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: March 31, 2006 ----------------- 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, 100 F Street, NE, Washington, DC 20549. 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] WILSHIRE VARIABLE INSURANCE TRUST BALANCED FUND STATEMENT OF INVESTMENTS (UNAUDITED) March 31, 2006 Shares Value --------------------------------------------- ------------- INVESTMENTS IN UNDERLYING FUNDS - 100.0% 6,649,161 Wilshire Variable Insurance Trust Equity Fund* .................... $ 155,390,891 8,273,898 Wilshire Variable Insurance Trust Income Fund* .................... 102,017,160 ------------- Total Investments in Underlying Funds (Cost$231,926,111) 257,408,051 Other Assets & Liabilities, Net - 0.0%# (31,489) ------------- NET ASSETS - 100.0% $ 257,376,562 ============= ------------------- * Affiliated fund. # Amount represents less than 0.1% of net assets. See Notes to Statements of Investments. 1 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST EQUITY FUND STATEMENT OF INVESTMENTS (UNAUDITED) March 31, 2006 Shares Value --------------- --------------- COMMON STOCK - 99.7% Consumer Discretionary - 11.8% 14,900 American Axle & Manufacturing Holdings, Inc. ............................... $ 255,237 29,700 American Eagle Outfitters .................... 886,842 6,200 Apollo Group, Inc., Class A+ ................. 325,562 23,400 Autoliv, Inc. ................................ 1,323,972 7,600 Black & Decker Corp. ......................... 660,364 4,000 BorgWarner, Inc. ............................. 240,160 176,990 CBS Corp., Class B ........................... 4,244,220 20,800 Claire's Stores, Inc. ........................ 755,248 37,000 Coach, Inc.+ ................................. 1,279,460 102,088 Comcast Corp., Class A+ ...................... 2,670,622 27,000 Cooper Tire & Rubber Co. ..................... 387,180 32,000 Federated Department Stores, Inc. ............ 2,336,000 47,400 Gap, Inc. (The) .............................. 885,432 19,400 Genuine Parts Co. ............................ 850,302 16,200 Home Depot, Inc. ............................. 685,260 86,500 Interpublic Group of Cos., Inc.+ ............. 826,940 19,500 ITT Educational Services, Inc.+ .............. 1,248,975 21,600 Jones Apparel Group, Inc. .................... 763,992 41,600 Kohl's Corp.+ ................................ 2,205,216 30,200 Lear Corp. ................................... 535,446 58,100 Limited Brands, Inc. ......................... 1,421,126 31,500 Lowe's Cos., Inc. ............................ 2,029,860 6,900 Magna International, Inc., Class A ........... 522,261 67,800 Mattel, Inc. ................................. 1,229,214 137,500 McDonald's Corp. ............................. 4,724,500 23,600 McGraw-Hill Cos., Inc. (The) ................. 1,359,832 60,064 News Corp., Class A .......................... 997,663 18,100 Nike, Inc., Class B .......................... 1,540,310 13,800 Nordstrom, Inc. .............................. 540,684 1,000 NVR, Inc.+ ................................... 738,950 61,200 Office Depot, Inc.+ .......................... 2,279,088 14,700 Polaris Industries, Inc. ..................... 802,032 22,600 Starwood Hotels & Resorts Worldwide, Inc. ......................................... 1,530,698 62,600 Target Corp. ................................. 3,255,826 290,500 Time Warner, Inc. ............................ 4,877,495 9,600 Toyota Motor Corp. ADR ....................... 1,045,440 111,090 Viacom, Inc., Class B+ ...................... 4,310,292 142,300 Walt Disney Co. (The) ........................ 3,968,747 --------------- 60,540,448 --------------- Consumer Staples - 8.3% 104,100 Altria Group, Inc. ........................... 7,376,526 20,900 Clorox Co. ................................... 1,250,865 82,700 Coca-Cola Co. (The) .......................... 3,462,649 23,000 Hormel Foods Corp. ........................... 777,400 31,900 Kellogg Co. .................................. 1,404,876 78,200 Kraft Foods, Inc., Class A ................... 2,370,242 50,000 Kroger Co. (The)+ ............................ 1,018,000 106,000 PepsiCo, Inc. ................................ 6,125,740 168,200 Procter & Gamble Co. ......................... 9,691,684 14,700 Reynolds American, Inc. ...................... 1,550,850 58,500 Safeway, Inc. ................................ 1,469,520 Shares Value --------------- --------------- Consumer Staples (continued) 61,600 Sara Lee Corp. ............................... $ 1,101,408 47,200 Supervalu, Inc. .............................. 1,454,704 10,800 Unilever NV .................................. 747,576 6,100 UST, Inc. .................................... 253,760 52,100 Wal-Mart Stores, Inc. ........................ 2,461,204 --------------- 42,517,004 --------------- Energy - 9.9% 17,200 BP PLC ADR ................................... 1,185,768 42,900 Cameco Corp. ................................. 1,544,400 152,176 Chevron Corp. ................................ 8,821,643 124,100 ConocoPhillips ............................... 7,836,915 20,400 Diamond Offshore Drilling, Inc. .............. 1,825,800 196,500 Exxon Mobil Corp. ............................ 11,958,990 21,300 Frontline, Ltd. .............................. 713,337 29,200 GlobalSantaFe Corp. .......................... 1,773,900 42,600 Halliburton Co. .............................. 3,110,652 24,300 Marathon Oil Corp. ........................... 1,850,931 12,800 Noble Corp. .................................. 1,038,080 46,900 Noble Energy, Inc. ........................... 2,059,848 31,300 Occidental Petroleum Corp. ................... 2,899,945 36,700 Pride International, Inc.+ ................... 1,144,306 32,200 Rowan Cos., Inc. ............................. 1,415,512 1,065 Ship Finance International, Ltd. ............. 18,275 29,200 Valero Energy Corp. .......................... 1,745,576 --------------- 50,943,878 --------------- Financials - 26.9% 67,000 ACE, Ltd. .................................... 3,484,670 8,200 Allstate Corp. (The) ......................... 427,302 144,125 American International Group, Inc. ........... 9,525,221 335,500 Bank of America Corp. ........................ 15,278,670 10,800 Bear Stearns Cos., Inc. (The) ................ 1,497,960 17 Berkshire Hathaway, Inc., Class A+ ........... 1,535,950 22,700 Chubb Corp. .................................. 2,166,488 19,100 CIT Group, Inc. .............................. 1,022,232 338,881 Citigroup, Inc. .............................. 16,008,739 40,400 Comerica, Inc. ............................... 2,341,988 16,500 Corus Bankshares, Inc. ....................... 980,760 66,300 E*Trade Financial Corp.+ ..................... 1,788,774 23,500 Endurance Specialty Holdings, Ltd. ........... 764,925 36,400 Fannie Mae ................................... 1,870,960 19,600 First American Corp. ......................... 767,536 8,700 Freddie Mac .................................. 530,700 94,200 Genworth Financial, Inc., Class A ............ 3,149,106 23,600 Golden West Financial Corp. .................. 1,602,440 21,500 Goldman Sachs Group, Inc. .................... 3,374,640 42,400 Hartford Financial Services Group, Inc. ......................................... 3,415,320 29,200 Huntington Bancshares, Inc. .................. 704,596 178,612 JPMorgan Chase & Co. ......................... 7,437,404 81,900 Keycorp ...................................... 3,013,920 14,300 Lehman Brothers Holdings, Inc. ............... 2,066,779 108,200 Merrill Lynch & Co., Inc. .................... 8,521,832 110,800 Metlife, Inc. ................................ 5,359,396 See Notes to Statements of Investments. 2 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST EQUITY FUND STATEMENT OF INVESTMENTS (UNAUDITED) - (Continued) March 31, 2006 Shares Value --------------- --------------- Financials (continued) 14,800 Moody's Corp. ................................ $ 1,057,608 78,700 Morgan Stanley ............................... 4,943,934 40,700 National City Corp. .......................... 1,420,430 31,300 Platinum Underwriters Holdings, Ltd. ......... 910,830 23,100 PNC Financial Services Group, Inc. ........... 1,554,861 29,800 Prudential Financial, Inc. ................... 2,259,138 70,914 St. Paul Travelers Cos., Inc. (The) .......... 2,963,496 49,800 State Street Corp. ........................... 3,009,414 15,300 Torchmark Corp. .............................. 873,630 134,900 U.S. Bancorp ................................. 4,114,450 31,500 UBS AG ....................................... 3,464,055 51,200 UnumProvident Corp. .......................... 1,048,576 79,200 Wachovia Corp. ............................... 4,439,160 29,650 Washington Mutual, Inc. ...................... 1,263,683 74,900 Wells Fargo & Co. ............................ 4,783,863 16,400 XL Capital, Ltd., Class A .................... 1,051,404 --------------- 137,796,840 --------------- Health Care - 10.0% 51,100 Abbott Laboratories .......................... 2,170,217 36,300 Aetna, Inc. .................................. 1,783,782 15,600 AmerisourceBergen Corp. ...................... 753,012 56,200 Amgen, Inc.+ ................................. 4,088,550 22,400 Bristol-Myers Squibb Co. ..................... 551,264 13,400 Cigna Corp. .................................. 1,750,308 32,400 Eisai Co., Ltd. ADR .......................... 1,408,697 74,300 Eli Lilly & Co. .............................. 4,108,790 18,900 Fisher Scientific International, Inc.+ ....... 1,286,145 15,600 Genzyme Corp.+ ............................... 1,048,632 5,800 GlaxoSmithKline PLC ADR ...................... 303,398 19,800 HCA, Inc. .................................... 906,642 61,600 Johnson & Johnson ............................ 3,647,952 82,100 Medtronic, Inc. .............................. 4,166,575 112,800 Merck & Co., Inc. ............................ 3,973,944 371,900 Pfizer, Inc. ................................. 9,267,748 67,000 Sanofi-Aventis ADR ........................... 3,179,150 168,000 Schering-Plough Corp. ........................ 3,190,320 7,500 UnitedHealth Group, Inc. ..................... 418,950 42,300 WellPoint, Inc.+ ............................. 3,275,289 --------------- 51,279,365 --------------- Industrials - 9.4% 13,200 3M Co. ....................................... 999,108 63,500 Boeing Co. ................................... 4,948,555 16,800 Burlington Northern Santa Fe Corp. ........... 1,399,944 16,500 Canadian National Railway Co. ................ 747,120 12,700 Cooper Industries, Ltd., Class A ............. 1,103,630 36,300 CSX Corp. .................................... 2,170,740 20,500 Eaton Corp. .................................. 1,495,885 19,600 Equifax, Inc. ................................ 729,904 9,300 Fluor Corp. .................................. 797,940 25,000 General Dynamics Corp. ....................... 1,599,500 367,600 General Electric Co. ......................... 12,785,128 28,200 Goodrich Corp. ............................... 1,229,802 32,100 Graco, Inc. .................................. 1,458,303 Shares Value --------------- --------------- Industrials (continued) 7,200 Ingersoll-Rand Co., Ltd., Class A ............ $ 300,888 33,700 Lockheed Martin Corp. ........................ 2,531,881 27,200 Norfolk Southern Corp. ....................... 1,470,704 12,900 Northrop Grumman Corp. ....................... 880,941 39,000 Raytheon Co. ................................. 1,787,760 20,000 Rockwell Collins, Inc. ....................... 1,127,000 22,200 SPX Corp. .................................... 