N-Q 1 dnq.txt WILSHIRE VARIABLE INSURANCE TRUST FORM N-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-07917 Wilshire Variable Insurance Trust --------------------------------------------------- (Exact name of registrant as specified in charter) c/o PFPC Inc. 760 Moore Rd. King of Prussia, PA 19406 --------------------------------------------------- (Address of principal executive offices) (Zip code) David Lebisky c/o PFPC Inc. 760 Moore Rd. King of Prussia, PA 19406 --------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (610) 382-8667 Date of fiscal year end: December 31 Date of reporting period: September 30, 2005 Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (Sections 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. Section 3507. Item 1. Schedule of Investments. The Schedules of Investments are attached herewith. [GRAPHIC OMITTED] QUARTERLY STATEMENTS OF INVESTMENTS (Unaudited) BALANCED FUND EQUITY FUND INCOME FUND INTERNATIONAL EQUITY FUND SHORT-TERM INVESTMENT FUND SMALL CAP GROWTH FUND SOCIALLY RESPONSIBLE FUND September 30, 2005 ----------------- www.wilshirefunds.com [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST BALANCED FUND STATEMENT OF INVESTMENTS September 30, 2005 (Unaudited)
Shares Value ------------------------------------------- --------------- INVESTMENTS IN UNDERLYING FUNDS - 100.0% 7,038,518 Wilshire Variable Insurance Trust Equity Fund* .................... $156,466,260 8,338,127 Wilshire Variable Insurance Trust Income Fund* .................... 103,142,633 ------------ Total Investments in Underlying Funds (Cost $240,956,557) 259,608,893 Other Assets & Liabilities, Net - 0.0% 64,763 ------------ NET ASSETS - 100.0% $259,673,656 ============
* Affiliated fund. See Notes to Statements of Investments. 11 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST EQUITY FUND STATEMENT OF INVESTMENTS September 30, 2005 (Unaudited)
Shares Value -------------- --------------- COMMON STOCK - 98.9% Consumer Discretionary - 11.1% 14,900 American Axle & Manufacturing Holdings, Inc. ............................. $ 343,892 17,000 American Eagle Outfitters .................. 400,010 23,400 Autoliv, Inc. .............................. 1,017,900 7,600 Black & Decker Corp. ....................... 623,884 11,100 BorgWarner, Inc. ........................... 626,706 20,800 Claire's Stores, Inc. ...................... 501,904 37,000 Coach, Inc.* ............................... 1,160,320 173,688 Comcast Corp., Class A* .................... 5,102,953 27,000 Cooper Tire & Rubber Co. ................... 412,290 19,200 Federated Department Stores, Inc. .......... 1,283,904 58,700 Gap, Inc. (The) ............................ 1,023,141 27,300 Genuine Parts Co. .......................... 1,171,170 30,100 GTECH Holdings Corp. ....................... 965,006 16,200 Home Depot, Inc. ........................... 617,868 86,500 Interpublic Group of Companies, Inc.*....... 1,006,860 21,600 Jones Apparel Group, Inc. .................. 615,600 39,700 Kohl's Corp.* .............................. 1,992,146 30,200 Lear Corp. ................................. 1,025,894 58,100 Limited Brands, Inc. ....................... 1,186,983 31,100 Lowe's Cos., Inc. .......................... 2,002,840 6,900 Magna International, Inc., Class A ......... 516,534 27,500 Marvel Entertainment, Inc.* ................ 491,425 33,900 Mattel, Inc. ............................... 565,452 137,500 McDonald's Corp. ........................... 4,604,875 23,600 McGraw-Hill Cos., Inc. (The) ............... 1,133,744 51,100 Newell Rubbermaid, Inc. .................... 1,157,415 25,400 Nordstrom, Inc. ............................ 871,728 1,000 NVR, Inc.* ................................. 884,950 61,200 Office Depot, Inc.* ........................ 1,817,640 14,700 Polaris Industries, Inc. ................... 728,385 14,700 Reynolds American, Inc. .................... 1,220,394 19,500 Starwood Hotels & Resorts Worldwide, Inc. ....................................... 1,114,815 57,800 Target Corp. ............................... 3,001,554 509,400 Time Warner, Inc.* ......................... 9,225,234 188,681 Viacom, Inc., Class B ...................... 6,228,360 ---------- 56,643,776 ---------- Consumer Staples - 8.5% 111,200 Altria Group, Inc. ......................... 8,196,552 29,000 Archer-Daniels-Midland Co. ................. 715,140 20,900 Clorox Co. ................................. 1,160,786 126,300 Coca-Cola Co. (The) ........................ 5,454,897 24,500 Fresh Del Monte Produce, Inc. .............. 666,890 31,900 Kellogg Co. ................................ 1,471,547 78,200 Kraft Foods, Inc., Class A ................. 2,392,138 35,000 Kroger Co. (The)* .......................... 720,650 16,600 Monsanto Co. ............................... 1,041,650 104,200 PepsiCo, Inc. .............................. 5,909,182 139,900 Procter & Gamble Co. ....................... 8,318,454 58,500 Safeway, Inc.* ............................. 1,497,600 61,600 Sara Lee Corp. ............................. 1,167,320 47,200 Supervalu, Inc. ............................ 1,468,864
Shares Value -------------- --------------- Consumer Staples (continued) 16,800 Unilever NV ................................ $1,200,360 25,100 UST, Inc. .................................. 1,050,686 26,000 Wal-Mart Stores, Inc. ...................... 1,139,320 ---------- 43,572,036 ---------- Energy - 11.0% 17,200 BP PLC ADR ................................. 1,218,620 148,676 Chevron Corp. .............................. 9,623,797 167,400 ConocoPhillips ............................. 11,702,934 20,400 Diamond Offshore Drilling, Inc. ............ 1,249,500 197,100 Exxon Mobil Corp. .......................... 12,523,734 21,300 Frontline, Ltd. ............................ 939,756 64,900 GlobalSantaFe Corp. ........................ 2,960,738 52,600 Halliburton Co. ............................ 3,604,152 34,600 Marathon Oil Corp. ......................... 2,384,978 11,700 National Oilwell Varco, Inc.* .............. 769,860 30,000 Noble Energy, Inc. ......................... 1,407,000 46,350 Occidental Petroleum Corp. ................. 3,959,681 36,700 Pride International, Inc.* ................. 1,046,317 32,200 Rowan Cos., Inc. ........................... 1,142,778 14,600 Valero Energy Corp. ........................ 1,650,676 ---------- 56,184,521 ---------- Financials - 25.2% 19,400 ACE, Ltd. .................................. 913,158 14,100 Allstate Corp. ............................. 779,589 33,400 American Financial Group, Inc. ............. 1,133,262 156,325 American International Group, Inc. ......... 9,685,897 320,800 Bank of America Corp. ...................... 13,505,680 10,800 Bear Stearns Cos., Inc. (The) .............. 1,185,300 17 Berkshire Hathaway, Inc., Class A* ......... 1,394,000 18,900 Capital One Financial Corp. ................ 1,502,928 40,600 Chubb Corp. ................................ 3,635,730 30,600 CIT Group, Inc. ............................ 1,382,508 299,181 Citigroup, Inc. ............................ 13,618,719 40,400 Comerica, Inc. ............................. 2,379,560 11,100 Countrywide Financial Corp. ................ 366,078 23,500 Endurance Specialty Holdings, Ltd. ......... 801,585 78,400 Fannie Mae ................................. 3,513,888 8,700 Freddie Mac ................................ 491,202 94,200 Genworth Financial, Inc., Class A .......... 3,037,008 23,300 Golden West Financial Corp. ................ 1,383,787 30,600 Goldman Sachs Group, Inc. .................. 3,720,348 42,400 Hartford Financial Services Group, Inc. ....................................... 3,272,008 29,200 Huntington Bancshares, Inc. ................ 656,124 154,412 JPMorgan Chase & Co. ....................... 5,239,199 61,300 KeyCorp .................................... 1,976,925 10,900 Lehman Brothers Holdings, Inc. ............. 1,269,632 33,700 Marshall & Ilsley Corp. .................... 1,466,287 65,900 Merrill Lynch & Co., Inc. .................. 4,042,965 110,000 MetLife, Inc. .............................. 5,481,300 14,800 Moody's Corp. .............................. 755,984 83,500 Morgan Stanley ............................. 4,503,990 26,200 National City Corp. ........................ 876,128
See Notes to Statements of Investments. 12 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST EQUITY FUND STATEMENT OF INVESTMENTS - (Continued) September 30, 2005 (Unaudited)
Shares Value -------------- --------------- Financials (continued) 44,500 North Fork Bancorp, Inc. ..................... $ 1,134,750 5,600 PartnerRe, Ltd. .............................. 358,680 31,300 Platinum Underwriters Holdings, Ltd. ......... 935,557 27,700 PNC Financial Services Group, Inc. ........... 1,607,154 65,900 Providian Financial Corp.* ................... 1,165,112 29,800 Prudential Financial, Inc. ................... 2,013,288 112,023 St. Paul Travelers Cos., Inc. ................ 5,026,472 50,500 State Street Corp. ........................... 2,470,460 15,100 SunTrust Banks, Inc. ......................... 1,048,695 15,300 Torchmark Corp. .............................. 808,299 156,200 U.S. Bancorp ................................. 4,386,096 48,400 UnumProvident Corp. .......................... 992,200 126,651 Wachovia Corp. ............................... 6,027,321 29,650 Washington Mutual, Inc. ...................... 1,162,873 74,900 Wells Fargo & Co. ............................ 4,386,893 16,400 XL Capital, Ltd., Class A .................... 1,115,692 ----------- 128,610,311 ----------- Health Care - 11.0% 76,500 Abbott Laboratories .......................... 3,243,600 33,600 Aetna, Inc. .................................. 2,894,304 7,800 AmerisourceBergen Corp. ...................... 602,940 59,800 Amgen, Inc.* ................................. 4,764,266 54,200 Baxter International, Inc. ................... 2,160,954 22,400 Bristol-Myers Squibb Co. ..................... 538,944 13,400 Cigna Corp. .................................. 1,579,324 31,700 Eisai Co., Ltd. ADR .......................... 1,363,100 63,700 Eli Lilly & Co. .............................. 3,409,224 18,800 Fisher Scientific International, Inc.* ....... 1,166,540 24,800 Genzyme Corp.* ............................... 1,776,672 25,100 GlaxoSmithKline PLC ADR ...................... 1,287,128 6,500 HCA, Inc. .................................... 311,480 17,200 Health Net, Inc.* ............................ 813,904 79,000 Johnson & Johnson ............................ 4,999,120 35,100 Medco Health Solutions, Inc.* ................ 1,924,533 69,300 Medtronic, Inc. .............................. 3,715,866 112,800 Merck & Co., Inc. ............................ 3,069,288 340,350 Pfizer, Inc. ................................. 8,498,540 114,900 Schering-Plough Corp. ........................ 2,418,645 31,400 Thermo Electron Corp.* ....................... 970,260 43,000 WellPoint, Inc.* ............................. 3,260,260 23,900 Wyeth ........................................ 1,105,853 ----------- 55,874,745 ----------- Industrials - 10.6% 13,200 3M Co. ....................................... 968,352 6,200 Apollo Group, Inc., Class A* ................. 411,618 88,300 Boeing Co. ................................... 5,999,985 57,500 Burlington Northern Santa Fe Corp. ........... 3,438,500 23,600 Caterpillar, Inc. ............................ 1,386,500 31,600 Cooper Industries, Ltd., Class A ............. 2,184,824 48,100 CSX Corp. .................................... 2,235,688 20,500 Eaton Corp. .................................. 1,302,775 19,600 Equifax, Inc. ................................ 684,824 94,100 Flextronics International, Ltd.* ............. 1,209,185
