectus | PIMCO Variable Insurance Trust
Summary
Prospectus
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 certain indexes. 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.
In addition to the Portfolio’s performance, the Average Annual Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index)
and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The
Portfolio’s regulatory index is the S&P 500 Index. The Portfolio’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The
S&P 500 Index is an unmanaged market index generally considered representative of the stock
market as a whole. The S&P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&P 500 Index focuses on the large-cap segment of the
U.S. equities market. The supplemental index shown is the Bloomberg Commodity Index Total Return.
The Bloomberg Commodity Index Total Return is an unmanaged index composed of futures contracts on
a number of physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. The futures exposures of the benchmark are collateralized, with the return on
such collateral based on the Secured Overnight Financing Rate (SOFR).
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.
| Best Quarter |
March 31, 2022 |
24.32% |
| Worst Quarter |
March 31, 2020 |
-27.08% |
Average Annual Total Returns (for periods ended 12/31/25)
| |
1 Year |
5 Years |
10 Years |
| Administrative Class Return |
18.79% |
10.55% |
6.54% |
| S&P 500 Index (reflects no deductions for fees,
expenses or taxes) |
17.88% |
14.42% |
14.82% |
| Bloomberg Commodity Index Total Return (reflects no
deductions for fees, expenses or taxes) |
15.77% |
10.64% |
5.73% |
Investment Adviser/Portfolio Managers
PIMCO serves as the investment adviser for the Portfolio. The Portfolio’s
portfolio is jointly and primarily managed by Mike Cudzil, Greg Sharenow, Andrew DeWitt and
Daniel He. Messrs. Cudzil and Sharenow are Managing Directors of PIMCO. Messrs. DeWitt and He are Executive Vice Presidents of PIMCO. Mr. Sharenow has managed the Portfolio since November 2018. Mr. DeWitt has managed
the Portfolio since February 2022. Messrs. Cudzil and He have managed the Portfolio since June
2025.
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 30, 2026 (as supplemented June 16, 2026) |
SUMMARY
PROSPECTUS 5
PIMCO
CommodityRealReturn®
Strategy 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
website for more information.
PVIT1850S_061626
PIMCO CommodityRealReturn® Strategy Portfolio
Summary Prospectus
April 30, 2026 (as supplemented June 16, 2026)
| 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 30, 2026, as supplemented, are incorporated by reference into this Summary Prospectus.
Investment Objective
The Portfolio seeks maximum real return, consistent with prudent investment
management.
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 brokerage 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 |
0.74% |
| Distribution and/or Service (12b-1) Fees |
0.25% |
| Other Expenses(1) |
2.30% |
| Acquired Fund Fees and Expenses |
0.19% |
| Total Annual Portfolio Operating Expenses
|
3.48% |
| Fee Waiver and/or Expense Reimbursement(2) |
(0.19%) |
| Total Annual Portfolio Operating Expenses After Fee Waiver
and/or Expense Reimbursement
|
3.29% |
1
“Other Expenses” include interest expense of 2.30%. 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 After Fee Waiver and/or Expense Reimbursement are 0.99% for Advisor Class shares.
2
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 I Ltd. (the “CRRS Subsidiary”) to PIMCO. The CRRS 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 CRRS 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 hold or 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 |
$332 |
$1,051 |
$1,791 |
$3,744 |
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 178% of the average value of its portfolio.
Principal Investment Strategies
The Portfolio seeks to achieve its investment objective by investing under normal circumstances in commodity-linked derivative instruments backed by a portfolio of
inflation-indexed securities and other Fixed Income Instruments. “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. “Real Return” equals total return less the estimated cost of inflation, which is typically measured by the change in an official inflation measure. The Portfolio invests in commodity-linked derivative instruments,
including swap agreements, futures, options on futures, commodity index-linked notes and
commodity options, that provide exposure to the investment returns of the commodities markets,
without investing directly in physical commodities. Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. The value of commodity-linked derivative instruments may be
affected by overall market movements and other factors affecting the value of a particular
industry or commodity, such as weather, disease, embargoes, or political and regulatory
developments. The Portfolio may also invest in common and preferred securities as well as convertible securities of issuers in commodity-related industries. When determining the target allocation for the strategy, PIMCO may use
proprietary quantitative models. The target allocations may include long, short, or no positions in the underlying financial markets and commodities specified in the models. The quantitative models are developed
and maintained by PIMCO, and are subject to change over time without notice in PIMCO’s discretion. PIMCO also retains discretion over the final target asset allocation and the implementation of the target
asset allocation, which may include positions that are different from target allocations determined by quantitative models.
The Portfolio will generally seek to gain exposure to the commodity markets primarily through investments in
swap agreements, futures, and options on futures and through investments in the PIMCO Cayman
PIMCO Variable Insurance Trust | Summary
Prospectus
PIMCO
CommodityRealReturn®
Strategy Portfolio
Commodity Portfolio I Ltd., a wholly-owned
subsidiary of the Portfolio organized under the laws of the Cayman Islands (the “CRRS
Subsidiary”). The CRRS Subsidiary is advised by PIMCO, and has the same investment
objective as the Portfolio. As discussed in greater detail elsewhere in this prospectus, the CRRS Subsidiary (unlike the Portfolio) may invest without limitation in commodity-linked swap agreements and other commodity-linked derivative
instruments. In order to comply with certain issuer diversification limits imposed by the Internal Revenue Code of 1986, as amended (the “Code”), the Portfolio may invest up to 25% of its total assets in
the CRRS Subsidiary.