1,185,924 20,400 Textron, Inc. ................................ 1,905,156 26,100 Tyco International, Ltd. ..................... 701,568 6,400 United Parcel Service, Inc., Class B ......... 508,032 40,000 United Technologies Corp. .................... 2,318,800 54,900 Waste Management, Inc. ....................... 1,937,970 --------------- 48,122,183 --------------- Information Technology - 13.8% 31,200 Accenture, Ltd., Class A ..................... 938,184 44,357 ADC Telecommunications, Inc.+................. 1,135,096 57,000 Adobe Systems, Inc.+ ......................... 1,990,440 36,600 Agere Systems, Inc.+ ......................... 550,464 26,800 Amdocs, Ltd.+ ................................ 966,408 56,600 Analog Devices, Inc. ......................... 2,167,214 16,400 Arrow Electronics, Inc.+ ..................... 529,228 13,900 Autodesk, Inc.+ .............................. 535,428 33,200 Automatic Data Processing, Inc. .............. 1,516,576 43,000 Celestica, Inc.+ ............................. 492,350 287,800 Cisco Systems, Inc.+ ......................... 6,236,626 215,000 Corning, Inc.+ ............................... 5,785,650 53,200 Dell, Inc.+ .................................. 1,583,232 65,700 Earthlink, Inc.+ ............................. 627,435 57,000 Electronic Data Systems Corp. ................ 1,529,310 265,200 EMC Corp.+ ................................... 3,614,676 28,700 First Data Corp. ............................. 1,343,734 94,100 Flextronics International, Ltd.+ ............. 973,935 9,000 Google, Inc., Class A+ ....................... 3,510,000 216,300 Hewlett-Packard Co. .......................... 7,116,270 151,700 Intel Corp. .................................. 2,935,395 37,300 International Business Machines Corp.......... 3,076,131 22,300 Lam Research Corp.+ .......................... 958,900 485,100 Microsoft Corp. .............................. 13,199,571 119,200 Nokia Oyj ADR ................................ 2,469,824 38,400 Qualcomm, Inc. ............................... 1,943,424 155,900 Sanmina-SCI Corp.+ ........................... 639,190 214,300 Solectron Corp.+ ............................. 857,200 15,700 Tech Data Corp.+ ............................. 579,487 49,200 Tellabs, Inc.+ ............................... 782,280 --------------- 70,583,658 --------------- Materials - 2.8% 49,900 Cia Vale do Rio Doce ADR ..................... 2,421,647 14,400 IPSCO, Inc. .................................. 1,498,896 22,300 Lubrizol Corp. ............................... 955,555 10,500 Martin Marietta Materials, Inc. .............. 1,123,815 16,600 Monsanto Co. ................................. 1,406,850 14,500 Nucor Corp. .................................. 1,519,455 61,500 Owens-Illinois, Inc.+ ........................ 1,068,255 See Notes to Statements of Investments. 3 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST EQUITY FUND STATEMENT OF INVESTMENTS (UNAUDITED) - (Continued) March 31, 2006 Shares Value --------------- --------------- Materials (continued) 21,800 Phelps Dodge Corp. ........................... $ 1,755,554 18,400 PPG Industries, Inc. ......................... 1,165,640 7,300 Rio Tinto PLC ADR ............................ 1,511,100 --------------- 14,426,767 --------------- Telecommunication Services - 3.9% 13,000 American Tower Corp., Class A+ ............... 394,160 134,213 AT&T, Inc. ................................... 3,629,120 120,800 BellSouth Corp. .............................. 4,185,720 39,300 Crown Castle International Corp.+ ............ 1,114,155 55,200 Deutsche Telekom AG ADR ...................... 928,464 264,823 Sprint Nextel Corp. .......................... 6,843,026 71,400 Verizon Communications, Inc. ................. 2,431,884 32,200 Vodafone Group PLC ADR ....................... 672,980 --------------- 20,199,509 --------------- Utilities - 2.9% 22,400 Ameren Corp. ................................. 1,115,968 56,220 American Electric Power Co., Inc. ............ 1,912,604 21,500 Consolidated Edison, Inc. .................... 935,250 39,000 Dominion Resources, Inc. ..................... 2,692,170 34,100 DTE Energy Co. ............................... 1,367,069 54,500 Duke Energy Corp.+ ........................... 1,588,675 28,300 Entergy Corp. ................................ 1,951,002 28,100 National Fuel Gas Co. ........................ 919,432 15,600 Pinnacle West Capital Corp. .................. 609,960 36,700 Southern Co. (The) ........................... 1,202,659 Shares Value --------------- --------------- Utilities (continued) 19,000 TXU Corp. .................................... $ 850,440 --------------- 15,145,229 --------------- Total Common Stock (Cost $446,282,992) 511,554,881 --------------- Maturity Date Par ----------- ------------- REPURCHASE AGREEMENT - 0.3% Agreement with UBS Securities, 4.53% dated 03/31/2006 to be repurchased at $1,567,592, collateralized by $1,337,000 U.S. Treasury Bonds, 6.50%, due 11/15/2026 (market value $1,611,030) (Cost $1,567,000) 04/03/06 $ 1,567,000 1,567,000 ------------- Total Investments - 100.0% (Cost $447,849,992) 513,121,881 Other Assets & Liabilities, Net - 0.0%# (230,028) ------------- NET ASSETS - 100.0% $ 512,891,853 ============= ------------------- ADR - American Depository Receipt. + Non-income producing security. # Amount represents less than 0.1% of net assets. See Notes to Statements of Investments. 4 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS (UNAUDITED) March 31, 2006 Maturity Date Par Value ----------- ------------- ------------- ASSET BACKED SECURITIES - 8.3% Amortizing Residential Collateral Trust 5.10%(a) 01/01/32 $ 77,225 $ 77,105 Bayview Financial Acquisition Trust 5.27%(a) 02/28/44 252,078 252,984 Capital Auto Receivables Asset Trust 5.03% 10/15/09 475,000 473,887 Chase Issuance Trust 3.22% 06/15/10 475,000 461,300 Chase Manhattan Auto Owner Trust 3.87% 06/15/09 550,000 539,718 Citibank Credit Card Issuance Trust 2.55% 01/20/09 525,000 514,133 4.85% 02/10/11 475,000 470,547 Conseco Finance Securitizations Corp. 8.50% 03/01/33 588,020 141,636 Countrywide Asset-Backed Certificates 5.11%(a) 06/25/35 215,854 215,987 Countrywide Home Equity Loan Trust 5.03%(a) 05/15/36 600,000 600,024 DaimlerChrysler Auto Trust 5.00% 05/08/10 475,000 473,219 Delta Funding Home Equity Loan Trust 7.04% 06/25/27 59,022 60,202 Ford Credit Auto Owner Trust 4.30% 08/15/09 475,000 467,797 5.05% 03/15/10 525,000 523,606 Green Tree Financial Corp. 9.15% 01/15/18 45,086 39,838 Green Tree Home Improvement Loan Trust 7.60% 07/15/20 16,476 16,323 Green Tree Recreational Equipment & Consumer Trust 7.25% 03/15/29 94,826 85,060 MBNA Credit Card Master Note Trust 2.65% 11/15/10 600,000 568,720 2.70% 09/15/09 525,000 511,765 3.30% 07/15/10 510,000 492,991 4.30% 02/15/11 500,000 490,184 4.90% 07/15/11 475,000 471,883 MSDWCC Heloc Trust 5.01%(a) 07/25/17 61,083 61,094 Nissan Auto Receivables Trust 4.74% 09/15/09 500,000 496,124 SACO I, Inc. 4.99%(a) 03/25/36 600,000 600,012 5.10%(a) 09/25/35 442,484 442,513 USAA Auto Owner Trust 4.55% 02/16/10 500,000 495,133 Wachovia Auto Owner Trust 4.79% 04/20/10 450,000 446,695 ------------- Total Asset Backed Securities (Cost $10,556,068) 10,490,480 ------------- Maturity Date Par Value ----------- ------------- ------------- COLLATERALIZED MORTGAGE OBLIGATIONS - 18.9% Asset Securitization Corp. 6.75% 02/14/43 $ 260,000 $ 265,315 7.08%(a) 02/14/43 100,000 105,975 Banc of America Commercial Mortgage, Inc. 5.12% 07/11/43 520,000 512,340 Banc of America Mortgage Securities 3.45%(a) 02/25/34 195,709 194,510 Bank of America Alternative Loan Trust 5.00% 08/25/19 163,261 158,261 Bear Stearns Adjustable Rate Mortgage Trust 4.01%(a) 07/25/34 710,417 683,991 4.12%(a) 02/25/34 520,550 516,928 4.90%(a) 11/25/34 441,544 439,407 Bear Stearns Commercial Mortgage Securities 4.67% 06/11/41 90,000 84,196 4.83% 11/11/41 110,000 104,385 Capital Lease Funding Securitization LP 7.35%* 06/22/24 240,225 242,879 Chase Manhattan Bank-First Union National Bank 7.44% 08/15/31 400,000 423,213 Citigroup Mortgage Loan Trust, Inc. 3.94%(a) 09/25/34 364,781 359,270 4.33%(a) 02/25/34 551,926 550,051 Commercial Mortgage Pass Through Certificates 4.22% 03/10/39 375,000 357,162 Countrywide Alternative Loan Trust 5.13%(a) 10/25/35 472,257 472,693 5.27%(a) 09/25/34 157,951 158,434 5.50% 05/25/36 675,000 671,678 Countrywide Home Loan Mortgage Pass Through Trust 5.09%(a) 02/25/35 191,367 191,957 CS First Boston Mortgage Securities Corp. 6.30% 11/11/30 315,498 321,440 6.55% 01/17/35 675,000 685,381 Deutsche Mortgage and Asset Receiving Corp. 6.54% 06/15/31 618,909 628,518 DLJ Commercial Mortgage Corp. 7.18% 11/10/33 400,000 425,846 First Union National Bank Commercial Mortgage 7.39% 12/15/31 350,000 370,883 GE Capital Commercial Mortgage Corp. 5.00% 12/10/37 425,000 415,105 6.27% 12/10/35 340,000 354,015 See Notes to Statements of Investments. 5 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS (UNAUDITED) - (Continued) March 31, 2006 Maturity Date Par Value ----------- ------------- ------------- GMAC Commercial Mortgage Securities, Inc. 4.65% 04/10/40 $ 575,000 $ 555,313 7.18% 08/15/36 266,562 278,961 7.46% 08/16/33 280,000 299,339 GS Mortgage Securities Corp. II 5.55%(a) 04/10/38 145,000 144,583 6.14% 10/18/30 429,856 436,036 6.62% 10/18/30 365,791 373,819 Harborview Mortgage Loan Trust 5.00%(a) 05/19/35 494,996 495,545 5.09%(a) 11/19/35 389,526 389,545 Impac CMB Trust 5.09%(a) 05/25/35 431,149 431,508 5.17%(a) 10/25/33 127,864 127,864 Indymac Index Mortgage Loan Trust 5.10%(a) 09/25/35 128,029 123,228 5.60%(a) 10/25/36 537,690 541,889 JPMorgan Chase Commercial Mortgage Securities Corp. 4.74% 07/15/42 150,000 140,847 5.47%(a) 01/12/43 100,000 98,252 5.86% 10/12/35 240,000 243,995 6.43% 04/15/35 300,000 312,432 LB-UBS Commercial Mortgage Trust 4.06%(a) 09/15/27 180,000 173,466 4.95% 09/15/30 500,000 478,747 5.15%(a) 06/15/29 360,000 356,205 7.37% 08/15/26 270,000 288,827 Lehman XS Trust 5.08%(a) 02/25/46 590,512 591,637 Morgan Stanley Capital I 4.99% 08/13/42 240,000 230,008 Morgan Stanley Mortgage Loan Trust 4.09%(a) 08/25/34 405,862 403,545 5.24%(a) 07/25/35 439,969 437,969 Prime Mortgage Trust 8.00% 07/25/34 539,701 550,848 Residential Asset Securitization Trust 4.75% 02/25/19 1,214,991 1,164,114 Salomon Brothers Mortgage Securities VII 5.12%(a) 03/25/32 157,138 157,534 6.59% 12/18/33 300,000 311,992 7.46% 07/18/33 384,391 406,644 Small Business Administration 4.75% 08/10/14 295,046 281,110 Structured Adjustable Rate Mortgage Loan Trust 4.99%(a) 11/25/34 344,334 344,624 Washington Mutual Mortgage Pass-Through Certificates 5.62%(a) 01/25/35 370,276 368,479 Maturity Date Par Value ----------- ------------- ------------- Washington Mutual, Inc. 4.84%(a) 10/25/35 $ 645,592 $ 636,425 4.98%(a) 11/25/34 568,395 570,615 5.05%(a) 04/25/45 465,007 465,921 5.09%(a) 12/25/45 591,155 592,329 Wells Fargo Mortgage Backed Securities Trust 3.54%(a) 09/25/34 470,000 446,423 ------------- Total Collateralized Mortgage Obligations (Cost $24,434,379) 23,944,451 ------------- CORPORATE BONDS - 18.7% Consumer Discretionary - 1.0% AMC Entertainment, Inc. 11.00%* 02/01/16 10,000 10,325 Amerigas Partners LP 7.25% 05/20/15 10,000 10,000 Boyd Gaming Corp. 6.75% 04/15/14 10,000 9,975 7.13% 02/01/16 10,000 10,138 Caesars Entertainment, Inc. 8.13% 05/15/11 12,000 13,050 DaimlerChrysler NA Holding Corp. 4.88% 06/15/10 90,000 86,738 6.50% 11/15/13 50,000 50,853 7.30% 01/15/12 135,000 142,651 Delta Air Lines, Inc. 6.72% 01/02/23 108,357 109,446 DI Finance/DynCorp International 9.50% 02/15/13 10,000 10,400 Federated Department Stores, Inc. 6.79% 07/15/27 30,000 30,266 General Motors Corp. 8.25% 07/15/23 70,000 50,400 8.38% 07/05/33 30,000 26,140 Hertz Corp. 8.88%* 01/01/14 15,000 15,562 Inn of the Mountain Gods Resort & Casino 12.00% 11/15/10 10,000 10,800 J.C. Penney Corp., Inc. 7.40% 04/01/37 10,000 10,782 May Department Stores Co. (The) 7.88% 03/01/30 30,000 33,974 MGM Mirage 6.00% 10/01/09 45,000 44,325 6.75% 09/01/12 20,000 19,975 8.50% 09/15/10 50,000 53,500 Mohegan Tribal Gaming Authority 6.13% 02/15/13 10,000 9,862 8.00% 04/01/12 5,000 5,238 Oxford Industries, Inc. 8.88% 06/01/11 10,000 10,300 See Notes to Statements of Investments. 