fp0002281_nq.htm

Shares			Value

COMMON STOCK — 54.5%
Consumer Discretionary — 6.8%
	2,595	Advance Auto Parts, Inc.	$	152,275
	952	Aeropostale, Inc. †		22,134
	363	AutoZone, Inc. †		83,094
	7,052	Best Buy Co., Inc.		287,933
	2,997	Big Lots, Inc. †		99,650
	4,946	Coach, Inc.		212,480
	41,449	Comcast Corp. Special, Class A		749,398
	5,243	Darden Restaurants, Inc.		224,296
	16,349	DIRECTV, Class A †		680,609
	3,358	Dollar Tree, Inc. †		163,736
	5,034	Family Dollar Stores, Inc.		222,301
	77,026	Ford Motor Co. †		942,798
	5,691	GameStop Corp., Class A †		112,170
	2,141	Gannett Co., Inc.		26,184
	14,964	Gap, Inc. (The)		278,929
	1,549	Genuine Parts Co.		69,070
	210	Goodyear Tire & Rubber Co. (The) †		2,257
	6,803	Harley-Davidson, Inc.		193,478
	18,247	Interpublic Group of Cos., Inc. (The) †		183,017
	31,784	Johnson Controls, Inc.		969,412
	1,176	Kohl's Corp. †		61,952
	963	Leggett & Platt, Inc.		21,918
	43,400	Lowe's Cos., Inc.		967,386
	3,878	Ltd. Brands, Inc.		103,853
	21,800	Macy's, Inc.		503,362
	2,848	McDonald's Corp.		212,204
	7,177	NIKE, Inc., Class B		575,165
	7,635	Omnicom Group, Inc.		301,430
	952	Panera Bread Co., Class A †		84,357
	2,461	PetSmart, Inc.		86,135
	4,567	Ross Stores, Inc.		249,450
	1,211	Sears Holdings Corp. †		87,362
	32,635	Staples, Inc.		682,724
	11,484	Starbucks Corp.		293,761
	24,151	Target Corp.		1,290,629
	9,552	Time Warner Cable, Inc., Class A		515,713
	11,853	TJX Cos., Inc.		528,999
	13,223	Toll Brothers, Inc. †		251,501
	1,386	VF Corp.		112,294
	3,670	Walt Disney Co. (The)		121,514
	225	Washington Post Co. (The), Class B		89,867
	2,797	Whirlpool Corp.		226,445
	3,222	Williams-Sonoma, Inc.		102,137
	298	Wynn Resorts, Ltd.		25,857
				13,171,236
Consumer Staples — 4.6%
	1,081	BJ's Wholesale Club, Inc. †		44,861
	10,533	Coca-Cola Co. (The)		616,391
	8,088	Coca-Cola Enterprises, Inc.		250,728
	16,608	ConAgra Foods, Inc.		364,379
	2,228	Corn Products International, Inc.		83,550
	9,797	Costco Wholesale Corp.		631,809
	21,356	Dr. Pepper Snapple Group, Inc.		758,565
	710	Energizer Holdings, Inc. †		47,733
	4,456	Estee Lauder Cos., Inc. (The), Class A		281,753
	720	Hansen Natural Corp. †		33,567
	1,000	Kellogg Co.		50,510
	21,332	Kraft Foods, Inc., Class A		658,305
	22,099	Kroger Co. (The)		478,664
	7,053	Nestle SA ADR		376,842
	17,723	PepsiCo, Inc.		1,177,516
	11,285	Philip Morris International, Inc.		632,185

Shares			Value

Consumer Staples (continued)
	15,548	Procter & Gamble Co. (The)	$	932,414
	556	Ralcorp Holdings, Inc. †		32,515
	14,480	Safeway, Inc.		306,397
	24,641	Sara Lee Corp.		330,929
	11,378	Tyson Foods, Inc., Class A		182,276
	13,205	Wal-Mart Stores, Inc.		706,732
				8,978,621
Energy — 6.2%
	6,362	Anadarko Petroleum Corp.		362,952
	6,579	Chesapeake Energy Corp.		149,014
	19,847	Chevron Corp.		1,608,599
	1,949	Cimarex Energy Co.		128,985
	17,895	ConocoPhillips		1,027,710
	1,038	Devon Energy Corp.		67,200
	3,700	Ensco PLC ADR		165,501
	57,646	Exxon Mobil Corp.		3,561,946
	32,329	Halliburton Co.		1,069,120
	8,238	Hess Corp.		487,031
	16,693	Marathon Oil Corp.		552,538
	7,138	Murphy Oil Corp.		441,985
	2,614	Newfield Exploration Co. †		150,148
	2,367	Occidental Petroleum Corp.		185,336
	1,102	Oceaneering International, Inc. †		59,354
	5,721	QEP Resources, Inc.		172,431
	19,983	Schlumberger, Ltd.		1,231,152
	4,493	Sunoco, Inc.		163,995
	1,140	Tesoro Corp.		15,231
	21,084	Valero Energy Corp.		369,181
				11,969,409
Financials — 7.9%
	9,411	ACE, Ltd.		548,191
	1,304	American Express Co.		54,807
	2,012	American Financial Group, Inc.		61,527
	1,423	Assurant, Inc.		57,916
	169,436	Bank of America Corp.		2,221,306
	23,709	Bank of New York Mellon Corp. (The)		619,516
	7,645	Berkshire Hathaway, Inc., Class B †		632,089
	6,802	CB Richard Ellis Group, Inc., Class A †		124,341
	47,400	Charles Schwab Corp. (The)		658,860
	15,307	Chubb Corp.		872,346
	74,518	Citigroup, Inc. †		290,620
	637	Cullen/Frost Bankers, Inc.		34,315
	20,270	Discover Financial Services		338,104
	114	Fidelity National Financial, Inc., Class A		1,791
	9,646	Fifth Third Bancorp		116,041
	2,167	Goldman Sachs Group, Inc. (The)		313,305
	16,308	Hartford Financial Services Group, Inc.		374,268
	315	HCC Insurance Holdings, Inc.		8,218
	13,600	Invesco, Ltd.		288,728
	852	Jones Lang LaSalle, Inc.		73,502
	59,117	JPMorgan Chase & Co.		2,250,584
	945	M&T Bank Corp.		77,310
	16,553	MetLife, Inc.		636,463
	23,200	Morgan Stanley		572,576
	9,014	Northern Trust Corp.		434,835
	6,805	PNC Financial Services Group, Inc.		353,248
	11,917	Principal Financial Group, Inc.		308,889
	789	Progressive Corp. (The)		16,466
	10,186	Prudential Financial, Inc.		551,877
	93	Reinsurance Group of America, Inc., Class A		4,491
	1,745	State Street Corp.		65,717
	19,199	Travelers Cos., Inc. (The)		1,000,268

Wilshire Variable Insurance Trust

Equity Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

Financials (continued)
	3,871	Unum Group	$	85,743
	52,867	Wells Fargo & Co.		1,328,548
				15,376,806
Health Care — 6.2%
	16,048	Abbott Laboratories		838,347
	3,467	Aetna, Inc.		109,592
	10,526	AmerisourceBergen Corp., Class A		322,727
	15,589	Amgen, Inc. †		859,110
	607	Becton Dickinson and Co.		44,979
	13,810	Bristol-Myers Squibb Co.		374,389
	13,493	Cardinal Health, Inc.		445,809
	6,640	CareFusion Corp. †		164,938
	2,800	Cephalon, Inc. †		174,832
	246	Covance, Inc. †		11,510
	17,987	Eli Lilly & Co.		657,065
	3,441	Endo Pharmaceuticals Holdings, Inc. †		114,379
	6,340	Express Scripts, Inc., Class A †		308,758
	7,305	Forest Laboratories, Inc. †		225,944
	2,940	Health Net, Inc. †		79,939
	6,343	Humana, Inc. †		318,672
	29,163	Johnson & Johnson		1,806,939
	600	Kinetic Concepts, Inc. †		21,948
	8,480	King Pharmaceuticals, Inc. †		84,461
	271	Lincare Holdings, Inc.		6,800
	7,976	McKesson Corp.		492,757
	32,909	Merck & Co., Inc.		1,211,380
	92,168	Pfizer, Inc.		1,582,525
	3,347	Pharmaceutical Product Development, Inc.		82,972
	3,388	Stryker Corp.		169,569
	9,800	Teva Pharmaceutical Industries, Ltd. ADR		516,950
	3,710	Thermo Fisher Scientific, Inc. †		177,635
	16,912	UnitedHealth Group, Inc.		593,780
	4,841	Zimmer Holdings, Inc. †		253,329
				12,052,035
Industrials — 5.7%
	2,010	3M Co.		174,287
	24,000	ABB, Ltd. ADR		506,880
	2,752	AGCO Corp. †		107,355
	416	AMETEK, Inc.		19,872
	2,589	Avery Dennison Corp.		96,104
	2,140	Boeing Co. (The)		142,396
	505	Carlisle Cos., Inc.		15,125
	6,673	Caterpillar, Inc.		525,032
	3,228	Cintas Corp.		88,931
	3,908	CSX Corp.		216,191
	619	Cummins, Inc.		56,069
	1,484	Deere & Co.		103,553
	13,133	Emerson Electric Co.		691,584
	6,842	FedEx Corp.		584,991
	448	Gardner Denver, Inc.		24,049
	70,622	General Electric Co.		1,147,607
	11,338	Honeywell International, Inc.		498,192
	1,776	Hubbell, Inc., Class B		90,132
	888	JB Hunt Transport Services, Inc.		30,814
	455	Joy Global, Inc.		31,996
	1,945	Kansas City Southern †		72,762
	3,220	KBR, Inc.		79,341
	80	L-3 Communications Holdings, Inc., Class 3		5,782
	592	Lincoln Electric Holdings, Inc.		34,229
	652	Lockheed Martin Corp.		46,474

Shares			Value

Industrials (continued)
	5,152	Norfolk Southern Corp.	$	306,595
	2,679	Oshkosh Corp. †		73,672
	11,032	PACCAR, Inc.		531,191
	2,746	Parker Hannifin Corp.		192,385
	19,102	Raytheon Co.		873,152
	1,144	Regal-Beloit Corp.		67,141
	4,026	Republic Services, Inc., Class A		122,753
	279	Rockwell Automation, Inc.		17,223
	1,973	Ryder System, Inc.		84,385
	2,503	Shaw Group, Inc. (The) †		84,001
	211	Snap-On, Inc.		9,814
	56,655	Southwest Airlines Co.		740,481
	1,474	SPX Corp.		93,275
	9,469	Textron, Inc.		194,683
	2,356	Timken Co.		90,376
	4,514	Tyco International, Ltd.		165,799
	467	Union Pacific Corp.		38,201
	16,150	United Parcel Service, Inc., Class B		1,077,044
	1,640	United Technologies Corp.		116,817
	895	URS Corp. †		33,992
	544	Waste Connections, Inc. †		21,575
	10,526	Waste Management, Inc.		376,199
	2,311	WW Grainger, Inc.		275,263
				10,975,765
Information Technology — 11.2%
	11,897	Advanced Micro Devices, Inc. †		84,588
	3,702	Analog Devices, Inc.		116,169
	2,136	AOL, Inc. †		52,866
	815	Aon Hewitt LLC, Class A †		41,100
	6,325	Apple, Inc. †		1,794,719
	4,397	Applied Materials, Inc.		51,357
	1,425	Autodesk, Inc. †		45,557
	5,433	BMC Software, Inc. †		219,928
	1,255	Broadridge Financial Solutions, Inc.		28,702
	9,704	CA, Inc.		204,948
	51,328	Cisco Systems, Inc. †		1,124,083
	909	CommScope, Inc. †		21,580
	2,110	Computer Sciences Corp.		97,060
	2,800	Compuware Corp. †		23,884
	42,333	Dell, Inc. †		548,636
	5,841	eBay, Inc. †		142,520
	85,683	EMC Corp. †		1,740,222
	612	Global Payments, Inc.		26,249
	3,732	Google, Inc., Class A †		1,962,248
	4,843	Harris Corp.		214,496
	26,254	Hewlett-Packard Co.		1,104,506
	60,274	Intel Corp.		1,159,069
	12,458	International Business Machines Corp.		1,671,116
	11,407	Intuit, Inc. †		499,741
	2,921	Lexmark International, Inc., Class A †		130,335
	735	McAfee, Inc. †		34,736
	30,081	Micron Technology, Inc. †		216,884
	829	MICROS Systems, Inc. †		35,092
	94,692	Microsoft Corp.		2,319,007
	64,287	Motorola, Inc. †		548,368
	63,001	Oracle Corp.		1,691,577
	16,242	Paychex, Inc.		446,493
	1,377	QLogic Corp. †		24,290
	33,605	QUALCOMM, Inc.		1,516,258
	8,572	SanDisk Corp. †		314,164
	113	Solera Holdings, Inc.		4,990
	21,701	Symantec Corp. †		329,204
	4,396	Synopsys, Inc. †		108,889

Wilshire Variable Insurance Trust

Equity Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

Information Technology (continued)
	13,995	Taiwan Semiconductor Manufacturing Co., Ltd. ADR	$	141,909
	14,373	Tellabs, Inc.		107,079
	6,714	Teradyne, Inc. †		74,794
	2,946	Total System Services, Inc.		44,897
	4,535	VeriSign, Inc. †		143,941
	3,194	Western Digital Corp. †		90,677
	20,511	Western Union Co. (The)		362,429
	13,077	Xerox Corp.		135,347
				21,796,704
Materials — 2.3%
	124	Albemarle Corp.		5,805
	2,333	Ashland, Inc.		113,780
	1,454	Cytec Industries, Inc.		81,977
	13,599	EI du Pont de Nemours & Co.		606,787
	8,570	Freeport-McMoRan Copper & Gold, Inc.		731,792
	16,281	International Paper Co.		354,112
	2,024	Lubrizol Corp.		214,483
	2,077	MeadWestvaco Corp.		50,637
	7,400	Monsanto Co.		354,682
	8,623	Newmont Mining Corp.		541,611
	14,711	Nucor Corp.		561,960
	327	Pactiv Corp. †		10,785
	6,201	PPG Industries, Inc.		451,433
	379	RPM International, Inc.		7,550
	1,553	Sealed Air Corp.		34,911
	3,436	Sherwin-Williams Co. (The)		258,181
	335	Temple-Inland, Inc.		6,251
	720	Titanium Metals Corp. †		14,371
	2,944	Valspar Corp.		93,766
				4,494,874
Telecommunication Services — 2.5%
	58,012	AT&T, Inc.		1,659,143
	379	Frontier Communications Corp.		3,096
	8,967	MetroPCS Communications, Inc. †		93,795
	87,037	Qwest Communications International, Inc.		545,722
	96,752	Sprint Nextel Corp. †		447,962
	2,729	Telephone & Data Systems, Inc.		89,511
	59,872	Verizon Communications, Inc.		1,951,229
				4,790,458
Utilities — 1.1%
	1,003	Ameren Corp.		28,485
	2,197	Atmos Energy Corp.		64,262
	9,499	CenterPoint Energy, Inc.		149,324
	3,651	Constellation Energy Group, Inc.		117,708
	4,583	DTE Energy Co.		210,497
	25,086	Duke Energy Corp.		444,273
	2,127	Energen Corp.		97,246
	12,029	Exelon Corp.		512,195
	2,886	Integrys Energy Group, Inc.		150,245
	2,679	MDU Resources Group, Inc.		53,446
	1,686	Nicor, Inc.		77,253
	2,085	NRG Energy, Inc. †		43,410
	1,272	OGE Energy Corp.		50,715
	246	Oneok, Inc.		11,080
	454	Pepco Holdings, Inc.		8,444
	776	Pinnacle West Capital Corp.		32,026
	1,781	Questar Corp.		31,221
	2,720	TECO Energy, Inc.		47,111
				2,128,941
Total Common Stock (Cost $100,187,175)				105,734,849

Shares			Value

INVESTMENTS IN UNDERLYING FUNDS — 44.8%
	11,679,134	Wilshire Large Cap Core 130/30 Fund*
		(Cost $82,945,120)	$	86,775,968

EXCHANGE TRADED FUND — 0.3%
	4,817	SPDR Trust Series 1 (Cost $538,053)		549,716

Total Investments — 99.6%
(Cost $183,670,348)‡				193,060,533

Other Assets & Liabilities, Net — 0.4%				736,626

NET ASSETS — 100.0%			$	193,797,159

*	Affiliated Fund.

†	Non-income producing security.
ADR	— American Depositary Receipt
PLC	— Public Limited Company
SPDR	— Standard & Poor's Depositary Receipt
‡	At September 30, 2010, the tax basis cost of the Fund's investments was $183,670,348, and the unrealized appreciation and depreciation were $12,680,914 and $(3,290,729) respectively. For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements.

At September 30, 2010, all of the Fund’s investments in securities were considered Level 1.

For the period ended September 30, 2010, there have been no significant transfers between Level 1and Level 2 assets and liabilities.

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments

September 30, 2010

(Unaudited)

	Maturity Date	Par		Value

ASSET-BACKED SECURITIES — 3.4%
Amortizing Residential Collateral Trust
0.536%(a)	01/01/32	$	29,261	$	19,604
Bayview Financial Acquisition Trust
0.931%(a)	02/28/44		81,699		75,571
Bear Stearns Asset Backed Securities Trust
0.826%(a)	09/25/34		60,000		53,266
Citigroup Mortgage Loan Trust, Inc.
5.550% (e)	08/25/35		200,000		135,947
Delta Funding Home Equity Loan Trust
7.040%	06/25/27		3,991		4,118
Education Funding Capital Trust I
1.520%(a)	12/15/42		150,000		142,874
1.758%(a)	12/15/42		150,000		140,998
Green Tree Financial Corp.
9.150%	01/15/18		11,035		6,560
Green Tree Home Improvement Loan Trust
7.600%	07/15/20		2,053		1,862
Green Tree Recreational Equipment & Consumer Trust
7.250%	03/15/29		18,679		12,334
Keycorp Student Loan Trust
0.758%(a)	10/25/32		196,791		191,577
Lehman XS Trust
0.516%(a)	02/25/46		247,011		146,442
Morgan Stanley Mortgage Loan Trust
0.406%(a)	03/25/36		142,741		39,219
MSCC Heloc Trust
0.446%(a)	07/25/17		18,933		13,351
Nelnet Student Loan Trust
1.978%(a)	04/25/24		200,000		206,152
SACO I, Inc.
0.386%(a)	06/25/36		132,916		29,866
0.426%(a)	03/25/36		148,084		41,476
0.816%(a)	09/25/35		35,267		29,171
Saxon Asset Securities Trust
0.716%(a)	05/25/35		96,453		82,157
Securitized Asset Backed Receivables LLC Trust
0.486%(a)	02/25/37		730,079		347,937
SLM Student Loan Trust
0.722%(a)	09/16/24		300,000		277,440
WAMU Asset-Backed Certificates
0.346%(a)	05/25/47		299,215		285,945
0.426%(a)	05/25/47		1,300,000		839,678
0.546%(a)	05/25/47		1,300,000		443,556

Total Asset-Backed Securities (Cost $5,674,138)					3,567,101

	Maturity Date	Par		Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 41.5%
Agency Mortgage-Backed Obligations — 32.6%
FHLMC TBA
3.500%	11/01/25	$	300,000	$	308,344
5.500%	10/15/37		100,000		106,062
FHLMC
1.750%	09/10/15		1,030,000		1,040,194
5.000%	10/01/33		433,021		458,825
5.000%	08/01/33		619,195		656,093
5.000%	09/01/33		446,676		473,294
5.000%	09/01/33		209,591		222,081
5.000%	09/01/33		162,660		172,353
5.549%(a)	01/01/38		608,059		649,175
5.602%(a)	05/01/37		774,933		825,238
FNMA TBA
3.500%	10/01/40		500,000		503,672
4.000%	10/14/39		1,600,000		1,644,499
4.500%	10/14/34		2,100,000		2,186,625
5.000%	10/01/40		300,000		319,406
5.000%	10/01/22		1,800,000		1,908,704
5.500%	11/01/37		1,200,000		1,274,437
5.500%	10/01/34		1,100,000		1,169,266
6.000%	10/01/36		1,100,000		1,181,468
6.500%	10/01/36		2,600,000		2,834,811
FNMA
3.500%	10/01/40		1,200,000		1,210,325
5.000%	06/01/35		526,743		558,132
5.000%	12/01/35		2,027,483		2,148,302
5.500%	09/01/35		1,684,681		1,801,656
5.500%	04/01/36		728,538		772,749
5.500%	08/01/37		528,659		565,366
5.500%	11/01/36		441,283		470,406
5.914%(a)	01/01/37		318,648		341,639
6.000%	12/01/39		1,100,000		1,184,477
6.500%	11/01/37		74,060		80,901
7.000%	05/01/32		43,144		49,293
9.750%	11/25/18		420,000		484,950
GNMA TBA
4.000%	11/01/35		100,000		102,969
4.000%	10/01/39		100,000		103,375
4.500%	10/15/39		300,000		315,937
5.000%	10/01/33		100,000		106,656
6.000%	10/01/36		100,000		108,500
6.000%	12/01/33		100,000		108,438
GNMA
4.500%	03/15/40		92,055		97,029
5.000%	07/20/40		298,671		319,065
5.000%	09/20/40		200,000		213,656
5.000%	04/15/40		198,775		213,357
5.000%	05/15/40		398,048		427,248
5.000%	08/20/40		3,094,475		3,305,770
5.500%	05/15/36		108,385		116,881
6.000%	05/15/33		113,675		124,670
6.000%	03/15/35		729,294		801,090
6.000%	03/15/37		120,034		130,481
					33,712,915
Non-Agency Mortgage-Backed Obligations — 8.9%
American Home Mortgage Assets
0.486%(a)	05/25/46		227,996		41,997