The derivative instruments in which the Portfolio
and the CRRS Subsidiary primarily intend to invest are instruments linked to certain commodity
indices. Additionally, the Portfolio or the CRRS Subsidiary may invest in derivative instruments linked to the value of a particular commodity or commodity futures contract, or a subset of commodities or commodity futures contracts. The
Portfolio’s or the CRRS Subsidiary’s investments in commodity-linked derivative instruments may specify exposure to commodity futures with different roll dates, reset dates or contract months than those specified
by a particular commodity index. As a result, the commodity-linked derivatives component of the
Portfolio’s portfolio may deviate from the returns of any particular commodity index. The
Portfolio or the CRRS Subsidiary may over-weight or under-weight its exposure to a particular commodity index, or a subset of commodities, such that the Portfolio has greater or lesser exposure to that index than the value of
the Portfolio’s net assets, or greater or lesser exposure to a subset of commodities than is
represented by a particular commodity index. Such deviations will frequently be the result of
temporary market fluctuations, and under normal circumstances the Portfolio will seek to maintain notional exposure to one or more commodity indices within 5% (plus or minus) of the value of the Portfolio’s net
assets.
The Portfolio may also invest in leveraged or unleveraged
commodity index-linked notes, which are derivative debt instruments with principal and/or coupon
payments linked to the performance of commodity indices. These commodity index-linked notes are sometimes referred to as “structured notes” because the terms of these notes may be structured by the issuer and the
purchaser of the note. The value of these notes will rise or fall in response to changes in the underlying commodity or related index of investment.
Assets not invested in commodity-linked derivative instruments or the CRRS Subsidiary may be invested in
inflation-indexed securities and other Fixed Income Instruments, including derivative Fixed Income
Instruments. In addition, the Portfolio may invest its assets in particular sectors of the
commodities market.
The average portfolio duration of the fixed
income portion of this Portfolio will vary based on PIMCO’s forecast for interest rates and
under normal market conditions is not expected to exceed ten 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 invest up to 10% of its total assets
in high yield securities (“junk bonds”), as rated by Moody’s Ratings (“Moody’s”), Standard & Poor’s
Ratings Services (“S&P”) or
Fitch Ratings, 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
Portfolio may invest up to 30% of its total assets in securities 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 10% of its total assets in securities and instruments that are economically tied to emerging
market countries, except the Portfolio may invest without limit in investment grade sovereign
debt issued by emerging markets issuers that is denominated in the relevant country’s local currency with less than 1 year remaining to maturity. The Portfolio will normally limit its net foreign currency exposure (from
non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. The Portfolio may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering
into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The Portfolio may also invest up to 10% of its total assets in preferred securities. The
Portfolio may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales.
Principal Risks
It is possible to experience losses on an investment in the Portfolio. Under certain conditions, generally in a market where the value of both commodity-linked derivative
instruments and fixed income securities are declining, the Portfolio may experience substantial losses. The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return,
are listed below.
Interest Rate Risk: the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government and central bank policy, inflation, the economy, and the market for bonds can impact
interest rates and yields
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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the
counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio
securities or the issuer or guarantor of collateral, 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
2 Summary Prospectus | PIMCO Variable Insurance Trust
Summary
Prospectus
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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer’s continuing ability to make principal and interest payments, and
their values may be more volatile than higher-rated securities of similar maturity
Market Risk: the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or
unpredictably, due to a variety of factors affecting securities markets generally or particular
industries or sectors
Issuer Risk: the risk that the value of a security may decline for reasons related to the issuer, such as management
performance, changes in financial condition or credit rating, financial leverage, reputation or
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 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 changing interest rate environments 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. The
liquidity of the Portfolio’s shares may be constrained by the liquidity of the Portfolio’s portfolio holdings
Derivatives Risk: the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including
leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment 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. Derivatives used for hedging or
risk management may not operate as intended or may expose the Portfolio to additional risks.