6 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS (UNAUDITED) - (Continued) March 31, 2006 Maturity Date Par Value ----------- ------------- ------------- Consumer Discretionary (continued) Premier Entertainment Biloxi LLC 10.75% 02/01/12 $ 10,000 $ 9,550 Reader's Digest Association, Inc. (The) 6.50% 03/01/11 10,000 9,975 Station Casinos, Inc. 6.00% 04/01/12 20,000 19,725 6.63%* 03/15/18 10,000 9,775 Suburban Propane Partners LP 6.88% 12/15/13 50,000 48,000 Time Warner, Inc. 6.88% 05/01/12 400,000 419,390 7.70% 05/01/32 25,000 27,493 Visteon Corp. 8.25% 08/01/10 20,000 16,500 ------------- 1,335,108 ------------- Consumer Staples - 0.2% Altria Group, Inc. 7.00% 11/04/13 5,000 5,376 7.20% 02/01/07 240,000 242,416 Smithfield Foods, Inc. 7.00% 08/01/11 20,000 19,900 ------------- 267,692 ------------- Energy - 2.4% Amerada Hess Corp. 7.13% 03/15/33 30,000 32,733 7.30% 08/15/31 215,000 239,382 Apache Corp. 6.25% 04/15/12 80,000 83,707 Chesapeake Energy Corp. 6.25% 01/15/18 50,000 48,875 6.88%* 11/15/20 10,000 10,075 7.50% 09/13-06/14 20,000 20,925 ConocoPhillips 4.75% 10/15/12 370,000 356,803 ConocoPhillips Holding Co. 6.95% 04/15/29 10,000 11,313 Devon Energy Corp. 7.95% 04/15/32 130,000 159,201 Devon Financing Corp. ULC 7.88% 09/30/31 35,000 42,255 El Paso Corp. 7.75% 01/15/32 40,000 40,300 7.80% 08/01/31 940,000 944,700 Enterprise Products Operating LP 4.00% 10/15/07 25,000 24,458 4.95% 06/01/10 75,000 72,750 KCS Energy, Inc. 7.13% 04/01/12 5,000 4,962 Kerr-McGee Corp. 7.88% 09/15/31 160,000 182,760 Massey Energy Co. 6.88%* 12/15/13 55,000 53,900 Maturity Date Par Value ----------- ------------- ------------- Energy (continued) Northwest Pipeline Corp. 8.13% 03/01/10 $ 30,000 $ 31,650 Peabody Energy Corp. 6.88% 03/15/13 28,000 28,420 Pemex Project Funding Master Trust 6.63%* 06/15/35 190,000 183,540 Plains Exploration & Production Co. 7.13% 06/15/14 20,000 20,550 Pogo Producing Co. 6.88% 10/01/17 20,000 19,750 Pride International, Inc. 7.38% 07/15/14 20,000 21,000 Southern Natural Gas Co. 8.88% 03/15/10 20,000 21,275 Transcontinental Gas Pipe Line Corp. 8.88% 07/15/12 35,000 39,900 Vintage Petroleum, Inc. 7.88% 05/15/11 20,000 20,797 8.25% 05/01/12 24,000 25,523 Williams Cos., Inc. 7.50% 01/15/31 173,000 179,488 7.63% 07/15/19 10,000 10,650 7.75% 06/15/31 80,000 84,800 XTO Energy, Inc. 6.25% 04/15/13 20,000 20,688 7.50% 04/15/12 36,000 39,303 ------------- 3,076,433 ------------- Financials - 9.4% Bank of America Corp. 3.88% 01/15/08 65,000 63,495 4.25% 10/01/10 90,000 85,902 4.50% 08/01/10 245,000 236,790 4.88% 01/15/13 120,000 115,860 Berkshire Hathaway Finance Corp. 3.38% 10/15/08 150,000 143,661 4.13% 01/15/10 95,000 90,852 Boeing Capital Corp. 5.80% 01/15/13 85,000 86,557 CIT Group, Inc. 4.00% 05/08/08 5,000 4,865 Citigroup, Inc. 3.63% 02/09/09 1,005,000 961,269 4.13% 02/22/10 175,000 167,438 5.00% 09/15/14 265,000 253,631 Deutsche Bank AG 3.84%(a) 03/15/07 150,000 149,104 E*Trade Financial Corp. 7.38% 09/15/13 10,000 10,200 Ford Motor Credit Co. 4.95% 01/15/08 130,000 121,144 6.63% 06/16/08 50,000 47,324 7.25% 10/25/11 55,000 50,118 7.38% 10/09-02/11 910,000 854,311 See Notes to Statements of Investments. 7 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS (UNAUDITED) - (Continued) March 31, 2006 Maturity Date Par Value ----------- ------------- ------------- Financials (continued) Forest City Enterprises, Inc. 6.50% 02/01/17 $ 8,000 $ 7,900 General Electric Capital Corp. 3.45%(a) 01/15/08 950,000 945,044 4.13% 09/01/09 430,000 414,596 5.00% 11/15/11 595,000 583,229 6.50%(b) 09/28/15 70,000 43,455 General Motors Acceptance Corp. 5.13% 05/09/08 30,000 28,234 5.63% 05/15/09 190,000 176,816 5.85% 01/14/09 30,000 28,057 6.13% 02/07-08/07 270,000 264,076 6.15% 04/05/07 210,000 206,254 6.31% 11/30/07 50,000 46,704 7.25% 03/02/11 165,000 156,361 7.75% 01/19/10 90,000 87,751 Goldman Sachs Group, Inc. 5.35% 01/15/16 100,000 96,586 6.60% 01/15/12 290,000 304,035 Host Marriott LP 9.25% 10/01/07 4,000 4,190 HSBC Bank USA NA 3.87% 06/07/07 300,000 295,304 HSBC Finance Corp. NA 6.38% 11/27/12 40,000 41,450 6.40% 06/17/08 325,000 332,117 6.50% 11/15/08 213,000 218,976 JPMorgan Chase & Co. 3.63% 05/01/08 50,000 48,325 5.13% 09/15/14 45,000 43,254 5.15% 10/01/15 30,000 28,708 5.35% 03/01/07 100,000 100,064 5.75% 01/02/13 195,000 196,304 6.38% 02/15/08 100,000 101,621 Lehman Brothers Holdings, Inc. 6.63% 01/18/12 150,000 157,806 7.88% 08/15/10 55,000 60,071 Mizuho JGB Investment LLC 9.87%(a)* 12/31/49 210,000 227,993 Mizuho Preferred Capital Co. LLC 8.79%(a)* 12/31/49 360,000 382,800 Morgan Stanley 3.63% 04/01/08 270,000 261,705 5.05% 01/21/11 275,000 269,573 6.75% 04/15/11 50,000 52,632 MUFG Capital Finance 1, Ltd. 6.35%(a) 07/29/49 100,000 98,404 RBS Capital Trust I 4.71 %(a) 12/31/49 90,000 83,340 Rouse Co. (The) 3.63% 03/15/09 35,000 32,538 5.38% 11/26/13 125,000 116,506 Maturity Date Par Value ----------- ------------- ------------- Financials (continued) SLM Corp. 4.54%(a) 04/01/09 $ 220,000 $ 212,964 SunTrust Banks, Inc. 3.63% 10/15/07 270,000 263,083 4.00% 10/15/08 65,000 63,045 UBS Preferred Funding Trust I 8.62%(a) 12/31/49 25,000 27,893 Unilever Capital Corp. 7.13% 11/01/10 55,000 58,528 US Bancorp 3.13% 03/15/08 170,000 163,459 US Bank NA 2.87% 02/01/07 250,000 244,898 USB Capital IX 6.19%(a) 03/29/49 100,000 99,118 Ventas Realty LP/Ventas Capital Corp. 6.75% 06/01/10 10,000 10,100 8.75% 05/01/09 20,000 21,200 9.00% 05/01/12 10,000 11,225 Verizon Global Funding Corp. 4.38% 06/01/13 35,000 32,126 7.75% 12/01/30 100,000 110,475 Wachovia Capital Trust III 5.80%(a) 03/42-12/49 190,000 186,671 Wells Fargo & Co. 4.20% 01/15/10 195,000 187,147 4.63% 08/09/10 55,000 53,379 4.88% 01/12/11 145,000 141,799 5.00% 11/15/14 75,000 72,096 ------------- 11,944,506 ------------- Health Care - 0.8% AmerisourceBergen Corp. 5.88%* 09/15/15 20,000 19,671 Bio-Rad Laboratories, Inc. 6.13% 12/15/14 20,000 19,200 7.50% 08/15/13 5,000 5,163 Bristol-Myers Squibb Co. 5.75% 10/01/11 20,000 20,220 Davita, Inc. 7.25% 03/15/15 150,000 150,750 HCA, Inc. 5.50% 12/01/09 25,000 24,357 6.25% 02/15/13 10,000 9,700 6.50% 02/15/16 85,000 82,812 7.25% 05/20/08 22,000 22,563 7.69% 06/15/25 30,000 29,663 Omnicare, Inc. 6.88% 12/15/15 54,000 53,865 Tenet Healthcare Corp. 6.38% 12/01/11 121,000 109,202 9.50%* 02/01/15 171,000 171,428 9.88% 07/01/14 40,000 40,500 See Notes to Statements of Investments. 8 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS (UNAUDITED) - (Continued) March 31, 2006 Maturity Date Par Value ----------- ------------- ------------- Health Care (continued) UnitedHealth Group, Inc. 5.80% 03/15/36 $ 50,000 $ 47,613 WellPoint, Inc. 5.85% 01/15/36 75,000 70,862 5.95% 12/15/34 50,000 48,134 Wyeth 6.00% 02/15/36 50,000 48,842 ------------- 974,545 ------------- Industrials - 1.2% BE Aerospace, Inc. 8.50% 10/01/10 30,000 31,875 DRS Technologies, Inc. 6.63% 02/01/16 10,000 9,950 Eastman Kodak Co. 7.25% 11/15/13 35,000 34,000 Horizon Lines LLC 9.00% 11/01/12 13,000 13,747 Kansas City Southern Railway Corp. 9.50% 10/01/08 23,000 24,552 L-3 Communications Corp. 6.38% 10/15/15 5,000 4,925 Lockheed Martin Corp. 7.65% 05/01/16 95,000 108,851 8.50% 12/01/29 40,000 51,934 NationsRent Cos., Inc. 9.50% 10/15/10 4,000 4,350 Norfolk Southern Corp. 6.20% 04/15/09 90,000 92,026 7.25% 02/15/31 30,000 34,686 Northrop Grumman Corp. 4.08% 11/16/06 150,000 148,928 Overseas Shipholding Group 7.50% 02/15/24 20,000 19,950 Raytheon Co. 6.75% 08/15/07 23,000 23,360 7.00% 05/15/06 1,550 78,033 Service Corp International 7.50%* 06/15/17 20,000 20,350 Terex Corp. 7.38% 01/15/14 15,000 15,375 United Rentals North America, Inc. 6.50% 02/15/12 5,000 4,900 United Technologies Corp. 8.88% 11/15/19 25,000 32,075 Waste Management, Inc. 6.88% 05/15/09 425,000 441,901 7.00% 10/15/06 125,000 126,089 7.38% 05/15/29 165,000 185,121 ------------- 1,506,978 ------------- Information Technology - 0.1% Freescale Semiconductor, Inc. 7.35%(a) 07/15/09 10,000 10,250 Maturity Date Par Value ----------- ------------- ------------- Information Technology (continued) Magnachip Semiconductor SA 8.16%(a) 12/15/11 $ 25,000 $ 25,312 Sungard Data Systems, Inc. 9.13%* 08/15/13 25,000 26,438 UGS Corp. 10.00% 06/01/12 20,000 22,000 ------------- 84,000 ------------- Materials - 0.2% Georgia-Pacific Corp. 7.70% 06/15/15 13,000 13,065 9.50% 12/01/11 1,000 1,095 IMC Global, Inc. 10.88% 08/01/13 30,000 34,350 International Steel Group, Inc. 6.50% 04/15/14 5,000 4,975 Lyondell Chemical Co. 9.63% 05/01/07 4,000 4,130 MacDermid, Inc. 9.13% 07/15/11 10,000 10,550 Westlake Chemical Corp. 6.63% 01/15/16 12,000 11,865 Weyerhaeuser Co. 6.75% 03/15/12 175,000 182,178 ------------- 262,208 ------------- Telecommunication Services - 2.1% AT&T, Inc. 5.10% 09/15/14 80,000 75,931 6.15% 09/15/34 10,000 9,496 6.45% 06/15/34 20,000 19,686 BellSouth Capital Funding 7.88% 02/15/30 160,000 182,174 BellSouth Corp. 4.75% 11/15/12 10,000 9,471 Cincinnati Bell, Inc. 7.00% 02/15/15 23,000 22,770 7.25% 07/15/13 35,000 35,963 Citizens Communications, Co. 9.25% 05/15/11 10,000 10,975 Clear Channel Communications, Inc. 4.25% 05/15/09 50,000 47,609 4.90% 05/15/15 10,000 8,748 5.50% 09/15/14 110,000 101,640 Comcast Cable Communications Holdings, Inc. 8.38% 03/15/13 120,000 134,958 Comcast Corp. 6.45% 03/15/37 95,000 91,409 6.50% 01/15-11/35 350,000 356,158 7.05% 03/15/33 25,000 25,728 COX Communications, Inc. 7.75% 11/01/10 15,000 16,041 See Notes to Statements of Investments. 9 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS (UNAUDITED) - (Continued) March 31, 2006 Maturity Date Par Value ----------- ------------- ------------- Telecommunication Services (continued) CSC Holdings, Inc. 7.63% 04/01/11 $ 20,000 $ 20,100 7.88% 02/15/18 16,000 16,020 DirecTV Holdings LLC 6.38% 06/15/15 50,000 49,375 Echostar DBS Corp. 7.13%* 02/01/16 55,000 54,106 Historic TW, Inc. 6.63% 05/15/29 165,000 162,171 Lamar Media Corp. 7.25% 01/01/13 25,000 25,625 Liberty Media Corp. 6.41%(a) 09/17/06 123,000 123,503 New Cingular Wireless Services, Inc. 8.13% 05/01/12 85,000 95,441 News America, Inc. 6.20% 12/15/34 155,000 145,160 6.40%* 12/15/35 25,000 23,903 Nextel Communications, Inc. 5.95% 03/15/14 15,000 14,850 7.38% 08/01/15 20,000 20,975 Qwest Communications International, Inc. 8.25%(a) 02/15/09 40,000 40,900 Qwest Corp. 5.63% 11/15/08 30,000 29,775 7.88% 09/01/11 35,000 37,363 8.16%(a) 06/15/13 35,000 38,500 Sprint Capital Corp. 4.78%(STEP) 08/17/06 160,000 159,670 6.00% 01/15/07 70,000 70,332 8.38% 03/15/12 40,000 45,196 8.75% 03/15/32 50,000 62,513 Tele-Communications-TCI Group 7.88% 08/01/13 295,000 323,812 Verizon New Jersey, Inc. 5.88% 01/17/12 15,000 14,870 ------------- 2,722,917 ------------- Utilities - 1.3% AES Corp. (The) 7.75% 03/01/14 16,000 16,800 8.88% 02/15/11 19,000 20,472 9.38% 09/15/10 97,000 105,730 9.50% 06/01/09 68,000 73,270 Cleveland Electric Illuminating Co. (The) 5.65% 12/15/13 40,000 39,648 Colorado Interstate Gas Co. 6.80%* 11/15/15 10,000 10,174 Maturity Date Par Value ----------- ------------- ------------- Utilities (continued) Dominion Resources, Inc. 4.12% 02/15/08 $ 30,000 $ 29,254 4.75% 12/15/10 30,000 28,819 5.13% 12/15/09 80,000 78,885 5.70% 09/17/12 90,000 89,175 FirstEnergy Corp. 5.50% 11/15/06 40,000 40,010 6.45% 11/15/11 50,000 51,737 7.38% 11/15/31 235,000 261,032 Florida Power & Light Co. 4.95% 06/01/35 55,000 47,344 Midwest Generation LLC 8.56% 01/02/16 97,898 105,529 8.75% 05/01/34 15,000 16,238 Mirant North America LLC 7.38%* 12/31/13 10,000 10,200 NorthWestern Corp. 5.88% 11/01/14 10,000 9,850 NRG Energy, Inc. 7.25% 02/01/14 35,000 35,569 7.38% 02/01/16 20,000 20,425 Orion Power Holdings, Inc. 12.00% 05/01/10 15,000 16,912 Pacific Gas & Electric Co. 6.05% 03/01/34 120,000 117,430 Progress Energy, Inc. 7.75% 03/01/31 70,000 81,373 Reliant Energy, Inc. 6.75% 12/15/14 20,000 17,650 TXU Corp. 4.80% 11/15/09 25,000 24,018 6.38% 06/15/06 10,000 10,018 6.55% 11/15/34 160,000 144,391 TXU Electric Delivery Co. 6.38% 01/15/15 50,000 51,596 TXU Energy Co. LLC 7.00% 03/15/13 50,000 52,078 ------------- 1,605,627 ------------- Total Corporate Bonds (Cost $23,971,528) 23,780,014 ------------- FOREIGN BONDS - 6.6% Australia - 0.2% Queensland Treasury Corp. 6.00%(b)(c) 06/14/11 410,000 300,016 ------------- Bermuda - 0.0%# Intelsat Subsidiary Holding Co., Ltd. 9.61%(a) 01/15/12 15,000 15,244 Intelsat, Ltd. 6.50%(d) 11/01/13 30,000 22,425 ------------- 37,669 ------------- See Notes to Statements of Investments. 