N-Q 1 vit_nq.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------- FORM N-Q -------- QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY INVESTMENT COMPANY ACT FILE NUMBER 811-07917 WILSHIRE VARIABLE INSURANCE TRUST (Exact name of registrant as specified in charter) -------- Wilshire Associates Incorporated 1299 Ocean Avenue, Suite 700 Santa Monica, CA 90401-1085 (Address of principal executive offices) (Zip code) Lawrence Davanzo, President 1299 Ocean Avenue, Suite 700 Santa Monica, CA 90401-1085 (Name and address of agent for service) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 310-451-3051 DATE OF FISCAL YEAR END: DECEMBER 31, 2009 DATE OF REPORTING PERIOD: SEPTEMBER 30, 2009 ITEM 1. SCHEDULE OF INVESTMENTS WILSHIRE VARIABLE INSURANCE TRUST EQUITY FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- COMMON STOCK -- 99.4% CONSUMER DISCRETIONARY -- 12.0% 10,668 Abercrombie & Fitch Co., Class A ....... $ 350,764 9,260 Advance Auto Parts, Inc. ............... 363,733 4,105 Aeropostale, Inc. + .................... 178,444 8,155 Apollo Group, Inc., Class A +. ......... 600,779 12,943 AutoNation, Inc. + ..................... 234,009 543 Autozone, Inc. + ....................... 79,398 8,800 Bed Bath & Beyond, Inc. + .............. 330,352 8,295 Big Lots, Inc. + ....................... 207,541 1,257 Brinker International, Inc ............. 19,772 232 Career Education Corp. + ............... 5,656 333 Chipotle Mexican Grill, Inc., Class A + 32,318 16,604 Coach, Inc ............................. 546,604 139,685 Comcast Corp. Special, Class A ......... 2,359,280 15,413 Darden Restaurants, Inc ................ 526,046 47,126 DIRECTV Group, Inc. (The) + ............ 1,299,735 8,103 Dollar Tree, Inc. + .................... 394,454 33,657 DR Horton, Inc. ........................ 384,026 10,230 Expedia, Inc. + ........................ 245,008 14,560 Family Dollar Stores, Inc. ............. 384,384 3,805 Foot Locker, Inc ....................... 45,470 14,064 Ford Motor Co. + ....................... 101,402 6,189 Fortune Brands, Inc. ................... 266,003 48,654 Gap, Inc. (The) ........................ 1,041,196 26,006 H&R Block, Inc. ........................ 477,990 1,927 Hasbro, Inc ............................ 53,474 52,031 Home Depot, Inc. (The) ................. 1,386,106 58,114 Interpublic Group of Cos., Inc. + ...... 437,017 27,898 J.C. Penney Co., Inc. .................. 941,557 5,783 KB Home ................................ 96,056 5,846 Kohl's Corp. + ......................... 333,514 19,069 Leggett & Platt, Inc ................... 369,939 10,946 Lennar Corp., Class A .................. 155,981 117,110 Lowe's Cos., Inc ....................... 2,452,283 32,809 Ltd. Brands, Inc. ...................... 557,425 38,901 Macy's, Inc ............................ 711,499 1,882 Marvel Entertainment, Inc. + ........... 93,385 8,268 McDonald's Corp ........................ 471,855 13,875 McGraw-Hill Cos., Inc. (The) ........... 348,817 5,466 Mohawk Industries, Inc. + .............. 260,674 1,009 NetFlix, Inc. + ........................ 46,586 7,105 Newell Rubbermaid, Inc ................. 111,477 48,229 News Corp., Class A .................... 578,266 9,314 Nordstrom, Inc. ........................ 284,450 421 NVR, Inc. + ............................ 268,333 33,467 Office Depot, Inc. + ................... 221,552 37,669 Omnicom Group, Inc. .................... 1,391,493 12,251 PetSmart, Inc .......................... 266,459 1,194 Phillips-Van Heusen Corp ............... 51,091 6,884 Polo Ralph Lauren Corp., Class A ....... 527,452 39,986 Pulte Homes, Inc ....................... 439,446 15,197 RadioShack Corp ........................ 251,814 12,303 Ross Stores, Inc ....................... 587,714 4,328 Scripps Networks Interactive, Inc., Class A ................................ 159,920 4,993 Sears Holdings Corp. + ................. 326,093 20,231 Sherwin-Williams Co. (The) ............. 1,217,097 62,672 Staples, Inc ........................... 1,455,244 42,685 Starbucks Corp. + ...................... 881,445 2,781 Starwood Hotels & Resorts Worldwide, Inc .................................... 91,856 36,969 Target Corp ............................ 1,725,713 28,343 Time Warner Cable, Inc., Class A ....... 1,221,300 54,026 Time Warner, Inc ....................... 1,554,868 SHARES VALUE ------ ----- CONSUMER DISCRETIONARY (CONTINUED) 22,208 Toll Brothers, Inc. + .................. $ 433,944 15,912 Viacom, Inc., Class B + ................ 446,172 4,131 Walt Disney Co. (The) .................. 113,437 2,346 WMS Industries, Inc. + ................. 104,538 10,778 Wyndham Worldwide Corp. ................ 175,897 1,028 Wynn Resorts, Ltd. + ................... 72,875 -------------- 34,150,478 -------------- CONSUMER STAPLES -- 8.4% 50,552 Archer-Daniels-Midland Co. ............. 1,477,129 788 Church & Dwight Co., Inc. .............. 44,711 28,217 Coca-Cola Co. (The) .................... 1,515,253 38,497 Coca-Cola Enterprises, Inc. ............ 824,221 6,200 Colgate-Palmolive Co ................... 472,936 50,509 CVS/Caremark Corp. ..................... 1,805,192 17,272 Dean Foods Co. + ....................... 307,269 14,161 Estee Lauder Cos., Inc. (The), Class A . 525,090 7,800 HJ Heinz Co ............................ 310,050 19,156 Kimberly-Clark Corp .................... 1,129,821 41,141 Kraft Foods, Inc., Class A ............. 1,080,774 4,305 Pepsi Bottling Group, Inc. ............. 156,874 19,257 PepsiCo, Inc ........................... 1,129,615 65,891 Philip Morris International, Inc. ...... 3,211,527 68,930 Procter & Gamble Co .................... 3,992,426 9,602 Reynolds American, Inc. ................ 427,481 2,506 Safeway, Inc ........................... 49,419 34,685 SYSCO Corp ............................. 861,922 31,196 Tyson Foods, Inc., Class A ............. 394,006 15,217 Walgreen Co ............................ 570,181 62,425 Wal-Mart Stores, Inc ................... 3,064,443 12,937 Whole Foods Market, Inc. + ............. 394,449 -------------- 23,744,789 -------------- ENERGY -- 12.5% 20,723 Anadarko Petroleum Corp. ............... 1,299,954 22,744 Apache Corp ............................ 2,088,581 4,122 BJ Services Co ......................... 80,091 6,072 Cameron International Corp. + .......... 229,643 7,294 Chesapeake Energy Corp. ................ 207,150 33,453 Chevron Corp ........................... 2,356,095 997 Cimarex Energy Co ...................... 43,190 523 Comstock Resources, Inc. + ............. 20,962 28,607 ConocoPhillips ......................... 1,291,892 16,059 Devon Energy Corp ...................... 1,081,252 5,352 Diamond Offshore Drilling, Inc. ........ 511,223 3,051 Encore Acquisition Co. + ............... 114,107 17,234 ENSCO International, Inc. .............. 733,134 13,780 EOG Resources, Inc ..................... 1,150,768 121,829 Exxon Mobil Corp. ...................... 8,358,688 78,200 Halliburton Co ......................... 2,120,784 2,453 Helmerich & Payne, Inc. ................ 96,967 15,049 Hess Corp .............................. 804,520 48,394 Marathon Oil Corp. ..................... 1,543,769 19,838 Murphy Oil Corp ........................ 1,142,074 17,983 Nabors Industries, Ltd. + .............. 375,845 2,823 NATCO Group, Inc., Class A + ........... 125,003 35,304 National Oilwell Varco, Inc. + ......... 1,522,662 6,392 Newfield Exploration Co. + ............. 272,043 19,742 Occidental Petroleum Corp .............. 1,547,773 14,974 Patterson-UTI Energy, Inc. ............. 226,107 8,011 Peabody Energy Corp .................... 298,169 2,204 Plains Exploration & Production Co. + .. 60,963 4,209 Pride International, Inc. + ............ 128,122 7,374 Rowan, Inc ............................. 170,118 52,454 Schlumberger, Ltd. ..................... 3,126,258 16,894 Tesoro Corp ............................ 253,072 WILSHIRE VARIABLE INSURANCE TRUST EQUITY FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- ENERGY (CONTINUED) 2,060 Tidewater, Inc ......................... $ 97,005 16,528 Williams, Inc .......................... 295,355 37,995 XTO Energy, Inc ........................ 1,569,953 -------------- 35,343,292 -------------- FINANCIALS -- 12.4% 23,775 Aflac, Inc ............................. 1,016,143 1,921 American Financial Group, Inc. ......... 48,986 11,207 AON Corp ............................... 456,013 358,968 Bank of America Corp ................... 6,073,738 1,164 Bank of Hawaii Corp .................... 48,352 47,619 Bank of New York Mellon Corp. (The) .... 1,380,475 7,540 BB&T Corp .............................. 205,390 164,750 Charles Schwab Corp. (The) ............. 3,154,963 28,205 Chubb Corp ............................. 1,421,814 19,677 Citigroup, Inc ......................... 95,237 1,164 Cullen/Frost Bankers, Inc .............. 60,109 63,476 Discover Financial Services ............ 1,030,215 7,338 Goldman Sachs Group, Inc. (The) ........ 1,352,760 10,917 HCC Insurance Holdings, Inc. ........... 298,580 42,500 Invesco, Ltd ........................... 967,300 121,155 JPMorgan Chase & Co. ................... 5,309,012 11,527 MetLife, Inc ........................... 438,833 24,039 Morgan Stanley ......................... 742,324 42,963 Northern Trust Corp .................... 2,498,728 23,512 PNC Financial Services Group, Inc. ..... 1,142,448 9,791 Principal Financial Group, Inc ......... 268,175 9,513 Raymond James Financial, Inc. .......... 221,463 32,835 State Street Corp ...................... 1,727,121 8,793 Torchmark Corp ......................... 381,880 37,498 Travelers Cos., Inc. (The) ............. 1,846,027 35,452 U.S. Bancorp ........................... 774,981 10,773 Unum Group ............................. 230,973 75,354 Wells Fargo & Co ....................... 2,123,476 -------------- 35,315,516 -------------- HEALTH CARE -- 12.7% 18,578 Abbott Laboratories .................... 919,054 27,347 Aetna, Inc ............................. 761,067 11,500 Alcon, Inc ............................. 1,594,705 22,877 AmerisourceBergen Corp., Class A ....... 511,987 61,691 Amgen, Inc. + .......................... 3,715,649 3,838 Beckman Coulter, Inc. .................. 264,592 28,217 Biogen Idec, Inc. + .................... 1,425,523 15,686 Boston Scientific Corp. + .............. 166,115 195 Bristol-Myers Squibb Co. ............... 4,391 2,544 CareFusion Corp. + ..................... 55,459 1,687 Charles River Laboratories International, Inc. + .................. 62,385 27,210 Cigna Corp ............................. 764,329 8,961 Community Health Systems, Inc. + ....... 286,125 18,114 Coventry Health Care, Inc. + ........... 361,555 27,027 Eli Lilly & Co ......................... 892,702 8,447 Endo Pharmaceuticals Holdings, Inc. + .. 191,156 38,366 Forest Laboratories, Inc. + ............ 1,129,495 1,947 Gen-Probe, Inc. + ...................... 80,684 383 Gilead Sciences, Inc. + ................ 17,840 1,172 Hologic, Inc. + ........................ 19,150 15,989 Humana, Inc. + ......................... 596,390 2,991 IMS Health, Inc ........................ 45,912 300 Intuitive Surgical, Inc. + ............. 78,675 84,937 Johnson & Johnson ...................... 5,171,814 738 Kinetic Concepts, Inc. + ............... 27,291 22,950 King Pharmaceuticals, Inc. + ........... 247,172 806 Lincare Holdings, Inc. + ............... 25,187 13,850 McKesson Corp .......................... 824,768 SHARES VALUE ------ ----- HEALTH CARE (CONTINUED) 32,256 Medco Health Solutions, Inc. + ......... $ 1,784,079 56,275 Medtronic, Inc ......................... 2,070,920 52,289 Merck & Co., Inc. ...................... 1,653,901 309,559 Pfizer, Inc ............................ 5,123,201 5,800 Pharmaceutical Product Development, Inc .................................... 127,252 2,545 Quest Diagnostics, Inc ................. 132,824 3,453 Schering-Plough Corp. .................. 97,547 4,471 Sepracor, Inc + ........................ 102,386 3,911 Stryker Corp ........................... 177,677 24,100 Teva Pharmaceutical Industries, Ltd. ADR ............................... 1,218,496 531 Thermo Fisher Scientific, Inc. + ....... 23,189 34,037 UnitedHealth Group, Inc ................ 852,286 585 Universal Health Services, Inc., Class B 36,229 3,993 Valeant Pharmaceuticals International + 112,044 3,578 Watson Pharmaceuticals, Inc. + ......... 131,098 15,946 WellPoint, Inc. + ...................... 755,203 24,625 Wyeth .................................. 1,196,282 1,196 Zimmer Holdings, Inc. + ................ 63,926 -------------- 35,899,712 -------------- INDUSTRIALS -- 9.4% 1,321 3M Co .................................. 97,490 1,202 Alliant Techsystems, Inc. + ............ 93,576 3,752 Carlisle Cos., Inc. .................... 127,230 1,187 Con-way, Inc ........................... 45,486 6,317 Cooper Industries PLC, Class A ......... 237,330 22,633 Dover Corp ............................. 877,255 30,626 Emerson Electric Co .................... 1,227,490 17,000 Expeditors International of Washington, Inc .................................... 597,550 5,528 FedEx Corp ............................. 415,816 260,341 General Electric Co. ................... 4,274,799 5,992 Harsco Corp ............................ 212,177 14,198 Honeywell International, Inc. .......... 527,456 5,506 Hubbell, Inc., Class B ................. 231,252 6,500 Illinois Tool Works, Inc ............... 277,615 12,400 Ingersoll-Rand PLC ..................... 380,308 3,853 Jacobs Engineering Group, Inc. + ....... 177,045 10,793 L-3 Communications Holdings, Inc., Class 3 ................................ 866,894 650 Landstar System, Inc ................... 24,739 509 Lincoln Electric Holdings, Inc. ........ 24,152 29,225 Lockheed Martin Corp. .................. 2,281,888 7,606 Manpower, Inc. ......................... 431,337 6,332 Masco Corp ............................. 81,809 771 Monster Worldwide, Inc. + .............. 13,477 29,990 Northrop Grumman Corp. ................. 1,551,982 6,137 Oshkosh Corp ........................... 189,817 4,703 Parker Hannifin Corp ................... 243,804 6,602 Precision Castp arts Corp. ............. 672,546 21,035 Raytheon Co ............................ 1,009,049 9,299 Robert Half International, Inc. ........ 232,661 2,870 Rockwell Automation, Inc ............... 122,262 24,931 RR Donnelley & Sons Co. ................ 530,033 3,730 Ryder System, Inc ...................... 145,694 8,137 Shaw Group, Inc. (The) + ............... 261,116 64,000 Southwest Airlines Co. ................. 614,400 3,088 SPX Corp ............................... 189,202 38,900 Tyco International, Ltd. ............... 1,341,272 38 Union Pacific Corp ..................... 2,217 71,455 United Parcel Service, Inc., Class B ... 4,035,064 4,152 United Technologies Corp. .............. 252,981 3,533 URS Corp. + ............................ 154,216 42,471 Waste Management, Inc .................. 1,266,485 WILSHIRE VARIABLE INSURANCE TRUST EQUITY FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- INDUSTRIALS(CONTINUED) 3,901 WW Grainger, Inc ....................... $ 348,593 -------------- 26,687,565 -------------- INFORMATION TECHNOLOGY -- 22.5% 9,030 3Com Corp. + ........................... 47,227 1,454 Affiliated Computer Services, Inc., Class A + .............................. 78,763 2,934 Akamai Technologies, Inc. + ............ 57,741 2,978 Alliance Data Systems Corp. + .......... 181,896 37,012 Altera Corp ............................ 759,116 28,294 Apple, Inc. + .......................... 5,244,859 102,000 Applied Materials, Inc ................. 1,366,800 11,616 Arrow Electronics, Inc. + .............. 326,990 14,671 Avnet, Inc. + .......................... 381,006 7,004 BMC Software, Inc. + ................... 262,860 13,665 Broadridge Financial Solutions, Inc. ... 274,667 45,321 CA, Inc ................................ 996,609 162,154 Cisco Systems, Inc. + .................. 3,817,105 3,907 CommScope, Inc. + ...................... 116,937 18,394 Computer Sciences Corp. + .............. 969,548 29,813 Compuware Corp. + ...................... 218,529 10,286 Convergys Corp. + ...................... 102,243 29,800 Dell, Inc. + ........................... 454,748 3,202 Diebold, Inc ........................... 105,442 534 DST Systems, Inc. + .................... 23,923 77,780 eBay, Inc. + ........................... 1,836,386 238,519 EMC Corp. + ............................ 4,064,364 7,807 Global Payments, Inc ................... 364,587 4,585 Google, Inc., Class A + ................ 2,273,472 3,882 Harris Corp ............................ 145,963 8,101 Hewitt Associates, Inc., Class A + ..... 295,119 83,046 Hewlett-Packard Co ..................... 3,920,601 15,792 Ingram Micro, Inc., Class A + .......... 266,095 171,821 Intel Corp ............................. 3,362,537 41,303 International Business Machines Corp.. . 4,940,252 19,471 Jabil Circuit, Inc ..................... 261,106 20,209 JDS Uniphase Corp. + ................... 143,686 17,800 Juniper Networks, Inc. + ............... 480,956 26,400 Lam Research Corp. + ................... 901,824 5,643 MEMC Electronic Materials, Inc. + ...... 93,843 38,266 Micron Technology, Inc. + .............. 313,781 279,783 Microsoft Corp. ........................ 7,243,582 14,846 Molex, Inc ............................. 309,985 117,600 Motorola, Inc .......................... 1,010,184 4,701 National Semiconductor Corp. ........... 67,083 33,154 NetApp, Inc. + ......................... 884,549 9,262 Novell, Inc. + ......................... 41,772 5,973 Novellus Systems, Inc. + ............... 125,314 104,912 Oracle Corp ............................ 2,186,366 7,528 Paychex, Inc ........................... 218,688 11,007 QLogic Corp. + ......................... 189,320 60,201 QUALCOMM, Inc. ......................... 2,707,841 19,849 SAIC, Inc. + ........................... 348,151 4,911 Sun Microsystems, Inc. + ............... 44,641 8,194 Sybase, Inc. + ......................... 318,747 73,269 Symantec Corp. + ....................... 1,206,740 9,913 Synopsys, Inc. + ....................... 222,249 128,295 Taiwan Semiconductor Manufacturing Co., Ltd. ADR .......................... 1,406,113 2,429 Tech Data Corp. + ...................... 101,071 20,194 Teradata Corp. + ....................... 555,739 76,544 Texas Instruments, Inc ................. 1,813,328 9,497 Total System Services, Inc. ............ 152,997 21,413 VeriSign, Inc. + ....................... 507,274 27,021 Western Digital Corp. + ................ 987,077 32,848 Western Union Co. (The) ................ 621,484 SHARES VALUE ------ ----- INFORMATION TECHNOLOGY (CONTINUED) 67,000 Yahoo!, Inc. + ......................... $ 1,193,270 -------------- 63,915,146 -------------- MATERIALS -- 4.1% 591 Airgas, Inc ............................ 28,587 7,515 Allegheny Technologies, Inc. ........... 262,950 5,202 Ashland, Inc ........................... 224,830 29,600 Barrick Gold Corp. ..................... 1,121,840 1,583 Bemis Co., Inc ......................... 41,016 5,892 CF Industries Holdings, Inc ............ 508,067 12,685 Cliffs Natural Resources, Inc. ......... 410,487 9,636 Commercial Metals Co ................... 172,484 17,391 Dow Chemical Co. (The) ................. 453,383 8,868 Eastman Chemical Co .................... 474,793 13,526 Freeport-McMoRan Copper & Gold, Inc .................................... 928,019 49,296 International Paper Co. ................ 1,095,850 3,251 Lubrizol Corp .......................... 232,316 10,691 MeadWestvaco Corp. ..................... 238,516 15,240 Monsanto Co ............................ 1,179,576 16,000 Newmont Mining Corp. ................... 704,320 46,201 Nucor Corp ............................. 2,171,909 5,990 PPG Industries, Inc .................... 348,678 6,206 Reliance Steel & Aluminum Co. .......... 264,127 9,432 RPM International, Inc. ................ 174,398 15,948 Steel Dynamics, Inc .................... 244,642 9,328 Terra Industries, Inc .................. 323,402 -------------- 11,604,190 -------------- TELECOMMUNICATION SERVICES -- 3.6% 209,747 AT&T, Inc .............................. 5,665,267 6,246 Qwest Communications International, Inc .................................... 23,797 312,873 Sprint Nextel Corp. + .................. 1,235,848 9,704 Telephone & Data Systems, Inc. ......... 300,921 103,411 Verizon Communications, Inc ............ 3,130,251 -------------- 10,356,084 -------------- UTILITIES -- 1.8% 20,652 AES Corp. (The) + ...................... 306,063 5,119 Constellation Energy Group, Inc. ....... 165,702 853 Energen Corp ........................... 36,764 14,965 Entergy Corp. .......................... 1,195,105 50,800 Exelon Corp ............................ 2,520,696 1,049 National Fuel Gas Co. .................. 48,055 2,413 OGE Energy Corp. ....................... 79,822 1,360 PG&E Corp .............................. 55,066 4,813 Public Service Enterprise Group, Inc. .. 151,321 10,502 UGI Corp ............................... 263,180 8,256 Xcel Energy, Inc ....................... 