UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-07917

Wilshire Variable Insurance Trust

(Exact name of registrant as specified in charter)

Wilshire Associates Incorporated

1299 Ocean Avenue, Suite 700

Santa Monica, CA 90401-1085

(Address of principal executive offices) (Zip code)

Jamie B. Ohl, President

1299 Ocean Avenue, Suite 700

Santa Monica, CA 90401-1085

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2010

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Table of Contents

Shareholder Letter	2
Fund Commentaries	3
Disclosure of Fund Expenses	15
Schedules of Investments	17
Statements of Assets and Liabilities	48
Statements of Operations	49
Statements of Changes in Net Assets	50
Financial Highlights	52
Notes to the Financial Statements	58
Report of Independent Registered Public Accounting Firm	68
Additional Fund Information	69
Board Approval of Advisory and Subadvisory Agreements.	72
Tax Information	76

Shares of the Wilshire Variable Insurance Trust are sold only as the underlying investment for variable

annuity contracts issued by insurance companies. This report is authorized for use in connection with any

offering of the Trust’s shares only if accompanied or preceded by the Trust’s current prospectus.

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

Dear Wilshire Variable Insurance Trust Shareholder:

We are pleased to present this annual report to shareholders of the Wilshire Variable Insurance Trust (the “Trust”). This report covers the period from January 1, 2010 to December 31, 2010 (the “Period”), for the Equity, Balanced, Income, Small Cap Growth, International Equity and Socially Responsible Funds (the “Funds”).

MARKET ENVIRONMENT

A greater than usual number of macro-economic events presented themselves in 2010, greatly influencing investors’ decisions. From the sovereign debt crisis in Greece and Ireland, the oil spill disaster in the Gulf of Mexico, inflation curbing rate hikes in China, the U.S. government’s additional quantitative easing (“QE2”), and more, 2010 can be best categorized by the constant macro uncertainties. This environment made strategic investment decision making a more difficult task than usual. The stock market was volatile for most of the year with investors shifting between “Risk-on” and “Risk-off” modes. Resolutions of macro events combined with positive news on economic fundamentals eventually convinced investors to drive markets higher in the last quarter of the year. As the year come to a close, both equity and fixed income investors cheered as U.S. stocks (as measured by the Wilshire 5000 IndexSM) and bonds (as measured by Barclays Capital U.S. Aggregate Bond Index) advanced 17.2% and 6.2%, respectively.

With investors becoming more constructive on equities and risk assets in general, small capitalization stocks outperformed large cap counterparts. For the year, the Wilshire Small Cap Index returned 28.9%, handily outperforming the Wilshire Large Cap Index’s 15.8% return. For the second consecutive year, growth stocks outperformed value stocks. The best performing sectors were generally economically sensitive ones, including Consumer Discretionary, Materials, Industrials, and Energy. Fears of rising interest rates and erosion of principal were on the minds of fixed income investors. In 2010, interest rates and inflation remained low - the yield on 10-year maturity U.S. Treasury actually declined from 3.85% at the beginning of the Period to 3.3% at the end of the year. While short-term rates are expected to be low in the coming year, investors should stay vigilant on managing interest rate volatility.

FUND PERFORMANCE OVERVIEW

As markets moved past the macro uncertainties, our Funds posted strong positive returns for the year. Most of the Funds were able to deliver another year of double digit returns for shareholders on the back of strong results from the previous year.

For the moment, the current economic recovery seems to be broadening and investor confidence growing as a result. We are always mindful that markets can behave erratically and current trends shift swiftly. You can expect us to continue to work diligently to manage your investments and seek to generate returns commensurate with the Funds’ investment objectives.

As 2011 unfolds, we sincerely appreciate your continued support and confidence.

Sincerely,

Jamie B. Ohl

President

2

Wilshire Variable Insurance Trust Equity Fund Commentary

EQUITY FUND

Average Annual Total Return

One Year Ended 12/31/10	11.58%
Five Years Ended 12/31/10	(0.29)%
Ten Years Ended 12/31/10	1.25%

S&P 500 INDEX(1)

Average Annual Total Return

One Year Ended 12/31/10	15.06%
Five Years Ended 12/31/10	2.29%
Ten Years Ended 12/31/10	1.41%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in the Equity Fund

and the S&P 500 Index through 12/31/10.

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

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

During certain periods, certain fees and expenses were waived and reimbursed. Without waivers and reimbursements, total returns for the periods would have been lower. For the year ended December 31, 2010, there were no waivers.

3

Wilshire Variable Insurance Trust Equity Fund Commentary - (Continued)  

PORTFOLIO SECTOR WEIGHTING*

(As of December 31, 2010)

Equity markets exhibited strong returns in 2010 as the markets and economy continued to recover from the financial crisis and subsequent recession witnessed in 2008. Although stocks endured substantial volatility in the first half of the year, a rally in the second half of the year pushed annual returns considerably higher. The S&P 500 Index returned 15.06% for the year. Growth stocks led the markets higher in 2010, continuing the trend from the previous year. The Russell 1000 Growth Index returned 16.71%, outpacing the Russell 1000 Value Index’s return of 15.51%. However, the differential was most notable among smaller-capitalization stocks with the Russell 2000 Growth Index and Russell 2000 Value Index returning 17.11% and 15.36%, respectively. Cyclical-oriented sectors such as Consumer Discretionary, Industrials and Materials advanced the most, each posting returns in excess of 20%. Small cap stocks also posted strong returns in 2010, as the Russell 2000 Index returned 26.85%, largely outperforming larger-cap stocks. The market rebound in 2010 has been generally characterized by investors fluctuating between “risk on” and “risk off” strategies as they processed mixed signals on the strength of global economies and the sustainability of corporate earnings.

The Equity Fund (the “Fund”) returned 11.58% for the year ended December 31, 2010, lagging the Fund’s benchmark (the S&P 500 Index) return of 15.06%. The Fund’s performance was hampered by negative stock selections across a number of sectors including Financials, Industrials, and Materials. On the other hand, overweight positions in the Industrials and Telecommunication Services sectors benefitted performance.

We are pleased with the absolute return of the Fund yet disappointed by the performance of the Fund versus its benchmark. However, we are encouraged by the activities and current positioning of the sub-advisers of the Fund and the underlying fund, who continue to follow through with the disciplined investment approaches that have made them successful over the long-term. It is our belief that the Fund is well positioned going into 2011 and should benefit as the market turns its focus away from macro-economic events and instead concentrates on the improving economy and corporate earnings.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Annuity contract fees are not reflected in returns.

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

4

Wilshire Variable Insurance Trust Balanced Fund Commentary  

BALANCED FUND

Average Annual Total Return

One Year Ended 12/31/10	10.92%
Five Years Ended 12/31/10	2.00%
Ten Years Ended 12/31/10	3.27%

STOCK/BOND INDEX(1)

Average Annual Total Return

One Year Ended 12/31/10	11.71%
Five Years Ended 12/31/10	3.94%
Ten Years Ended 12/31/10	3.46%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in the Balanced Fund

and the Stock/Bond Index through 12/31/10.

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

(1)      Stock/Bond Index: Prior to October 1, 2009, the Stock/Bond Index is a blend of 60% S&P 500 Index and 40% Barclays Capital U.S. Aggregate Bond Index. Effective October 1, 2009, the Stock/Bond Index is a blend of 55% S&P 500 Index and 45% Barclays Capital U.S. Aggregate Bond Index. The S&P 500 Index is an unmanaged index consisting of 500 stocks. The Barclays Capital U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. An individual cannot invest directly in any index. Index performance is presented for general comparative purposes.

During certain periods, certain fees and expenses were waived and reimbursed. Without waivers and reimbursements, total returns for the periods would have been lower. For the year ended December 31, 2010, there were no waivers.

5

Wilshire Variable Insurance Trust Balanced Fund Commentary - (Continued)  

PORTFOLIO SECTOR WEIGHTING*

(As of December 31, 2010)

Equity markets exhibited strong returns in 2010 as the markets and economy continued to recover from the financial crisis and subsequent recession witnessed in 2008. Although stocks endured substantial volatility in the first half of the year, a rally in the second half of the year pushed annual returns considerably higher. The S&P 500 Index returned 15.06% for the year. Growth stocks led the markets higher in 2010, continuing the trend from the previous year. The Russell 1000 Growth Index returned 16.71%, outpacing the Russell 1000 Value Index’s return of 15.51%. However, the differential was most notable among smaller-capitalization stocks with the Russell 2000 Growth Index and Russell 2000 Value Index returning 17.11% and 15.36%, respectively. Cyclical-oriented sectors such as Consumer Discretionary, Industrials and Materials advanced the most, each posting returns in excess of 20%. Small cap stocks also posted strong returns in 2010, as the Russell 2000 Index returned 26.85%, largely outperforming larger-cap stocks. The market rebound in 2010 has been generally characterized by investors fluctuating between “risk on” and “risk off” strategies as they processed mixed signals on the strength of global economies and the sustainability of corporate earnings.

U.S. fixed income markets generated good performance in 2010 against the backdrop of positive economic growth. The Barclays Capital U.S. Aggregate Bond Index, comprised of U.S. investment grade bonds, returned 6.5% for the calendar year. With interest rate and inflation indicators stable and low for the year, all fixed income sectors posted positive returns with higher yielding securities garnering highest returns. Corporate bonds advanced steadily and outperformed Treasuries as the spread between corporate bonds and Treasuries narrowed. With improving economic conditions and growing positive investor sentiments, lower credit quality bonds offering higher yields outperformed the broad bond market. Non-investment grade bonds as measured by the Merrill Lynch High Yield Index returned 15.2% for the year. Hungry for yield and seeking currencies with solid fundamentals, investors continue to look for opportunities within emerging markets. Emerging market bonds experienced another stellar year, posting 12.8% return.

The Balanced Fund (the “Fund”) returned 10.92% for the year ended December 31, 2010, slightly trailing the Fund’s custom benchmark return of 11.71%. The Fund’s fixed income exposure to credit securities and modest exposure to high yield securities strongly benefitted performance. However, stock selection within the Fund’s equity sleeve was problematic. Specifically, stock selection in the Financials, Industrials, and Materials sectors detracted from performance.

We are pleased with the absolute return of the Fund yet disappointed by the performance of the Fund versus its benchmark. However, we are encouraged by the activities and current positioning of the sub-advisers of the Underlying Funds, who continue to follow through with the disciplined investment approaches that have made them successful over the long-term. It is our belief that the Fund is well positioned going into 2011 and should benefit as the market turns its focus away from macro-economic events and instead concentrates on the improving economy and corporate earnings.

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

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

6

Wilshire Variable Insurance Trust Income Fund Commentary  

INCOME FUND

Average Annual Total Return

One Year Ended 12/31/10	9.11%
Five Years Ended 12/31/10	4.62%
Ten Years Ended 12/31/10	5.52%

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

Average Annual Total Return

One Year Ended 12/31/10	6.54%
Five Years Ended 12/31/10	5.80%
Ten Years Ended 12/31/10	5.84%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in the Income Fund

and the Barclays Capital U.S. Aggregate Bond Index through 12/31/10.

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

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

During certain periods, certain fees and expenses were waived and reimbursed. Without waivers and reimbursements, total returns for the periods would have been lower. For the year ended December 31, 2010, there were no waivers.

7

Wilshire Variable Insurance Trust Income Fund Commentary - (Continued)  

PORTFOLIO SECTOR WEIGHTING*

(As of December 31, 2010)

U.S. fixed income markets generated good performance in 2010 against the backdrop of positive economic growth. The Barclays Capital U.S. Aggregate Bond Index, comprised of U.S. investment grade bonds, returned 6.5% for the calendar year. With interest rate and inflation indicators stable and low for the year, all fixed income sectors posted positive returns with higher yielding securities garnering highest returns. Corporate bonds advanced steadily and outperformed Treasuries as the spread between corporate bonds and Treasuries narrowed. With improving economic conditions and growing positive investor sentiments, lower credit quality bonds offering higher yields outperformed the broad bond market. Non-investment grade bonds as measured by the Merrill Lynch High Yield Index returned 15.2% for the year. Hungry for yield and seeking currencies with solid fundamentals, investors continue to look for opportunities within emerging markets. Emerging market bonds experienced another stellar year, posting 12.8% return.

The Income Fund (the “Fund”) returned 9.11% for the year ended December 31, 2010, strongly outperforming the Fund’s benchmark (the Barclays Capital U.S. Aggregate Bond Index) return of 6.54%. The Fund’s overweight exposure to credit securities and modest exposure to high yield securities strongly benefitted performance. Additionally, the Fund’s underweight to government bonds and strong security selection benefited the Fund.

We are pleased with the absolute return of the Fund and the performance of the Fund versus its benchmark. We are encouraged by the activities and current positioning of our sub-advisers, who continue to follow through with the disciplined investment approach that has made them successful over the long-term. It is our belief that the Fund is well positioned going into 2011 and should benefit as the economy continues to recover from the recession of 2008.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Annuity contract fees are not reflected in returns.

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

8

Wilshire Variable Insurance Trust Small Cap Growth Fund Commentary  

SMALL CAP GROWTH FUND

Average Annual Total Return

One Year Ended 12/31/10	26.23%
Five Years Ended 12/31/10	1.99%
Ten Years Ended 12/31/10	(2.03)%

RUSSELL 2000 GROWTH INDEX(1)

Average Annual Total Return

One Year Ended 12/31/10	29.09%
Five Years Ended 12/31/10	5.30%
Ten Years Ended 12/31/10	3.78%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,00 Investment in the Small Cap Growth Fund

and the Russell 2000 Growth Index through 12/31/2010.

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

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

During certain periods, certain fees and expenses were waived and reimbursed. Without waivers and reimbursements, total returns for the periods would have been lower. For the year ended December 31, 2010, fees totaling 0.23% of average net assets were waived.

9

Wilshire Variable Insurance Trust Small Cap Growth Fund Commentary - (Continued)  

PORTFOLIO SECTOR WEIGHTING*

(As of December 31, 2010)

Equity markets exhibited strong returns in 2010 as the markets and economy continued to recover from the financial crisis and subsequent recession witnessed in 2008. Although stocks endured substantial volatility in the first half of the year, a rally in the second half of the year pushed annual returns considerably higher. The S&P 500 Index returned 15.06% for the year. Growth stocks led the markets higher in 2010, continuing the trend from the previous year. The Russell 1000 Growth Index returned 16.71%, outpacing the Russell 1000 Value Index’s return of 15.51%. However, the differential was most notable among smaller-capitalization stocks with the Russell 2000 Growth Index and Russell 2000 Value Index returning 17.11% and 15.36%, respectively. Cyclical-oriented sectors such as Consumer Discretionary, Industrials and Materials advanced the most, each posting returns in excess of 20%. Small cap stocks also posted strong returns in 2010, as the Russell 2000 Index returned 26.85%, largely outperforming larger-cap stocks. The market rebound in 2010 has been generally characterized by investors fluctuating between “risk on” and “risk off” strategies as they processed mixed signals on the strength of global economies and the sustainability of corporate earnings.

The Small Cap Growth Fund (the “Fund”) returned 26.23% for the year ended December 31, 2010, lagging the Fund’s benchmark (the Russell 2000 Growth Index) return of 29.09%. The Fund’s performance was hampered by negative stock selections in the Industrials and Health Care sectors. On the other hand, positive stock selection in the Technology and Financials sectors benefitted performance, and sector positioning on balance was positive for the year.

We are pleased with the absolute return of the Fund yet disappointed by the performance of the Fund versus its benchmark. However, we are encouraged by the activities and current positioning of our sub-advisers, who continue to follow through with the disciplined investment approaches that have made them successful over the long-term. It is our belief that the Fund is well positioned going into 2011 and should benefit as the market turns its focus away from macro-economic events and instead concentrates on the improving economy and corporate earnings.

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

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

10

Wilshire Variable Insurance Trust International Equity Fund Commentary  

INTERNATIONAL EQUITY FUND

Average Annual Total Return

One Year Ended 12/31/10	10.04%
Five Years Ended 12/31/10	1.76%
Ten Years Ended 12/31/10	0.24%

MSCI EAFE INDEX(1)

Average Annual Total Return

One Year Ended 12/31/10	7.75%
Five Years Ended 12/31/10	2.46%
Ten Years Ended 12/31/10	3.50%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in the International Equity Fund

and the MSCI EAFE Index through 12/31/10.

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

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

During certain periods, certain fees and expenses were waived and reimbursed. Without waivers and reimbursements, total returns for the periods would have been lower. For the year ended December 31, 2010, fees totaling 0.20% of average net assets were waived.

11

Wilshire Variable Insurance Trust International Equity Fund Commentary - (Continued)  

PORTFOLIO SECTOR WEIGHTING*

(As of December 31, 2010)

Equity markets exhibited strong returns in 2010 as the markets and economy continued to recover from the financial crisis and subsequent recession witnessed in 2008. Although stocks endured substantial volatility in the first half of the year, a rally in the second half of the year pushed annual returns considerably higher. The S&P 500 Index returned 15.06% for the year. Growth stocks led the markets higher in 2010, continuing the trend from the previous year. The Russell 1000 Growth Index returned 16.71%, outpacing the Russell 1000 Value Index’s return of 15.51%. However, the differential was most notable among smaller-capitalization stocks with the Russell 2000 Growth Index and Russell 2000 Value Index returning 17.11% and 15.36%, respectively. Cyclical-oriented sectors such as Consumer Discretionary, Industrials and Materials advanced the most, each posting returns in excess of 20%. Small cap stocks also posted strong returns in 2010, as the Russell 2000 Index returned 26.85%, largely outperforming larger-cap stocks. The market rebound in 2010 has been generally characterized by investors fluctuating between “risk on” and “risk off” strategies as they processed mixed signals on the strength of global economies and the sustainability of corporate earnings.

Benefiting from continued economic recovery, international equities experienced good performance in 2010. International markets hampered by concerns over sovereign debt issues underperformed the U.S. equity market. For the year, the MSCI EAFE Index returned 7.75% underperforming the S&P 500 index’s 15.06% return. Despite the turmoil surrounding the debt crisis in Greece and Ireland, international stocks were buoyed by improved corporate earnings and a rebound in merger and acquisition activity. Returns were mixed among countries. Benefiting from healthy fiscal conditions and solid growth, emerging markets outperformed developed market counterparts. The MSCI Emerging Market index returned 18.9% for the year. Within emerging markets, Russia and Brazil were among the best performers while China and India lagged. Within the developed foreign markets, Japan provided strong returns on the back of its currency strength; Germany also performed well amid robust demand for its exports. On the other hand, the highly indebted nations performed the worst: Greece plunged 45%, Spain lost 22% and Ireland declined 18%.

The International Equity Fund (the “Fund”) returned 10.04% for the year ended December 31, 2010, significantly outperforming the Fund’s benchmark (the MSCI EAFE Index) return of 7.75%. The Fund’s notable relative performance was primarily attributable to positive security selection across 9 out of 10 sectors. Specifically, stock selection was strong in the Consumer Staples, Financials, and Energy sectors.

We are pleased with the absolute return of the Fund and the performance of the Fund versus its benchmark. We are encouraged by the activities and current positioning of our sub-advisers, who continue to follow through with the disciplined investment approaches that have made them successful over the long-term. It is our belief that the Fund is well positioned going into 2011 and should benefit as the market turns its focus away from macro-economic events and instead concentrates on the improving economy and corporate earnings.

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

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

12

Wilshire Variable Insurance Trust Socially Responsible Fund Commentary  

SOCIALLY RESPONSIBLE FUND

Average Annual Total Return

One Year Ended 12/31/10	11.76%
Five Years Ended 12/31/10	(1.02)%
Ten Years Ended 12/31/10	1.54%

S&P 500 INDEX(1)

Average Annual Total Return

One Year Ended 12/31/10	15.06%
Five Years Ended 12/31/10	2.29%
Ten Years Ended 12/31/10	1.41%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in the Socially Responsible Fund

and the S&P 500 Index through 12/31/10.

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

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

During certain periods since inception, certain fees and expenses were waived and reimbursed. Without waivers and reimbursements, total returns since inception would have been lower. For the year ended December 31, 2010, there were no waivers.

13

Wilshire Variable Insurance Trust Socially Responsible Fund Commentary - (Continued)  

PORTFOLIO SECTOR WEIGHTING*

(As of December 31, 2010)

Equity markets exhibited strong returns in 2010 as the markets and economy continued to recover from the financial crisis and subsequent recession witnessed in 2008. Although stocks endured substantial volatility in the first half of the year, a rally in the second half of the year pushed annual returns considerably higher. The S&P 500 Index returned 15.06% for the year. Growth stocks led the markets higher in 2010, continuing the trend from the previous year. The Russell 1000 Growth Index returned 16.71%, outpacing the Russell 1000 Value Index’s return of 15.51%. However, the differential was most notable among smaller-capitalization stocks with the Russell 2000 Growth Index and Russell 2000 Value Index returning 17.11% and 15.36%, respectively. Cyclical-oriented sectors such as Consumer Discretionary, Industrials and Materials advanced the most, each posting returns in excess of 20%. Small cap stocks also posted strong returns in 2010, as the Russell 2000 Index returned 26.85%, largely outperforming larger-cap stocks. The market rebound in 2010 has been generally characterized by investors fluctuating between “risk on” and “risk off” strategies as they processed mixed signals on the strength of global economies and the sustainability of corporate earnings.

The Socially Responsible Fund (the “Fund”) returned 11.76% for the year ended December 31, 2010, lagging the Fund’s benchmark (the S&P 500 Index) return of 15.06%. The Fund’s performance was hampered by negative stock selections in the Energy, Consumer Discretionary and Industrials sectors. A modest underweight position in the Energy sector detracted from performance as well. On the other hand, strong stock selection in the Health Care and Energy sectors benefitted performance.

We are pleased with the absolute return of the Fund yet disappointed by the performance of the Fund versus its benchmark. However, we are encouraged by the activities and current positioning of our sub-adviser, who continues to follow through with the disciplined investment approaches that have made it successful over the long-term. It is our belief that the Fund is well positioned going into 2011 and should benefit as the market turns its focus away from macro-economic events and instead concentrates on the improving economy and corporate earnings.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Annuity contract fees are not reflected in returns.

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

14

Wilshire Variable Insurance Trust Disclosure of Fund Expenses For the Six Months Ended December 31, 2010 (Unaudited)  

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

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

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

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

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

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

15

Wilshire Variable Insurance Trust Disclosure of Fund Expenses - (Continued) For the Six Months Ended December 31, 2010 (Unaudited)  

	Beginning Account Value 07/01/10	Ending Account Value 12/31/10	Expense Ratio(1)	Expenses Paid During Period 07/01/10- 12/31/10(2)(3)
Equity Fund(4)
Actual Fund Return	$1,000.00	$1,232.90	0.81%	$ 4.56
Hypothetical 5% Return	$1,000.00	$1,021.12	0.81%	$ 4.13
Balanced Fund(4)
Actual Fund Return	$1,000.00	$1,136.20	0.17%	$ 0.92
Hypothetical 5% Return	$1,000.00	$1,024.35	0.17%	$ 0.87
Income Fund
Actual Fund Return	$1,000.00	$1,027.60	1.07%	$ 5.47
Hypothetical 5% Return	$1,000.00	$1,019.81	1.07%	$ 5.45
Small Cap Growth Fund
Actual Fund Return	$1,000.00	$1,306.80	1.55%	$ 9.01
Hypothetical 5% Return	$1,000.00	$1,017.39	1.55%	$ 7.88
International Equity Fund
Actual Fund Return	$1,000.00	$1,243.20	1.53%	$ 8.65
Hypothetical 5% Return	$1,000.00	$1,017.49	1.53%	$ 7.78
Socially Responsible Fund
Actual Fund Return	$1,000.00	$1,205.50	1.30%	$ 7.23
Hypothetical 5% Return	$1,000.00	$1,018.65	1.30%	$ 6.61

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

16

Wilshire Variable Insurance Trust Equity Fund Schedule of Investments December 31, 2010    

Shares Value

COMMON STOCK — 54.8%
Consumer Discretionary — 7.0%
	2,446	Advance Auto Parts, Inc.	$	161,803
	952	Aeropostale, Inc. †		23,457
	3,028	Amazon.com, Inc. †		545,040
	3,878	American Eagle Outfitters, Inc.		56,735
	2,817	Apollo Group, Inc., Class A †		111,243
	926	AutoZone, Inc. †		252,418
	1,829	Big Lots, Inc. †		55,711
	2,766	Cablevision Systems Corp., Class A		93,602
	7,277	CBS Corp., Class B		138,627
	1,314	Coach, Inc.		72,677
	34,131	Comcast Corp. Special, Class A		749,858
	3,768	Darden Restaurants, Inc.		174,986
	76	DeVry, Inc.		3,647
	15,851	DIRECTV, Class A †		632,930
	1,180	Dollar Tree, Inc. †		66,175
	3,410	DR Horton, Inc.		40,681
	2,626	Eastman Kodak Co. †		14,075
	7,550	Expedia, Inc.		189,430
	4,651	Family Dollar Stores, Inc.		231,201
	3,067	Foot Locker, Inc.		60,175
	70,261	Ford Motor Co. †		1,179,682
	1,755	GameStop Corp., Class A †		40,154
	2,903	Gannett Co., Inc.		43,806
	15,975	Gap, Inc. (The)		353,686
	307	Genuine Parts Co.		15,761
	210	Goodyear Tire & Rubber Co. (The) †		2,488
	4,897	Harley-Davidson, Inc.		169,779
	94	Home Depot, Inc. (The)		3,296
	17,763	Interpublic Group of Cos., Inc. (The) †		188,643
	22,594	Johnson Controls, Inc.		863,091
	43,400	Lowe's Cos., Inc.		1,088,472
	9,620	Ltd. Brands, Inc.		295,623
	19,644	Macy's, Inc.		496,993
	9,526	Marriott International, Inc., Class A		395,710
	2,645	McDonald's Corp.		203,030
	7,307	McGraw-Hill Cos., Inc. (The)		266,048
	883	NetFlix, Inc. †		155,143
	4,635	NIKE, Inc., Class B		395,922
	3,444	Office Depot, Inc. †		18,598
	888	Panera Bread Co., Class A †		89,874
	3,437	PetSmart, Inc.		136,861
	672	Polaris Industries, Inc.		52,430
	4,101	Pulte Group, Inc. †		30,840
	4,381	Ross Stores, Inc.		277,098
	1,271	Sotheby's		57,195
	30,900	Staples, Inc.		703,593
	3,974	Starbucks Corp.		127,685
	622	Starwood Hotels & Resorts Worldwide, Inc.		37,805
	17,203	Target Corp.		1,034,417
	8,926	Time Warner Cable, Inc., Class A		589,384
	11,705	TJX Cos., Inc.		519,585
	13,223	Toll Brothers, Inc. †		251,237
	2,819	VF Corp.		242,942
	2,934	Walt Disney Co. (The)		110,054
	848	Warnaco Group, Inc. (The) †		46,699
	200	Washington Post Co. (The), Class B		87,900
	886	Whirlpool Corp.		78,703
	3,091	Williams-Sonoma, Inc.		110,318
	6,487	Wyndham Worldwide Corp.		194,351
	866	Wynn Resorts, Ltd.		89,925
				14,719,292

Shares Value

Consumer Staples — 4.9%
	31,245	Altria Group, Inc.	$	769,252
	6,800	Anheuser-Busch InBev NV ADR		388,212
	3,402	Archer-Daniels-Midland Co.		102,332
	1,350	BJ's Wholesale Club, Inc. †		64,665
	10,521	Coca-Cola Co. (The)		691,966
	8,172	Coca-Cola Enterprises, Inc.		204,545
	2,390	ConAgra Foods, Inc.		53,966
	4,376	Constellation Brands, Inc., Class A †		96,929
	2,202	Corn Products International, Inc.		101,292
	7,107	Costco Wholesale Corp.		513,197
	22,677	Dr. Pepper Snapple Group, Inc.		797,323
	1,393	Energizer Holdings, Inc. †		101,550
	850	Estee Lauder Cos., Inc. (The), Class A		68,595
	432	Kimberly-Clark Corp.		27,233
	20,880	Kraft Foods, Inc., Class A		657,929
	6,772	Kroger Co. (The)		151,422
	3,501	Lorillard, Inc.		287,292
	590	Molson Coors Brewing Co., Class B		29,612
	6,453	Nestle SA ADR		379,566
	9,271	PepsiCo, Inc.		605,675
	20,111	Philip Morris International, Inc.		1,177,097
	14,334	Procter & Gamble Co. (The)		922,106
	5,235	Reynolds American, Inc.		170,765
	4,057	Safeway, Inc.		91,242
	24,091	Sara Lee Corp.		421,833
	1,186	Smithfield Foods, Inc. †		24,467
	10,833	Tyson Foods, Inc., Class A		186,544
	4,501	Walgreen Co.		175,359
	17,395	Wal-Mart Stores, Inc.		938,112
				10,200,078
Energy — 7.0%
	9,557	Anadarko Petroleum Corp.		727,861
	4,719	Arch Coal, Inc.		165,448
	19,305	Chevron Corp.		1,761,581
	2,438	Cimarex Energy Co.		215,836
	16,993	ConocoPhillips		1,157,223
	1,796	Diamond Offshore Drilling, Inc.		120,099
	3,300	Ensco PLC ADR		176,154
	53,182	Exxon Mobil Corp.		3,888,668
	24,087	Halliburton Co.		983,472
	501	Helmerich & Payne, Inc.		24,289
	7,433	Hess Corp.		568,922
	16,644	Marathon Oil Corp.		616,327
	6,974	Murphy Oil Corp.		519,912
	6,903	Nabors Industries, Ltd. †		161,944
	1,241	Newfield Exploration Co. †		89,489
	4,499	Occidental Petroleum Corp.		441,352
	1,571	Oceaneering International, Inc. †		115,673
	3,040	Patterson-UTI Energy, Inc.		65,512
	1,830	Peabody Energy Corp.		117,083
	4,219	QEP Resources, Inc.		153,192
	3,498	Rowan Cos., Inc. †		122,115
	19,714	Schlumberger, Ltd.		1,646,119
	4,382	Sunoco, Inc.		176,638
	1,554	Superior Energy Services, Inc. †		54,374
	1,670	Tesoro Corp.		30,962
	496	Tidewater, Inc.		26,705
	20,583	Valero Energy Corp.		475,879
	4,537	Williams Cos., Inc. (The)		112,155
				14,714,984
Financials — 7.9%
	9,088	ACE, Ltd.		565,728
	2,742	Aflac, Inc.		154,731

See Notes to Financial Statements.

17

Wilshire Variable Insurance Trust Equity Fund Schedule of Investments - (Continued) December 31, 2010    

Shares Value

Financials (continued)
	1,353	American Financial Group, Inc.	$	43,688
	2,199	Ameriprise Financial, Inc.		126,552
	2,630	Assurant, Inc.		101,308
	103,647	Bank of America Corp.		1,382,651
	23,067	Bank of New York Mellon Corp. (The)		696,623
	7,667	Berkshire Hathaway, Inc., Class B †		614,203
	7,161	CB Richard Ellis Group, Inc., Class A †		146,657
	53,761	Charles Schwab Corp. (The)		919,851
	15,518	Chubb Corp.		925,494
	118,758	Citigroup, Inc. †		561,725
	85	Cullen/Frost Bankers, Inc.		5,195
	1,531	Discover Financial Services		28,369
	6,223	Fidelity National Financial, Inc., Class A		85,131
	3,461	Goldman Sachs Group, Inc. (The)		582,002
	16,153	Hartford Financial Services Group, Inc.		427,893
	11,643	Invesco, Ltd.		280,131
	1,247	Jones Lang LaSalle, Inc.		104,648
	61,111	JPMorgan Chase & Co.		2,592,329
	17,753	MetLife, Inc.		788,943
	24,800	Morgan Stanley		674,808
	8,799	Northern Trust Corp.		487,553
	8,366	Principal Financial Group, Inc.		272,397
	6,121	Progressive Corp. (The)		121,624
	10,581	Prudential Financial, Inc.		621,211
	1,203	Reinsurance Group of America, Inc., Class A		64,613
	12,660	State Street Corp.		586,664
	633	Transatlantic Holdings, Inc.		32,676
	18,902	Travelers Cos., Inc. (The)		1,053,030
	5,381	Unum Group		130,328
	1,816	W.R. Berkley Corp.		49,722
	39,155	Wells Fargo & Co.		1,213,414
	6,861	XL Group PLC, Class A		149,707
				16,591,599
Health Care — 5.3%
	20,493	Abbott Laboratories		981,820
	5,149	Aetna, Inc.		157,096
	6,885	AmerisourceBergen Corp., Class A		234,916
	9,314	Amgen, Inc. †		511,338
	24,444	Bristol-Myers Squibb Co.		647,277
	12,760	Cardinal Health, Inc.		488,836
	7,544	CareFusion Corp. †		193,881
	2,744	Cephalon, Inc. †		169,360
	436	CIGNA Corp.		15,984
	256	DaVita, Inc. †		17,789
	18,780	Eli Lilly & Co.		658,051
	3,366	Endo Pharmaceuticals Holdings, Inc. †		120,200
	6,853	Express Scripts, Inc., Class A †		370,405
	8,054	Forest Laboratories, Inc. †		257,567
	2,791	Health Net, Inc. †		76,166
	6,152	Humana, Inc. †		336,761
	26,326	Johnson & Johnson		1,628,263
	3,361	King Pharmaceuticals, Inc. †		47,222
	2,195	Lincare Holdings, Inc.		58,892
	2,867	McKesson Corp.		201,779
	10,600	Medtronic, Inc.		393,154
	29,769	Merck & Co., Inc.		1,072,875
	484	Mylan, Inc. †		10,227
	95,976	Pfizer, Inc.		1,680,540
	3,457	Pharmaceutical Product Development, Inc.		93,823
	397	Thermo Fisher Scientific, Inc. †		21,978
	19,128	UnitedHealth Group, Inc.		690,712

Shares Value

Health Care (continued)
	1,019	WellPoint, Inc. †	$	57,940
				11,194,852
Industrials — 6.1%
	604	3M Co.		52,125
	32,600	ABB, Ltd. ADR		731,870
	2,706	AGCO Corp. †		137,086
	3,353	Avery Dennison Corp.		141,966
	16,496	Boeing Co. (The)		1,076,529
	2,710	Caterpillar, Inc.		253,819
	1,831	Cintas Corp.		51,195
	1,027	Corrections Corp. of America †		25,737
	3,815	CSX Corp.		246,487
	1,039	Cummins, Inc.		114,300
	418	Deere & Co.		34,715
	12,349	Emerson Electric Co.		705,992
	6,592	FedEx Corp.		613,122
	829	Gardner Denver, Inc.		57,052
	100,269	General Electric Co.		1,833,920
	6,876	Honeywell International, Inc.		365,528
	1,367	Hubbell, Inc., Class B		82,198
	9,000	Ingersoll-Rand PLC		423,810
	2,402	Iron Mountain, Inc.		60,074
	860	JB Hunt Transport Services, Inc.		35,096
	203	Joy Global, Inc.		17,610
	1,244	Kansas City Southern †		59,538
	4,431	KBR, Inc.		135,012
	236	Lincoln Electric Holdings, Inc.		15,404
	563	Norfolk Southern Corp.		35,368
	2,649	Oshkosh Corp. †		93,351
	15,813	PACCAR, Inc.		907,982
	9,300	Raytheon Co.		430,962
	1,498	Republic Services, Inc., Class A		44,730
	1,897	Ryder System, Inc.		99,858
	2,477	Shaw Group, Inc. (The) †		84,788
	60,413	Southwest Airlines Co.		784,161
	1,447	SPX Corp.		103,446
	10,010	Textron, Inc.		236,637
	427	Thomas & Betts Corp. †		20,624
	2,333	Timken Co.		111,354
	13,468	Tyco International, Ltd.		558,114
	14,859	United Parcel Service, Inc., Class B		1,078,466
	2,084	United Technologies Corp.		164,053
	21	URS Corp. †		874
	30	Waste Connections, Inc.		826
	13,111	Waste Management, Inc.		483,402
	2,168	WW Grainger, Inc.		299,422
				12,808,603
Information Technology — 11.1%
	726	Adobe Systems, Inc. †		22,346
	6,132	Advanced Micro Devices, Inc. †		50,160
	2,200	Altera Corp.		78,276
	1,487	Analog Devices, Inc.		56,015
	3,130	AOL, Inc. †		74,212
	6,213	Apple, Inc. †		2,004,065
	15,287	Applied Materials, Inc.		214,782
	16,213	Autodesk, Inc. †		619,337
	5,187	BMC Software, Inc. †		244,515
	3,651	Broadridge Financial Solutions, Inc.		80,067
	59,609	Cisco Systems, Inc. †		1,205,890
	4,292	Compuware Corp. †		50,088
	27,654	Dell, Inc. †		374,712
	66,423	EMC Corp. †		1,521,087

See Notes to Financial Statements.