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments

September 30, 2010

(Unaudited)

	Maturity Date	Par		Value
Non-Agency Mortgage-Backed Obligations (continued)
Asset Securitization Corp.
7.064%(a)	02/14/43	$	100,000	$	108,446
Banc of America Commercial Mortgage, Inc.
5.620%	02/10/51		10,000		10,596
5.837%(a)	06/10/49		60,000		63,492
Banc of America Funding Corp.
3.106%(a)	09/20/35		1,367,347		794,280
Banc of America Mortgage Securities, Inc.
3.467%(a)	02/25/34		19,111		15,857
Bear Stearns Adjustable Rate Mortgage Trust
3.333%(a)	02/25/34		47,926		43,992
3.479%(a)	11/25/34		69,153		63,222
Citigroup Mortgage Loan Trust, Inc.
2.986%(a)	09/25/34		68,463		64,632
3.339%(a)	02/25/34		68,396		67,065
Countrywide Alternative Loan Trust
0.467%(a)	03/20/46		75,409		42,532
0.566%(a)	10/25/35		116,847		62,684
3.075%(a)	09/25/34		112,064		81,346
First Horizon Asset Securities, Inc.
2.892%(a)	02/25/35		323,524		293,224
GE Capital Commercial Mortgage Corp.
5.543%	12/10/49		210,000		214,530
Greenpoint Mortgage Funding Trust
0.466%(a)	04/25/36		558,092		330,197
Harborview Mortgage Loan Trust
0.407%(a)	01/25/47		815,680		456,614
0.477%(a)	05/19/35		131,321		81,828
Homebanc Mortgage Trust
0.556%(a)	05/25/37		116,664		85,933
Impac CMB Trust
0.796%(a)	05/25/35		110,793		82,520
Indymac INDA Mortgage Loan Trust
5.953%(a)	11/25/37		95,132		81,859
Indymac Index Mortgage Loan Trust
0.376%(a)	07/25/36		326,296		162,484
0.456%(a)	06/25/47		282,480		160,380
0.516%(a)	06/25/35		477,685		322,028
2.941%(a)	03/25/35		108,150		82,217
5.090%(a)	09/25/35		73,854		58,272
JP Morgan Chase Commercial Mortgage Securities Corp.
5.420%	01/15/49		100,000		104,042
5.458%(a)	01/12/43		100,000		107,322
LB-UBS Commercial Mortgage Trust
4.954%	09/15/30		500,000		544,719
Luminent Mortgage Trust
0.446%(a)	05/25/46		242,807		133,236

	Maturity Date	Par		Value

Non-Agency Mortgage-Backed Obligations (continued)
Master Adjustable Rate Mortgages Trust
0.456%(a)	05/25/47	$	777,462	$	409,132
1.186%(a)	12/25/46		278,510		92,578
2.873%(a)	02/25/35		266,919		224,480
3.752%(a)	12/25/34		17,351		12,779
Morgan Stanley Capital I
4.989%	08/13/42		240,000		260,449
5.692%(a)	04/15/49		400,000		415,219
7.065%(a)	04/15/33		109,596		109,955
Morgan Stanley Mortgage Loan Trust
0.576%(a)	01/25/35		246,771		180,747
2.508%(a)	07/25/35		157,943		113,325
2.943%(a)	08/25/34		108,439		92,496
Prime Mortgage Trust
8.000%	07/25/34		158,745		124,339
RBSGC Mortgage Pass Through Certificates
0.706%(a)	01/25/37		301,347		176,313
Residential Accredit Loans, Inc.
0.346%(a)	10/25/46		74,821		73,303
0.616%(a)	01/25/37		324,926		185,758
Residential Asset Securitization Trust
4.750%	02/25/19		451,303		459,121
Structured Adjustable Rate Mortgage Loan Trust
2.485%(a)	01/25/35		129,825		103,933
2.666%(a)	11/25/34		113,504		90,704
Thornburg Mortgage Securities Trust
6.178%(a)	09/25/37		301,604		293,640
6.188%(a)	09/25/37		289,204		274,684
WaMu Mortgage Pass Through Certificates
0.486%(a)	04/25/45		118,063		97,246
0.576%(a)	08/25/45		307,494		258,167
2.803%(a)	10/25/35		187,347		177,878
5.507%(a)	11/25/36		300,000		218,936
Washington Mutual MSC Mortgage Pass-Through Certificates
2.742%(a)	01/25/35		45,570		44,038
Wells Fargo Mortgage Backed Securities Trust
3.424%(a)	04/25/36		50,701		46,524
					9,297,290

Total Collateralized Mortgage Obligations (Cost $45,560,809)					43,495,155

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments

September 30, 2010

(Unaudited)

	Maturity Date	Par		Value

CORPORATE BONDS — 28.3%
Consumer Discretionary — 2.2%
Boyd Gaming Corp.
7.125%	02/01/16	$	10,000	$	8,363
Cengage Learning Acquisitions, Inc.
10.500%(b)	01/15/15		10,000		9,937
Comcast Corp.
6.500%	01/15/15		665,000		779,711
Cricket Communications, Inc.
7.750%	05/15/16		80,000		84,900
CSC Holdings LLC
8.625%	02/15/19		10,000		11,250
Daimler Finance NA LLC
6.500%	11/15/13		30,000		34,315
7.300%	01/15/12		135,000		145,187
DISH DBS Corp.
7.000%	10/01/13		20,000		21,225
7.750%	05/31/15		40,000		42,650
7.875%	09/01/19		45,000		48,431
Inn of the Mountain Gods Resort & Casino
12.000%(c)(h)	11/15/10		10,000		4,100
J.C. Penney Corp., Inc.
7.400%	04/01/37		10,000		10,088
McDonald's Corp. MTN
5.350%	03/01/18		80,000		93,867
MGM Resorts International
6.750%	09/01/12		10,000		9,450
7.625%	01/15/17		20,000		16,850
10.375%	05/15/14		5,000		5,562
11.125%	11/15/17		20,000		22,775
Mohegan Tribal Gaming Authority
8.000%	04/01/12		5,000		3,800
Motors Liquidation Co.
8.250%(c)	07/15/23		70,000		22,575
8.375%(c)	07/05/33		30,000		13,086
News America, Inc.
6.650%	11/15/37		10,000		11,503
Qwest Corp.
6.875%	09/15/33		20,000		19,750
Reed Elsevier Capital, Inc.
8.625%	01/15/19		120,000		157,877
Service Corp. International
7.500%	04/01/27		30,000		28,650
Station Casinos, Inc.
6.000%(c)(h)	04/01/12		20,000		3
7.750%(c)(h)	08/15/16		70,000		7
Time Warner Cable, Inc.
6.750%	06/15/39		80,000		92,317
7.300%	07/01/38		130,000		159,684
8.250%	04/01/19		250,000		322,769
8.750%	02/14/19		80,000		105,814

	Maturity Date	Par		Value

Consumer Discretionary (continued)
Verizon Global Funding Corp.
4.375%	06/01/13	$	35,000	$	37,926
					2,324,422
Consumer Staples — 1.5%
Altria Group, Inc.
9.250%	08/06/19		170,000		227,878
CVS Caremark Corp.
6.600%	03/15/19		380,000		461,133
Dr Pepper Snapple Group, Inc.
6.820%	05/01/18		110,000		136,097
Kraft Foods, Inc.
5.375%	02/10/20		290,000		323,944
PepsiCo, Inc.
7.900%	11/01/18		190,000		253,532
Reynolds American, Inc.
6.750%	06/15/17		90,000		101,225
					1,503,809
Energy — 5.0%
Anadarko Petroleum Corp.
6.450%	09/15/36		240,000		240,289
8.700%	03/15/19		10,000		12,161
Apache Corp.
6.000%	09/15/13		180,000		202,129
Baker Hughes, Inc.
7.500%	11/15/18		200,000		255,244
Chesapeake Energy Corp.
7.250%	12/15/18		85,000		91,588
Complete Production Services, Inc.
8.000%	12/15/16		75,000		77,250
ConocoPhillips
4.750%	10/15/12		80,000		86,266
5.900%	05/15/38		210,000		244,054
El Paso Corp. MTN
7.800%	08/01/31		611,000		634,138
Energy Transfer Partners LP
6.700%	07/01/18		160,000		186,349
Enterprise Products Operating LLC
6.500%	01/31/19		250,000		291,340
Hess Corp.
7.300%	08/15/31		167,000		205,446
7.875%	10/01/29		60,000		77,671
8.125%	02/15/19		160,000		210,371
Kerr-McGee Corp.
6.950%	07/01/24		10,000		10,909
7.875%	09/15/31		155,000		176,098
Kinder Morgan Energy Partners LP
5.000%	12/15/13		25,000		27,290
5.850%	09/15/12		10,000		10,797
6.000%	02/01/17		150,000		169,201
6.750%	03/15/11		10,000		10,252

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments

September 30, 2010

(Unaudited)

	Maturity Date	Par		Value

Energy (continued)
6.950%	01/15/38	$	10,000	$	11,384
7.125%	03/15/12		5,000		5,368
Occidental Petroleum Corp.
7.000%	11/01/13		320,000		376,445
Pemex Project Funding Master Trust
6.625%	06/15/35		207,000		226,133
SandRidge Energy, Inc.
9.875%(b)	05/15/16		80,000		82,600
Southern Natural Gas Co.
5.900%(b)	04/01/17		30,000		32,929
8.000%	03/01/32		75,000		88,015
Tennessee Gas Pipeline Co.
7.625%	04/01/37		150,000		172,492
Williams , Inc.
7.500%	01/15/31		269,000		304,363
7.750%	06/15/31		60,000		68,548
Williams Partners
5.250%	03/15/20		240,000		260,898
XTO Energy, Inc.
5.500%	06/15/18		48,000		57,500
7.500%	04/15/12		296,000		326,122
					5,231,640
Financials — 11.9%
Ally Financial, Inc.
6.875%	09/15/11		354,000		365,062
7.250%	03/02/11		104,000		105,820
American Express Co.
6.800%(a)	09/01/66		115,000		115,000
American Express Credit Corp. MTN
5.125%	08/25/14		320,000		354,479
5.875%	05/02/13		70,000		77,042
American General Finance Corp. MTN
6.900%	12/15/17		120,000		100,200
American International Group, Inc.
5.850%	01/16/18		40,000		41,400
6.250%	03/15/37		200,000		171,500
BAC Capital Trust XIV
5.630%(a)	03/15/12		10,000		7,187
Bank of America Corp.
7.625%	06/01/19		370,000		438,765
Bear Stearns LLC
7.250%	02/01/18		270,000		328,897
Berkshire Hathaway, Inc.
3.200%	02/11/15		180,000		190,894
Boeing Capital Corp.
4.700%	10/27/19		70,000		78,180
Caterpillar Financial Services Corp. MTN
6.200%	09/30/13		260,000		297,523

	Maturity Date	Par		Value

Financials (continued)
Citigroup, Inc.
5.000%	09/15/14	$	315,000	$	327,172
5.500%	10/15/14		30,000		32,552
6.000%	12/13/13		290,000		317,951
6.010%	01/15/15		230,000		252,862
6.500%	08/19/13		60,000		66,336
6.875%	03/05/38		320,000		357,416
Countrywide Financial Corp.
6.250%	05/15/16		50,000		53,814
FIA Card Services
7.125%	11/15/12		510,000		556,036
Ford Motor Credit Co. LLC
5.542%(a)	06/15/11		103,000		105,575
7.375%	02/01/11		60,000		61,111
8.000%	12/15/16		420,000		474,756
12.000%	05/15/15		340,000		428,219
General Electric Capital Corp. MTN
5.625%	05/01/18		260,000		289,044
6.375%(a)	11/15/67		420,000		418,950
6.875%	01/10/39		470,000		539,746
Goldman Sachs Capital II
5.793%(a)	12/29/49		20,000		16,975
Goldman Sachs Group, Inc. MTN
3.625%	08/01/12		30,000		31,225
4.750%	07/15/13		20,000		21,473
5.250%	10/15/13		40,000		43,476
5.300%	02/14/12		10,000		10,517
5.375%	03/15/20		310,000		326,744
5.450%	11/01/12		50,000		53,923
6.000%	06/15/20		10,000		10,999
6.600%	01/15/12		310,000		330,391
HSBC Finance Corp.
6.375%	11/27/12		40,000		43,748
JPMorgan Chase & Co.
5.125%	09/15/14		545,000		597,557
5.150%	10/01/15		200,000		219,294
5.750%	01/02/13		195,000		212,268
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		17,700
6.500%(c)(h)	07/19/17		160,000		216
6.750%(c)(h)	12/28/17		340,000		34
Merrill Lynch & Co., Inc. MTN
6.875%	04/25/18		70,000		78,636
MetLife, Inc.
4.750%	02/08/21		80,000		84,872
5.875%	02/06/41		160,000		174,034
6.400%	12/15/36		40,000		37,400
Morgan Stanley MTN
0.975%(a)	10/18/16		40,000		35,152
5.625%	01/09/12		300,000		315,928
5.750%	08/31/12		70,000		75,069
6.625%	04/01/18		100,000		110,866

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments

September 30, 2010

(Unaudited)

	Maturity Date	Par		Value

Financials (continued)
Private Export Funding Corp.
4.950%	11/15/15	$	260,000	$	301,122
SLM Corp. MTN
5.000%	04/15/15		10,000		9,587
5.000%	10/01/13		355,000		347,894
5.050%	11/14/14		50,000		47,614
5.375%	05/15/14		345,000		335,707
5.625%	08/01/33		35,000		26,914
SunTrust Capital VIII
6.100%(a)	12/15/36		50,000		46,500
SunTrust Preferred Capital I
5.853%(a)	12/15/11		11,000		8,209
Travelers Cos., Inc. (The)
6.250%(a)	03/15/37		270,000		259,200
Unilever Capital Corp.
7.125%	11/01/10		55,000		55,268
Wachovia Capital Trust III
5.800%(a)	03/15/11		320,000		280,800
Wachovia Corp.
5.625%	10/15/16		690,000		767,622
Wells Fargo & Co.
5.000%	11/15/14		5,000		5,399
5.300%	08/26/11		90,000		93,904
Wells Fargo Capital X
5.950%	12/15/36		100,000		97,430
					12,485,176
Health Care — 1.9%
Abbott Laboratories
5.125%	04/01/19		320,000		368,813
Community Health Systems, Inc.
8.875%	07/15/15		70,000		74,375
DaVita, Inc.
6.625%	03/15/13		46,000		46,747
GlaxoSmithKline Capital, Inc.
5.650%	05/15/18		380,000		451,445
HCA, Inc.
6.250%	02/15/13		14,000		14,245
6.300%	10/01/12		59,000		59,885
7.500%	11/15/95		20,000		15,800
7.690%	06/15/25		30,000		28,050
9.125%	11/15/14		10,000		10,537
9.250%	11/15/16		60,000		65,100
HCA, Inc. PIK
9.625%	11/15/16		21,037		22,825
Humana, Inc.
7.200%	06/15/18		130,000		150,496
Medtronic, Inc.
4.450%	03/15/20		80,000		87,616
Tenet Healthcare Corp.
9.000%	05/01/15		60,000		65,250
9.250%	02/01/15		71,000		76,236
10.000%	05/01/18		60,000		68,550

	Maturity Date	Par		Value

Health Care (continued)
UnitedHealth Group, Inc.
6.000%	02/15/18	$	40,000	$	46,694
WellPoint, Inc.
5.875%	06/15/17		20,000		23,050
Wyeth
5.950%	04/01/37		200,000		235,955
					1,911,669
Industrials — 1.1%
Boeing Co.
4.875%	02/15/20		40,000		45,694
6.000%	03/15/19		100,000		120,656
Delta Air Lines, Inc.
6.821%	08/10/22		325,023		340,852
7.570%	11/18/10		200,000		201,200
RailAmerica, Inc.
9.250%	07/01/17		96,000		105,240
United Parcel Service, Inc.
4.500%	01/15/13		330,000		357,102
					1,170,744
Materials — 0.5%
Alcoa, Inc.
6.000%	07/15/13		10,000		10,879
Freeport-McMoRan Copper & Gold, Inc.
8.375%	04/01/17		345,000		385,106
PPG Industries, Inc.
5.750%	03/15/13		30,000		32,856
6.650%	03/15/18		30,000		36,347
Steel Dynamics, Inc.
6.750%	04/01/15		60,000		61,350
7.375%	11/01/12		5,000		5,344
Westlake Chemical Corp.
6.625%	01/15/16		8,000		8,060
					539,942
Telecommunication Services — 1.4%
AT&T, Inc.
5.100%	09/15/14		80,000		89,823
6.550%	02/15/39		110,000		127,927
Bellsouth Capital Funding Corp.
7.875%	02/15/30		160,000		199,642
BellSouth Corp.
4.750%	11/15/12		10,000		10,774
New Cingular Wireless Services, Inc.
8.125%	05/01/12		85,000		94,431
Qwest Communications International, Inc.
7.500%	02/15/14		28,000		28,560
Sprint Capital Corp.
6.900%	05/01/19		230,000		231,150

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments

September 30, 2010

(Unaudited)

	Maturity Date	Par		Value

Telecommunication Services (continued)
8.375%	03/15/12	$	40,000	$	43,000
8.750%	03/15/32		25,000		26,250
Verizon Communications, Inc.
5.500%	02/15/18		210,000		241,638
6.100%	04/15/18		165,000		196,213
Windstream Corp.
8.625%	08/01/16		85,000		89,888
					1,379,296
Utilities — 2.8%
AES Corp. (The)
7.750%	03/01/14		3,000		3,210
7.750%	10/15/15		70,000		74,900
8.000%	06/01/20		240,000		260,400
8.875%	02/15/11		9,000		9,225
Dominion Resources, Inc.
4.750%	12/15/10		30,000		30,244
5.700%	09/17/12		260,000		283,464
Duke Energy Carolinas LLC
5.625%	11/30/12		380,000		415,504
Energy Future Holdings Corp.
6.500%	11/15/24		70,000		26,775
6.550%	11/15/34		170,000		64,600
Energy Future Holdings Corp. PIK
11.250%	11/01/17		256,243		122,356
Energy Future Intermediate Holding Co. LLC
10.000%	12/01/20		612,000		607,358
Exelon Corp.
5.625%	06/15/35		210,000		212,424
FirstEnergy Corp.
6.450%	11/15/11		7,000		7,335
7.375%	11/15/31		360,000		391,157
NRG Energy, Inc.
7.375%	01/15/17		20,000		20,500
7.375%	02/01/16		35,000		36,006
Pacific Gas & Electric Co.
5.800%	03/01/37		10,000		11,106
6.050%	03/01/34		190,000		215,394
8.250%	10/15/18		20,000		26,570
Tennessee Valley Authority
5.250%	09/15/39		100,000		116,064
					2,934,592

Total Corporate Bonds (Cost $28,089,454)					29,481,290

FOREIGN BONDS (f) — 10.1%
Australia — 2.1%
BHP Billiton Finance USA, Ltd.
6.500%	04/01/19		280,000		343,652
Commonwealth Bank of Australia
2.500%	12/10/12		1,000,000		1,039,380

	Maturity Date	Par		Value

Australia (continued)
Rio Tinto Finance USA, Ltd.
9.000%	05/01/19	$	400,000	$	558,192
6.500%	07/15/18		250,000		301,478
					2,242,702
Belgium — 0.3%
Anheuser-Busch InBev Worldwide, Inc.
5.375%	01/15/20		230,000		259,622