Shares Value -------------- --------------- Industrials (continued) 24,300 General Dynamics Corp. ....................... $ 2,905,065 351,400 General Electric Co. ......................... 11,831,638 28,200 Goodrich Corp. ............................... 1,250,388 32,100 Graco, Inc. .................................. 1,100,388 35,100 Ingersoll-Rand Co., Ltd., Class A ............ 1,341,873 66,300 Ingram Micro, Inc., Class A* ................. 1,229,202 19,500 ITT Educational Services, Inc.* .............. 962,325 59,200 Norfolk Southern Corp. ....................... 2,401,152 61,500 Owens-Illinois, Inc.* ........................ 1,268,130 39,000 Raytheon Co. ................................. 1,482,780 21,500 Rockwell Automation, Inc. .................... 1,137,350 20,000 Rockwell Collins, Inc. ....................... 966,400 22,200 SPX Corp. .................................... 1,020,090 22,900 Textron, Inc. ................................ 1,642,388 26,100 Tyco International, Ltd. ..................... 726,885 6,400 United Parcel Service, Inc., Class B ......... 442,432 47,000 United Technologies Corp. .................... 2,436,480 ----------- 53,967,217 ----------- Information Technology - 13.2% 31,200 Accenture, Ltd., Class A* .................... 794,352 36,757 ADC Telecommunications, Inc.*................. 840,265 24,200 Adobe Systems, Inc. .......................... 722,370 52,140 Agere Systems, Inc.* ......................... 542,777 29,600 Analog Devices, Inc. ......................... 1,099,344 16,400 Arrow Electronics, Inc.* ..................... 514,304 13,900 Autodesk, Inc. ............................... 645,516 47,900 Avnet, Inc.* ................................. 1,171,155 43,000 Celestica, Inc.* ............................. 486,330 151,000 Cisco Systems, Inc.* ......................... 2,707,430 59,700 Comcast Corp., Special Class A* .............. 1,718,166 15,400 Computer Sciences Corp.* ..................... 728,574 223,400 Corning, Inc.* ............................... 4,318,322 68,400 Dell, Inc.* .................................. 2,339,280 65,700 Earthlink, Inc.* ............................. 702,990 57,000 Electronic Data Systems Corp. ................ 1,279,080 137,500 EMC Corp.* ................................... 1,779,250 37,200 First Data Corp. ............................. 1,488,000 225,300 Hewlett-Packard Co. .......................... 6,578,760 241,500 Intel Corp. .................................. 5,952,975 37,300 International Business Machines Corp.......... 2,992,206 13,000 Intuit, Inc.* ................................ 582,530 515,500 Microsoft Corp. .............................. 13,263,815 60,064 News Corp., Class A .......................... 936,398 119,200 Nokia OYJ ADR ................................ 2,015,672 197,200 Nortel Networks Corp.* ....................... 642,872 34,300 Qualcomm, Inc. ............................... 1,534,925 9,800 Research In Motion, Ltd.* .................... 670,320 155,900 Sanmina-SCI Corp.* ........................... 668,811 214,300 Solectron Corp.* ............................. 837,913 314,500 Sun Microsystems, Inc.* ...................... 1,232,840 15,700 Tech Data Corp.* ............................. 576,347 106,400 Tellabs, Inc.* ............................... 1,119,328 37,000 Texas Instruments, Inc.* ..................... 1,254,300
See Notes to Statements of Investments. 13 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST EQUITY FUND STATEMENT OF INVESTMENTS - (Continued) September 30, 2005 (Unaudited)
Shares Value -------------- --------------- Information Technology (continued) 73,900 Yahoo!, Inc.* ............................. $ 2,500,776 ----------- 67,238,293 ----------- Materials - 2.3% 44,900 Dow Chemical Co. (The) ..................... 1,870,983 18,500 du Pont (E.I.) de Nemours & Co. ............ 724,645 14,400 IPSCO, Inc. ................................ 1,029,456 29,000 Newmont Mining Corp. ....................... 1,367,930 10,900 Phelps Dodge Corp. ......................... 1,416,237 16,600 Potlatch Corp. ............................. 865,192 18,400 PPG Industries, Inc. ....................... 1,089,096 13,700 Rio Tinto PLC ADR .......................... 2,250,910 53,700 Smurfit-Stone Container Corp.* ............. 556,332 16,500 United States Steel Corp. .................. 698,775 ----------- 11,869,556 ----------- Telecommunication Services - 2.9% 26,300 Amdocs, Ltd.* .............................. 729,299 42,100 AT&T Corp. ................................. 833,580 87,500 BellSouth Corp. ............................ 2,301,250 55,200 Deutsche Telekom AG ADR .................... 1,006,848 137,200 SBC Communications, Inc. ................... 3,288,684 207,523 Sprint Nextel Corp. ........................ 4,934,897 27,800 Verizon Communications, Inc. ............... 908,782 32,200 Vodafone Group PLC ADR ..................... 836,234 ----------- 14,839,574 ----------- Utilities - 3.1% 22,400 Ameren Corp. ............................... 1,198,176 56,220 American Electric Power Co., Inc. .......... 2,231,934 21,500 Consolidated Edison, Inc. .................. 1,043,825
Shares Value -------------- --------------- Utilities (continued) 20,100 DTE Energy Co. ............................. $ 921,786 42,200 Duquesne Light Holdings, Inc. .............. 726,262 28,300 Entergy Corp. .............................. 2,103,256 28,100 National Fuel Gas Co. ...................... 961,020 66,400 PG&E Corp. ................................. 2,606,200 78,400 Southern Co. (The) ......................... 2,803,584 9,500 TXU Corp. .................................. 1,072,360 ----------- 15,668,403 ----------- Total Common Stock (Cost $449,835,558) 504,468,432 -----------
Maturity Date Par ---------- ------------- REPURCHASE AGREEMENT - 0.3% Agreement with UBS Securities, 3.31% dated 09/30/2005 to be repurchased at $1,683,464, collateralized by $1,258,000 U.S. Treasury Bonds, 8.13%, due 08/15/2019 (market value $ 1,723,548) (Cost $1,683,000) 10/03/05 $1,683,000 1,683,000 --------- Total Investments - 99.2% (Cost $451,518,558) 506,151,432 Other Assets & Liabilities, Net - 0.8% 3,928,767 ----------- NET ASSETS - 100.0% $510,080,199 ============
ADR - American Depository Receipt. * Non-income producing security. See Notes to Statements of Investments. 14 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS September 30, 2005 (Unaudited)
Maturity Date Par Value ---------- ---------------- --------------- ASSET BACKED SECURITIES - 5.9% Amortizing Residential Collateral Trust 4.11 %(a) 01/01/32 $ 98,384 $ 99,069 Bayview Financial Acquisition Trust 4.29 %(a) 02/28/44 305,417 306,276 Chase Issuance Trust 3.22 % 06/15/10 475,000 463,197 Chase Manhattan Auto Owner Trust 3.87 % 06/15/09 550,000 543,971 Chesapeake Funding LLC 4.05 %(a) 08/07/15 1,100,000 1,101,030 Citibank Credit Card Issuance Trust 2.55 % 01/20/09 525,000 512,066 6.90 % 10/15/07 425,000 425,535 Citibank Credit Card Master Trust I 6.10 % 05/15/08 525,000 530,337 Conseco Finance Securitizations Corp. 8.50 % 03/01/33 629,312 162,318 Countrywide Asset-Backed Certificates 4.12 %(a) 06/25/35 357,380 357,714 Discover Card Master Trust I 3.93 %(a) 07/15/08 600,000 600,290 Ford Credit Auto Owner Trust 4.34 % 08/15/09 475,000 474,990 Green Tree Financial Corp. 9.15 % 01/15/18 52,086 46,380 Green Tree Home Improvement Loan Trust 7.60 % 07/15/20 21,083 20,977 Green Tree Recreational Equipment & Consumer Trust 7.25 % 03/15/29 115,011 103,712 MBNA Credit Card Master Note Trust 2.65 % 11/15/10 600,000 571,348 2.70 % 09/15/09 525,000 510,895 3.30 % 07/15/10 510,000 496,165 MSDWCC Heloc Trust 4.02 %(a) 07/25/17 77,913 77,918 Nissan Auto Receivables Owner Trust 1.89 % 12/15/06 80,256 80,130 SLM Student Loan Trust 3.64 %(a) 10/26/09 50,003 49,998 --------- Total Asset Backed Securities (Cost $7,583,770) 7,534,316 --------- COLLATERALIZED MORTGAGE OBLIGATIONS - 14.3% Asset Securitization Corp. 6.75 % 02/14/43 260,000 270,321 6.96 %(a) 02/14/43 100,000 108,988 Bank of America Alternative Loan Trust 5.00 % 08/25/19 174,321 172,905 Bear Stearns Adjustable Rate Mortgage Trust 4.02 %(a) 07/25/34 774,207 753,205
Maturity Date Par Value ---------- ---------------- --------------- Bear Stearns Commercial Mortgage Securities 4.67 % 06/11/41 $ 325,000 $ 316,801 4.82 % 11/11/41 345,000 340,520 Capital Lease Funding Securitization LP 7.35%* 06/22/24 283,665 290,189 Countrywide Alternative Loan Trust 4.09 %(a) 09/25/34 219,714 220,033 4.14 %(a) 10/25/35 597,558 597,532 6.00 % 12/25/34 353,036 357,484 Countrywide Home Loan Mortgage Pass Through Trust 4.10 %(a) 02/25/35 332,647 332,911 CS First Boston Mortgage Securities Corp. 6.30 % 11/11/30 320,000 333,273 6.55 % 01/17/35 675,000 697,206 Deutsche Mortgage and Asset Receiving Corp. 6.54 % 06/15/31 747,399 771,965 Fannie Mae 5.50 % 05/25/27 207,825 210,076 Federal National Mortgage Assoc. 5.50 % 04/25/30 369,048 373,930 GE Capital Commercial Mortgage Corp. 6.27 % 12/10/35 340,000 363,809 GMAC Commercial Mortgage Securities, Inc. 4.65 % 04/10/40 575,000 567,859 7.18 % 08/15/36 302,185 323,094 7.46 % 08/16/33 280,000 307,369 GS Mortgage Securities Corp. II 6.14 % 10/18/30 444,755 459,008 6.62 % 10/18/30 400,000 417,043 Harborview Mortgage Loan Trust 4.01 %(a) 05/19/35 560,862 559,348 4.10 %(a) 09/19/35 399,631 399,631 Impac CMB Trust 4.10 %(a) 05/25/35 530,688 530,527 4.18 %(a) 10/25/33 215,845 215,853 Indymac Index Mortgage Loan Trust 4.48 %(a) 10/25/35 575,000 581,648 JP Morgan Chase Commercial Mortgage Securities Corp. 4.74 % 07/15/42 325,000 317,685 5.86 % 10/12/35 240,000 251,367 6.43 % 04/15/35 300,000 321,813 LB-UBS Commercial Mortgage Trust 4.06 %(a) 09/15/27 180,000 175,758 4.95 % 09/15/40 500,000 498,280 5.19 %(a) 06/15/29 360,000 365,174 7.37 % 08/15/26 270,000 296,847 Morgan Stanley Capital I 4.99 %(a) 08/13/42 460,000 459,167 Residential Asset Securitization Trust 4.75 % 02/25/19 1,307,629 1,282,294
See Notes to Statements of Investments. 15 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS - (Continued) September 30, 2005 (Unaudited)