18

Wilshire Variable Insurance Trust Equity Fund Schedule of Investments - (Continued) December 31, 2010    

Shares Value

Information Technology (continued)
	4,010	Fidelity National Information Services, Inc.	$	109,834
	4,102	Google, Inc., Class A †		2,436,465
	4,690	Harris Corp.		212,457
	16,751	Hewlett-Packard Co.		705,217
	59,545	Intel Corp.		1,252,231
	11,945	International Business Machines Corp.		1,753,048
	10,274	Intuit, Inc. †		506,508
	1,573	Jabil Circuit, Inc.		31,602
	3,574	Lam Research Corp. †		185,062
	2,887	Lexmark International, Inc., Class A †		100,525
	15,829	LSI Corp. †		94,816
	908	McAfee, Inc. †		42,049
	21,103	Micron Technology, Inc. †		169,246
	1,329	MICROS Systems, Inc. †		58,290
	99,283	Microsoft Corp.		2,771,981
	65,445	Motorola Solutions, Inc. †		593,586
	2,192	Novell, Inc. †		12,977
	1,113	Novellus Systems, Inc. †		35,972
	54,147	Oracle Corp.		1,694,801
	16,242	Paychex, Inc.		502,040
	26,603	QUALCOMM, Inc.		1,316,583
	3,100	SAIC, Inc. †		49,166
	3,122	SanDisk Corp. †		155,663
	469	Solera Holdings, Inc.		24,069
	28,700	Symantec Corp. †		480,438
	4,346	Synopsys, Inc. †		116,951
	13,972	Tellabs, Inc.		94,730
	5,784	Teradyne, Inc. †		81,208
	5,461	Total System Services, Inc.		83,990
	4,307	VeriSign, Inc.		140,710
	1,590	Vishay Intertechnology, Inc. †		23,341
	7,525	Western Digital Corp. †		255,098
	20,511	Western Union Co. (The)		380,889
	22,651	Xerox Corp.		260,939
				23,328,034
Materials — 2.4%
	2,222	Ashland, Inc.		113,011
	1,751	Ball Corp.		119,156
	485	Cytec Industries, Inc.		25,734
	6,053	Dow Chemical Co. (The)		206,649
	3,060	Ecolab, Inc.		154,285
	10,648	EI du Pont de Nemours & Co.		531,122
	7,201	Freeport-McMoRan Copper & Gold, Inc.		864,768
	23,491	International Paper Co.		639,895
	1,920	Lubrizol Corp.		205,210
	1,436	MeadWestvaco Corp.		37,565
	4,690	Monsanto Co.		326,612
	4,705	Newmont Mining Corp.		289,028
	17,511	Nucor Corp.		767,332
	6,008	PPG Industries, Inc.		505,093
	429	Scotts Miracle-Gro Co. (The), Class A		21,780
	2,996	Sealed Air Corp.		76,248
	1,700	Sherwin-Williams Co. (The)		142,375
	137	Valspar Corp.		4,724
				5,030,587
Telecommunication Services — 2.1%
	7,800	American Tower Corp., Class A †		402,792
	52,577	AT&T, Inc.		1,544,712
	11,563	Frontier Communications Corp.		112,508
	6,460	MetroPCS Communications, Inc. †		81,590

Shares Value

Telecommunication Services (continued)
	87,237	Qwest Communications International, Inc.	$	663,874
	77,641	Sprint Nextel Corp. †		328,421
	2,642	Telephone & Data Systems, Inc.		96,565
	28,356	Verizon Communications, Inc.		1,014,578
	5,641	Windstream Corp.		78,635
				4,323,675
Utilities — 1.0%
	43	Allegheny Energy, Inc.		1,042
	27	Alliant Energy Corp.		993
	501	Atmos Energy Corp.		15,631
	5,701	CenterPoint Energy, Inc.		89,620
	8,380	CMS Energy Corp.		155,868
	5,344	DTE Energy Co.		242,190
	138	Duke Energy Corp.		2,458
	7,220	Edison International		278,692
	731	Energen Corp.		35,278
	2,090	Entergy Corp.		148,035
	7,800	Exelon Corp.		324,792
	2,821	Integrys Energy Group, Inc.		136,847
	782	MDU Resources Group, Inc.		15,851
	5,542	NextEra Energy, Inc.		288,128
	964	Nicor, Inc.		48,123
	2,955	NRG Energy, Inc. †		57,741
	680	OGE Energy Corp.		30,967
	1,122	Oneok, Inc.		62,238
	63	Pepco Holdings, Inc.		1,150
	3,487	Questar Corp.		60,709
	597	TECO Energy, Inc.		10,626
	635	UGI Corp.		20,053
				2,027,032
Total Common Stock (Cost $100,696,342)				114,938,736
INVESTMENT IN UNDERLYING FUND — 44.9%
	11,577,485	Wilshire Large Cap Core 130/30 Fund* (Cost $82,441,537)		94,240,728
EXCHANGE-TRADED FUND — 0.3%
	4,620	SPDR S&P 500 ETF Trust (Cost $575,592)		581,104
Total Investments — 100.0%
(Cost $183,713,471)				209,760,568
Other Assets & Liabilities, Net — 0.00%				52,917
NET ASSETS — 100.0%			$	209,813,485

*    Affiliated Fund.

†    Non-income producing security.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

PLC — Public Limited Company

S&P — Standard & Poor’s

SPDR — Standard & Poor’s Depositary Receipt

As of December 31, 2010, all of the Fund’s investments in securities were considered Level 1. During the year ended December 31, 2010, there have been no significant transfers between Level 1 and Level 2 assets and liabilities. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

See Notes to Financial Statements.

19

Wilshire Variable Insurance Trust Balanced Fund Schedule of Investments December 31, 2010    

Shares			Value
INVESTMENTS IN UNDERLYING FUNDS — 100.0%
	11,286,357	Wilshire Large Cap Core 130/30 Fund*†	$	91,306,625
	6,535,910	Wilshire Variable Insurance Trust Income Fund*		77,581,251
Total Investments in Underlying Funds
(Cost $156,423,962)				168,887,876
Other Assets & Liabilities, Net — 0.0%				6,486
NET ASSETS — 100.0%			$	168,894,362

* Affiliated Fund.

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

As of December 31, 2010, all of the Fund’s investments in securities were considered Level 1. During the year ended December 31, 2010, there have been no significant transfers between Level 1 and Level 2 assets and liabilities. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

See Notes to Financial Statements.

20

Wilshire Variable Insurance Trust Income Fund Schedule of Investments December 31, 2010    

Maturity Date Par Value

ASSET-BACKED SECURITIES — 3.4%
Ameriquest Mortgage Securities, Inc.
0.606%(a)	04/25/34	$	103,229	$	89,386
Amortizing Residential Collateral Trust
0.541%(a)	01/01/32		28,106		20,941
Bayview Financial Acquisition Trust
0.936%(a)	02/28/44		76,804		71,705
Bear Stearns Asset Backed Securities Trust
0.831%(a)	09/25/34		60,000		53,628
Citigroup Mortgage Loan Trust, Inc.
5.550%	08/25/35		200,000		105,021
Delta Funding Home Equity Loan Trust
7.040%	06/25/27		3,991		4,175
Education Funding Capital Trust I
1.520%(a)	12/15/42		150,000		143,436
1.754%(a)	12/15/42		150,000		141,934
Green Tree Financial Corp.
9.150%	01/15/18		9,794		5,512
Green Tree Home Improvement Loan Trust
7.600%	07/15/20		1,721		1,586
Green Tree Recreational Equipment & Consumer Trust
7.250%	03/15/29		17,025		11,233
Keycorp Student Loan Trust
0.548%(a)	10/25/32		192,716		187,614
Lehman XS Trust
0.521%(a)	02/25/46		240,123		146,893
Morgan Stanley Mortgage Loan Trust
0.411%(a)	03/25/36		138,750		36,920
MSDWCC Heloc Trust
0.451%(a)	07/25/17		17,824		13,798
Nelnet Student Loan Trust
1.768%(a)	04/25/24		200,000		204,701
SACO I, Inc.
0.431%(a)	03/25/36		137,404		43,120
0.521%(a)	06/25/36		128,561		40,983
0.821%(a)	09/25/35		30,956		26,190
Saxon Asset Securities Trust
0.721%(a)	05/25/35		96,453		84,315
Securitized Asset Backed Receivables LLC Trust
0.491%(a)	02/25/37		726,644		348,488
SLM Student Loan Trust
0.732%(a)	09/16/24		300,000		278,033
WaMu Asset-Backed Certificates
0.351%(a)	05/25/47		253,005		239,786
0.431%(a)	05/25/47		1,300,000		734,865
0.551%(a)	05/25/47		1,300,000		526,596
Total Asset-Backed Securities (Cost $5,672,261)					3,560,859

Maturity Date Par Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 52.8%
Agency Mortgage-Backed Obligations — 43.8%
FHLMC
1.750%	09/10/15	$	1,030,000	$	1,012,415
5.000%	09/01/33		187,578		198,020
5.000%	08/01/33		502,987		530,986
5.000%	10/01/33		384,914		406,340
5.000%	09/01/33		131,897		139,239
5.000%	09/01/33		386,801		408,332
5.557%(a)	01/01/38		501,954		533,268
5.590%(a)	05/01/37		651,149		689,667
FHLMC TBA
5.500%	01/01/38		100,000		106,562
FHLMC Multifamily Structured Pass Through Certificates, IO
1.522%(a)	08/25/20		459,606		42,515
FNMA
5.500%	04/01/36		668,819		710,051
5.500%	09/01/35		1,504,711		1,618,164
5.500%	08/01/37		480,066		516,262
5.500%	11/01/36		402,360		431,440
5.907%(a)	01/01/37		301,739		322,229
6.000%	12/01/39		1,033,055		1,124,135
7.000%	05/01/32		41,163		47,168
9.750%	11/25/18		384,357		450,168
FNMA TBA
3.500%	01/01/41		3,200,000		3,211,625
4.000%	11/15/34		2,700,000		2,685,658
4.500%	01/01/38		4,800,000		4,926,749
5.000%	01/01/38		2,300,000		2,417,875
5.500%	02/01/38		100,000		106,797
5.500%	01/01/38		3,000,000		3,209,532
6.000%	01/01/38		2,900,000		3,151,938
6.000%	02/01/36		1,000,000		1,085,000
6.500%	01/01/38		2,600,000		2,889,250
GNMA
4.500%	03/15/40		78,264		81,361
5.000%	11/20/40		299,565		318,648
5.000%	09/20/40		198,275		210,905
5.000%	04/15/40		196,366		210,271
5.000%	05/15/40		391,459		419,178
5.000%	08/20/40		2,160,666		2,298,302
5.500%	05/15/36		93,753		101,531
6.000%	03/15/35		725,219		809,332
6.000%	03/15/37		113,215		124,683
6.000%	05/15/33		103,157		114,702
GNMA TBA
3.500%	01/15/41		100,000		96,281
4.000%	01/01/40		2,800,000		2,818,813
4.500%	01/15/40		5,500,000		5,709,688
5.500%	01/01/33		100,000		108,063
6.000%	01/01/34		100,000		109,953
6.000%	01/01/38		100,000		109,485

See Notes to Financial Statements.

21

Wilshire Variable Insurance Trust Income Fund Schedule of Investments - (Continued) December 31, 2010    

Maturity Date Par Value

Agency Mortgage-Backed Obligation (continued)
NCUA Guaranteed Notes
2.650%	10/29/20	$	149,260	$	145,338
2.900%	10/29/20		10,000		9,723
					46,767,642
Non-Agency Mortgage-Backed Obligations — 9.0%
American Home Mortgage Assets
0.491%(a)	05/25/46		222,783		41,446
Asset Securitization Corp.
6.817%(a)	02/14/43		100,000		107,116
Banc of America Commercial Mortgage, Inc.
5.620%	02/10/51		10,000		10,517
5.658%(a)	06/10/49		60,000		62,885
Banc of America Funding Corp.
3.079%(a)	09/20/35		1,353,903		798,612
Banc of America Mortgage Securities, Inc.
3.467%(a)	02/25/34		18,983		15,855
Bear Stearns Adjustable Rate Mortgage Trust
2.953%(a)	11/25/34		68,577		61,963
3.118%(a)	02/25/34		47,569		42,248
Citigroup Mortgage Loan Trust, Inc.
2.986%(a)	09/25/34		63,798		58,416
3.339%(a)	02/25/34		67,936		67,078
Countrywide Alternative Loan Trust
0.471%(a)	03/20/46		74,752		42,883
0.571%(a)	10/25/35		113,843		75,909
3.075%(a)	09/25/34		111,230		78,581
First Horizon Asset Securities, Inc.
2.763%(a)	02/25/35		302,549		276,211
GE Capital Commercial Mortgage Corp.
5.543%	12/10/49		210,000		216,217
Greenpoint Mortgage Funding Trust
0.471%(a)	04/25/36		545,931		329,978
Harborview Mortgage Loan Trust
0.411%(a)	01/25/47		792,235		504,782
0.481%(a)	05/19/35		128,377		83,491
Homebanc Mortgage Trust
0.561%(a)	05/25/37		112,175		82,125
Impac CMB Trust
0.801%(a)	05/25/35		107,962		80,898
Indymac INDA Mortgage Loan Trust
5.874%(a)	11/25/37		88,803		71,361
Indymac Index Mortgage Loan Trust
0.381%(a)	07/25/36		312,597		174,528
0.461%(a)	06/25/47		276,030		153,514
0.521%(a)	06/25/35		467,416		322,589
2.772%(a)	03/25/35		105,213		80,726
5.047%(a)	09/25/35		71,736		59,650

Maturity Date Par Value

Non-Agency Mortgage-Backed Obligations (continued)
JP Morgan Chase Commercial Mortgage Securities Corp.
5.281%(a)	01/12/43	$	100,000	$	104,547
5.420%	01/15/49		100,000		104,006
LB-UBS Commercial Mortgage Trust
4.954%	09/15/30		500,000		533,305
Luminent Mortgage Trust
0.451%(a)	05/25/46		236,627		135,060
Master Adjustable Rate Mortgages Trust
0.461%(a)	05/25/47		756,275		425,900
1.128%(a)	12/25/46		278,510		90,839
2.763%(a)	02/25/35		259,335		221,775
3.572%(a)	12/25/34		16,815		12,512
Morgan Stanley Capital I
4.989%	08/13/42		240,000		254,128
5.692%(a)	04/15/49		400,000		414,558
6.969%(a)	04/15/33		103,142		103,455
Morgan Stanley Mortgage Loan Trust
0.581%(a)	01/25/35		348,891		264,168
2.658%(a)	07/25/35		157,186		114,911
2.928%(a)	07/25/34		71,880		61,645
2.931%(a)	08/25/34		105,940		87,438
Prime Mortgage Trust
8.000%	07/25/34		155,788		121,774
RBSGC Mortgage Pass Through Certificates
0.711%(a)	01/25/37		293,393		172,952
Residential Accredit Loans, Inc.
0.351%(a)	10/25/46		45,577		45,029
0.621%(a)	01/25/37		317,203		170,957
Residential Asset Securitization Trust
4.750%	02/25/19		405,713		417,501
Sequoia Mortgage Trust
0.461%(a)	07/20/36		297,065		240,736
Structured Adjustable Rate Mortgage Loan Trust
2.508%(a)	01/25/35		125,027		103,256
2.719%(a)	11/25/34		109,243		86,531
Thornburg Mortgage Securities Trust
6.180%(a)	09/25/37		285,876		277,553
6.190%(a)	09/25/37		275,860		256,872
WaMu Mortgage Pass-Through Certificates
0.491%(a)	04/25/45		114,719		96,061
0.581%(a)	08/25/45		300,465		253,957
2.657%(a)	02/25/33		72,774		70,944
2.721%(a)	10/25/35		166,810		159,784
5.489%(a)	11/25/36		300,000		220,033
Washington Mutual MSC Mortgage Pass-Through Certificates
2.698%(a)	01/25/35		45,081		42,751

See Notes to Financial Statements.

22

Wilshire Variable Insurance Trust Income Fund Schedule of Investments - (Continued) December 31, 2010    

Maturity Date Par Value

Non-Agency Mortgage-Backed Obligations (continued)
Wells Fargo Mortgage Backed Securities Trust
2.904%(a)	04/25/36	$	45,873	$	41,786
					9,606,303
Total Collateralized Mortgage Obligations (Cost $58,376,071)					56,373,945
CORPORATE BONDS — 27.4%
Consumer Discretionary — 2.6%
Boyd Gaming Corp.
7.125%	02/01/16		10,000		8,975
Cablevision Systems Corp.
7.750%	04/15/18		510,000		534,225
Cengage Learning Acquisitions, Inc.
10.500%(b)	01/15/15		10,000		10,325
Comcast Corp.
6.500%	01/15/15		665,000		757,254
Cricket Communications, Inc.
7.750%	05/15/16		80,000		83,000
CSC Holdings LLC
8.625%	02/15/19		10,000		11,300
Daimler Finance North America LLC
6.500%	11/15/13		30,000		33,962
7.300%	01/15/12		135,000		143,435
DISH DBS Corp.
7.000%	10/01/13		20,000		21,350
7.750%	05/31/15		40,000		42,500
7.875%	09/01/19		45,000		47,025
Inn of the Mountain Gods Resort & Casino
12.000%(c)(h)	11/15/10		10,000		5,213
McDonald's Corp. MTN
5.350%	03/01/18		80,000		89,896
MGM Resorts International
7.625%	01/15/17		20,000		18,700
10.375%	05/15/14		5,000		5,612
11.125%	11/15/17		20,000		23,000
Mohegan Tribal Gaming Authority
8.000%	04/01/12		5,000		4,175
Motors Liquidation Co.
8.250%(c)	07/15/23		70,000		24,325
8.375%(c)	07/05/33		30,000		13,234
News America, Inc.
6.650%	11/15/37		10,000		11,076
Qwest Corp.
6.875%	09/15/33		20,000		19,650
Reed Elsevier Capital, Inc.
8.625%	01/15/19		120,000		152,567
Service Corp. International
7.500%	04/01/27		30,000		28,725
Station Casinos, Inc.
6.000%(c)(h)	04/01/12		20,000		2
7.750%(c)(h)	08/15/16		70,000		7

Maturity Date Par Value

Consumer Discretionary (continued)
Time Warner Cable, Inc.
5.875%	11/15/40	$	160,000	$	158,297
6.750%	06/15/39		50,000		55,224
7.300%	07/01/38		130,000		152,011
8.250%	04/01/19		180,000		223,591
8.750%	02/14/19		80,000		101,953
Verizon Global Funding Corp.
4.375%	06/01/13		35,000		37,416
					2,818,025
Consumer Staples — 1.1%
Altria Group, Inc.
9.250%	08/06/19		170,000		221,857
CVS Caremark Corp.
6.600%	03/15/19		380,000		444,930
Kraft Foods, Inc.
5.375%	02/10/20		280,000		301,355
PepsiCo, Inc.
7.900%	11/01/18		41,000		52,832
Reynolds American, Inc.
6.750%	06/15/17		90,000		100,595
					1,121,569
Energy — 4.4%
Anadarko Petroleum Corp.
6.450%	09/15/36		90,000		89,765
8.700%	03/15/19		10,000		12,212
Apache Corp.
6.000%	09/15/13		180,000		202,121
Baker Hughes, Inc.
7.500%	11/15/18		200,000		250,789
Chesapeake Energy Corp.
7.250%	12/15/18		85,000		87,975
Complete Production Services, Inc.
8.000%	12/15/16		75,000		77,625
ConocoPhillips
4.750%	10/15/12		80,000		85,671
5.900%	05/15/38		210,000		230,986
Consol Energy, Inc.
8.000%(b)	04/01/17		30,000		31,950
El Paso Corp. MTN
7.800%	08/01/31		611,000		607,788
Energy Transfer Partners LP
6.700%	07/01/18		160,000		181,515
Enterprise Products Operating LLC
6.500%	01/31/19		250,000		283,863
Hess Corp.
7.300%	08/15/31		167,000		200,286
7.875%	10/01/29		60,000		75,301
8.125%	02/15/19		160,000		202,139
Kerr-McGee Corp.
6.950%	07/01/24		10,000		10,870
7.875%	09/15/31		205,000		235,001

See Notes to Financial Statements.

23

Wilshire Variable Insurance Trust Income Fund Schedule of Investments - (Continued) December 31, 2010    

Maturity Date Par Value

Energy (continued)
Kinder Morgan Energy Partners LP
5.000%	12/15/13	$	25,000	$	27,162
5.850%	09/15/12		10,000		10,723
6.000%	02/01/17		150,000		165,608
6.750%	03/15/11		10,000		10,111
6.950%	01/15/38		10,000		10,866
7.125%	03/15/12		5,000		5,334
Occidental Petroleum Corp.
7.000%	11/01/13		320,000		369,991
Pemex Project Funding Master Trust
6.625%	06/15/35		207,000		210,621
SandRidge Energy, Inc.
9.875%(b)	05/15/16		80,000		84,600
Southern Natural Gas Co.
5.900%(b)	04/01/17		30,000		32,171
8.000%	03/01/32		75,000		85,923
Tennessee Gas Pipeline Co.
7.625%	04/01/37		150,000		166,991
Williams, Inc.
7.500%	01/15/31		269,000		302,101
7.750%	06/15/31		60,000		67,672
Williams Partners
5.250%	03/15/20		240,000		248,784
					4,664,515
Financials — 11.5%
Ally Financial, Inc.
6.875%	09/15/11		354,000		363,735
7.250%	03/02/11		104,000		104,520
8.000%	03/15/20		170,000		185,725
American Express Co.
6.800%(a)	09/01/66		115,000		113,850
American Express Credit Corp. MTN
5.125%	08/25/14		230,000		247,982
5.875%	05/02/13		70,000		76,128
American General Finance Corp. MTN
6.900%	12/15/17		120,000		96,900
American International Group, Inc.
5.850%	01/16/18		40,000		41,246
6.250%	03/15/37		200,000		176,870
6.400%	12/15/20		480,000		503,620
Anadarko Finance Co.
7.500%	05/01/31		100,000		110,575
BAC Capital Trust XIV
5.630%(a)	03/15/12		10,000		7,102
Bank of America Corp.
7.625%	06/01/19		370,000		426,031
Bear Stearns LLC
7.250%	02/01/18		60,000		71,104
Berkshire Hathaway, Inc.
3.200%	02/11/15		180,000		185,738
Boeing Capital Corp.
4.700%	10/27/19		70,000		74,214
Caterpillar Financial Services Corp. MTN
6.200%	09/30/13		260,000		291,898

Maturity Date Par Value

Financials (continued)
Citigroup, Inc.
5.000%	09/15/14	$	315,000	$	325,861
5.500%	10/15/14		30,000		32,323
6.000%	12/13/13		290,000		316,893
6.010%	01/15/15		230,000		252,316
6.500%	08/19/13		60,000		65,924
6.875%	03/05/38		290,000		321,679
Countrywide Financial Corp.
6.250%	05/15/16		50,000		51,274
FIA Card Services
7.125%	11/15/12		510,000		551,480
Ford Motor Credit Co. LLC
5.552%(a)	06/15/11		103,000		104,545
7.375%	02/01/11		60,000		60,179
8.000%	12/15/16		420,000		469,333
12.000%	05/15/15		340,000		427,699
General Electric Capital Corp. MTN
5.625%	05/01/18		260,000		283,962
6.375%(a)	11/15/67		420,000		415,800
6.875%	01/10/39		470,000		543,160
Goldman Sachs Capital II
5.793%(a)	12/29/49		20,000		16,950
Goldman Sachs Group, Inc. MTN
3.625%	08/01/12		30,000		30,960
4.750%	07/15/13		20,000		21,305
5.250%	10/15/13		40,000		43,289
5.300%	02/14/12		10,000		10,464
5.375%	03/15/20		310,000		320,342
5.450%	11/01/12		50,000		53,476
6.000%	06/15/20		10,000		10,807
6.600%	01/15/12		310,000		327,813
HSBC Finance Corp.
6.375%	11/27/12		40,000		43,367
JPMorgan Chase & Co.
4.250%	10/15/20		110,000		107,431
4.400%	07/22/20		140,000		137,794
5.125%	09/15/14		545,000		579,919
5.150%	10/01/15		200,000		211,524
5.750%	01/02/13		195,000		211,294
Lehman Brothers Holdings Capital Trust VII MTN
5.857%(c)	11/29/49		200,000		20
Lehman Brothers Holdings, Inc. MTN
6.500%(c)	07/19/17		160,000		88
6.750%(c)	12/28/17		340,000		34
Merrill Lynch & Co., Inc. MTN
6.875%	04/25/18		70,000		76,716
MetLife, Inc.
4.750%	02/08/21		80,000		81,682
5.875%	02/06/41		160,000		168,693
6.400%	12/15/36		40,000		37,600
Morgan Stanley MTN
0.739%(a)	10/18/16		40,000		36,943
5.625%	01/09/12		300,000		313,243
5.750%	08/31/12		70,000		74,853
6.625%	04/01/18		100,000		108,477

See Notes to Financial Statements.

24

Wilshire Variable Insurance Trust Income Fund Schedule of Investments - (Continued) December 31, 2010    

Maturity Date Par Value

Financials (continued)
Private Export Funding Corp.
4.950%	11/15/15	$	260,000	$	290,653
SLM Corp. MTN
5.000%	04/15/15		10,000		9,634
5.050%	11/14/14		50,000		47,784
5.375%	05/15/14		345,000		346,700
5.625%	08/01/33		35,000		27,463
SunTrust Capital VIII
6.100%(a)	12/15/36		50,000		45,750
SunTrust Preferred Capital I
5.853%(a)	12/15/11		11,000		8,360
Wachovia Capital Trust III
5.800%(a)	12/31/49		320,000		277,600
Wachovia Corp.
5.625%	10/15/16		690,000		750,612
Wells Fargo & Co.
5.000%	11/15/14		5,000		5,309
5.300%	08/26/11		90,000		92,763
Wells Fargo Capital X
5.950%	12/15/36		100,000		96,526
					12,323,904
Health Care — 2.5%
Abbott Laboratories
5.125%	04/01/19		320,000		352,341
Community Health Systems, Inc.
8.875%	07/15/15		70,000		73,500
GlaxoSmithKline Capital, Inc.
5.650%	05/15/18		380,000		434,503
HCA, Inc.
6.250%	02/15/13		14,000		14,280
6.300%	10/01/12		59,000		60,328
7.500%	11/15/95		20,000		15,900
7.690%	06/15/25		30,000		28,800
9.125%	11/15/14		10,000		10,487
9.250%	11/15/16		60,000		64,162
HCA, Inc. PIK
9.625%	11/15/16		21,037		22,536
Humana, Inc.
7.200%	06/15/18		130,000		146,854
Medtronic, Inc.
4.450%	03/15/20		80,000		83,054
Tenet Healthcare Corp.
8.875%	07/01/19		700,000		791,000
9.000%	05/01/15		60,000		66,600
9.250%	02/01/15		71,000		75,615
10.000%	05/01/18		60,000		69,900
UnitedHealth Group, Inc.
3.875%	10/15/20		30,000		28,621
5.700%	10/15/40		60,000		59,740
6.000%	02/15/18		40,000		45,406
WellPoint, Inc.
5.875%	06/15/17		20,000		22,356
Wyeth
5.950%	04/01/37		200,000		221,325
					2,687,308

Maturity Date Par Value

Industrials — 0.9%
Boeing Co.
4.875%	02/15/20	$	40,000	$	43,060
6.000%	03/15/19		100,000		115,052
Delta Air Lines, Inc.
6.821%	08/10/22		325,023		344,524
RailAmerica, Inc.
9.250%	07/01/17		96,000		105,480
United Parcel Service, Inc.
4.500%	01/15/13		330,000		353,008
					961,124
Materials — 0.5%
Alcoa, Inc.
6.000%	07/15/13		10,000		11,004
Freeport-McMoRan Copper & Gold, Inc.
8.375%	04/01/17		345,000		381,656
PPG Industries, Inc.
5.750%	03/15/13		30,000		32,561
6.650%	03/15/18		30,000		34,504
Steel Dynamics, Inc.
6.750%	04/01/15		60,000		60,750
7.375%	11/01/12		5,000		5,275
Westlake Chemical Corp.
6.625%	01/15/16		8,000		8,270
					534,020
Telecommunication Services — 1.3%
AT&T, Inc.
5.100%	09/15/14		80,000		87,528
6.550%	02/15/39		110,000		119,730
Bellsouth Capital Funding Corp.
7.875%	02/15/30		160,000		192,777
BellSouth Corp.
4.750%	11/15/12		10,000		10,667
New Cingular Wireless Services, Inc.
8.125%	05/01/12		85,000		92,853
Qwest Communications International, Inc.
7.500%	02/15/14		28,000		28,350
Sprint Capital Corp.
6.900%	05/01/19		230,000		227,125
8.375%	03/15/12		40,000		42,500
8.750%	03/15/32		25,000		25,250
Verizon Communications, Inc.
5.500%	02/15/18		210,000		230,778
6.100%	04/15/18		165,000		187,427
Windstream Corp.
8.625%	08/01/16		85,000		89,462
					1,334,447
Utilities — 2.6%
AES Corp. (The)
7.750%	03/01/14		3,000		3,202
7.750%	10/15/15		70,000		74,725
8.000%	06/01/20		240,000		254,400
8.875%	02/15/11		9,000		9,045
Dominion Resources, Inc.
5.700%	09/17/12		260,000		279,772

See Notes to Financial Statements.

25

Wilshire Variable Insurance Trust Income Fund Schedule of Investments - (Continued) December 31, 2010    

Maturity Date Par Value

Utilities (continued)
Duke Energy Carolinas LLC
5.625%	11/30/12	$	380,000	$	411,775
Energy Future Holdings Corp. PIK
11.250%	11/01/17		271,618		162,971
Energy Future Intermediate Holding Co. LLC
10.000%	12/01/20		612,000		631,139
Exelon Corp.
5.625%	06/15/35		200,000		190,414
FirstEnergy Corp.
6.450%	11/15/11		7,000		7,285
7.375%	11/15/31		360,000		379,498
NRG Energy, Inc.
7.375%	01/15/17		20,000		20,600
7.375%	02/01/16		35,000		35,875
Pacific Gas & Electric Co.
5.800%	03/01/37		10,000		10,598
6.050%	03/01/34		190,000		208,031
8.250%	10/15/18		20,000		25,985
Tennessee Valley Authority
5.250%	09/15/39		100,000		105,722
					2,811,037
Total Corporate Bonds (Cost $28,230,967)					29,255,949
FOREIGN BONDS (f) — 10.1%
Australia — 2.0%
BHP Billiton Finance USA, Ltd.
6.500%	04/01/19		280,000		332,960
Commonwealth Bank of Australia
2.500%	12/10/12		1,000,000		1,030,662
Rio Tinto Finance USA, Ltd.
6.500%	07/15/18		250,000		291,461
9.000%	05/01/19		400,000		537,218
					2,192,301
Belgium — 0.2%
Anheuser-Busch InBev Worldwide, Inc.
5.375%	01/15/20		230,000		249,225
Canada — 1.9%
Conoco Funding Co.
7.250%	10/15/31		35,000		43,275
Hydro Quebec
6.300%	05/11/11		60,000		61,236
Province of Ontario Canada
2.700%	06/16/15		490,000		498,841
3.150%	12/15/17		1,010,000		1,003,754
4.000%	10/07/19		380,000		390,362
Rogers Communications, Inc.
6.375%	03/01/14		10,000		11,236
6.750%	03/15/15		10,000		11,608
Teck Resources, Ltd.
9.750%	05/15/14		4,000		5,006
10.250%	05/15/16		6,000		7,425
					2,032,743

Maturity Date Par Value

Cayman Islands — 0.6%
MUFG Capital Finance 1, Ltd.
6.346%(a)	07/25/49	$	100,000	$	100,769
Petrobras International Finance Co.
5.750%	01/20/20		10,000		10,376
6.125%	10/06/16		90,000		99,002
Systems 2001 AT LLC
6.664%(b)	09/15/13		247,333		271,349
Vale Overseas, Ltd.
6.875%	11/21/36		185,000		203,497
					684,993
France — 0.1%
Cie Generale de Geophysique-Veritas
7.500%	05/15/15		25,000		25,438
7.750%	05/15/17		70,000		71,750
					97,188
Luxembourg — 0.8%
FMC Finance III SA
6.875%	07/15/17		145,000		153,700
Intelsat Jackson Holdings SA
9.500%	06/15/16		15,000		15,825
Telecom Italia Capital SA
4.950%	09/30/14		40,000		40,982
5.250%	11/15/13		35,000		36,463
5.250%	10/01/15		210,000		215,010
6.999%	06/04/18		30,000		31,765
Tyco International Finance SA
6.000%	11/15/13		210,000		232,961
6.750%	02/15/11		80,000		80,555
					807,261
Mexico — 0.4%
America Movil SAB de CV
5.000%	03/30/20		100,000		103,945
5.625%	11/15/17		80,000		87,212
Kansas City Southern de Mexico SA de CV
12.500%	04/01/16		36,000		44,100
Mexico Government International Bond MTN
6.750%	09/27/34		152,000		171,000
					406,257
Netherlands — 0.4%
Deutsche Telekom International Finance BV
5.750%	03/23/16		195,000		218,397
Shell International Finance BV
4.375%	03/25/20		230,000		241,237
					459,634
Russia — 0.5%
Russia Federation
7.500% (e)	03/31/30		443,025		512,359
Sweden — 0.2%
Svensk Exportkredit AB
1.750%	10/20/15		170,000		163,967

See Notes to Financial Statements.

26

Wilshire Variable Insurance Trust Income Fund Schedule of Investments - (Continued) December 31, 2010    

Maturity Date Par Value

Switzerland — 0.3%
UBS AG MTN
3.875%	01/15/15	$	260,000	$	267,962
United Kingdom — 2.7%
Barclays Bank PLC
5.000%	09/22/16		200,000		211,640
5.200%	07/10/14		200,000		216,016
BP Capital Markets PLC
3.875%	03/10/15		90,000		92,834
5.250%	11/07/13		270,000		292,414
Diageo Capital PLC
4.828%	07/15/20		390,000		411,516
Nationwide Building Society
2.500%	08/17/12		1,000,000		1,025,289
Royal Bank of Scotland Group PLC MTN
5.000%	10/01/14		30,000		28,859
3.950%	09/21/15		190,000		186,776
4.875%	03/16/15		100,000		102,292
5.000%	11/12/13		30,000		29,626
5.050%	01/08/15		60,000		57,725
6.400%	10/21/19		180,000		181,144
7.640%	09/29/17		100,000		66,500
					2,902,631
Total Foreign Bonds (Cost $10,393,822)					10,776,521
MUNICIPAL BONDS — 0.8%
Kentucky Higher Education Student Loan Corp., RB
1.487% (a)	05/01/34		50,000		49,075
Los Angeles Department of Water & Power RB
6.574%	07/01/45		70,000		71,393
Municipal Electric Authority of Georgia RB
6.655%	04/01/57		40,000		38,689
6.637%	04/01/57		60,000		58,650
North Carolina State Education Assistance Authority RB
1.200%	07/25/41		200,000		194,180
North Texas Higher Education Authority RB
1.190% (a)	07/01/30		215,000		207,984
Northstar Education Finance, Inc. RB
1.761% (a)	01/29/46		200,000		167,812
State of California, Build America Bonds GO
7.300%	10/01/39		100,000		100,710
Total Municipal Bonds
(Cost $894,792)					888,493

	Maturity Date	Par		Value
U.S. TREASURY OBLIGATIONS — 10.3%
U.S. Treasury Bonds
8.000%	11/15/21	$	1,050,000	$	1,485,099
4.375%	05/15/40		1,395,000		1,401,752
U.S. Treasury Inflationary Protection Securities (g)
3.875%	04/15/29		360,000		642,351
3.625%	04/15/28		80,000		139,644
2.500%	01/15/29		1,015,000		1,173,222
2.375%	01/15/27		40,000		48,211
2.125%	02/15/40		340,000		364,151
U.S. Treasury Notes
3.500%	05/15/20		650,000		665,847
2.625%	08/15/20		170,000		161,168
2.625%	11/15/20		40,000		37,731
2.125%	12/31/15		4,117,000		4,138,870
0.500%	11/15/13		10,000		9,871
U.S. Treasury STRIPS
4.787% (d)	11/15/24		680,000		382,376
4.718% (d)	02/15/25		680,000		377,539
Total U.S. Treasury Obligations (Cost $10,829,248)					11,027,832
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 6.9%
FHLMC
9.193% (d)	03/15/31		1,170,000		419,981
4.000%	12/15/38		200,000		195,629
0.750% (e)	06/30/11		880,000		870,442
0.230% (d)	04/19/11		1,000,000		999,310
FNMA
7.569% (d)	10/09/19		920,000		580,906
6.625%	11/15/30		490,000		618,267
5.250%	08/01/12		280,000		299,124
5.125%	01/02/14		1,180,000		1,293,799
5.000%	12/01/35		16,590		17,526
5.000%	06/01/35		66,490		70,240
2.000%	04/15/13		810,000		813,191
1.250%	08/16/13		1,200,000		1,200,880
Total U.S. Government & Agency Obligations (Cost $7,320,536)					7,379,295

Shares
		PREFERRED STOCK — 0.2%
	5,800	Citigroup Capital XII, 8.500%	153,468
	14,850	Federal Home Loan Mortgage Corp., Series Z, 8.375%	9,341
	500	Federal National Mortgage Association, Series O, 0.000%	380
	10,775	Federal National Mortgage Association, Series S, 8.250%	6,034
	2,000	Motors Liquidation Co., Series C, Cnv †, 6.250%	16,700
	6,250	Motors Liquidation Co., Series B Cnv †, 5.250%	51,250
Total Preferred Stock (Cost $974,010)			237,173

See Notes to Financial Statements.

27

Wilshire Variable Insurance Trust Income Fund Schedule of Investments - (Continued) December 31, 2010    

Shares			Value
		ESCROW SECURITY — 0.0%
	10,000	CB Premiere Escrow Security † (h) (i)(Cost $-)	$	—
Total Investments — 111.9% (Cost $122,691,707)				119,500,067
Other Assets & Liabilities, Net — (11.9)%				(12,738,093	)
NET ASSETS — 100.0%			$	106,761,974

		Maturity Date	Par
TBA SALES COMMITMENTS — (12.6)%
COLLATERALIZED MORTGAGE OBLIGATIONS — (12.6)%
FNMA TBA
	6.000%	01/01/38	$	(1,900,000	)	$	(2,065,063	)
	5.500%	01/01/38		(2,100,000	)		(2,246,672	)
	5.000%	01/01/38		(2,100,000	)		(2,207,625	)
	4.500%	01/01/38		(4,000,000	)		(4,105,624	)
	4.000%	11/15/34		(2,700,000	)		(2,685,658	)
	3.500%	01/01/41		(100,000	)		(95,500	)
Total TBA Sales Commitments (Proceeds $13,362,828)						$	(13,406,142	)

† Non-income producing security.

(a) Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of December 31, 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. This security has 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 December 31, 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 December 31, 2010 was $5,222 and represented 0.00% of Net Assets.

(i) Security fair valued using methods determined in good faith by the Pricing Committee. As of December 31, 2010, the total market value of this security was $0 and represented 0.0% of Net Assets.

Cnv — Convertible

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

IO — Interest Only

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

NCUA — National Credit Union Association

PIK — Payment-in-Kind

PLC — Public Limited Company

RB — Revenue Bond

STRIPS — Separately Traded Registered Interest and Principal Security

TBA — To Be Announced

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

The following is a summary of the inputs used as of December 31, 2010, in valuing the Fund’s investments carried at value.

Investments in Securities	Level 1		Level 2		Level 3			Total
Asset-Backed Securities	$	—	$	3,560,859	$	—		$	3,560,859
Collateralized Mortgage Obligations		—		56,373,945		—			56,373,945
Corporate Bonds		—		29,255,949		—			29,255,949
Foreign Bonds		—		10,776,521		—			10,776,521
Municipal Bonds		—		888,493		—			888,493
U.S. Treasury Obligations		—		11,027,832		—			11,027,832
U.S. Government & Agency Obligations		—		7,379,295		—			7,379,295
Preferred Stock		169,223		67,950		—			237,173
Escrow Security		—		—		—	††		—
Total Investments in Securities	$	169,223	$	119,330,844	$	—		$	119,500,067

TBA Sales Commitments	Level 1		Level 2			Level 3		Total
Collateralized Mortgage Obligations	$	—	$	(13,406,142	)	$	—	$	(13,406,142	)

†† This security was categorized as Level 3 and had a market value of $0 as of December 31, 2010 and the value has remained zero throughout the year ended December 31, 2010. There were no accrued discounts/premiums, realized gain/(loss), change in unrealized appreciation/(depreciation), purchases, sales or transfers in or out of Level 3 during the year ended December 31, 2010.

For the year ended December 31, 2010, the transfers out of Level 1 and into Level 2 were $67,950. The transfers were related to the use of trading versus bid prices of preferred stock. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

See Notes to Financial Statements.

