fp0002973_nq.htm

Shares			Value

COMMON STOCK — 54.9%
Consumer Discretionary — 7.1%
	2,349	Advance Auto Parts, Inc.	$	154,141
	3,395	Amazon.com, Inc. †		611,541
	5,599	American Eagle Outfitters, Inc.		88,968
	4,502	Apollo Group, Inc., Class A †		187,779
	964	AutoZone, Inc. †		263,712
	9,618	Best Buy Co., Inc.		276,229
	5,912	Cablevision Systems Corp., Class A		204,614
	18,946	CBS Corp., Class B		474,408
	27,390	Comcast Corp. Special, Class A		677,081
	2,643	Darden Restaurants, Inc.		129,850
	310	DeVry, Inc.		17,072
	844	Dick's Sporting Goods, Inc. †		33,743
	15,424	DIRECTV, Class A †		721,843
	1,134	Dollar Tree, Inc. †		62,960
	3,183	DR Horton, Inc.		37,082
	7,148	Expedia, Inc.		161,974
	1,424	Family Dollar Stores, Inc.		73,080
	4,409	Foot Locker, Inc.		86,945
	72,605	Ford Motor Co. †		1,082,541
	1,788	GameStop Corp., Class A †		40,266
	5,752	Gannett Co., Inc.		87,603
	15,482	Gap, Inc. (The)		350,822
	1,446	Genuine Parts Co.		77,563
	1,637	Goodyear Tire & Rubber Co. (The) †		24,522
	7,460	H&R Block, Inc.		124,880
	7,484	Harley-Davidson, Inc.		317,995
	262	Home Depot, Inc. (The)		9,710
	596	International Game Technology		9,673
	17,339	Interpublic Group of Cos., Inc. (The)		217,951
	11,600	Johnson Controls, Inc.		482,212
	1,790	Leggett & Platt, Inc.		43,855
	36,212	Lowe's Cos., Inc.		957,083
	8,364	Ltd. Brands, Inc.		275,008
	4,627	Macy's, Inc.		112,251
	3,253	Marriott International, Inc., Class A		115,742
	2,297	McDonald's Corp.		174,779
	9,218	McGraw-Hill Cos., Inc. (The)		363,189
	236	Mohawk Industries, Inc. †		14,431
	320	Netflix, Inc. †		75,945
	35,000	News Corp., Class A		614,600
	2,011	Nordstrom, Inc.		90,253
	273	Panera Bread Co., Class A †		34,671
	3,346	PetSmart, Inc.		137,019
	330	Polaris Industries, Inc.		28,717
	261	Polo Ralph Lauren Corp., Class A		32,273
	240	priceline.com, Inc. †		121,546
	3,789	Pulte Group, Inc. †		28,039
	4,252	Ross Stores, Inc.		302,402
	1,925	Sotheby's		101,255
	34,404	Staples, Inc.		668,126
	29,300	Target Corp.		1,465,293
	8,658	Time Warner Cable, Inc., Class A		617,662
	11,408	TJX Cos., Inc.		567,320
	12,823	Toll Brothers, Inc. †		253,511
	2,753	VF Corp.		271,253
	3,299	Walt Disney Co. (The)		142,154
	193	Washington Post Co. (The), Class B		84,449
	1,826	Whirlpool Corp.		155,867
	2,989	Williams-Sonoma, Inc.		121,055
	1,221	Wyndham Worldwide Corp.		38,840
	2,860	Yum! Brands, Inc.		146,947
				15,244,295

Shares			Value
Consumer Staples — 4.5%
	244	Altria Group, Inc.	$	6,351
	9,300	Anheuser-Busch InBev NV ADR		531,681
	9,976	Coca-Cola Co. (The)		661,907
	3,827	Coca-Cola Enterprises, Inc.		104,477
	2,162	Corn Products International, Inc.		112,035
	8,442	Costco Wholesale Corp.		618,967
	21,549	Dr. Pepper Snapple Group, Inc.		800,761
	624	Energizer Holdings, Inc. †		44,404
	8,584	HJ Heinz Co.		419,071
	3,024	Hormel Foods Corp.		84,188
	20,632	Kraft Foods, Inc., Class A		647,020
	16,744	Kroger Co. (The)		401,354
	5,313	Lorillard, Inc.		504,788
	5,853	Nestle SA ADR		336,430
	4,739	PepsiCo, Inc.		305,239
	18,739	Philip Morris International, Inc.		1,229,841
	13,271	Procter & Gamble Co. (The)		817,493
	1,696	Reynolds American, Inc.		60,259
	10,289	Safeway, Inc.		242,203
	15,338	Sara Lee Corp.		271,023
	3,202	Smithfield Foods, Inc. †		77,040
	10,548	Tyson Foods, Inc., Class A		202,416
	9,877	Walgreen Co.		396,463
	16,900	Wal-Mart Stores, Inc.		879,645
				9,755,056
Energy — 8.1%
	10,551	Anadarko Petroleum Corp.		864,338
	4,000	Apache Corp.		523,680
	4,600	Arch Coal, Inc.		165,784
	8,260	Chesapeake Energy Corp.		276,875
	18,539	Chevron Corp.		1,991,645
	970	Cimarex Energy Co.		111,783
	16,085	ConocoPhillips		1,284,548
	385	Devon Energy Corp.		35,331
	2,446	Diamond Offshore Drilling, Inc.		190,054
	2,600	Ensco PLC ADR		150,384
	56,081	Exxon Mobil Corp.		4,718,094
	15,129	Halliburton Co.		754,029
	2,539	Helmerich & Payne, Inc.		174,404
	7,328	Hess Corp.		624,419
	14,002	Marathon Oil Corp.		746,447
	6,799	Murphy Oil Corp.		499,183
	8,125	Nabors Industries, Ltd. †		246,838
	8,986	Noble Corp.		409,941
	2,282	Noble Energy, Inc.		220,555
	2,432	Occidental Petroleum Corp.		254,120
	1,537	Oceaneering International, Inc. †		137,485
	4,381	Patterson-UTI Energy, Inc.		128,758
	936	Peabody Energy Corp.		67,355
	923	QEP Resources, Inc.		37,418
	68	Rowan Cos., Inc. †		3,004
	19,670	Schlumberger, Ltd.		1,834,424
	4,224	Sunoco, Inc.		192,572
	2,238	Superior Energy Services, Inc. †		91,758
	1,581	Tesoro Corp. †		42,418
	19,301	Valero Energy Corp.		575,556
	5,870	Williams Cos., Inc. (The)		183,027
				17,536,227
Financials — 7.8%
	9,135	ACE, Ltd.		591,035
	10,023	Aflac, Inc.		529,014
	6,315	American Express Co.		285,438
	2,272	Ameriprise Financial, Inc.		138,774