Changes in the value of a derivative or other similar instrument may also create margin delivery
or settlement payment obligations for the Portfolio. The Portfolio’s use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio’s returns and/or increased
volatility. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or
other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations relating to a
registered 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio’s
performance
Model Risk: the risk that the Portfolio’s investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain
design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of
which may result in a decline in the value of an investment in the Portfolio. The performance of the investment models may be impacted by software or other technology malfunctions, human error, issues related to the potential use of artificial
intelligence, programming inaccuracies, power loss, and other events or circumstances, which may
be difficult to detect and may be beyond the control of the Portfolio
Commodity Risk: the risk that investing in commodity-linked derivative instruments, either directly or indirectly through a
subsidiary, may subject the Portfolio to greater volatility than investments in traditional
securities. The value of commodity-linked derivative instruments or commodities underlying such derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes
in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies,
embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, sanctions, export controls, changes in storage costs, availability of transportation
systems, and international economic, political and regulatory developments
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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including
junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks
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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of
certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic
developments, trade restrictions (including tariffs) 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
Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk
April 30, 2026 (as supplemented June 16, 2026) |
SUMMARY
PROSPECTUS 3
PIMCO
CommodityRealReturn®
Strategy Portfolio
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
events 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 may fluctuate in value relative to the U.S. dollar, which can
affect the value of 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, and 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. The use of leverage may also increase the Portfolio’s sensitivity to interest rate changes and other market risks
Management Risk: the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative
models or methods, 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 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
Inflation-Indexed Security Risk: the risk that inflation-indexed debt securities are subject to the actual or anticipated effects of changes in
market interest rates caused by factors other than inflation (real interest rates). In general,
the value of an inflation-indexed security, including U.S. Treasury Inflation-Protected Securities (“TIPS”), tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on
inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are
adjusted for inflation. There can be no assurance that the inflation index used will accurately
measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Portfolio will not
receive the principal until maturity
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 CRRS Subsidiary, the Portfolio is indirectly exposed to the risks
associated with the CRRS Subsidiary’s investments. The CRRS Subsidiary is not registered under the Investment Company Act of 1940, as amended (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 CRRS Subsidiary will be achieved
Gold-Related Risk: the risk that investments in, or tied to, the price of gold may fluctuate substantially over short periods of
time or be more volatile than other types of investments due to, among other matters, changes in
interest rates, inflation expectations, currency values or other economic, financial and political factors in the U.S. and foreign (non-U.S.) countries
Oil-Related Risk: the risk that investments in, or tied to the price of, oil may fluctuate substantially over short periods of
time or be more volatile than other types of investments due to, among other things, national and
international political changes, currency values, policies of Organization of the Petroleum Exporting Countries (“OPEC”) and other oil exporting countries, changes in relationships among OPEC and other oil exporting countries and oil
importing countries, regulatory changes, taxation policies and the economies of key energy-consuming countries. Supply and demand dynamics, technological changes in energy production and market speculation may also affect
the volatility of the Portfolio's oil-related investments
Short Exposure Risk: the risk of entering into short sales or other short positions, 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 or
other short position will not fulfill its contractual obligations, causing a loss to the Portfolio
Collateralized Loan Obligations Risk: the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the
Portfolio to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks,
including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or
default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and
complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or
unexpected investment results; and (vi) the CLO's manager may perform poorly
Turnover Risk: the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower
investment performance
4 Summary Prospectus | PIMCO Variable Insurance Trust
Summary
Prospectus
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 certain indexes. 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.
In addition to the Portfolio’s performance, the Average Annual Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index)
and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The
Portfolio’s regulatory index is the S&P 500 Index. The Portfolio’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The
S&P 500 Index is an unmanaged market index generally considered representative of the stock
market as a whole. The S&P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&P 500 Index focuses on the large-cap segment of the
U.S. equities market. The supplemental index shown is the Bloomberg Commodity Index Total Return.
The Bloomberg Commodity Index Total Return is an unmanaged index composed of futures contracts on
a number of physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. The futures exposures of the benchmark are collateralized, with the return on
such collateral based on the Secured Overnight Financing Rate (SOFR).
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.
| Best Quarter |
March 31, 2022 |
24.51% |
| Worst Quarter |
March 31, 2020 |
-27.07% |
Average Annual Total Returns (for periods ended 12/31/25)
| |
1 Year |
5 Years |
10 Years |
| Advisor Class Return |
18.85% |
10.47% |
6.43% |
| S&P 500 Index (reflects no deductions for fees,
expenses or taxes) |
17.88% |
14.42% |
14.82% |
| Bloomberg Commodity Index Total Return (reflects no
deductions for fees, expenses or taxes) |
15.77% |
10.64% |
5.73% |
Investment Adviser/Portfolio Managers
PIMCO serves as the investment adviser for the Portfolio. The Portfolio’s
portfolio is jointly and primarily managed by Mike Cudzil, Greg Sharenow, Andrew DeWitt and
Daniel He. Messrs. Cudzil and Sharenow are Managing Directors of PIMCO. Messrs. DeWitt and He are Executive Vice Presidents of PIMCO. Mr. Sharenow has managed the Portfolio since November 2018. Mr. DeWitt has managed
the Portfolio since February 2022. Messrs. Cudzil and He have managed the Portfolio since June
2025.
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 30, 2026 (as supplemented June 16, 2026) |
SUMMARY
PROSPECTUS 5
PIMCO
CommodityRealReturn®
Strategy 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
website for more information.
PVIT1838S_061626
PIMCO CommodityRealReturn® Strategy Portfolio
Summary Prospectus
April 30, 2026 (as supplemented June 16, 2026)
| 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 30, 2026, as supplemented, are incorporated by reference into this Summary Prospectus.
Investment Objective
The Portfolio seeks maximum real return, consistent with prudent investment
management.