28

Wilshire Variable Insurance Trust Small Cap Growth Fund Schedule of Investments December 31, 2010    

Shares Value

COMMON STOCK — 99.0%††
Consumer Discretionary — 15.1%
	1,166	99 Cents Only Stores †	$	18,586
	627	AFC Enterprises, Inc. †		8,715
	584	Ambassadors Group, Inc.		6,716
	1,778	American Axle & Manufacturing Holdings, Inc. †		22,865
	79	American Greetings Corp., Class A		1,751
	545	American Public Education, Inc. †		20,296
	146	America's Car-Mart, Inc. †		3,954
	10,529	Amerigon, Inc. †		114,556
	812	Ameristar Casinos, Inc.		12,691
	1,743	AnnTaylor Stores Corp. †		47,741
	789	Arbitron, Inc.		32,759
	353	Archipelago Learning, Inc. †		3,463
	869	Asbury Automotive Group, Inc. †		16,059
	1,656	Ascena Retail Group, Inc. †		43,751
	434	Ballantyne Strong, Inc. †		3,372
	2,734	Belo Corp., Class A †		19,357
	616	Big 5 Sporting Goods Corp.		9,406
	6,428	BJ's Restaurants, Inc. †		227,744
	373	Blue Nile, Inc. †		21,284
	50	Blyth, Inc.		1,724
	106	Body Central Corp. †		1,513
	130	Bon-Ton Stores, Inc. (The)		1,646
	253	Bravo Brio Restaurant Group, Inc. †		4,850
	576	Bridgepoint Education, Inc. †		10,944
	884	Brown Shoe Co., Inc.		12,314
	2,630	Brunswick Corp.		49,286
	734	Buckle, Inc. (The)		27,723
	536	Buffalo Wild Wings, Inc. †		23,504
	574	California Pizza Kitchen, Inc. †		9,919
	500	Cambium Learning Group, Inc. †		1,720
	497	Capella Education Co. †		33,090
	227	Caribou Coffee Co., Inc. †		2,288
	180	Carmike Cinemas, Inc. †		1,390
	389	Carrols Restaurant Group, Inc. †		2,886
	1,760	Carter's, Inc. †		51,938
	1,120	Casual Male Retail Group, Inc. †		5,309
	831	Cato Corp. (The), Class A		22,778
	46	Cavco Industries, Inc. †		2,148
	608	CEC Entertainment, Inc. †		23,609
	1,787	Cheesecake Factory, Inc. (The) †		54,789
	243	Cherokee, Inc.		4,571
	695	Children's Place Retail Stores, Inc. (The) †		34,500
	617	Christopher & Banks Corp.		3,794
	64	Churchill Downs, Inc.		2,778
	15,017	Cinemark Holdings, Inc.		258,893
	443	Citi Trends, Inc. †		10,876
	940	Coinstar, Inc. †		53,054
	1,813	Coldwater Creek, Inc. †		5,747
	1,315	Collective Brands, Inc. †		27,746
	1,816	Cooper Tire & Rubber Co.		42,821
	48	Core-Mark Holding Co., Inc. †		1,708
	2,631	Corinthian Colleges, Inc. †		13,707
	161	CPI Corp.		3,631
	654	Cracker Barrel Old Country Store, Inc.		35,819
	2,543	CROCS, Inc. †		43,536
	280	Culp, Inc. †		2,901
	3,842	Dana Holding Corp. †		66,121
	1,148	Deckers Outdoor Corp. †		91,541
	2,955	Denny's Corp. †		10,579
	151	Destination Maternity Corp. †		5,727
	532	DineEquity, Inc. †		26,270

Shares Value

Consumer Discretionary (continued)
	396	Domino's Pizza, Inc. †	$	6,316
	337	Dorman Products, Inc. †		12,213
	216	Drew Industries, Inc.		4,907
	2,791	Drugstore.com, Inc. †		6,168
	421	DSW, Inc., Class A †		16,461
	7,981	Eastman Kodak Co. †		42,778
	173	Einstein Noah Restaurant Group, Inc.		2,431
	834	Empire Resorts, Inc. †		859
	596	Entercom Communications Corp., Class A †		6,902
	1,521	Entravision Communications Corp., Class A †		3,909
	254	Ethan Allen Interiors, Inc.		5,082
	554	Exide Technologies †		5,213
	9,419	Express, Inc.		177,077
	453	Finish Line, Inc. (The), Class A		7,787
	454	Fuel Systems Solutions, Inc. †		13,338
	72	Genesco, Inc. †		2,699
	458	G-III Apparel Group, Ltd. †		16,099
	492	Global Sources, Ltd. †		4,684
	85	Gordmans Stores, Inc. †		1,425
	918	Grand Canyon Education, Inc. †		17,984
	161	Group 1 Automotive, Inc.		6,723
	1,159	Harte-Hanks, Inc.		14,800
	389	hhgregg, Inc. †		8,149
	854	Hibbett Sports, Inc. †		31,513
	4,083	Home Inns & Hotels Management, Inc. ADR †		167,240
	592	HOT Topic, Inc.		3,712
	1,153	HSN, Inc. †		35,328
	1,193	Interval Leisure Group, Inc. †		19,255
	624	iRobot Corp. †		15,525
	1,513	Jack in the Box, Inc. †		31,970
	1,784	Jamba, Inc. †		4,050
	812	Jo-Ann Stores, Inc. †		48,899
	1,308	Joe's Jeans, Inc. †		2,040
	816	JOS A Bank Clothiers, Inc. †		32,901
	218	Journal Communications, Inc., Class A †		1,101
	745	K12, Inc. †		21,352
	500	Kirkland's, Inc. †		7,015
	829	Knology, Inc. †		12,957
	1,734	Krispy Kreme Doughnuts, Inc. †		12,103
	411	K-Swiss, Inc., Class A †		5,125
	155	Lacrosse Footwear, Inc.		2,542
	171	La-Z-Boy, Inc. †		1,542
	868	Leapfrog Enterprises, Inc., Class A †		4,817
	203	Learning Tree International, Inc.		1,941
	1,370	Lee Enterprises, Inc. †		3,370
	1,102	Life Time Fitness, Inc. †		45,171
	420	Lincoln Educational Services Corp.		6,514
	1,446	Lions Gate Entertainment Corp. †		9,413
	75	Lithia Motors, Inc., Class A		1,072
	2,809	Liz Claiborne, Inc. †		20,112
	238	LodgeNet Interactive Corp. †		1,012
	656	Lumber Liquidators Holdings, Inc. †		16,341
	680	Maidenform Brands, Inc. †		16,164
	329	Marine Products Corp. †		2,191
	834	Martha Stewart Living Omnimedia, Class A †		3,686
	898	Matthews International Corp., Class A		31,412
	1,786	McClatchy Co. (The), Class A †		8,341
	193	McCormick & Schmick's Seafood Restaurants, Inc. †		1,754
	173	Media General, Inc., Class A †		1,000
	442	Midas, Inc. †		3,585

See Notes to Financial Statements.

29

Wilshire Variable Insurance Trust Small Cap Growth Fund Schedule of Investments - (Continued) December 31, 2010    

Shares Value

Consumer Discretionary (continued)
	5,071	Monro Muffler Brake, Inc.	$	175,389
	256	Morgans Hotel Group Co. †		2,322
	14,040	National American University Holdings, Inc.		103,054
	7,768	National CineMedia, Inc.		154,661
	797	Nutrisystem, Inc.		16,761
	910	OfficeMax, Inc. †		16,107
	592	Orbitz Worldwide, Inc. †		3,309
	438	Overstock.com, Inc. †		7,218
	390	Oxford Industries, Inc.		9,988
	486	Papa John's International, Inc. †		13,462
	351	Peet's Coffee & Tea, Inc. †		14,651
	502	Penske Automotive Group, Inc. †		8,745
	684	PetMed Express, Inc.		12,182
	684	PF Chang's China Bistro, Inc.		33,147
	3,100	Pier 1 Imports, Inc. †		32,550
	130	Pinnacle Entertainment, Inc. †		1,823
	474	Playboy Enterprises, Inc., Class B †		2,474
	924	Polaris Industries, Inc.		72,091
	1,480	Pool Corp.		33,359
	222	Pre-Paid Legal Services, Inc. †		13,375
	144	ReachLocal, Inc. †		2,867
	282	Rentrak Corp. †		8,505
	687	Retail Ventures, Inc. †		11,198
	273	RG Barry Corp.		3,036
	436	Rue21, Inc. †		12,779
	908	Ruth's Hospitality Group, Inc. †		4,204
	2,534	Sally Beauty Holdings, Inc. †		36,819
	996	Scientific Games Corp., Class A †		9,920
	553	Sealy Corp. †		1,615
	1,375	Select Comfort Corp. †		12,554
	54	Shoe Carnival, Inc. †		1,458
	1,601	Shuffle Master, Inc. †		18,331
	6,199	Shutterfly, Inc. †		217,151
	1,026	Skechers U.S.A., Inc., Class A †		20,520
	1,691	Smith & Wesson Holding Corp. †		6,324
	193	Sonic Automotive, Inc., Class A		2,555
	1,818	Sonic Corp. †		18,398
	6,992	Sotheby's		314,640
	145	Standard Motor Products, Inc.		1,986
	335	Stein Mart, Inc.		3,099
	446	Steiner Leisure, Ltd. †		20,828
	3,994	Steven Madden, Ltd. †		166,630
	458	Stoneridge, Inc. †		7,232
	583	Sturm Ruger & Co., Inc.		8,914
	337	Summer Infant, Inc. †		2,555
	180	Superior Industries International, Inc.		3,820
	400	SuperMedia, Inc. †		3,484
	273	Systemax, Inc. †		3,849
	1,815	Talbots, Inc. †		15,464
	6,580	Tenneco, Inc. †		270,833
	1,699	Texas Roadhouse, Inc., Class A †		29,172
	820	Timberland Co. (The), Class A †		20,164
	153	Tower International, Inc. †		2,707
	753	True Religion Apparel, Inc. †		16,762
	8,018	Ulta Salon Cosmetics & Fragrance, Inc. †		272,612
	7,437	Under Armour, Inc., Class A †		407,845
	153	Universal Electronics, Inc. †		4,341
	626	Universal Technical Institute, Inc.		13,784
	11,078	US Auto Parts Network, Inc. †		93,055
	1,478	Valassis Communications, Inc. †		47,813
	262	Vera Bradley, Inc. †		8,646
	422	Vitacost.com, Inc. (a)†		2,406
	11,349	Vitamin Shoppe, Inc. †		381,780
	576	Volcom, Inc.		10,869

Shares Value

Consumer Discretionary (continued)
	1,316	Warnaco Group, Inc. (The) †	$	72,472
	422	Warner Music Group Corp. †		2,376
	171	Westwood One, Inc. †		1,561
	2,231	Wet Seal, Inc. (The), Class A †		8,255
	111	Weyco Group, Inc.		2,718
	76	Winmark Corp.		2,557
	867	Winnebago Industries, Inc. †		13,178
	1,470	Wolverine World Wide, Inc.		46,864
	648	World Wrestling Entertainment, Inc., Class A		9,228
	610	Zumiez, Inc. †		16,391
				6,170,616
Consumer Staples — 3.7%
	37	Arden Group, Inc., Class A		3,053
	796	B&G Foods, Inc., Class A		10,929
	257	Boston Beer Co., Inc., Class A †		24,438
	331	Calavo Growers, Inc.		7,629
	381	Cal-Maine Foods, Inc.		12,032
	428	Casey's General Stores, Inc.		18,194
	129	Coca-Cola Bottling Co. Consolidated		7,170
	1,819	Darling International, Inc. †		24,156
	648	Diamond Foods, Inc.		34,461
	561	Female Health Co. (The)		3,192
	3,146	Fresh Market, Inc. (The) †		129,615
	11,951	Green Mountain Coffee Roasters, Inc. †		392,710
	2,653	Heckmann Corp. †		13,345
	431	Inter Parfums, Inc.		8,124
	401	J&J Snack Foods Corp.		19,344
	575	Lancaster Colony Corp.		32,890
	162	Lifeway Foods, Inc. †		1,547
	246	Limoneira Co.		7,060
	400	Medifast, Inc. †		11,552
	335	National Beverage Corp.		4,402
	245	Nature's Sunshine Products, Inc. †		2,200
	10,296	Nu Skin Enterprises, Inc., Class A		311,557
	58	Pantry, Inc. (The) †		1,152
	632	Pilgrim's Pride Corp. †		4,481
	470	Pricesmart, Inc.		17,874
	169	Primo Water Corp. †		2,401
	157	Revlon, Inc., Class A †		1,545
	1,213	Rite Aid Corp. †		1,071
	679	Ruddick Corp.		25,014
	601	Sanderson Farms, Inc.		23,529
	902	Smart Balance, Inc. †		3,906
	770	Snyders-Lance, Inc.		18,049
	2,893	Star Scientific, Inc. †		5,641
	566	Synutra International, Inc. †		7,613
	648	Tootsie Roll Industries, Inc.		18,773
	6,739	United Natural Foods, Inc. †		247,187
	179	USANA Health Sciences, Inc. †		7,778
	891	Vector Group, Ltd.		15,432
	101	Village Super Market, Inc., Class A		3,333
	471	WD-40 Co.		18,972
				1,503,351
Energy — 6.8%
	746	Abraxas Petroleum Corp. †		3,409
	92	Amyris, Inc. †		2,455
	273	Apco Oil and Gas International, Inc.		15,697
	695	BPZ Resources, Inc. †		3,308
	13,495	Brigham Exploration Co. †		367,604
	866	Callon Petroleum Co. †		5,127
	1,431	CAMAC Energy, Inc. †		2,848
	2,528	CARBO Ceramics, Inc.		261,749
	924	Carrizo Oil & Gas, Inc. †		31,869
	619	Cheniere Energy, Inc. †		3,417

See Notes to Financial Statements.

30

Wilshire Variable Insurance Trust Small Cap Growth Fund Schedule of Investments - (Continued) December 31, 2010    

Shares Value

Energy (continued)
	159	Clayton Williams Energy, Inc. †	$	13,351
	1,357	Clean Energy Fuels Corp. †		18,781
	191	Cloud Peak Energy, Inc. †		4,437
	230	Contango Oil & Gas Co. †		13,324
	1,007	Dril-Quip, Inc. †		78,264
	649	Endeavour International Corp. †		8,962
	2,050	Energy XXI Bermuda, Ltd. †		56,723
	463	Evolution Petroleum Corp. †		3,019
	1,304	FX Energy, Inc. †		8,020
	806	Gulfport Energy Corp. †		17,450
	112	Hallador Energy Co.		1,175
	539	Houston American Energy Corp.		9,750
	3,766	ION Geophysical Corp. †		31,936
	37	Isramco, Inc. †		3,119
	667	James River Coal Co. †		16,895
	219	Key Energy Services, Inc. †		2,843
	4,997	Kodiak Oil & Gas Corp. †		32,980
	557	L&L Energy, Inc. †		6,016
	4,784	Lufkin Industries, Inc.		298,474
	38,661	Magnum Hunter Resources Corp. †		278,359
	140	Matrix Service Co. †		1,705
	2,834	McMoRan Exploration Co. †		48,575
	191	Newpark Resources, Inc. †		1,177
	10,871	North American Energy Partners, Inc. †		133,278
	9,412	Northern Oil and Gas, Inc. †		256,100
	13,367	Oasis Petroleum, Inc. †		362,513
	113	OYO Geospace Corp. †		11,199
	220	Panhandle Oil and Gas, Inc., Class A		6,032
	386	Petroquest Energy, Inc. †		2,907
	1,590	RAM Energy Resources, Inc. †		2,926
	6,414	Rentech, Inc. †		7,825
	164	Rex Energy Corp. †		2,239
	961	Rosetta Resources, Inc. †		36,172
	6,024	Rowan Cos., Inc. †		210,298
	1,284	RPC, Inc.		23,266
	430	Scorpio Tankers, Inc. †		4,347
	92	Stone Energy Corp. †		2,051
	2,120	Syntroleum Corp. †		3,922
	250	Tetra Technologies, Inc. †		2,967
	4,402	TransAtlantic Petroleum, Ltd. †		14,659
	1,798	Uranium Energy Corp. †		10,860
	188	Vaalco Energy, Inc. †		1,346
	139	Venoco, Inc. †		2,565
	374	Warren Resources, Inc. †		1,690
	1,115	World Fuel Services Corp.		40,318
				2,792,298
Financials — 4.3%
	254	Acadia Realty Trust		4,633
	214	Advance America Cash Advance Centers, Inc.		1,207
	40	Alexander's, Inc.		16,491
	746	Artio Global Investors, Inc., Class A		11,004
	690	Associated Estates Realty Corp.		10,550
	59	Bank of the Ozarks, Inc.		2,558
	1,709	BGC Partners, Inc., Class A		14,202
	76	Bridge Bancorp, Inc.		1,874
	288	Cash America International, Inc.		10,636
	586	CNO Financial Group, Inc. †		3,973
	418	Cohen & Steers, Inc.		10,910
	120	Compass Diversified Holdings		2,123
	756	Crawford & Co., Class B †		2,571
	167	Credit Acceptance Corp. †		10,461
	67	Diamond Hill Investment Group, Inc.		4,847
	7,199	Dollar Financial Corp. †		206,107
	812	Duff & Phelps Corp., Class A		13,690

Shares Value

Financials (continued)
	450	DuPont Fabros Technology, Inc.	$	9,572
	363	EastGroup Properties, Inc.		15,362
	662	eHealth, Inc. †		9,394
	5,462	Encore Capital Group, Inc. †		128,084
	365	Epoch Holding Corp.		5,668
	513	Equity Lifestyle Properties, Inc.		28,692
	181	Equity One, Inc.		3,291
	4,541	Evercore Partners, Inc., Class A		154,394
	1,269	Ezcorp, Inc., Class A †		34,428
	1,414	FelCor Lodging Trust, Inc. †		9,955
	381	Financial Engines, Inc. †		7,555
	194	First American Financial Corp.		2,898
	895	First Cash Financial Services, Inc. †		27,736
	280	First Financial Bankshares, Inc.		14,330
	133	GAMCO Investors, Inc., Class A		6,385
	284	Getty Realty Corp.		8,884
	1,183	GFI Group, Inc.		5,548
	1,169	Gleacher & Co., Inc. †		2,771
	338	HFF, Inc., Class A †		3,265
	368	Home Properties, Inc.		20,420
	207	Investors Bancorp, Inc. †		2,716
	716	KBW, Inc.		19,991
	603	Kennedy-Wilson Holdings, Inc. †		6,024
	2,776	Ladenburg Thalmann Financial Services, Inc. †		3,248
	196	Life Partners Holdings, Inc.		3,749
	143	LTC Properties, Inc.		4,015
	827	MarketAxess Holdings, Inc.		17,210
	600	Mid-America Apartment Communities, Inc.		38,094
	314	National Health Investors, Inc.		14,136
	75	Nelnet, Inc., Class A		1,777
	452	Netspend Holdings, Inc. †		5,795
	570	Omega Healthcare Investors, Inc.		12,791
	1,609	optionsXpress Holdings, Inc.		25,213
	521	Oritani Financial Corp.		6,377
	6,684	Portfolio Recovery Associates, Inc. †		502,637
	620	Potlatch Corp.		20,181
	108	PS Business Parks, Inc.		6,018
	252	Pzena Investment Management, Inc., Class A		1,852
	459	Rodman & Renshaw Capital Group, Inc. †		1,230
	131	Saul Centers, Inc.		6,203
	1,220	Signature Bank †		61,000
	917	Stifel Financial Corp. †		56,891
	1,053	Strategic Hotels & Resorts, Inc. †		5,570
	99	Suffolk Bancorp		2,443
	686	Tanger Factory Outlet Centers		35,116
	137	Tejon Ranch Co. †		3,774
	505	Tower Group, Inc.		12,918
	333	TradeStation Group, Inc. †		2,248
	180	Universal Health Realty Income Trust		6,575
	163	ViewPoint Financial Group		1,905
	140	Virtus Investment Partners, Inc. †		6,352
	478	Washington Real Estate Investment Trust		14,813
	390	Westamerica Bancorporation		21,633
	164	Westwood Holdings Group, Inc.		6,553
	243	World Acceptance Corp. †		12,830
				1,776,347
Health Care — 14.4%
	655	Abaxis, Inc. †		17,587
	931	ABIOMED, Inc. †		8,947
	870	Accelrys, Inc. †		7,221
	342	Accretive Health, Inc. †		5,557

See Notes to Financial Statements.

31

Wilshire Variable Insurance Trust Small Cap Growth Fund Schedule of Investments - (Continued) December 31, 2010    

Shares Value

Health Care (continued)
	1,523	Accuray, Inc. †	$	10,280
	1,146	Acorda Therapeutics, Inc. †		31,240
	288	Acura Pharmaceuticals, Inc. †		953
	155	Aegerion Pharmaceuticals, Inc. †		2,196
	614	Affymax, Inc. †		4,083
	242	Affymetrix, Inc. †		1,217
	9,243	Air Methods Corp. †		520,104
	1,639	Akorn, Inc. †		9,949
	1,320	Alexza Pharmaceuticals, Inc. †		1,650
	1,755	Align Technology, Inc. †		34,293
	202	Alimera Sciences, Inc. †		2,097
	783	Alkermes, Inc. †		9,615
	846	Alliance HealthCare Services, Inc. †		3,587
	2,333	Allos Therapeutics, Inc. †		10,755
	242	Almost Family, Inc. †		9,298
	1,083	Alnylam Pharmaceuticals, Inc. †		10,678
	1,194	Alphatec Holdings, Inc. †		3,224
	624	AMAG Pharmaceuticals, Inc. †		11,294
	847	Amedisys, Inc. †		28,374
	275	America Service Group, Inc.		4,164
	2,235	American Medical Systems Holdings, Inc. †		42,152
	196	AMERIGROUP Corp. †		8,608
	532	AMN Healthcare Services, Inc. †		3,266
	322	Anacor Pharmaceuticals, Inc. †		1,729
	277	Analogic Corp.		13,714
	2,123	Antares Pharma, Inc. †		3,609
	188	Anthera Pharmaceuticals, Inc. †		917
	733	Aoxing Pharmaceutical Co., Inc. †		2,045
	396	Ardea Biosciences, Inc. †		10,296
	3,623	Arena Pharmaceuticals, Inc. †		6,232
	3,765	Ariad Pharmaceuticals, Inc. †		19,202
	1,237	Arqule, Inc. †		7,261
	1,593	Array Biopharma, Inc. †		4,763
	800	Arthrocare Corp. †		24,848
	5,566	athenahealth, Inc. †		228,095
	47	Atrion Corp.		8,435
	1,235	Auxilium Pharmaceuticals, Inc. †		26,059
	2,764	AVANIR Pharmaceuticals, Inc., Class A †		11,277
	327	AVEO Pharmaceuticals, Inc. †		4,781
	3,289	AVI BioPharma, Inc. †		6,973
	865	BioCryst Pharmaceuticals, Inc. †		4,472
	576	Biodel, Inc. †		1,054
	538	BioMimetic Therapeutics, Inc. †		6,833
	708	Bio-Reference Labs, Inc. †		15,703
	2,129	Biosante Pharmaceuticals, Inc. †		3,492
	859	BioScrip, Inc. †		4,493
	119	Biospecifics Technologies Corp. †		3,046
	751	Biotime, Inc. †		6,256
	154	BMP Sunstone Corp. †		1,526
	2,148	Bruker Corp. †		35,657
	924	Cadence Pharmaceuticals, Inc. †		6,976
	1,340	Caliper Life Sciences, Inc. †		8,496
	198	CardioNet, Inc. †		927
	1,124	Catalyst Health Solutions, Inc. †		52,255
	956	Celldex Therapeutics, Inc. †		3,939
	1,760	Cepheid, Inc. †		40,040
	1,422	Cerus Corp. †		3,498
	1,143	Chelsea Therapeutics International, Ltd. †		8,573
	676	Chemed Corp.		42,933
	175	Chindex International, Inc. †		2,886
	350	Clinical Data, Inc. †		5,568
	359	Codexis, Inc. †		3,805
	165	Complete Genomics, Inc. †		1,232

Shares Value

Health Care (continued)
	292	Computer Programs & Systems, Inc.	$	13,677
	921	Conceptus, Inc. †		12,710
	668	Continucare Corp. †		3,126
	6,220	Cooper Cos., Inc. (The)		350,435
	815	Corcept Therapeutics, Inc. †		3,146
	207	Corvel Corp. †		10,008
	1,730	Cubist Pharmaceuticals, Inc. †		37,022
	380	Cumberland Pharmaceuticals, Inc. †		2,276
	2,277	Curis, Inc. †		4,508
	824	Cyberonics, Inc. †		25,560
	261	Cypress Bioscience, Inc. †		1,691
	1,322	Cytokinetics, Inc. †		2,763
	1,371	Cytori Therapeutics, Inc. †		7,115
	3,297	CytRx Corp. †		3,330
	1,294	Delcath Systems, Inc. †		12,681
	1,557	Depomed, Inc. †		9,903
	1,829	DexCom, Inc. †		24,966
	522	Dionex Corp. †		61,601
	2,595	Durect Corp. †		8,953
	2,944	Dyax Corp. †		6,300
	2,849	Dynavax Technologies Corp. †		9,117
	562	Emergent Biosolutions, Inc. †		13,185
	667	Emeritus Corp. †		13,147
	1,453	Endologix, Inc. †		10,389
	404	Ensign Group, Inc. (The)		10,047
	900	Enzo Biochem, Inc. †		4,752
	917	Enzon Pharmaceuticals, Inc. †		11,160
	1,457	eResearchTechnology, Inc. †		10,709
	548	Eurand NV †		6,483
	1,368	Exact Sciences Corp. †		8,181
	180	Exactech, Inc. †		3,388
	7,284	ExamWorks Group, Inc. †		134,608
	1,726	Exelixis, Inc. †		14,170
	237	Furiex Pharmaceuticals, Inc. †		3,425
	415	Genomic Health, Inc. †		8,877
	519	Genoptix, Inc. †		9,871
	291	Gentiva Health Services, Inc. †		7,741
	3,640	Geron Corp. †		18,819
	743	Haemonetics Corp. †		46,943
	2,325	Halozyme Therapeutics, Inc. †		18,414
	395	Hanger Orthopedic Group, Inc. †		8,370
	1,302	Hansen Medical, Inc. †		1,914
	2,613	Healthsouth Corp. †		54,115
	276	HeartWare International, Inc. †		24,169
	271	Hi-Tech Pharmacal Co., Inc. †		6,762
	5,068	HMS Holdings Corp. †		328,254
	85	ICU Medical, Inc. †		3,102
	1,070	Idenix Pharmaceuticals, Inc. †		5,393
	2,070	Immucor, Inc. †		41,048
	2,010	Immunogen, Inc. †		18,613
	1,961	Immunomedics, Inc. †		7,020
	1,659	Impax Laboratories, Inc. †		33,363
	2,608	Incyte Corp., Ltd. †		43,188
	322	Infinity Pharmaceuticals, Inc. †		1,909
	1,482	Inhibitex, Inc. †		3,853
	1,476	Inovio Pharmaceuticals, Inc. †		1,697
	1,766	Inspire Pharmaceuticals, Inc. †		14,834
	1,294	Insulet Corp. †		20,057
	624	Integra LifeSciences Holdings Corp. †		29,515
	1,349	InterMune, Inc. †		49,104
	5,870	IPC The Hospitalist Co., Inc. †		228,989
	495	IRIS International, Inc. †		5,064
	570	Ironwood Pharmaceuticals, Inc., Class A †		5,900
	2,791	Isis Pharmaceuticals, Inc. †		28,245

See Notes to Financial Statements.

32

Wilshire Variable Insurance Trust Small Cap Growth Fund Schedule of Investments - (Continued) December 31, 2010    

Shares Value

Health Care (continued)
	420	Jazz Pharmaceuticals, Inc. †	$	8,266
	223	Kensey Nash Corp. †		6,206
	1,517	Keryx Biopharmaceuticals, Inc. †		6,948
	279	Landauer, Inc.		16,732
	563	LCA-Vision, Inc. †		3,237
	2,007	Lexicon Pharmaceuticals, Inc. †		2,890
	463	LHC Group, Inc. †		13,890
	593	Ligand Pharmaceuticals, Inc., Class B †		5,290
	1,111	Luminex Corp. †		20,309
	905	MAKO Surgical Corp. †		13,774
	1,979	MannKind Corp. †		15,951
	468	MAP Pharmaceuticals, Inc. †		7,834
	1,536	Masimo Corp.		44,651
	156	Maxygen, Inc.		613
	1,276	MedAssets, Inc. †		25,762
	870	Medicines Co. (The) †		12,293
	556	Medidata Solutions, Inc. †		13,277
	1,007	Medivation, Inc. †		15,276
	349	MedQuist, Inc.		3,005
	758	MELA Sciences, Inc. †		2,539
	1,549	Merge Healthcare, Inc. †		5,778
	1,205	Meridian Bioscience, Inc.		27,908
	762	Merit Medical Systems, Inc. †		12,062
	799	Metabolix, Inc. †		9,724
	1,200	Metropolitan Health Networks, Inc. †		5,364
	2,693	Micromet, Inc. †		21,867
	268	Molina Healthcare, Inc. †		7,464
	1,311	Momenta Pharmaceuticals, Inc. †		19,626
	367	MWI Veterinary Supply, Inc. †		23,176
	1,290	Nabi Biopharmaceuticals †		7,469
	517	Nanosphere, Inc. †		2,254
	60	National Research Corp.		2,055
	850	Natus Medical, Inc. †		12,053
	2,792	Nektar Therapeutics †		35,877
	3,966	Neogen Corp. †		162,725
	934	Neostem, Inc. †		1,317
	1,379	Neuralstem, Inc. †		2,923
	1,459	Neurocrine Biosciences, Inc. †		11,147
	332	NeurogesX, Inc. †		2,112
	2,700	Novavax, Inc. †		6,561
	1,993	NPS Pharmaceuticals, Inc. †		15,745
	1,159	NuVasive, Inc. †		29,728
	7,386	NxStage Medical, Inc. †		183,764
	494	Nymox Pharmaceutical Corp. †		3,478
	515	Obagi Medical Products, Inc. †		5,948
	564	Omeros Corp. †		4,647
	970	Omnicell, Inc. †		14,017
	1,856	Onyx Pharmaceuticals, Inc. †		68,431
	2,623	Opko Health, Inc. †		9,626
	991	Optimer Pharmaceuticals, Inc. †		11,208
	1,383	OraSure Technologies, Inc. †		7,952
	903	Orexigen Therapeutics, Inc. †		7,296
	525	Orthofix International NV †		15,225
	2,002	Orthovita, Inc. †		4,024
	502	Osiris Therapeutics, Inc. †		3,911
	1,474	Owens & Minor, Inc.		43,380
	397	Pacific Biosciences of California, Inc. †		6,316
	1,072	Pain Therapeutics, Inc.		7,236
	326	Palomar Medical Technologies, Inc. †		4,632
	1,732	Parexel International Corp. †		36,770
	232	PDI, Inc. †		2,445
	4,142	PDL BioPharma, Inc.		25,805
	1,914	Peregrine Pharmaceuticals, Inc. †		4,402
	1,295	Pharmacyclics, Inc. †		7,874
	871	Pharmasset, Inc. †		37,810

Shares Value

Health Care (continued)
	355	PharMerica Corp. †	$	4,065
	798	Pozen, Inc. †		5,307
	622	Progenics Pharmaceuticals, Inc. †		3,396
	387	Providence Service Corp. (The) †		6,219
	1,695	PSS World Medical, Inc. †		38,307
	1,127	Pure Bioscience †		2,502
	558	Quality Systems, Inc.		38,960
	1,632	Questcor Pharmaceuticals, Inc. †		24,039
	644	Quidel Corp. †		9,306
	133	RehabCare Group, Inc. †		3,152
	1,547	Rigel Pharmaceuticals, Inc. †		11,649
	292	Rochester Medical Corp. †		3,189
	569	Rural/Metro Corp. †		8,296
	1,689	Salix Pharmaceuticals, Ltd. †		79,316
	1,346	Sangamo Biosciences, Inc. †		8,937
	1,570	Santarus, Inc. †		5,134
	2,001	Savient Pharmaceuticals, Inc. †		22,291
	1,121	Sciclone Pharmaceuticals, Inc. †		4,686
	2,475	Seattle Genetics, Inc. †		37,001
	2,737	Sequenom, Inc. †		21,951
	1,019	SIGA Technologies, Inc. †		14,266
	992	Sirona Dental Systems, Inc. †		41,446
	544	Solta Medical, Inc. †		1,659
	1,095	Somaxon Pharmaceuticals, Inc. †		3,449
	403	SonoSite, Inc. †		12,735
	1,010	Spectranetics Corp. †		5,212
	1,482	Spectrum Pharmaceuticals, Inc. †		10,181
	1,045	Staar Surgical Co. †		6,374
	3,606	StemCells, Inc. †		3,894
	936	Stereotaxis, Inc. †		3,585
	1,666	STERIS Corp.		60,742
	1,660	Sunrise Senior Living, Inc. †		9,047
	308	SurModics, Inc. †		3,656
	3,558	SXC Health Solutions Corp. †		152,496
	261	Syneron Medical, Ltd. †		2,660
	347	Synovis Life Technologies, Inc. †		5,590
	671	Synta Pharmaceuticals Corp. †		4,107
	707	Targacept, Inc. †		18,736
	454	Team Health Holdings, Inc. †		7,055
	1,853	Theravance, Inc. †		46,455
	519	TomoTherapy, Inc. †		1,874
	273	Transcend Services, Inc. †		5,348
	133	Transcept Pharmaceuticals, Inc. †		984
	286	U.S. Physical Therapy, Inc. †		5,669
	1,442	Unilife Corp. †		7,643
	827	Vanda Pharmaceuticals, Inc. †		7,823
	505	Vascular Solutions, Inc. †		5,919
	2,153	Vical, Inc. †		4,349
	329	Vital Images, Inc. †		4,599
	2,398	Vivus, Inc. †		22,469
	1,487	Volcano Corp. †		40,610
	987	West Pharmaceutical Services, Inc.		40,664
	732	Wright Medical Group, Inc. †		11,368
	929	XenoPort, Inc. †		7,915
	64	Young Innovations, Inc.		2,049
	2,005	Zalicus, Inc. †		3,168
	1,456	ZIOPHARM Oncology, Inc. †		6,785
	185	Zogenix, Inc. †		1,049
	10,644	Zoll Medical Corp. †		396,276
				5,883,444
Industrials — 16.8%
	541	3D Systems Corp. †		17,036
	2,526	51job, Inc. ADR †		124,406
	2,153	A123 Systems, Inc. †		20,540
	374	AAON, Inc.		10,551

See Notes to Financial Statements.

33

Wilshire Variable Insurance Trust Small Cap Growth Fund Schedule of Investments - (Continued) December 31, 2010    

Shares Value

Industrials (continued)
	9,555	AAR Corp. †	$	262,476
	421	ABM Industries, Inc.		11,072
	1,002	Acacia Research-Acacia Technologies †		25,992
	2,016	Actuant Corp., Class A		53,666
	4,973	Acuity Brands, Inc.		286,793
	647	Administaff, Inc.		18,957
	1,287	Advanced Battery Technologies, Inc. †		4,955
	4,820	Advisory Board Co. (The) †		229,577
	492	Aerovironment, Inc. †		13,200
	2,676	Alaska Air Group, Inc. †		151,703
	160	Albany International Corp., Class A		3,790
	451	Allegiant Travel Co., Class A		22,207
	803	Altra Holdings, Inc. †		15,948
	141	Ameresco, Inc., Class A †		2,025
	184	American Reprographics Co. †		1,397
	267	American Science & Engineering, Inc.		22,756
	4,875	American Superconductor Corp. †		139,376
	1,004	AO Smith Corp.		38,232
	957	APAC Customer Services, Inc. †		5,809
	2,359	Applied Energetics, Inc. †		2,007
	1,258	Applied Industrial Technologies, Inc.		40,860
	188	Applied Signal Technology, Inc.		7,123
	2,787	ArvinMeritor, Inc. †		57,189
	5,865	Astec Industries, Inc. †		190,085
	265	Astronics Corp. †		5,565
	3,051	Avis Budget Group, Inc. †		47,474
	348	AZZ, Inc.		13,924
	446	Badger Meter, Inc.		19,722
	1,306	Baldor Electric Co.		82,330
	1,276	Barnes Group, Inc.		26,375
	173	Barrett Business Services, Inc.		2,690
	1,361	Beacon Roofing Supply, Inc. †		24,321
	1,387	Belden, Inc.		51,069
	1,425	Blount International, Inc. †		22,458
	377	BlueLinx Holdings, Inc. †		1,380
	929	Briggs & Stratton Corp.		18,292
	1,200	Brink's Co. (The)		32,256
	723	Broadwind Energy, Inc. †		1,670
	117	CAI International, Inc. †		2,293
	7,203	Capstone Turbine Corp. †		6,913
	768	Casella Waste Systems, Inc., Class A †		5,445
	603	CBIZ, Inc. †		3,763
	370	Celadon Group, Inc. †		5,472
	1,641	Cenveo, Inc. †		8,763
	1,401	CLARCOR, Inc.		60,089
	682	Clean Harbors, Inc. †		57,343
	239	Coleman Cable, Inc. †		1,501
	716	Colfax Corp. †		13,181
	279	Consolidated Graphics, Inc. †		13,512
	1,015	Corporate Executive Board Co. (The)		38,113
	614	CoStar Group, Inc. †		35,342
	66	CRA International, Inc. †		1,552
	200	Cubic Corp.		9,430
	1,434	Deluxe Corp.		33,011
	819	DigitalGlobe, Inc. †		25,971
	395	Dolan Co. (The) †		5,498
	850	Dollar Thrifty Automotive Group, Inc. †		40,171
	249	DXP Enterprises, Inc. †		5,976
	138	Dynamex, Inc. †		3,417
	166	Dynamic Materials Corp.		3,747
	1,806	Ener1, Inc. †		6,845
	1,106	Energy Recovery, Inc. †		4,048
	583	EnerNOC, Inc. †		13,940
	411	EnerSys †		13,201
	169	Ennis, Inc.		2,890

Shares Value

Industrials (continued)
	258	EnPro Industries, Inc. †	$	10,722
	5,606	ESCO Technologies, Inc.		212,131
	390	Exponent, Inc. †		14,637
	1,223	Flow International Corp. †		5,002
	866	Forward Air Corp.		24,577
	408	Franklin Covey Co. †		3,505
	634	Franklin Electric Co., Inc.		24,675
	2,859	FuelCell Energy, Inc. †		6,604
	992	Furmanite Corp. †		6,855
	209	Generac Holdings, Inc. †		3,380
	1,151	Genessee & Wyoming, Inc., Class A †		60,945
	1,000	Geo Group, Inc. (The) †		24,660
	661	GeoEye, Inc. †		28,020
	365	Gorman-Rupp Co. (The)		11,797
	142	GP Strategies Corp. †		1,454
	15,791	GrafTech International, Ltd. †		313,293
	298	Graham Corp.		5,960
	630	Great Lakes Dredge & Dock Corp.		4,643
	375	Hawaiian Holdings, Inc. †		2,940
	1,948	Healthcare Services Group, Inc.		31,686
	1,507	Heartland Express, Inc.		24,142
	873	HEICO Corp.		44,549
	47	Heidrick & Struggles International, Inc.		1,347
	1,685	Herman Miller, Inc.		42,630
	2,366	Hexcel Corp. †		42,801
	11,704	Higher One Holdings, Inc. †		236,772
	190	Hill International, Inc. †		1,229
	1,341	HNI Corp.		41,839
	536	Houston Wire & Cable Co.		7,204
	6,346	HUB Group, Inc., Class A †		222,998
	974	Hudson Highland Group, Inc. †		5,678
	207	Huron Consulting Group, Inc. †		5,475
	178	ICF International, Inc. †		4,578
	5,775	IDEX Corp.		225,918
	745	II-VI, Inc. †		34,538
	720	Innerworkings, Inc. †		4,716
	1,007	Insituform Technologies, Inc., Class A †		26,696
	1,498	Interface, Inc., Class A		23,444
	93	Interline Brands, Inc. †		2,117
	841	John Bean Technologies Corp.		16,929
	110	Kadant, Inc. †		2,593
	415	Kaman Corp.		12,064
	992	Kaydon Corp.		40,394
	89	Kelly Services, Inc., Class A †		1,673
	241	Keyw Holding Corp. (The) †		3,535
	918	Kforce, Inc. †		14,853
	1,766	Knight Transportation, Inc.		33,554
	1,393	Knoll, Inc.		23,305
	80	Korn/Ferry International †		1,849
	319	LaBarge, Inc. †		5,012
	371	Lindsay Corp.		22,048
	84	Marten Transport, Ltd.		1,796
	296	McGrath Rentcorp		7,761
	493	Middleby Corp. †		41,619
	580	Mine Safety Appliances Co.		18,055
	442	Mistras Group, Inc. †		5,958
	157	Mueller Industries, Inc.		5,134
	4,300	Mueller Water Products, Inc., Class A		17,931
	95	MYR Group, Inc. †		1,995
	159	NACCO Industries, Inc., Class A		17,231
	144	National Presto Industries, Inc.		18,721
	357	Navigant Consulting, Inc. †		3,284
	592	NCI Building Systems, Inc. †		8,282
	1,011	Nordson Corp.		92,891
	1,124	Old Dominion Freight Line, Inc. †		35,957

See Notes to Financial Statements.