Maturity Date Par Value ----------------- ---------------- --------------- SACO I, Inc. 4.12 % 09/30/35 $600,000 $ 599,943 Salomon Brothers Mortgage Securities VII 4.13 %(a) 03/25/32 207,492 207,976 6.59 % 12/18/33 300,000 320,186 Small Business Administration 4.75 % 08/10/14 313,354 314,224 Washington Mutual Mortgage Pass-Through Certificates 5.48 %(a) 01/25/35 460,921 460,810 Washington Mutual, Inc. 3.86 %(a) 11/25/34 756,868 758,514 3.87 %(a) 04/25/45 473,879 473,879 Wells Fargo Mortgage Backed Securities Trust 3.54 %(a) 09/25/34 470,000 452,790 ---------- Total Collateralized Mortgage Obligations (Cost $18,684,046) 18,429,235 ---------- CORPORATE BONDS - 19.4% Consumer Discretionary - 1.4% AMC Entertainment, Inc. 8.00 % 03/01/14 10,000 8,800 Amerigas Partners LP 7.25%* 05/20/15 10,000 10,450 Caesars Entertainment, Inc. 8.12 % 05/15/11 12,000 13,365 CSC Holdings, Inc. 7.62 % 04/01/11 20,000 19,650 7.88 % 02/15/18 31,000 29,605 Delta Air Lines, Inc. 6.72 % 01/02/23 116,306 119,112 Federated Department Stores, Inc. 6.79 % 07/15/27 30,000 32,021 General Motors Corp. 8.38 % 07/33-07/33 100,000 82,904 Harrah's Operating Co., Inc. 7.88 % 12/15/05 43,000 43,269 Historic TW, Inc. 6.62 % 05/15/29 165,000 172,591 Inn of the Mountain Gods Resort & Casino 12.00 % 11/15/10 10,000 11,300 JC Penney Corp., Inc. 7.40 % 04/01/37 10,000 10,813 K2, Inc. 7.38 % 07/01/14 15,000 15,000 Lennar Corp. 5.60%* 05/31/15 25,000 24,491 May Department Stores Co. (The) 7.88 % 03/01/30 30,000 35,762
Maturity Date Par Value ----------------- ---------------- --------------- Consumer Discretionary (continued) MGM Mirage 6.00 % 10/01/09 $ 45,000 $ 44,438 6.75 % 09/01/12 20,000 20,325 8.50 % 09/15/10 50,000 54,375 Mohegan Tribal Gaming Authority 6.12 % 02/15/13 10,000 9,950 8.00 % 04/01/12 5,000 5,275 Movie Gallery, Inc. 11.00 % 05/01/12 15,000 13,275 News America, Inc. 6.20 % 12/15/34 155,000 155,234 Oxford Industries, Inc. 8.88 % 06/01/11 10,000 10,400 Premier Entertainment Biloxi LLC 10.75 % 02/01/12 10,000 9,013 Pulte Homes, Inc. 6.00 % 02/15/35 15,000 13,604 Reader's Digest Association, Inc. (The) 6.50 % 03/01/11 10,000 10,150 Station Casinos, Inc. 6.00 % 04/01/12 20,000 19,975 Tele-Communications - TCI Group 7.88 % 08/01/13 295,000 341,080 Time Warner, Inc. 6.88 % 05/01/12 400,000 437,154 7.70 % 05/01/32 50,000 59,196 Toys R US, Inc. 7.38 % 10/15/18 23,000 18,400 ---------- 1,850,977 ---------- Consumer Staples - 0.3% Altria Group, Inc. 7.00 % 11/04/13 5,000 5,473 7.20 % 02/01/07 240,000 246,876 Delhaize America, Inc. 9.00 % 04/15/31 20,000 23,087 Smithfield Foods, Inc. 7.00 % 08/01/11 20,000 20,400 Unilever Capital Corp. 7.12 % 11/01/10 55,000 60,839 ---------- 356,675 ---------- Energy - 2.7% Amerada Hess Corp. 7.30 % 08/15/31 215,000 250,830 Apache Corp. 6.25 % 04/15/12 180,000 195,613 Chesapeake Energy Corp 6.25 % 01/15/18 60,000 58,800 Chesapeake Energy Corp. 7.50 % 09/15/13 10,000 10,650 ConocoPhillips 4.75 % 10/15/12 330,000 331,324
See Notes to Statements of Investments. 16 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS - (Continued) September 30, 2005 (Unaudited)
Maturity Date Par Value -------------- ---------------- --------------- Energy (continued) ConocoPhillips Holding Co. 6.95 % 04/15/29 $ 10,000 $ 12,173 Devon Energy Corp. 7.95 % 04/15/32 130,000 165,715 El Paso Corp. 7.75 % 01/15/32 40,000 40,300 7.80 % 08/01/31 940,000 942,350 El Paso Corp. Convertible Debentures 4.87 %(b) 02/28/21 1,050,000 565,688 Enterprise Products Operating LP 4.00 % 10/15/07 25,000 24,500 Enterprise Products Operations LP 4.95 % 06/01/10 75,000 73,712 KCS Energy, Inc. 7.12%* 04/01/12 5,000 5,125 Kerr-McGee Corp. 7.88 % 09/15/31 150,000 173,613 Northwest Pipeline Corp. 8.12 % 03/01/10 30,000 32,025 Pacific Gas & Electric Co. 6.05 % 03/01/34 120,000 124,847 Plains Exploration & Production Co. 7.12 % 06/15/14 20,000 21,050 Pogo Producing Co. 6.88%* 10/01/17 10,000 10,138 Pride International, Inc. 7.38 % 07/15/14 20,000 21,725 Southern Natural Gas Co. 8.88 % 03/15/10 20,000 21,618 Suburban Propane Partners LP 6.88%* 12/15/13 30,000 27,300 Transcontinental Gas Pipe Line Corp. 8.88 % 07/15/12 35,000 40,819 Vintage Petroleum, Inc. 7.88 % 05/15/11 20,000 20,900 8.25 % 05/01/12 24,000 25,680 Williams Cos., Inc. 7.50 % 01/15/31 173,000 183,812 7.62 % 07/15/19 10,000 10,825 7.75 % 06/15/31 80,000 86,600 XTO Energy, Inc. 6.25 % 04/15/13 20,000 21,349 7.50 % 04/15/12 36,000 40,551 --------- 3,539,632 --------- Financials - 9.6% Bank of America Corp. 3.88 % 01/15/08 240,000 236,473 4.50 % 08/01/10 245,000 242,488 4.88 % 01/15/13 120,000 119,578 BellSouth Capital Funding Corp. 7.88 % 02/15/30 160,000 197,208
Maturity Date Par Value -------------- ---------------- --------------- Financials (continued) Berkshire Hathaway Finance Corp. 3.38 % 10/15/08 $ 150,000 $ 144,802 4.12 % 01/15/10 95,000 93,030 Boeing Capital Corp. 5.80 % 01/15/13 85,000 89,804 CIT Group, Inc. 4.00 % 05/08/08 5,000 4,916 Citigroup, Inc. 3.62 % 02/09/09 1,005,000 973,720 4.12 % 02/22/10 175,000 170,879 5.00 % 09/15/14 265,000 263,569 Deutsche Bank AG 3.84 % 03/15/07 150,000 149,325 Devon Financing Corp. ULC 7.88 % 09/30/31 65,000 81,853 DI Finance/DynCorp International 9.50%* 02/15/13 10,000 10,450 E*Trade Financial Corp. 7.38%* 09/15/13 10,000 10,100 FleetBoston Financial Corp. 3.85 % 02/15/08 80,000 78,812 Ford Motor Credit Co. 4.95 % 01/15/08 130,000 123,713 6.62 % 06/16/08 50,000 48,869 7.00 % 10/01/13 5,000 4,637 7.25 % 10/25/11 50,000 47,459 7.38 % 10/09-02/11 910,000 878,445 Forest City Enterprises, Inc. 6.50 % 02/01/17 8,000 7,920 General Electric Capital Corp. 3.12 % 04/01/09 215,000 204,421 3.45 %(a) 01/15/08 950,000 941,208 4.12 % 03/08-09/09 600,000 592,695 General Motors Acceptance Corp. 5.62 % 05/15/09 90,000 82,509 6.12 % 02/07-08/07 270,000 267,246 6.15 % 04/05/07 210,000 208,400 6.31 % 11/30/07 50,000 48,325 7.25 % 03/02/11 165,000 153,431 7.75 % 01/19/10 90,000 87,238 Goldman Sachs Group, Inc. 6.60 % 01/15/12 290,000 314,377 Host Marriott LP 9.25 % 10/01/07 4,000 4,215 HSBC Bank USA NA 3.87 % 06/07/07 300,000 297,125 HSBC Finance Corp. NA 6.38 % 11/27/12 40,000 42,982 6.40 % 06/17/08 325,000 339,012 6.50 % 11/15/08 213,000 223,667
See Notes to Statements of Investments. 17 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS - (Continued) September 30, 2005 (Unaudited)
Maturity Date Par Value ---------- ---------------- --------------- Financials (continued) JP Morgan Chase & Co. 3.62 % 05/01/08 $ 50,000 $ 48,819 5.12 % 09/15/14 45,000 44,887 5.15 % 10/01/15 30,000 29,815 5.25 % 05/30/07 330,000 333,879 5.35 % 03/01/07 100,000 101,154 5.75 % 01/02/13 195,000 202,782 6.38 % 02/15/08 100,000 103,848 Lehman Brothers Holdings, Inc. 6.62 % 01/18/12 150,000 163,172 7.88 % 08/15/10 55,000 62,264 Marsh & McLennan Cos., Inc. 5.75 % 09/15/15 40,000 39,582 Metlife, Inc. 5.70 % 06/15/35 80,000 79,527 Mizuho JGB Investment LLC 9.87 %(a)* 12/31/49 210,000 234,289 Mizuho Preferred Capital Co. LLC 8.79 %(a)* 12/31/49 360,000 391,859 Morgan Stanley 3.62 % 04/01/08 270,000 263,568 5.80 % 04/01/07 75,000 76,226 Protective Life Secured Trust 3.70 % 11/24/08 85,000 83,110 RBS Capital Trust I 4.71 % 12/31/49 90,000 86,829 Rouse Co. (The) 3.62 % 03/15/09 35,000 32,716 5.38 % 11/26/13 125,000 119,011 SLM Corp. 3.62 %(a) 03/17/08 225,000 219,928 3.66 % 04/01/09 220,000 216,669 SunTrust Banks, Inc. 3.62 % 10/15/07 270,000 264,696 4.00 % 10/15/08 65,000 63,717 UBS Preferred Funding Trust I 8.62 %(a) 12/31/49 25,000 28,962 UGS Corp. 10.00 % 06/01/12 20,000 21,900 US Bancorp 3.12 % 03/15/08 170,000 164,326 US Bank NA 2.87 % 02/01/07 250,000 244,681 Ventas Realty LP/Ventas Capital Corp. 6.75%* 06/01/10 10,000 10,150 8.75 % 05/01/09 20,000 21,400 9.00 % 05/01/12 10,000 11,350 Verizon Global Funding Corp. 4.38 % 06/01/13 35,000 33,453 6.88 % 06/15/12 10,000 11,032 7.38 % 09/01/12 10,000 11,348 7.75 % 12/01/30 100,000 121,828
Maturity Date Par Value ---------- ---------------- --------------- Financials (continued) Wells Fargo & Co. 4.00 % 08/15/08 $230,000 $ 226,481 4.20 % 01/15/10 195,000 191,161 4.62 % 08/09/10 55,000 54,726 5.00 % 11/15/14 75,000 75,166 ----------- 12,275,212 ----------- Health Care - 0.6% AmerisourceBergen Corp. 5.88%* 09/15/15 20,000 19,750 Bio-Rad Laboratories, Inc. 6.12 % 12/15/14 20,000 19,400 7.50 % 08/15/13 5,000 5,288 Bristol-Myers Squibb Co. 5.75 % 10/01/11 20,000 20,979 Davita, Inc. 7.25 % 03/15/15 150,000 152,062 HCA, Inc. 5.50 % 12/01/09 25,000 24,487 6.25 % 02/15/13 10,000 9,884 7.25 % 05/20/08 22,000 22,776 7.69 % 06/15/25 30,000 30,149 Mylan Laboratories, Inc. 6.38%* 08/15/15 20,000 20,025 Omnicare, Inc. 8.12 % 03/15/11 39,000 40,755 Tenet Healthcare Corp. 6.38 % 12/01/11 121,000 112,832 9.25%* 02/01/15 171,000 172,710 9.88 % 07/01/14 40,000 41,800 WellPoint, Inc. 5.95 % 12/15/34 50,000 52,128 ----------- 745,025 ----------- Industrials - 1.7% BE Aerospace, Inc. 8.50 % 10/01/10 30,000 32,700 Case New Holland, Inc. 9.25 % 08/01/11 10,000 10,575 Crown Holdings, Inc. 9.50 % 03/01/11 5,000 5,475 DaimlerChrysler NA Holding Corp. 4.88 % 06/15/10 90,000 88,202 6.50 % 11/15/13 50,000 52,864 7.30 % 01/15/12 135,000 146,607 Eastman Kodak Co. 7.25 % 11/15/13 15,000 14,227 K. Hovnanian Enterprises, Inc. 6.25%* 01/15/16 120,000 111,738 Kansas City Southern Railway Corp. 9.50 % 10/01/08 23,000 25,214 L-3 Communications Corp. 6.38%* 10/15/15 5,000 5,038
See Notes to Statements of Investments. 18 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS - (Continued) September 30, 2005 (Unaudited)
Maturity Date Par Value ---------- ---------------- --------------- Industrials (continued) Liberty Development Corp. 5.25 % 10/01/35 $ 50,000 $ 55,785 Lockheed Martin Corp. 7.65 % 05/01/16 95,000 115,044 8.50 % 12/01/29 60,000 82,779 Norfolk Southern Corp. 6.20 % 04/15/09 90,000 94,195 Northrop Grumman Corp. 4.08 % 11/16/06 150,000 149,221 7.75 % 02/15/31 40,000 51,658 OMI Corp. 7.62 %(c) 12/01/13 20,000 20,700 Overseas Shipholding Group 7.50 % 02/15/24 20,000 19,850 Raytheon Co. 6.75 % 08/15/07 23,000 23,767 7.00 % 11/01/28 40,000 46,867 Raytheon Co. Pfd. Unit 7.00 % 05/15/06 1,550 78,905 Service Corp International US 7.00%* 06/15/17 20,000 20,200 7.70 % 04/15/09 15,000 15,750 Solo Cup Co. 8.50 % 02/15/14 10,000 8,850 Teck Cominco, LTD. 6.12 % 10/01/35 50,000 49,031 Teekay Shipping Corp. 8.88 % 07/15/11 19,000 21,660 Terex Corp. 7.38 % 01/15/14 5,000 5,050 United Technologies Corp. 8.88 % 11/15/19 25,000 34,149 Visteon Corp. 8.25 % 08/01/10 20,000 19,000 Waste Management, Inc. 6.88 % 05/15/09 425,000 452,190 7.00 % 10/15/06 125,000 127,722 7.38 % 05/15/29 165,000 191,813 --------- 2,176,826 --------- Information Technology - 0.0%# Freescale Semiconductor, Inc. 6.35 %(a) 07/15/09 10,000 10,275 Magnachip Semiconductor SA/Magnachip Semiconductor Finance Co. 7.12 %(a) 12/15/11 25,000 24,750 --------- 35,025 ---------
Maturity Date Par Value ---------- ---------------- --------------- Materials - 0.3% Georgia-Pacific Corp. 7.70 % 06/15/15 $ 13,000 $ 14,349 8.00 % 01/15/24 5,000 5,512 8.88 % 02/01/10 18,000 20,070 9.38 % 02/01/13 1,000 1,115 9.50 % 12/01/11 1,000 1,180 IMC Global, Inc. 10.88 % 08/01/13 30,000 35,400 International Paper Co. 5.50 % 01/15/14 35,000 34,859 International Steel Group, Inc. 6.50 % 04/15/14 5,000 4,950 Lyondell Chemical Co. 9.62 % 05/01/07 4,000 4,200 MacDermid, Inc. 9.12 % 07/15/11 10,000 10,700 Trimas Corp. 9.88 % 06/15/12 10,000 8,200 Westlake Chemical Corp. 8.75 % 07/15/11 10,000 10,775 Weyerhaeuser Co. 6.75 % 03/15/12 175,000 189,097 --------- 340,407 --------- Telecommunication Services - 1.5% BellSouth Corp. 4.75 % 11/15/12 30,000 29,593 Cincinnati Bell, Inc. 7.00 % 02/15/15 23,000 22,195 7.25 % 07/15/13 35,000 37,188 Citizens Communications, Co. 9.25 % 05/15/11 10,000 10,975 Clear Channel Communications, Inc. 4.25 % 05/15/09 50,000 48,223 4.90 % 05/15/15 10,000 9,117 5.50 % 09/15/14 130,000 125,302 Comcast Cable Communications Holdings, Inc. 8.38 % 03/15/13 75,000 88,738 Comcast Corp. 5.65 % 06/15/35 25,000 23,369 6.50 % 01/15/15 305,000 329,477 COX Communications, Inc. 7.75 % 11/01/10 15,000 16,599 DirecTV Holdings LLC 6.38%* 06/15/15 50,000 49,625 Echostar DBS Corp. 6.75 %(a) 10/01/08 25,000 25,438 Horizon Lines LLC 9.00%* 11/01/12 17,000 18,211 Lamar Media Corp. 7.25 % 01/01/13 25,000 26,125