Canada — 1.1%
Conoco Funding Co.
7.250%	10/15/31		35,000		45,120
Hydro Quebec
6.300%	05/11/11		60,000		62,155
OPTI Canada, Inc.
8.250%	12/15/14		5,000		3,800
7.875%	12/15/14		20,000		15,050
Province of Ontario Canada
4.000%	10/07/19		380,000		410,198
2.700%	06/16/15		490,000		513,224
Rogers Communications, Inc.
6.750%	03/15/15		10,000		11,889
6.375%	03/01/14		10,000		11,520
Sun Media Corp.
7.625%	02/15/13		10,000		10,050
Teck Resources, Ltd.
10.750%	05/15/19		7,000		8,815
10.250%	05/15/16		6,000		7,290
9.750%	05/15/14		4,000		4,932
					1,104,043
Cayman Islands — 0.7%
MUFG Capital Finance 1, Ltd.
6.346%(a)	07/25/49		100,000		100,227
Petrobras International Finance Co.
6.125%	10/06/16		90,000		100,743
5.750%	01/20/20		10,000		11,070
Systems 2001 AT LLC
6.664%(b)	09/15/13		253,051		279,166
Vale Overseas, Ltd.
6.875%	11/21/36		185,000		211,355
					702,561
France — 0.1%
Cie Generale de Geophysique-Veritas
7.750%	05/15/17		70,000		71,575
7.500%	05/15/15		25,000		25,437
					97,012

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments

September 30, 2010

(Unaudited)

	Maturity Date	Par		Value

Germany — 0.3%
Kreditanstalt fuer Wiederaufbau
2.750%	10/21/14	$	250,000	$	264,054

Luxembourg — 0.7%
FMC Finance III SA
6.875%	07/15/17		145,000		155,150
Intelsat Jackson Holdings SA
9.500%	06/15/16		15,000		15,994
Telecom Italia Capital SA
6.999%	06/04/18		30,000		34,462
5.250%	10/01/15		210,000		226,619
5.250%	11/15/13		35,000		37,604
4.950%	09/30/14		40,000		42,589
Tyco International Finance SA
6.750%	02/15/11		80,000		81,811
6.000%	11/15/13		220,000		249,346
					843,575
Mexico — 0.4%
America Movil SAB de CV
5.625%	11/15/17		80,000		90,257
5.000%	03/30/20		100,000		107,854
Kansas City Southern de Mexico SA de CV
12.500%	04/01/16		36,000		43,110
Mexico Government International Bond MTN
6.750%	09/27/34		152,000		188,860
					430,081
Netherlands — 0.6%
Deutsche Telekom International Finance BV
5.750%	03/23/16		195,000		224,962
Koninklijke KPN NV
8.000%	10/01/10		230,000		230,000
Shell International Finance BV
4.375%	03/25/20		230,000		253,175
					708,137
Russia — 0.5%
Russia Federation
7.500%	03/31/30		455,400		543,839

Switzerland — 0.3%
UBS AG MTN
3.875%	01/15/15		260,000		271,368

United Kingdom — 3.0%
Barclays Bank PLC
5.200%	07/10/14		200,000		221,725
5.000%	09/22/16		200,000		218,826

	Maturity Date	Par		Value

United Kingdom (continued)
BP Capital Markets PLC
5.250%	11/07/13	$	270,000	$	294,066
3.875%	03/10/15		90,000		93,638
British Telecommunications PLC
9.125%	12/15/10		140,000		142,211
Diageo Capital PLC
4.828%	07/15/20		390,000		437,965
Nationwide Building Society
2.500%	08/17/12		1,000,000		1,028,068
Royal Bank of Scotland Group PLC MTN
7.640%	09/29/17		100,000		74,250
6.400%	10/21/19		180,000		195,869
5.050%	01/08/15		60,000		60,116
5.000%	10/01/14		30,000		30,068
5.000%	11/12/13		30,000		30,223
4.875%	03/16/15		100,000		105,207
Royal Bank of Scotland PLC
3.950%	09/21/15		190,000		191,986
					3,124,218

Total Foreign Bonds (Cost $9,916,541)					10,591,212

MUNICIPAL BONDS — 0.7%
Kentucky Higher Education Student Loan Corp., RB, (a)
1.450%			100,000		100,383
Municipal Electric Authority of Georgia, RB
6.655%			40,000		42,388
6.637%			60,000		64,511
North Texas Higher Education Authority, RB (a)
1.460%			215,000		213,431
Northstar Education Finance, Inc., RB (a)
1.756%			200,000		169,566
State of California, Build America Bonds, GO
7.300%			100,000		105,845

Total Municipal Bonds
(Cost $679,841)					696,124

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

PREFERRED STOCK — 0.2%
	5,800	Citigroup Capital XII	$	153,178
	14,850	Federal Home Loan Mortgage Corp., Series Z, 8.375%		6,386
	500	Federal National Mortgage Association, Series O, 0.000%		270
	10,775	Federal National Mortgage Association, Series S, 8.250%		4,687
	2,000	Motors Liquidation Co., Series C Cnv †, 6.250%		15,860
	6,250	Motors Liquidation Co., Series B Cnv †, 5.250%		49,062

Total Preferred Stock (Cost $974,010)				229,443

	Maturity Date	Par		Value

U.S. GOVERNMENT & AGENCY OBLIGATIONS — 15.6%
FHLB
0.190% (a)	11/19/10		1,000,000		999,741
FHLMC
0.230%	04/19/11		1,000,000		998,722
0.750% (e)	10/29/10		800,000		800,270
0.750% (e)	10/12/10		800,000		800,062
0.750% (e)	06/30/11		880,000		881,072
2.020%	04/29/13		560,000		560,605
9.193% (d)	03/15/31		1,170,000		472,996
FNMA
0.850% (e)	10/08/10		1,120,000		1,120,074
0.850%	08/17/12		1,540,000		1,541,873
1.000% (e)	03/29/11		1,720,000		1,722,439
1.250%	08/16/13		1,200,000		1,202,669
1.625%	10/26/15		1,550,000		1,549,385
2.000%	04/15/13		810,000		815,707
5.125%	01/02/14		1,180,000		1,308,838
5.250%	08/01/12		280,000		302,062
6.625%	11/15/30		490,000		674,118
7.569% (d)	10/09/19		920,000		607,356

Total U.S. Government & Agency Obligations (Cost $16,104,983)			16,357,989

U.S. TREASURY OBLIGATIONS — 8.6%
U.S. Treasury Bond
8.000%	11/15/21	1,050,000	1,583,694
4.375%	05/15/40	2,695,000	3,026,835
U.S. Treasury Inflationary Protection Securities(g)
4.664%	02/15/25	680,000	420,524
4.653%	11/15/24	680,000	424,526
3.875%	04/15/29	330,000	608,579
3.625%	04/15/28	80,000	144,235
2.500%	01/15/29	1,015,000	1,215,847
U.S. Treasury Note
1.875%	09/30/17	1,270,000	1,266,825
1.375%	05/15/13	100,000	102,094
1.250%	08/31/15	240,000	239,925

Total U.S. Treasury Obligations (Cost $8,403,916)			9,033,084

	Maturity Date	Par		Value
REPURCHASE AGREEMENT — 9.1%
Agreement with Morgan Stanley 0.170%, dated 09/30/10, to be repurchased at $9,500,047 (collateralized by FNMA obligation, par value $9,760,000, 2.900%, 08/09/17) with total market value $9,500,045 (Cost $9,500,002)	10/01/10	$	9,500,002	$	9,500,002

Shares

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

		Total Investments- 117.5%
		(Cost $124,903,694)‡	122,951,400

FORWARD COMMITMENTS — (1.2)%
FNMA TBA
6.000%	10/01/36	(1,100,000	)	(1,181,468	)
GNMA TBA
4.000%	10/01/39	(100,000	)	(100,375	)

Total Forward Commitments (Proceeds $1,285,348)

(1,281,843

)

Other Assets & Liabilities, Net - (16.3)%		(16,964,482	)

NET ASSETS - 100.0%	$	104,707,122

†	Non-income producing security.
(a)	Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of September 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 September 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.
(h)	Security considered illiquid. The total value of such securities as of September 30, 2010 was $4,360 and represented 0.00% of Net Assets.

Wilshire Variable Insurance Trust

Income Fund

Schedule of Investments

September 30, 2010

(Unaudited)

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

NA — National Association

PIK — Payment-in-Kind

PLC — Public Limited Company

RB — Revenue Bond

TBA — To Be Announced

‡

At September 30, 2010, the tax basis cost of the Fund's investments, excluding forward commitments, was $124,903,694, and the unrealized appreciation and depreciation were $5,404,627 and $(7,356,921), respectively.

For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements.

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

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

	Level 1		Level 2			Level 3			Total
Investment in Securities
Asset-Backed Securities	$	—	$	3,567,101		$	—		$	3,567,101
Collateralized Mortgage Obligations		—		43,495,155			—			43,495,155
Corporate Bonds		—		29,481,290			—			29,481,290
Foreign Bonds		—		10,591,212			—			10,591,212
Municipal Bonds		—		696,124			—			696,124
Preferred Stock		164,251		65,192			—			229,443
U.S. Government & Agency Obligations		—		16,357,989			—			16,357,989
U.S. Treasury Obligations		—		9,033,084			—			9,033,084
Repurchase Agreement		—		9,500,002			—			9,500,002
Escrow Security		—		—			—	††		—
Total Investment in Securities		164,251		122,787,149			—			122,951,400

Forward Commitments
Agency Securities TBAs	$	—	$	(1,281,843	)	$	—		$	(1,281,843	)

	††	This security was categorized as Level 3 and had a market value of $0 as of September 30, 2010.
	For the period ended September 30, 2010, the transfers out of Level 1 and into Level 2 were $47,600. The transfers were related to the fair value of certain international securities.

Wilshire Variable Insurance Trust

International Equity Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

COMMON STOCK — 95.7%
Australia — 4.4%
	840	AGL Energy, Ltd.	$	13,128
	13,400	Alumina, Ltd.		23,537
	3,220	AMP, Ltd.		15,908
	1,749	Aristocrat Leisure, Ltd.		5,979
	11,576	Australia & New Zealand Banking Group, Ltd.		265,122
	5,553	BHP Billiton, Ltd.		211,678
	3,707	BlueScope Steel, Ltd.		7,916
	2,590	Brambles, Ltd.		15,733
	2,470	Commonwealth Bank of Australia		122,255
	1,000	CSL, Ltd.		31,992
	1,215	DuluxGroup, Ltd. †		3,206
	3,120	Fortescue Metals Group, Ltd. †		15,747
	4,120	Foster's Group, Ltd.		24,378
	7,617	GPT Group		21,697
	6,870	Insurance Australia Group, Ltd.		24,188
	5,570	Intoll Group		8,057
	308	Leighton Holdings, Ltd.		9,858
	1,114	Macquarie Atlas Roads Group †		1,684
	528	Macquarie Group, Ltd.		18,528
	30,000	Metcash, Ltd.		126,851
	3,409	National Australia Bank, Ltd.		83,536
	823	Newcrest Mining, Ltd.		31,499
	1,215	Orica, Ltd.		30,314
	802	Origin Energy, Ltd.		12,312
	1,610	QBE Insurance Group, Ltd.		26,889
	620	Rio Tinto, Ltd.		46,077
	4,886	Stockland		18,165
	4,732	Suncorp-Metway, Ltd.		41,227
	2,150	TABCORP Holdings, Ltd.		14,579
	8,000	Telstra Corp., Ltd.		20,293
	1,550	Toll Holdings, Ltd.		9,897
	2,602	Transurban Group		12,532
	1,459	Wesfarmers, Ltd.		46,438
	754	Wesfarmers, Ltd. PPS		24,160
	3,555	Westfield Group		42,187
	5,262	Westpac Banking Corp.		118,391
	970	Woodside Petroleum, Ltd.		41,149
	2,227	Woolworths, Ltd.		62,071
	383	WorleyParsons, Ltd.		8,259
				1,657,417
Austria — 0.4%
	570	Erste Group Bank AG		22,902
	2,560	OMV AG		95,893
	790	Telekom Austria AG		11,910
				130,705
Belgium — 0.4%
	5,266	Ageas		15,097
	1,014	Anheuser-Busch InBev NV		59,687
	624	Anheuser-Busch InBev NV †		3
	280	Belgacom SA		10,931
	197	Delhaize Group SA		14,313
	341	Groupe Bruxelles Lambert SA		28,430
	400	KBC Groep NV		17,952
	100	Solvay SA		10,667
	200	UCB SA		6,931
				164,011
Bermuda — 0.1%
	736	Seadrill, Ltd.		21,401

Shares			Value

Brazil — 0.8%
	15,400	Brookfield Incorporacoes SA	$	82,125
	6,500	Cia de Saneamento Basico do Estado de Sao Paulo		145,140
	7,100	Diagnosticos da America SA		84,153
				311,418
Canada — 3.7%
	2,900	Bank of Nova Scotia		154,885
	2,000	Canadian National Railway Co.		127,978
	4,000	Canadian Natural Resources, Ltd.		138,442
	3,300	Enbridge, Inc.		172,943
	2,400	EnCana Corp.		72,562
	2,200	Industrial Alliance Insurance & Financial Services, Inc.		67,607
	6,400	Nexen, Inc.		128,834
	6,000	Rogers Communications, Inc., Class B		224,701
	3,900	Royal Bank of Canada		203,249
	2,700	Teck Resources, Ltd., Class B		111,119
				1,402,320
Cayman Islands — 0.3%
	22,000	Kingboard Chemical Holdings, Ltd.		110,969

China — 2.6%
	107,613	Bank of Communications Co., Ltd., Class H		116,003
	164,000	China Citic Bank Corp., Ltd., Class H		104,012
	282,000	China Petroleum & Chemical Corp., Class H		248,815
	241,000	Dongfeng Motor Group Co., Ltd., Class H		490,435
	7,327	Foxconn International Holdings, Ltd. †		5,372
				964,637
Denmark — 0.4%
	3	AP Moller - Maersk A/S, Class B		24,983
	841	Danske Bank A/S		20,194
	700	DSV A/S		14,243
	631	Novo Nordisk A/S, Class B		62,457
	125	Novozymes A/S, Class B		15,878
	350	Vestas Wind Systems A/S †		13,192
				150,947
Finland — 1.7%
	1,070	Fortum OYJ		28,021
	2,900	Kesko OYJ, Class B		136,360
	5,740	Nokia OYJ		57,658
	15,500	Pohjola Bank PLC		188,968
	7,560	Sampo OYJ, Class A		204,244
	1,450	Stora Enso OYJ, Class R		14,377
	1,310	UPM-Kymmene OYJ		22,471
				652,099
France — 7.2%
	370	Accor SA		13,525
	592	Air Liquide SA		72,397
	4,580	Alcatel-Lucent		15,476
	440	Alstom SA		22,446
	2,840	AXA SA		49,784
	6,524	BNP Paribas		465,576
	450	Bouygues SA		19,385
	290	Cap Gemini SA		14,558
	964	Carrefour SA		51,958
	1,400	Christian Dior SA		183,192
	720	Cie de St.-Gobain		32,171
	295	Cie Generale de Geophysique-Veritas †		6,471

Wilshire Variable Insurance Trust

International Equity Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

France (continued)
	245	Cie Generale des Etablissements Michelin, Class B	$	18,681
	440	Cie Generale d'Optique Essilor International SA		30,296
	2,820	CNP Assurances		52,368
	1,610	Credit Agricole SA		25,218
	950	Danone		56,930
	370	Edenred †		7,328
	362	EDF SA		15,625
	7,844	France Telecom SA		169,635
	1,834	GDF Suez		65,808
	350	Lafarge SA		20,032
	330	Lagardere SCA		12,918
	490	L'Oreal SA		55,182
	509	LVMH Moet Hennessy Louis Vuitton SA		74,753
	40	Neopost SA		2,979
	285	Pernod-Ricard SA		23,839
	200	PPR		32,444
	520	Publicis Groupe SA		24,715
	4,577	Sanofi-Aventis SA		304,639
	2,415	Schneider Electric SA		306,774
	820	Societe Generale		47,410
	230	Sodexo		14,952
	450	Suez Environnement Co.		8,322
	310	Technip SA		24,977
	3,672	Total SA		189,715
	132	Unibail-Rodamco SE		29,306
	270	Vallourec SA		26,849
	867	Veolia Environnement		22,843
	604	Vinci SA		30,358
	1,936	Vivendi SA		53,057
				2,694,892
Germany — 7.2%
	350	Adidas AG		21,660
	742	Allianz SE		83,820
	4,952	BASF SE		312,226
	1,314	Bayer AG		91,576
	3,100	Bayerische Motoren Werke AG		217,424
	1,250	Commerzbank AG		10,355
	1,677	Daimler AG		106,119
	9,655	Deutsche Bank AG		528,506
	350	Deutsche Boerse AG		23,353
	1,323	Deutsche Post AG		23,987
	3,748	Deutsche Telekom AG		51,276
	2,952	E.ON AG		87,049
	217	Fresenius Medical Care AG & Co. KGaA		13,400
	1,100	Hochtief AG		95,232
	260	Linde AG		33,815
	250	MAN SE		27,213
	106	Merck KGaA		8,900
	310	Metro AG		20,170
	1,731	Muenchener Rueckversicherungs AG		239,686
	3,040	RWE AG		205,285
	4,880	SAP AG		241,332
	1,313	Siemens AG		138,491
	280	Solarworld AG		3,511
	720	ThyssenKrupp AG		23,472
	6,050	United Internet AG		97,776
	10	Volkswagen AG		1,102
				2,706,736
Greece — 0.1%
	1,070	Alpha Bank AE		6,643
	826	EFG Eurobank Ergasias SA		4,929

Shares			Value

Greece (continued)
	680	Hellenic Telecommunications Organization SA	$	4,872
	875	National Bank of Greece SA		8,541
	500	OPAP SA		7,885
	454	Piraeus Bank SA		2,226
				35,096
Guernsey — 0.0%
	164	Resolution, Ltd.		632

Hong Kong — 4.0%
	4,840	Bank of East Asia, Ltd.		20,454
	11,600	BOC Hong Kong Holdings, Ltd.		36,734
	39,000	Cathay Pacific Airways, Ltd.		105,579
	20,200	Cheung Kong Holdings, Ltd.		305,473
	10,500	China Mobile, Ltd.		107,419
	2,582	CLP Holdings, Ltd.		20,585
	79,800	CNOOC, Ltd.		154,895
	2,049	Esprit Holdings, Ltd.		11,099
	3,801	Hang Lung Properties, Ltd.		18,511
	2,100	Hang Seng Bank, Ltd.		30,841
	6,463	Hong Kong & China Gas Co., Ltd.		16,322
	1,200	Hong Kong Exchanges and Clearing, Ltd.		23,593
	3,100	Hongkong Electric Holdings, Ltd.		18,838
	5,100	Hutchison Whampoa, Ltd.		47,452
	12,500	Jardine Strategic Holdings, Ltd.		335,500
	4,129	Li & Fung, Ltd.		23,131
	4,775	New World Development, Ltd.		9,592
	1,900	Sun Hung Kai Properties, Ltd.		32,691
	13,400	Swire Pacific, Ltd., Class A		184,236
				1,502,945
India — 0.9%
	3,100	Dr Reddy's Laboratories, Ltd. ADR		99,882
	3,400	Infosys Technologies, Ltd. ADR		228,854
				328,736
Indonesia — 1.1%
	41,000	Gudang Garam TBK PT		237,201
	40,000	Indo Tambangraya Megah PT		186,755
				423,956
Ireland — 0.1%
	1,058	CRH PLC^		17,443
	273	CRH PLC^		4,505
	770	Elan Corp. PLC †		4,382
	2,400	Experian PLC		26,154
				52,484
Israel — 0.9%
	5,000	Teva Pharmaceutical Industries, Ltd. ADR		263,750
	1,500	Teva Pharmaceutical Industries, Ltd.		79,890
				343,640
Italy — 2.0%
	1,997	Assicurazioni Generali SpA		40,313
	724	Atlantia SpA		15,028
	4,660	Banca Monte dei Paschi di Siena SpA		6,473
	1,530	Banco Popolare SC		9,191
	8,800	Enel SpA		47,037
	17,406	ENI SpA		376,057
	1,510	Fiat SpA		23,377
	1,090	Finmeccanica SpA		12,974
	13,484	Intesa Sanpaolo SpA		43,919
	2,180	Intesa Sanpaolo SpA		5,622
	2,310	Mediaset SpA		16,410
	1,375	Mediobanca SpA		12,819