158,845 -------------- 4,980,619 -------------- Total Common Stock (Cost $249,124,023) 281,997,391 -------------- U.S. TREASURY OBLIGATIONS -- 0.5% U.S. Treasury Bills(c) $ 100,000 0.230%, 01/07/10 99,975 1,100,000 0.202%, 10/22/09(b) 1,099,976 300,000 0.115%, 10/08/09 299,999 -------------- Total U.S. Treasury Obligations (Cost $1,499,838) 1,499,950 -------------- WILSHIRE VARIABLE INSURANCE TRUST EQUITY FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- CASH EQUIVALENT -- 0.1% 147,649 PNC Institutional Money Market Trust, 0.05%(a) $ 147,649 -------------- Total Cash Equivalent (Cost $147,649) 147,649 -------------- Total Investments -- 100.0% (Cost $250,771,510)+ 283,644,990 Other Assets & Liabilities, Net -- 0.0% (83,887) -------------- NET ASSETS -- 100.0% $ 283,561,103 ============== + Non-income producing security. (a) The rate reported is the 7-day effective yield as of September 30, 2009. (b) All or a portion of this security has been pledged as collateral for open futures contracts. (c) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. + At September 30, 2009, the tax basis cost of the Fund's investments was $250,771,510 , and the unrealized appreciation and depreciation were $36,278,134 and $(3,404,654) respectively. For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi- annual and annual financial statements. See end of Form N-Q for inputs used in valuing the Fund's investments at September 30, 2009. FUTURES CONTRACTS - LONG POSITIONS NUMBER OF UNREALIZED CONTRACTS APPRECIATION --------- ------------ 27 E-Mini S&P 500, Expires December 2009 $ 65,904 ======== WILSHIRE VARIABLE INSURANCE TRUST BALANCED FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- INVESTMENTS IN UNDERLYING FUNDS - 99.8% 4,697,112 Wilshire Large Cap Core 130/30 Fund* ... $ 32,785,844 4,174,020 Wilshire Variable Insurance Trust Equity Fund* .................................. 66,408,651 5,378,396 Wilshire Variable Insurance Trust Income Fund* .................................. 63,949,129 -------------- Total Investments in Underlying Funds- 99.8% (Cost $164,803,540) + 163,143,624 -------------- Other Assets & Liabilities, Net - 0.2% 365,698 -------------- NET ASSETS - 100.0% $ 163,509,322 ============== * Affiliated Fund + At September 30, 2009, the tax basis cost of the Fund's investments was $164,803,540, and the unrealized appreciation and depreciation were $4,694,807 and $(6,354,723), respectively. For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi- annual and annual financial statements. See end of Form N-Q for inputs used in valuing the Fund's investments at September 30, 2009. WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) MATURITY DATE PAR VALUE -------- --- ----- ASSET BACKED SECURITIES -- 3.0% Amortizing Residential Collateral Trust 0.526%(a) 01/01/32 $ 33,042 $ 14,143 Bayview Financial Acquisition Trust 0.921%(a) 02/28/44 93,212 77,499 Citigroup Mortgage Loan Trust, Inc. 5.550% 08/25/35 200,000 107,389 Conseco Finance Securitizations Corp. 8.500%(a)(i) 03/01/33 356,329 16,758 Conseco Financial Corp. 9.150% 01/15/18 15,837 10,537 Countrywide Home Equity Loan Trust 0.413%(a) 05/15/36 308,922 113,098 Delta Funding Home Equity Loan Trust 7.040% 06/25/27 4,962 4,950 Green Tree Home Improvement Loan Trust 7.600% 07/15/20 3,481 2,730 Green Tree Recreational Equipment & Consumer Trust 7.250% 03/15/29 25,072 11,367 Lehman XS Trust 0.506%(a) 02/25/46 283,636 135,945 Morgan Stanley Mortgage Loan Trust 0.396%(a) 03/25/36 161,102 26,219 MSDWCC Heloc Trust 0.436%(a) 07/25/17 21,767 10,009 Nelnet Student Loan Trust 1.984%(a) 04/25/24 200,000 204,868 SACO I, Inc. 0.376%(a) 06/25/36 194,015 18,526 0.416%(a) 03/25/36 199,707 27,705 0.526%(a) 09/25/35 52,252 32,759 Salomon Brothers Mortgage Securities VII, Inc. 0.546%(a) 03/25/32 20,951 19,744 Securitized Asset Backed Receivables LLC Trust 0.476%(a) 02/25/37 846,191 357,619 SG Mortgage Securities Trust 0.486%(a) 12/25/36 824,531 461,333 WAMU Asset-Backed Certificates 0.336%(a) 05/25/47 517,681 387,780 0.416%(a) 05/25/47 1,300,000 546,683 0.536%(a) 05/25/47 1,300,000 409,107 ----------- Total Asset Backed Securities (Cost $6,544,410) 2,996,768 ----------- MATURITY DATE PAR VALUE -------- --- ----- COLLATERALIZED MORTGAGE OBLIGATIONS -- 25.0% AGENCY MORTGAGE-BACKED OBLIGATIONS -- 15.0% Federal Home Loan Mortgage Corp. 5.000% 08/01/33 $ 788,419 $ 818,757 5.000% 09/01/33 515,162 534,985 5.000% 09/01/33 254,330 264,116 5.000% 10/01/33 519,135 539,111 5.000% 09/01/33 226,328 235,037 5.556%(a) 01/01/38 1,038,269 1,093,294 5.632%(a) 05/01/37 1,089,706 1,148,107 Federal National Mortgage Association 5.000% 06/01/35 653,532 677,862 5.000% 12/01/35 2,448,437 2,539,590 5.500% 11/01/21 84,532 89,677 5.500% 02/01/22 73,927 78,299 5.500% 09/01/35 2,318,066 2,434,452 5.500% 04/01/36 1,097,302 1,145,881 5.500% 08/01/37 719,006 755,106 5.500% 11/01/36 626,103 656,658 6.045%(a) 01/01/37 587,498 621,344 6.500% 11/01/37 87,544 93,717 7.000% 05/01/32 54,185 60,202 Government National Mortgage Association 5.500% 05/15/36 119,475 125,785 6.000% 03/15/35 820,004 869,973 6.000% 03/15/37 212,261 224,566 6.000% 05/15/33 151,150 161,211 ----------- 15,167,730 ----------- American Home Mortgage Assets 0.476%(a) 05/25/46 259,595 54,748 Asset Securitization Corp. 7.139%(a) 02/14/43 100,000 110,065 Banc of America Commercial Mortgage, Inc. 5.620% 02/10/51 10,000 9,220 5.837%(a) 06/10/49 60,000 54,791 Banc of America Funding Corp. 3.823%(a) 09/20/35 1,540,950 723,039 Banc of America Mortgage Securities, Inc. 5.409%(a) 02/25/34 19,575 18,154 Bear Stearns Adjustable Rate Mortgage Trust 4.859%(a) 11/25/34 82,194 74,953 WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) MATURITY DATE PAR VALUE -------- --- ----- NON-AGENCY MORTGAGE-BACKED OBLIGATIONS (CONTINUED) 5.341%(a) 02/25/34 $ 64,945 $ 55,344 Bear Stearns Commercial Mortgage Securities 5.405%(a) 12/11/40 500,000 491,446 Citigroup Mortgage Loan Trust, Inc. 3.484%(a) 09/25/34 76,674 64,037 5.269%(a) 02/25/34 71,690 60,448 Countrywide Alternative Loan Trust 0.456%(a) 03/20/46 81,424 40,302 0.556%(a) 10/25/35 126,972 67,543 3.710%(a) 09/25/34 120,486 84,786 First Horizon Asset Securities, Inc. 4.509%(a) 02/25/35 384,669 356,844 GE Capital Commercial Mortgage Corp. 5.543% 12/10/49 210,000 163,990 Greenpoint Mortgage Funding Trust 0.456%(a) 04/25/36 628,095 296,053 Harborview Mortgage Loan Trust 0.396%(a) 01/25/47 971,156 459,977 0.466%(a) 05/19/35 141,600 75,154 Homebanc Mortgage Trust 0.546%(a) 05/25/37 154,090 88,700 Impac CMB Trust 0.516%(a) 05/25/35 127,549 68,310 Indymac INDA Mortgage Loan Trust 6.186%(a) 11/25/37 114,694 80,964 Indymac Index Mortgage Loan Trust 0.366%(a) 07/25/36 377,968 178,197 0.446%(a) 06/25/47 335,075 158,757 0.506%(a) 06/25/35 552,364 293,412 4.468%(a) 03/25/35 129,965 70,263 5.099%(a) 09/25/35 81,771 53,509 JP Morgan Chase Commercial Mortgage Securities Corp. 5.420% 01/15/49 100,000 84,295 5.429% 12/12/43 450,000 416,120 5.457%(a) 01/12/43 100,000 96,225 LB-UBS Commercial Mortgage Trust 4.954% 09/15/30 500,000 484,816 Luminent Mortgage Trust 0.436%(a) 05/25/46 276,920 111,639 Master Adjustable Rate Mortgages Trust 0.446%(a) 05/25/47 913,628 412,880 1.851%(a) 12/25/46 299,333 92,344 4.802%(a) 02/25/35 331,004 215,779 5.201%(a) 12/25/34 19,992 13,953 Morgan Stanley Capital I 4.989% 08/13/42 240,000 233,543 5.692%(a) 04/15/49 670,000 547,997 MATURITY DATE PAR VALUE -------- --- ----- NON-AGENCY MORTGAGE-BACKED OBLIGATIONS (CONTINUED) Morgan Stanley Mortgage Loan Trust 0.566%(a) 01/25/35 $ 278,665 $ 158,586 3.906%(a) 07/25/35 173,492 106,535 3.995%(a) 08/25/34 133,375 99,355 Prime Mortgage Trust 8.000% 07/25/34 182,953 181,409 RBSGC Mortgage Pass Through Certificates 0.696%(a) 01/25/37 330,554 166,062 Residential Accredit Loans, Inc. 0.336%(a) 10/25/46 234,071 201,408 0.606%(a) 01/25/37 356,119 173,353 Residential Asset Securitization Trust 4.750% 02/25/19 614,086 613,127 Structured Adjustable Rate Mortgage Loan Trust 3.912%(a) 11/25/34 126,360 98,353 5.131%(a) 01/25/35 142,585 111,772 Thornburg Mortgage Securities Trust 6.186%(a) 09/25/37 359,835 293,022 6.200%(a) 09/25/37 370,356 298,307 WaMu Mortgage Pass Through Certificates 0.476%(a) 04/25/45 135,108 84,738 4.822%(a) 10/25/35 320,439 261,318 5.605%(a) 11/25/36 300,000 201,503 Washington Mutual MSC Mortgage Pass-Through Certificates 3.933%(a) 01/25/35 59,482 49,461 Wells Fargo Mortgage Backed Securities Trust 5.240%(a) 04/25/36 86,116 66,515 ----------- 10,127,421 ----------- Total Collateralized Mortgage Obligations (Cost $29,299,728) 25,295,151 ----------- COMMON STOCK -- 0.0% CB Premiere Escrow Security(i) 10,000 -- ----------- Total Common Stock(Cost $--) -- ----------- CORPORATE BONDS -- 31.1% CONSUMER DISCRETIONARY -- 3.0% Boyd Gaming Corp. 6.750% 04/15/14 10,000 8,950 7.125% 02/01/16 10,000 8,800 CCH I LLC/CCH I Capital 11.000%(c)(i) 10/01/15 50,000 9,250 WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) MATURITY DATE PAR VALUE -------- --- ----- CONSUMER DISCRETIONARY (CONTINUED) Cengage Learning Acquisitions, Inc. 10.500%(b) 01/15/15 $ 40,000 $ 37,800 Comcast Corp. 6.500% 01/15/15 665,000 741,003 6.500% 01/15/17 200,000 219,514 Cricket Communications, Inc. 7.750%(b) 05/15/16 80,000 81,200 CSC Holdings, Inc. 7.625% 04/01/11 20,000 20,750 8.625%(b) 02/15/19 10,000 10,575 Daimler Finance NA LLC 6.500% 11/15/13 30,000 32,321 7.300% 01/15/12 135,000 145,638 DI Finance/DynCorp International 9.500% 02/15/13 10,000 10,200 DISH DBS Corp. 7.875%(b) 09/01/19 45,000 45,450 Eastman Kodak Co. 7.250% 11/15/13 35,000 28,700 Ecostar DBS Corp. 7.000% 10/01/13 20,000 20,150 7.750% 05/31/15 40,000 40,800 General Motors Liquidation Co. 8.250%(c) 07/15/23 70,000 10,850 8.375%(c) 07/05/33 30,000 6,145 Hertz Corp. 8.875% 01/01/14 35,000 35,350 Inn of the Mountain Gods Resort & Casino 12.000%(c)(i) 11/15/10 10,000 4,625 Intelsat Corp. 9.250% 08/15/14 90,000 92,250 J.C. Penney Corp., Inc. 7.400% 04/01/37 10,000 8,900 McDonald's Corp. MTN 5.350% 03/01/18 80,000 87,433 MGM Mirage 10.375%(b) 05/15/14 5,000 5,338 11.125%(b) 11/15/17 20,000 21,850 MGM Mirage, Inc. 6.750% 09/01/12 10,000 8,375 7.625% 01/15/17 60,000 46,800 Mohegan Tribal Gaming Authority 8.000% 04/01/12 5,000 4,237 News America, Inc. 6.650% 11/15/37 10,000 10,417 Qwest Corp. 6.875% 09/15/33 20,000 16,200 Reed Elsevier Capital, Inc. 8.625% 01/15/19 120,000 147,837 MATURITY DATE PAR VALUE -------- --- ----- CONSUMER DISCRETIONARY (CONTINUED) Service Corp. International 7.500% 04/01/27 $ 30,000 $ 26,775 Station Casinos, Inc. 6.000%(i) 04/01/12 20,000 5,900 7.750%(c)(i) 08/15/16 70,000 21,000 Suburban Propane Partners 6.875% 12/15/13 30,000 29,662 Time Warner Cable, Inc. 6.750% 06/15/39 80,000 86,515 7.300% 07/01/38 130,000 150,047 8.250% 04/01/19 250,000 302,174 8.750% 02/14/19 80,000 98,720 Time Warner, Inc. 6.875% 05/01/12 290,000 319,238 Verizon Global Funding Corp. 4.375% 06/01/13 35,000 36,814 ----------- 3,044,553 ----------- CONSUMER STAPLES -- 0.9% CVS Caremark Corp. 6.600% 03/15/19 380,000 428,362 Dr Pepper Snapple Group, Inc. 6.820% 05/01/18 110,000 125,046 PepsiCo, Inc. 7.900% 11/01/18 190,000 240,325 Reynolds American, Inc. 6.750% 06/15/17 90,000 93,560 ----------- 887,293 ----------- ENERGY -- 5.5% Anadarko Petroleum Corp. 6.450% 09/15/36 350,000 361,373 8.700% 03/15/19 10,000 11,957 Apache Corp. 6.000% 09/15/13 180,000 200,221 Baker Hughes, Inc. 7.500% 11/15/18 250,000 305,327 Chesapeake Energy Corp. 6.250% 01/15/18 25,000 22,375 6.375% 06/15/15 10,000 9,287 7.250% 12/15/18 85,000 80,325 Complete Production Services, Inc. 8.000% 12/15/16 75,000 68,250 ConocoPhillips 4.750% 10/15/12 80,000 86,022 5.900% 05/15/38 210,000 224,557 Dynegy Holdings, Inc. 7.750% 06/01/19 115,000 98,038 El Paso Corp. 7.000% 06/15/17 250,000 245,000 7.800% 08/01/31 611,000 560,360 WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) MATURITY DATE PAR VALUE -------- --- ----- ENERGY (CONTINUED) Energy Transfer Partners LP 6.700% 07/01/18 $ 160,000 $ 171,215 Hess Corp. 7.300% 08/15/31 277,000 311,385 7.875% 10/01/29 60,000 70,278 8.125% 02/15/19 160,000 192,215 Kerr-McGee Corp. 6.950% 07/01/24 10,000 10,706 7.875% 09/15/31 155,000 175,384 Kinder Morgan Energy Partners LP MTN 5.000% 12/15/13 25,000 26,132 5.850% 09/15/12 10,000 10,774 5.950% 02/15/18 60,000 62,767 6.000% 02/01/17 150,000 156,764 6.750% 03/15/11 10,000 10,605 6.950% 01/15/38 130,000 139,630 7.125% 03/15/12 5,000 5,461 Occidental Petroleum Corp. 7.000% 11/01/13 320,000 369,690 Peabody Energy Corp. 6.875% 03/15/13 28,000 28,280 Pemex Project Funding Master Trust 6.625% 06/15/35 207,000 199,949 Pride International, Inc. 7.375% 07/15/14 20,000 20,500 SandRidge Energy, Inc. 9.875%(b) 05/15/16 80,000 83,400 Southern Natural Gas Co. 5.900%(b) 04/01/17 30,000 30,897 8.000% 03/01/32 75,000 88,680 Tennessee Gas Pipeline Co. 7.625% 04/01/37 150,000 170,451 Williams, Inc. 7.500% 01/15/31 363,000 370,762 7.750% 06/15/31 80,000 83,886 XTO Energy, Inc. 5.500% 06/15/18 88,000 90,814 6.750% 08/01/37 30,000 33,373 7.500% 04/15/12 296,000 328,180 ----------- 5,515,270 ----------- FINANCIALS -- 13.0% Allstate Life Global Funding Trust MTN 5.375% 04/30/13 100,000 106,440 American Express Co. 6.800%(a) 09/01/66 115,000 97,750 American Express Credit Corp. MTN 5.125% 08/25/14 370,000 382,734 5.875% 05/02/13 70,000 74,219 MATURITY DATE PAR VALUE -------- --- ----- FINANCIALS (CONTINUED) American General Finance Corp. MTN 6.900% 12/15/17 $ 320,000 $ 223,802 American International Group, Inc. 5.850% 01/16/18 40,000 28,960 6.250% 03/15/37 200,000 99,000 BAC Capital Trust XIV 5.630% (a) 03/15/12 10,000 6,550 Bank of America Corp. 7.625% 06/01/19 180,000 202,822 Bear Stearns Co., Inc. 7.250% 02/01/18 350,000 399,715 Caterpillar Financial Services Corp. MTN 6.200% 09/30/13 260,000 287,945 Citigroup Funding, Inc. 1.875% 10/22/12 650,000 651,259 2.250% 12/10/12 940,000 952,656 Citigroup, Inc. 4.125% 02/22/10 400,000 404,028 5.000% 09/15/14 315,000 299,749 5.500% 10/15/14 60,000 59,913 6.500% 08/19/13 60,000 63,039 6.875% 03/05/38 320,000 320,970 Countrywide Financial Corp. 6.250% 05/15/16 50,000 50,079 Ford Motor Credit Co. LLC 5.549%(a) 06/15/11 103,000 98,365 7.375% 02/01/11 60,000 59,687 7.375% 10/28/09 270,000 270,070 8.000% 12/15/16 420,000 389,662 12.000% 05/15/15 340,000 374,655 Forest City Enterprises, Inc. 6.500% 02/01/17 8,000 5,120 General Electric Capital Corp. 2.625% 12/28/12 410,000 420,066 5.625% 05/01/18 260,000 259,188 6.375%(a) 11/15/67 420,000 347,550 6.875% 01/10/39 470,000 492,245 GMAC LLC 6.875%(b) 09/15/11 354,000 334,530 7.250%(b) 03/02/11 104,000 100,100 7.500%(b) 12/31/13 69,000 60,375 7.750%(b) 01/19/10 384,000 383,520 8.000%(b) 12/31/18 41,000 30,955 Goldman Sachs Capital II 5.793%(a) 12/29/49 20,000 14,400 Goldman Sachs Group, Inc. 6.600% 01/15/12 290,000 314,903 7.500% 02/15/19 140,000 160,106 HSBC Finance Corp. MTN 4.625% 09/15/10 400,000 410,303 6.375% 11/27/12 40,000 43,015 WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) MATURITY DATE PAR VALUE -------- --- ----- FINANCIALS (CONTINUED) JPMorgan Chase & Co. 5.125% 09/15/14 $ 595,000 $ 619,879 5.150% 10/01/15 200,000 207,495 5.750% 01/02/13 195,000 208,125 Lehman Brothers Holdings Capital Trust VII MTN 5.857%(c) 11/29/49 200,000 20 Lehman Brothers Holdings, Inc. MTN 6.200%(c) 09/26/14 80,000 13,600 6.500%(c) 07/19/17 160,000 16 6.750%(c)(e)(f) 12/28/17 340,000 34 Merrill Lynch & Co., Inc. MTN 6.875% 04/25/18 70,000 73,738 MetLife, Inc. 6.400% 12/15/36 40,000 33,800 Morgan Stanley 0.960%(a) 10/18/16 40,000 35,716 5.625% 01/09/12 300,000 317,880 5.750% 08/31/12 70,000 74,908 6.625% 04/01/18 100,000 105,742 SLM Corp. MTN 5.000% 04/15/15 10,000 7,451 5.000% 10/01/13 355,000 282,601 5.050% 11/14/14 50,000 36,755 5.375% 05/15/14 345,000 264,056 5.625% 08/01/33 35,000 21,967 SunTrust Capital VIII 6.100%(a) 12/15/36 50,000 34,798 SunTrust Preferred Capital I 5.853%(a) 12/15/11 11,000 7,150 Travelers Cos., Inc. (The) 6.250%(a) 03/15/37 270,000 237,391 Unilever Capital Corp. 7.125% 11/01/10 55,000 58,718 Ventas Realty 9.000%(g) 05/01/12 10,000 10,500 Wachovia Capital Trust III 5.800%(a) 03/15/11 370,000 255,300 Wachovia Corp. 5.625% 10/15/16 690,000 720,383 Wells Fargo & Co. 5.000% 11/15/14 5,000 5,136 5.300% 08/26/11 90,000 95,033 Wells Fargo Capital X 5.950% 12/15/36 100,000 86,750 ----------- 13,095,387 ----------- HEALTH CARE -- 1.3% AmerisourceBergen Corp. 5.875% 09/15/15 20,000 21,540 Community Health Systems, Inc. 8.875% 07/15/15 70,000 71,750 MATURITY DATE PAR VALUE -------- --- ----- HEALTH CARE (CONTINUED) DaVita, Inc. 6.625% 03/15/13 $ 85,000 $ 84,150 GlaxoSmithKline Capital, Inc. 5.650% 05/15/18 380,000 416,289 HCA, Inc. 6.250% 02/15/13 14,000 13,370 6.300% 10/01/12 59,000 56,640 7.500% 11/15/95 20,000 14,150 7.690% 06/15/25 30,000 24,362 9.125% 11/15/14 10,000 10,325 9.250% 11/15/16 60,000 62,175 9.625% 11/15/16 21,037 21,878 Humana, Inc. 7.200% 06/15/18 60,000 60,724 Tenet Healthcare Corp. 9.000%(b) 05/01/15 60,000 62,700 9.250% 02/01/15 71,000 74,106 10.000%(b) 05/01/18 60,000 66,150 UnitedHealth Group, Inc. 6.000% 02/15/18 40,000 42,034 WellPoint, Inc. 5.875% 06/15/17 20,000 21,110 Wyeth 5.950% 04/01/37 200,000 220,249 ----------- 1,343,702 ----------- INDUSTRIALS -- 1.1% Boeing Co. 4.875% 02/15/20 40,000 41,261 6.000% 03/15/19 100,000 112,171 Delta Air Lines, Inc. 6.821% 08/10/22 350,140 323,880 7.570% 11/18/10 200,000 198,000 RailAmerica, Inc. 9.250%(b) 07/01/17 120,000 125,700 Terex Corp. 7.375% 01/15/14 5,000 4,950 United Parcel Service, Inc. 4.500% 01/15/13 330,000 353,823 ----------- 1,159,785 ----------- INFORMATION TECHNOLOGY -- 0.0% Freescale Semiconductor, Inc. 8.875% 12/15/14 20,000 15,300 ----------- MATERIALS -- 0.8% Alcoa, Inc. 6.000% 07/15/13 210,000 219,210 Freeport-McMoRan Copper & , Inc. 8.375% 04/01/17 345,000 366,994 WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) MATURITY DATE PAR VALUE -------- --- ----- MATERIALS (CONTINUED) PPG Industries, Inc. 5.750% 03/15/13 $ 30,000 $ 31,716 6.650% 03/15/18 30,000 32,708 Steel Dynamics, Inc. 6.750% 04/01/15 60,000 57,450 7.375%(b) 11/01/12 5,000 5,050 Westlake Chemical Corp. 6.625% 01/15/16 12,000 11,280 Weyerhaeuser Co. 6.750% 03/15/12 105,000 109,387 ----------- 833,795 ----------- TELECOMMUNICATION SERVICES -- 1.7% AT&T, Inc. 5.100% 09/15/14 80,000 86,253 6.550% 02/15/39 270,000 294,365 Bellsouth Capital Funding Corp. 7.875% 02/15/30 160,000 191,806 BellSouth Corp. 4.750% 11/15/12 10,000 10,659 Level 3 Financing, Inc. 9.250% 11/01/14 25,000 22,031 New Cingular Wireless Services, Inc. 8.125% 05/01/12 85,000 96,986 Qwest Communications International, Inc. 7.500% 02/15/14 28,000 27,650 Sprint Capital Corp. 6.900% 05/01/19 230,000 205,850 8.375% 03/15/12 40,000 41,500 8.750% 03/15/32 25,000 23,625 Verizon Communications, Inc. 5.500% 02/15/18 210,000 220,175 6.100% 04/15/18 165,000 178,198 8.950% 03/01/39 200,000 274,861 Windstream Corp. 8.625% 08/01/16 85,000 86,913 ----------- 1,760,872 ----------- UTILITIES -- 3.8% AES Corp. (The) 7.750% 10/15/15 70,000 70,350 7.750% 03/01/14 3,000 3,023 8.000% 06/01/20 240,000 238,200 8.000% 10/15/17 400,000 404,500 8.875% 02/15/11 19,000 19,570 9.375% 09/15/10 63,000 64,890 Dominion Resources, Inc. 4.750% 12/15/10 30,000 31,037 5.700% 09/17/12 260,000 284,019 Duke Energy Carolinas LLC 5.625% 11/30/12 380,000 419,605 MATURITY DATE PAR VALUE -------- --- ----- UTILITIES (CONTINUED) Edison Mission Energy 7.000% 05/15/17 30,000 $ 25,050 7.200% 05/15/19 80,000 64,800 7.625% 05/15/27 40,000 28,600 7.750% 06/15/16 30,000 26,250 Energy Future Holdings Corp. 5.550% 11/15/14 40,000 27,298 6.500% 11/15/24 70,000 32,376 6.550% 11/15/34 170,000 76,468 11.250% 11/01/17 1,505,200 993,432 Exelon Corp. 5.625% 06/15/35 210,000 202,415 FirstEnergy Corp. 6.450% 11/15/11 7,000 7,571 7.375% 11/15/31 360,000 403,534 NRG Energy, Inc. 7.250% 02/01/14 55,000 54,038 7.375% 01/15/17 20,000 19,350 7.375% 02/01/16 35,000 33,862 Pacific Gas & Electric Co. 5.800% 03/01/37 10,000 10,826 6.050% 03/01/34 220,000 244,729 8.250% 10/15/18 20,000 25,413 Tennessee Valley Authority 5.250% 09/15/39 100,000 105,512 ----------- 3,916,718 ----------- Total Corporate Bonds (Cost $32,297,610) 31,572,675 ----------- FOREIGN BONDS -- 6.7% AUSTRALIA -- 0.3% Rio Tinto Finance USA, Ltd. 6.500%(g) 07/15/18 250,000 268,835 ----------- BERMUDA -- 0.0% Intelsat Jackson Holdings, Ltd. 9.500%(g) 06/15/16 15,000 15,750 ----------- CANADA -- 0.9% Anadarko Finance Co. 6.750%(g) 05/01/11 200,000 212,542 Conoco Funding Co. 7.250%(g) 10/15/31 35,000 42,106 6.350%(g) 10/15/11 70,000 76,706 Hydro Quebec 6.300%(g) 05/11/11 60,000 64,724 OPTI Canada, Inc. 8.250%(g) 12/15/14 45,000 34,875 7.875%(g) 12/15/14 70,000 53,550 WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) MATURITY DATE PAR VALUE -------- --- ----- CANADA (CONTINUED) Province of Ontario, Canada 4.000% 10/07/19 $ 380,000 $ 379,346 Rogers Communications, Inc. 6.750%(g) 03/15/15 10,000 11,240 6.375%(g) 03/01/14 10,000 11,039 Sun Media Corp. 7.625%(g) 02/15/13 10,000 7,650 Teck Resources, Ltd. 10.750%(g) 05/15/19 15,000 17,438 10.250%(g) 05/15/16 10,000 11,300 9.750%(g) 05/15/14 10,000 11,000 ----------- 933,516 ----------- CAYMAN ISLANDS -- 0.7% MUFG Capital Finance 1, Ltd. 6.346%(a)(g) 07/25/49 100,000 92,378 Petrobras International Finance Co. 6.125%(g) 10/06/16 100,000 106,750 Systems 2001 AT LLC 6.664%(b)(g) 09/15/13 277,660 275,561 Vale Overseas, Ltd. 6.875%(g) 11/21/36 185,000 191,388 ----------- 666,077 ----------- FRANCE -- 0.1% Cie Generale de Geophysique- Veritas 7.750%(g) 05/15/17 70,000 69,475 7.500%(g) 05/15/15 25,000 24,875 ----------- 94,350 ----------- JAPAN -- 0.1% Aiful Corp. 6.000% (b)(g) 12/12/11 200,000 80,000 ----------- LUXEMBOURG -- 1.3% FMC Finance III SA 6.875%(g) 07/15/17 145,000 140,650 Telecom Italia Capital SA 6.999%(g) 06/04/18 30,000 33,153 5.250%(g) 10/01/15 210,000 217,407 5.250%(g) 11/15/13 35,000 36,818 4.950%(g) 09/30/14 40,000 41,391 Tyco International Finance SA 6.750%(g) 02/15/11 80,000 84,287 6.375%(g) 10/15/11 100,000 107,800 6.000%(g) 11/15/13 220,000 235,914 Tyco International, Ltd. 7.000%(g) 12/15/19 378,000 409,200 6.875%(g) 01/15/21 140,000 157,144 ----------- 1,463,764 ----------- MATURITY DATE PAR VALUE -------- --- ----- MARSHALL ISLANDS -- 0.0% Teekay Corp. 8.875%(g) 07/15/11 $ 19,000 $ 19,546 ----------- MEXICO -- 0.4% America Movil SAB de CV 5.625%(g) 11/15/17 80,000 82,709 Kansas City Southern de Mexico SA de CV 12.500%(b)(g) 04/01/16 55,000 60,775 9.375%(g) 05/01/12 20,000 20,300 Mexico Government International Bond MTN 6.750%(g) 09/27/34 152,000 167,200 ----------- 330,984 ----------- NETHERLANDS -- 0.4% Deutsche Telekom International Finance BV 5.750%(g) 03/23/16 195,000 206,757 Koninklijke KPN NV 8.000%(g) 10/01/10 230,000 244,243 ----------- 451,000 ----------- RUSSIA -- 0.9% Russia Federation 7.500%(e)(g) 03/31/30 811,200 880,639 ----------- UNITED KINGDOM -- 1.6% Barclays Bank PLC 5.200%(g) 07/10/14 200,000 211,263 5.000%(g) 09/22/16 200,000 202,554 BP Capital Markets PLC 5.250%(g) 11/07/13 360,000 394,354 British Telecommunications PLC 9.125%(e)(g) 12/15/10 140,000 150,735 Diageo Capital PLC 7.375%(g) 01/15/14 390,000 451,971 Royal Bank of Scotland Group PLC 7.640%(a)(g) 09/29/17 100,000 49,000 5.050%(g) 01/08/15 60,000 53,826 5.000%(g) 10/01/14 30,000 27,133 Royal Bank of Scotland Group PLC 5.000%(g) 11/12/13 60,000 55,021 ----------- 1,595,857 ----------- Total Foreign Bonds (Cost $6,628,159) 6,800,318 ----------- WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) MATURITY DATE PAR VALUE -------- --- ----- PREFERRED STOCK -- 0.2% Federal Home Loan Mortgage Corp., Ser Z 14,850 $ 26,878 Federal National Mortgage Association, Ser O 500 1,375 Federal National Mortgage Association, Ser S 10,775 17,348 GMAC LLC Preferred Blocker, Inc. 164 95,371 Motors Liquidation Co., Ser B 6,250 22,500 Motors Liquidation Co., Ser C 2,000 7,200 ----------- Total Preferred Stock (Cost $878,186) 170,672 ----------- U.S. GOVERNMENT & AGENCY OBLIGATIONS -- 7.5% FEDERAL HOME LOAN BANK 0.787% 09/16/14 480,000 480,077 5.000% 11/17/17 250,000 273,107 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.351%(d) 10/30/09 5,000,000 4,999,840 5.000% 03/15/16 490,000 541,160 5.125% 01/02/14 500,000 530,500 5.250% 08/01/12 280,000 299,244 7.519% 10/09/19 800,000 447,168 ----------- Total U.S. Government & Agency Obligations (Cost $7,548,181) 7,571,096 ----------- U.S. TREASURY OBLIGATIONS -- 23.5% United States Treasury Bill 0.180%(f) 10/29/09 7,000,000 6,999,671 U.S. Treasury Bond 4.500% 08/15/39 100,000 107,813 4.250% 05/15/39 1,980,000 2,048,371 3.500% 02/15/39 469,000 424,885 U.S. Treasury Inflationary Protection Securities 4.250% 01/15/10 640,195 646,197 3.875% 04/15/29 432,429 556,752 3.625% 04/15/28 332,973 411,637 2.375% 01/15/27 528,764 555,698 2.000% 07/15/14 102,855 106,905 2.000% 01/15/26 1,242,737 1,240,018 1.750% 01/15/28 822,616 788,169 1.625% 01/15/15 112,817 114,932 0.875% 1,114,368 1,114,716 04/15/10 U.S. Treasury Notes 3.625% 08/15/19 1,550,000 1,590,929 3.125% 05/15/19 1,132,000 1,113,870 3.000% 09/30/16 5,870,000 5,893,386 Total U.S. Treasury Obligations ----------- (Cost $23,490,463) 23,713,949 ----------- MATURITY DATE PAR VALUE -------- --- ----- CASH EQUIVALENT -- 2.0% PNC Institutional Money Market Trust, 0.050% (f) (Cost $1,992,247) 1,992,247 1,992,247 ----------- Total Investments- 99.0% (Cost $108,678,984)+ 100,112,876 Other Assets & Liabilities, Net - 1.0% 1,003,148 ----------- NET ASSETS - 100.0% $101,116,024 ============ At September 30, 2009, the Income Fund had the following open forward currency contracts: UNREALIZED APPRECIATION (DEPRECIATION) SETTLEMENT DATE CURRENCY TO DELIVER CURRENCY TO RECEIVE ($ THOUSANDS) --------------- ------------------- -------------------- ---------------- 11/19/09 CAD 401,291 USD 369,164 $ (5,915) 11/19/09 EUR 1,776,734 USD 2,558,514 (40,899) 11/19/09 USD 371,743 CAD 401,291 3,337 11/19/09 USD 2,533,232 EUR 1,776,734 66,182 -------------- $ 22,705 ============== FORWARD COMMITMENT