34

Wilshire Variable Insurance Trust Small Cap Growth Fund Schedule of Investments - (Continued) December 31, 2010    

Shares Value

Industrials (continued)
	94	Omega Flex, Inc. †	$	1,555
	131	On Assignment, Inc. †		1,068
	705	Orbital Sciences Corp. †		12,077
	809	Orion Marine Group, Inc. †		9,384
	1,059	Pacer International, Inc. †		7,244
	240	Park-Ohio Holdings Corp. †		5,018
	443	PMFG, Inc. †		7,265
	5,869	Polypore International, Inc. †		239,044
	555	PowerSecure International, Inc. †		4,318
	244	Quanex Building Products Corp.		4,629
	483	Raven Industries, Inc.		23,034
	646	RBC Bearings, Inc. †		25,246
	1,377	Resources Connection, Inc.		25,598
	201	Roadrunner Transportation Systems, Inc. †		2,907
	8,630	Robbins & Myers, Inc.		308,781
	1,907	Rollins, Inc.		37,663
	3,427	Satcon Technology Corp. †		15,422
	345	Sauer-Danfoss, Inc. †		9,747
	290	Schawk, Inc., Class A		5,968
	219	School Specialty, Inc. †		3,051
	215	SFN Group, Inc. †		2,098
	1,096	Simpson Manufacturing Co., Inc.		33,877
	471	Standard Parking Corp. †		8,897
	575	Standard Register Co. (The)		1,961
	73	Standex International Corp.		2,184
	267	Steelcase, Inc., Class A		2,822
	373	Sun Hydraulics Corp.		14,099
	142	SYKES Enterprises, Inc. †		2,877
	118	TAL International Group, Inc.		3,643
	1,875	Taser International, Inc. †		8,813
	295	Teledyne Technologies, Inc. †		12,971
	563	Tennant Co.		21,625
	1,831	Tetra Tech, Inc. †		45,885
	284	Textainer Group Holdings, Ltd.		8,091
	168	Titan International, Inc.		3,283
	128	Titan Machinery, Inc. †		2,470
	3,778	TransDigm Group, Inc. †		272,054
	465	Trex Co., Inc. †		11,141
	449	Trimas Corp. †		9,186
	2,471	Triumph Group, Inc.		220,932
	829	TrueBlue, Inc. †		14,914
	452	United Stationers, Inc. †		28,842
	1,092	UQM Technologies, Inc. †		2,501
	513	US Ecology, Inc.		8,916
	85	Viad Corp.		2,165
	582	Vicor Corp.		9,545
	426	Volt Information Sciences, Inc. †		3,685
	67	VSE Corp.		2,212
	825	Watsco, Inc.		52,041
	86	Watts Water Technologies, Inc., Class A		3,147
	194	Werner Enterprises, Inc.		4,384
	8,051	WESCO International, Inc. †		425,093
	1,808	Woodward Governor Co.		67,909
	188	Xerium Technologies, Inc. †		2,999
				6,867,543
Information Technology — 35.1%
	1,010	ACI Worldwide, Inc. †		27,139
	7,114	Acme Packet, Inc. †		378,180
	1,360	Actuate Corp. †		7,752
	2,031	Acxiom Corp. †		34,832
	1,842	ADTRAN, Inc.		66,699
	686	Advanced Energy Industries, Inc. †		9,357
	467	Advent Software, Inc. †		27,049

Shares Value

Information Technology (continued)
	691	American Software, Inc., Class A	$	4,678
	3,123	Amkor Technology, Inc. †		23,079
	33,876	Anadigics, Inc. †		234,761
	561	Ancestry.com, Inc. †		15,888
	416	Anixter International, Inc.		24,848
	1,950	Applied Micro Circuits Corp. †		20,826
	2,665	Ariba, Inc. †		62,601
	727	Arris Group, Inc. †		8,157
	4,651	Art Technology Group, Inc. †		27,813
	17,465	Aruba Networks, Inc. †		364,669
	1,845	Aspen Technology, Inc. †		23,431
	21,883	Atmel Corp. †		269,599
	389	AXT, Inc. †		4,061
	171	Benchmark Electronics, Inc. †		3,105
	749	BigBand Networks, Inc. †		2,097
	1,327	Blackbaud, Inc.		34,369
	4,957	Blackboard, Inc. †		204,724
	1,232	Blue Coat Systems, Inc. †		36,800
	936	Bottomline Technologies, Inc. †		20,321
	2,089	Brightpoint, Inc. †		18,237
	170	BroadSoft, Inc. †		4,060
	1,147	Brooks Automation, Inc. †		10,403
	162	Cabot Microelectronics Corp. †		6,715
	66	CACI International, Inc., Class A †		3,524
	190	Calix, Inc. †		3,211
	803	Cardtronics, Inc. †		14,213
	256	Cass Information Systems, Inc.		9,713
	8,260	Cavium Networks, Inc. †		311,237
	583	Ceva, Inc. †		11,952
	466	Checkpoint Systems, Inc. †		9,576
	2,051	Cirrus Logic, Inc. †		32,775
	933	Cognex Corp.		27,449
	519	Coherent, Inc. †		23,428
	148	Cohu, Inc.		2,454
	1,278	CommVault Systems, Inc. †		36,576
	689	Compellent Technologies, Inc. †		19,009
	308	Computer Task Group, Inc. †		3,351
	6,765	comScore, Inc. †		150,927
	312	Comtech Telecommunications Corp.		8,652
	757	Comverge, Inc. †		5,231
	1,192	Concur Technologies, Inc. †		61,901
	2,480	Conexant Systems, Inc. †		4,042
	6,084	Constant Contact, Inc. †		188,543
	184	Convio, Inc. †		1,524
	462	Cray, Inc. †		3,303
	475	CSG Systems International, Inc. †		8,997
	310	CTS Corp.		3,429
	220	Cymer, Inc. †		9,915
	11,818	Daktronics, Inc.		188,143
	408	DDi Corp.		4,798
	1,006	DealerTrack Holdings, Inc. †		20,190
	556	Deltek, Inc. †		4,037
	570	DemandTec, Inc. †		6,179
	743	DG FastChannel, Inc. †		21,458
	23,356	Dice Holdings, Inc. †		335,159
	140	Digi International, Inc. †		1,554
	205	Digimarc Corp. †		6,152
	146	Digital River, Inc. †		5,025
	1,008	Diodes, Inc. †		27,206
	516	DTS, Inc. †		25,310
	796	Ebix, Inc. †		18,841
	985	Echelon Corp. †		10,037
	317	Echo Global Logistics, Inc. †		3,817
	84	Electro Scientific Industries, Inc. †		1,347
	20,412	Emulex Corp. †		238,004

See Notes to Financial Statements.

35

Wilshire Variable Insurance Trust Small Cap Growth Fund Schedule of Investments - (Continued) December 31, 2010    

Shares Value

Information Technology (continued)
	332	Energy Conversion Devices, Inc. †	$	1,527
	1,246	Entegris, Inc. †		9,308
	44,912	Entropic Communications, Inc. †		542,537
	176	Envestnet, Inc. †		3,003
	899	Epicor Software Corp. †		9,080
	452	ExlService Holdings, Inc. †		9,709
	768	Extreme Networks †		2,373
	205	Fabrinet †		4,408
	418	FalconStor Software, Inc. †		1,400
	482	FARO Technologies, Inc. †		15,829
	308	FEI Co. †		8,134
	14,677	Finisar Corp. †		435,760
	438	Forrester Research, Inc.		15,457
	1,240	Fortinet, Inc. †		40,114
	1,165	FSI International, Inc. †		5,149
	6,107	Gartner, Inc. †		202,752
	1,353	Global Cash Access Holdings, Inc. †		4,316
	14,959	GSI Commerce, Inc. †		347,049
	428	GSI Technology, Inc. †		3,467
	1,850	GT Solar International, Inc. †		16,872
	411	Guidance Software, Inc. †		2,955
	568	Hackett Group, Inc. (The) †		1,994
	695	Harmonic, Inc. †		5,956
	1,123	Heartland Payment Systems, Inc.		17,317
	811	Hittite Microwave Corp. †		49,503
	1,369	Hypercom Corp. †		11,459
	6,216	iGate Corp.		122,517
	849	Immersion Corp. †		5,697
	2,413	Infinera Corp. †		24,926
	158	Infospace, Inc. †		1,311
	147	Inphi Corp. †		2,953
	327	Insight Enterprises, Inc. †		4,303
	2,819	Integrated Device Technology, Inc. †		18,775
	704	Integrated Silicon Solution, Inc. †		5,653
	387	Interactive Intelligence, Inc. †		10,124
	1,302	InterDigital, Inc.		54,215
	869	Intermec, Inc. †		11,002
	260	Intevac, Inc. †		3,643
	265	IntraLinks Holdings, Inc. †		4,958
	770	IPG Photonics Corp. †		24,347
	969	Ixia †		16,260
	470	IXYS Corp. †		5,461
	927	j2 Global Communications, Inc. †		26,837
	2,531	Jack Henry & Associates, Inc.		73,779
	237	JDA Software Group, Inc. †		6,636
	672	Kenexa Corp. †		14,643
	842	KIT Digital, Inc. †		13,506
	489	Knot, Inc. (The) †		4,831
	788	Kopin Corp. †		3,278
	2,088	Kulicke & Soffa Industries, Inc. †		15,034
	465	KVH Industries, Inc. †		5,557
	3,455	Lattice Semiconductor Corp. †		20,937
	4,117	Lawson Software, Inc. †		38,082
	1,119	Limelight Networks, Inc. †		6,501
	1,787	Lionbridge Technologies, Inc. †		6,594
	12,595	Liquidity Services, Inc. †		176,960
	558	Littelfuse, Inc.		26,259
	1,322	LivePerson, Inc. †		14,939
	481	Local.com Corp. †		3,122
	8,975	LogMeIn, Inc. †		397,951
	544	LoopNet, Inc. †		6,044
	324	Loral Space & Communications, Inc. †		24,786
	1,457	LTX-Credence Corp. †		10,782
	1,978	Magma Design Automation, Inc. †		9,910
	675	Manhattan Associates, Inc. †		20,615

Shares Value

Information Technology (continued)
	604	Mantech International Corp., Class A †	$	24,963
	1,526	Mattson Technology, Inc. †		4,578
	518	MAXIMUS, Inc.		33,970
	231	MaxLinear, Inc., Class A †		2,486
	785	Maxwell Technologies, Inc. †		14,829
	126	Mediamind Technologies, Inc. †		1,726
	1,371	Mentor Graphics Corp. †		16,452
	84	Mercury Computer Systems, Inc. †		1,544
	162	Meru Networks, Inc. †		2,498
	653	Methode Electronics, Inc.		8,469
	1,517	Micrel, Inc.		19,706
	938	Microsemi Corp. †		21,480
	247	MicroStrategy, Inc., Class A †		21,111
	2,843	Microvision, Inc. †		5,288
	960	Mindspeed Technologies, Inc. †		5,856
	26,728	MIPS Technologies, Inc., Class A †		405,196
	623	MKS Instruments, Inc. †		15,257
	2,211	MoneyGram International, Inc. †		5,992
	963	Monolithic Power Systems, Inc. †		15,909
	668	Monotype Imaging Holdings, Inc. †		7,415
	972	MoSys, Inc. †		5,531
	121	Motricity, Inc. †		2,247
	4,660	Move, Inc. †		11,976
	456	MTS Systems Corp.		17,082
	257	Multi-Fineline Electronix, Inc. †		6,808
	531	Nanometrics, Inc. †		6,813
	200	NCI, Inc., Class A †		4,598
	1,044	Netgear, Inc. †		35,162
	7,449	Netlogic Microsystems, Inc. †		233,973
	908	Netscout Systems, Inc. †		20,893
	8,755	NetSuite, Inc. †		218,875
	1,137	Network Engines, Inc. †		1,728
	911	Network Equipment Technologies, Inc. †		4,218
	337	Newport Corp. †		5,854
	1,660	NIC, Inc.		16,119
	98	Novatel Wireless, Inc. †		936
	141	NVE Corp. †		8,154
	379	Occam Networks, Inc. †		3,286
	1,467	Oclaro, Inc. †		19,291
	1,261	Omnivision Technologies, Inc. †		37,338
	308	Online Resources Corp. †		1,432
	3,044	OpenTable, Inc. †		214,541
	2,527	Openwave Systems, Inc. †		5,357
	226	Oplink Communications, Inc. †		4,174
	396	Opnet Technologies, Inc.		10,601
	359	OSI Systems, Inc. †		13,053
	3,439	Parametric Technology Corp. †		77,481
	383	Park Electrochemical Corp.		11,490
	702	PDF Solutions, Inc. †		3,384
	480	Pegasystems, Inc.		17,582
	435	Perficient, Inc. †		5,437
	1,430	Plantronics, Inc.		53,225
	1,198	Plexus Corp. †		37,066
	1,151	PLX Technology, Inc. †		4,155
	732	Power Integrations, Inc.		29,382
	2,070	Power-One, Inc. †		21,114
	875	Presstek, Inc. †		1,942
	1,250	Progress Software Corp. †		52,900
	581	PROS Holdings, Inc. †		6,618
	1,244	Pulse Electronics Corp.		6,618
	200	QAD, Inc., Class A †		1,820
	303	QLIK Technologies, Inc. †		7,820
	5,792	Quantum Corp. †		21,546
	1,611	Quest Software, Inc. †		44,689
	8,355	QuinStreet, Inc. †		160,500

See Notes to Financial Statements.

36

Wilshire Variable Insurance Trust Small Cap Growth Fund Schedule of Investments - (Continued) December 31, 2010    

Shares Value

Information Technology (continued)
	2,872	Rackspace Hosting, Inc. †	$	90,210
	981	Radiant Systems, Inc. †		19,198
	541	Radisys Corp. †		4,815
	21,345	RealD, Inc. †		553,262
	346	RealPage, Inc. †		10,702
	394	Renaissance Learning, Inc.		4,665
	7,961	RF Micro Devices, Inc. †		58,513
	147	Richardson Electronics, Ltd.		1,718
	642	RightNow Technologies, Inc. †		15,196
	13,141	Riverbed Technology, Inc. †		462,169
	385	Rofin-Sinar Technologies, Inc. †		13,644
	158	Rogers Corp. †		6,044
	311	Rosetta Stone, Inc. †		6,599
	2,445	Rovi Corp. †		151,614
	470	Rubicon Technology, Inc. †		9,908
	884	Rudolph Technologies, Inc. †		7,275
	858	Saba Software, Inc. †		5,251
	2,364	Sanmina-SCI Corp. †		27,139
	3,054	Sapient Corp.		36,953
	1,113	SAVVIS, Inc. †		28,404
	410	Seachange International, Inc. †		3,506
	1,845	Semtech Corp. †		41,771
	1,342	ShoreTel, Inc. †		10,481
	152	Sigma Designs, Inc. †		2,154
	1,743	Silicon Image, Inc. †		12,811
	29,111	Skyworks Solutions, Inc. †		833,448
	939	SMART Modular Technologies WWH, Inc. †		5,409
	795	Smith Micro Software, Inc. †		12,513
	1,030	SolarWinds, Inc. †		19,828
	13,462	Sonic Solutions, Inc. †		201,930
	5,103	Sonus Networks, Inc. †		13,625
	814	Sourcefire, Inc. †		21,107
	429	Spansion, Inc., Class A †		8,880
	154	Spectrum Control, Inc. †		2,308
	144	SPS Commerce, Inc. †		2,275
	106	SRA International, Inc., Class A †		2,168
	376	SRS Labs, Inc. †		3,313
	373	SS&C Technologies Holdings, Inc. †		7,650
	324	Stamps.com, Inc.		4,293
	212	Standard Microsystems Corp. †		6,112
	1,207	STEC, Inc. †		21,304
	609	Stratasys, Inc. †		19,878
	1,863	SuccessFactors, Inc. †		53,952
	730	Super Micro Computer, Inc. †		8,424
	303	Supertex, Inc. †		7,327
	1,399	support.com, Inc. †		9,065
	1,003	Synaptics, Inc. †		29,468
	9,044	Synchronoss Technologies, Inc. †		241,565
	390	Syntel, Inc.		18,638
	192	Take-Two Interactive Software, Inc. †		2,350
	1,178	Taleo Corp., Class A †		32,572
	320	TechTarget, Inc. †		2,538
	274	Tekelec †		3,263
	566	TeleCommunication Systems, Inc., Class A †		2,643
	250	TeleNav, Inc. †		1,820
	849	TeleTech Holdings, Inc. †		17,481
	1,731	Terremark Worldwide, Inc. †		22,416
	96	Tessco Technologies, Inc.		1,531
	866	Tessera Technologies, Inc. †		19,182
	759	THQ, Inc. †		4,600
	4,924	TIBCO Software, Inc. †		97,052
	228	Tier Technologies, Inc., Class B †		1,366
	3,435	TiVo, Inc. †		29,644

Shares Value

Information Technology (continued)
	776	TNS, Inc. †	$	16,141
	4,334	Travelzoo, Inc. †		178,647
	23,070	TriQuint Semiconductor, Inc. †		269,688
	554	TTM Technologies, Inc. †		8,260
	846	Tyler Technologies, Inc. †		17,563
	7,174	Ultimate Software Group, Inc. †		348,872
	655	Ultra Clean Holdings †		6,098
	577	Ultratech, Inc. †		11,471
	509	Unisys Corp. †		13,178
	573	United Online, Inc.		3,782
	893	Universal Display Corp. †		27,370
	1,880	ValueClick, Inc. †		30,136
	3,836	VanceInfo Technologies, Inc. ADR †		132,495
	655	VASCO Data Security International, Inc. †		5,325
	1,202	Veeco Instruments, Inc. †		51,638
	11,257	VeriFone Systems, Inc. †		434,070
	359	Viasat, Inc. †		15,943
	95	Viasystems Group, Inc. †		1,913
	1,046	VirnetX Holding Corp.		15,533
	222	Virtusa Corp. †		3,632
	11,551	Vocus, Inc. †		319,501
	737	Volterra Semiconductor Corp. †		17,069
	2,393	Wave Systems Corp., Class A †		9,428
	1,281	Websense, Inc. †		25,940
	1,150	Wright Express Corp. †		52,900
	897	Xyratex, Ltd. †		14,630
	1,674	Zix Corp. †		7,148
	173	Zoran Corp. †		1,522
				14,385,962
Materials — 2.2%
	65	AEP Industries, Inc. †		1,687
	2,219	Allied Nevada Gold Corp. †		58,382
	710	AMCOL International Corp.		22,010
	411	Arch Chemicals, Inc.		15,589
	838	Balchem Corp.		28,333
	50	Brush Engineered Materials, Inc. †		1,932
	1,669	Calgon Carbon Corp. †		25,235
	1,823	Capital Gold Corp. †		9,243
	251	Clearwater Paper Corp. †		19,653
	171	Coeur d'Alene Mines Corp. †		4,672
	25	Contango ORE, Inc. †		264
	320	Deltic Timber Corp.		18,029
	1,123	Ferro Corp. †		16,441
	1,910	General Moly, Inc. †		12,377
	1,822	Globe Specialty Metals, Inc.		31,138
	7,650	Golden Star Resources, Ltd. †		35,113
	217	Hawkins, Inc.		9,635
	50	Haynes International, Inc.		2,092
	108	HB Fuller Co.		2,216
	165	Innophos Holdings, Inc.		5,953
	2,494	Jaguar Mining, Inc. †		17,782
	167	KMG Chemicals, Inc.		2,767
	612	Koppers Holdings, Inc.		21,897
	285	Kraton Performance Polymers, Inc. †		8,821
	513	LSB Industries, Inc. †		12,445
	184	Metals USA Holdings Corp. †		2,804
	47	Minerals Technologies, Inc.		3,074
	335	Molycorp, Inc. †		16,716
	222	Neenah Paper, Inc.		4,369
	307	NewMarket Corp.		37,875
	407	Noranda Aluminum Holding Corp. †		5,942
	1,368	Olin Corp.		28,071
	1,334	Omnova Solutions, Inc. †		11,152
	1,929	PolyOne Corp. †		24,093

See Notes to Financial Statements.

37

Wilshire Variable Insurance Trust Small Cap Growth Fund Schedule of Investments - (Continued) December 31, 2010    

Shares Value

Materials (continued)
	244	Quaker Chemical Corp.	$	10,168
	393	Rock-Tenn Co., Class A		21,202
	1,151	Rockwood Holdings, Inc. †		45,027
	120	RTI International Metals, Inc. †		3,238
	543	Schweitzer-Mauduit International, Inc.		34,165
	1,154	Senomyx, Inc. †		8,228
	792	Silgan Holdings, Inc.		28,362
	3,600	Solutia, Inc. †		83,088
	440	Spartech Corp. †		4,119
	233	Stepan Co.		17,771
	1,319	Stillwater Mining Co. †		28,161
	843	STR Holdings, Inc. †		16,860
	514	Thompson Creek Metals Co., Inc. †		7,566
	83	United States Lime & Minerals, Inc. †		3,497
	2,645	US Gold Corp. †		21,345
	464	Verso Paper Corp. †		1,587
	201	Wausau Paper Corp.		1,731
	1,013	Worthington Industries, Inc.		18,639
	341	WR Grace & Co. †		11,979
	652	Zep, Inc.		12,962
				897,497
Telecommunication Services — 0.6%
	664	AboveNet, Inc.		38,818
	1,340	Alaska Communications Systems Group, Inc.		14,874
	261	Atlantic Tele-Network, Inc.		10,007
	796	Cbeyond, Inc. †		12,163
	1,669	Cincinnati Bell, Inc. †		4,673
	1,334	Cogent Communications Group, Inc. †		18,863
	581	Consolidated Communications Holdings, Inc.		11,213
	548	Global Crossing, Ltd. †		7,080
	169	Hughes Communications, Inc. †		6,834
	1,747	ICO Global Communications Holdings, Ltd. †		2,620
	978	Neutral Tandem, Inc. †		14,122
	877	NTELOS Holdings Corp.		16,707
	2,557	PAETEC Holding Corp. †		9,563
	673	Shenandoah Telecommunications Co.		12,605
	2,063	Syniverse Holdings, Inc. †		63,644
	387	USA Mobility, Inc.		6,877
	1,287	Vonage Holdings Corp. †		2,883
				253,546
Utilities — 0.0%
	450	American DG Energy, Inc. †		1,247
	373	Cadiz, Inc. †		4,640
	153	South Jersey Industries, Inc.		8,081
				13,968
Total Common Stock (Cost $31,342,809)				40,544,572
EXCHANGE-TRADED FUND — 0.9%
	4,001	iShares Russell 2000 Growth Index Fund (Cost $329,071)		349,767
WARRANT — 0.0%
	15	GRH, Expires 09/11 †(a)(b) (Cost $0)		—

	Maturity Date	Par		Value
CORPORATE BOND — 0.0%
Gamco Investors, Inc.
0.000% (a) (Cost $460)	12/31/15		460	$	—

Total Investments — 99.9%
(Cost $31,672,340)		40,894,339
Other Assets & Liabilities, Net — 0.1%		37,760
NET ASSETS — 100.0%	$	40,932,099

† Non-income producing security.

†† More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

(a) Security fair valued using methods determined in good faith by the Pricing Commitee. As of December 31, 2010, the total market value of these securities was $2,406, and represented 0.0% of Net Assets.

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

ADR — American Depositary Receipt

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

See Notes to Financial Statements.

38

Wilshire Variable Insurance Trust Small Cap Growth Fund Schedule of Investments- (Continued) December 31, 2010    

The following is a summary of the inputs used as of December 31, 2010, in valuing the Fund’s investments earned at value:

Investments in Securities	Level 1		Level 2		Level 3			Total
Common Stock
Consumer Discretionary	$	6,168,210	$	—	$	2,406		$	6,170,616
Consumer Staples		1,503,351		—		—			1,503,351
Energy		2,792,298		—		—			2,792,298
Financials		1,776,347		—		—			1,776,347
Health Care		5,883,444		—		—			5,883,444
Industrials		6,867,543		—		—			6,867,543
Information Technology		14,385,962		—		—			14,385,962
Materials		897,497		—		—			897,497
Telecommunication Services		253,546		—		—			253,546
Utilities		13,968		—		—			13,968
		40,542,166		—		2,406			40,544,572
Exchange-Traded Fund		349,767		—		—			349,767
Warrant		—		—		—	*		—
Corporate Bond		—		—		—	**		—
		349,767		—		—			349,767
Total Investments in Securities	$	40,891,933	$	—	$	2,406		$	40,894,339

* This security was categorized as Level 3 and had a market value of $0 as of December 31, 2010. This security was categorized as Level 2 and had a market value of $0 as of December 31, 2009. There were $0 of accrued discounts/premiums, realized gain/(loss), change in unrealized appreciation/(depreciation), purchases, sales and transfers in or out of Level 3 during the year ended December 31, 2010 due to the fact that the value has remained zero throughout the year ended December 31, 2010.

** This security was categorized as Level 3 and had a market value of $0 as of December 31, 2010 and the value has remained zero throughout the year ended December 31, 2010. There were no accrued discounts/premiums, realized gain/(loss), change in unrealized appreciation/(depreciation), purchases, sales or transfers in or out of Level 3 during the year ended December 31, 2010.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

	Common Stock
Beginning balance as of January 1, 2010	$	—
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Purchases		—
Sales		—
Transfer into Level 3		2,406
Transfer out of Level 3		—
Ending balance as of December 31, 2010	$	2,406

See Notes to Financial Statements.

39

Wilshire Variable Insurance Trust International Equity Fund Schedule of Investments December 31, 2010    

Shares Value

COMMON STOCK — 95.4%
Australia — 4.5%
	840	AGL Energy, Ltd.	$	13,073
	5,331	Alumina, Ltd.		13,529
	3,220	AMP, Ltd.		17,395
	1,749	Aristocrat Leisure, Ltd.		5,344
	11,576	Australia & New Zealand Banking Group, Ltd.		276,033
	5,553	BHP Billiton, Ltd.		257,790
	3,707	BlueScope Steel, Ltd.		8,506
	2,590	Brambles, Ltd.		18,834
	2,470	Commonwealth Bank of Australia		128,129
	1,000	CSL, Ltd.		37,060
	1,215	DuluxGroup, Ltd.		3,410
	3,120	Fortescue Metals Group, Ltd. †		20,880
	4,120	Foster's Group, Ltd.		23,911
	7,617	GPT Group		22,897
	6,870	Insurance Australia Group, Ltd.		27,239
	308	Leighton Holdings, Ltd.		9,692
	1,114	Macquarie Atlas Roads Group †		1,726
	528	Macquarie Group, Ltd.		19,947
	30,000	Metcash, Ltd.		125,834
	3,409	National Australia Bank, Ltd.		82,570
	823	Newcrest Mining, Ltd.		34,080
	1,215	Orica, Ltd.		30,934
	802	Origin Energy, Ltd.		13,652
	1,610	QBE Insurance Group, Ltd.		29,850
	620	Rio Tinto, Ltd.		54,201
	4,886	Stockland		17,968
	4,732	Suncorp Group, Ltd.		41,602
	2,388	TABCORP Holdings, Ltd.		17,335
	8,000	Telstra Corp., Ltd.		22,785
	1,550	Toll Holdings, Ltd.		9,080
	2,602	Transurban Group		13,637
	1,459	Wesfarmers, Ltd.		47,716
	754	Wesfarmers, Ltd. PPS		24,899
	3,555	Westfield Group		34,764
	3,555	Westfield Retail Trust †		9,329
	5,262	Westpac Banking Corp.		119,343
	970	Woodside Petroleum, Ltd.		42,183
	2,227	Woolworths, Ltd.		61,396
	383	WorleyParsons, Ltd.		10,472
				1,749,025
Austria — 0.8%
	4,070	Erste Group Bank AG		192,161
	2,560	OMV AG		106,728
	790	Telekom Austria AG		11,139
				310,028
Belgium — 0.4%
	5,266	Ageas		12,040
	1,014	Anheuser-Busch InBev NV		57,960
	624	Anheuser-Busch InBev NV VVPR †		3
	280	Belgacom SA		9,411
	197	Delhaize Group SA		14,574
	341	Groupe Bruxelles Lambert SA		28,702
	400	KBC Groep NV		13,634
	100	Solvay SA		10,667
	200	UCB SA		6,870
				153,861
Bermuda — 0.1%
	736	Seadrill, Ltd.		25,152
Brazil — 0.9%
	15,400	Brookfield Incorporacoes SA		80,281
	6,500	Cia de Saneamento Basico do Estado de Sao Paulo		166,838

Shares Value

Brazil (continued)
	7,100	Diagnosticos da America SA	$	96,276
				343,395
Canada — 3.6%
	2,900	Bank of Nova Scotia		166,038
	2,000	Canadian National Railway Co.		133,059
	4,000	Canadian Natural Resources, Ltd.		177,880
	3,300	Enbridge, Inc.		186,194
	6,400	Nexen, Inc.		146,315
	6,000	Rogers Communications, Inc., Class B		208,162
	3,900	Royal Bank of Canada		204,601
	2,700	Teck Resources, Ltd., Class B		167,285
				1,389,534
China — 2.1%
	107,613	Bank of Communications Co., Ltd., Class H		108,309
	164,000	China Citic Bank Corp., Ltd., Class H		106,291
	282,000	China Petroleum & Chemical Corp., Class H		269,842
	187,000	Dongfeng Motor Group Co., Ltd., Class H		322,097
	7,327	Foxconn International Holdings, Ltd. †		5,115
				811,654
Denmark — 0.4%
	3	AP Moller - Maersk A/S, Class B		27,182
	841	Danske Bank A/S		21,585
	700	DSV A/S		15,529
	631	Novo Nordisk A/S, Class B		71,147
	125	Novozymes A/S, Class B		17,455
	350	Vestas Wind Systems A/S †		11,093
				163,991
Finland — 1.6%
	1,070	Fortum OYJ		32,287
	2,900	Kesko OYJ, Class B		135,567
	5,740	Nokia OYJ		59,481
	15,500	Pohjola Bank PLC		186,023
	7,560	Sampo OYJ, Class A		202,224
	1,450	Stora Enso OYJ, Class R		14,928
	420	UPM-Kymmene OYJ		7,448
				637,958
France — 6.8%
	370	Accor SA		16,496
	592	Air Liquide SA		74,983
	4,580	Alcatel-Lucent		13,404
	440	Alstom SA		21,097
	2,840	AXA SA		47,290
	6,524	BNP Paribas		415,641
	450	Bouygues SA		19,428
	290	Cap Gemini SA		13,562
	964	Carrefour SA		39,762
	1,400	Christian Dior SA		200,320
	720	Cie de St.-Gobain		37,097
	295	Cie Generale de Geophysique-Veritas †		9,009
	245	Cie Generale des Etablissements Michelin, Class B		17,594
	440	Cie Generale d'Optique Essilor International SA		28,360
	720	CNP Assurances		13,000
	1,610	Credit Agricole SA		20,480
	950	Danone		59,755
	370	Edenred †		8,767
	362	EDF SA		14,872
	7,844	France Telecom SA		164,202
	1,834	GDF Suez		65,892
	350	Lafarge SA		21,980
	330	Lagardere SCA		13,610

See Notes to Financial Statements.

40

Wilshire Variable Insurance Trust International Equity Fund Schedule of Investments - (Continued) December 31, 2010    

Shares Value

France (continued)
	490	L'Oreal SA	$	54,504
	509	LVMH Moet Hennessy Louis Vuitton SA		83,865
	40	Neopost SA		3,490
	285	Pernod-Ricard SA		26,836
	100	PPR		15,927
	520	Publicis Groupe SA		27,144
	4,577	Sanofi-Aventis SA		293,541
	2,303	Schneider Electric SA		345,428
	820	Societe Generale		44,138
	230	Sodexo		15,877
	450	Suez Environnement Co.		9,300
	310	Technip SA		28,664
	3,672	Total SA		195,651
	132	Unibail-Rodamco SE		26,145
	270	Vallourec SA		28,398
	867	Veolia Environnement SA		25,387
	604	Vinci SA		32,880
	1,936	Vivendi SA		52,333
				2,646,109
Germany — 6.8%
	350	Adidas AG		22,775
	742	Allianz SE		88,193
	4,952	BASF SE		395,327
	1,314	Bayer AG		97,439
	3,100	Bayerische Motoren Werke AG		244,328
	1,250	Commerzbank AG		9,309
	1,439	Daimler AG		97,405
	5,555	Deutsche Bank AG		290,609
	350	Deutsche Boerse AG		24,191
	1,323	Deutsche Post AG		22,453
	3,748	Deutsche Telekom AG		48,334
	2,952	E.ON AG		90,183
	217	Fresenius Medical Care AG & Co. KGAA		12,480
	1,100	Hochtief AG		93,283
	260	Linde AG		39,347
	250	MAN SE		29,787
	106	Merck KGAA		8,489
	310	Metro AG		22,383
	1,731	Muenchener Rueckversicherungs AG		262,263
	3,040	RWE AG		203,114
	4,880	SAP AG		248,983
	1,313	Siemens AG		162,706
	280	Solarworld AG		2,769
	720	ThyssenKrupp AG		29,923
	6,050	United Internet AG		98,475
	10	Volkswagen AG		1,419
				2,645,967
Greece — 0.1%
	1,070	Alpha Bank AE		5,442
	826	EFG Eurobank Ergasias SA		4,148
	680	Hellenic Telecommunications Organization SA		5,583
	875	National Bank of Greece SA		7,122
	500	OPAP SA		8,654
	454	Piraeus Bank SA		2,219
				33,168
Guernsey — 0.0%
	164	Resolution, Ltd.		600
Hong Kong — 4.4%
	4,840	Bank of East Asia, Ltd.		20,256
	11,600	BOC Hong Kong Holdings, Ltd.		39,450
	39,000	Cathay Pacific Airways, Ltd.		107,593
	20,200	Cheung Kong Holdings, Ltd.		311,344
	10,500	China Mobile, Ltd.		104,117

Shares Value

Hong Kong (continued)
	2,582	CLP Holdings, Ltd.	$	20,967
	79,800	CNOOC, Ltd.		189,970
	2,049	Esprit Holdings, Ltd.		9,748
	3,801	Hang Lung Properties, Ltd.		17,768
	2,100	Hang Seng Bank, Ltd.		34,507
	6,463	Hong Kong & China Gas Co., Ltd.		15,230
	1,200	Hong Kong Exchanges and Clearing, Ltd.		27,210
	3,100	Hongkong Electric Holdings, Ltd.		19,543
	5,100	Hutchison Whampoa, Ltd.		52,471
	12,500	Jardine Strategic Holdings, Ltd.		345,789
	22,000	Kingboard Chemical Holdings, Ltd.		131,733
	4,129	Li & Fung, Ltd.		23,959
	4,775	New World Development, Ltd.		8,960
	1,900	Sun Hung Kai Properties, Ltd.		31,527
	12,400	Swire Pacific, Ltd., Class A		203,753
				1,715,895
India — 1.0%
	3,100	Dr. Reddy's Laboratories, Ltd. ADR		114,576
	3,400	Infosys Technologies, Ltd. ADR		258,672
				373,248
Indonesia — 1.0%
	41,000	Gudang Garam TBK PT		181,875
	40,000	Indo Tambangraya Megah PT		225,109
				406,984
Ireland — 0.2%
	273	CRH PLC^		5,698
	1,058	CRH PLC^		21,954
	770	Elan Corp. PLC †		4,343
	2,400	Experian PLC		29,897
				61,892
Israel — 0.9%
	1,500	Teva Pharmaceutical Industries, Ltd.		78,667
	5,000	Teva Pharmaceutical Industries, Ltd. ADR		260,650
				339,317
Italy — 1.9%
	1,997	Assicurazioni Generali SPA		38,036
	724	Atlantia SPA		14,790
	4,660	Banca Monte dei Paschi di Siena SPA		5,322
	1,530	Banco Popolare SC		6,947
	8,800	Enel SPA		44,113
	17,406	ENI SPA		381,632
	1,510	Fiat SPA		31,240
	1,090	Finmeccanica SPA		12,406
	13,484	Intesa Sanpaolo SPA		36,672
	2,180	Intesa Sanpaolo SPA, RNC		5,201
	2,310	Mediaset SPA		13,995
	1,375	Mediobanca SPA		12,269
	4,476	Snam Rete Gas SPA		22,297
	14,324	Telecom Italia SPA		18,591
	13,120	Telecom Italia SPA, RNC		14,285
	26,743	UniCredit SPA		55,463
	1,132	Unione di Banche Italiane SCPA		9,936
				723,195
Japan — 16.1%
	300	Advantest Corp.		6,743
	1,600	Aeon Co., Ltd.		19,958
	500	Aisin Seiki Co., Ltd.		17,612
	685	Ajinomoto Co., Inc.		7,113
	12,100	Amada Co., Ltd.		98,024
	1,300	Asahi Breweries, Ltd.		25,081
	2,200	Asahi Glass Co., Ltd.		25,576
	3,600	Asahi Kasei Corp.		23,408
	5,300	Astellas Pharma, Inc.		201,354

See Notes to Financial Statements.

