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Morningstar® Investment Profile™

PIMCO VIT Dynamic Bond Instl

Release date as of 2024-03-31. Data on page is subject to change.


	Snapshot		Ratings & Risk		Portfolio		Nuts & Bolts

Morningstar Report

Overall Morningstar Rating™
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As of 2024-03-31

Out of 278 Nontraditional Bond Funds

Morningstar®
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As of 2023-12-31

Total Fund Assets ($ Mil)
80.33

View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy

The investment seeks maximum long-term return, consistent with preservation of capital and prudent investment management.

The portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. "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.

Morningstar Category: Nontraditional Bond

Inclusion in nontraditional bond is informed by a balance of factors determined by Morningstar analysts. Those typically include a mix of: absolute return mandates; goals of producing returns not correlated with the overall bond market; performance benchmarks based on ultrashort-term interest rates such as T-bills; the ability to take long and short market and security-level positions using a broad range of derivatives; and few or very limited portfolio constraints on exposure to credit, sectors, currency, or interest-rate sensitivity. Funds in this group typically have the flexibility to manage duration exposure over a wide range of years and to take it to zero or a negative value.

Investment Risks

There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund.

Portfolio Profile

Asset Allocation

	% of Net Assets
U.S. Stocks	0.0
Non-U.S. Stocks	0.1
Bonds	104.3
Cash	-4.6
Other	0.2

Total	100.0

Data through 2023-12-31

Morningstar Fixed-Income Sectors

% Fund
	Government	25.36
	Corporate	5.33
	Securitized	23.15
	Municipal	0.04
	Cash & Equivalents	35.60
	Derivative	10.52


Data through 2023-12-31

Credit Analysis

	% Bonds
AAA	71.62
AA	1.18
A	3.46
BBB	12.37
BB	4.38
B	1.33
Below B	5.66
Not Rated	0.00

Data through 2023-12-31

Holding Status

Total Number of Stock Holdings	2
Total Number of Bond Holdings	237
% of Net Assets in Top 10 Holdings	89.59

Turnover %	(as of 2023-12-31)	667.00
30 Day SEC Yield %		5.82

Top Holdings

	Maturity Date	Shares	Value $000	% of Net Assets

Federal National Mortgage Association 5%	2054-01-16	20,600	20,405	24.44
10 Year Treasury Note Future Mar 24	2024-03-20	---	-16,934	20.28
2 Year Treasury Note Future Mar 24	2024-03-29	---	8,648	10.36
Federal National Mortgage Association 5%	2054-02-13	6,700	6,639	7.95
Ultra 10 Year US Treasury Note Future Mar 24	2024-03-20	---	-6,255	7.49

Federal National Mortgage Association 4%	2054-02-13	4,300	4,076	4.88
Federal National Mortgage Association 4.5%	2054-02-13	3,700	3,593	4.30
Ultra US Treasury Bond Future Mar 24	2024-03-20	---	-3,473	4.16
Federal National Mortgage Association 3.5%	2054-02-13	3,000	2,759	3.30
Federal National Mortgage Association 6%	2054-02-13	2,000	2,032	2.43

Data through 2023-12-31

Principal Risks

Short Sale, Credit and Counterparty, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Issuer, Interest Rate, Market/Market Volatility, Equity Securities, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Other, Restricted/Illiquid Securities, Derivatives, Leverage, Sovereign Debt, Management

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Other Information

Inception Date: 2012-04-30

Portfolio Manager(s)

Mohit Mittal (2022-01-01)

Mr. Mittal is CIO Core Strategies and a managing director based in the Newport Beach office. He is a member of the Investment Committee and a portfolio manager for fixed income multi-sector portfolios across the duration and credit spectrum. As CIO Core Strategies, Mr. Mittal has leadership and oversight responsibilities for long-only strategies across PIMCO's Low and Moderate Duration, Total Return, and Long Duration strategy suite. Morningstar named him winner of the 2020 U.S. Morningstar Award for Investing Excellence in the Rising Talent category.

Daniel J. Ivascyn (2014-09-26)

Mr. Ivascyn is Group Chief Investment Officer and a managing director in the Newport Beach office. He is lead portfolio manager for the firm’s income strategies and credit hedge fund and mortgage opportunistic strategies. Prior to joining PIMCO in 1998, he worked at Bear Stearns in the asset-backed securities group, as well as T. Rowe Price and Fidelity Investments. He holds an MBA in analytic finance from the University of Chicago Graduate School of Business and a bachelor's degree in economics from Occidental College.

Marc P. Seidner (2015-01-12)

Mr. Seidner is CIO Non-traditional Strategies, a managing director and head of portfolio management in the New York office. He is also a generalist portfolio manager and a member of the Investment Committee. He rejoined PIMCO in November 2014 after serving as head of fixed income at GMO LLC. Prior to joining PIMCO in 2009, he was a managing director and domestic fixed income portfolio manager at Harvard Management Company. Previously, he was director of active core strategies at Standish Mellon Asset Management. He holds an undergraduate degree in economics from Boston College.

Investment Advisor(s)

Pacific Investment Management Company, LLC

Issuer

PIMCO

Subadvisor(s)

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