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 brokerage 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 |
0.74% |
| Other Expenses(1) |
2.30% |
| Acquired Fund Fees and Expenses |
0.19% |
| Total Annual Portfolio Operating Expenses
|
3.23% |
| Fee Waiver and/or Expense Reimbursement(2) |
(0.19%) |
| Total Annual Portfolio Operating Expenses After Fee Waiver
and/or Expense Reimbursement
|
3.04% |
1
“Other Expenses” include interest expense of 2.30%. 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 After Fee Waiver and/or Expense Reimbursement are 0.74% for Institutional Class shares.
2
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 I Ltd. (the “CRRS Subsidiary”) to PIMCO. The CRRS 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 CRRS 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 hold or 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 |
$307 |
$977 |
$1,672 |
$3,518 |
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 178% of the average value of its portfolio.
Principal Investment Strategies
The Portfolio seeks to achieve its investment objective by investing under normal circumstances in commodity-linked derivative instruments backed by a portfolio of
inflation-indexed securities and other Fixed Income Instruments. “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. “Real Return” equals total return less the estimated cost of inflation, which is typically measured by the change in an official inflation measure. The Portfolio invests in commodity-linked derivative instruments,
including swap agreements, futures, options on futures, commodity index-linked notes and
commodity options, that provide exposure to the investment returns of the commodities markets,
without investing directly in physical commodities. Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. The value of commodity-linked derivative instruments may be
affected by overall market movements and other factors affecting the value of a particular
industry or commodity, such as weather, disease, embargoes, or political and regulatory
developments. The Portfolio may also invest in common and preferred securities as well as convertible securities of issuers in commodity-related industries. When determining the target allocation for the strategy, PIMCO may use
proprietary quantitative models. The target allocations may include long, short, or no positions in the underlying financial markets and commodities specified in the models. The quantitative models are developed
and maintained by PIMCO, and are subject to change over time without notice in PIMCO’s discretion. PIMCO also retains discretion over the final target asset allocation and the implementation of the target
asset allocation, which may include positions that are different from target allocations determined by quantitative models.
The Portfolio will generally seek to gain exposure to the commodity markets primarily through investments in
swap agreements, futures, and options on futures and through investments in the PIMCO Cayman
Commodity Portfolio I Ltd., a wholly-owned subsidiary of the Portfolio
PIMCO Variable Insurance Trust | Summary
Prospectus
PIMCO
CommodityRealReturn®
Strategy Portfolio
organized under the laws of the Cayman
Islands (the “CRRS Subsidiary”). The CRRS Subsidiary is advised by PIMCO, and has the
same investment objective as the Portfolio. As discussed in greater detail elsewhere in this
prospectus, the CRRS Subsidiary (unlike the Portfolio) may invest without limitation in commodity-linked swap agreements and other commodity-linked derivative instruments. In order to comply with certain issuer diversification
limits imposed by the Internal Revenue Code of 1986, as amended (the “Code”), the Portfolio may invest up to 25% of its total assets in the CRRS Subsidiary.
The derivative instruments in which the Portfolio and the CRRS Subsidiary primarily intend to invest are
instruments linked to certain commodity indices. Additionally, the Portfolio or the CRRS Subsidiary
may invest in derivative instruments linked to the value of a particular commodity or commodity
futures contract, or a subset of commodities or commodity futures contracts. The Portfolio’s or the CRRS Subsidiary’s investments in commodity-linked derivative instruments may specify exposure to commodity futures with
different roll dates, reset dates or contract months than those specified by a particular commodity index. As a result, the commodity-linked derivatives component of the Portfolio’s portfolio may deviate from
the returns of any particular commodity index. The Portfolio or the CRRS Subsidiary may over-weight
or under-weight its exposure to a particular commodity index, or a subset of commodities, such
that the Portfolio has greater or lesser exposure to that index than the value of the Portfolio’s net assets, or greater or lesser exposure to a subset of commodities than is represented by a particular commodity index.
Such deviations will frequently be the result of temporary market fluctuations, and under normal
circumstances the Portfolio will seek to maintain notional exposure to one or more commodity indices within 5% (plus or minus) of the value of the Portfolio’s net assets.
The Portfolio may also invest in leveraged or unleveraged commodity index-linked notes, which are derivative
debt instruments with principal and/or coupon payments linked to the performance of commodity
indices. These commodity index-linked notes are sometimes referred to as “structured
notes” because the terms of these notes may be structured by the issuer and the purchaser of the note. The value of these notes will rise or fall in response to changes in the underlying commodity or related index of
investment.
Assets not invested in commodity-linked derivative
instruments or the CRRS Subsidiary may be invested in inflation-indexed securities and other
Fixed Income Instruments, including derivative Fixed Income Instruments. In addition, the Portfolio may invest its assets in particular sectors of the commodities market.
The average portfolio duration of the fixed income portion of this Portfolio will vary based on PIMCO’s
forecast for interest rates and under normal market conditions is not expected to exceed ten 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 invest up to 10% of its total assets in high yield securities (“junk bonds”), as rated by
Moody’s Ratings (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) or Fitch Ratings, 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
Portfolio may invest up to 30% of its total assets in securities 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 10% of its total assets in securities and instruments that are economically tied to emerging
market countries, except the Portfolio may invest without limit in investment grade sovereign
debt issued by emerging markets issuers that is denominated in the relevant country’s local currency with less than 1 year remaining to maturity. The Portfolio will normally limit its net foreign currency exposure (from
non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. The Portfolio may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering
into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The Portfolio may also invest up to 10% of its total assets in preferred securities. The
Portfolio may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales.