Wilshire Variable Insurance Trust

International Equity Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

Italy (continued)
	4,476	Snam Rete Gas SpA	$	22,700
	13,120	Telecom Italia SpA		14,803
	14,324	Telecom Italia SpA		20,064
	26,743	UniCredit SpA		68,479
	1,132	Unione di Banche Italiane SCPA		10,995
				746,261
Japan — 15.3%
	300	Advantest Corp.		5,976
	1,600	Aeon Co., Ltd.		17,156
	500	Aisin Seiki Co., Ltd.		15,649
	685	Ajinomoto Co., Inc.		6,721
	12,100	Amada Co., Ltd.		83,058
	1,300	Asahi Breweries, Ltd.		26,043
	2,200	Asahi Glass Co., Ltd.		22,440
	3,600	Asahi Kasei Corp.		19,873
	5,300	Astellas Pharma, Inc.		191,806
	4,100	Bank of Yokohama, Ltd. (The)		19,161
	600	Bridgestone Corp.		10,941
	13,500	Brother Industries, Ltd.		166,689
	1,598	Canon, Inc.		74,645
	2	Central Japan Railway Co.		14,728
	1,400	Chiba Bank, Ltd. (The)		8,175
	878	Chubu Electric Power Co., Inc.		21,719
	500	Chugai Pharmaceutical Co., Ltd.		9,209
	1,900	Chuo Mitsui Trust Holdings, Inc.		6,317
	100	Credit Saison Co., Ltd.		1,342
	2,100	Dai Nippon Printing Co., Ltd.		25,667
	1,400	Daiichi Sankyo Co., Ltd.		28,540
	600	Daikin Industries, Ltd.		22,582
	200	Daito Trust Construction Co., Ltd.		11,951
	308	Daiwa House Industry Co., Ltd.		3,110
	2,900	Daiwa Securities Group, Inc.		11,710
	548	Denso Corp.		16,282
	500	Dentsu, Inc.		11,563
	700	East Japan Railway Co.		42,298
	500	Eisai Co., Ltd.		17,498
	500	Electric Power Development Co., Ltd.		15,050
	400	Fanuc, Ltd.		51,062
	36,000	Fuji Heavy Industries, Ltd.		230,177
	1,000	FUJIFILM Holdings Corp.		33,210
	4,600	Fujitsu, Ltd.		32,368
	1,900	Fukuoka Financial Group, Inc.		7,613
	25,217	Hankyu Hanshin Holdings, Inc.		121,321
	100	Hirose Electric Co., Ltd.		10,098
	2,773	Hitachi, Ltd.		12,139
	509	Hokkaido Electric Power Co., Inc.		10,142
	1,600	Hokuhoku Financial Group, Inc.		2,937
	2,500	Honda Motor Co., Ltd.		88,971
	900	Hoya Corp.		21,982
	200	Ibiden Co., Ltd.		5,095
	3	INPEX Corp.		14,114
	3,800	ITOCHU Corp.		34,785
	1,164	Japan Steel Works, Ltd. (The)		10,968
	8	Japan Tobacco, Inc.		26,660
	700	JFE Holdings, Inc.		21,419
	2,000	Joyo Bank, Ltd. (The)		8,720
	700	JS Group Corp.		13,723
	1,200	JTEKT Corp.		11,075
	2,261	JX Holdings, Inc.		13,121
	4,300	Kajima Corp.		10,419
	1,100	Kansai Electric Power Co., Inc. (The)		26,723
	1,000	Kao Corp.		24,397
	5	KDDI Corp.		23,906
	1,015	Keio Corp.		6,998

Shares			Value

Japan (continued)
	110	Keyence Corp.	$	23,990
	5,300	Kintetsu Corp.		17,960
	1,900	Kirin Holdings Co., Ltd.		27,051
	53,100	Kobe Steel, Ltd.		124,585
	1,800	Komatsu, Ltd.		41,880
	4,900	Konami Corp.		86,517
	1,100	Konica Minolta Holdings, Inc.		10,783
	1,133	Kubota Corp.		10,393
	1,000	Kuraray Co., Ltd.		12,656
	300	Kyocera Corp.		28,384
	5,200	Kyushu Electric Power Co., Inc.		118,775
	4,200	Marubeni Corp.		23,751
	900	Marui Group Co., Ltd.		6,735
	3,600	MEIJI Holdings Co., Ltd.		169,882
	4,300	Mitsubishi Chemical Holdings Corp.		21,866
	2,600	Mitsubishi Corp.		61,781
	4,200	Mitsubishi Electric Corp.		36,193
	2,200	Mitsubishi Estate Co., Ltd.		35,817
	1,400	Mitsubishi Gas Chemical Co., Inc.		8,144
	6,000	Mitsubishi Heavy Industries, Ltd.		22,160
	4,600	Mitsubishi Materials Corp.		13,229
	14,856	Mitsubishi UFJ Financial Group, Inc.		68,983
	3,400	Mitsui & Co., Ltd.		50,560
	1,600	Mitsui Fudosan Co., Ltd.		26,999
	2,700	Mitsui OSK Lines, Ltd.		16,990
	17,000	Mizuho Financial Group, Inc.		24,663
	750	MS&AD Insurance Group Holdings		17,260
	500	Murata Manufacturing Co., Ltd.		26,442
	1,583	NEC Corp.		4,210
	100	Nidec Corp.		8,894
	800	Nikon Corp.		14,841
	137	Nintendo Co., Ltd.		34,366
	14,056	Nippon Electric Glass Co., Ltd.		192,155
	2,100	Nippon Express Co., Ltd.		8,003
	5,989	Nippon Steel Corp.		20,395
	3,800	Nippon Telegraph & Telephone Corp.		166,468
	2,800	Nippon Yusen KK		11,479
	20,200	Nissan Motor Co., Ltd.		176,921
	400	Nitto Denko Corp.		15,675
	1,900	NKSJ Holdings, Inc.		11,906
	3,500	Nomura Holdings, Inc.		16,840
	2,100	NSK, Ltd.		14,249
	3	NTT Data Corp.		9,485
	22	NTT DoCoMo, Inc.		36,747
	1,100	Obayashi Corp.		4,392
	400	Olympus Corp.		10,491
	500	Omron Corp.		11,433
	200	Oriental Land Co., Ltd.		18,651
	180	ORIX Corp.		13,778
	32,800	Osaka Gas Co., Ltd.		118,311
	2,765	Panasonic Corp.		37,557
	1,100	Resona Holdings, Inc.		9,879
	1,100	Ricoh Co., Ltd.		15,586
	200	Rohm Co., Ltd.		12,388
	2,900	Sankyo Co., Ltd.		153,618
	600	Secom Co., Ltd.		27,102
	400	Sega Sammy Holdings, Inc.		6,111
	300	Seiko Epson Corp.		4,557
	2,000	Sekisui Chemical Co., Ltd.		12,129
	1,700	Sekisui House, Ltd.		15,301
	1,500	Seven & I Holdings Co., Ltd.		35,181
	1,900	Sharp Corp.		18,941
	700	Shin-Etsu Chemical Co., Ltd.		34,162
	1,300	Shinsei Bank, Ltd.		921
	700	Shiseido Co., Ltd.		15,727

Wilshire Variable Insurance Trust

International Equity Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

Japan (continued)
	2,100	Shizuoka Bank, Ltd. (The)	$	18,098
	2,800	Showa Denko KK		5,378
	38	SMC Corp.		5,016
	4,700	Softbank Corp.		153,805
	4,544	Sojitz Corp.		8,170
	1,800	Sony Corp.		55,576
	3,200	Sumitomo Chemical Co., Ltd.		14,050
	22,700	Sumitomo Corp.		292,755
	1,900	Sumitomo Electric Industries, Ltd.		23,175
	1,800	Sumitomo Heavy Industries, Ltd.		9,291
	7,600	Sumitomo Metal Industries, Ltd.		19,213
	1,300	Sumitomo Metal Mining Co., Ltd.		19,895
	5,600	Sumitomo Mitsui Financial Group, Inc.		163,214
	900	Sumitomo Realty & Development Co., Ltd.		18,630
	2,600	Sumitomo Trust & Banking Co., Ltd. (The)		13,030
	300	T&D Holdings, Inc.		6,263
	1,300	Takashimaya Co., Ltd.		10,023
	1,100	Takeda Pharmaceutical Co., Ltd.		50,576
	200	TDK Corp.		11,177
	3,100	Teijin, Ltd.		10,256
	400	Terumo Corp.		21,238
	2,500	Tobu Railway Co., Ltd.		14,433
	900	Tohoku Electric Power Co., Inc.		19,926
	891	Tokio Marine Holdings, Inc.		24,036
	1,700	Tokyo Electric Power Co., Inc. (The)		41,527
	300	Tokyo Electron, Ltd.		15,056
	2,500	Tokyo Gas Co., Ltd.		11,371
	3,000	Tokyu Corp.		13,267
	2,100	Toppan Printing Co., Ltd.		16,444
	2,700	Toray Industries, Inc.		15,051
	6,000	Toshiba Corp.		29,020
	500	Toyota Industries Corp.		13,388
	4,355	Toyota Motor Corp.		156,105
	500	Toyota Tsusho Corp.		7,368
	4	West Japan Railway Co.		14,365
	34	Yahoo! Japan Corp.		11,750
	2,090	Yamada Denki Co., Ltd.		129,806
	600	Yamaha Motor Co., Ltd.		9,032
	1,200	Yamato Holdings Co., Ltd.		14,553
				5,740,648
Jersey — 0.1%
	3,336	Atrium European Real Estate, Ltd.		18,585

Luxembourg — 0.7%
	7,545	ArcelorMittal		248,887

Malaysia — 0.6%
	83,700	Genting Malaysia BHD		91,934
	38,800	Hong Leong Bank BHD		114,580
				206,514
Mexico — 1.5%
	118,000	America Movil SAB de CV, Ser L		315,471
	24,000	Grupo Financiero Banorte SAB de CV, Class O		91,064
	52,400	Grupo Mexico SAB de CV, Ser B		151,071
				557,606
Netherlands — 3.9%
	1,766	Aegon NV		10,600
	550	Akzo Nobel NV		33,911
	953	ASML Holding NV		28,368

Shares			Value

Netherlands (continued)
	690	European Aeronautic Defence and Space Co. NV	$	17,217
	600	Heineken NV		31,120
	4,786	ING Groep NV, CVA		49,629
	1,780	Koninklijke Ahold NV		24,022
	3,230	Koninklijke DSM NV		165,734
	2,352	Koninklijke KPN NV		36,437
	1,840	Koninklijke Philips Electronics NV		57,889
	1,203	Reed Elsevier NV		15,195
	5,853	Royal Dutch Shell PLC, Class A		176,356
	13,098	Royal Dutch Shell PLC, Class B		382,615
	922	TNT NV		24,810
	13,345	Unilever NV, CVA		399,586
	660	Wolters Kluwer NV		13,869
				1,467,358
New Zealand — 0.0%
	7,043	Telecom Corp. of New Zealand, Ltd.		10,479

Norway — 0.3%
	2,322	DnB NOR ASA		31,717
	2,200	Norsk Hydro ASA		13,341
	2,150	Orkla ASA		19,871
	1,472	Statoil ASA		30,829
	965	Telenor ASA		15,166
				110,924
Philippines — 0.2%
	3,200	Globe Telecom, Inc.		64,982

Poland — 0.2%
	7,000	Grupa Lotos SA †		74,719

Portugal — 0.1%
	3,730	Banco Comercial Portugues SA, Class R		3,250
	1,620	Brisa Auto-Estradas de Portugal SA		10,461
	4,750	Energias de Portugal SA		16,283
	770	Portugal Telecom SGPS SA		10,242
				40,236
Russia — 0.9%
	5,000	Gazprom OAO ADR		105,335
	6,900	Tatneft ADR		215,979
				321,314
Singapore — 2.4%
	3,000	DBS Group Holdings, Ltd.		32,098
	9,800	Jardine Cycle & Carriage, Ltd.		293,190
	3,908	Keppel Corp., Ltd.		26,681
	6,000	Oversea-Chinese Banking Corp., Ltd.		40,342
	2,500	Singapore Airlines, Ltd.		31,037
	1,825	Singapore Airport Terminal Services, Ltd.		3,955
	71,200	Singapore Telecommunications, Ltd.		169,938
	22,200	United Overseas Bank, Ltd.		308,772
				906,013
South Africa — 2.5%
	3,750	AngloGold Ashanti, Ltd.		173,704
	10,000	Aspen Pharmacare Holdings, Ltd.		134,837
	7,700	Gold Fields, Ltd.		117,187
	11,000	Remgro, Ltd.		172,170
	12,100	Shoprite Holdings, Ltd.		171,557
	3,000	Tiger Brands, Ltd.		81,540
	644	Trans Hex Group, Ltd. †		313
	9,450	Vodacom Group, Ltd.		93,792
				945,100

Wilshire Variable Insurance Trust

International Equity Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

South Korea — 2.6%
	600	Honam Petrochemical Corp.	$	111,870
	1,100	Hyosung Corp.		118,836
	3,900	Hyundai Marine & Fire Insurance Co., Ltd.		76,013
	1,425	LG Corp.		103,132
	525	LG Innotek Co., Ltd.		64,503
	650	Samsung Electronics Co., Ltd.		442,714
	1,100	S-Oil Corp.		68,053
				985,121
Spain — 3.9%
	609	Abertis Infraestructuras SA		11,360
	138	Acciona SA		11,673
	144	ACS Actividades de Construccion y Servicios SA		7,195
	6,885	Banco Bilbao Vizcaya Argentaria SA		93,159
	1,882	Banco Popular Espanol SA		11,960
	45,238	Banco Santander SA		574,111
	1,560	Ferrovial SA		14,629
	210	Fomento de Construcciones y Contratas SA		5,808
	6,683	Iberdrola SA		51,528
	380	Inditex SA		30,205
	11,440	Repsol YPF SA		294,883
	13,869	Telefonica SA		344,207
				1,450,718
Sweden — 2.0%
	800	Assa Abloy AB, Class B		20,227
	1,400	Atlas Copco AB, Class B		24,719
	14,400	Atlas Copco AB, Class A		278,607
	600	Electrolux AB, Ser B		14,798
	1,690	Hennes & Mauritz AB, Class B		61,356
	6,200	Nordea Bank AB		64,803
	2,000	Sandvik AB		30,720
	1,000	Scania AB, Class B		22,134
	1,100	Securitas AB, Class B		11,882
	3,840	Skandinaviska Enskilda Banken AB, Class A		28,596
	1,200	SKF AB, Class B		27,688
	1,500	Svenska Cellulosa AB, Class B		22,869
	1,100	Svenska Handelsbanken AB, Class A		36,157
	3,777	Telefonaktiebolaget LM Ericsson, Class B		41,437
	4,100	TeliaSonera AB		33,263
	2,283	Volvo AB, Class B		33,653
				752,909
Switzerland — 5.0%
	3,841	ABB, Ltd.		81,123
	1,400	ACE, Ltd.		81,550
	130	Actelion, Ltd. †		5,209
	340	Adecco SA		17,779
	2,000	Baloise Holding AG		180,499
	1,100	Cie Financiere Richemont SA		53,087
	1,883	Credit Suisse Group AG		80,243
	90	Geberit AG		16,041
	530	Holcim, Ltd.		34,066
	3,700	Julius Baer Group, Ltd.		134,817
	5,639	Nestle SA		300,677
	325	Nobel Biocare Holding AG		5,845
	7,328	Novartis AG		421,892
	1,091	Roche Holding AG		149,104
	1,470	STMicroelectronics NV		11,247
	79	Swatch Group AG (The)		29,767
	66	Swiss Life Holding AG		7,522
	764	Swiss Reinsurance Co., Ltd.		33,522

Shares			Value

Switzerland (continued)
	48	Swisscom AG	$	19,386
	166	Syngenta AG		41,305
	149	Synthes, Inc.		17,250
	4,866	UBS AG		82,868
	260	Zurich Financial Services AG		60,967
				1,865,766
Thailand — 0.3%
	18,100	PTT Exploration & Production PLC		91,910

Turkey — 0.2%
	18,500	KOC Holding AS		87,999

United Kingdom — 14.2%
	2,297	3i Group PLC		10,354
	4,607	Anglo American PLC		182,848
	5,315	AstraZeneca PLC		269,757
	4,840	Aviva PLC		30,335
	6,290	BAE Systems PLC		33,868
	16,799	Barclays PLC		78,950
	5,198	BG Group PLC		91,510
	9,663	BHP Billiton PLC		308,137
	30,463	BP PLC		208,403
	7,343	British American Tobacco PLC		274,194
	1,069	British Land Co. PLC		7,816
	2,330	British Sky Broadcasting Group PLC		25,890
	7,318	BT Group PLC, Class A		16,077
	4,422	Cable & Wireless Communications PLC		3,950
	4,422	Cable & Wireless Worldwide PLC		5,086
	1,219	Capita Group PLC (The)		15,061
	400	Carnival PLC		15,773
	9,673	Centrica PLC		49,168
	18,980	Compass Group PLC		158,345
	3,710	Diageo PLC		63,843
	8,510	Enterprise Inns PLC		14,392
	28,000	G4S PLC		112,210
	8,732	GlaxoSmithKline PLC		172,216
	490	Hammerson PLC		3,037
	2,878	Home Retail Group PLC		9,325
	26,785	HSBC Holdings PLC		270,921
	12,960	Imperial Tobacco Group PLC		386,556
	619	Intercontinental Hotels Group PLC		11,052
	3,260	International Power PLC		19,857
	3,120	J Sainsbury PLC		19,168
	830	Johnson Matthey PLC		22,975
	4,950	Kingfisher PLC		18,238
	970	Land Securities Group PLC		9,760
	13,730	Legal & General Group PLC		22,329
	14,104	Lloyds Banking Group PLC		16,361
	350	London Stock Exchange Group PLC		3,745
	3,512	Man Group PLC		12,099
	2,730	Marks & Spencer Group PLC		16,673
	20,723	National Grid PLC		175,755
	8,640	Next PLC		301,157
	12,240	Old Mutual PLC		26,710
	1,940	Pearson PLC		30,080
	4,759	Prudential PLC		47,550
	831	Reckitt Benckiser Group PLC		45,764
	1,930	Reed Elsevier PLC		16,318
	2,290	Rexam PLC		11,059
	5,933	Rio Tinto PLC		347,531
	3,689	Rolls-Royce Group PLC		35,031
	28,552	Royal Bank of Scotland Group PLC †		21,176
	5,679	RSA Insurance Group PLC		11,668

Wilshire Variable Insurance Trust

International Equity Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

United Kingdom (continued)
	1,780	SABMiller PLC	$	56,977
	4,410	Sage Group PLC (The)		19,157
	1,550	Scottish & Southern Energy PLC		27,237
	500	Severn Trent PLC		10,289
	2,010	Smith & Nephew PLC		18,326
	1,276	Smiths Group PLC		24,471
	20,089	Standard Chartered PLC		576,771
	11,297	Tesco PLC		75,348
	2,071	Tullow Oil PLC		41,452
	2,529	Unilever PLC		73,188
	1,228	United Utilities Group PLC		11,051
	80,414	Vodafone Group PLC		198,385
	625	Whitbread PLC		15,964
	2,185	WM Morrison Supermarkets PLC		10,161
	157	Wolseley PLC		3,947
	2,730	WPP PLC		30,265
	3,750	Xstrata PLC		71,823
				5,324,890
United States — 0.5%
	3,350	Philip Morris International, Inc.		187,667
	411	Thomson Reuters Corp.		15,460
				203,127
Total Common Stock (Cost $35,779,291)				35,877,107

PREFERRED STOCK — 3.0%
Brazil — 2.8%
	6,413	Banco Bradesco SA		128,162
	4,700	Cia Paranaense de Energia		102,893
	34,170	Investimentos Itau SA		258,903
	12,600	Petroleo Brasileiro SA, Class Preference		203,737
	12,800	Vale SA, Class Preference		350,445
				1,044,140
Germany — 0.2%
	550	Henkel AG & Co. KGAA		29,536
	190	Porsche Automobil Holding SE		9,469
	160	Volkswagen AG		19,299
				58,304
Total Preferred Stock (Cost $1,076,864)				1,102,444

EXCHANGE TRADED FUNDS — 0.4%
	3,000	iShares MSCI EAFE Index Fund		164,760

Total Exchange Traded Funds (Cost $151,623)				164,760

RIGHTS — 0.0%
	245	Michelin		684
		Total Rights (Cost $—)

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

Total Investments — 99.1%
(Cost $37,007,778)‡				37,144,995

Other Assets & Liabilities, Net — 0.9%				332,714

NET ASSETS — 100.0%

37,477,709

†	Non-income producing security.
^	Securities incorporated in the same country but traded on different exchanges.

ADR — American Depositary Receipt

EAFE —Europe Australasia and Far East

MSCI — Morgan Stanley Capital International

PLC — Public Limited Company

PPS — Price Protected Shares

‡

At September 30, 2010, the tax basis cost of the Fund's investments was $37,007,778, and the unrealized appreciation and depreciation were $4,753,493 and $(4,616,276), respectively.