See Notes to Statements of Investments. 19 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS - (Continued) September 30, 2005 (Unaudited)
Maturity Date Par Value ---------- ---------------- --------------- Telecommunication Services (continued) Liberty Media Corp. 5.37%(a) 09/17/06 $123,000 $ 123,900 5.70% 05/15/13 60,000 54,601 New Cingular Wireless Services, Inc. 8.12% 05/01/12 85,000 99,677 Nextel Communications, Inc. 5.95% 03/15/14 15,000 15,355 7.38% 08/01/15 20,000 21,411 Qwest Capital Funding, Inc. 7.25% 02/15/11 10,000 9,525 7.75% 02/15/31 30,000 25,875 Qwest Communications International, Inc. 7.29%(a) 02/15/09 40,000 39,500 Qwest Corp. 5.62% 11/15/08 30,000 29,550 7.12%(a)* 06/15/13 35,000 36,400 7.88%* 09/01/11 35,000 36,575 SBC Communications, Inc. 5.10 % 09/15/14 80,000 79,273 6.15 % 09/15/34 10,000 10,234 6.45 % 06/15/34 20,000 21,140 Sprint Capital Corp. 4.78 % 08/17/06 160,000 160,247 6.00 % 01/15/07 70,000 71,166 8.38 % 03/15/12 40,000 47,074 8.75 % 03/15/32 90,000 120,684 Sungard Data Systems, Inc. 9.12%* 08/15/13 30,000 31,088 Verizon New Jersey, Inc. 5.88 % 01/17/12 15,000 15,496 ---------- 1,908,946 ---------- Utilities - 1.3% AES Corp. (The) 7.75 % 03/01/14 16,000 16,960 8.88 % 02/15/11 19,000 20,615 9.38 % 09/15/10 97,000 106,943 9.50 % 06/01/09 68,000 74,120 Cleveland Electric Illuminating Co. (The) 5.65 % 12/15/13 40,000 40,976 Dominion Resources, Inc. 4.12 % 02/15/08 30,000 29,585 4.75 % 12/15/10 30,000 29,667 5.12 % 12/15/09 80,000 80,687 5.70 % 09/17/12 90,000 92,869 FirstEnergy Corp. 5.50 % 11/15/06 40,000 40,338 6.45 % 11/15/11 50,000 53,238 7.38 % 11/15/31 260,000 304,946 Florida Power & Light Co. 4.95 % 06/01/35 55,000 50,982
Maturity Date Par Value ---------- ---------------- --------------- Utilities (continued) Midwest Generation LLC 8.75 % 05/01/34 $ 15,000 $ 16,706 Midwest Generation LLC, Series B 8.56 % 01/02/16 104,076 114,484 Orion Power Holdings, Inc. 12.00 % 05/01/10 15,000 18,075 Peabody Energy Corp. 6.88 % 03/15/13 28,000 29,260 Progress Energy, Inc. 7.75 % 03/01/31 70,000 84,410 Reliant Energy, Inc. 6.75 % 12/15/14 45,000 44,213 TXU Corp. 6.38 % 06/15/06 10,000 10,109 6.50 % 11/15/24 100,000 93,678 6.55 % 11/15/34 160,000 148,496 TXU Electric Delivery Co. 6.38 % 01/15/15 50,000 53,978 TXU Energy Co, LLC 4.36 % 01/17/06 20,000 20,008 TXU Energy Co., LLC 4.80 % 11/15/09 25,000 24,088 7.00 % 03/15/13 50,000 54,281 ---------- 1,653,712 ---------- Total Corporate Bonds (Cost $24,531,193) 24,882,437 ---------- FOREIGN BONDS - 8.5% Australia - 0.2% Queensland Treasury Corp. 6.00 %(d) 06/14/11 410,000 320,710 ---------- Bermuda - 0.0%# Intelsat Bermuda, Ltd. 6.50 %(c) 11/01/13 30,000 23,100 8.70 %(a)*(c) 01/15/12 15,000 15,263 ---------- 38,363 ---------- Brazil - 0.7% Brazilian Government International Bond 4.31 %(a)(c) 04/15/12 168,826 166,091 8.00 %(c) 01/15/18 2,993 3,169 8.88 %(c) 04/15/24 39,000 41,622 11.00 %(c) 08/17/40 179,000 219,454 12.00 %(c) 04/15/10 130,000 159,185 12.25 %(c) 03/06/30 30,000 41,280 14.50 %(c) 10/15/09 180,000 234,090 ---------- 864,891 ---------- Bulgaria - 0.2% Bulgaria Government International Bond 8.25 %(c) 01/15/15 224,000 275,206 ----------
See Notes to Statements of Investments. 20 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS - (Continued) September 30, 2005 (Unaudited)
Maturity Date Par Value -------------- ---------------- --------------- Canada - 1.2% Abitibi-Consolidated, Inc. 7.75 %(a) 06/15/11 $ 10,000 $ 9,850 8.38 %(c) 04/01/15 10,000 9,825 Anadarko Finance Co. 6.75 %(c) 05/01/11 200,000 217,302 7.50 %(c) 05/01/31 30,000 36,893 Canadian Government Bond 4.00 %(d)(e) 12/01/31 130,000 197,639 ChevronTexaco Capital Co. 3.50 %(c) 09/17/07 200,000 196,461 Conoco Funding Co. 6.35 %(c) 10/15/11 70,000 75,918 7.25 %(c) 10/15/31 35,000 44,167 EnCana Corp. 6.30 %(c) 11/01/11 90,000 96,360 6.50 %(c) 08/15/34 25,000 28,048 Hydro Quebec 6.30 %(c) 05/11/11 60,000 64,816 Ispat Inland ULC 9.75 %(c) 04/01/14 78,000 90,480 Petro-Canada 5.95 %(c) 05/15/35 45,000 45,003 Province of Ontario 6.25 %(e) 06/16/15 280,000 190,729 Province of Quebec 5.75 %(c) 02/15/09 75,000 77,809 Rogers Cable, Inc. 6.75 %(c) 03/15/15 10,000 10,025 Rogers Wireless Communications, Inc. 6.38 %(c) 03/01/14 20,000 20,100 7.50 %(c) 03/15/15 15,000 16,162 Shaw Communications, Inc. 7.20 %(c) 12/15/11 24,000 25,350 Sun Media Corp. 7.62 %(c) 02/15/13 10,000 10,462 Western Oil Sands, Inc. 8.38 %(c) 05/01/12 37,000 42,504 --------- 1,505,903 --------- Cayman Islands - 0.4% Systems 2001 AT LLC 6.66%*(c) 09/15/13 423,431 453,816 XL Capital Ltd. 6.38 %(c) 11/15/24 20,000 20,455 --------- 474,271 --------- Chile - 0.0%# Empresa Nacional de Electricidad SA 8.35 %(c) 08/01/13 20,000 22,766 ---------
Maturity Date Par Value -------------- ---------------- --------------- Colombia - 0.1% Columbia Government International Bond 8.12 %(c) 05/21/24 $ 40,000 $ 42,900 11.75 %(c) 02/25/20 90,000 125,190 --------- 168,090 --------- France - 1.0% Crown European Holdings SA 10.88 %(c) 03/01/13 25,000 29,000 France Government Bond OAT 3.00 %(d) 07/25/09 800,000 1,169,005 France Telecom SA 8.75 %(a)(c) 03/01/31 10,000 13,402 Rhodia SA 10.25 %(c) 06/01/10 20,000 21,150 --------- 1,232,557 --------- Germany - 0.2% L-Bank Landeskreditbank Baden-Wuerttemberg Foerderbank 4.25 %(c) 09/15/10 250,000 247,098 --------- Ireland - 0.2% Depfa ACS Bank 3.62 %(c) 10/29/08 150,000 146,192 Eircom Funding 8.25 %(c) 08/15/13 50,000 54,250 --------- 200,442 --------- Israel - 0.3% Israel Government AID Bond 5.50 %(c) 04/24-09/33 400,000 428,513 --------- Japan - 0.1% Japan Finance Corp. for Municipal Enterprises 4.62 %(c) 04/21/15 200,000 198,731 --------- Luxembourg - 0.8% Telecom Italia Capital SA 4.95%*(c) 09/30/14 40,000 38,709 5.25 %(c) 11/13-10/15 45,000 44,578 6.00%*(c) 09/30/34 115,000 112,694 Tyco International Group SA 6.00 %(c) 11/15/13 220,000 232,407 6.12 %(c) 11/01/08 40,000 41,433 6.38 %(c) 02/15/06 30,000 30,200 6.75 %(c) 02/15/11 10,000 10,801 7.00 %(c) 06/15/28 418,000 483,135 --------- 993,957 --------- Mexico - 1.4% Mexican Bonos 8.00 %(e) 12/08-12/23 671,000 60,477 9.00 %(e) 12/09-12/12 2,052,000 195,734 9.50 %(e) 12/18/14 250,000 24,605
See Notes to Statements of Investments. 21 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS - (Continued) September 30, 2005 (Unaudited)
Maturity Date Par Value -------------- ---------------- --------------- Mexico (continued) Mexico Government International Bond 7.50%(c) 04/08/33 $ 250,000 $ 290,000 8.00%(c) 09/24/22 25,000 30,375 8.30%(c) 08/15/31 60,000 75,000 8.38%(c) 01/14/11 425,000 488,750 11.50%(c) 05/15/26 360,000 577,800 ---------- 1,742,741 ---------- Netherlands - 0.0%# Deutsche Telekom International Finance BV 8.75%(c) 06/15/30 40,000 51,641 ---------- New Zealand - 0.1% General Electric Capital Corp. 6.50%(e) 09/28/15 70,000 47,420 Manitoba 6.38%(e) 09/01/15 165,000 112,528 ---------- 159,948 ---------- Norway - 0.2% Eksportfinans AS 3.38%(c) 01/15/08 240,000 234,565 ---------- Panama - 0.1% Panama Government International Bond 8.88%(e) 09/30/27 10,000 12,175 9.38%(c) 01/16/23 40,000 50,500 9.62%(c) 02/08/11 20,000 23,900 10.75%(c) 05/15/20 70,000 97,475 ---------- 184,050 ---------- Peru - 0.2% Peru Government International Bond 5.00%(a)(c) 03/07/17 117,300 115,834 8.75%(c) 11/21/33 100,000 120,750 ---------- 236,584 ---------- Russia - 0.8% Russia Government International Bond 5.00%(a)(c) 03/31/30 850,000 976,650 ---------- Sweden - 0.1% Svensk Exportkredit AB 2.88%(c) 01/26/07 100,000 97,991 ---------- United Kingdom - 0.2% British Telecommunications PLC 8.38%(c) 12/15/10 140,000 162,100 Vodafone Group PLC 5.00%(e) 09/15/15 50,000 49,620 7.75%(c) 02/15/10 80,000 89,233 ---------- 300,953 ---------- Total Foreign Bonds (Cost $10,013,986) 10,956,621 ----------
Maturity Date Par Value -------------- ---------------- --------------- U.S. GOVERNMENT & AGENCY OBLIGATIONS - 51.5% Federal Home Loan Bank - 0.1% 5.92% 04/09/08 $ 100,000 $ 103,520 ---------- Federal Home Loan Bank Discount Notes - 5.7% 2.50% 12/15/05 700,000 697,917 3.18% 10/03/05 6,000,000 5,998,940 3.60% 10/12/05 700,000 699,232 ---------- 7,396,089 ---------- Federal Home Loan Mortgage Corp. - 7.7% 2.00% 02/28/06 475,000 471,235 4.00% 03/01/10 125,185 122,857 4.12%(a) 06/15/18 211,842 212,260 4.50% 05/18-10/20 1,518,976 1,488,567 5.00% 12/17-09/35 6,308,903 6,209,858 5.50% 06/15-10/35 1,337,787 1,348,911 ---------- 9,853,688 ---------- Federal Home Loan Mortgage Corp. Discount Notes - 0.5% 3.70% 12/12/05 700,000 694,868 ---------- Federal National Mortgage Assoc. - 26.0% 2.35% 04/06-04/07 695,000 676,439 2.71% 01/30/07 975,000 954,186 3.00% 08/25/22 300,000 292,520 3.12% 03/16/09 225,000 214,796 4.13% 03/25/35 294,502 294,664 4.50% 10/18-10/35 2,260,760 2,205,949 5.00% 10/15-10/35 17,704,702 17,373,244 5.12% 05/27/15 250,000 247,104 5.50% 01/17-01/35 6,799,959 6,866,271 6.00% 06/18-10/35 2,463,172 2,502,353 6.50% 07/29-08/34 1,024,327 1,055,373 7.00% 08/19-10/32 318,946 333,969 7.50% 10/22-04/30 193,957 205,364 8.00% 08/14-10/14 34,806 37,322 8.50% 09/14-03/30 88,347 96,171 8.75% 02/01/10 20,003 20,428 ---------- 33,376,153 ---------- Government National Mortgage Assoc. - 11.5% 3.75%(a) 05/20/34 397,655 389,891 5.50% 04/33-10/35 10,474,770 10,496,648 6.00% 02/14-10/35 3,292,522 3,372,563 6.50% 12/12-01/34 324,997 338,272 7.00% 08/15/28 3,728 3,925 7.50% 10/29-06/30 89,477 95,047 8.00% 05/20/22 13,304 14,182 8.25% 05/15/06 731 744 9.50% 08/15/17 536 591 11.50% 03/15/10 1,494 1,638 12.00% 03/14-07/15 4,323 4,831 ---------- 14,718,332 ---------- Total U.S. Government & Agency Obligations (Cost $66,350,556) 66,142,650 ----------
See Notes to Statements of Investments. 22 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS - (Continued) September 30, 2005 (Unaudited)
Maturity Date Par Value ----------------- ---------------- --------------- U.S. TREASURY OBLIGATIONS - 16.0% United States Treasury Notes & Bonds 0.88%(d) 04/15/10 $ 300,000 $ 301,477 2.00%(d) 07/15/14 220,000 232,929 3.12% 01/31/07 2,700,000 2,663,931 3.38%(d) 01/07-01/12 520,000 655,188 3.50%(d) 01/15/11 800,000 989,045 3.62%(d) 04/07-04/28 910,000 1,084,878 3.75% 03/07-05/08 270,000 267,970 3.88%(d) 07/07-04/29 1,095,000 1,428,867 4.00% 09/30/07 3,100,000 3,089,587 4.12% 08/10-05/15 2,515,000 2,488,230 4.25%(d) 01/10-08/15 575,000 604,972 5.00% 02/15/11 170,000 176,262 5.25% 02/15/29 230,000 250,727 5.38% 02/15/31 940,000 1,053,093 5.58%(b) 11/15/27 700,000 251,626 5.71%(b) 11/15/21 890,000 420,282 6.12% 11/15/27 635,000 766,192 6.25% 08/15/23 1,115,000 1,333,252 6.75% 08/15/26 425,000 544,714 8.00% 11/15/21 290,000 401,446 8.75% 08/15/20 1,080,000 1,563,090 ---------- Total U.S. Treasury Obligations (Cost $20,216,171) 20,567,758 ---------- REPURCHASE AGREEMENT - 10.9% Agreement with Goldman Sachs, Inc., 3.80% dated 09/30/2005 to be repurchased at $14,004,333, collateralized by $14,000,000 FederalNational Mortgage Association, 3.25%, due 02/15/2019 (market value $ 14,780,000) (Cost $14,000,000) 10/03/05 14,000,000 14,000,000 ----------