Principal Risks
It is possible to experience losses on an investment in the Portfolio. Under certain conditions, generally in a market where the value of both commodity-linked derivative
instruments and fixed income securities are declining, the Portfolio may experience substantial losses. The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return,
are listed below.
Interest Rate Risk: the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government and central bank policy, inflation, the economy, and the market for bonds can impact
interest rates and yields
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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the
counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio
securities or the issuer or guarantor of collateral, 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
2 Summary Prospectus | PIMCO Variable Insurance Trust
Summary
Prospectus
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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer’s continuing ability to make principal and interest payments, and
their values may be more volatile than higher-rated securities of similar maturity
Market Risk: the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or
unpredictably, due to a variety of factors affecting securities markets generally or particular
industries or sectors
Issuer Risk: the risk that the value of a security may decline for reasons related to the issuer, such as management
performance, changes in financial condition or credit rating, financial leverage, reputation or
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 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 changing interest rate environments 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. The
liquidity of the Portfolio’s shares may be constrained by the liquidity of the Portfolio’s portfolio holdings
Derivatives Risk: the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including
leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment 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. Derivatives used for hedging or
risk management may not operate as intended or may expose the Portfolio to additional risks.
Changes in the value of a derivative or other similar instrument may also create margin delivery
or settlement payment obligations for the Portfolio. The Portfolio’s use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio’s returns and/or increased
volatility. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or
other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations relating to a
registered 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio’s
performance
Model Risk: the risk that the Portfolio’s investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain
design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of
which may result in a decline in the value of an investment in the Portfolio. The performance of the investment models may be impacted by software or other technology malfunctions, human error, issues related to the potential use of artificial
intelligence, programming inaccuracies, power loss, and other events or circumstances, which may
be difficult to detect and may be beyond the control of the Portfolio
Commodity Risk: the risk that investing in commodity-linked derivative instruments, either directly or indirectly through a
subsidiary, may subject the Portfolio to greater volatility than investments in traditional
securities. The value of commodity-linked derivative instruments or commodities underlying such derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes
in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies,
embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, sanctions, export controls, changes in storage costs, availability of transportation
systems, and international economic, political and regulatory developments
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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including
junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks
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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of
certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic
developments, trade restrictions (including tariffs) 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
Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk
April 30, 2026 (as supplemented June 16, 2026) |
SUMMARY
PROSPECTUS 3
PIMCO
CommodityRealReturn®
Strategy Portfolio
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
events 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 may fluctuate in value relative to the U.S. dollar, which can
affect the value of 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, and 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. The use of leverage may also increase the Portfolio’s sensitivity to interest rate changes and other market risks
Management Risk: the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative
models or methods, 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 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
Inflation-Indexed Security Risk: the risk that inflation-indexed debt securities are subject to the actual or anticipated effects of changes in
market interest rates caused by factors other than inflation (real interest rates). In general,
the value of an inflation-indexed security, including U.S. Treasury Inflation-Protected Securities (“TIPS”), tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on
inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are
adjusted for inflation. There can be no assurance that the inflation index used will accurately
measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Portfolio will not
receive the principal until maturity
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 CRRS Subsidiary, the Portfolio is indirectly exposed to the risks
associated with the CRRS Subsidiary’s investments. The CRRS Subsidiary is not registered under the Investment Company Act of 1940, as amended (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 CRRS Subsidiary will be achieved
Gold-Related Risk: the risk that investments in, or tied to, the price of gold may fluctuate substantially over short periods of
time or be more volatile than other types of investments due to, among other matters, changes in
interest rates, inflation expectations, currency values or other economic, financial and political factors in the U.S. and foreign (non-U.S.) countries
Oil-Related Risk: the risk that investments in, or tied to the price of, oil may fluctuate substantially over short periods of
time or be more volatile than other types of investments due to, among other things, national and
international political changes, currency values, policies of Organization of the Petroleum Exporting Countries (“OPEC”) and other oil exporting countries, changes in relationships among OPEC and other oil exporting countries and oil
importing countries, regulatory changes, taxation policies and the economies of key energy-consuming countries. Supply and demand dynamics, technological changes in energy production and market speculation may also affect
the volatility of the Portfolio's oil-related investments
Short Exposure Risk: the risk of entering into short sales or other short positions, 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 or
other short position will not fulfill its contractual obligations, causing a loss to the Portfolio
Collateralized Loan Obligations Risk: the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the
Portfolio to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks,
including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or
default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and
complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or
unexpected investment results; and (vi) the CLO's manager may perform poorly
Turnover Risk: the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower
investment performance
4 Summary Prospectus | PIMCO Variable Insurance Trust
Summary
Prospectus
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 certain indexes. 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.