10 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS (UNAUDITED) - (Continued) March 31, 2006 Maturity Date Par Value ----------- ------------- ------------- Brazil - 0.3% Brazilian Government International Bond 8.88%(d) 04/15/24 $ 39,000 $ 45,084 10.13%(d) 05/15/27 6,000 7,779 11.00%(d) 08/17/40 175,000 224,525 12.25%(d) 03/06/30 24,000 36,540 ------------- 313,928 ------------- Bulgaria - 0.2% Bulgaria Government International Bond 8.25%(d) 01/15/15 224,000 262,192 ------------- Canada - 1.1% Anadarko Finance Co. 6.75%(d) 05/01/11 200,000 210,736 Canadian Government Bond 4.00%(b)(c) 12/01/31 130,000 198,918 ChevronTexaco Capital Co. 3.50%(d) 09/17/07 200,000 195,400 Conoco Funding Co. 6.35%(d) 10/15/11 70,000 72,986 7.25%(d) 10/15/31 35,000 40,934 EnCana Corp. 6.30%(d) 11/01/11 90,000 93,276 Hydro Quebec 6.30%(d) 05/11/11 60,000 62,549 Ispat Inland ULC 9.75%(d) 04/01/14 78,000 88,238 Petro-Canada 5.95%(d) 05/15/35 25,000 23,831 Province of Manitoba Canada 6.38%(b) 09/01/15 165,000 101,482 Province of Ontario 6.25%(b) 06/16/15 210,000 128,548 Province of Quebec Canada 6.75%(b) 11/09/15 70,000 43,818 Rogers Cable, Inc. 6.75%(d) 03/15/15 10,000 10,200 Rogers Wireless, Inc. 6.38%(d) 03/01/14 20,000 19,950 7.50%(d) 03/15/15 30,000 32,175 Shaw Communications, Inc. 7.20%(d) 12/15/11 24,000 24,780 Sun Media Corp. 7.63%(d) 02/15/13 10,000 10,300 Teck Cominco, Ltd. 6.13% 10/01/35 50,000 47,042 Western Oil Sands, Inc. 8.38%(d) 05/01/12 37,000 41,070 ------------- 1,446,233 ------------- Cayman Islands - 0.3% Systems 2001 AT LLC 6.66%*(d) 09/15/13 421,052 438,829 ------------- Maturity Date Par Value ----------- ------------- ------------- Colombia - 0.1% Columbia Government International Bond 8.13%(d) 05/21/24 $ 40,000 $ 44,800 11.75%(d) 02/25/20 90,000 128,250 ------------- 173,050 ------------- France - 0.0%# Compagnie Generale de Geophysique SA 7.50%* 05/15/15 10,000 10,300 France Telecom SA 8.50%(d) 03/01/31 10,000 12,491 ------------- 22,791 ------------- Germany - 0.6% German Treasury Bill 2.34% 04/12/06 425,000 512,670 L-Bank Landeskreditbank Baden-Wuerttemberg Foerderbank 4.25%(d) 09/15/10 250,000 241,099 ------------- 753,769 ------------- Ireland - 0.2% Depfa ACS Bank 3.63%(d) 10/29/08 150,000 144,628 Eircom Funding 8.25%(d) 08/15/13 50,000 53,812 ------------- 198,440 ------------- Israel - 0.3% Israel Government AID Bond 5.50%(d) 04/24-09/33 400,000 409,091 ------------- Luxembourg - 0.9% Telecom Italia Capital SA 4.95%(d) 09/30/14 40,000 36,808 5.25%(d) 11/13-10/15 45,000 42,467 6.00%(d) 09/30/34 95,000 85,464 Tyco International Group SA 6.00%(d) 11/15/13 310,000 311,408 6.13%(d) 11/01/08 40,000 40,542 6.38%(d) 10/15/11 50,000 51,329 6.75%(d) 02/15/11 10,000 10,401 6.88%(d) 01/15/29 110,000 114,853 7.00%(d) 06/15/28 418,000 439,792 ------------- 1,133,064 ------------- Marshall Islands - 0.0%# OMI Corp. 7.63%(d) 12/01/13 15,000 15,338 Teekay Shipping Corp. 8.88% 07/15/11 19,000 20,900 ------------- 36,238 ------------- See Notes to Statements of Investments. 11 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS (UNAUDITED) - (Continued) March 31, 2006 Maturity Date Par Value ----------- ------------- ------------- Mexico - 0.8% Mexican Bonos 8.00%(b) 12/19/13 $ 400,000 $ 35,553 9.00%(b) 12/11-12/12 295,000 27,907 9.50%(b) 12/18/14 125,000 12,209 Mexico Government International Bond 7.50%(d) 04/08/33 250,000 278,750 8.00%(d) 09/24/22 25,000 29,225 8.30%(d) 08/15/31 60,000 72,510 11.50%(d) 05/15/26 360,000 558,900 ------------- 1,015,054 ------------- Netherlands - 0.1% Deutsche Telekom International Finance BV 5.75%(d) 03/23/16 75,000 73,267 8.25%(d) 06/15/30 40,000 47,849 Royal KPN NV 8.00% 10/01/10 30,000 32,201 ------------- 153,317 ------------- Norway - 0.2% Eksportfinans AS 3.38%(d) 01/15/08 240,000 232,826 ------------- Panama - 0.1% Panama Government International Bond 7.13%(d) 01/29/26 100,000 102,000 ------------- Peru - 0.2% Peru Government International Bond 5.00%(a)(d) 03/07/17 113,160 107,502 8.75%(d) 11/21/33 95,000 105,925 ------------- 213,427 ------------- Russia - 0.6% Russia Government International Bond (STEP) 5.00%(a)(d) 03/31/30 655,000 718,666 ------------- Sweden - 0.1% Svensk Exportkredit AB 2.88%(d) 01/26/07 100,000 98,424 ------------- United Kingdom - 0.3% British Telecommunications PLC 8.38%(d) 12/15/10 140,000 156,155 Vodafone Group PLC 5.00%(d) 09/15/15 15,000 13,989 5.75%(d) 03/15/16 100,000 98,056 7.75%(d) 02/15/10 80,000 85,730 ------------- 353,930 ------------- Total Foreign Bonds (Cost $7,980,607) 8,412,954 ------------- U.S. GOVERNMENT & AGENCY OBLIGATIONS - 32.7% Federal Home Loan Bank - 0.1% 5.93% 04/09/08 100,000 101,621 ------------- Maturity Date Par Value ----------- ------------- ------------- Federal Home Loan Mortgage Corp. - 6.7% 4.00% 03/01/10 $ 114,605 $ 110,291 4.50% 05/18-01/20 484,436 463,361 4.72%(a) 06/15/18 186,234 186,561 5.00% 12/17-04/36 6,315,562 6,072,058 5.50% 06/15-10/33 1,450,351 1,447,717 5.63% 11/23/35 250,000 240,007 ------------- 8,519,995 ------------- Federal National Mortgage Assoc. - 21.5% 2.35% 04/05/07 595,000 578,932 2.71% 01/30/07 975,000 956,061 3.12% 03/16/09 225,000 212,578 4.50% 07/35-10/35 594,276 548,264 5.00% 09/20-05/36 10,949,193 10,427,767 5.50% 01/17-05/36 13,472,475 12,324,673 6.00% 06/18-05/36 1,130,671 1,130,382 6.50% 07/29-08/34 512,763 524,792 7.00% 08/19-10/32 278,985 287,682 7.50% 10/22-04/30 188,193 196,664 8.00% 08/14-10/14 17,727 18,861 8.50% 09/14-03/30 69,055 74,218 8.75% 02/01/10 15,552 15,692 ------------- 27,296,566 ------------- Government National Mortgage Assoc. - 4.4% 3.75%(a) 05/20/34 355,483 346,207 5.50% 04/33-04/36 2,529,433 2,504,537 6.00% 02/14-04/36 2,245,229 2,272,060 6.50% 12/12-01/34 273,805 282,294 7.00% 08/15/28 3,696 3,854 7.50% 10/29-06/30 78,417 82,296 8.00% 05/20/22 10,424 11,088 8.25% 05/15/06 9 9 9.50% 08/15/17 523 573 11.50% 03/15/10 946 1,025 12.00% 03/14-07/15 4,194 4,647 ------------- 5,508,590 ------------- Total U.S. Government & Agency Obligations (Cost $41,839,414) 41,426,772 ------------- See Notes to Statements of Investments. 12 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INCOME FUND STATEMENT OF INVESTMENTS (UNAUDITED) - (Continued) March 31, 2006 Maturity Date Par Value ----------- ------------- ------------- U.S. TREASURY OBLIGATIONS - 21.5% United States Treasury Notes & Bonds 0.88%(c) 04/15/10 $ 190,000 $ 188,332 1.88%(c) 07/15/15 380,000 372,485 2.00%(c) 07/14-01/26 300,000 301,390 3.38%(c) 01/07-01/12 520,000 646,312 3.50%(c) 01/15/11 800,000 963,270 3.62%(c) 04/15/28 310,000 467,078 3.88%(c) 01/09-04/29 2,020,000 2,241,787 4.12% 08/15/10 250,000 243,115 4.25% 11/07-08/15 3,570,000 3,456,344 4.38% 12/07-12/10 4,215,000 4,145,006 4.50% 11/10-02/36 7,021,000 6,823,898 5.25% 02/15/29 230,000 236,163 5.38% 02/15/31 25,000 26,316 5.65%(e) 11/21-11/27 2,290,000 876,231 6.12% 11/27-08/29 635,000 724,437 6.25% 08/15/23 1,765,000 2,001,759 6.75% 08/15/26 425,000 514,748 8.00% 11/15/21 290,000 380,942 8.50% 02/15/20 490,000 657,136 8.75% 08/15/20 1,480,000 2,032,804 ------------- Total U.S. Treasury Obligations (Cost $27,473,590) 27,299,553 ------------- REPURCHASE AGREEMENT - 7.9% Agreement with Goldman Sachs Group, Inc., 4.77% dated 03/31/2006 to be repurchased at $10,104,015, collateralized by $10,100,000 Fannie Mae, 3.10%, due 07/28/2008 (market value $10,324,402) (Cost $10,100,000) 04/03/06 10,100,000 10,100,000 ------------- Maturity Date Par Value ----------- ------------- ------------- MONEY MARKET FUND - 1.8% TCW Galileo Money Market Fund 4.41% (Cost $2,254,479) 04/03/06 $ 2,254,479 $ 2,254,479 ------------- Shares --------- PREFERRED STOCK - 0.2% 460 Fresenius Medical Capital Trust II 7.88% ..................................................... 47,265 10,350 General Motors Series B 5.25% ............................. 168,084 -------- Total Preferred Stock (Cost $240,941) 215,349 -------- Total Investments - 116.6% (Cost $148,851,006) 147,924,052 Other Assets & (21,098,661) ------------- Liabilities, Net - (16.6)% NET ASSETS - 100.0% $ 126,825,391 ============= ------------------- (a) Variable rate security. The interest rate represents the rate at March 31, 2006. (b) Investment in non-U.S. Dollars. Par amount reflects principal in local currency. (c) Inflation protection security. Principal amount periodically adjusted for inflation. (d) Foreign security denominated in U.S. Dollars. (e) 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 March 31, 2006, these securities amounted to $1,922,249 or 1.53% of net assets. # Amount represents less than 0.1% of net assets. (STEP) Step coupon bond. See Notes to Statements of Investments. 13 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND STATEMENT OF INVESTMENTS (UNAUDITED) March 31, 2006 Shares Value(a) --------------- --------------- COMMON STOCK - 96.4% Australia - 2.8% 30,782 Amcor, Ltd. .................................. $ 163,032 14,090 Insurance Australia Group, Ltd. .............. 55,097 7,332 National Australia Bank, Ltd. ................ 197,411 8,000 Orica, Ltd. .................................. 132,760 12,327 Publishing & Broadcasting, Ltd. .............. 152,627 4,750 Rio Tinto, Ltd. .............................. 267,980 6,950 TABCORP Holdings, Ltd. ....................... 76,918 15,000 Westfield Group .............................. 183,444 1,548 Woodside Petroleum, Ltd. ..................... 50,341 --------------- 1,279,610 --------------- Belgium - 1.0% 5,870 Fortis# ...................................... 208,923 6,500 Fortis# ...................................... 231,694 --------------- 440,617 --------------- Brazil - 0.4% 1,590 Petroleo Brasileiro SA ADR ................... 137,805 970 Telecomunicacoes Brasileiras SA ADR .......................................... 33,048 --------------- 170,853 --------------- Denmark - 0.6% 7,200 Danske Bank A/S .............................. 266,919 --------------- Finland - 0.8% 16,900 M-real Oyj, Class B .......................... 111,838 5,209 Nokia Oyj .................................... 107,688 5,472 UPM-Kymmene Oyj .............................. 129,011 --------------- 348,537 --------------- France - 12.1% 14,700 Alcatel SA+ .................................. 226,008 2,500 Alstom RGPT+ ................................. 208,608 8,500 AXA SA ....................................... 297,307 2,480 BNP Paribas .................................. 