For information regarding the Fund's policy regarding valuation of investments and other accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements.

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

Wilshire Variable Insurance Trust

International Equity Fund

Schedule of Investments

September 30, 2010

(Unaudited)

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

Investment in Securities
		Level 1		Level 2			Level 3			Total
	Common Stock
	Australia	$	—	$	1,657,417	*	$	—		$	1,657,417
	Austria		—		130,705	*		—			130,705
	Belgium		3		164,008	*		—			164,011
	Bermuda		—		21,401	*		—			21,401
	Brazil		—		311,418	*		—			311,418
	Canada		1,402,320		—			—			1,402,320
	Cayman Islands		—		110,969	*		—			110,969
	China		—		964,637	*		—			964,637
	Denmark		—		150,947	*		—			150,947
	Finland		—		652,099	*		—			652,099
	France		7,328		2,687,564	*		—			2,694,892
	Germany		—		2,706,736	*		—			2,706,736
	Greece		—		35,096	*		—			35,096
	Guernsey		—		632	*		—			632
	Hong Kong		—		1,502,945	*		—			1,502,945
	India		328,736		—			—			328,736
	Indonesia		—		423,956	*		—			423,956
	Ireland		—		52,484	*		—			52,484
	Israel		263,750		79,890	*		—			343,640
	Italy		—		746,261	*		—			746,261
	Japan		—		5,740,648	*		—			5,740,648
	Jersey		—		18,585	*		—			18,585
	Luxembourg		—		248,887	*		—			248,887
	Malaysia		—		206,514	*		—			206,514
	Mexico		557,606		—			—			557,606
	Netherlands		—		1,467,358	*		—			1,467,358
	New Zealand		—		10,479	*		—			10,479
	Norway		—		110,924	*		—			110,924
	Phillippines		—		64,982	*		—			64,982
	Poland		—		74,719	*		—			74,719
	Portugal		—		40,236	*		—			40,236
	Russia		—		321,314	*		—			321,314
	Singapore		—		906,013	*		—			906,013
	South Africa		—		945,100	*		—			945,100
	South Korea		—		985,121	*		—			985,121
	Spain		—		1,450,718	*		—			1,450,718
	Sweden		—		752,909	*		—			752,909
	Switzerland		81,550		1,784,216	*		—			1,865,766
	Thailand		—		91,910	*		—			91,910
	Turkey		—		87,999	*		—			87,999
	United Kingdom		—		5,324,890	*		—			5,324,890
	United States		203,127		—			—			203,127
			2,844,420		33,032,687			—			35,877,107
	Preferred Stock
	Brazil		1,044,140		—			—			1,044,140
	Germany		—		58,304	*		—			58,304
			1,044,140		58,304			—			1,102,444

	Exchange Traded Fund		164,760		—			—			164,760
	Rights		684		—			—			684
	Private Company		—		—			—	††		—
	Total Investments in Securities	$	4,054,004	$	33,090,991			—		$	37,144,995

Wilshire Variable Insurance Trust

International Equity Fund

Schedule of Investments

September 30, 2010

(Unaudited)

*	Represents securities trading primarily outside the United States,the values of which were adjusted as a result of 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 $0as of September 30, 2010.

For the period ended September 30, 2010, the transfers out of Level 1 and into Level 2 were $508,166 and the transfers out of Level 2 and into Level 1 were $5,649,012. The transfers were related to the fair value of certain international securities.

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

COMMON STOCK — 98.4%††
Consumer Discretionary — 17.5%
	152	1-800-Flowers.com, Inc., Class A †	$	287
	1,182	99 Cents Only Stores †		22,316
	599	AFC Enterprises, Inc. †		7,428
	640	Ambassadors Group, Inc.		7,258
	197	American Apparel, Inc. †		242
	1,679	American Axle & Manufacturing Holdings, Inc. †		15,145
	74	American Greetings Corp., Class A		1,375
	551	American Public Education, Inc. †		18,106
	153	America's Car-Mart, Inc. †		3,853
	10,921	Amerigon, Inc. †		112,486
	793	Ameristar Casinos, Inc.		13,838
	1,854	AnnTaylor Stores Corp. †		37,525
	801	Arbitron, Inc.		22,404
	817	Asbury Automotive Group, Inc. †		11,495
	410	Ballantyne Strong, Inc. †		3,547
	255	Bebe Stores, Inc.		1,839
	2,547	Belo Corp., Class A †		15,791
	619	Big 5 Sporting Goods Corp.		8,307
	4	Biglari Holdings, Inc. †		1,315
	8,149	BJ's Restaurants, Inc. †		229,476
	378	Blue Nile, Inc. †		16,817
	50	Blyth, Inc.		2,062
	127	Bon-Ton Stores, Inc. (The)		1,292
	581	Bridgepoint Education, Inc. †		8,982
	830	Brown Shoe Co., Inc.		9,520
	2,763	Brunswick Corp.		42,053
	761	Buckle, Inc. (The)		20,197
	9,553	Buffalo Wild Wings, Inc. †		457,493
	580	California Pizza Kitchen, Inc. †		9,895
	424	Cambium Learning Group, Inc. †		1,357
	501	Capella Education Co. †		38,888
	232	Caribou Coffee Co., Inc. †		2,413
	171	Carmike Cinemas, Inc. †		1,491
	358	Carrols Restaurant Group, Inc. †		1,897
	1,754	Carter's, Inc. †		46,183
	1,066	Casual Male Retail Group, Inc. †		4,349
	831	Cato Corp. (The), Class A		22,238
	39	Cavco Industries, Inc. †		1,400
	659	CEC Entertainment, Inc. †		22,623
	1,822	Cheesecake Factory, Inc. (The) †		48,228
	259	Cherokee, Inc.		4,724
	725	Children's Place Retail Stores, Inc. (The) †		35,358
	586	Christopher & Banks Corp.		4,635
	58	Churchill Downs, Inc.		2,072
	15,526	Cinemark Holdings, Inc.		249,969
	447	Citi Trends, Inc. †		10,822
	510	CKX, Inc. †		2,499
	948	Coinstar, Inc. †		40,755
	1,818	Coldwater Creek, Inc. †		9,581
	1,298	Collective Brands, Inc. †		20,950
	1,837	Cooper Tire & Rubber Co.		36,060
	46	Core-Mark Holding Co., Inc. †		1,424
	2,646	Corinthian Colleges, Inc. †		18,575
	171	CPI Corp.		4,425
	654	Cracker Barrel Old Country Store, Inc.		33,197
	2,683	CROCS, Inc. †		34,906
	129	Crown Media Holdings, Inc., Class A †		308
	257	Culp, Inc. †		2,519
	3,951	Dana Holding Corp. †		48,676
	1,170	Deckers Outdoor Corp. †		58,453
	3,246	Denny's Corp. †		10,095

Shares			Value

Consumer Discretionary (continued)
	161	Destination Maternity Corp. †	$	5,300
	94	Dex One Corp. †		1,154
	560	DineEquity, Inc. †		25,189
	400	Domino's Pizza, Inc. †		5,288
	324	Dorman Products, Inc. †		9,986
	1,734	Dress Barn, Inc. (The) †		41,183
	229	Drew Industries, Inc. †		4,777
	2,930	Drugstore.com, Inc. †		5,626
	399	DSW, Inc., Class A †		11,451
	8,215	Eastman Kodak Co. †		34,503
	150	Einstein Noah Restaurant Group, Inc. †		1,590
	780	Empire Resorts, Inc. †		866
	556	Entercom Communications Corp., Class A †		4,370
	1,397	Entravision Communications Corp., Class A †		2,780
	243	Ethan Allen Interiors, Inc.		4,243
	537	Exide Technologies †		2,572
	9,700	Express, Inc. †		147,537
	493	Finish Line, Inc. (The), Class A		6,858
	426	Fuel Systems Solutions, Inc. †		16,661
	72	Genesco, Inc. †		2,151
	443	G-III Apparel Group, Ltd. †		13,901
	623	Global Sources, Ltd. †		4,704
	902	Grand Canyon Education, Inc. †		19,781
	155	Group 1 Automotive, Inc. †		4,631
	876	Gymboree Corp. †		36,389
	1,085	Harte-Hanks, Inc.		12,662
	373	hhgregg, Inc. †		9,236
	862	Hibbett Sports, Inc. †		21,507
	3,353	Home Inns & Hotels Management, Inc. ADR †		165,772
	585	HOT Topic, Inc.		3,504
	1,172	HSN, Inc. †		35,043
	1,189	Interval Leisure Group, Inc. †		16,016
	661	iRobot Corp. †		12,275
	98	Isle of Capri Casinos, Inc. †		702
	1,569	Jack in the Box, Inc. †		33,639
	1,705	Jamba, Inc. †		3,734
	860	Jo-Ann Stores, Inc. †		38,313
	1,242	Joe's Jeans, Inc. †		2,621
	828	JOS A Bank Clothiers, Inc. †		35,281
	751	K12, Inc. †		21,802
	78	Kenneth Cole Productions, Inc., Class A †		1,300
	500	Kirkland's, Inc. †		6,930
	811	Knology, Inc. †		10,892
	1,965	Krispy Kreme Doughnuts, Inc. †		9,000
	402	K-Swiss, Inc., Class A †		5,126
	138	Lacrosse Footwear, Inc.		1,906
	171	La-Z-Boy, Inc., Class Z †		1,443
	829	Leapfrog Enterprises, Inc., Class A †		4,543
	184	Learning Tree International, Inc.		1,862
	1,291	Lee Enterprises, Inc. †		3,460
	1,151	Life Time Fitness, Inc. †		45,430
	485	Lincoln Educational Services Corp. †		6,989
	1,363	Lions Gate Entertainment Corp. †		10,018
	2,802	Liz Claiborne, Inc. †		17,036
	233	LodgeNet Interactive Corp. †		652
	656	Lumber Liquidators Holdings, Inc. †		16,118
	642	Maidenform Brands, Inc. †		18,522
	298	Marine Products Corp. †		1,830
	773	Martha Stewart Living Omnimedia, Class A †		3,664
	912	Matthews International Corp., Class A		32,248
	1,683	McClatchy Co. (The), Class A †		6,614

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

Consumer Discretionary (continued)
	186	McCormick & Schmick's Seafood Restaurants, Inc. †	$	1,447
	140	Media General, Inc., Class A †		1,254
	477	Midas, Inc. †		3,630
	83	Monarch Casino & Resort, Inc. †		930
	3,475	Monro Muffler Brake, Inc.		160,232
	244	Morgans Hotel Group Co. †		1,786
	215	Multimedia Games, Inc. †		795
	14,499	National American University Holdings, Inc.		97,433
	8,577	National CineMedia, Inc.		153,528
	144	National Presto Industries, Inc.		15,332
	889	NutriSystem, Inc.		17,104
	1,035	OfficeMax, Inc. †		13,548
	519	Orbitz Worldwide, Inc. †		3,270
	446	Overstock.com, Inc. †		7,011
	409	Oxford Industries, Inc.		9,726
	500	Papa John's International, Inc. †		13,190
	351	Peet's Coffee & Tea, Inc. †		12,015
	474	Penske Automotive Group, Inc. †		6,257
	694	PetMed Express, Inc.		12,145
	698	PF Chang's China Bistro, Inc.		32,247
	3,373	Pier 1 Imports, Inc. †		27,625
	244	Pinnacle Entertainment, Inc. †		2,721
	453	Playboy Enterprises, Inc., Class B †		2,329
	936	Polaris Industries, Inc.		60,933
	1,437	Pool Corp.		28,840
	235	Pre-Paid Legal Services, Inc. †		14,685
	25	PRIMEDIA, Inc.		95
	470	Princeton Review, Inc. †		959
	142	ReachLocal, Inc. †		1,957
	280	Rentrak Corp. †		7,076
	657	Retail Ventures, Inc. †		7,069
	246	RG Barry Corp.		2,531
	417	Rue21, Inc. †		10,763
	898	Ruth's Hospitality Group, Inc. †		3,601
	2,437	Sally Beauty Holdings, Inc. †		27,294
	929	Scientific Games Corp., Class A †		9,011
	570	Sealy Corp. †		1,391
	1,300	Select Comfort Corp. †		8,814
	52	Shoe Carnival, Inc. †		1,051
	1,611	Shuffle Master, Inc. †		13,548
	6,343	Shutterfly, Inc. †		164,855
	1,078	Skechers U.S.A., Inc., Class A †		25,322
	1,786	Smith & Wesson Holding Corp. †		6,358
	205	Sonic Automotive, Inc., Class A †		2,015
	1,770	Sonic Corp. †		14,302
	12,203	Sotheby's		449,314
	143	Standard Motor Products, Inc.		1,506
	382	Stein Mart, Inc. †		3,373
	432	Steiner Leisure, Ltd. †		16,459
	4,110	Steven Madden, Ltd. †		168,757
	440	Stoneridge, Inc. †		4,624
	606	Sturm Ruger & Co., Inc.		8,266
	318	Summer Infant, Inc. †		2,487
	167	Superior Industries International, Inc.		2,886
	361	SuperMedia, Inc. †		3,816
	264	Systemax, Inc.		3,242
	1,745	Talbots, Inc. †		22,860
	6,793	Tenneco, Inc. †		196,793
	1,712	Texas Roadhouse, Inc., Class A †		24,071
	888	Timberland Co. (The), Class A †		17,591
	760	True Religion Apparel, Inc. †		16,218
	8,265	Ulta Salon Cosmetics & Fragrance, Inc. †		241,338
	7,662	Under Armour, Inc., Class A †		345,096

Shares			Value

Consumer Discretionary (continued)
	174	Universal Electronics, Inc. †	$	3,628
	629	Universal Technical Institute, Inc.		12,297
	11,429	US Auto Parts Network, Inc. †		93,718
	1,473	Valassis Communications, Inc. †		49,920
	46	Value Line, Inc.		638
	422	Vitacost.com, Inc. †		2,536
	11,698	Vitamin Shoppe, Inc. †		321,110
	578	Volcom, Inc. †		11,051
	1,344	Warnaco Group, Inc. (The) †		68,719
	412	Warner Music Group Corp. †		1,854
	158	Westwood One, Inc. †		1,341
	2,337	Wet Seal, Inc. (The), Class A †		7,922
	116	Weyco Group, Inc.		2,810
	70	Winmark Corp.		2,341
	828	Winnebago Industries, Inc. †		8,628
	1,490	Wolverine World Wide, Inc.		43,225
	576	World Wrestling Entertainment, Inc., Class A		8,012
	644	Zumiez, Inc. †		13,627
				6,144,694
Consumer Staples — 3.5%
	43	Alico, Inc.		999
	41	Arden Group, Inc., Class A		3,383
	755	B&G Foods, Inc., Class A		8,245
	260	Boston Beer Co., Inc., Class A †		17,386
	355	Calavo Growers, Inc.		7,696
	388	Cal-Maine Foods, Inc.		11,244
	472	Casey's General Stores, Inc.		19,706
	199	Cellu Tissue Holdings, Inc. †		2,374
	125	Coca-Cola Bottling Co. Consolidated		6,616
	1,952	Darling International, Inc. †		16,631
	644	Diamond Foods, Inc.		26,398
	17	Farmer Bros Co.		272
	515	Female Health Co. (The)		2,652
	281	Great Atlantic & Pacific Tea Co. †		1,113
	11,885	Green Mountain Coffee Roasters, Inc. †		370,693
	2,486	Heckmann Corp. †		9,696
	412	Inter Parfums, Inc.		7,247
	405	J&J Snack Foods Corp.		16,982
	582	Lancaster Colony Corp.		27,645
	790	Lance, Inc.		16,827
	165	Lifeway Foods, Inc. †		1,736
	232	Limoneira Co.		4,672
	403	Medifast, Inc. †		10,933
	333	National Beverage Corp.		4,662
	222	Nature's Sunshine Products, Inc. †		1,985
	8,325	Nu Skin Enterprises, Inc., Class A		239,760
	89	Pantry, Inc. (The) †		2,146
	611	Pilgrim's Pride Corp. †		3,434
	477	Pricesmart, Inc.		13,895
	166	Revlon, Inc., Class A †		2,095
	1,311	Rite Aid Corp. †		1,236
	658	Ruddick Corp.		22,819
	619	Sanderson Farms, Inc.		26,796
	51	Schiff Nutrition International, Inc.		418
	945	Smart Balance, Inc. †		3,667
	2,574	Star Scientific, Inc. †		5,406
	39	Susser Holdings Corp. †		546
	541	Synutra International, Inc. †		6,249
	664	Tootsie Roll Industries, Inc.		16,520
	6,799	United Natural Foods, Inc. †		225,319
	182	USANA Health Sciences, Inc. †		7,346
	951	Vector Group, Ltd.		17,789
	101	Village Super Market, Inc., Class A		2,822

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

Consumer Staples (continued)
	468	WD-40 Co.	$	17,793
				1,213,849
Energy — 4.8%
	724	Abraxas Petroleum Corp. †		2,056
	1,413	American Oil & Gas, Inc. †		11,445
	311	Apco Oil and Gas International, Inc.		10,764
	8,379	Atlas Energy, Inc. †		239,975
	924	BPZ Resources, Inc. †		3,539
	11,844	Brigham Exploration Co. †		222,075
	819	Callon Petroleum Co. †		4,054
	1,355	CAMAC Energy, Inc. †		4,323
	2,599	CARBO Ceramics, Inc.		210,519
	950	Carrizo Oil & Gas, Inc. †		22,743
	587	Cheniere Energy, Inc. †		1,479
	149	Clayton Williams Energy, Inc. †		7,538
	1,185	Clean Energy Fuels Corp. †		16,839
	202	Cloud Peak Energy, Inc. †		3,687
	252	Contango Oil & Gas Co. †		12,640
	1,010	Dril-Quip, Inc. †		62,731
	3,629	Endeavour International Corp. †		4,681
	1,608	Energy XXI Bermuda, Ltd. †		37,161
	433	Evolution Petroleum Corp. †		2,602
	1,420	FX Energy, Inc. †		5,879
	151	Golar LNG, Ltd.		1,891
	817	Gulfport Energy Corp. †		11,307
	107	Hallador Energy Co.		1,244
	66	Halliburton Co.		2,183
	511	Houston American Energy Corp.		5,110
	3,563	ION Geophysical Corp. †		18,314
	37	Isramco, Inc. †		2,227
	702	James River Coal Co. †		12,306
	215	Key Energy Services, Inc. †		2,045
	3,693	Kodiak Oil & Gas Corp. †		12,519
	472	L&L Energy, Inc. †		3,785
	894	Lufkin Industries, Inc.		39,247
	1,370	Magnum Hunter Resources Corp. †		5,672
	130	Matrix Service Co. †		1,138
	2,503	McMoRan Exploration Co. †		43,077
	191	Newpark Resources, Inc. †		1,604
	1,320	Northern Oil and Gas, Inc. †		22,361
	13,663	Oasis Petroleum, Inc. †		264,652
	108	OYO Geospace Corp. †		6,251
	244	Panhandle Oil and Gas, Inc., Class A		6,024
	370	Petroquest Energy, Inc. †		2,253
	1,473	RAM Energy Resources, Inc. †		2,298
	6,111	Rentech, Inc. †		6,026
	104	Resolute Energy Corp. †		1,150
	214	Rex Energy Corp. †		2,739
	1,042	Rosetta Resources, Inc. †		24,477
	6,228	Rowan Cos., Inc. †		189,082
	865	RPC, Inc.		18,303
	303	Scorpio Tankers, Inc. †		3,421
	95	Stone Energy Corp. †		1,399
	2,122	Syntroleum Corp. †		3,968
	402	Tetra Technologies, Inc. †		4,100
	4,121	TransAtlantic Petroleum, Ltd. †		12,198
	1,831	Uranium Energy Corp. †		6,006
	124	Vaalco Energy, Inc. †		712
	137	Venoco, Inc. †		2,689
	206	W&T Offshore, Inc.		2,184
	399	Warren Resources, Inc. †		1,584
	1,103	World Fuel Services Corp.		28,689
				1,662,965