Wilshire Variable Insurance Trust
Equity Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
Financials (continued)
	700	Arthur J. Gallagher & Co.	$	21,287
	2,507	Assurant, Inc.		96,545
	100,743	Bank of America Corp.		1,342,904
	546	Bank of Hawaii Corp.		26,110
	22,601	Bank of New York Mellon Corp. (The)		675,092
	7,407	Berkshire Hathaway, Inc., Class B †		619,447
	1,320	BlackRock, Inc., Class A		265,333
	10,120	CB Richard Ellis Group, Inc., Class A †		270,204
	45,400	Charles Schwab Corp. (The)		818,562
	14,754	Chubb Corp.		904,568
	116,022	Citigroup, Inc. †		512,817
	5,152	Discover Financial Services		124,266
	1,219	East West Bancorp, Inc.		26,769
	896	Everest Re Group, Ltd.		79,009
	4,124	Fidelity National Financial, Inc., Class A		58,272
	4,431	Goldman Sachs Group, Inc. (The)		702,181
	15,745	Hartford Financial Services Group, Inc.		424,013
	687	HCC Insurance Holdings, Inc.		21,510
	10,043	Invesco, Ltd.		256,699
	1,208	Jones Lang LaSalle, Inc.		120,486
	63,504	JPMorgan Chase & Co.		2,927,535
	4,497	KeyCorp		39,934
	1,292	Leucadia National Corp.		48,502
	22,253	MetLife, Inc.		995,377
	25,900	Morgan Stanley		707,588
	8,592	Northern Trust Corp.		436,044
	866	Principal Financial Group, Inc.		27,807
	3,466	Prudential Financial, Inc.		213,436
	777	Raymond James Financial, Inc.		29,712
	1,840	Reinsurance Group of America, Inc., Class A		115,515
	10,708	State Street Corp.		481,217
	1,919	Torchmark Corp.		127,575
	1,029	Transatlantic Holdings, Inc.		50,081
	10,368	Travelers Cos., Inc. (The)		616,689
	9,259	Unum Group		243,049
	168	W.R. Berkley Corp.		5,411
	28,246	Wells Fargo & Co.		895,398
				16,871,205
Health Care — 5.8%
	4,555	Abbott Laboratories		223,423
	2,966	Aetna, Inc.		111,017
	7,679	AmerisourceBergen Corp., Class A		303,781
	10,077	Amgen, Inc. †		538,616
	8,290	Baxter International, Inc.		445,753
	2,188	Becton Dickinson and Co.		174,209
	7,150	Biogen Idec, Inc. †		524,738
	43,800	Boston Scientific Corp. †		314,922
	983	C.R. Bard, Inc.		97,622
	3,109	Cardinal Health, Inc.		127,873
	2,937	CareFusion Corp. †		82,823
	2,659	Cephalon, Inc. †		201,499
	9,162	CIGNA Corp.		405,693
	946	Community Health Systems, Inc. †		37,831
	1,210	Covance, Inc. †		66,211
	1,101	DaVita, Inc. †		94,147
	19,310	Eli Lilly & Co.		679,133
	2,175	Endo Pharmaceuticals Holdings, Inc. †		82,998
	2,115	Express Scripts, Inc., Class A †		117,615
	7,597	Forest Laboratories, Inc. †		245,383
	1,852	Gilead Sciences, Inc. †		78,599
	4,870	HCA Holdings, Inc. †		164,947
	2,677	Health Net, Inc. †		87,538
	5,955	Humana, Inc.		416,493

Shares			Value
Health Care (continued)
	28,172	Johnson & Johnson	$	1,669,191
	1,894	Lincare Holdings, Inc.		56,176
	2,937	Medco Health Solutions, Inc. †		164,942
	21,100	Medtronic, Inc.		830,285
	32,726	Merck & Co., Inc.		1,080,285
	90,559	Pfizer, Inc.		1,839,253
	3,355	Pharmaceutical Product Development, Inc.		92,967
	17,722	UnitedHealth Group, Inc.		801,034
	1,828	Universal Health Services, Inc., Class B		90,322
	2,500	Vertex Pharmaceuticals, Inc. †		119,825
	1,263	WellPoint, Inc.		88,145
	825	Zimmer Holdings, Inc. †		49,937
				12,505,226
Industrials — 5.8%
	1,989	3M Co.		185,971
	33,400	ABB, Ltd. ADR		807,946
	2,646	AGCO Corp. †		145,451
	1,264	AMETEK, Inc.		55,452
	13,300	Boeing Co. (The)		983,269
	2,502	Caterpillar, Inc.		278,598
	72	Cintas Corp.		2,179
	363	Corrections Corp. of America †		8,857
	6,127	CSX Corp.		481,582
	11,984	Emerson Electric Co.		700,225
	4,689	FedEx Corp.		438,656
	54,156	General Electric Co.		1,085,828
	8,835	Honeywell International, Inc.		527,538
	1,710	Hubbell, Inc., Class B		121,461
	7,800	Ingersoll-Rand PLC		376,818
	8,200	Iron Mountain, Inc.		256,086
	4,280	KBR, Inc.		161,656
	731	Kirby Corp. †		41,879
	3,003	Norfolk Southern Corp.		208,018
	2,591	Oshkosh Corp. †		91,669
	17,697	PACCAR, Inc.		926,438
	537	Parker Hannifin Corp.		50,843
	4,904	Pitney Bowes, Inc.		125,984
	9,300	Raytheon Co.		473,091
	2,337	RR Donnelley & Sons Co.		44,216
	1,825	Ryder System, Inc.		92,345
	61,060	Southwest Airlines Co.		771,188
	4,740	Textron, Inc.		129,829
	1,007	Thomas & Betts Corp. †		59,886
	728	Timken Co.		38,074
	12,727	Tyco International, Ltd.		569,788
	1,639	Union Pacific Corp.		161,163
	8,393	United Parcel Service, Inc., Class B		623,768
	7,064	United Technologies Corp.		597,967
	191	URS Corp. †		8,795
	16,872	Waste Management, Inc.		630,001
	2,050	WW Grainger, Inc.		282,244
				12,544,759
Information Technology — 10.8%
	6,484	Advanced Micro Devices, Inc. †		55,762
	2,200	Altera Corp.		96,844
	995	AOL, Inc. †		19,432
	6,896	Apple, Inc. †		2,402,911
	14,369	Applied Materials, Inc.		224,444
	12,599	Autodesk, Inc. †		555,742
	6,278	BMC Software, Inc. †		312,268
	1,179	Broadridge Financial Solutions, Inc.		26,752
	9,320	CA, Inc.		225,357

