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 number811-07917

Wilshire Variable Insurance Trust

(Exact name of registrant as specified in charter)

1299 Ocean Avenue, Suite 700

Santa Monica, California 90401

(Address of principal executive offices) (Zip code)

Lawrence E. Davanzo, President

1299 Ocean Avenue, Suite 700

Santa Monica, California 90401

(Name and address of agent for service)

Registrant's telephone number, including area code:(310) 451-3051

Date of fiscal year end: December 31

Date of reporting period: March 31, 2005

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedules of Investments are attached herewith.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments
Balanced Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
INVESTMENTS IN UNDERLYING FUNDS 100.07%
Wilshire Equity Fund*		7,843,453	$	157,505,640
Wilshire Income Fund*		8,607,548		104,065,261
Total Investments in Underlying Funds 100.07%
(Cost $253,732,280)				261,570,901
Liabilities in Excess of Cash and Other Assets (0.07%)				(187,659	)
Net Assets 100.00%			$	261,383,242
* Affiliated Fund

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST

Schedule of Investments

Equity Fund

March 31, 2005 (Unaudited)

Investments	Shares		Value
COMMON STOCKS 98.94%
Aerospace & Defense 2.49%
Boeing Company (The)		65,100	$	3,805,746
European Aeronautic Defense and Space Company*(a)(b)(c)		49,267		1,473,233
General Dynamics Corporation		20,500		2,194,525
Goodrich Corporation		28,200		1,079,778
Rockwell Collins, Inc.		20,000		951,800
United Technologies Corporation		32,000		3,253,120
Total				12,758,202
Air Freight & Couriers 0.09%
United Parcel Services, Inc., Class B		6,400		465,536
Auto Components 1.18%
Autoliv, Inc.(a)		23,400		1,115,010
BorgWarner, Inc.		19,800		963,864
Dana Corporation		5,900		75,461
Genuine Parts Company		7,900		343,571
Lear Corporation		30,200		1,339,672
Magna International, Inc., Class A(a)		23,100		1,545,390
Paccar, Inc.		9,000		651,510
Total				6,034,478
Banks 8.15%
Astoria Financial Corporation		15,150		383,295
Bank of America Corporation		318,100		14,028,210
Bank of Hawaii Corporation		10,200		461,652
Comerica, Inc.		16,400		903,312
First Horizon National Corporation		19,000		775,010
Huntington Bancshares, Inc.		29,200		697,880
Keycorp		61,300		1,989,185
Marshall & Ilsley Corporation		33,700		1,406,975
National City Corporation		65,300		2,187,550
North Fork Bancorporation, Inc.		44,500		1,234,430
PNC Financial Services Group, Inc.		16,100		828,828
State Street Corporation		38,000		1,661,360
SunTrust Banks, Inc.		31,694		2,284,187

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Equity Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
US Bancorp	67,500	$	1,945,350
Wachovia Corporation	95,751		4,874,683
Washington Mutual, Inc.	52,100		2,057,950
Wells Fargo & Company	68,600		4,102,280
Total			41,822,137
Beverages 1.89%
Coca-Cola Company (The)	106,300		4,429,521
PepsiCo, Inc.	99,400		5,271,182
Total			9,700,703
Biotechnology 0.83%
Amgen, Inc.*	48,000		2,794,080
Genzyme Corporation*	25,100		1,436,724
Total			4,230,804
Chemicals 2.05%
Air Products & Chemicals, Inc.	40,900		2,588,561
Dow Chemicals Company (The)	44,900		2,238,265
Dupont (E.I) de Nemours & Company	46,700		2,392,908
Englehard Corporation	29,800		894,894
Monsanto Company	16,600		1,070,700
PPG Industries, Inc.	18,400		1,315,968
Total			10,501,296
Commercial Services & Supplies 0.73%
Apollo Group, Inc. Class A*	6,200		459,172
First Data Corporation	67,000		2,633,770
ITT Educational Services, Inc.*	13,500		654,750
Total			3,747,692
Communication Equipment 1.69%
ADC Telecommunications, Inc.*	221,600		440,984
Cisco Systems, Inc.*	260,600		4,667,346
Corning, Inc.*	108,100		1,203,153
Nokia Oxi ADR	57,000		879,510
Nortel Networks Corporation*(a)	197,200		538,356
Tellabs, Inc.*	130,000		949,000
Total			8,678,349

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Equity Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Computers & Peripherals 2.91%
Dell, Inc.*	135,100	$	5,190,542
Hewlett-Packard Company	180,400		3,957,976
International Business Machines Corporation	37,300		3,408,474
Lexmark International, Inc., Class A*	5,900		471,823
Quantum Corporation*	91,200		265,392
Storage Technology Corporation*	27,800		856,240
Sun Microsystems, Inc.*	192,700		778,508
Total			14,928,955
Construction & Engineering 0.15%
NVR, Inc.*	1,000		785,000
Containers & Packing 0.46%
Owens-Illinois, Inc.*	61,500		1,546,110
Smurfit-Stone Container Corporation*	53,700		830,739
Total			2,376,849
Diversified Financials 9.56%
American Express Company	19,300		991,441
Ameritrade Holding Corporation*	50,900		519,689
CIT Group, Inc.	15,500		589,000
Citigroup, Inc.	404,981		18,199,846
Countrywide Financial Corporation	68,300		2,217,018
Fannie Mae	45,800		2,493,810
Freddie Mac	62,300		3,937,360
Franklin Resources, Inc.	31,000		2,128,150
Goldman Sachs Group, Inc.	37,000		4,069,630
JPMorgan Chase & Company	95,612		3,308,175
Lehman Brothers Holdings, Inc.	5,700		536,712
Merrill Lynch & Company, Inc.	124,300		7,035,380
Moody's Corporation	7,400		598,364
Morgan Stanley	6,700		383,575
Principal Financial Group	52,000		2,001,480
Total			49,009,630

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Equity Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Diversified Telecommunication Services 2.56%
AT&T Corporation	42,100	$	789,375
BellSouth Corporation	71,400		1,877,106
CenturyTel, Inc.	19,100		627,244
Deutsche Telekom AG ADR*	55,200		1,101,792
SBC Communications, Inc.	137,200		3,250,268
Sprint Corporation	111,800		2,543,450
Verizon Communications, Inc.	82,658		2,934,359
Total			13,123,594
Electric Utilities 2.32%
American Electric Power Company, Inc.	56,220		1,914,853
Consolidated Edison, Inc.	21,500		906,870
Duquesne Light Holdings, Inc.	42,200		756,224
Entergy Corporation	48,300		3,412,878
PG&E Corporation	38,900		1,326,490
PPL Corporation	24,900		1,344,351
Progress Energy, Inc.	18,200		763,490
Southern Company (The)	47,000		1,496,010
Total			11,921,166
Electrical Equipment 0.68%
Cooper Industries Ltd., Class A	31,600		1,217,760
Rockwell Automation, Inc.	21,500		2,260,032
Total			3,477,792
Electronic Equipment & Instruments 1.09%
Avnet, Inc.*	47,900		882,318
Celestica, Inc.*(a)	24,900		336,399
Flextronics International Ltd.*(a)	65,600		789,824
Ingram Micro, Inc., Class A*	66,300		1,105,221
Sanmina-SCI Corporation*	86,100		449,442
Solectron Corporation*	207,800		721,066
Tech Data Corporation*	21,400		793,084
Thermo Electron Corporation*	20,900		528,561
Total			5,605,915
Energy Equipment & Services 1.06%
Baker Hughes, Inc.	21,100		938,739
GlobalSantaFe Corporation	51,200		1,896,448
Halliburton Company	59,700		2,582,025
Total			5,417,212

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Equity Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Food & Staples Retailing 0.69%
Kroger Company (The)*	35,000	$	561,050
Safeway, Inc.*	58,500		1,084,005
Supervalu, Inc.	57,200		1,907,620
Total			3,552,675
Food Products 1.48%
Archer-Daniels-Midland Company	63,100		1,550,998
Fresh Del Monte Produce, Inc.(a)	24,500		747,740
Kraft Foods, Inc., Class A	37,700		1,245,985
Sara Lee Corporation	104,600		2,317,936
Unilever NV(a)	24,900		1,703,658
Total			7,566,317
Health Care Equipment & Supplies 1.13%
Bausch & Lomb, Inc.	11,100		813,630
Baxter International, Inc.	55,100		1,872,298
Medtronic, Inc.	61,200		3,118,140
Total			5,804,068
Health Care Providers & Services 1.40%
Aetna, Inc.	33,600		2,518,320
Cigna Corporation	7,200		642,960
Coventry Health Care, Inc.*	7,600		517,864
HCA, Inc.	24,200		1,296,394
Laboratory Corporation of America Holdings*	24,000		1,156,800
WellPoint, Inc.*	8,500		1,065,475
Total			7,197,813
Hotels, Restaurants & Leisure 0.97%
GTECH Holdings Corporation	30,100		708,253
McDonald's Corporation	137,500		4,281,750
Total			4,990,003
Household Durables 0.34%
Black & Decker Corporation	7,600		600,324
Newell Rubbermaid, Inc.	51,100		1,121,134
Total			1,721,458
Household Products 1.36%
Procter & Gamble Company	132,100		7,001,300

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Equity Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Industrial Conglomerates 4.35%
3M Company	7,200	$	616,968
General Electric Company	369,800		13,334,988
Textron, Inc.	28,400		2,119,208
Tyco International Ltd.(a)	184,400		6,232,720
Total			22,303,884
Information Technology Services 0.67%
Accenture Ltd., Class A*(a)	64,000		1,545,600
Computer Sciences Corporation*	15,400		706,090
Electronic Data Systems Corporation	57,000		1,178,190
Total			3,429,880
Insurance 6.58%
ACE Ltd.(a)	19,400		800,638
Aflac, Inc.	34,400		1,281,744
Allstate Corporation (The)	14,100		762,246
American Financial Group, Inc.	33,400		1,028,720
American International Group, Inc.	133,625		7,404,161
Chubb Corporation	43,200		3,424,464
Cincinnati Financial Corporation	18,515		807,439
Endurance Specialty Holdings Ltd.	23,500		889,240
Genworth Financial, Inc., Class A	73,100		2,011,712
Hartford Financial Services Group, Inc.	22,000		1,508,320
Lincoln National Corporation	27,400		1,236,836
Metlife, Inc.	62,900		2,459,390
MGIC Investment Corporation	3,400		209,678
PartnerRe Ltd.(a)	5,600		361,760
Prudential Financial, Inc.	29,800		1,710,520
St. Paul Travelers Companies, Inc. (The)	81,023		2,975,975
Torchmark Corporation	36,400		1,900,080
UnumProvident Corporation	49,200		837,384
W R Berkley Corporation	19,100		947,360
XL Capital Ltd., Class A(a)	16,400		1,186,868
Total			33,744,535
Internet Software & Services 0.43%
Yahoo!, Inc.*	65,500		2,220,450
Leisure Equipment & Products 0.34%
Marvel Enterprises, Inc.*	27,500		550,000

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Equity Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Mattel, Inc.	33,900	$	723,765
Polaris Industries, Inc.	6,600		463,518
Total			1,737,283
Machinery 1.18%
Caterpillar, Inc.	13,700		1,252,728
Eaton Corporation	20,500		1,340,700
Graco, Inc.	23,400		944,424
Ingersoll-Rand Company Ltd., Class A(a)	31,600		2,516,940
Total			6,054,792
Media 5.09%
Comcast Corporation, Class A*	101,888		3,441,777
Comcast Corporation, Special Class A*	60,700		2,027,380
Interpublic Group Companies, Inc.*	86,500		1,062,220
McGraw-Hill Companies, Inc. (The)	11,800		1,029,550
News Corporation, Class A	95,064		1,608,483
Time Warner, Inc.*	513,400		9,010,170
Viacom, Inc., Class B	159,481		5,554,723
Walt Disney Company	82,000		2,355,860
Total			26,090,163
Metals & Mining 1.36%
Alcoa, Inc.	57,200		1,738,308
IPSCO, Inc.	14,400		734,400
Phelps Dodge Corporation	10,900		1,108,857
Rio Tinto plc ADR	13,400		1,738,650
United States Steel Corporation	32,500		1,652,625
Total			6,972,840
Multiline Retail 2.39%
Federated Department Stores	55,800		3,551,112
Nordstrom, Inc.	12,700		703,326
Target Corporation	64,100		3,206,282
Wal-Mart Stores, Inc.	95,600		4,790,516
Total			12,251,236
Multi-Utilities 0.45%
National Fuel Gas Company	28,100		803,379
Sempra Energy	38,300		1,525,872
Total			2,329,251

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Equity Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Oil & Gas 9.82%
Apache Corporation	16,700	$	1,022,541
BP plc ADR	17,200		1,073,280
ChevronTexaco Corporation	148,876		8,680,960
ConocoPhillips	91,150		9,829,616
Exxon Mobil Corporation	324,100		19,316,360
Marathon Oil Corporation	44,600		2,092,632
Noble Energy, Inc.	24,000		1,632,480
Occidental Petroleum Corporation	73,650		5,241,670
Valero Energy Corporation	20,100		1,472,727
Total			50,362,266
Paper & Forest Products 0.59%
Georgia-Pacific Corporation	21,500		763,035
International Paper Company	35,600		1,309,724
Weyerhaeuser Company	13,700		938,450
Total			3,011,209
Pharmaceuticals 5.54%
Abbott Laboratories	84,300		3,930,066
AmerisourceBergen Corporation	7,800		446,862
Bristol-Myers Squibb Company	22,400		570,304
Eli Lilly & Company	27,200		1,417,120
GlaxoSmithKline plc ADR	25,100		1,152,592
Johnson & Johnson	79,700		5,352,652
Medco Health Solutions, Inc.*	35,100		1,739,907
Merck & Company, Inc.	85,300		2,761,161
Pfizer, Inc.	236,250		6,206,287
Schering-Plough Corporation	146,100		2,651,715
Wyeth	51,200		2,159,616
Total			28,388,282
Road & Rail 1.86%
Burlington Northern Santa Fe Corporation	62,300		3,359,839
CSX Corporation	83,600		3,481,940
Frontline Ltd.	9,300		455,700
Norfolk Southern Corporation	59,200		2,193,360
Ship Finance International Ltd.	3,255		66,077
Total			9,556,916