41

Wilshire Variable Insurance Trust International Equity Fund Schedule of Investments - (Continued) December 31, 2010    

Shares Value

Japan (continued)
	4,100	Bank of Yokohama, Ltd. (The)	$	21,134
	600	Bridgestone Corp.		11,545
	13,500	Brother Industries, Ltd.		199,172
	1,598	Canon, Inc.		82,051
	2	Central Japan Railway Co.		16,713
	1,400	Chiba Bank, Ltd. (The)		9,075
	878	Chubu Electric Power Co., Inc.		21,546
	500	Chugai Pharmaceutical Co., Ltd.		9,152
	1,900	Chuo Mitsui Trust Holdings, Inc.		7,846
	100	Credit Saison Co., Ltd.		1,631
	2,100	Dai Nippon Printing Co., Ltd.		28,472
	1,400	Daiichi Sankyo Co., Ltd.		30,566
	600	Daikin Industries, Ltd.		21,188
	200	Daito Trust Construction Co., Ltd.		13,663
	308	Daiwa House Industry Co., Ltd.		3,771
	2,900	Daiwa Securities Group, Inc.		14,870
	548	Denso Corp.		18,833
	500	Dentsu, Inc.		15,443
	700	East Japan Railway Co.		45,406
	500	Eisai Co., Ltd.		18,057
	500	Electric Power Development Co., Ltd.		15,653
	300	FANUC Corp.		45,840
	36,000	Fuji Heavy Industries, Ltd.		277,522
	1,000	FUJIFILM Holdings Corp.		36,006
	4,600	Fujitsu, Ltd.		31,859
	1,900	Fukuoka Financial Group, Inc.		8,221
	25,217	Hankyu Hanshin Holdings, Inc.		116,829
	100	Hirose Electric Co., Ltd.		11,233
	2,773	Hitachi, Ltd.		14,717
	509	Hokkaido Electric Power Co., Inc.		10,390
	1,600	Hokuhoku Financial Group, Inc.		3,243
	2,500	Honda Motor Co., Ltd.		98,636
	900	Hoya Corp.		21,753
	200	Ibiden Co., Ltd.		6,271
	3	INPEX Corp.		17,512
	3,800	ITOCHU Corp.		38,274
	1,164	Japan Steel Works, Ltd. (The)		12,119
	8	Japan Tobacco, Inc.		29,530
	700	JFE Holdings, Inc.		24,262
	2,000	Joyo Bank, Ltd. (The)		8,763
	700	JS Group Corp.		15,349
	1,200	JTEKT Corp.		14,075
	2,261	JX Holdings, Inc.		15,294
	4,300	Kajima Corp.		11,397
	1,100	Kansai Electric Power Co., Inc. (The)		27,115
	1,000	Kao Corp.		26,865
	5	KDDI Corp.		28,823
	1,015	Keio Corp.		6,911
	110	Keyence Corp.		31,727
	5,300	Kintetsu Corp.		16,555
	1,900	Kirin Holdings Co., Ltd.		26,564
	53,100	Kobe Steel, Ltd.		134,120
	1,800	Komatsu, Ltd.		54,154
	4,900	Konami Corp.		103,635
	1,100	Konica Minolta Holdings, Inc.		11,365
	1,133	Kubota Corp.		10,670
	1,000	Kuraray Co., Ltd.		14,270
	300	Kyocera Corp.		30,468
	5,200	Kyushu Electric Power Co., Inc.		116,375
	4,200	Marubeni Corp.		29,392
	900	Marui Group Co., Ltd.		7,305
	3,600	MEIJI Holdings Co., Ltd.		162,396
	4,300	Mitsubishi Chemical Holdings Corp.		29,035
	2,600	Mitsubishi Corp.		70,049
	4,200	Mitsubishi Electric Corp.		43,871

Shares Value

Japan (continued)
	2,200	Mitsubishi Estate Co., Ltd.	$	40,644
	1,400	Mitsubishi Gas Chemical Co., Inc.		9,899
	6,000	Mitsubishi Heavy Industries, Ltd.		22,453
	4,600	Mitsubishi Materials Corp.		14,612
	14,856	Mitsubishi UFJ Financial Group, Inc.		80,076
	3,400	Mitsui & Co., Ltd.		55,923
	1,600	Mitsui Fudosan Co., Ltd.		31,786
	2,700	Mitsui OSK Lines, Ltd.		18,289
	17,000	Mizuho Financial Group, Inc.		31,878
	750	MS&AD Insurance Group Holdings		18,715
	500	Murata Manufacturing Co., Ltd.		34,890
	1,583	NEC Corp.		4,734
	100	Nidec Corp.		10,079
	800	Nikon Corp.		16,143
	137	Nintendo Co., Ltd.		39,983
	14,056	Nippon Electric Glass Co., Ltd.		201,684
	2,100	Nippon Express Co., Ltd.		9,427
	5,989	Nippon Steel Corp.		21,447
	3,800	Nippon Telegraph & Telephone Corp.		172,980
	2,800	Nippon Yusen KK		12,322
	20,200	Nissan Motor Co., Ltd.		191,018
	400	Nitto Denko Corp.		18,753
	1,900	NKSJ Holdings, Inc.		13,933
	3,500	Nomura Holdings, Inc.		22,200
	2,100	NSK, Ltd.		18,879
	3	NTT Data Corp.		10,342
	22	NTT DoCoMo, Inc.		38,301
	1,100	Obayashi Corp.		5,048
	400	Olympus Corp.		12,039
	500	Omron Corp.		13,172
	200	Oriental Land Co., Ltd.		18,492
	180	ORIX Corp.		17,629
	32,800	Osaka Gas Co., Ltd.		127,100
	2,765	Panasonic Corp.		39,024
	1,100	Resona Holdings, Inc.		6,554
	1,100	Ricoh Co., Ltd.		16,033
	200	Rohm Co., Ltd.		13,002
	2,900	Sankyo Co., Ltd.		163,336
	600	Secom Co., Ltd.		28,340
	400	Sega Sammy Holdings, Inc.		7,583
	300	Seiko Epson Corp.		5,444
	2,000	Sekisui Chemical Co., Ltd.		14,303
	1,700	Sekisui House, Ltd.		17,124
	1,500	Seven & I Holdings Co., Ltd.		39,891
	1,900	Sharp Corp.		19,490
	700	Shin-Etsu Chemical Co., Ltd.		37,714
	1,300	Shinsei Bank, Ltd.		1,691
	700	Shiseido Co., Ltd.		15,238
	2,100	Shizuoka Bank, Ltd. (The)		19,302
	2,800	Showa Denko KK		6,279
	38	SMC Corp.		6,482
	4,700	Softbank Corp.		161,999
	4,544	Sojitz Corp.		9,932
	1,800	Sony Corp.		64,353
	3,200	Sumitomo Chemical Co., Ltd.		15,703
	22,700	Sumitomo Corp.		319,436
	1,900	Sumitomo Electric Industries, Ltd.		26,247
	1,800	Sumitomo Heavy Industries, Ltd.		11,509
	7,600	Sumitomo Metal Industries, Ltd.		18,625
	1,300	Sumitomo Metal Mining Co., Ltd.		22,635
	5,600	Sumitomo Mitsui Financial Group, Inc.		198,207
	900	Sumitomo Realty & Development Co., Ltd.		21,403
	2,600	Sumitomo Trust & Banking Co., Ltd. (The)		16,282

See Notes to Financial Statements.

42

Wilshire Variable Insurance Trust International Equity Fund Schedule of Investments - (Continued) December 31, 2010    

Shares Value

Japan (continued)
	300	T&D Holdings, Inc.	$	7,565
	1,300	Takashimaya Co., Ltd.		11,099
	1,100	Takeda Pharmaceutical Co., Ltd.		54,019
	200	TDK Corp.		13,842
	3,100	Teijin, Ltd.		13,193
	400	Terumo Corp.		22,427
	2,500	Tobu Railway Co., Ltd.		14,016
	900	Tohoku Electric Power Co., Inc.		20,030
	891	Tokio Marine Holdings, Inc.		26,459
	1,700	Tokyo Electric Power Co., Inc. (The)		41,435
	300	Tokyo Electron, Ltd.		18,881
	2,500	Tokyo Gas Co., Ltd.		11,067
	3,000	Tokyu Corp.		13,718
	2,100	Toppan Printing Co., Ltd.		19,104
	2,700	Toray Industries, Inc.		16,090
	6,000	Toshiba Corp.		32,552
	500	Toyota Industries Corp.		15,464
	4,355	Toyota Motor Corp.		171,386
	500	Toyota Tsusho Corp.		8,752
	4	West Japan Railway Co.		14,924
	34	Yahoo Japan Corp.		13,137
	2,090	Yamada Denki Co., Ltd.		142,133
	600	Yamaha Motor Co., Ltd.		9,733
	1,200	Yamato Holdings Co., Ltd.		17,017
				6,307,490
Jersey — 0.0%
	709	Atrium European Real Estate, Ltd.		4,160
Luxembourg — 0.7%
	7,545	ArcelorMittal		287,241
Malaysia — 0.5%
	83,700	Genting Malaysia BHD		92,043
	38,800	Hong Leong Bank BHD		115,834
				207,877
Mexico — 1.7%
	118,000	America Movil SAB de CV, Series L		338,227
	24,000	Grupo Financiero Banorte SAB de CV, Class O		114,070
	52,400	Grupo Mexico SAB de CV, Series B		215,704
				668,001
Netherlands — 3.9%
	1,766	Aegon NV		10,815
	296	Akzo Nobel NV		18,423
	470	ASML Holding NV		18,032
	690	European Aeronautic Defence and Space Co. NV		16,107
	600	Heineken NV		29,439
	4,786	ING Groep NV, CVA		46,708
	1,780	Koninklijke Ahold NV		23,523
	3,230	Koninklijke DSM NV		184,186
	2,352	Koninklijke KPN NV		34,365
	1,840	Koninklijke Philips Electronics NV		56,430
	1,203	Reed Elsevier NV		14,899
	5,853	Royal Dutch Shell PLC, Class A		195,450
	13,098	Royal Dutch Shell PLC, Class B		433,795
	922	TNT NV		24,392
	13,345	Unilever NV, CVA		416,482
	660	Wolters Kluwer NV		14,479
				1,537,525
New Zealand — 0.0%
	7,043	Telecom Corp. of New Zealand, Ltd.		11,832
Norway — 0.3%
	2,322	DnB NOR ASA		32,724

Shares Value

Norway (continued)
	2,200	Norsk Hydro ASA	$	16,234
	2,150	Orkla ASA		21,010
	1,472	Statoil ASA		35,123
	965	Telenor ASA		15,753
				120,844
Philippines — 0.2%
	3,200	Globe Telecom, Inc.		58,639
Poland — 0.2%
	7,000	Grupa Lotos SA †		86,236
Portugal — 0.1%
	3,730	Banco Comercial Portugues SA, Class R		2,902
	1,620	Brisa Auto-Estradas de Portugal SA		11,304
	4,750	Energias de Portugal SA		15,821
	770	Portugal Telecom SGPS SA		8,793
				38,820
Russia — 0.6%
	6,900	Tatneft ADR		228,613
Singapore — 2.3%
	3,000	DBS Group Holdings, Ltd.		33,494
	9,800	Jardine Cycle & Carriage, Ltd.		279,507
	3,908	Keppel Corp., Ltd.		34,492
	6,000	Oversea-Chinese Banking Corp., Ltd.		46,206
	1,825	SATS, Ltd.		4,096
	2,500	Singapore Airlines, Ltd.		29,839
	71,200	Singapore Telecommunications, Ltd.		169,242
	22,200	United Overseas Bank, Ltd.		315,126
				912,002
South Africa — 2.6%
	3,750	AngloGold Ashanti, Ltd.		185,469
	10,000	Aspen Pharmacare Holdings, Ltd.		139,384
	7,700	Gold Fields, Ltd.		140,441
	11,000	Remgro, Ltd.		188,071
	12,100	Shoprite Holdings, Ltd.		182,609
	3,000	Tiger Brands, Ltd.		87,992
	644	Trans Hex Group, Ltd. †		234
	9,450	Vodacom Group, Ltd.		109,441
				1,033,641
South Korea — 2.9%
	600	Honam Petrochemical Corp. †		143,908
	1,100	Hyosung Corp. †		103,867
	3,900	Hyundai Marine & Fire Insurance Co., Ltd.		90,920
	1,425	LG Corp. †		110,903
	525	LG Innotek Co., Ltd. †		62,622
	650	Samsung Electronics Co., Ltd.		549,815
	1,100	S-Oil Corp.		90,767
				1,152,802
Spain — 3.4%
	609	Abertis Infraestructuras SA		10,999
	138	Acciona SA		9,799
	144	ACS Actividades de Construccion y Servicios SA		6,765
	6,885	Banco Bilbao Vizcaya Argentaria SA		70,192
	1,882	Banco Popular Espanol SA		9,708
	45,238	Banco Santander SA		482,222
	63	Ferrovial SA		629
	210	Fomento de Construcciones y Contratas SA		5,533
	6,683	Iberdrola SA		51,836
	380	Inditex SA		28,455
	11,440	Repsol YPF SA		320,477
	13,869	Telefonica SA		316,744
				1,313,359

See Notes to Financial Statements.

43

Wilshire Variable Insurance Trust International Equity Fund Schedule of Investments - (Continued) December 31, 2010    

Shares Value

Sweden — 2.2%
	800	Assa Abloy AB, Class B	$	22,626
	1,400	Atlas Copco AB, Class B		31,776
	14,400	Atlas Copco AB, Class A		364,462
	600	Electrolux AB, Series B		17,072
	1,690	Hennes & Mauritz AB, Class B		56,434
	6,200	Nordea Bank AB		67,589
	2,000	Sandvik AB		39,126
	1,000	Scania AB, Class B		23,080
	1,100	Securitas AB, Class B		12,915
	3,840	Skandinaviska Enskilda Banken AB, Class A		32,145
	1,200	SKF AB, Class B		34,334
	1,500	Svenska Cellulosa AB, Class B		23,746
	621	Svenska Handelsbanken AB, Class A		19,903
	3,777	Telefonaktiebolaget LM Ericsson, Class B		43,886
	4,100	TeliaSonera AB		32,634
	2,283	Volvo AB, Class B		40,323
				862,051
Switzerland — 5.1%
	3,841	ABB, Ltd.		85,927
	1,400	ACE, Ltd.		87,150
	130	Actelion, Ltd. †		7,132
	340	Adecco SA		22,340
	2,000	Baloise Holding AG		194,926
	775	Cie Financiere Richemont SA		45,661
	1,883	Credit Suisse Group AG		75,984
	90	Geberit AG		20,850
	530	Holcim, Ltd.		40,184
	3,700	Julius Baer Group, Ltd.		173,580
	5,639	Nestle SA		330,990
	325	Nobel Biocare Holding AG		6,142
	6,893	Novartis AG		406,543
	1,091	Roche Holding AG		160,242
	1,470	STMicroelectronics NV		15,293
	79	Swatch Group AG (The)		35,292
	66	Swiss Life Holding AG		9,538
	764	Swiss Reinsurance Co., Ltd.		41,065
	48	Swisscom AG		21,141
	166	Syngenta AG		48,754
	149	Synthes, Inc.		20,150
	4,866	UBS AG		80,047
	260	Zurich Financial Services AG		67,461
				1,996,392
Thailand — 0.4%
	13,500	Bangkok Bank PCL		65,798
	18,100	PTT Exploration & Production PCL		100,758
				166,556
Turkey — 0.2%
	18,500	KOC Holding AS		90,248
United Kingdom — 14.0%
	2,297	3i Group PLC		11,802
	2,159	Anglo American PLC		112,959
	5,315	AstraZeneca PLC		242,262
	4,840	Aviva PLC		29,755
	6,290	BAE Systems PLC		32,403
	16,799	Barclays PLC		69,438
	5,198	BG Group PLC		105,457
	9,663	BHP Billiton PLC		388,813
	27,705	BP PLC		204,240
	7,343	British American Tobacco PLC		282,495
	1,069	British Land Co. PLC		8,776
	2,330	British Sky Broadcasting Group PLC		26,785
	7,318	BT Group PLC, Class A		20,787

Shares Value

United Kingdom (continued)
	4,422	Cable & Wireless Communications PLC	$	3,363
	4,422	Cable & Wireless Worldwide PLC		4,542
	1,219	Capita Group PLC (The)		13,259
	400	Carnival PLC		18,608
	9,673	Centrica PLC		50,126
	18,980	Compass Group PLC		172,285
	3,710	Diageo PLC		68,748
	28,000	G4S PLC		111,091
	7,832	GlaxoSmithKline PLC		151,906
	490	Hammerson PLC		3,194
	2,878	Home Retail Group PLC		8,506
	26,785	HSBC Holdings PLC		273,784
	12,960	Imperial Tobacco Group PLC		398,441
	619	Intercontinental Hotels Group PLC		12,093
	3,260	International Power PLC		22,329
	3,120	J Sainsbury PLC		18,332
	830	Johnson Matthey PLC		26,447
	4,950	Kingfisher PLC		20,395
	970	Land Securities Group PLC		10,233
	13,730	Legal & General Group PLC		20,798
	44,104	Lloyds Banking Group PLC		45,535
	350	London Stock Exchange Group PLC		4,589
	3,512	Man Group PLC		16,287
	2,730	Marks & Spencer Group PLC		15,745
	20,723	National Grid PLC		179,139
	8,195	Next PLC		253,136
	12,240	Old Mutual PLC		23,574
	1,940	Pearson PLC		30,577
	4,759	Prudential PLC		49,725
	831	Reckitt Benckiser Group PLC		45,724
	1,930	Reed Elsevier PLC		16,305
	2,290	Rexam PLC		11,894
	5,933	Rio Tinto PLC		422,972
	3,689	Rolls-Royce Group PLC		35,948
	28,552	Royal Bank of Scotland Group PLC †		17,537
	5,679	RSA Insurance Group PLC		11,104
	1,780	SABMiller PLC		62,717
	4,410	Sage Group PLC (The)		18,840
	1,550	Scottish & Southern Energy PLC		29,613
	500	Severn Trent PLC		11,561
	2,010	Smith & Nephew PLC		21,226
	1,276	Smiths Group PLC		24,808
	22,207	Standard Chartered PLC		599,575
	11,297	Tesco PLC		74,921
	2,071	Tullow Oil PLC		40,903
	2,529	Unilever PLC		77,692
	1,228	United Utilities Group PLC		11,362
	80,414	Vodafone Group PLC		211,128
	625	Whitbread PLC		17,491
	2,185	WM Morrison Supermarkets PLC		9,131
	157	Wolseley PLC †		5,027
	2,730	WPP PLC		33,754
	3,750	Xstrata PLC		88,873
				5,462,865
United States — 0.5%
	3,350	Philip Morris International, Inc.		196,076
	411	Thomson Reuters Corp.		15,347
				211,423
Total Common Stock (Cost $34,878,002)				37,289,590

See Notes to Financial Statements.

44

Wilshire Variable Insurance Trust International Equity Fund Schedule of Investments - (Continued) December 31, 2010    

Shares			Value
PREFERRED STOCK — 3.0%
Brazil — 2.8%
	6,413	Banco Bradesco SA	$	126,188
	4,700	Cia Paranaense de Energia		117,550
	34,170	Itausa - Investimentos Itau SA		271,828
	12,600	Petroleo Brasileiro SA		207,228
	12,800	Vale SA		374,134
				1,096,928
Germany — 0.2%
	276	Henkel AG & Co. KGAA		17,119
	190	Porsche Automobil Holding SE		15,162
	160	Volkswagen AG		26,023
				58,304
Total Preferred Stock (Cost $1,066,792)				1,155,232
EXCHANGE-TRADED FUND — 0.7%
	4,900	iShares MSCI EAFE Index Fund (Cost $281,236)		285,327
RIGHTS — 0.0%
	106	Banco Bradesco SA (Cost $0)		549
PRIVATE COMPANY — 0.0%
	7,765	BGP Holdings †(a) (Cost $0)		—
Total Investments — 99.1%
(Cost $36,226,030)				38,730,698
Other Assets & Liabilities, Net — 0.9%				350,547
NET ASSETS — 100.0%			$	39,081,245

† Non-income producing security.

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

(a) Security fair valued using methods determined in good faith by the Pricing Committee. As of December 31, 2010, the total market value of this security was $0 and represented 0.0% of Net Assets.

ADR — American Depositary Receipt

EAFE — Europe, Australasia, Far East

MSCI — Morgan Stanley Capital International

PLC — Public Limited Company

PPS — Price Protected Shares

VVPR — Voter Verified Paper Record

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

The following is a summary of the inputs used as of December 31, 2010, in valuing the Fund’s investments carried as value:

Investments in Securities	Level 1		Level 2			Level 3			Total
Common Stock
Australia	$	50,931	$	1,698,094	*	$	—		$	1,749,025
Austria		—		310,028	*		—			310,028
Belgium		3		153,858	*		—			153,861
Bermuda		—		25,152	*		—			25,152
Brazil		343,395		—			—			343,395
Canada		1,389,534		—			—			1,389,534
China		—		811,654	*		—			811,654
Denmark		—		163,991	*		—			163,991
Finland		—		637,958	*		—			637,958
France		—		2,646,109	*		—			2,646,109
Germany		—		2,645,967	*		—			2,645,967
Greece		—		33,168	*		—			33,168
Guernsey		—		600	*		—			600
Hong Kong		—		1,715,895	*		—			1,715,895
India		373,248		—			—			373,248
Indonesia		—		406,984	*		—			406,984
Ireland		—		61,892	*		—			61,892
Israel		260,650		78,667	*		—			339,317
Italy		—		723,195	*		—			723,195
Japan		—		6,307,490	*		—			6,307,490
Jersey		—		4,160	*		—			4,160
Luxembourg		—		287,241	*		—			287,241
Malaysia		—		207,877	*		—			207,877
Mexico		668,001		—			—			668,001
Netherlands		—		1,537,525	*		—			1,537,525
New Zealand		—		11,832	*		—			11,832
Norway		—		120,844	*		—			120,844
Phillippines		—		58,639	*		—			58,639
Poland		—		86,236	*					86,236
Portugal		—		38,820	*		—			38,820
Russia		—		228,613	*		—			228,613
Singapore		—		912,002	*		—			912,002
South Africa		—		1,033,641	*		—			1,033,641
South Korea		—		1,152,802	*		—			1,152,802
Spain		—		1,313,359	*		—			1,313,359
Sweden		—		862,051	*		—			862,051
Switzerland		87,150		1,909,242	*		—			1,996,392
Thailand		—		166,556	*		—			166,556
Turkey		—		90,248	*		—			90,248
United Kingdom		—		5,462,865	*		—			5,462,865
United States		211,423		—			—			211,423
		3,384,335		33,905,255			—			37,289,590
Preferred Stock
Brazil		1,096,928		—			—			1,096,928
Germany		—		58,304	*		—			58,304
		1,096,928		58,304			—			1,155,232
Exchange-Traded Fund		285,327		—			—			285,327
Rights		549		—			—			549
Private Company		—		—			—	††		—
Total Investments in Securities	$	4,767,139	$	33,963,559		$	—		$	38,730,698

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

†† This security was categorized as Level 3 and had a market value of $0 as of December 31, 2010 and the value has remained zero throughout the year ended December 31, 2010. There were no accrued discounts/premiums, realized gain/(loss), change in unrealized appreciation/(depreciation), purchases, sales or transfers in or out of Level 3 during the year ended December 31, 2010.

For the year ended December 31, 2010, the transfers out of Level 1 and into Level 2 were $173,579 and the transfers out of Level 2 into Level 1 were $41,605. The transfers were related to the fair value of certain international securities. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

See Notes to Financial Statements.

45

Wilshire Variable Insurance Trust Socially Responsible Fund Schedule of Investments December 31, 2010    

Shares Value

COMMON STOCK — 96.6%
Consumer Discretionary — 14.4%
	2,020	Amazon.com, Inc. †	$	363,600
	8,660	Cablevision Systems Corp., Class A		293,054
	26,350	Comcast Corp. Special, Class A		578,910
	4,030	Harley-Davidson, Inc.		139,720
	12,240	Home Depot, Inc. (The)		429,135
	13,240	Johnson Controls, Inc.		505,768
	8,370	Marcus Corp.		111,070
	4,570	McDonald's Corp.		350,793
	13,030	Newell Rubbermaid, Inc.		236,885
	22,290	News Corp., Class B		366,002
	29,560	Staples, Inc.		673,081
	32,610	Target Corp.		1,960,839
	14,020	Toll Brothers, Inc. †		266,380
	28,810	Walt Disney Co. (The)		1,080,663
	5,020	Yum! Brands, Inc.		246,231
				7,602,131
Consumer Staples — 11.0%
	5,550	Coca-Cola Co. (The)		365,023
	8,010	Costco Wholesale Corp.		578,402
	6,850	CVS Caremark Corp.		238,175
	6,400	Estee Lauder Cos., Inc. (The), Class A		516,480
	7,030	General Mills, Inc.		250,198
	6,500	HJ Heinz Co.		321,490
	8,600	Kellogg Co.		439,288
	4,940	Kimberly-Clark Corp.		311,418
	13,860	Kraft Foods, Inc., Class A		436,728
	8,400	McCormick & Co., Inc.		390,852
	11,950	PepsiCo, Inc.		780,694
	18,010	Procter & Gamble Co. (The)		1,158,583
				5,787,331
Energy — 8.7%
	4,645	Apache Corp.		553,823
	3,510	Devon Energy Corp.		275,570
	2,780	Diamond Offshore Drilling, Inc.		185,899
	30,290	El Paso Corp.		416,790
	6,140	National Oilwell Varco, Inc.		412,915
	9,650	Newfield Exploration Co. †		695,862
	10,100	Petrohawk Energy Corp. †		184,325
	22,610	Petroleo Brasileiro SA ADR		855,563
	2,200	Schlumberger, Ltd.		183,700
	16,670	Spectra Energy Corp.		416,583
	18,000	Weatherford International, Ltd. †		410,400
				4,591,430
Financials — 13.8%
	5,380	American Express Co.		230,910
	20,180	Annaly Capital Management, Inc.		361,625
	28,870	Bank of America Corp.		385,126
	6	Berkshire Hathaway, Inc., Class A †		722,700
	26,800	Charles Schwab Corp. (The)		458,548
	85,790	Chimera Investment Corp.		352,597
	83,500	Citigroup, Inc. †		394,955
	4,550	Comerica, Inc.		192,192
	14,300	Forest City Enterprises, Inc., Class A †		238,667
	540	Goldman Sachs Group, Inc. (The)		90,806
	22,560	JPMorgan Chase & Co.		956,995
	4,170	MetLife, Inc.		185,315
	9,270	Moody's Corp.		246,026
	22,120	Travelers Cos., Inc. (The)		1,232,305
	3,370	Visa, Inc., Class A		237,181
	31,890	Wells Fargo & Co.		988,271
				7,274,219

Shares Value

Health Care — 9.2%
	5,340	Abbott Laboratories	$	255,839
	19,970	AmerisourceBergen Corp., Class A		681,376
	4,950	Amgen, Inc. †		271,755
	17,780	Bristol-Myers Squibb Co.		470,814
	5,230	Celgene Corp. †		309,302
	3,200	Edwards Lifesciences Corp. †		258,688
	3,440	GlaxoSmithKline PLC ADR		134,917
	14,810	Johnson & Johnson		915,999
	12,150	Merck & Co., Inc.		437,886
	12,900	Novartis AG ADR		760,455
	20,440	Pfizer, Inc.		357,905
				4,854,936
Industrials — 11.1%
	7,550	3M Co.		651,565
	3,950	Covanta Holding Corp.		67,900
	1,990	Cummins, Inc.		218,920
	4,980	Eaton Corp.		505,520
	9,560	Emerson Electric Co.		546,545
	45,470	General Electric Co.		831,646
	4,990	Harsco Corp.		141,317
	9,280	Honeywell International, Inc.		493,325
	24,070	Masco Corp.		304,726
	9,310	Norfolk Southern Corp.		584,854
	6,780	Tyco International, Ltd.		280,963
	10,510	United Parcel Service, Inc., Class B		762,816
	12,080	Waste Management, Inc.		445,390
				5,835,487
Information Technology — 17.4%
	3,900	Apple, Inc. †		1,257,984
	12,880	ASML Holding NV, NY Shares		493,819
	8,950	Autodesk, Inc. †		341,890
	7,540	Automatic Data Processing, Inc.		348,951
	27,470	Cisco Systems, Inc. †		555,718
	3,620	Citrix Systems, Inc. †		247,645
	2,850	Dolby Laboratories, Inc., Class A †		190,095
	7,930	eBay, Inc. †		220,692
	11,950	EMC Corp. †		273,655
	1,590	First Solar, Inc. †		206,923
	1,820	Google, Inc., Class A †		1,081,025
	18,580	Intel Corp.		390,737
	5,380	International Business Machines Corp.		789,569
	2,370	Intuit, Inc. †		116,841
	7,260	Juniper Networks, Inc. †		268,039
	38,410	Microsoft Corp.		1,072,407
	16,420	Oracle Corp.		513,946
	14,830	Texas Instruments, Inc.		481,975
	9,540	VeriSign, Inc.		311,672
	1,520	Xilinx, Inc.		44,050
				9,207,633
Materials — 6.2%
	4,730	Air Products & Chemicals, Inc.		430,194
	4,400	BHP Billiton, Ltd. ADR		408,848
	13,760	Celanese Corp., Ser A		566,499
	4,000	Ecolab, Inc.		201,680
	4,780	EI du Pont de Nemours & Co.		238,426
	20,370	International Paper Co.		554,879
	1,450	Potash Corp. of Saskatchewan, Inc.		224,503
	7,800	PPG Industries, Inc.		655,746
				3,280,775
Telecommunication Services — 3.0%
	8,050	American Tower Corp., Class A †		415,702
	18,740	AT&T, Inc.		550,581
	17,040	Verizon Communications, Inc.		609,691
				1,575,974

See Notes to Financial Statements.

46

Wilshire Variable Insurance Trust Socially Responsible Fund Schedule of Investments - (Continued) December 31, 2010    

Shares Value

Utilities — 1.8%
	12,700	NextEra Energy, Inc.	$	660,273
	3,220	Sempra Energy		168,986
	2,000	Wisconsin Energy Corp.		117,720
				946,979
Total Common Stock (Cost $37,770,403)				50,956,895
Total Investments — 96.6%
(Cost $37,770,403)				50,956,895
Other Assets & Liabilities, Net — 3.4%				1,796,664
NET ASSETS — 100.0%			$	52,753,559

†    Non-income producing security.

ADR — American Depositary Receipt

NY — New York

PLC — Public Limited Company

As of December 31, 2010, all of the Fund’s investments in securities were considered Level 1. During the year ended December 31, 2010, there have been no significant transfers between Level 1 and Level 2 assets and liabilities. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

See Notes to Financial Statements.

47

Wilshire Variable Insurance Trust Statements of Assets and Liabilities December 31, 2010  

	EQUITY FUND			BALANCED FUND			INCOME FUND			SMALL CAP GROWTH FUND			INTERNATIONAL EQUITY FUND			SOCIALLY RESPONSIBLE FUND
ASSETS:
Investments in securities, at value (Note 2)	$	115,519,840		$	—		$	119,500,067		$	40,894,339		$	38,730,698		$	50,956,895
Investments in affiliated funds, at value		94,240,728			168,887,876			—			—			—			—
Cash equivalents		349,568			—			15,144,971			152,001			340,321			1,983,565
Cash		—			423,905			—			—			—			—
Foreign currency, at value		—			—			—			—			4,509			—
Dividends and interest receivable		134,513			—			814,555			5,432			46,725			86,544
Receivable for investment securities sold and matured		45,356			—			27,333,260			102,375			17,305			9,562
Subscriptions receivable		11,670			8,646			9,518			9,410			8,145			4,933
Receivable from Adviser (Note 3)		—			—			—			7,114			6,352			—
Reclaims receivable		—			—			427			—			90,648			—
Total assets		210,301,675			169,320,427			162,802,798			41,170,671			39,244,703			53,041,499
LIABILITIES:
TBA sales commitments		—			—			13,406,142			—			—			—
Cash overdraft		—			—			—			—			8,382			—
Redemptions payable		205,687			326,915			29,442			41,350			40,284			56,432
Investment advisory fees payable (Note 3)		68,035			—			47,426			39,734			32,726			37,573
Distribution (12b-1) fees payable (Note 4)		44,075			—			21,396			8,638			8,210			11,105
Payable for investment securities purchased		25,410			—			42,435,896			104,157			—			150,203
Administration fees payable		12,335			9,964			6,036			2,419			2,291			3,094
Chief Compliance Officer expenses payable		1,770			1,462			910			330			338			444
Trustees’ fees payable		9,123			7,533			4,691			1,703			1,742			2,289
Interest payable		—			—			12,966			—			—			—
Obligation to return securities lending collateral		—			—			—			18			—			—
Other accrued expenses		121,755			80,191			75,919			40,223			69,485			26,800
Total liabilities		488,190			426,065			56,040,824			238,572			163,458			287,940
NET ASSETS	$	209,813,485		$	168,894,362		$	106,761,974		$	40,932,099		$	39,081,245		$	52,753,559
NET ASSETS consist of:
Paid-in capital	$	321,897,169		$	182,334,897		$	106,679,583		$	47,314,276		$	46,257,976		$	61,853,823
Undistributed net investment income		16,012			4,429,091			3,200,085			—			215,885			388,831
Accumulated net realized gain/(loss) on investments, futures contracts and foreign currency transactions		(138,146,793	)		(30,333,540	)		117,260			(15,604,176	)		(9,915,363	)		(22,675,587	)
Net unrealized appreciation/ (depreciation) of investments and other assets and liabilities denominated in foreign currencies		26,047,097			12,463,914			(3,234,954	)		9,221,999			2,522,747			13,186,492
NET ASSETS	$	209,813,485		$	168,894,362		$	106,761,974		$	40,932,099		$	39,081,245		$	52,753,559
SHARES OUTSTANDING:  (Unlimited shares authorized)		11,473,772			10,564,249			8,992,642			2,903,222			3,084,298			4,765,252
NET ASSET VALUE: (Offering and redemption price per share)	$	18.29		$	15.99		$	11.87		$	14.10		$	12.67		$	11.07
Investments, at cost (Note 2)	$	101,271,934		$	—		$	122,691,707		$	31,672,340		$	36,226,030		$	37,770,403
Investments in affiliated funds, at cost		82,441,537			156,423,962			—			—			—			—
TBA sales commitments, proceeds receivable		—			—			13,362,828			—			—			—
Foreign currency, at cost		—			—			—			—			4,471			—
Market value of securities on loan		—			—			—			—			—			—

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

See Notes to Financial Statements.

48

Wilshire Variable Insurance Trust Statements of Operations For the Year Ended December 31, 2010  

	EQUITY FUND			BALANCED FUND		INCOME FUND			SMALL CAP GROWTH FUND			INTERNATIONAL EQUITY FUND			SOCIALLY RESPONSIBLE FUND
INVESTMENT INCOME:
Dividends	$	2,233,765		$	—	$	15,349		$	196,161		$	1,151,247		$	1,053,357
Dividends from affiliated funds		1,046,920			4,733,331		—			—			—			—
Interest		462			—		4,231,022			178			293			1,125
Foreign taxes withheld		(2,740	)		—		—			—			(114,714	)		(9,770	)
Total income		3,278,407			4,733,331		4,246,371			196,339			1,036,826			1,044,712
EXPENSES:
Investment advisory fees (Note 3)		769,565			—		570,930			409,500			366,961			427,520
Distribution (12b-1) fees (Note 4)		431,550			—		259,521			89,020			91,736			125,632
Administration fees (Note 3)		140,071			115,938		72,676			24,860			25,617			35,178
Trustees’ fees (Note 3)		36,780			30,422		19,033			6,508			6,791			9,228
Chief Compliance Officer expenses		565			514		355			152			115			149
Professional fees		86,209			79,769		48,590			17,541			18,169			24,628
Transfer agent fees		71,501			19,856		12,542			4,248			4,458			6,056
Custodian fees		51,253			7,755		20,919			39,168			49,888			9,150
Printing fees		40,623			30,497		19,620			7,060			7,057			9,496
Other		31,728			19,479		92,080			29,344			75,912			8,809
Total expenses		1,659,845			304,230		1,116,266			627,401			646,704			655,846
Fees waived by Adviser (Note 3)		—			—		—			(81,526	)		(74,144	)		—
Net expenses		1,659,845			304,230		1,116,266			545,875			572,560			655,846
Net Investment income/(loss)		1,618,562			4,429,101		3,130,105			(349,536	)		464,266			388,866
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 5):
Net realized gain/(loss) from:
Investments		12,725,165			—		732,516			2,353,753			(350,316	)		3,139,513
Investments in affiliated funds		1,134,406			4,762,680
Futures contracts		55,002			—		—			—			—			—
Forward foreign currency exchange contracts and foreign currency transactions		—			—		53,995			—			(16,530	)		—
Net change in unrealized appreciation/(depreciation) of:
Investments		(1,530,458	)		—		5,248,652			6,609,456			3,477,805			2,086,601
Investments in affiliated funds		7,892,337			7,874,438
Futures contracts		(11,677	)		—		—			—			—			—
Forward foreign currency exchange contracts and other assets and liabilities denominated in foreign currencies		—			—		(53,995	)		—			(4,905	)		—
Net realized and unrealized gain on investments, futures contracts and foreign currencies		20,264,775			12,637,118		5,981,168			8,963,209			3,106,054			5,226,114
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,883,337		$	17,066,219	$	9,111,273		$	8,613,673		$	3,570,320		$	5,614,980

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

See Notes to Financial Statements.

