fp0002022_ncsrs.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07917

Wilshire Variable Insurance Trust

(Exact name of registrant as specified in charter)

Wilshire Associates Incorporated

1299 Ocean Avenue, Suite 700

Santa Monica, CA 90401-1085

(Address of principal executive offices) (Zip code)

Lawrence Davanzo, President

1299 Ocean Avenue, Suite 700

Santa Monica, CA 90401-1085

(Name and address of agent for service)

Registrant’s telephone number, including area code: 310-260-6639

Date of fiscal year end: December 31

Date of reporting period: June 30, 2010

Form N-CSRS is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSRS in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSRS, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSRS 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 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. § 3507.

Item 1.

Reports to Stockholders.

The Report to Shareholders is attached herewith.

SEMI-ANNUAL REPORT

(Unaudited)

Equity Fund

Balanced Fund

Income Fund

Small Cap Growth Fund

International Equity Fund

Socially Responsible Fund

June 30, 2010

Table of Contents
Shareholder Letter	2
Fund Commentaries	3
Disclosure of Fund Expenses	15
Schedules of Investments	17
Statements of Assets and Liabilities	49
Statements of Operations	50
Statements of Changes in Net Assets	51
Financial Highlights	53
Notes to the Financial Statements	59
Additional Fund Information	68

Shares of the Wilshire Variable Insurance Trust are sold only as the underlying investment for variable annuity contracts issued by insurance companies. This report is authorized for use in connection with any offering of the Trust’s shares only if accompanied or preceded by the Trust’s current prospectus.

Shares of the Wilshire Variable Insurance Trust are distributed by SEI Investments Distribution Co.

Dear Wilshire Variable Insurance Trust Shareholder:

We are pleased to present this semi-annual report to all shareholders of the Wilshire Variable Insurance Trust (the “Trust”). This report covers the period from January 1, 2010, to June 30, 2010 (the “Period”), for the Equity, Balanced, Income, Small Cap Growth, International Equity and Socially Responsible Funds (the “Funds”).

MARKET ENVIRONMENT

The global equity market recovery that began in March 2009 continued through the first quarter of 2010, but after four consecutive positive quarterly returns, suffered a significant setback during the second quarter. The S&P 500 Index posted a year-to-date return of -6.7% through June 30 after falling 11.4% in the second quarter as the lingering Greek sovereign debt crisis and heightened fears of a broader European credit contagion sparked a global market sell-off and a general flight to safety.

Developed international equity markets yielded to strong selling pressure as well in the first six months of the year, tumbling -13.2% as the lingering sovereign debt crisis in Greece sparked the sell-off. The best-performing regions in the Period were Japan and Pacific Ex-Japan, returning -2.7% and –6.0% respectively, while Europe Ex-U.K. was the worst-performing region, returning -17.8% for the Period as the region squarely felt the continued consequences of the European sovereign debt crisis and a weaker Euro currency.

Fixed income markets fared much better for the year-to-date period, benefitting from the market’s overall flight to quality. Core U.S. bonds posted strong gains with the Barclays Capital U.S. Aggregate Bond Index returning +5.3%, while credit sensitive high yield bonds were positive but lagged investment grade bonds as credit spreads widened during the second quarter, with the Merrill Lynch High Yield Master II Index returning +4.7%. During the Period investors broadly rotated out of stocks and lower-quality corporate bonds and shifted into areas of relative safety such as U.S. Treasuries and high investment grade credit.

The U.S. economic recovery on balance continues to remain positive, but more recent data points to the recovery slowing. U.S. real GDP increased at an annualized rate of 2.4% in the second quarter, following the first quarter’s 3.7% gain. However, austerity measures being implemented in many countries battling excessive debt levels have led many pundits to revise future economic growth expectations downward, although the possibility of a double dip recession in the U.S., as a few have suggested may be looming, appears unlikely at this point in time. Unemployment continues to remain stubbornly high at 9.5%, although the employment picture has shown marginal improvement more recently in the private sector.

FUND PERFORMANCE REVIEW

With the heightened level of volatility in the equity markets, the first six months of the year proved to be a particularly challenging period for active managers and the Funds. The International Equity and Income Funds continued their strong recent performance and outperformed their respective benchmarks by +1.8% and +0.9%, respectively. The other Funds modestly underperformed their respective benchmarks by between -0.6% and -1.2%, except for the Equity Fund, which underperformed by -2.9%.

While on balance we are disappointed by the mixed performance of the Funds over the last six months, we are encouraged by the activities of our subadvisers, who continue to follow through with the disciplined investment approaches that have made them successful over time.

As always, we sincerely appreciate your continued support and confidence in Wilshire Associates.

Sincerely,

Lawrence E. Davanzo

President

Wilshire Variable Insurance Trust

Equity Fund

Commentary

EQUITY FUND

Average Annual Total Return

Six Months Ended 06/30/10*	(9.50)%
One Year Ended 06/30/10	9.40%
Five Years Ended 06/30/10	(3.32)%
Ten Years Ended 06/30/10	(0.59)%

S&P 500 INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/10*	(6.65)%
One Year Ended 06/30/10	14.43%
Five Years Ended 06/30/10	(0.79)%
Ten Years Ended 06/30/10	(1.59)%

*	Not annualized.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Returns assume reinvestment of all distributions. Annuity contract fees are not reflected in returns. Recent performance can be found at your particular insurance company.

(1) The Standard & Poor’s 500 Index is an unmanaged index consisting of 500 stocks. An individual cannot invest directly in any index. Index performance is presented for general comparative purposes.

During certain periods, certain fees and expenses were waived and reimbursed. Without waivers and reimbursements, total returns for the periods would have been lower. For the six months ended June 30, 2010, there were no waivers.

Wilshire Variable Insurance Trust

Equity Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING*

(As of June 30, 2010)

The first half of 2010 saw higher market volatility rear its ugly head again after being somewhat benign during the latter half of 2009. After three consecutive positive quarters to close out 2009, the U.S. stock market posted another strong return in the first quarter as the S&P 500 Index rose +5.4%. However, the rally abruptly reversed course in the second quarter as global equity markets suffered a significant correction as the lingering Greek and European sovereign debt crisis sparked a global equity market sell-off and a general flight to safety. The S&P 500 Index fell -11.4% during the quarter and left the index with a year-to-date loss of -6.7%. Large cap stocks suffered the steepest losses for the six month period, as smaller stocks, as measured by the Russell 2000 Index, posted a much more muted decline of -2.0%. Both growth and value styles were caught in the downdraft, with growth stocks modestly trailing their value counterparts. All sectors were negative year-to-date, with the Industrials (-0.9%), Consumer Discretionary (-1.6%) and Consumer Staples (-2.8%) sectors posting the best relative returns and the Materials (-12.9%), Energy (-12.2%) and Technology (-10.6%) sectors logging the worst relative returns.

The Equity Fund (the “Fund”) returned -9.50% for the first six months of 2010, underperforming the benchmark (the S&P 500 Index) return of -6.65% by -2.85%. The Fund experienced negative security selection in several sectors during the period, particularly in the Technology and Financial sectors. An underweight position in the Consumer Staples sector and an overweight position in the Technology sector also weighed on performance.

We are disappointed with the absolute return of the Fund, the underperformance versus its benchmark and the below median ranking versus its peer group universe for the year-to-date period. We are optimistic by the current activities and positioning of our sub-advisers, who continue to follow through with the disciplined investment approaches that have made them successful over the long-term. It is our belief that the Fund is well positioned going into the second half of 2010 and should benefit as the market begins to refocus on corporate earnings and fundamentals.

*	Based on percent of the Fund’s total investments in securities and affiliated funds, at value.

Wilshire Variable Insurance Trust

Balanced Fund

Commentary

BALANCED FUND

Average Annual Total Return

Six Months Ended 06/30/10*	(2.38)%
One Year Ended 06/30/10	12.51%
Five Years Ended 06/30/10	0.08%
Ten Years Ended 06/30/10	2.43%

STOCK/BOND INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/10*	(1.19)%
One Year Ended 06/30/10	13.19%
Five Years Ended 06/30/10	2.11%
Ten Years Ended 06/30/10	1.95%

*	Not annualized.

(1) Stock/Bond Index: A blend of 55% Standard & Poor’s 500 Index and 45% Barclays Capital U.S. Aggregate Bond Index. The Standard & Poor’s 500 Index is an unmanaged index consisting of 500 stocks. The Barclays Capital U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. An individual cannot invest directly in any index. Index performance is presented for general comparative purposes.

Wilshire Variable Insurance Trust

Balanced Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING*

(As of June 30, 2010)

The first half of 2010 saw higher market volatility rear its ugly head again after being somewhat benign during the latter half of 2009. After three consecutive positive quarters to close out 2009, the U.S. stock market posted another strong return in the first quarter as the S&P 500 Index rose +5.4%. However, the rally abruptly reversed course in the second quarter as global equity markets suffered a significant correction as the lingering Greek and European sovereign debt crisis sparked a global equity market sell-off and a general flight to safety. The S&P 500 Index fell -11.4% during the quarter and left the index with a year-to-date loss of -6.7%. Fixed income markets fared much better during the first six months of the year as compared to equities, benefitting from the market’s overall flight to safety. As credit fears increased, investors began rotating out of stocks and lower-quality corporate bonds and shifted into areas of relative safety such as U.S. Treasuries and high investment grade credit. Core U.S. bonds posted strong gains during the period with the Barclays Capital U.S. Aggregate Bond Index returning +5.3%, while credit sensitive high yield bonds were also positive but didn’t fare as well as their higher quality counterparts, returning +4.7% as measured by the Merrill Lynch High Yield Master II Index.

The Balanced Fund (the “Fund”) returned -2.38% for the first six months of 2010, slightly trailing the Fund’s custom benchmark return of -1.19% by -1.19%. The Fund’s strong security selection in credit securities and positive yield curve positioning benefitted performance. However, negative security selection from the Fund’s equity exposure detracted from performance and resulted in the Fund’s net modest underperformance.

We are disappointed with the absolute return of the Fund and the outperformance versus its benchmark for the year-to-date period. We are optimistic by the current activities and positioning of our sub-advisers of the underlying funds, who continue to follow through with the disciplined investment approaches that have made them successful over the long-term. It is our belief that the Fund is well positioned going into the second half of 2010 and should benefit as the market begins to refocus on corporate earnings and fundamentals.

The Balanced Fund attempts to achieve its objective by investing in other funds. You may invest in the underlying funds directly. By investing in the underlying funds indirectly through the Balanced Fund, you will incur not only the expenses of the underlying funds, but also the expenses of the Balanced Fund. The Balanced Fund is subject to the risks of the underlying funds it holds. The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Annuity contract fees are not reflected in returns.

*	Based on percent of the Fund’s total investments in affiliated funds, at value.

Wilshire Variable Insurance Trust

Income Fund

Commentary

INCOME FUND

Average Annual Total Return

Six Months Ended 06/30/10*	6.18%
One Year Ended 06/30/10	14.37%
Five Years Ended 06/30/10	4.02%
Ten Years Ended 06/30/10	5.91%

BARCLAYS CAPITAL U.S. AGGREGATE BOND INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/10*	5.33%
One Year Ended 06/30/10	9.50%
Five Years Ended 06/30/10	5.54%
Ten Years Ended 06/30/10	6.47%

*	Not annualized.

(1) The Barclays Capital U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. An individual cannot invest directly in any index. Index performance is presented for general comparative purposes.

Wilshire Variable Insurance Trust

Income Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING*

(As of June 30, 2010)

Fixed income markets fared much better during the first six months of the year as compared to global equities, benefitting from the market’s overall flight to safety. As credit fears heightened as a result of the European sovereign debt crisis during the second quarter, investors began rotating out of stocks and lower-quality corporate bonds and shifted into areas of relative safety such as U.S. Treasuries and high investment grade credit. Core U.S. bonds posted strong gains during the period with the Barclays Capital U.S. Aggregate Bond Index returning +5.3%, while credit sensitive high yield bonds were positive but didn’t fare as well as their higher quality counterparts, returning +4.7% as measured by the Merrill Lynch High Yield Master II Index. U.S. Treasury Inflationary Protection Securities (TIPS) posted strong relative returns as well over the period, returning +4.4% as measured by the Barclays U.S. TIPS Index.

The Income Fund (the “Fund”) returned +6.18% for the first six months of 2010, outperforming the benchmark (the Barclays Capital U.S. Aggregate Bond Index) return of +5.33% by +0.85%. The Fund’s strong security selection in credit securities and positive yield curve positioning benefitted performance. The Fund’s systematic reduction of overall portfolio risk throughout the period benefitted performance as well.

We are pleased with the absolute return of the Fund, the outperformance versus its benchmark and the above median ranking versus its peer group universe for the year-to-date period. We are optimistic by the current activities and positioning of our sub-advisers, who continue to follow through with the disciplined investment approaches that have made them successful over the long-term, and it is our belief that the Fund is well positioned going into the second half of 2010.

*	Based on percent of the Fund’s total investments in securities, at value.

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Commentary

SMALL CAP GROWTH FUND

Average Annual Total Return

Six Months Ended 06/30/10*	(3.40)%
One Year Ended 06/30/10	14.18%
Five Years Ended 06/30/10	(1.76)%
Ten Years Ended 06/30/10	(6.38)%

RUSSELL 2000 GROWTH INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/10*	(2.31)%
One Year Ended 06/30/10	17.96%
Five Years Ended 06/30/10	1.14%
Ten Years Ended 06/30/10	(1.72)%

*	Not annualized.

(1) The Russell 2000 Growth Index is an unmanaged index comprised of the Russell 2000 Growth securities with a greater-than-average growth orientation. An individual cannot invest directly in any index. Index performance is presented for general comparative purposes.

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING*

(As of June 30, 2010)

The Small Cap Growth Fund (the “Fund”) returned -3.40% for the first six months of 2010, underperforming the benchmark (the Russell 2000 Growth Index) return of -2.31% by -1.09%. The Fund benefitted from strong security selection in the Financials sector during the period. However, the Fund experienced negative contribution from security selection in the Health Care and Industrials sectors.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Annuity contract fees are not reflected in returns. Small company stocks may be subject to a higher degree of market risk than the securities of more established companies because they tend to be more volatile and less liquid.

*	Based on percent of the Fund’s total investments in securities, at value.

Wilshire Variable Insurance Trust

International Equity Fund

Commentary

INTERNATIONAL EQUITY FUND

Average Annual Total Return

Six Months Ended 06/30/10*	(11.48)%
One Year Ended 06/30/10	8.99%
Five Years Ended 06/30/10	(0.43)%
Ten Years Ended 06/30/10	(3.07)%

MSCI EAFE INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/10*	(13.23)%
One Year Ended 06/30/10	5.92%
Five Years Ended 06/30/10	0.88%
Ten Years Ended 06/30/10	0.16%

*	Not annualized.

(1) The MSCI EAFE Index is an unmanaged capitalization-weighted measure of stock markets in Europe, Australasia and the Far East. An individual cannot invest directly in any index. Index performance is presented for general comparative purposes.

Wilshire Variable Insurance Trust

International Equity Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING*

(As of June 30, 2010)

The first half of 2010 saw higher market volatility rear its ugly head again after being somewhat benign during the latter half of 2009. Developed international equity markets, as measured by the MSCI EAFE Index, yielded to strong selling pressure, falling -13.2% as the lingering sovereign debt crisis in Greece sparked a global sell-off. The best-performing regions in the quarter were Japan and Emerging Markets, returning -9.1% and -10.1% respectively, while Europe was the worst-performing region, returning -15.8% for the period as the region felt the continued consequences of the European sovereign debt crisis and a weaker Euro currency.

The International Equity Fund (the “Fund”) returned -11.48% for the first six months of 2010, outperforming the benchmark (the MSCI EAFE Index) return of -13.23% by +1.75%. The Fund benefitted from strong security selection from a number of sectors, particularly Energy, Financials, and Consumer Staples. The Fund also benefitted from currency positioning and emerging markets exposure. Sector positioning on balance was a modest detractor from performance during the period.

We are disappointed with the absolute return of the Fund, although we are somewhat encouraged by the outperformance versus its benchmark and the above median ranking versus its peer group universe for the year-to-date period. We are optimistic by the current activities and positioning of our sub-advisers, who continue to follow through with the disciplined investment approaches that have made them successful over the long-term. It is our belief that the Fund is well positioned going into the second half of 2010 and should benefit as the market begins to refocus on corporate earnings and fundamentals.

Foreign securities may be subject to a higher degree of market risk due to currency fluctuations, lack of liquidity, and political and economic instability. The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Annuity contract fees are not reflected in returns.

*	Based on percent of the Fund’s total investments in securities, at value.

Wilshire Variable Insurance Trust

Socially Responsible Fund

Commentary

SOCIALLY RESPONSIBLE FUND

Average Annual Total Return

Six Months Ended 06/30/10*	(7.29)%
One Year Ended 06/30/10	11.72%
Five Years Ended 06/30/10	(3.67)%
Ten Years Ended 06/30/10	0.62%

S&P 500 INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/10*	(6.65)%
One Year Ended 06/30/10	14.43%
Five Years Ended 06/30/10	(0.79)%
Ten Years Ended 06/30/10	(1.59)%

*	Not annualized.

During certain periods since inception, certain fees and expenses were waived and reimbursed. Without waivers and reimbursements, total returns since inception would have been lower. For the six months ended June 30, 2010, there were no waivers.

Wilshire Variable Insurance Trust

Socially Responsible Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING*

(As of June 30, 2010)

The Socially Responsible Fund (the “Fund”) returned -7.29% for the first six months of 2010, slightly underperforming the benchmark (the S&P 500 Index) return of -6.65% by -0.64%. The Fund benefitted from strong security selection in the Health Care and Consumer Staples sectors during the period, and was also aided on balance by sector positioning. However, the Fund experienced negative contribution from security selection in the Energy, Industrials and Consumer Discretionary sectors.

We are disappointed with the absolute return of the Fund and the underperformance versus its benchmark, although we are somewhat encouraged by the above median ranking versus its peer group universe for the year-to-date period. We are optimistic by the current activities and positioning of our sub-adviser, who continues to follow through with the disciplined investment approach that has made them successful over the long-term. It is our belief that the Fund is well positioned going into the second half of 2010 and should benefit as the market begins to refocus on corporate earnings and fundamentals.

*	Based on percent of the Fund’s total investments in securities, at value.

Wilshire Variable Insurance Trust

Disclosure of Fund Expenses

For the Six Months Ended June 30, 2010 (Unaudited)

All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur ongoing costs, which include costs for investment advisory, administrative services, distribution and/or shareholder services and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The table on the next page illustrates your Fund’s costs in two ways:

Actual Fund Return: This section helps you to estimate the actual expenses, after any applicable fee waivers, that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return for the period, the “Expense Ratio” column shows the period’s annualized expense ratio, and the “Expenses Paid During Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund at the beginning of the period.

You may use the information here, together with your account value, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund in the first line under the heading entitled “Expenses Paid During Period.”

Hypothetical 5% Return: This section is intended to help you compare your Fund’s costs with those of other mutual funds. The “Ending Account Value” shown is derived from hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and assumed rate of return. It assumes that the Fund had an annual return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. This example is useful in making comparisons to other mutual funds because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on an assumed 5% annual return. You can assess your Fund’s ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees. Wilshire Variable Insurance Trust has no such charges or fees, but they may be present in other funds to which you compare this data. Therefore, the hypothetical portions of the table are useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds.

Wilshire Variable Insurance Trust

Disclosure of Fund Expenses - (Continued)

For the Six Months Ended June 30, 2010 (Unaudited)

	Beginning Account Value 01/01/10	Ending Account Value 06/30/10	Expense Ratio(1)	Expenses Paid During Period 01/01/10-06/30/10(2)(3)
Equity Fund(4)
Actual Fund Return	$1,000.00	$905.00	0.85%	$4.01
Hypothetical 5% Return	$1,000.00	$1,020.58	0.85%	$4.26
Balanced Fund(4)
Actual Fund Return	$1,000.00	$976.20	0.20%	$0.98
Hypothetical 5% Return	$1,000.00	$1,023.80	0.20%	$1.00
Income Fund
Actual Fund Return	$1,000.00	$1,061.80	1.09%	$5.57
Hypothetical 5% Return	$1,000.00	$1,019.39	1.09%	$5.46
Small Cap Growth Fund
Actual Fund Return	$1,000.00	$966.00	1.51%	$7.36
Hypothetical 5% Return	$1,000.00	$1,017.31	1.51%	$7.55
International Equity Fund
Actual Fund Return	$1,000.00	$885.20	1.59%	$7.43
Hypothetical 5% Return	$1,000.00	$1,016.91	1.59%	$7.95
Socially Responsible Fund
Actual Fund Return	$1,000.00	$927.10	1.31%	$6.26
Hypothetical 5% Return	$1,000.00	$1,018.30	1.31%	$6.56

(1)	Annualized, based on the Fund’s most recent fiscal half-year expenses.
(2)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the period, then divided by 365.
(3)	Expenses shown do not include annuity contract fees.
(4)	The expense ratio does not include the expenses of the underlying funds.

Wilshire Variable Insurance Trust

Equity Fund

Schedule of Investments

June 30, 2010 (Unaudited)

Shares			Value
COMMON STOCK — 53.9%
Consumer Discretionary — 6.6%
	1,507	Advance Auto Parts, Inc.	$	75,621
	385	Amazon.com, Inc. †		42,065
	7,866	Best Buy Co., Inc.		266,343
	2,419	Big Lots, Inc. †		77,626
	1,009	Carnival Corp.		30,512
	31,741	Comcast Corp. Special, Class A		551,341
	4,081	Darden Restaurants, Inc.		158,547
	716	Dick's Sporting Goods, Inc. †		17,821
	13,737	DIRECTV, Class A †		465,959
	2,508	Dollar Tree, Inc. †		104,408
	4,043	Family Dollar Stores, Inc.		152,380
	104,049	Ford Motor Co. †		1,048,814
	1,888	GameStop Corp., Class A †		35,475
	13,874	Gap, Inc. (The)		269,988
	698	H&R Block, Inc.		10,952
	759	Hanesbrands, Inc. †		18,262
	1,241	Home Depot, Inc. (The)		34,835
	7,154	Interpublic Group of Cos., Inc. (The) †		51,008
	1,029	J.C. Penney Co., Inc.		22,103
	12,923	Johnson Controls, Inc.		347,241
	3,907	Kohl's Corp. †		185,582
	3,568	Leggett & Platt, Inc.		71,574
	79,273	Lowe's Cos., Inc.		1,618,755
	7,808	Ltd. Brands, Inc.		172,323
	35,161	Macy's, Inc.		629,382
	3,455	Mattel, Inc.		73,108
	1,946	McDonald's Corp.		128,183
	1,958	McGraw-Hill Cos., Inc. (The)		55,098
	497	NIKE, Inc., Class B		33,572
	4,426	Nordstrom, Inc.		142,473
	8,322	Omnicom Group, Inc.		285,445
	752	Panera Bread Co., Class A †		56,618
	2,889	PetSmart, Inc.		87,161
	3,622	Ross Stores, Inc.		193,016
	1,417	Sears Holdings Corp. †		91,609
	52,478	Staples, Inc.		999,706
	11,880	Starbucks Corp.		288,684
	62	Starwood Hotels & Resorts Worldwide, Inc.		2,569
	28,981	Target Corp.		1,424,996
	8,144	Time Warner Cable, Inc., Class A		424,140
	5,419	Time Warner, Inc.		156,663
	4,969	TJX Cos., Inc.		208,450
	21,723	Toll Brothers, Inc. †		355,388
	556	VF Corp.		39,576
	2,691	Walt Disney Co. (The)		84,766
	61	Washington Post Co. (The), Class B		25,039
	2,185	Whirlpool Corp.		191,887
	2,522	Williams-Sonoma, Inc.		62,596
	2,601	Wyndham Worldwide Corp.		52,384
				11,922,044
Consumer Staples — 4.9%
	7,734	Coca-Cola Co. (The)		387,628
	12,958	ConAgra Foods, Inc.		302,181
	1,777	Corn Products International, Inc.		53,843
	6,520	Costco Wholesale Corp.		357,492
	14,276	Dr. Pepper Snapple Group, Inc.		533,780
	3,455	Estee Lauder Cos., Inc. (The), Class A		192,547
	2,879	HJ Heinz Co.		124,430
	12,400	Kellogg Co.		623,720
	34,330	Kraft Foods, Inc., Class A		961,240
	45,962	Kroger Co. (The)		904,992

Shares			Value
Consumer Staples (continued)
	2,936	Mead Johnson Nutrition Co., Class A	$	147,152
	17,053	Nestle SA ADR		822,637
	9,324	PepsiCo, Inc.		568,298
	7,971	Philip Morris International, Inc.		365,391
	12,245	Procter & Gamble Co. (The)		734,455
	11,365	Safeway, Inc.		223,436
	17,597	Sara Lee Corp.		248,118
	721	SUPERVALU, Inc.		7,816
	8,909	Tyson Foods, Inc., Class A		146,018
	14,805	Walgreen Co.		395,293
	14,589	Wal-Mart Stores, Inc.		701,293
				8,801,760
Energy — 6.0%
	13,144	Anadarko Petroleum Corp.		474,367
	3,413	Chesapeake Energy Corp.		71,502
	14,640	Chevron Corp.		993,470
	1,291	Cimarex Energy Co.		92,410
	14,089	ConocoPhillips		691,629
	3,809	Devon Energy Corp.		232,044
	12,400	Ensco PLC ADR		487,072
	55,714	Exxon Mobil Corp.		3,179,598
	50,329	Halliburton Co.		1,235,577
	1,007	Helmerich & Payne, Inc.		36,776
	2,721	Hess Corp.		136,975
	12,689	Marathon Oil Corp.		394,501
	5,496	Murphy Oil Corp.		272,327
	1,991	Nabors Industries, Ltd. †		35,081
	6,336	National Oilwell Varco, Inc.		209,532
	871	Newfield Exploration Co. †		42,557
	1,163	Occidental Petroleum Corp.		89,725
	274	Oceaneering International, Inc. †		12,303
	217	Rowan Cos., Inc. †		4,761
	25,986	Schlumberger, Ltd.		1,438,065
	3,290	Smith International, Inc.		123,868
	1,137	Sunoco, Inc.		39,534
	876	Valero Energy Corp.		15,751
	21,200	Weatherford International, Ltd. †		278,568
	14,031	Williams Cos., Inc. (The)		256,487
				10,844,480
Financials — 7.0%
	4,514	Aflac, Inc.		192,612
	24	American Express Co.		953
	2,916	Assurant, Inc.		101,185
	167,813	Bank of America Corp.		2,411,473
	383	Bank of Hawaii Corp.		18,518
	6,058	Bank of New York Mellon Corp. (The)		149,572
	5,774	Berkshire Hathaway, Inc., Class B †		460,130
	67,500	Charles Schwab Corp. (The)		957,150
	17,029	Chubb Corp.		851,620
	49,020	Citigroup, Inc. †		184,315
	932	Cullen/Frost Bankers, Inc.		47,905
	5,167	Discover Financial Services		72,235
	462	Everest Re Group, Ltd.		32,673
	1,791	Fidelity National Financial, Inc., Class A		23,265
	15,687	Fifth Third Bancorp		192,793
	1,204	First American Financial Corp.		15,267
	3,524	Goldman Sachs Group, Inc. (The)		462,596
	8,755	Hartford Financial Services Group, Inc.		193,748
	1,469	HCC Insurance Holdings, Inc.		36,373
	1,631	Huntington Bancshares, Inc.		9,036
	28,900	Invesco, Ltd.		486,387
	569	Jones Lang LaSalle, Inc.		37,349
	30,559	JPMorgan Chase & Co.		1,118,765

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Equity Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
Financials (continued)
	1,848	M&T Bank Corp.	$	156,987
	24,600	Morgan Stanley		570,966
	10,407	Northern Trust Corp.		486,007
	7,718	PNC Financial Services Group, Inc.		436,067
	6,548	Principal Financial Group, Inc.		153,485
	9,156	Progressive Corp. (The)		171,400
	7,633	Prudential Financial, Inc.		409,587
	550	Reinsurance Group of America, Inc., Class A		25,141
	3,309	State Street Corp.		111,910
	391	Transatlantic Holdings, Inc.		18,752
	17,332	Travelers Cos., Inc. (The)		853,601
	3,209	Unum Group		69,635
	40,071	Wells Fargo & Co.		1,025,818
				12,545,276
Health Care — 7.1%
	8,968	Abbott Laboratories		419,523
	8,198	Aetna, Inc.		216,263
	1,582	Alcon, Inc.		234,436
	8,242	AmerisourceBergen Corp., Class A		261,684
	16,974	Amgen, Inc. †		892,833
	862	Baxter International, Inc.		35,032
	2,420	Becton Dickinson and Co.		163,640
	9,644	Cardinal Health, Inc.		324,135
	5,206	CareFusion Corp. †		118,176
	2,199	Cephalon, Inc. †		124,793
	1,405	Coventry Health Care, Inc. †		24,840
	9,886	Eli Lilly & Co.		331,181
	1,847	Endo Pharmaceuticals Holdings, Inc. †		40,302
	1,940	Express Scripts, Inc., Class A †		91,219
	8,829	Forest Laboratories, Inc. †		242,179
	839	Genzyme Corp. †		42,596
	1,239	Gilead Sciences, Inc. †		42,473
	1,572	Health Net, Inc. †		38,310
	4,317	Hologic, Inc. †		60,136
	3,205	Hospira, Inc. †		184,127
	4,977	Humana, Inc. †		227,300
	42,507	Johnson & Johnson		2,510,463
	7,402	King Pharmaceuticals, Inc. †		56,181
	97	Lincare Holdings, Inc.		3,153
	4,001	McKesson Corp.		268,707
	7,749	Medco Health Solutions, Inc. †		426,815
	537	Medtronic, Inc.		19,477
	41,647	Merck & Co., Inc.		1,456,396
	332	Millipore Corp. †		35,408
	138,047	Pfizer, Inc.		1,968,550
	1,855	Pharmaceutical Product Development, Inc.		47,136
	2,094	Stryker Corp.		104,826
	24,400	Teva Pharmaceutical Industries, Ltd. ADR		1,268,556
	646	Thermo Fisher Scientific, Inc. †		31,686
	7,366	UnitedHealth Group, Inc.		209,194
	2,609	WellPoint, Inc. †		127,658
	213	Zimmer Holdings, Inc. †		11,513
				12,660,897
Industrials — 5.3%
	5,390	3M Co.		425,756
	1,462	AGCO Corp. †		39,430
	43	Alliant Techsystems, Inc. †		2,669
	6,690	Boeing Co. (The)		419,797
	971	Carlisle Cos., Inc.		35,082
	8,229	Caterpillar, Inc.		494,316