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Equity Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Semiconductor Equipment & Products 1.43%
Agere Systems, Inc., Class A*	238,400	$	340,912
Analog Devices, Inc.	40,000		1,445,600
Intel Corporation	179,900		4,179,077
Texas Instruments, Inc.	54,400		1,386,656
Total			7,352,245
Software 2.98%
Adobe Systems, Inc.	12,100		812,757
Autodesk, Inc.	13,900		413,664
Computer Associates International, Inc.	29,500		799,450
Microsoft Corporation	519,700		12,555,952
Oracle Corporation*	55,700		694,579
Total			15,276,402
Specialty Retail 2.30%
Abercrombie & Fitch Company, Class A	8,500		486,540
American Eagle Outfitters	17,000		502,350
Chico's FAS, Inc.*	17,000		480,420
Claire's Stores, Inc.	20,800		479,232
Gap, Inc. (The)	58,700		1,282,008
Home Depot, Inc.	81,700		3,124,208
Limited Brands, Inc.	58,100		1,411,830
Lowe's Companies, Inc.	41,200		2,352,108
Office Depot, Inc.*	61,200		1,357,416
Staples, Inc.	10,300		323,729
Total			11,799,841
Textiles & Apparel 0.93%
Coach, Inc.*	18,500		1,047,655
Jones Apparel Group, Inc.	21,600		723,384
Nike, Inc., Class B	10,900		908,079
VF Corporation	35,100		2,075,814
Total			4,754,932
Tobacco 2.74%
Altria Group, Inc.	189,000		12,358,710
Reynolds American, Inc.	5,000		402,950
UST, Inc.	25,100		1,297,670
Total			14,059,330

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (concluded)
Equity Fund
March 31, 2005 (Unaudited)
Investments		Shares		Value
Wireless Telecommunication Services 0.65%
Nextel Communications, Inc., Class A*		86,300	$	2,452,646
Vodafone Group plc ADR		32,200		855,232
Total				3,307,878
Total Common Stocks
(Cost $458,135,888)				507,422,559
		Principal
SHORT-TERM INVESTMENTS 1.06%		Amount
Repurchase Agreements 1.06%
Repurchase Agreement dated 3/31/2005, 1.65% due 4/1/2005
with State Street Bank & Trust Company. Collateralized
by $2,565,000 of U.S. Treasury Bonds at 8.875% due
8/15/2017 and 2/15/2019; value: $3,631,869
proceeds: $3,603,571	$	3,527,000		3,527,000
Repurchase Agreement dated 3/31/2005, 2.66 % due 4/1/2005
with Swiss Bank collateralized by $1,707,000 of U.S. Treasury
Bonds at 6.00% due 2/15/2026; value: $1,961,648
proceeds: $1,948,916		1,903,000		1,903,000
Total Short-Term Investments
(Cost $5,430,000)				5,430,000
Total Investments in Securities 100.00%
(Cost $463,565,888)				512,852,559
Cash and Other Assets in
Excess of Liabilities 0.00%				27,943
Net Assets 100.00%			$	512,880,502

* Non-income producing security.
(a) Foreign Security traded in U.S. dollars
(b) Illiquid securities consist of the following at March 31, 2005:
		Acquisition	Acquisition
	Security Description	Date	Cost	Value
		12/6/04-
	European Aeronautic Defense and Space Company	2/17/05	$1,486,964	$1,473,233
(c) Fair Valued
ADR American Depository Receipt

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments
Income Fund
March 31, 2005 (Unaudited)
	Interest			Maturity		Principal
Investments	Rate			Date		Amount		Value
LONG-TERM INVESTMENTS: 101.44%
ASSET-BACKED SECURITIES: 5.81%
Chase Insurance Trust 2004-A9 A9		3.220	%		6/15/2010	$	475,000	$	463,260
Chesapeake Funding LLC 2003-1 A2(b)		3.106	%		8/7/2015		1,100,000		1,100,000
Citibank Credit Card Issuance Trust 2000-A1 A1		6.900	%		10/15/2007		425,000		432,578
Citibank Credit Card Issuance Trust 2004-A1 A1		2.550	%		1/20/2009		525,000		510,853
Citibank Credit Card Master Trust I 1999-5 A		6.100	%		5/15/2008		525,000		537,553
Conseco Finance Securitizations Corporation 2002-2 A-IO(g)		8.500	%		3/1/2033		650,722		178,949
Discover Card Master Trust I 2001-2 A(b)		2.970	%		7/15/2008		600,000		600,611
Green Tree Financial Corporation 1992-2 B		9.150	%		1/15/2018		60,749		52,648
Green Tree Home Improvement Loan Trust 1995-C B2		7.600	%		7/15/2020		27,838		27,872
Green Tree Recreational, Equipment & Consumer Trust 1997-D CTFS		7.250	%		3/15/2029		140,683		124,321
MBNA Credit Card Master Note Trust 2003-A1 A1		3.300	%		7/15/2010		510,000		496,103
MBNA Credit Card Master Note Trust 2003-A7 A7		2.650	%		11/15/2010		600,000		569,375
MBNA Credit Card Master Note Trust 2004-A4 A4		2.700	%		9/15/2009		525,000		510,178
Midwest Generation LLC, Series B		8.560	%		1/2/2016		10,000		11,175
MSDWCC Heloc Trust (b)		3.040	%		7/25/2017		89,779		89,788
Nissan Auto Receivables Owner Trust 2003-A A3		1.890	%		12/15/2006		396,440		394,946
Salomon Brothers Mortgage Securities VII 2002-CIT1 A(b)		3.150	%		3/25/2032		339,625		340,561
SLM Student Loan Trust 2004-9 A1(b)		2.690	%		10/26/2009		500,129		500,030
Systems 2001 AT LLC(d)+		6.664	%		9/15/2013		442,277		479,406
Total Asset-Backed Securities (cost $7,412,261)									7,420,207
CERTIFICATE OF DEPOSIT: 0.10%
Banks: 0.10%
State Street Bank & Trust Company (b) (cost $124,958)		2.920	%		12/11/2006		125,000		124,958
COLLATERALIZED MORTGAGE OBLIGATIONS: 6.38%
Non-Agency: 4.80%
Bank of America Alternative Loan Trust 2004-7 4A1		5.000	%		8/25/2019		187,800		188,097
Bear Stearns Adjustable Rate Mortgage Trust 2004-5 2A(b)		4.037	%		7/25/2034		858,216		836,203
Countrywide Alternative Loan Trust 2004-18CB 2A5(b)		3.300	%		9/25/2034		311,093		311,605
Countrywide Alternative Loan Trust 2004-27CB A1		6.000	%		12/25/2034		415,457		423,107
Countrywide Home Loan Mortgage Pass Through Trust 2004-13 AV4(b)		3.140	%		6/25/2035		460,175		460,586
Countrywide Home Loan Mortgage Pass Through Trust 2004-29 1A1(b)		3.120	%		2/25/2035		457,748		458,034
Freddie Mac Series 2927 Class BA		5.500	%		10/15/2033		309,965		314,836
Impac CMB Trust 2003-10 1A1(b)		3.200	%		10/25/2033		318,876		318,901
Indymac, Inc. 2003 A13 Class A1		4.750	%		2/25/2019		1,444,419		1,419,141
Structured Asset Securities Corporation 2002 BC1 Class A(b)		3.130	%		1/1/2032		112,294		112,400
Washington Mutual 2004-AR13 A1A+(b)		3.048	%		11/25/2034		845,562		843,761
Wells Fargo Mortgage-Backed Securities Trust 2004-S A7(b)		3.542	%		9/25/2034		470,000		449,896
Total									6,136,567
U.S. Government Agencies: 0.25%
Small Business Administration 2004-P10B 1		4.754	%		8/10/2014		324,729		321,707
U.S. Government Sponsored Enterprises: 1.33%
Federal Home Loan Mortgage Corp. 2825 VP		5.500	%		6/15/2015		257,712		262,359
Federal Home Loan Mortgage Corp. 2877 PA		5.500	%		7/15/2033		186,181		188,887
Federal National Mortgage Assoc. 1999-7 AB		6.000	%		3/25/2029		183,121		186,621
Federal National Mortgage Assoc. 2004-60 LB		5.000	%		4/25/2034		256,466		256,379
Federal National Mortgage Assoc. 2003-46 CL		3.000	%		8/25/2022		300,000		289,319
Federal National Mortgage Assoc. 2004-101 AR		5.500	%		1/25/2035		190,000		192,986
Federal National Mortgage Assoc. 2004-99 AO		5.500	%		1/25/2034		315,153		318,826
Total									1,695,377
Total Collateralized Mortgage Obligations (cost $8,243,361)									8,153,651

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Income Fund
March 31, 2005 (Unaudited)
	Interest			Maturity		Principal
Investments	Rate			Date		Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES: 5.35%
Non-Agency: 5.35%
Asset Securitization Corporation 1997-D5 A1C		6.750	%		2/14/2043	$	260,000	$	274,486
Asset Securitization Corporation 1997-D5 A2(b)		6.312	%		2/14/2041		100,000		109,905
Bear Stearns Commercial Mortgage Securities 2004-PWR6 A6		4.825	%		11/11/2041		345,000		338,618
Capital Lease Funding Securitization LP 1997-CTL1 A2+(b)		7.349	%		6/22/2024		324,394		335,882
COMM 2000-C1 A2		7.416	%		8/15/2033		290,000		320,798
CS First Boston Mortgage Securities Corporation 1997-C2 A3		6.550	%		1/17/2035		675,000		709,120
CS First Boston Mortgage Securities Corporation 1998-C2 A2		6.300	%		11/11/2030		320,000		337,771
Deutsche Mortgage & Asset Receiving Corporation 1998-C1 A2		6.538	%		6/15/2031		864,352		903,912
GMAC Commercial Mortgage Securities, Inc. 1999-C3 A2		7.179	%		8/15/2036		305,515		333,346
GMAC Commercial Mortgage Securities, Inc. 2000-C2 A2		7.455	%		8/16/2033		280,000		312,104
GMAC Commercial Mortgage Securities, Inc. 2003-C3 A2		4.646	%		4/10/2040		575,000		569,469
GS Mortgage Securities Corporation II 1998-C1 A2		6.620	%		10/18/2030		400,000		423,363
GS Mortgage Securities Corporation II CTF C1 A2		6.135	%		10/18/2030		468,180		488,636
LB-UBS Commercial Mortgage Trust 2000-C4 A2		7.370	%		8/15/2026		270,000		300,876
LB-UBS Commercial Mortgage Trust 2003-C7 A2		4.064	%		9/15/2027		180,000		176,096
LB-UBS Commercial Mortgage Trust 2004-C4 A3(b)		4.987	%		6/15/2029		360,000		366,475
Morgan Stanley Capital I 2003-T11 A2		4.340	%		6/13/2041		220,000		216,779
Salomon Brothers Commercial Mortgage Trust 2000-C3 A2		6.592	%		12/18/2033		300,000		322,481
Total Commerical Mortgage-Backed Securities (cost $6,962,763)									6,840,117
CONVERTIBLE BOND: 0.43%
Pipelines: 0.43%
El Paso Corporation (a) (cost $492,650)		4.815	%		2/28/2021		1,050,000		553,875
FOREIGN GOVERNMENT AND AGENCY SECURITIES: 4.29%
Brazilian Government International Bond(b)(d)		3.125	%		4/15/2012		180,884		169,814
Brazilian Government International Bond(d)		8.000	%		4/15/2014		161,549		159,934
Brazilian Government International Bond(d)		11.000	%		8/17/2040		89,000		99,057
Brazilian Government International Bond(d)		12.000	%		4/15/2010		130,000		152,100
Brazilian Government International Bond(d)		14.500	%		10/15/2009		180,000		226,080
Brazilian Government International Bond, Series L(d)		8.000	%		4/15/2014		33,424		33,090
Bulgaria Government International Bond(d)		8.250	%		1/15/2015		224,000		272,384
Colombia Government International Bond(d)		9.750	%		4/9/2011		142,774		157,051
Colombia Government International Bond(d)		10.500	%		7/9/2010		55,000		60,500
Colombia Government International Bond(d)		11.750	%		2/25/2020		80,000		95,200
Germany Government International Bond (Euro) (c)		5.250	%		1/4/2011		900		1,295
Israel Government AID Bond(d)		5.500	%		4/26/2024		275,000		290,508
Israel Government AID Bond(d)		5.500	%		9/18/2033		125,000		133,125
Mexican Bonds (Mexican Peso)(c)		8.000	%		12/24/2008		3,031,000		253,484
Mexican Bonds (Mexican Peso)(c)		9.000	%		12/24/2009		1,982,000		169,674
Mexico Government International Bond(d)		8.375	%		1/14/2011		425,000		483,650
Mexico Government International Bond(d)		11.500	%		5/15/2026		240,000		363,000
Mexico Government International Bond(d)		11.500	%		5/15/2026		120,000		181,500
Mexico Government International Bond, Series A(d)		7.500	%		4/8/2033		310,000		328,600
Mexico Government International Bond, Series A(d)		8.000	%		9/24/2022		25,000		28,375
New Zealand Government Bond (New Zealand Dollar) (c)		6.000	%		4/15/2015		710,000		498,494
Panama Government International Bond(d)		9.375	%		1/16/2023		30,000		33,600
Panama Government International Bond(d)		9.625	%		2/8/2011		50,000		56,500
Panama Government International Bond(d)		10.750	%		5/15/2020		60,000		74,400
Peru Government International Bond(b)(d)		5.000	%		3/7/2017		185,300		173,256
Peru Government International Bond(d)		8.750	%		11/21/2033		40,000		41,600
Province of Quebec(d)		5.750	%		2/15/2009		75,000		78,322
Russian Government International Bond (b)(d)		5.000	%		3/31/2030		850,000		870,825
Total Foreign Government And Agency Securities (cost $4,935,562)									5,485,418