49

Wilshire Variable Insurance Trust Statements of Changes in Net Assets For the Year Ended December 31, 2010  

	EQUITY FUND			BALANCED FUND			INCOME FUND			SMALL CAP GROWTH FUND			INTERNATIONAL EQUITY FUND			SOCIALLY RESPONSIBLE FUND
OPERATIONS:
Net investment income/(loss)	$	1,618,562		$	4,429,101		$	3,130,105		$	(349,536	)	$	464,266		$	388,866
Net realized gain/(loss) on investments, futures contracts, forward foreign currency exchange contracts and foreign currency transactions		13,914,573			4,762,680			786,511			2,353,753			(366,846	)		3,139,513
Net change in unrealized appreciation of investments, futures contracts, forward foreign currency exchange contracts and other assets and liabilities denominated in foreign currencies		6,350,202			7,874,438			5,194,657			6,609,456			3,472,900			2,086,601
Net increase in net assets resulting from operations		21,883,337			17,066,219			9,111,273			8,613,673			3,570,320			5,614,980
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,624,648	)		(3,379,097	)		(3,555,672	)		—			(522,270	)		(553,977	)
Net realized capital gains		—			—			(1,911,197	)		—			—			—
Total distributions to shareholders		(1,624,648	)		(3,379,097	)		(5,466,869	)		—			(522,270	)		(553,977	)
CAPITAL STOCK TRANSACTIONS: (DOLLARS)
Shares sold		1,752,375			2,300,884			12,623,340			1,152,106			1,424,576			930,525
Shares issued as reinvestment of distributions		1,609,557			3,379,096			5,466,865			—			522,270			553,977
Shares redeemed		(21,526,356	)		(17,357,109	)		(15,547,593	)		(3,788,134	)		(3,571,184	)		(5,419,448	)
Net increase/(decrease) in net assets from capital stock transactions		(18,164,424	)		(11,677,129	)		2,542,612			(2,636,028	)		(1,624,338	)		(3,934,946	)
Net increase in net assets		2,094,265			2,009,993			6,187,016			5,977,645			1,423,712			1,126,057
NET ASSETS:
Beginning of year		207,719,220			166,884,369			100,574,958			34,954,454			37,657,533			51,627,502
End of year	$	209,813,485		$	168,894,362		$	106,761,974		$	40,932,099		$	39,081,245		$	52,753,559
Undistributed net investment income at end of year	$	16,012		$	4,429,091		$	3,200,085		$	—		$	215,885		$	388,831
CAPITAL SHARE TRANSACTIONS:
Shares sold		104,556			150,949			1,056,268			96,143			122,952			91,820
Shares issued as reinvestment of distributions		88,002			211,723			456,199			—			41,352			49,998
Shares redeemed		(1,290,140	)		(1,139,938	)		(1,272,867	)		(323,152	)		(306,535	)		(532,889	)
Net increase/(decrease) in shares outstanding		(1,097,582	)		(777,266	)		239,600			(227,009	)		(142,231	)		(391,071	)

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

See Notes to Financial Statements.

50

Wilshire Variable Insurance Trust Statements of Changes in Net Assets For the Year Ended December 31, 2009  

	EQUITY FUND			BALANCED FUND			INCOME FUND			SMALL CAP GROWTH FUND			INTERNATIONAL EQUITY FUND			SOCIALLY RESPONSIBLE FUND
OPERATIONS:
Net investment income/(loss)	$	2,310,232		$	3,379,125		$	3,471,124		$	(305,964	)	$	530,394		$	553,971
Net realized gain/(loss) on investments, futures contracts, forward foreign currency exchange contracts and foreign currency transactions		(51,378,005	)		(5,898,998	)		1,292,547			(2,528,666	)		(4,833,145	)		(19,578,236	)
Net change in unrealized appreciation of investments, futures contracts, forward foreign currency exchange contracts and other assets and liabilities denominated in foreign currencies		101,651,272			28,179,406			7,576,838			10,716,339			13,318,009			28,166,606
Net increase in net assets resulting from operations		52,583,499			25,659,533			12,340,509			7,881,709			9,015,258			9,142,341
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,338,855	)		(5,314,130	)		(4,609,550	)		—			(596,674	)		(821,779	)
Total distributions to shareholders		(2,338,855	)		(5,314,130	)		(4,609,550	)		—			(596,674	)		(821,779	)
CAPITAL STOCK TRANSACTIONS: (DOLLARS)
Shares sold		5,702,250			1,499,605			12,803,458			1,337,131			1,838,303			1,430,497
Shares issued as reinvestment of distributions		2,317,402			5,314,129			4,609,547			—			596,674			821,778
Shares redeemed		(104,878,910	)		(15,532,524	)		(26,172,970	)		(5,117,537	)		(6,049,914	)		(3,523,125	)
Net decrease in net assets from capital stock transactions		(96,859,258	)		(8,718,790	)		(8,759,965	)		(3,780,406	)		(3,614,937	)		(1,270,850	)
Net increase/(decrease) in net assets		(46,614,614	)		11,626,613			(1,029,006	)		4,101,303			4,803,647			7,049,712
NET ASSETS:
Beginning of year		254,333,834			155,257,756			101,603,964			30,853,151			32,853,886			44,577,790
End of year	$	207,719,220		$	166,884,369		$	100,574,958		$	34,954,454		$	37,657,533		$	51,627,502
Undistributed net investment income at end of year	$	20,236		$	3,379,087		$	3,501,713		$	—		$	276,917		$	553,942
CAPITAL SHARE TRANSACTIONS:
Shares sold		406,602			109,042			1,084,272			145,250			190,723			167,792
Shares issued as reinvestment of distributions		138,933			359,063			401,528			—			50,824			81,445
Shares redeemed		(6,791,248	)		(1,193,032	)		(2,292,681	)		(562,985	)		(645,632	)		(416,353	)
Net decrease in shares outstanding		(6,245,713	)		(724,927	)		(806,881	)		(417,735	)		(404,085	)		(167,116	)

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

See Notes to Financial Statements.

51

Wilshire Variable Insurance Trust Equity Fund Financial Highlights  

For a Fund Share Outstanding Throughout Each Year.
	Year Ended December 31,
	2010			2009			2008			2007			2006
Net asset value, beginning of year	$	16.52		$	13.52		$	22.97		$	25.24		$	22.35
Income/(loss) from investment operations:
Net investment income1		0.13			0.14			0.15			0.14			0.21
Net realized and unrealized gain/(loss) on investments and futures contracts		1.78			3.05			(9.39	)		0.47			3.57
Total from investment operations		1.91			3.19			(9.24	)		0.61			3.78
Less distributions:
From net investment income		(0.14	)		(0.19	)		(0.17	)		(0.15	)		(0.23	)
From capital gains		0.00			0.00			(0.04	)		(2.73	)		(0.66	)
Total distributions		(0.14	)		(0.19	)		(0.21	)		(2.88	)		(0.89	)
Net asset value, end of year	$	18.29		$	16.52		$	13.52		$	22.97		$	25.24
Total return2		11.58	%		23.57	%		(40.19	)%		2.20	%		16.92	%
Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	209,813		$	207,719		$	254,334		$	496,132		$	527,981
Operating expenses including reimbursement/waiver and excluding earnings credits†		0.83	%		1.16	%		1.17	%		1.13	%		1.00	%
Operating expenses excluding reimbursement/waiver and excluding earnings credits†		0.83	%		1.16	%		1.17	%		1.13	%		1.03	%
Net investment income		0.81	%		0.97	%		0.80	%		0.54	%		0.87	%
Portfolio turnover rate		81	%		350	%		93	%		81	%		135	%

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

See Notes to Financial Statements.

52

Wilshire Variable Insurance Trust Balanced Fund Financial Highlights  

For a Fund Share Outstanding Throughout Each Year.
	Year Ended December 31,
	2010			2009			2008			2007			2006
Net asset value, beginning of year	$	14.71		$	12.87		$	20.75		$	20.13		$	18.72
Income/(loss) from investment operations:
Net investment income1		0.41			0.30			0.35			0.39			0.41
Net realized and unrealized gain/(loss) on investments		1.20			2.02			(5.94	)		0.23			1.76
Total from investment operations		1.61			2.32			(5.59	)		0.62			2.17
Less distributions:
From net investment income		(0.33	)		(0.48	)		(1.13	)		0.00			(0.70	)
From capital gains		0.00			0.00			(1.16	)		0.00			(0.06	)
Total distributions		(0.33	)		(0.48	)		(2.29	)		0.00			(0.76	)
Net asset value, end of year	$	15.99		$	14.71		$	12.87		$	20.75		$	20.13
Total return2		10.92	%		18.03	%		(26.68	)%		3.08	%		11.59	%
Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	168,894		$	166,884		$	155,258		$	243,184		$	260,416
Operating expenses including reimbursement/waiver and excluding earnings credits†		0.18	%		0.22	%		0.16	%		0.09	%		0.08	%
Operating expenses excluding reimbursement/waiver and excluding earnings credits†		0.18	%		0.22	%		0.16	%		0.09	%		0.10	%
Net investment income		2.67	%		2.21	%		1.92	%		1.88	%		2.09	%
Portfolio turnover rate		12	%		46	%		30	%		10	%		4	%

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

See Notes to Financial Statements.

53

Wilshire Variable Insurance Trust Income Fund Financial Highlights  

For a Fund Share Outstanding Throughout Each Year.
	Year Ended December 31,
	2010			2009			2008			2007			2006
Net asset value, beginning of year	$	11.49		$	10.63		$	12.29		$	12.36		$	12.40
Income/(loss) from investment operations:
Net investment income1		0.37			0.40			0.54			0.56			0.52
Net realized and unrealized gain/(loss) on investments and foreign currency transactions		0.68			1.01			(1.33	)		(0.05	)		(0.03	)
Total from investment operations		1.05			1.41			(0.79	)		0.51			0.49
Less distributions:
From net investment income		(0.43	)		(0.55	)		(0.60	)		(0.56	)		(0.52	)
From capital gains		(0.24	)		0.00			(0.27	)		(0.02	)		(0.01	)
Total distributions		(0.67	)		(0.55	)		(0.87	)		(0.58	)		(0.53	)
Net asset value, end of year	$	11.87		$	11.49		$	10.63		$	12.29		$	12.36
Total return2		9.11	%		13.29	%		(6.44	)%		4.21	%		3.99	%
Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	106,762		$	100,575		$	101,604		$	127,463		$	129,228
Operating expenses including reimbursement/waiver and excluding earnings credits		1.08	%		1.08	%		1.05	%		0.98	%		1.02	%
Operating expenses excluding reimbursement/waiver and excluding earnings credits		1.08	%		1.08	%		1.05	%		1.05	%		1.05	%
Net investment income		3.02	%		3.49	%		4.52	%		4.47	%		4.12	%
Portfolio turnover rate		302	%		318	%		367	%		458	%		421	%

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

See Notes to Financial Statements.

54

Wilshire Variable Insurance Trust Small Cap Growth Fund Financial Highlights  

For a Fund Share Outstanding Throughout Each Year.
	Year Ended December 31,
	2010			2009			2008			2007			2006
Net asset value, beginning of year	$	11.17		$	8.70		$	16.22		$	14.24		$	12.78
Income/(loss) from investment operations:
Net investment loss1		(0.12	)		(0.09	)		(0.11	)		(0.13	)		(0.18	)
Net realized and unrealized gain/(loss) on investments		3.05			2.56			(7.41	)		2.11			1.64
Total from investment operations		2.93			2.47			(7.52	)		1.98			1.46
Net asset value, end of year	$	14.10		$	11.17		$	8.70		$	16.22		$	14.24
Total return2		26.23	%		28.39	%		(46.36	)%		13.91	%		11.42	%
Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	40,932		$	34,954		$	30,853		$	58,758		$	54,195
Operating expenses including reimbursement/waiver and excluding earnings credits		1.53	%		1.63	%		1.64	%		1.45	%		1.60	%
Operating expenses excluding reimbursement/waiver and excluding earnings credits		1.76	%		1.86	%		1.88	%		1.76	%		1.76	%
Net investment loss		(0.98	)%		(0.98	)%		(0.86	)%		(0.85	)%		(1.29	)%
Portfolio turnover rate		138	%		174	%		199	%		110	%		240	%

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

See Notes to Financial Statements.

55

Wilshire Variable Insurance Trust International Equity Fund Financial Highlights  

For a Fund Share Outstanding Throughout Each Year.
	Year Ended December 31,
	2010			2009			2008			2007			2006
Net asset value, beginning of year	$	11.67		$	9.05		$	16.44		$	16.11		$	13.11
Income/(loss) from investment operations:
Net investment income1		0.15			0.16			0.25			0.13			0.07
Net realized and unrealized gain/(loss) on investments and foreign currency transactions		1.02			2.65			(7.44	)		1.26			3.04
Total from investment operations		1.17			2.81			(7.19	)		1.39			3.11
Less distributions:
From net investment income		(0.17	)		(0.19	)		(0.20	)		(0.15	)		(0.11	)
From capital gains		0.00			0.00			0.00			(0.91	)		0.00
Total distributions		(0.17	)		(0.19	)		(0.20	)		(1.06	)		(0.11	)
Net asset value, end of year	$	12.67		$	11.67		$	9.05		$	16.44		$	16.11
Total return2		10.04	%		31.02	%		(43.75	)%		8.73	%		23.76	%
Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	39,081		$	37,658		$	32,854		$	57,093		$	51,219
Operating expenses including reimbursement/waiver and excluding earnings credits		1.56	%		1.64	%		1.56	%		2.06	%		2.10	%
Operating expenses excluding reimbursement/waiver and excluding earnings credits		1.76	%		1.84	%		1.78	%		2.26	%		2.27	%
Net investment income		1.27	%		1.61	%		1.90	%		0.77	%		0.49	%
Portfolio turnover rate		29	%		29	%		27	%		106	%		103	%

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

See Notes to Financial Statements.

56

Wilshire Variable Insurance Trust Socially Responsible Fund Financial Highlights  

For a Fund Share Outstanding Throughout Each Year.
	Year Ended December 31,
	2010			2009			2008			2007			2006
Net asset value, beginning of year	$	10.01		$	8.37		$	15.77		$	17.43		$	16.21
Income/(loss) from investment operations:
Net investment income1		0.08			0.11			0.16			0.17			0.21
Net realized and unrealized gain/(loss) on investments		1.10			1.69			(6.58	)		(0.60	)		3.12
Total from investment operations		1.18			1.80			(6.42	)		(0.43	)		3.33
Less distributions:
From net investment income		(0.12	)		(0.16	)		(0.17	)		(0.21	)		(0.22	)
From capital gains		0.00			0.00			(0.81	)		(1.02	)		(1.89	)
Total distributions		(0.12	)		(0.16	)		(0.98	)		(1.23	)		(2.11	)
Net asset value, end of year	$	11.07		$	10.01		$	8.37		$	15.77		$	17.43
Total return2		11.76	%		21.51	%		(40.39	)%		(2.63	)%		20.52	%
Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	52,754		$	51,628		$	44,578		$	83,802		$	91,154
Operating expenses including reimbursement/waiver and excluding earnings credits		1.31	%		1.36	%		1.32	%		1.28	%		1.23	%
Operating expenses excluding reimbursement/waiver and excluding earnings credits		1.31	%		1.36	%		1.32	%		1.29	%		1.32	%
Net investment income		0.77	%		1.23	%		1.27	%		0.96	%		1.20	%
Portfolio turnover rate		53	%		182	%		34	%		21	%		46	%

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

See Notes to Financial Statements.

57

Wilshire Variable Insurance Trust Notes to Financial Statements December 31, 2010  

1. Organization.

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

Fund Investment Objectives:

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

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

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

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

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

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

2. Significant Accounting Policies.

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

Security valuation — A security listed or traded on a domestic exchange is valued at its last sales price on the exchange where it is principally traded. In the absence of a current quotation, the security is valued at the mean between the last bid and asked prices on the exchange. Securities traded on National Association of Securities Dealers Automatic Quotation (“NASDAQ”) System are valued at the NASDAQ official closing price. If there is no NASDAQ official closing price available, the most recent bid quotation is used. Securities traded over-the-counter (other than on NASDAQ) are valued at the last current sale price. Equity securities primarily traded on a foreign exchange or market are valued daily at the price, which is an estimate of the fair value price, as provided by an independent pricing service. Debt securities that have a remaining maturity of 60 days or less are valued at prices supplied by the Funds’ pricing agent for such securities, if available, and otherwise are valued at amortized cost. When market quotations are not readily available, securities are valued according to procedures established by the Board of Trustees or are valued at fair value as determined in good faith by the Pricing Committee, whose members include at least two representatives of Wilshire Associates Incorporated (“Wilshire” or the “Adviser”), one of whom is an officer of the Trust, or the Funds’ Valuation Committee. Securities whose market value using the procedures outlined above does not reflect fair value because a significant valuation event has occurred may be valued at fair value by the Pricing Committee or the Valuation Committee. The value of fair valued securities may be different from the last sale price (or the mean between the last bid and asked prices), and there is no guarantee that a fair valued security will be sold at the price at which a Fund is carrying the security. Investments in the underlying funds by the Equity and Balanced Funds are valued at their net asset value as reported by the underlying funds.

58

Wilshire Variable Insurance Trust Notes to Financial Statements - (Continued) December 31, 2010  

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

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

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

• Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

• Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, etc.); and

• Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For the year ended December 31, 2010, there have been no significant changes to the Funds’ fair value methodologies.

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

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

When-issued and delayed delivery investments — The Income Fund, Small Cap Growth Fund, International Equity Fund and Socially Responsible Fund may purchase or sell securities on a when-issued or delayed-delivery basis and make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time. Securities purchased or sold on a when-issued, delayed-delivery or forward commitment basis involve a risk of loss if the value of the security to be purchased declines prior to the settlement date. Although the Funds would generally purchase securities on a when-issued, delayed-delivery or forward commitment basis with the intention of acquiring the securities, each Fund may dispose of such securities prior to settlement if its sub-adviser deems it appropriate to do so. Each Fund may dispose of or negotiate a when-issued or forward commitment after entering into these transactions. Such transactions are generally considered to be derivative transactions. The Fund will normally realize a capital gain or loss in connection with

59

Wilshire Variable Insurance Trust Notes to Financial Statements - (Continued) December 31, 2010  

these transactions. When a Fund purchases securities on a when-issued, delayed-delivery or forward commitment basis, the Fund’s custodian will maintain cash or liquid securities having a value (determined daily) at least equal to the amount of the Fund’s purchase commitments. In the case of a forward commitment to sell portfolio securities, the custodian will hold the portfolio securities themselves while the commitment is outstanding. These procedures are designed to ensure that each Fund will maintain sufficient assets at all times to cover its obligations under when-issued purchases, forward commitments and delayed-delivery transactions. The when-issued market is commonly associated with government bonds that are to be issued as a pending auction. Portfolio managers use when-issued investments as a way to participate in a new issuance. As of, and during the year ended December 31, 2010, the Income Fund held when-issued and delayed delivery investments.

Repurchase agreements — Securities pledged as collateral for repurchase agreements are held by PNC Global Investment Servicing, Inc. (“PNCGIS”) and are designated as being held on each Fund’s behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the investment adviser to be creditworthy. The Fund bears the risk of loss in the event that the other party to a repurchase agreement defaults on its obligations and the Fund is prevented from exercising its rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. During the year ended December 31, 2010, the Income Fund entered into repurchase agreements. There were no investments in repurchase agreements as of December 31, 2010.

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

Cash equivalents — Idle cash may be swept into various money market sweep accounts and is classified as cash equivalents on the Statements of Assets and Liabilities. The Trust maintains cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested are available on the same business day.

Securities lending — The Equity, Income, Small Cap Growth, International Equity and the Socially Responsible Funds may seek additional income by lending their securities on a short-term basis to banks, brokers and dealers in return for cash collateral, which is invested in short-term securities. A Fund may return a portion of the interest earned to the borrower or a third party which is unaffiliated with the Trust and acting as a “placing broker.” A Fund receives compensation for lending securities in the form of fees. A Fund also continues to receive dividends on the securities loaned. Security loans are secured at all times by collateral. It is the Trust’s policy that the collateral be equal to at least 102% of the market value of the securities loaned plus accrued interest when the transaction is entered into, and that the collateral supporting loans be remarked daily. Gain or loss in the market price of the securities loaned that may occur during the term of the loan are reflected in the value of the Fund. The risks from securities lending are that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Fund. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. PNCGIS, the Funds’ custodian, acts as the securities lending agent for the Funds. The value of the securities on loan and the value of the related collateral at December 31, 2010 are shown on the Statement of Assets and Liabilities. The PNC Institutional Money Market Trust was purchased with proceeds from collateral received from securities on loan. At December 31, 2010 $18 of this cash equivalent represents the collateral received for securities on loan in the Small Cap Growth Fund.

Mortgage dollar rolls —TBA (“To Be Announced”) purchase commitments are commitments to purchase securities for a fixed price at a future date, typically not exceeding 45 days. TBAs may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines prior to settlement date. This risk is in addition to the risk of decline in each Fund’s other assets. Unsettled TBAs are valued at the current market value of the underlying securities.

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Wilshire Variable Insurance Trust Notes to Financial Statements - (Continued) December 31, 2010  

During the year ended December 31, 2010, the Income Fund entered into dollar roll transactions, pursuant to which it sells a mortgage-backed TBA or security and simultaneously purchases a similar, but not identical, TBA with the same issuer, rate and terms. The Income Fund may execute a roll to obtain better underlying mortgage securities or to increase yield. The Income Fund accounts for dollar roll transactions as purchases and sales, which has the effect of increasing its portfolio turnover rate. Risks associated with dollar rolls are that actual mortgages received by the Income Fund may be less favorable than those anticipated or that counterparties may fail to perform under the terms of the contracts.

TBA sale commitments are commitments to sell mortgage-backed securities for a fixed price at a future date. TBA sales commitments are considered securities in themselves and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Fund’s other assets.

ADRs, EDRs and GDRs — The Small Cap Growth Fund, International Equity Fund and Socially Responsible Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments. The Equity Fund may invest in ADRs. ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading on an international basis. Unsponsored ADR, EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying securities. As a result, available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the issuer.

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

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

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

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

Net realized and unrealized gain (loss) from foreign currency related transactions includes gains and losses between trade and settlement dates on securities transactions, gains and losses arising from the sales of foreign currency and gains and losses between the ex-dividend and payment dates on dividends, interest and foreign withholding taxes. The effect of changes in foreign exchange rates on realized and unrealized gains or losses is reflected as a component of such gains or losses.

Futures contracts — A futures contract is an agreement to purchase (long) or sell (short) an agreed asset at a set price for delivery on a future date. Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. The change in the value of the futures contract is recorded for financial statement purposes on a daily basis as unrealized gain or loss. When the contract expires or is closed, the gain or loss is realized and is presented in the Statement of Operations as net realized gain or loss on futures contracts. Risks of entering into futures contracts include the possibility that a change in the value of the contract may not correlate

61

Wilshire Variable Insurance Trust Notes to Financial Statements - (Continued) December 31, 2010  

with the changes in the value of the underlying instruments. It is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its expiration date. Additionally, the purchase of a futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction. During the year ended December 31, 2010, the Equity Fund entered into futures contracts. The Equity Fund’s investment in futures contracts was for cash management purposes. As of December 31, 2010, there were no investments in futures contracts.

Forward foreign currency contracts — The Funds may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. All commitments are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Funds realize gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the year are recognized as ordinary income or loss for federal income tax purposes. The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are used to hedge the foreign currency exposure of assets that are denominated in a currency other than the base currency of the Funds. During the year ended December 31, 2010, the Income Fund held forward foreign currency contracts. As of December 31, 2010. there were no forward foreign currency contracts held.

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

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

3. Investment Advisory Fee and Other Transactions.

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

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

For the year ended December 31, 2010, the Adviser provided services and assumed expenses pursuant to the amended Investment Advisory Agreement for which it received a fee based on each Fund’s average daily net assets, computed daily and payable monthly, at the following annual rates:

62

Wilshire Variable Insurance Trust Notes to Financial Statements - (Continued) December 31, 2010  

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

*	The Equity Fund invests in the Wilshire Large Cap Core 130/30 Fund (the “130/30 Fund”). The Adviser directly receives from the Equity Fund a fee based on the average daily net assets of the Equity Fund that are not invested in the 130/30 Fund.
**	The Balanced Fund operates under a “fund of funds” structure, primarily investing in shares of underlying funds. The Adviser directly receives from the Balanced Fund a fee based on the average daily net assets of the Balanced Fund that are not invested in underlying funds. The Adviser did not receive fees from the Balanced Fund during the year ended December 31, 2010.

For the year ended December 31, 2010, the Adviser voluntarily waived fees in the amounts listed below. The Adviser cannot recoup amounts of any management fees waived.

Fund	Advisory Fees      Voluntarily Waived	Rate on Average      Daily Net Assets
Equity Fund	$ ––	––
Balanced Fund	––	––
Income Fund	––	––
Small Cap Growth Fund	81,526	0.23%
International Equity Fund	74,144	0.20%
Socially Responsible Fund	––	––

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

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

4. Distribution and Shareholder Services Plan.

The Funds have adopted a Rule 12b-1 distribution and shareholder services plan (the “Distribution Plan”). Pursuant to the Distribution Plan with the Funds the Distributor receives a distribution and shareholder services fee, payable by each Fund. The Distributor uses the fee to pay for distribution-related and shareholder services for the Funds. Under the Distribution Plan, each Fund will pay to the Distributor a shareholder/distribution services fee computed at the annual rate of 0.25% of average daily net assets attributable to each Fund. The Distributor did not receive fees from the Balanced Fund during the year ended December 31, 2010. By investing indirectly in the Income Fund and 130/30 Fund through the Balanced Fund, an investor bears not only his or her proportionate share of certain expenses of the Balanced Fund but also, indirectly, similar expenses of the Income Fund and 130/30 Fund. As a result of the fund of funds arrangement, shareholders of the Balanced Fund will not be subject to duplicative distribution fees.

63

Wilshire Variable Insurance Trust Notes to Financial Statements - (Continued) December 31, 2010  

5. Security Transactions.

For the year ended December 31, 2010, aggregate cost of purchases and proceeds from sales of securities, other than affiliated investments, short-term investments and U.S. Government securities, were as follows:

Fund	Purchases		Proceeds from Sales
Equity Fund	$	158,909,903	$	166,251,691
Income Fund		16,498,078		18,800,517
Small Cap Growth Fund		48,926,425		51,685,886
International Equity Fund		10,275,055		11,828,236
Socially Responsible Fund		25,449,867		27,412,053

Purchases and sales of U.S. Government securities during the year ended December 31, 2010 were:

Fund	Purchases		Proceeds from Sales
Income Fund	$	281,369,946	$	278,645,385

Purchases and sales of affiliated investments during the year ended December 31, 2010, and value as of December 31, 2010 were:

Fund	Purchases		Sales		Value as of December 31, 2010
Equity Fund
Wilshire Large Cap Core 130/30 Fund	$	1,669,415	$	9,775,506		$	94,240,728
Balanced Fund
Wilshire Large Cap Core 130/30 Fund		6,751,999		18,046,505			91,306,625
Wilshire Variable Insurance Trust Income Fund		13,816,554		12,369,164			77,581,251

6. Significant Shareholder Activity.

On December 31, 2010, the Funds had the following concentrations of shareholders holding 10% or more of the outstanding shares of the Funds. These represent omnibus shareholder accounts.

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

7. Tax Information.

No provision for Federal income taxes is required because each Fund has qualified, and intends to continue to qualify, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and distributes to shareholders all of its taxable income and gains. Federal income tax regulations differ from accounting principles generally accepted in the United States of America; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.

64

Wilshire Variable Insurance Trust Notes to Financial Statements - (Continued) December 31, 2010  

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is “more-likely than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

The Funds intend to retain realized gains to the extent of available capital loss carryforwards. At December 31, 2010, the following Funds had available for Federal income tax purposes unused capital losses as follows:

	Expiring December 31,
Fund	2016		2017		2018
Equity Fund	$	59,276,350	$	76,212,202	$	—
Balanced Fund		17,916,660		12,404,279		—
Small Cap Growth Fund		12,003,667		3,386,074		—
International Equity Fund		4,489,974		4,827,194		387,496
Socially Responsible Fund		3,016,991		19,588,055		—

During the year ended December 31, 2010, the Equity Fund, Balanced Fund, Small Cap Growth Fund, and Socially Responsible Fund utilized capital loss carryforwards of $11,739,470, $4,553,018, $2,161,629, and $3,171,833, respectively, to offset capital gains.

The tax character of distributions declared during the years ended December 31, 2010 and 2009 were as follows:

Fund	2010 Ordinary Income		2010 Capital Gains		2009 Ordinary Income		2009 Capital Gains
Equity Fund	$	1,624,648	$	—	$	2,338,855	$	—
Balanced Fund		3,379,097		—		5,314,130		—
Income Fund		5,466,869		—		4,609,550		—
International Equity Fund		522,270		—		596,674		—
Socially Responsible Fund		553,977		—		821,779		—

At December 31, 2010, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

	Equity Fund			Balanced Fund			Income Fund			Small Cap Growth Fund			International Equity Fund			Socially Responsible Fund
Undistributed ordinary income	$	16,012		$	4,429,090		$	3,510,123		$	—		$	351,083		$	388,831
Capital loss carryforwards		(135,488,552	)		(30,320,939	)		—			(15,389,741	)		(9,704,664	)		(22,605,046	)
Unrealized appreciation/ (depreciation)		23,388,856			12,451,314			(3,427,732	)		9,007,564			2,176,850			13,115,951
Total distributable earnings/ (accumulated losses)	$	(112,083,684	)	$	(13,440,535	)	$	82,391		$	(6,382,177	)	$	(7,176,731	)	$	(9,100,264	)

65

Wilshire Variable Insurance Trust Notes to Financial Statements - (Continued) December 31, 2010  

The federal tax cost, unrealized appreciation and depreciation at December 31, 2010 for each Fund are as follows (excluding TBA sales commitments):

Fund	Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Equity Fund	$	186,371,712	$	27,118,867	$	(3,730,011	)	$	23,388,856
Balanced Fund		156,436,562		14,777,568		(2,326,254	)		12,451,314
Income Fund		122,884,485		3,927,235		(7,311,653	)		(3,384,418	)
Small Cap Growth Fund		31,886,775		10,472,271		(1,464,707	)		9,007,564
International Equity Fund		36,571,927		6,540,189		(4,381,418	)		2,158,771
Socially Responsible Fund		37,840,944		13,555,198		(439,247	)		13,115,951

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

8. Reclassifications

Accounting principles generally accepted in the United States of America require that certain components of net assets be reclassified between financial and tax reporting. The reclassifications primarily include: foreign currency capital gain/(loss) to ordinary income, recharacterization of distributions, PFIC capital gain to ordinary income, partnership income, short-term capital gain distributions from underlying funds and the write off of net operating loss to paid-in-capital. These reclassifications have no effect on net assets or net asset values per share. As of December 31, 2010, the reclassifications were as follows:

Fund	Decrease Paid- in Capital			Increase/(Decrease) Undistributed Investment Income			Increase/(Decrease) Net Realized Capital Gains/(Losses)
Equity Fund	$	—		$	1,862		$	(1,862	)
Income Fund		—			123,939			(123,939	)
Small Cap Growth Fund		(1,058,322	)		349,536			708,786
International Equity Fund		—			(3,028	)		3,028

9. Indemnifications.

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

10. Risks.

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

66

Wilshire Variable Insurance Trust Notes to Financial Statements - (Continued) December 31, 2010  

loans underlying asset-backed securities can be expected to accelerate or an issuer may retire an outstanding bond early to reduce interest costs. The Income Fund’s ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time. Since the Balanced Fund invests in the Income Fund, the Balanced Fund is indirectly subject to these risks.

Counterparty credit risk — Counterparty credit risk is the risk that a counterparty to a financial instrument will fail on a commitment that it has entered into with the Funds. The Funds’ sub-advisers seek to minimize counterparty credit risk by monitoring the creditworthiness of each counterparty on an ongoing basis.

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

11. Recent Accounting Pronouncement.

In January 2010, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2010-06, “Improving Disclosures about Fair Value Measurements.” ASU No. 2010-06 will require reporting entities to make new disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2010. At this time, management is evaluating the implications of ASU No. 2010-06 and its impact on the financial statements has not been determined.

12. Subsequent Event Evaluation.

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

67

Wilshire Variable Insurance Trust Report of Independent Registered Public Accounting Firm  

To the Board of Trustees and Shareholders

of Wilshire Variable Insurance Trust:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Equity Fund, Balanced Fund, Income Fund, Small Cap Growth Fund, International Equity Fund and Socially Responsible Fund (six series of Wilshire Variable Insurance Trust, hereafter referred to as the “Funds”) at December 31, 2010, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

March 1, 2011

68

Wilshire Variable Insurance Trust Additional Fund Information  

A listing of the Trustees and Officers of the Trust, their ages and their principal occupations for the past five years is presented below. The address of each Trustee and Officer is 1299 Ocean Avenue, Suite 700, Santa Monica, California 90401.

Name and Age	Position Held With The Trust	Term Of Office(1) and Length of Time Served	Principal Occupations During the Past Five Years	Number of Funds/Funds in Complex Overseen by Trustee	Other Directorships Held by Trustee
INTERESTED TRUSTEES
Lawrence E. Davanzo, 57(2)	Trustee	Since 2005	President, Wilshire Associates Incorporated, October 2007-Present; Senior Managing Director, October 2004-October 2007, Wilshire Associates Incorporated; President, 2005-Present, Wilshire Variable Insurance Trust; Managing Director, August 2004-October 2004, Guggenheim Partners, independent investor, August 2001-August 2004.	15	Wilshire Mutual Funds, Inc. (6 Funds); Wilshire Associates Incorporated
NON-INTERESTED TRUSTEES
Margaret M. Cannella, 59	Trustee	Since 2011	Adjunct Professor, Columbia Business School. Formerly, Managing Director, Head, Global Credit Research and Corporate Strategy, JPMorgan Securities, Inc. and Managing Director, Head US Corporate Research, JP Morgan Securities, Inc.	15	Wilshire Mutual Funds, Inc. (6 Funds); Schroder Series Trust; Schroder Global Series Trust; Schroder Capital Funds (Delaware); CHF Finance International (for profit joint venture of the World Bank and CHF); Advanced Pierre Foods; Princeton-in-Asia
Roger A. Formisano, 62	Trustee	Since 2006	Vice President, University Medical Foundation, 2006- Present; formerly Director, The Center for Leadership and Applied Business, UW-Madison School of Business; Principal, R.A. Formisano & Company, LLC	15	Integrity Mutual Insurance Company, Wilshire Mutual Funds, Inc. (6 Funds)
Edward Gubman, 59	Trustee	Since 2011	Founder and Principal, Strategic Talent Solutions	9	N/A
Richard A. Holt, 68	Trustee	Since 2006	Retired; formerly Senior Relationship Manager, Scudder Insurance Asset Management.	15	Wilshire Mutual Funds, Inc. (6 Funds)
Suanne K. Luhn, 55	Trustee	Since 2008	Retired; formerly Chief Compliance Officer, Bahl & Gaynor (investment adviser) (1990 to 2006)	15	Wilshire Mutual Funds, Inc. (6 Funds)
Harriet A. Russell, 68	Trustee	Since 2006	President, Greater Cincinnati Credit Union; formerly Vice President, Cincinnati Board of Education; formerly teacher, Walnut Hills High School.	15	Greater Cincinnati Credit Union Board; Wilshire Mutual Funds, Inc. (6 Funds)
George J. Zock, 60	Trustee, Chairman of the Board	Since 2006	Independent Consultant; Consultant, Horace Mann Service Corporation (2004 to 2005); Executive Vice President, Horace Mann Life Insurance Company and Horace Mann Service Corporation (1997 to 2003).	15	Wilshire Mutual Funds, Inc. (6 Funds)

69

Wilshire Variable Insurance Trust Additional Fund Information - (Continued)  

Name and Age	Position Held With The Trust	Term Of Office(1) and Length of Time Served	Principal Occupations During the Past Five Years	Number of Funds/Funds in Complex Overseen by Trustee	Other Directorships Held by Trustee
OFFICERS
Jamie B. Ohl, 45	President	Since 2010	Chief Operating Officer and Managing Director, Wilshire Funds Management since 2010; Senior Vice President and Director of the Retirement Plans Group, Hartford Life Insurance Co. from 2006-2010.	N/A	N/A
Aaron W.L. Eubanks, 48	Chief Compliance Officer	Since 2009	Chief Compliance Officer and Managing Director, Wilshire Associates, Incorporated (since 2009). Chief Operating Officer and Chief Compliance Officer, Provident Investment Counsel (1992-2009)	N/A	N/A
Reena S. Lalji, 39	Secretary	Since 2009	Managing Director and General Counsel, Wilshire Associates Incorporated (Since 2009); Senior Counsel, Royal Bank of Canada (2003-2008)	N/A	N/A
James E. St. Aubin, 33	Vice President	Since 2009	Senior Portfolio Manager in Wilshire's Funds Management Group. 2004-2008, Senior Consultant at Ibbotson Associates-a division Morningstar Inc.	N/A	N/A
Helen Thompson, 43	Vice President	Since 2008	Managing Director, Wilshire Associates Incorporated. (since 2003); Associate Director, First Quadrant, L.P. (2001 to 2003); Chief Investment Accountant, Financial Controller, Company Secretary, Associate Director, Compliance Officer (1996 to 2003), First Quadrant Limited	N/A	N/A
Michael Wauters, 45	Treasurer	Since 2009	Controller, Wilshire Associates Incorporated (since 2009); Assistant Vice President- Financial Operations, Pacific Life Insurance Company (2000-2009)	N/A	N/A
Victor Zhang, 38	Vice President	Since 2009	Head of Portfolio Management, Member of Wilshire Funds Management Investment Committee, Wilshire Associates Incorporated, January 2006 to Present; Director of Investments, Harris myCFO LLC, 2001 to 2006.	N/A	N/A

(1) Each Trustee serves until the next shareholders’ meeting (and until the election and qualification of a successor), or until death, resignation, removal (as provided in the Trust’s Declaration of Trust) or retirement which takes effect no later than the May 1 following his or her 70th birthday. Officers are elected by the Board on an annual basis to serve until their successors have been elected and qualified.

(2) Mr. Davanzo is an interested person because of his position with the Trust’s investment adviser, Wilshire Associates Incorporated.

The Trust’s Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge, upon request, by calling 1-888-200-6796.

70

Wilshire Variable Insurance Trust Additional Fund Information - (Continued)  

Information on Proxy Voting

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

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

Information on Form N-Q

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

Householding Policy

In order to reduce printing and mailing expenses, only one copy of each prospectus, annual and semi-annual report will be sent to all related accounts at a common address, unless you have indicated otherwise on your Account Application. Contract Owners may revoke their consent to householding at any time by calling 1-800-999-1030. Upon receipt of a Contract Owner’s revocation, the Trust will begin mailing individual copies of the above-referenced documents to the shareholder’s attention within 30 days.