In addition to the Portfolio’s performance, the Average Annual Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index)
and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The
Portfolio’s regulatory index is the S&P 500 Index. The Portfolio’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The
S&P 500 Index is an unmanaged market index generally considered representative of the stock
market as a whole. The S&P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&P 500 Index focuses on the large-cap segment of the
U.S. equities market. The supplemental index shown is the Bloomberg Commodity Index Total Return.
The Bloomberg Commodity Index Total Return is an unmanaged index composed of futures contracts on
a number of physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. The futures exposures of the benchmark are collateralized, with the return on
such collateral based on the Secured Overnight Financing Rate (SOFR).
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.
| Best Quarter |
March 31, 2022 |
24.44% |
| Worst Quarter |
March 31, 2020 |
-26.98% |
Average Annual Total Returns (for periods ended 12/31/25)
| |
1 Year |
5 Years |
10 Years |
| Institutional Class Return |
19.07% |
10.72% |
6.70% |
| S&P 500 Index (reflects no deductions for fees,
expenses or taxes) |
17.88% |
14.42% |
14.82% |
| Bloomberg Commodity Index Total Return (reflects no
deductions for fees, expenses or taxes) |
15.77% |
10.64% |
5.73% |
Investment Adviser/Portfolio Managers
PIMCO serves as the investment adviser for the Portfolio. The Portfolio’s
portfolio is jointly and primarily managed by Mike Cudzil, Greg Sharenow, Andrew DeWitt and
Daniel He. Messrs. Cudzil and Sharenow are Managing Directors of PIMCO. Messrs. DeWitt and He are Executive Vice Presidents of PIMCO. Mr. Sharenow has managed the Portfolio since November 2018. Mr. DeWitt has managed
the Portfolio since February 2022. Messrs. Cudzil and He have managed the Portfolio since June
2025.
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 30, 2026 (as supplemented June 16, 2026) |
SUMMARY
PROSPECTUS 5
PIMCO
CommodityRealReturn®
Strategy 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
website for more information.
PVIT2050S_061626
PIMCO CommodityRealReturn® Strategy Portfolio
Summary Prospectus
April 30, 2026 (as supplemented June 16, 2026)
| Share Class: |
Class M |
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 30, 2026, as supplemented, are incorporated by reference into this Summary Prospectus.
Investment Objective
The Portfolio seeks maximum real return, consistent with prudent investment
management.
Fees and Expenses of the
Portfolio
This table describes the fees and expenses that you
may pay if you buy, hold and sell Class M shares of the Portfolio. You may pay
other fees, such as brokerage 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):
| |
Class M |
| Management Fees |
0.74% |
| Distribution and/or Service (12b-1) Fees |
0.45% |
| Other Expenses(1) |
2.30% |
| Acquired Fund Fees and Expenses |
0.19% |
| Total Annual Portfolio Operating Expenses
|
3.68% |
| Fee Waiver and/or Expense Reimbursement(2) |
(0.19%) |
| Total Annual Portfolio Operating Expenses After Fee Waiver
and/or Expense Reimbursement
|
3.49% |
1
“Other Expenses” include interest expense of 2.30%. 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 After Fee Waiver and/or Expense Reimbursement are 1.19% for Class M shares.
2
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 I Ltd. (the “CRRS Subsidiary”) to PIMCO. The CRRS 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 CRRS Subsidiary is in place.
Example. The Example is intended to help you compare the cost of investing in Class M 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 hold or 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 |
| Class M |
$352 |
$1,109 |
$1,886 |
$3,920 |
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 178% of the average value of its portfolio.
Principal Investment Strategies
The Portfolio seeks to achieve its investment objective by investing under normal circumstances in commodity-linked derivative instruments backed by a portfolio of
inflation-indexed securities and other Fixed Income Instruments. “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. “Real Return” equals total return less the estimated cost of inflation, which is typically measured by the change in an official inflation measure. The Portfolio invests in commodity-linked derivative instruments,
including swap agreements, futures, options on futures, commodity index-linked notes and
commodity options, that provide exposure to the investment returns of the commodities markets,
without investing directly in physical commodities. Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. The value of commodity-linked derivative instruments may be
affected by overall market movements and other factors affecting the value of a particular
industry or commodity, such as weather, disease, embargoes, or political and regulatory
developments. The Portfolio may also invest in common and preferred securities as well as convertible securities of issuers in commodity-related industries. When determining the target allocation for the strategy, PIMCO may use
proprietary quantitative models. The target allocations may include long, short, or no positions in the underlying financial markets and commodities specified in the models. The quantitative models are developed
and maintained by PIMCO, and are subject to change over time without notice in PIMCO’s discretion. PIMCO also retains discretion over the final target asset allocation and the implementation of the target
asset allocation, which may include positions that are different from target allocations determined by quantitative models.