Description Interest Rate Delivery Date Principal Amount Value -------------------------------------------------------------------------------- TBA PURCHASE COMMITMENTS AT SEPTEMBER 30, 2009 -- 24.0% (COST PAYABLE $16,137,953) FNMA 5.000% 10/14/2009 $ 1,537,031 $1,549,218 FNMA 5.000% 10/14/2009 2,252,422 2,272,186 FNMA 5.000% 10/14/2009 5,529,469 5,577,185 FNMA 5.000% 10/19/2009 2,711,313 2,725,939 FNMA 5.000% 10/21/2009 97,688 98,875 GNMA 5.000% 10/21/2009 307,793 310,406 GNMA 5.000% 10/21/2009 1,230,375 1,241,626 FNMA 4.500% 10/19/2009 827,000 828,250 GNMA 4.000% 10/14/2009 512,051 516,563 GNMA 4.000% 10/21/2009 195,156 197,750 GNMA 4.000% 10/21/2009 487,656 494,375 FNMA 2.050% 10/21/2009 450,000 450,000 ----------- $16,262,373
TBA SALE COMMITMENTS AT SEPTEMBER 30, 2009 -- (2.4)% (PROCEEDS RECEIVABLE $838,156) FNMA 5.000% 10/19/2009 (838,156) (838,750) ----------- $ (838,750)
CAD -- Canadian Dollar Cnv -- Convertible EUR -- Euro FNMA -- Federal National Mortgage Association GNMA -- Government National Mortgage Association LLC -- Limited Liability Company LP -- Limited Partnership MTN -- Medium Term Note NA -- National Association PLC -- Public Limited Company Ser -- Series TBA -- To Be Announced USD -- United States Dollar WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) (a) Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effects as of September 30, 2009. The date reported on the Schedule of Investments is the next reset date. (b) Securities sold within terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. (c) Security is in default on interest payments. (d) Discount Note. The rate shown is the effective yield at time of purchase. (e) Step Bonds - The rate shown is the effective yield on September 30, 2009. The coupon on a step bond changes on a specified date. (f) The rate shown is the 7-day effective yield as of September 30, 2009. (g) Foreign security denominated in U.S. currency. (h) Inflation protected security. Principal amount periodically adjusted for inflation. (i) Securities considered illiquid. The total value of such securities as of September 30, 2009 was $57,533 and represented 0.06% of Net Assets. + Non-income producing security. ++ At September 30, 2009, the tax basis cost of the Fund's investments was $108,678,984 , and the unrealized appreciation and depreciation were $3,238,218 and $(11,804,326), respectively. For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi- annual and annual financial statements. See end of Form N-Q Filing for inputs used in valuing the Fund's investments at September 30, 2009. WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- COMMON STOCK -- 100.3% ++ CONSUMER DISCRETIONARY -- 13.5% 152 1-800-Flowers.com, Inc., Class A + ..... $ 524 1,404 99 Cents Only Stores + ................. 18,884 80 AFC Enterprises, Inc. + ................ 674 640 Ambassadors Group, Inc ................. 10,016 1,084 American Apparel, Inc. + ............... 3,805 618 American Public Education, Inc. + ...... 21,469 201 America's Car-Mart, Inc. + ............. 4,814 702 Amerigon, Inc. + ....................... 5,160 872 Ameristar Casinos, Inc ................. 13,760 902 Arbitron, Inc .......................... 18,726 251 ArvinMeritor, Inc ...................... 1,963 1,854 Bally Technologies, Inc. + ............. 71,138 789 Bebe Stores, Inc ....................... 5,807 188 Benihana, Inc., Class A + .............. 1,077 732 Big 5 Sporting Goods Corp .............. 11,053 667 BJ's Restaurants, Inc. + ............... 9,998 431 Blue Nile, Inc. + ...................... 26,774 16 Blyth, Inc ............................. 620 25 Books-A-Million, Inc., Class A ......... 301 472 Bridgepoint Education, Inc. + .......... 7,203 798 Buckle, Inc. (The) ..................... 27,244 613 Buffalo Wild Wings, Inc. + ............. 25,507 658 California Pizza Kitchen, Inc. + ....... 10,278 3,054 Capella Education Co. + ................ 205,656 232 Caribou Coffee Co., Inc. + ............. 1,675 304 Carmike Cinemas, Inc. + ................ 3,073 358 Carrols Restaurant Group, Inc. + ....... 2,706 1,515 Carter's, Inc. + ....................... 40,450 942 Cato Corp. (The), Class A .............. 19,113 784 CEC Entertainment, Inc. + .............. 20,274 487 Charlotte Russe Holding, Inc. + ........ 8,522 238 Charming Shoppes, Inc. + ............... 1,169 2,046 Cheesecake Factory (The) + ............. 37,892 259 Cherokee, Inc .......................... 6,208 812 Childrens Place Retail Stores, Inc. (The) + ................................ 24,328 146 China Automotive Systems, Inc. + ....... 1,356 999 ChinaCast Education Corp. + ............ 7,263 146 Christopher & Banks Corp ............... 988 993 Cinemark Holdings, Inc ................. 10,287 500 Citi Trends, Inc. + .................... 14,235 1,661 CKE Restaurants, Inc ................... 17,424 1,977 CKX, Inc. + ............................ 13,266 1,028 Coinstar, Inc. + ....................... 33,903 24,613 Coldwater Creek, Inc. + ................ 201,827 951 Collective Brands, Inc. + .............. 16,481 2,007 Cooper Tire & Rubber Co ................ 35,283 91 Core-Mark Holding Co., Inc. + .......... 2,603 2,725 Corinthian Colleges, Inc. + ............ 50,576 171 CPI Corp ............................... 2,132 567 Cracker Barrel Old Country Store, Inc .. 19,505 1,001 CROCS, Inc. + .......................... 6,657 129 Crown Media Holdings, Inc., Class A + .. 201 447 Deckers Outdoor Corp. + ................ 37,928 3,246 Denny's Corp. + ........................ 8,634 161 Destination Maternity Corp. + .......... 2,919 599 DineEquity, Inc ........................ 14,825 1,020 Dolan Media Co. + ...................... 12,230 117 Domino's Pizza, Inc. + ................. 1,034 62 Dorman Products, Inc. + ................ 931 456 Dover Downs Gaming & Entertainment, Inc .................................... 2,599 SHARES VALUE ------ ----- CONSUMER DISCRETIONARY (CONTINUED) 396 Dress Barn, Inc. + ..................... $ 7,100 378 Drew Industries, Inc. + ................ 8,199 2,930 Drugstore.com, Inc. + .................. 7,120 24 DSW, Inc., Class A + ................... 383 150 Einstein Noah Restaurant Group, Inc. + . 1,806 13,301 Exide Technologies + ................... 106,009 496 FGX International Holdings, Ltd. + ..... 6,919 785 Finish Line, Inc., Class A ............. 7,976 1,597 Fossil, Inc. + ......................... 45,435 409 Fred's, Inc., Class A .................. 5,206 12 Frisch's Restaurants, Inc .............. 311 426 Fuel Systems Solutions, Inc. + ...... 15,332 4,113 Fuqi International, Inc. + ............. 120,429 155 G-III Apparel Group, Ltd. + ............ 2,193 70 Global Sources, Ltd. + ................. 481 9,549 Grand Canyon Education, Inc. + ......... 170,259 75 Great Wolf Resorts, Inc. + ............. 268 4,632 Gymboree Corp. + ....................... 224,096 34 Hawk Corp., Class A + .................. 466 373 hhgregg, Inc. + ........................ 6,319 10,900 Hibbett Sports, Inc. + ................. 198,707 5,827 Home Inns & Hotels Management, Inc. ADR + .................................. 173,936 899 HOT Topic, Inc. + ...................... 6,733 953 Hovnanian Enterprises, Inc., Class A + . 3,660 1,352 HSN, Inc. + ............................ 22,010 1,266 Interval Leisure Group, Inc. + ......... 15,800 661 iRobot Corp. + ......................... 8,137 528 Isle of Capri Casinos, Inc. + .......... 6,225 1,712 J. Crew Group, Inc. + .................. 61,324 1,943 Jack in the Box, Inc. + ................ 39,812 336 Jo-Ann Stores, Inc. + .................. 9,015 623 JOS A Bank Clothiers, Inc. + ........... 27,892 804 K12, Inc. + ............................ 13,250 422 Kirkland's, Inc. + ..................... 6,013 354 Knology, Inc. + ........................ 3,452 1,965 Krispy Kreme Doughnuts, Inc. + ......... 7,015 502 K-Swiss, Inc., Class A ................. 4,413 197 Lakes Entertainment, Inc. + ............ 656 243 Leapfrog Enterprises, Inc., Class A + .. 999 269 Learning Tree International, Inc. + .... 3,064 119 Life Time Fitness, Inc. + .............. 3,338 330 Lincoln Educational Services Corp. + ... 7,550 2,221 Liz Claiborne, Inc ..................... 10,949 444 LodgeNet Interactive Corp. + ........... 3,352 1,384 Lululemon Athletica, Inc. + ............ 31,486 492 Lumber Liquidators, Inc. + ............. 10,671 73 M/I Homes, Inc. + ...................... 992 69 Mac-Gray Corp. + ....................... 744 642 Maidenform Brands, Inc. + .............. 10,310 59 Marcus Corp ............................ 755 773 Martha Stewart Living Omnimedia, Class A + .............................. 4,839 1,036 Matthews International Corp., Class A .. 36,654 50 McCormick & Schmick's Seafood Restaurants, Inc. + .................... 372 442 Mediacom Communications Corp., Class A + .............................. 2,546 7,681 Men's Wearhouse, Inc. (The) ............ 189,721 477 Midas, Inc. + .......................... 4,484 225 Monarch Casino & Resort, Inc. + ........ 2,421 568 Monro Muffler Brake, Inc ............... 18,057 471 Morgans Hotel Group Co. + .............. 2,553 215 Multimedia Games, Inc. + ............... 1,101 WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- CONSUMER DISCRETIONARY (CONTINUED) 90 National CineMedia, Inc ................ $ 1,527 164 National Presto Industries, Inc ........ 14,188 253 NIVS IntelliMedia Technology Group, Inc. + ................................. 678 125 Nobel Learning Communities, Inc. + ..... 1,173 1,045 NutriSystem, Inc ....................... 15,947 1,852 OfficeMax, Inc ......................... 23,298 519 Orbitz Worldwide, Inc. + ............... 3,207 58 Outdoor Channel Holdings, Inc. + ....... 379 534 Overstock.com, Inc. + .................. 7,834 293 Oxford Industries, Inc ................. 5,772 604 Papa John's International, Inc. + ...... 14,840 388 Peet's Coffee & Tea, Inc. + ............ 10,953 795 PetMed Express, Inc .................... 14,986 808 PF Chang's China Bistro, Inc. + ........ 27,448 14,441 Pinnacle Entertainment, Inc. + ......... 147,154 703 Playboy Enterprises, Inc., Class B + ... 2,123 1,043 Polaris Industries, Inc ................ 42,533 888 Pool Corp .............................. 19,731 251 Pre-Paid Legal Services, Inc. + ........ 12,751 25 Primedia, Inc .......................... 63 470 Princeton Review, Inc. + ............... 1,974 1,521 Raser Technologies, Inc. + ............. 2,327 1,216 RCN Corp. + ............................ 11,309 115 Reading International, Inc., Class A + . 473 7,059 Red Robin Gourmet Burgers, Inc. + ...... 144,145 322 Rentrak Corp. + ........................ 5,751 533 Ruth's Hospitality Group, Inc. + ....... 2,249 764 Sally Beauty Holdings, Inc. + .......... 5,432 225 Sealy Corp. + .......................... 720 1,801 Shuffle Master, Inc. + ................. 16,965 7,752 Shutterfly, Inc. + ..................... 128,916 1,786 Smith & Wesson Holding Corp. + ......... 9,341 11,862 Sonic Automotive, Inc., Class A ........ 124,551 1,891 Sonic Corp. + .......................... 20,914 2,091 Sotheby's .............................. 36,028 88 Sport Supply Group, Inc ................ 897 372 Stamps.com, Inc. + ..................... 3,441 285 Standard Motor Products, Inc ........... 4,332 815 Stein Mart, Inc. + ..................... 10,359 245 Steiner Leisure, Ltd. + ................ 8,761 533 Steven Madden, Ltd. + .................. 19,620 606 Sturm Ruger & Co., Inc ................. 7,842 106 Systemax, Inc. + ....................... 1,286 497 Talbots, Inc ........................... 4,587 2,550 Tempur-Pedic International, Inc ........ 48,297 1,702 Texas Roadhouse, Inc., Class A + ....... 18,075 13,689 Ticketmaster Entertainment, Inc. + ..... 160,024 952 Timberland Co., Class A + .............. 13,252 415 Town Sports International Holdings, Inc. + ................................. 1,042 1,222 Tractor Supply Co. + ................... 59,169 863 True Religion Apparel, Inc. + .......... 22,378 2,132 Tupperware Brands Corp ................. 85,109 71 Tween Brands, Inc. + ................... 596 941 Ulta Salon Cosmetics & Fragrance, Inc. + 15,536 1,128 Under Armour, Inc., Class A + .......... 31,392 91 Unifirst Corp .......................... 4,045 346 Universal Electronics, Inc. + .......... 7,065 672 Universal Technical Institute, Inc. + .. 13,238 305 Universal Travel Group + ............... 3,935 37 US Auto Parts Network, Inc. + .......... 202 1,315 Valassis Communications, Inc. + ........ 23,512 46 Value Line, Inc ........................ 1,420 SHARES VALUE ------ ----- CONSUMER DISCRETIONARY (CONTINUED) 642 Volcom, Inc. + ......................... $ 10,580 1,559 Warnaco Group, Inc. (The) + ............ 68,378 3,275 Wet Seal, Inc. (The), Class A + ........ 12,379 238 Weyco Group, Inc ....................... 5,450 126 Winnebago Industries ................... 1,853 1,674 Wolverine World Wide, Inc .............. 41,582 500 Wonder Auto Technology, Inc. + ......... 6,000 576 World Wrestling Entertainment, Inc., Class A ................................ 8,070 995 Youbet.com, Inc. + ..................... 2,090 9,430 Zumiez, Inc. + ......................... 154,746 -------------- 4,632,483 -------------- CONSUMER STAPLES -- 4.1% 914 AgFeed Industries, Inc. + .............. 4,881 109 Alico, Inc ............................. 3,203 2,031 Alliance One International, Inc. + ..... 9,099 272 American Dairy, Inc. + ................. 7,706 508 American Italian Pasta Co., Class A + .. 13,807 735 American Oriental Bioengineering, Inc. + 3,572 41 Arden Group, Inc., Class A ............. 4,899 175 B&G Foods, Inc., Class A ............... 1,433 2,253 Bare Escentuals, Inc. + ................ 26,788 300 Boston Beer Co., Inc., Class A + ....... 11,124 355 Calavo Growers, Inc .................... 6,738 461 Cal-Maine Foods, Inc ................... 12,341 1,057 Casey's General Stores, Inc ............ 33,169 624 Chattem, Inc. + ........................ 41,440 355 China Sky One Medical, Inc. + .......... 4,682 248 China-Biotics, Inc. + .................. 3,968 144 Coca-Cola Bottling Co. Consolidated .... 6,974 2,774 Darling International, Inc. + .......... 20,389 439 Diamond Foods, Inc ..................... 13,925 4,875 Diedrich Coffee, Inc. + ................ 117,244 97 Farmer Bros Co ......................... 2,008 515 Female Health Co. + .................... 2,601 9,686 Green Mountain Coffee Roasters, Inc. + . 715,214 370 Hain Celestial Group, Inc. + ........... 7,093 279 HQ Sustainable Maritime Industries, Inc. + ................................. 2,455 91 Inter Parfums, Inc ..................... 1,111 483 J&J Snack Foods Corp ................... 20,861 654 Lancaster Colony Corp .................. 33,531 946 Lance, Inc ............................. 24,426 165 Lifeway Foods, Inc. + .................. 1,813 441 Medifast, Inc. + ....................... 9,579 187 National Beverage Corp. + .............. 2,152 1,683 Nu Skin Enterprises, Inc., Class A ..... 31,186 23 Nutraceutical International Corp. + .... 259 165 Orchids Paper Products Co. + ........... 3,300 513 Overhill Farms, Inc. + ................. 3,104 89 Pantry, Inc. (The) + ................... 1,396 544 Pricesmart, Inc ........................ 10,200 288 Revlon, Inc., Class A + ................ 1,400 262 Ruddick Corp ........................... 6,974 692 Sanderson Farms, Inc ................... 26,047 51 Schiff Nutrition International, Inc .... 266 1,623 Smart Balance, Inc. + .................. 9,965 2,574 Star Scientific, Inc. + ................ 2,394 39 Susser Holdings Corp. + ................ 490 612 Synutra International, Inc. + .......... 8,390 823 Tootsie Roll Industries, Inc ........... 19,571 1,462 United Natural Foods, Inc. + ........... 34,971 63 Universal Corp 2,634 WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- CONSUMER STAPLES (CONTINUED) 213 USANA Health Sciences, Inc. + .......... $ 7,265 1,322 Vector Group, Ltd ...................... 20,596 201 Village Super Market, Inc., Class A .... 5,923 391 WD-40 Co ............................... 11,105 69 Weis Markets, Inc ...................... 2,205 669 Zhongpin, Inc. + ....................... 9,848 -------------- 1,389,715 -------------- ENERGY -- 4.7% 27 Alon USA Energy, Inc ................... 268 311 Apco Oil and Gas International, Inc .... 7,128 138 Approach Resources, Inc. + ............. 1,253 1,301 Arena Resources, Inc. + ................ 46,185 559 Atlas Energy, Inc ...................... 15,132 176 ATP Oil & Gas Corp. + .................. 3,149 97 Bolt Technology Corp. + ................ 1,219 2,451 BPZ Resources, Inc. + .................. 18,432 10,659 Brigham Exploration Co. + .............. 96,784 355 Cal Dive International, Inc. + ......... 3,511 604 CARBO Ceramics, Inc .................... 31,136 950 Carrizo Oil & Gas, Inc. + .............. 23,265 587 Cheniere Energy, Inc. + ................ 1,720 1,185 Clean Energy Fuels Corp. + ............. 17,076 7,457 Comstock Resources, Inc. + ............. 298,877 391 Contango Oil & Gas Co. + ............... 19,964 194 CREDO Petroleum Corp. + ................ 1,963 269 Cubic Energy, Inc. + ................... 253 58 CVR Energy, Inc. + ..................... 721 3,190 Delta Petroleum Corp. + ................ 5,582 990 Dril-Quip, Inc. + ...................... 49,144 3,629 Endeavour International Corp. + ........ 4,391 570 ENGlobal Corp. + ....................... 2,348 4,414 Evergreen Energy, Inc. + ............... 2,737 1,420 FX Energy, Inc. + ...................... 4,587 135 Geokinetics, Inc. + .................... 2,862 429 GMX Resources, Inc. + .................. 6,740 704 Golar LNG, Ltd ......................... 7,786 24 Gulf Island Fabrication, Inc ........... 450 407 Gulfmark Offshore, Inc. + .............. 13,325 817 Gulfport Energy Corp. + ................ 7,141 292 Hercules Offshore, Inc. + .............. 1,434 203 ION Geophysical Corp. + ................ 715 37 Isramco, Inc. + ........................ 4,834 940 James River Coal Co. + ................. 17,963 3,306 Lufkin Industries, Inc ................. 175,813 263 Matrix Service Co. + ................... 2,859 2,583 McMoRan Exploration Co. + .............. 19,502 126 NATCO Group, Inc., Class A + ........... 5,579 40 Natural Gas Services Group, Inc. + ..... 705 934 Northern Oil and Gas, Inc. + ........... 7,846 244 Panhandle Oil and Gas, Inc., Class A ... 5,212 240 PHI, Inc. + ............................ 4,867 287 Pioneer Drilling Co. + ................. 2,107 19 PrimeEnergy Corp. + .................... 545 605 Rex Energy Corp. + ..................... 5,052 7,079 Rosetta Resources, Inc. + .............. 103,990 958 RPC, Inc ............................... 10,040 902 Ship Finance International, Ltd ........ 11,086 2,286 Sulphco, Inc. + ........................ 3,132 12,327 Superior Energy Services, Inc. + ....... 277,604 5,247 Swift Energy Co. + ..................... 124,249 2,122 Syntroleum Corp. + ..................... 5,729 357 Teekay Tankers, Ltd., Class A .......... 