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Income Fund
March 31, 2005 (Unaudited)
	Interest			Maturity		Principal
Investments	Rate			Date		Amount		Value
MORTGAGE-BACKED SECURITIES: 22.09%
U.S. Government Agencies: 6.67%
Government National Mortgage Assoc. # 001828		8.000	%		5/20/2022	$	14,706	$	15,809
Government National Mortgage Assoc. # 009277		8.250	%		5/15/2006		1,724		1,764
Government National Mortgage Assoc. # 037987		11.500	%		3/15/2010		1,623		1,791
Government National Mortgage Assoc. # 067223		12.000	%		3/15/2014		426		477
Government National Mortgage Assoc. # 080916(b)		3.750	%		5/20/2034		442,937		435,717
Government National Mortgage Assoc. # 120458		12.000	%		7/15/2015		1,603		1,798
Government National Mortgage Assoc. # 121126		12.000	%		3/15/2015		690		773
Government National Mortgage Assoc. # 121873		12.000	%		6/15/2015		2,125		2,383
Government National Mortgage Assoc. # 123992		12.000	%		3/15/2015		1,007		1,130
Government National Mortgage Assoc. # 128893		12.000	%		6/15/2015		718		805
Government National Mortgage Assoc. # 205376		9.500	%		8/15/2017		548		606
Government National Mortgage Assoc. # 462428		6.500	%		12/15/2012		5,435		5,707
Government National Mortgage Assoc. # 468711		6.500	%		2/15/2013		36,095		37,888
Government National Mortgage Assoc. # 471267		6.500	%		5/15/2013		55,307		58,055
Government National Mortgage Assoc. # 473566		6.500	%		5/15/2013		22,229		23,333
Government National Mortgage Assoc. # 474007		6.500	%		8/15/2013		39,037		40,976
Government National Mortgage Assoc. # 480547		6.500	%		2/15/2014		21,374		22,435
Government National Mortgage Assoc. # 482144		7.000	%		8/15/2028		3,759		3,980
Government National Mortgage Assoc. # 490339		6.000	%		2/15/2014		24,761		25,711
Government National Mortgage Assoc. # 490679		6.500	%		10/15/2013		15,054		15,801
Government National Mortgage Assoc. # 496550		6.000	%		3/15/2014		49,788		51,697
Government National Mortgage Assoc. # 502862		7.500	%		11/15/2029		20,969		22,499
Government National Mortgage Assoc. # 505993		7.500	%		10/15/2029		9,636		10,340
Government National Mortgage Assoc. # 508888		7.500	%		10/15/2029		45,294		48,599
Government National Mortgage Assoc. # 530399		7.500	%		6/15/2030		35,395		37,968
Government National Mortgage Assoc. # 565731		6.000	%		7/15/2032		213,937		220,235
Government National Mortgage Assoc. # 604958		6.500	%		1/15/2034		186,120		194,466
Government National Mortgage Assoc. # 606943		6.000	%		11/15/2033		22,985		23,636
Government National Mortgage Assoc. # 614602		5.500	%		7/15/2033		138,146		139,563
Government National Mortgage Assoc. # 626093		6.000	%		3/15/2034		260,291		267,608
Government National Mortgage Assoc. # 781590		5.500	%		4/15/2033		414,464		418,850
Government National Mortgage Assoc. TBA		5.500	%		4/1/2020		200,000		201,750
Government National Mortgage Assoc. TBA		6.000	%		4/1/2035		6,030,000		6,192,056
Total									8,526,206
U.S. Government Sponsored Enterprises: 15.42%
Federal Home Loan Mortgage Corp. # A12891		5.000	%		8/1/2033		1,257,876		1,234,246
Federal Home Loan Mortgage Corp. # A13092		5.000	%		9/1/2033		416,894		409,062
Federal Home Loan Mortgage Corp. # A13629		5.000	%		9/1/2033		893,815		877,024
Federal Home Loan Mortgage Corp. # C01622		5.000	%		9/1/2033		440,999		432,714
Federal Home Loan Mortgage Corp. # C01648		5.000	%		10/1/2033		885,556		868,920
Federal Home Loan Mortgage Corp. # M80806		4.000	%		3/1/2010		140,739		138,076
Federal Home Loan Mortgage Corp. #00329(b)		3.160	%		6/15/2018		240,524		241,011
Federal Home Loan Mortgage Corp. #2531		5.000	%		12/15/2017		310,000		308,149
Federal Home Loan Mortgage Corp. TBA		5.000	%		4/1/2035		1,200,000		1,173,750
Federal Home Loan Mortgage Corp. TBA		5.500	%		4/1/2020		300,000		306,000
Federal National Mortgage Assoc. # 001466		8.750	%		2/1/2010		25,238		25,963
Federal National Mortgage Assoc. # 040741		8.000	%		1/1/2017		820		888
Federal National Mortgage Assoc. # 050650		7.500	%		10/1/2022		18,220		19,584
Federal National Mortgage Assoc. # 248213		7.500	%		7/1/2023		8,777		9,428
Federal National Mortgage Assoc. # 250282		8.500	%		3/1/2015		21,336		23,276
Federal National Mortgage Assoc. # 251818		6.000	%		6/1/2018		122,605		126,440
Federal National Mortgage Assoc. # 252345		6.000	%		3/1/2014		135,946		140,517
Federal National Mortgage Assoc. # 254442		5.500	%		9/1/2017		470,369		479,815

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Income Fund
March 31, 2005 (Unaudited)
	Interest			Maturity		Principal
Investments	Rate			Date		Amount		Value
Federal National Mortgage Assoc. # 255269		5.500	%		7/1/2034	$	295,560	$	296,191
Federal National Mortgage Assoc. # 286320		8.000	%		10/1/2014		1,830		1,974
Federal National Mortgage Assoc. # 288481		8.500	%		9/1/2014		33,035		36,036
Federal National Mortgage Assoc. # 291765		8.000	%		8/1/2014		23,972		25,861
Federal National Mortgage Assoc. # 291947		8.000	%		8/1/2014		13,053		14,082
Federal National Mortgage Assoc. # 302622		8.500	%		1/1/2015		10,728		11,702
Federal National Mortgage Assoc. # 313839		6.500	%		11/1/2012		59,275		61,333
Federal National Mortgage Assoc. # 323871		7.000	%		8/1/2019		38,615		40,864
Federal National Mortgage Assoc. # 440735		6.000	%		12/1/2018		11,739		12,107
Federal National Mortgage Assoc. # 459795		6.500	%		6/1/2029		227,578		236,950
Federal National Mortgage Assoc. # 481440		6.000	%		1/1/2019		15,288		15,766
Federal National Mortgage Assoc. # 506602		6.500	%		7/1/2029		104,384		108,682
Federal National Mortgage Assoc. # 511876		6.500	%		8/1/2029		56,698		59,032
Federal National Mortgage Assoc. # 528068		7.500	%		4/1/2030		107,406		114,936
Federal National Mortgage Assoc. # 528300		7.500	%		4/1/2030		68,941		73,774
Federal National Mortgage Assoc. # 531331		7.500	%		4/1/2030		20,637		22,083
Federal National Mortgage Assoc. # 532514		7.000	%		4/1/2030		20,903		22,059
Federal National Mortgage Assoc. # 532701		6.500	%		3/1/2030		160,233		166,832
Federal National Mortgage Assoc. # 534065		8.500	%		3/1/2030		32,572		35,445
Federal National Mortgage Assoc. # 539931		7.000	%		5/1/2030		50,068		52,836
Federal National Mortgage Assoc. # 545605		7.000	%		5/1/2032		163,033		171,994
Federal National Mortgage Assoc. # 545968		5.500	%		10/1/2017		810,561		826,839
Federal National Mortgage Assoc. # 555212		7.000	%		10/1/2032		117,914		124,432
Federal National Mortgage Assoc. # 555880		5.500	%		11/1/2033		579,043		580,961
Federal National Mortgage Assoc. # 612843		5.500	%		1/1/2017		36,484		37,219
Federal National Mortgage Assoc. # 630962		6.500	%		2/1/2032		529,816		550,847
Federal National Mortgage Assoc. # 635164		6.500	%		8/1/2032		224,078		232,972
Federal National Mortgage Assoc. # 654504		5.500	%		9/1/2017		117,104		119,455
Federal National Mortgage Assoc. # 670370		5.500	%		9/1/2017		255,196		260,321
Federal National Mortgage Assoc. # 673488		5.500	%		12/1/2017		334,868		341,592
Federal National Mortgage Assoc. # 689082		5.000	%		6/1/2018		172,888		172,983
Federal National Mortgage Assoc. # 725232		5.000	%		3/1/2034		1,483,994		1,455,057
Federal National Mortgage Assoc. # 747769		4.500	%		10/1/2018		172,857		169,321
Federal National Mortgage Assoc. # 757050		5.500	%		6/1/2034		130,139		130,417
Federal National Mortgage Assoc. # 758880		5.500	%		1/1/2019		36,032		36,760
Federal National Mortgage Assoc. # 770975		5.500	%		4/1/2034		336,920		337,639
Federal National Mortgage Assoc. # 773533		4.500	%		4/1/2019		271,629		265,812
Federal National Mortgage Assoc. # 775495		5.500	%		5/1/2034		421,589		422,489
Federal National Mortgage Assoc. # 777336		4.500	%		4/1/2019		270,038		264,255
Federal National Mortgage Assoc. # 777760		5.500	%		5/1/2034		656,203		657,604
Federal National Mortgage Assoc. # 783851		5.500	%		7/1/2034		92,979		93,177
Federal National Mortgage Assoc. # 791220		6.500	%		8/1/2034		90,913		94,389
Federal National Mortgage Assoc. TBA		4.000	%		4/1/2020		100,000		95,719
Federal National Mortgage Assoc. TBA		5.000	%		4/1/2020		300,000		299,719
Federal National Mortgage Assoc. TBA		5.000	%		4/1/2035		800,000		782,000
Federal National Mortgage Assoc. TBA		5.500	%		4/1/2035		800,000		815,000
Federal National Mortgage Assoc. TBA		5.500	%		4/1/2035		700,000		700,875
Federal National Mortgage Assoc. TBA		6.000	%		4/1/2020		900,000		929,250
Federal National Mortgage Assoc. TBA		6.000	%		4/1/2035		200,000		204,375
Federal National Mortgage Assoc. TBA		6.500	%		4/1/2035		300,000		311,250
Total									19,708,131
Total Mortgage-Backed Securities (cost $28,086,761)									28,234,337

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Income Fund
March 31, 2005 (Unaudited)
Investments				Shares		Value
PREFERRED STOCKS: 0.33%
U.S. Government Sponsored Enterprises: 0.11%
Fannie Mae rate 7.00%(b)					2,600	$	143,813
Corporate Stocks: 0.22%
Aerospace/Defense: 0.06%
RC Trust I rate 7.00%					1,550		79,825
Industrial: 0.16%
General Motors Corporation, Series B					10,550		197,074
Total Corporate Stocks							276,899
Total Preferred Stocks (cost $412,662)							420,712
	Interest		Maturity		Principal
	Rate		Date		Amount
U.S. AND FOREIGN CORPORATE BONDS/NOTES: 20.84%
Electric: 0.05%
Hydro Quebec Series JL (d)	6.300	%	5/11/2011	$	60,000		64,885
Electronic/Gas: 2.19%
AES Corp (The)	8.750	%	6/15/2008		16,000		16,920
AES Corp (The)	8.875	%	2/15/2011		19,000		20,568
AES Corp (The)	9.375	%	9/15/2010		97,000		106,943
AES Corp (The)	9.500	%	6/1/2009		68,000		74,375
Cleveland Electric Illuminating Co. (The)	5.650	%	12/15/2013		40,000		40,694
Dominion Resources, Inc.	4.125	%	2/15/2008		30,000		29,659
Dominion Resources, Inc.	5.700	%	9/17/2012		110,000		114,072
Dominion Resources, Inc., Series D	5.125	%	12/15/2009		80,000		81,089
El Paso Corporation	7.750	%	1/15/2032		30,000		28,275
El Paso Corporation	7.800	%	8/1/2031		930,000		874,200
Empresa Nacional De Electric	8.350	%	8/1/2013		20,000		22,420
FirstEnegy Corporation, Series A	5.500	%	11/15/2006		40,000		40,679
FirstEnegy Corporation, Series B	6.450	%	11/15/2011		50,000		52,752
FirstEnegy Corporation, Series C	7.375	%	11/15/2031		335,000		379,455
General Electric Capital Corporation, Series A	3.600	%	10/15/2008		205,000		198,928
Midwest Generation LLC	8.750	%	5/1/2034		50,000		55,750
National Waterworks, Inc., Series B	10.500	%	12/1/2012		10,000		11,125
Oncor Electric Delivery Co.	6.375	%	1/15/2015		50,000		53,873
Orion Power Holdings, Inc.	12.000	%	5/1/2010		51,000		61,965
Pacific Gas & Electric Company	6.050	%	3/1/2034		120,000		123,218
Pacific Gas & Electric Company (b)	3.260	%	4/3/2006		30,000		30,079
Progress Energy, Inc.	7.750	%	3/1/2031		70,000		83,219
Sithe Independence Funding Corporation, Series A	9.000	%	12/30/2013		10,000		11,166
Southern Natural Gas Co.	8.875	%	3/15/2010		20,000		21,686
Texas Genco LLC+	6.875	%	12/15/2014		20,000		20,050
Transcontinental Gas Pipe Line Corporation, Series B	8.875	%	7/15/2012		25,000		29,312
TXU Corporation	6.550	%	11/15/2034		30,000		28,286
TXU Corporation, Series J	6.375	%	6/15/2006		10,000		10,231
TXU Corporation+	6.500	%	11/15/2024		100,000		95,561
TXU Energy Company LLC	7.000	%	3/15/2013		50,000		54,719
TXU Energy Company LLC+(b)	3.420	%	1/17/2006		30,000		29,997
Total							2,801,266

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Income Fund
March 31, 2005 (Unaudited)
	Interest			Maturity		Principal
Investments	Rate			Date		Amount		Value
Financials: 7.85%
American Express Bank FSB (b)		2.930	%		11/21/2007	$	275,000	$	275,167
Bank of America Corporation		3.875	%		1/15/2008		360,000		355,359
Bank of America Corporation		4.875	%		1/15/2013		120,000		119,108
Bank of America Corporation, Series J (b)		2.960	%		2/17/2009		100,000		100,128
Berkshire Hathaway Finance Corporation		3.375	%		10/15/2008		150,000		144,984
Berkshire Hathaway Finance Corporation		4.125	%		1/15/2010		95,000		92,684
Chase Manhattan Corporation		6.375	%		2/15/2008		100,000		104,857
CIT Group, Inc.		4.000	%		5/8/2008		5,000		4,910
Citigroup, Inc.		3.625	%		2/9/2009		1,005,000		971,256
Citigroup, Inc.		4.125	%		2/22/2010		175,000		170,162
Citigroup, Inc.		5.000	%		9/15/2014		265,000		260,171
Depfa ACS Bank+(d)		3.625	%		10/29/2008		150,000		147,633
DI Finance/ Dyn Corp. International+		9.500	%		2/15/2013		10,000		9,712
Eksportfinans A/S (d)		3.375	%		1/15/2008		240,000		234,658
EOP Operating LP		7.000	%		7/15/2011		100,000		110,130
FleetBoston Financial Corporation		3.850	%		2/15/2008		80,000		78,736
Ford Motor Credit Company		7.250	%		10/25/2011		50,000		49,341
Ford Motor Credit Company		7.375	%		10/28/2009		280,000		281,224
Forest City Enterprises, Inc.		6.500	%		2/1/2017		8,000		8,080
General Electric Capital Corporation		8.850	%		4/1/2005		500,000		500,000
General Electric Capital Corporation, Series A		4.125	%		3/4/2008		425,000		421,828
General Electric Capital Corporation, Series A		4.375	%		11/21/2011		25,000		24,410
General Electric Capital Corporation, Series A(b)		3.450	%		1/15/2008		950,000		939,197
General Motors Acceptance Corporation		7.250	%		3/2/2011		175,000		162,478
General Motors Acceptance Corporation(b)		4.203	%		9/23/2008		100,000		91,288
Goldman Sachs Group, Inc.		6.600	%		1/15/2012		290,000		313,821
Household Finance Corporation		6.375	%		11/27/2012		40,000		43,249
Household Finance Corporation		6.400	%		6/17/2008		325,000		342,662
Household Finance Corporation		6.500	%		11/15/2008		213,000		225,764
JPMorgan Chase & Company		3.625	%		5/1/2008		50,000		48,779
JPMorgan Chase & Company		5.125	%		9/15/2014		75,000		73,813
JPMorgan Chase & Company		5.250	%		5/30/2007		330,000		336,502
JPMorgan Chase & Company		5.350	%		3/1/2007		100,000		102,020
JPMorgan Chase & Company		5.750	%		1/2/2013		195,000		202,639
Lehman Brothers Holdings, Inc.		6.625	%		1/18/2012		150,000		163,902
Morgan Stanley		3.625	%		4/1/2008		270,000		263,666
Protective Life Secured Trust		3.700	%		11/24/2008		85,000		83,409
Refco Finance Holdings LLC+		9.000	%		8/1/2012		30,000		31,800
Rouse Company (The)		3.625	%		3/15/2009		35,000		32,746
Rouse Company (The)		5.375	%		11/26/2013		125,000		119,619
SLM Corporation		3.625	%		3/17/2008		225,000		219,885
SLM Corporation (b)		4.090	%		4/1/2009		220,000		217,195
SunTrust Banks, Inc.		3.625	%		10/15/2007		270,000		265,284
SunTrust Banks, Inc.		4.000	%		10/15/2008		65,000		64,156
Swedish Export Credit		2.875	%		1/26/2007		100,000		97,935
UBS Preferred Funding Trust I(b)		8.622	%		10/29/2049		25,000		29,489
UGS Corp.		10.000	%		6/1/2012		20,000		22,100
US Bancorp, Series N		3.125	%		3/15/2008		170,000		164,240
US Bank NA		2.870	%		2/1/2007		250,000		245,040
Wellpoint, Inc.+		5.950	%		12/15/2034		50,000		50,203
Wells Fargo & Company		4.000	%		8/15/2008		400,000		394,083
Wells Fargo & Company		4.200	%		1/15/2010		105,000		102,666
Wells Fargo & Company		5.000	%		11/15/2014		75,000		74,277
XL Capital Ltd.(d)		6.375	%		11/15/2024		40,000		41,759
Total									10,030,204