Shares			Value
Industrials (continued)
	3,712	Cintas Corp.	$	88,976
	2,185	Cummins, Inc.		142,309
	929	Deere & Co.		51,727
	876	Eaton Corp.		57,326
	10,572	Emerson Electric Co.		461,891
	5,075	FedEx Corp.		355,808
	88,025	General Electric Co.		1,269,321
	6,217	Honeywell International, Inc.		242,649
	1,413	Hubbell, Inc., Class B		56,082
	179	Joy Global, Inc.		8,966
	3,373	L-3 Communications Holdings, Inc.		238,943
	668	Lincoln Electric Holdings, Inc.		34,061
	2,252	Lockheed Martin Corp.		167,774
	55	Masco Corp.		592
	87	Norfolk Southern Corp.		4,616
	3,457	Northrop Grumman Corp.		188,199
	2,090	Oshkosh Corp. †		65,124
	6,026	PACCAR, Inc.		240,257
	1,567	Parker Hannifin Corp.		86,906
	21,517	Raytheon Co.		1,041,208
	604	Regal-Beloit Corp.		33,691
	28	Rockwell Automation, Inc.		1,374
	6,040	RR Donnelley & Sons Co.		98,875
	1,557	Ryder System, Inc.		62,638
	1,464	Shaw Group, Inc. (The) †		50,098
	1,318	Snap-On, Inc.		53,919
	69,109	Southwest Airlines Co.		767,801
	386	SPX Corp.		20,385
	5,575	Textron, Inc.		94,608
	1,867	Timken Co.		48,523
	21,363	United Parcel Service, Inc., Class B		1,215,341
	1,271	United Technologies Corp.		82,501
	1,303	URS Corp. †		51,273
	19,400	Waste Management, Inc.		607,026
	1,797	WW Grainger, Inc.		178,712
				9,586,550
Information Technology — 11.9%
	6,581	Advanced Micro Devices, Inc. †		48,173
	2,534	AOL, Inc. †		52,682
	4,321	Apple, Inc. †		1,086,861
	35,082	Applied Materials, Inc.		421,686
	1,879	Arrow Electronics, Inc. †		41,996
	1,153	Avnet, Inc. †		27,799
	51	BMC Software, Inc. †		1,766
	1,217	Broadcom Corp., Class A		40,125
	749	Broadridge Financial Solutions, Inc.		14,268
	11,317	CA, Inc.		208,233
	21,523	Cisco Systems, Inc. †		458,655
	734	CommScope, Inc. †		17,447
	2,957	Computer Sciences Corp.		133,804
	2,205	Compuware Corp. †		17,596
	1,204	CoreLogic, Inc.		21,263
	29,835	Dell, Inc. †		359,810
	46,520	eBay, Inc. †		912,257
	90,682	EMC Corp. †		1,659,481
	1,279	Global Payments, Inc.		46,735
	4,800	Google, Inc., Class A †		2,135,760
	3,823	Harris Corp.		159,228
	1,949	Hewitt Associates, Inc., Class A †		67,163
	19,873	Hewlett-Packard Co.		860,104
	45,807	Intel Corp.		890,946
	9,948	International Business Machines Corp.		1,228,379
	5,899	Intuit, Inc. †		205,108
	1,775	Lexmark International, Inc., Class A †		58,628

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Equity Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
Information Technology (continued)
	3,400	Mastercard, Inc., Class A	$	678,402
	16,581	McAfee, Inc. †		509,368
	22,903	Micron Technology, Inc. †		194,446
	409	MICROS Systems, Inc. †		13,035
	95,920	Microsoft Corp.		2,207,119
	37,830	Motorola, Inc. †		246,652
	1,618	NetApp, Inc. †		60,368
	59,887	Oracle Corp.		1,285,175
	20,800	Paychex, Inc.		540,176
	47,399	QUALCOMM, Inc.		1,556,583
	2,918	SanDisk Corp. †		122,760
	215	Sybase, Inc. †		13,902
	23,419	Symantec Corp. †		325,056
	1,142	Synopsys, Inc. †		23,834
	82,695	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		807,103
	11,242	Tellabs, Inc.		71,836
	15,869	Texas Instruments, Inc.		369,430
	5,362	Total System Services, Inc.		72,923
	5,357	VeriSign, Inc. †		142,228
	6,696	Western Digital Corp. †		201,951
	33,711	Western Union Co. (The)		502,631
	10,928	Xerox Corp.		87,861
	18,500	Yahoo!, Inc. †		255,855
				21,464,647
Materials — 2.3%
	44	Albemarle Corp.		1,747
	1,831	Ashland, Inc.		84,995
	5,679	Barrick Gold Corp.		257,884
	1,036	Bemis Co., Inc.		27,972
	2,133	CF Industries Holdings, Inc.		135,339
	695	Eastman Chemical Co.		37,085
	12,304	EI du Pont de Nemours & Co.		425,595
	6,856	Freeport-McMoRan Copper & Gold, Inc.		405,395
	12,662	International Paper Co.		286,541
	1,589	Lubrizol Corp.		127,613
	3,342	MeadWestvaco Corp.		74,192
	13,400	Monsanto Co.		619,348
	6,189	Newmont Mining Corp.		382,109
	22,311	Nucor Corp.		854,065
	3,277	PPG Industries, Inc.		197,964
	1,509	Reliance Steel & Aluminum Co.		54,550
	3,045	RPM International, Inc.		54,323
	897	Sherwin-Williams Co. (The)		62,063
	2,307	Valspar Corp.		69,487
				4,158,267
Telecommunication Services — 2.3%
	46,396	AT&T, Inc.		1,122,319
	920	MetroPCS Communications, Inc. †		7,535
	105,858	Qwest Communications International, Inc.		555,754
	23,666	Sprint Nextel Corp. †		100,344
	2,131	Telephone & Data Systems, Inc.		64,761
	650	tw telecom, Inc., Class A †		10,842
	82,733	Verizon Communications, Inc.		2,318,179
				4,179,734
Utilities — 0.5%
	2,178	Atmos Energy Corp.		58,893
	600	CenterPoint Energy, Inc.		7,896
	5,875	Constellation Energy Group, Inc.		189,469
	3,041	DTE Energy Co.		138,700
	20	Edison International		634

Shares			Value
Utilities (continued)
	1,228	Energen Corp.	$	54,437
	2,261	Integrys Energy Group, Inc.		98,896
	4,401	MDU Resources Group, Inc.		79,350
	889	Nicor, Inc.		36,004
	5,421	NiSource, Inc.		78,605
	1,174	Oneok, Inc.		50,776
	1,786	Pinnacle West Capital Corp.		64,939
				858,599


Total Common Stock (Cost $100,383,992)			97,022,254

INVESTMENT IN UNDERLYING FUND — 45.2%
	12,130,250		Wilshire Large Cap Core 130/30 Fund* (Cost $86,148,041)			81,272,675

EXCHANGE-TRADED FUND — 0.3%
	5,493		SPDR Trust, Series 1 (Cost $613,083)			566,987


Total Investments — 99.4% (Cost $187,145,116)		178,861,916

Other Assets & Liabilities, Net — 0.6%		1,083,129

NET ASSETS — 100.0%	$	179,945,045

*	Affiliated Fund.

†	Non-income producing security.

ADR – American Depositary Receipt

PLC – Public Limited Company

SPDR – Standard & Poor’s Depositary Receipt

As of June 30, 2010, all of the Fund’s investments in securities were considered Level 1. Please see Note 2 in Notes to the Financial Statements for further information regarding fair value measurements.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Balanced Fund

Schedule of Investments

June 30, 2010 (Unaudited)

Shares			Value
INVESTMENTS IN UNDERLYING FUNDS — 99.8%
	12,494,781	Wilshire Large Cap Core 130/30 Fund*†	$	83,090,293
	6,019,552	Wilshire Variable Insurance Trust Income Fund*		73,438,534

Total Investments in Underlying Funds (Cost $157,271,336)		156,528,827

Other Assets & Liabilities, Net — 0.2%		267,499

NET ASSETS — 100.0%	$	156,796,326

*	Affiliated Fund.

†

The Fund’s investment in the Wilshire Large Cap Core 130/30 Fund represents greater than 50% of the Fund’s total investments. The Wilshire Large Cap Core 130/30 Fund seeks capital appreciation. For further information, available upon request at no charge, on the Wilshire Large Cap Core 130/30 Fund, please go to the Wilshire Mutual Funds website at http://www.wilfunds.com.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments

June 30, 2010 (Unaudited)

	Maturity Date	Par		Value
ASSET-BACKED SECURITIES — 3.1%
Amortizing Residential Collateral Trust
0.627%(a)	01/01/32	$	29,261	$	20,478
Bayview Financial Acquisition Trust
1.022%(a)	02/28/44		84,412		76,890
Citigroup Mortgage Loan Trust, Inc
5.550%	08/25/35		200,000		114,132
Delta Funding Home Equity Loan Trust
7.040%	06/25/27		3,991		3,982
Education Funding Capital Trust I
1.850%(a)	12/15/42		150,000		140,239
1.850%(a)	12/15/42		150,000		142,312
Green Tree Financial Corp.
9.150%	01/15/18		12,226		7,596
Green Tree Home Improvement Loan Trust
7.600%	07/15/20		2,316		2,050
Green Tree Recreational Equipment & Consumer Trust
7.250%	03/15/29		20,557		13,442
Lehman XS Trust
0.607%(a)	02/25/46		255,140		127,724
Morgan Stanley Mortgage Loan Trust
0.497%(a)	03/25/36		146,764		33,849
MSCC Heloc Trust
0.537%(a)	07/25/17		19,900		12,993
Nelnet Student Loan Trust
1.796%(a)	04/25/24		200,000		206,033
SACO I, Inc.
0.477%(a)	06/25/36		144,485		26,675
0.517%(a)	03/25/36		155,915		31,577
0.907%(a)	09/25/35		39,061		31,632
Salomon Brothers Mortgage Securities VII, Inc.
0.947%(a)	03/25/32		2,350		2,340
Securitized Asset Backed Receivables LLC Trust
0.577%(a)	02/25/37		752,589		353,754
SG Mortgage Securities Trust
0.587%(a)(b)	12/25/36		749,358		322,290
WAMU Asset-Backed Certificates
0.437%(a)	05/25/47		329,854		300,095
0.517%(a)	05/25/47		1,300,000		745,076
0.637%(a)	05/25/47		1,300,000		452,043

Total Asset-Backed Securities (Cost $5,930,645)					3,167,202

	Maturity Date	Par		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 29.5%
Agency Mortgage-Backed Obligations — 20.6%
FHLMC
5.000%	08/01/33	$	683,756	$	726,840
5.000%	09/01/33		223,920		238,029
5.000%	09/01/33		178,318		189,554
5.000%	09/01/33		466,248		495,627
5.000%	10/01/33		458,180		487,050
5.575%(a)	01/01/38		715,368		763,791
5.610%(a)	05/01/37		801,542		852,846
FHLMC TBA
5.500%	08/01/37		100,000		106,984
6.000%	08/01/37		100,000		108,219
FNMA
5.000%	12/01/35		2,155,586		2,290,737
5.000%	06/01/35		563,788		599,136
5.500%	08/01/37		570,968		614,362
5.500%	09/01/35		1,838,001		1,977,689
5.500%	11/01/36		480,858		516,953
5.500%	04/01/36		792,717		847,018
5.908%(a)	01/01/37		354,394		380,986
6.500%	11/01/37		74,287		81,477
7.000%	05/01/32		45,319		51,639
FNMA TBA
4.500%	07/17/18		800,000		843,875
5.000%	07/01/22		1,800,000		1,920,375
5.500%	08/01/37		100,000		107,000
6.000%	07/01/37		100,000		108,453
6.500%	08/15/37		2,600,000		2,840,094
GNMA
4.500%	03/15/40		99,686		104,069
5.000%	05/15/40		399,486		426,651
5.000%	04/15/40		199,488		213,053
5.500%	05/15/36		118,043		128,014
6.000%	03/15/35		807,547		885,602
6.000%	03/15/37		129,059		140,928
6.000%	05/15/33		120,602		133,164
GNMA TBA
4.000%	07/01/39		700,000		710,395
4.000%	07/01/39		100,000		101,625
4.500%	07/15/39		500,000		519,611
4.500%	07/01/35		100,000		104,156
5.000%	09/01/33		200,000		210,938
5.000%	08/01/33		100,000		105,875
6.000%	07/01/34		100,000		109,015
6.000%	07/01/36		200,000		217,938
					21,259,768

Non-Agency Mortgage-Backed Obligations — 8.9%
American Home Mortgage Assets
0.577%(a)	05/25/46		234,386		56,620
Asset Securitization Corp.
7.064%(a)	02/14/43		100,000		108,884
Banc of America Commercial Mortgage, Inc.
5.620%	02/10/51		10,000		10,331
5.837%(a)	06/10/49		60,000		63,871

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

	Maturity Date	Par		Value
Non-Agency Mortgage-Backed Obligations (continued)
Banc of America Funding Corp.
3.597%(a)	09/20/35	$	1,420,917	$	800,518
Banc of America Mortgage Securities, Inc.
3.467%(a)	02/25/34		19,237		15,625
Bear Stearns Adjustable Rate Mortgage Trust
3.493%(a)	02/25/34		54,727		50,093
3.604%(a)	11/25/34		75,443		67,261
Citigroup Mortgage Loan Trust, Inc.
3.111%(a)	09/25/34		69,666		64,202
3.339%(a)	02/25/34		68,850		67,549
Countrywide Alternative Loan Trust
0.557%(a)	03/20/46		77,372		40,437
0.657%(a)	10/25/35		120,110		60,599
3.658%(a)	09/25/34		112,912		79,928
First Horizon Asset Securities, Inc.
2.890%(a)	02/25/35		359,675		318,417
GE Capital Commercial Mortgage Corp.
5.543%	12/10/49		210,000		199,914
Greenpoint Mortgage Funding Trust
0.557%(a)	04/25/36		573,468		334,045
Harborview Mortgage Loan Trust
0.497%(a)	01/25/47		852,747		463,035
0.568%(a)	05/19/35		134,284		79,371
Homebanc Mortgage Trust
0.647%(a)	05/25/37		116,664		84,052
Impac CMB Trust
0.887%(a)	05/25/35		114,090		83,699
Indymac Index Mortgage Loan Trust
0.467%(a)	07/25/36		338,300		161,481
0.547%(a)	06/25/47		291,093		148,089
0.607%(a)	06/25/35		494,823		312,736
3.247%(a)	03/25/35		112,190		80,814
5.099%(a)	09/25/35		76,135		55,343
6.127%(a)	11/25/37		97,571		74,185
JPMorgan Chase Commercial Mortgage Securities Corp.
5.420%	01/15/49		100,000		97,727
5.457%(a)	01/12/43		100,000		102,906
LB-UBS Commercial Mortgage Trust
4.954%	09/15/30		500,000		527,980
Luminent Mortgage Trust
0.537%(a)	05/25/46		247,659		116,820
Master Adjustable Rate Mortgages Trust
0.547%(a)	05/25/47		803,222		361,378
1.221%(a)	12/25/46		280,126		89,568
2.883%(a)	02/25/35		278,530		213,433
3.753%(a)	12/25/34		18,009		12,968

	Maturity Date	Par		Value
Non-Agency Mortgage-Backed Obligations (continued)
Morgan Stanley Capital I
4.989%	08/13/42	$	240,000	$	249,339
5.692%(a)	04/15/49		400,000		385,840
7.094%(a)	04/15/33		115,883		115,882
Morgan Stanley Mortgage Loan Trust
0.667%(a)	01/25/35		259,059		183,813
2.552%(a)	07/25/35		162,419		114,938
3.317%(a)	08/25/34		114,108		94,456
Prime Mortgage Trust
8.000%	07/25/34		163,925		126,986
RBSGC Mortgage Pass Through Certificates
0.797%(a)	01/25/37		309,552		171,519
Residential Accredit Loans, Inc.
0.437%(a)	10/25/46		111,116		107,315
0.707%(a)	01/25/37		329,063		182,525
Residential Asset Securitization Trust
4.750%	02/25/19		478,371		482,884
Structured Adjustable Rate Mortgage Loan Trust
2.546%(a)	01/25/35		133,591		112,831
2.646%(a)	11/25/34		115,301		85,933
Thornburg Mortgage Securities Trust
6.201%(a)	09/25/37		311,369		296,627
6.205%(a)	09/25/37		315,263		305,891
Washington Mutual Mortgage Pass Through Certificates
0.577%(a)	04/25/45		122,152		94,412
4.800%(a)	10/25/35		216,580		202,994
5.544%(a)	11/25/36		300,000		216,088
Washington Mutual MSC Mortgage Pass-Through Certificates
2.772%(a)	01/25/35		46,092		40,988
Wells Fargo Mortgage Backed Securities Trust
4.420%(a)	04/25/36		59,301		54,567
					9,029,707

Total Collateralized Mortgage Obligations (Cost $32,657,947)					30,289,475

CORPORATE BONDS — 29.3%
Consumer Discretionary — 2.6%
Boyd Gaming Corp.
6.750%	04/15/14		10,000		8,750
7.125%	02/01/16		10,000		8,225

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

	Maturity Date	Par		Value
Consumer Discretionary (continued)
Cengage Learning Acquisitions, Inc.
10.500%(b)	01/15/15	$	10,000	$	9,300
Comcast Corp.
6.500%	01/15/15		665,000		763,248
Cricket Communications, Inc.
7.750%	05/15/16		80,000		81,600
CSC Holdings LLC
8.625%(b)	02/15/19		10,000		10,513
Daimler Finance North America LLC
6.500%	11/15/13		30,000		33,577
7.300%	01/15/12		135,000		145,518
DISH DBS Corp.
7.000%	10/01/13		20,000		20,600
7.750%	05/31/15		40,000		41,200
7.875%	09/01/19		45,000		46,800
Eastman Kodak Co.
7.250%	11/15/13		35,000		34,300
Inn of the Mountain Gods Resort & Casino
12.000%(c)(h)	11/15/10		10,000		4,850
J.C. Penney Corp., Inc.
7.400%	04/01/37		10,000		10,000
McDonald's Corp. MTN
5.350%	03/01/18		80,000		91,769
MGM Resorts International
6.750%	09/01/12		10,000		9,300
7.625%	01/15/17		20,000		15,650
10.375%	05/15/14		5,000		5,438
11.125%	11/15/17		20,000		22,050
Mohegan Tribal Gaming Authority
8.000%	04/01/12		5,000		4,362
Motors Liquidation Co.
8.250%(c)	07/15/23		70,000		21,175
8.375%(c)	07/05/33		30,000		12,471
News America, Inc.
6.650%	11/15/37		10,000		11,223
Qwest Corp.
6.875%	09/15/33		20,000		18,350
Reed Elsevier Capital, Inc.
8.625%	01/15/19		120,000		152,769
Service Corp. International
7.500%	04/01/27		30,000		26,550
Station Casinos, Inc.
6.000%(c)(h)	04/01/12		20,000		1,187
7.750%(c)(h)	08/15/16		70,000		4,419
Time Warner Cable, Inc.
6.750%	06/15/39		80,000		88,378
7.300%	07/01/38		130,000		150,930
8.250%	04/01/19		250,000		307,450
8.750%	02/14/19		80,000		101,100

	Maturity Date	Par		Value
Consumer Discretionary (continued)
Time Warner, Inc.
6.875%	05/01/12	$	290,000	$	315,939
Verizon Global Funding Corp.
4.375%	06/01/13		35,000		37,601
					2,616,592
Consumer Staples — 1.4%
Altria Group, Inc.
9.250%	08/06/19		170,000		212,178
CVS Caremark Corp.
6.600%	03/15/19		380,000		442,198
Dr Pepper Snapple Group, Inc.
6.820%	05/01/18		110,000		131,193
Kraft Foods, Inc.
5.375%	02/10/20		290,000		310,750
PepsiCo, Inc.
7.900%	11/01/18		190,000		246,056
Reynolds American, Inc.
6.750%	06/15/17		90,000		97,505
					1,439,880
Energy — 5.1%
Anadarko Petroleum Corp.
6.450%	09/15/36		280,000		222,734
8.700%	03/15/19		10,000		9,441
Apache Corp.
6.000%	09/15/13		180,000		201,674
Baker Hughes, Inc.
7.500%	11/15/18		200,000		244,523
Chesapeake Energy Corp.
6.250%	01/15/18		25,000		25,250
6.375%	06/15/15		10,000		10,325
7.250%	12/15/18		85,000		87,763
Complete Production Services, Inc.
8.000%	12/15/16		75,000		73,312
ConocoPhillips
4.750%	10/15/12		80,000		85,880
5.900%	05/15/38		210,000		236,181
El Paso Corp. MTN
7.800%	08/01/31		611,000		603,859
Energy Transfer Partners LP
6.700%	07/01/18		160,000		172,060
Enterprise Products Operating LLC
6.500%	01/31/19		250,000		280,301
Hess Corp.
7.300%	08/15/31		167,000		197,028
7.875%	10/01/29		60,000		73,831
8.125%	02/15/19		160,000		199,449
Kerr-McGee Corp.
6.950%	07/01/24		10,000		9,086
7.875%	09/15/31		155,000		141,994

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

	Maturity Date	Par		Value
Energy (continued)
Kinder Morgan Energy Partners LP
5.000%	12/15/13	$	25,000	$	26,606
5.850%	09/15/12		10,000		10,721
5.950%	02/15/18		60,000		64,802
6.000%	02/01/17		150,000		163,399
6.750%	03/15/11		10,000		10,352
6.950%	01/15/38		50,000		53,132
7.125%	03/15/12		5,000		5,375
Occidental Petroleum Corp.
7.000%	11/01/13		320,000		373,968
Peabody Energy Corp.
6.875%	03/15/13		3,000		3,022
Pemex Project Funding Master Trust
6.625%	06/15/35		207,000		212,911
Pride International, Inc.
7.375%	07/15/14		20,000		19,925
SandRidge Energy, Inc.
9.875%(b)	05/15/16		80,000		81,200
Southern Natural Gas Co.
5.900%(b)	04/01/17		30,000		31,784
8.000%	03/01/32		75,000		84,984
Tennessee Gas Pipeline Co.
7.625%	04/01/37		150,000		165,845
Williams , Inc.
7.500%	01/15/31		269,000		286,141
7.750%	06/15/31		60,000		64,461
Williams Partners
5.250%(b)	03/15/20		240,000		245,416
XTO Energy, Inc.
5.500%	06/15/18		48,000		54,889
7.500%	04/15/12		296,000		329,580
					5,163,204
Financials — 12.1%
Ally Financial, Inc.
6.875%	09/15/11		354,000		358,867
7.250%	03/02/11		104,000		105,690
American Express Co.
6.800%(a)	09/01/66		115,000		109,537
American Express Credit Corp. MTN
5.125%	08/25/14		360,000		387,314
5.875%	05/02/13		70,000		76,589
American General Finance Corp. MTN
6.900%	12/15/17		320,000		254,800
American International Group, Inc.
5.850%	01/16/18		40,000		35,750
6.250%	03/15/37		200,000		136,000
BAC Capital Trust XIV
5.630%(a)	03/15/12		10,000		6,750

	Maturity Date	Par		Value
Financials (continued)
Bank of America Corp.
7.625%	06/01/19	$	370,000	$	423,838
Bear Stearns LLC
7.250%	02/01/18		270,000		315,279
Berkshire Hathaway, Inc.
3.200%	02/11/15		180,000		185,366
Boeing Capital Corp.
4.700%	10/27/19		70,000		75,259
Caterpillar Financial Services Corp. MTN
6.200%	09/30/13		260,000		294,928
Citigroup, Inc.
5.000%	09/15/14		315,000		315,063
5.500%	10/15/14		30,000		30,843
6.000%	12/13/13		290,000		304,243
6.010%	01/15/15		230,000		241,243
6.500%	08/19/13		60,000		63,956
6.875%	03/05/38		320,000		335,701
Countrywide Financial Corp.
6.250%	05/15/16		50,000		52,125
FIA Card Services
7.125%	11/15/12		510,000		555,321
Ford Motor Credit Co. LLC
5.787%(a)	06/15/11		103,000		104,288
7.375%	02/01/11		60,000		61,123
8.000%	12/15/16		420,000		429,488
12.000%	05/15/15		340,000		393,584
General Electric Capital Corp. MTN
5.625%	05/01/18		260,000		276,744
6.375%(a)	11/15/67		420,000		390,600
6.875%	01/10/39		470,000		518,942
Goldman Sachs Capital II
5.793%(a)	12/29/49		20,000		15,100
Goldman Sachs Group, Inc. MTN
3.625%	08/01/12		30,000		30,561
4.750%	07/15/13		20,000		20,882
5.250%	10/15/13		40,000		42,164
5.300%	02/14/12		10,000		10,408
5.375%	03/15/20		310,000		306,316
5.450%	11/01/12		50,000		52,672
6.600%	01/15/12		310,000		327,869
HSBC Finance Corp. MTN
4.625%	09/15/10		400,000		402,835
6.375%	11/27/12		40,000		43,198
JPMorgan Chase & Co.
5.125%	09/15/14		545,000		581,586
5.150%	10/01/15		200,000		213,986
5.750%	01/02/13		195,000		209,727
Lehman Brothers Holdings Capital Trust VII MTN
5.857%(c)	11/29/49		200,000		20
Lehman Brothers Holdings, Inc. MTN
6.200%(c)	09/26/14		80,000		15,800

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

	Maturity Date	Par		Value
Financials (continued)
Lehman Brothers Holdings, Inc. MTN (continued)
6.500%(c)	07/19/17	$	160,000	$	280
6.750%(c)	12/28/17		340,000		170
Merrill Lynch & Co., Inc. MTN
6.875%	04/25/18		70,000		74,788
MetLife, Inc.
6.400%	12/15/36		40,000		35,200
Morgan Stanley MTN
0.754%(a)	10/18/16		40,000		34,793
5.625%	01/09/12		300,000		312,165
5.750%	08/31/12		70,000		73,355
6.625%	04/01/18		100,000		104,814
Private Export Funding Corp.
4.950%	11/15/15		260,000		293,512
SLM Corp. MTN
5.000%	04/15/15		10,000		8,601
5.000%	10/01/13		355,000		339,368
5.050%	11/14/14		50,000		44,718
5.375%	05/15/14		345,000		315,454
5.625%	08/01/33		35,000		25,688
SunTrust Capital VIII
6.100%(a)	12/15/36		50,000		38,063
SunTrust Preferred Capital I
5.853%(a)	12/15/11		11,000		7,370
Travelers Cos., Inc. (The)
6.250%(a)	03/15/37		270,000		253,360
Unilever Capital Corp.
7.125%	11/01/10		55,000		56,164
Wachovia Capital Trust III
5.800%(a)	03/15/11		320,000		254,400
Wachovia Corp.
5.625%	10/15/16		690,000		744,692
Wells Fargo & Co.
5.000%	11/15/14		5,000		5,282
5.300%	08/26/11		90,000		93,479
Wells Fargo Capital X
5.950%	12/15/36		100,000		88,691
					12,316,762
Health Care — 1.8%
Abbott Laboratories
5.125%	04/01/19		340,000		379,361
Community Health Systems, Inc.
8.875%	07/15/15		70,000		72,188
DaVita, Inc.
6.625%	03/15/13		66,000		66,083
GlaxoSmithKline Capital, Inc.
5.650%	05/15/18		380,000		434,824
HCA, Inc.
6.250%	02/15/13		14,000		13,755
6.300%	10/01/12		59,000		58,705
7.500%	11/15/95		20,000		14,900
7.690%	06/15/25		30,000		26,850
9.125%	11/15/14		10,000		10,462