229,517 248 BNP Paribas+ ................................. 22,255 5,200 Bouygues ..................................... 275,444 4,826 Cap Gemini SA+ ............................... 262,271 10,564 Carrefour SA ................................. 560,207 5,090 Credit Agricole SA ........................... 197,271 15,019 France Telecom SA ............................ 337,186 2,931 Lafarge SA ................................... 331,908 900 Peugeot SA ................................... 56,479 6,700 Sanofi-Aventis ............................... 635,351 6,000 Suez SA ...................................... 235,801 2,065 Technip SA ................................... 140,034 6,320 Thomson ...................................... 124,622 3,413 Total SA ..................................... 899,785 5,137 Valeo SA ..................................... 214,295 6,287 Vivendi Universal SA ......................... 214,888 --------------- 5,469,237 --------------- Germany - 8.0% 2,340 Allianz AG ................................... 389,839 2,300 Bayerische Motoren Werke AG .................. 126,548 Shares Value(a) --------------- --------------- Germany (continued) 1,004 Celesio AG ................................... $ 94,965 3,331 Commerzbank AG ............................... 132,485 2,021 Deutsche Bank AG ............................. 230,669 10,360 Deutsche Lufthansa AG ........................ 185,042 12,200 Deutsche Post AG ............................. 306,103 10,640 Deutsche Telekom AG .......................... 179,118 4,330 E.ON AG ...................................... 475,665 1,700 Fresenius Medical Care AG & Co.+ ............. 202,854 5,080 Hannover Rueckversicherung AG ................ 188,244 18,910 Infineon Technologies AG+ .................... 194,707 1,900 Medion AG .................................... 24,643 7,510 Metro AG ..................................... 385,083 890 SAP AG ....................................... 192,958 1,780 Siemens AG ................................... 166,003 1,610 Volkswagen AG ................................ 121,390 --------------- 3,596,316 --------------- Greece - 0.7% 5,699 Alpha Bank AE ................................ 210,632 5,330 Public Power Corp. ........................... 125,335 --------------- 335,967 --------------- Hong Kong - 3.0% 53,415 Bank of East Asia, Ltd. ...................... 192,977 20,000 Cheung Kong Holdings, Ltd. ................... 211,696 31,500 China Mobile Hong Kong, Ltd. ................. 165,648 1,810 China Petroleum & Chemical Corp. ADR .......................................... 105,632 28,200 Citic Pacific, Ltd. .......................... 84,608 302,000 Guangdong Investment, Ltd. ................... 134,988 21,500 Sun Hung Kai Properties, Ltd. ................ 218,061 25,000 Television Broadcasts, Ltd. .................. 141,566 130,000 Yanzhou Coal Mining Co., Ltd., Class H ............................................ 112,957 --------------- 1,368,133 --------------- Hungary - 0.1% 940 OTP Bank Rt GDR .............................. 65,142 --------------- Ireland - 0.7% 16,950 Bank of Ireland .............................. 313,670 700 Kerry Group PLC, Class A ..................... 16,831 --------------- 330,501 --------------- Italy - 3.5% 1,830 Benetton Group SpA ........................... 27,270 23,423 ENI SpA ...................................... 666,974 9,000 Mediaset SpA ................................. 105,977 92,850 UniCredito Italiano SpA ...................... 669,658 33,620 Unipol SpA ................................... 108,952 --------------- 1,578,831 --------------- Japan - 25.0% 20,000 77 Bank, Ltd. (The) .......................... 154,023 28,400 Aeon Co., Ltd. ............................... 688,901 3,323 Aiful Corp. .................................. 219,529 9,100 Ajinomoto Co., Inc. .......................... 97,097 See Notes to Statements of Investments. 14 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND STATEMENT OF INVESTMENTS (UNAUDITED) - (Continued) March 31, 2006 Shares Value(a) --------------- --------------- Japan (continued) 2,800 Astellas Pharma, Inc. ........................ $ 106,094 4,200 Canon, Inc. .................................. 277,177 3,000 Daiwa House Industry Co., Ltd. ............... 51,997 51 Dentsu, Inc. ................................. 184,814 7,300 Fuji Heavy Industries, Ltd. .................. 42,956 9,200 Fuji Photo Film Co., Ltd. .................... 306,309 1,700 Funai Electric Co., Ltd. ..................... 167,656 12,300 Hino Motors, Ltd. ............................ 77,284 7,200 JS Group Corp. ............................... 154,898 17,000 Kaneka Corp. ................................. 203,625 14,000 Kao Corp. .................................... 368,354 48 KDDI Corp. ................................... 256,369 660 Keyence Corp. ................................ 171,352 12,900 Kuraray Co., Ltd. ............................ 151,430 2,800 Mabuchi Motor Co., Ltd. ...................... 144,392 4,000 Matsumotokiyoshi Co., Ltd. ................... 114,415 19 Millea Holdings, Inc. ........................ 374,858 9,000 Minebea Co., Ltd. ............................ 62,071 10 Mitsubishi UFJ Financial Group, Inc. ......... 152,077 16,000 Mitsui Sumitomo Insurance Co., Ltd. .......... 217,382 3,300 Murata Manufacturing Co., Ltd. ............... 223,214 14,000 Nikko Cordial Corp. .......................... 231,946 61,200 Nippon Express Co., Ltd. ..................... 348,348 37,000 Nippon Oil Corp. ............................. 289,883 18 Nippon Paper Group, Inc. ..................... 77,824 25,400 Nissan Motor Co., Ltd. ....................... 301,704 15,400 Nomura Holdings, Inc. ........................ 341,155 135 NTT DoCoMo, Inc. ............................. 198,931 9,300 Omron Corp. .................................. 266,468 120 ORIX Corp. ................................... 37,271 10,800 Ricoh Co., Ltd. .............................. 210,715 4,600 Rinnai Corp. ................................. 137,930 2,800 Rohm Co., Ltd. ............................... 295,330 5,000 Secom Co., Ltd. .............................. 255,042 26,300 Sekisui Chemical Co., Ltd. ................... 222,541 37,000 Sekisui House, Ltd. .......................... 551,838 256 SFCG Co., Ltd. ............................... 57,975 13,000 Sharp Corp. .................................. 230,067 900 Shin-Etsu Chemical Co., Ltd. ................. 48,810 81,000 Shinsei Bank, Ltd. ........................... 566,906 8,200 Skylark Co., Ltd. ............................ 146,910 2,900 Sohgo Security Services Co., Ltd. ............ 46,504 29 Sumitomo Mitsui Financial Group, Inc.......... 320,110 51,000 Sumitomo Trust & Banking Co., Ltd. (The) ........................................ 590,032 3,640 Takefuji Corp. ............................... 229,108 2,350 TDK Corp. .................................... 176,402 4,700 Toyoda Gosei Co., Ltd. ....................... 103,072 --------------- 11,251,096 --------------- Mexico - 0.5% 4,100 Coca-Cola Femsa, SA de CV ADR ................ 136,120 Shares Value(a) --------------- --------------- Mexico (continued) 4,690 Telefonos de Mexico SA de CV, Class L ADR .......................................... $ 105,431 --------------- 241,551 --------------- Netherlands - 4.7% 6,076 ABN AMRO Holding NV .......................... 181,560 9,950 Aegon NV ..................................... 183,546 2,723 Akzo Nobel NV ................................ 144,211 12,800 ASML Holding NV+ ......................... .. 260,525 6,850 Heineken NV .................................. 259,499 10,400 ING Groep NV ................................. 409,589 7,660 Koninklijke Philips Electronics NV. .......... 257,836 2,040 VNU NV ....................................... 66,114 13,888 Wolters Kluwer NV. ........................... 345,596 --------------- 2,108,476 --------------- Norway - 0.8% 270 Orkla ASA+ ................................... 13,358 11,500 Statoil ASA .................................. 329,266 --------------- 342,624 --------------- Portugal - 0.2% 19,760 Energias de Portugal SA ...................... 77,569 --------------- Russia - 0.8% 2,700 LUKOIL ADR ................................... 224,640 4,400 Mobile TeleSystems OJSC ADR .................. 145,640 --------------- 370,280 --------------- Singapore - 1.5% 33,600 DBS Group Holdings, Ltd. ..................... 338,678 33,600 United Overseas Bank, Ltd. ................... 324,022 --------------- 662,700 --------------- South Africa - 0.3% 5,907 Nedbank Group, Ltd. .......................... 122,919 --------------- South Korea - 1.0% 4,380 Korea Electric Power Corp. ADR ............... 94,608 5,300 KT Corp. ADR ................................. 112,890 298 Samsung Electronics Co., Ltd. GDR ............ 96,609 5,690 SK Telecom Co., Ltd. ADR ..................... 134,227 --------------- 438,334 --------------- Spain - 2.0% 11,800 Banco Bilbao Vizcaya Argentaria SA............ 245,856 3,150 Banco Popular Espanol SA ..................... 46,354 3,900 Banco Santander Central Hispano SA ........... 56,877 5,780 Gamesa Corp. Tecnologica SA .................. 110,843 1,290 Iberdrola SA ................................. 41,525 7,784 Indra Sistemas SA ............................ 158,092 8,662 Repsol YPF SA ................................ 246,005 --------------- 905,552 --------------- Sweden - 0.6% 8,300 Securitas AB, Class B ........................ 159,884 See Notes to Statements of Investments. 15 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY FUND STATEMENT OF INVESTMENTS (UNAUDITED) - (Continued) March 31, 2006 Shares Value(a) --------------- --------------- Sweden (continued) 2,470 Svenska Cellulosa AB, Class B+ ............... $ 108,405 --------------- 268,289 --------------- Switzerland - 6.3% 4,128 Ciba Specialty Chemicals AG .................. 246,262 6,390 Clariant AG+ ................................. 98,660 825 Nestle SA .................................... 244,292 14,080 Novartis AG .................................. 781,244 3,078 Roche Holding AG ............................. 457,432 3,310 Swiss Reinsurance ............................ 230,672 4,950 UBS AG ....................................... 543,998 1,000 Zurich Financial Services AG+ ................ 234,105 --------------- 2,836,665 --------------- Taiwan - 0.3% 41,586 United Microelectronics Corp. ADR ............ 141,808 --------------- Thailand - 0.7% 76,000 Advanced Info Service PCL .................... 178,791 51,600 Bangkok Bank PCL ............................. 144,538 --------------- 323,329 --------------- United Kingdom - 18.0% 7,118 Anglo American PLC ........................... 275,718 4,355 AstraZeneca PLC .............................. 218,799 15,800 Aviva PLC .................................... 218,972 25,000 BAE Systems PLC .............................. 182,262 39,706 Barclays PLC ................................. 463,700 10,732 Boots Group PLC .............................. 133,789 29,382 BP PLC ....................................... 337,936 28,813 BT Group PLC ................................. 111,074 47,420 Centrica PLC ................................. 231,210 13,820 Diageo PLC ................................... 217,433 11,000 Emap PLC ..................................... 167,839 38,880 EMI Group PLC ................................ 170,376 15,245 GKN PLC ...................................... 87,833 39,923 GlaxoSmithKline PLC .......................... 1,043,713 33,809 HSBC Holdings PLC ............................ 565,870 90,000 Legal & General Group PLC .................... 