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Income Fund
March 31, 2005 (Unaudited)
	Interest			Maturity		Principal
Investments	Rate			Date		Amount		Value
Healthcare-Products: 0.04%
Fresenius Medical Care Capital Trust II Pfd. UNIT		7.785	%		2/1/2008	$	460	$	48,242
Industrial: 9.77%
AGCO Corporation		9.500	%		5/1/2008		11,000		11,523
Albertsons, Inc.		8.000	%		5/1/2031		30,000		35,317
Altria Group, Inc.		7.000	%		11/4/2013		5,000		5,365
Altria Group, Inc.		7.200	%		2/1/2007		240,000		251,212
Amerada Hess Corporation		7.300	%		8/15/2031		165,000		186,066
Anadarko Finance Company, Series B(d)		6.750	%		5/1/2011		200,000		220,139
Anadarko Finance Company, Series B(d)		7.500	%		5/1/2031		30,000		36,811
AOL Time Warner, Inc.		7.700	%		5/1/2032		25,000		29,680
Apache Corporation		6.250	%		4/15/2012		180,000		196,339
AT&T Broadband Corporation		8.375	%		3/15/2013		25,000		29,706
AT&T Wireless Services, Inc.		8.125	%		5/1/2012		85,000		99,299
BE Aerospace, Inc.		8.500	%		10/1/2010		30,000		32,700
Bellsouth Capital Funding		7.875	%		2/15/2030		160,000		197,614
Bio Rad Laboratories, Inc.		6.125	%		12/15/2014		20,000		19,600
Boeing Capital Corporation		5.800	%		1/15/2013		85,000		88,974
Boston Scientific Corporation		5.450	%		6/15/2014		40,000		40,779
Bristol-Myers Squibb Company		5.750	%		10/1/2011		115,000		120,116
British Telecommunications plc(d)		8.875	%		12/15/2030		5,000		6,662
Caesars Entertainment, Inc.		8.125	%		5/15/2011		12,000		13,290
Case New Holland, Inc.		9.250	%		8/1/2011		10,000		10,650
Chesapeake Energy Corporation		7.500	%		9/15/2013		10,000		10,550
Chesapeake Energy Corporation		9.000	%		8/15/2012		16,000		17,660
ChevronTexaco Capital Company		3.500	%		9/17/2007		200,000		196,858
Columbia/HCA Healthcare Corporation		7.250	%		5/20/2008		22,000		23,263
Columbia/HCA Healthcare Corporation		7.690	%		6/15/2025		30,000		30,849
Comcast Corporation		6.500	%		1/15/2015		345,000		369,278
Compagnie Generale de Geophysique SA(d)		10.625	%		11/15/2007		5,000		5,275
Conoco Funding Company		6.350	%		10/15/2011		50,000		54,493
Conoco Funding Company(d)		7.250	%		10/15/2031		35,000		43,041
ConocoPhillips		4.750	%		10/15/2012		400,000		397,440
ConocoPhillips Holding Company		6.950	%		4/15/2029		40,000		47,681
COX Communications, Inc.		4.625	%		6/1/2013		20,000		18,636
COX Communications, Inc.		7.750	%		11/1/2010		15,000		16,660
CSC Holdings, Inc.		7.625	%		4/1/2011		10,000		10,400
CSC Holdings, Inc.		7.875	%		2/15/2018		31,000		32,860
DaimlerChrysler NA Holding Corporation		6.500	%		11/15/2013		50,000		51,999
DaimlerChrysler NA Holding Corporation		7.300	%		1/15/2012		135,000		147,197
Davita, Inc.		7.250	%		3/15/2015		10,000		9,800
Delhaize America, Inc.		9.000	%		4/15/2031		25,000		30,373
Delta Air Lines, Inc.		6.718	%		7/2/2024		116,306		120,971
Devon Energy Corporation		7.950	%		4/15/2032		140,000		176,512
Devon Financing Corporation ULC		7.875	%		9/30/2031		80,000		99,651
Diageo Capital plc (d)		3.375	%		3/20/2008		85,000		82,692
DR Horton, Inc.		5.625	%		9/15/2014		40,000		37,973
DR Horton, Inc.		7.875	%		8/15/2011		10,000		10,926
Eastman Kodak Company		7.250	%		11/15/2013		15,000		15,681
Echostar DBS Corporation(b)		5.256	%		10/1/2008		25,000		25,594
Eircom Funding (d)		8.250	%		8/15/2013		50,000		54,375
EnCana Corporation(d)		6.300	%		11/1/2011		90,000		97,129
Enterprise Products Operating LP		4.000	%		10/15/2007		25,000		24,476
EOP Operating LP		4.750	%		3/15/2014		5,000		4,689
Federated Department Stores, Inc.		6.900	%		4/1/2029		25,000		26,778
FMC Corporation		10.250	%		11/1/2009		12,000		13,380

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Income Fund
March 31, 2005 (Unaudited)
	Interest			Maturity		Principal
Investments	Rate			Date		Amount		Value
Ford Motor Credit Company		6.875	%		2/1/2006	$	70,000	$	70,952
Ford Motor Credit Company		7.000	%		10/1/2013		5,000		4,844
Ford Motor Credit Company		7.375	%		2/1/2011		60,000		59,612
Freescale Semiconductor, Inc.(b)		5.410	%		7/15/2009		10,000		10,263
General Mills, Inc.		3.875	%		11/30/2007		150,000		147,870
General Mills, Inc.		5.125	%		2/15/2007		110,000		111,855
General Motors Acceptance Corporation		5.625	%		5/15/2009		80,000		72,982
General Motors Acceptance Corporation		6.125	%		9/15/2006		380,000		378,247
General Motors Acceptance Corporation		6.125	%		2/1/2007		230,000		226,199
General Motors Acceptance Corporation		6.125	%		8/28/2007		150,000		146,267
General Motors Acceptance Corporation		6.150	%		4/5/2007		40,000		39,237
General Motors Acceptance Corporation		7.750	%		1/19/2010		230,000		220,914
General Motors Corporation		8.375	%		7/5/2033		110,000		124,327
General Motors Corporation		8.375	%		7/15/2033		40,000		34,229
Georgia-Pacific Corporation		7.700	%		6/15/2015		13,000		14,251
Georgia-Pacific Corporation		8.875	%		2/1/2010		18,000		20,093
Georgia-Pacific Corporation		9.375	%		2/1/2013		1,000		1,118
Georgia-Pacific Corporation		9.500	%		12/1/2011		1,000		1,180
Harrah's Operating Company, Inc.		7.875	%		12/15/2005		43,000		43,860
HCA, Inc.		5.500	%		12/1/2009		25,000		24,720
HCA, Inc.		5.750	%		3/15/2014		10,000		9,545
Horizon Lines LLC		9.000	%		11/1/2012		17,000		18,105
Host Marriot LP, Series G		9.250	%		10/1/2007		4,000		4,280
IMC Global, Inc.		10.875	%		8/1/2013		30,000		35,850
International Paper Company		5.500	%		1/15/2014		50,000		50,866
International Steel Group, Inc.		6.500	%		4/15/2014		5,000		5,100
Ispat Inland ULC (d)		9.750	%		4/1/2014		13,000		15,210
Kansas City Southern Railway		9.500	%		10/1/2008		23,000		25,070
Kraft Foods, Inc.		6.250	%		6/1/2012		60,000		64,502
Lamar Media Corporation		7.250	%		1/1/2013		25,000		26,000
Liberty Media Corporation		5.700	%		5/15/2013		60,000		56,552
Liberty Media Corporation(b)		4.510	%		9/17/2006		280,000		283,718
Lockheed Martin Corporation		7.650	%		5/1/2016		95,000		113,564
Lockheed Martin Corporation		8.500	%		12/1/2029		35,000		47,424
Lyondell Chemical Company, Series A		9.625	%		5/1/2007		4,000		4,290
MacDermid, Inc.		9.125	%		7/15/2011		10,000		10,725
Magnachip Semiconductor SA(d)		6.260	%		12/15/2011		10,000		10,250
Manor Care, Inc.		7.500	%		6/15/2006		10,000		10,351
Merck & Company, Inc.		4.750	%		3/1/2015		125,000		120,529
MGM Mirage		6.000	%		10/1/2009		10,000		9,863
MGM Mirage		6.750	%		9/1/2012		20,000		20,150
MGM Mirage		8.500	%		9/15/2010		50,000		54,750
Mizuho JGB Investment LLC(b)		9.870	%		12/31/2049		210,000		239,297
Mizuho Preferred Capital Company LLC(b)		8.790	%		12/29/2049		360,000		399,905
Mohegan Tribal Gaming Authority		8.000	%		4/1/2012		5,000		5,300
News America, Inc.+		6.200	%		12/15/2034		125,000		123,596
Nextel Communications, Inc.		7.375	%		8/1/2015		20,000		21,125
Norfolk Southern Corporation		6.200	%		4/15/2009		90,000		94,796
Northrop Grumman Corporation		4.079	%		11/16/2006		150,000		149,806
Northrop Grumman Corporation		7.750	%		2/15/2031		40,000		50,561
Occidental Petroleum Corporation		8.450	%		2/15/2029		25,000		33,701
OMI Corporation (d)		7.625	%		12/1/2013		30,000		31,163
Omnicare, Inc., Series B		8.125	%		3/15/2011		39,000		41,048
Overseas Shipholding Group		7.500	%		2/15/2024		30,000		30,150
Oxford Industries, Inc.		8.875	%		6/1/2011		10,000		10,600
Peabody Energy Corporation, Series B		6.875	%		3/15/2013		28,000		28,840
Plains Exportation & Production Company		7.125	%		6/15/2014		20,000		20,900

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Income Fund
March 31, 2005 (Unaudited)
	Interest			Maturity		Principal
Investments	Rate			Date		Amount		Value
Premier Entertainment Biloxi LLC		10.750	%		2/1/2012	$	10,000	$	10,200
Pride International, Inc.		7.375	%		7/15/2014		20,000		21,200
Qwest Capital Funding, Inc.		7.250	%		2/15/2011		10,000		9,325
Qwest Capital Funding, Inc.		7.750	%		2/15/2031		30,000		25,350
Qwest Corporation		5.625	%		11/15/2008		30,000		29,775
Raytheon Company		6.750	%		8/15/2007		23,000		24,199
Raytheon Company		7.000	%		11/1/2028		40,000		46,165
Readers Digest Association, Inc.		6.500	%		3/1/2011		10,000		9,975
Rhodia SA(d)		10.250	%		6/1/2010		10,000		10,900
Schuler Homes, Inc.		9.375	%		7/15/2009		26,000		27,256
Sensus Metering Systems, Inc.		8.625	%		12/15/2013		10,000		10,225
Shaw Communications, Inc.		7.200	%		12/15/2011		24,000		25,620
Smithfield Foods, Inc.		7.000	%		8/1/2011		10,000		10,238
Smithfield Foods, Inc., Series B		8.000	%		10/15/2009		44,000		46,640
Solo Cup Company		8.500	%		2/15/2014		10,000		10,000
Sprint Capital Corporation		6.000	%		1/15/2007		70,000		71,958
Sprint Capital Corporation		8.375	%		3/15/2012		40,000		46,748
Sprint Capital Corporation		8.750	%		3/15/2032		25,000		32,434
Station Casinos, Inc.		6.000	%		4/1/2012		20,000		19,850
Suburban Propane Partners LP		6.875	%		12/15/2013		30,000		29,550
Sun Media Corporation (d)		7.625	%		2/15/2013		10,000		10,400
Teekay Shipping Corporation		8.875	%		7/15/2011		9,000		10,035
Tele-Communications-TCI Group		7.875	%		8/1/2013		295,000		344,109
Tenet Healthcare Corporation		6.375	%		12/1/2011		121,000		111,623
Tenet Healthcare Corporation		7.375	%		2/1/2013		40,000		37,700
Tenet Healthcare Corporation		9.250	%		2/1/2015		171,000		170,573
Terex Corporation		7.375	%		1/15/2014		5,000		5,100
Time Warner, Inc.		6.625	%		5/15/2029		165,000		173,361
Time Warner, Inc.		6.875	%		5/1/2012		400,000		436,834
Toys R US, Inc.		7.375	%		10/15/2018		33,000		27,555
Trimas Corporation		9.875	%		6/15/2012		10,000		10,200
Tyco International Group SA (d)		6.000	%		11/15/2013		220,000		230,988
Tyco International Group SA (d)		6.125	%		11/1/2008		40,000		41,975
Tyco International Group SA (d)		6.375	%		2/15/2006		30,000		30,529
Tyco International Group SA (d)		6.750	%		2/15/2011		10,000		10,836
Tyco International Group SA (d)		7.000	%		6/15/2028		418,000		474,500
Unilever Capital Corporation		7.125	%		11/1/2010		55,000		61,600
Ventas Realty LP/ Ventas Capital Corporation		8.750	%		5/1/2009		20,000		21,750
Ventas Realty LP/ Ventas Capital Corporation		9.000	%		5/1/2012		10,000		11,350
Verizon Global Funding Corporation		4.375	%		6/1/2013		35,000		33,219
Verizon Global Funding Corporation		6.875	%		6/15/2012		10,000		11,015
Verizon Global Funding Corporation		7.750	%		12/1/2030		100,000		120,860
Verizon New Jersey, Inc., Series A		5.875	%		1/17/2012		90,000		93,344
Viacom, Inc.		5.625	%		8/15/2012		30,000		30,360
Vintage Petroleum, Inc.		7.875	%		5/15/2011		20,000		21,200
Vintage Petroleum, Inc.		8.250	%		5/1/2012		24,000		25,980
Vodafone Group plc (d)		7.750	%		2/15/2010		80,000		90,354
Walt Disney Company		6.200	%		6/20/2014		25,000		26,695
Waste Management, Inc.		6.875	%		5/15/2009		425,000		457,356
Waste Management, Inc.		7.375	%		5/15/2029		165,000		192,068
Western Oil Sands, Inc. (d)		8.375	%		5/1/2012		17,000		19,355
Weyerhaeuser Company		6.750	%		3/15/2012		175,000		192,209
Williams Companies, Inc.		7.625	%		7/15/2019		10,000		10,825
Williams Companies, Inc.		7.750	%		6/15/2031		80,000		86,400
Williams Companies, Inc., Series A		7.500	%		1/15/2031		173,000		181,650
WMX Technologies, Inc.		7.000	%		10/15/2006		125,000		130,062
XTO Energy, Inc.		6.250	%		4/15/2013		20,000		21,486
XTO Energy, Inc.		7.500	%		4/15/2012		36,000		41,238
Total									12,491,786