71

Wilshire Variable Insurance Trust Board Approval of Advisory and Subadvisory Agreements  

During the six months ended December 31, 2010, the Board of Trustees (the “Board”) of Wilshire Variable Insurance Trust (the “Trust”) approved the renewal for an additional one-year term of the Trust’s advisory agreement (the “Advisory Agreement”) with Wilshire Associates Incorporated (“Wilshire” or the “Adviser”) on behalf of the Equity Fund, Socially Responsible Fund, Small Cap Growth Fund, Income Fund, International Equity Fund and Balanced Fund (the “Funds”). The Board also approved the renewal for additional one-year terms of Wilshire’s Subadvisory Agreements with each of the following subadvisers: ClearBridge Advisors, LLC (“ClearBridge”) (Socially Responsible Fund), Copper Rock Capital Partners, LLC (“Copper Rock”) (Small Cap Growth Fund), Madison Square Investors, LLC (“Madison Square”) (Equity Fund), PanAgora Asset Management, Inc. (“PanAgora”) (International Equity Fund), Thomas White International, Ltd. (“Thomas White”) (International Equity Fund), Western Asset Management Company (“Western Asset”) (Income Fund), Western Asset Management Company Limited (“Western Asset Limited”) (Income Fund) and Victory Capital Management Inc. (“Victory”) (Equity Fund); and the approval of a Subadvisory Agreement with TWIN Capital Management Inc. (“TWIN”) (Small Cap Growth Fund). In the following text, the subadvisers are referred to as “Subadvisers” and the Subadvisory Agreements between Wilshire and each Subadviser are referred to as “Subadvisory Agreements.”

The information in this summary outlines the Board’s considerations associated with its approval of the Advisory Agreement and each of the Subadvisory Agreements. In connection with its deliberations regarding the continuation or approval of these relationships, as applicable, the Board considered such information and factors as it believed to be relevant. As described below, the Board considered the nature, extent and quality of the services performed or to be performed by Wilshire and the Subadvisers under the existing or proposed advisory arrangements, as applicable; with respect to Wilshire, comparative fees and expense ratios; the profits to be realized by Wilshire and the Subadvisers; the extent to which Wilshire and the Subadvisers realize or would realize economies of scale as a Fund grows; and whether any fall-out benefits are being realized by Wilshire and the Subadvisers. In considering these matters, the Board was advised with respect to relevant legal standards by independent counsel. In addition, the Trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940 (the “Independent Trustees”) discussed the renewal of the Advisory Agreement with management and in private sessions with counsel at which no representatives of Wilshire were present and discussed renewal or approval of the Subadvisory Agreements, as applicable, with management and in private sessions with counsel at which no representatives of the Subadvisers were present.

As required by the Investment Company Act of 1940, each approval was confirmed by the separate vote of the Independent Trustees. In deciding to approve the renewal of the Advisory Agreement and renewal or approval of each Subadvisory Agreement, as applicable, the Board did not identify any single factor as controlling and this summary does not describe all of the matters considered. However, the Board concluded that each of the various factors referred to below favored such approval.

Information Requested and Received

The Board, including all the Independent Trustees, considered the renewal of the continuing Subadvisory Agreements pursuant to a process that concluded at the Board’s August 27, 2010 meeting and renewal of the Advisory Agreement and approval of the Subadvisory Agreement with TWIN pursuant to a process that concluded at the Board’s December 3, 2010 meeting, in each case following an extensive process. At the direction of the Independent Trustees, counsel to the Trust and the Independent Trustees sent a memorandum to the Adviser requesting information regarding the continuing Subadvisory Agreements and the Advisory Agreement to be provided to the Trustees in advance of meetings of the Contract Review Committee (which is comprised of all the Independent Trustees) held on August 26, 2010 and December 2, 2010, respectively. With respect to TWIN, the Adviser sent a memorandum to TWIN requesting information regarding the Subadvisory Agreement to be provided to the Trustees in advance of the December 2, 2010 Contract Review Committee meeting.

In response to the requests for information, the Trustees received information from the Adviser as to each of the Funds describing: (i) the nature, extent and quality of services provided; (ii) the investment performance of each Fund as provided by Wilshire based upon data gathered from the Morningstar Direct database (“Morningstar”); (iii) the costs of services provided and estimated profits realized by the Adviser; (iv) the extent to which economies of scale are realized as a Fund grows; (v) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders; (vi) comparisons of services rendered and amounts paid to other registered investment companies as provided by Wilshire based upon data gathered from Morningstar, and (vii) benefits realized by the Adviser from its relationship with each Fund. The Trustees received information from the Adviser regarding the factors underlying its recommendations to continue or

72

Wilshire Variable Insurance Trust Board Approval of Advisory and Subadvisory Agreements (Continued)  

approve each Subadvisory Agreement, as applicable. The Trustees also received information from each Subadviser as to each Fund it managed or was proposed to manage, as applicable, describing: (i) the nature, extent and quality of services provided or to be provided, as applicable; (ii) for continuing Subadvisors, the investment performance of the Subadviser in connection with the Fund; (iii) the financial condition of the Subadviser; (iv) the extent to which economies of scale are or may be realized as a Fund grows; (v) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders; (vi) where applicable, comparisons of services rendered and amounts paid by other registered investment companies and any comparable advisory clients; and (vii) benefits realized or to be realized, as applicable, by the Subadviser from its relationship with the Fund. At each meeting, the Independent Trustees also received a memorandum from counsel describing their duties in connection with contract approvals, and they were assisted in their review by independent legal counsel.

Prior to consideration by the Board, the Contract Review Committee met on August 26, 2010 and December 2, 2010, respectively, to discuss the information provided. With respect to Wilshire and TWIN and as a part of its evaluation it considered the assessment made by the Investment Committee (which is comprised solely of Independent Trustees), which also met on December 2, 2010 to review data Wilshire had prepared on its performance and information provided regarding TWIN. Based upon its evaluation of all materials provided, the Contract Review Committee concluded that it was in the best interests of each Fund to renew the Advisory Agreement and to renew or approve the Subadvisory Agreements, as applicable, and recommended to the Board that the Advisory Agreement be renewed and that the Subadvisory Agreements be renewed or approved, as applicable. At its meeting on August 27, 2010 and December 3, 2010, as applicable, the Board considered the recommendation of the Contract Review Committee along with the other factors that the Board deemed relevant.

Nature, Extent and Quality of Services — Wilshire

With respect to the nature, extent and quality of services provided by the Adviser, the Board reviewed the functions performed by the Adviser, noting that the Adviser performs administrative functions on behalf of the Funds and engages and oversees subadvisers to manage the assets of the Funds, except for the Balanced Fund, which has a fund-of-funds structure whereby it invests in shares of certain funds advised by Wilshire. The Board considered the experience and skills of the senior management leading Fund operations, the experience and skills of the personnel performing the functions under the Advisory Agreement and the resources made available to such personnel. The Board also considered the compliance program established by the Adviser and the level of compliance maintained for the Funds. The Board concluded that appropriate resources were being provided under the agreement to administer the Trust’s affairs. The Board reviewed the processes used by the Adviser to select, monitor and replace subadvisers. The Board concluded that the Adviser was successful in negotiating favorable subadvisory agreements on behalf of the subadvised Funds. The Board concluded that the Adviser had a robust system in place for selecting, monitoring and terminating subadvisers. The Board also reviewed the Adviser’s financial condition, and considered the financial support provided by the Adviser to the Small Cap Growth Fund and the International Equity Fund through voluntary advisory fee waivers. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services provided by the Adviser to each Fund support renewal of the contract.

The Board reviewed information on the performance of each Fund for the annualized one- , three- , five- and ten-year periods ended September 30, 2010, as applicable, along with the performance information of a peer group of funds determined by Wilshire based upon the Morningstar database for the same periods and in comparison to its benchmark. For the Equity Fund and Small Cap Growth Fund, the Board noted that, although the Funds underperformed their respective peer groups and benchmarks for the annualized one-, three- and five- year periods ended September 30, 2010, the Funds slightly underperformed the median of their peer groups for the one-year period ended September 30, 2010 and outperformed their peer groups for the annualized ten-year period ended September 30, 2010. For the Balanced Fund and Socially Responsible Fund, the Board noted that although the Funds underperformed their respective benchmarks for the one-, three- and five-year periods ended September 30, 2010, the Funds’ shorter-term performance had improved as compared to their peer groups. For the International Equity Fund and the Income Fund, the Board noted that performance had been competitive to their respective peer groups for all periods ended September 30, 2010 and that they had outperformed their respective benchmarks for the one-year period.

73

Wilshire Variable Insurance Trust Board Approval of Advisory and Subadvisory Agreements (Continued)  

Advisory Fees

The Board reviewed each Fund’s advisory fee and total expense ratio and reviewed information comparing the advisory fee and total expense ratio to those of the peer group of funds. The Board noted that although the Small Cap Growth Fund has a relatively high contractual advisory fee in comparison to its peer group, the advisory fee charged to the Fund is primarily driven by the subadvisory fee paid, which the Board concluded was at a competitive level. For the Socially Responsible Fund, the Board noted that the comparative information was influenced by the inclusion in the peer group of funds without socially responsible mandates, and that the advisory fee was competitive with the two funds in the peer group that are socially responsible subadvised funds. The Board determined that the advisory fees for the Income Fund and the International Equity Fund were competitive. For each of the Equity Fund and Balanced Fund, the Board determined that the advisory fee was below the median of its peer group. In addition, the Board noted that pursuant to the Trust’s current arrangement with the Adviser, the Adviser voluntarily waives a portion of its advisory fees with respect to the Small Cap Growth Fund and the International Equity Fund. As to total expenses, the Board noted that total expenses are influenced by the small size of the complex. The Board received information regarding fees charged by the Adviser to other registered investment companies advised by the Adviser and similar to certain Funds and determined such fees were comparable to those of the applicable funds. The Board concluded that the advisory fee for each Fund was reasonable and appropriate in amount.

Profitability to Wilshire and Economies of Scale

With respect to the profitability of the Advisory Agreement, the Board primarily considered the fee structure of the Advisory Agreement, including the costs of the services provided and the profits realized by the Adviser from its relationship with the Funds. The Board concluded that the profits realized by the Adviser were reasonable in comparison with the costs of providing investment advisory services to the Funds. In addition, the Board considered the extent to which economies of scale are realized as the Funds grow and whether fee levels reasonably reflect economies of scale for the benefit of shareholders. The Board reviewed each Fund’s asset size, each Fund’s expense ratio, the advisory fee waivers currently in place and whether the investment process produced economies of scale. The Board noted that the advisory fee for all Funds other than the Small Cap Growth Fund include a breakpoint. The Board concluded that each Fund’s advisory fee reasonably reflected appropriate recognition of any economies of scale.

Fall-Out Benefits — Wilshire

The Board considered the nature and amount of any benefits derived by the Adviser from its relationship with the Funds. The Board determined that the advisory fees were reasonable in light of these fall-out benefits.

Nature, Extent and Quality of Services — Subadvisers

As to each Subadvisory Agreement, the Board considered the nature, extent and quality of services provided, and with respect to TWIN, to be provided. The Board considered the reputation, qualifications and background of the Subadviser, investment approach of the Subadviser, the experience and skills of investment personnel responsible (or to be responsible, in the case of TWIN) for the day-to-day management of each Fund, and the resources made available to such personnel. The Board also considered the continuing Subadvisers’ compliance with investment policies and, for all Subadvisers, general legal compliance. In addition, the Board considered the analysis provided under the Adviser’s oversight program, which concluded that each continuing Subadviser was providing reasonable services and recommended that each Subadvisory Agreement for each Fund be continued. While TWIN does not manage a similar strategy to the Small Cap Growth Fund, the Board considered TWIN’s experience in managing another fund in the Wilshire complex and noted TWIN’s performance with respect to such fund while taking into account the difference in strategy and Wilshire’s recommendation that such Subadvisory Agreement be approved.

The Board reviewed information comparing each continuing Subadviser’s gross investment performance to a relevant benchmark. Based upon all relevant factors, the Board concluded that the investment performance of PanAgora and Thomas White, with respect to the International Equity Fund, met or exceeded acceptable levels of investment performance and, therefore, was satisfactory. The Board also noted that the investment performance of Madison Square, with respect to the Equity Fund, and the investment performance of ClearBridge, with respect to the Socially Responsible Fund, closely trailed their benchmarks, and therefore, was satisfactory. The Board also concluded that, although Western Asset and Western Asset Limited had underperformed with respect to the Income Fund over the annualized three- and five-year

74

Wilshire Variable Insurance Trust Board Approval of Advisory and Subadvisory Agreements (Continued)  

periods ended June 30, 2010, outperformance for the one-year period ended June 30, 2010 resulted in a conclusion that performance was satisfactory. The Board also determined that, although Victory underperformed for all periods reviewed (since April 2009), it was appropriate to approve continuation of Victory’s Subadvisory Agreement given the limited periods covered coupled with the Adviser’s recommendation of approval and its commitment to monitor Victory’s performance.

Subadvisory Fees

The Board considered each Fund’s subadvisory fees and TWIN’s proposed subadvisory fee. The Board evaluated the competitiveness of the subadvisory fees based upon data supplied by each Subadviser about the fees charged to other clients. The Board also considered that the subadvisory fee rates were negotiated at arm’s length between the Adviser and each Subadviser, that the Adviser compensates the Subadviser from its fees, and that the aggregate advisory fee was deemed reasonable by the Board.

For the Subadvisers that reported fees for “Other Clients” with comparable investment policies and services, the Board noted that most Subadvisers did not charge higher fees to the Adviser for the Funds than were charged to their Other Clients. For those Subadvisers where the fees charged to the Adviser were higher than that charged to Other Clients, the Board determined that the fees charged to the Adviser were competitive.

Based upon all of the above, the Board determined that the subadvisory fees for each Fund were reasonable.

Profitability to the Subadvisers

The Board noted that the Adviser compensates each Subadviser from its own advisory fees and that the fees were negotiated at arm’s length between the Adviser and each Subadviser. In addition, the Board noted that the revenues to the various Subadvisers were or would be limited due to the size of the Funds. The Board took these factors into account in concluding that the subadvisory fees were reasonable.

Economies of Scale — Subadvisers

The Board considered whether there are or may be economies of scale with respect to the subadvisory services provided to each Fund and whether the subadvisory fees reflect such economies of scale through breakpoints in fees. The Board also considered whether the effective subadvisory fee rate for each Fund under the Subadvisory Agreement is reasonable in relation to the asset size of such Fund. The Board concluded that the fee schedule for each Subadviser reflects an appropriate recognition of any economies of scale.

Fall-Out Benefits — Subadvisers

The Board also considered the character and amount of other incidental benefits received or be received by each Subadviser. The Board considered each Subadviser’s soft dollar practices, as applicable. The Board concluded that, taking into account the benefits arising from these practices, the fees charged under each Subadvisory Agreement were reasonable.

Conclusion

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement and each continuing Subadvisory Agreement continues to be fair and reasonable and that the continuation of the Advisory Agreement and each continuing Subadvisory Agreement is in the best interests of each Fund. The Board also determined that the terms of the Subadvisory Agreement with TWIN are fair and reasonable and that the approval of such Subadvisory Agreement is in the best interests of the Small Cap Growth Fund.

75

Wilshire Variable Insurance Trust Tax Information  

Of the distributions made by the following Funds, the corresponding percentage represents the amount of each distribution which will qualify for the dividends received deduction available to corporate shareholders:

Fund Percentage

Equity Fund	100.00%
Balanced Fund	100.00%
International Equity Fund	3.28%
Socially Responsible Fund	100.00%

76

Wilshire Variable Insurance Trust Privacy Statement  

At Wilshire Variable Insurance Trust, we appreciate the privacy concerns of our customers. We have established the following policies to maintain the privacy of information you share with us.

Information We Collect

We collect and retain nonpublic personal information about you that may include:

Information we receive on your account applications or other forms such as your name, address, financial information and/or social security number;

Information we receive about your mutual fund transactions, such as purchases, sales, exchanges and account balances; and

Information we collect through the use of Internet “cookies” when you access our website. Cookies are a collection of information stored on the local hard drive of an Internet user, used primarily by web servers to identify previous users and their preferences. A web server cannot find out a user’s name or email address, or anything about the user’s computer using cookies.

Information We May Share

We do not sell any of your nonpublic personal information to third parties. We may share the information we collect with affiliates or with non-affiliated third parties only when those parties are acting on our behalf in servicing your account, or as required by law. These third parties may include:

Administrative service providers who, for example, process transactions for your account, print checks or prepare account statements;

Companies that provide services for us to help market our products to you; and

Governmental or other legal agencies, as required by law.

When information is shared with third parties, they are legally obligated to maintain the confidentiality of the information and to limit their use of it to servicing your account, except as permitted or required by law.

Confidentiality And Security

Within our organization, we restrict access to your nonpublic personal information to authorized employees who need to access such information in order to provide services or products to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

As previously mentioned, we may collect information through the use of Internet “cookies” on our website. In addition, in order to provide you with access to your account via the web, it is necessary for us to collect certain nonpublic personal information such as your name, social security number and account information. Special measures such as data encryption and authentication apply to all nonpublic personal information and communications on our web site.

Applicability

Our privacy policies apply only to those individual investors who have a direct customer relationship with us. If you are an individual shareholder of record of any of the Funds, we consider you to be our customer. Shareholders purchasing or owning shares of any of the Funds through their bank, broker, or other financial institution should also consult that financial institution’s privacy policies.

The Wilshire Variable Insurance Trust values your business. We understand the importance of maintaining the integrity of your personal information and are committed to keeping your trust. Please contact us at 888-200-6796 if you have any questions concerning our policy.

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Wilshire Variable Insurance Trust Annual Report December 31, 2010  

Wilshire Variable Insurance Trust
Equity Fund Balanced Fund Income Fund	Small Cap Growth Fund International Equity Fund Socially Responsible Fund

Board of Trustees
Margaret M. Cannella Lawrence E. Davanzo Roger A. Formisano Edward Gubman Richard A. Holt	Suanne K. Luhn Harriet A. Russell George J. Zock Chairman of the Board

Officers of the Funds
Jamie B. Ohl President	Victor Zhang Vice President
Helen Thompson Vice President	James E. St. Aubin Vice President
Michael Wauters Treasurer	Reena Lalji Secretary
Guarav Chopra Assistant Treasurer
Aaron Eubanks Chief Compliance Officer

Administrator SEI Investments Global Funds Services 1 Freedom Valley Drive Oaks, PA 19456 Transfer Agent DST Systems, Inc. 333 W. 11th St. Kansas City, MO 64105 Investment Adviser Wilshire Associates Incorporated 1299 Ocean Avenue Santa Monica, CA 90401-1085 Custodian PNC Global Investment Servicing The Eastwick Center 8800 Tinicum Boulevard Philadelphia, PA 19153 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1700 Philadelphia, PA 19103-7042 Investment Subadvisers Clear Bridge Advisors LLC 620 8th Avenue New York, NY 10018 Copper Rock Capital Partners, LLC 200 Clarendon Street Boston, MA 02116 Madison Square Investors 51 Madison Avenue New York, NY 15258 TWIN Capital Management, Inc. 3244 Washington Rd., Suite 202 McMurray, PA 15317 PanAgora Asset Management, Inc. 260 Franklin Street, 22nd Floor Boston, MA 02110 Thomas White International, Ltd. 440 South LaSalle Street, Suite 3900 Chicago, IL 60605 Victory Capital Management, Inc. 127 Public Square Cleveland, OH 41114 Western Asset Management Company 117 E. Colorado Blvd., Suite 600 Pasadena, CA 91105 Western Asset Management Limited 155 Bishopsgate, London England EC2M 3XG

Wilshire Associates Incorporated

1299 Ocean Avenue

Santa Monica, CA 90401

1-888-200-6796

WIL-AR-002-0300

Table of Contents

Shareholder Letter	2
Fund Commentaries	3
Disclosure of Fund Expenses	9
Schedules of Investments	11
Statements of Assets and Liabilities	12
Statements of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	16
Notes to the Financial Statements	19
Report of Independent Registered Public Accounting Firm	24
Board Approval of Advisory Agreement	25
Additional Fund Information	27
Tax Information	30

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

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

Dear Wilshire Variable Insurance Trust Shareholder:

We are pleased to present this annual report to shareholders of the Wilshire Variable Insurance Trust (the “Trust”) Target Maturity Funds (the “Funds”). This report covers the period from January 1, 2010 to December 31, 2010 (the “Period”), for the 2015 ETF Fund, 2025 ETF Fund, and the 2035 ETF Fund.

MARKET ENVIRONMENT

A greater than usual number of macro-economic events presented themselves in 2010, greatly influencing investors’ decisions. From the sovereign debt crisis in Greece and Ireland, the oil spill disaster in the Gulf of Mexico, inflation curbing rate hikes in China, the U.S. government’s additional quantitative easing (“QE2”), and more, 2010 can be best categorized by the constant macro uncertainties. This environment made strategic investment decision making a more difficult task than usual. The stock market was volatile for most of the year with investors shifting between “Risk-on” and “Risk-off” modes. Resolutions of macro events combined with positive news on economic fundamentals eventually convinced investors to drive markets higher in the last quarter of the year. As the year comes to a close, both equity and fixed income investors cheered as U.S. stocks (as measured by the Wilshire 5000 Indexsm) and bonds (as measured by the Barclays Capital U.S. Aggregate Index) advanced 17.2% and 6.2%, respectively.

With investors becoming more constructive on equities and risk assets in general, small capitalization stocks outperformed large cap counterparts. For the year, the Wilshire Small Cap Index returned 28.9%, handily outperforming the Wilshire Large Cap Index’s 15.8% return. For the second consecutive year, growth stocks outperformed value stocks. The best performing sectors were generally economically sensitive ones, including Consumer Discretionary, Materials, Industrials, and Energy. Fears of rising interest rates and loss of principal were on the minds of fixed income investors. In 2010, interest rates and inflation remained low — the yield on 10-year maturity U.S. Treasury actually declined from 3.85% at the beginning of the Period to 3.3% at the end of the year. While short-term rates are expected to be low in the coming year, investors should stay vigilant on managing interest rate volatility.

FUND PERFORMANCE OVERVIEW

As markets moved past the macro uncertainties, our Funds posted strong positive returns for the year. All Funds delivered double-digit gains for the second consecutive year. For the moment, the current economic recovery seems to be broadening and investor confidence growing as a result. We are always mindful that markets can behave erratically and current trends shift swiftly. You can expect us to continue to work diligently to manage your investments and seek to generate returns commensurate with the Funds’ investment objectives.

As 2011 unfolds, we sincerely appreciate your continued support and confidence.

Sincerely,

Jamie B. Ohl

President

2

Wilshire Variable Insurance Trust 2015 ETF Fund Commentary    

2015 ETF FUND

Average Annual Total Return

One Year Ended 12/31/10	11.41%
Inception (05/01/06) through 12/31/10	2.49%

S&P TARGET DATE 2015 INDEX(1)

Average Annual Total Return

One Year Ended 12/31/10	11.85%
Inception (05/01/06) through 12/31/10	3.59%

BLENDED BENCHMARK(2)

Average Annual Total Return

One Year Ended 12/31/10	11.85%
Inception (05/01/06) through 12/31/10	3.57%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in the

2015 ETF Fund and the S&P Target Date 2015 Index through 12/31/10.

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

(1)  The S&P Target Date 2015 Index (the “Index”) is designed to measure the performance of an investable asset allocation strategy that meets the investment objectives of an investor with an approximate 2015 target retirement horizon. The Index has replaced the Blended Benchmark as a benchmark index for the Fund. Wilshire believes that the Index, which seeks to represent the average asset allocation of 2015 target date funds, provides a better benchmark comparison.

(2)  The Blended Benchmark is based on the Fund’s target allocation and is comprised of 32% S&P 500 Index, 8% Russell 2000 Growth Index, 11% MSCI EAFE Index, 22% Barclays Capital U.S. Aggregate Bond Index and 27% Treasury Bill Index. The S&P 500 Index is an index comprised of 500 U.S. stocks. The Russell 2000 Growth Index is an index comprised of the Russell 2000 Growth securities with a greater-than-average growth orientation. The MSCI EAFE Index is a capitalization weighted measure of stock markets in Europe, Australia and the Far East. The Barclays Capital U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. The Treasury Bill Index consists of U.S. Treasury Bills with 90 day maturities. All indices are unmanaged. An individual cannot invest directly in any index. Index performance is presented for general comparative purposes.

Since inception, certain fees and expenses were waived and reimbursed. Without waivers and reimbursements, total returns would have been lower. For the year ended December 31, 2010, fees totaling 0.08% of average net assets were waived.

3

Wilshire Variable Insurance Trust 2015 ETF Fund Commentary - (Continued)      

PORTFOLIO SECTOR WEIGHTING*

(As of December 31, 2010)

The investment objective of the 2015 ETF Fund (“Fund”) is to provide capital appreciation with current income and maximize total return until its target retirement date. Thereafter, the Fund’s objective will be to seek high current income and, as a secondary objective, capital appreciation. The chart above provides an illustrative allocation among the underlying ETFs, and the actual allocations will vary over time.

Equity markets exhibited strong returns in 2010 as the markets and economy continued to recover from the financial crisis and subsequent recession witnessed in 2008. Although stocks endured substantial volatility in the first half of the year, a rally in the second half of the year pushed annual returns considerably higher. The S&P 500 Index returned 15.06% for the year. Growth stocks led the markets higher in 2010, continuing the trend from the previous year. The Russell 1000 Growth Index returned 16.71%, outpacing the Russell 1000 Value Index’s return of 15.51%. However, the differential was most notable among smaller-capitalization stocks with the Russell 2000 Growth Index and Russell 2000 Value Index returning 17.11% and 15.36%, respectively. Cyclical-oriented sectors such as Consumer Discretionary, Industrials and Materials advanced the most, each posting returns in excess of 20%. Small cap stocks also posted strong returns in 2010, as the Russell 2000 Index returned 26.85%, largely outperforming larger-cap stocks. The market rebound in 2010 has been generally characterized by investors fluctuating between “risk on” and “risk off” strategies as they processed mixed signals on the strength of global economies and the sustainability of corporate earnings.

The Fund returned 11.41% for the year ending December 31, 2010. The Fund’s performance benefited from the continued market recovery in both equity and fixed income asset classes. Investors’ objectives of seeking current income and capital appreciation are balanced in the Fund’s portfolio, which maintained approximately 41% of its assets in high credit quality intermediate-term and short-term bond investments while investing the remaining 59% in diversified domestic and international equities.

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

4

Wilshire Variable Insurance Trust 2025 ETF Fund Commentary      

2025 ETF FUND

Average Annual Total Return

One Year Ended 12/31/10	11.77%
Inception (05/01/06) through 12/31/10	1.50%

S&P TARGET DATE 2025 INDEX(1)

Average Annual Total Return

One Year Ended 12/31/10	13.82%
Inception (05/01/06) through 12/31/10	3.09%

BLENDED BENCHMARK(2)

Average Annual Total Return

One Year Ended 12/31/10	13.82%
Inception (05/01/06) through 12/31/10	3.41%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in the

2025 ETF Fund and the S&P Target Date 2025 Index through 12/31/10.

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

(1)  The S&P Target Date 2025 Index (the “Index”) is designed to measure the performance of an investable asset allocation strategy that meets the investment objectives of an investor with an approximate 2025 target retirement horizon. The Index has replaced the Blended Benchmark as a benchmark index for the Fund. Wilshire believes that the Index, which seeks to represent the average asset allocation of 2025 target date funds, provides a better benchmark comparison.

(2)  The Blended Benchmark is based on the Fund’s target allocation and is comprised of 42% S&P 500 Index, 9% Russell 2000 Growth Index, 11% MSCI EAFE Index, 20% Barclays Capital U.S. Aggregate Bond Index and 18% Treasury Bill Index. The S&P 500 Index is an index comprised of 500 U.S. stocks. The Russell 2000 Growth Index is an index comprised of the Russell 2000 Growth securities with a greater-than-average growth orientation. The MSCI EAFE Index is a capitalization weighted measure of stock markets in Europe, Australia and the Far East. The Barclays Capital U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. The Treasury Bill Index consists of U.S. Treasury Bills with 90 day maturities. All indices are unmanaged. An individual cannot invest directly in any index. Index performance is presented for general comparative purposes.

Since inception, certain fees and expenses were waived and reimbursed. Without waivers and reimbursements, total returns would have been lower. For the year ended December 31, 2010, fees totaling 0.10% of average net assets were waived.

5

Wilshire Variable Insurance Trust 2025 ETF Fund Commentary - (Continued)      

PORTFOLIO SECTOR WEIGHTING*

(As of December 31, 2010)

The investment objective of the 2025 ETF Fund (“Fund”) is to provide capital appreciation with current income and maximize total return until its target retirement date. Thereafter, the Fund’s objective will be to seek high current income and, as a secondary objective, capital appreciation. The chart above provides an illustrative allocation among the underlying ETFs, and the actual allocations will vary over time.

Equity markets exhibited strong returns in 2010 as the markets and economy continued to recover from the financial crisis and subsequent recession witnessed in 2008. Although stocks endured substantial volatility in the first half of the year, a rally in the second half of the year pushed annual returns considerably higher. The S&P 500 Index returned 15.06% for the year. Growth stocks led the markets higher in 2010, continuing the trend from the previous year. The Russell 1000 Growth Index returned 16.71%, outpacing the Russell 1000 Value Index’s return of 15.51%. However, the differential was most notable among smaller-capitalization stocks with the Russell 2000 Growth Index and Russell 2000 Value Index returning 17.11% and 15.36%, respectively. Cyclical-oriented sectors such as Consumer Discretionary, Industrials and Materials advanced the most, each posting returns in excess of 20%. Small cap stocks also posted strong returns in 2010, as the Russell 2000 Index returned 26.85%, largely outperforming larger-cap stocks. The market rebound in 2010 has been generally characterized by investors fluctuating between “risk on” and “risk off” strategies as they processed mixed signals on the strength of global economies and the sustainability of corporate earnings.

The Fund returned 11.77% for the year ending December 31, 2010. The Fund’s performance benefited from the continued market recovery in both equity and fixed income asset classes. Investors’ objectives of seeking capital appreciation and current income are balanced in the Fund’s portfolio, which maintained approximately 64% in diversified domestic and international equities while investing the remaining 36% of its assets in high credit quality intermediate-term and short-term bond investments.

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

6

Wilshire Variable Insurance Trust 2035 ETF Fund Commentary      

2035 ETF FUND

Average Annual Total Return

One Year Ended 12/31/10	12.52%
Inception (05/01/06) through 12/31/10	0.19%

S&P TARGET DATE 2035 INDEX(1)

Average Annual Total Return

One Year Ended 12/31/10	15.02%
Inception (05/01/06) through 12/31/10	2.48%

BLENDED BENCHMARK(2)

Average Annual Total Return

One Year Ended 12/31/10	15.02%
Inception (05/01/06) through 12/31/10	2.39%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in the

2035 ETF Fund and the S&P Target Date 2035 Index through 12/31/10.

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

(1)  The S&P Target Date 2035 Index (the “Index”) is designed to measure the performance of an investable asset allocation strategy that meets the investment objectives of an investor with an approximate 2035 target retirement horizon. The Index has replaced the Blended Benchmark as a benchmark index for the Fund. Wilshire believes that the Index, which seeks to represent the average asset allocation of 2035 target date funds, provides a better benchmark comparison.

(2)  The Blended Benchmark is based on the Fund’s target allocation and is comprised of 57% S&P 500 Index, 13% Russell 2000 Growth Index, 12% MSCI EAFE Index, 10% Barclays Capital U.S. Aggregate Bond Index and 8% Treasury Bill Index. The S&P 500 Index is an index comprised of 500 U.S. stocks. The Russell 2000 Growth Index is an index comprised of the Russell 2000 Growth securities with a greater-than-average growth orientation. The MSCI EAFE Index is a capitalization weighted measure of stock markets in Europe, Australia and the Far East. The Barclays Capital U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. The Treasury Bill Index consists of U.S. Treasury Bills with 90 day maturities. All indices are unmanaged. An individual cannot invest directly in any index. Index performance is presented for general comparative purposes.

Since inception, certain fees and expenses were waived and reimbursed. Without waivers and reimbursements, total returns would have been lower. For the year ended December 31, 2010, fees totaling 0.10% of average net assets were waived.

7

Wilshire Variable Insurance Trust 2035 ETF Fund Commentary - (Continued)      

PORTFOLIO SECTOR WEIGHTING*

(As of December 31, 2010)

The investment objective of the 2035 ETF Fund (“Fund”) is to provide capital appreciation with current income and maximize total return until its target retirement date. Thereafter, the Fund’s objective will be to seek high current income and, as a secondary objective, capital appreciation. The chart above provides an illustrative allocation among the underlying ETFs, and the actual allocations will vary over time.

Equity markets exhibited strong returns in 2010 as the markets and economy continued to recover from the financial crisis and subsequent recession witnessed in 2008. Although stocks endured substantial volatility in the first half of the year, a rally in the second half of the year pushed annual returns considerably higher. The S&P 500 Index returned 15.06% for the year. Growth stocks led the markets higher in 2010, continuing the trend from the previous year. The Russell 1000 Growth Index returned 16.71%, outpacing the Russell 1000 Value Index’s return of 15.51%. However, the differential was most notable among smaller-capitalization stocks with the Russell 2000 Growth Index and Russell 2000 Value Index returning 17.11% and 15.36%, respectively. Cyclical-oriented sectors such as Consumer Discretionary, Industrials and Materials advanced the most, each posting returns in excess of 20%. Small cap stocks also posted strong returns in 2010, as the Russell 2000 Index returned 26.85%, largely outperforming larger-cap stocks. The market rebound in 2010 has been generally characterized by investors fluctuating between “risk on” and “risk off” strategies as they processed mixed signals on the strength of global economies and the sustainability of corporate earnings.

The Fund returned 12.52% for the year ending December 31, 2010. The Fund’s performance benefited from the continued market recovery in both equity and fixed income asset classes. Investors’ objectives of seeking capital appreciation and current income are balanced in the Fund’s portfolio, which maintained approximately 75% in diversified domestic and international equities while investing the remaining 25% of its assets in high credit quality intermediate-term and short-term bond investments.

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

8

Wilshire Variable Insurance Trust Disclosure of Fund Expenses For the Six Months Ended December 31, 2010 (Unaudited)      

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

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

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

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

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

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

9

Wilshire Variable Insurance Trust Disclosure of Fund Expenses - (Continued) For the Six Months Ended December 31, 2010 (Unaudited)      

	Beginning Account Value 07/01/10	Ending Account Value 12/31/10	Expense Ratio(1)(2)	Expenses Paid During Period 07/01/10-12/31/10(3)(4)
2015 ETF Fund
Actual Fund Return	$1,000.00	$1,149.70	0.60%	$3.25
Hypothetical 5% Return	$1,000.00	$1,022.18	0.60%	$3.06
2025 ETF Fund
Actual Fund Return	$1,000.00	$1,162.00	0.60%	$3.27
Hypothetical 5% Return	$1,000.00	$1,022.18	0.60%	$3.06
2035 ETF Fund
Actual Fund Return	$1,000.00	$1,189.20	0.60%	$3.31
Hypothetical 5% Return	$1,000.00	$1,022.18	0.60%	$3.06

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

10

Wilshire Variable Insurance Trust Schedules of Investments December 31, 2010      

2015 ETF Fund
Shares			Value
EXCHANGE-TRADED FUNDS — 98.6%
	69,239	iShares Barclays TIPS Bond Fund	$	7,444,577
	55,268	iShares MSCI EAFE Index Fund		3,218,256
	3,072	SPDR Barclays Capital High Yield Bond ETF		121,989
	30,146	SPDR Barclays Capital International Treasury Bond ETF		1,762,335
	9,217	SPDR Dow Jones International Real Estate ETF		358,818
	14,456	Vanguard Emerging Markets ETF		696,056
	1,098	Vanguard Growth ETF		67,439
	134,340	Vanguard Large-Cap ETF		7,739,328
	13,796	Vanguard REIT ETF		763,885
	9,907	Vanguard Small-Cap Growth ETF		773,142
	22,129	Vanguard Small-Cap Value ETF		1,479,545
	9,692	Vanguard Total Bond Market ETF		777,977
Total Exchange-Traded Funds (Cost $21,877,537)				25,203,347
Total Investments — 98.6% (Cost $21,877,537)				25,203,347
Other Assets & Liabilities, Net — 1.4%				355,928
NET ASSETS — 100.0%			$	25,559,275

2025 ETF Fund
Shares			Value
EXCHANGE-TRADED FUNDS — 98.9%
	46,728	iShares Barclays TIPS Bond Fund	$	5,024,195
	66,541	iShares MSCI EAFE Index Fund		3,874,682
	4,406	SPDR Barclays Capital High Yield Bond ETF		174,962
	24,112	SPDR Barclays Capital International Treasury Bond ETF		1,409,587
	4,431	SPDR Dow Jones International Real Estate ETF		172,499
	15,111	Vanguard Emerging Markets ETF		727,595
	2,097	Vanguard Growth ETF		128,798
	141,866	Vanguard Large-Cap ETF		8,172,900
	13,200	Vanguard REIT ETF		730,884
	11,190	Vanguard Small-Cap Growth ETF		873,268
	21,177	Vanguard Small-Cap Value ETF		1,415,894
	20,002	Vanguard Total Bond Market ETF		1,605,561
Total Exchange-Traded Funds (Cost $21,243,003)				24,310,825
Total Investments — 98.9% (Cost $21,243,003)				24,310,825
Other Assets & Liabilities, Net — 1.1%				276,218
NET ASSETS — 100.0%			$	24,587,043

2035 ETF Fund
Shares			Value
EXCHANGE-TRADED FUNDS — 97.9%
	22,231	iShares Barclays TIPS Bond Fund	$	2,390,277
	83,863	iShares MSCI EAFE Index Fund		4,883,343
	21,136	SPDR Barclays Capital International Treasury Bond ETF		1,235,611
	2,941	SPDR Dow Jones International Real Estate ETF		114,493
	18,829	Vanguard Emerging Markets ETF		906,616
	2,095	Vanguard Growth ETF		128,675
	170,138	Vanguard Large-Cap ETF		9,801,650
	8,779	Vanguard REIT ETF		486,093
	13,739	Vanguard Small-Cap Growth ETF		1,072,192
	22,061	Vanguard Small-Cap Value ETF		1,474,998
	24,924	Vanguard Total Bond Market ETF		2,000,649
Total Exchange-Traded Funds (Cost $21,153,574)				24,494,597
Total Investments — 97.9% (Cost $21,153,574)				24,494,597
Other Assets & Liabilities, Net — 2.1%				524,298
NET ASSETS — 100.0%			$	25,018,895

As of December 31, 2010, each of the Funds’ investments in securities were considered Level 1. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

EAFE — Europe, Australasia, Far East

ETF — Exchange-Traded Fund

MSCI — Morgan Stanley Capital International

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

TIPS — Treasury Inflationary Protection Securities

See Notes to Financial Statements.