Maturity Date Par Value ----------------- ---------------- --------------- MONEY MARKET FUND - 0.2% TCW Galileo Money Market Fund 3.38% (Cost $349,393) $ 249,393 $ 249,393 ----------
SECURITIES SOLD SHORT - (9.9)% Federal Home Loan Mortgage Corp. 4.50% 10/01/20 (800,000) (783,250) Federal National Mortgage Assoc. 4.50% 10/01/20 (800,000) (783,250) 5.00% 10/01/35 (3,800,000) (3,719,250) 5.50% 10/01/20 (600,000) (608,625) 6.00% 10/31/35 (1,500,000) (1,524,843) 6.50% 10/16/30 (500,000) (514,531) Government National Mortgage Assoc. 5.50% 10/35-10/35 (4,000,000) (4,008,156) 6.00% 10/01/35 (200,000) (204,812) United States Treasury Notes & Bonds 3.88%(d) 07/07-07/10 (435,000) (428,736) 4.12% 05/15/15 (165,000) (162,157) ---------- Total Securities Sold Short (Cost $(12,783,962)) (12,737,610) -----------
Shares ---------- PREFERRED STOCK - 0.3% 2,600 Fannie Mae O Series 7.00% .............. 143,163 460 Fresenius Medical Capital Trust II Guarantee .............................. 47,955 10,350 General Motors Series B 5.25% .......... 178,848 ------- Total Preferred Stock (Cost $370,941) 369,966 -------
Total Investments - 117.1% (Cost $149,316,094) 150,394,766 Other Assets & (21,954,853) ----------- Liabilities, Net - (17.1)% NET ASSETS - 100.0% $128,439,913 ============
(a) Variable rate security. The interest rate represents the rate at September 30, 2005. (b) Zero coupon bond. The interest rate represents the yield at time of purchase. * Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified buyers. At September 30, 2005, these securities amounted to $2,148,172, or 1.7% of net assets. (c) Foreign security denominated in U.S. Dollars. (d) Inflation protection security. Principal amount periodically adjusted for inflation. (e) Investment in non-U.S. Dollars. Par amount reflects principal in local currency. # Amount is less than 0.01%. See Notes to Statements of Investments. 23 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND STATEMENT OF INVESTMENTS September 30, 2005 (Unaudited)
Shares Value(a) -------------- ----------------- COMMON STOCK - 97.6% Australia - 2.5% 30,492 Amcor, Ltd. ............................... $ 155,582 7,763 National Australia Bank, Ltd. ............. 195,480 4,964 Publishing & Broadcasting, Ltd. ........... 62,426 3,550 Rio Tinto, Ltd. ........................... 160,256 15,000 Westfield Group ........................... 192,210 9,019 Woodside Petroleum, Ltd. .................. 247,261 --------- 1,013,215 --------- Belgium - 0.7% 10,500 Fortis .................................... 304,950 --------- Brazil - 0.6% 2,070 Petroleo Brasileiro SA ADR ................ 147,984 3,400 Telecomunicacoes Brasileiras ADR .......... 110,194 --------- 258,178 --------- Denmark - 1.0% 20 AP Moller - Maersk A/S .................... 204,510 7,200 Danske Bank AS ............................ 220,552 --------- 425,062 --------- Finland - 1.3% 22,700 M-Real Oyj ................................ 123,290 18,209 Nokia Oyj ................................. 306,870 5,402 UPM-Kymmene Oyj ........................... 108,217 --------- 538,377 --------- France - 10.6% 17,700 Alcatel SA* ............................... 237,526 8,500 AXA SA .................................... 233,841 2,980 BNP Paribas ............................... 226,752 5,200 Bouygues .................................. 241,638 5,826 Capgemini SA* ............................. 227,606 6,534 Carrefour SA .............................. 301,601 7,020 Credit Agricole SA ........................ 206,074 9,219 France Telecom SA ......................... 265,217 1,806 Lafarge SA ................................ 159,125 423 Pagesjaunes Groupe SA ..................... 11,572 5,730 Sanofi-Aventis ............................ 474,539 1,272 Schneider Electric SA ..................... 100,457 4,300 Sodexho Alliance SA ....................... 162,360 3,220 Thomson ................................... 67,106 3,413 Total SA .................................. 929,075 4,337 Valeo SA .................................. 180,547 1,581 Vinci SA .................................. 136,206 6,287 Vivendi Universal SA ...................... 205,703 --------- 4,366,945 --------- Germany - 7.6% 1,240 Allianz AG ................................ 167,426 2,300 Bayerische Motoren Werke AG ............... 108,213 2,600 Celesio AG ................................ 228,018 2,551 Deutsche Bank AG .......................... 238,391 9,790 Deutsche Lufthansa AG ..................... 129,915 10,510 Deutsche Post AG .......................... 245,996
Shares Value(a) -------------- ----------------- Germany (continued) 1,373 Deutsche Postbank AG ...................... $ 75,144 21,610 Deutsche Telekom AG ....................... 393,803 4,200 E.On AG ................................... 386,235 1,700 Fresenius Medical Care AG ................. 154,845 2,660 Hannover Rueckversicherung AG ............. 92,118 2,300 Heidelberger Druckmaschinen AG* ........... 78,879 13,400 Infineon Technologies AG* ................. 132,385 1,339 Karstadtquelle AG* ........................ 18,124 1,900 Medion AG ................................. 29,724 6,000 Metro AG .................................. 295,890 990 SAP AG .................................... 171,333 2,700 Volkswagen AG ............................. 166,250 --------- 3,112,689 --------- Greece - 0.9% 5,699 Alpha Bank Ae ............................. 161,407 10,500 Cosmote Mobile Telecommunications SA ........................................ 209,001 --------- 370,408 --------- Hong Kong - 2.8% 54,015 Bank of East Asia, Ltd. ................... 158,260 14,000 Cheung Kong Holdings, Ltd. ................ 158,586 31,500 China Mobile Hong Kong, Ltd. .............. 154,926 2,200 China Petroleum & Chemical Corp. ADR ....................................... 99,572 8,200 Citic Pacific, Ltd. ....................... 22,975 302,000 Guangdong Investments, Ltd. ............... 106,263 50,000 Li & Fung, Ltd. ........................... 115,813 16,500 Sun Hung Kai Properties, Ltd. ............. 171,426 25,000 Television Broadcasts, Ltd. ............... 152,738 --------- 1,140,559 --------- Israel - 0.2% 3,000 Teva Pharmaceutical Industries, Ltd. ADR ....................................... 100,260 --------- Italy - 4.4% 2,080 Banche Popolari Unite Scrl ................ 42,256 3,990 Banco Popolare di Verona e Novara Scrl ...................................... 75,347 9,940 Benetton Group SpA ........................ 106,383 23,223 Eni SpA ................................... 688,870 3,775 Finmeccanica SPA .......................... 75,007 16,200 Mediaset SpA .............................. 191,759 114,060 Unicredito Italiano SpA ................... 643,723 --------- 1,823,345 --------- Japan - 22.8% 22,000 77 Bank, Ltd. (The) ....................... 162,373 32,200 Aeon Co., Ltd. ............................ 647,851 17,000 Ajinomoto Co., Inc. ....................... 178,622 4,800 Alps Electric Co., Ltd. ................... 78,506 2,800 Astellas Pharma, Inc. ..................... 105,791 4,200 Canon, Inc. ............................... 227,929 600 Credit Saison Co., Ltd. ................... 26,486 41 Dentsu, Inc. .............................. 116,763
See Notes to Statements of Investments. 24 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND STATEMENT OF INVESTMENTS - (Continued) September 30, 2005 (Unaudited)
Shares Value(a) -------------- ----------------- Japan (continued) 6 East Japan Railway Co. .................... $ 34,303 29,300 Fuji Heavy Industries, Ltd. ............... 132,842 4,800 Fuji Photo Film Co., Ltd. ................. 158,688 1,600 Funai Electric Co., Ltd. .................. 142,348 7,100 JS Group Corp. ............................ 121,048 17,000 Kaneka Corp. .............................. 222,667 21,000 Kao Corp. ................................. 519,231 45 Kddi Corp. ................................ 255,403 700 Keyence Corp. ............................. 176,821 12,900 Kuraray Co., Ltd. ......................... 114,771 3,400 Mabuchi Motor Co., Ltd. ................... 167,924 1,600 Matsumotokiyoshi Co., Ltd. ................ 52,072 29,000 Minebea Co., Ltd. ......................... 119,954 14 Mitsubishi Tokyo Financial Group, Inc. ...................................... 183,301 7,000 Murata Manufacturing Co., Ltd. ............ 393,000 60,200 Nippon Express Co., Ltd. .................. 298,082 29,000 Nippon Oil Corp. .......................... 254,719 31 Nippon Paper Group, Inc. .................. 112,650 16,100 Nissan Motor Co., Ltd. .................... 185,153 234 NTT Docomo, Inc. .......................... 419,064 10,900 Omron Corp. ............................... 266,266 800 Orix Corp. ................................ 144,993 5,800 Rinnai Corp. .............................. 133,400 2,500 Rohm Co., Ltd. ............................ 217,849 5,000 Secom Co., Ltd. ........................... 242,239 14,000 Seino Transportation Co., Ltd. ............ 128,413 14,000 Sekisui House, Ltd. ....................... 172,423 5,500 Shimachu Co., Ltd. ........................ 140,239 5,100 Shin-Etsu Chemical Co., Ltd. .............. 223,500 51,000 Shinsei Bank, Ltd. ........................ 322,690 15,000 Showa Shell Sekiyu KK ..................... 205,223 8,900 Skylark Co., Ltd. ......................... 131,326 4,100 Sohgo Security Services Co., Ltd. ......... 60,061 11,700 Sumitomo Bakelite Co., Ltd. ............... 80,527 15,000 Sumitomo Chemical Co., Ltd. ............... 92,965 41 Sumitomo Mitsui Financial Group, Inc....... 388,162 650 Takeda Pharmaceutical Co., Ltd. ........... 38,914 6,890 Takefuji Corp. ............................ 538,982 950 TDK Corp. ................................. 68,130 6,800 Toyoda Gosei Co., Ltd. .................... 129,803 --------- 9,334,467 --------- Luxembourg - 0.3% 1,636 OTP Bank .................................. 129,571 --------- Mexico - 0.7% 4,900 Coca-Cola Femsa, SA de CV ADR ............. 130,879 6,800 Telefonos de Mexico SA, Class L ADR ....................................... 144,636 --------- 275,515 --------- Netherlands - 5.3% 6,076 ABN AMRO Holding NV ....................... 145,587 13,700 Aegon NV .................................. 203,809 12,800 ASML Holding NV* .......................... 210,896