Wilshire Variable Insurance Trust
Equity Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
Information Technology (continued)
	114,189	Cisco Systems, Inc.	$	1,958,341
	3,636	Computer Sciences Corp.		177,182
	30,536	Dell, Inc. †		443,077
	3,902	eBay, Inc. †		121,118
	9,485	EMC Corp. †		251,827
	1,849	Fidelity National Information Services, Inc.		60,444
	403	Fiserv, Inc. †		25,276
	3,428	Google, Inc., Class A †		2,009,528
	4,524	Harris Corp.		224,391
	37,190	Hewlett-Packard Co.		1,523,674
	59,332	Intel Corp.		1,196,727
	11,433	International Business Machines Corp.		1,864,379
	3,296	Intuit, Inc. †		175,018
	1,237	Jack Henry & Associates, Inc.		41,922
	3,500	Lam Research Corp. †		198,310
	1,732	Lender Processing Services, Inc.		55,753
	891	Lexmark International, Inc., Class A †		33,003
	21,580	LSI Corp. †		146,744
	4,676	MEMC Electronic Materials, Inc. †		60,601
	30,090	Micron Technology, Inc. †		344,831
	1,665	MICROS Systems, Inc. †		82,301
	116,858	Microsoft Corp.		2,963,519
	7,080	Motorola Mobility Holdings, Inc. †		172,752
	11,831	Motorola Solutions, Inc. †		528,727
	614	NetApp, Inc. †		29,583
	1,635	Novell, Inc. †		9,695
	2,182	Novellus Systems, Inc. †		81,018
	34,874	Oracle Corp.		1,163,745
	11,542	Paychex, Inc.		361,957
	13,042	QUALCOMM, Inc.		715,093
	6,379	SAIC, Inc. †		107,933
	689	SanDisk Corp. †		31,756
	248	Solera Holdings, Inc.		12,673
	27,505	Symantec Corp. †		509,943
	4,245	Synopsys, Inc. †		117,374
	12,976	Tellabs, Inc.		67,994
	6,468	Teradyne, Inc. †		115,195
	8,250	Texas Instruments, Inc.		285,120
	5,795	Total System Services, Inc.		104,426
	4,045	VeriSign, Inc.		146,470
	4,699	Vishay Intertechnology, Inc. †		83,360
	8,148	Western Digital Corp. †		303,839
	18,111	Western Union Co. (The)		376,165
	7,843	Xerox Corp.		83,528
				23,285,824
Materials — 2.4%
	4,302	Alcoa, Inc.		75,930
	709	Ashland, Inc.		40,952
	1,694	Ball Corp.		60,730
	905	Cabot Corp.		41,892
	1,784	CF Industries Holdings, Inc.		244,033
	2,522	Dow Chemical Co. (The)		95,206
	5,473	Ecolab, Inc.		279,232
	8,937	EI du Pont de Nemours & Co.		491,267
	14,656	Freeport-McMoRan Copper & Gold, Inc.		814,141
	18,900	International Paper Co.		570,402
	462	Lubrizol Corp.		61,890
	1,436	MeadWestvaco Corp.		43,554
	12,886	Monsanto Co.		931,142
	934	Newmont Mining Corp.		50,978
	15,211	Nucor Corp.		700,010
	5,765	PPG Industries, Inc.		548,886

Shares			Value
Materials (continued)
	482	Sealed Air Corp.	$	12,850
	2,267	Sherwin-Williams Co. (The)		190,405
				5,253,500
Telecommunication Services — 2.0%
	8,200	American Tower Corp., Class A †		424,924
	56,844	AT&T, Inc.		1,739,427
	9,268	MetroPCS Communications, Inc. †		150,512
	57,670	Qwest Communications International, Inc.		393,886
	75,450	Sprint Nextel Corp. †		350,088
	2,572	Telephone & Data Systems, Inc.		86,677
	31,993	Verizon Communications, Inc.		1,233,010
				4,378,524
Utilities — 0.6%
	2,304	Alliant Energy Corp.		89,695
	1,130	Ameren Corp.		31,719
	1,735	Atmos Energy Corp.		59,164
	1,219	CenterPoint Energy, Inc.		21,406
	5,746	CMS Energy Corp.		112,851
	232	Consolidated Edison, Inc.		11,767
	1,438	DTE Energy Co.		70,404
	7,668	Edison International		280,572
	722	Entergy Corp.		48,526
	2,762	Integrys Energy Group, Inc.		139,509
	9	NextEra Energy, Inc.		496
	695	Nicor, Inc.		37,321
	2,251	NV Energy, Inc.		33,517
	797	OGE Energy Corp.		40,296
	703	Oneok, Inc.		47,017
	2,157	Pepco Holdings, Inc.		40,228
	161	Progress Energy, Inc.		7,429
	5,018	Questar Corp.		87,564
	99	Southern Co.		3,773
	3,381	TECO Energy, Inc.		63,427
	2,539	UGI Corp.		83,533
	3,213	Xcel Energy, Inc.		76,759
				1,386,973
Total Common Stock (Cost $102,542,768)				118,761,589

INVESTMENT IN UNDERLYING FUNDS — 44.8%
	11,291,277	Wilshire Large Cap Core Plus Fund* (Cost $80,409,463)		97,104,986

EXCHANGE-TRADED FUND — 0.2%
	2,953	SPDR S&P 500 ETF Trust (Cost $383,453)		391,302

Total Investments — 99.9%
(Cost $183,335,684)††				216,257,877
Other Assets & Liabilities, Net — 0.1%				141,927
NET ASSETS — 100.0%			$	216,399,804

* Affiliated Fund.

† Non-income producing security.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

PLC — Public Limited Company

Wilshire Variable Insurance Trust
Equity Fund	March 31, 2011
Schedule of Investments	(Unaudited)

S&P — Standard and Poor's

SPDR — Standard & Poor's Depositary Receipt

†† At March 31, 2011, the tax basis cost of the Fund’s investments was $183,335,684 and the unrealized appreciation and depreciation were $34,861,813 and $(1,939,620), respectively.

As of March 31, 2011, all of the Fund’s investments in securities were considered Level 1.

For the period ended March 31, 2011, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

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

WIL-QH-002-0500

Wilshire Variable Insurance Trust
Balanced Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value

INVESTMENTS IN UNDERLYING FUNDS — 99.7%
	10,763,322	Wilshire Large Cap Core Plus Fund*†	$	91,918,766
	6,486,955	Wilshire Variable Insurance Trust Income Fund*		78,038,068

Total Investments in Underlying Funds — 99.7%
(Cost $152,572,468) ††				169,956,834

Other Assets & Liabilities, Net — 0.3%				444,340
NET ASSETS — 100.0%			$	170,401,174

* Affiliated Fund.

†

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

†† At March 31, 2011, the tax basis cost of the Fund’s investments was $152,690,140 and the unrealized appreciation and depreciation were $18,849,898 and $(1,583,204), respectively.

As of March 31, 2011, all of the Fund’s investments in securities were considered Level 1.

For the period ended March 31, 2011, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

WIL-QH-002-0500

Wilshire Variable Insurance Trust
Income Fund	March 31, 2011
Schedule of Investments	(Unaudited)

	Maturity Date	Par		Value

ASSET-BACKED SECURITIES — 4.4%
Ameriquest Mortgage Securities, Inc.
0.595%(a)	04/25/34	$	99,674	$	86,460
Amortizing Residential Collateral Trust
0.529%(a)	01/01/32		28,106		21,006
Bayview Financial Acquisition Trust
0.923%(a)	02/28/44		72,945		67,817
Bear Stearns Asset Backed Securities Trust
0.820%(a)	09/25/34		60,000		54,319
Citigroup Mortgage Loan Trust, Inc.
5.550%	08/25/35		200,000		147,615
Delta Funding Home Equity Loan Trust
7.040%	06/25/27		3,991		4,219
Education Funding Capital Trust I
1.520%(a)	12/15/42		150,000		143,637
1.760%(a)	12/15/42		150,000		142,158
Green Tree Financial Corp.
9.150%	01/15/18		8,650		4,606
Green Tree Home Improvement Loan Trust
7.600%	07/15/20		1,515		1,498
Green Tree Recreational Equipment & Consumer Trust
7.250%	03/15/29		15,410		10,272
Greenpoint Manufactured Housing
2.255%(a)	03/13/32		100,000		84,053
2.260%	11/22/31		75,000		63,634
2.266%(a)	02/20/32		100,000		84,055
3.252%(a)	03/18/29		125,000		102,569
3.754%(a)	11/17/31		225,000		190,933
3.754%(a)	06/19/29		50,000		40,999
3.760%(a)	02/20/30		50,000		41,027
Keycorp Student Loan Trust
0.563%(a)	10/25/32		189,205		178,250
Lehman XS Trust
0.510%(a)	02/25/46		233,512		140,459
MSDWCC Heloc Trust
0.439%(a)	07/25/17		16,920		15,083
Nelnet Student Loan Trust
1.783%(a)	04/25/24		200,000		205,279
Northstar Education Finance, Inc.
1.443%(a)	10/30/45		400,000		240,176
1.493%(a)	01/29/46		200,000		166,544
SACO I, Inc.
0.420%(a)	03/25/36		117,785		42,008
0.510%(a)	06/25/36		111,560		36,009
0.809%(a)	09/25/35		27,713		24,101
Saxon Asset Securities Trust
0.709%(a)	05/25/35		96,453		79,856