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Income Fund
March 31, 2005 (Unaudited)
	Interest			Maturity		Principal
Investments	Rate			Date		Amount		Value
Oil & Gas: 0.05%
EnCana Corporation (d)		6.500	%		8/15/2034	$	25,000	$	27,354
Suncor Energy, Inc. (d)		5.950	%		12/1/2034		30,000		31,347
Total									58,701
Pharmaceuticals: 0.02%
Elan Finance plc/Elan Finance Corporation +(d)		7.750	%		11/15/2011		30,000		22,425
Telecommunications: 0.87%
BellSouth Corporation		4.200	%		9/15/2009		75,000		73,287
BellSouth Corporation		4.750	%		11/15/2012		30,000		29,295
BellSouth Corporation		6.550	%		6/15/2034		25,000		26,751
British Telecommunications plc (d)		8.375	%		12/15/2010		140,000		162,652
Cincinnati Bell, Inc.		7.250	%		7/15/2013		20,000		19,900
Cincinnati Bell, Inc.		8.375	%		1/15/2014		20,000		19,700
Deutsche Telekom International Finance BV (b)(d)		8.750	%		6/15/2030		5,000		6,539
France Telecom SA(b)(d)		8.750	%		3/1/2031		25,000		32,904
Intelsat Ltd. (d)		6.500	%		11/1/2013		30,000		24,075
Intelsat Ltd.(b)(d)		7.794	%		1/15/2012		10,000		10,150
Intelsat Ltd.(d)		8.250	%		1/15/2013		5,000		5,050
Nextel Communications, Inc.		5.950	%		3/15/2014		15,000		14,925
Qwest Communications International+(b)		6.544	%		2/15/2009		40,000		40,300
Qwest Corporation+		7.875	%		9/1/2011		85,000		87,550
Rogers Wireless Communications, Inc.(d)		6.375	%		3/1/2014		20,000		19,400
SBC Communications, Inc.		4.125	%		9/15/2009		50,000		48,631
SBC Communications, Inc.		5.100	%		9/15/2014		80,000		77,974
SBC Communications, Inc.		6.450	%		6/15/2034		50,000		52,045
Sprint Capital Corporation		4.780	%		8/17/2006		160,000		160,984
Telecom Italia Capital SA(d)		5.250	%		11/15/2013		35,000		34,579
Telecom Italia Capital SA+(d)		4.950	%		9/30/2014		40,000		38,316
Telecom Italia Capital SA+(d)		6.000	%		9/30/2034		115,000		111,358
Verizon Global Funding Corporation		7.375	%		9/1/2012		10,000		11,344
Total									1,107,709
Total U.S. And Foreign Corporate Bonds/Notes (cost $26,216,294)									26,625,218
U.S. GOVERNMENT BOND/NOTES: 35.82%
U.S. Government Agencies And Sponsored: 0.13%
Entities: 0.13%
Federal Home Loan Bank		5.925	%		4/9/2008		100,000		105,009
Financing Corporation(a)		6.805	%		4/5/2019		130,000		63,301
Total									168,310
U.S. Government Sponsored Enterprises: 2.24%
Federal Home Loan Mortgage Corp.		2.000	%		2/28/2006		475,000		467,894
Federal Home Loan Mortgage Corp.		4.500	%		12/16/2010		335,000		327,973
Federal National Mortgage Assoc.		2.350	%		4/5/2007		595,000		575,893
Federal National Mortgage Assoc.		2.710	%		1/30/2007		975,000		953,200
Federal National Mortgage Assoc.		3.125	%		3/16/2009		225,000		214,485
Federal National Mortgage Assoc.		6.000	%		5/15/2011		300,000		321,184
Total									2,860,629

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Income Fund
March 31, 2005 (Unaudited)
	Interest			Maturity		Principal
Investments	Rate			Date		Amount		Value
U.S. Treasury Bonds/Notes: 33.45%
U.S. Treasury Bond		5.375	%		2/15/2031	$	530,000	$	577,638
U.S. Treasury Bond		6.125	%		11/15/2027		735,000		859,060
U.S. Treasury Bond		6.750	%		8/15/2026		425,000		529,241
U.S. Treasury Bond		8.000	%		11/15/2021		265,000		359,862
U.S. Treasury Bond		8.125	%		8/15/2019		575,000		773,577
U.S. Treasury Bond		8.500	%		2/15/2020		25,000		34,786
U.S. Treasury Bond		8.750	%		8/15/2020		680,000		969,638
U.S. Treasury Bond(a)-STRIPS		5.584	%		11/15/2027		700,000		229,541
U.S. Treasury Bond(a)-STRIPS		5.710	%		11/15/2021		890,000		390,366
U.S. Treasury Bond(a)-STRIPS		5.780	%		2/15/2023		30,000		12,325
U.S. Treasury Bond(e)		0.875	%		4/15/2010		764,986		748,297
U.S. Treasury Bond(e)		2.000	%		7/15/2014		809,296		826,635
U.S. Treasury Bond(e)		3.375	%		1/15/2007		457,353		480,132
U.S. Treasury Bond(e)		3.375	%		1/15/2012		150,346		168,736
U.S. Treasury Bond(e)		3.500	%		1/15/2011		876,496		979,131
U.S. Treasury Bond(e)		3.625	%		4/15/2028		365,481		480,414
U.S. Treasury Bond(e)		3.875	%		4/15/2029		475,575		654,030
U.S. Treasury Bond(e)		3.875	%		1/15/2009		255,801		282,097
U.S. Treasury Bond(e)		4.250	%		1/15/2010		215,344		245,136
U.S. Treasury Note		3.000	%		12/31/2006		2,440,000		2,409,024
U.S. Treasury Note		3.125	%		1/31/2007		6,250,000		6,179,200
U.S. Treasury Note		3.375	%		2/15/2008		2,530,000		2,492,050
U.S. Treasury Note		3.375	%		2/28/2007		3,625,000		3,598,519
U.S. Treasury Note		3.375	%		10/15/2009		260,000		251,733
U.S. Treasury Note		3.500	%		11/15/2009		5,150,000		5,010,389
U.S. Treasury Note		3.500	%		2/15/2010		1,340,000		1,300,585
U.S. Treasury Note		3.625	%		1/15/2010		70,000		68,324
U.S. Treasury Note		3.875	%		3/31/2007		800,000		799,375
U.S. Treasury Note		4.000	%		2/15/2015		6,500,000		6,245,077
U.S. Treasury Note		4.000	%		3/15/2010		2,010,000		1,994,298
U.S. Treasury Note		4.000	%		2/15/2015		1,680,000		1,614,112
U.S. Treasury Note		4.750	%		5/15/2014		750,000		764,063
U.S. Treasury Note		5.000	%		2/15/2011		170,000		176,568
U.S. Treasury Note		5.750	%		8/15/2010		225,000		241,453
Total									42,745,412
Total U.S. Government Bonds/Notes (cost $45,939,596)									45,774,351
Total Long-Term Investments (cost $128,826,868)									129,632,844
SHORT-TERM INVESTMENTS: 8.41%
Commercial Paper: 0.12%
Deutsche Bank AG(b)		3.843	%		3/15/2007		150,000		150,000
U.S. Government Agency Discount Note: 0.78%
Federal Home Loan Bank		2.400	%		4/1/2005		1,000,000		1,000,000
Repurchase Agreement: 7.51%
Repurchase Agreement dated 3/31/2005, 2.80%, due 4/1/2005 with Goldman Sachs collateralized by $9,735,000 Federal Home Loan Bank at 1.20% due 4/1/2005; value: $9,795,844; proceeds: $9,600,747							9,600,000		9,600,000
Total Short-Term Investments (cost $10,750,000)									10,750,000
Total Investments in Securities 109.85% (cost $139,576,868)									140,382,844
Liabilities in Excess of Cash and Other Assets (9.85%)									(12,586,384	)
Net Assets 100.00%								$	127,796,460

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (concluded)
Income Fund
March 31, 2005 (Unaudited)
+	Securities exempt from registration under Rule 144A of the Securities Act of 1933. these securities may be resold in transaction exempt from registration to qualified institutional buyers. At March 31,2005, these securities amounted to $2,415,128 or 1.89%
(a)	Represents a zero coupon issue for which the rate reflects the security’s yield at March 31, 2005.
(b)	Variable rate security. The interest rate represents the rate at March 31,2005.
(c)	Investment in non-U.S. dollar denominated securities.
(d)	Foreign security denominated in U.S. dollars.
(e)	Securities with their principal amount adjusted for inflation.
(f)	Illiquid securities consist of the following at March 31, 2005.
	Security Description	Acquisition Date	Acquisition Cost	Value	Value as a % of Net Assets
	Conseco Finance Securitizations Corporation 2002-2-A-IO	6/10/2002	$237,654	$178,949	0.14%
IO	Interest Only.
STRIPS	Separate Trading of Registered Interest and Principal Securities.
TBA	To be announced. Security on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. The total cost of securities purchased on a forward commitment basis was $11,933,845.
UNIT	More than one class of securities traded together.

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments
International Equity Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
COMMON STOCKS 97.63%
Australia 1.27%
Amcor Ltd.		23,040	$	127,448
National Australia Bank Ltd.		9,151		200,534
Woodside Petroleum Ltd.		9,019		169,524
Total				497,506
Belgium 1.36%
Fortis		18,600		530,828
Brazil 0.57%
Petroleo Brasileiro SA ADR		2,790		123,262
Telecomunicacoes Brasileiras SA ADR		3,400		98,430
Total				221,692
China 0.23%
China Petroleum & Chemical Corporation ADR		2,200		89,694
Denmark 1.22%
Danske Bank A/S		9,400		272,774
Novo Nordisk A/S, Class B		3,700		206,083
Total				478,857
Finland 1.22%
M-real Oyj, Class B		22,700		134,454
Nokia Oyj		7,669		118,336
Tietoenator Oyj		3,033		103,743
UPM-Kymmene Oyj		5,402		119,886
Total				476,419
France 10.49%
Alcatel SA*		13,700		165,542
AXA		8,500		226,607
BNP Paribas		2,980		211,420
Bouygues		5,200		206,203
CapGemini SA*		4,226		147,611
Carrefour SA		4,474		237,715
Credit Agricole SA		5,250		142,862
France Telecom SA		6,239		186,591
Lafarge SA		2,306		223,579

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
International Equity Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Sanofi-Aventis		8,240	$	696,226
Schneider Electric SA		1,072		83,954
Sodexho Alliance SA		6,700		223,449
Total SA		3,013		705,601
Valeo SA		4,520		201,349
Vinci SA		1,250		180,266
Vivendi Universal SA*		8,787		269,114
Total				4,108,089
Germany 7.52%
Allianz AG		600		76,159
Bayerische Motoren Werke AG		3,800		172,710
Celesio AG		2,600		212,712
Deutsche Bank AG		1,801		155,361
Deutsche Lufthansa AG*		8,190		118,090
Deutsche Post AG		9,520		232,455
Deutsche Postbank AG*		2,413		111,051
Deutsche Telekom AG*		13,000		259,445
E.ON AG		5,000		430,531
Fresenius Medical Care AG		1,700		137,879
Heidelberger Druckmaschinen*		2,300		73,582
Infineon Technologies AG*		11,700		112,225
KarstadtQuelle AG		13,309		133,797
Medion AG		1,900		30,826
Metro AG		6,000		322,507
SAP AG		990		159,482
Volkswagen AG		4,300		204,821
Total				2,943,633
Greece 0.60%
Alpha Bank AE		1,511		51,061
Cosmote Mobile Telecommunications SA		10,500		183,980
Total				235,041
Hong Kong 2.15%
Bank of East Asia Ltd.		43,645		125,450
Cheung Kong Holdings Ltd.		14,000		123,536
China Mobile Hong Kong Ltd.		69,700		227,799
Citic Pacific Ltd.		12,100		35,327
Guangdong Investments Ltd.		302,000		89,896
Sun Hung Kai Properties Ltd.		16,500		149,331
Television Broadcasts Ltd.		18,000		90,649
Total				841,988