Shares Value(a) -------------- ----------------- Netherlands (continued) 6,770 Fortis .................................... $ 195,933 7,190 Heineken NV ............................... 231,346 10,400 ING Groep NV .............................. 310,006 9,560 Koninklijke Philips Electronics NV ........ 255,015 1,550 Unilever NV ............................... 110,378 4,240 VNU NV .................................... 133,331 20,338 Wolters Kluwer NV. ........................ 378,167 --------- 2,174,468 --------- Norway - 0.5% 8,100 Statoil ASA ............................... 199,904 --------- Portugal - 0.4% 52,840 Energias de Portugal SA ................... 147,459 --------- Russia - 1.0% 3,800 LUKOIL ADR ................................ 219,450 4,400 Mobile TeleSystems ADR .................... 178,992 --------- 398,442 --------- Singapore - 1.4% 23,600 DBS Group Holdings, Ltd. .................. 220,875 37,000 Singapore Press Holdings, Ltd. ADR ........ 101,232 30,000 United Overseas Bank, Ltd. ................ 250,481 --------- 572,588 --------- South Africa - 0.3% 8,800 Nedbank Group, Ltd. ....................... 127,641 --------- South Korea - 1.2% 6,410 Korea Electric Power Corp. ADR ............ 113,521 5,300 KT Corp. ADR .............................. 119,250 540 Samsung Electronics Co., Ltd. GDR ......... 152,434 5,690 SK Telecom Co., Ltd. ADR .................. 124,270 --------- 509,475 --------- Spain - 2.5% 4,400 ACS Actividades Cons y Serv ............... 128,395 11,800 Banco Bilbao Vizcaya Argentaria SA......... 207,097 3,130 Banco Sabadell SA ......................... 80,100 5,190 Endesa SA ................................. 138,940 9,000 Indra Sistemas SA ......................... 197,637 8,662 Repsol YPF SA ............................. 279,829 --------- 1,031,998 --------- Sweden - 0.8% 8,300 Securitas AB .............................. 128,611 5,830 Svenska Cellulosa AB ...................... 204,397 --------- 333,008 --------- Switzerland - 7.2% 3,448 Ciba Specialty Chemicals AG ............... 203,387 5,550 Clariant AG* .............................. 79,896 980 Lonza Group AG ............................ 57,905 1,598 Nestle SA ................................. 469,342 15,180 Novartis AG ............................... 772,044 3,478 Roche Holding AG .......................... 483,201 3,560 Swiss Re .................................. 234,003
See Notes to Statements of Investments. 25 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND STATEMENT OF INVESTMENTS - (Continued) September 30, 2005 (Unaudited)
Shares Value(a) -------------- ----------------- Switzerland (continued) 5,430 UBS AG ........................................ $ 462,829 1,000 Zurich Financial Services AG* ................. 170,660 --------- 2,933,267 --------- Taiwan - 0.3% 30,286 United Microelectronics Corp. ADR * ........... 109,030 --------- Thailand - 0.5% 76,000 Advanced Info Service PLC ..................... 199,976 --------- United Kingdom - 19.8% 8,660 Anglo American PLC ............................ 258,503 6,500 Astrazeneca PLC ............................... 303,675 15,800 Aviva PLC ..................................... 173,636 15,123 BAA PLC ....................................... 166,604 13,810 BAE Systems PLC ............................... 83,795 19,300 Bank of Ireland ............................... 303,623 39,381 Barclays PLC .................................. 397,775 1,615 BOC Group PLC ................................. 32,894 17,800 Boots Group PLC ............................... 191,509 24,092 BP PLC ........................................ 284,482 42,056 BT Group PLC .................................. 164,965 45,050 Centrica PLC .................................. 195,863 13,522 Diageo PLC .................................... 194,582 11,000 EMAP PLC ...................................... 160,117 41,000 EMI Group PLC ................................. 175,174 27,340 GKN PLC ....................................... 142,335 39,407 GlaxoSmithKline PLC ........................... 1,005,234 32,636 HSBC Holdings PLC ............................. 528,355 22,444 J Sainsbury PLC ............................... 110,988 90,000 Legal & General Group PLC ..................... 180,299 20,524 Marks & Spencer Group PLC ..................... 135,921 9,240 Rexam PLC ..................................... 83,910 20,000 Rolls-Royce Group PLC* ........................ 131,943 11,965 Royal Bank of Scotland Group PLC .............. 339,879 14,000 Royal Dutch Shell PLC, Class A# ............... 462,995 7,524 Royal Dutch Shell PLC, Class A# ............... 248,404
Shares Value(a) -------------- ----------------- United Kingdom (continued) 29,800 Scottish & Newcastle PLC ...................... $ 244,067 11,000 Standard Chartered PLC ........................ 237,635 21,500 Unilever PLC .................................. 224,885 296,232 Vodafone Group PLC ............................ 770,703 17,600 WPP Group PLC ................................. 179,490 --------- 8,114,240 ---------
Total Common Stock - 97.6% (Cost $35,184,440) 40,045,037 Other Assets & 994,692 ---------- Liabilities, Net - 2.4% NET ASSETS - 100.0% $41,039,729 ===========
ADR - American Depository Receipt. GDR - Global Depository Receipt. * Non-income producing security. (a) Fair valued securities - See Note 1. # Securities incorporated in the same country but traded on different exchanges.
Securities presented by industry: (as a percentage of market value) Consumer Discretionary 13.9% Consumer Staples 8.1 Energy 11.3 Financials 25.2 Health Care 8.9 Industrials 7.3 Information Technology 7.7 Materials 5.8 Telecommunication Services 9.6 Utilities 2.2 ----- 100.0% =====
See Notes to Statements of Investments. 26 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST SHORT-TERM INVESTMENT FUND STATEMENT OF INVESTMENTS September 30, 2005 (Unaudited)
Maturity Date Par Value ---------- ---------------- --------------- CORPORATE BONDS - 10.4% Financials - 10.4% Countrywide Home Loans, Inc. 3.50% 12/19/05 $ 50,000 $ 49,933 Ford Motor Credit Corp. 6.12% 01/09/06 45,000 45,051 General Electric Capital Corp. 3.62% 10/18/05 100,000 99,829 HSBC Finance Corp. 6.50% 01/24/06 10,000 10,068 John Deere Capital Corp. 3.12% 12/15/05 100,000 99,800 Verizon Global Funding Corp. 6.75% 12/01/05 50,000 50,214 --------- Total Corporate Bonds (Cost 354,895 --------- $355,464) U.S. GOVERNMENT & AGENCY OBLIGATIONS - 86.1% Federal Farm Credit Bank Discount Notes - 8.6% 3.65% 10/06/05 60,000 59,969 3.66% 11/04/05 235,000 234,188 --------- 294,157 --------- Federal Home Loan Bank Discount Notes - 26.2% 3.60% 10/13/05 100,000 99,880 3.60% 10/21/05 100,000 99,800 3.68% 12/27/05 100,000 99,110 3.70% 12/30/05 100,000 99,079 3.75% 12/21/05 100,000 99,173 3.75% 12/28/05 100,000 99,099 3.78% 01/23/06 100,000 98,805 3.80% 01/20/06 100,000 98,837 3.85% 02/07/06 100,000 98,621 --------- 892,404 --------- Federal Home Loan Mortgage Corp.Discount Notes - 31.1% 1.71% 12/05/05 80,000 79,472 3.52% 10/04/05 150,000 149,956 3.55% 11/02/05 140,000 139,558 3.62% 12/27/05 47,000 46,582 3.66% 10/11/05 102,000 101,896 3.70% 12/01/05 96,000 95,407 3.73% 12/15/05 30,000 29,771 3.75% 01/10/06 50,000 49,472 3.78% 01/17/06 96,000 94,914 3.80% 12/01/05 100,000 99,382 3.80% 01/24/06 45,000 44,458 3.87% 02/07/06 55,000 54,241 4.24% 11/22/05 75,000 74,567 --------- 1,059,676 ---------
Maturity Date Par Value ---------- ---------------- --------------- Federal National Mortgage Assoc. Discount Notes - 20.2% 3.44% 10/26/05 $ 15,000 $ 14,964 3.48% 11/14/05 33,000 32,860 3.67% 10/12/05 20,000 19,977 3.68% 11/04/05 70,000 69,757 3.68% 12/28/05 100,000 99,099 3.69% 11/30/05 60,000 59,644 3.70% 02/17/06 60,000 59,107 3.71% 11/16/05 146,000 145,308 3.73% 12/19/05 25,000 24,798 3.78% 01/11/06 42,000 41,552 3.84% 01/27/06 25,000 24,691 3.92% 02/24/06 53,000 52,171 10.00% 10/15/05 45,000 44,977 --------- 688,905 --------- Total U.S. Government & Agency Obligations (Cost 2,935,142 --------- $2,935,060) U.S. TREASURY OBLIGATIONS - 3.8% US Treasury Note 2.50% (Cost $128,272) 09/30/06 130,000 127,969 ---------
Total Investments - 100.3% (Cost $3,418,796) 3,418,006 Other Assets & (9,938) --------- Liabilities, Net - (0.3)% NET ASSETS - 100.0% $3,408,068 ==========
See Notes to Statements of Investments. 27 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND STATEMENT OF INVESTMENTS September 30, 2005 (Unaudited)
Shares Value -------------- --------------- COMMON STOCK - 97.3% Consumer Discretionary - 18.2% 8,200 99 Cents Only Stores* ...................... $ 75,850 6,700 Advisory Board Co. (The)* .................. 348,668 9,100 Argosy Gaming Co.* ......................... 427,609 1,900 Buffalo Wild Wings, Inc.* .................. 50,350 9,700 Central Garden & Pet Co.* .................. 438,925 4,600 Christopher & Banks Corp. .................. 63,802 10,500 Coldwater Creek, Inc.* ..................... 264,810 1,100 Cost Plus, Inc.* ........................... 19,965 9,800 CoStar Group, Inc.* ........................ 457,856 21,300 Design Within Reach, Inc.* ................. 192,339 12,817 Dick's Sporting Goods, Inc.* ............... 385,920 3,500 Global Cash Access, Inc.* .................. 49,350 9,950 HOT Topic, Inc.* ........................... 152,832 29,300 J Jill Group, Inc. (The)* .................. 463,526 9,500 Jos. A. Bank Clothiers, Inc.* .............. 410,590 18,300 Laureate Education, Inc.* .................. 896,151 2,300 Marvel Entertainment, Inc.* ................ 41,101 1,200 Meritage Homes Corp.* ...................... 91,992 12,400 Orient-Express Hotels, Ltd., Class A ....... 352,408 29,400 Outdoor Channel Holdings, Inc.* ............ 433,944 30,870 Playboy Enterprises, Inc., Class B* ........ 435,267 8,600 Quiksilver, Inc.* .......................... 124,270 3,600 Rare Hospitality International, Inc.* ...... 92,520 3,300 Red Robin Gourmet Burgers, Inc.* ........... 151,272 18,100 Ruth's Chris Steak House, Inc.* ............ 332,678 12,400 Scientific Games Corp., Class A* ........... 384,400 3,900 Select Comfort Corp.* ...................... 77,922 46,000 Spanish Broadcasting System, Class A*....... 330,280 900 Strayer Education, Inc. .................... 85,068 23,700 Texas Roadhouse, Inc., Class A* ............ 353,130 5,400 Too, Inc.* ................................. 148,122 1,100 Tractor Supply Co.* ........................ 50,215 22,200 Vail Resorts, Inc.* ........................ 638,250 8,200 VistaPrint, Ltd.* .......................... 125,050 15,200 Warnaco Group, Inc. (The)* ................. 333,032 32,500 World Wrestling Entertainment, Inc. ........ 422,500 --------- 9,701,964 --------- Consumer Staples - 0.3% 2,300 Diamond Foods, Inc.* ....................... 39,330 5,200 Maidenform Brands, Inc.* ................... 71,500 1,000 Volcom, Inc.* .............................. 28,010 --------- 138,840 --------- Energy - 10.0% 15,100 Alpha Natural Resources* ................... 453,604 7,900 Atwood Oceanics, Inc.* ..................... 665,259 5,900 Dresser-Rand Group, Inc.* .................. 145,317 9,400 Energy Partners, Ltd.* ..................... 293,468 1,300 Hydril* .................................... 89,232 29,200 KCS Energy, Inc.* .......................... 803,876 11,100 Oceaneering International, Inc.* ........... 592,851 14,474 Remington Oil & Gas Corp.* ................. 600,671 27,800 Tetra Technologies, Inc.* .................. 867,916