	Maturity Date	Par		Value
Health Care (continued)
9.250%	11/15/16	$	60,000	$	63,750
HCA, Inc. PIK
9.625%	11/15/16		21,037		22,510
Humana, Inc.
7.200%	06/15/18		130,000		145,116
Medtronic, Inc.
4.450%	03/15/20		80,000		85,249
Tenet Healthcare Corp.
9.000%(b)	05/01/15		60,000		63,450
9.250%	02/01/15		71,000		73,307
10.000%(b)	05/01/18		60,000		66,300
UnitedHealth Group, Inc.
6.000%	02/15/18		40,000		44,601
WellPoint, Inc.
5.875%	06/15/17		20,000		22,281
Wyeth
5.950%	04/01/37		200,000		226,550
					1,890,242
Industrials — 1.1%
Boeing Co.
4.875%	02/15/20		40,000		44,042
6.000%	03/15/19		100,000		117,769
Delta Air Lines, Inc.
6.821%	08/10/22		337,078		332,865
7.570%	11/18/10		200,000		202,500
RailAmerica, Inc.
9.250%	07/01/17		96,000		100,560
United Parcel Service, Inc.
4.500%	01/15/13		330,000		356,610
					1,154,346
Materials — 0.5%
Alcoa, Inc.
6.000%	07/15/13		10,000		10,532
Freeport-McMoRan Copper & Gold, Inc.
8.375%	04/01/17		345,000		379,500
PPG Industries, Inc.
5.750%	03/15/13		30,000		32,821
6.650%	03/15/18		30,000		35,597
Steel Dynamics, Inc.
6.750%	04/01/15		60,000		60,225
7.375%	11/01/12		5,000		5,175
Westlake Chemical Corp.
6.625%	01/15/16		8,000		7,680
					531,530
Telecommunication Services — 1.6%
AT&T, Inc.
5.100%	09/15/14		80,000		88,747
6.550%	02/15/39		110,000		123,210

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

	Maturity Date	Par		Value
Telecommunication Services (continued)
Bellsouth Capital Funding Corp.
7.875%	02/15/30	$	160,000	$	196,118
BellSouth Corp.
4.750%	11/15/12		10,000		10,721
Intelsat Corp.
9.250%	08/15/14		90,000		92,025
New Cingular Wireless Services, Inc.
8.125%	05/01/12		85,000		95,115
Qwest Communications International, Inc.
7.500%	02/15/14		28,000		28,070
Sprint Capital Corp.
6.900%	05/01/19		230,000		208,150
8.375%	03/15/12		40,000		42,150
8.750%	03/15/32		25,000		23,875
Verizon Communications, Inc.
5.500%	02/15/18		210,000		230,435
6.100%	04/15/18		165,000		187,321
8.950%	03/01/39		170,000		241,589
Windstream Corp.
8.625%	08/01/16		85,000		85,637
					1,653,163
Utilities — 3.1%
AES Corp. (The)
7.750%	10/15/15		70,000		70,875
7.750%	03/01/14		3,000		3,052
8.000%	06/01/20		240,000		241,200
8.875%	02/15/11		9,000		9,203
9.375%	09/15/10		63,000		63,315
Dominion Resources, Inc.
4.750%	12/15/10		30,000		30,520
5.700%	09/17/12		260,000		281,032
Duke Energy Carolinas LLC
5.625%	11/30/12		380,000		415,667
Dynegy Holdings, Inc.
7.750%	06/01/19		5,000		3,456
Edison Mission Energy
7.000%	05/15/17		20,000		12,800
Energy Future Holdings Corp.
6.500%	11/15/24		70,000		31,500
6.550%	11/15/34		170,000		75,650
Energy Future Holdings Corp. PIK
11.250%	11/01/17		1,301,243		845,808
Exelon Corp.
5.625%	06/15/35		210,000		203,457
FirstEnergy Corp.
6.450%	11/15/11		7,000		7,394
7.375%	11/15/31		360,000		379,581
NRG Energy, Inc.
7.250%	02/01/14		55,000		55,756
7.375%	01/15/17		20,000		19,800

	Maturity Date	Par		Value
Utilities (continued)
NRG Energy, Inc. (continued)
7.375%	02/01/16	$	35,000	$	34,825
Pacific Gas & Electric Co.
5.800%	03/01/37		10,000		10,869
6.050%	03/01/34		190,000		211,986
8.250%	10/15/18		20,000		25,590
Tennessee Valley Authority
5.250%	09/15/39		100,000		110,549
					3,143,885
Total Corporate Bonds (Cost $29,861,750)					29,909,604

FOREIGN BONDS (f) — 10.9%
Australia — 2.1%
BHP Billiton Finance USA, Ltd.
6.500%	04/01/19		280,000		335,789
Commonwealth Bank of Australia
2.500%	12/10/12		1,000,000		1,026,148
Rio Tinto Finance USA, Ltd.
9.000%	05/01/19		400,000		524,908
6.500%	07/15/18		250,000		284,935
					2,171,780
Belgium — 0.3%
Anheuser-Busch InBev Worldwide, Inc.
5.375%	01/15/20		230,000		247,846

Canada — 1.2%
Conoco Funding Co.
7.250%	10/15/31		35,000		43,435
6.350%	10/15/11		70,000		74,670
Hydro Quebec
6.300%	05/11/11		60,000		62,823
OPTI Canada, Inc.
8.250%	12/15/14		5,000		4,350
7.875%	12/15/14		20,000		17,400
Province of Ontario Canada
4.000%	10/07/19		380,000		392,369
2.700%	06/16/15		490,000		494,186
Rogers Communications, Inc.
6.750%	03/15/15		10,000		11,584
6.375%	03/01/14		10,000		11,354
Sun Media Corp.
7.625%	02/15/13		10,000		10,000
Teck Resources, Ltd.
10.750%	05/15/19		15,000		18,380
10.250%	05/15/16		10,000		11,800
9.750%	05/15/14		10,000		11,818
					1,164,169

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

	Maturity Date	Par		Value
Cayman Islands — 0.7%
MUFG Capital Finance 1, Ltd.
6.346%(a)	07/25/49	$	100,000	$	96,749
Petrobras International Finance Co.
6.125%	10/06/16		90,000		95,543
5.750%	01/20/20		10,000		10,070
Systems 2001 AT LLC
6.664%(b)	09/15/13		256,201		271,573
Vale Overseas, Ltd.
6.875%	11/21/36		185,000		192,864
					666,799
France — 0.1%
Cie Generale de Geophysique-Veritas
7.750%	05/15/17		70,000		66,325
7.500%	05/15/15		25,000		23,812
					90,137
Germany — 0.9%
Kreditanstalt fuer Wiederaufbau
2.750%	10/21/14		610,000		624,968
Landwirtschaftliche Rentenbank
3.125%	07/15/15		250,000		258,231
					883,199
Luxembourg — 0.7%
FMC Finance III SA
6.875%	07/15/17		145,000		146,450
Intelsat Jackson Holdings SA
9.500%	06/15/16		15,000		15,750
Telecom Italia Capital SA
6.999%	06/04/18		30,000		31,955
5.250%	10/01/15		210,000		211,942
5.250%	11/15/13		35,000		36,151
4.950%	09/30/14		40,000		40,080
Tyco International Finance SA
6.750%	02/15/11		80,000		82,961
6.000%	11/15/13		220,000		246,246
					811,535
Mexico — 0.4%
America Movil SAB de CV
5.625%	11/15/17		80,000		87,449
5.000%(b)	03/30/20		100,000		103,317
Kansas City Southern de Mexico SA de CV
12.500%	04/01/16		36,000		43,020
9.375%	05/01/12		2,000		2,050
Mexico Government International Bond MTN
6.750%	09/27/34		152,000		175,180
					411,016

	Maturity Date	Par		Value
Netherlands — 0.6%
Deutsche Telekom International Finance BV
5.750%	03/23/16	$	195,000	$	213,358
Koninklijke KPN NV
8.000%	10/01/10		230,000		233,665
Shell International Finance BV
4.375%	03/25/20		230,000		237,758
					684,781
Russia — 0.9%
Russia Federation
7.500%(e)	03/31/30		777,400		876,363

Switzerland — 0.3%
UBS AG MTN
3.875%	01/15/15		260,000		258,713

United Kingdom — 2.7%
Barclays Bank PLC
5.200%	07/10/14		200,000		211,070
5.000%	09/22/16		200,000		205,150
BP Capital Markets PLC
5.250%	11/07/13		270,000		248,199
3.875%	03/10/15		90,000		76,694
British Telecommunications PLC
9.125%(e)	12/15/10		140,000		144,791
Diageo Capital PLC
4.828%	07/15/20		390,000		413,689
Nationwide Building Society
2.500%	08/17/12		1,000,000		1,021,904
Royal Bank of Scotland Group PLC MTN
7.640%	09/29/17		100,000		57,250
6.400%	10/21/19		180,000		182,455
5.050%	01/08/15		60,000		56,038
5.000%	10/01/14		30,000		28,148
5.000%	11/12/13		60,000		58,220
4.875%	03/16/15		100,000		99,496
					2,803,104
Total Foreign Bonds (Cost $10,769,755)					11,069,442

MUNICIPAL BONDS — 0.5 %
Kentucky Higher Education Student Loan Corp. RB (a)
1.450%	05/01/34		100,000		99,833
Municipal Electric Authority of Georgia RB
6.655%	04/01/57		40,000		38,583
6.637%	04/01/57		60,000		58,107

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

	Maturity Date	Par		Value
MUNICIPAL BONDS (continued)
North Texas Higher Education Authority RB (a)
1.460%	07/01/30	$	215,000	$	213,385
State of California, Build America Bonds GO
7.300%	10/01/39		100,000		104,109

Total Municipal Bonds (Cost $515,796)					514,017

Shares
PREFERRED STOCK — 0.2%
	5,800	Citigroup Capital XII, 8.500%	144,942
	14,850	Federal Home Loan Mortgage Corp., Series Z, 8.375%	5,049
	500	Federal National Mortgage Association, Series O, 0.000%	300
	10,775	Federal National Mortgage Association, Series S, 8.250%	3,664
	2,000	Motors Liquidation Co., Series C Cnv †, 6.250%	13,600
	6,250	Motors Liquidation Co., Series B Cnv †, 5.250%	42,125

Total Preferred Stock (Cost $974,010)			209,680


U.S. GOVERNMENT & AGENCY OBLIGATIONS — 13.6%
FHLB
1.039%(a)	09/16/14	480,000	480,592
FHLMC
0.750%(e)	08/19/10	2,080,000	2,080,320
0.750%(e)	10/29/10	800,000	800,966
0.750%(e)	10/12/10	800,000	800,324
2.020%	04/29/13	560,000	562,557
5.000%	02/16/17	650,000	741,875
9.193%(d)	03/15/31	1,170,000	443,090
FNMA
0.850%(e)	10/08/10	1,120,000	1,120,295
1.000%(e)	03/29/11	1,720,000	1,723,278
2.000%	04/15/13	810,000	818,145
5.000%	06/01/35	2,106,764	2,238,854
5.125%	01/02/14	500,000	549,870
5.250%	08/01/12	280,000	302,198
6.625%	11/15/30	490,000	637,225
7.568%(d)	10/09/19	920,000	568,762

Total U.S. Government & Agency Obligations (Cost $13,623,055)			13,868,351

U.S. TREASURY OBLIGATIONS — 11.7%
U.S. Treasury Bonds
8.000%	11/15/21	3,310,000	4,813,998

	Maturity Date	Par		Value
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Bonds (continued)
4.625%	02/15/40	$	30,000	$	33,722
4.500%	08/15/39		3,030,000		3,337,260
4.375%	05/15/40		150,000		162,234
U.S. Treasury Inflationary Protection Securities (g)
3.875%	04/15/29		330,000		587,274
3.625%	04/15/28		80,000		139,550
2.500%	01/15/29		1,015,000		1,164,865
1.750%	01/15/28		800,000		844,471
U.S. Treasury Note
1.375%	05/15/13		100,000		101,219
U.S. Treasury STRIPS
4.686%(d)	02/15/25		680,000		387,459
4.599%(d)	11/15/24		680,000		391,921

Total U.S. Treasury Obligations (Cost $11,135,217)					11,963,973

Shares
ESCROW SECURITY — 0.0%
	10,000	CB Premiere Escrow Security † (h) (Cost $—)	—

Total Investments — 98.8% (Cost $105,468,175)			100,991,744

FORWARD COMMITMENT — 0.1%
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1%
FNMA TBA
6.000%	07/01/37	(100,000	)		(108,453	)
(Proceeds $108,309)

Other Assets & Liabilities, Net — 1.1%					1,143,145

NET ASSETS — 100.0%				$	102,026,436

†	Non-income producing security.

(a)	Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of June 30, 2010.

(b)

Security sold within terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees.

(c)	Security is in default on interest payments.

(d)	Zero Coupon Bond. The rate shown is the effective yield at time of purchase.

(e)	Step Bond - The rate shown is the effective yield on June 30, 2010. The coupon on a step bond changes on a specified date.

(f)	Foreign security denominated in U.S. currency.

(g)	Inflation protected security. Principal amount periodically adjusted for inflation.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

(h)	Security considered illiquid. The total value of such securities as of June 30, 2010 was $10,456 and represented less than 0.1% of Net Assets.

Cnv – Convertible

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

GO – General Obligation

LLC – Limited Liability Company

LP – Limited Partnership

MTN – Medium Term Note

PIK – Payment-in-Kind

PLC – Public Limited Company

RB – Revenue Bond

STRIPS – Separately Traded Registered Interest and Principal Security

TBA – To Be Announced

Amounts designated as “—“ are $0 or have been rounded to $0.

The following is a summary of the inputs used as of June 30, 2010, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3			Total
Asset-Backed Securities	$	—	$	3,167,202	$	—		$	3,167,202
Collateralized Mortgage Obligations		—		30,289,475		—			30,289,475
Corporate Bonds		—		29,909,604		—			29,909,604
Foreign Bonds		—		11,069,442		—			11,069,442
Municipal bonds		—		514,017		—			514,017
Preferred Stock		144,942		64,738		—			209,680
U.S. Government & Agency Obligations		—		13,868,351		—			13,868,351
U.S. Treasury Obligations		—		11,963,973		—			11,963,973
Escrow Security		—		—		—	††		—
Total Investments in Securities	$	144,942	$	100,846,802	$	—		$	100,991,744

Forward Commitment		Level 1				Level 2				Level 3				Total
Collateralized Mortgage Obligations		$	—			$	(108,453	)		$	—			$	(108,453	)

††	This security was categorized as Level 3 and had a market value of $0 as of June 30, 2010.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments

June 30, 2010 (Unaudited)

Shares			Value
COMMON STOCK — 99.7%
Consumer Discretionary — 19.1%
	152	1-800-Flowers.com, Inc., Class A †	$	313
	1,182	99 Cents Only Stores †		17,494
	599	AFC Enterprises, Inc. †		5,451
	640	Ambassadors Group, Inc.		7,226
	197	American Apparel, Inc. †		361
	1,679	American Axle & Manufacturing Holdings, Inc. †		12,307
	74	American Greetings Corp., Class A		1,388
	551	American Public Education, Inc. †		24,079
	153	America's Car-Mart, Inc. †		3,462
	702	Amerigon, Inc. †		5,181
	793	Ameristar Casinos, Inc.		11,943
	1,636	AnnTaylor Stores Corp. †		26,618
	801	Arbitron, Inc.		20,530
	817	Asbury Automotive Group, Inc. †		8,611
	410	Ballantyne Strong, Inc. †		2,968
	255	Bebe Stores, Inc.		1,632
	2,547	Belo Corp., Class A †		14,492
	619	Big 5 Sporting Goods Corp.		8,134
	4	Biglari Holdings, Inc. †		1,148
	667	BJ's Restaurants, Inc. †		15,741
	378	Blue Nile, Inc. †		17,796
	50	Blyth, Inc.		1,703
	127	Bon-Ton Stores, Inc. (The)		1,238
	581	Bridgepoint Education, Inc. †		9,186
	830	Brown Shoe Co., Inc.		12,599
	2,462	Brunswick Corp.		30,603
	761	Buckle, Inc. (The)		24,672
	10,736	Buffalo Wild Wings, Inc. †		392,723
	580	California Pizza Kitchen, Inc. †		8,787
	424	Cambium Learning Group, Inc. †		1,526
	2,788	Capella Education Co. †		226,804
	232	Caribou Coffee Co., Inc. †		2,197
	171	Carmike Cinemas, Inc. †		1,036
	358	Carrols Restaurant Group, Inc. †		1,636
	8,421	Carter's, Inc. †		221,051
	1,066	Casual Male Retail Group, Inc. †		3,646
	831	Cato Corp. (The), Class A		18,299
	39	Cavco Industries, Inc. †		1,372
	659	CEC Entertainment, Inc. †		23,236
	1,822	Cheesecake Factory, Inc. (The) †		40,558
	259	Cherokee, Inc.		4,429
	725	Children's Place Retail Stores, Inc. (The) †		31,915
	586	Christopher & Banks Corp.		3,627
	58	Churchill Downs, Inc.		1,902
	12,797	Cinemark Holdings, Inc.		168,281
	447	Citi Trends, Inc. †		14,724
	1,609	CKE Restaurants, Inc.		20,161
	510	CKX, Inc. †		2,545
	5,085	Coinstar, Inc. †		218,502
	1,818	Coldwater Creek, Inc. †		6,108
	1,298	Collective Brands, Inc. †		20,508
	1,837	Cooper Tire & Rubber Co.		35,821
	46	Core-Mark Holding Co., Inc. †		1,260
	2,646	Corinthian Colleges, Inc. †		26,063
	171	CPI Corp.		3,834
	654	Cracker Barrel Old Country Store, Inc.		30,450
	2,460	CROCS, Inc. †		26,027
	129	Crown Media Holdings, Inc., Class A †		227
	257	Culp, Inc. †		2,817
	3,606	Dana Holding Corp. †		36,060
	390	Deckers Outdoor Corp. †		55,719

Shares			Value
Consumer Discretionary (continued)
	3,246	Denny's Corp. †	$	8,440
	161	Destination Maternity Corp. †		4,073
	94	Dex One Corp. †		1,786
	560	DineEquity, Inc. †		15,635
	400	Domino's Pizza, Inc. †		4,520
	324	Dorman Products, Inc. †		6,587
	1,582	Dress Barn, Inc. (The) †		37,667
	229	Drew Industries, Inc. †		4,626
	2,930	Drugstore.com, Inc. †		9,025
	399	DSW, Inc., Class A †		8,962
	7,471	Eastman Kodak Co. †		32,424
	150	Einstein Noah Restaurant Group, Inc. †		1,619
	780	Empire Resorts, Inc. †		1,271
	556	Entercom Communications Corp., Class A †		4,904
	1,397	Entravision Communications Corp., Class A †		2,948
	243	Ethan Allen Interiors, Inc.		3,400
	537	Exide Technologies †		2,792
	24,400	Express, Inc. †		399,428
	493	Finish Line, Inc. (The), Class A		6,867
	426	Fuel Systems Solutions, Inc. †		11,055
	72	Genesco, Inc. †		1,894
	443	G-III Apparel Group, Ltd. †		10,140
	623	Global Sources, Ltd. †		4,884
	9,057	Grand Canyon Education, Inc. †		212,206
	155	Group 1 Automotive, Inc. †		3,647
	7,874	Gymboree Corp. †		336,299
	1,085	Harte-Hanks, Inc.		11,338
	146	Hawk Corp., Class A †		3,716
	373	hhgregg, Inc. †		8,698
	862	Hibbett Sports, Inc. †		20,654
	3,731	Home Inns & Hotels Management, Inc. ADR †		145,658
	585	HOT Topic, Inc.		2,972
	1,172	HSN, Inc. †		28,128
	1,189	Interval Leisure Group, Inc. †		14,803
	661	iRobot Corp. †		12,420
	98	Isle of Capri Casinos, Inc. †		907
	1,569	Jack in the Box, Inc. †		30,517
	1,705	Jamba, Inc. †		3,632
	785	Jo-Ann Stores, Inc. †		29,445
	1,242	Joe's Jeans, Inc. †		2,459
	552	JOS A Bank Clothiers, Inc. †		29,802
	751	K12, Inc. †		16,657
	78	Kenneth Cole Productions, Inc., Class A †		859
	6,223	Kirkland's, Inc. †		105,013
	811	Knology, Inc. †		8,864
	1,965	Krispy Kreme Doughnuts, Inc. †		6,622
	402	K-Swiss, Inc., Class A †		4,515
	138	Lacrosse Footwear, Inc.		2,324
	171	La-Z-Boy, Inc. †		1,271
	829	Leapfrog Enterprises, Inc., Class A †		3,332
	184	Learning Tree International, Inc. †		1,996
	1,291	Lee Enterprises, Inc. †		3,318
	1,038	Life Time Fitness, Inc. †		32,998
	485	Lincoln Educational Services Corp. †		9,986
	1,363	Lions Gate Entertainment Corp. †		9,514
	2,802	Liz Claiborne, Inc. †		11,824
	233	LodgeNet Interactive Corp. †		864

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
Consumer Discretionary (continued)
	656	Lumber Liquidators Holdings, Inc. †	$	15,304
	642	Maidenform Brands, Inc. †		13,071
	298	Marine Products Corp. †		1,687
	773	Martha Stewart Living Omnimedia, Class A †		3,803
	912	Matthews International Corp., Class A		26,703
	1,683	McClatchy Co. (The), Class A †		6,126
	186	McCormick & Schmick's Seafood Restaurants, Inc. †		1,388
	140	Media General, Inc., Class A †		1,366
	477	Midas, Inc. †		3,659
	83	Monarch Casino & Resort, Inc. †		841
	591	Monro Muffler Brake, Inc.		23,362
	244	Morgans Hotel Group Co. †		1,503
	215	Multimedia Games, Inc. †		967
	11,820	National American University Holdings, Inc.		102,952
	1,210	National CineMedia, Inc.		20,159
	144	National Presto Industries, Inc.		13,372
	12,190	NutriSystem, Inc.		279,639
	1,035	OfficeMax, Inc. †		13,517
	519	Orbitz Worldwide, Inc. †		1,977
	446	Overstock.com, Inc. †		8,059
	409	Oxford Industries, Inc.		8,560
	500	Papa John's International, Inc. †		11,560
	351	Peet's Coffee & Tea, Inc. †		13,784
	474	Penske Automotive Group, Inc. †		5,385
	694	PetMed Express, Inc.		12,353
	698	PF Chang's China Bistro, Inc.		27,676
	2,916	Pier 1 Imports, Inc. †		18,692
	244	Pinnacle Entertainment, Inc. †		2,308
	453	Playboy Enterprises, Inc., Class B †		1,903
	936	Polaris Industries, Inc.		51,124
	1,437	Pool Corp.		31,499
	235	Pre-Paid Legal Services, Inc. †		10,690
	25	PRIMEDIA, Inc.		73
	470	Princeton Review, Inc. †		1,090
	1,068	RCN Corp. †		15,817
	142	ReachLocal, Inc. †		1,842
	280	Rentrak Corp. †		6,812
	657	Retail Ventures, Inc. †		5,138
	246	RG Barry Corp.		2,713
	417	Rue21, Inc. †		12,652
	898	Ruth's Hospitality Group, Inc. †		3,754
	2,437	Sally Beauty Holdings, Inc. †		19,983
	929	Scientific Games Corp., Class A †		8,547
	570	Sealy Corp. †		1,522
	1,300	Select Comfort Corp. †		11,375
	52	Shoe Carnival, Inc. †		1,067
	1,611	Shuffle Master, Inc. †		12,904
	9,105	Shutterfly, Inc. †		218,156
	5,543	Skechers U.S.A., Inc., Class A †		202,430
	1,786	Smith & Wesson Holding Corp. †		7,305
	205	Sonic Automotive, Inc., Class A †		1,755
	1,770	Sonic Corp. †		13,717
	9,688	Sotheby's		221,565
	88	Sport Supply Group, Inc.		1,184
	143	Standard Motor Products, Inc.		1,154
	382	Stein Mart, Inc. †		2,380
	4,059	Steiner Leisure, Ltd. †		156,028
	733	Steven Madden, Ltd. †		23,104
	440	Stoneridge, Inc. †		3,340
	606	Sturm Ruger & Co., Inc.		8,684
	318	Summer Infant, Inc. †		2,083
	167	Superior Industries International, Inc.		2,244

Shares			Value
Consumer Discretionary (continued)
	361	SuperMedia, Inc. †	$	6,603
	264	Systemax, Inc.		3,978
	1,745	Talbots, Inc. †		17,991
	8,622	Tempur-Pedic International, Inc. †		265,126
	1,661	Tenneco, Inc. †		34,981
	1,712	Texas Roadhouse, Inc., Class A †		21,605
	888	Timberland Co. (The), Class A †		14,341
	760	True Religion Apparel, Inc. †		16,773
	4,501	Ulta Salon Cosmetics & Fragrance, Inc. †		106,494
	1,050	Under Armour, Inc., Class A †		34,787
	174	Universal Electronics, Inc. †		2,894
	629	Universal Technical Institute, Inc. †		14,870
	386	US Auto Parts Network, Inc. †		2,316
	1,473	Valassis Communications, Inc. †		46,724
	46	Value Line, Inc.		834
	422	Vitacost.com, Inc. †		3,794
	455	Vitamin Shoppe, Inc. †		11,671
	578	Volcom, Inc. †		10,733
	5,262	Warnaco Group, Inc. (The) †		190,169
	412	Warner Music Group Corp. †		2,002
	158	Westwood One, Inc. †		1,560
	2,337	Wet Seal, Inc. (The), Class A †		8,530
	116	Weyco Group, Inc.		2,643
	70	Winmark Corp.		2,343
	828	Winnebago Industries, Inc. †		8,230
	1,490	Wolverine World Wide, Inc.		37,578
	576	World Wrestling Entertainment, Inc., Class A		8,963
	644	Zumiez, Inc. †		10,375
				6,237,247
Consumer Staples — 3.9%
	43	Alico, Inc.		988
	197	American Italian Pasta Co., Class A †		10,415
	41	Arden Group, Inc., Class A		3,603
	755	B&G Foods, Inc., Class A		8,139
	2,125	Boston Beer Co., Inc., Class A †		143,332
	355	Calavo Growers, Inc.		6,376
	388	Cal-Maine Foods, Inc.		12,389
	641	Casey's General Stores, Inc.		22,371
	199	Cellu Tissue Holdings, Inc. †		1,546
	125	Coca-Cola Bottling Co. Consolidated		5,990
	1,952	Darling International, Inc. †		14,660
	3,749	Diamond Foods, Inc.		154,084
	17	Farmer Bros Co.		257
	515	Female Health Co. (The)		2,673
	281	Great Atlantic & Pacific Tea Co. †		1,096
	22,229	Green Mountain Coffee Roasters, Inc. †		571,285
	2,486	Heckmann Corp. †		11,535
	412	Inter Parfums, Inc.		5,863
	405	J&J Snack Foods Corp.		17,050
	582	Lancaster Colony Corp.		31,056
	790	Lance, Inc.		13,027
	165	Lifeway Foods, Inc. †		1,607
	232	Limoneira Co.		5,048
	403	Medifast, Inc. †		10,442
	333	National Beverage Corp.		4,089
	222	Nature's Sunshine Products, Inc.		1,858
	1,487	Nu Skin Enterprises, Inc., Class A		37,071
	89	Pantry, Inc. (The) †		1,256
	611	Pilgrim's Pride Corp. †		4,014
	477	Pricesmart, Inc.		11,081
	166	Revlon, Inc., Class A †		1,852
	1,311	Rite Aid Corp. †		1,285
	658	Ruddick Corp.		20,391

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
Consumer Staples (continued)
	619	Sanderson Farms, Inc.	$	31,408
	51	Schiff Nutrition International, Inc.		363
	945	Smart Balance, Inc. †		3,865
	2,574	Star Scientific, Inc. †		4,221
	39	Susser Holdings Corp. †		460
	541	Synutra International, Inc. †		8,748
	664	Tootsie Roll Industries, Inc.		15,704
	1,303	United Natural Foods, Inc. †		38,933
	182	USANA Health Sciences, Inc. †		6,648
	906	Vector Group, Ltd.		15,239
	101	Village Super Market, Inc., Class A		2,651
	468	WD-40 Co.		15,631
				1,281,600
Energy — 4.1%
	724	Abraxas Petroleum Corp. †		2,027
	1,413	American Oil & Gas, Inc. †		8,874
	311	Apco Oil and Gas International, Inc.		7,312
	1,185	Arena Resources, Inc. †		37,801
	9,101	Atlas Energy, Inc. †		246,364
	2,104	Boots & Coots, Inc. †		6,207
	924	BPZ Resources, Inc. †		3,835
	14,012	Brigham Exploration Co. †		215,505
	819	Callon Petroleum Co. †		5,160
	1,355	CAMAC Energy, Inc. †		5,054
	569	CARBO Ceramics, Inc.		41,076
	950	Carrizo Oil & Gas, Inc. †		14,753
	587	Cheniere Energy, Inc. †		1,655
	149	Clayton Williams Energy, Inc. †		6,276
	1,185	Clean Energy Fuels Corp. †		17,704
	202	Cloud Peak Energy, Inc. †		2,679
	252	Contango Oil & Gas Co. †		11,277
	1,010	Dril-Quip, Inc. †		44,460
	3,629	Endeavour International Corp. †		3,847
	1,411	Energy XXI Bermuda, Ltd. †		22,266
	433	Evolution Petroleum Corp. †		2,169
	1,420	FX Energy, Inc. †		5,140
	151	Golar LNG, Ltd.		1,490
	8,549	Goodrich Petroleum Corp. †		102,588
	817	Gulfport Energy Corp. †		9,690
	107	Hallador Energy Co. †		958
	511	Houston American Energy Corp.		5,038
	3,563	ION Geophysical Corp. †		12,399
	37	Isramco, Inc. †		1,746
	702	James River Coal Co. †		11,176
	215	Key Energy Services, Inc. †		1,974
	3,177	Kodiak Oil & Gas Corp. †		10,135
	472	L&L Energy, Inc. †		4,059
	894	Lufkin Industries, Inc.		34,857
	1,370	Magnum Hunter Resources Corp. †		5,973
	130	Matrix Service Co. †		1,210
	2,503	McMoRan Exploration Co. †		27,808
	191	Newpark Resources, Inc. †		1,156
	1,320	Northern Oil and Gas, Inc. †		16,949
	8,628	Oasis Petroleum, Inc. †		125,106
	108	OYO Geospace Corp. †		5,236
	244	Panhandle Oil and Gas, Inc., Class A		6,449
	370	Petroquest Energy, Inc. †		2,501
	1,473	RAM Energy Resources, Inc. †		3,049
	6,111	Rentech, Inc. †		6,050
	104	Resolute Energy Corp. †		1,273
	214	Rex Energy Corp. †		2,161
	8,222	Rosetta Resources, Inc. †		162,878
	865	RPC, Inc.		11,807
	303	Scorpio Tankers, Inc. †		3,469