2,981 1,370 Tetra Technologies, Inc. + ............. 13,275 SHARES VALUE ------ ----- ENERGY (CONTINUED) 321 TGC Industries, Inc. + ................. $ 1,557 622 Toreador Resources Corp ................ 6,214 1,238 Uranerz Energy Corp. + ................. 2,835 1,471 Uranium Energy Corp. + ................. 4,339 124 Vaalco Energy, Inc ..................... 570 196 Venoco, Inc. + ......................... 2,256 1,098 W&T Offshore, Inc ...................... 12,858 1,065 Warren Resources, Inc. + ............... 3,152 70 Westmoreland Coal Co. + ................ 569 1,344 Willbros Group, Inc. + ................. 20,469 1,004 World Fuel Services Corp ............... 48,262 404 Zion Oil & Gas, Inc. + ................. 3,943 -------------- 1,609,272 -------------- FINANCIALS -- 7.5% 312 Acadia Realty Trust .................... 4,702 1,377 Advance America Cash Advance Centers, Inc .................................... 7,711 2,915 Affiliated Managers Group, Inc. + ...... 189,504 44 Alexander's, Inc ....................... 13,019 31 American Safety Insurance Holdings, Ltd. + ................................. 490 101 Ames National Corp ..................... 2,435 107 Amtrust Financial Services, Inc ........ 1,221 197 Arrow Financial Corp ................... 5,369 199 Asset Acceptance Capital Corp. + ....... 1,443 63 Associated Estates Realty Corp ......... 606 445 Assured Guaranty, Ltd .................. 8,642 138 Bank of Marin Bancorp .................. 4,323 29 Bank of the Ozarks, Inc ................ 769 715 BGC Partners, Inc., Class A ............ 3,060 174 Bridge Bancorp, Inc .................... 4,233 17,883 Broadpoint Gleacher Securities, Inc. + . 149,144 488 Brookline Bancorp, Inc ................. 4,743 50 Brooklyn Federal Bancorp, Inc .......... 610 42 Bryn Mawr Bank Corp .................... 734 51 Calamos Asset Management, Inc., Class A 666 455 Cardinal Financial Corp ................ 3,745 319 Cardtronics, Inc. + .................... 2,495 718 Cathay General Bancorp ................. 5,808 64 Centerstate Banks, Inc ................. 505 20 Cheviot Financial Corp ................. 171 34 Citizens Holding Co .................... 900 829 Citizens, Inc. + ....................... 5,256 50 City Holding Co ........................ 1,490 33 Clifton Savings Bancorp, Inc ........... 323 139 CNB Financial Corp ..................... 2,387 275 Cohen & Steers, Inc .................... 6,600 236 CompuCredit Holdings Corp. + ........... 1,111 541 Crawford & Co., Class B + .............. 2,386 189 Credit Acceptance Corp. + .............. 5,965 67 Diamond Hill Investment Group, Inc ..... 3,884 700 Dollar Financial Corp. + ............... 11,214 552 Duff & Phelps Corp., Class A ........... 10,576 477 DuPont Fabros Technology, Inc .......... 6,358 522 EastGroup Properties, Inc .............. 19,951 842 eHealth, Inc. + ........................ 12,226 183 Enterprise Financial Services Corp ..... 1,693 377 Epoch Holding Corp ..................... 3,299 533 Equity Lifestyle Properties, Inc ....... 22,807 5,951 Evercore Partners, Inc., Class A ....... 173,888 1,540 Ezcorp, Inc., Class A + ................ 21,036 186 FBL Financial Group, Inc., Class A ..... 3,614 51 FBR Capital Markets Corp. + ............ 302 WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- FINANCIALS (CONTINUED) 317 Financial Federal Corp ................. $ 7,824 782 First Cash Financial Services, Inc. + .. 13,396 384 First Financial Bankshares, Inc ........ 18,993 233 First Mercury Financial Corp ........... 3,103 29 First of Long Island Corp .............. 771 144 GAMCO Investors, Inc., Class A ......... 6,581 237 Getty Realty Corp ...................... 5,816 2,183 GFI Group, Inc ......................... 15,783 78 Great Southern Bancorp, Inc ............ 1,849 12 Hallmark Financial Services + .......... 96 109 Hancock Holding Co ..................... 4,095 14 Heritage Financial Group ............... 116 141 International Assets Holding Corp. + ... 2,328 134 Investors Bancorp, Inc. + .............. 1,422 123 Investors Real Estate Trust ............ 1,112 47 JMP Group, Inc ......................... 454 552 KBW, Inc. + ............................ 17,785 120 Kearny Financial Corp .................. 1,250 16 Kentucky First Federal Bancorp ......... 200 1,608 Knight Capital Group, Inc., Class A + .. 34,974 65 Kohlberg Capital Corp .................. 392 250 Life Partners Holdings, Inc ............ 4,475 85 LTC Properties, Inc .................... 2,043 151 Main Street Capital Corp ............... 2,149 1,080 MarketAxess Holdings, Inc. + ........... 13,014 36 Metro Bancorp, Inc. + .................. 438 36,765 MF Global, Ltd. + ...................... 267,282 480 Mid-America Apartment Communities, Inc .................................... 21,662 10,717 MSCI, Inc., Class A + .................. 317,437 241 Nara Bancorp, Inc ...................... 1,675 45 National Health Investors, Inc ......... 1,424 197 Nelnet, Inc., Class A + ................ 2,451 225 NewStar Financial, Inc. + .............. 740 519 Omega Healthcare Investors, Inc ........ 8,314 1,438 optionsXpress Holdings, Inc ............ 24,849 273 Oritani Financial Corp ................. 3,724 83 Orrstown Financial Services, Inc ....... 3,207 22 Park National Corp ..................... 1,283 46 Peapack Gladstone Financial Corp ....... 739 75 Penns Woods Bancorp, Inc ............... 2,401 417 Penson Worldwide, Inc. + ............... 4,062 392 Phoenix Cos., Inc. (The) ............... 1,274 251 Pico Holdings, Inc. + .................. 8,371 3,643 Portfolio Recovery Associates, Inc. + .. 165,137 709 Potlatch Corp .......................... 20,171 8,650 PrivateBancorp, Inc .................... 211,579 112 Prudential Bancorp, Inc. of Pennsylvania 1,124 167 PS Business Parks, Inc ................. 8,571 262 Pzena Investment Management, Inc., Class A ................................ 2,141 116 QC Holdings, Inc ....................... 783 340 Redwood Trust, Inc ..................... 5,270 30 Republic Bancorp, Inc., Class A ........ 599 64 Rewards Network, Inc. + ................ 879 749 Riskmetrics Group, Inc. + .............. 10,950 265 RLI Corp ............................... 13,987 116 Roma Financial Corp .................... 1,442 158 S.Y. Bancorp, Inc ...................... 3,648 255 Safeguard Scientifics, Inc. + .......... 2,797 56 Safety Insurance Group, Inc ............ 1,843 136 Saul Centers, Inc ...................... 4,366 7,606 Signature Bank + ....................... 220,574 101 Southside Bancshares, Inc .............. 2,274 SHARES VALUE ------ ----- FINANCIALS (CONTINUED) 107 Starwood Property Trust, Inc ........... $ 2,167 1,007 Stifel Financial Corp. + ............... 55,284 221 Suffolk Bancorp ........................ 6,544 106 SVB Financial Group + .................. 4,587 49 SWS Group, Inc ......................... 706 659 Tanger Factory Outlet Centers .......... 24,607 370 Tejon Ranch Co. + ...................... 9,502 114 Texas Capital Bancshares, Inc. + ....... 1,920 72 Thomas Weisel Partners Group, Inc. + ... 385 104 Tompkins Financial Corp ................ 4,545 1,223 Tower Group, Inc ....................... 29,829 13,054 TradeStation Group, Inc. + ............. 106,390 950 Trustco Bank Corp ...................... 5,938 383 U.S. Global Investors, Inc., Class A ... 4,722 71 UMH Properties, Inc .................... 579 94 United Financial Bankcorp, Inc ......... 1,089 202 Universal Health Realty Income Trust ... 6,575 254 Universal Insurance Holdings, Inc ...... 1,278 345 ViewPoint Financial Group .............. 4,844 220 Washington Real Estate Investment Trust 6,336 562 Westamerica Bancorporation ............. 29,224 171 Westwood Holdings Group, Inc ........... 5,934 41 Wilshire Bancorp, Inc .................. 301 -------------- 2,556,189 -------------- HEALTH CARE -- 19.2% 746 Abaxis, Inc. + ......................... 19,956 1,048 Abiomed, Inc. + ........................ 10,176 903 Accelrys, Inc. + ....................... 5,237 1,324 Accuray, Inc. + ........................ 8,606 1,294 Acorda Therapeutics, Inc. + ............ 30,124 277 Acura Pharmaceuticals, Inc. + .......... 1,416 823 Adolor Corp. + ......................... 1,309 470 Affymax, Inc. + ........................ 11,228 2,059 Affymetrix, Inc. + ..................... 18,078 370 Air Methods Corp. + .................... 12,051 1,894 Akorn, Inc. + .......................... 2,595 1,984 Align Technology, Inc. + ............... 28,212 3,217 Alkermes, Inc. + ....................... 29,564 823 Alliance HealthCare Services, Inc. + ... 4,658 229 Allied Healthcare International, Inc. + 641 34 Allion Healthcare, Inc. + .............. 199 2,123 Allos Therapeutics, Inc. + ............. 15,392 245 Almost Family, Inc. + .................. 7,289 6,744 Alnylam Pharmaceuticals, Inc. + ........ 152,954 994 Alphatec Holdings, Inc. + .............. 4,572 580 AMAG Pharmaceuticals, Inc. + ........... 25,334 879 Amedisys, Inc. + ....................... 38,351 281 America Service Group, Inc ............. 4,648 335 American Caresource Holdings, Inc. + ... 1,464 157 American Dental Partners, Inc. + ....... 2,198 2,513 American Medical Systems Holdings, Inc. + ................................. 42,520 1,801 AMERIGROUP Corp. + ..................... 39,928 876 AMICAS, Inc. + ......................... 3,154 515 Amicus Therapeutics, Inc. + ............ 4,506 1,085 AMN Healthcare Services, Inc. + ........ 10,318 283 Analogic Corp .......................... 10,477 235 Angiodynamics, Inc. + .................. 3,238 484 Ardea Biosciences, Inc. + .............. 8,867 2,699 Arena Pharmaceuticals, Inc. + .......... 12,065 2,931 Ariad Pharmaceuticals, Inc. + .......... 6,507 736 Arqule, Inc. + ......................... 3,341 1,612 Array Biopharma, Inc. + ................ 3,837 WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- HEALTH CARE (CONTINUED) 683 ARYx Therapeutics, Inc. + .............. $ 2,138 59 Aspect Medical Systems, Inc. + ......... 707 1,141 athenahealth, Inc. + ................... 43,780 52 Atrion Corp ............................ 7,509 1,588 ATS Medical, Inc. + .................... 4,256 1,454 Auxilium Pharmaceuticals, Inc. + ....... 49,741 2,041 AVANIR Pharmaceuticals, Inc., Class A + 4,245 2,593 AVI BioPharma, Inc. + .................. 4,460 704 BioCryst Pharmaceuticals, Inc. + ....... 5,801 456 Biodel, Inc. + ......................... 2,449 295 BioDelivery Sciences International, Inc. + ................................. 1,416 421 BioMimetic Therapeutics, Inc. + ........ 5,140 403 Bio-Reference Labs, Inc. + ............. 13,863 1,399 BioScrip, Inc. + ....................... 9,457 123 Biospecifics Technologies Corp. + ...... 3,937 980 BMP Sunstone Corp. + ................... 3,989 579 Bovie Medical Corp. + .................. 4,545 1,664 Bruker Corp. + ......................... 17,755 9,971 Cadence Pharmaceuticals, Inc. + ........ 110,279 896 Cambrex Corp. + ........................ 5,645 307 Cantel Medical Corp. + ................. 4,623 132 Caraco Pharmaceutical Laboratories, Ltd. + ................................. 672 76 Cardiac Science Corp. + ................ 304 809 CardioNet, Inc. + ...................... 5,437 306 Cardiovascular Systems, Inc. + ......... 2,225 1,299 Cardium Therapeutics, Inc. + ........... 2,104 7,709 Catalyst Health Solutions, Inc. + ...... 224,717 568 Celera Corp. + ......................... 3,539 18,198 Cell Therapeutics, Inc. + .............. 22,384 348 Celldex Therapeutics, Inc. + ........... 1,911 795 Centene Corp. + ........................ 15,057 1,972 Cepheid, Inc. + ........................ 26,070 780 Chelsea Therapeutics International, Inc. + ................................. 1,958 769 Chemed Corp ............................ 33,751 415 Chindex International, Inc. + .......... 5,221 992 Clarient, Inc. + ....................... 4,176 389 Clinical Data, Inc. + .................. 6,485 331 Computer Programs & Systems, Inc ....... 13,707 16,719 Conceptus, Inc. + ...................... 309,970 831 Continucare Corp. + .................... 2,510 222 Cornerstone Therapeutics, Inc. + ....... 1,454 253 Corvel Corp. + ......................... 7,185 95 Cross Country Healthcare, Inc. + ....... 884 857 CryoLife, Inc. + ....................... 6,830 1,962 Cubist Pharmaceuticals, Inc. + ......... 39,632 6,514 Cumberland Pharmaceuticals, Inc. + ..... 105,462 2,142 Curis, Inc. + .......................... 5,012 128 Cutera, Inc. + ......................... 1,107 12,604 Cyberonics, Inc. + ..................... 200,908 1,295 Cypress Bioscience, Inc. + ............. 10,580 1,462 Cytokinetics, Inc. + ................... 7,734 896 Cytori Therapeutics, Inc. + ............ 3,539 746 Delcath Systems, Inc. + ................ 3,663 1,718 Depomed, Inc. + ........................ 7,508 20,195 DexCom, Inc. + ......................... 160,146 602 Dionex Corp. + ......................... 39,112 4,051 Discovery Laboratories, Inc. + ......... 5,509 2,772 Durect Corp. + ......................... 7,401 1,976 Dyax Corp. + ........................... 7,094 1,913 Eclipsys Corp. + ....................... 36,921 600 Electro-Optical Sciences, Inc. + ....... 5,748 339 Emergency Medical Services Corp., Class A + .............................. 15,764 SHARES VALUE ------ ----- HEALTH CARE (CONTINUED) 7,577 Emergent Biosolutions, Inc. + .......... $ 133,810 674 Emeritus Corp. + ....................... 14,794 1,469 Endologix, Inc. + ...................... 9,093 374 Ensign Group, Inc. (The) ............... 5,247 493 EnteroMedics, Inc. + ................... 2,361 809 Enzo Biochem, Inc. + ................... 5,728 1,542 Enzon Pharmaceuticals, Inc. + .......... 12,721 1,424 eResearchTechnology, Inc. + ............ 9,968 277 Exactech, Inc. + ....................... 4,360 3,598 Exelixis, Inc. + ....................... 22,955 150 Facet Biotech Corp. + .................. 2,593 479 Genomic Health, Inc. + ................. 10,471 574 Genoptix, Inc. + ....................... 19,964 385 Gentiva Health Services, Inc. + ........ 9,629 1,490 Geron Corp. + .......................... 9,774 566 Greatbatch, Inc. + ..................... 12,718 649 GTx, Inc. + ............................ 8,307 873 Haemonetics Corp. + .................... 48,993 32,015 Halozyme Therapeutics, Inc. + .......... 227,627 160 Hanger Orthopedic Group, Inc. + ........ 2,219 671 Hansen Medical, Inc. + ................. 2,349 767 Harvard Bioscience, Inc. + ............. 2,907 784 Health Grades, Inc. + .................. 3,881 3,006 Healthsouth Corp. + .................... 47,014 60 Healthways, Inc. + ..................... 919 159 HeartWare International, Inc. + ........ 4,768 3,742 Hemispherx Biopharma, Inc. + ........... 7,484 62 Hi-Tech Pharmacal Co., Inc. + .......... 1,391 881 HMS Holdings Corp. + ................... 33,681 115 Home Diagnostics, Inc. + ............... 777 5,453 Human Genome Sciences, Inc. + .......... 102,625 433 ICU Medical, Inc. + .................... 15,960 920 Idenix Pharmaceuticals, Inc. + ......... 2,843 711 Idera Pharmaceuticals, Inc. + .......... 5,269 293 I-Flow Corp. + ......................... 3,337 2,398 Immucor, Inc. + ........................ 42,445 1,740 Immunogen, Inc. + ...................... 14,111 2,197 Immunomedics, Inc. + ................... 12,127 2,065 Impax Laboratories, Inc. + ............. 18,007 2,407 Incyte Corp., Ltd. + ................... 16,247 254 Infinity Pharmaceuticals, Inc. + ....... 1,582 4,229 Insmed, Inc. + ......................... 3,468 2,097 Inspire Pharmaceuticals, Inc. + ........ 10,946 13,157 Insulet Corp. + ........................ 147,753 641 Integra LifeSciences Holdings Corp. + .. 21,890 1,300 InterMune, Inc. + ...................... 20,709 427 Invacare Corp .......................... 9,514 380 inVentiv Health, Inc. + ................ 6,357 4,939 IPC The Hospitalist Co., Inc. + ........ 155,332 610 IRIS International, Inc. + ............. 6,893 3,170 Isis Pharmaceuticals, Inc. + ........... 46,187 1,105 ISTA Pharmaceuticals, Inc. + ........... 4,928 1,684 Javelin Pharmaceuticals, Inc. + ........ 3,284 107 Kendle International, Inc. + ........... 1,789 280 Kensey Nash Corp. + .................... 8,106 639 KV Pharmaceutical Co., Class A + ....... 1,962 192 Landauer, Inc .......................... 10,556 343 Lannett Co., Inc. + .................... 2,566 332 LCA-Vision, Inc. + ..................... 2,327 1,438 Lexicon Pharmaceuticals, Inc. + ........ 3,063 516 LHC Group, Inc. + ...................... 15,444 3,832 Ligand Pharmaceuticals, Inc., Class B + . 8,852 9,631 Luminex Corp. + ........................ 163,727 445 MAKO Surgical Corp. + .................. 3,898 WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- HEALTH CARE (CONTINUED) 1,792 MannKind Corp. + ....................... $ 17,651 259 MAP Pharmaceuticals, Inc. + ............ 2,709 202 Martek Biosciences Corp. + ............. 4,563 1,727 Masimo Corp. + ......................... 45,247 321 Matrixx Initiatives, Inc. + ............ 1,823 697 Maxygen, Inc. + ........................ 4,663 1,343 MedAssets, Inc. + ...................... 30,311 382 Medical Action Industries, Inc. + ...... 4,611 1,267 Medicines Co. (The) + .................. 13,950 271 Medicis Pharmaceutical Corp., Class A . 5,786 180 Medidata Solutions, Inc. + ............. 2,727 8,312 Medivation, Inc. + ..................... 225,588 858 Merge Healthcare, Inc. + ............... 3,526 1,380 Meridian Bioscience, Inc ............... 34,514 8,174 Merit Medical Systems, Inc. + .......... 141,655 660 Metabolix, Inc. + ...................... 6,785 1,350 Metropolitan Health Networks, Inc. + ... 2,943 1,960 Micromet, Inc. + ....................... 13,054 536 Micrus Endovascular Corp. + ............ 6,941 1,214 MiddleBrook Pharmaceuticals, Inc. + .... 1,396 552 Molecular Insight Pharmaceuticals, Inc. + ................................. 3,053 1,198 Momenta Pharmaceuticals, Inc. + ........ 12,711 367 MWI Veterinary Supply, Inc. + .......... 14,662 726 Myriad Pharmaceuticals, Inc. + ......... 4,254 1,249 Nabi Biopharmaceuticals + .............. 4,484 325 Nanosphere, Inc. + ..................... 2,327 119 National Healthcare Corp ............... 4,438 57 National Research Corp ................. 1,375 707 Natus Medical, Inc. + .................. 10,909 3,125 Nektar Therapeutics + .................. 30,437 450 Neogen Corp. + ......................... 14,531 1,304 Neurocrine Biosciences, Inc. + ......... 3,977 326 NeurogesX, Inc. + ...................... 2,608 382 NovaMed, Inc. + ........................ 1,730 2,081 Novavax, Inc. + ........................ 8,241 1,592 NPS Pharmaceuticals, Inc. + ............ 6,400 1,241 NuVasive, Inc. + ....................... 51,824 758 NxStage Medical, Inc. + ................ 5,071 587 Obagi Medical Products, Inc. + ......... 6,809 557 Odyssey HealthCare, Inc. + ............. 6,963 921 Omnicell, Inc. + ....................... 10,260 137 OncoGenex Pharmaceutical, Inc. + ....... 4,932 2,089 Onyx Pharmaceuticals, Inc. + ........... 62,607 1,275 Opko Health, Inc. + (a) ................ 2,907 975 Optimer Pharmaceuticals, Inc. + ........ 13,192 1,436 OraSure Technologies, Inc. + ........... 4,164 872 Orexigen Therapeutics, Inc. + .......... 8,589 582 Orthofix International NV + ............ 17,105 2,225 Orthovita, Inc. + ...................... 9,768 570 Osiris Therapeutics, Inc. + ............ 3,796 1,135 Owens & Minor, Inc ..................... 51,359 901 OXiGENE, Inc. + ........................ 1,279 1,157 Pain Therapeutics, Inc. + .............. 5,855 447 Palomar Medical Technologies, Inc. + ... 7,246 1,959 Parexel International Corp. + .......... 26,623 4,067 PDL BioPharma, Inc ..................... 32,048 712 Pharmasset, Inc. + ..................... 15,052 1,038 PharMerica Corp. + ..................... 19,276 1,468 Phase Forward, Inc. + .................. 20,611 759 Poniard Pharmaceuticals, Inc. + ........ 5,677 890 Pozen, Inc. + .......................... 6,550 664 Progenics Pharmaceuticals, Inc. + ...... 3,479 1,152 Protalix BioTherapeutics, Inc. + ....... 9,516 359 Providence Service Corp. (The) + ....... 4,186 SHARES VALUE ------ ----- HEALTH CARE (CONTINUED) 2,021 PSS World Medical, Inc. + .............. $ 44,118 1,298 Psychiatric Solutions, Inc. + .......... 34,734 803 Quality Systems, Inc ................... 49,441 1,928 Questcor Pharmaceuticals, Inc. + ....... 10,643 877 Quidel Corp. + ......................... 14,234 885 RadNet, Inc. + ......................... 2,292 2,146 Regeneron Pharmaceuticals, Inc. + ...... 41,418 495 RehabCare Group, Inc. + ................ 10,737 1,019 Repligen Corp. + ....................... 5,105 321 Repros Therapeutics, Inc. + ............ 289 1,639 Rigel Pharmaceuticals, Inc. + .......... 13,440 341 Rochester Medical Corp. + .............. 4,106 481 Rockwell Medical Technologies, Inc. + .. 3,742 639 RTI Biologics, Inc. + .................. 2,780 1,640 Salix Pharmaceuticals, Ltd. + .......... 34,866 1,374 Sangamo Biosciences, Inc. + ............ 11,281 1,739 Santarus, Inc. + ....................... 5,721 10,137 Savient Pharmaceuticals, Inc. + ........ 154,082 1,191 Sciclone Pharmaceuticals, Inc. + ....... 5,074 2,687 Seattle Genetics, Inc. + ............... 37,699 2,056 Sequenom, Inc. + ....................... 6,641 882 SIGA Technologies, Inc. + .............. 6,959 577 Sirona Dental Systems, Inc. + .......... 17,166 410 Somanetics Corp. + ..................... 6,609 583 SonoSite, Inc. + ....................... 15,426 1,070 Spectranetics Corp. + .................. 6,859 1,425 Spectrum Pharmaceuticals, Inc. + ....... 9,590 3,488 StemCells, Inc. + ...................... 5,685 863 Stereotaxis, Inc. + .................... 3,849 1,990 STERIS Corp ............................ 60,595 341 Sucampo Pharmaceuticals, Inc., Class A + .............................. 1,988 1,262 SuperGen, Inc. + ....................... 3,370 525 SurModics, Inc. + ...................... 12,915 3,312 SXC Health Solutions Corp. + ........... 154,968 269 Symmetry Medical, Inc. + ............... 