Shares Value -------------- --------------- Energy (continued) 17,500 Vintage Petroleum, Inc. ..................... $ 799,050 --------- 5,311,244 --------- Financials - 3.5% 4,000 Affiliated Managers Group, Inc.* ............ 289,680 700 Bank of the Ozarks, Inc. .................... 24,031 1,175 Cascade Bancorp ............................. 24,546 7,233 Commercial Capital Bancorp, Inc. ............ 122,961 19,500 E*Trade Financial Corp.* .................... 343,200 4,600 Encore Capital Group, Inc.* ................. 82,064 846 Glacier Bancorp, Inc. ....................... 26,123 3,100 Greenhill & Co., Inc. ....................... 129,239 19,800 Heartland Payment Systems, Inc.* ............ 472,428 2,900 MortgageIT Holdings, Inc. ................... 41,238 4,900 Northstar Realty Finance Corp. .............. 46,011 600 Redwood Trust, Inc. ......................... 29,166 4,500 SVB Financial Group* ........................ 218,880 1,500 United PanAm Financial Corp.* ............... 37,455 --------- 1,887,022 --------- Health Care - 16.4% 17,400 Advanced Medical Optics, Inc.* ............. 660,330 5,200 Alkermes, Inc.* ............................ 87,360 9,600 Alliance Imaging, Inc.* .................... 82,080 2,700 Arthrocare Corp.* .......................... 108,594 1,800 AtriCure, Inc* ............................. 25,020 8,200 Bioscrip, Inc.* ............................ 53,300 30,600 Bruker Biosciences Corp.* .................. 134,028 23,928 Cell Genesys, Inc.* ........................ 131,126 2,900 Centene Corp.* ............................. 72,587 12,300 Cephalon, Inc.* ............................ 570,966 8,768 Charles River Laboratories International, Inc.* ....................... 382,460 59,500 Cryolife, Inc.* ............................ 413,525 10,600 Cubist Pharmaceuticals, Inc.* .............. 228,324 16,800 Digene Corp.* .............................. 478,800 27,700 Digirad Corp.* ............................. 133,680 8,000 Exact Sciences Corp.* ...................... 14,560 9,800 Hologic, Inc.* ............................. 565,950 18,000 Intralase Corp.* ........................... 264,780 10,600 Isis Pharmaceuticals, Inc.* ................ 53,530 5,400 Ista Pharmaceuticals, Inc.* ................ 35,856 5,900 Kosan Biosciences, Inc.* ................... 42,893 11,500 Kyphon, Inc.* .............................. 505,310 5,100 Langer, Inc.* .............................. 25,928 2,600 LifePoint Hospitals, Inc.* ................. 113,698 9,400 Martek Biosciences Corp.* .................. 330,222 18,300 Medarex, Inc.* ............................. 174,216 36,700 Nabi Biopharmaceuticals* ................... 480,770 12,600 Neose Technologies, Inc.* .................. 29,610 28,800 Noven Pharmaceuticals, Inc.* ............... 403,200 6,500 Orasure Technologies, Inc.* ................ 61,295 4,100 Pain Therapeutics, Inc.* ................... 25,789 19,800 Paincare Holdings, Inc.* ................... 74,250 4,200 Par Pharmaceutical Cos., Inc.* ............. 111,804
See Notes to Statements of Investments. 28 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND STATEMENT OF INVESTMENTS - (Continued) September 30, 2005 (Unaudited)
Shares Value -------------- --------------- Health Care (continued) 8,800 Pediatrix Medical Group, Inc.* ............... $ 676,016 11,300 PSS World Medical, Inc.* ..................... 150,742 4,300 Taro Pharmaceuticals Industries* ............. 110,639 11,000 Telik, Inc.* ................................. 179,960 23,100 Third Wave Technologies, Inc.* ............... 114,345 20,700 Transgenomic, Inc.* .......................... 20,700 8,300 Vasogen, Inc.* ............................... 17,513 23,267 Wright Medical Group, Inc.* .................. 574,230 --------- 8,719,986 --------- Industrials - 10.0% 6,900 Active Power, Inc.* ........................... 28,497 7,900 Actuant Corp., Class A* ....................... 369,720 2,200 American Ecology Corp. ........................ 43,164 1,800 Applied Signal Technology, Inc. ............... 34,344 900 Bucyrus International, Inc., Class A .......... 44,217 19,100 Corinthian Colleges, Inc.* .................... 253,457 41,800 DiamondCluster International, Inc.* ........... 316,844 1,100 DRS Technologies, Inc. ........................ 54,296 30,000 Educate, Inc.* ................................ 450,000 500 EMCOR Group, Inc.* ............................ 29,650 2,600 Euronet Worldwide, Inc.* ...................... 76,934 24,200 ExpressJet Holdings, Inc.* .................... 217,074 17,900 Forrester Research, Inc.* ..................... 372,678 10,200 Gardner Denver, Inc.* ......................... 454,920 13,500 Hudson Highland Group, Inc.* .................. 337,095 8,300 Knoll, Inc. ................................... 152,305 1,700 Labor Ready, Inc.* ............................ 43,605 7,400 Lennox International, Inc. .................... 202,834 1,400 Morningstar, Inc.* ............................ 44,800 1,900 MTC Technologies, Inc.* ....................... 60,762 18,400 Navigant Consulting, Inc.* .................... 352,544 900 Universal Display Corp.* ...................... 10,035 14,200 Wabash National Corp. ......................... 279,172 29,800 Watson Wyatt & Co. Holdings ................... 803,110 14,100 Wright Express Corp.* ......................... 304,419 --------- 5,336,476 --------- Information Technology - 32.0% 21,900 Adtran, Inc. .................................. 689,850 900 Advent Software, Inc.* ........................ 24,246 13,700 Altera Corp.* ................................. 261,807 7,200 Anteon International Corp.* ................... 307,872 8,600 Aquantive, Inc.* .............................. 173,118 2,100 Audible, Inc.* ................................ 25,809 23,915 BISYS Group, Inc.* ............................ 321,178 2,300 Blue Nile, Inc.* .............................. 72,772 91,700 Borland Software Corp.* ....................... 533,694 15,200 Brooks Automation, Inc.* ...................... 202,616 900 Cabot Microelectronics Corp.* ................. 26,442 5,600 CACI International, Inc., Class A* ............ 339,360 32,700 CKX, Inc.* .................................... 411,039 21,194 Corillian Corp.* .............................. 67,821 24,120 Credence Systems Corp.* ....................... 192,478 19,300 Digimarc Corp.* ............................... 130,854
Shares Value -------------- --------------- Information Technology (continued) 900 Digital Insight Corp.* ....................... $ 23,454 69,940 Digitas, Inc.* ............................... 794,518 4,600 Emulex Corp.* ................................ 92,966 4,533 Entegris, Inc.* .............................. 51,223 8,400 FEI Co.* ..................................... 161,700 37,000 Gartner, Inc., Class A* ...................... 432,530 6,100 Genesis Microchip, Inc.* ..................... 133,895 8,200 Global Payments, Inc. ........................ 637,304 15,000 Harmonic, Inc.* .............................. 87,300 36,800 Homestore, Inc.* ............................. 160,080 7,700 Hutchinson Technology, Inc.* ................. 201,124 21,400 Identix, Inc.* ............................... 100,580 29,188 Immersion Corp.* ............................. 204,608 40,310 Integrated Device Technology, Inc.* .......... 432,929 46,500 Interwoven, Inc.* ............................ 379,905 2,100 iPayment, Inc.* .............................. 79,464 7,200 Jupitermedia Corp.* .......................... 127,512 3,300 Komag, Inc.* ................................. 105,468 62,600 Lattice Semiconductor Corp.* ................. 267,928 10,100 Lionbridge Technologies* ..................... 68,175 8,200 Liveperson, Inc.* ............................ 30,997 4,200 Macrovision Corp.* ........................... 80,220 9,700 Marchex, Inc., Class B* ...................... 160,632 43,300 Maxtor Corp.* ................................ 190,520 115,080 McData Corp., Class A* ....................... 603,019 10,600 Mentor Graphics Corp.* ....................... 91,160 90,400 Micromuse, Inc.* ............................. 712,352 20,300 Microsemi Corp.* ............................. 518,462 8,400 Motive, Inc.* ................................ 53,256 1,400 Neustar, Inc.* ............................... 44,786 43,500 O2Micro International, Ltd.* ................. 684,690 3,900 Online Resources Corp.* ...................... 41,262 2,000 Open Solutions, Inc.* ........................ 43,640 29,800 Pixelworks, Inc.* ............................ 196,382 6,300 Plantronics, Inc. ............................ 194,103 12,978 PLX Technology, Inc.* ........................ 108,236 41,700 Polycom, Inc.* ............................... 674,289 13,500 Progress Software Corp.* ..................... 428,895 3,300 Radisys Corp.* ............................... 64,020 11,000 Red Hat, Inc.* ............................... 233,090 34,180 Rudolph Technologies, Inc.* .................. 460,405 4,600 Secure Computing Corp.* ...................... 52,210 142,582 Skillsoft PLC ADR* ........................... 653,026 22,000 Skyworks Solutions, Inc.* .................... 154,440 136,400 Sonicwall, Inc.* ............................. 866,140 10,534 Stats Chippac, Ltd. ADR* ..................... 66,154 9,100 Tradestation Group, Inc.* .................... 92,274 44,500 Triquint Semiconductor, Inc.* ................ 156,640 8,400 Ultra Clean Holdings* ........................ 50,232 29,800 Verifone Holdings, Inc.* ..................... 599,278 16,200 Verity, Inc.* ................................ 172,044 900 ViaSat, Inc.* ................................ 23,085 12,000 Western Digital Corp.* ....................... 155,160
See Notes to Statements of Investments. 29 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND STATEMENT OF INVESTMENTS - (Continued) September 30, 2005 (Unaudited)
Shares Value ---------- ------------- Information Technology (continued) 3,800 Wind River Systems, Inc.* ................... $ 49,134 ---------- 17,027,852 ---------- Materials - 4.3% 21,700 Agrium, Inc. ................................. 476,749 24,000 Airgas, Inc. ................................. 711,120 1,100 James River Coal Co.* ........................ 55,517 16,900 Massey Energy Co. ............................ 863,083 900 Oregon Steel Mills, Inc.* .................... 25,110 6,400 Symyx Technologies, Inc.* .................... 167,168 ---------- 2,298,747 ---------- Telecommunication Services - 2.6% 52,000 Foundry Networks, Inc.* ..................... 660,400 3,700 Jamdat Mobile, Inc.* ........................ 77,700 16,100 Net 1 UEPS Technologies, Inc.* .............. 360,962 5,000 SBA Communications Corp., Class A* .......... 77,250 13,300 Syniverse Holdings, Inc.* ................... 204,820 ---------- 1,381,132 ---------- Total Common Stock (Cost $46,515,303) 51,803,263 ----------
Maturity Date Par Value ---------- ------------- ------------- U.S. GOVERNMENT & AGENCY OBLIGATIONS - 2.6% Federal Home Loan Bank 3.18% (Cost $1,399,752) 10/03/05 $1,400,000 $1,399,752 ---------- MONEY MARKET FUND - 0.1% TCW Galileo Money Market Fund 3.38% (Cost $63,756) 63,756 63,756 ----------