Shares			Value
Energy (continued)
	95	Stone Energy Corp. †	$	1,060
	2,122	Syntroleum Corp. †		3,480
	402	Tetra Technologies, Inc. †		3,650
	4,121	TransAtlantic Petroleum, Ltd. †		13,064
	1,831	Uranium Energy Corp. †		4,321
	124	Vaalco Energy, Inc.		694
	137	Venoco, Inc. †		2,256
	206	W&T Offshore, Inc.		1,949
	399	Warren Resources, Inc. †		1,157
	1,088	World Fuel Services Corp.		28,223
				1,350,480
Financials — 5.3%
	247	Acadia Realty Trust		4,154
	344	Advance America Cash Advance Centers, Inc.		1,421
	42	Alexander's, Inc.		12,723
	37	Arrow Financial Corp.		855
	713	Artio Global Investors, Inc., Class A		11,223
	496	Associated Estates Realty Corp.		6,423
	29	Bank of the Ozarks, Inc.		1,029
	1,655	BGC Partners, Inc., Class A		8,457
	73	Bridge Bancorp, Inc.		1,772
	780	Cardtronics, Inc. †		10,109
	272	Cash America International, Inc.		9,321
	529	CNO Financial Group, Inc. †		2,619
	415	Cohen & Steers, Inc.		8,607
	168	CompuCredit Holdings Corp.		665
	541	Crawford & Co., Class B †		1,710
	189	Credit Acceptance Corp. †		9,235
	67	Diamond Hill Investment Group, Inc.		3,798
	12,557	Dollar Financial Corp. †		248,503
	805	Duff & Phelps Corp., Class A		10,167
	468	DuPont Fabros Technology, Inc.		11,494
	379	EastGroup Properties, Inc.		13,485
	758	eHealth, Inc. †		8,618
	273	Encore Capital Group, Inc. †		5,627
	377	Epoch Holding Corp.		4,626
	505	Equity Lifestyle Properties, Inc.		24,356
	147	Equity One, Inc.		2,293
	9,228	Evercore Partners, Inc., Class A		215,474
	1,304	Ezcorp, Inc., Class A †		24,189
	907	FelCor Lodging Trust, Inc. †		4,526
	366	Financial Engines, Inc. †		4,978
	183	First American Financial Corp.		2,320
	895	First Cash Financial Services, Inc. †		19,511
	283	First Financial Bankshares, Inc.		13,609
	144	GAMCO Investors, Inc., Class A		5,357
	284	Getty Realty Corp.		6,364
	1,285	GFI Group, Inc.		7,170
	1,195	Gleacher & Co., Inc. †		3,047
	14	Heritage Financial Group		152
	353	HFF, Inc., Class A †		2,496
	362	Home Properties, Inc.		16,315
	134	Investors Bancorp, Inc. †		1,758
	47	JMP Group, Inc.		291
	710	KBW, Inc. †		15,222
	552	Kennedy-Wilson Holdings, Inc. †		5,575
	2,625	Ladenburg Thalmann Financial Services, Inc. †		3,281
	196	Life Partners Holdings, Inc.		4,010
	128	LTC Properties, Inc.		3,107
	852	MarketAxess Holdings, Inc.		11,749
	548	Mid-America Apartment Communities, Inc.		28,206

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
Financials (continued)
	297	National Health Investors, Inc.	$	11,452
	81	Nelnet, Inc., Class A		1,562
	66	NewStar Financial, Inc. †		420
	519	Omega Healthcare Investors, Inc.		10,344
	1,264	optionsXpress Holdings, Inc. †		19,895
	410	Oritani Financial Corp.		4,095
	6,153	Portfolio Recovery Associates, Inc. †		410,897
	625	Potlatch Corp.		22,331
	113	PS Business Parks, Inc.		6,303
	262	Pzena Investment Management, Inc., Class A		1,669
	441	Rodman & Renshaw Capital Group, Inc. †		1,261
	63	S.Y. Bancorp, Inc.		1,448
	77	Safeguard Scientifics, Inc. †		813
	136	Saul Centers, Inc.		5,526
	6,771	Signature Bank †		257,366
	886	Stifel Financial Corp. †		38,444
	995	Strategic Hotels & Resorts, Inc. †		4,368
	99	Suffolk Bancorp		3,063
	678	Tanger Factory Outlet Centers		28,056
	170	Tejon Ranch Co. †		3,924
	1	Teton Advisors, Inc., Class A †		9
	366	Thomas Weisel Partners Group, Inc. †		2,156
	638	Tower Group, Inc.		13,736
	291	TradeStation Group, Inc. †		1,964
	222	Trustco Bank Corp.		1,243
	172	Universal Health Realty Income Trust		5,526
	83	Urstadt Biddle Properties, Inc., Class A		1,339
	137	ViewPoint Financial Group		1,897
	136	Virtus Investment Partners, Inc. †		2,546
	440	Washington Real Estate Investment Trust		12,140
	408	Westamerica Bancorporation		21,428
	171	Westwood Holdings Group, Inc.		6,011
	230	World Acceptance Corp. †		8,811
				1,734,040
Health Care — 22.3%
	665	Abaxis, Inc. †		14,251
	935	ABIOMED, Inc. †		9,051
	903	Accelrys, Inc. †		5,824
	331	Accretive Health, Inc. †		4,379
	1,529	Accuray, Inc. †		10,137
	1,162	Acorda Therapeutics, Inc. †		36,150
	277	Acura Pharmaceuticals, Inc. †		695
	582	Affymax, Inc. †		3,480
	473	Affymetrix, Inc. †		2,791
	410	AGA Medical Holdings, Inc. †		5,203
	7,062	Air Methods Corp. †		210,094
	1,894	Akorn, Inc. †		5,625
	1,123	Alexza Pharmaceuticals, Inc. †		3,055
	1,781	Align Technology, Inc. †		26,483
	195	Alimera Sciences, Inc. †		1,451
	664	Alkermes, Inc. †		8,267
	823	Alliance HealthCare Services, Inc. †		3,325
	229	Allied Healthcare International, Inc. †		531
	2,406	Allos Therapeutics, Inc. †		14,749
	245	Almost Family, Inc. †		8,558
	1,098	Alnylam Pharmaceuticals, Inc. †		16,492
	1,191	Alphatec Holdings, Inc. †		5,526
	633	AMAG Pharmaceuticals, Inc. †		21,744
	835	Amedisys, Inc. †		36,715
	281	America Service Group, Inc.		4,833
	37	American Dental Partners, Inc. †		448
	2,265	American Medical Systems Holdings, Inc. †		50,102

Shares			Value
Health Care (continued)
	282	AMERIGROUP Corp. †	$	9,159
	515	AMN Healthcare Services, Inc. †		3,852
	283	Analogic Corp.		12,879
	2,031	Antares Pharma, Inc. †		3,574
	182	Anthera Pharmaceuticals, Inc. †		975
	711	Aoxing Pharmaceutical Co., Inc. †		2,318
	421	Ardea Biosciences, Inc. †		8,656
	3,032	Arena Pharmaceuticals, Inc. †		9,308
	3,247	Ariad Pharmaceuticals, Inc. †		9,157
	1,230	Arqule, Inc. †		5,289
	1,612	Array Biopharma, Inc. †		4,917
	751	Arthrocare Corp. †		23,018
	1,114	AspenBio Pharma, Inc. †		1,092
	1,001	athenahealth, Inc. †		26,156
	52	Atrion Corp.		7,023
	1,588	ATS Medical, Inc. †		6,304
	1,278	Auxilium Pharmaceuticals, Inc. †		30,033
	2,041	AVANIR Pharmaceuticals, Inc., Class A †		5,245
	276	AVEO Pharmaceuticals, Inc. †		1,951
	3,392	AVI BioPharma, Inc. †		5,461
	871	BioCryst Pharmaceuticals, Inc. †		5,148
	456	Biodel, Inc. †		1,724
	421	BioMimetic Therapeutics, Inc. †		4,681
	722	Bio-Reference Labs, Inc. †		16,007
	1,840	Biosante Pharmaceuticals, Inc. †		3,238
	893	BioScrip, Inc. †		4,679
	123	Biospecifics Technologies Corp. †		2,445
	611	Biotime, Inc. †		3,764
	251	BMP Sunstone Corp. †		1,293
	2,135	Bruker Corp. †		25,962
	837	Cadence Pharmaceuticals, Inc. †		5,867
	1,276	Caliper Life Sciences, Inc. †		5,448
	132	Caraco Pharmaceutical Laboratories, Ltd. †		623
	257	CardioNet, Inc. †		1,408
	1,136	Catalyst Health Solutions, Inc. †		39,192
	232	Celera Corp. †		1,520
	859	Celldex Therapeutics, Inc. †		3,917
	1,784	Cepheid, Inc. †		28,580
	1,121	Cerus Corp. †		3,542
	1,115	Chelsea Therapeutics International, Inc. †		3,267
	687	Chemed Corp.		37,538
	197	Chindex International, Inc. †		2,468
	1,637	Clarient, Inc. †		5,042
	322	Clinical Data, Inc. †		4,006
	183	Codexis, Inc. †		1,603
	1,917	Combinatorx, Inc. †		2,780
	294	Computer Programs & Systems, Inc.		12,030
	934	Conceptus, Inc. †		14,552
	831	Continucare Corp. †		2,784
	741	Corcept Therapeutics, Inc. †		2,312
	211	Corvel Corp. †		7,130
	176	CryoLife, Inc. †		949
	1,758	Cubist Pharmaceuticals, Inc. †		36,215
	377	Cumberland Pharmaceuticals, Inc. †		2,420
	2,142	Curis, Inc. †		2,977
	27	Cutera, Inc. †		249
	838	Cyberonics, Inc. †		19,844
	261	Cypress Bioscience, Inc. †		600
	1,462	Cytokinetics, Inc. †		3,465
	1,236	Cytori Therapeutics, Inc. †		4,301
	1,012	Delcath Systems, Inc. †		6,416
	1,718	Depomed, Inc. †		4,810
	1,711	DexCom, Inc. †		19,779
	532	Dionex Corp. †		39,613

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
Health Care (continued)
	2,772	Durect Corp. †	$	6,736
	3,045	Dyax Corp. †		6,912
	2,057	Dynavax Technologies Corp. †		3,826
	1,724	Eclipsys Corp. †		30,756
	555	Emergent Biosolutions, Inc. †		9,069
	599	Emeritus Corp. †		9,770
	1,469	Endologix, Inc. †		6,655
	374	Ensign Group, Inc. (The)		6,178
	809	Enzo Biochem, Inc. †		3,293
	1,063	Enzon Pharmaceuticals, Inc. †		11,321
	1,424	eResearchTechnology, Inc. †		11,221
	522	Eurand NV †		5,058
	2,347	ev3, Inc. †		52,596
	1,015	Exact Sciences Corp. †		4,466
	178	Exactech, Inc. †		3,040
	1,979	Exelixis, Inc. †		6,867
	227	Furiex Pharmaceuticals, Inc. †		2,306
	479	Genomic Health, Inc. †		6,193
	574	Genoptix, Inc. †		9,873
	288	Gentiva Health Services, Inc. †		7,779
	2,852	Geron Corp. †		14,317
	761	Haemonetics Corp. †		40,729
	2,137	Halozyme Therapeutics, Inc. †		15,044
	11,369	Hanger Orthopedic Group, Inc. †		204,187
	1,284	Hansen Medical, Inc. †		2,735
	784	Health Grades, Inc. †		4,704
	2,685	Healthsouth Corp. †		50,236
	1,025	HealthTronics, Inc. †		4,951
	276	HeartWare International, Inc. †		19,339
	260	Hi-Tech Pharmacal Co., Inc. †		5,957
	7,033	HMS Holdings Corp. †		381,329
	124	ICU Medical, Inc. †		3,989
	920	Idenix Pharmaceuticals, Inc. †		4,600
	2,113	Immucor, Inc. †		40,253
	2,026	Immunogen, Inc. †		18,781
	2,197	Immunomedics, Inc. †		6,789
	1,710	Impax Laboratories, Inc. †		32,644
	2,633	Incyte Corp., Ltd. †		29,147
	254	Infinity Pharmaceuticals, Inc. †		1,501
	1,415	Inhibitex, Inc. †		3,608
	1,458	Inovio Pharmaceuticals, Inc. †		1,487
	1,796	Inspire Pharmaceuticals, Inc. †		8,962
	1,130	Insulet Corp. †		17,006
	610	Integra LifeSciences Holdings Corp. †		22,570
	1,388	InterMune, Inc. †		12,978
	101	Invacare Corp.		2,095
	971	inVentiv Health, Inc. †		24,858
	14,798	IPC The Hospitalist Co., Inc. †		371,430
	490	IRIS International, Inc. †		4,969
	532	Ironwood Pharmaceuticals, Inc., Class A †		6,341
	2,832	Isis Pharmaceuticals, Inc. †		27,102
	408	Jazz Pharmaceuticals, Inc. †		3,195
	28	Kendle International, Inc. †		323
	215	Kensey Nash Corp. †		5,098
	1,450	Keryx Biopharmaceuticals, Inc. †		5,307
	276	Landauer, Inc.		16,803
	103	Lannett Co., Inc. †		471
	563	LCA-Vision, Inc. †		3,119
	2,106	Lexicon Pharmaceuticals, Inc. †		2,696
	469	LHC Group, Inc. †		13,015
	3,832	Ligand Pharmaceuticals, Inc., Class B †		5,595
	6,079	Lincare Holdings, Inc.		197,628
	1,139	Luminex Corp. †		18,475
	748	MAKO Surgical Corp. †		9,313
	1,792	MannKind Corp. †		11,451

Shares			Value
Health Care (continued)
	412	MAP Pharmaceuticals, Inc. †	$	5,405
	1,561	Masimo Corp.		37,167
	156	Maxygen, Inc. †		863
	6,795	MedAssets, Inc. †		156,829
	917	Medicines Co. (The) †		6,978
	543	Medidata Solutions, Inc. †		8,411
	977	Medivation, Inc. †		8,637
	330	MedQuist, Inc.		2,610
	600	MELA Sciences, Inc. †		4,464
	1,542	Merge Healthcare, Inc. †		4,518
	1,225	Meridian Bioscience, Inc.		20,825
	782	Merit Medical Systems, Inc. †		12,567
	757	Metabolix, Inc. †		10,833
	1,187	Metropolitan Health Networks, Inc. †		4,428
	7,347	Micromet, Inc. †		45,845
	483	Micrus Endovascular Corp. †		10,042
	217	Molina Healthcare, Inc. †		6,250
	1,205	Momenta Pharmaceuticals, Inc. †		14,773
	367	MWI Veterinary Supply, Inc. †		18,445
	1,343	Nabi Biopharmaceuticals †		7,306
	521	Nanosphere, Inc. †		2,272
	57	National Research Corp.		1,374
	847	Natus Medical, Inc. †		13,798
	10,281	Nektar Therapeutics †		124,400
	675	Neogen Corp. †		17,584
	761	Neostem, Inc. †		1,393
	1,216	Neuralstem, Inc. †		3,040
	1,468	Neurocrine Biosciences, Inc. †		8,221
	326	NeurogesX, Inc. †		2,161
	2,553	Novavax, Inc. †		5,540
	1,768	NPS Pharmaceuticals, Inc. †		11,386
	9,967	NuVasive, Inc. †		353,430
	687	NxStage Medical, Inc. †		10,195
	488	Nymox Pharmaceutical Corp. †		1,523
	511	Obagi Medical Products, Inc. †		6,040
	925	Odyssey HealthCare, Inc. †		24,716
	551	Omeros Corp. †		4,088
	921	Omnicell, Inc. †		10,766
	6,207	Onyx Pharmaceuticals, Inc. †		134,009
	2,607	Opko Health, Inc. †		5,892
	997	Optimer Pharmaceuticals, Inc. †		9,242
	1,436	OraSure Technologies, Inc. †		6,649
	872	Orexigen Therapeutics, Inc. †		3,662
	5,206	Orthofix International NV †		166,852
	2,225	Orthovita, Inc. †		4,517
	570	Osiris Therapeutics, Inc. †		3,312
	1,504	Owens & Minor, Inc.		42,684
	1,157	Pain Therapeutics, Inc. †		6,433
	328	Palomar Medical Technologies, Inc. †		3,670
	29,139	Parexel International Corp. †		631,734
	214	PDI, Inc. †		1,772
	3,574	PDL BioPharma, Inc.		20,086
	1,470	Peregrine Pharmaceuticals, Inc. †		3,160
	1,073	Pharmacyclics, Inc. †		7,146
	871	Pharmasset, Inc. †		23,813
	446	PharMerica Corp. †		6,538
	1,221	Phase Forward, Inc. †		20,366
	890	Pozen, Inc. †		6,239
	664	Progenics Pharmaceuticals, Inc. †		3,639
	144	Prospect Medical Holdings, Inc. †		871
	359	Providence Service Corp. (The) †		5,026
	1,736	PSS World Medical, Inc. †		36,716
	1,230	Psychiatric Solutions, Inc. †		40,246
	1,014	Pure Bioscience †		2,423
	592	Quality Systems, Inc.		34,330

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
Health Care (continued)
	11,520	Questcor Pharmaceuticals, Inc. †	$	117,619
	669	Quidel Corp. †		8,490
	192	RehabCare Group, Inc. †		4,182
	1,639	Rigel Pharmaceuticals, Inc. †		11,801
	341	Rochester Medical Corp. †		3,222
	135	RTI Biologics, Inc. †		395
	547	Rural/Metro Corp. †		4,453
	1,714	Salix Pharmaceuticals, Ltd. †		66,897
	1,374	Sangamo Biosciences, Inc. †		5,097
	1,739	Santarus, Inc. †		4,313
	2,019	Savient Pharmaceuticals, Inc. †		25,439
	1,191	Sciclone Pharmaceuticals, Inc. †		3,168
	10,109	Seattle Genetics, Inc. †		121,207
	475	SenoRx, Inc. †		5,215
	1,861	Sequenom, Inc. †		10,998
	882	SIGA Technologies, Inc. †		6,791
	969	Sirona Dental Systems, Inc. †		33,760
	544	Solta Medical, Inc. †		1,034
	359	Somanetics Corp. †		8,957
	816	Somaxon Pharmaceuticals, Inc. †		2,938
	467	SonoSite, Inc. †		12,660
	1,070	Spectranetics Corp. †		5,543
	1,425	Spectrum Pharmaceuticals, Inc. †		5,586
	992	Staar Surgical Co. †		5,674
	3,488	StemCells, Inc. †		3,279
	863	Stereotaxis, Inc. †		2,856
	1,703	STERIS Corp.		52,929
	30	Sucampo Pharmaceuticals, Inc., Class A †		106
	1,588	Sunrise Senior Living, Inc. †		4,415
	228	SuperGen, Inc. †		461
	326	SurModics, Inc. †		5,350
	3,386	SXC Health Solutions Corp. †		248,025
	250	Syneron Medical, Ltd. †		2,570
	393	Synovis Life Technologies, Inc. †		6,005
	677	Synta Pharmaceuticals Corp. †		1,828
	667	Targacept, Inc. †		12,893
	454	Team Health Holdings, Inc. †		5,866
	1,877	Theravance, Inc. †		23,594
	6,340	Thoratec Corp. †		270,908
	720	TomoTherapy, Inc. †		2,290
	213	Transcend Services, Inc. †		2,876
	126	Transcept Pharmaceuticals, Inc. †		1,050
	286	U.S. Physical Therapy, Inc. †		4,828
	1,363	Unilife Corp. †		7,933
	907	Vanda Pharmaceuticals, Inc. †		5,995
	8,927	Vascular Solutions, Inc. †		111,587
	1,608	Vical, Inc. †		4,985
	214	Virtual Radiologic Corp. †		3,672
	337	Vital Images, Inc. †		4,297
	2,436	Vivus, Inc. †		23,386
	1,482	Volcano Corp. †		32,337
	1,002	West Pharmaceutical Services, Inc.		36,563
	794	Wright Medical Group, Inc. †		13,188
	821	XenoPort, Inc. †		8,054
	64	Young Innovations, Inc.		1,802
	1,393	ZIOPHARM Oncology, Inc. †		4,430
	25,261	Zoll Medical Corp. †		684,573
	1,579	Zymogenetics, Inc. †		6,663
				7,260,739
Industrials — 16.4%
	545	3D Systems Corp. †		6,840
	2,027	A123 Systems, Inc. †		19,115
	371	AAON, Inc.		8,648
	421	ABM Industries, Inc.		8,820

Shares			Value
Industrials (continued)
	1,010	Acacia Research-Acacia Technologies †	$	14,372
	1,962	Actuant Corp., Class A		36,944
	7,713	Acuity Brands, Inc.		280,599
	653	Administaff, Inc.		15,777
	1,183	Advanced Battery Technologies, Inc. †		3,880
	465	Advisory Board Co. (The) †		19,976
	5,760	Aegean Marine Petroleum Network, Inc.		115,085
	496	Aerovironment, Inc. †		10,778
	69	Alaska Air Group, Inc. †		3,102
	151	Albany International Corp., Class A		2,445
	458	Allegiant Travel Co., Class A		19,552
	761	Altra Holdings, Inc. †		9,908
	282	American Reprographics Co. †		2,462
	270	American Science & Engineering, Inc.		20,577
	1,347	American Superconductor Corp. †		35,951
	37	Ampco-Pittsburgh Corp.		771
	628	AO Smith Corp.		30,263
	840	APAC Customer Services, Inc. †		4,788
	2,253	Applied Energetics, Inc. †		2,321
	1,178	Applied Industrial Technologies, Inc.		29,827
	219	Applied Signal Technology, Inc.		4,303
	60	Argan, Inc. †		626
	2,633	ArvinMeritor, Inc. †		34,492
	261	Astronics Corp. †		4,270
	265	ATC Technology Corp. †		4,272
	2,997	Avis Budget Group, Inc. †		29,431
	354	AZZ, Inc.		13,017
	446	Badger Meter, Inc.		17,256
	1,246	Baldor Electric Co.		44,956
	1,193	Barnes Group, Inc.		19,553
	159	Barrett Business Services, Inc.		1,972
	1,354	Beacon Roofing Supply, Inc. †		24,399
	1,301	Belden, Inc.		28,622
	1,368	Blount International, Inc. †		14,049
	349	BlueLinx Holdings, Inc. †		918
	844	Bowne & Co., Inc.		9,470
	870	Briggs & Stratton Corp.		14,807
	1,126	Brink's Co. (The)		21,428
	1,068	Broadwind Energy, Inc. †		2,990
	364	Builders FirstSource, Inc. †		873
	112	CAI International, Inc. †		1,333
	6,798	Capstone Turbine Corp. †		6,662
	726	Casella Waste Systems, Inc., Class A †		2,773
	814	CBIZ, Inc. †		5,177
	47	CDI Corp.		730
	389	Celadon Group, Inc. †		5,500
	1,620	Cenveo, Inc. †		8,878
	1,354	CLARCOR, Inc.		48,094
	674	Clean Harbors, Inc. †		44,760
	231	Coleman Cable, Inc. †		1,303
	694	Colfax Corp. †		7,225
	261	Consolidated Graphics, Inc. †		11,286
	1,030	Corporate Executive Board Co. (The)		27,058
	620	CoStar Group, Inc. †		24,056
	90	CRA International, Inc. †		1,695
	245	Cubic Corp.		8,913
	1,405	Deluxe Corp.		26,344
	737	Diamond Management & Technology Consultants, Inc., Class A		7,598
	805	DigitalGlobe, Inc. †		21,172
	475	Dolan Co. (The) †		5,282
	796	Dollar Thrifty Automotive Group, Inc. †		33,918
	238	DXP Enterprises, Inc. †		3,725
	138	Dynamex, Inc. †		1,684
	193	Dynamic Materials Corp.		3,096

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
Industrials (continued)
	31	DynCorp International, Inc., Class A †	$	543
	1,601	Ener1, Inc. †		5,411
	1,142	Energy Recovery, Inc. †		4,568
	583	EnerNOC, Inc. †		18,330
	389	EnerSys †		8,313
	157	Ennis, Inc.		2,357
	244	EnPro Industries, Inc. †		6,869
	396	Exponent, Inc. †		12,957
	1,081	Flow International Corp. †		2,551
	840	Forward Air Corp.		22,890
	336	Franklin Covey Co. †		2,184
	597	Franklin Electric Co., Inc.		17,206
	1,791	FuelCell Energy, Inc. †		2,113
	809	Furmanite Corp. †		3,212
	321	GenCorp, Inc. †		1,406
	209	Generac Holdings, Inc. †		2,928
	1,158	Genessee & Wyoming, Inc., Class A †		43,205
	1,048	Geo Group, Inc. (The) †		21,746
	658	GeoEye, Inc. †		20,490
	60	Global Defense Technology & Systems, Inc. †		766
	365	Gorman-Rupp Co. (The)		9,143
	136	GP Strategies Corp. †		987
	3,449	GrafTech International, Ltd. †		50,424
	298	Graham Corp.		4,467
	685	Great Lakes Dredge & Dock Corp.		4,110
	550	Hawaiian Holdings, Inc. †		2,843
	1,319	Healthcare Services Group, Inc.		24,995
	1,482	Heartland Express, Inc.		21,519
	882	HEICO Corp.		31,681
	47	Heidrick & Struggles International, Inc.		1,073
	1,700	Herman Miller, Inc.		32,079
	2,491	Hexcel Corp. †		38,635
	7,065	Higher One Holdings, Inc. †		102,443
	234	Hill International, Inc. †		950
	1,332	HNI Corp.		36,750
	521	Houston Wire & Cable Co.		5,653
	9,095	HUB Group, Inc., Class A †		272,941
	918	Hudson Highland Group, Inc. †		4,039
	279	Huron Consulting Group, Inc. †		5,415
	189	ICF International, Inc. †		4,523
	12,568	IDEX Corp.		359,068
	738	II-VI, Inc. †		21,867
	667	Innerworkings, Inc. †		4,556
	941	Insituform Technologies, Inc., Class A †		19,271
	1,511	Interface, Inc., Class A		16,228
	88	Interline Brands, Inc. †		1,521
	789	John Bean Technologies Corp.		12,032
	99	Kadant, Inc. †		1,725
	459	Kaman Corp.		10,153
	930	Kaydon Corp.		30,560
	15,021	Kelly Services, Inc., Class A †		223,362
	863	Kforce, Inc. †		11,003
	1,750	Knight Transportation, Inc.		35,420
	1,406	Knoll, Inc.		18,686
	93	Korn/Ferry International †		1,293
	334	LaBarge, Inc. †		3,811
	398	Lindsay Corp.		12,613
	133	Marten Transport, Ltd. †		2,764
	286	McGrath Rentcorp		6,515
	69	Met-Pro Corp.		742
	61	Michael Baker Corp. †		2,129
	4,804	Middleby Corp. †		255,525
	607	Mine Safety Appliances Co.		15,041
	424	Mistras Group, Inc. †		4,545