11

Wilshire Variable Insurance Trust Statements of Assets and Liabilities December 31, 2010      

	2015 ETF FUND			2025 ETF FUND			2035 ETF FUND
ASSETS:
Investments in securities, at value (Note 2)	$	25,203,347		$	24,310,825		$	24,494,597
Cash equivalents		367,355			1,043,561			515,805
Dividends and interest receivable		32,032			24,275			13,604
Subscriptions receivable		13,875			25,030			47,066
Receivable from Adviser (Note 3)		894			2,230			2,258
Total assets		25,617,503			25,405,921			25,073,330
LIABILITIES:
Redemptions payable		25,385			23,906			23,336
Payable for investment securities purchased		––			764,168			––
Investment advisory fees payable (Note 3)		5,346			5,077			5,151
Distribution fees payable (Note 4)		5,307			4,987			5,058
Trustees’ fees payable		1,126			1,043			1,052
Administration fees payable		855			812			824
Chief Compliance Officer expenses payable		218			203			204
Other accrued expenses		19,991			18,682			18,810
Total liabilities		58,228			818,878			54,435
NET ASSETS	$	25,559,275		$	24,587,043		$	25,018,895
NET ASSETS consist of:
Paid-in capital	$	24,778,132		$	23,415,348		$	23,532,883
Undistributed net investment income		393,095			345,434			326,022
Accumulated net realized loss on investments		(2,937,762	)		(2,241,561	)		(2,181,033	)
Net unrealized appreciation of investments		3,325,810			3,067,822			3,341,023
NET ASSETS	$	25,559,275		$	24,587,043		$	25,018,895
SHARES OUTSTANDING: (Unlimited shares authorized)		2,464,092			2,483,227			2,615,454
NET ASSET VALUE: (Offering and redemption price per share)	$	10.37		$	9.90		$	9.57
Investments, at cost (Note 2)	$	21,877,537		$	21,243,003		$	21,153,574

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

See Notes to Financial Statements.

12

Wilshire Variable Insurance Trust Statements of Operations For the Year Ended December 31, 2010      

	2015 ETF FUND			2025 ETF FUND			2035 ETF FUND
INVESTMENT INCOME:
Dividend income	$	531,354		$	464,986		$	444,831
Interest income		250			291			296
Total income		531,604			465,277			445,127
EXPENSES:
Distribution fees (Note 4)		57,659			49,877			49,563
Investment advisory fees (Note 3)		57,648			49,877			49,564
Administration fees (Note 3)		9,226			7,980			7,930
Trustees’ fees and expenses (Note 3)		4,236			3,657			3,633
Chief Compliance Officer expenses		111			131			137
Professional fees		11,871			10,755			10,896
Custodian fees		6,663			6,622			6,687
Printing fees		4,194			5,422			5,803
Transfer agent fees		2,703			2,488			2,476
Other		2,856			2,607			2,635
Total expenses		157,167			139,416			139,324
Fees waived by Adviser (Note 3)		(18,679	)		(19,587	)		(20,245	)
Net expenses		138,488			119,829			119,079
Net investment income		393,116			345,448			326,048
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND REALIZED GAIN DISTRIBUTIONS FROM UNDERLYING FUNDS (NOTES 2 AND 5):
Net realized gains from:
Sales of investments		445,434			264,184			331,805
Realized gain distributions from underlying funds		2,941			5,464			5,857
Net change in unrealized appreciation on investments		1,734,950			1,822,785			1,951,673
Net realized and unrealized gain on investments		2,183,325			2,092,433			2,289,335
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,576,441		$	2,437,881		$	2,615,383

See Notes to Financial Statements.

13

Wilshire Variable Insurance Trust Statements of Changes in Net Assets For the Year Ended December 31, 2010      

	2015 ETF FUND			2025 ETF FUND			2035 ETF FUND
OPERATIONS:
Net investment income	$	393,116		$	345,448		$	326,048
Net realized gain from sales of investments and realized gain distributions from underlying funds		448,375			269,648			337,662
Net change in unrealized appreciation on investments		1,734,950			1,822,785			1,951,673
Net increase in net assets resulting from operations		2,576,441			2,437,881			2,615,383
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(169,619	)		(144,001	)		(130,932	)
CAPITAL STOCK TRANSACTIONS: (DOLLARS)
Shares sold		5,191,515			7,336,937			7,057,276
Shares issued as reinvestment of distributions		169,618			144,001			130,932
Shares redeemed		(3,698,040	)		(1,852,329	)		(1,031,873	)
Net increase in net assets from capital stock transactions		1,663,093			5,628,609			6,156,335
Net increase in net assets		4,069,915			7,922,489			8,640,786
NET ASSETS:
Beginning of year		21,489,360			16,664,554			16,378,109
End of year	$	25,559,275		$	24,587,043		$	25,018,895
Undistributed net investment income at end of period	$	393,095		$	345,434		$	326,022
CAPITAL SHARE TRANSACTIONS:
Shares sold		538,415			800,513			802,279
Shares issued as reinvestment of distributions		16,388			14,575			13,696
Shares redeemed		(384,564	)		(202,982	)		(116,891	)
Net increase in shares outstanding		170,239			612,106			699,084

See Notes to Financial Statements.

14

Wilshire Variable Insurance Trust Statements of Changes in Net Assets For the Year Ended December 31, 2009      

	2015 ETF FUND			2025 ETF FUND			2035 ETF FUND
OPERATIONS:
Net investment income	$	169,628		$	144,020		$	130,932
Net realized gain/(loss) from:
Investments		118,592			57,283			65,077
Investments in affiliated funds		(3,359,618	)		(2,561,131	)		(2,525,764	)
Net change in unrealized appreciation on:
Investments		1,590,860			1,245,037			1,389,350
Investments in affiliated funds		5,005,080			3,744,739			3,583,853
Net increase in net assets resulting from operations		3,524,542			2,629,948			2,643,448
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(630,168	)		(314,215	)		(159,931	)
Net realized capital gains		(25,054	)		(22,210	)		(13,684	)
Total distributions to shareholders		(655,222	)		(336,425	)		(173,615	)
CAPITAL STOCK TRANSACTIONS: (DOLLARS)
Shares sold		4,760,774			5,904,979			6,835,092
Shares issued as reinvestment of distributions		655,220			336,425			173,614
Shares redeemed		(1,469,541	)		(1,549,492	)		(1,023,317	)
Net increase in net assets from capital stock transactions		3,946,453			4,691,912			5,985,389
Net increase in net assets		6,815,773			6,985,435			8,455,222
NET ASSETS:
Beginning of year		14,673,587			9,679,119			7,922,887
End of year	$	21,489,360		$	16,664,554		$	16,378,109
Undistributed net investment income at end of year	$	169,598		$	143,987		$	130,906
CAPITAL SHARE TRANSACTIONS:
Shares sold		567,419			741,898			922,388
Shares issued as reinvestment of distributions		69,496			37,520			20,164
Shares redeemed		(172,787	)		(192,016	)		(135,695	)
Net increase in shares outstanding		464,128			587,402			806,857

15

Wilshire Variable Insurance Trust 2015 ETF Fund Financial Highlights      

For a Fund Share Outstanding Throughout Each Period.
	Year Ended December 31,  2010			Year Ended December 31,  2009			Year Ended December 31,  2008			Year Ended December 31,  2007			For the Period May 1, 2006 to December 31,  20061
Net asset value, beginning of period	$	9.37		$	8.02		$	10.94		$	10.54		$	10.00
Income from investment operations:
Net investment income2		0.16			0.08			0.44			0.34			0.61
Net realized and unrealized gain/(loss) on investments		0.91			1.56			(3.09	)		0.14			(0.07	)
Total from investment operations		1.07			1.64			(2.65	)		0.48			0.54
Less distributions:
From net investment income		(0.07	)		(0.28	)		(0.16	)		(0.05	)		0.00
From capital gains		0.00			(0.01	)		(0.11	)		(0.03	)		0.00
Total distributions		(0.07	)		(0.29	)		(0.27	)		(0.08	)		0.00
Net asset value, end of period	$	10.37		$	9.37		$	8.02		$	10.94		$	10.54
Total return3		11.41	%		20.49	%		(24.18	)%		4.57	%		5.40	%4
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	25,559		$	21,489		$	14,674		$	8,555		$	1,934
Operating expenses including reimbursement/waiver/recoupment†		0.60	%		0.59	%6		0.50	%		0.50	%		0.50	%5
Operating expenses excluding reimbursement/waiver/recoupment†		0.68	%		0.62	%		1.05	%		1.35	%		8.69	%5
Net investment income†		1.70	%		0.97	%		4.54	%		3.08	%		8.87	%5
Portfolio turnover rate		37	%		107	%		32	%		3	%		55	%4

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

See Notes to Financial Statements.

16

Wilshire Variable Insurance Trust 2025 ETF Fund Financial Highlights      

For a Fund Share Outstanding Throughout Each Period.
	Year Ended December 31,  2010			Year Ended December 31,  2009			Year Ended December 31,  2008			Year Ended December 31,  2007			For the Period May 1, 2006 to December 31,  20061
Net asset value, beginning of period	$	8.91		$	7.54		$	11.00		$	10.60		$	10.00
Income from investment operations:
Net investment income2		0.16			0.09			0.23			0.32			0.54
Net realized and unrealized gain/(loss) on investments		0.89			1.46			(3.33	)		0.14			0.06
Total from investment operations		1.05			1.55			(3.10	)		0.46			0.60
Less distributions:
From net investment income		(0.06	)		(0.17	)		(0.20	)		(0.03	)		0.00
From capital gains		0.00			(0.01	)		(0.16	)		(0.03	)		0.00
Total distributions		(0.06	)		(0.18	)		(0.36	)		(0.06	)		0.00
Net asset value, end of period	$	9.90		$	8.91		$	7.54		$	11.00		$	10.60
Total return3		11.77	%		20.60	%		(28.11	)%		4.36	%		6.00	%4
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	24,587		$	16,665		$	9,679		$	7,028		$	1,372
Operating expenses including reimbursement/waiver/recoupment†		0.60	%		0.59	%6		0.50	%		0.50	%		0.50	%5
Operating expenses excluding reimbursement/waiver/recoupment†		0.70	%		0.65	%		1.13	%		1.72	%		12.72	%5
Net investment income†		1.73	%		1.13	%		2.46	%		2.85	%		7.83	%5
Portfolio turnover rate		32	%		100	%		24	%		2	%		10	%4

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

17

Wilshire Variable Insurance Trust 2035 ETF Fund Financial Highlights      

For a Fund Share Outstanding Throughout Each Period.
	Year Ended December 31,  2010			Year Ended December 31,  2009			Year Ended December 31,  2008			Year Ended December 31,  2007			For the Period May 1, 2006 to December 31,  20061
Net asset value, beginning of period	$	8.55		$	7.14		$	11.04		$	10.57		$	10.00
Income from investment operations:
Net investment income2		0.14			0.09			0.24			0.24			0.40
Net realized and unrealized gain/(loss) on investments		0.93			1.41			(3.89	)		0.24			0.17
Total from investment operations		1.07			1.50			(3.65	)		0.48			0.57
Less distributions:
From net investment income		(0.05	)		(0.08	)		(0.13	)		0.00	3		0.00
From capital gains		0.00			(0.01	)		(0.12	)		(0.01	)		0.00
Total distributions		(0.05	)		(0.09	)		(0.25	)		(0.01	)		0.00
Net asset value, end of period	$	9.57		$	8.55		$	7.14		$	11.04		$	10.57
Total return4		12.52	%		21.03	%		(33.00	)%		4.61	%		5.70	%5
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	25,019		$	16,378		$	7,923		$	3,607		$	324
Operating expenses including reimbursement/waiver/recoupment†		0.60	%		0.60	%		0.50	%		0.50	%		0.50	%6
Operating expenses excluding reimbursement/waiver/recoupment†		0.70	%		0.69	%		1.64	%		3.37	%		61.49	%6
Net investment income†		1.64	%		1.12	%		2.65	%		2.20	%		5.78	%6
Portfolio turnover rate		35	%		96	%		18	%		0	%		4	%5

†	These ratios do not include expenses from the affiliated funds held prior to October 8, 2009, or ETFs.
1	The Fund commenced operations May 1, 2006.
2	The selected per share data was calculated using the average shares outstanding method for the period. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
3	Amount is less than $0.01 per share.
4	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies. The inclusion of these charges would reduce the total return figures for all periods shown.
5	Not annualized.
6	Annualized.

18

Wilshire Variable Insurance Trust Notes to Financial Statements December 31, 2010      

1.          Organization.

The Wilshire Variable Insurance Trust (the “Trust”) is an open-end, diversified management investment company registered under the Investment Company Act of 1940 (“1940 Act”), which offers units of beneficial ownership (shares) in 9 separate investment portfolios. The portfolios presented in these financial statements are: 2015 ETF Fund, 2025 ETF Fund and 2035 ETF Fund (collectively the “Funds”, each a “Fund” of the Trust). The Funds operate under a fund of funds structure and at this time invest substantially all of their assets in unaffiliated exchange-traded funds (“ETF” or “ETFs”), which primarily invest in equity and fixed income securities, according to an asset allocation strategy designed for investors planning to retire in certain target years. The financial statements for the other Funds of the Trust managed by Wilshire Associates Incorporated (“Wilshire” or the “Adviser”) are included in a separate annual report. Shares are presently offered to Horace Mann Life Insurance Company (“HMLIC”) Separate Account, the HMLIC 401(k) Separate Account and Great American Life Insurance Company.

Funds’ Investment Objectives:

High total return until each respective Fund’s target retirement date. Thereafter, high current income and, as a secondary objective, capital appreciation. The Funds are designed to provide a mix of assets with a risk/return profile that is appropriate for the participant’s age in connection with his/her anticipated target retirement date. The risk/return profile of the Funds will adjust with time and become more conservative.

2.          Significant Accounting Policies.

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

Security valuation — A Fund’s investment in an ETF is valued at the ETF’s net asset value or is valued at market price, depending upon whether a Fund purchased the ETF directly from the ETF in “creation units” or on an exchange, as applicable.

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

• Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

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

• Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For the year ended December 31, 2010, there have been no significant changes to the Funds’ fair value methodologies and there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

19

Wilshire Variable Insurance Trust Notes to Financial Statements - (Continued) December 31, 2010      

Fair value measurement classifications are summarized in the Funds’ Schedules of Investments.

Security transactions and investment income — Security transactions are recorded on a trade date basis. Dividend income and realized gain distributions from the ETFs are recorded on the ex-dividend date. Interest income accrues daily. Securities gains and losses are determined on the basis of identified cost.

Cash equivalents — Idle cash may be swept into various money market sweep accounts and is classified as cash equivalents on the Statement of Assets and Liabilities. The Trust maintains cash in bank deposit accounts which, at times, may exceed federally insured limits. Amounts invested are available on the same business day.

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

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

3.          Investment Advisory Fee and Other Transactions With Affiliates.

The Trust employs the Adviser to manage the investment and reinvestment of the assets of the Funds and to continuously review, oversee and administer the Funds’ investment programs.

Pursuant to the Advisory Agreement (the “Agreement”) between the Funds and Wilshire, Wilshire charges annual management fees of 0.25% of average daily net assets of the 2015 ETF Fund, 2025 ETF Fund and the 2035 ETF Fund. Wilshire has entered into a contractual expense limitation agreement (the “Expense Limitation Agreement”) with the Funds to waive a portion of its management fee and/or reimburse expenses to limit annual operating expenses to 0.60% (exclusive of ETF fees and expenses) of average daily net assets for each of the Funds. This agreement to limit expenses continues through at least April 30, 2011. Wilshire may recoup the amount of any management fee waived within three years after the year in which Wilshire incurred the expense if the recoupment does not exceed the existing expense limitation for each Fund. At December 31, 2010, the amounts of waivers subject to recoupment for the 2015 ETF Fund, 2025 ETF Fund and the 2035 ETF Fund are $10,601, $11,200 and $11,427, respectively, expiring in 2012 and $18,679, $19,587 and $20,245, respectively, expiring in 2013. The Adviser cannot recapture any expenses or fees it waived or reimbursed prior to August 21, 2009 under the prior Expense Limitation Agreement.

For the year ended December 31, 2010, the Adviser waived expenses in the amounts listed below.

Fund	Fees Waived
2015 ETF Fund	$18,679
2025 ETF Fund	$19,587
2035 ETF Fund	$20,245

Because the ETFs have varied fee and expense levels and the Funds may own different proportions of the ETFs at different times, the amount of fees and expenses incurred indirectly by a Fund will vary.

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

20

Wilshire Variable Insurance Trust Notes to Financial Statements - (Continued) December 31, 2010      

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

4.          Distribution and Shareholder Services Plan.

The Funds have adopted a plan under Rule 12b-1 of the 1940 Act that provides for a fee of up to 0.25% of each Fund’s average net assets payable to SEI Investments Distribution Co. (the “Distributor”) to reimburse the Distributor for distribution and shareholder services provided to shareholders.

5.          Security Transactions.

For the year ended December 31, 2010, the aggregate cost of purchases and proceeds from sales of investments, were as follows:

Fund	Purchases	Proceeds from Sales
2015 ETF Fund	$10,234,032	$8,245,498
2025 ETF Fund	12,434,221	6,114,206
2035 ETF Fund	13,347,046	6,771,149

6.          Significant Shareholder Activity.

On December 31, 2010, the Funds had the following concentrations of shareholders holding 10% or more of the outstanding shares of the Funds. These represent omnibus shareholder accounts.

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

7.          Tax Information.

No provision for federal income taxes is required because each Fund has qualified, and intends to continue to qualify, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and distributes to shareholders all of its taxable income and gains. Federal income tax regulations differ from accounting principles generally accepted in the United States of America; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing a Fund’s tax returns to determine whether it is “more-likely than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

21

Wilshire Variable Insurance Trust Notes to Financial Statements - (Continued) December 31, 2010      

The tax character of distributions declared for the years ended December 31, 2010 and December 31, 2009, respectively were as follows:

Fund	2010 Ordinary Income		2010 Capital Gains		2009 Ordinary Income		2009 Capital Gains
2015 ETF Fund	$	169,619	$	—	$	639,608	$	15,614
2025 ETF Fund		144,001		—		322,791		13,634
2035 ETF Fund		130,932		—		163,216		10,399

At December 31, 2010, the components of distributable earnings on a tax basis were as follows:

	2015 ETF Fund			2025 ETF Fund			2035 ETF Fund
Undistributed ordinary income	$	393,095		$	345,434		$	326,022
Accumulated capital gain		—			—			—
Capital loss carryforwards		(2,937,026	)		(2,238,508	)		(2,181,028	)
Unrealized appreciation		3,325,075			3,064,762			3,341,023
Other temporary differences		(1	)		7			(5	)
Total distributable earnings	$	781,143		$	1,171,695		$	1,486,012

The Funds intend to retain realized gains to the extent of available capital loss carryforwards. At December 31, 2010, the 2015 ETF Fund, 2025 ETF Fund and 2035 Fund had available for federal income tax purposes unused capital losses of $2,937,026, $2,238,508 and $2,181,028, respectively, expiring December 31, 2017.

During the year ended December 31, 2010, the 2015 ETF Fund, 2025 ETF Fund and 2035 ETF Fund utilized capital loss carryforwards of $449,111, $272,709 and $337,663, respectively, to offset capital gains.

The federal tax cost, unrealized appreciation and depreciation at December 31, 2010 for each Fund is as follows:

Fund	Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation
2015 ETF Fund	$	21,878,272	$	3,346,737	$	(21,662	)	$	3,325,075
2025 ETF Fund		21,246,063		3,096,365		(31,603	)		3,064,762
2035 ETF Fund		21,153,574		3,364,018		(22,995	)		3,341,023

8.          Indemnifications.

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

22

Wilshire Variable Insurance Trust Notes to Financial Statements - (Continued) December 31, 2010      

9.          Credit Risk.

Certain securities in which an ETF may invest are backed by credit enhancements from various financial institutions and financial guarantee assurance agencies. These credit enhancements reinforce the credit quality of the individual securities; however, if any of the financial institutions or financial guarantee assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if any of the ETFs concentrate their credit enhancements in any one financial institution, the risk of credit quality deterioration increases. The value of asset-backed securities may be affected by the credit risk of the servicing agent for the pool, the originator of the loans or receivables, or the financial institution(s) providing the credit support. In addition to credit risk, asset-backed securities and other securities with early redemption features are subject to pre-payment risk. During periods of declining interest rates, prepayment of loans underlying asset-backed securities can be expected to accelerate or an issuer may retire an outstanding bond early to reduce interest costs. An ETF’s ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time.

10.          Recent Accounting Pronouncement

In January 2010, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2010-06, “Improving Disclosures about Fair Value Measurements.” ASU No. 2010-06 will require reporting entities to make new disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2010. At this time, management is evaluating the implications of ASU No. 2010-06 and its impact on the financial statements has not been determined.

11.          Subsequent Event Evaluation.

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements as of December 31, 2010.

23

Wilshire Variable Insurance Trust Report Of Independent Registered Public Accounting Firm        

To the Board of Trustees and Shareholders of Wilshire Variable Insurance Trust:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of 2015 ETF Fund, 2025 ETF Fund and 2035 ETF Fund (three series of Wilshire Variable Insurance Trust, hereafter referred to as the “Funds”) at December 31, 2010, the results of each of their operations for the year then ended and the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of investments at December 31, 2010 by correspondence with the custodian, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

March 1, 2011

24

Wilshire Variable Insurance Trust Board Approval of Advisory Agreement      

During the six months ended December 31, 2010, the Board of Trustees (the “Board”) of Wilshire Variable Insurance Trust (the “Trust”) approved the renewal for an additional one-year term of the Trust’s advisory agreement (the “Advisory Agreement”) with Wilshire Associates Incorporated (“Wilshire” or the “Adviser”) on behalf of the Wilshire 2015 ETF Fund, Wilshire 2025 ETF Fund and Wilshire 2035 ETF Fund (the “Funds”).

The information in this summary outlines the Board’s considerations associated with its approval of the Advisory Agreement. In connection with its deliberations regarding the continuation of this relationship, the Board considered such information and factors as it believed to be relevant. As described below, the Board considered the nature, extent and quality of the services performed by Wilshire under the existing advisory arrangement; comparative fees and expense ratios; the profits to be realized by Wilshire; the extent to which Wilshire realizes economies of scale as a Fund grows; and whether any fall-out benefits are being realized by Wilshire. In considering these matters, the Board was advised with respect to relevant legal standards by independent counsel. In addition, the Trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940 (the “Independent Trustees”) discussed the renewal of the Advisory Agreement with management and in private sessions with counsel at which no representatives of Wilshire were present.

As required by the Investment Company Act of 1940, each approval was confirmed by the separate vote of the Independent Trustees. In deciding to approve the renewal of the Advisory Agreement, the Board did not identify any single factor as controlling and this summary does not describe all of the matters considered. However, the Board concluded that each of the various factors referred to below favored such approval.

Information Requested and Received

The Board, including all the Independent Trustees, considered the renewal of the Advisory Agreement pursuant to a process that concluded at the Board’s December 3, 2010 meeting, following an extensive process. At the direction of the Independent Trustees, counsel to the Trust and the Independent Trustees sent a memorandum to the Adviser requesting information regarding the Advisory Agreement to be provided to the Trustees in advance of a meeting of the Contract Review Committee (which is comprised of all the Independent Trustees) held on December 2, 2010.

In response to the request for information, the Trustees received information from the Adviser as to each of the Funds describing: (i) the nature, extent and quality of services provided; (ii) the investment performance of each Fund as provided by Wilshire based upon data gathered from the Morningstar Direct database (“Morningstar”); (iii) the costs of services provided and estimated profits realized by the Adviser; (iv) the extent to which economies of scale are realized as a Fund grows; (v) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders; (vi) comparisons of services rendered and amounts paid to other registered investment companies as provided by Wilshire based upon data gathered from Morningstar, and (vii) benefits realized by the Adviser from its relationship with each Fund. The Independent Trustees also received a memorandum from counsel describing their duties in connection with contract approvals, and they were assisted in their review by independent legal counsel.

Prior to consideration by the Board, the Contract Review Committee met on December 2, 2010 to discuss the information provided. As a part of its evaluation it considered the assessment of performance made by the Investment Committee (which is comprised solely of Independent Trustees), which also met on December 2, 2010 to review data Wilshire had prepared on performance. Based upon its evaluation of all materials provided, the Contract Review Committee concluded that it was in the best interests of each Fund to renew the Advisory Agreement and recommended to the Board that the Advisory Agreement be renewed. At its meeting on December 3, 2010, the Board considered the recommendation of the Contract Review Committee along with the other factors that the Board deemed relevant.

Nature, Extent and Quality of Services

With respect to the nature, extent and quality of services provided by the Adviser, the Board reviewed the functions performed by the Adviser, noting that the Adviser performs administrative functions on behalf of the Funds. The Board considered the experience and skills of the senior management leading Fund operations, the experience and skills of the personnel performing the functions under the Advisory Agreement and the resources made available to such personnel. The Board also considered the compliance program established by the Adviser and the level of compliance maintained for the Funds. The Board concluded that appropriate resources were being provided under the agreement to administer the Trust’s affairs. The Board also reviewed the Adviser’s financial condition, and considered the financial support provided

25

Wilshire Variable Insurance Trust Board Approval of Advisory Agreement - (Continued)        

by the Adviser to the Funds pursuant to an expense limitation agreement. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services provided by the Adviser to each Fund support renewal of the contract.

The Board reviewed information on the performance of each Fund for the annualized one and three year periods ended September 30, 2010, along with the performance information of a peer group of funds determined by Wilshire based upon the Morningstar database for the same periods and in comparison to its benchmark. The Board noted that the Funds met acceptable levels of performance compared to their respective peer groups and benchmarks for the one- and three-year periods ended September 30, 2010.

Advisory Fees

The Board reviewed each Fund’s advisory fee and total expense ratio and reviewed information comparing the advisory fee and total expense ratio to those of the peer group of funds. The Board noted that the advisory fee for each of the Funds was relatively high in comparison to their peer groups but noted that the Adviser waives advisory fees and reimburses expenses for the Funds pursuant to an expense limitation agreement. As to total expenses, the Board noted that total expenses are influenced by the small size of the complex. The Board concluded that the advisory fee for each Fund was reasonable and appropriate in amount.

Profitability to Wilshire and Economies of Scale

With respect to the profitability of the Advisory Agreement, the Board primarily considered the fee structure of the Advisory Agreement, including the costs of the services provided and the profits realized by the Adviser from its relationship with the Funds. The Board concluded that the profits realized by the Adviser were reasonable in comparison with the costs of providing investment advisory services to the Funds. In addition, the Board considered the extent to which economies of scale are realized as the Funds grow and whether fee levels reasonably reflect economies of scale for the benefit of shareholders. The Board reviewed each Fund’s asset size, each Fund’s expense ratio, the advisory fee waivers and expense reimbursements currently in place and whether the investment process produced economies of scale. The Board concluded that each Fund’s advisory fee reasonably reflected appropriate recognition of any economies of scale.

Fall-Out Benefits

The Board considered the nature and amount of any benefits derived by the Adviser from its relationship with the Funds. The Board determined that the advisory fees were reasonable in light of these fall-out benefits.

Conclusion

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement continue to be fair and reasonable and that the continuation of the Advisory Agreement is in the best interests of each Fund.

26

Wilshire Variable Insurance Trust Additional Fund Information        

A listing of the Trustees and Officers of the Trust, their ages and their principal occupations for the past five years is presented below. The address of each Trustee and Officer is 1299 Ocean Avenue, Suite 700, Santa Monica, California 90401.

Name and Age	Position Held With The Trust	Term Of Office(1) and Length of Time Served	Principal Occupations During the Past Five Years	Number of Funds/Funds in Complex Overseen by Trustee	Other Directorships Held by Trustee
INTERESTED TRUSTEES
Lawrence E. Davanzo, 57(2)	Trustee	Since 2005	President, Wilshire Associates Incorporated, October 2007-Present; Senior Managing Director, October 2004-October 2007, Wilshire Associates Incorporated; President, 2005-Present, Wilshire Variable Insurance Trust; Managing Director, August 2004-October 2004, Guggenheim Partners, independent investor, August 2001-August 2004.	15	Wilshire Mutual Funds, Inc. (6 Funds); Wilshire Associates Incorporated
NON-INTERESTED TRUSTEES
Margaret M. Cannella, 59	Trustee	Since 2011	Adjunct Professor, Columbia Business School. Formerly, Managing Director, Head, Global Credit Research and Corporate Strategy, JPMorgan Securities, Inc. and Managing Director, Head US Corporate Research, JP Morgan Securities, Inc.	15	Wilshire Mutual Funds, Inc. (6 Funds); Schroder Series Trust; Schroder Global Series Trust; Schroder Capital Funds (Delaware); CHF Finance International (for profit joint venture of the World Bank and CHF); Advanced Pierre Foods; Princeton-in-Asia
Roger A. Formisano, 62	Trustee	Since 2006	Vice President, University Medical Foundation, 2006- Present; formerly Director, The Center for Leadership and Applied Business, UW-Madison School of Business; Principal, R.A. Formisano & Company, LLC	15	Integrity Mutual Insurance Company, Wilshire Mutual Funds, Inc. (6 Funds)
Edward Gubman, 59	Trustee	Since 2011	Founder and Principal, Strategic Talent Solutions	9	N/A
Richard A. Holt, 68	Trustee	Since 2006	Retired; formerly Senior Relationship Manager, Scudder Insurance Asset Management.	15	Wilshire Mutual Funds, Inc. (6 Funds)
Suanne K. Luhn, 55	Trustee	Since 2008	Retired; formerly Chief Compliance Officer, Bahl & Gaynor (investment adviser) (1990 to 2006)	15	Wilshire Mutual Funds, Inc. (6 Funds)
Harriet A. Russell, 68	Trustee	Since 2006	President, Greater Cincinnati Credit Union; formerly Vice President, Cincinnati Board of Education; formerly teacher, Walnut Hills High School.	15	Greater Cincinnati Credit Union Board; Wilshire Mutual Funds, Inc. (6 Funds)
George J. Zock, 60	Trustee, Chairman of the Board	Since 2006	Independent Consultant; Consultant, Horace Mann Service Corporation (2004 to 2005); Executive Vice President, Horace Mann Life Insurance Company and Horace Mann Service Corporation (1997 to 2003).	15	Wilshire Mutual Funds, Inc. (6 Funds)

27

Wilshire Variable Insurance Trust Additional Fund Information - (Continued)        

Name and Age	Position Held With The Trust	Term Of Office(1) and Length of Time Served	Principal Occupations During the Past Five Years	Number of Funds/Funds in Complex Overseen by Trustee	Other Directorships Held by Trustee
OFFICERS
Jamie B. Ohl, 45	President	Since 2010	Chief Operating Officer and Managing Director, Wilshire Funds Management since 2010; Senior Vice President and Director of the Retirement Plans Group, Hartford Life Insurance Co. from 2006-2010.	N/A	N/A
Aaron W.L. Eubanks, 48	Chief Compliance Officer	Since 2009	Chief Compliance Officer and Managing Director, Wilshire Associates, Incorporated (since 2009). Chief Operating Officer and Chief Compliance Officer, Provident Investment Counsel (1992-2009)	N/A	N/A
Reena S. Lalji, 39	Secretary	Since 2009	Managing Director and General Counsel, Wilshire Associates Incorporated (Since 2009); Senior Counsel, Royal Bank of Canada (2003-2008)	N/A	N/A
James E. St. Aubin, 33	Vice President	Since 2009	Senior Portfolio Manager in Wilshire's Funds Management Group. 2004-2008, Senior Consultant at Ibbotson Associates-a division Morningstar Inc.	N/A	N/A
Helen Thompson, 43	Vice President	Since 2008	Managing Director, Wilshire Associates Incorporated. (since 2003); Associate Director, First Quadrant, L.P. (2001 to 2003); Chief Investment Accountant, Financial Controller, Company Secretary, Associate Director, Compliance Officer (1996 to 2003), First Quadrant Limited	N/A	N/A
Michael Wauters, 45	Treasurer	Since 2009	Controller, Wilshire Associates Incorporated (since 2009); Assistant Vice President- Financial Operations, Pacific Life Insurance Company (2000-2009)	N/A	N/A
Victor Zhang, 38	Vice President	Since 2009	Head of Portfolio Management, Member of Wilshire Funds Management Investment Committee, Wilshire Associates Incorporated, January 2006 to Present; Director of Investments, Harris myCFO LLC, 2001 to 2006.	N/A	N/A

(1) Each Trustee serves until the next shareholders’ meeting (and until the election and qualification of a successor), or until death, resignation, removal (as provided in the Trust’s Declaration of Trust) or retirement which takes effect no later than the May 1 following his or her 70th birthday. Officers are elected by the Board on an annual basis to serve until their successors have been elected and qualified.

(2) Mr. Davanzo is an interested person because of his position with the Trust’s investment adviser, Wilshire Associates Incorporated.

The Trust’s Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge, upon request, by calling 1-888-200-6796.

28

Wilshire Variable Insurance Trust Additional Fund Information - (Continued)        

Information on Proxy Voting

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

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

Information on Form N-Q

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of period. The Trust’s Forms N-Q will be available on the SEC’s website at

http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090.

Householding Policy

In order to reduce printing and mailing expenses, only one copy of each prospectus, annual and semi-annual report will be sent to all related accounts at a common address, unless you have indicated otherwise on your Account Application. Contract Owners may revoke their consent to householding at any time by calling 1-800-999-1030. Upon receipt of a Contract Owner’s revocation, the Trust will begin mailing individual copies of the above-referenced documents to the shareholder’s attention within 30 days.

29

Wilshire Variable Insurance Trust Tax Information        

Of the distributions made by the following Funds, the corresponding percentage represents the amount of each distribution which will qualify for the dividends received deduction available to corporate shareholders:

Fund	Percentage
2015 ETF Fund	0.08%
2025 ETF Fund	0.01%
2035 ETF Fund	0.01%

30

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Wilshire Variable Insurance Trust Privacy Statement        

At Wilshire Variable Insurance Trust, we appreciate the privacy concerns of our customers. We have established the following policies to maintain the privacy of information you share with us.

Information We Collect

We collect and retain nonpublic personal information about you that may include:

Information we receive on your account applications or other forms such as your name, address, financial information and/or social security number;

Information we receive about your mutual fund transactions, such as purchases, sales, exchanges and account balances; and

Information we collect through the use of Internet “cookies” when you access our website. Cookies are a collection of information stored on the local hard drive of an Internet user, used primarily by web servers to identify previous users and their preferences. A web server cannot find out a user’s name or email address, or anything about the user’s computer using cookies.

Information We May Share

We do not sell any of your nonpublic personal information to third parties. We may share the information we collect with affiliates or with non-affiliated third parties only when those parties are acting on our behalf in servicing your account, or as required by law. These third parties may include:

Administrative service providers who, for example, process transactions for your account, print checks or prepare account statements;

Companies that provide services for us to help market our products to you; and

Governmental or other legal agencies, as required by law.

When information is shared with third parties, they are legally obligated to maintain the confidentiality of the information and to limit their use of it to servicing your account, except as permitted or required by law.

Confidentiality And Security

Within our organization, we restrict access to your nonpublic personal information to authorized employees who need to access such information in order to provide services or products to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

As previously mentioned, we may collect information through the use of Internet “cookies” on our website. In addition, in order to provide you with access to your account via the web, it is necessary for us to collect certain nonpublic personal information such as your name, social security number and account information. Special measures such as data encryption and authentication apply to all nonpublic personal information and communications on our web site.

Applicability

Our privacy policies apply only to those individual investors who have a direct customer relationship with us. If you are an individual shareholder of record of any of the Funds, we consider you to be our customer. Shareholders purchasing or owning shares of any of the Funds through their bank, broker, or other financial institution should also consult that financial institution’s privacy policies.

The Wilshire Variable Insurance Trust values your business. We understand the importance of maintaining the integrity of your personal information and are committed to keeping your trust. Please contact us at 888-200-6796 if you have any questions concerning our policy.

Wilshire Variable Insurance Trust Annual Report December 31, 2010      

Wilshire Variable Insurance Trust
2015 ETF Fund 2025 ETF Fund 2035 ETF Fund
Board of Trustees
Margaret M. Cannella Lawrence E. Davanzo Roger A. Formisano Edward Gubman	Richard A. Holt Suanne K. Luhn Harriet A. Russell George J. Zock Chairman of the Board
Officers of the Funds
Jamie B. Ohl President	Victor Zhang Vice President
Helen Thompson Vice President	James E. St. Aubin Vice President
Michael Wauters Treasurer	Reena S. Lalji Secretary
Guarav Chopra Assistant Treasurer
Aaron W.L. Eubanks Chief Compliance Officer
Administrator SEI Investments Global Funds Services 1 Freedom Valley Drive Oaks, PA 19456 Transfer Agent DST Systems, Inc. 333 W. 11th St. Kansas City, MO 64105 Investment Adviser Wilshire Associates Incorporated 1299 Ocean Avenue Santa Monica, CA 90401-1085	Custodian PNC Global Investment Servicing Inc. The Eastwick Center 8800 Tinicum Boulevard Philadelphia, PA 19153 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1700 Philadelphia, PA 19103-7042

Wilshire Associates Incorporated

1299 Ocean Avenue

Santa Monica, CA 90401

1-888-200-6796

WIL-SA-003-0300

Item 2. Code of Ethics.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) During the period covered by this report, the code of ethics was amended to address changes in the registrant’s covered officers.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that the Registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. Mr. Roger A. Formisano, the Registrant’s audit committee financial expert, is “independent” for purposes of Item 3 to Form N-CSR.

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the audit committee or Board of Trustees.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $133,913 for 2009 and $138,000  for 2010.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2009 and $0 for 2010.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, tax planning and tax training are $21,375 for 2009 and $21,375 for 2010. Such services consisted of quarterly diversification review, annual distribution review and tax return review.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2009 and $0 for 2010.

(e)(1) Audit Committee Pre-Approval Policies and Procedures.

Pursuant to Registrant’s Audit Committee Charter (the “Charter”), the Audit Committee is responsible for pre-approving any engagement of the principal accountant to provide non-prohibited services to the Registrant, including the fees and other compensation to be paid to the principal accountant, to the extent required by Rule 2-01(c)(7) of Regulation S-X. The Chairman of the Audit Committee may grant pre-approval for engagements of less than $5,000. All such delegated pre-approvals will be presented to the Audit Committee no later than the next Audit Committee meeting.

Pursuant to the Charter, the Audit Committee is also responsible for pre-approving any engagement of the principal accountant, including the fees and other compensation to be paid to the principal accountant, to provide non-audit services to the Registrant’s investment adviser (or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant), if the engagement relates directly to the operations and financial reporting of the Registrant, to the extent required by Rule 2-01(c)(7) of Regulation S-X. The Chairman of the Audit Committee may grant pre-approval for engagements of less than $5,000. All such delegated pre-approvals will be presented to the Audit Committee no later than the next Audit Committee meeting.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) Not Applicable

(c) 0%

(d) Not Applicable

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was (0%) zero percent.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $1,125,706 for 2009 and $788,715 for 2010.

(h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees since the Registrant last disclosed such procedures in the definitive prospectus/proxy statement on Form N-14 filed with the SEC on December 3, 2008.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Wilshire Variable Insurance Trust
By (Signature and Title)*	/s/ Jamie B. Ohl
	Jamie B. Ohl, President
	(principal executive officer)
Date: March 11, 2011

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/ Jamie B. Ohl
	Jamie B. Ohl, President
	(principal executive officer)
Date: March 11, 2011
By (Signature and Title)*	/s/ Michael Wauters
	Michael Wauters, Treasurer
	(principal financial officer)
Date: March 11, 2011

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