221,192 12,980 Reed Elsevier PLC ............................ 124,256 20,187 Rolls-Royce Group PLC+ ....................... 160,358 1,086,061 Rolls-Royce Group PLC, Class B ............... 1,925 12,076 Royal Bank of Scotland Group PLC ............. 392,653 Shares Value(a) --------------- --------------- United Kingdom (continued) 15,340 Royal Dutch Shell PLC, Class A# .............. $ 479,407 9,323 Royal Dutch Shell PLC, Class A# .............. 291,885 20,602 Sainsbury (J) PLC ............................ 118,703 29,800 Scottish & Newcastle PLC ..................... 268,617 6,600 Smiths Group PLC ............................. 112,518 11,000 Standard Chartered PLC ....................... 273,216 1,470 Travis Perkins PLC ........................... 42,570 11,850 Trinity Mirror PLC ........................... 117,051 23,146 Unilever PLC ................................. 236,326 399,612 Vodafone Group PLC ........................... 833,686 --------------- 8,100,887 --------------- Total Common Stock - 96.4% (Cost $35,881,094) 43,442,742 Other Assets & 1,617,406 ------------ Liabilities, Net - 3.6% NET ASSETS - 100.0% $ 45,060,148 ============ ------------------- 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 12.0% Consumer Staples 8.9 Energy 9.9 Financials 31.1 Health Care 8.1 Industrials 6.1 Information Technology 7.8 Materials 5.7 Telecommunication Services 7.1 Utilities 3.3 ----- 100.0% ===== See Notes to Statements of Investments. 16 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST SHORT-TERM INVESTMENT FUND STATEMENT OF INVESTMENTS (UNAUDITED) March 31, 2006 Maturity Date Par Value ----------- ------------- ------------- COMMERCIAL PAPER - 15.3% Financials - 15.3% Dexia Delaware LLC 4.74% 04/26/06 $ 100,000 $ 99,671 Nordea NA, Inc. 4.78% 05/25/06 100,000 99,297 Rabobank USA Finance Corp. 4.70% 04/13/06 129,000 128,798 Svenska Handelsbank, Inc. 4.70% 04/10/06 100,000 99,882 UBS Finance Delaware LLC 4.72% 04/10/06 140,000 139,835 ------------- Total Commercial Paper (Cost $567,469) 567,483 ------------- CORPORATE BONDS - 8.9% Financials - 6.2% Bear Stearns Cos., Inc. (The) 5.18% 06/19/06 100,000 100,058 JPMorgan Chase & Co. 4.55% 04/17/06 132,000 131,727 Information Technology - 2.7% International Business Machines Corp. 2.38% 11/01/06 100,000 98,457 ------------- Total Corporate Bonds (Cost $330,435) 330,242 ------------- U.S. GOVERNMENT & AGENCY OBLIGATIONS - 13.9% Federal Farm Credit Bank Discount Notes - 3.0% 4.35% 05/12/06 27,000 26,866 4.75% 06/15/06 85,000 84,182 ------------- 111,048 ------------- Federal Home Loan Bank Discount Notes - 2.7% 4.70% 06/07/06 100,000 99,142 ------------- Maturity Date Par Value ----------- ------------- ------------- Federal Home Loan Mortgage Corp. Discount Notes - 2.7% 4.50% 04/10/06 $ 44,000 $ 43,951 4.58% 05/16/06 57,000 56,674 ------------- 100,625 ------------- Federal National Mortgage Assoc. Discount Notes - 5.5% 4.44% 05/15/06 125,000 124,321 4.46% 05/15/06 20,000 19,891 4.73% 06/28/06 61,000 60,308 ------------- 204,520 ------------- Total U.S. Government & Agency Obligations (Cost $515,282) 515,335 ------------- U.S. TREASURY OBLIGATIONS - 3.5% U.S. Treasury Note 2.50% (Cost $129,130) 09/30/06 130,000 128,522 ------------- REPURCHASE AGREEMENT - 18.9% Agreement with Lehman Brothers Holdings, Inc., 4.75% dated 03/31/2006 to be repurchased at $700,277, collateralized by $735,000 Federal Home Loan Bank, 4.35%, due 10/29/2007 (market value $715,768) (Cost $700,000) 04/03/06 700,000 700,000 ------------- Total Investments - 60.5% (Cost $2,242,316) 2,241,582 Other Assets & 1,466,076 ----------- Liabilities, Net - 39.5% NET ASSETS - 100.0% $ 3,707,658 =========== See Notes to Statements of Investments. 17 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND STATEMENT OF INVESTMENTS (UNAUDITED) March 31, 2006 Shares Value --------------- --------------- COMMON STOCK - 96.6% Consumer Discretionary - 18.8% 8,700 Audible, Inc.+ ............................... $ 91,437 1,300 Blue Nile, Inc.+ ............................. 45,747 8,600 Childrens Place Retail Stores, Inc. (The)+ ....................................... 497,940 56,500 CKX, Inc.+ ................................... 738,455 11,550 Coldwater Creek, Inc.+ ....................... 321,090 16,700 CROCS, Inc.+ ................................. 420,005 12,917 Dick's Sporting Goods, Inc.+ ................. 512,417 1,000 Gaiam, Inc.+ ................................. 16,110 2,900 Golf Galaxy, Inc.+ ........................... 63,365 3,300 GSI Commerce, Inc.+ .......................... 56,100 8,550 HOT Topic, Inc.+ ............................. 123,975 13,375 Jos. A. Bank Clothiers, Inc.+ ................ 641,331 18,300 Laureate Education, Inc.+ .................... 976,854 1,000 Maidenform Brands, Inc.+ ..................... 11,010 6,600 Marvel Entertainment, Inc.+ .................. 132,792 4,900 McCormick & Schmick's Seafood Restaurants, Inc.+ ........................... 124,803 1,700 Meritage Homes Corp.+ ........................ 93,432 5,000 Morgans Hotel Group Co.+ ..................... 88,300 4,300 NetFlix, Inc.+ ............................... 124,657 14,000 Orient-Express Hotels, Ltd., Class A ......... 549,220 31,800 Outdoor Channel Holdings, Inc.+ .............. 324,042 19,870 Playboy Enterprises, Inc., Class B+ .......... 282,154 17,300 Quiksilver, Inc.+ ............................ 239,778 19,300 Red Robin Gourmet Burgers, Inc.+ ............. 910,960 22,600 Ruth's Chris Steak House, Inc.+ .............. 538,106 13,300 Scientific Games Corp., Class A+ ............. 467,229 700 Strayer Education, Inc. ...................... 71,582 2,300 Sunterra Corp.+ .............................. 32,844 18,800 Texas Roadhouse, Inc., Class A+ .............. 321,292 3,200 Too, Inc.+ ................................... 109,920 22,200 Vail Resorts, Inc.+ .......................... 848,484 900 Volcom, Inc.+ ................................ 31,977 26,900 Warnaco Group, Inc. (The)+ ................... 645,600 27,500 World Wrestling Entertainment, Inc. .......... 464,750 --------------- 10,917,758 --------------- Consumer Staples - 1.0% 10,900 Central Garden & Pet Co.+ .................... 579,226 --------------- Energy - 6.3% 6,700 Atwood Oceanics, Inc.+ ....................... 676,767 13,200 Comstock Resources, Inc.+ .................... 391,908 6,200 Hercules Offshore, Inc.+ ..................... 210,862 800 Hydril+ ...................................... 62,360 3,800 KCS Energy, Inc.+ ............................ 98,800 16,900 Massey Energy Co. ............................ 609,583 1,300 Natural Gas Services Group, Inc.+ ............ 23,244 7,600 Oceaneering International, Inc.+ ............. 435,480 17,500 Superior Energy Services, Inc.+ .............. 468,825 1,400 Tetra Technologies, Inc.+ .................... 65,856 13,500 Trico Marine Services, Inc.+ ................. 436,050 8,600 Union Drilling, Inc.+ ........................ 125,732 Shares Value --------------- --------------- Energy (continued) 600 World Fuel Services Corp. .................... $ 24,264 --------------- 3,629,731 --------------- Financials - 2.2% 4,300 Affiliated Managers Group+ ................... 458,423 400 Bank of the Ozarks, Inc. ..................... 14,600 675 Cascade Bancorp .............................. 19,946 2,300 Clayton Holdings, Inc.+ ...................... 48,484 4,600 Encore Capital Group, Inc.+ .................. 67,850 846 Glacier Bancorp, Inc. ........................ 26,276 1,300 Greenhill & Co., Inc. ........................ 85,943 4,200 NorthStar Realty Finance Corp. ............... 45,990 1,200 Placer Sierra Bancshares ..................... 34,260 6,900 Saxon Capital, Inc. .......................... 72,036 1,200 SeaBright Insurance Holdings, Inc.+ .......... 20,904 4,500 SVB Financial Group+ ......................... 238,725 3,000 Thomas Weisel Partners Group, Inc.+ .......... 65,700 2,600 TradeStation Group, Inc.+ .................... 35,932 600 UCBH Holdings, Inc. .......................... 11,352 1,700 United PanAm Financial Corp.+ ................ 52,530 --------------- 1,298,951 --------------- Health Care - 18.1% 13,700 Advanced Medical Optics, Inc.+ ............... 638,968 54,400 Align Technology, Inc.+ ...................... 498,848 3,600 Alkermes, Inc.+ .............................. 79,380 13,400 Alliance Imaging, Inc.+ ...................... 86,296 3,500 Allion Healthcare, Inc.+ ..................... 47,460 200 Arthrocare Corp.+ ............................ 9,564 1,400 AtriCure, Inc+ ............................... 11,200 6,500 BioScrip, Inc.+ .............................. 46,865 30,600 Bruker BioSciences Corp.+ .................... 165,240 14,228 Cell Genesys, Inc.+ .......................... 113,540 3,200 Centene Corp.+ ............................... 93,344 5,800 Cephalon, Inc.+ .............................. 349,450 9,368 Charles River Laboratories International, Inc.+ ......................... 459,219 7,200 Cubist Pharmaceuticals, Inc.+ ................ 165,384 4,600 Cyberonics, Inc.+ ............................ 118,542 1,200 Cynosure, Inc., Class A+ ..................... 22,200 21,500 Digene Corp.+ ................................ 840,650 27,700 Digirad Corp.+ ............................... 118,556 2,271 Discovery Laboratories, Inc.+ ................ 16,646 4,400 Endo Pharmaceuticals Holdings, Inc.+.......... 144,364 1,300 Five Star Quality Care, Inc.+ ................ 14,157 19,600 Hologic, Inc.+ ............................... 1,084,860 25,200 Intralase Corp.+ ............................. 584,640 5,500 Ista Pharmaceuticals, Inc.+ .................. 34,925 13,000 Kyphon, Inc.+ ................................ 483,600 14,700 Martek Biosciences Corp.+ .................... 482,601 18,700 Medarex, Inc.+ ............................... 247,214 43,900 Noven Pharmaceuticals, Inc.+ ................. 790,639 10,400 OraSure Technologies, Inc.+ .................. 107,120 16,500 PainCare Holdings, Inc.+ ..................... 31,515 1,700 Par Pharmaceutical Cos., Inc.+ ............... 47,906 See Notes to Statements of Investments. 18 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND STATEMENT OF INVESTMENTS (UNAUDITED) - (Continued) March 31, 2006 Shares Value --------------- --------------- Health Care (continued) 9,400 Pediatrix Medical Group, Inc.+ ............... $ 964,816 3,700 PSS World Medical, Inc.+ ..................... 71,373 28,900 Symbion, Inc.+ ............................... 654,585 1,600 Syneron Medical, Ltd.+ ....................... 46,736 4,400 Taro Pharmaceuticals Industries+ ............. 61,336 5,800 Telik, Inc.+ ................................. 112,288 5,800 Tercica, Inc.+ ............................... 38,860 7,300 Third Wave Technologies, Inc.+ ............... 22,849 16,000 Transgenomic, Inc.+ .......................... 12,800 6,400 Vasogen, Inc.+ ............................... 13,504 26,710 Wright Medical Group, Inc.+ .................. 527,523 --------------- 10,461,563 --------------- Industrials - 11.8% 4,500 Active Power, Inc.+ .......................... 22,455 10,600 Actuant Corp., Class A ....................... 648,932 9,000 Advisory Board Co. (The)+ .................... 501,930 19,500 BE Aerospace, Inc.+ .......................... 489,840 5,504 Bucyrus International, Inc., Class A ......... 265,238 1,200 Comfort Systems USA, Inc. .................... 16,200 73,700 DiamondCluster International, Inc.+ .......... 788,590 11,900 Gardner Denver, Inc.+ ........................ 775,880 22,000 Healthcare Services Group .................... 469,920 4,100 Herman Miller, Inc. .......................... 132,881 24,400 IHS, Inc., Class A+ .......................... 