Shares			Value
Industrials (continued)
	147	Mueller Industries, Inc.	$	3,616
	4,032	Mueller Water Products, Inc., Class A		14,959
	51	Multi-Color Corp.		522
	154	MYR Group, Inc. †		2,570
	149	NACCO Industries, Inc., Class A		13,225
	522	Navigant Consulting, Inc. †		5,418
	518	NCI Building Systems, Inc. †		4,336
	973	Nordson Corp.		54,566
	711	Old Dominion Freight Line, Inc. †		24,984
	94	Omega Flex, Inc.		1,371
	131	On Assignment, Inc. †		659
	8,724	Orbital Sciences Corp. †		137,578
	809	Orion Marine Group, Inc. †		11,488
	63	Otter Tail Corp.		1,218
	988	Pacer International, Inc. †		6,906
	226	Park-Ohio Holdings Corp. †		3,252
	5	Patriot Transporation Holding, Inc. †		405
	445	PMFG, Inc. †		6,742
	626	Polypore International, Inc. †		14,235
	532	PowerSecure International, Inc. †		4,836
	11	Preformed Line Products Co.		308
	81	Primoris Services Corp.		510
	306	Quanex Building Products Corp.		5,291
	486	Raven Industries, Inc.		16,383
	655	RBC Bearings, Inc. †		18,988
	1,390	Resources Connection, Inc. †		18,904
	188	Roadrunner Transportation Systems, Inc. †		2,671
	1,296	Rollins, Inc.		26,814
	2,129	Satcon Technology Corp. †		6,089
	332	Sauer-Danfoss, Inc. †		4,057
	273	Schawk, Inc., Class A		4,081
	225	School Specialty, Inc. †		4,066
	215	SFN Group, Inc. †		1,174
	1,096	Simpson Manufacturing Co., Inc.		26,907
	441	Standard Parking Corp. †		6,981
	422	Standard Register Co. (The)		1,325
	68	Standex International Corp.		1,724
	6,180	Stanley, Inc. †		231,008
	264	Steelcase, Inc., Class A		2,046
	364	Sun Hydraulics Corp.		8,539
	14,589	SYKES Enterprises, Inc. †		207,601
	113	TAL International Group, Inc.		2,539
	2,082	Taser International, Inc. †		8,120
	117	Team, Inc. †		1,527
	309	Teledyne Technologies, Inc. †		11,921
	563	Tennant Co.		19,041
	1,848	Tetra Tech, Inc. †		36,239
	269	Textainer Group Holdings, Ltd.		6,494
	165	Titan International, Inc.		1,645
	155	Titan Machinery, Inc. †		2,035
	9,333	TransDigm Group, Inc.		476,263
	59	Tredegar Corp.		963
	465	Trex Co., Inc. †		9,342
	449	Trimas Corp. †		5,078
	785	TrueBlue, Inc. †		8,784
	425	United Stationers, Inc. †		23,150
	1,033	UQM Technologies, Inc. †		3,502
	516	US Ecology, Inc.		7,518
	76	Viad Corp.		1,341
	570	Vicor Corp. †		7,119
	402	Volt Information Sciences, Inc. †		3,377
	67	VSE Corp.		2,132
	6,007	Watsco, Inc.		347,925
	82	Watts Water Technologies, Inc., Class A		2,350

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
Industrials (continued)
	179	Werner Enterprises, Inc.	$	3,918
	5,324	WESCO International, Inc. †		179,259
	1,805	Woodward Governor Co.		46,082
	179	Xerium Technologies, Inc. †		2,527
				5,356,456
Information Technology — 24.9%
	1,159	3PAR, Inc. †		10,790
	1,022	ACI Worldwide, Inc. †		19,898
	7,624	Acme Packet, Inc. †		204,933
	368	Actel Corp. †		4,718
	1,496	Actuate Corp. †		6,657
	11,104	Acxiom Corp. †		163,118
	2,360	ADC Telecommunications, Inc. †		17,488
	1,824	ADTRAN, Inc.		49,740
	402	Advanced Analogic Technologies, Inc. †		1,282
	704	Advanced Energy Industries, Inc. †		8,652
	487	Advent Software, Inc. †		22,870
	671	American Software, Inc., Class A		3,100
	3,176	Amkor Technology, Inc. †		17,500
	1,440	Anadigics, Inc. †		6,278
	99	Anaren, Inc. †		1,479
	542	Ancestry.com, Inc. †		9,550
	402	Anixter International, Inc. †		17,125
	1,960	Applied Micro Circuits Corp. †		20,541
	349	Archipelago Learning, Inc. †		3,989
	730	ArcSight, Inc. †		16,345
	2,700	Ariba, Inc. †		43,011
	992	Arris Group, Inc. †		10,108
	4,800	Art Technology Group, Inc. †		16,416
	2,170	Aruba Networks, Inc. †		30,901
	1,735	Aspen Technology, Inc. †		18,894
	86	ATMI, Inc. †		1,259
	384	AXT, Inc. †		1,732
	171	Benchmark Electronics, Inc. †		2,710
	720	BigBand Networks, Inc. †		2,174
	1,344	Blackbaud, Inc.		29,259
	14,396	Blackboard, Inc. †		537,403
	1,246	Blue Coat Systems, Inc. †		25,456
	853	Bottomline Technologies, Inc. †		11,115
	2,072	Brightpoint, Inc. †		14,504
	1,074	Brooks Automation, Inc. †		8,302
	157	Cabot Microelectronics Corp. †		5,431
	70	CACI International, Inc., Class A †		2,974
	193	Calix, Inc. †		1,980
	250	Cass Information Systems, Inc.		8,563
	1,318	Cavium Networks, Inc. †		34,518
	572	Ceva, Inc. †		7,207
	462	Checkpoint Systems, Inc. †		8,020
	1,962	Cirrus Logic, Inc. †		31,019
	541	Cogent, Inc. †		4,874
	895	Cognex Corp.		15,734
	486	Coherent, Inc. †		16,670
	135	Cohu, Inc.		1,638
	9,141	CommVault Systems, Inc. †		205,672
	696	Compellent Technologies, Inc. †		8,436
	302	Computer Task Group, Inc. †		1,951
	15,964	comScore, Inc. †		262,927
	398	Comtech Telecommunications Corp. †		11,912
	757	Comverge, Inc. †		6,783
	1,210	Concur Technologies, Inc. †		51,643
	2,310	Conexant Systems, Inc. †		5,174
	816	Constant Contact, Inc. †		17,405
	179	Convio, Inc. †		1,314
	72	CPI International, Inc. †		1,122

Shares			Value
Information Technology (continued)
	490	Cray, Inc. †	$	2,734
	503	CSG Systems International, Inc. †		9,220
	292	CTS Corp.		2,698
	2,134	Cybersource Corp. †		54,481
	207	Cymer, Inc. †		6,218
	298	Daktronics, Inc.		2,235
	387	DDi Corp.		2,914
	1,029	DealerTrack Holdings, Inc. †		16,927
	556	Deltek, Inc. †		4,637
	683	DemandTec, Inc. †		4,610
	745	DG FastChannel, Inc. †		24,272
	510	Dice Holdings, Inc. †		3,529
	132	Digi International, Inc. †		1,092
	194	Digimarc Corp. †		3,637
	256	Digital River, Inc. †		6,121
	1,014	Diodes, Inc. †		16,092
	439	DivX, Inc. †		3,363
	523	DTS, Inc. †		17,191
	803	Ebix, Inc. †		12,591
	989	Echelon Corp. †		7,249
	309	Echo Global Logistics, Inc. †		3,773
	81	Electro Scientific Industries, Inc. †		1,082
	76	EMS Technologies, Inc. †		1,142
	64,320	Emulex Corp. †		590,458
	419	Energy Conversion Devices, Inc. †		1,718
	1,185	Entegris, Inc. †		4,705
	1,771	Entropic Communications, Inc. †		11,228
	849	Epicor Software Corp. †		6,784
	213	EPIQ Systems, Inc.		2,754
	7	ePlus, Inc. †		122
	109	Exar Corp. †		755
	13,619	ExlService Holdings, Inc. †		233,838
	736	Extreme Networks †		1,987
	462	FalconStor Software, Inc. †		1,220
	515	FARO Technologies, Inc. †		9,636
	423	FEI Co. †		8,337
	2,096	Finisar Corp. †		31,230
	444	Forrester Research, Inc. †		13,435
	1,122	Fortinet, Inc. †		18,446
	921	FSI International, Inc. †		3,859
	1,333	Global Cash Access Holdings, Inc. †		9,611
	1,789	GSI Commerce, Inc. †		51,523
	402	GSI Technology, Inc. †		2,299
	1,826	GT Solar International, Inc. †		10,225
	392	Guidance Software, Inc. †		2,046
	630	Hackett Group, Inc. (The) †		1,770
	857	Harmonic, Inc. †		4,662
	1,129	Heartland Payment Systems, Inc.		16,754
	809	Hittite Microwave Corp. †		36,195
	181	Hughes Communications, Inc. †		4,404
	1,307	Hypercom Corp. †		6,064
	53	ICx Technologies, Inc. †		387
	748	iGate Corp.		9,589
	926	Immersion Corp. †		4,686
	2,441	Infinera Corp. †		15,696
	938	infoGROUP, Inc. †		7,485
	197	Infospace, Inc. †		1,481
	325	Insight Enterprises, Inc. †		4,277
	154	Integral Systems, Inc. †		978
	2,798	Integrated Device Technology, Inc. †		13,850
	658	Integrated Silicon Solution, Inc. †		4,961
	429	Interactive Intelligence, Inc. †		7,048
	1,325	InterDigital, Inc. †		32,714
	1,036	Intermec, Inc. †		10,619
	228	Internet Brands, Inc., Class A †		2,355

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
Information Technology (continued)
	157	Internet Capital Group, Inc. †	$	1,193
	250	Intevac, Inc. †		2,667
	786	IPG Photonics Corp. †		11,971
	854	Isilon Systems, Inc. †		10,965
	1,043	Ixia †		8,959
	470	IXYS Corp. †		4,155
	989	j2 Global Communications, Inc. †		21,600
	2,564	Jack Henry & Associates, Inc.		61,228
	305	JDA Software Group, Inc. †		6,704
	328	Keithley Instruments, Inc.		2,896
	677	Kenexa Corp. †		8,124
	57	Keynote Systems, Inc.		514
	563	KIT Digital, Inc. †		4,966
	545	Knot, Inc. (The) †		4,240
	937	Kopin Corp. †		3,176
	2,059	Kulicke & Soffa Industries, Inc. †		14,454
	425	KVH Industries, Inc. †		5,279
	3,262	Lattice Semiconductor Corp. †		14,157
	3,993	Lawson Software, Inc. †		29,149
	1,093	Limelight Networks, Inc. †		4,798
	1,928	Lionbridge Technologies, Inc. †		8,811
	426	Liquidity Services, Inc. †		5,521
	525	Littelfuse, Inc. †		16,595
	1,379	LivePerson, Inc. †		9,460
	461	Local.com Corp. †		3,153
	5,146	LogMeIn, Inc. †		134,980
	584	LoopNet, Inc. †		7,201
	324	Loral Space & Communications, Inc. †		13,841
	4,112	LTX-Credence Corp. †		11,637
	1,481	Magma Design Automation, Inc. †		4,206
	681	Manhattan Associates, Inc. †		18,762
	607	Mantech International Corp., Class A †		25,840
	1,419	Mattson Technology, Inc. †		5,378
	527	MAXIMUS, Inc.		30,498
	216	MaxLinear, Inc., Class A †		3,020
	764	Maxwell Technologies, Inc. †		8,710
	1,310	Mentor Graphics Corp. †		11,594
	87	Mercury Computer Systems, Inc. †		1,021
	160	Meru Networks, Inc. †		1,898
	621	Methode Electronics, Inc.		6,049
	1,465	Micrel, Inc.		14,914
	917	Microsemi Corp. †		13,416
	272	MicroStrategy, Inc., Class A †		20,424
	289	Microtune, Inc. †		616
	2,556	Microvision, Inc. †		7,566
	900	Mindspeed Technologies, Inc. †		6,741
	1,507	MIPS Technologies, Inc., Class A †		7,701
	585	MKS Instruments, Inc. †		10,951
	85	ModusLink Global Solutions, Inc. †		513
	2,377	MoneyGram International, Inc. †		5,824
	985	Monolithic Power Systems, Inc. †		17,592
	632	Monotype Imaging Holdings, Inc. †		5,694
	16,215	Monster Worldwide, Inc. †		188,905
	781	MoSys, Inc. †		3,452
	4,675	Move, Inc. †		9,584
	462	MTS Systems Corp.		13,398
	277	Multi-Fineline Electronix, Inc. †		6,914
	507	Nanometrics, Inc. †		5,116
	221	NCI, Inc., Class A †		4,990
	1,503	Netezza Corp. †		20,561
	1,004	Netgear, Inc. †		17,911
	9,815	Netlogic Microsystems, Inc. †		266,968
	908	Netscout Systems, Inc. †		12,912
	568	NetSuite, Inc. †		7,180
	1,045	Network Engines, Inc. †		2,832

Shares			Value
Information Technology (continued)
	901	Network Equipment Technologies, Inc. †	$	3,144
	325	Newport Corp. †		2,945
	1,690	NIC, Inc.		10,833
	213	Novatel Wireless, Inc. †		1,223
	159	NVE Corp. †		6,921
	369	Occam Networks, Inc. †		2,052
	1,379	Oclaro, Inc. †		15,293
	1,109	Omnivision Technologies, Inc. †		23,777
	283	Online Resources Corp. †		1,175
	448	OpenTable, Inc. †		18,579
	2,443	Openwave Systems, Inc. †		4,959
	273	Oplink Communications, Inc. †		3,912
	446	Opnet Technologies, Inc.		6,552
	363	OSI Systems, Inc. †		10,081
	5,104	Palm, Inc. †		29,042
	3,496	Parametric Technology Corp. †		54,782
	383	Park Electrochemical Corp.		9,349
	654	PDF Solutions, Inc. †		3,139
	482	Pegasystems, Inc.		15,477
	467	Perficient, Inc. †		4,161
	1,423	Plantronics, Inc.		40,698
	1,154	Plexus Corp. †		30,858
	1,119	PLX Technology, Inc. †		4,689
	15,387	Polycom, Inc. †		458,379
	737	Power Integrations, Inc.		23,728
	1,644	Power-One, Inc. †		11,097
	796	Presstek, Inc. †		2,810
	1,260	Progress Software Corp. †		37,838
	649	PROS Holdings, Inc. †		4,219
	402	QAD, Inc. †		1,660
	5,956	Quantum Corp. †		11,197
	1,530	Quest Software, Inc. †		27,601
	289	QuinStreet, Inc. †		3,326
	2,847	Rackspace Hosting, Inc. †		52,214
	864	Radiant Systems, Inc. †		12,493
	549	Radisys Corp. †		5,226
	389	Renaissance Learning, Inc.		5,714
	8,130	RF Micro Devices, Inc. †		31,788
	129	Richardson Electronics, Ltd.		1,161
	651	RightNow Technologies, Inc. †		10,214
	1,878	Riverbed Technology, Inc. †		51,870
	436	Rofin-Sinar Technologies, Inc. †		9,078
	158	Rogers Corp. †		4,388
	311	Rosetta Stone, Inc. †		7,141
	5,172	Rovi Corp. †		196,071
	427	Rubicon Technology, Inc. †		12,720
	854	Rudolph Technologies, Inc. †		6,448
	811	Saba Software, Inc. †		4,177
	2,212	Sanmina-SCI Corp. †		30,105
	3,057	Sapient Corp.		30,998
	1,151	SAVVIS, Inc. †		16,977
	403	Seachange International, Inc. †		3,317
	1,867	Semtech Corp. †		30,563
	1,505	ShoreTel, Inc. †		6,983
	204	Sigma Designs, Inc. †		2,042
	109	Silicon Graphics International Corp. †		772
	1,658	Silicon Image, Inc. †		5,820
	13,430	Skyworks Solutions, Inc. †		225,490
	888	SMART Modular Technologies WWH, Inc. †		5,195
	810	Smith Micro Software, Inc. †		7,703
	1,004	SolarWinds, Inc. †		16,104
	27,104	Sonic Solutions, Inc. †		226,318
	1,390	SonicWALL, Inc. †		16,333
	4,803	Sonus Networks, Inc. †		13,016

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
Information Technology (continued)
	820	Sourcefire, Inc. †	$	15,580
	367	Spansion, Inc., Class A †		5,986
	143	Spectrum Control, Inc. †		1,999
	141	SPS Commerce, Inc. †		1,638
	143	SRA International, Inc., Class A †		2,813
	370	SRS Labs, Inc. †		3,385
	354	SS&C Technologies Holdings, Inc. †		5,675
	372	Stamps.com, Inc. †		3,813
	194	Standard Microsystems Corp. †		4,516
	1,198	STEC, Inc. †		15,047
	617	Stratasys, Inc. †		15,154
	1,852	SuccessFactors, Inc. †		38,503
	723	Super Micro Computer, Inc. †		9,760
	299	Supertex, Inc. †		7,373
	1,347	support.com, Inc. †		5,604
	158	Symyx Technologies, Inc. †		792
	1,022	Synaptics, Inc. †		28,105
	565	Synchronoss Technologies, Inc. †		10,718
	396	Syntel, Inc.		13,444
	205	Take-Two Interactive Software, Inc. †		1,845
	1,163	Taleo Corp., Class A †		28,249
	1,186	Technitrol, Inc.		3,748
	311	TechTarget, Inc. †		1,673
	333	Tekelec †		4,409
	639	TeleCommunication Systems, Inc., Class A †		2,645
	239	TeleNav, Inc. †		2,005
	880	TeleTech Holdings, Inc. †		11,343
	1,795	Terremark Worldwide, Inc. †		14,019
	89	Tessco Technologies, Inc.		1,486
	970	Tessera Technologies, Inc. †		15,569
	867	THQ, Inc. †		3,745
	4,750	TIBCO Software, Inc. †		57,285
	311	Tier Technologies, Inc., Class B †		1,891
	3,557	TiVo, Inc. †		26,251
	782	TNS, Inc. †		13,638
	188	Travelzoo, Inc. †		2,328
	202	Trident Microsystems, Inc. †		287
	4,518	TriQuint Semiconductor, Inc. †		27,605
	530	TTM Technologies, Inc. †		5,035
	936	Tyler Technologies, Inc. †		14,527
	14,417	Ultimate Software Group, Inc. †		473,743
	616	Ultra Clean Holdings †		5,248
	602	Ultratech, Inc. †		9,795
	458	Unica Corp. †		4,388
	489	Unisys Corp. †		9,042
	541	United Online, Inc.		3,116
	904	Universal Display Corp. †		16,254
	1,993	ValueClick, Inc. †		21,305
	6,760	VanceInfo Technologies, Inc. ADR †		157,373
	708	VASCO Data Security International, Inc. †		4,368
	1,173	Veeco Instruments, Inc. †		40,210
	2,541	VeriFone Systems, Inc. †		48,101
	443	Viasat, Inc. †		14,424
	95	Viasystems Group, Inc. †		1,403
	649	Virage Logic Corp. †		7,717
	921	VirnetX Holding Corp.		5,452
	222	Virtusa Corp. †		2,071
	2,722	VistaPrint NV †		129,268
	500	Vocus, Inc. †		7,640
	771	Volterra Semiconductor Corp. †		17,779
	2,259	Wave Systems Corp., Class A †		7,319
	1,306	Websense, Inc. †		24,683
	1,169	Wright Express Corp. †		34,719

Shares			Value
Information Technology (continued)
	844	Xyratex, Ltd. †	$	11,943
	1,674	Zix Corp. †		3,783
	315	Zoran Corp. †		3,005
				8,131,880
Materials — 3.0%
	53	A Schulman, Inc.		1,005
	72	AEP Industries, Inc. †		1,720
	1,869	Allied Nevada Gold Corp. †		36,782
	678	AMCOL International Corp.		15,933
	393	Arch Chemicals, Inc.		12,081
	840	Balchem Corp.		21,000
	50	Brush Engineered Materials, Inc. †		999
	1,680	Calgon Carbon Corp. †		22,243
	1,379	Capital Gold Corp. †		5,516
	240	Clearwater Paper Corp. †		13,142
	166	Coeur d'Alene Mines Corp. †		2,619
	320	Deltic Timber Corp.		13,376
	1,063	Ferro Corp. †		7,834
	1,821	General Moly, Inc. †		5,609
	1,711	Globe Specialty Metals, Inc. †		17,675
	7,177	Golden Star Resources, Ltd. †		31,435
	220	Hawkins, Inc.		5,298
	47	Haynes International, Inc.		1,449
	100	HB Fuller Co.		1,899
	155	Innophos Holdings, Inc.		4,042
	2,344	Jaguar Mining, Inc. †		20,697
	153	KMG Chemicals, Inc.		2,197
	606	Koppers Holdings, Inc.		13,623
	271	Kraton Performance Polymers, Inc. †		5,092
	219	Landec Corp. †		1,290
	513	LSB Industries, Inc. †		6,828
	176	Metals USA Holdings Corp. †		2,631
	44	Minerals Technologies, Inc.		2,092
	207	Neenah Paper, Inc.		3,788
	310	NewMarket Corp.		27,069
	65	NL Industries, Inc.		396
	337	Noranda Aluminium Holding Corp. †		2,167
	1,295	Olin Corp.		23,427
	1,334	Omnova Solutions, Inc. †		10,418
	1,847	PolyOne Corp. †		15,552
	231	Quaker Chemical Corp.		6,258
	451	Rock-Tenn Co., Class A		22,401
	1,078	Rockwood Holdings, Inc. †		24,460
	115	RTI International Metals, Inc. †		2,773
	512	Schweitzer-Mauduit International, Inc.		25,831
	1,105	Senomyx, Inc. †		4,188
	806	Silgan Holdings, Inc.		22,874
	30,670	Solutia, Inc. †		401,777
	409	Spartech Corp. †		4,192
	229	Stepan Co.		15,670
	1,256	Stillwater Mining Co. †		14,595
	807	STR Holdings, Inc. †		15,172
	424	Thompson Creek Metals Co., Inc. †		3,680
	79	United States Lime & Minerals, Inc. †		3,043
	2,500	US Gold Corp. †		12,525
	454	Verso Paper Corp. †		1,049
	230	Wausau Paper Corp. †		1,557
	1,188	Worthington Industries, Inc.		15,278
	393	WR Grace & Co. †		8,269
	652	Zep, Inc.		11,371
				975,887
Telecommunication Services — 0.6%
	656	AboveNet, Inc. †		30,950

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
Telecommunication Services (continued)
	1,340	Alaska Communications Systems Group, Inc.	$	11,377
	247	Atlantic Tele-Network, Inc.		10,201
	788	Cbeyond, Inc. †		9,850
	1,711	Cincinnati Bell, Inc. †		5,150
	1,347	Cogent Communications Group, Inc. †		10,210
	570	Consolidated Communications Holdings, Inc.		9,696
	579	Global Crossing, Ltd. †		6,120
	1,687	ICO Global Communications Holdings, Ltd. †		2,699
	993	Neutral Tandem, Inc. †		11,171
	891	NTELOS Holdings Corp.		15,325
	2,764	PAETEC Holding Corp. †		9,425
	681	Shenandoah Telecommunications Co.		12,081
	2,067	Syniverse Holdings, Inc. †		42,270
	417	USA Mobility, Inc.		5,388
	1,269	Vonage Holdings Corp. †		2,919
				194,832
Utilities — 0.1%
	432	American DG Energy, Inc. †		1,343
	426	Cadiz, Inc. †		5,142
	157	South Jersey Industries, Inc.		6,745
	329	Southwest Water Co.		3,448
				16,678
Total Common Stock (Cost $32,502,160)				32,539,839

MONEY MARKET FUND — 0.4%
	120,191	TCW Money Market Fund 0.100% (b) (Cost $120,191)	120,191

EXCHANGE-TRADED FUND — 0.3%
	1,603	iShares Russell 2000 Growth Index Fund (Cost $113,334)	106,727

WARRANTS — 0.0%
	15	GRH, Expires 09/11 †(a)(Cost $—)	—


Total Investments — 100.4% (Cost $32,735,685)		32,766,757

Other Assets & Liabilities, Net — (0.4)%		(119,339	)

NET ASSETS — 100.0%	$	32,647,418

†	Non-income producing security.

(a)	All or a portion of this security is on loan.

(b)	The rate shown is the 7-day effective yield as of June 30, 2010.

ADR – American Depositary Receipt

Amounts designated as “—” are $0 or have been rounded to $0.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

International Equity Fund

Schedule of Investments

June 30, 2010 (Unaudited)

Shares			Value
COMMON STOCK — 95.7%
Australia — 4.6%
	840	AGL Energy, Ltd.	$	10,322
	13,400	Alumina, Ltd.		16,944
	3,220	AMP, Ltd.		13,963
	1,749	Aristocrat Leisure, Ltd.		5,326
	4,176	Australia & New Zealand Banking Group, Ltd.		74,940
	5,553	BHP Billiton, Ltd.		172,597
	3,707	BlueScope Steel, Ltd.		6,439
	2,590	Brambles, Ltd.		11,785
	5,620	Commonwealth Bank of Australia		227,000
	13,500	Computershare, Ltd.		119,283
	1,000	CSL, Ltd.		27,279
	3,120	Fortescue Metals Group, Ltd. †		10,572
	4,120	Foster's Group, Ltd.		19,497
	7,617	GPT Group		17,768
	6,870	Insurance Australia Group, Ltd.		19,525
	5,570	Intoll Group		4,849
	308	Leighton Holdings, Ltd.		7,401
	1,114	Macquarie Atlas Roads Group †		889
	528	Macquarie Group, Ltd.		16,215
	3,409	National Australia Bank, Ltd.		65,852
	1,223	Newcrest Mining, Ltd.		35,651
	1,215	Orica, Ltd.		25,535
	802	Origin Energy, Ltd.		9,997
	1,610	QBE Insurance Group, Ltd.		24,408
	620	Rio Tinto, Ltd.		34,066
	4,886	Stockland		15,151
	4,732	Suncorp-Metway, Ltd.		31,630
	2,150	TABCORP Holdings, Ltd.		11,384
	8,000	Telstra Corp., Ltd.		21,787
	1,550	Toll Holdings, Ltd.		7,053
	2,602	Transurban Group		9,228
	1,459	Wesfarmers, Ltd.		34,841
	754	Wesfarmers, Ltd. PPS		18,064
	3,555	Westfield Group		36,093
	13,562	Westpac Banking Corp.		238,837
	970	Woodside Petroleum, Ltd.		33,686
	2,227	Woolworths, Ltd.		50,363
	383	WorleyParsons, Ltd.		7,041
				1,493,261
Austria — 0.3%
	570	Erste Group Bank AG		18,083
	2,560	OMV AG		76,869
	790	Telekom Austria AG		8,784
				103,736
Belgium — 0.4%
	5,266	Ageas		11,717
	1,014	Anheuser-Busch InBev NV		48,749
	624	Anheuser-Busch InBev NV VVPR†		2
	280	Belgacom SA		8,803
	197	Delhaize Group SA		14,294
	341	Groupe Bruxelles Lambert SA		23,643
	400	KBC Groep NV		15,330
	100	Solvay SA		8,538
	200	UCB SA		6,280
				137,356
Bermuda — 0.2%
	2,836	Seadrill, Ltd.		51,171

Shares			Value
Canada — 3.3%
	3,200	Bank of Montreal	$	173,573
	2,000	Canadian National Railway Co.		114,626
	4,000	Canadian Natural Resources, Ltd.		132,757
	6,400	Nexen, Inc.		125,896
	6,000	Rogers Communications, Inc., Class B		196,036
	3,900	Royal Bank of Canada		185,749
	10,800	Talisman Energy, Inc.		163,344
				1,091,981
China — 1.4%
	93,577	Bank of Communications Co., Ltd., Class H		98,487
	319,000	Dongfeng Motor Group Co., Ltd., Class H		370,026
	7,327	Foxconn International Holdings, Ltd. †		4,743
				473,256
Denmark — 0.7%
	3	AP Moller - Maersk A/S, Class B		23,633
	841	Danske Bank A/S		16,187
	700	DSV A/S		10,081
	6,050	H Lundbeck A/S		82,546
	800	Novo Nordisk A/S, Class B		64,651
	125	Novozymes A/S, Class B		13,342
	350	Vestas Wind Systems A/S †		14,569
				225,009
Finland — 0.8%
	1,070	Fortum OYJ		23,484
	9,240	Nokia OYJ		75,304
	10,000	Pohjola Bank PLC		101,530
	1,060	Sampo OYJ, Class A		22,346
	1,450	Stora Enso OYJ, Class R		10,476
	1,310	UPM-Kymmene OYJ		17,342
				250,482
France — 8.5%
	370	Accor SA		17,127
	692	Air Liquide SA		69,874
	4,580	Alcatel-Lucent		11,662
	440	Alstom SA		19,919
	16,440	AXA SA		251,125
	6,524	BNP Paribas		350,954
	3,750	Bouygues SA		144,738
	290	Cap Gemini SA		12,744
	964	Carrefour SA		38,235
	1,400	Christian Dior SA		134,359
	720	Cie de St.-Gobain		26,827
	295	Cie Generale de Geophysique-Veritas †		5,248
	245	Cie Generale des Etablissements Michelin, Class B		17,068
	440	Cie Generale d'Optique Essilor International SA		26,144
	1,780	CNP Assurances		121,085
	1,610	Credit Agricole SA		16,702
	950	Danone		50,924
	362	EDF SA		13,771
	7,844	France Telecom SA		136,037
	1,834	GDF Suez		52,172
	350	Lafarge SA		19,083
	330	Lagardere SCA		10,291
	490	L'Oreal SA		47,970
	509	LVMH Moet Hennessy Louis Vuitton SA		55,394
	40	Neopost SA		2,896
	285	Pernod-Ricard SA		22,104
	200	PPR		24,842
	520	Publicis Groupe SA		20,740