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
International Equity Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Hungary 0.43%
OTP Bank Rt GDR		2,436	$	167,597
Ireland 0.78%
Bank of Ireland		19,300		304,448
Israel 0.36%
Teva Pharmaceutical Industries Ltd. ADR		4,600		142,600
Italy 4.02%
Banche Popolari Unite Scrl		3,910		82,089
Benetton Group SpA		8,440		81,322
ENI SpA		16,623		432,160
Finmeccanica SpA		154,960		157,201
Mediaset SpA		19,700		283,382
UniCredito Italiano SpA		91,280		536,711
Total				1,572,865
Japan 23.07%
77 Bank Ltd. (The)		22,000		159,099
Aeon Company Ltd.		22,000		370,584
Ajinomoto Company, Inc.		11,000		134,002
Alps Electric Company Ltd.		7,200		114,226
Canon, Inc.		3,700		197,707
Credit Saison Company Ltd.		4,200		150,554
Dentsu, Inc.		41		111,802
Ebara Corporation		40,000		176,673
Fuji Heavy Industries Ltd.		29,300		142,933
Fuji Photo Film Company Ltd.		4,100		149,433
Funai Electric Company Ltd.		1,100		135,218
JS Group Corporation		4,200		76,986
Kaneka Corporation		23,000		253,657
Kao Corporation		8,000		183,618
KDDI Corporation		30		148,072
Keyence Corporation		1,000		231,024
Kuraray Company Ltd.		10,900		97,077
Lawson, Inc.		3,500		128,363
Mabuchi Motor Company Ltd.		2,500		150,035
Matsumotokiyoshi Company Ltd.		2,800		82,887
Minebea Company Ltd.		29,000		124,120
Mitsubishi Tokyo Financial Group, Inc.		14		120,605
Mitsui & Company Ltd.		27,000		248,340

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
International Equity Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Murata Manufacturing Company Ltd.		7,900	$	422,418
Nippon Express Company Ltd.		52,200		273,705
Nippon Oil Corporation		27,000		191,476
Nippon Paper Group, Inc.		41		188,968
Nippon Steel Corporation		72,000		181,436
Nippon Telegraph & Telephone Corporation		29		126,579
Nissan Motor Company Ltd.		24,000		245,252
NTT DoCoMo, Inc.		172		287,393
Omron Corporation		10,900		237,575
Rinnai Corporation		5,800		147,001
Rohm Company Ltd.		1,800		173,312
Seino Transportation Company Ltd.		14,000		137,062
Sekisui House Ltd.		13,000		138,444
Shimachu Company Ltd.		5,500		143,419
Shin-Etsu Chemical Company Ltd.		5,100		192,530
Shiseido Company Ltd.		800		10,543
Showa Shell Sekiyu KK		15,000		145,362
Skylark Company Ltd.		8,900		150,125
Sohgo Security Services Company Ltd.		4,800		69,023
Sumitomo Bakelite Company Ltd.		19,900		123,875
Sumitomo Chemical Company Ltd.		22,000		108,478
Sumitomo Mitsui Financial Group, Inc.		36		242,984
Suzuki Motor Corporation		10,500		187,419
Takeda Pharmaceutical Company Ltd.		4,100		194,942
Takefuji Corporation		5,510		370,511
TDK Corporation		950		64,812
THK Company Ltd.		9,000		181,302
Toyoda Gosei Company Ltd.		6,100		109,877
Toyota Motor Corporation		3,900		144,569
Yamaha Motor Corporation Ltd.		9,100		155,405
Total				9,032,812
Mexico 0.58%
Coca-Cola Femsa SA de CV ADR		4,900		118,433
Telefonos De Mexico SA de CV ADR		3,200		110,496
Total				228,929
Netherlands 6.59%
ABN AMRO Holding NV		5,770		143,155
Aegon NV		12,700		171,260
ASML Holding NV*		10,000		168,654
Heineken NV		5,680		196,991

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
International Equity Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
ING Groep NV		10,400	$	314,312
Koninklijke Ahold NV*		29,000		242,428
Koninklijke Philips Electronics NV		9,560		263,361
Royal Dutch Petroleum Company		10,000		599,524
Unilever NV		1,550		105,578
Wolters Kluwer NV		20,570		375,793
Total				2,581,056
New Zealand 0.11%
Carter Holt Harvey Ltd.		30,600		42,967
Portugal 0.26%
Energias de Portugal SA		36,350		101,423
Russia 0.29%
Mobile Telesystems ADR		3,200		112,608
Singapore 2.12%
DBS Group Holdings Ltd.		38,200		344,408
Singapore Press Holdings Ltd.		49,000		135,266
United Overseas Bank Ltd.		40,000		348,682
Total				828,356
South Africa 0.27%
Nedcor Ltd.		8,800		106,383
South Korea 0.59%
Korea Electric Power Corporation ADR		8,800		118,272
KT Corporation ADR		5,300		112,943
Total				231,215
Spain 2.94%
ACS Actividades Cons y Serv		6,700		165,906
Banco Bilbao Vizcaya Argentaria SA		11,800		192,109
Banco Sabadell SA		6,100		152,750
Endesa SA		11,000		247,718
Indra Sistemas SA		9,000		161,584
Repsol YPF SA		8,662		229,544
Total				1,149,611

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
International Equity Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Sweden 2.15%
Autoliv, Inc.		4,900	$	233,837
Electrolux AB, Series B		5,370		125,054
Securitas AB, Class B		8,300		132,831
Skandia Forsakrings AB		49,111		249,823
Svenska Cellulosa AB, Class B		2,630		99,371
Total				840,916
Switzerland 7.02%
Ciba Specialty Chemicals AG		3,158		204,454
Julius Baer Holding AG, Class B		62		21,542
Lonza Group AG		1,890		115,687
Nestle SA		1,878		514,867
Novartis AG		14,100		658,546
Roche Holdings AG		3,878		416,020
Swiss Reinsurance		3,070		220,048
UBS AG		5,000		422,614
Zurich Financial Services AG *		1,000		175,704
Total				2,749,482
Taiwan 0.60%
Taiwan Semiconductor Manufacturing Company Ltd. ADR		12,991		110,164
United Microelectronics Corporation ADR *		36,600		123,342
Total				233,506
Thailand 0.56%
Advanced Info Service plc		76,000		219,530
United Kingdom 18.26%
Anglo American plc		7,200		170,607
Astrazeneca plc		5,000		197,095
Aviva plc		15,800		189,403
BAA plc		9,600		105,749
BAE Systems plc		26,900		131,851
Barclays plc		31,910		326,395
Berkeley Group Holdings plc UNIT		4,927		75,414
BHP Billiton plc		10,000		134,275

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
International Equity Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
BOC Group plc		5,800	$	111,550
Boots Group plc		16,152		190,216
BT Group plc		58,659		227,171
Bunzl plc		15,112		147,520
Centrica plc		27,530		120,042
Compass Group plc		42,000		191,498
Diageo plc		16,633		234,527
Emap plc		11,000		172,613
EMI Group plc		41,000		183,144
GKN plc		46,400		222,381
GlaxoSmithKline plc		31,976		733,035
HSBC Holdings plc		20,546		324,839
J Sainsbury plc		24,336		132,966
Legal & General Group plc		90,000		192,463
Lloyds TSB Group plc		15,900		142,990
Marconi Corporation plc *		9,000		91,641
Marks & Spencer Group plc		11,000		71,855
Rexam plc		10,800		97,108
Rio Tinto plc		5,812		187,770
Rolls-Royce Group plc		1,020,000		93,944
Royal Bank of Scotland Group plc		7,700		244,812
Scottish & Newcastle plc		29,800		259,109
Shell Transport & Trading Company plc		65,397		587,996
Standard Chartered plc		11,000		197,712
Unilever plc		24,400		241,192
Vodafone Goup plc		82,383		218,646
WPP Group plc		17,600		199,976
Total				7,149,505
Total Common Stocks				38,219,556
(cost $34,695,443)

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
International Equity Fund
March 31, 2005 (Unaudited)
Investments	Principal Amount		Value
SHORT-TERM INVESTMENT 0.62%
Repurchase Agreement 0.62%
Repurchase Agreement dated 3/31/05, 1.65%
due 4/1/05 with State Street Bank & Trust Co.
collateralized by $200,000 of U.S. Treasury Bonds
at 6.875% due by 8/15/25; value: $254,162;
proceeds: $252,453
(cost $244,000)	$	244,000	$	244,000
Total Investment in Securities 98.25%
(cost $34,939,443)				38,463,556
Cash and Other Assets in Excess of
Liabilities 1.75%				686,344
Net Assets 100.00%			$	39,149,900
ADR American Depository Receipts
GDR Global Depository Receipts
UNIT More than one class of securities traded together
* Non-income producing security.

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (concluded)
International Equity Fund
March 31, 2005 (Unaudited)
Securities presented by industry:
Aerospace & Defense	0.97	%
Air Freight & Couriers	0.59	%
Airlines	0.30	%
Auto Components	1.96	%
Automobiles	3.20	%
Banks	14.89	%
Beverages	2.07	%
Building Products	0.20	%
Chemicals	3.08	%
Commercial Services & Supplies	0.89	%
Communications Equipment	0.96	%
Construction & Engineering	0.88	%
Construction Materials	0.57	%
Containers & Packaging	0.57	%
Distributors	0.08	%
Diversified Financial Services	3.55	%
Diversified Telecommunication Services	2.87	%
Electric Utilities	2.29	%
Electrical Equipment	0.21	%
Electronic Equipment & Instruments	2.48	%
Food & Drug Retailing	2.59	%
Food Products	2.54	%
Gas Utilities	0.31	%
Health Care Providers & Services	0.90	%
Hotels, Restaurants & Leisure	1.44	%
Household Durables	2.07	%
Household Products	0.47	%
Industrial Conglomerates	0.32	%
Information Technology Consulting & Services	1.06	%
Insurance	3.84	%
Leisure Equipment & Products	0.38	%
Machinery	1.42	%
Media	4.65	%
Metals & Mining	1.72	%
Multiline Retail	2.30	%
Office Electronics	0.50	%

Oil & Gas	8.36	%
Paper & Forest Products	1.50	%
Personal Products	0.03	%
Pharmaceuticals	7.76	%
Private Placement	0.53	%
Real Estate	0.90	%
Repurchase Agreement	0.62	%
Road & Rail	1.05	%
Semiconductor Equipment & Products	2.39	%
Software	0.41	%
Specialty Retail	0.37	%
Textiles & Apparel	0.21	%
Trading Companies & Distributors	0.63	%
Transportation Infrastructure	0.27	%
Wireless Telecommunication Services	4.10	%
Total	98.25	%

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments
Short-Term Investment Fund
March 31, 2005 (Unaudited)
	Interest			Maturity		Principal
Investments	Rate			Date		Amount		Value
CORPORATE BONDS/NOTES 34.85%
Banks 3.34%
BCH Cayman Islands Ltd.		7.50	%		6/15/05	$	100,000	$	100,837
Electric 1.34%
Consolidated Edison Company of New York		6.625	%		7/1/05		40,000		40,327
Finance 16.12%
CIT Group, Inc.		7.25	%		8/15/05		40,000		40,573
Countrywide Home Loan Funding Corporation		3.50	%		12/19/05		50,000		49,974
FleetBoston Financial Corporation		7.25	%		9/15/05		10,000		10,169
Ford Motor Credit Company		6.125	%		1/9/06		45,000		45,411
General Electric Capital Corporation		8.85	%		4/1/05		40,000		40,000
HSBC Finance Corporation(a)		3.12	%		6/16/05		100,000		100,015
International Lease Finance Corporation(a)		3.9425	%		8/1/05		100,000		100,361
John Deere Capital Corporation		3.125	%		12/15/05		100,000		99,575
Total									486,078
Industrial 8.99%
AmeriTech Capital Funding Corporation		7.50	%		4/1/05		20,000		20,000
Colgate-Palmolive Company		3.98	%		4/29/05		100,000		100,095
Nabisco, Inc.		6.85	%		6/15/05		100,000		100,642
Time Warner Companies, Inc.		7.75	%		6/15/05		50,000		50,420
Total									271,157
Telecommunications 5.06%
Telefonica Europe BV		7.35	%		9/15/05		100,000		101,710
Verizon Global Funding Corporation		6.75	%		12/1/05		50,000		50,980
Total									152,690
Total Corporate Bonds/Notes (cost $1,052,817)									1,051,089
U.S GOVERNMENT BONDS/NOTES 56.20%
U.S. Government Agencies 9.91%
Federal Home Loan Bank		2.76	%^		4/20/05		100,000		99,855
Federal Home Loan Bank		2.77	%^		5/4/05		100,000		99,747
Federal Home Loan Bank		2.96	%^		6/13/05		100,000		99,422
Total									299,024

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (concluded)
Short-Term Investment Fund
March 31, 2005 (Unaudited)
	Interest			Maturity		Principal
Investments	Rate			Date		Amount		Value
U.S. Government Sponsored Enterprises 43.00%
Federal Farm Credit Bank		2.70	%^		4/4/05	$	50,000	$	49,989
Federal Home Loan Mortgage Corp.		2.71	%^		4/5/05		100,000		99,970
Federal Home Loan Mortgage Corp.		2.65	%^		4/12/05		80,000		79,935
Federal Home Loan Mortgage Corp.		2.74	%^		4/25/05		50,000		49,909
Federal Home Loan Mortgage Corp.		2.32	%^		5/3/05		155,000		154,684
Federal Home Loan Mortgage Corp.		2.78	%^		5/10/05		45,000		44,865
Federal Home Loan Mortgage Corp.		2.25	%^		7/26/05		100,000		99,046
Federal Home Loan Mortgage Corp.		2.26	%^		8/5/05		100,000		98,926
Federal National Mortgage Assoc.		2.75	%^		4/15/05		25,000		24,973
Federal National Mortgage Assoc.		2.31	%^		4/29/05		199,000		198,646
Federal National Mortgage Assoc.		3.80	%^		5/4/05		10,000		9,965
Federal National Mortgage Assoc.		2.81	%^		5/10/05		97,000		96,706
Federal National Mortgage Assoc.		3.03	%^		6/24/05		30,000		29,801
Federal National Mortgage Assoc.		3.13	%^		8/3/05		63,000		62,332
Federal National Mortgage Assoc.		2.29	%^		8/19/05		100,000		98,806
Federal National Mortgage Assoc.		3.42	%^		9/27/05		100,000		98,350
Total									1,296,903
U.S. Treasury 3.29%
U.S. Treasury Notes		1.625	%		9/30/05		100,000		99,273
Total U.S. Government Bonds/Notes (cost $1,696,542)									1,695,200
COMMERCIAL PAPER 8.28%
Barclays U.S. Funding LLC		2.77	%^		4/29/05		100,000		99,786
Dexia Delaware LLC		2.66	%^		4/18/05		150,000		149,812
Total Commercial Paper (cost $249,598)									249,598
Total Investments in Securities 99.33% (cost $2,998,957)									2,995,887
Cash and Other Assets in Excess of Liabilities 0.67%									20,362
Net Assets 100.00%								$	3,016,249
^Annualized yield at date of purchase
(a) Variable rate security. The interest rate represents the rate at March 31, 2005.