667,340 1,400 Kenexa Corp.+ ................................ 43,050 5,200 Knoll, Inc. .................................. 110,864 1,000 Lamson & Sessions Co. (The)+ ................. 27,830 13,000 Lennox International, Inc. ................... 388,180 5,400 LMI Aerospace, Inc.+ ......................... 97,956 700 MTC Technologies, Inc.+ ...................... 19,593 2,900 Navigant Consulting, Inc.+ ................... 61,915 16,100 Wabash National Corp. ........................ 317,975 29,800 Watson Wyatt Worldwide, Inc., Class A ............................................ 970,884 --------------- 6,817,453 --------------- Information Technology - 35.1% 3,600 Advent Software, Inc.+ ....................... 102,312 22,800 Aladdin Knowledge Systems+ ................... 511,860 16,200 Altera Corp.+ ................................ 334,368 8,500 aQuantive, Inc.+ ............................. 200,090 16,715 BISYS Group, Inc. (The)+ ..................... 225,318 19,600 Blackboard, Inc.+ ............................ 556,836 14,500 Brooks Automation, Inc.+ ..................... 206,480 6,900 CACI International, Inc., Class A+ ........... 453,675 22,320 Credence Systems Corp.+ ...................... 163,829 7,700 Cree, Inc.+ .................................. 252,637 1,800 Cymer, Inc.+ ................................. 81,792 500 DealerTrack Holdings, Inc.+ .................. 10,655 14,800 Digimarc Corp.+ .............................. 110,556 700 Digital Insight Corp.+ ....................... 25,480 32,240 Digitas, Inc.+ ............................... 464,256 13,100 Eagle Test Systems, Inc.+ .................... 201,740 1,000 eFunds Corp.+ ................................ 25,840 Shares Value --------------- --------------- Information Technology (continued) 18,800 EMS Technologies, Inc.+ ...................... $ 338,964 1,500 Euronet Worldwide, Inc.+ ..................... 56,745 17,400 Flir Systems, Inc.+ .......................... 494,334 27,800 Forrester Research, Inc.+ .................... 620,496 55,600 Foundry Networks, Inc.+ ...................... 1,009,696 29,700 Gartner, Inc.+ ............................... 414,315 4,700 Genesis Microchip, Inc.+ ..................... 80,088 6,600 Global Payments, Inc. ........................ 349,866 3,900 Harmonic, Inc.+ .............................. 24,843 2,100 Heartland Payment Systems, Inc.+ ............. 52,017 69,900 Homestore, Inc.+ ............................. 458,544 700 i2 Technologies, Inc.+ ....................... 12,040 23,588 Immersion Corp.+ ............................. 204,744 4,600 Infospace, Inc.+ ............................. 128,570 5,800 International DisplayWorks, Inc.+ ............ 37,990 62,500 Interwoven, Inc.+ ............................ 561,875 5,900 Jupitermedia Corp.+ .......................... 106,082 1,500 Knot, Inc. (The)+ ............................ 27,150 400 Komag, Inc.+ ................................. 19,040 34,200 Kulicke & Soffa Industries, Inc.+ ............ 326,268 48,400 Lattice Semiconductor Corp.+ ................. 322,344 8,100 Lionbridge Technologies, Inc.+ ............... 64,071 1,300 Liquidity Services, Inc.+ .................... 15,925 4,900 Marchex, Inc., Class B+ ...................... 105,350 2,200 Mastec, Inc.+ ................................ 31,174 16,300 Maxtor Corp.+ ................................ 155,828 6,300 Mentor Graphics Corp.+ ....................... 69,615 13,400 Micrel, Inc.+ ................................ 198,588 23,000 Microsemi Corp.+ ............................. 669,530 1,300 MIPS Technologies, Inc.+ ..................... 9,698 7,800 MKS Instruments, Inc.+ ....................... 182,754 21,700 Net 1 UEPS Technologies, Inc.+ ............... 614,110 16,177 O2Micro International, Ltd. ADR+ ............. 171,961 2,700 Online Resources Corp.+ ...................... 35,100 3,700 Opsware, Inc.+ ............................... 31,709 23,000 Pixelworks, Inc.+ ............................ 114,310 4,100 Plantronics, Inc. ............................ 145,263 10,878 PLX Technology, Inc.+ ........................ 136,519 66,300 Polycom, Inc.+ ............................... 1,437,384 17,400 Progress Software Corp.+ ..................... 506,166 32,500 RF Micro Devices, Inc.+ ...................... 281,125 4,500 Rudolph Technologies, Inc.+ .................. 76,725 188,682 SkillSoft PLC ADR+ ........................... 988,694 26,500 Skyworks Solutions, Inc.+ .................... 179,935 29,200 Solectron Corp.+ ............................. 116,800 126,800 SonicWALL, Inc.+ ............................. 899,012 19,800 Standard Microsystems Corp.+ ................. 514,404 8,134 STATS ChipPAC, Ltd. ADR+ ..................... 63,852 6,000 THQ, Inc.+ ................................... 155,340 22,400 Transaction Systems Architects, Inc.+ ........ 699,104 39,900 Triquint Semiconductor, Inc.+ ................ 196,308 7,400 Ultra Clean Holdings+ ........................ 55,500 700 Universal Display Corp.+ ..................... 10,066 24,400 VeriFone Holdings, Inc.+ ..................... 739,076 See Notes to Statements of Investments. 19 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST SMALL CAP GROWTH FUND STATEMENT OF INVESTMENTS (UNAUDITED) - (Continued) March 31, 2006 Shares Value ---------- --------------- Information Technology (continued) 17,100 Website Pros, Inc.+ .......................... $ 240,255 17,200 Wind River Systems, Inc.+ .................... 214,140 23,700 Wright Express Corp.+ ........................ 664,785 --------------- 20,363,911 --------------- Materials - 2.4% 1,000 ADA-ES, Inc.+ ................................ 24,145 11,400 Agrium, Inc. ................................. 287,964 21,300 Airgas, Inc. ................................. 832,617 5,100 OM Group, Inc.+ .............................. 117,300 4,100 Symyx Technologies, Inc.+ .................... 113,734 --------------- 1,375,760 --------------- Telecommunication Services - 0.9% 2,900 SBA Communications Corp., Class A+ ........... 67,889 13,300 Syniverse Holdings, Inc.+ .................... 210,140 18,300 WiderThan Co., Ltd. ADR+ ..................... 241,926 --------------- 519,955 --------------- Total Common Stock (Cost $45,999,313) 55,964,308 --------------- Maturity Date Par Value ----------- ------------- ------------- MONEY MARKET FUND - 3.3% TCW Galileo Money Market Fund 4.41% (Cost $1,925,252) 04/03/06 $ 1,925,252 $ 1,925,252 ------------- Total Investments - 99.9% (Cost $47,924,565) 57,889,560 Other Assets & Liabilities, Net - 0.1% 77,113 ------------- NET ASSETS - 100.0% $ 57,966,673 ============= ------------------- ADR - American Depository Receipt. + Non-income producing security. See Notes to Statements of Investments. 20 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST SOCIALLY RESPONSIBLE FUND STATEMENT OF INVESTMENTS (UNAUDITED) March 31, 2006 Shares Value --------------- --------------- COMMON STOCK - 98.4% Consumer Discretionary - 9.2% 5,600 American Axle & Manufacturing Holdings, Inc. ............................... $ 95,928 5,700 Autoliv, Inc. ................................ 322,506 7,300 Best Buy Co., Inc. ........................... 408,289 6,800 BorgWarner, Inc. ............................. 408,272 26,700 Comcast Corp., Class A+ ..................... 698,472 8,200 Cooper Tire & Rubber Co. ..................... 117,588 11,100 Gap, Inc. (The) .............................. 207,348 35,500 Interpublic Group of Cos., Inc.+ ............ 339,380 13,500 Jones Apparel Group, Inc. .................... 477,495 9,800 Lear Corp. ................................... 173,754 68,400 Liberty Media Corp., Class A+ ............... 561,564 23,100 Limited Brands, Inc. ......................... 565,026 11,900 Mattel, Inc. ................................. 215,747 32,900 McDonald's Corp. ............................. 1,130,444 17,200 Newell Rubbermaid, Inc. ...................... 433,268 2,800 Nordstrom, Inc. .............................. 109,704 24,700 Office Depot, Inc.+ ......................... 919,828 7,500 Target Corp. ................................. 390,075 --------------- 7,574,688 --------------- Consumer Staples - 8.7% 5,700 Clorox Co. ................................... 341,145 19,000 Coca-Cola Co. (The) .......................... 795,530 9,000 Colgate-Palmolive Co. ........................ 513,900 24,200 ConAgra Foods, Inc. .......................... 519,332 7,600 Del Monte Foods Co. .......................... 90,136 11,800 General Mills, Inc. .......................... 598,024 10,200 Kellogg Co. .................................. 449,208 9,500 Kimberly-Clark Corp. ......................... 549,100 15,300 Kraft Foods, Inc., Class A ................... 463,743 33,300 Kroger Co. (The)+ ........................... 677,988 9,700 PepsiCo, Inc. ................................ 560,563 7,000 Procter & Gamble Co. ......................... 403,340 20,600 Safeway, Inc. ................................ 517,472 15,100 Sara Lee Corp. ............................... 269,988 13,800 Supervalu, Inc. .............................. 425,316 --------------- 7,174,785 --------------- Energy - 6.6% 17,900 ConocoPhillips ............................... 1,130,385 8,600 Diamond Offshore Drilling, Inc. .............. 769,700 62,800 El Paso Corp. ................................ 756,740 10,100 ENSCO International, Inc. .................... 519,645 15,500 Marathon Oil Corp. ........................... 1,180,635 7,200 Noble Corp. .................................. 583,920 12,200 Rowan Cos., Inc. ............................. 536,312 --------------- 5,477,337 --------------- Financials - 34.2% 4,900 ACE, Ltd. .................................... 254,849 4,700 Allstate Corp. (The) ......................... 244,917 14,200 American International Group, Inc. ........... 938,478 65,600 Bank of America Corp. ........................ 2,987,424 Shares Value --------------- --------------- Financials (continued) 6,900 BB&T Corp. ................................... $ 270,480 7,600 Chubb Corp. .................................. 725,344 77,366 Citigroup, Inc. .............................. 3,654,770 9,700 Comerica, Inc. ............................... 562,309 3,100 Countrywide Financial Corp. .................. 113,770 19,300 Fannie Mae ................................... 992,020 11,900 Freddie Mac .................................. 725,900 17,900 Genworth Financial, Inc., Class A ............ 598,397 2,800 Goldman Sachs Group, Inc. .................... 439,488 10,300 Hartford Financial Services Group, Inc. ......................................... 829,665 17,000 Huntington Bancshares, Inc. .................. 410,210 38,100 JPMorgan Chase & Co. ......................... 1,586,484 19,100 Keycorp ...................................... 702,880 2,800 Lehman Brothers Holdings, Inc. ............... 404,684 1,600 MBIA, Inc. ................................... 96,208 17,400 Mellon Financial Corp. ....................... 619,440 18,300 Merrill Lynch & Co., Inc. .................... 1,441,308 12,850 Metlife, Inc. ................................ 621,555 2,500 MGIC Investment Corp. ........................ 166,575 5,600 Morgan Stanley ............................... 351,792 19,400 National City Corp. .......................... 677,060 900 PartnerRe, Ltd. .............................. 55,881 3,700 PNC Financial Services Group, Inc. ........... 249,047 5,900 Prudential Financial, Inc. ................... 447,279 22,860 St. Paul Travelers Cos., Inc. (The) .......... 955,319 9,800 SunTrust Banks, Inc. ......................... 713,048 10,500 Torchmark Corp. .............................. 599,550 16,500 U.S. Bancorp ................................. 