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

International Equity Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
France (continued)
	6,177	Sanofi-Aventis SA	$	371,979
	2,415	Schneider Electric SA		243,886
	820	Societe Generale		33,738
	230	Sodexo		12,763
	450	Suez Environnement Co.		7,425
	310	Technip SA		17,778
	3,672	Total SA		163,894
	132	Unibail-Rodamco SE		21,511
	135	Vallourec SA		23,273
	3,767	Veolia Environnement		88,487
	604	Vinci SA		25,076
	1,936	Vivendi SA		39,339
				2,769,184
Germany — 5.7%
	350	Adidas AG		16,943
	742	Allianz SE		73,429
	4,952	BASF SE		270,546
	1,314	Bayer AG		73,419
	1,250	Commerzbank AG		8,725
	1,677	Daimler AG		84,822
	6,437	Deutsche Bank AG		361,518
	350	Deutsche Boerse AG		21,261
	1,323	Deutsche Post AG		19,287
	3,748	Deutsche Telekom AG		44,242
	2,952	E.ON AG		79,365
	217	Fresenius Medical Care AG & Co. KGAA		11,707
	260	Linde AG		27,336
	250	MAN SE		20,608
	106	Merck KGaA		7,750
	310	Metro AG		15,815
	1,181	Muenchener Rueckversicherungs AG		148,272
	3,040	RWE AG		198,901
	4,880	SAP AG		216,974
	1,313	Siemens AG		117,420
	280	Solarworld AG		3,124
	720	ThyssenKrupp AG		17,741
	160	Volkswagen AG		13,572
				1,852,777
Greece — 0.1%
	1,070	Alpha Bank AE		5,229
	826	EFG Eurobank Ergasias SA		3,668
	680	Hellenic Telecommunications Organization SA		5,111
	875	National Bank of Greece SA		9,420
	500	OPAP SA		6,221
	454	Piraeus Bank SA		1,916
				31,565
Guernsey — 0.0%
	4,932	Resolution, Ltd.		4,663

Hong Kong — 3.5%
	4,840	Bank of East Asia, Ltd.		17,461
	11,600	BOC Hong Kong Holdings, Ltd.		26,419
	20,200	Cheung Kong Holdings, Ltd.		233,127
	2,582	CLP Holdings, Ltd.		18,689
	79,800	CNOOC, Ltd.		135,636
	2,049	Esprit Holdings, Ltd.		11,006
	3,801	Hang Lung Properties, Ltd.		14,539
	2,100	Hang Seng Bank, Ltd.		28,078
	12,463	Hong Kong & China Gas Co., Ltd.		30,818
	2,100	Hong Kong Exchanges and Clearing, Ltd.		32,753
	3,100	Hongkong Electric Holdings, Ltd.		18,465
	5,100	Hutchison Whampoa, Ltd.		31,386

Shares			Value
Hong Kong (continued)
	10,000	Jardine Strategic Holdings, Ltd.	$	207,325
	4,129	Li & Fung, Ltd.		18,473
	50,500	MTR Corp.		172,219
	4,775	New World Development, Ltd.		7,752
	2,900	Sun Hung Kai Properties, Ltd.		39,661
	8,900	Swire Pacific, Ltd., Class A		101,027
				1,144,834
India — 1.2%
	6,700	Infosys Technologies, Ltd. ADR		401,397

Indonesia — 2.4%
	137,000	Gudang Garam TBK PT		514,773
	40,000	Indo Tambangraya Megah PT		162,824
	112,000	Semen Gresik Persero TBK PT		107,499
				785,096
Ireland — 0.2%
	273	CRH PLC ^		5,624
	1,058	CRH PLC ^		21,943
	770	Elan Corp. PLC †		3,495
	2,400	Experian PLC		20,863
				51,925
Israel — 1.1%
	25,875	Bank Hapoalim BM †		93,259
	3,700	Teva Pharmaceutical Industries, Ltd. ADR		192,363
	1,500	Teva Pharmaceutical Industries, Ltd.		78,423
				364,045
Italy — 1.9%
	2,397	Assicurazioni Generali SPA		41,792
	724	Atlantia SPA		12,830
	4,660	Banca Monte dei Paschi di Siena SPA		5,272
	1,530	Banco Popolare SC		8,387
	8,800	Enel SPA		37,256
	17,406	ENI SPA		319,468
	1,510	Fiat SPA		15,508
	1,090	Finmeccanica SPA		11,298
	13,484	Intesa Sanpaolo SPA		35,508
	2,180	Intesa Sanpaolo SPA, RNC		4,342
	2,310	Mediaset SPA		13,135
	1,375	Mediobanca SPA †		10,241
	5,876	Snam Rete Gas SPA		23,447
	14,324	Telecom Italia SPA		15,817
	13,120	Telecom Italia SPA, RNC		11,983
	26,743	UniCredit SPA		59,149
	1,132	Unione di Banche Italiane SCPA		9,746
				635,179
Japan — 18.2%
	300	Advantest Corp.		6,273
	1,600	Aeon Co., Ltd.		16,941
	500	Aisin Seiki Co., Ltd.		13,470
	685	Ajinomoto Co., Inc.		6,201
	12,100	Amada Co., Ltd.		79,586
	18,900	Asahi Breweries, Ltd.		320,385
	2,200	Asahi Glass Co., Ltd.		20,670
	3,600	Asahi Kasei Corp.		18,819
	5,300	Astellas Pharma, Inc.		177,691
	4,100	Bank of Yokohama, Ltd. (The)		18,767
	1,400	Bridgestone Corp.		22,151
	1,598	Canon, Inc.		59,594
	2	Central Japan Railway Co.		16,524
	1,400	Chiba Bank, Ltd. (The)		8,457
	878	Chubu Electric Power Co., Inc.		21,802
	500	Chugai Pharmaceutical Co., Ltd.		8,905

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

International Equity Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
Japan (continued)
	1,900	Chuo Mitsui Trust Holdings, Inc.	$	6,704
	100	Credit Saison Co., Ltd.		1,047
	2,100	Dai Nippon Printing Co., Ltd.		24,252
	6,100	Daiichi Sankyo Co., Ltd.		109,050
	600	Daikin Industries, Ltd.		18,306
	200	Daito Trust Construction Co., Ltd.		11,333
	308	Daiwa House Industry Co., Ltd.		2,773
	2,900	Daiwa Securities Group, Inc.		12,251
	548	Denso Corp.		15,155
	500	Dentsu, Inc.		13,213
	700	East Japan Railway Co.		46,639
	500	Eisai Co., Ltd.		16,601
	500	Electric Power Development Co., Ltd.		15,869
	400	Fanuc, Ltd.		45,197
	51,000	Fuji Electric Holdings Co., Ltd.		146,938
	1,000	FUJIFILM Holdings Corp.		28,917
	4,600	Fujitsu, Ltd.		28,772
	1,900	Fukuoka Financial Group, Inc.		7,914
	3,217	Hankyu Hanshin Holdings, Inc.		14,205
	100	Hirose Electric Co., Ltd.		9,164
	2,773	Hitachi, Ltd.		10,079
	509	Hokkaido Electric Power Co., Inc.		10,972
	1,600	Hokuhoku Financial Group, Inc.		2,941
	6,300	Hokuriku Electric Power Co.		138,241
	10,700	Honda Motor Co., Ltd.		314,485
	900	Hoya Corp.		19,162
	200	Ibiden Co., Ltd.		5,391
	3	INPEX Corp.		16,650
	3,800	ITOCHU Corp.		29,725
	1,164	Japan Steel Works, Ltd. (The)		10,238
	8	Japan Tobacco, Inc.		24,904
	700	JFE Holdings, Inc.		21,669
	2,000	Joyo Bank, Ltd. (The)		7,935
	700	JS Group Corp.		13,370
	1,200	JTEKT Corp.		11,105
	4,861	JX Holdings, Inc. †		24,041
	4,300	Kajima Corp.		9,754
	1,700	Kansai Electric Power Co., Inc. (The)		41,486
	1,000	Kao Corp.		23,543
	5	KDDI Corp.		23,848
	1,015	Keio Corp.		6,557
	110	Keyence Corp.		25,453
	5,300	Kintetsu Corp.		16,182
	1,900	Kirin Holdings Co., Ltd.		23,935
	6,100	Kobe Steel, Ltd.		11,627
	1,800	Komatsu, Ltd.		32,431
	1,100	Konica Minolta Holdings, Inc.		10,589
	1,133	Kubota Corp.		8,696
	1,000	Kuraray Co., Ltd.		11,739
	300	Kyocera Corp.		24,302
	700	Kyushu Electric Power Co., Inc.		15,709
	44,200	Marubeni Corp.		226,728
	900	Marui Group Co., Ltd.		6,066
	40,000	Minebea Co., Ltd.		221,724
	4,300	Mitsubishi Chemical Holdings Corp.		19,639
	2,600	Mitsubishi Corp.		53,824
	4,200	Mitsubishi Electric Corp.		32,801
	2,200	Mitsubishi Estate Co., Ltd.		30,647
	1,400	Mitsubishi Gas Chemical Co., Inc.		6,793
	6,000	Mitsubishi Heavy Industries, Ltd.		20,711
	4,600	Mitsubishi Materials Corp.		12,234
	14,856	Mitsubishi UFJ Financial Group, Inc.		67,499
	3,400	Mitsui & Co., Ltd.		39,688
	1,600	Mitsui Fudosan Co., Ltd.		22,283
	2,700	Mitsui OSK Lines, Ltd.		17,863

Shares			Value
Japan (continued)
	17,000	Mizuho Financial Group, Inc.	$	27,911
	750	MS&AD Insurance Group Holdings		16,062
	500	Murata Manufacturing Co., Ltd.		23,859
	1,583	NEC Corp.		4,112
	300	Nidec Corp.		25,131
	800	Nikon Corp.		13,795
	637	Nintendo Co., Ltd.		187,146
	14,056	Nippon Electric Glass Co., Ltd.		161,105
	2,100	Nippon Express Co., Ltd.		9,469
	5,989	Nippon Steel Corp.		19,809
	3,800	Nippon Telegraph & Telephone Corp.		154,893
	2,800	Nippon Yusen KK		10,210
	20,200	Nissan Motor Co., Ltd.		140,851
	1,500	Nitori Co., Ltd.		129,379
	400	Nitto Denko Corp.		13,130
	1,900	NKSJ Holdings, Inc.		11,375
	3,500	Nomura Holdings, Inc.		19,134
	2,100	NSK, Ltd.		14,594
	3	NTT Data Corp.		11,080
	22	NTT DoCoMo, Inc.		33,335
	1,100	Obayashi Corp.		4,364
	400	Olympus Corp.		9,481
	500	Omron Corp.		10,907
	200	Oriental Land Co., Ltd.		16,725
	180	ORIX Corp.		13,048
	4,800	Osaka Gas Co., Ltd.		17,324
	2,765	Panasonic Corp.		34,548
	1,100	Resona Holdings, Inc.		13,433
	1,100	Ricoh Co., Ltd.		14,035
	200	Rohm Co., Ltd.		12,018
	2,900	Sankyo Co., Ltd.		131,166
	600	Secom Co., Ltd.		26,660
	1,300	Sega Sammy Holdings, Inc.		18,686
	300	Seiko Epson Corp.		3,879
	2,000	Sekisui Chemical Co., Ltd.		12,484
	1,700	Sekisui House, Ltd.		14,548
	1,500	Seven & I Holdings Co., Ltd.		34,388
	1,900	Sharp Corp.		20,055
	700	Shin-Etsu Chemical Co., Ltd.		32,567
	1,300	Shinsei Bank, Ltd.		1,100
	700	Shiseido Co., Ltd.		15,439
	2,100	Shizuoka Bank, Ltd. (The)		18,313
	2,800	Showa Denko KK		5,060
	38	SMC Corp.		5,086
	1,300	Softbank Corp.		34,502
	4,544	Sojitz Corp.		7,106
	1,800	Sony Corp.		48,041
	35	Sony Financial Holdings, Inc.		116,824
	3,200	Sumitomo Chemical Co., Ltd.		12,392
	2,500	Sumitomo Corp.		24,983
	1,900	Sumitomo Electric Industries, Ltd.		22,156
	1,800	Sumitomo Heavy Industries, Ltd.		10,568
	7,600	Sumitomo Metal Industries, Ltd.		17,195
	1,300	Sumitomo Metal Mining Co., Ltd.		16,228
	5,600	Sumitomo Mitsui Financial Group, Inc.		158,592
	900	Sumitomo Realty & Development Co., Ltd.		15,302
	2,600	Sumitomo Trust & Banking Co., Ltd. (The)		13,245
	300	T&D Holdings, Inc.		6,419
	1,300	Takashimaya Co., Ltd.		10,369
	1,400	Takeda Pharmaceutical Co., Ltd.		60,171
	200	TDK Corp.		10,951
	3,100	Teijin, Ltd.		9,210
	400	Terumo Corp.		19,168

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

International Equity Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
Japan (continued)
	2,500	Tobu Railway Co., Ltd.	$	13,474
	900	Tohoku Electric Power Co., Inc.		19,334
	891	Tokio Marine Holdings, Inc.		23,439
	2,200	Tokyo Electric Power Co., Inc. (The)		59,885
	300	Tokyo Electron, Ltd.		16,170
	5,500	Tokyo Gas Co., Ltd.		25,124
	3,000	Tokyu Corp.		12,218
	2,100	Toppan Printing Co., Ltd.		16,616
	2,700	Toray Industries, Inc.		12,949
	6,000	Toshiba Corp.		29,740
	4,900	Toyo Suisan Kaisha, Ltd.		117,024
	500	Toyota Industries Corp.		12,696
	4,355	Toyota Motor Corp.		149,725
	500	Toyota Tsusho Corp.		7,131
	4	West Japan Railway Co.		14,637
	34	Yahoo! Japan Corp.		13,560
	2,090	Yamada Denki Co., Ltd.		136,645
	600	Yamaha Motor Co., Ltd.		7,937
	1,200	Yamato Holdings Co., Ltd.		15,893
				5,945,108
Jersey — 0.0%
	3,336	Atrium European Real Estate, Ltd.		14,350

Luxembourg — 0.4%
	4,645	ArcelorMittal		124,572

Malaysia — 0.3%
	38,800	Hong Leong Bank BHD		102,605

Mexico — 1.4%
	97,000	America Movil SAB de CV, Series L		229,575
	24,000	Grupo Financiero Banorte SAB de CV, Class O		93,074
	52,400	Grupo Mexico SAB de CV, Series B		124,423
				447,072
Netherlands — 4.6%
	1,766	Aegon NV		9,379
	550	Akzo Nobel NV		28,583
	953	ASML Holding NV		26,223
	690	European Aeronautic Defence and Space Co. NV		14,080
	600	Heineken NV		25,429
	4,786	ING Groep NV, CVA		35,415
	1,780	Koninklijke Ahold NV		22,016
	5,430	Koninklijke DSM NV		215,827
	2,352	Koninklijke KPN NV		29,976
	2,340	Koninklijke Philips Electronics NV		69,869
	1,203	Reed Elsevier NV		13,316
	5,853	Royal Dutch Shell PLC, Class A		147,647
	18,798	Royal Dutch Shell PLC, Class B		454,177
	922	TNT NV		23,220
	13,345	Unilever NV, CVA		364,398
	660	Wolters Kluwer NV		12,655
				1,492,210
New Zealand — 0.0%
	7,043	Telecom Corp. of New Zealand, Ltd.		9,059

Norway — 0.3%
	2,322	DnB NOR ASA		22,340
	2,200	Norsk Hydro ASA		9,938
	2,150	Orkla ASA		13,754

Shares			Value
Norway (continued)
	1,472	Statoil ASA	$	28,366
	965	Telenor ASA		12,160
				86,558
Philippines — 0.2%
	3,200	Globe Telecom, Inc.		60,860

Portugal — 0.1%
	3,730	Banco Comercial Portugues SA, Class R		2,800
	1,620	Brisa Auto-Estradas de Portugal SA		9,803
	4,750	Energias de Portugal SA		14,135
	1,970	Portugal Telecom SGPS SA		19,688
				46,426
Russia — 1.1%
	5,000	Gazprom OAO ADR		94,141
	9,000	Tatneft ADR		251,191
				345,332
Singapore — 2.8%
	3,000	DBS Group Holdings, Ltd.		29,121
	9,800	Jardine Cycle & Carriage, Ltd.		208,594
	3,908	Keppel Corp., Ltd.		23,600
	782	K-Green Trust †		587
	6,000	Oversea-Chinese Banking Corp., Ltd.		37,791
	2,500	Singapore Airlines, Ltd.		25,928
	1,825	Singapore Airport Terminal Services, Ltd.		3,479
	130,200	Singapore Telecommunications, Ltd.		281,542
	22,200	United Overseas Bank, Ltd.		308,909
				919,551
South Africa — 2.6%
	6,000	African Rainbow Minerals, Ltd.		126,348
	3,750	AngloGold Ashanti, Ltd.		162,880
	10,000	Aspen Pharmacare Holdings, Ltd.		99,379
	6,700	MTN Group, Ltd.		88,365
	18,600	Pick n Pay Stores, Ltd.		105,411
	11,000	Remgro, Ltd.		136,191
	12,100	Shoprite Holdings, Ltd.		130,917
				849,491
South Korea — 2.0%
	1,000	LG Electronics, Inc.		76,036
	1,750	POSCO ADR		165,060
	650	Samsung Electronics Co., Ltd.		407,644
				648,740
Spain — 3.4%
	609	Abertis Infraestructuras SA		8,752
	138	Acciona SA		10,501
	144	ACS Actividades de Construccion y Servicios SA		5,291
	6,885	Banco Bilbao Vizcaya Argentaria SA		70,927
	1,856	Banco Popular Espanol SA		9,406
	41,738	Banco Santander SA		437,620
	1,560	Ferrovial SA		10,089
	210	Fomento de Construcciones y Contratas SA		4,495
	897	Gamesa Corp. Tecnologica SA †		7,702
	6,684	Iberdrola SA		37,561
	380	Inditex SA		21,666
	11,440	Repsol YPF SA		230,832
	14,749	Telefonica SA		273,188
				1,128,030
Sweden — 2.2%
	800	Assa Abloy AB, Class B		15,996
	1,400	Atlas Copco AB, Class B		18,489

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

International Equity Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
Sweden (continued)
	14,400	Atlas Copco AB, Class A	$	210,615
	600	Electrolux AB, Series B		13,721
	1,690	Hennes & Mauritz AB, Class B		46,462
	6,200	Nordea Bank AB		51,145
	12,800	Sandvik AB		156,191
	1,000	Scania AB, Class B		15,269
	1,100	Securitas AB, Class B		9,975
	3,840	Skandinaviska Enskilda Banken AB, Class A		20,354
	1,200	SKF AB, Class B		21,545
	1,500	Svenska Cellulosa AB, Class B		17,648
	1,100	Svenska Handelsbanken AB, Class A		26,920
	3,777	Telefonaktiebolaget LM Ericsson, Class B		41,911
	4,100	TeliaSonera AB		26,355
	2,283	Volvo AB, Class B		25,256
				717,852
Switzerland — 5.1%
	3,841	ABB, Ltd.		66,890
	130	Actelion, Ltd. †		4,868
	340	Adecco SA		16,224
	2,000	Baloise Holding AG		139,244
	1,100	Cie Financiere Richemont SA		38,413
	1,883	Credit Suisse Group AG		70,812
	1,800	GAM Holding, Ltd.		19,456
	90	Geberit AG		14,007
	530	Holcim, Ltd.		35,487
	1,800	Julius Baer Group, Ltd.		51,335
	5,639	Nestle SA		271,969
	325	Nobel Biocare Holding AG		5,596
	10,428	Novartis AG		505,491
	1,191	Roche Holding AG		163,969
	1,470	STMicroelectronics NV		11,674
	79	Swatch Group AG (The)		22,285
	66	Swiss Life Holding AG		6,309
	764	Swiss Reinsurance Co., Ltd.		31,399
	48	Swisscom AG		16,277
	166	Syngenta AG		38,357
	149	Synthes, Inc.		17,136
	4,866	UBS AG		64,479
	260	Zurich Financial Services AG		57,321
				1,668,998
United Kingdom — 14.2%
	2,297	3i Group PLC		9,056
	4,607	Anglo American PLC †		160,467
	8,815	AstraZeneca PLC		415,423
	4,840	Aviva PLC		22,483
	6,290	BAE Systems PLC		29,263
	16,799	Barclays PLC		67,026
	5,198	BG Group PLC		77,278
	9,663	BHP Billiton PLC		250,446
	30,463	BP PLC		145,773
	3,143	British American Tobacco PLC		99,705
	1,069	British Land Co. PLC		6,902
	2,330	British Sky Broadcasting Group PLC		24,319
	7,318	BT Group PLC, Class A		14,120
	4,422	Cable & Wireless Communications PLC		3,814
	4,422	Cable & Wireless Worldwide PLC		5,719
	1,219	Capita Group PLC (The)		13,425
	400	Carnival PLC		12,951
	9,673	Centrica PLC		42,670
	18,980	Compass Group PLC		144,332
	3,710	Diageo PLC		58,253
	8,510	Enterprise Inns PLC		11,043
	28,000	G4S PLC		110,968

Shares			Value
United Kingdom (continued)
	8,732	GlaxoSmithKline PLC	$	148,217
	490	Hammerson PLC		2,497
	2,878	Home Retail Group PLC		9,135
	26,785	HSBC Holdings PLC		244,601
	12,960	Imperial Tobacco Group PLC		361,965
	619	Intercontinental Hotels Group PLC		9,751
	3,260	International Power PLC		14,556
	3,120	J Sainsbury PLC		14,880
	830	Johnson Matthey PLC		18,433
	4,950	Kingfisher PLC		15,500
	970	Land Securities Group PLC		8,024
	13,730	Legal & General Group PLC		15,996
	14,104	Lloyds Banking Group PLC		11,130
	350	London Stock Exchange Group PLC		2,921
	3,512	Man Group PLC		11,637
	46,730	Marks & Spencer Group PLC		230,118
	3,773	National Grid PLC		27,535
	8,640	Next PLC		257,493
	12,240	Old Mutual PLC		18,732
	1,940	Pearson PLC		25,504
	4,759	Prudential PLC		35,881
	831	Reckitt Benckiser Group PLC		38,638
	1,930	Reed Elsevier PLC		14,305
	2,290	Rexam PLC		10,298
	5,933	Rio Tinto PLC		260,439
	3,689	Rolls-Royce Group PLC		30,779
	28,552	Royal Bank of Scotland Group PLC		17,382
	5,679	RSA Insurance Group PLC		10,071
	1,780	SABMiller PLC		49,892
	4,410	Sage Group PLC (The)		15,167
	1,550	Scottish & Southern Energy PLC		25,803
	500	Severn Trent PLC		9,173
	2,010	Smith & Nephew PLC		18,982
	1,276	Smiths Group PLC		20,307
	18,289	Standard Chartered PLC		445,165
	11,297	Tesco PLC		63,705
	2,071	Tullow Oil PLC		30,794
	2,529	Unilever PLC		67,578
	1,228	United Utilities Group PLC		9,606
	86,514	Vodafone Group PLC		178,189
	625	Whitbread PLC		13,047
	2,185	WM Morrison Supermarkets PLC		8,631
	157	Wolseley PLC		3,115
	2,730	WPP PLC		25,708
	3,750	Xstrata PLC		49,085
				4,625,801
United States — 0.5%
	3,350	Philip Morris International, Inc.		153,564
	411	Thomson Reuters Corp.		14,710
				168,274
Total Common Stock (Cost $36,323,393)				31,267,806

PREFERRED STOCK — 2.5%
Brazil — 2.3%
	5,830	Banco Bradesco SA		91,755
	34,170	Investimentos Itau SA		203,941
	12,600	Petroleo Brasileiro SA		188,249
	12,800	Vale SA		270,967
				754,912
Germany — 0.2%
	550	Henkel AG & Co. KGAA		26,853
	190	Porsche Automobil Holding SE		8,103

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

International Equity Fund

Schedule of Investments - (Continued)

June 30, 2010 (Unaudited)

Shares			Value
Germany (continued)
	160	Volkswagen AG	$	14,038
				48,994
Total Preferred Stock (Cost $971,129)				803,906

EXCHANGE-TRADED FUND — 0.4%
	2,600	iShares MSCI EAFE Index Fund (Cost $124,897)		120,926

RIGHTS — 0.0%
	14,036	Bank of Communications Co., Ltd. (Cost $—)		5,678

PRIVATE COMPANY — 0.0%
	7,765	BGP Holdings PLC † (Cost $—)		—

Total Investments — 98.6% (Cost $37,419,419)		32,198,316

Other Assets & Liabilities, Net — 1.4%		453,868

NET ASSETS — 100.0%	$	32,652,184

†	Non-income producing security.

^	Securities incorporated in the same country but traded on different exchanges.

ADR – American Depositary Receipt

EAFE – Europe, Australasia, Far East

MSCI – Morgan Stanley Capital International

PLC – Public Limited Company

PPS – Price Protected Shares

VVPR – Voter Verified Paper Record

Amounts designated as “—“ are either $0 or have been rounded to $0.

The following is a summary of the inputs used as of June 30, 2010, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2			Level 3			Total
Common Stock
Australia	$	—	$	1,493,261	*	$	—		$	1,493,261
Austria		—		103,736	*		—			103,736
Belgium		2		137,354	*		—			137,356
Bermuda		—		51,171	*		—			51,171
Canada		1,091,981		—			—			1,091,981
China		—		473,256	*		—			473,256
Denmark		—		225,009	*		—			225,009
Finland		—		250,482	*		—			250,482
France		—		2,769,184	*		—			2,769,184
Germany		—		1,852,777	*		—			1,852,777
Greece		—		31,565	*		—			31,565
Guernsey		4,663		—			—			4,663
Hong Kong		—		1,144,834	*		—			1,144,834
India		401,397		—			—			401,397
Indonesia		—		785,096	*		—			785,096
Ireland		—		51,925	*		—			51,925
Israel		192,363		171,682	*		—			364,045
Italy		—		635,179	*		—			635,179
Japan		349,901		5,595,207	*		—			5,945,108
Jersey		—		14,350	*		—			14,350
Luxembourg		—		124,572	*		—			124,572
Malaysia		—		102,605	*		—			102,605
Mexico		447,072		—			—			447,072
Netherlands		—		1,492,210	*		—			1,492,210
New Zealand		—		9,059	*		—			9,059
Norway		—		86,558	*		—			86,558
Philippines		—		60,860	*		—			60,860
Portugal		—		46,426	*		—			46,426
Russia		—		345,332	*		—			345,332
Singapore		587		918,964	*		—			919,551
South Africa		—		849,491	*		—			849,491
South Korea		165,060		483,680	*		—			648,740
Spain		—		1,128,030	*		—			1,128,030
Sweden		—		717,852	*		—			717,852
Switzerland		—		1,668,998	*		—			1,668,998
United Kingdom		9,533		4,616,268	*		—			4,625,801
United States		168,274		—			—			168,274
		2,830,833		28,436,973			—			31,267,806
Preferred Stock
Brazil		754,912		—			—			754,912
Germany		—		48,994	*		—			48,994
		754,912		48,994			—			803,906

Exchange Traded Fund		120,926		—			—			120,926
Rights		5,678		—			—			5,678
Private Company		—		—			—	††		—
Total Investments in Securities	$	3,712,349	$	28,485,967		$	—		$	32,198,316

*	Represents securities trading primarily outside the United States, the values of which were adjusted as a result of significant market movements following the close of local trading through the application of a third party valuation model.