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments
Small Cap Growth Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
COMMON STOCKS 96.74%
Airlines 0.59%
ExpressJet Holdings, Inc.*		26,700	$	304,647
Banks 1.09%
Bank of the Ozarks, Inc.		900		28,575
Cascade Bancorp		4,075		79,096
Glacier Bancorp, Inc.		1,657		50,539
iPayment, Inc.*		1,500		63,300
Silicon Valley Bancshares*		6,000		264,360
Sterling Financial Corporation*		2,076		74,113
Total				559,983
Biotechnology 5.71%
Alkermes, Inc.*		15,100		156,738
Cell Genesys, Inc.*		32,128		145,540
Charles River Laboratories International, Inc.*		7,868		370,111
Corixa Corporation*		23,600		72,452
Cubist Pharmaceuticals, Inc.*		19,700		209,214
Dendreon Corporation*		19,700		107,365
Digene Corporation*		12,600		261,450
Exact Sciences Corporation*		35,600		127,092
Isis Pharmaceuticals, Inc.*		31,200		120,744
Kosan Biosciences, Inc.*		11,000		45,100
Medarex, Inc.*		31,700		226,021
Nabi Biopharmaceuticals*		38,100		475,488
Neose Technologies, Inc.*		12,700		32,766
OraSure Technologies, Inc.*		13,300		97,888
Telik, Inc.*		13,600		205,088
Third Wave Technologies, Inc.*		31,300		180,288
Vasogen, Inc.*(a)		16,000		64,800
Viropharma, Inc.*		14,300		33,462
Total				2,931,607
Chemicals 1.79%
Airgas, Inc.		31,100		742,979
Symyx Technologies, Inc.*		7,900		174,195
Total				917,174

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Small Cap Growth Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Commercial Services & Supplies 13.34%
American Ecology Corporation		2,600	$	30,758
BISYS Group, Inc. (The)*		25,515		400,075
CDI Corporation		28,300		626,279
Corinthian Colleges, Inc.*		23,800		374,136
DiamondCluster International, Inc.*		37,600		605,360
Educate, Inc.*		3,500		48,545
Education Management Corporation*		4,500		125,775
Global Payments, Inc.		8,500		548,165
Heidrick & Struggles International, Inc.*		15,291		562,250
Hudson Highland Group, Inc.*		24,000		410,160
Labor Ready, Inc.*		15,749		293,719
Laureate Education, Inc.*		17,300		740,267
Navigant Consulting, Inc.*		33,000		898,590
Strayer Education, Inc.		1,700		192,644
Watson Wyatt & Company Holdings		26,900		731,680
Wright Express Corporation*		15,500		265,050
Total				6,853,453
Communications Equipment 3.33%
Adtran, Inc.		24,900		439,236
Emulex Corporation*		8,900		167,676
Harmonic, Inc.*		6,100		58,316
McData Corporation, Class A*		142,180		536,019
Polycom, Inc.*		30,100		510,195
Total				1,711,442
Computers & Peripherals 3.08%
Advanced Digital Information Corporation*		58,000		475,600
Immersion Corporation*		34,088		204,528
Iomega Corporation*		86,200		369,798
Komag, Inc.*		8,800		196,680
Pinnacle Systems, Inc.*		22,100		123,539
Western Digital Corporation*		16,700		212,925
Total				1,583,070
Construction & Engineering 0.76%
Jacobs Engineering Group, Inc.*		7,500		389,400

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Small Cap Growth Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Diversified Financials 2.89%
Affiliated Managers Group*		4,000	$	248,120
Commercial Capital Bancorp, Inc.		16,133		328,307
E*Trade Financial Corporation*		42,700		512,400
Encore Capital Group, Inc.*		6,100		88,755
Euronet Worldwide, Inc.*		5,000		142,750
Greenhill & Company, Inc.		2,000		71,600
International Securities Exchange, Inc.*		500		13,000
United PanAm Financial Corporation*		3,900		79,521
Total				1,484,453
Electronic Equipment & Instruments 0.17%
Active Power Inc.*		9,300		30,132
Identix, Inc.*		7,400		37,370
Universal Display Corporation*		2,600		18,174
Total				85,676
Energy Equipment & Services 1.83%
Headwaters, Inc.*		4,500		147,690
Oceaneering International, Inc.*		9,200		345,000
Tetra Technologies, Inc.*		15,800		449,352
Total				942,042
Food Products 0.83%
Agrium, Inc.		23,500		428,875
Food & Staples Retailing 0.51%
Central Garden & Pet Company*		2,500		109,650
Provide Commerce, Inc.*		5,300		153,064
Total				262,714
Health Care Equipment & Supplies 7.00%
Advanced Medical Optics, Inc.*		13,500		488,835
Arthrocare Corporation*		1,300		37,050
Bruker BioSciences Corporation*		27,600		97,152
CryoLife, Inc.*		55,500		343,545
CTI Molecular Imaging, Inc.*		38,100		772,287
Digirad Corporation*		25,200		195,300
Hologic, Inc.*		22,900		729,937
Intralase Corporation*		9,600		160,704

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Small Cap Growth Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Noven Pharmaceuticals, Inc.*		17,400	$	295,104
Transgenomic, Inc.*		28,000		15,960
Wright Medical Group, Inc.*		19,167		460,008
Total				3,595,882
Health Care Providers & Services 3.26%
Accredo Health, Inc.*		17,000		754,970
Alliance Imaging, Inc. *		7,800		74,490
Bioscrip, Inc.*		1,100		6,633
LifePoint Hospitals, Inc.*		5,000		219,200
PainCare Holdings, Inc.*		9,000		45,000
Pediatrix Medical Group, Inc.*		7,000		480,130
PSS World Medical, Inc.*		8,500		96,645
Total				1,677,068
Hotels, Restaurants & Leisure 4.68%
AFC Enterprises*		17,800		454,078
Argosy Gaming Company*		7,300		335,216
BJ's Restaurants, Inc.*		1,200		23,268
Buffalo Wild Wings, Inc.*		2,000		75,660
Orient-Express Hotels Ltd., Class A		10,700		279,270
Rare Hospitality International, Inc.*		3,000		92,640
Red Robin Gourmet Burgers, Inc.*		3,200		162,912
Scientific Games Corporation, Class A*		11,300		258,205
Texas Roadhouse, Inc., Class A*		4,700		131,976
Vail Resorts, Inc.*		23,500		593,375
Total				2,406,600
Household Durables 0.79%
Knoll, Inc.		8,100		135,108
Meritage Home Corporation*		3,100		182,652
WCI Communities, Inc.*		3,000		90,240
Total				408,000
Insurance 0.23%
Platinum Underwriters Holdings Ltd.(a)		4,000		118,800
Internet & Catalog Retail 1.11%
Blue Nile, Inc.*		4,400		121,660
J. Jill Group, Inc. (The)*		32,800		451,328
Total				572,988

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Small Cap Growth Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Information Technology Services 1.23%
Lionbridge Technologies, Inc.*		11,000	$	62,590
Titan Corporation*		31,400		570,224
Total				632,814
Internet Software & Services 3.91%
Altiris, Inc.*		800		19,080
Corillian Corporation*		28,394		98,811
Digitas, Inc.*		77,740		785,174
Homestore, Inc.*		46,600		103,452
Jupitermedia Corporation*		9,400		145,794
LivePerson, Inc.*		11,100		29,193
Marchex, Inc. Class B*		7,700		143,528
Motive, Inc.*		10,900		109,000
SonicWALL, Inc.*		113,500		577,715
Total				2,011,747
Leisure Equipment & Products 0.36%
Marvel Enterprises, Inc.*		9,200		184,000
Machinery 1.98%
Actuant Corporation, Class A*		6,100		274,012
Bucyrus International, Inc., Class A		7,835		306,035
Flowserve Corporation*		11,300		292,331
Wabash National Corporation		5,900		143,960
Total				1,016,338
Media 4.04%
aQuantive, Inc.*		14,500		160,515
Macrovision Corporation*		6,700		152,693
Outdoor Channel Holdings, Inc.*		600		8,550
Playboy Enterprises, Inc., Class B*		32,070		413,703
Radio One, Inc., Class D*		34,100		502,975
Spanish Broadcasting System, Class A*		46,800		480,168
World Wrestling Entertainment, Inc.		29,900		358,800
Total				2,077,404
Metals & Mining 2.82%
Alpha Natural Resources, Inc.*		12,500		358,375
Massey Energy Company		15,300		612,612
Quanex Corporation		9,000		479,880
Total				1,450,867

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Small Cap Growth Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Multiline Retail 0.74%
99 Cents Only Stores*		29,000	$	381,930
Oil & Gas 2.33%
Energy Partners Ltd.*		11,600		301,252
KCS Energy, Inc.*		25,900		397,824
Range Resources Corporation		5,100		119,136
Remington Oil & Gas Corporation*		11,974		377,420
Total				1,195,632
Pharmaceuticals 1.24%
Discovery Laboratories, Inc.*		4,900		27,587
Guilford Pharmaceuticals, Inc.*		26,300		60,490
Ista Pharmaceuticals, Inc.*		4,000		39,520
Nektar Therapeutics*		13,000		181,220
Pain Therapeutics, Inc.*		8,100		41,148
Par Pharmaceutical Companies, Inc.*		4,269		142,755
Salix Pharmaceuticals Ltd.*		3,100		51,119
Taro Pharmaceuticals Industries*(a)		2,900		91,524
Total				635,363
Real Estate Investment Trusts 0.54%
NorthStar Realty Finance Corporation*		6,500		62,920
Redwood Trust, Inc.		2,100		107,478
Saxon Capital, Inc.		6,100		104,920
Total				275,318
Road & Rail 0.51%
Werner Enterprises, Inc.		13,600		264,248
Semiconductor Equipment & Products 10.49%
Altera Corporation*		16,100		318,458
Brooks Automation, Inc.*		19,300		292,974
Cabot Microelectronics Corporation*		1,200		37,656
Credence Systems Corporation*		31,020		245,368
Cymer, Inc.*		4,400		117,788
Electroglas, Inc.*		4,600		18,170
FEI Company*		12,200		282,430
Genesis Microchip, Inc.*		22,100		319,345
Integrated Circuit Systems, Inc.*		27,800		531,536
Lattice Semiconductor Corporation*		83,900		450,543
Leadis Technology, Inc.*		3,800		22,724
Microsemi Corporation*		14,500		236,205

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Small Cap Growth Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
MPS Group, Inc.*		44,500	$	467,695
Mykrolis Corporation*		11,800		168,740
O2Micro International Ltd.*		30,500		313,845
Pixelworks, Inc.*		40,000		326,000
PLX Technology, Inc.*		16,500		173,250
Rudolph Technologies, Inc.*		32,780		493,667
Skyworks Solutions, Inc.*		29,500		187,325
STATS ChipPAC Ltd. ADR*		14,134		93,426
Trident Microsystems, Inc.*		1,400		24,752
Triquint Semiconductor, Inc.*		59,700		201,786
Ultra Clean Holdings*		11,100		67,710
Total				5,391,393
Software 6.87%
Ascential Software Corporation*		30,900		572,577
Atari, Inc.*		9,700		30,652
Borland Software Corporation*		77,800		631,736
Cognex Corporation		1,700		42,296
Digimarc Corporation*		25,900		159,285
Epicor Software Corporation*		2,100		27,510
Jack Henry & Associates, Inc.		9,200		165,508
Lawson Software, Inc.*		24,875		146,763
Magma Design Automation, Inc.*		8,600		102,082
Mentor Graphics Corporation*		8,700		119,190
Onyx Software Corporation*		8,075		21,237
Progress Software Corporation*		18,100		474,582
Radisys Corporation*		10,100		143,016
Secure Computing Corporation*		13,000		111,410
SkillSoft plc ADR*		80,382		295,806
Take-Two Interactive Software, Inc.*		6,400		250,240
TradeStation Group, Inc.*		14,100		85,164
Verity, Inc.*		16,100		152,145
Total				3,531,199
Specialty Retail 4.44%
Christopher & Banks Corporation		5,800		102,080
Cost Plus, Inc.*		3,600		96,768
HOT Topic, Inc.*		30,050		656,592
Select Comfort Corporation*		6,000		122,640
Too, Inc.*		37,400		922,658
West Marine, Inc.*		18,000		382,680
Total				2,283,418

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (concluded)
Small Cap Growth Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Textiles & Apparel 1.93%
Phillips-Van Heusen		5,700	$	151,848
Quicksilver, Inc.*		6,700		194,501
Reebok International Ltd.		7,300		323,390
Warnaco Group, Inc. (The)*		13,500		324,540
Total				994,279
Wireless Telecommunication Services 0.32%
Syniverse Holdings, Inc.*		12,000		165,600
Total Common Stocks				49,725,424
(cost $47,147,004)
		Principal
SHORT-TERM INVESTMENT 2.53%		Amount
U.S. Government Agency Discount Note 2.53%
Federal Home Loan Bank 2.55%^, due 4/1/05	$	1,300,000		1,300,000
(cost $1,300,000)
Total Investments 99.27%
(cost $48,447,004)				51,025,424
Cash and Other Assets in
Excess of Liabilities 0.73%				374,215
Net Assets 100.00%			$	51,399,639

* Non-income producing security.

^ Annualized yield at date of purchase.

(a) Foreign security traded in U.S. dollars.