Shares			Value

Financials — 4.3%
	247	Acadia Realty Trust	$	4,693
	344	Advance America Cash Advance Centers, Inc.		1,386
	42	Alexander's, Inc.		13,263
	38	Arrow Financial Corp.		956
	713	Artio Global Investors, Inc., Class A		10,909
	496	Associated Estates Realty Corp.		6,934
	29	Bank of the Ozarks, Inc.		1,076
	1,655	BGC Partners, Inc., Class A		9,880
	73	Bridge Bancorp, Inc.		1,824
	780	Cardtronics, Inc. †		12,036
	272	Cash America International, Inc.		9,520
	529	CNO Financial Group, Inc. †		2,931
	415	Cohen & Steers, Inc.		9,006
	168	CompuCredit Holdings Corp.		810
	541	Crawford & Co., Class B †		1,315
	189	Credit Acceptance Corp. †		11,391
	67	Diamond Hill Investment Group, Inc.		4,891
	7,395	Dollar Financial Corp. †		154,334
	805	Duff & Phelps Corp., Class A		10,843
	468	DuPont Fabros Technology, Inc.		11,770
	379	EastGroup Properties, Inc.		14,167
	758	eHealth, Inc. †		9,793
	4,486	Encore Capital Group, Inc. †		80,838
	377	Epoch Holding Corp.		4,856
	505	Equity Lifestyle Properties, Inc.		27,512
	147	Equity One, Inc.		2,481
	4,663	Evercore Partners, Inc., Class A		133,408
	1,304	Ezcorp, Inc., Class A †		26,132
	1,279	FelCor Lodging Trust, Inc. †		5,883
	366	Financial Engines, Inc. †		4,861
	183	First American Financial Corp.		2,734
	895	First Cash Financial Services, Inc. †		24,836
	283	First Financial Bankshares, Inc.		13,298
	144	GAMCO Investors, Inc., Class A		5,548
	284	Getty Realty Corp.		7,620
	1,285	GFI Group, Inc.		5,962
	1,195	Gleacher & Co., Inc. †		1,924
	14	Heritage Financial Group		118
	353	HFF, Inc., Class A †		3,276
	362	Home Properties, Inc.		19,150
	134	Investors Bancorp, Inc. †		1,586
	47	JMP Group, Inc.		287
	710	KBW, Inc.		18,176
	552	Kennedy-Wilson Holdings, Inc. †		5,851
	2,625	Ladenburg Thalmann Financial Services, Inc. †		2,678
	196	Life Partners Holdings, Inc.		3,730
	128	LTC Properties, Inc.		3,267
	852	MarketAxess Holdings, Inc.		14,467
	583	Mid-America Apartment Communities, Inc.		33,977
	297	National Health Investors, Inc.		13,086
	81	Nelnet, Inc., Class A		1,853
	66	NewStar Financial, Inc. †		489
	519	Omega Healthcare Investors, Inc.		11,652
	1,264	optionsXpress Holdings, Inc. †		19,415
	409	Oritani Financial Corp.		4,082
	6,896	Portfolio Recovery Associates, Inc. †		445,826
	625	Potlatch Corp.		21,250
	113	PS Business Parks, Inc.		6,392
	262	Pzena Investment Management, Inc., Class A		1,800
	441	Rodman & Renshaw Capital Group, Inc. †		948
	63	S.Y. Bancorp, Inc.		1,564

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

Financials (continued)
	77	Safeguard Scientifics, Inc. †	$	965
	136	Saul Centers, Inc.		5,705
	1,211	Signature Bank †		47,035
	935	Stifel Financial Corp. †		43,281
	995	Strategic Hotels & Resorts, Inc. †		4,219
	99	Suffolk Bancorp		2,507
	678	Tanger Factory Outlet Centers		31,961
	170	Tejon Ranch Co. †		3,684
	1	Teton Advisors, Inc., Class A †		7
	550	Tower Group, Inc.		12,842
	291	TradeStation Group, Inc. †		1,915
	222	Trustco Bank Corp.		1,234
	172	Universal Health Realty Income Trust		5,918
	83	Urstadt Biddle Properties, Inc., Class A		1,501
	191	ViewPoint Financial Group		1,767
	136	Virtus Investment Partners, Inc. †		4,115
	440	Washington Real Estate Investment Trust		13,961
	408	Westamerica Bancorporation		22,232
	171	Westwood Holdings Group, Inc.		5,785
	230	World Acceptance Corp. †		10,157
				1,507,332
Health Care — 16.0%
	665	Abaxis, Inc. †		15,361
	935	ABIOMED, Inc. †		9,920
	1,026	Accelrys, Inc. †		7,141
	331	Accretive Health, Inc. †		3,585
	1,529	Accuray, Inc. †		9,510
	1,162	Acorda Therapeutics, Inc. †		38,369
	277	Acura Pharmaceuticals, Inc. †		690
	582	Affymax, Inc. †		3,463
	473	Affymetrix, Inc. †		2,157
	410	AGA Medical Holdings, Inc. †		5,724
	3,764	Air Methods Corp. †		156,507
	1,894	Akorn, Inc. †		7,652
	1,123	Alexza Pharmaceuticals, Inc. †		3,560
	15,569	Align Technology, Inc. †		304,841
	195	Alimera Sciences, Inc. †		1,866
	895	Alkermes, Inc. †		13,112
	823	Alliance HealthCare Services, Inc. †		3,769
	229	Allied Healthcare International, Inc. †		573
	2,406	Allos Therapeutics, Inc. †		11,356
	245	Almost Family, Inc. †		7,259
	1,098	Alnylam Pharmaceuticals, Inc. †		13,483
	1,191	Alphatec Holdings, Inc. †		2,537
	633	AMAG Pharmaceuticals, Inc. †		10,894
	835	Amedisys, Inc. †		19,873
	281	America Service Group, Inc.		4,181
	37	American Dental Partners, Inc. †		446
	2,265	American Medical Systems Holdings, Inc. †		44,349
	202	AMERIGROUP Corp. †		8,579
	515	AMN Healthcare Services, Inc. †		2,647
	283	Analogic Corp.		12,701
	2,031	Antares Pharma, Inc. †		2,945
	182	Anthera Pharmaceuticals, Inc. †		763
	711	Aoxing Pharmaceutical Co., Inc. †		2,176
	421	Ardea Biosciences, Inc. †		9,683
	3,574	Arena Pharmaceuticals, Inc. †		5,611
	3,247	Ariad Pharmaceuticals, Inc. †		12,404
	1,230	Arqule, Inc. †		6,334
	1,612	Array Biopharma, Inc. †		5,207
	861	Arthrocare Corp. †		23,402
	1,114	AspenBio Pharma, Inc. †		568
	12,104	athenahealth, Inc. †		399,674

Shares			Value

Health Care (continued)
	52	Atrion Corp.	$	8,190
	1,278	Auxilium Pharmaceuticals, Inc. †		31,669
	2,041	AVANIR Pharmaceuticals, Inc., Class A †		6,511
	276	AVEO Pharmaceuticals, Inc. †		3,075
	3,392	AVI BioPharma, Inc. †		6,241
	871	BioCryst Pharmaceuticals, Inc. †		4,303
	456	Biodel, Inc. †		2,417
	421	BioMimetic Therapeutics, Inc. †		4,799
	722	Bio-Reference Labs, Inc. †		15,061
	1,840	Biosante Pharmaceuticals, Inc. †		3,091
	893	BioScrip, Inc. †		4,608
	123	Biospecifics Technologies Corp. †		3,311
	611	Biotime, Inc. †		2,902
	251	BMP Sunstone Corp. †		1,908
	2,135	Bruker Corp. †		29,954
	837	Cadence Pharmaceuticals, Inc. †		6,989
	1,276	Caliper Life Sciences, Inc. †		5,091
	132	Caraco Pharmaceutical Laboratories, Ltd. †		710
	257	CardioNet, Inc. †		1,159
	1,136	Catalyst Health Solutions, Inc. †		39,999
	232	Celera Corp. †		1,564
	859	Celldex Therapeutics, Inc. †		3,436
	1,784	Cepheid, Inc. †		33,379
	1,121	Cerus Corp. †		4,305
	1,115	Chelsea Therapeutics International, Ltd. †		5,709
	687	Chemed Corp.		39,138
	197	Chindex International, Inc. †		2,977
	1,637	Clarient, Inc. †		5,533
	322	Clinical Data, Inc. †		5,432
	183	Codexis, Inc. †		1,757
	294	Computer Programs & Systems, Inc.		12,516
	934	Conceptus, Inc. †		12,842
	831	Continucare Corp. †		3,490
	741	Corcept Therapeutics, Inc. †		2,882
	211	Corvel Corp. †		8,957
	176	CryoLife, Inc. †		1,068
	1,758	Cubist Pharmaceuticals, Inc. †		41,120
	377	Cumberland Pharmaceuticals, Inc. †		2,190
	2,142	Curis, Inc. †		2,935
	27	Cutera, Inc. †		219
	838	Cyberonics, Inc. †		22,358
	261	Cypress Bioscience, Inc. †		1,005
	1,462	Cytokinetics, Inc. †		3,860
	1,236	Cytori Therapeutics, Inc. †		6,044
	1,012	Delcath Systems, Inc. †		7,307
	1,718	Depomed, Inc. †		7,697
	1,711	DexCom, Inc. †		22,619
	532	Dionex Corp. †		45,986
	2,772	Durect Corp. †		7,041
	3,045	Dyax Corp. †		7,217
	2,057	Dynavax Technologies Corp. †		3,764
	555	Emergent Biosolutions, Inc. †		9,579
	599	Emeritus Corp. †		10,219
	1,469	Endologix, Inc. †		6,699
	374	Ensign Group, Inc. (The)		6,713
	809	Enzo Biochem, Inc. †		3,074
	1,063	Enzon Pharmaceuticals, Inc. †		11,959
	1,424	eResearchTechnology, Inc. †		10,652
	522	Eurand NV †		5,136
	1,015	Exact Sciences Corp. †		7,349
	178	Exactech, Inc. †		2,905
	1,979	Exelixis, Inc. †		7,758
	227	Furiex Pharmaceuticals, Inc. †		2,561
	479	Genomic Health, Inc. †		6,399

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

Health Care (continued)
	574	Genoptix, Inc. †	$	8,151
	288	Gentiva Health Services, Inc. †		6,293
	2,852	Geron Corp. †		15,772
	761	Haemonetics Corp. †		44,541
	2,137	Halozyme Therapeutics, Inc. †		16,476
	386	Hanger Orthopedic Group, Inc. †		5,612
	1,284	Hansen Medical, Inc. †		1,836
	784	Health Grades, Inc. †		6,421
	2,685	Healthsouth Corp. †		51,552
	276	HeartWare International, Inc. †		18,978
	260	Hi-Tech Pharmacal Co., Inc. †		5,262
	3,390	HMS Holdings Corp. †		199,807
	124	ICU Medical, Inc. †		4,624
	920	Idenix Pharmaceuticals, Inc. †		2,852
	2,113	Immucor, Inc. †		41,901
	2,026	Immunogen, Inc. †		12,703
	2,197	Immunomedics, Inc. †		7,074
	1,710	Impax Laboratories, Inc. †		33,790
	2,633	Incyte Corp., Ltd. †		42,102
	254	Infinity Pharmaceuticals, Inc. †		1,400
	1,415	Inhibitex, Inc. †		2,547
	1,458	Inovio Pharmaceuticals, Inc. †		1,822
	1,796	Inspire Pharmaceuticals, Inc. †		10,686
	1,130	Insulet Corp. †		15,978
	610	Integra LifeSciences Holdings Corp. †		24,071
	1,388	InterMune, Inc. †		18,905
	101	Invacare Corp.		2,677
	9,691	IPC The Hospitalist Co., Inc. †		264,758
	490	IRIS International, Inc. †		4,704
	532	Ironwood Pharmaceuticals, Inc., Class A †		5,416
	2,832	Isis Pharmaceuticals, Inc. †		23,789
	408	Jazz Pharmaceuticals, Inc. †		4,378
	28	Kendle International, Inc. †		261
	215	Kensey Nash Corp. †		6,211
	1,450	Keryx Biopharmaceuticals, Inc. †		6,974
	276	Landauer, Inc.		17,286
	103	Lannett Co., Inc. †		472
	563	LCA-Vision, Inc. †		3,136
	2,106	Lexicon Pharmaceuticals, Inc. †		3,370
	469	LHC Group, Inc. †		10,876
	3,832	Ligand Pharmaceuticals, Inc., Class B †		6,055
	1,139	Luminex Corp. †		18,224
	748	MAKO Surgical Corp. †		7,166
	1,792	MannKind Corp. †		12,114
	412	MAP Pharmaceuticals, Inc. †		6,304
	1,561	Masimo Corp.		42,631
	156	Maxygen, Inc. †		903
	1,294	MedAssets, Inc. †		27,226
	917	Medicines Co. (The) †		13,021
	543	Medidata Solutions, Inc. †		10,426
	977	Medivation, Inc. †		12,701
	330	MedQuist, Inc. †		2,884
	600	MELA Sciences, Inc. †		3,912
	1,542	Merge Healthcare, Inc. †		4,472
	1,225	Meridian Bioscience, Inc.		26,803
	782	Merit Medical Systems, Inc. †		12,426
	757	Metabolix, Inc. †		9,523
	1,187	Metropolitan Health Networks, Inc. †		4,511
	2,406	Micromet, Inc. †		16,168
	217	Molina Healthcare, Inc. †		5,857
	1,205	Momenta Pharmaceuticals, Inc. †		18,135
	367	MWI Veterinary Supply, Inc. †		21,183
	1,343	Nabi Biopharmaceuticals †		6,446
	521	Nanosphere, Inc. †		2,621
	57	National Research Corp.		1,487

Shares			Value

Health Care (continued)
	847	Natus Medical, Inc. †	$	12,341
	9,818	Nektar Therapeutics †		145,012
	4,083	Neogen Corp. †		138,210
	761	Neostem, Inc. †		1,545
	1,216	Neuralstem, Inc. †		3,064
	1,468	Neurocrine Biosciences, Inc. †		8,896
	326	NeurogesX, Inc. †		2,253
	2,553	Novavax, Inc. †		5,591
	1,768	NPS Pharmaceuticals, Inc. †		12,093
	1,168	NuVasive, Inc. †		41,044
	687	NxStage Medical, Inc. †		13,122
	488	Nymox Pharmaceutical Corp. †		1,742
	511	Obagi Medical Products, Inc. †		5,365
	551	Omeros Corp. †		4,017
	921	Omnicell, Inc. †		12,047
	5,009	Onyx Pharmaceuticals, Inc. †		132,137
	2,607	Opko Health, Inc. † (a)		5,840
	997	Optimer Pharmaceuticals, Inc. †		9,142
	1,436	OraSure Technologies, Inc. †		5,816
	872	Orexigen Therapeutics, Inc. †		5,171
	7,835	Orthofix International NV †		246,176
	2,225	Orthovita, Inc. †		5,051
	570	Osiris Therapeutics, Inc. †		4,150
	1,504	Owens & Minor, Inc.		42,804
	1,157	Pain Therapeutics, Inc. †		7,150
	328	Palomar Medical Technologies, Inc. †		3,388
	1,756	Parexel International Corp. †		40,616
	214	PDI, Inc. †		1,870
	4,071	PDL BioPharma, Inc.		21,413
	1,470	Peregrine Pharmaceuticals, Inc. †		2,131
	1,073	Pharmacyclics, Inc. †		8,648
	871	Pharmasset, Inc. †		25,694
	446	PharMerica Corp. †		4,250
	890	Pozen, Inc. †		6,301
	664	Progenics Pharmaceuticals, Inc. †		3,353
	144	Prospect Medical Holdings, Inc. †		1,224
	359	Providence Service Corp. (The) †		5,884
	1,736	PSS World Medical, Inc. †		37,116
	1,230	Psychiatric Solutions, Inc. †		41,266
	1,014	Pure Bioscience †		2,342
	592	Quality Systems, Inc.		39,255
	1,670	Questcor Pharmaceuticals, Inc. †		16,566
	669	Quidel Corp. †		7,352
	192	RehabCare Group, Inc. †		3,882
	1,639	Rigel Pharmaceuticals, Inc. †		13,784
	341	Rochester Medical Corp. †		3,720
	135	RTI Biologics, Inc. †		355
	547	Rural/Metro Corp. †		4,655
	1,714	Salix Pharmaceuticals, Ltd. †		68,080
	1,374	Sangamo Biosciences, Inc. †		4,713
	1,739	Santarus, Inc. †		5,234
	2,019	Savient Pharmaceuticals, Inc. †		46,174
	1,191	Sciclone Pharmaceuticals, Inc. †		3,144
	2,509	Seattle Genetics, Inc. †		38,965
	2,017	Sequenom, Inc. †		14,139
	882	SIGA Technologies, Inc. †		7,462
	969	Sirona Dental Systems, Inc. †		34,923
	544	Solta Medical, Inc. †		1,088
	816	Somaxon Pharmaceuticals, Inc. †		3,174
	467	SonoSite, Inc. †		15,649
	1,070	Spectranetics Corp. †		5,799
	1,425	Spectrum Pharmaceuticals, Inc. †		5,942
	992	Staar Surgical Co. †		5,367
	3,488	StemCells, Inc. †		2,895
	863	Stereotaxis, Inc. †		3,573

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

Health Care (continued)
	1,703	STERIS Corp.	$	56,574
	30	Sucampo Pharmaceuticals, Inc., Class A †		113
	1,588	Sunrise Senior Living, Inc. †		5,447
	228	SuperGen, Inc. †		477
	326	SurModics, Inc. †		3,886
	3,678	SXC Health Solutions Corp. †		134,137
	250	Syneron Medical, Ltd. †		2,480
	393	Synovis Life Technologies, Inc. †		5,875
	677	Synta Pharmaceuticals Corp. †		2,701
	667	Targacept, Inc. †		14,901
	454	Team Health Holdings, Inc. †		5,861
	1,877	Theravance, Inc. †		37,728
	9,150	Thoratec Corp. †		338,367
	720	TomoTherapy, Inc. †		2,534
	213	Transcend Services, Inc. †		3,248
	126	Transcept Pharmaceuticals, Inc. †		878
	286	U.S. Physical Therapy, Inc. †		4,782
	1,363	Unilife Corp. †		8,219
	907	Vanda Pharmaceuticals, Inc. †		6,059
	551	Vascular Solutions, Inc. †		6,325
	1,608	Vical, Inc. †		3,586
	337	Vital Images, Inc. †		4,458
	2,436	Vivus, Inc. †		16,297
	1,482	Volcano Corp. †		38,502
	1,002	West Pharmaceutical Services, Inc.		34,379
	794	Wright Medical Group, Inc. †		11,442
	821	XenoPort, Inc. †		5,837
	64	Young Innovations, Inc.		1,831
	1,917	Zalicus, Inc. †		2,492
	1,393	ZIOPHARM Oncology, Inc. †		5,224
	10,975	Zoll Medical Corp. †		354,163
	1,579	Zymogenetics, Inc. †		15,395
				5,608,236
Industrials — 16.6%
	545	3D Systems Corp. †		8,562
	1,937	51job, Inc. ADR †		72,579
	2,027	A123 Systems, Inc. †		18,182
	371	AAON, Inc.		8,726
	421	ABM Industries, Inc.		9,089
	1,010	Acacia Research-Acacia Technologies †		17,776
	2,111	Actuant Corp., Class A		48,469
	1,283	Acuity Brands, Inc.		56,760
	653	Administaff, Inc.		17,585
	1,183	Advanced Battery Technologies, Inc. †		4,247
	4,974	Advisory Board Co. (The) †		219,602
	496	Aerovironment, Inc. †		11,036
	1,942	Alaska Air Group, Inc. †		99,100
	151	Albany International Corp., Class A		2,857
	458	Allegiant Travel Co., Class A		19,383
	761	Altra Holdings, Inc. †		11,210
	282	American Reprographics Co. †		2,214
	270	American Science & Engineering, Inc.		19,886
	1,347	American Superconductor Corp. †		41,892
	37	Ampco-Pittsburgh Corp.		918
	703	AO Smith Corp.		40,697
	840	APAC Customer Services, Inc. †		4,754
	2,253	Applied Energetics, Inc. †		2,523
	1,322	Applied Industrial Technologies, Inc.		40,453
	219	Applied Signal Technology, Inc.		5,449
	60	Argan, Inc. †		561
	2,871	ArvinMeritor, Inc. †		44,615
	261	Astronics Corp. †		4,555
	265	ATC Technology Corp. †		6,556
	2,997	Avis Budget Group, Inc. †		34,915