2,790 393 Synovis Life Technologies, Inc. + ...... 5,423 531 Synta Pharmaceuticals Corp. + .......... 1,646 1,814 Theravance, Inc. + ..................... 26,557 1,923 Thoratec Corp. + ....................... 58,209 720 TomoTherapy, Inc. + .................... 3,118 421 TranS1, Inc. + ......................... 2,025 213 Transcend Services, Inc. + ............. 3,721 35 Triple-S Management Corp., Class B + ... 587 182 U.S. Physical Therapy, Inc. + .......... 2,743 110 Utah Medical Products, Inc ............. 3,225 9,109 Vanda Pharmaceuticals, Inc. + .......... 106,029 226 Varian, Inc. + ......................... 11,540 551 Vascular Solutions, Inc. + ............. 4,557 1,106 Vical, Inc. + .......................... 4,712 502 Viropharma, Inc. + ..................... 4,829 214 Virtual Radiologic Corp. + ............. 2,788 337 Vital Images, Inc. + ................... 4,219 2,676 Vivus, Inc. + .......................... 27,964 11,486 Volcano Corp. + ........................ 193,195 1,116 West Pharmaceutical Services, Inc ...... 45,321 1,295 Wright Medical Group, Inc. + ........... 23,129 930 XenoPort, Inc. + ....................... 19,744 131 Young Innovations, Inc ................. 3,447 12,189 Zoll Medical Corp. + ................... 262,307 1,251 Zymogenetics, Inc. + ................... 7,556 -------------- 6,567,870 -------------- INDUSTRIALS -- 16.7% 439 3D Systems Corp. + ........................ 4,052 WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- INDUSTRIALS (CONTINUED) 425 AAON, Inc .............................. $ 8,534 112 AAR Corp. + ............................ 2,457 354 ABM Industries, Inc .................... 7,448 1,088 Acacia Research-Acacia Technologies + .. 9,477 1,042 Actuant Corp., Class A ................. 16,735 1,070 Acuity Brands, Inc ..................... 34,465 718 Administaff, Inc ....................... 18,862 1,618 Advanced Battery Technologies, Inc. + .. 7,022 528 Advisory Board Co. (The) + ............. 13,274 453 Aerovironment, Inc. + .................. 12,725 1,134 Air Transport Services Group, Inc. + ... 3,924 4,058 Airtran Holdings, Inc. + ............... 25,362 69 Alaska Air Group, Inc. + ............... 1,849 523 Allegiant Travel Co., Class A + ........ 19,921 121 Altra Holdings, Inc. + ................. 1,354 618 American Ecology Corp .................. 11,557 1,095 American Reprographics Co. + ........... 10,424 310 American Science & Engineering, Inc .... 21,093 1,478 American Superconductor Corp. + ........ 49,572 145 Ampco-Pittsburgh Corp .................. 3,856 840 APAC Customer Services, Inc. + ......... 4,964 65 Apogee Enterprises, Inc ................ 976 443 Applied Signal Technology, Inc ......... 10,309 252 Argan, Inc. + .......................... 3,387 392 Argon ST, Inc. + ....................... 7,468 97 Ascent Solar Technologies, Inc. + ...... 731 261 Astronics Corp. + ...................... 2,453 500 ATC Technology Corp. + ................. 9,880 4,787 Atlas Air Worldwide Holdings + ......... 153,040 1,995 Avis Budget Group, Inc. + .............. 26,653 414 AZZ, Inc. + ............................ 16,630 505 Badger Meter, Inc ...................... 19,539 268 Baker (Michael) Corp. + ................ 9,739 309 Baldor Electric Co ..................... 8,448 1,272 Beacon Roofing Supply, Inc. + .......... 20,327 425 Blount International, Inc. + ........... 4,025 1,068 Broadwind Energy, Inc. + ............... 8,427 8,461 Bucyrus International, Inc., Class A ... 301,381 364 Builders FirstSource, Inc. + ........... 1,587 1,492 CBIZ, Inc. + ........................... 11,130 47 CDI Corp ............................... 660 12,398 Celadon Group, Inc. + .................. 140,221 1,620 Cenveo, Inc. + ......................... 11,210 854 Chart Industries, Inc. + ............... 18,438 26 Chase Corp ............................. 304 7,306 China Fire & Security Group, Inc. + .... 140,275 643 CLARCOR, Inc ........................... 20,165 694 Clean Harbors, Inc. + .................. 39,044 230 Colfax Corp. + ......................... 2,445 1,160 Corporate Executive Board Co ........... 28,884 677 CoStar Group, Inc. + ................... 27,906 316 CRA International, Inc. + .............. 8,624 532 Cubic Corp ............................. 20,998 947 Deluxe Corp ............................ 16,194 737 Diamond Management & Technology Consultants, Inc., Class A ............. 5,049 501 DigitalGlobe, Inc. + ................... 11,207 7,663 Dollar Thrifty Automotive Group, Inc. + 188,433 234 Dynamex, Inc. + ........................ 3,821 438 Dynamic Materials Corp ................. 8,743 119 DynCorp International, Inc., Class A + . 2,142 704 EMCOR Group, Inc. + .................... 17,825 1,601 Ener1, Inc. + .......................... 11,079 1,316 Energy Conversion Devices, Inc. + ...... 15,239 SHARES VALUE ------ ----- INDUSTRIALS (CONTINUED) 1,142 Energy Recovery, Inc. + ................ $ 6,646 236 EnergySolutions, Inc ................... 2,176 467 EnerNOC, Inc. + ........................ 15,486 893 ESCO Technologies, Inc. + .............. 35,184 329 Esterline Technologies Corp. + ......... 12,900 3,376 Evergreen Solar, Inc. + ................ 6,482 464 Exponent, Inc. + ....................... 13,071 535 Flanders Corp. + ....................... 2,761 1,081 Flow International Corp. + ............. 2,800 2,381 Force Protection, Inc. + ............... 13,000 472 Forward Air Corp ....................... 10,927 336 Franklin Covey Co. + ................... 1,966 477 Fuel Tech, Inc. + ...................... 5,342 1,791 FuelCell Energy, Inc. + ................ 7,648 809 Furmanite Corp. + ...................... 3,487 6,491 Genco Shipping & Trading, Ltd .......... 134,883 1,689 GenCorp, Inc. + ........................ 9,053 1,258 Genessee & Wyoming, Inc., Class A + .... 38,143 1,398 Geo Group, Inc. (The) + ................ 28,198 599 GeoEye, Inc. + ......................... 16,053 308 Gorman-Rupp Co. (The) .................. 7,672 309 GP Strategies Corp. + .................. 2,314 1,588 GrafTech International, Ltd. + ......... 23,344 226 Graham Corp ............................ 3,514 158 Granite Construction, Inc .............. 4,889 1,243 Great Lakes Dredge & Dock Corp ......... 8,676 1,046 GT Solar International, Inc. + ......... 6,077 385 Harbin Electric, Inc. + ................ 6,499 1,731 Hawaiian Holdings, Inc. + .............. 14,298 1,474 Healthcare Services Group .............. 27,063 1,082 Heartland Express, Inc ................. 15,581 787 HEICO Corp ............................. 34,124 16,609 Heidrick & Struggles International, Inc 386,325 87 Heritage-Crystal Clean, Inc. + ......... 1,109 1,831 Herman Miller, Inc ..................... 30,962 3,286 Hexcel Corp. + ......................... 37,592 725 Hill International, Inc. + ............. 5,148 1,112 HNI Corp ............................... 26,243 264 Houston Wire & Cable Co ................ 2,917 7,779 HUB Group, Inc., Class A + ............. 177,750 25 Hurco Cos., Inc. + ..................... 427 733 Huron Consulting Group, Inc. + ......... 18,933 300 ICF International, Inc. + .............. 9,096 253 ICT Group, Inc. + ...................... 2,657 575 II-VI, Inc. + .......................... 14,628 667 Innerworkings, Inc. + .................. 3,295 1,627 Interface, Inc., Class A ............... 13,504 753 Kaman Corp ............................. 16,551 94 Kelly Services, Inc., Class A .......... 1,156 7,879 Kennametal, Inc ........................ 193,902 10,158 KHD Humboldt Wedag International, Ltd. + ................................. 105,440 1,537 Knight Transportation, Inc ............. 25,791 1,600 Knoll, Inc ............................. 16,688 93 Korn/Ferry International + ............. 1,357 66 K-Tron International, Inc. + ........... 6,284 334 LaBarge, Inc. + ........................ 3,757 398 Lindsay Corp ........................... 15,673 147 LMI Aerospace, Inc. + .................. 1,475 524 Marten Transport, Ltd. + ............... 8,940 1,275 MasTec, Inc. + ......................... 15,491 112 Mcgrath Rentcorp ....................... 2,382 389 Met-Pro Corp ........................... 3,769 2,292 Microvision, Inc. + .................... 12,629 WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- INDUSTRIALS (CONTINUED) 556 Middleby Corp. + ....................... $ 30,586 840 Mine Safety Appliances Co .............. 23,108 313 Mobile Mini, Inc. + .................... 5,434 15,482 Monster Worldwide, Inc. + .............. 270,625 320 Multi-Color Corp ....................... 4,938 587 MYR Group, Inc. + ...................... 12,380 1,699 Navigant Consulting, Inc. + ............ 22,937 114 NCI Building Systems, Inc. + ........... 365 387 Nordson Corp ........................... 21,707 287 North American Galvanizing & Coating, Inc. + ................................. 1,742 1,784 Odyssey Marine Exploration, Inc. + ..... 3,318 154 Old Dominion Freight Line, Inc. + ...... 4,686 94 Omega Flex, Inc ........................ 1,576 131 On Assignment, Inc. + .................. 766 1,921 Orbital Sciences Corp. + ............... 28,757 911 Orion Marine Group, Inc. + ............. 18,712 28 Patriot Transporation Holding, Inc. + .. 2,114 1,814 Perma-Fix Environmental Services + ..... 4,245 260 Pike Electric Corp. + .................. 3,115 445 PMFG, Inc. + ........................... 5,723 243 Polypore International, Inc. + ......... 3,137 115 Portec Rail Products, Inc .............. 1,091 265 Powell Industries, Inc. + .............. 10,173 229 Power-One, Inc. + ...................... 447 167 PowerSecure International, Inc. + ...... 1,132 69 Preformed Line Products Co ............. 2,763 277 Primoris Services Corp ................. 1,997 752 Quanex Building Products Corp .......... 10,799 545 Raven Industries, Inc .................. 14,568 701 RBC Bearings, Inc. + ................... 16,354 208 Republic Airways Holdings, Inc. + ...... 1,941 1,533 Resources Connection, Inc. + ........... 26,153 67 Robbins & Myers, Inc ................... 1,573 1,493 Rollins, Inc ........................... 28,143 1,643 RSC Holdings, Inc. + ................... 11,945 246 Rush Enterprises, Inc., Class A + ...... 3,178 1,464 SatCon Technology Corp. + .............. 2,503 20 Sauer-Danfoss, Inc ..................... 153 225 School Specialty, Inc. + ............... 5,337 1,005 Simpson Manufacturing Co., Inc ......... 25,386 202 SmartHeat, Inc. + ...................... 2,398 48 Standard Parking Corp. + ............... 840 422 Standard Register Co. (The) ............ 2,481 391 Stanley, Inc. + ........................ 10,057 39 Sterling Construction Co., Inc. + ...... 698 174 Sun Hydraulics Corp .................... 3,664 10,202 SYKES Enterprises, Inc. + .............. 212,406 27 TAL International Group, Inc ........... 384 2,082 Taser International, Inc. + ............ 9,827 609 Team, Inc. + ........................... 10,323 403 Teledyne Technologies, Inc. + .......... 14,504 635 Tennant Co ............................. 18,453 25,291 Terex Corp. + .......................... 524,282 2,051 Tetra Tech, Inc. + ..................... 54,413 406 Titan Machinery, Inc. + ................ 5,083 11,694 TransDigm Group, Inc. + ................ 582,478 6,267 Trex Co., Inc. + ....................... 114,059 309 Trimas Corp. + ......................... 1,576 4,586 UAL Corp. + ............................ 42,283 362 Ultralife Corp. + ...................... 2,194 186 USA Truck, Inc. + ...................... 2,362 1,424 Valence Technology, Inc. + ............. 2,563 76 Viad Corp .............................. 1,513 SHARES VALUE ------ ----- INDUSTRIALS (CONTINUED) 262 Vicor Corp ............................. $ 2,023 111 VSE Corp ............................... 4,330 70 Waste Services, Inc. + ................. 323 829 Watsco, Inc ............................ 44,691 1,189 Watson Wyatt Worldwide, Inc., Class A .. 51,793 1,653 Woodward Governor Co ................... 40,102 -------------- 5,723,801 -------------- INFORMATION TECHNOLOGY -- 30.2% 10,753 3Com Corp. + ........................... 56,238 18,819 3PAR, Inc. + ........................... 207,574 7,770 ACI Worldwide, Inc. + .................. 117,560 1,323 Acme Packet, Inc. + .................... 13,243 272 Actel Corp. + .......................... 3,310 492 ActivIdentity Corp. + .................. 1,363 1,496 Actuate Corp. + ........................ 8,647 1,893 Acxiom Corp ............................ 17,908 644 ADC Telecommunications, Inc. + ......... 5,371 1,464 Adtran, Inc ............................ 35,941 1,436 Advanced Analogic Technologies, Inc. + . 5,701 882 Advanced Energy Industries, Inc. + ..... 12,560 521 Advent Software, Inc. + ................ 20,970 469 Airvana, Inc. + ........................ 3,175 671 American Software, Inc., Class A ....... 4,382 3,695 Amkor Technology, Inc. + ............... 25,422 1,697 Anadigics, Inc. + ...................... 7,993 438 Anaren, Inc. + ......................... 7,446 154 Anixter International, Inc. + .......... 6,177 17,429 Applied Micro Circuits Corp. + ......... 174,116 8,740 ArcSight, Inc. + ....................... 210,372 2,974 Ariba, Inc. + .......................... 34,498 3,180 Arris Group, Inc. + .................... 41,372 4,284 Art Technology Group, Inc. + ........... 16,536 16,912 Aruba Networks, Inc. + ................. 149,502 994 AsiaInfo Holdings, Inc. + .............. 19,850 2,079 Atheros Communications, Inc. + ......... 55,156 315 ATMI, Inc. + ........................... 5,717 193 Avid Technology, Inc. + ................ 2,719 199 Avocent Corp. + ........................ 4,034 253 Benchmark Electronics, Inc. + .......... 4,554 1,183 BigBand Networks, Inc. + ............... 4,744 1,492 Blackbaud, Inc ......................... 34,614 8,837 Blackboard, Inc. + ..................... 333,862 9,266 Blue Coat Systems, Inc. + .............. 209,319 853 Bottomline Technologies, Inc. + ........ 11,004 1,678 Brightpoint, Inc. + .................... 14,682 86 Cabot Microelectronics Corp. + ......... 2,998 117 CACI International, Inc., Class A + .... 5,531 439 Callidus Software, Inc. + .............. 1,321 281 Cass Information Systems, Inc .......... 8,391 1,234 Cavium Networks, Inc. + ................ 26,494 572 Ceva, Inc. + ........................... 6,149 316 Checkpoint Systems, Inc. + ............. 5,195 765 China Information Security Technology, Inc. + ................................. 4,238 896 China Security & Surveillance Technology, Inc. + ..................... 6,397 269 China TransInfo Technology Corp. + ..... 2,545 1,002 Chordiant Software, Inc. + ............. 3,898 2,196 Cirrus Logic, Inc. + ................... 12,210 1,452 Cogent, Inc. + ......................... 14,665 244 Cognex Corp ............................ 3,997 9,777 CommVault Systems, Inc. + .............. 202,873 573 Compellent Technologies, Inc. + ........ 10,343 WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- INFORMATION TECHNOLOGY (CONTINUED) 302 Computer Task Group, Inc. + ............ $ 2,449 13,008 comScore, Inc. + ....................... 234,274 958 Comtech Telecommunications Corp. + ..... 31,825 649 Comverge, Inc. + ....................... 7,924 1,354 Concur Technologies, Inc. + ............ 53,835 816 Constant Contact, Inc. + ............... 15,708 72 CPI International, Inc. + .............. 806 838 Cray, Inc. + ........................... 6,981 715 CSG Systems International, Inc. + ...... 11,447 59 CTS Corp ............................... 549 2,352 Cybersource Corp. + .................... 39,208 9,263 Cymer, Inc. + .......................... 359,960 992 Daktronics, Inc ........................ 8,501 50 DDi Corp. + ............................ 213 31,305 DealerTrack Holdings, Inc. + ........... 591,978 382 Deltek, Inc. + ......................... 2,938 683 DemandTec, Inc. + ...................... 6,031 620 DG FastChannel, Inc. + ................. 12,983 510 Dice Holdings, Inc. + .................. 3,346 297 Digi International, Inc. + ............. 2,530 1,048 Digital River, Inc. + .................. 42,255 1,085 Diodes, Inc. + ......................... 19,628 667 DivX, Inc. + ........................... 3,642 533 Double-Take Software, Inc. + ........... 5,431 592 DTS, Inc. + ............................ 16,209 446 Earthlink, Inc ......................... 3,751 231 Ebix, Inc. + ........................... 12,788 786 Echelon Corp. + ........................ 10,116 222 eLoyalty Corp. + ....................... 1,778 426 EMS Technologies, Inc. + ............... 8,869 2,609 Emulex Corp. + ......................... 26,847 1,771 Entropic Communications, Inc. + ........ 4,852 1,102 EPIQ Systems, Inc. + ................... 15,979 7 ePlus, Inc. + .......................... 109 1,451 Euronet Worldwide, Inc. + .............. 34,867 109 Exar Corp. + ........................... 801 9,796 ExlService Holdings, Inc. + ............ 145,569 1,145 FalconStor Software, Inc. + ............ 5,691 515 FARO Technologies, Inc. + .............. 8,848 1,174 FEI Co. + .............................. 28,939 10,166 Finisar Corp. + ........................ 98,402 1,583 Formfactor, Inc. + ..................... 37,865 532 Forrester Research, Inc. + ............. 14,172 2,017 Gartner, Inc. + ........................ 36,851 1,250 Global Cash Access Holdings, Inc. + .... 9,137 519 GSE Systems, Inc. + .................... 3,228 15,724 GSI Commerce, Inc. + ................... 303,630 630 Hackett Group, Inc. (The) + ............ 1,827 2,469 Harmonic, Inc. + ....................... 16,493 1,275 Heartland Payment Systems, Inc ......... 18,500 729 Hittite Microwave Corp. + .............. 26,813 303 Hughes Communications, Inc. + .......... 9,193 449 i2 Technologies, Inc. + ................ 7,202 197 ICx Technologies, Inc. + ............... 1,166 748 iGate Corp ............................. 6,418 96 Imation Corp ........................... 890 241 Imergent, Inc .......................... 1,899 926 Immersion Corp. + ...................... 3,963 2,858 Infinera Corp. + ....................... 22,721 608 infoGROUP, Inc ......................... 4,262 2,967 Informatica Corp. + .................... 66,995 647 Infospace, Inc. + ...................... 5,008 704 Innodata Isogen, Inc. + ................ 5,597 201 Insight Enterprises, Inc. + ............ 2,454 SHARES VALUE ------ ----- INFORMATION TECHNOLOGY (CONTINUED) 154 Integral Systems, Inc. + ............... $ 1,063 699 Intellon Corp. + ....................... 4,956 429 Interactive Intelligence, Inc. + ....... 8,198 1,488 InterDigital, Inc. + ................... 34,462 2,112 Intermec, Inc. + ....................... 29,779 466 Internet Brands, Inc., Class A + ....... 3,719 708 Internet Capital Group, Inc. + ......... 5,919 786 IPG Photonics Corp. + .................. 11,947 854 Isilon Systems, Inc. + ................. 5,209 1,043 Ixia + ................................. 7,155 670 IXYS Corp .............................. 5,702 1,395 j2 Global Communications, Inc. + ....... 32,099 2,853 Jack Henry & Associates, Inc ........... 66,960 7,992 JDA Software Group, Inc. + ............. 175,344 11,426 Kenexa Corp. + ......................... 154,022 207 Keynote Systems, Inc. + ................ 1,952 1,023 Knot, Inc. (The) + ..................... 11,171 2,271 Kopin Corp. + .......................... 10,901 23,864 Kulicke & Soffa Industries, Inc. + ..... 143,900 425 KVH Industries, Inc. + ................. 4,246 1,993 L-1 Identity Solutions, Inc., Class 1 + 13,931 300 Lattice Semiconductor Corp. + .......... 675 1,880 Lawson Software, Inc. + ................ 11,731 1,093 Limelight Networks, Inc. + ............. 4,438 1,928 Lionbridge Technologies, Inc. + ........ 5,013 511 Liquidity Services, Inc. + ............. 5,274 1,379 LivePerson, Inc. + ..................... 6,950 9,084 LogMeIn, Inc. + ........................ 166,328 685 LoopNet, Inc. + ........................ 6,192 365 Loral Space & Communications, Inc. + ... 10,030 784 Manhattan Associates, Inc. + ........... 15,837 594 Mantech International Corp., Class A + . 28,013 339 Marchex, Inc., Class B ................. 1,664 547 MAXIMUS, Inc ........................... 25,490 764 Maxwell Technologies, Inc. + ........... 14,081 42 MEMSIC, Inc. + ......................... 157 262 Mentor Graphics Corp. + ................ 2,439 879 MercadoLibre, Inc. + ................... 33,806 138 Methode Electronics, Inc ............... 1,196 629 Micrel, Inc ............................ 5,126 2,763 Microsemi Corp. + ...................... 43,628 308 MicroStrategy, Inc., Class A + ......... 22,034 1,053 Microtune, Inc. + ...................... 1,916 1,507 MIPS Technologies, Inc., Class A + ..... 5,681 85 ModusLink Global Solutions, Inc. + ..... 688 2,377 MoneyGram International, Inc. + ........ 7,464 1,153 Monolithic Power Systems, Inc. + ....... 27,038 5,225 Move, Inc. + ........................... 14,108 61 MTS Systems Corp ....................... 1,782 335 Multi-Fineline Electronix, Inc. + ...... 9,618 221 NCI, Inc., Class A + ................... 6,334 1,074 Net 1 UEPS Technologies, Inc. + ........ 22,511 1,605 Netezza Corp. + ........................ 18,040 303 Netgear, Inc. + ........................ 5,560 615 Netlogic Microsystems, Inc. + .......... 27,675 728 Netscout Systems, Inc. + ............... 9,835 568 NetSuite, Inc. + ....................... 8,690 474 Network Equipment Technologies, Inc. + . 3,427 1,690 NIC, Inc ............................... 15,024 11,891 Novatel Wireless, Inc. + ............... 135,082 159 NVE Corp. + ............................ 8,452 2,169 Omniture, Inc. + ....................... 46,503 544 Online Resources Corp. + ............... 3,356 102 OpenTable, Inc. + ...................... 2,811 WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- INFORMATION TECHNOLOGY (CONTINUED) 1,105 OpenTV Corp., Class A + ................ $ 1,525 814 Openwave Systems, Inc. + ............... 2,116 505 Oplink Communications, Inc. + .......... 7,333 446 Opnet Technologies, Inc ................ 4,875 132 Opnext, Inc. + ......................... 387 417 OSI Systems, Inc. + .................... 