	Maturity Date	Par		Value

Securitized Asset Backed Receivables LLC Trust
0.479%(a)	02/25/37	$	726,644	$	299,880
SLM Student Loan Trust
0.740%(a)	09/16/24		300,000		277,137
WaMu Asset-Backed Certificates
0.340%(a)	05/25/47		207,852		204,175
0.420%(a)	05/25/47		1,300,000		988,034
0.539%(a)	05/25/47		1,300,000		544,222

Total Asset-Backed Securities
(Cost $6,444,512)					4,732,090

COLLATERALIZED MORTGAGE OBLIGATIONS — 44.5%
Agency Mortgage-Backed Obligations — 36.3%
FHLMC
4.000%	12/15/38		200,000		193,516
5.000%	08/01/33		436,028		458,250
5.000%	09/01/33		110,651		116,290
5.000%	09/01/33		172,931		181,744
5.000%	10/01/33		351,407		369,316
5.000%	09/01/33		344,544		362,103
5.571%(a)	05/01/37		600,462		638,253
5.572%(a)	01/01/38		457,064		488,040
FHLMC Multifamily Structured Pass Through Certificates, IO
1.231%(a)	01/25/20		1,369,469		91,145
1.414%(a)	04/25/20		416,849		31,481
1.686%(a)	08/25/20		458,412		41,875
1.843%(a)	06/25/20		418,162		42,181
FHLMC TBA
3.500%	04/01/41		500,000		469,766
5.500%	05/01/41		100,000		106,359
FNMA
5.500%	11/01/36		370,297		397,123
5.500%	04/01/36		619,485		657,781
5.500%	09/01/35		1,426,587		1,533,057
5.911%(a)	01/01/37		268,525		286,679
6.000%	12/01/39		929,297		1,012,481
7.000%	05/01/32		39,312		45,656
9.750%	11/25/18		350,445		408,992
9.750%	08/25/19		97,367		112,322
FNMA TBA
3.500%	04/01/26		300,000		300,750
3.500%	04/01/41		200,000		188,312
4.500%	05/01/41		200,000		202,688
4.500%	04/01/41		3,700,000		3,765,327
5.000%	05/01/41		2,600,000		2,711,314
5.000%	04/01/41		3,400,000		3,556,720
5.500%	04/01/41		1,300,000		1,390,187
5.500%	05/01/41		1,400,000		1,492,750
6.000%	05/01/41		500,000		542,500
6.000%	04/01/41		1,300,000		1,413,750
6.500%	04/01/41		2,000,000		2,241,562
GNMA
0.660%(a)	12/20/60		209,046		207,706
0.740%(a)	03/20/61		200,000		199,500
0.781%(a)	03/20/61		100,000		100,000
4.500%	03/15/40		70,228		72,580

Wilshire Variable Insurance Trust
Income Fund	March 31, 2011
Schedule of Investments	(Unaudited)

	Maturity Date	Par		Value
Agency Mortgage-Backed Obligations (continued)
5.000%	04/15/40	$	191,256	$	204,379
5.000%	05/15/40		386,413		412,926
5.000%	09/20/40		189,606		201,486
5.000%	08/20/40		2,092,358		2,223,457
5.000%	11/20/40		290,857		309,081
5.500%	05/15/36		93,335		101,337
6.000%	05/15/33		96,497		106,770
6.000%	03/15/37		103,171		113,670
6.000%	03/15/35		721,098		802,823
6.500%	10/20/37		589,562		662,582
GNMA TBA
4.500%	04/01/41		1,400,000		1,441,562
4.500%	05/01/41		5,100,000		5,234,671
5.000%	04/01/41		100,000		106,047
5.500%	04/01/41		100,000		108,281
6.000%	04/15/41		100,000		110,000
6.000%	04/01/41		100,000		109,125
NCUA Guaranteed Notes
2.650%	10/29/20		148,320		145,902
2.900%	10/29/20		10,000		9,736
					38,833,891

Non-Agency Mortgage-Backed Obligations — 8.2%
American Home Mortgage Assets
0.479%(a)	05/25/46		216,956		45,596
Asset Securitization Corp.
7.070%(a)	02/14/43		100,000		105,955
Banc of America Commercial Mortgage, Inc.
5.620%	02/10/51		10,000		10,551
5.658%(a)	06/10/49		60,000		62,793
Banc of America Funding Corp.
3.051%(a)	09/20/35		1,327,134		792,766
Banc of America Mortgage Securities, Inc.
2.747%(a)	02/25/34		18,843		15,570
Bear Stearns Adjustable Rate Mortgage Trust
2.783%(a)	02/25/34		46,935		41,158
3.242%(a)	11/25/34		63,000		53,646
Citigroup Mortgage Loan Trust, Inc.
2.807%(a)	02/25/34		64,982		63,452
2.983%(a)	09/25/34		62,403		60,432
Countrywide Alternative Loan Trust
0.464%(a)	03/20/46		73,668		42,511
3.079%(a)	09/25/34		104,862		76,390
First Horizon Asset Securities, Inc.
2.750%(a)	02/25/35		281,197		254,136
GE Capital Commercial Mortgage Corp.
5.543%	12/10/49		210,000		218,787
Greenpoint Mortgage Funding Trust
0.460%(a)	04/25/36		537,686		316,885

	Maturity Date	Par		Value

Non-Agency Mortgage-Backed Obligations (continued)
Harborview Mortgage Loan Trust
0.404%(a)	01/25/47	$	771,348	$	486,085
0.474%(a)	05/19/35		125,103		85,231
Homebanc Mortgage Trust
0.550%(a)	05/25/37		105,678		93,595
Impac CMB Trust
0.790%(a)	05/25/35		105,168		82,216
Indymac INDA Mortgage Loan Trust
5.861%(a)	11/25/37		84,665		70,196
Indymac Index Mortgage Loan Trust
0.370%(a)	07/25/36		298,043		162,443
0.449%(a)	06/25/47		269,287		144,639
0.510%(a)	06/25/35		457,088		317,664
2.747%(a)	03/25/35		102,752		87,502
5.033%(a)	09/25/35		70,201		62,914
JP Morgan Chase Commercial Mortgage Securities Corp.
5.280%(a)	01/12/43		100,000		106,637
5.420%	01/15/49		100,000		105,464
LB-UBS Commercial Mortgage Trust
4.954%	09/15/30		500,000		533,769
Luminent Mortgage Trust
0.439%(a)	05/25/46		232,912		130,656
Master Adjustable Rate Mortgages Trust
0.449%(a)	05/25/47		738,927		421,059
1.123%(a)	12/25/46		278,510		101,851
2.626%(a)	02/25/35		255,776		223,286
3.589%(a)	12/25/34		16,705		12,897
Merrill Lynch
5.485%(a)	03/12/51		30,000		31,421
Morgan Stanley Capital I
4.989%	08/13/42		240,000		255,899
5.692%(a)	04/15/49		400,000		421,435
5.726%(a)	10/15/42		90,000		98,601
6.957%(a)	04/15/33		96,519		96,432
Morgan Stanley Mortgage Loan Trust
0.399%(a)	03/25/36		134,966		33,528
0.570%(a)	01/25/35		347,416		270,503
2.644%(a)	07/25/35		156,052		117,707
2.930%(a)	07/25/34		70,005		63,008
2.947%(a)	08/25/34		104,944		86,407
Prime Mortgage Trust
8.000%	07/25/34		153,405		151,959
Residential Accredit Loans, Inc.
0.340%(a)	10/25/46		18,117		17,764
Residential Asset Securitization Trust
4.750%	02/25/19		356,836		370,536
Sequoia Mortgage Trust
0.454%(a)	07/20/36		290,313		239,590
Structured Adjustable Rate Mortgage Loan Trust
2.509%(a)	01/25/35		122,540		108,164
2.721%(a)	11/25/34		108,015		84,247