Shares			Value

Industrials (continued)
	2,725	AZZ, Inc.	$	116,739
	446	Badger Meter, Inc.		18,054
	6,022	Baldor Electric Co.		243,289
	1,377	Barnes Group, Inc.		24,221
	159	Barrett Business Services, Inc.		2,415
	1,354	Beacon Roofing Supply, Inc. †		19,728
	1,463	Belden, Inc.		38,594
	1,368	Blount International, Inc. †		17,415
	349	BlueLinx Holdings, Inc. †		1,393
	844	Bowne & Co., Inc.		9,563
	870	Briggs & Stratton Corp.		16,539
	1,282	Brink's Co. (The)		29,486
	1,068	Broadwind Energy, Inc. †		1,997
	364	Builders FirstSource, Inc. †		830
	112	CAI International, Inc. †		1,699
	6,798	Capstone Turbine Corp. †		5,249
	726	Casella Waste Systems, Inc., Class A †		3,049
	814	CBIZ, Inc. †		4,827
	47	CDI Corp.		607
	389	Celadon Group, Inc. †		5,372
	1,620	Cenveo, Inc. †		8,149
	1,455	CLARCOR, Inc.		56,207
	674	Clean Harbors, Inc. †		45,664
	231	Coleman Cable, Inc. †		1,384
	694	Colfax Corp. †		10,320
	261	Consolidated Graphics, Inc. †		10,818
	1,030	Corporate Executive Board Co. (The)		32,507
	620	CoStar Group, Inc. †		30,200
	90	CRA International, Inc. †		1,625
	245	Cubic Corp.		9,996
	1,405	Deluxe Corp.		26,878
	805	DigitalGlobe, Inc. †		24,472
	475	Dolan Co. (The) †		5,401
	875	Dollar Thrifty Automotive Group, Inc. †		43,872
	238	DXP Enterprises, Inc. †		4,517
	138	Dynamex, Inc. †		2,104
	193	Dynamic Materials Corp.		2,916
	1,601	Ener1, Inc. †		5,892
	1,142	Energy Recovery, Inc. †		4,100
	3,779	EnerNOC, Inc. †		118,698
	389	EnerSys †		9,713
	157	Ennis, Inc.		2,809
	244	EnPro Industries, Inc. †		7,632
	5,797	ESCO Technologies, Inc.		192,808
	396	Exponent, Inc. †		13,302
	1,081	Flow International Corp. †		2,843
	840	Forward Air Corp.		21,840
	336	Franklin Covey Co. †		2,671
	688	Franklin Electric Co., Inc.		22,814
	1,791	FuelCell Energy, Inc. †		2,203
	809	Furmanite Corp. †		3,948
	321	GenCorp, Inc. †		1,579
	209	Generac Holdings, Inc. †		2,851
	1,158	Genessee & Wyoming, Inc., Class A †		50,246
	1,048	Geo Group, Inc. (The) †		24,471
	4,491	GeoEye, Inc. †		181,796
	60	Global Defense Technology & Systems, Inc. †		822
	365	Gorman-Rupp Co. (The)		10,059
	136	GP Strategies Corp. †		1,236
	13,566	GrafTech International, Ltd. †		212,037
	298	Graham Corp.		4,625
	685	Great Lakes Dredge & Dock Corp.		3,980
	550	Hawaiian Holdings, Inc. †		3,294
	146	Hawk Corp., Class A †		6,318

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

Industrials (continued)
	1,319	Healthcare Services Group, Inc.	$	30,060
	1,482	Heartland Express, Inc.		22,037
	7,460	HEICO Corp.		340,475
	47	Heidrick & Struggles International, Inc.		916
	1,700	Herman Miller, Inc.		33,456
	2,491	Hexcel Corp. †		44,315
	12,053	Higher One Holdings, Inc. †		198,754
	234	Hill International, Inc. †		1,048
	1,332	HNI Corp.		38,308
	521	Houston Wire & Cable Co.		5,226
	9,899	HUB Group, Inc., Class A †		289,645
	918	Hudson Highland Group, Inc. †		3,158
	279	Huron Consulting Group, Inc. †		6,135
	189	ICF International, Inc. †		4,738
	11,052	IDEX Corp.		392,457
	738	II-VI, Inc. †		27,549
	667	Innerworkings, Inc. †		4,382
	1,080	Insituform Technologies, Inc., Class A †		26,114
	1,511	Interface, Inc., Class A		21,502
	88	Interline Brands, Inc. †		1,588
	789	John Bean Technologies Corp.		12,711
	99	Kadant, Inc. †		1,872
	459	Kaman Corp.		12,030
	1,043	Kaydon Corp.		36,088
	94	Kelly Services, Inc., Class A †		1,103
	863	Kforce, Inc. †		11,840
	1,750	Knight Transportation, Inc.		33,828
	1,406	Knoll, Inc.		21,807
	93	Korn/Ferry International †		1,538
	334	LaBarge, Inc. †		4,172
	398	Lindsay Corp.		17,241
	133	Marten Transport, Ltd.		3,083
	286	McGrath Rentcorp		6,850
	69	Met-Pro Corp.		696
	61	Michael Baker Corp. †		2,010
	498	Middleby Corp. †		31,568
	607	Mine Safety Appliances Co.		16,450
	424	Mistras Group, Inc. †		4,910
	147	Mueller Industries, Inc.		3,894
	4,032	Mueller Water Products, Inc., Class A		12,177
	51	Multi-Color Corp.		785
	154	MYR Group, Inc. †		2,524
	149	NACCO Industries, Inc., Class A		13,021
	522	Navigant Consulting, Inc. †		6,071
	518	NCI Building Systems, Inc. †		4,936
	1,035	Nordson Corp.		76,269
	1,189	Old Dominion Freight Line, Inc. †		30,224
	94	Omega Flex, Inc.		1,342
	131	On Assignment, Inc. †		688
	711	Orbital Sciences Corp. †		10,878
	809	Orion Marine Group, Inc. †		10,040
	988	Pacer International, Inc. †		5,968
	226	Park-Ohio Holdings Corp. †		3,006
	5	Patriot Transporation Holding, Inc. †		351
	445	PMFG, Inc. †		7,587
	6,025	Polypore International, Inc. †		181,714
	532	PowerSecure International, Inc. †		4,926
	11	Preformed Line Products Co.		383
	81	Primoris Services Corp.		530
	306	Quanex Building Products Corp.		5,285
	486	Raven Industries, Inc.		18,414
	655	RBC Bearings, Inc. †		22,257
	1,390	Resources Connection, Inc.		19,126
	188	Roadrunner Transportation Systems, Inc. †		2,038

Shares			Value

Industrials (continued)
	1,296	Rollins, Inc.	$	30,300
	2,129	Satcon Technology Corp. †		8,005
	332	Sauer-Danfoss, Inc. †		7,068
	273	Schawk, Inc., Class A		5,040
	225	School Specialty, Inc. †		2,928
	215	SFN Group, Inc. †		1,292
	1,096	Simpson Manufacturing Co., Inc.		28,255
	441	Standard Parking Corp. †		7,541
	422	Standard Register Co. (The)		1,232
	68	Standex International Corp.		1,645
	264	Steelcase, Inc., Class A		2,199
	364	Sun Hydraulics Corp.		10,261
	142	SYKES Enterprises, Inc. †		1,928
	113	TAL International Group, Inc.		2,737
	2,082	Taser International, Inc. †		8,078
	117	Team, Inc. †		2,014
	309	Teledyne Technologies, Inc. †		12,304
	563	Tennant Co.		17,397
	1,848	Tetra Tech, Inc. †		38,753
	269	Textainer Group Holdings, Ltd.		7,193
	165	Titan International, Inc.		2,239
	155	Titan Machinery, Inc. †		2,526
	3,906	TransDigm Group, Inc.		242,367
	59	Tredegar Corp.		1,120
	465	Trex Co., Inc. †		8,867
	449	Trimas Corp. †		6,668
	1,392	Triumph Group, Inc.		103,829
	785	TrueBlue, Inc. †		10,715
	487	United Stationers, Inc. †		26,059
	1,033	UQM Technologies, Inc. †		2,644
	516	US Ecology, Inc.		8,256
	76	Viad Corp.		1,470
	570	Vicor Corp.		8,328
	402	Volt Information Sciences, Inc. †		2,894
	67	VSE Corp.		2,363
	830	Watsco, Inc.		46,214
	82	Watts Water Technologies, Inc., Class A		2,792
	179	Werner Enterprises, Inc.		3,668
	6,623	WESCO International, Inc. †		260,218
	1,805	Woodward Governor Co.		58,518
	179	Xerium Technologies, Inc. †		2,359
				5,824,212
Information Technology — 32.9%
	1,022	ACI Worldwide, Inc. †		22,883
	7,320	Acme Packet, Inc. †		277,721
	368	Actel Corp. †		5,870
	1,496	Actuate Corp. †		7,704
	2,031	Acxiom Corp. †		32,212
	2,360	ADC Telecommunications, Inc. †		29,901
	1,870	ADTRAN, Inc.		66,011
	402	Advanced Analogic Technologies, Inc. †		1,411
	704	Advanced Energy Industries, Inc. †		9,194
	487	Advent Software, Inc. †		25,417
	671	American Software, Inc., Class A		3,959
	3,176	Amkor Technology, Inc. †		20,866
	25,046	Anadigics, Inc. †		152,530
	99	Anaren, Inc. †		1,662
	542	Ancestry.com, Inc. †		12,336
	402	Anixter International, Inc. †		21,704
	13,815	Applied Micro Circuits Corp. †		138,150
	349	Archipelago Learning, Inc. †		4,178
	730	ArcSight, Inc. †		31,799
	2,700	Ariba, Inc. †		51,030
	733	Arris Group, Inc. †		7,161

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

Information Technology (continued)
	4,800	Art Technology Group, Inc. †	$	19,824
	13,771	Aruba Networks, Inc. †		293,873
	1,872	Aspen Technology, Inc. †		19,413
	22,625	Atmel Corp. †		180,095
	86	ATMI, Inc. †		1,278
	384	AXT, Inc. †		2,542
	171	Benchmark Electronics, Inc. †		2,804
	720	BigBand Networks, Inc. †		2,045
	1,344	Blackbaud, Inc.		32,310
	7,604	Blackboard, Inc. †		274,048
	1,246	Blue Coat Systems, Inc. †		29,979
	948	Bottomline Technologies, Inc. †		14,561
	2,072	Brightpoint, Inc. †		14,483
	1,074	Brooks Automation, Inc. †		7,207
	157	Cabot Microelectronics Corp. †		5,052
	70	CACI International, Inc., Class A †		3,168
	193	Calix, Inc. †		2,772
	250	Cass Information Systems, Inc.		8,577
	8,501	Cavium Networks, Inc. †		244,489
	572	Ceva, Inc. †		8,180
	462	Checkpoint Systems, Inc. †		9,402
	1,962	Cirrus Logic, Inc. †		35,002
	541	Cogent, Inc. †		5,756
	895	Cognex Corp.		24,004
	524	Coherent, Inc. †		20,965
	135	Cohu, Inc.		1,700
	1,293	CommVault Systems, Inc. †		33,657
	696	Compellent Technologies, Inc. †		12,653
	302	Computer Task Group, Inc. †		2,307
	6,976	comScore, Inc. †		164,075
	398	Comtech Telecommunications Corp.		10,885
	757	Comverge, Inc. †		5,950
	1,210	Concur Technologies, Inc. †		59,822
	2,310	Conexant Systems, Inc. †		3,788
	816	Constant Contact, Inc. †		17,487
	179	Convio, Inc. †		1,650
	72	CPI International, Inc. †		1,008
	490	Cray, Inc. †		3,234
	503	CSG Systems International, Inc. †		9,170
	292	CTS Corp.		2,809
	207	Cymer, Inc. †		7,676
	298	Daktronics, Inc.		2,926
	387	DDi Corp.		3,576
	1,029	DealerTrack Holdings, Inc. †		17,575
	556	Deltek, Inc. †		4,454
	683	DemandTec, Inc. †		6,427
	745	DG FastChannel, Inc. †		16,204
	737	Diamond Management & Technology Consultants, Inc., Class A		9,212
	7,445	Dice Holdings, Inc. †		63,134
	132	Digi International, Inc. †		1,253
	194	Digimarc Corp. †		4,551
	149	Digital River, Inc. †		5,072
	1,014	Diodes, Inc. †		17,329
	439	DivX, Inc. †		4,184
	523	DTS, Inc. †		19,963
	803	Ebix, Inc. †		18,830
	989	Echelon Corp. †		8,456
	309	Echo Global Logistics, Inc. †		3,946
	81	Electro Scientific Industries, Inc. †		900
	76	EMS Technologies, Inc. †		1,416
	22,559	Emulex Corp. †		235,516
	419	Energy Conversion Devices, Inc. †		2,103
	1,185	Entegris, Inc. †		5,534
	46,210	Entropic Communications, Inc. †		443,616

Shares			Value

Information Technology (continued)
	849	Epicor Software Corp. †	$	7,386
	69	EPIQ Systems, Inc.		846
	7	ePlus, Inc. †		150
	109	Exar Corp. †		653
	454	ExlService Holdings, Inc. †		8,830
	736	Extreme Networks †		2,289
	164	Fabrinet †		2,594
	462	FalconStor Software, Inc. †		1,414
	515	FARO Technologies, Inc. †		11,232
	310	FEI Co. †		6,067
	11,624	Finisar Corp. †		218,415
	444	Forrester Research, Inc. †		14,688
	1,260	Fortinet, Inc. †		31,500
	921	FSI International, Inc. †		2,450
	6,315	Gartner, Inc. †		185,914
	1,333	Global Cash Access Holdings, Inc. †		5,439
	10,857	GSI Commerce, Inc. †		268,168
	402	GSI Technology, Inc. †		2,303
	1,826	GT Solar International, Inc. †		15,284
	392	Guidance Software, Inc. †		2,289
	630	Hackett Group, Inc. (The) †		2,602
	857	Harmonic, Inc. †		5,896
	1,129	Heartland Payment Systems, Inc.		17,183
	809	Hittite Microwave Corp. †		38,549
	181	Hughes Communications, Inc. †		4,932
	1,307	Hypercom Corp. †		8,495
	53	ICx Technologies, Inc. †		400
	6,449	iGate Corp.		116,985
	926	Immersion Corp. †		5,473
	2,441	Infinera Corp. †		28,486
	197	Infospace, Inc. †		1,706
	325	Insight Enterprises, Inc. †		5,083
	154	Integral Systems, Inc. †		1,137
	2,798	Integrated Device Technology, Inc. †		16,368
	658	Integrated Silicon Solution, Inc. †		5,665
	429	Interactive Intelligence, Inc. †		7,550
	1,325	InterDigital, Inc. †		39,233
	875	Intermec, Inc. †		10,728
	228	Internet Brands, Inc., Class A †		3,028
	157	Internet Capital Group, Inc. †		1,732
	250	Intevac, Inc. †		2,503
	202	IntraLinks Holdings, Inc. †		3,416
	5,810	IPG Photonics Corp. †		140,253
	854	Isilon Systems, Inc. †		19,027
	1,043	Ixia †		12,933
	470	IXYS Corp. †		4,489
	989	j2 Global Communications, Inc. †		23,528
	2,564	Jack Henry & Associates, Inc.		65,382
	229	JDA Software Group, Inc. †		5,807
	328	Keithley Instruments, Inc.		7,055
	677	Kenexa Corp. †		11,861
	57	Keynote Systems, Inc.		662
	563	KIT Digital, Inc. †		6,750
	545	Knot, Inc. (The) †		4,976
	937	Kopin Corp. †		3,326
	2,059	Kulicke & Soffa Industries, Inc. †		12,745
	425	KVH Industries, Inc. †		6,379
	3,262	Lattice Semiconductor Corp. †		15,495
	4,175	Lawson Software, Inc. †		35,362
	1,093	Limelight Networks, Inc. †		6,427
	1,928	Lionbridge Technologies, Inc. †		8,290
	13,012	Liquidity Services, Inc. †		208,322
	604	Littelfuse, Inc. †		26,395
	1,379	LivePerson, Inc. †		11,584
	461	Local.com Corp. †		2,038

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

Information Technology (continued)
	14,698	LogMeIn, Inc. †	$	528,834
	584	LoopNet, Inc. †		6,915
	324	Loral Space & Communications, Inc. †		16,913
	4,112	LTX-Credence Corp. †		8,594
	1,481	Magma Design Automation, Inc. †		5,480
	681	Manhattan Associates, Inc. †		19,987
	607	Mantech International Corp., Class A †		24,037
	1,419	Mattson Technology, Inc. †		3,902
	527	MAXIMUS, Inc.		32,453
	216	MaxLinear, Inc., Class A †		2,424
	764	Maxwell Technologies, Inc. †		11,162
	1,310	Mentor Graphics Corp. †		13,847
	87	Mercury Computer Systems, Inc. †		1,047
	160	Meru Networks, Inc. †		2,758
	621	Methode Electronics, Inc.		5,639
	1,465	Micrel, Inc.		14,445
	917	Microsemi Corp. †		15,727
	272	MicroStrategy, Inc., Class A †		23,558
	289	Microtune, Inc. †		838
	2,556	Microvision, Inc. †		5,598
	900	Mindspeed Technologies, Inc. †		6,993
	1,507	MIPS Technologies, Inc., Class A †		14,663
	585	MKS Instruments, Inc. †		10,518
	85	ModusLink Global Solutions, Inc. †		540
	2,377	MoneyGram International, Inc. †		5,800
	985	Monolithic Power Systems, Inc. †		16,085
	632	Monotype Imaging Holdings, Inc. †		5,783
	781	MoSys, Inc. †		3,811
	4,675	Move, Inc. †		10,425
	462	MTS Systems Corp.		14,322
	277	Multi-Fineline Electronix, Inc. †		6,091
	507	Nanometrics, Inc. †		7,630
	221	NCI, Inc., Class A †		4,181
	14,927	Netezza Corp. †		402,283
	1,004	Netgear, Inc. †		27,118
	13,915	Netlogic Microsystems, Inc. †		383,776
	908	Netscout Systems, Inc. †		18,623
	10,933	NetSuite, Inc. †		257,691
	1,045	Network Engines, Inc. †		1,526
	901	Network Equipment Technologies, Inc. †		3,108
	325	Newport Corp. †		3,686
	1,690	NIC, Inc.		14,010
	213	Novatel Wireless, Inc. †		1,678
	159	NVE Corp. †		6,842
	369	Occam Networks, Inc. †		2,889
	1,379	Oclaro, Inc. †		22,078
	1,259	Omnivision Technologies, Inc. †		29,007
	283	Online Resources Corp. †		1,256
	2,877	OpenTable, Inc. †		195,866
	2,443	Openwave Systems, Inc. †		4,153
	273	Oplink Communications, Inc. †		5,416
	446	Opnet Technologies, Inc.		8,095
	363	OSI Systems, Inc. †		13,184
	3,496	Parametric Technology Corp. †		68,312
	383	Park Electrochemical Corp.		10,088
	654	PDF Solutions, Inc. †		2,420
	482	Pegasystems, Inc.		14,966
	467	Perficient, Inc. †		4,268
	1,423	Plantronics, Inc.		48,069
	1,272	Plexus Corp. †		37,333
	1,119	PLX Technology, Inc. †		4,051
	737	Power Integrations, Inc.		23,429
	1,964	Power-One, Inc. †		17,853
	796	Presstek, Inc. †		1,743
	1,260	Progress Software Corp. †		41,706

Shares			Value

Information Technology (continued)
	649	PROS Holdings, Inc. †	$	6,023
	402	QAD, Inc. †		1,672
	246	QLIK Technologies, Inc. †		5,424
	5,956	Quantum Corp. †		12,627
	1,704	Quest Software, Inc. †		41,901
	5,700	QuinStreet, Inc. †		85,671
	2,917	Rackspace Hosting, Inc. †		75,784
	864	Radiant Systems, Inc. †		14,774
	549	Radisys Corp. †		5,172
	9,266	RealD, Inc. †		171,328
	260	RealPage, Inc. †		4,961
	389	Renaissance Learning, Inc.		3,964
	8,130	RF Micro Devices, Inc. †		49,918
	129	Richardson Electronics, Ltd.		1,354
	651	RightNow Technologies, Inc. †		12,825
	6,738	Riverbed Technology, Inc. †		307,118
	436	Rofin-Sinar Technologies, Inc. †		11,066
	158	Rogers Corp. †		4,974
	311	Rosetta Stone, Inc. †		6,606
	5,015	Rovi Corp. †		252,806
	477	Rubicon Technology, Inc. †		10,823
	854	Rudolph Technologies, Inc. †		7,097
	811	Saba Software, Inc. †		4,412
	2,444	Sanmina-SCI Corp. †		29,524
	3,057	Sapient Corp.		36,592
	1,151	SAVVIS, Inc. †		24,263
	403	Seachange International, Inc. †		2,986
	1,867	Semtech Corp. †		37,695
	1,505	ShoreTel, Inc. †		7,465
	204	Sigma Designs, Inc. †		2,344
	109	Silicon Graphics International Corp. †		846
	1,658	Silicon Image, Inc. †		7,925
	20,244	Skyworks Solutions, Inc. †		418,646
	888	SMART Modular Technologies WWH, Inc. †		5,355
	810	Smith Micro Software, Inc. †		8,051
	1,004	SolarWinds, Inc. †		17,329
	13,638	Sonic Solutions, Inc. †		155,201
	4,803	Sonus Networks, Inc. †		16,955
	820	Sourcefire, Inc. †		23,649
	367	Spansion, Inc., Class A †		5,494
	143	Spectrum Control, Inc. †		2,105
	141	SPS Commerce, Inc. †		1,808
	143	SRA International, Inc., Class A †		2,820
	370	SRS Labs, Inc. †		3,456
	354	SS&C Technologies Holdings, Inc. †		5,593
	372	Stamps.com, Inc. †		4,836
	194	Standard Microsystems Corp. †		4,425
	1,198	STEC, Inc. †		14,915
	617	Stratasys, Inc. †		17,103
	1,852	SuccessFactors, Inc. †		46,504
	723	Super Micro Computer, Inc. †		7,512
	299	Supertex, Inc. †		6,614
	1,347	support.com, Inc. †		6,169
	3,633	Sycamore Networks, Inc.		117,746
	1,022	Synaptics, Inc. †		28,759
	565	Synchronoss Technologies, Inc. †		10,063
	396	Syntel, Inc.		17,622
	205	Take-Two Interactive Software, Inc. †		2,079
	1,163	Taleo Corp., Class A †		33,715
	1,186	Technitrol, Inc.		5,230
	311	TechTarget, Inc. †		1,633
	333	Tekelec †		4,316
	639	TeleCommunication Systems, Inc., Class A †		2,499