7,627 4,856 Palm, Inc. + ........................... 84,640 170 PAR Technology Corp. + ................. 1,085 3,945 Parametric Technology Corp. + .......... 54,520 437 Park Electrochemical Corp .............. 10,772 975 Parkervision, Inc. + ................... 3,988 69 PC Mall, Inc. + ........................ 473 83 PC-Tel, Inc. + ......................... 519 511 Pegasystems, Inc ....................... 17,645 211 Perficient, Inc. + ..................... 1,745 600 Perot Systems Corp., Class A + ......... 17,820 965 Phoenix Technologies, Ltd. + ........... 3,522 1,467 Plantronics, Inc ....................... 39,330 450 Plexus Corp. + ......................... 11,853 1,119 PLX Technology, Inc. + ................. 3,771 19,930 Polycom, Inc. + ........................ 533,127 8,193 Power Integrations, Inc ................ 273,073 1,358 Progress Software Corp. + .............. 30,759 649 PROS Holdings, Inc. + .................. 5,465 402 QAD, Inc ............................... 1,829 7,131 Quantum Corp. + ........................ 8,985 234 Quest Software, Inc. + ................. 3,943 2,260 Rackspace Hosting, Inc. + .............. 38,556 934 Radiant Systems, Inc. + ................ 10,031 794 Radisys Corp. + ........................ 6,900 1,357 RAE Systems, Inc. + .................... 1,493 1,429 RealNetworks, Inc. + ................... 5,316 221 Renaissance Learning, Inc .............. 2,197 8,346 RF Micro Devices, Inc. + ............... 45,319 742 RightNow Technologies, Inc. + .......... 10,714 1,864 Riverbed Technology, Inc. + ............ 40,933 436 Rofin-Sinar Technologies, Inc. + ....... 10,011 118 Rogers Corp. + ......................... 3,536 213 Rosetta Stone, Inc. + .................. 4,890 427 Rubicon Technology, Inc. + ............. 6,337 379 Rudolph Technologies, Inc. + ........... 2,805 1,773 S1 Corp. + ............................. 10,957 811 Saba Software, Inc. + .................. 3,414 2,846 Sapient Corp. + ........................ 22,882 1,230 SAVVIS, Inc. + ......................... 19,459 53 Scansource, Inc. + ..................... 1,501 560 Seachange International, Inc. + ........ 4,200 136 Semitool, Inc. + ....................... 1,149 2,078 Semtech Corp. + ........................ 35,347 1,505 ShoreTel, Inc. + ....................... 11,754 659 Sigma Designs, Inc. + .................. 9,575 109 Silicon Graphics International Corp. + . 731 5,700 Skyworks Solutions, Inc. + ............. 75,468 966 Smith Micro Software, Inc. + ........... 11,940 9,189 SolarWinds, Inc. + ..................... 202,434 2,367 Solera Holdings, Inc ................... 73,637 133 SonicWALL, Inc. + ...................... 1,117 754 Sourcefire, Inc. + ..................... 16,188 624 SPSS, Inc. + ........................... 31,169 403 SRA International, Inc., Class A + ..... 8,701 370 SRS Labs, Inc. + ....................... 2,705 194 Standard Microsystems Corp. + .......... 4,503 1,334 Starent Networks Corp. + ............... 33,910 71 StarTek, Inc. + ........................ 616 SHARES VALUE ------ ----- INFORMATION TECHNOLOGY (CONTINUED) 841 STEC, Inc. + ........................... $ 24,717 688 Stratasys, Inc. + ...................... 11,806 16,022 SuccessFactors, Inc. + ................. 225,430 530 Super Micro Computer, Inc. + ........... 4,484 373 Supertex, Inc. + ....................... 11,190 341 support.com, Inc. + .................... 818 693 Switch & Data Facilities Co., Inc. + ... 9,432 897 Symyx Technologies, Inc. + ............. 5,938 1,168 Synaptics, Inc. + ...................... 29,434 565 Synchronoss Technologies, Inc. + ....... 7,046 132 SYNNEX Corp. + ......................... 4,023 438 Syntel, Inc ............................ 20,906 358 Take-Two Interactive Software, Inc. + .. 4,013 1,064 Taleo Corp., Class A + ................. 24,089 8,613 Techwell, Inc. + ....................... 94,571 757 Tekelec + .............................. 12,438 1,302 TeleCommunication Systems, Inc., Class A + .............................. 10,885 1,105 TeleTech Holdings, Inc. + .............. 18,851 1,795 Terremark Worldwide, Inc. + ............ 11,165 1,656 Tessera Technologies, Inc. + ........... 46,186 20,166 THQ, Inc. + ............................ 137,935 2,157 TIBCO Software, Inc. + ................. 20,470 311 Tier Technologies, Inc., Class B + ..... 2,637 25,657 TiVo, Inc. + ........................... 265,806 858 TNS, Inc. + ............................ 23,509 188 Travelzoo, Inc. + ...................... 2,656 202 Trident Microsystems, Inc. + ........... 523 27,970 TriQuint Semiconductor, Inc. + ......... 215,928 1,063 Tyler Technologies, Inc. + ............. 18,167 829 Ultimate Software Group, Inc. + ........ 23,809 804 Ultratech, Inc. + ...................... 10,637 458 Unica Corp. + .......................... 3,490 680 Unisys Corp. + ......................... 1,816 995 Universal Display Corp. + .............. 11,880 2,961 Valueclick, Inc. + ..................... 39,056 8,627 VanceInfo Technologies, Inc. ADR + ..... 167,709 708 VASCO Data Security International, Inc. + ................................. 5,253 6,540 Veeco Instruments, Inc. + .............. 152,513 2,455 VeriFone Holdings, Inc. + .............. 39,010 884 Viasat, Inc. + ......................... 23,497 43 Virage Logic Corp. + ................... 224 334 Virtusa Corp. + ........................ 3,170 6,352 VistaPrint NV + ........................ 322,364 564 Vocus, Inc. + .......................... 11,782 771 Volterra Semiconductor Corp. + ......... 14,163 1,507 Websense, Inc. + ....................... 25,318 1,306 Wright Express Corp. + ................. 38,540 2,130 Zix Corp. + ............................ 4,686 1,327 Zoran Corp. + .......................... 15,287 -------------- 10,308,729 -------------- MATERIALS -- 3.5% 171 AEP Industries, Inc. + ................. 6,823 1,521 Allied Nevada Gold Corp. + ............. 14,891 180 AMCOL International Corp ............... 4,120 83 American Vanguard Corp ................. 690 135 Arch Chemicals, Inc .................... 4,049 624 Balchem Corp ........................... 16,411 446 Boise, Inc. + .......................... 2,355 25 Bway Holding Co. + ..................... 463 1,863 Calgon Carbon Corp. + .................. 27,628 279 China Green Agriculture, Inc. + ........ 3,270 WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- MATERIALS (CONTINUED) 34 Clearwater Paper Corp. + ............... $ 1,405 281 Deltic Timber Corp ..................... 12,861 240 General Steel Holdings, Inc. + ......... 934 33 GenTek, Inc. + ......................... 1,255 2,571 Greif, Inc., Class A ................... 141,533 281 Hawkins, Inc ........................... 6,564 12,942 Horsehead Holding Corp. + .............. 151,680 15,833 KapStone Paper and Packaging Corp. + ... 128,881 440 Koppers Holdings, Inc .................. 13,046 868 Landec Corp. + ......................... 5,555 587 LSB Industries, Inc. + ................. 9,140 343 NewMarket Corp ......................... 31,913 204 NL Industries, Inc ..................... 1,367 249 Olin Corp .............................. 4,343 1,467 Omnova Solutions, Inc. + ............... 9,506 1,779 Paramount Gold and Silver Corp. + ...... 2,437 534 Polyone Corp. + ........................ 3,562 1,143 Rock-Tenn Co., Class A ................. 53,847 478 Silgan Holdings, Inc ................... 25,205 36,853 Solutia, Inc. + ........................ 426,758 229 Stepan Co .............................. 13,758 187 Stillwater Mining Co. + ................ 1,257 49 United States Lime & Minerals, Inc. + .. 1,760 528 Wausau Paper Corp ...................... 5,280 1,876 Worthington Industries, Inc ............ 26,076 725 WR Grace & Co. + ....................... 15,761 734 Zep, Inc ............................... 11,927 -------------- 1,188,311 -------------- TELECOMMUNICATION SERVICES -- 0.8% 422 AboveNet, Inc. + ....................... 20,577 1,504 Alaska Communications Systems Group, Inc .................................... 13,912 788 Cbeyond, Inc. + ........................ 12,710 2,893 Centennial Communications Corp. + ...... 23,086 1,306 Cincinnati Bell, Inc. + ................ 4,571 1,508 Cogent Communications Group, Inc. + . .. 17,040 413 Consolidated Communications Holdings, Inc .................................... 6,612 1,568 Fairpoint Communications, Inc .......... 643 792 General Communication, Inc., Class A + . 5,433 847 Global Crossing, Ltd. + ................ 12,112 444 HickoryTech Corp ....................... 3,796 896 inContact, Inc. + ...................... 2,670 166 Iowa Telecommunications Services, Inc. . 2,092 534 iPCS, Inc. + ........................... 9,292 1,117 Neutral Tandem, Inc. + ................. 25,423 1,028 NTELOS Holdings Corp ................... 18,154 4,154 PAETEC Holding Corp. + ................. 16,076 1,593 Premiere Global Services, Inc. + ....... 13,238 805 Shenandoah Telecommunications Co ....... 14,450 1,932 Syniverse Holdings, Inc. + ............. 33,810 694 USA Mobility, Inc ...................... 8,939 456 Virgin Mobile USA, Inc., Class A + ..... 2,280 -------------- 266,916 -------------- UTILITIES -- 0.1% 426 Cadiz, Inc. + .......................... 4,984 52 California Water Service Group ......... 2,025 19 Connecticut Water Service, Inc ......... 425 163 Consolidated Water Co., Inc ............ 2,662 233 New Jersey Resources Corp .............. 8,460 29 Pennichuck Corp ........................ 631 155 Piedmont Natural Gas Co., Inc .......... 3,711 118 South Jersey Industries, Inc ........... 4,165 SHARES VALUE ------ ----- UTILITIES (CONTINUED) 1,624 U.S. Geothermal, Inc.+ ................. $ 2,534 150 York Water Co .......................... 2,079 -------------- 31,676 -------------- Total Common Stock (Cost $32,039,857) 34,274,962 -------------- PRIVATE EQUITY -- 0.0% 1 Teton Advisors, Inc.(d) ................ 1 -------------- Total Private Equity (Cost $40) 1 -------------- WARRANT -- 0.0% 15 GRH, Expires 09/11 + (a) ............... -- -------------- Total Warrant (Cost $--) -- -------------- EXCHANGE-TRADED FUND -- 0.0% 180 iShares Russell 2000 Growth Index Fund 11,792 -------------- Total Exchange-Traded Fund (Cost $10,905) 11,792 -------------- CASH EQUIVALENT -- 0.7% 228,789 PNC Institutional Money Market Trust, 0.05% (b)(c) 228,789 -------------- Total Cash Equivalent (Cost $228,789) 228,789 -------------- Total Investments -- 101.0% (Cost $32,279,591)+ 34,515,544 Other Assets & Liabilities, Net -- (1.0)% (325,910) -------------- NET ASSETS -- 100.0% $ 34,189,634 ============== + Non-income producing security. ++ Narrow industries are used for compliance purposes, whereas broad sectors are utilized for reporting. ADR -- American Depositary Receipt (a) All or a portion of this security is on loan. (b) Rate shown is the 7-day effective yield as of September 30, 2009. (c) A partial position of this security was purchased with proceeds from collateral received from securities on loan. At September 30, 2009, $18 of this investment represents the collateral received for securities on loan. (d) Security fair valued using methods determined in good faith by the Pricing Committee. As of September 30, 2009, the total market value of this security was $1 representing 0.0% of net assets. WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) ++ At September 30, 2009, the tax basis cost of the Fund's investments was $32,279,591, and the unrealized appreciation and depreciation were $4,743,005 and $(2,507,052), respectively. For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi- annual and annual financial statements. Amounts designated as "--" are either $0, or have been rounded to $0. See end of form N-Q for inputs used in valuing the Fund's investments at September 30, 2009. WILSHIRE VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- COMMON STOCK -- 94.3% AUSTRALIA -- 3.7% 840 AGL Energy, Ltd ........................ $ 10,108 13,400 Alumina, Ltd ........................... 21,410 3,220 AMP, Ltd ............................... 18,454 1,749 Aristocrat Leisure, Ltd ................ 8,055 4,176 Australia & New Zealand Banking Group, Ltd .................................... 89,422 5,553 BHP Billiton, Ltd ...................... 183,078 3,707 BlueScope Steel, Ltd ................... 9,536 2,590 Brambles, Ltd .......................... 18,403 2,116 Commonwealth Bank of Australia ......... 96,089 1,000 CSL, Ltd ............................... 29,459 3,120 Fortescue Metals Group, Ltd. + ......... 10,436 4,120 Foster's Group, Ltd .................... 20,149 7,765 GPT Group .............................. 4,668 6,870 Insurance Australia Group, Ltd ......... 22,830 308 Leighton Holdings, Ltd ................. 9,776 528 Macquarie Group, Ltd ................... 27,251 5,570 Macquarie Infrastructure Group ......... 7,219 3,409 National Australia Bank, Ltd ........... 92,218 651 Newcrest Mining, Ltd ................... 18,315 1,215 Orica, Ltd ............................. 25,097 802 Origin Energy, Ltd ..................... 11,517 1,610 QBE Insurance Group, Ltd ............... 34,030 620 Rio Tinto, Ltd ......................... 32,211 4,886 Stockland .............................. 17,483 4,732 Suncorp-Metway, Ltd .................... 36,924 2,150 TABCORP Holdings, Ltd .................. 13,507 8,000 Telstra Corp., Ltd ..................... 23,032 1,550 Toll Holdings, Ltd ..................... 11,621 2,602 Transurban Group ....................... 9,382 1,459 Wesfarmers, Ltd ........................ 33,989 754 Wesfarmers, Ltd. PPS ................... 17,595 3,555 Westfield Group ........................ 43,377 10,662 Westpac Banking Corp ................... 245,972 970 Woodside Petroleum, Ltd ................ 44,484 2,227 Woolworths, Ltd ........................ 57,381 383 WorleyParsons, Ltd ..................... 9,987 -------------- 1,364,465 -------------- AUSTRIA -- 0.9% 570 Erste Group Bank AG .................... 25,624 2,560 OMV AG ................................. 103,707 790 Telekom Austria AG ..................... 14,280 3,300 Vienna Insurance Group ................. 189,149 -------------- 332,760 -------------- BELGIUM -- 1.0% 624 Anheuser-Busch InBev NV + .............. 3 1,014 Anheuser-Busch InBev NV ................ 46,502 280 Belgacom SA ............................ 10,922 1,797 Delhaize Group ......................... 124,919 5,266 Fortis ................................. 24,792 341 Groupe Bruxelles Lambert SA ............ 31,595 400 KBC Groep NV ........................... 20,221 1,100 Solvay SA .............................. 114,398 200 UCB SA ................................. 8,459 -------------- 381,811 -------------- BERMUDA -- 0.0% 736 Seadrill, Ltd .......................... 15,414 -------------- SHARES VALUE ------ ----- CANADA -- 3.3% 3,200 Bank of Montreal ....................... $ 162,004 1,900 Bank of Nova Scotia .................... 86,778 4,000 Canadian National Railway Co ........... 197,121 2,000 Canadian Natural Resources, Ltd ........ 135,140 2,900 Metro, Inc., Class A ................... 94,833 6,400 Nexen, Inc ............................. 145,585 6,000 Rogers Communications, Inc., Class B . . 169,514 3,900 Royal Bank of Canada ................... 209,762 -------------- 1,200,737 -------------- CHINA -- 1.2% 93,577 Bank of Communications Co., Ltd., Class H ................................ 113,462 319,000 Dongfeng Motor Group Co., Ltd., Class H ................................ 337,446 7,327 Foxconn International Holdings, Ltd. + . 4,791 -------------- 455,699 -------------- DENMARK -- 0.7% 3 A P Moller - Maersk A/S, Class B ....... 20,779 224 Danske Bank A/S ........................ 5,922 700 DSV A/S ................................ 12,551 5,800 H Lundbeck A/S ......................... 120,865 800 Novo-Nordisk A/S, Class B .............. 50,333 125 Novozymes A/S, Class B ................. 11,819 350 Vestas Wind Systems A/S + .............. 25,521 -------------- 247,790 -------------- FINLAND -- 0.8% 1,070 Fortum Oyj ............................. 27,490 14,240 Nokia Oyj .............................. 208,824 1,060 Sampo Oyj, Class A ..................... 26,753 1,450 Stora Enso Oyj, Class R ................ 10,123 1,310 UPM-Kymmene Oyj ........................ 15,752 -------------- 288,942 -------------- FRANCE -- 8.5% 370 Accor SA ............................... 20,648 649 Air Liquide SA ......................... 73,939 4,580 Alcatel-Lucent ......................... 20,626 440 Alstom SA .............................. 32,216 8,740 AXA SA ................................. 237,206 4,633 BNP Paribas ............................ 371,745 3,750 Bouygues ............................... 191,580 290 Cap Gemini SA .......................... 15,238 964 Carrefour SA ........................... 43,879 1,400 Christian Dior SA ...................... 138,725 720 Cie de Saint-Gobain .................... 37,617 295 Cie Generale de Geophysique-Veritas + .. 6,914 440 Cie Generale d'Optique Essilor International SA ....................... 25,121 180 CNP Assurances ......................... 18,371 245 Compagnie Generale des Etablissements Michelin, Class B ...................... 19,289 1,610 Credit Agricole SA ..................... 33,796 362 Electricite de France .................. 21,544 7,844 France Telecom SA ...................... 209,140 1,834 GDF Suez ............................... 81,641 950 Groupe Danone SA ....................... 57,456 350 Lafarge SA ............................. 31,379 330 Lagardere SCA .......................... 15,418 490 L'Oreal SA ............................. 48,794 509 LVMH Moet Hennessy Louis Vuitton SA .... 51,329 40 Neopost SA ............................. 3,595 280 Pernod-Ricard SA ....................... 22,314 WILSHIRE VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- FRANCE (CONTINUED) 200 PPR .................................... $ 25,727 520 Publicis Groupe ........................ 20,957 5,077 Sanofi-Aventis SA ...................... 374,342 2,415 Schneider Electric SA .................. 245,673 820 Societe Generale ....................... 66,316 230 Sodexo ................................. 13,812 450 Suez Environnement Co .................. 10,307 310 Technip SA ............................. 19,862 3,672 Total SA ............................... 218,225 132 Unibail-Rodamco ........................ 27,485 135 Vallourec .............................. 22,974 3,767 Veolia Environnement ................... 144,829 604 Vinci SA ............................... 34,295 1,936 Vivendi ................................ 60,157 -------------- 3,114,481 -------------- GERMANY -- 5.6% 350 Adidas AG .............................. 18,492 742 Allianz SE ............................. 92,552 3,452 BASF SE ................................ 182,735 1,314 Bayer AG ............................... 90,936 1,250 Commerzbank AG ......................... 15,809 1,677 Daimler AG ............................. 84,117 1,037 Deutsche Bank AG ....................... 79,201 350 Deutsche Boerse AG ..................... 28,547 1,323 Deutsche Post AG ....................... 24,643 3,748 Deutsche Telekom AG .................... 51,141 2,952 E.ON AG ................................ 124,923 217 Fresenius Medical Care AG & Co. KGaA ... 10,792 260 Linde AG ............................... 28,151 1,650 MAN SE ................................. 135,505 106 Merck KGaA ............................. 10,518 310 Metro AG ............................... 17,504 1,181 Muenchener Rueckversicherungs AG ....... 188,198 3,740 RWE AG ................................. 346,845 3,680 SAP AG ................................. 178,414 3,600 SGL Carbon AG + ........................ 146,937 1,313 Siemens AG ............................. 120,881 280 Solarworld AG .......................... 6,813 720 ThyssenKrupp AG ........................ 24,620 160 Volkswagen AG .......................... 26,310 -------------- 2,034,584 -------------- GREECE -- 0.3% 1,070 Alpha Bank AE .......................... 19,846 826 EFG Eurobank Ergasias SA + ............. 13,072 680 Hellenic Telecommunications Organization SA ........................ 11,274 875 National Bank of Greece SA ............. 31,574 500 OPAP SA ................................ 12,924 454 Piraeus Bank SA + ...................... 8,461 -------------- 97,151 -------------- HONG KONG -- 3.4% 4,840 Bank of East Asia, Ltd ................. 17,404 11,600 BOC Hong Kong Holdings, Ltd ............ 25,335 20,200 Cheung Kong Holdings, Ltd .............. 255,394 18,800 Cheung Kong Infrastructure Holdings, Ltd .................................... 67,069 2,582 CLP Holdings, Ltd ...................... 17,508 79,800 CNOOC, Ltd ............................. 107,593 2,000 Esprit Holdings, Ltd ................... 13,402 3,801 Hang Lung Properties, Ltd .............. 13,917 2,100 Hang Seng Bank, Ltd .................... 30,151 11,330 Hong Kong & China Gas Co., Ltd ......... 28,557 SHARES VALUE ------ ----- HONG KONG (CONTINUED) 2,100 Hong Kong Exchanges and Clearing, Ltd. . $ 37,890 3,100 HongKong Electric Holdings ............. 16,987 5,100 Hutchison Whampoa, Ltd ................. 36,680 10,000 Jardine Strategic Holdings, Ltd ........ 168,938 4,129 Li & Fung, Ltd ......................... 16,544 50,500 MTR Corp ............................... 175,013 57,775 New World Development, Ltd ............. 123,767 2,900 Sun Hung Kai Properties, Ltd ........... 42,599 2,400 Swire Pacific, Ltd., Class A ........... 28,164 -------------- 1,222,912 -------------- INDIA -- 0.9% 6,700 Infosys Technologies, Ltd. ADR ......... 324,883 -------------- INDONESIA -- 0.8% 137,000 Gudang Garam ........................... 211,144 40,000 Indo Tambangraya Megah ................. 99,884 -------------- 311,028 -------------- IRELAND -- 0.2% 273 CRH PLC ................................ 7,579 1,058 CRH PLC ................................ 29,290 770 Elan Corp. PLC + ....................... 5,517 2,400 Experian PLC ........................... 