††	This security was categorized as Level 3 and had a market value of $0 as of June 30, 2010.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Socially Responsible Fund

Schedule of Investments

June 30, 2010 (Unaudited)

Shares			Value
COMMON STOCK — 93.9%
Consumer Discretionary — 12.7%
	1,270	Amazon.com, Inc. †	$	138,760
	1,240	Bed Bath & Beyond, Inc. †		45,979
	6,660	Cablevision Systems Corp., Class A		159,907
	20,350	Comcast Corp. Special, Class A		353,479
	9,440	Home Depot, Inc. (The)		264,981
	9,400	Marcus Corp.		88,924
	4,500	McDonald's Corp.		296,415
	17,630	Newell Rubbermaid, Inc.		258,103
	30,090	News Corp., Class B		416,747
	42,790	Staples, Inc.		815,149
	33,610	Target Corp.		1,652,604
	26,800	Toll Brothers, Inc. †		438,448
	26,410	Walt Disney Co. (The)		831,915
	2,070	Yum! Brands, Inc.		80,813
				5,842,224
Consumer Staples — 11.6%
	3,290	Coca-Cola Co. (The)		164,895
	5,000	Costco Wholesale Corp.		274,150
	5,250	CVS Caremark Corp.		153,930
	8,700	Estee Lauder Cos., Inc. (The), Class A		484,851
	5,430	General Mills, Inc.		192,874
	5,000	HJ Heinz Co.		216,100
	11,600	Kellogg Co.		583,480
	10,800	Kimberly-Clark Corp.		654,804
	12,540	Kraft Foods, Inc., Class A		351,120
	11,400	McCormick & Co., Inc.		432,744
	13,150	PepsiCo, Inc.		801,492
	17,210	Procter & Gamble Co. (The)		1,032,256
				5,342,696
Energy — 7.3%
	2,660	Apache Corp.		223,945
	2,360	Devon Energy Corp.		143,771
	3,780	Diamond Offshore Drilling, Inc.		235,078
	25,150	El Paso Corp.		279,417
	6,920	Halliburton Co.		169,886
	8,240	National Oilwell Varco, Inc.		272,497
	11,110	Newfield Exploration Co. †		542,835
	7,800	Petrohawk Energy Corp. †		132,366
	24,300	Petroleo Brasileiro SA ADR		833,976
	1,700	Schlumberger, Ltd.		94,078
	12,870	Spectra Energy Corp.		258,301
	10,870	Weatherford International, Ltd. †		142,832
				3,328,982
Financials — 14.9%
	7,280	American Express Co.		289,016
	18,000	Annaly Capital Management, Inc.		308,700
	56,470	Bank of America Corp.		811,474
	7	Berkshire Hathaway, Inc., Class A †		840,000
	27,400	Charles Schwab Corp. (The)		388,532
	66,090	Chimera Investment Corp.		238,585
	28,230	Citigroup, Inc. †		106,145
	6,150	Comerica, Inc.		226,505
	11,000	Forest City Enterprises, Inc., Class A †		124,520
	23,830	JPMorgan Chase & Co.		872,416
	2,130	MetLife, Inc.		80,429
	11,670	Moody's Corp.		232,466
	16,820	Travelers Cos., Inc. (The)		828,385
	7,150	Visa, Inc., Class A		505,862
	39,010	Wells Fargo & Co.		998,656
				6,851,691

Shares			Value
Health Care — 10.4%
	11,180	Abbott Laboratories	$	523,000
	20,700	AmerisourceBergen Corp., Class A		657,225
	3,850	Amgen, Inc. †		202,510
	22,150	Bristol-Myers Squibb Co.		552,421
	7,030	Celgene Corp. †		357,264
	5,650	Edwards Lifesciences Corp. †		316,513
	15,090	Johnson & Johnson		891,215
	9,250	Merck & Co., Inc.		323,473
	13,090	Novartis AG ADR		632,509
	14,810	Pfizer, Inc.		211,191
	3,440	Roche Holding AG ADR		117,992
				4,785,313
Industrials — 10.7%
	5,670	3M Co.		447,873
	3,050	Covanta Holding Corp. †		50,600
	3,780	Cummins, Inc.		246,191
	5,860	Eaton Corp.		383,479
	7,000	Emerson Electric Co.		305,830
	56,220	General Electric Co.		810,692
	7,180	Honeywell International, Inc.		280,235
	47,680	Masco Corp.		513,037
	7,160	McDermott International, Inc. †		155,086
	8,910	Norfolk Southern Corp.		472,675
	7,270	Quanta Services, Inc. †		150,126
	6,760	Tyco International, Ltd.		238,155
	9,310	United Parcel Service, Inc., Class B		529,646
	1,100	Verisk Analytics, Inc., Class A †		32,890
	10,000	Waste Management, Inc.		312,900
				4,929,415
Information Technology — 17.7%
	5,040	Apple, Inc. †		1,267,711
	15,710	ASML Holding NV, NY Shares		431,554
	12,050	Autodesk, Inc. †		293,538
	5,840	Automatic Data Processing, Inc.		235,118
	21,730	Cisco Systems, Inc. †		463,066
	2,800	Citrix Systems, Inc. †		118,244
	14,620	Corning, Inc.		236,113
	7,850	Dolby Laboratories, Inc., Class A †		492,117
	5,330	eBay, Inc. †		104,521
	11,700	EMC Corp. †		214,110
	2,090	First Solar, Inc. †		237,905
	1,540	Google, Inc., Class A †		685,223
	9,490	Hewlett-Packard Co.		410,727
	13,380	Intel Corp.		260,241
	2,920	International Business Machines Corp.		360,562
	2,420	Intuit, Inc. †		84,143
	14,600	Juniper Networks, Inc. †		333,172
	48,560	Microsoft Corp.		1,117,366
	11,310	Oracle Corp.		242,713
	14,470	Texas Instruments, Inc.		336,861
	7,140	VeriSign, Inc. †		189,567
				8,114,572
Materials — 4.4%
	6,330	Air Products & Chemicals, Inc.		410,247
	3,400	BHP Billiton, Ltd. ADR		210,766
	10,490	Celanese Corp., Series A		261,306
	3,100	Ecolab, Inc.		139,221
	3,240	EI du Pont de Nemours & Co.		112,072
	18,050	International Paper Co.		408,471
	6,000	PPG Industries, Inc.		362,460
	2,860	United States Steel Corp.		110,253
				2,014,796

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Socially Responsible Fund

Schedule of Investments - (Continued)

June 30, 2010

(Unaudited)

Shares			Value
Telecommunication Services — 2.3%
	8,350	American Tower Corp., Class A †	$	371,575
	14,440	AT&T, Inc.		349,303
	12,630	Verizon Communications, Inc.		353,893
				1,074,771
Utilities — 1.9%
	13,900	NextEra Energy, Inc.		677,764
	9,600	NRG Energy, Inc. †		203,616
				881,380

Total Common Stock (Cost $37,077,635)		43,165,840

Total Investments — 93.9% (Cost $37,077,635)		43,165,840

Other Assets & Liabilities, Net — 6.1%		2,806,249

NET ASSETS — 100.0%	$	45,972,089

†	Non-income producing security.

ADR – American Depositary Receipt

NY – New York

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Statements of Assets and Liabilities

June 30, 2010 (Unaudited)

	EQUITY FUND			BALANCED FUND			INCOME FUND			SMALL CAP GROWTH FUND			INTERNATIONAL EQUITY FUND			SOCIALLY RESPONSIBLE FUND
ASSETS:
Investments in securities, at value (Note 2)	$	97,589,241		$	—		$	100,991,744		$	32,766,757		$	32,198,316		$	43,165,840
Investments in affiliated funds, at value		81,272,675			156,528,827			—			—			—			—
Cash		—			391,814			—			—			—			—
Cash equivalents		833,334			—			3,840,001			141,178			310,489			2,897,545
Foreign currency, at value		—			—			—			—			24,246			—
Receivable for investment securities sold and matured		1,403,563			—			8,113,359			207,803			10,189			35,007
Dividends and interest receivable		97,337			—			911,251			4,683			76,423			66,921
Receivable for Fund shares sold		12,860			10,325			17,657			11,874			10,640			10,865
Prepaid expenses and other assets		8,036			6,404			3,850			1,360			17,873			1,980
Reclaims receivable		—			—			384			—			117,057			—
Total assets		181,217,046			156,937,370			113,878,246			33,133,655			32,765,233			46,178,158

LIABILITIES:
Forward commitment		—			—			108,453			—			—			—
Payable for investment securities purchased		952,694			—			11,542,191			403,241			—			122,063
Distribution fees payable (Note 4)		81,954			—			44,585			14,716			14,228			20,600
Investment advisory fees payable (Note 3)		60,423			—			48,430			25,891			22,054			33,767
Payable for Fund shares redeemed		26,675			44,714			—			4,222			4,586			—
Administration and accounting fees payable		22,947			19,191			12,560			4,125			3,982			5,767
Trustees' fees payable		4,838			4,082			2,618			826			830			1,216
Chief Compliance Officer expenses payable		3,593			2,945			1,825			604			643			896
Obligation to return securities lending collateral		—			—			—			18			—			—
Other accrued expenses		118,877			70,112			91,148			32,594			66,726			21,760
Total liabilities		1,272,001			141,044			11,851,810			486,237			113,049			206,069

NET ASSETS	$	179,945,045		$	156,796,326		$	102,026,436		$	32,647,418		$	32,652,184		$	45,972,089

NET ASSETS consist of:
Paid-in capital	$	331,185,472		$	187,681,043		$	99,309,437		$	49,806,206		$	47,147,209		$	63,714,169
Undistributed net investment income (accumulated net investment loss)		188,834			3,216,851			5,270,287			(202,791	)		651,942			738,503
Accumulated net realized gain/(loss) on investments, futures contracts and foreign currency transactions		(143,146,061	)		(33,359,059	)		1,923,287			(16,987,069	)		(9,934,923	)		(24,568,788	)
Net unrealized appreciation/ (depreciation) of investments, investments in affiliated funds and other assets and liabilities denominated in foreign currencies		(8,283,200	)		(742,509	)		(4,476,575	)		31,072			(5,212,044	)		6,088,205

NET ASSETS	$	179,945,045		$	156,796,326		$	102,026,436		$	32,647,418		$	32,652,184		$	45,972,089

SHARES OUTSTANDING: (Unlimited shares authorized)		12,040,305			10,918,571			8,361,872			3,026,928			3,161,705			4,953,409

NET ASSET VALUE: (Offering and redemption price per share)	$	14.95		$	14.36		$	12.20		$	10.79		$	10.33		$	9.28

Investments, at cost (Note 2)	$	100,997,075		$	—		$	105,468,175		$	32,735,685		$	37,419,419		$	37,077,635
Investments in affiliated funds, at cost		86,148,041			157,271,336			—			—			—			—
Forward commitment, proceeds receivable		—			—			108,309			—			—			—
Foreign currency, at cost		—			—			—			—			24,246			—
Market value of securities on loan		—			—			—			—			—			—

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Statements of Operations

For the Six Months Ended June 30, 2010 (Unaudited)

	EQUITY FUND			BALANCED FUND			INCOME FUND			SMALL CAP GROWTH FUND			INTERNATIONAL EQUITY FUND			SOCIALLY RESPONSIBLE FUND
INVESTMENT INCOME:
Dividends	$	1,031,649		$	—		$	9,409		$	64,954		$	730,429		$	524,930
Dividends from affiliated funds		—			—			—			—			—			—
Interest		303			—			2,321,206			71			56			654
Foreign taxes withheld		—			—			—			—			(68,453	)		(9,237	)
Total income		1,031,952			—			2,330,615			65,025			662,032			516,347

EXPENSES:
Investment advisory fees (Note 3)		389,833			—			284,795			203,477			180,551			215,922
Distribution fees (Note 4)		219,529			—			129,455			44,233			45,137			63,399
Administration and accounting fees		71,138			58,077			36,259			12,319			12,569			17,752
Chief Compliance Officer expenses		1,404			1,158			728			250			241			351
Professional fees		47,838			41,549			25,341			8,700			9,018			12,785
Transfer agent fees		39,490			10,340			6,320			2,176			2,347			3,203
Custodian fees		31,406			3,126			9,636			16,740			32,971			3,226
Printing fees		24,726			19,864			12,378			4,201			4,293			6,095
Trustees' fees and expenses (Note 3)		18,496			15,130			9,342			3,137			3,292			4,614
Other		19,494			12,992			47,787			13,991			33,751			4,439
Total expenses		863,354			162,236			562,041			309,224			324,170			331,786
Fees waived by Adviser (Note 3)		—			—			—			(41,408	)		(37,163	)		—
Net expenses		863,354			162,236			562,041			267,816			287,007			331,786

Net Investment income/(loss)		168,598			(162,236	)		1,768,574			(202,791	)		375,025			184,561

NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS (NOTE 2 AND 5):
Net realized gain/(loss) from:
Investments		8,596,712			—			503,407			1,679,646			(378,403	)		1,246,312
Investments in affiliated funds		261,729			1,737,161
Futures contracts		55,002			—			—			—			—			—
Forward foreign currency exchange contracts and foreign currency transactions		—			—			53,995			—			(4,975	)		—
Net change in unrealized appreciation/(depreciation) of:
Investments		(19,186,198	)		—			4,007,031			(2,581,471	)		(4,247,966	)		(5,011,686	)
Investments in affiliated funds		(8,782,220	)		(5,331,985	)
Futures contracts		(11,677	)		—			—			—			—			—
Forward foreign currency exchange contracts and other assets and liabilities denominated in foreign currencies		—			—			(53,995	)		—			(13,925	)		—

Net realized and unrealized gain/(loss) on investments, futures contracts and foreign currencies		(19,066,652	)		(3,594,824	)		4,510,438			(901,825	)		(4,645,269	)		(3,765,374	)

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(18,898,054	)	$	(3,757,060	)	$	6,279,012		$	(1,104,616	)	$	(4,270,244	)	$	(3,580,813	)

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Statements of Changes in Net Assets

For the Six Months Ended June 30, 2010 (Unaudited)

	EQUITY FUND			BALANCED FUND			INCOME FUND			SMALL CAP GROWTH FUND			INTERNATIONAL EQUITY FUND			SOCIALLY RESPONSIBLE FUND
OPERATIONS:
Net investment income/(loss)	$	168,598		$	(162,236	)	$	1,768,574		$	(202,791	)	$	375,025		$	184,561
Net realized gain/(loss) on investments, futures contracts, forward foreign currency exchange contracts and foreign currency transactions		8,913,443			1,737,161			557,402			1,679,646			(383,378	)		1,246,312
Net change in unrealized appreciation/(depreciation) of investments, futures contracts, forward foreign currency exchange contracts and other assets and liabilities denominated in foreign currencies		(27,980,095	)		(5,331,985	)		3,953,036			(2,581,471	)		(4,261,891	)		(5,011,686	)
Net increase/(decrease) in net assets resulting from operations		(18,898,054	)		(3,757,060	)		6,279,012			(1,104,616	)		(4,270,244	)		(3,580,813	)

CAPITAL STOCK TRANSACTIONS: (DOLLARS)
Shares sold		867,122			1,268,622			5,328,454			480,738			899,344			571,881
Shares redeemed		(9,743,243	)		(7,599,605	)		(10,155,988	)		(1,683,158	)		(1,634,449	)		(2,646,481	)

Net decrease in net assets from capital stock transactions		(8,876,121	)		(6,330,983	)		(4,827,534	)		(1,202,420	)		(735,105	)		(2,074,600	)

Net increase/(decrease) in net assets		(27,774,175	)		(10,088,043	)		1,451,478			(2,307,036	)		(5,005,349	)		(5,655,413	)

NET ASSETS:
Beginning of period		207,719,220			166,884,369			100,574,958			34,954,454			37,657,533			51,627,502
End of period	$	179,945,045		$	156,796,326		$	102,026,436		$	32,647,418		$	32,652,184		$	45,972,089

Undistributed net investment income/(Accumulated net investment loss) at end of period	$	188,834		$	3,216,851		$	5,270,287		$	(202,791	)	$	651,942		$	738,503

CAPITAL SHARE TRANSACTIONS:
Shares sold		52,140			84,697			451,440			41,648			79,472			57,257
Shares redeemed		(583,189	)		(507,641	)		(842,610	)		(144,951	)		(144,296	)		(260,171	)

Net decrease in shares outstanding		(531,049	)		(422,944	)		(391,170	)		(103,303	)		(64,824	)		(202,914	)

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Statements of Changes in Net Assets

For the Year Ended December 31, 2009

	EQUITY FUND			BALANCED FUND			INCOME FUND			SMALL CAP GROWTH FUND			INTERNATIONAL EQUITY FUND			SOCIALLY RESPONSIBLE FUND
OPERATIONS:
Net investment income/(loss)	$	2,310,232		$	3,379,125		$	3,471,124		$	(305,964	)	$	530,394		$	553,971
Net realized gain/(loss) on investments, futures contracts, forward foreign currency exchange contracts and foreign currency transactions		(51,378,005	)		(5,898,998	)		1,292,547			(2,528,666	)		(4,833,145	)		(19,578,236	)
Net change in unrealized appreciation of investments, futures contracts, forward foreign currency exchange contracts and other assets and liabilities denominated in foreign currencies		101,651,272			28,179,406			7,576,838			10,716,339			13,318,009			28,166,606
Net increase in net assets resulting from operations		52,583,499			25,659,533			12,340,509			7,881,709			9,015,258			9,142,341

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,338,855	)		(5,314,130	)		(4,609,550	)		—			(596,674	)		(821,779	)
Total distributions to shareholders		(2,338,855	)		(5,314,130	)		(4,609,550	)		—			(596,674	)		(821,779	)

CAPITAL STOCK TRANSACTIONS: (DOLLARS)
Shares sold		5,702,250			1,499,605			12,803,458			1,337,131			1,838,303			1,430,497
Shares issued as reinvestment of distributions		2,317,402			5,314,129			4,609,547			—			596,674			821,778
Shares redeemed		(104,878,910	)		(15,532,524	)		(26,172,970	)		(5,117,537	)		(6,049,914	)		(3,523,125	)
Net decrease in net assets from capital stock transactions		(96,859,258	)		(8,718,790	)		(8,759,965	)		(3,780,406	)		(3,614,937	)		(1,270,850	)

Net increase/(decrease) in net assets		(46,614,614	)		11,626,613			(1,029,006	)		4,101,303			4,803,647			7,049,712

NET ASSETS:
Beginning of year		254,333,834			155,257,756			101,603,964			30,853,151			32,853,886			44,577,790
End of year	$	207,719,220		$	166,884,369		$	100,574,958		$	34,954,454		$	37,657,533		$	51,627,502
Undistributed net investment income/(Accumulated net investment loss)/ (Distributions in excess of net investment income) at end of year	$	20,236		$	3,379,087		$	3,501,713		$	—		$	276,917		$	553,942

CAPITAL SHARE TRANSACTIONS:
Shares sold		406,602			109,042			1,084,272			145,250			190,723			167,792
Shares issued as reinvestment of distributions		138,933			359,063			401,528			—			50,824			81,445
Shares redeemed		(6,791,248	)		(1,193,032	)		(2,292,681	)		(562,985	)		(645,632	)		(416,353	)
Net decrease in shares outstanding		(6,245,713	)		(724,927	)		(806,881	)		(417,735	)		(404,085	)		(167,116	)

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Equity Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2010 (Unaudited)				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	16.52		$	13.52		$	22.97		$	25.24		$	22.35		$	21.34

Income/(loss) from investment operations:
Net investment income1		0.01			0.14			0.15			0.14			0.21			0.25
Net realized and unrealized gain/(loss) on investments and futures contracts		(1.58	)		3.05			(9.39	)		0.47			3.57			1.01
Total from investment operations		(1.57	)		3.19			(9.24	)		0.61			3.78			1.26

Less distributions:
From net investment income		0.00			(0.19	)		(0.17	)		(0.15	)		(0.23	)		(0.25	)
From capital gains		0.00			0.00			(0.04	)		(2.73	)		(0.66	)		0.00
Total distributions		0.00			(0.19	)		(0.21	)		(2.88	)		(0.89	)		(0.25	)
Net asset value, end of period	$	14.95		$	16.52		$	13.52		$	22.97		$	25.24		$	22.35
Total return2		(9.50	)%3		23.57	%		(40.19	)%		2.20	%		16.92	%		5.90	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	179,945		$	207,719		$	254,334		$	496,132		$	527,981		$	505,499
Operating expenses including reimbursement/waiver and excluding earnings credits†		0.85	%4		1.16	%		1.17	%		1.13	%		1.00	%		0.86	%
Operating expenses excluding reimbursement/waiver and excluding earnings credits†		0.85	%4		1.16	%		1.17	%		1.13	%		1.03	%		0.93	%
Net investment income		0.17	%4		0.97	%		0.80	%		0.54	%		0.87	%		1.15	%
Portfolio turnover rate		29	%3		350	%		93	%		81	%		135	%		44	%

†	These ratios do not include expenses from the underlying funds.
1	The selected per share data was calculated using the average shares outstanding method for the period.
2	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies. The inclusion of these charges would reduce the total return figures for all periods shown.
3	Not annualized.
4	Annualized.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Balanced Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2010 (Unaudited)				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	14.71		$	12.87		$	20.75		$	20.13		$	18.72		$	17.95

Income/(loss) from investment operations:
Net investment income/(loss)1		(0.01	)		0.30			0.35			0.39			0.41			0.11
Net realized and unrealized gain/(loss) on investments		(0.34	)		2.02			(5.94	)		0.23			1.76			0.66
Total from investment operations		(0.35	)		2.32			(5.59	)		0.62			2.17			0.77

Less distributions:
From net investment income		0.00			(0.48	)		(1.13	)		0.00			(0.70	)		0.00
From capital gains		0.00			0.00			(1.16	)		0.00			(0.06	)		0.00
Total distributions		0.00			(0.48	)		(2.29	)		0.00			(0.76	)		0.00
Net asset value, end of period	$	14.36		$	14.71		$	12.87		$	20.75		$	20.13		$	18.72
Total return2		(2.38	)%3		18.03	%		(26.68	)%		3.08	%		11.59	%		4.29	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	156,796		$	166,884		$	155,258		$	243,184		$	260,416		$	256,819
Operating expenses including reimbursement/waiver and excluding earnings credits†		0.20	%4		0.22	%		0.16	%		0.09	%		0.08	%		0.06	%
Operating expenses excluding reimbursement/waiver and excluding earnings credits†		0.20	%4		0.22	%		0.16	%		0.09	%		0.10	%		0.06	%
Net investment income/(loss)		(0.20	)%4		2.21	%		1.92	%		1.88	%		2.09	%		0.60	%
Portfolio turnover rate		6	%3		46	%		30	%		10	%		4	%		1	%

†	These ratios do not include expenses from the underlying funds.
1	The selected per share data was calculated using the average shares outstanding method for the period. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
2	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies. The inclusion of these charges would reduce the total return figures for all periods shown.
3	Not annualized.
4	Annualized.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Income Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2010 (Unaudited)				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.49		$	10.63		$	12.29		$	12.36		$	12.40		$	12.16

Income/(loss) from investment operations:
Net investment income1		0.20			0.40			0.54			0.56			0.52			0.45
Net realized and unrealized gain/(loss) on investments and foreign currency transactions		0.51			1.01			(1.33	)		(0.05	)		(0.03	)		(0.21	)
Total from investment operations		0.71			1.41			(0.79	)		0.51			0.49			0.24

Less distributions:
From net investment income		0.00			(0.55	)		(0.60	)		(0.56	)		(0.52	)		0.00
From capital gains		0.00			0.00			(0.27	)		(0.02	)		(0.01	)		0.00
Total distributions		0.00			(0.55	)		(0.87	)		(0.58	)		(0.53	)		0.00
Net asset value, end of period	$	12.20		$	11.49		$	10.63		$	12.29		$	12.36		$	12.40
Total return2		6.18	%3		13.29	%		(6.44	)%		4.21	%		3.99	%		1.97	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	102,026		$	100,575		$	101,604		$	127,463		$	129,228		$	127,380
Operating expenses including reimbursement/waiver and excluding earnings credits		1.09	%4		1.08	%		1.05	%		0.98	%		1.02	%		0.95	%
Operating expenses excluding reimbursement/waiver and excluding earnings credits		1.09	%4		1.08	%		1.05	%		1.05	%		1.05	%		1.00	%
Net investment income		3.42	%4		3.49	%		4.52	%		4.47	%		4.12	%		3.64	%
Portfolio turnover rate		123	%3		318	%		367	%		458	%		421	%		765	%

1	The selected per share data was calculated using the average shares outstanding method for the period.
2	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies. The inclusion of these charges would reduce the total return figures for all periods shown.
3	Not annualized.
4	Annualized.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2010 (Unaudited)				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.17		$	8.70		$	16.22		$	14.24		$	12.78		$	12.33

Income/(loss) from investment operations:
Net investment loss1		(0.07	)		(0.09	)		(0.11	)		(0.13	)		(0.18	)		(0.11	)
Net realized and unrealized gain/(loss) on investments		(0.31	)		2.56			(7.41	)		2.11			1.64			0.56
Total from investment operations		(0.38	)		2.47			(7.52	)		1.98			1.46			0.45
Net asset value, end of period	$	10.79		$	11.17		$	8.70		$	16.22		$	14.24		$	12.78
Total return2		(3.40	)%3		28.39	%		(46.36	)%		13.91	%		11.42	%		3.65	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	32,647		$	34,954		$	30,853		$	58,758		$	54,195		$	52,655
Operating expenses including reimbursement/waiver and excluding earnings credits		1.51	%4		1.63	%		1.64	%		1.45	%		1.60	%		1.66	%
Operating expenses excluding reimbursement/waiver and excluding earnings credits		1.75	%4		1.86	%		1.88	%		1.76	%		1.76	%		1.73	%
Net investment loss		(1.15	)%4		(0.98	)%		(0.86	)%		(0.85	)%		(1.29	)%		(0.94	)%
Portfolio turnover rate		74	%3		174	%		199	%		110	%		240	%		152	%

1	The selected per share data was calculated using the average shares outstanding method for the period.
2	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies. The inclusion of these charges would reduce the total return figures for all periods shown.
3	Not annualized.
4	Annualized.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

International Equity Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2010 (Unaudited)				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.67		$	9.05		$	16.44		$	16.11		$	13.11		$	11.91

Income/(loss) from investment operations:
Net investment income1		0.12			0.16			0.25			0.13			0.07			0.10
Net realized and unrealized gain/(loss) on investments and foreign currency transactions		(1.46	)		2.65			(7.44	)		1.26			3.04			1.11
Total from investment operations		(1.34	)		2.81			(7.19	)		1.39			3.11			1.21

Less distributions:
From net investment income		0.00			(0.19	)		(0.20	)		(0.15	)		(0.11	)		(0.01	)
From capital gains		0.00			0.00			0.00			(0.91	)		0.00			0.00
Total distributions		0.00			(0.19	)		(0.20	)		(1.06	)		(0.11	)		(0.01	)
Net asset value, end of period	$	10.33		$	11.67		$	9.05		$	16.44		$	16.11		$	13.11
Total return2		(11.48	)%3		31.02	%		(43.75	)%		8.73	%		23.76	%		10.12	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	32,652		$	37,658		$	32,854		$	57,093		$	51,219		$	41,882
Operating expenses including reimbursement/waiver and excluding earnings credits		1.59	%4		1.64	%		1.56	%		2.06	%		2.10	%		1.71	%
Operating expenses excluding reimbursement/waiver and excluding earnings credits		1.80	%4		1.84	%		1.78	%		2.26	%		2.27	%		1.80	%
Net investment income		2.08	%4		1.61	%		1.90	%		0.77	%		0.49	%		0.84	%
Portfolio turnover rate		7	%3		29	%		27	%		106	%		103	%		48	%

1	The selected per share data was calculated using the average shares outstanding method for the period.
2	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies. The inclusion of these charges would reduce the total return figures for all periods shown.
3	Not annualized.
4	Annualized.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Socially Responsible Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2010 (Unaudited)				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	10.01		$	8.37		$	15.77		$	17.43		$	16.21		$	15.42

Income/(loss) from investment operations:
Net investment income1		0.04			0.11			0.16			0.17			0.21			0.20
Net realized and unrealized gain/(loss) on investments		(0.77	)		1.69			(6.58	)		(0.60	)		3.12			0.59
Total from investment operations		(0.73	)		1.80			(6.42	)		(0.43	)		3.33			0.79

Less distributions:
From net investment income		0.00			(0.16	)		(0.17	)		(0.21	)		(0.22	)		0.00	2
From capital gains		0.00			0.00			(0.81	)		(1.02	)		(1.89	)		0.00
Total distributions		0.00			(0.16	)		(0.98	)		(1.23	)		(2.11	)		0.00
Net asset value, end of period	$	9.28		$	10.01		$	8.37		$	15.77		$	17.43		$	16.21
Total return3		(7.29	)%4		21.51	%		(40.39	)%		(2.63	)%		20.52	%		5.13	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	45,972		$	51,628		$	44,578		$	83,802		$	91,154		$	79,445
Operating expenses including reimbursement/waiver and excluding earnings credits		1.31	%5		1.36	%		1.32	%		1.28	%		1.23	%		1.03	%
Operating expenses excluding reimbursement/waiver and excluding earnings credits		1.31	%5		1.36	%		1.32	%		1.29	%		1.32	%		1.26	%
Net investment income		0.73	%5		1.23	%		1.27	%		0.96	%		1.20	%		1.29	%
Portfolio turnover rate		13	%4		182	%		34	%		21	%		46	%		28	%

1	The selected per share data was calculated using the average shares outstanding method for the period.
2	Less than $0.01 per share.
3	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies. The inclusion of these charges would reduce the total return figures for all periods shown.
4	Not annualized.
5	Annualized.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Notes to Financial Statements

June 30, 2010 (Unaudited)

1. Organization.

The Wilshire Variable Insurance Trust (the “Trust”) is an open-end, diversified management investment company registered under the Investment Company Act of 1940 (“1940 Act”), which offers units of beneficial ownership (shares) in 9 separate investment portfolios. The portfolios presented in these financial statements are: Equity Fund, Balanced Fund, Income Fund, Small Cap Growth Fund, International Equity Fund and Socially Responsible Fund (collectively the “Funds”, and each a “Fund”). The financial statements for the 2015 ETF Fund, 2025 ETF Fund, and 2035 ETF Fund are included in a separate annual report. Shares of the Funds are presently offered to Horace Mann Life Insurance Company (“HMLIC”) Separate Account and the HMLIC 401(k) Separate Account. The Equity Fund shares also may be purchased under the dividend reinvestment plans by certain shareholders.

Fund Investment Objectives:

Equity Fund — primary, long-term capital growth; secondary, conservation of principal and production of income.

Balanced Fund — realization of high long-term total rate of return consistent with prudent investment risks.

Income Fund — long-term total rate of return in excess of the U.S. bond market over a full market cycle.

Small Cap Growth Fund — long-term capital appreciation through investing primarily in equity securities of small cap companies with earnings growth potential.

International Equity Fund — long-term growth of capital through diversified holdings of marketable foreign equity investments.

Socially Responsible Fund — long-term growth of capital, current income and growth of income through investing primarily in equity securities of issuers that meet certain socially responsible criteria.

2. Significant Accounting Policies.

Use of estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates.