Wilshire Variable Insurance Trust
Income Fund	March 31, 2011
Schedule of Investments	(Unaudited)

	Maturity Date	Par		Value

Non-Agency Mortgage-Backed Obligations (continued)
WaMu Mortgage Pass-Through Certificates
0.479%(a)	04/25/45	$	111,823	$	96,398
0.569%(a)	08/25/45		293,933		250,237
2.580%(a)	02/25/33		72,151		69,453
2.718%(a)	10/25/33		301,941		300,698
2.722%(a)	10/25/35		153,640		145,638
Washington Mutual MSC Mortgage Pass-Through Certificates
2.652%(a)	01/25/35		44,533		42,879
Wells Fargo Mortgage Backed Securities Trust
2.908%(a)	04/25/36		40,673		35,867
					8,777,103

Total Collateralized Mortgage Obligations
(Cost $49,547,701)					47,610,994

CORPORATE BONDS — 24.3%
Consumer Discretionary — 2.6%
Boyd Gaming Corp.
7.125%	02/01/16		10,000		9,525
Cablevision Systems Corp.
7.750%	04/15/18		510,000		550,800
Comcast Corp.
6.500%	01/15/15		665,000		752,562
Cricket Communications, Inc.
7.750%	05/15/16		80,000		85,000
CSC Holdings LLC
8.625%	02/15/19		10,000		11,450
Daimler Finance North America LLC
6.500%	11/15/13		30,000		33,503
7.300%	01/15/12		135,000		141,803
DISH DBS Corp.
7.000%	10/01/13		20,000		21,600
7.750%	05/31/15		40,000		43,800
7.875%	09/01/19		45,000		48,712
Inn of the Mountain Gods Resort & Casino
1.250%(b)	11/30/20		6,000		3,270
8.750%(b)	11/30/20		3,000		2,948
McDonald's Corp. MTN
5.350%	03/01/18		80,000		89,742
MGM Resorts International
7.625%	01/15/17		20,000		18,875
10.375%	05/15/14		5,000		5,725
11.125%	11/15/17		20,000		22,900
Mohegan Tribal Gaming Authority
8.000%	04/01/12		5,000		4,462
Motors Liquidation Co.
8.250%(c)	07/15/23		70,000		19,950
8.375%(c)	07/05/33		30,000		11,795

	Maturity Date	Par		Value

Consumer Discretionary (continued)
News America, Inc.
6.650%	11/15/37	$	10,000	$	10,488
Reed Elsevier Capital, Inc.
8.625%	01/15/19		120,000		152,068
Service Corp. International
7.500%	04/01/27		30,000		28,500
Station Casinos, Inc.
6.000%(c)(h)	04/01/12		20,000		2
7.750%(c)(h)	08/15/16		70,000		7
Time Warner Cable, Inc.
5.875%	11/15/40		130,000		122,154
6.750%	06/15/39		50,000		52,278
7.300%	07/01/38		130,000		143,930
8.250%	04/01/19		180,000		219,281
8.750%	02/14/19		80,000		99,887
TL Acquisitions, Inc.
10.500%(b)	01/15/15		10,000		10,200
Verizon Global Funding Corp.
4.375%	06/01/13		35,000		37,199
					2,754,416
Consumer Staples — 1.1%
Altria Group, Inc.
9.250%	08/06/19		170,000		221,862
CVS Caremark Corp.
6.600%	03/15/19		230,000		263,828
Kraft Foods, Inc.
5.375%	02/10/20		320,000		337,839
PepsiCo, Inc.
7.900%	11/01/18		41,000		52,117
Reynolds American, Inc.
6.750%	06/15/17		90,000		102,920
Reynolds Group Issuer, Inc.
6.875%(b)	02/15/21		170,000		171,275
					1,149,841
Energy — 3.5%
Anadarko Petroleum Corp.
8.700%	03/15/19		10,000		12,249
Apache Corp.
6.000%	09/15/13		180,000		199,118
Baker Hughes, Inc.
7.500%	11/15/18		200,000		249,661
Complete Production Services, Inc.
8.000%	12/15/16		75,000		79,125
ConocoPhillips
4.750%	10/15/12		80,000		84,796
5.900%	05/15/38		120,000		126,365
Consol Energy, Inc.
6.375%(b)	03/01/21		60,000		60,075
8.000%	04/01/17		30,000		32,850

Wilshire Variable Insurance Trust
Income Fund	March 31, 2011
Schedule of Investments	(Unaudited)

	Maturity Date	Par		Value

Energy (continued)
El Paso Corp. MTN
7.800%	08/01/31	$	611,000	$	677,819
Energy Transfer Partners LP
6.700%	07/01/18		160,000		181,276
Enterprise Products Operating LLC
6.500%	01/31/19		250,000		284,144
Hess Corp.
7.300%	08/15/31		117,000		137,178
7.875%	10/01/29		60,000		74,085
8.125%	02/15/19		130,000		163,195
Kerr-McGee Corp.
6.950%	07/01/24		110,000		121,673
7.875%	09/15/31		175,000		199,618
Kinder Morgan Energy Partners LP
5.000%	12/15/13		25,000		27,029
5.850%	09/15/12		10,000		10,637
6.000%	02/01/17		150,000		166,928
7.125%	03/15/12		5,000		5,282
Pemex Project Funding Master Trust
6.625%	06/15/35		207,000		207,644
SandRidge Energy, Inc.
9.875%(b)	05/15/16		80,000		88,800
Tennessee Gas Pipeline Co.
7.625%	04/01/37		150,000		177,028
Williams Cos., Inc.
7.500%	01/15/31		269,000		314,702
7.750%	06/15/31		40,000		47,505
Williams Partners
5.250%	03/15/20		40,000		41,727
					3,770,509
Financials — 9.7%
American Express Co.
6.800%(a)	09/01/66		115,000		117,300
American Express Credit Corp. MTN
5.125%	08/25/14		230,000		248,101
5.875%	05/02/13		70,000		75,579
American International Group, Inc.
5.850%	01/16/18		40,000		41,666
6.250%	03/15/37		200,000		183,000
6.400%	12/15/20		480,000		512,301
Anadarko Finance Co.
7.500%	05/01/31		100,000		110,399
BAC Capital Trust XIV
5.630%(a)	03/15/12		10,000		7,700
Bank of America Corp.
7.625%	06/01/19		290,000		335,878
Berkshire Hathaway, Inc.
3.200%	02/11/15		80,000		82,349
Boeing Capital Corp.
4.700%	10/27/19		70,000		73,906