Total Investments - 100.0% (Cost $47,978,811) 53,266,771 Other Assets & 9,981 ---------- Liabilities, Net - 0.0% NET ASSETS - 100.0% $53,276,752 ===========
* Non-income producing security. ADR - American Depository Receipt. See Notes to Statements of Investments. 30 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST SOCIALLY RESPONSIBLE FUND STATEMENT OF INVESTMENTS September 30, 2005 (Unaudited)
Shares Value -------------- --------------- COMMON STOCK - 98.5% Consumer Discretionary - 8.7% 5,600 American Axle & Manufacturing Holdings, Inc. ............................. $ 129,248 5,700 Autoliv, Inc. .............................. 247,950 6,800 BorgWarner, Inc. ........................... 383,928 26,700 Comcast Corp., Class A* .................... 784,446 8,200 Cooper Tire & Rubber Co. ................... 125,214 5,300 Dana Corp. ................................. 49,873 17,100 Gap, Inc. (The) ............................ 298,053 35,500 Interpublic Group of Companies, Inc.*....... 413,220 13,500 Jones Apparel Group, Inc. .................. 384,750 9,800 Lear Corp. ................................. 332,906 23,100 Limited Brands, Inc. ....................... 471,933 11,900 Mattel, Inc. ............................... 198,492 32,900 McDonald's Corp. ........................... 1,101,821 20,600 Newell Rubbermaid, Inc. .................... 466,590 9,200 Nordstrom, Inc. ............................ 315,744 24,700 Office Depot, Inc.* ........................ 733,590 7,500 Target Corp. ............................... 389,475 ---------- 6,827,233 ---------- Consumer Staples - 7.5% 8,700 Clorox Co. ................................. 483,198 19,000 Coca-Cola Co. (The) ........................ 820,610 20,700 ConAgra Foods, Inc. ........................ 512,325 11,800 General Mills, Inc. ........................ 568,760 9,500 Kimberly-Clark Corp. ....................... 565,535 15,300 Kraft Foods, Inc., Class A ................. 468,027 33,300 Kroger Co. (The)* .......................... 685,647 9,700 PepsiCo, Inc. .............................. 550,087 20,600 Safeway, Inc.* ............................. 527,360 15,100 Sara Lee Corp. ............................. 286,145 13,800 Supervalu, Inc. ............................ 429,456 ---------- 5,897,150 ---------- Energy - 5.9% 11,700 ConocoPhillips ............................. 817,947 8,600 Diamond Offshore Drilling, Inc. ............ 526,750 62,800 El Paso Corp. .............................. 872,920 10,100 ENSCO International, Inc. .................. 470,559 15,500 Marathon Oil Corp. ......................... 1,068,415 7,200 Noble Corp. ................................ 492,912 12,200 Rowan Cos., Inc. ........................... 432,978 ---------- 4,682,481 ---------- Financials - 36.1% 4,900 ACE, Ltd. .................................. 230,643 20,200 Allstate Corp. ............................. 1,116,858 14,200 American International Group, Inc. ......... 879,832 65,600 Bank of America Corp. ...................... 2,761,760 6,900 BB&T Corp. ................................. 269,445 7,600 Chubb Corp. ................................ 680,580 77,366 Citigroup, Inc. ............................ 3,521,700 9,700 Comerica, Inc. ............................. 571,330 13,000 Countrywide Financial Corp. ................ 428,740
Shares Value -------------- --------------- Financials (continued) 19,300 Fannie Mae ................................. $ 865,026 11,900 Freddie Mac ................................ 671,874 17,900 Genworth Financial, Inc., Class A .......... 577,096 7,600 Goldman Sachs Group, Inc. .................. 924,008 10,300 Hartford Financial Services Group, Inc. ....................................... 794,851 17,000 Huntington Bancshares, Inc. ................ 381,990 38,100 JPMorgan Chase & Co. ....................... 1,292,733 19,100 KeyCorp .................................... 615,975 5,300 Lehman Brothers Holdings, Inc. ............. 617,344 1,600 MBIA, Inc. ................................. 96,992 17,400 Mellon Financial Corp. ..................... 556,278 13,100 Merrill Lynch & Co., Inc. .................. 803,685 12,850 MetLife, Inc. .............................. 640,316 2,500 MGIC Investment Corp. ...................... 160,500 13,300 Morgan Stanley ............................. 717,402 19,400 National City Corp. ........................ 648,736 900 PartnerRe, Ltd. ............................ 57,645 3,700 PNC Financial Services Group, Inc. ......... 214,674 6,800 Prudential Financial, Inc. ................. 459,408 22,860 St. Paul Travelers Cos., Inc. .............. 1,025,728 9,800 SunTrust Banks, Inc. ....................... 680,610 10,500 Torchmark Corp. ............................ 554,715 32,100 U.S. Bancorp ............................... 901,368 33,943 Wachovia Corp. ............................. 1,615,348 16,100 Washington Mutual, Inc. .................... 631,442 18,700 Wells Fargo & Co. .......................... 1,095,259 5,000 XL Capital, Ltd., Class A .................. 340,150 ---------- 28,402,041 ---------- Health Care - 8.0% 4,200 AmerisourceBergen Corp. .................... 324,660 12,000 Bristol-Myers Squibb Co. ................... 288,720 7,500 Eli Lilly & Co. ............................ 401,400 3,500 HCA, Inc. .................................. 167,720 6,400 Johnson & Johnson .......................... 404,992 14,400 Medco Health Solutions, Inc.* .............. 789,552 35,000 Merck & Co., Inc. .......................... 952,350 96,900 Pfizer, Inc. ............................... 2,419,593 12,200 Wyeth ...................................... 564,494 ---------- 6,313,481 ---------- Industrials - 7.5% 17,100 Burlington Northern Santa Fe Corp. ......... 1,022,580 6,000 Cooper Industries, Ltd., Class A ........... 414,840 6,800 Crane Co. .................................. 202,232 13,500 CSX Corp. .................................. 627,480 8,600 Eaton Corp. ................................ 546,530 8,600 Hubbell, Inc., Class B ..................... 403,598 11,600 Ingersoll-Rand Co., Ltd., Class A .......... 443,468 18,900 Ingram Micro, Inc., Class A* ............... 350,406 10,200 Masco Corp. ................................ 312,936 21,000 Norfolk Southern Corp. ..................... 851,760 15,300 Owens-Illinois, Inc.* ...................... 315,486
See Notes to Statements of Investments. 31 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST SOCIALLY RESPONSIBLE FUND STATEMENT OF INVESTMENTS - (Continued) September 30, 2005 (Unaudited)
Shares Value -------------- --------------- Industrials (continued) 8,700 SPX Corp. ................................. $ 399,765 --------- 5,891,081 --------- Information Technology - 9.1% 14,228 ADC Telecommunications, Inc.*.............. 325,252 19,800 Agere Systems, Inc.* ...................... 206,118 7,400 Arrow Electronics, Inc.* .................. 232,064 1,275 Avnet, Inc.* .............................. 31,174 38,550 Corning, Inc.* ............................ 745,171 25,000 Electronic Data Systems Corp. ............. 561,000 16,500 EMC Corp.* ................................ 213,510 63,000 Hewlett-Packard Co. ....................... 1,839,600 15,200 Intel Corp. ............................... 374,680 68,400 Liberty Media Corp., Class A* ............. 550,620 15,800 Microsoft Corp. ........................... 406,534 25,000 Nokia OYJ ADR ............................. 422,750 54,600 Nortel Networks Corp.* .................... 177,996 58,900 Sanmina-SCI Corp.* ........................ 252,681 73,800 Solectron Corp.* .......................... 288,558 6,200 Tech Data Corp.* .......................... 227,602 25,600 Tellabs, Inc.* ............................ 269,312 --------- 7,124,622 --------- Materials - 4.4% 3,900 Ashland, Inc. ............................. 215,436 7,700 Eastman Chemical Co. ...................... 361,669 6,100 Lubrizol Corp. ............................ 264,313 5,700 Martin Marietta Materials, Inc. ........... 447,222 9,000 PPG Industries, Inc. ...................... 532,710 17,200 Smurfit-Stone Container Corp.* ............ 178,192 8,800 Sonoco Products Co. ....................... 240,328 14,400 Temple-Inland, Inc. ....................... 588,240 9,000 Vulcan Materials Co. ...................... 667,890 --------- 3,496,000 --------- Telecommunication Services - 4.2% 6,000 BellSouth Corp. ........................... 157,800 25,000 SBC Communications, Inc. .................. 599,250 45,450 Sprint Nextel Corp. ....................... 1,080,801 45,500 Verizon Communications, Inc. .............. 1,487,395 --------- 3,325,246 ---------
Shares Value -------------- --------------- Utilities - 7.1% 14,400 Constellation Energy Group, Inc. .......... $ 887,040 20,300 Edison International ...................... 959,784 11,100 Entergy Corp. ............................. 824,952 11,000 Exelon Corp. .............................. 587,840 14,600 FirstEnergy Corp. ......................... 760,952 12,700 Sempra Energy ............................. 597,662 17,000 Wisconsin Energy Corp. .................... 678,640 14,200 Xcel Energy, Inc. ......................... 278,462 --------- 5,575,332 ---------
Total Investments - 98.5% (Cost $66,149,441) 77,534,667 Other Assets & 1,170,146 ---------- Liabilities, Net - 1.5% NET ASSETS - 100.0% $78,704,813 ===========
* Non-income producing security. See Notes to Statements of Investments. 32 Wilshire Variable Insurance Trust Notes to Statements of Investments September 30, 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 PFPC 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 September 30, 2005 the Income Fund had the following open forward currency contracts:
Unrealized Local Date Expiration Current Value Appreciation/ Foreign Currency Currency Entered Date U.S. Dollar (Depreciation) --------------------------------------------------------------------------------------- INCOME FUND Long Contracts: Euro Currency 6,961,785 7/26/05- 11/08/05 $ 8,383,610 $ (43,876) 8/19/05 125,968 8/24/05 10/20/05 151,544 (3,430) Mexican Peso 1,082,074 7/18/05- 10/26/05 100,165 745 9/6/05 New Zealand 247,719 7/27/05- 10/27/05 170,942 3,928 Dollar 9/6/05 -------------- $ (42,633) ============== Short Contracts: Australian Dollar 413,358 7/26/05 11/08/05 314,636 (2,927) Canadian Dollar 214,469 7/26/05 11/08/05 184,700 (8,327) Euro Currency 128,923 7/18/05 10/20/05 155,099 1,102 7,905,361 7/26/05 11/08/05 9,519,895 40,387 Mexican Peso 3,917,643 7/18/05 10/26/05 362,646 502 New Zealand Dollar 713,018 7/22/05 10/27/05 492,029 (5,038) -------------- $ 25,699 ==============
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 September 30, 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 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 11/17/05 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 11/17/05 By (Signature and Title)* /s/ Scott Boroczi ------------------------------------ Scott Boroczi, Treasurer (principal financial officer) Date 11/17/05 * Print the name and title of each signing officer under his or her signature.