503,250 12,000 UnumProvident Corp. .......................... 245,760 33,943 Wachovia Corp. ............................... 1,902,505 16,100 Washington Mutual, Inc. ...................... 686,182 18,700 Wells Fargo & Co. ............................ 1,194,369 5,000 XL Capital, Ltd., Class A .................... 320,550 --------------- 28,288,747 --------------- Health Care - 7.1% 8,400 AmerisourceBergen Corp. ...................... 405,468 12,000 Bristol-Myers Squibb Co. ..................... 295,320 7,500 Eli Lilly & Co. .............................. 414,750 3,500 HCA, Inc. .................................... 160,265 35,000 Merck & Co., Inc. ............................ 1,233,050 111,500 Pfizer, Inc. ................................. 2,778,580 12,200 Wyeth ........................................ 591,944 --------------- 5,879,377 --------------- Industrials - 5.7% 6,000 Cooper Industries, Ltd., Class A ............. 521,400 13,500 CSX Corp. .................................... 807,300 8,600 Eaton Corp. .................................. 627,542 6,300 Emerson Electric Co. ......................... 526,869 11,600 Ingersoll-Rand Co., Ltd., Class A ............ 484,764 18,500 Norfolk Southern Corp. ....................... 1,000,295 8,700 SPX Corp. .................................... 464,754 See Notes to Statements of Investments. 21 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST SOCIALLY RESPONSIBLE FUND STATEMENT OF INVESTMENTS (UNAUDITED) - (Continued) March 31, 2006 Shares Value --------------- --------------- Industrials (continued) 9,300 Tyco International, Ltd. ..................... $ 249,984 --------------- 4,682,908 --------------- Information Technology - 9.0% 14,228 ADC Telecommunications, Inc.+................. 364,094 13,500 Agere Systems, Inc.+ ......................... 203,040 7,400 Arrow Electronics, Inc.+ ..................... 238,798 19,400 Cisco Systems, Inc.+ ......................... 420,398 19,500 Corning, Inc.+ ............................... 524,745 25,000 Electronic Data Systems Corp. ................ 670,750 28,600 EMC Corp.+ ................................... 389,818 60,500 Hewlett-Packard Co. .......................... 1,990,450 20,000 Intel Corp. .................................. 387,000 3,100 International Business Machines Corp.......... 255,657 15,800 Microsoft Corp. .............................. 429,918 25,000 Nokia Oyj ADR ................................ 518,000 58,900 Sanmina-SCI Corp.+ ........................... 241,490 73,800 Solectron Corp.+ ............................. 295,200 6,200 Tech Data Corp.+ ............................. 228,842 18,700 Tellabs, Inc.+ ............................... 297,330 --------------- 7,455,530 --------------- Materials - 4.8% 3,900 Ashland, Inc. ................................ 277,212 11,000 Crown Holdings, Inc.+ ........................ 195,140 7,700 Eastman Chemical Co. ......................... 394,086 6,100 Lubrizol Corp. ............................... 261,385 2,600 Martin Marietta Materials, Inc. .............. 278,278 9,400 MeadWestvaco Corp. ........................... 256,714 15,300 Owens-Illinois, Inc.+ ........................ 265,761 9,000 PPG Industries, Inc. ......................... 570,150 17,200 Smurfit-Stone Container Corp.+ ............... 233,404 8,800 Sonoco Products Co. .......................... 298,056 14,400 Temple-Inland, Inc. .......................... 641,520 3,800 Vulcan Materials Co. ......................... 329,270 --------------- 4,000,976 --------------- Telecommunication Services - 7.9% 5,200 American Tower Corp., Class A+ ............... 157,664 65,900 AT&T, Inc. ................................... 1,781,936 34,800 BellSouth Corp. .............................. 1,205,820 16,000 Crown Castle International Corp.+ ............ 453,600 45,450 Sprint Nextel Corp. .......................... 1,174,428 50,600 Verizon Communications, Inc. ................. 1,723,436 --------------- 6,496,884 --------------- Shares Value --------------- --------------- Utilities - 5.2% 14,400 Constellation Energy Group, Inc. ............. $ 787,824 9,700 Dominion Resources, Inc. ..................... 669,591 11,100 Entergy Corp. ................................ 765,234 1,600 Exelon Corp. ................................. 84,640 14,600 FirstEnergy Corp. ............................ 713,940 8,400 Pinnacle West Capital Corp. .................. 328,440 17,000 Wisconsin Energy Corp. ....................... 679,830 14,200 Xcel Energy, Inc. ............................ 257,730 --------------- 4,287,229 --------------- Total Investments - 98.4% (Cost $68,244,453) 81,318,461 Other Assets & Liabilities, Net - 1.6% 1,347,464 --------------- NET ASSETS - 100.0% $ 82,665,925 =============== ------------------- + Non-income producing security. See Notes to Statements of Investments. 22 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST NOTES TO STATEMENTS OF INVESTMENTS (UNAUDITED) March 31, 2006 1. Significant Accounting Policies. Security Valuation - A security listed or traded on U.S. exchanges 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. Equity securities primarily traded on a foreign exchange or market are valued daily at the price, which is an estimate of the fair value price, as provided by an independent pricing service. Debt securities that have a remaining maturity of 60 days or less are valued at cost, plus or minus any amortized premium or discount. In the event market quotations are not readily available, securities are valued at fair value according to procedures established by the Board of Trustees or as determined in good faith by the Pricing Committee, 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 a security might reasonably expect to receive upon a current sale. Securities whose value does not reflect fair value because a significant valuation event has occurred may be valued at fair value by the Pricing Committee or the Valuation Committee. Significant events include, but are not limited to the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. Investments in funds within the Balanced Fund are valued at their net asset value as reported by the underlying funds. When-Issued Securities - 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 its 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 custodian will maintain 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 custodian will hold the portfolio securities themselves 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. 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. The Fund bears the risk of loss in the event that the other party to a repurchase agreement defaults on its obligations and the Fund is prevented from exercising its rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. Mortgage Dollar Rolls - The Income Fund may enter into mortgage dollar rolls in which Income Fund makes a forward commitment to purchase or sell a security and, instead of accepting or making delivery, the position is offset by a sale or purchase of the security with a simultaneous agreement to repurchase or resell similar, but not identical, securities at an agreed upon price in the future. The Income Fund accounts for such dollar rolls as purchases and sales and records an unrealized gain or loss each day equal to the difference between the original value of the purchase and the current market value. The Income Fund must maintain liquid securities having a value not less than the repurchase price, including accrued interest, for such dollar rolls. Losses may arise due to changes in values of the securities or if the counterparty does not perform under the terms of the agreement. If the counterparty files for bankruptcy or becomes insolvent, the Income Fund's right to repurchase or resell securities may be limited. 23 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST NOTES TO STATEMENTS OF INVESTMENTS (UNAUDITED) - (continued) March 31, 2006 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. 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. 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. 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. Net realized and unrealized gain (loss) from foreign currency related transactions includes gains and losses between trade and settlement dates on securities transactions, gains and losses arising from the sales of foreign currency and gains and losses between the ex-dividend and payment dates on dividends, interest and foreign withholding taxes. The effect of changes in foreign exchange rates on realized and unrealized gains or losses is reflected as a component of such gains or losses. Forward Currency Contracts - The Funds may enter into forward currency contracts in order to reduce their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings and to lock in the U.S. dollar cost of assets and liabilities denominated in foreign currencies. A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the differences between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing of such contract is included in net realized gain or loss from foreign currency transactions. At March 31, 2006 the Income Fund had the following open forward currency contracts: Unrealized Local Expiration Current Value Appreciation Foreign Currency Currency Date U.S. Dollar (Depreciation) ------------------- ---------- -------------- --------------- -------------- Short Contracts: Australian Dollar . 413,358 5/10/2006 $ 302,165 $ 6,451 Canadian Dollar ... 214,469 5/10/2006 186,983 3,130 Mexican Peso ...... 1,942,949 4/12/2006 183,330 4,943 New Zealand Dollar 465,299 4/12/2006 316,171 29,983 Long Contracts: Mexican Peso .. ... 1,265,447 4/12/2006 116,183 (68) ------------- Net Unrealized Appreciation $ 44,439 ============= 2. Tax Information. No provision for Federal income taxes is required since each Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and distribute to shareholders all of its taxable income and gains. 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 24 [GRAPHIC OMITTED] WILSHIRE VARIABLE INSURANCE TRUST NOTES TO STATEMENTS OF INVESTMENTS (UNAUDITED) - (continued) March 31, 2006 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 of tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of March 31, 2006. The Portfolios intend to retain realized gains to the extent of available capital loss carryforwards. At December 31, 2005, the following Funds had available for Federal income tax purposes unused capital losses as follows:
December 31 ------------------------------------------------------------------------------- 2008 2009 2010 2011 2012 2013 ------------ ------------ ------------ ------------- ---------- ---------- Balanced Fund .............. $ 5,751,560 - - - - - Equity Fund ................ 10,385,728 - $ 42,546,430 $ 5,637,907 - - International Equity Fund .. - $ 1,727,124 7,076,246 - - - Short-Term Investment Fund . - - - - $ 586 $ 1,230 Small Cap Growth Fund ...... - 7,581,990 9,619,277 - - -
For additional information regarding the accounting policies of the Wilshire Variable Insurance Trust, refer to the most recent financial statements on the N-CSR filing at www.sec.gov. 25 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 5/2/06 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Lawrence E. Davanzo -------------------- Lawrence E. Davanzo, President (principal executive officer) Date 5/2/06 By (Signature and Title)* /s/ Scott Boroczi -------------------- Scott Boroczi, Treasurer (principal financial officer) Date 5/2/06 -------- * Print the name and title of each signing officer under his or her signature.