The Portfolio will generally seek to gain exposure to the commodity markets primarily through investments in
swap agreements, futures, and options on futures and through investments in the PIMCO Cayman
Commodity Portfolio I Ltd., a wholly-owned subsidiary of the Portfolio
PIMCO Variable Insurance Trust | Summary
Prospectus
PIMCO
CommodityRealReturn®
Strategy Portfolio
organized under the laws of the Cayman
Islands (the “CRRS Subsidiary”). The CRRS Subsidiary is advised by PIMCO, and has the
same investment objective as the Portfolio. As discussed in greater detail elsewhere in this
prospectus, the CRRS Subsidiary (unlike the Portfolio) may invest without limitation in commodity-linked swap agreements and other commodity-linked derivative instruments. In order to comply with certain issuer diversification
limits imposed by the Internal Revenue Code of 1986, as amended (the “Code”), the Portfolio may invest up to 25% of its total assets in the CRRS Subsidiary.
The derivative instruments in which the Portfolio and the CRRS Subsidiary primarily intend to invest are
instruments linked to certain commodity indices. Additionally, the Portfolio or the CRRS Subsidiary
may invest in derivative instruments linked to the value of a particular commodity or commodity
futures contract, or a subset of commodities or commodity futures contracts. The Portfolio’s or the CRRS Subsidiary’s investments in commodity-linked derivative instruments may specify exposure to commodity futures with
different roll dates, reset dates or contract months than those specified by a particular commodity index. As a result, the commodity-linked derivatives component of the Portfolio’s portfolio may deviate from
the returns of any particular commodity index. The Portfolio or the CRRS Subsidiary may over-weight
or under-weight its exposure to a particular commodity index, or a subset of commodities, such
that the Portfolio has greater or lesser exposure to that index than the value of the Portfolio’s net assets, or greater or lesser exposure to a subset of commodities than is represented by a particular commodity index.
Such deviations will frequently be the result of temporary market fluctuations, and under normal
circumstances the Portfolio will seek to maintain notional exposure to one or more commodity indices within 5% (plus or minus) of the value of the Portfolio’s net assets.
The Portfolio may also invest in leveraged or unleveraged commodity index-linked notes, which are derivative
debt instruments with principal and/or coupon payments linked to the performance of commodity
indices. These commodity index-linked notes are sometimes referred to as “structured
notes” because the terms of these notes may be structured by the issuer and the purchaser of the note. The value of these notes will rise or fall in response to changes in the underlying commodity or related index of
investment.
Assets not invested in commodity-linked derivative
instruments or the CRRS Subsidiary may be invested in inflation-indexed securities and other
Fixed Income Instruments, including derivative Fixed Income Instruments. In addition, the Portfolio may invest its assets in particular sectors of the commodities market.
The average portfolio duration of the fixed income portion of this Portfolio will vary based on PIMCO’s
forecast for interest rates and under normal market conditions is not expected to exceed ten 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 invest up to 10% of its total assets in high yield securities (“junk bonds”), as rated by
Moody’s Ratings (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) or Fitch Ratings, 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
Portfolio may invest up to 30% of its total assets in securities 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 10% of its total assets in securities and instruments that are economically tied to emerging
market countries, except the Portfolio may invest without limit in investment grade sovereign
debt issued by emerging markets issuers that is denominated in the relevant country’s local currency with less than 1 year remaining to maturity. The Portfolio will normally limit its net foreign currency exposure (from
non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. The Portfolio may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering
into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The Portfolio may also invest up to 10% of its total assets in preferred securities. The
Portfolio may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales.
Principal Risks
It is possible to experience losses on an investment in the Portfolio. Under certain conditions, generally in a market where the value of both commodity-linked derivative
instruments and fixed income securities are declining, the Portfolio may experience substantial losses. The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return,
are listed below.
Interest Rate
Risk: the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government and central bank policy, inflation, the economy, and the market for bonds can impact
interest rates and yields
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 including 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 or may not realize the full anticipated earnings from the 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 experience losses if the issuer or guarantor of a fixed income security, the
counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio
securities or the issuer or guarantor of collateral, 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
2 Summary Prospectus | PIMCO Variable Insurance Trust
Summary
Prospectus
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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer’s continuing ability to make principal and interest payments, and
their values may be more volatile than higher-rated securities of similar maturity
Market Risk: the risk that the value of securities owned by the Portfolio may fluctuate, sometimes rapidly or
unpredictably, due to a variety of factors affecting securities markets generally or particular
industries or sectors
Issuer Risk: the risk that the value of a security may decline for reasons related to the issuer, such as management
performance, changes in financial condition or credit rating, financial leverage, reputation or
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 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 changing interest rate environments 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. The
liquidity of the Portfolio’s shares may be constrained by the liquidity of the Portfolio’s portfolio holdings
Derivatives Risk: the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including
leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment 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. Derivatives used for hedging or
risk management may not operate as intended or may expose the Portfolio to additional risks.