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

Information Technology (continued)
	239	TeleNav, Inc. †	$	1,264
	880	TeleTech Holdings, Inc. †		13,059
	1,795	Terremark Worldwide, Inc. †		18,560
	89	Tessco Technologies, Inc.		1,341
	970	Tessera Technologies, Inc. †		17,945
	867	THQ, Inc. †		3,485
	5,033	TIBCO Software, Inc. †		89,285
	311	Tier Technologies, Inc., Class B †		1,723
	3,557	TiVo, Inc. †		32,226
	782	TNS, Inc. †		13,255
	2,631	Travelzoo, Inc. †		67,775
	202	Trident Microsystems, Inc. †		345
	23,609	TriQuint Semiconductor, Inc. †		226,646
	530	TTM Technologies, Inc. †		5,189
	936	Tyler Technologies, Inc. †		18,870
	7,401	Ultimate Software Group, Inc. †		285,975
	616	Ultra Clean Holdings †		5,310
	602	Ultratech, Inc. †		10,294
	458	Unica Corp. †		9,609
	489	Unisys Corp. †		13,643
	541	United Online, Inc.		3,094
	904	Universal Display Corp. †		21,244
	1,993	ValueClick, Inc. †		26,068
	3,966	VanceInfo Technologies, Inc. ADR †		128,261
	708	VASCO Data Security International, Inc. †		4,602
	1,264	Veeco Instruments, Inc. †		44,076
	11,560	VeriFone Systems, Inc. †		359,169
	363	Viasat, Inc. †		14,923
	95	Viasystems Group, Inc. †		1,444
	921	VirnetX Holding Corp.		13,520
	222	Virtusa Corp. †		2,151
	500	Vocus, Inc. †		9,240
	771	Volterra Semiconductor Corp. †		16,592
	2,259	Wave Systems Corp., Class A †		5,060
	1,306	Websense, Inc. †		23,169
	1,169	Wright Express Corp. †		41,745
	844	Xyratex, Ltd. †		12,525
	1,674	Zix Corp. †		4,754
	315	Zoran Corp. †		2,407
				11,517,231
Materials — 2.2%
	53	A Schulman, Inc.		1,068
	72	AEP Industries, Inc. †		1,701
	2,253	Allied Nevada Gold Corp. †		59,705
	678	AMCOL International Corp.		17,757
	393	Arch Chemicals, Inc.		13,790
	840	Balchem Corp.		25,922
	50	Brush Engineered Materials, Inc. †		1,422
	1,680	Calgon Carbon Corp. †		24,360
	1,842	Capital Gold Corp. †		8,897
	240	Clearwater Paper Corp. †		18,259
	166	Coeur d'Alene Mines Corp. †		3,307
	320	Deltic Timber Corp.		14,336
	1,063	Ferro Corp. †		13,702
	1,821	General Moly, Inc. †		6,665
	1,962	Globe Specialty Metals, Inc.		27,546
	8,085	Golden Star Resources, Ltd. †		39,940
	220	Hawkins, Inc.		7,792
	47	Haynes International, Inc.		1,641
	100	HB Fuller Co.		1,987
	155	Innophos Holdings, Inc.		5,131
	2,344	Jaguar Mining, Inc. †		15,236
	153	KMG Chemicals, Inc.		2,156

Shares			Value

Materials (continued)
	606	Koppers Holdings, Inc.	$	16,283
	271	Kraton Performance Polymers, Inc. †		7,358
	219	Landec Corp. †		1,360
	513	LSB Industries, Inc. †		9,526
	176	Metals USA Holdings Corp. †		2,284
	44	Minerals Technologies, Inc.		2,593
	272	Molycorp, Inc. †		7,695
	207	Neenah Paper, Inc.		3,146
	310	NewMarket Corp.		35,241
	65	NL Industries, Inc.		590
	337	Noranda Aluminum Holding Corp. †		2,770
	1,452	Olin Corp.		29,272
	1,334	Omnova Solutions, Inc. †		9,592
	1,847	PolyOne Corp. †		22,330
	231	Quaker Chemical Corp.		7,521
	401	Rock-Tenn Co., Class A		19,974
	1,158	Rockwood Holdings, Inc. †		36,442
	115	RTI International Metals, Inc. †		3,521
	581	Schweitzer-Mauduit International, Inc.		33,878
	1,105	Senomyx, Inc. †		4,398
	806	Silgan Holdings, Inc.		25,550
	3,691	Solutia, Inc. †		59,130
	409	Spartech Corp. †		3,358
	229	Stepan Co.		13,536
	1,256	Stillwater Mining Co. †		21,151
	807	STR Holdings, Inc. †		17,383
	424	Thompson Creek Metals Co., Inc. †		4,571
	79	United States Lime & Minerals, Inc. †		3,054
	2,500	US Gold Corp. †		12,425
	454	Verso Paper Corp. †		1,307
	230	Wausau Paper Corp. †		1,907
	1,188	Worthington Industries, Inc.		17,856
	393	WR Grace & Co. †		10,981
	652	Zep, Inc.		11,371
				771,674
Telecommunication Services — 0.6%
	656	AboveNet, Inc. †		34,171
	1,340	Alaska Communications Systems Group, Inc.		13,601
	247	Atlantic Telegraph-Network, Inc.		12,162
	788	Cbeyond, Inc. †		10,110
	1,711	Cincinnati Bell, Inc. †		4,569
	1,347	Cogent Communications Group, Inc. †		12,756
	570	Consolidated Communications Holdings, Inc.		10,642
	579	Global Crossing, Ltd. †		7,446
	1,687	ICO Global Communications Holdings, Ltd. †		2,750
	993	Neutral Tandem, Inc. †		11,866
	891	NTELOS Holdings Corp.		15,076
	2,764	PAETEC Holding Corp. †		11,360
	681	Shenandoah Telecommunications Co.		12,374
	2,067	Syniverse Holdings, Inc. †		46,859
	417	USA Mobility, Inc.		6,684
	1,269	Vonage Holdings Corp. †		3,236
				215,662
Utilities — 0.0%
	432	American DG Energy, Inc. †		1,287
	426	Cadiz, Inc. †		4,371
	63	Otter Tail Corp.		1,285
	157	South Jersey Industries, Inc.		7,767
				14,710
Total Common Stock (Cost $30,839,269)				34,480,565

Wilshire Variable Insurance Trust

Small Cap Growth Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

EXCHANGE-TRADED FUND — 1.1%
	5,306	iShares Russell 2000 Growth Index Fund	$	396,570

Total Exchange-Traded Fund (Cost $363,542)				396,570

MONEY MARKET FUNDS— 0.1%
	18	PNC Institutional Money Market Trust, 0.297% (b)(c)		18
	23,316	TCW Money Market Fund, 0.170% (b)		23,316

Total Money Market Funds (Cost $23,334)				23,334

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

Total Investments — 99.6%
(Cost $31,226,145)‡				34,900,469

Other Assets & Liabilities, Net — 0.4%				131,250

NET ASSETS — 100.0%			$	35,031,719

†	Non-income producing security.
††	Narrow industries are used for compliance purposes, whereas broad sectors are utilized for reporting.

ADR — American Depositary Receipt

(a)	All or a portion of this security is on loan.
(b)	Rate shown is the 7-day effective yield as of September 30, 2010.
(c)	A partial position of this security was purchased with proceeds from collateral received from securities on loan. At September 30, 2010, $18 of this investment represents the collateral received for securities on loan.

‡	At September 30, 2010, the tax basis cost of the Fund's investments was $31,226,145, and the unrealized appreciation and depreciation were $5,641,070 and $(1,966,746), respectively. For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements.

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

As of September 30, 2010, all of the Fund’s investments in securities were considered Level 1.

For the period ended September 30, 2010, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

Wilshire Variable Insurance Trust

Socially Responsible Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

COMMON STOCK — 96.2%
Consumer Discretionary — 13.0%
	2,020	Amazon.com, Inc. †	$	317,261
	8,660	Cablevision Systems Corp., Class A		226,806
	26,350	Comcast Corp. Special, Class A		476,408
	12,240	Home Depot, Inc. (The)		387,763
	12,200	Marcus Corp.		144,570
	5,800	McDonald's Corp.		432,158
	13,030	Newell Rubbermaid, Inc.		232,064
	22,290	News Corp., Class B		335,687
	29,560	Staples, Inc.		618,395
	32,610	Target Corp.		1,742,679
	14,020	Toll Brothers, Inc. †		266,661
	28,810	Walt Disney Co. (The)		953,899
	5,020	Yum! Brands, Inc.		231,221
				6,365,572
Consumer Staples — 11.3%
	5,550	Coca-Cola Co. (The)		324,786
	7,800	Costco Wholesale Corp.		503,022
	6,850	CVS Caremark Corp.		215,569
	6,400	Estee Lauder Cos., Inc. (The), Class A		404,672
	7,030	General Mills, Inc.		256,876
	6,500	HJ Heinz Co.		307,905
	8,600	Kellogg Co.		434,386
	6,930	Kimberly-Clark Corp.		450,796
	13,860	Kraft Foods, Inc., Class A		427,720
	8,400	McCormick & Co., Inc.		353,136
	11,950	PepsiCo, Inc.		793,958
	18,010	Procter & Gamble Co. (The)		1,080,060
				5,552,886
Energy — 8.4%
	4,055	Apache Corp.		396,417
	3,060	Devon Energy Corp.		198,104
	2,780	Diamond Offshore Drilling, Inc.		188,401
	32,550	El Paso Corp.		402,969
	5,120	Halliburton Co.		169,318
	9,260	McDermott International, Inc. †		136,863
	6,140	National Oilwell Varco, Inc.		273,046
	11,010	Newfield Exploration Co. †		632,414
	10,100	Petrohawk Energy Corp. †		163,014
	21,900	Petroleo Brasileiro SA ADR		794,313
	2,200	Schlumberger, Ltd.		135,542
	16,670	Spectra Energy Corp.		375,909
	14,070	Weatherford International, Ltd. †		240,597
				4,106,907
Financials — 13.5%
	5,380	American Express Co.		226,121
	23,300	Annaly Capital Management, Inc.		410,080
	53,870	Bank of America Corp.		706,236
	6	Berkshire Hathaway, Inc., Class A †		747,000
	26,800	Charles Schwab Corp. (The)		372,520
	85,790	Chimera Investment Corp.		338,871
	39,010	Citigroup, Inc. †		152,139
	4,550	Comerica, Inc.		169,033
	14,300	Forest City Enterprises, Inc., Class A †		183,469
	23,330	JPMorgan Chase & Co.		888,173
	5,390	MetLife, Inc.		207,246
	9,270	Moody's Corp.		231,564
	22,120	Travelers Cos., Inc. (The)		1,152,452
	33,710	Wells Fargo & Co.		847,132
				6,632,036

Shares			Value

Health Care — 9.9%
	11,080	Abbott Laboratories	$	578,819
	18,290	AmerisourceBergen Corp., Class A		560,771
	4,950	Amgen, Inc. †		272,795
	17,780	Bristol-Myers Squibb Co.		482,016
	5,230	Celgene Corp. †		301,300
	4,150	Edwards Lifesciences Corp. †		278,258
	14,810	Johnson & Johnson		917,628
	12,150	Merck & Co., Inc.		447,241
	12,490	Novartis AG ADR		720,298
	19,210	Pfizer, Inc.		329,836
				4,888,962
Industrials — 11.1%
	7,550	3M Co.		654,660
	1,845	Babcock & Wilcox Co. †		39,261
	3,950	Covanta Holding Corp.		62,213
	1,990	Cummins, Inc.		180,254
	4,980	Eaton Corp.		410,800
	9,100	Emerson Electric Co.		479,206
	48,170	General Electric Co.		782,763
	9,280	Honeywell International, Inc.		407,763
	28,390	Masco Corp.		312,574
	9,310	Norfolk Southern Corp.		554,038
	5,320	Quanta Services, Inc. †		101,506
	9,060	Tyco International, Ltd.		332,774
	10,510	United Parcel Service, Inc., Class B		700,912
	12,080	Waste Management, Inc.		431,739
				5,450,463
Information Technology — 18.4%
	4,690	Apple, Inc. †		1,330,787
	11,610	ASML Holding NV, NY Shares, Class G		345,165
	8,950	Autodesk, Inc. †		286,132
	7,540	Automatic Data Processing, Inc.		316,906
	28,330	Cisco Systems, Inc. †		620,427
	3,620	Citrix Systems, Inc. †		247,029
	2,850	Dolby Laboratories, Inc., Class A †		161,908
	6,930	eBay, Inc. †		169,092
	10,700	EMC Corp. †		217,317
	1,590	First Solar, Inc. †		234,287
	1,680	Google, Inc., Class A †		883,327
	18,580	Intel Corp.		357,294
	3,820	International Business Machines Corp.		512,415
	2,370	Intuit, Inc. †		103,830
	9,990	Juniper Networks, Inc. †		303,196
	49,170	Microsoft Corp.		1,204,173
	14,910	Oracle Corp.		400,333
	14,300	Texas Instruments, Inc.		388,102
	9,540	VeriSign, Inc. †		302,800
	8,180	Visa, Inc., Class A		607,447
	1,520	Xilinx, Inc.		40,447
				9,032,414
Materials — 5.3%
	4,730	Air Products & Chemicals, Inc.		391,738
	4,400	BHP Billiton, Ltd. ADR		335,808
	13,690	Celanese Corp., Ser A, Class A		439,449
	4,000	Ecolab, Inc.		202,960
	4,240	EI du Pont de Nemours & Co.		189,189
	18,830	International Paper Co.		409,553
	7,800	PPG Industries, Inc.		567,840
	2,160	United States Steel Corp.		94,694
				2,631,231
Telecommunication Services — 3.0%
	8,050	American Tower Corp., Class A †		412,643
	18,740	AT&T, Inc.		535,964

Wilshire Variable Insurance Trust

Socially Responsible Fund

Schedule of Investments

September 30, 2010

(Unaudited)

Shares			Value

Telecommunication Services (continued)
	15,940	Verizon Communications, Inc.	$	519,485
				1,468,092
Utilities — 2.3%
	12,700	NextEra Energy, Inc.		690,753
	12,500	NRG Energy, Inc. †		260,250
	3,220	Sempra Energy		173,236
				1,124,239
Total Common Stock (Cost $37,990,347)				47,252,802

Total Investments — 96.2%
(Cost $37,990,347)‡				47,252,802

Other Assets & Liabilities, Net — 3.8%				1,848,246

NET ASSETS — 100.0%			$	49,101,048

	†	Non-income producing security.
	ADR — American Depositary Receipt
	NY — New York
	Ser — Series

‡

At September 30, 2010, the tax basis cost of the Fund's investments was $37,990,347, and the unrealized appreciation and depreciation were $10,069,979 and $(807,524), respectively.

As of September 30, 2010, all of the Fund’s investments in securities were considered Level 1.

For the period ended September 30, 2010, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

WIL-QH-002-0400

Shares			Value

INVESTMENTS IN UNDERLYING FUNDS - 99.8%
	12,003,407	Wilshire Large Cap Core 130/30 Fund*†	$	88,585,142
	5,945,336	Wilshire Variable Insurance Trust Income Fund*		75,149,052


Total Investments in Underlying Funds
(Cost $153,409,439) ‡		163,734,194

Other Assets & Liabilities, Net - 0.2%		331,560

NET ASSETS - 100.0%	$	164,065,754

†	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.
‡	At September 30, 2010, the tax basis cost of the Fund's investments was $153,411,324 and the unrealized appreciation and depreciation were $10,621,076 and $(298,206), respectively. For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements.

		2015 ETF Fund
Shares			Value

EXCHANGE-TRADED FUNDS — 99.0%
	65,320	iShares Barclays TIPS Bond Fund	$	7,121,840
	55,410	iShares MSCI EAFE Index Fund		3,043,117
	2,840	SPDR Barclays Capital High Yield Bond ETF		113,629
	30,020	SPDR Barclays Capital International Treasury Bond ETF		1,799,999
	9,870	SPDR Dow Jones International Real Estate ETF		379,896
	14,940	Vanguard Emerging Markets ETF		678,276
	1,060	Vanguard Growth ETF		58,274
	128,340	Vanguard Large-Cap ETF		6,683,947
	13,490	Vanguard REIT ETF		702,559
	9,785	Vanguard Small-Cap Growth ETF		653,540
	21,200	Vanguard Small-Cap Value ETF		1,265,640
	8,850	Vanguard Total Bond Market ETF		731,541


Total Exchange-Traded Funds — 99.0%
(Cost $20,939,905)		23,232,258

Total Investments — 99.0%
(Cost $20,939,905) †		23,232,258

Other Assets & Liabilities, Net — 1.0%		224,035

NET ASSETS — 100.0%	$	23,456,293

EAFE	-	Europe, Australasia, Far East
ETF	-	Exchange Traded Fund
MSCI	-	Morgan Stanley Capital International
REIT	-	Real Estate Investment Trust
SPDR	-	Standard & Poor's Depository Receipts
TIPS	-	Treasury Inflation Protected Security

		2025 ETF Fund
Shares			Value

EXCHANGE-TRADED FUNDS — 97.6%
	41,440	iShares Barclays TIPS Bond Fund	$	4,518,203
	63,310	iShares MSCI EAFE Index Fund		3,476,985
	3,880	SPDR Barclays Capital High Yield Bond ETF		155,239
	22,765	SPDR Barclays Capital International Treasury Bond ETF		1,364,989
	4,485	SPDR Dow Jones International Real Estate ETF		172,628
	14,830	Vanguard Emerging Markets ETF		673,282
	1,940	Vanguard Growth ETF		106,652
	129,970	Vanguard Large-Cap ETF		6,768,838
	12,265	Vanguard REIT ETF		638,761
	10,537	Vanguard Small-Cap Growth ETF		703,766
	19,360	Vanguard Small-Cap Value ETF		1,155,792
	17,380	Vanguard Total Bond Market ETF		1,436,631


Total Exchange-Traded Funds — 97.6%
(Cost $19,246,319)		21,171,766

Total Investments — 97.6%
(Cost $19,246,319) †		21,171,766

Other Assets & Liabilities, Net — 2.4%		518,673

NET ASSETS — 100.0%	$	21,690,439

		2035 ETF Fund
Shares			Value

EXCHANGE TRADED FUNDS — 97.3%
	19,880	iShares Barclays TIPS Bond Fund	$	2,167,516
	79,636	iShares MSCI EAFE Index Fund		4,373,609
	19,910	SPDR Barclays Capital International Treasury Bond ETF		1,193,804
	2,970	SPDR Dow Jones International Real Estate ETF		114,315
	18,420	Vanguard Emerging Markets ETF		836,268
	1,930	Vanguard Growth ETF		106,102
	155,110	Vanguard Large-Cap ETF		8,078,129
	8,125	Vanguard REIT ETF		423,150
	12,890	Vanguard Small-Cap Growth ETF		860,923
	20,120	Vanguard Small-Cap Value ETF		1,201,164
	20,985	Vanguard Total Bond Market ETF		1,734,620


Total Exchange Traded Funds — 97.3%
(Cost $19,159,189)		21,089,600

Total Investments — 97.3%
(Cost $19,159,189) †		21,089,600

Other Assets & Liabilities, Net — 2.7%		575,438

NET ASSETS — 100.0%	$	21,665,038

(Registrant)	Wilshire Variable Insurance Trust


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

Date: November 23, 2010


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


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

Date: November 23, 2010


By (Signature and Title)	/s/ Michael Wauters
	Michael Wauters, Treasurer (principal financial officer)

Date: November 23, 2010