	Maturity Date	Par		Value

Financials (continued)
Caterpillar Financial Services Corp. MTN
6.200%	09/30/13	$	260,000	$	289,900
Citigroup, Inc.
5.000%	09/15/14		315,000		328,924
5.500%	10/15/14		30,000		32,358
6.000%	12/13/13		290,000		315,325
6.010%	01/15/15		100,000		109,282
6.500%	08/19/13		60,000		65,638
6.875%	03/05/38		250,000		274,736
Countrywide Financial Corp.
6.250%	05/15/16		50,000		53,379
FIA Card Services
7.125%	11/15/12		510,000		549,441
Ford Motor Credit Co. LLC
5.560%(a)	06/15/11		103,000		103,781
General Electric Capital Corp. MTN
5.300%	02/11/21		210,000		213,290
5.625%	05/01/18		260,000		281,503
6.375%(a)	11/15/67		420,000		431,550
6.875%	01/10/39		470,000		524,517
Goldman Sachs Capital II
5.793%(a)	12/29/49		20,000		17,250
Goldman Sachs Group, Inc. MTN
3.625%	08/01/12		30,000		30,938
4.750%	07/15/13		20,000		21,194
5.250%	10/15/13		40,000		42,954
5.300%	02/14/12		10,000		10,390
5.375%	03/15/20		310,000		314,754
5.450%	11/01/12		50,000		53,142
6.000%	06/15/20		10,000		10,571
6.250%	02/01/41		270,000		268,882
6.600%	01/15/12		310,000		324,040
HSBC Finance Corp.
6.375%	11/27/12		40,000		43,046
JPMorgan Chase & Co.
4.250%	10/15/20		110,000		105,128
4.400%	07/22/20		140,000		135,289
5.125%	09/15/14		545,000		584,959
5.150%	10/01/15		200,000		214,241
5.750%	01/02/13		195,000		208,469
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		128
6.750%(c)	12/28/17		340,000		34
Merrill Lynch & Co., Inc. MTN
6.875%	04/25/18		70,000		77,858
MetLife, Inc.
4.750%	02/08/21		80,000		80,182
5.875%	02/06/41		160,000		161,322
6.400%	12/15/36		40,000		38,524
Morgan Stanley MTN
0.753%(a)	10/18/16		40,000		37,409

Wilshire Variable Insurance Trust
Income Fund	March 31, 2011
Schedule of Investments	(Unaudited)

	Maturity Date	Par		Value

Financials (continued)
Morgan Stanley MTN (continued)
5.625%	01/09/12	$	300,000	$	311,482
5.750%	08/31/12		70,000		74,253
6.625%	04/01/18		100,000		109,911
Private Export Funding Corp.
4.950%	11/15/15		260,000		288,976
SLM Corp. MTN
5.000%	04/15/15		10,000		10,068
5.050%	11/14/14		50,000		50,471
5.625%	08/01/33		25,000		21,374
SunTrust Preferred Capital I
5.853%(a)	12/15/11		11,000		8,745
Wachovia Capital Trust III
5.570%(a)	12/31/49		320,000		293,600
Wachovia Corp.
5.625%	10/15/16		690,000		745,653
Wells Fargo & Co.
3.676%	06/15/16		100,000		100,591
5.000%	11/15/14		5,000		5,344
5.300%	08/26/11		90,000		91,705
Wells Fargo Capital X
5.950%	12/15/36		100,000		98,465
					10,353,165
Health Care — 2.0%
Abbott Laboratories
5.125%	04/01/19		210,000		226,913
GlaxoSmithKline Capital, Inc.
5.650%	05/15/18		210,000		236,009
HCA, Inc.
6.250%	02/15/13		14,000		14,525
7.500%	11/15/95		20,000		16,400
7.690%	06/15/25		30,000		28,575
HCA, Inc. PIK
9.625%	11/15/16		21,037		22,667
Humana, Inc.
7.200%	06/15/18		130,000		147,758
Medtronic, Inc.
4.450%	03/15/20		80,000		81,957
Tenet Healthcare Corp.
8.875%	07/01/19		740,000		843,600
9.000%	05/01/15		20,000		22,000
9.250%	02/01/15		71,000		78,189
10.000%	05/01/18		60,000		70,275
UnitedHealth Group, Inc.
3.875%	10/15/20		30,000		28,560
5.700%	10/15/40		60,000		58,494
6.000%	02/15/18		40,000		44,490
WellPoint, Inc.
5.875%	06/15/17		20,000		22,433
Wyeth
5.950%	04/01/37		200,000		213,811
					2,156,656

	Maturity Date	Par		Value
Industrials — 0.9%
Boeing Co.
4.875%	02/15/20	$	40,000	$	42,742
6.000%	03/15/19		100,000		115,060
Delta Air Lines, Inc.
6.821%	08/10/22		313,959		324,162
RailAmerica, Inc.
9.250%	07/01/17		96,000		106,200
United Parcel Service, Inc.
4.500%	01/15/13		330,000		350,600
					938,764
Materials — 0.5%
Alcoa, Inc.
6.000%	07/15/13		10,000		10,913
Freeport-McMoRan Copper & Gold, Inc.
8.375%	04/01/17		345,000		380,362
PPG Industries, Inc.
5.750%	03/15/13		30,000		32,352
6.650%	03/15/18		30,000		34,921
Steel Dynamics, Inc.
6.750%	04/01/15		60,000		61,425
7.375%	11/01/12		5,000		5,325
					525,298
Telecommunication Services — 1.4%
AT&T, Inc.
5.100%	09/15/14		80,000		87,484
6.550%	02/15/39		110,000		114,646
Bellsouth Capital Funding Corp.
7.875%	02/15/30		160,000		193,217
BellSouth Corp.
4.750%	11/15/12		10,000		10,580
New Cingular Wireless Services, Inc.
8.125%	05/01/12		85,000		91,485
Qwest Communications International, Inc.
7.500%	02/15/14		28,000		28,455
Qwest Corp.
6.875%	09/15/33		20,000		20,025
Sprint Capital Corp.
6.900%	05/01/19		230,000		237,475
8.750%	03/15/32		25,000		26,594
Verizon Communications, Inc.
4.600%	04/01/21		130,000		129,444
5.500%	02/15/18		210,000		228,937
6.000%	04/01/41		200,000		199,226
6.100%	04/15/18		165,000		184,928
					1,552,496
Utilities — 2.6%
AES Corp. (The)
8.000%	06/01/20		240,000		259,200

Wilshire Variable Insurance Trust
Income Fund	March 31, 2011
Schedule of Investments	(Unaudited)