Security valuation — A security listed or traded on a domestic exchange is valued at its last sales price on the exchange where it is principally traded. In the absence of a current quotation, the security is valued at the mean between the last bid and asked prices on the exchange. Securities traded on National Association of Securities Dealers Automatic Quotation (“NASDAQ”) System are valued at the NASDAQ official closing price. If there is no NASDAQ official closing price available, 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 prices supplied by the Funds’ pricing agent for such securities, if available, and otherwise are valued at amortized cost. When market quotations are not readily available, securities are valued according to procedures established by the Board of Trustees or are valued at fair value as determined in good faith by the Pricing Committee, whose members include at least two representatives of Wilshire Associates Incorporated (“Wilshire” or the “Adviser”), one of whom is an officer of the Trust, or the Funds’ Valuation Committee. Securities whose market value using the procedures outlined above 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. The value of fair valued securities may be different from the last sale price (or the mean between the last bid and asked prices), and there is no guarantee that a fair valued security will be sold at the price at which a Fund is carrying the security. Investments in the underlying funds by the Equity and Balanced Funds are valued at their net asset value as reported by the underlying funds.

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2010 (Unaudited)

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The guidance establishes three levels of the fair value hierarchy as follows:

•

Level 1 – quoted prices in active markets for identical securities.

•

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For the six months ended June 30, 2010, there have been no significant changes to the Funds’ fair value methodologies and there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

In January 2010, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2010-6, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements. ASU No. 2010-6 enhances and clarifies existing fair value measurement disclosure requirements and is effective for interim and annual periods beginning after December 15, 2009. The Funds adopted ASU No. 2010-6 on January 1, 2010. The adoption of ASU No. 2010-6 did not have any impact on the Funds’ financial statements.

Fair value measurement classifications are summarized in each Fund’s Schedule of Investments.

The International Equity Fund uses Interactive Data Pricing and Reference Data, Inc. (formerly FT Interactive Data Corp.) (“Interactive Data”) as a third party fair valuation vendor daily. Interactive Data provides a fair value for foreign securities in the International Equity Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by Interactive Data. These factors are used to value the International Equity Fund without holding a Pricing Committee meeting. In the event that the Adviser believes that the fair values provided by Interactive Data are not reliable, the Adviser contacts the International Equity Fund’s administrator and may request that a meeting of the Pricing Committee be held.

Security transactions and investment income — Security transactions are recorded on a trade date basis. Dividend income and distributions on underlying funds are recorded on the ex-dividend date or, for certain foreign dividends, as soon as the dividend information becomes available. Interest income and distributions on underlying funds, if applicable, premium and discount amortization is accrued daily. Securities gains and losses are determined on the basis of identified cost. Distributions received on securities that represent a return of capital or capital gain are reclassed as a reduction of cost of investments and/or as a realized gain. The actual character of income, realized gain and return of capital distributions received from Real Estate Investment Trusts (“REITs”) are not known until after the end of the fiscal year, at which time such distributions are appropriately adjusted.

When-issued and delayed delivery investments — The Income Fund, Small Cap Growth Fund, International Equity Fund and Socially Responsible 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 Funds would generally purchase securities on a when-issued, delayed-delivery or forward commitment basis with the intention of acquiring the securities, each Fund may dispose of such securities prior to settlement if its sub-adviser deems it appropriate to do so. Each 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 Fund will normally realize a capital gain or loss in connection with these transactions. When a Fund purchases securities on a when-issued, delayed-delivery or forward commitment basis, the Fund’s custodian will maintain cash or liquid securities having a value (determined daily) at least equal to the amount

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2010 (Unaudited)

of the 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 each 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 PNC Global Investment Servicing, Inc. (“PNCGIS”) 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. It is the Funds’ policy to 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. There were no repurchase agreements as of June 30, 2010.

Investments in REITs — With respect to the Funds, dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.

Cash equivalents — Idle cash may be swept into various money market sweep accounts and is classified as cash equivalents on the Statement of Assets and Liabilities. Amounts invested are generally available on the same business day.

Securities lending — The Equity, Income, Small Cap Growth, International Equity and the Socially Responsible Funds may seek additional income by lending their securities on a short-term basis to banks, brokers and dealers in return for cash collateral, which is invested in short-term securities. A Fund may return a portion of the interest earned to the borrower or a third party which is unaffiliated with the Trust and acting as a “placing broker.” A Fund receives compensation for lending securities in the form of fees. A Fund also continues to receive dividends on the securities loaned. Security loans are secured at all times by collateral. It is the Trust’s policy that the collateral be equal to at least 102% of the market value of the securities loaned plus accrued interest when the transaction is entered into, and that the collateral supporting loans be remarked daily. Gain or loss in the market price of the securities loaned that may occur during the term of the loan are reflected in the value of the Fund. The risks from securities lending are that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Fund. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. PNCGIS, the Funds’ custodian, acts as the securities lending agent for the Funds. The value of the securities on loan and the value of the related collateral at June 30, 2010 are shown on the Statement of Assets and Liabilities. The PNC Institutional Money Market Trust was purchased with proceeds from collateral received from securities on loan. At June 30, 2010 $18 of this security represents the collateral received for securities on loan in the Small Cap Growth Fund.

Mortgage dollar rolls — The Income Fund may enter into mortgage dollar rolls in which the 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. There were no mortgage dollar rolls as of June 30, 2010.

ADRs, EDRs and GDRs — The Small Cap Growth Fund, International Equity Fund and Socially Responsible Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments. The Equity Fund may invest in ADRs. ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities issued by a

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2010 (Unaudited)

foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading on an international basis. Unsponsored ADR, EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying securities. As a result, available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the issuer.

Asset-backed and mortgage securities — The Income Fund may invest in mortgage and asset-backed securities which represent shares in a pool of mortgages or other debt. These securities are generally pass-through securities, which means that principal and interest payments on the underlying securities (less servicing fees) are passed through to shareholders on a pro rata basis. These securities involve prepayment risk, which is the risk that the underlying mortgages or other debt may be refinanced or paid off before they mature, particularly during periods of declining interest rates. In that case, a sub-adviser may have to reinvest the proceeds from the securities at a lower interest rate. This could lower the Fund’s return and result in losses to the Fund if some securities were acquired at a premium. Potential market gains on a security subject to prepayment risk may be more limited than potential market gains on a comparable security that is not subject to prepayment risk. The Income Fund may also invest in collateralized mortgage obligations (“CMOs”). In a CMO, a series of bonds or certificates is issued in multiple classes, which have varying levels of risks.

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.

Futures contracts — A futures contract is an agreement to purchase (long) or sell (short) an agreed asset at a set price for delivery on a future date. Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. The change in the value of the futures contract is recorded for financial statement purposes on a daily basis as unrealized gain or loss. When the contract expires or is closed, the gain or loss is realized and is presented in the Statement of Operations as net realized gain or loss on futures contracts. Risks of entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. It is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its expiration date. Additionally, the purchase of a futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Forward currency contracts — The Funds may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. All commitments are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Funds realize gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the year are recognized as ordinary income or loss for federal income tax purposes. The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Expense policy — Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among all Funds daily in relation to the net assets of each Fund or based upon another reasonable basis. Expenses which are attributable to the Trust and the Wilshire Mutual Funds are allocated across the Trust and the Wilshire Mutual Funds based upon relative net assets or another reasonable basis.

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2010 (Unaudited)

Distributions to shareholders — Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income, if any, are declared and paid annually. The Funds’ net realized capital gains, unless offset by any available capital loss carryforward, are distributed to shareholders annually. Additional distributions of net investment income and capital gains may be made at the discretion of the Board of Directors in order to avoid the application of a 4% non-deductible Federal excise tax.

3. Investment Advisory Fee and Other Transactions.

The Trust employs the Adviser to manage the investment and reinvestment of the assets of the Funds and to continuously review, oversee and administer the Funds’ investment programs. The Adviser has entered into agreements with the following sub-advisers: Equity Fund — Madison Square Investors and Victory Capital Management, Inc.; Income Fund — Western Asset Management Company and Western Asset Management Limited; International Equity Fund — PanAgora Asset Management, Inc. and Thomas White International, Ltd.; Small Cap Growth Fund — Mellon Capital Management Corporation and Copper Rock Capital Partners, LLC; Socially Responsible Fund — Clear Bridge Advisors, LLC.

Each sub-adviser’s fees are paid by the Adviser out of the advisory fees that it receives from each of the Funds. Fees paid to a sub-adviser of a Fund with multiple sub-advisers depends upon the fee rate negotiated with the Adviser and upon the percentage of the Fund’s assets allocated to that sub-adviser by the Adviser, which may vary from time to time. Thus, the basis for fees paid to any such sub-adviser is not constant, and the relative amounts of fees paid to the various sub-advisers of a Fund may fluctuate. These internal fluctuations, however, will not affect the total advisory fees paid by a Fund, which will remain fixed on the terms described below. The Adviser may, however, determine in its discretion to waive a portion of its fee if internal fluctuations in the fee to be paid to the sub-advisers results in excess profit to the Adviser. Because the Adviser will pay each sub-adviser’s fees out of its own fees from the Funds, there will not be any “duplication” of advisory fees paid by the Funds.

For the six months ended June 30, 2010, the Adviser provided services and assumed expenses pursuant to the amended Investment Advisory Agreement for which it received a fee based on each Fund’s average daily net assets, computed daily and payable monthly, at the following annual rates:

Fund	Rate on the First $1 Billion of Average Daily Net Assets		Rate on Average Daily Net Assets in Excess of $1 Billion
Equity Fund*		0.70%		0.60%
Balanced Fund**		0.55		0.45
Income Fund		0.55		0.45
Small Cap Growth Fund		1.15		1.15
International Equity Fund		1.00		0.90
Socially Responsible Fund		0.85		0.75

*	The Equity Fund invests in the Wilshire Large Cap Core 130/30 Fund (the “130/30 Fund”). The Adviser directly receives from the Equity Fund a fee based on the average daily net assets of the Equity Fund that are not invested in the 130/30 Fund.
**	The Balanced Fund operates under a “fund of funds” structure, primarily investing in shares of underlying funds. The Adviser directly receives from the Balanced Fund a fee based on the average daily net assets of the Balanced Fund that are not invested in underlying funds. The Adviser did not receive fees from the Balanced Fund during the six months ended June 30, 2010.

For the six months ended June 30, 2010, the Adviser voluntarily waived fees in the amounts listed below.

Fund	Advisory Fees Voluntarily Waived
Equity Fund	$	—
Balanced Fund		—
Income Fund		—
Small Cap Growth Fund		41,408
International Equity Fund		37,163
Socially Responsible Fund		—

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2010 (Unaudited)

SEI Investments Global Funds Services (“SEI”) serves as the Funds’ administrator and accounting agent pursuant to an administration agreement dated May 30, 2008. DST Systems, Inc. serves as the Funds’ transfer agent and dividend disbursing agent. PNCGIS serves as the Funds’ Custodian. SEI Investments Distribution Co. (the “Distributor”) serves as the Funds’ distributor.

Officers and Trustees’ expenses — The officers of the Trust receive remuneration from the Adviser. The Trust does not pay any remuneration to its officers. The Trust and the Wilshire Mutual Funds, Inc. together pay each independent trustee an annual retainer of $14,000, an annual additional Board chair retainer of $12,000, a Board in-person meeting fee of $1,500, a Board telephonic meeting fee of $1,000, an annual Committee member retainer of $4,000, an annual Committee chairperson retainer of $8,000 in lieu of the $4,000 Committee member retainer, and a Committee telephonic meeting fee of $500.

4. Distribution and Shareholder Services Plan.

The Funds have adopted a Rule 12b-1 distribution and shareholder services plan (the “Distribution Plan”). Pursuant to the Distribution Plan with the Funds, the Distributor receives a distribution and shareholder services fee, payable by each Fund. The Distributor uses the fee to pay for distribution-related and shareholder services for the Funds. Under the Distribution Plan, each Fund will pay to the Distributor a shareholder/distribution services fee computed at the annual rate of 0.25% of average daily net assets attributable to each Fund. The Distributor did not receive fees from the Balanced Fund during the six months ended June 30, 2010.

5. Security Transactions.

For the six months ended June 30, 2010, aggregate cost of purchases and proceeds from sales of securities, other than affiliated investments, short-term investments and U.S. Government securities, were as follows:

Fund	Purchases		Proceeds from Sales
Equity Fund	$	58,663,418	$	66,335,775
Income Fund		9,625,242		11,172,698
Small Cap Growth Fund		25,894,510		27,043,911
International Equity Fund		2,653,330		2,985,064
Socially Responsible Fund		6,125,369		6,896,935

Purchases and sales of U.S. Government securities during the six months ended June 30, 2010 were:

Fund		Purchases				Proceeds from Sales
Income Fund		$	108,532,101			$	115,931,329

Purchases and sales of affiliated investments during the six months ended June 30, 2010, and value as of June 30, 2010 were:

Fund	Purchases		Sales		Value June 30, 2010
Equity Fund
Wilshire Large Cap Core 130/30 Fund	$	—	$	—	$	81,272,675
Balanced Fund
Wilshire Large Cap Core 130/30 Fund		5,281,289		7,334,794		83,090,293
Wilshire Variable Insurance Trust Income Fund		4,161,554		8,721,557		73,438,534

The Funds did not receive dividend income from affiliated funds during the six months ended June 30, 2010.

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2010 (Unaudited)

6. Significant Shareholder Activity.

On June 30, 2010, the Funds had the following concentrations of shareholders holding 10% or more of the outstanding shares of the Funds. These represent omnibus shareholder accounts.

Fund
Equity Fund (1 omnibus shareholder)	88%
Balanced Fund (1 omnibus shareholder)	100%
Income Fund (2 omnibus shareholders)	100%
Small Cap Growth Fund (1 omnibus shareholder)	100%
International Equity Fund (1 omnibus shareholder)	100%
Socially Responsible Fund (1 omnibus shareholder)	100%

7. Tax Information.

No provision for Federal income taxes is required because each Fund has qualified, and intends to continue to qualify, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and distributes 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 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 Funds evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is “more-likely than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

The Funds intend to retain realized gains to the extent of available capital loss carryforwards. At December 31, 2009, the following Funds had available for Federal income tax purposes unused capital losses as follows:

	Expiring December 31,
Fund	2010		2016		2017
Equity Fund	$	—	$	71,015,820	$	76,210,340
Balanced Fund		—		22,469,680		12,404,279
Small Cap Growth Fund		2,873,881		12,003,668		3,386,074
International Equity Fund		—		4,489,974		4,827,194
Socially Responsible Fund		—		6,188,822		19,588,055

The tax character of distributions declared during the years ended December 31, 2009 and 2008 were as follows:

Fund	2009 Ordinary Income		2009 Capital Gains		2008 Ordinary Income		2008 Capital Gains
Equity Fund	$	2,338,855	$	—	$	3,226,528	$	688,615
Balanced Fund		5,314,130		—		12,582,487		11,917,147
Income Fund		4,609,550		—		7,837,420		—
International Equity Fund		596,674		—		719,012		—
Socially Responsible Fund		821,779		—		883,219		3,836,938

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2010 (Unaudited)

At December 31, 2009, the components of distributable accumulated earnings/(losses) on a tax basis were as follows:

	Equity Fund			Balanced Fund			Income Fund			Small Cap Growth Fund			International Equity Fund			Socially Responsible Fund
Undistributed ordinary income	$	20,236		$	3,379,089		$	4,946,903		$	—		$	319,558		$	553,941
Capital loss carryforwards		(147,226,160	)		(34,873,959	)		—			(18,263,623	)		(9,317,168	)		(25,776,877	)
Unrealized appreciation/(depreciation)		14,863,551			4,367,213			(8,454,921	)		2,209,451			(1,227,171	)		11,061,669
Other temporary differences		—			—			(53,995	)		—			—			—
Total accumulated earnings/(loss)	$	(132,342,373	)	$	(27,127,657	)	$	(3,562,013	)	$	(16,054,172	)	$	(10,224,781	)	$	(14,161,267	)

The federal tax cost, unrealized appreciation and depreciation at June 30, 2010 for each Fund are as follows (excluding forward commitments):

Fund	Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Equity Fund	$	187,145,116	$	5,190,407	$	(13,473,607	)	$	(8,283,200	)
Balanced Fund		157,273,220		3,730,257		(4,474,650	)		(744,393	)
Income Fund		105,468,175		4,525,306		(9,001,737	)		(4,476,431	)
Small Cap Growth Fund		32,735,685		3,450,914		(3,419,842	)		31,072
International Equity Fund		37,419,419		2,742,598		(7,963,701	)		(5,221,103	)
Socially Responsible Fund		37,077,635		7,591,087		(1,502,882	)		6,088,205

The differences between book and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses on wash sales on all Funds.

8. Indemnifications.

In the normal course of business, the Trust on behalf of the Funds enters into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

9. Risks.

Credit risk — The Income Fund invests primarily in debt instruments. The issuers’ ability to meet their obligations may be affected by the recent economic developments. In addition, the Income Fund’s investments are subject to credit risk, which is the risk that an issuer will be unable, or will be perceived to be unable, to repay its obligations at maturity. Funds that invest primarily in high quality securities generally are subject to less credit risk than funds that invest in lower quality securities. Certain securities are backed by credit enhancements from various financial institutions and financial guarantee assurance agencies. These credit enhancements reinforce the credit quality of the individual securities; however, if any of the financial institutions or financial guarantee assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if the Income Fund concentrates its credit enhancements in any one financial institution, the risk of credit quality deterioration increases. The value of asset-backed securities may be affected by the credit risk of the servicing agent for the pool, the originator of the loans or receivables, or the financial institution(s) providing the credit support. In addition to credit risk, asset-backed securities and other securities with early redemption features are subject to pre-payment risk. During periods of declining interest rates, prepayment of loans underlying asset-backed securities can be expected to accelerate or an issuer may retire an outstanding bond early to reduce interest costs. The Income Fund’s ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time.

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2010 (Unaudited)

Foreign security risk — The Income and International Equity Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. The market values of the Income and International Equity Funds’ investments will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments. Also, the ability of the issuers of debt securities held by the Income Fund to meet their obligations may be affected by economic and political developments in a specific country, industry or region.

10. Subsequent Event Evaluation.

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements as of June 30, 2010.

Wilshire Variable Insurance Trust

Additional Fund Information

Information on Proxy Voting

The Securities and Exchange Commission (“SEC”) has adopted the requirement that all funds file their complete proxy voting records with the SEC on an annual basis on Form N-PX. Such filing, for the 12-month period ended June 30, must be made no later than August 31 of each year.

A description of policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, along with each Fund’s proxy voting record relating to portfolio securities held during the most recent 12-month period ended June 30 is available at no charge, upon request by calling 1-888-200-6796, or on the SEC’s website at http://www.sec.gov.

Information on Form N-Q

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of period. The Trust’s Forms N-Q will be available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090.

Wilshire Variable Insurance Trust

Semi-Annual Report

June 30, 2010

Wilshire Variable Insurance Trust
Equity Fund Balanced Fund Income Fund	Small Cap Growth Fund International Equity Fund Socially Responsible Fund
Board of Trustees
Roger A. Formisano Richard A. Holt Harriet A. Russell Suanne K. Luhn	Lawrence E. Davanzo George J. Zock Chairman of the Board
Officers of the Funds
Lawrence E. Davanzo President	Victor Zhang Vice President
Helen Thompson Vice President	James St. Aubin Vice President
Michael Wauters Treasurer	Alex Kaye Vice President
Guarav Chopra Assistant Treasurer	Reena Lalji Secretary
Aaron Eubanks Chief Compliance Officer

Administrator SEI Investments Global Funds Services 1 Freedom Valley Drive Oaks, PA 19456 Transfer Agent DST Systems, Inc. 333 W. 11th St. Kansas City, MO 64105 Investment Adviser Wilshire Associates Incorporated 1299 Ocean Avenue Santa Monica, CA 90401-1085 Custodian PNC Global Investment Servicing The Eastwick Center 8800 Tinicum Boulevard Philadelphia, PA 19153 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1700 Philadelphia, PA 19103-7042	Investment Subadvisers Clear Bridge Advisors LLC 620 8th Avenue New York, NY 10018 Copper Rock Capital Partners, LLC 200 Clarendon Street Boston, MA 02116 Madison Square Investors 51 Madison Avenue New York, NY 15258 Mellon Capital Management Corporation 1633 Broadway, 13th Floor New York, NY 10019 PanAgora Asset Management, Inc. 260 Franklin Street, 22nd Floor Boston, MA 02110 Thomas White International, Ltd. 440 South LaSalle Street, Suite 3900 Chicago, IL 60605 Victory Capital Management, Inc. 127 Public Square Cleveland, OH 41114 Western Asset Management Company 117 E. Colorado Blvd., Suite 600 Pasadena, CA 91105 Western Asset Management Limited 155 Bishopsgate, London England EC2M 3XG

Wilshire Associates Incorporated

1299 Ocean Avenue

Santa Monica, CA 90401

1-888-200-6796

WIL-SA-001-0300

Six Months Ended 06/30/10*	(3.09)%
One Year Ended 06/30/10	12.15%
Inception (05/01/06) through 6/30/10	(0.59)%

Six Months Ended 06/30/10*	(1.97)%
One Year Ended 06/30/10	12.65%
Inception (05/31/06) through 6/30/10	1.34%

Six Months Ended 06/30/10*	(3.82)%
One Year Ended 06/30/10	12.42%
Inception (05/01/06) through 6/30/10	(1.92)%

Six Months Ended 06/30/10*	(3.90)%
One Year Ended 06/30/10	13.82%
Inception (05/31/06) through 06/30/10	0.02%

Six Months Ended 06/30/10*	(5.38)%
One Year Ended 06/30/10	12.47%
Inception (05/01/06) through 06/30/10	(3.87)%

Six Months Ended 06/30/10*	(5.21)%
One Year Ended 06/30/10	14.21%
Inception (05/31/06) through 06/30/10	(1.16)%

	Beginning Account Value 01/01/10	Ending Account Value 06/30/10	Expense Ratio(1)(2)	Expenses Paid During Period 01/01/10-06/30/10(3)(4)
2015 ETF Fund
Actual Fund Return	$1,000.00	$969.10	0.60%	$2.93
Hypothetical 5% Return	$1,000.00	$1,021.82	0.60%	$3.01
2025 ETF Fund
Actual Fund Return	$1,000.00	$961.80	0.60%	$2.92
Hypothetical 5% Return	$1,000.00	$1,021.82	0.60%	$3.01
2035 ETF Fund
Actual Fund Return	$1,000.00	$946.20	0.60%	$2.90
Hypothetical 5% Return	$1,000.00	$1,021.82	0.60%	$3.01

(1)	The expense ratio does not include the expenses of the ETFs.
(2)	Annualized, based on the Fund’s expenses for the most recent fiscal half-year.
(3)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the period, then divided by 365.
(4)	Expenses shown do not include annuity contract fees.


Total Exchange-Traded Funds — 98.9% (Cost $21,164,217)		21,751,142

Total Investments — 98.9% (Cost $21,164,217)		21,751,142

Other Assets & Liabilities, Net — 1.1%		250,859

NET ASSETS — 100.0%	$	22,002,001


Total Exchange-Traded Funds — 99.0% (Cost $18,224,912)		18,501,202

Total Investments — 99.0% (Cost $18,224,912)		18,501,202

Other Assets & Liabilities, Net — 1.0%		178,168

NET ASSETS — 100.0%	$	18,679,370


Total Exchange-Traded Funds — 98.4% (Cost $17,842,634)		18,023,217

Total Investments — 98.4% (Cost $17,842,634)		18,023,217

Other Assets & Liabilities, Net — 1.6%		287,186

NET ASSETS — 100.0%	$	18,310,403

	2015 ETF FUND			2025 ETF FUND			2035 ETF FUND
ASSETS:
Investments in securities, at value (Note 2)	$	21,751,142		$	18,501,202		$	18,023,217
Cash equivalents		259,949			813,098			247,476
Receivable for Fund shares sold		24,876			51,009			66,032
Prepaid expenses		828			641			631
Dividends receivable		12			18			23
Total assets		22,036,807			19,365,968			18,337,379

LIABILITIES:
Distribution fees payable (Note 4)		9,367			7,830			7,731
Investment advisory fees payable (Note 3)		3,012			2,278			2,159
Administration and accounting fees payable		1,502			1,259			1,243
Payable for Fund shares redeemed		626			38,215			101
Trustees’ fees payable		525			429			416
Chief Compliance Officer expenses payable		379			302			295
Payable for investment securities purchased		—			620,895			—
Other accrued expenses		19,395			15,390			15,031
Total liabilities		34,806			686,598			26,976

NET ASSETS	$	22,002,001		$	18,679,370		$	18,310,403

NET ASSETS consist of:
Paid-in capital	$	24,325,023		$	20,562,094		$	20,355,897
Undistributed net investment income		331,443			276,143			247,421
Accumulated net realized loss on investments		(3,241,390	)		(2,435,157	)		(2,473,498	)
Net unrealized appreciation of investments		586,925			276,290			180,583

NET ASSETS	$	22,002,001		$	18,679,370		$	18,310,403

SHARES OUTSTANDING: (Unlimited shares authorized)		2,422,749			2,179,943			2,263,043

NET ASSET VALUE: (Offering and redemption price per share)	$	9.08		$	8.57		$	8.09

Investments, at cost (Note 2)	$	21,164,217		$	18,224,912		$	17,842,634

For a Fund Share Outstanding Throughout Each Period.
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007			For the Period May 1, 2006 to December 31, 20061
Net asset value, beginning of period	$	9.37		$	8.02		$	10.94		$	10.54		$	10.00

Income from investment operations:
Net investment income2		0.07			0.08			0.44			0.34			0.61
Net realized and unrealized gain/(loss) on investments		(0.36	)		1.56			(3.09	)		0.14			(0.07	)
Total from investment operations		(0.29	)		1.64			(2.65	)		0.48			0.54

Less distributions:
From net investment income		0.00			(0.28	)		(0.16	)		(0.05	)		0.00
From capital gains		0.00			(0.01	)		(0.11	)		(0.03	)		0.00
Total distributions		0.00			(0.29	)		(0.27	)		(0.08	)		0.00

Net asset value, end of period	$	9.08		$	9.37		$	8.02		$	10.94		$	10.54

Total return3		(3.09	)%4		20.49	%		(24.18	)%		4.57	%		5.40	%4

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	22,002		$	21,489		$	14,674		$	8,555		$	1,934
Operating expenses including reimbursement/waiver/recoupment†		0.60	%5		0.59	%6		0.50	%		0.50	%		0.50	%5
Operating expenses excluding reimbursement/waiver/recoupment†		0.69	%5		0.62	%		1.05	%		1.35	%		8.69	%5
Net investment income†		1.47	%5		0.97	%		4.54	%		3.08	%		8.87	%5
Portfolio turnover rate		4	%4		107	%		32	%		3	%		55	%4

†	These ratios do not include expenses from the affiliated funds held prior to October 8, 2009, or ETFs.
1	The Fund commenced operations May 1, 2006.
2	The selected per share data was calculated using the average shares outstanding method for the period. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
3	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies. The inclusion of these charges would reduce the total return figures for all periods shown.
4	Not annualized.
5	Annualized.
6	On October 1, 2009, the Fund began accruing expenses under a 12b-1 plan which caused expenses to exceed the expense cap of 0.60%, resulting in expenses which were waived. Prior to October 1, 2009, the Fund ran at or below its expense cap of 0.60%.

Fund	Fees Waived
2015 ETF Fund	$	9,716
2025 ETF Fund		8,705
2035 ETF Fund		8,954

Fund
2015 ETF Fund (1 omnibus shareholder)	97%
2025 ETF Fund (1 omnibus shareholder)	98%
2035 ETF Fund (1 omnibus shareholder)	98%

	Expiring December 31,
Fund	2015		2016		2017
2015 ETF Fund	$	71,378	$	36,856	$	3,277,903
2025 ETF Fund		—		—		2,511,217
2035 ETF Fund		—		18,736		2,499,955

Fund	Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation
2015 ETF Fund	$	21,171,592	$	1,020,884	$	(441,334	)	$	579,550
2025 ETF Fund		18,224,912		751,782		(475,492	)		276,290
2035 ETF Fund		17,842,634		707,666		(527,083	)		180,583

Wilshire Variable Insurance Trust
2015 ETF Fund 2025 ETF Fund 2035 ETF Fund
Board of Trustees
Roger A. Formisano Richard A. Holt Harriet A. Russell Suanne K. Luhn	Lawrence E. Davanzo George J. Zock Chairman of the Board
Officers of the Funds
Lawrence E. Davanzo President	Victor Zhang Vice President
Helen Thompson Vice President	James St. Aubin Vice President
Michael Wauters Treasurer	Alex Kaye Vice President
Guarav Chopra Assistant Treasurer	Reena S. Lalji Secretary
Aaron W.L. Eubanks Chief Compliance Officer

Administrator SEI Investments Global Funds Services 1 Freedom Valley Drive Oaks, PA 19456 Transfer Agent DST Systems, Inc. 333 W. 11th St. Kansas City, MO 64105 Investment Adviser Wilshire Associates Incorporated 1299 Ocean Avenue Santa Monica, CA 90401-1085	Custodian PNC Global Investment Servicing Inc. The Eastwick Center 8800 Tinicum Boulevard Philadelphia, PA 19153 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1700 Philadelphia, PA 19103-7042

	(a)	The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 .


	(b)	There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's second fiscal quarter of the period that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

	(a)(1)	Not applicable.
	(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
	(a)(3)	Not applicable.
	(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(Registrant)	Wilshire Variable Insurance Trust


By (Signature and Title)*	/s/ Lawrence E. Davanzo
	Lawrence E. Davanzo, President
	(principal executive officer)