20,267 -------------- 62,653 -------------- ISRAEL -- 0.8% 25,875 Bank Hapoalim BM + ..................... 92,393 3,700 Teva Pharmaceutical Industries, Ltd. ADR 187,072 -------------- 279,465 -------------- ITALY -- 2.7% 2,397 Assicurazioni Generali SPA ............. 65,799 690 Atlantia SPA ........................... 16,738 4,660 Banca Monte dei Paschi di Siena SPA .... 9,995 1,530 Banco Popolare Scarl ................... 14,736 8,800 Enel SPA ............................... 55,964 10,506 ENI SPA ................................ 262,488 1,510 Fiat SPA ............................... 19,477 1,090 Finmeccanica SPA ....................... 19,304 64,584 Intesa Sanpaolo SPA .................... 286,503 2,180 Intesa Sanpaolo SPA, RNC ............... 7,770 2,310 Mediaset SPA ........................... 16,189 1,376 Mediobanca SPA ......................... 18,833 5,876 Snam Rete Gas SPA ...................... 28,608 14,324 Telecom Italia SpA ..................... 25,182 13,120 Telecom Italia SPA, RNC ................ 16,158 26,743 UniCredit SPA .......................... 104,945 1,132 Unione di Banche Italiane SCPA ......... 17,411 -------------- 986,100 -------------- JAPAN -- 17.0% 300 Advantest Corp ......................... 8,284 1,600 Aeon Co., Ltd .......................... 15,264 500 Aisin Seiki Co., Ltd ................... 12,148 685 Ajinomoto Co., Inc ..................... 6,862 12,100 Amada Co., Ltd ......................... 81,265 18,900 Asahi Breweries, Ltd ................... 345,264 2,200 Asahi Glass Co., Ltd ................... 17,736 3,600 Asahi Kasei Corp ....................... 18,290 5,300 Astellas Pharma, Inc ................... 217,381 4,100 Bank of Yokohama, Ltd. (The) ........... 20,031 1,400 Bridgestone Corp ....................... 25,045 1,598 Canon, Inc ............................. 64,044 18 Central Japan Railway Co ............... 129,514 WILSHIRE VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- JAPAN (CONTINUED) 1,400 Chiba Bank, Ltd. (The) ................. $ 8,644 878 Chubu Electric Power Co., Inc .......... 21,299 500 Chugai Pharmaceutical Co., Ltd ......... 10,326 1,900 Chuo Mitsui Trust Holdings, Inc ........ 7,012 100 Credit Saison Co., Ltd ................. 1,169 2,100 Dai Nippon Printing Co., Ltd ........... 28,802 1,400 Daiichi Sankyo Co., Ltd ................ 28,873 600 Daikin Industries, Ltd ................. 21,501 200 Daito Trust Construction Co., Ltd ...... 8,722 308 Daiwa House Industry Co., Ltd .......... 3,221 2,900 Daiwa Securities Group, Inc ............ 14,902 548 Denso Corp ............................. 16,076 500 Dentsu, Inc ............................ 11,627 700 East Japan Railway Co .................. 50,483 500 Eisai Co., Ltd ......................... 18,780 500 Electric Power Development Co., Ltd .... 15,834 400 Fanuc, Ltd ............................. 35,734 51,000 Fuji Electric Holdings Co., Ltd ........ 93,980 1,000 FUJIFILM Holdings Corp ................. 29,870 4,600 Fujitsu, Ltd ........................... 30,012 1,900 Fukuoka Financial Group, Inc ........... 7,866 217 Hankyu Hanshin Holdings, Inc ........... 1,040 26,000 Hino Motors, Ltd ....................... 98,498 100 Hirose Electric Co., Ltd ............... 11,252 2,773 Hitachi, Ltd ........................... 8,517 509 Hokkaido Electric Power Co., Inc ....... 10,579 1,600 Hokuhoku Financial Group, Inc .......... 3,731 6,300 Hokuriku Electric Power Co ............. 160,263 10,700 Honda Motor Co., Ltd ................... 325,047 900 HOYA Corp .............................. 21,210 200 Ibiden Co., Ltd ........................ 7,412 3 INPEX Corp ............................. 25,458 3,800 ITOCHU Corp ............................ 25,063 1,164 Japan Steel Works, Ltd. (The) .......... 13,340 8 Japan Tobacco, Inc ..................... 27,359 700 JFE Holdings, Inc ...................... 23,944 2,000 Joyo Bank, Ltd. (The) .................. 9,808 700 JS Group Corp .......................... 12,244 1,200 JTEKT Corp ............................. 13,931 4,300 Kajima Corp ............................ 11,029 1,700 Kansai Electric Power Co., Inc. (The) .. 41,045 1,000 Kao Corp ............................... 24,699 5 KDDI Corp .............................. 28,138 1,015 Keio Corp .............................. 6,929 110 Keyence Corp ........................... 23,442 5,300 Kintetsu Corp .......................... 20,515 1,900 Kirin Holdings Co., Ltd ................ 29,108 6,100 Kobe Steel, Ltd ........................ 10,613 1,800 Komatsu, Ltd ........................... 33,600 1,100 Konica Minolta Holdings, Inc ........... 10,384 1,133 Kubota Corp ............................ 9,389 1,000 Kuraray Co., Ltd ....................... 10,893 300 Kyocera Corp ........................... 27,720 700 Kyushu Electric Power Co., Inc ......... 15,862 44,200 Marubeni Corp .......................... 222,057 900 Marui Group Co., Ltd ................... 6,416 40,000 Minebea Co., Ltd ....................... 183,149 4,300 Mitsubishi Chemical Holdings Corp ...... 17,821 2,600 Mitsubishi Corp ........................ 52,307 4,200 Mitsubishi Electric Corp ............... 31,745 2,200 Mitsubishi Estate Co., Ltd ............. 34,426 1,400 Mitsubishi Gas Chemical Co., Inc ....... 7,588 6,000 Mitsubishi Heavy Industries, Ltd ....... 22,652 SHARES VALUE ------ ----- JAPAN (CONTINUED) 4,600 Mitsubishi Materials Corp .............. $ 12,652 14,856 Mitsubishi UFJ Financial Group, Inc .... 79,415 3,400 Mitsui & Co., Ltd ...................... 44,245 1,600 Mitsui Fudosan Co., Ltd ................ 26,949 2,700 Mitsui OSK Lines, Ltd .................. 15,927 750 Mitsui Sumitomo Insurance Group Holdings, Inc .......................... 20,551 17,000 Mizuho Financial Group, Inc ............ 33,491 500 Murata Manufacturing Co., Ltd .......... 23,614 1,583 NEC Corp ............................... 4,955 300 Nidec Corp ............................. 24,294 800 Nikon Corp ............................. 14,575 137 Nintendo Co., Ltd ...................... 34,946 14,056 Nippon Electric Glass Co., Ltd ......... 127,950 2,100 Nippon Express Co., Ltd ................ 8,526 2,400 Nippon Mining Holdings, Inc ............ 11,764 2,300 Nippon Oil Corp ........................ 12,874 5,989 Nippon Steel Corp ...................... 21,808 3,800 Nippon Telegraph & Telephone Corp ...... 175,426 2,800 Nippon Yusen KK ........................ 10,786 20,200 Nissan Motor Co., Ltd .................. 136,163 1,500 Nitori Co., Ltd ........................ 127,662 400 Nitto Denko Corp ....................... 12,226 3,500 Nomura Holdings, Inc ................... 21,461 2,100 NSK, Ltd ............................... 12,981 3 NTT Data Corp .......................... 9,582 22 NTT DoCoMo, Inc ........................ 35,051 1,100 Obayashi Corp .......................... 4,826 400 Olympus Corp ........................... 10,561 500 Omron Corp ............................. 9,397 200 Oriental Land Co., Ltd ................. 14,075 180 ORIX Corp .............................. 10,936 4,800 Osaka Gas Co., Ltd ..................... 16,813 2,765 Panasonic Corp ......................... 40,474 200 Promise Co., Ltd ....................... 1,087 1,100 Resona Holdings, Inc ................... 14,102 1,100 Ricoh Co., Ltd ......................... 15,982 200 Rohm Co., Ltd .......................... 13,938 2,900 Sankyo Co., Ltd ........................ 181,069 600 Secom Co., Ltd ......................... 30,149 1,300 Sega Sammy Holdings, Inc ............... 16,858 300 Seiko Epson Corp ....................... 4,484 2,000 Sekisui Chemical Co., Ltd .............. 11,599 1,700 Sekisui House, Ltd ..................... 15,309 1,500 Seven & I Holdings Co., Ltd ............ 35,811 1,900 Sharp Corp ............................. 21,087 700 Shin-Etsu Chemical Co., Ltd ............ 42,956 1,300 Shinsei Bank, Ltd ...................... 1,985 700 Shiseido Co., Ltd ...................... 12,192 2,100 Shizuoka Bank, Ltd. (The) .............. 22,105 2,800 Showa Denko KK ......................... 5,684 38 SMC Corp ............................... 4,657 1,300 Softbank Corp .......................... 28,502 4,544 Sojitz Corp ............................ 8,617 1,900 Sompo Japan Insurance, Inc ............. 12,718 1,800 Sony Corp .............................. 52,760 65 Sony Financial Holdings, Inc ........... 186,032 3,200 Sumitomo Chemical Co., Ltd ............. 13,290 2,500 Sumitomo Corp .......................... 25,657 1,900 Sumitomo Electric Industries, Ltd ...... 24,816 1,800 Sumitomo Heavy Industries, Ltd ......... 8,733 7,600 Sumitomo Metal Industries, Ltd ......... 18,627 1,300 Sumitomo Metal Mining Co., Ltd ......... 21,240 WILSHIRE VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- JAPAN (CONTINUED) 5,200 Sumitomo Mitsui Financial Group, Inc ... $ 180,294 900 Sumitomo Realty & Development Co., Ltd .................................... 16,399 2,600 Sumitomo Trust & Banking Co., Ltd. (The) .................................. 13,742 300 T&D Holdings, Inc ...................... 8,087 1,300 Takashimaya Co., Ltd ................... 10,362 1,400 Takeda Pharmaceutical Co., Ltd ......... 58,251 200 TDK Corp ............................... 11,526 3,100 Teijin, Ltd ............................ 9,636 400 Terumo Corp ............................ 21,944 2,500 Tobu Railway Co., Ltd .................. 15,262 900 Tohoku Electric Power Co., Inc ......... 20,038 891 Tokio Marine Holdings, Inc ............. 25,679 2,200 Tokyo Electric Power Co., Inc. (The) ... 57,658 300 Tokyo Electron, Ltd .................... 19,082 5,500 Tokyo Gas Co., Ltd ..................... 22,823 3,000 Tokyu Corp ............................. 14,387 2,100 Toppan Printing Co., Ltd ............... 19,829 2,700 Toray Industries, Inc .................. 16,327 6,000 Toshiba Corp ........................... 31,414 8,900 Toyo Suisan Kaisha, Ltd ................ 240,879 500 Toyota Industries Corp ................. 13,691 4,355 Toyota Motor Corp ...................... 173,249 500 Toyota Tsusho Corp ..................... 7,517 4 West Japan Railway Co .................. 15,143 34 Yahoo! Japan Corp ...................... 11,523 190 Yamada Denki Co., Ltd .................. 12,822 600 Yamaha Motor Co., Ltd .................. 7,382 1,200 Yamato Holdings Co., Ltd ............... 19,696 -------------- 6,199,728 -------------- JERSEY -- 0.1% 3,336 Atrium European Real Estate, Ltd. + .... 24,004 -------------- LUXEMBOURG -- 0.5% 4,645 ArcelorMittal .......................... 173,169 -------------- MALTA -- 0.0% 7,765 BGP Holdings PLC + ..................... -- -------------- MEXICO -- 0.5% 80,000 America Movil SAB de CV, Ser L ......... 175,183 -------------- NETHERLANDS -- 5.0% 1,766 Aegon NV ............................... 15,099 550 Akzo Nobel NV .......................... 34,178 953 ASML Holding NV ........................ 28,120 690 European Aeronautic Defence and Space Co. NV ................................. 15,551 1,350 Fugro NV, CVA .......................... 78,183 600 Heineken NV ............................ 27,814 1,646 ING Groep NV, CVA ...................... 29,554 1,780 Koninklijke Ahold NV ................... 21,481 5,430 Koninklijke DSM NV ..................... 227,331 2,352 Koninklijke KPN NV ..................... 39,064 2,340 Koninklijke Philips Electronics NV ..... 57,072 1,203 Reed Elsevier NV ....................... 13,659 5,853 Royal Dutch Shell PLC, Class A ......... 166,009 23,598 Royal Dutch Shell PLC, Class B ......... 655,552 922 TNT NV ................................. 24,770 13,345 Unilever NV, CVA ....................... 386,079 SHARES VALUE ------ ----- NETHERLANDS (CONTINUED) 660 Wolters Kluwer NV ...................... $ 14,137 -------------- 1,833,653 -------------- NEW ZEALAND -- 0.0% 7,043 Telecom Corp. of New Zealand, Ltd ...... 13,510 -------------- NORWAY -- 0.9% 19,700 DnB NOR ASA ............................ 229,459 2,200 Norsk Hydro ASA ........................ 14,712 2,150 Orkla ASA .............................. 20,293 2,000 Petroleum Geo-Services ASA + ........... 19,601 1,472 StatoilHydro ASA ....................... 33,246 965 Telenor ASA ............................ 11,201 -------------- 328,512 -------------- PHILIPPINES -- 0.2% 3,200 Globe Telecom, Inc ..................... 65,779 -------------- PORTUGAL -- 0.2% 3,730 Banco Comercial Portugues SA, Class R .. 5,525 1,620 BRISA .................................. 15,927 4,750 Energias de Portugal SA ................ 21,770 1,970 Portugal Telecom SGPS SA ............... 20,927 -------------- 64,149 -------------- RUSSIA -- 0.9% 5,000 Gazprom OAO ADR ........................ 116,817 9,000 Tatneft ADR ............................ 222,750 -------------- 339,567 -------------- SINGAPORE -- 2.9% 3,000 DBS Group Holdings, Ltd ................ 28,168 9,800 Jardine Cycle & Carriage, Ltd .......... 168,186 3,908 Keppel Corp., Ltd ...................... 22,337 6,000 Oversea-Chinese Banking Corp., Ltd ..... 33,289 2,500 Singapore Airlines, Ltd ................ 24,392 1,825 Singapore Airport Terminal Services, Ltd. ................................... 2,920 130,200 Singapore Telecommunications, Ltd ...... 299,285 39,200 United Overseas Bank, Ltd .............. 465,048 -------------- 1,043,625 -------------- SOUTH AFRICA -- 1.7% 6,000 African Rainbow Minerals, Ltd .......... 120,319 3,750 AngloGold Ashanti, Ltd ................. 152,164 6,700 MTN Group, Ltd ......................... 109,367 18,600 Pick n Pay Stores, Ltd ................. 98,841 11,000 Remgro, Ltd ............................ 130,053 -------------- 610,744 -------------- SOUTH KOREA -- 2.0% 1,000 LG Electronics, Inc .................... 106,472 1,750 POSCO ADR .............................. 181,895 650 Samsung Electronics Co., Ltd ........... 449,994 -------------- 738,361 -------------- SPAIN -- 5.2% 609 Abertis Infraestructuras SA ............ 13,853 138 Acciona SA ............................. 18,845 144 ACS Actividades de Construccion y Servicios SA ........................... 7,525 6,885 Banco Bilbao Vizcaya Argentaria SA ..... 122,632 1,856 Banco Popular Espanol SA ............... 18,667 41,418 Banco Santander SA ..................... 668,969 880 Cintra Concesiones de Infraestructuras de Transporte SA ....................... 10,273 WILSHIRE VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- SPAIN (CONTINUED) 210 Fomento de Construcciones y Contratas SA ..................................... $ 9,851 897 Gamesa Corp. Tecnologica SA ............ 20,179 170 Grupo Ferrovial SA ..................... 8,154 6,436 Iberdrola SA ........................... 63,305 380 Inditex SA ............................. 21,848 18,740 Repsol YPF SA .......................... 510,046 14,749 Telefonica SA .......................... 407,991 -------------- 1,902,138 -------------- SWEDEN -- 1.9% 800 Assa Abloy AB, Class B ................. 13,016 14,400 Atlas Copco AB, Class A ................ 185,786 1,400 Atlas Copco AB, Class B ................ 15,998 600 Electrolux AB, Ser B ................... 13,745 845 Hennes & Mauritz AB, Class B ........... 47,532 6,200 Nordea Bank AB ......................... 62,723 12,800 Sandvik AB ............................. 141,411 1,000 Scania AB, Class B ..................... 12,431 1,100 Securitas AB, Class B .................. 10,625 3,840 Skandinaviska Enskilda Banken AB, Class A ................................ 26,030 1,200 SKF AB, Class B ........................ 18,889 1,500 Svenska Cellulosa AB, Class B .......... 20,393 1,100 Svenska Handelsbanken AB, Class A ...... 28,181 3,777 Telefonaktiebolaget LM Ericsson, Class B 38,048 4,100 TeliaSonera AB ......................... 26,996 2,283 Volvo AB, Class B ...................... 21,188 -------------- 682,992 -------------- SWITZERLAND -- 5.0% 3,841 ABB, Ltd ............................... 77,244 130 Actelion, Ltd. + ....................... 8,083 340 Adecco SA .............................. 18,109 1,100 Compagnie Financiere Richemont SA ...... 31,143 1,597 Credit Suisse Group AG ................. 88,862 90 Geberit AG ............................. 13,855 530 Holcim, Ltd. + ......................... 36,446 1,800 Julius Baer Holding AG ................. 90,288 6,439 Nestle SA .............................. 274,912 325 Nobel Biocare Holding AG ............... 10,763 10,928 Novartis AG ............................ 548,975 1,191 Roche Holding AG ....................... 192,590 1,470 STMicroelectronics NV .................. 13,898 79 Swatch Group AG (The) .................. 18,658 66 Swiss Life Holding AG .................. 7,841 764 Swiss Reinsurance Co., Ltd ............. 34,645 48 Swisscom AG ............................ 17,192 166 Syngenta AG ............................ 38,151 149 Synthes, Inc ........................... 17,969 3,903 UBS AG ................................. 71,568 860 Zurich Financial Services AG ........... 205,083 -------------- 1,816,275 -------------- UNITED KINGDOM -- 15.0% 2,297 3i Group PLC ........................... 10,614 2,800 Anglo American PLC ..................... 89,609 4,607 Anglo American PLC ..................... 147,017 8,390 AstraZeneca PLC ........................ 376,278 29,540 Aviva PLC .............................. 212,369 6,290 BAE Systems PLC ........................ 35,189 16,799 Barclays PLC ........................... 99,560 5,198 BG Group PLC ........................... 90,599 9,663 BHP Billiton PLC ....................... 264,644 30,463 BP PLC ................................. 269,873 SHARES VALUE ------ ----- UNITED KINGDOM (CONTINUED) 3,143 British American Tobacco PLC ........... $ 98,735 1,069 British Land Co. PLC ................... 8,139 2,330 British Sky Broadcasting Group PLC ..... 21,345 7,318 BT Group PLC, Class A .................. 15,252 4,422 Cable & Wireless PLC ................... 10,167 2,451 Cadbury PLC ............................ 31,462 1,219 Capita Group PLC (The) ................. 14,101 400 Carnival PLC ........................... 13,726 9,673 Centrica PLC ........................... 38,961 18,980 Compass Group PLC ...................... 116,265 3,710 Diageo PLC ............................. 57,081 8,510 Enterprise Inns PLC .................... 16,993 5,480 Friends Provident Group PLC ............ 7,302 28,000 G4S PLC ................................ 99,025 8,732 GlaxoSmithKline PLC .................... 172,175 490 Hammerson PLC .......................... 3,092 2,878 Home Retail Group PLC .................. 12,536 72,601 HSBC Holdings PLC ...................... 831,348 12,960 Imperial Tobacco Group PLC ............. 375,468 619 Intercontinental Hotels Group PLC ...... 8,033 3,260 International Power PLC ................ 15,082 830 Johnson Matthey PLC .................... 18,497 4,950 Kingfisher PLC ......................... 16,882 1,460 Ladbrokes PLC .......................... 4,381 970 Land Securities Group PLC .............. 9,713 13,730 Legal & General Group PLC .............. 19,365 14,104 Lloyds TSB Group PLC ................... 23,425 350 London Stock Exchange Group PLC ........ 4,805 3,512 Man Group PLC .......................... 18,652 2,730 Marks & Spencer Group PLC .............. 15,830 2,695 National Grid PLC ...................... 26,083 6,640 Next PLC ............................... 190,554 12,240 Old Mutual PLC ......................... 19,617 1,940 Pearson PLC ............................ 23,970 4,759 Prudential PLC ......................... 45,868 831 Reckitt Benckiser Group PLC ............ 40,685 1,930 Reed Elsevier PLC ...................... 14,506 2,290 Rexam PLC .............................. 9,586 5,933 Rio Tinto PLC .......................... 252,205 3,689 Rolls-Royce Group PLC .................. 27,838 9,434 Royal Bank of Scotland Group PLC ....... 7,990 5,679 RSA Insurance Group PLC ................ 12,171 1,780 SABMiller PLC .......................... 43,011 4,410 Sage Group PLC (The) ................... 16,495 3,120 Sainsbury (J) PLC ...................... 16,239 1,550 Scottish & Southern Energy PLC ......... 29,136 500 Severn Trent PLC ....................... 7,771 2,010 Smith & Nephew PLC ..................... 18,051 1,276 Smiths Group PLC ....................... 18,175 18,289 Standard Chartered PLC ................. 451,780 11,297 Tesco PLC .............................. 72,322 2,071 Tullow Oil PLC ......................... 37,472 2,529 Unilever PLC ........................... 72,266 1,228 United Utilities Group PLC ............. 8,979 86,514 Vodafone Group PLC ..................... 194,356 625 Whitbread PLC .......................... 12,182 2,185 WM Morrison Supermarkets PLC ........... 9,713 157 Wolseley PLC ........................... 3,797 2,730 WPP PLC ................................ 23,481 3,750 Xstrata PLC ............................ 55,305 -------------- 5,455,194 -------------- UNITED STATES -- 0.5% 3,350 Philip Morris International, Inc ....... 163,279 WILSHIRE VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- UNITED STATES (CONTINUED) 411 Thomson Reuters Corp ................... $ 13,790 -------------- 177,069 -------------- Total Common Stock (Cost $36,854,672) ............... 34,364,527 -------------- PREFERRED STOCK -- 2.7% BRAZIL -- 2.3% 5,300 Banco Bradesco SA ...................... 105,772 12,800 Cia Vale do Rio Doce ................... 264,629 34,170 Investimentos Itau SA .................. 206,799 12,600 Petroleo Brasileiro SA ................. 248,187 -------------- 825,387 -------------- FRANCE -- 0.2% 1,350 Bureau Veritas SA ...................... 76,329 -------------- GERMANY -- 0.2% 550 Henkel AG & Co. KGaA ................... 23,644 190 Porsche Automobil Holding SE ........... 14,960 160 Volkswagen AG .......................... 18,566 -------------- 57,170 -------------- Total Preferred Stock (Cost $1,034,954) 958,886 -------------- EXCHANGE-TRADED FUNDS -- 1.3% 8,700 iShares MSCI EAFE Index Fund ........... 475,890 -------------- Total Exchange-Traded Funds (Cost $411,262) 475,890 -------------- RIGHTS -- 0.0% 4,495 Fortis ................................. -- 4,633 BNP Paribas ............................ 