ADR American Depository Receipts

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments
Socially Responsible Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
COMMON STOCKS 99.14%
Auto Components 2.31%
American Axle & Manufacturing Holdings, Inc.		1,400	$	34,300
Autoliv, Inc.(a)		5,700		271,605
BorgWarner, Inc.		6,800		331,024
Cooper Tire & Rubber Company		8,200		150,552
Dana Corporation		10,200		130,458
General Motors Corporation		14,900		437,911
Lear Corporation		9,800		434,728
Total				1,790,578
Banks 15.44%
BB&T Corporation		6,900		269,652
Bank of America Corporation		67,600		2,981,160
Comerica, Inc.		9,700		534,276
Huntington Bancshares, Inc.		17,000		406,300
KeyCorp		19,100		619,795
Mellon Financial Corporation		17,400		496,596
National City Corporation		19,400		649,900
PNC Financial Services Group, Inc.		3,700		190,476
SunTrust Banks, Inc.		9,800		706,286
US Bancorp		45,600		1,314,192
Wachovia Corporation		34,943		1,778,948
Washington Mutual, Inc.		23,000		908,500
Wells Fargo & Company		18,700		1,118,260
Total				11,974,341
Beverages 0.82%
Coca Cola Company (The)		3,000		125,010
PepsiCo, Inc.		9,700		514,391
Total				639,401
Building Products 0.93%
Crane Company		6,800		195,772
Masco Corporation		15,050		521,783
Total				717,555

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Socially Responsible Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Chemicals 3.66%
Dow Chemical Company (The)		9,900	$	493,515
Eastman Chemical Company		9,200		542,800
Hercules, Inc.*		13,100		189,819
Monsanto Company		15,000		967,500
PPG Industries, Inc.		9,000		643,680
Total				2,837,314
Communication Equipment 1.47%
ADC Telecommunications, Inc.*		99,600		198,204
Corning, Inc.*		38,550		429,061
Nortel Networks Corporation*(a)		75,700		206,661
Tellabs, Inc.*		42,100		306,909
Total				1,140,835
Computers & Peripherals 1.97%
Hewlett-Packard Company		63,000		1,382,220
Quantum Corporation*		23,600		68,676
Storage Technology Corporation*		2,500		77,000
Total				1,527,896
Construction Materials 1.07%
Martin Marietta Materials, Inc.		5,700		318,744
Vulcan Materials Company		9,000		511,470
Total				830,214
Containers & Packaging 1.16%
Smurfit-Stone Container Corporation*		24,200		374,132
Temple-Inland, Inc.		7,200		522,360
Total				896,492
Diversified Financial Services 12.69%
Citigroup, Inc.		77,366		3,476,828
Countrywide Financial Corporation		18,100		587,526
Fannie Mae		7,300		397,485
Freddie Mac		14,400		910,080
Goldman Sachs Group, Inc.		7,600		835,924
JPMorgan Chase & Company		38,100		1,318,260
Lehman Brothers Holdings, Inc.		8,600		809,776

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Socially Responsible Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Merrill Lynch & Company, Inc.		13,100	$	741,460
Morgan Stanley		13,300		761,425
Total				9,838,764
Diversified Telecommunication Services 4.39%
BellSouth Corporation		6,000		157,740
SBC Communications, Inc.		25,000		592,250
Sprint Corporation		45,850		1,043,088
Verizon Communications, Inc.		45,500		1,615,250
Total				3,408,328
Electric Utilities 7.15%
Alliant Energy Corporation		13,900		372,242
Constellation Energy Group, Inc.		15,900		822,030
Edison International		20,300		704,816
Entergy Corporation		11,100		784,326
Exelon Corporation		11,000		504,790
FirstEnergy Corporation		14,600		612,470
Northeast Utilities		15,400		296,758
PPL Corporation		11,100		599,289
Wisconsin Energy Corporation		17,000		603,500
Xcel Energy, Inc.		14,200		243,956
Total				5,544,177
Electrical Equipment 1.12%
Cooper Industries, Ltd., Class A		6,000		429,120
Hubbell, Inc., Class B		8,600		439,460
Total				868,580
Electronic Equipment & Instruments 1.79%
Arrow Electronics, Inc.*		7,400		187,590
Avent, Inc.*		1,275		23,486
Ingram Micro, Inc., Class A*		21,900		365,073
Sanmina-SCI Corporation*		36,400		190,008
Solectron Corporation*		70,800		245,676
Tech Data Corporation*		9,500		352,070
Vishay Intertechnology, Inc.*		1,800		22,374
Total				1,386,277

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Socially Responsible Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Food & Staples Retailing 2.31%
Albertsons, Inc.		20,300	$	419,195
Kroger Company (The)*		33,300		533,799
Safeway, Inc.*		20,600		381,718
Supervalu, Inc.		13,800		460,230
Total				1,794,942
Food Products 2.99%
ConAgra Foods, Inc.		20,700		559,314
Del Monte Foods Company*		17,500		189,875
General Mills, Inc.		11,800		579,970
Kraft Foods, Inc., Class A		15,300		505,665
Sara Lee Corporation		22,000		487,520
Total				2,322,344
Health Care Providers & Services 1.20%
HCA, Inc.		10,000		535,700
Laboratory Corporation of America Holdings*		8,200		395,240
Total				930,940
Hotels, Restaurants & Leisure 1.32%
McDonald's Corporation		32,900		1,024,506
Household Durables 0.58%
Newell Rubbermaid, Inc.		20,600		451,964
Household Products 0.81%
Kimberly-Clark Corporation		9,500		624,435
Industrial Conglomerates 0.88%
Tyco International Ltd.(a)		20,100		679,380
Information Technology Services 0.67%
Electronic Data Systems Corporation		25,000		516,750
Insurance 8.67%
ACE, Ltd.(a)		4,900		202,223
Allstate Corporation (The)		20,200		1,092,012
American International Group, Inc.		5,000		277,050

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Socially Responsible Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Chubb Corporation		7,600	$	602,452
Genworth Financial, Inc., Class A		17,900		492,608
Hartford Financial Services Group, Inc.		10,300		706,168
MBIA, Inc.		1,600		83,648
MGIC Investment Corporation		6,500		400,855
Metlife, Inc.		12,850		502,435
PartnerRe Ltd.(a)		900		58,140
Prudential Financial, Inc.		9,700		556,780
St. Paul Travelers Companies, Inc. (The)		22,860		839,648
Torchmark Corporation		10,500		548,100
XL Capital Ltd., Class A(a)		5,000		361,850
				6,723,969
Leisure Equipment & Products 0.99%
Eastman Kodak Company		15,700		511,035
Mattel, Inc.		11,900		254,065
Total				765,100
Machinery 1.81%
Eaton Corporation		8,600		562,440
Ingersoll-Rand Company, Class A(a)		5,800		461,970
SPX Corporation		8,700		376,536
Total				1,400,946
Media 2.46%
Comcast Corporation, Class A*		39,200		1,324,176
Interpublic Group of Companies, Inc.*		35,500		435,940
Walt Disney Company		5,200		149,396
Total				1,909,512
Multiline Retail 1.67%
Federated Department Stores		10,400		661,856
Nordstrom, Inc.		4,600		254,748
Target Corporation		7,500		375,150
Total				1,291,754
Multi-Utilities 1.60%
El Paso Corporation		62,800		664,424
Sempra Energy		14,500		577,680
Total				1,242,104

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (continued)
Socially Responsible Fund
March 31, 2005 (Unaudited)
Investments	Shares		Value
Oil & Gas 2.04%
Ashland, Inc.		3,900	$	263,133
ConocoPhillips		4,800		517,632
Marathon Oil Corporation		17,100		802,332
Total				1,583,097
Paper & Forest Products 2.06%
Georgia-Pacific Corporation		17,300		613,977
MeadWestvaco Corporation		15,500		493,210
Weyerhaeuser Company		7,200		493,200
Total				1,600,387
Pharmaceuticals 4.37%
AmerisourceBergen Corporation		4,200		240,618
Bristol-Myers Squibb Company		12,000		305,520
Johnson & Johnson		6,400		429,824
Eli Lilly & Company		7,500		390,750
Medco Health Solutions, Inc.*		14,400		713,808
Merck & Company, Inc.		24,500		793,065
Wyeth		12,200		514,596
Total				3,388,181
Road & Rail 3.06%
Burlington Northern Santa Fe Corporation		19,100		1,030,063
CSX Corporation		13,500		562,275
Norfolk Southern Corporation		21,000		778,050
Total				2,370,388
Software 1.19%
Microsoft Corporation		38,300		925,711
Specialty Retail 2.49%
Gap, Inc. (The)		17,100		373,464
Jones Apparel Group, Inc.		13,500		452,115
Limited Brands, Inc.		23,100		561,330
Office Depot, Inc.*		24,700		547,846
Total				1,934,755
Total Common Stocks
(cost $66,719,325)				76,881,917

See Notes to Schedules of Investments.

WILSHIRE VARIABLE INSURANCE TRUST
Schedule of Investments (concluded)
Socially Responsible Fund
March 31, 2005 (Unaudited)
	Principal
Investments	Amount		Value
SHORT-TERM INVESTMENT 0.85%
Repurchase Agreement 0.85%
Repurchase Agreement dated 3/31/05, 1.65% due
4/1/05 with State Street Bank & Trust Company
collateralized by $475,000 of U.S. Treasury Bonds at 8.875%
due 2/15/19; value $682,118; proceeds:$676,878
(cost $662,000)	$	662,000	$	662,000
Total Investments in Securities 99.99%
(cost $67,381,325)				77,543,917
Cash and other Assets
in Excess of Liabilities 0.01%				9,759
Net Assets 100.00%			$	77,553,676
* Non-income producing security.
(a) Foreign securities traded in U.S. dollars.

See Notes to Schedules of Investments.

Wilshire Variable Insurance Trust

Notes to Statements of Investments

March 31, 2005 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES:

A. Security Valuation — A security listed or traded on a U.S. stock exchange is valued at its last sales price on the exchange where it is principally traded. In the absence of a current quotation, the security is valued at the mean between the last bid and asked prices on that exchange. Securities quoted on the National Association of Securities Dealers Automatic Quotation (NASDAQ) System, for which there have been sales, are valued at the NASDAQ official closing price. If there are no such sales, the most recent bid quotation is used. Securities traded over-the counter (other than on NASDAQ) are valued at the last current sale price. Debt securities that have a remaining maturity of 60 days or less are valued at cost, plus or minus any amortized premium or discount. Foreign securities are converted to United States dollars using exchange rates at the close of the New York Stock Exchange. Securities not valued at amortized cost or by the Board of Trustees or its delegate are valued using a quotation from an independent pricing service. In the event market quotations are not readily available, securities are valued at fair value according to the procedures established by the Board of Trustees or as determined in good faith by the Pricing Committee, or the valuation committee, as applicable, whose members are representatives of Wilshire Associates Incorporated (the Adviser), or the Trust’s Valuation Committee. Fair value is defined as the amount the owner of the security might reasonably expect to receive upon a current sale. Additionally, a Fund’s investments will be valued at fair value by the Pricing Committee if the Adviser, the Fund’s subadviser, or the Trust’s accounting services provider determines that a significant valuation event has occurred. Significant valuation events include, but are not limited to the following: significant events affecting the value of a Fund’s securities traded on a foreign exchange or market, one or more markets in which a Fund’s securities trade being closed or disrupted as a result of unusual or extraordinary events such as natural disasters, civil unrest or imposition of capital controls occurring between the time when a foreign exchange or market closes and when the Fund values its securities; and other market or economic events (e.g., bankruptcy filing) that would cause a Fund’s securities to experience a significant change in value. Investments in funds within the Balanced Fund are valued at their net asset value as reported by the underlying funds.

B. Securities Transactions — The Income Fund may purchase or sell securities on a when-issued or delayed-delivery basis and make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time. Securities purchased or sold on a when-issued, delayed-delivery or forward commitment basis involve a risk of loss if the value of the security to be purchased declines prior to the settlement date. Although the Income Fund would generally purchase securities on a when-issued, delayed-delivery or forward commitment basis with the intention of acquiring the securities, the Income Fund may dispose of such securities prior to settlement if a subadviser deems it appropriate to do so. The Income Fund may dispose of or negotiate a when-issued or forward commitment after entering into these transactions. Such transactions are generally considered to be derivative transactions. The Income Fund will normally realize a capital gain or loss in connection with these transactions. When the Income Fund purchases securities on a when-issued, delayed-delivery or forward commitment basis, the Income Fund's subadvisers will maintain in a segregated account cash or liquid securities having a value (determined daily) at least equal to the amount of the Income Fund's purchase commitments. In the case of a forward commitment to sell portfolio securities, the subadvisers will hold the Portfolio securities themselves in a segregated account while the commitment is outstanding. These procedures are designed to ensure that the Income Fund will maintain sufficient assets at all times to cover its obligations under when-issued purchases, forward commitments and delayed-delivery transactions.

2. OPERATING POLICIES:

A. Repurchase Agreements — Securities pledged as collateral for repurchase agreements are held by State Street Bank and Trust Company and are designated as being held on each Fund's behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. Each Fund will only enter into repurchase agreements with banks and other financial institutions which are deemed by the investment adviser to be creditworthy.

B. Asset Backed Securities — These securities are secured by installment loans or leases or by revolving lines of credit. They often include credit enhancements that help limit investors' exposure to the underlying credit. These securities are valued on the basis of the timing and certainty of the cash flows compared to investments with similar durations.

C. Collateralized Mortgage Obligations — Planned Amortization Class (PAC) — These securities have a predetermined schedule for principal repayment coupled with an enhanced degree of cash-flow certainty. A PAC security is a specific class of mortgages which usually carry the most stable cash flows and the lowest amount of prepayment risk. These securities are valued on the basis of the timing and certainty of the cash flows compared to investments with similar durations.

D. American Depository Receipts (ADR) — A certificate issued by an American bank to evidence ownership of original foreign shares. The certificate is transferable and can be traded. The original foreign stock certificate is deposited with a foreign branch or correspondent bank of the issuing American bank.

E. Foreign Currency Transactions — The books and records of the Funds are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis:

• market value of investment securities, other assets and other liabilities at the daily rates of exchange and

• purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions.

F. Forward Currency Contracts — The Funds may enter into forward currency contracts in order to reduce their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings and to lock in the U.S. dollar cost of assets and liabilities denominated in foreign currencies. A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the differences between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing of such contract is included in net realized gain or loss from foreign currency transactions.

At March 31, 2005 the Income Fund had the following open forward currency contracts:

Foreign Currency	Local Currency		Date Entered		Expiration Date		Current Value U.S. Dollar		Unrealized Appreciation/ (Depreciation)
INCOME FUND
Long Contracts:
Euro Currency		4,932,325		01/25/05		05/10/05	$	6,401,612	$	(49,804	)
		1,643,690		02/17/05		05/10/05		2,133,415		(14,888	)
									$	(64,692	)
Short Contracts:
Euro Currency		6,929,879		01/25/05		05/10/05		8,994,581		69,544
		81,623		03/09/05		04/26/05		105,902		3,719
		30,666		03/15/05		05/10/05		39,802		1,276
Mexican Peso		1,195,160		01/18/05		04/25/05		106,396		(1,855	)
New Zealand Dollar		713,018		01/21/05		04/27/05		506,442		(3,467	)
									$	69,217

3. TAX DISCLOSURE

It is the Funds policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all taxable income to its shareholders. No provision has been made for federal income or excise. Federal income tax regulations differ from accounting principles generally accepted in the United States of America; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The amount and character to tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of March 31, 2005.

The Balanced Fund, Equity Fund, International Equity Fund, Short-Term Investment Fund, Small Cap Growth Fund, and Socially Responsible Fund intend to utilize provisions of the federal income tax laws which allow them to carry a realized capital loss forward for eight years following the year of the loss and offset such losses against any future realized capital gains. At December 31, 2004 the capital loss carryfowards along with the related expiration dates are as follows:

		December 31,
		2008		2009		2010		2011		2012
Balanced Fund	$	6,154,577	$	-	$	-	$	-	$	-
Equity Fund		47,514,075		-		42,546,430		5,637,907		-
International Equity Fund		-		4,337,950		7,076,246		-		-
Short-Term Investment Fund		-		-		-		-		586
Small Cap Growth Fund		-		11,897,109		9,619,277		-		-
Socially Responsible Fund		-		-		-		1,306,850		-

For additional information regarding the accounting policies of the Wilshire Variable Insurance Trust, refer to the most recent financial statements in the N-CSR filing at www.sec.gov.

Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, 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   5/20/05                                                                                                                               

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   5/20/05                                                                                                                               

By (Signature and Title)*   /s/ Alex Chaloff                                                                           

Alex Chaloff, Treasurer
(principal financial officer)

Date   5/19/05                                                                                                                               

^* Print the name and title of each signing officer under his or her signature.