Changes in the value of a derivative or other similar instrument may also create margin delivery
or settlement payment obligations for the Portfolio. The Portfolio’s use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio’s returns and/or increased
volatility. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments 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 non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or
other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulations relating to a
registered 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Portfolio’s
performance
Model Risk: the risk that the Portfolio’s investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain
design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of
which may result in a decline in the value of an investment in the Portfolio. The performance of the investment models may be impacted by software or other technology malfunctions, human error, issues related to the potential use of artificial
intelligence, programming inaccuracies, power loss, and other events or circumstances, which may
be difficult to detect and may be beyond the control of the Portfolio
Commodity Risk: the risk that investing in commodity-linked derivative instruments, either directly or indirectly through a
subsidiary, may subject the Portfolio to greater volatility than investments in traditional
securities. The value of commodity-linked derivative instruments or commodities underlying such derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes
in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies,
embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, sanctions, export controls, changes in storage costs, availability of transportation
systems, and international economic, political and regulatory developments
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. The Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including
junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks
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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of
certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic
developments, trade restrictions (including tariffs) 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
Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk
April 30, 2026 (as supplemented June 16, 2026) |
SUMMARY
PROSPECTUS 3
PIMCO
CommodityRealReturn®
Strategy Portfolio
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
events 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 may fluctuate in value relative to the U.S. dollar, which can
affect the value of 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, and 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. The use of leverage may also increase the Portfolio’s sensitivity to interest rate changes and other market risks
Management Risk: the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative
models or methods, 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 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
Inflation-Indexed Security Risk: the risk that inflation-indexed debt securities are subject to the actual or anticipated effects of changes in
market interest rates caused by factors other than inflation (real interest rates). In general,
the value of an inflation-indexed security, including U.S. Treasury Inflation-Protected Securities (“TIPS”), tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on
inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are
adjusted for inflation. There can be no assurance that the inflation index used will accurately
measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Portfolio will not
receive the principal until maturity
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 CRRS Subsidiary, the Portfolio is indirectly exposed to the risks
associated with the CRRS Subsidiary’s investments. The CRRS Subsidiary is not registered under the Investment Company Act of 1940, as amended (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 CRRS Subsidiary will be achieved
Gold-Related Risk: the risk that investments in, or tied to, the price of gold may fluctuate substantially over short periods of
time or be more volatile than other types of investments due to, among other matters, changes in
interest rates, inflation expectations, currency values or other economic, financial and political factors in the U.S. and foreign (non-U.S.) countries
Oil-Related Risk: the risk that investments in, or tied to the price of, oil may fluctuate substantially over short periods of
time or be more volatile than other types of investments due to, among other things, national and
international political changes, currency values, policies of Organization of the Petroleum Exporting Countries (“OPEC”) and other oil exporting countries, changes in relationships among OPEC and other oil exporting countries and oil
importing countries, regulatory changes, taxation policies and the economies of key energy-consuming countries. Supply and demand dynamics, technological changes in energy production and market speculation may also affect
the volatility of the Portfolio's oil-related investments
Short Exposure Risk: the risk of entering into short sales or other short positions, 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 or
other short position will not fulfill its contractual obligations, causing a loss to the Portfolio
Collateralized Loan Obligations Risk: the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the
Portfolio to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks,
including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or
default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and
complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or
unexpected investment results; and (vi) the CLO's manager may perform poorly
Turnover Risk: the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower
investment performance
4 Summary Prospectus | PIMCO Variable Insurance Trust
Summary
Prospectus
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 certain indexes. 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 Class M shares. The Portfolio’s
past performance is not necessarily an indication of how the Portfolio will perform in the future.
In addition to the Portfolio’s performance, the Average Annual Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index)
and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The
Portfolio’s regulatory index is the S&P 500 Index. The Portfolio’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The
S&P 500 Index is an unmanaged market index generally considered representative of the stock
market as a whole. The S&P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&P 500 Index focuses on the large-cap segment of the
U.S. equities market. The supplemental index shown is the Bloomberg Commodity Index Total Return.
The Bloomberg Commodity Index Total Return is an unmanaged index composed of futures contracts on
a number of physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. The futures exposures of the benchmark are collateralized, with the return on
such collateral based on the Secured Overnight Financing Rate (SOFR).
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.
| Best Quarter |
March 31, 2022 |
24.36% |
| Worst Quarter |
March 31, 2020 |
-27.14% |
Average Annual Total Returns (for periods ended 12/31/25)
| |
1 Year |
5 Years |
10 Years |
| Class M Return |
18.70% |
10.24% |
6.22% |
| S&P 500 Index (reflects no deductions for fees,
expenses or taxes) |
17.88% |
14.42% |
14.82% |
| Bloomberg Commodity Index Total Return (reflects no
deductions for fees, expenses or taxes) |
15.77% |
10.64% |
5.73% |
Investment Adviser/Portfolio Managers
PIMCO serves as the investment adviser for the Portfolio. The Portfolio’s
portfolio is jointly and primarily managed by Mike Cudzil, Greg Sharenow, Andrew DeWitt and
Daniel He. Messrs. Cudzil and Sharenow are Managing Directors of PIMCO. Messrs. DeWitt and He are Executive Vice Presidents of PIMCO. Mr. Sharenow has managed the Portfolio since November 2018. Mr. DeWitt has managed
the Portfolio since February 2022. Messrs. Cudzil and He have managed the Portfolio since June
2025.
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 30, 2026 (as supplemented June 16, 2026) |
SUMMARY
PROSPECTUS 5
PIMCO
CommodityRealReturn®
Strategy 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
website for more information.
PVIT2105S_061626
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