10,032 -------------- Total Rights (Cost $--) 10,032 -------------- WARRANT -- 0.0% 1,310 MedioBanca SPA, Expires 03/11 + ........ 93 -------------- Total Warrant (Cost $--) 93 -------------- CASH EQUIVALENT -- 1.3% 461,133 PNC Institutional Money Market Trust, 0.05%(a) 461,133 -------------- Total Cash Equivalent (Cost $461,133) 461,133 -------------- Total Investments -- 99.6% (Cost $38,762,021)++ 36,270,561 Other Assets & Liabilities, Net -- 0.4% 161,930 -------------- NET ASSETS -- 100.0% $ 36,432,491 ============== ADR -- American Depositary Receipt MSCI EAFE -- Morgan Stanley Capital International Europe Australasia and Far East PLC -- Public Limited Company (a) The rate shown is the 7-day effective yield as of September 30, 2009. + Non-income producing security. ++ At September 30, 2009, the tax basis cost of the Fund's investments was $38,762,021 , and the unrealized appreciation and depreciation were $3,092,302 and $(5,583,762), respectively. For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements. Amounts designated as "--" are either $0 or have been rounded to $0. See end of Form N-Q for inputs used in valuing the Fund's investments at September 30, 2009. WILSHIRE VARIABLE INSURANCE TRUST SOCIALLY RESPONSIBLE FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- COMMON STOCK -- 93.4% CONSUMER DISCRETIONARY -- 10.8% 500 Amazon.com, Inc. + ..................... $ 46,680 6,200 Cablevision Systems Corp., Class A ..... 147,250 17,850 Comcast Corp. Special, Class A ......... 301,486 6,040 Home Depot, Inc. (The) ................. 160,905 9,400 Marcus Corp ............................ 120,226 4,500 McDonald's Corp ........................ 256,815 13,690 Newell Rubbermaid, Inc. ................ 214,796 30,090 News Corp., Class B .................... 420,959 36,730 Staples, Inc ........................... 852,871 32,500 Target Corp ............................ 1,517,100 28,920 Toll Brothers, Inc. + .................. 565,097 26,310 Walt Disney Co. (The) .................. 722,473 -------------- 5,326,658 -------------- CONSUMER STAPLES -- 9.7% 4,100 Cadbury PLC ADR ........................ 209,961 4,300 Costco Wholesale Corp .................. 242,778 8,700 Estee Lauder Cos., Inc. (The), Class A . 322,596 4,230 General Mills, Inc. .................... 272,328 5,000 HJ Heinz Co. ........................... 198,750 11,600 Kellogg Co ............................. 571,068 10,800 Kimberly-Clark Corp .................... 636,984 13,060 Kraft Foods, Inc., Class A ............. 343,086 11,400 McCormick & Co., Inc. .................. 386,916 13,150 PepsiCo, Inc ........................... 771,379 14,660 Procter & Gamble Co .................... 849,107 -------------- 4,804,953 -------------- ENERGY -- 11.9% 22,280 BP PLC ADR ............................. 1,185,964 4,800 Devon Energy Corp ...................... 323,184 3,690 Diamond Offshore Drilling, Inc. ........ 352,469 45,350 El Paso Corp ........................... 468,012 2,200 EnCana Corp ............................ 126,742 13,070 Halliburton Co ......................... 354,458 8,880 National Oilwell Varco, Inc + .......... 382,994 20,260 Newfield Exploration Co. + ............. 862,266 10,500 PetroHawk Energy Corp. + ............... 254,205 23,600 Petroleo Brasileiro SA ADR ............. 1,083,240 1,700 Schlumberger, Ltd ...................... 101,320 12,870 Spectra Energy Corp .................... 243,758 7,600 Weatherford International, Ltd. + ...... 157,548 -------------- 5,896,160 -------------- FINANCIALS -- 12.9% 10,600 American Express Co .................... 359,340 23,600 Annaly Capital Management, Inc. ........ 428,104 53,470 Bank of America Corp ................... 904,712 7,360 Bank of New York Mellon Corp. (The) .... 213,366 7 Berkshire Hathaway, Inc., Class A + .... 707,000 15,900 Charles Schwab Corp. (The) ............. 304,485 64,090 Chimera Investment Corp ................ 244,824 10,000 Forest City Enterprises, Inc., Class A . 133,700 27,200 JPMorgan Chase & Co. ................... 1,191,904 7,900 Moody's Corp ........................... 161,634 14,900 Progressive Corp.(The) ................. 247,042 17,820 Travelers Cos. Corp., Inc.(The) ........ 877,279 22,100 Wells Fargo & Co (The) ................. 622,7778 -------------- 6,396,168 -------------- HEALTH CARE -- 11.4% 19,200 Abbott Laboratories .................... 949,824 15,200 AmerisourceBergen Corp., Class A ....... 340,176 3,850 Amgen, Inc. + .......................... 231,885 1,240 Biogen Idec, Inc. + .................... 62,645 SHARES VALUE ------ ----- HEALTH CARE (CONTINUED) 23,090 Bristol-Myers Squibb Co. ............... $ 519,987 5,220 Celgene Corp. + ........................ 291,798 3,720 Edwards Lifesciences Corp. + ........... 260,065 7,860 Genzyme Corp. + ........................ 445,898 20,330 Johnson & Johnson ...................... 1,237,894 18,300 Novartis AG ADR ........................ 921,954 11,880 Pfizer, Inc ............................ 196,614 6,500 UnitedHealth Group, Inc ................ 162,760 -------------- 5,621,500 -------------- INDUSTRIALS -- 11.5% 4,000 3M Co .................................. 295,200 7,500 Covanta Holding Corp. + ................ 127,500 4,000 Eaton Corp ............................. 226,360 7,000 Emerson Electric Co .................... 280,560 4,000 First Solar, Inc. + .................... 611,440 89,600 General Electric Co .................... 1,471,232 6,900 Honeywell International, Inc. .......... 256,335 47,680 Masco Corp ............................. 616,026 8,300 McDermott International, Inc. + ........ 209,741 6,970 Norfolk Southern Corp .................. 300,477 6,500 Quanta Services, Inc. + ................ 143,845 6,660 Tyco International, Ltd ................ 229,637 7,820 United Parcel Service, Inc., Class B . . 441,595 16,650 Waste Management, Inc .................. 496,503 -------------- 5,706,451 -------------- INFORMATION TECHNOLOGY -- 16.6% 4,340 Apple, Inc. + .......................... 804,506 19,580 ASML Holding NV, Class G ............... 578,981 10,120 Autodesk, Inc. + ....................... 240,856 7,000 Automatic Data Processing, Inc. ........ 275,100 22,740 Cisco Systems, Inc. + .................. 535,300 1,800 Citrix Systems, Inc. + ................. 70,614 25,220 Corning, Inc ........................... 386,118 11,400 Dolby Laboratories, Inc., Class A + .... 435,366 11,700 EMC Corp. + ............................ 199,368 730 Google, Inc., Class A + ................ 361,970 4,500 Hewlett-Packard Co. .................... 212,445 13,380 Intel Corp ............................. 261,846 2,920 International Business Machines Corp. .. 349,261 14,600 Juniper Networks, Inc. + ............... 394,492 18,600 LSI Corp. + ............................ 102,114 53,180 Microsoft Corp. ........................ 1,376,830 8,500 Nvidia Corp. + ......................... 127,755 12,110 Oracle Corp ............................ 252,373 14,460 QUALCOMM, Inc. ......................... 650,411 8,920 VeriSign, Inc. + ....................... 211,315 5,450 Visa, Inc., Class A .................... 376,649 -------------- 8,203,670 -------------- MATERIALS -- 3.8% 3,400 Air Products & Chemicals, Inc. ......... 263,772 3,400 BHP Billiton, Ltd. ADR ................. 224,434 10,230 Celanese Corp., Ser A, Class A ......... 255,750 3,100 Ecolab, Inc ............................ 143,313 8,200 EI Du Pont de Nemours & Co. ............ 263,548 11,250 International Paper Co. ................ 250,088 6,000 PPG Industries, Inc. ................... 349,260 3,000 Weyerhaeuser Co ........................ 109,950 -------------- 1,860,115 -------------- TELECOMMUNICATION SERVICES -- 2.7% 7,100 American T ower Corp., Class A + ....... 258,440 20,940 AT&T, Inc .............................. 565,589 17,400 Verizon Communications, Inc ............ 526,698 -------------- 1,350,727 -------------- WILSHIRE VARIABLE INSURANCE TRUST SOCIALLY RESPONSIBLE FUND SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) SHARES VALUE ------ ----- UTILITIES -- 2.1% 13,900 FPL Group, Inc $ 767,697 10,400 NRG Energy, Inc. + 293,176 -------------- 1,060,873 -------------- Total Common Stock (Cost $37,215,966) 46,227,275 -------------- CASH EQUIVALENT -- 6.8% 3,340,284 PNC Institutional Money Market Trust, 0.05% (a) 3,340,284 -------------- Total Cash Equivalent (Cost $3,340,284) 3,340,284 -------------- Total Investments -- 100.2% (Cost $40,556,250)++ 49,567,559 Other Assets & Liabilities, Net -- (0.2)% (86,433) -------------- NET ASSETS -- 100.0% $ 49,481,126 ============== ADR -- American Depositary Receipt PLC -- Public Limited Company Ser -- Series (a) Rate shown is the 7-day effective yield as of September 30, 2009. + Non-income producing security. ++ At September 30, 2009, the tax basis cost of the Fund's investments was $40,556,250, and the unrealized appreciation and depreciation were $9,318,544 and $(307,235), respectively. For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi- annual and annual financial statements. See end of Form N-Q for inputs used in valuing the Fund's investments at September 30, 2009. The following is a summary of the inputs used as of September 30, 2009 valuing the Funds' investments:
Equity Fund Investments in Securities Level 1 Level 2 Level 3 Total ------------- -------------- ------------- ------------- Common Stock $ 281,997,391 $ -- $ -- $ 281,997,391 Cash Equivalent 147,649 -- -- 147,649 U.S. Treasury Obligations -- 1,499,950 -- 1,499,950 ------------- -------------- ------------- ------------- Total Investments in Securities $ 282,145,040 $ 1,499,950 $ -- $ 283,644,990 ============= ============== ============= ============= Balanced Fund Investments in Securities Level 1 Level 2 Level 3 Total ------------- -------------- ------------- ------------- Investment in Underlying Funds $ 163,143,624 $ -- $ -- $ 163,143,624 ------------- -------------- ------------- ------------- Total Investments in Securities $ 163,143,624 $ -- $ -- $ 163,143,624 ============= ============== ============= ============= Income Fund Investments in Securities Level 1 Level 2 Level 3 Total ------------- -------------- ------------- ------------- $ -- Asset Backed Securities $ -- $ 2,996,768 $ 2,996,768 Collateralized Mortgage Obligations -- 25,295,151 -- 25,295,151 Common Stock -- -- -- -- Corporate Bonds -- 31,572,675 -- 31,572,675 Foreign Bonds -- 6,800,318 -- 6,800,318 Preferred Stock 170,672 -- -- 170,672 U.S. Government & Agency Obligations -- 7,571,096 -- 7,571,096 U.S. Treasury Obligations -- 23,713,949 -- 23,713,949 Cash Equivalent 1,992,247 -- -- 1,992,247 ------------- -------------- ------------- ------------- Total Investments in Securities $ 2,062,919 $ 97,949,957 $ -- $ 100,112,876 ============= ============== ============= ============= Other Financial Instruments Level 1 Level 2 Level 3 Total ------------- -------------- ------------- ------------- Forward Commitments $ -- $ 15,423,623 $ -- $ 15,423,623 Unrealized Appreciation on Forward Currency Contracts -- 22,705 -- 22,705 ------------- -------------- ------------- ------------- Total Other Financial Instruments $ -- $ 15,446,328 $ -- $ 15,446,328 ============= ============== ============= =============
Small Cap Growth Fund Investments in Securities Level 1 Level 2 Level 3 Total ------------- -------------- ------------- ------------- Common Stock $ 34,274,962 $ -- $ -- $ 34,274,962 Private Equity -- -- 1 1 Warrants -- -- -- -- Exchange-Traded Fund 11,792 -- -- 11,792 Cash Equivalent 228,789 -- -- 228,789 ------------- -------------- ------------- ------------- Total Investments in Securities $ 34,515,544 $ -- $ -- $ 34,515,544 ============= ============== ============= =============
THE FOLLOWING IS A RECONCILIATION OF LEVEL 3 ASSETS FOR WHICH SIGNIFICANT UNOBSERVABLE INPUTS WERE USED TO DETERMINE FAIR VALUE:
Investments in Private Equity ----------------------- Beginning balance as of June 30, 2009 $ -- Accrued discounts/premiums -- Realized gain/(loss) -- Change in unrealized appreciation/(depreciation) -- Net purchases/sales -- Net transfer in and/or out of Level 3 1 ---------- Ending balance as of September 30, 2009 $ 1 ==========
International Equity Fund Investments in Securities Level 1 Level 2 Level 3 Total ------------- -------------- ------------- ------------- Common Stock $ 2,941,108 $ 31,423,419 $ -- $ 34,364,527 Preferred Stock 353,960 604,926 -- 958,886 Exchange Traded Funds 475,890 -- -- 475,890 Rights 10,032 -- -- 10,032 Warrants 93 -- -- 93 Cash Equivalent 461,133 -- -- 461,133 ------------- -------------- ------------- ------------- Total Investments in Securities $ 4,242,216 $ 32,028,345 $ -- $ 36,270,561 ============= ============== ============= ============= Socially Responsible Fund Investments in Securities Level 1 Level 2 Level 3 Total ------------- -------------- ------------- ------------- Common Stock $ 46,227,275 $ -- $ -- $ 46,227,275 Cash Equivalent 3,340,284 -- -- 3,340,284 ------------- -------------- ------------- ------------- Total Investments in Securities $ 49,567,559 $ -- $ -- $ 49,567,559 ============= ============== ============= =============
WILSHIRE VARIABLE INSURANCE TRUST SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) 2015 ETF FUND ------------- SHARES VALUE ---------- ---------- EXCHANGE-TRADED FUNDS - 44.5% 25,800 iShares Barclays TIPS Bond Fund ........ $ 2,654,304 49,700 iShares MSCI EAFE Index Fund ........... 2,718,590 9,600 SPDR Barclays Capital International Treasury Bond ETF ...................... 560,928 6,200 SPDR Dow Jones International Real Estate ETF ............................. 220,720 17,200 Vanguard Emerging Markets ETF .......... 663,232 17,100 Vanguard REIT ETF ...................... 709,992 7,400 Vanguard Small-Cap Growth ETF .......... 425,130 20,600 Vanguard Small-Cap Value ETF ........... 1,100,658 -------------- Total Exchange-Traded Funds (Cost $7,800,307) 9,053,554 -------------- INVESTMENTS IN UNDERLYING FUNDS - 52.8% 379,544 Wilshire Variable Insurance Trust Equity Fund* .................................. 6,038,543 394,427 Wilshire Variable Insurance Trust Income Fund* .................................. 4,689,739 -------------- Total Investments in Underlying Funds (Cost $12,128,191) 10,728,282 -------------- CASH EQUIVALENT - 2.7% 542,984 PNC Institutional Money Market Trust, 0.050% (A) ............................. 542,984 -------------- Total Cash Equivalent (Cost $542,984) 542,984 -------------- Total Investments - 100.0% (Cost $20,471,482) + 20,324,820 Other Assets & Liabilities, Net - 0.0% (3,272) -------------- NET ASSETS - 100.0% $ 20,321,548 ============== * Affiliated Fund (A) Rate shown is the 7-day effective yield at September 30, 2009. ETF -- Exchange-Traded Fund MSCI EAFE -- Morgan Stanley Country Index-Europe, Australasia, Far East REIT -- Real Estate Investment Trust SPDR -- Standard & Poor's Depositary Receipt TIPS -- Treasury Inflationary-Protected Securities + At September 30, 2009, the tax basis cost of the Fund's investments was $20,471,482, and the unrealized appreciation and depreciation were $1,525,955 and $(1,672,617), respectively. For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. See end of Form N-Q Filing for inputs used in valuing the Fund's investments at September 30, 2009. WILSHIRE VARIABLE INSURANCE TRUST SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) 2025 ETF FUND ------------- SHARES VALUE ------ ----- EXCHANGE-TRADED FUNDS - 43.9% 19,235 iShares Barclays TIPS Bond Fund ........ $ 1,978,897 45,005 iShares MSCI EAFE Index Fund ........... 2,461,774 4,445 SPDR Dow Jones International Real Estate ETF ............................. 158,242 12,520 Vanguard Emerging Markets ETF .......... 482,771 12,580 Vanguard REIT ETF ...................... 522,322 5,282 Vanguard Small-Cap Growth ETF .......... 303,451 15,085 Vanguard Small-Cap Value ETF ........... 805,991 -------------- Total Exchange-Traded Funds (Cost $5,776,461) 6,713,448 -------------- INVESTMENTS IN UNDERLYING FUNDS - 52.2% 326,546 Wilshire Variable Insurance Trust Equity Fund* .................................. 5,195,339 233,977 Wilshire Variable Insurance Trust Income Fund* .................................. 2,781,988 -------------- Total Investments in Underlying Funds (Cost $9,265,637) 7,977,327 -------------- CASH EQUIVALENT - 3.8% 579,417 PNC Institutional Money Market Trust, 0.050% (A) ............................. 579,417 -------------- Total Cash Equivalent (Cost $579,417) 579,417 -------------- Total Investments - 99.9% (Cost $15,621,515) + 15,270,192 Other Assets & Liabilities, Net - 0.1% 15,624 -------------- NET ASSETS - 100.0% $ 15,285,816 ============== * Affiliated Fund (A) Rate shown is the 7-day effective yield at September 30, 2009. ETF -- Exchange-Traded Fund MSCI EAFE -- Morgan Stanley Country Index-Europe, Australasia, Far East REIT -- Real Estate Investment Trust SPDR -- Standard & Poor's Depositary Receipt TIPS -- Treasury Inflationary-Protected Securities + At September 30, 2009, the tax basis cost of the Fund's investments was $15,621,515, and the unrealized appreciation and depreciation were $1,094,536 and $(1,445,859), respectively. For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. See end of Form N-Q Filing for inputs used in valuing the Fund's investments at September 30, 2009. WILSHIRE VARIABLE INSURANCE TRUST SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) 2035 ETF FUND ------------- SHARES VALUE ------ ----- EXCHANGE-TRADED FUNDS - 44.1% 2,180 iShares Barclays TIPS Bond Fund ........ $ 224,278 54,531 iShares MSCI EAFE Index Fund ........... 2,982,846 6,519 SPDR Barclays Capital International Treasury Bond ETF ...................... 380,905 4,120 SPDR Dow Jones International Real Estate ETF ............................. 146,672 15,460 Vanguard Emerging Markets ETF .......... 596,138 11,969 Vanguard Mega Cap 300 Value ETF ........ 407,066 3,501 Vanguard Mid-Cap Value Index Fund ...... 149,213 7,608 Vanguard REIT ETF ...................... 315,884 7,528 Vanguard Small-Cap Growth ETF .......... 432,483 14,000 Vanguard Small-Cap Value ETF ........... 748,020 -------------- Total Exchange-Traded Funds (Cost $5,298,676) 6,383,505 -------------- INVESTMENTS IN UNDERLYING FUNDS - 50.8% 317,802 Wilshire Variable Insurance Trust Equity Fund* .................................. 5,056,232 193,518 Wilshire Variable Insurance Trust Income Fund* .................................. 2,300,933 -------------- Total Investments in Underlying Funds (Cost $8,811,849) 7,357,165 -------------- CASH EQUIVALENT - 4.9% 714,624 PNC Institutional Money Market Trust, 0.050% (A) ............................. 714,624 -------------- Total Cash Equivalent (Cost $714,624) 714,624 -------------- Total Investments - 99.8% (Cost $14,825,149) + 14,455,294 Other Assets & Liabilities, Net - 0.2% 30,079 -------------- NET ASSETS - 100.0% $ 14,485,373 ============== * Affiliated Fund (A) Rate shown is the 7-day effective yield at September 30, 2009. ETF -- Exchange-Traded Fund MSCI EAFE -- Morgan Stanley Country Index-Europe, Australasia, Far East REIT -- Real Estate Investment Trust SPDR -- Standard & Poor's Depositary Receipt TIPS -- Treasury Inflationary-Protected Securities + At September 30, 2009, the tax basis cost of the Fund's investments was $14,825,149, and the unrealized appreciation and depreciation were $1,159,267 and $(1,529,122), respectively. For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. See end of Form N-Q Filing for inputs used in valuing the Fund's investments at September 30, 2009. WILSHIRE VARIABLE INSURANCE TRUST SEPTEMBER 30, 2009 SCHEDULE OF INVESTMENTS (UNAUDITED) The following is a summary of the inputs used as of September 30, 2009 valuing the Funds' investments:
2015 ETF Fund Investments in Securities Level 1 Level 2 Level 3 Total ------------- -------------- ------------- ------------- Exchange-Traded Funds $ 9,053,554 $ -- $ -- $ 9,053,554 Investment in Underlying Funds 10,728,282 -- -- 10,728,282 Cash Equivalent 542,984 -- -- 542,984 ------------- -------------- ------------- ------------- Total Investments in Securities $ 20,324,820 $ -- $ -- $ 20,324,820 ============= ============== ============= ============= 2025 ETF Fund Investments in Securities Level 1 Level 2 Level 3 Total ------------- -------------- ------------- ------------- Exchange-Traded Funds $ 6,713,448 $ -- $ -- $ 6,713,448 Investment in Underlying Funds 7,977,327 -- -- 7,977,327 Cash Equivalent 579,417 -- -- 579,417 ------------- -------------- ------------- ------------- Total Investments in Securities $ 15,270,192 $ -- $ -- $ 15,270,192 ============= ============== ============= ============= 2035 ETF Fund Investments in Securities Level 1 Level 2 Level 3 Total ------------- -------------- ------------- ------------- Exchange-Traded Funds $ 6,383,505 $ -- $ -- $ 6,383,505 Investment in Underlying Funds 7,357,165 -- -- 7,357,165 Cash Equivalent 714,624 -- -- 714,624 ------------- -------------- ------------- ------------- Total Investments in Securities $ 14,455,294 $ -- $ -- $ 14,455,294 ============= ============== ============= =============
ITEM 2. CONTROLS AND PROCEDURES (a) The registrant's principal executive and principal financial officers, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. -------------------------------------------------------------------------------- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Wilshire Variable Insurance Trust By (Signature and Title) /S/:LAWRENCE E. DAVANZO ----------------------- Lawrence E. Davanzo, President (principal executive officer) Date: November 23, 2009 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title) /S/:LAWRENCE E. DAVANZO ----------------------- Lawrence E. Davanzo, President (principal executive officer) Date: November 23, 2009 By (Signature and Title) /S/:HELEN THOMPSON ----------------------- Helen Thompson, Treasurer (principal financial officer) Date: November 23, 2009