	Maturity Date	Par		Value

Utilities (continued)
Dominion Resources, Inc.
5.700%	09/17/12	$	260,000	$	276,359
Duke Energy Carolinas LLC
5.625%	11/30/12		380,000		407,072
Energy Future Holdings Corp. PIK
11.250%	11/01/17		211,618		175,114
Energy Future Intermediate Holding Co. LLC
10.000%	12/01/20		352,000		373,006
Exelon Corp.
5.625%	06/15/35		200,000		186,422
FirstEnergy Corp.
6.450%	11/15/11		7,000		7,209
7.375%	11/15/31		330,000		357,458
NRG Energy, Inc.
7.375%	01/15/17		20,000		20,850
7.375%	02/01/16		35,000		36,225
Pacific Gas & Electric Co.
5.800%	03/01/37		10,000		10,109
8.250%	10/15/18		20,000		25,547
Southern Natural Gas Co.
5.900%(b)	04/01/17		30,000		33,378
8.000%	03/01/32		75,000		91,519
Tennessee Valley Authority
3.875%	02/15/21		490,000		491,619
5.250%	09/15/39		100,000		104,879
					2,855,966
Total Corporate Bonds
(Cost $25,313,714)					26,057,111

FOREIGN BONDS (f) — 8.1%
Australia — 1.1%
BHP Billiton Finance USA, Ltd.
6.500%	04/01/19		280,000		330,609
Rio Tinto Finance USA, Ltd.
9.000%	05/01/19		400,000		525,648
6.500%	07/15/18		250,000		287,847
					1,144,104
Belgium — 0.2%
Anheuser-Busch InBev Worldwide, Inc.
5.375%	01/15/20		200,000		214,660

Canada — 1.8%
Conoco Funding Co.
7.250%	10/15/31		35,000		42,825
Hydro Quebec
6.300%	05/11/11		60,000		60,368
Province of Ontario Canada
4.400%	04/14/20		380,000		393,340

	Maturity Date	Par		Value

Canada (continued)
Province of Ontario Canada (continued)
3.150%	12/15/17	$	1,010,000	$	999,678
2.700%	06/16/15		490,000		499,348
Rogers Communications, Inc.
6.750%	03/15/15		10,000		11,473
6.375%	03/01/14		10,000		11,216
Teck Resources, Ltd.
10.250%	05/15/16		6,000		7,215
9.750%	05/15/14		4,000		4,860
					2,030,323
Cayman Islands — 0.9%
MUFG Capital Finance 1, Ltd.
6.346%(a)	07/25/49		100,000		100,148
Petrobras International Finance Co.
6.125%	10/06/16		90,000		99,733
5.750%	01/20/20		10,000		10,316
5.375%	01/27/21		300,000		300,905
Systems 2001 AT LLC
6.664%(b)	09/15/13		239,529		255,697
Vale Overseas, Ltd.
6.875%	11/21/36		185,000		196,999
					963,798
France — 0.1%
Cie Generale de Geophysique-Veritas
7.750%	05/15/17		70,000		73,588

Luxembourg — 0.3%
FMC Finance III SA
6.875%	07/15/17		145,000		153,156
Intelsat Jackson Holdings SA
9.500%	06/15/16		15,000		15,825
Tyco International Finance SA
6.000%	11/15/13		210,000		232,479
					401,460
Mexico — 0.4%
America Movil SAB de CV
5.625%	11/15/17		80,000		88,112
5.000%	03/30/20		100,000		103,110
Kansas City Southern de Mexico SA de CV
12.500%	04/01/16		36,000		43,740
Mexico Government International Bond MTN
6.750%	09/27/34		152,000		171,456
					406,418
Netherlands — 0.4%
Deutsche Telekom International Finance BV
5.750%	03/23/16		195,000		218,320

Wilshire Variable Insurance Trust
Income Fund	March 31, 2011
Schedule of Investments	(Unaudited)

	Maturity Date	Par		Value

Netherlands (continued)
Shell International Finance BV
4.375%	03/25/20	$	230,000	$	237,427
					455,747
Russia — 0.5%
Russia Federation
7.500% (e)	03/31/30		443,025		516,403

Sweden — 0.2%
Svensk Exportkredit AB
1.750%	10/20/15		170,000		164,978

Switzerland — 0.5%
UBS AG
3.875%	01/15/15		260,000		266,478
2.250%	01/28/14		250,000		250,470
					516,948
United Kingdom — 1.7%
BP Capital Markets PLC
5.250%	11/07/13		270,000		291,995
3.875%	03/10/15		90,000		93,453
Diageo Capital PLC
4.828%	07/15/20		390,000		403,128
Lloyds TSB Bank PLC
6.375%	01/21/21		320,000		333,471
Royal Bank of Scotland Group PLC MTN
6.400%	10/21/19		180,000		185,309
5.050%	01/08/15		60,000		60,014
5.000%	10/01/14		30,000		30,084
5.000%	11/12/13		30,000		30,402
4.875%	03/16/15		100,000		103,937
3.950%	09/21/15		130,000		130,099
0.000%	09/29/17		100,000		79,500
					1,741,392
Total Foreign Bonds
(Cost $8,337,457)					8,629,819

MUNICIPAL BONDS — 1.4%
Birmingham Commercial Development Authority RB
5.500%	04/01/41		10,000		9,813
Imperial Irrigation District, RB
5.125%	11/01/38		20,000		18,306
Kentucky Higher Education Student Loan Corp. RB
1.504% (a)	05/01/34		50,000		48,468

	Maturity Date	Par		Value

Los Angeles Department of Airports RB
5.250%	05/15/39	$	20,000	$	19,177
5.000%	05/15/35		10,000		9,489
5.000%	05/15/40		10,000		9,237
Los Angeles Department of Water & Power RB
6.574%	07/01/45		70,000		72,466
Metropolitan Atlanta Rapid Transit Authority RB
5.000%	07/01/39		20,000		19,496
Municipal Electric Authority of Georgia RB
6.655%	04/01/57		40,000		37,606
6.637%	04/01/57		60,000		57,000
New York Liberty Development Corp. RB
5.250%	10/01/35		100,000		95,493
New York State Dormitory Authority RB
5.000%	07/01/40		20,000		18,969
New York State Environmental Facilities Corp. RB
5.125%	06/15/38		30,000		29,758
North Carolina State Education Assistance Authority
1.203%	07/25/41		194,971		189,007
North Texas Higher Education Authority RB
1.203% (a)	07/01/30		215,000		205,624
Northstar Education Finance, Inc. RB
1.493% (a)	01/29/46		200,000		164,344
Port Authority of New York & New Jersey RB
5.000%	01/15/41		70,000		67,271
San Francisco City & County Public Utilities Commission RB
5.000%	11/01/39		20,000		18,731
San Mateo County Community College District GO
5.000%	09/01/38		50,000		48,475
State of California, Build America Bonds GO
7.300%	10/01/39		100,000		105,425
State of Illinois GO
5.877%	03/01/19		110,000		109,863
5.665%	03/01/18		110,000		109,790
Triborough Bridge & Tunnel Authority RB
5.000%	11/15/37		30,000		29,266
Total Municipal Bonds
(Cost $1,495,253)					1,493,074

Wilshire Variable Insurance Trust
Income Fund	March 31, 2011
Schedule of Investments	(Unaudited)

		Shares/Par		Value
PREFERRED STOCK — 0.2%
Citigroup Capital XII, 8.500%			2,975	$	78,332
Federal Home Loan Mortgage Corp., Series Z, 8.375%			14,850		25,245
Federal National Mortgage Association, Series O, 0.000%			500		1,425
Federal National Mortgage Association, Series S, 8.250%			10,775		18,318
Motors Liquidation Co., Series C, Cnv †, 6.250%			2,000		14,620
Motors Liquidation Co., Series B, Cnv †, 5.250%			6,250		45,312

Total Preferred Stock
(Cost $903,361)					183,252
	Maturity Date
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 10.5%
FHLB
0.125% (d)	06/17/11	$	3,200,000		3,199,144
FHLMC
0.230% (d)	04/19/11		1,000,000		999,885
0.750% (e)	06/30/11		880,000		870,587
1.750%	09/10/15		1,030,000		1,010,970
FHLMC STRIPS
9.193% (d)	03/15/31		1,170,000		414,176
FNMA
7.569% (d)	10/09/19		920,000		625,029
0.500% (e)	08/10/11		530,000		529,789
1.000% (e)	07/27/11		350,000		348,237
2.000%	04/15/13		810,000		810,491
5.125%	01/02/14		1,210,000		1,320,277
5.250%	08/01/12		490,000		518,289
6.625%	11/15/30		490,000		618,674

Total U.S. Government & Agency Obligations (Cost $11,206,287)					11,265,548
U.S. TREASURY OBLIGATIONS — 14.5%
U.S. Treasury Bonds
8.000%	11/15/21		1,050,000		1,466,388
4.375%	11/15/39		160,000		156,525
4.375%	05/15/40		495,000		483,942
U.S. Treasury Inflationary Protection Securities (g)
3.875%	04/15/29		482,188		645,324
3.625%	04/15/28		108,910		140,482
2.500%	01/15/29		1,040,954		1,179,307
2.125%	02/15/41		351,915		371,906
2.125%	02/15/40		346,377		366,315
U.S. Treasury Notes
3.625%	02/15/21		1,840,000		1,866,163
2.875%	03/31/18		1,030,000		1,028,632
2.750%	02/28/18		3,830,000		3,800,976
2.125%	02/29/16		3,230,000		3,219,906
1.250%	02/15/14		50,000		50,031
0.500%	11/15/13		10,000		9,849
U.S. Treasury STRIPS
4.853% (d)	02/15/25		680,000		376,311

	Maturity Date		Par/Shares	Value
U.S. Treasury STRIPS (continued)
4.842% (d)	11/15/24	$	680,000	$	381,666

Total U.S. Treasury Obligations (Cost $15,310,764)					15,543,723

ESCROW SECURITY — 0.0%
CB Premiere Escrow Security †(h)(i) (Cost $0)	10,000		—

Total Investments — 107.9%
(Cost $118,559,049)††			115,515,611
Other Assets & Liabilities, Net — (7.9)%			(8,489,560	)
NET ASSETS — 100.0%		$	107,026,051

TBA SALES COMMITMENTS — (2.2)%
COLLATERALIZED MORTAGE OBLIGATIONS — (2.2)%
FNMA TBA
4.500%	04/01/41	$	(1,900,000	)	$	(1,933,546	)
5.000%	04/01/41		(400,000	)		(418,438	)

Total TBA Sales Commitments
(Proceeds $2,351,766)					$	(2,351,984	)

†	Non-income producing security.
(a)	Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2011.
(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 March 31, 2011. 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 March 31, 2011 was $9 and represented less than 1% of Net Assets.
(i)	Security fair valued using methods determined in good faith by the Pricing Committee. As of March 31, 2011, the total market value of this security was $0 and represented 0.0% of Net Assets.

Wilshire Variable Insurance Trust
Income Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Cnv — Convertible

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

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.

†† At March 31, 2011, the tax basis cost of the Fund’s investments was $118,559,049 and the unrealized appreciation and depreciation were $3,241,402 and $(6,284,840), respectively.

The following is a summary of the inputs used as of March 31, 2011, in valuing the Fund’s investments carried at value:

	Level 1		Level 2			Level 3			Total
Investment in Securities
Asset-Backed Securities	$	—	$	4,732,090		$	—		$	4,732,090
Collateralized Mortgage Obligations		—		47,610,994			—			47,610,994
Corporate Bonds		—		26,057,111			—			26,057,111
Foreign Bonds		—		8,629,819			—			8,629,819
Municipal Bonds		—		1,493,074			—			1,493,074
Preferred Stock		121,895		61,357			—			183,252
U.S. Government & Agency Obligations		—		11,265,548			—			11,265,548
U.S. Treasury Obligations		—		15,543,723			—			15,543,723
Escrow Security		—		—			—	^		—
Total Investment in Securities	$	121,895	$	115,393,716		$	—		$	115,515,611

	Level 1		Level 2			Level 3			Total
TBA Sales Commitments
Collateralized Mortgage Obligations	$	—	$	(2,351,984	)	$	—		$	(2,351,984	)

^ This security was categorized as Level 3 and had a market value of $0 as of March 31, 2011 and the value has remained zero throughout the period ended March 31, 2011. 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 period ended March 31, 2011.

For the period ended March 31, 2011, the transfers out of Level 1 and into Level 2 were $1,045. The transfers were related to the use of trading versus bid prices of preferred stock.

WIL-QH-002-0500

Wilshire Variable Insurance Trust
Small Cap Growth Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value

COMMON STOCK — 98.5%††
Consumer Discretionary — 14.4%
	1,166	99 Cents Only Stores †	$	22,853
	627	AFC Enterprises, Inc. †		9,486
	584	Ambassadors Group, Inc.		6,395
	1,778	American Axle & Manufacturing Holdings, Inc. †		22,385
	79	American Greetings Corp., Class A		1,864
	545	American Public Education, Inc. †		22,045
	146	America's Car-Mart, Inc. †		3,764
	10,104	Amerigon, Inc. †		154,288
	750	Ameristar Casinos, Inc.		13,312
	1,743	ANN, Inc. †		50,739
	789	Arbitron, Inc.		31,584
	353	Archipelago Learning, Inc. †		3,018
	869	Asbury Automotive Group, Inc. †		16,068
	1,656	Ascena Retail Group, Inc. †		53,671
	434	Ballantyne Strong, Inc. †		3,112
	2,734	Belo Corp., Class A †		24,087
	616	Big 5 Sporting Goods Corp.		7,343
	6,288	BJ's Restaurants, Inc. †		247,307
	373	Blue Nile, Inc. †		20,138
	50	Blyth, Inc.		1,624
	106	Body Central Corp. †		2,462
	130	Bon-Ton Stores, Inc. (The)		2,015
	253	Bravo Brio Restaurant Group, Inc. †		4,476
	576	Bridgepoint Education, Inc. †		9,850
	884	Brown Shoe Co., Inc.		10,802
	2,630	Brunswick Corp.		66,881
	734	Buckle, Inc. (The)		29,654
	536	Buffalo Wild Wings, Inc. †		29,174
	574	California Pizza Kitchen, Inc. †		9,689
	500	Cambium Learning Group, Inc. †		1,700
	497	Capella Education Co. †		24,746
	227	Caribou Coffee Co., Inc. †		2,309
	180	Carmike Cinemas, Inc. †		1,287
	389	Carrols Restaurant Group, Inc. †		3,606
	1,700	Carter's, Inc. †		48,671
	1,120	Casual Male Retail Group, Inc. †		5,499
	831	Cato Corp. (The), Class A		20,360
	46	Cavco Industries, Inc. †		2,077
	608	CEC Entertainment, Inc.		22,940
	1,787	Cheesecake Factory, Inc. (The) †		53,771
	243	Cherokee, Inc.		4,194
	695	Children's Place Retail Stores, Inc. (The) †		34,632
	617	Christopher & Banks Corp.		3,998
	64	Churchill Downs, Inc.		2,656
	6,571	Cinemark Holdings, Inc.		127,149
	443	Citi Trends, Inc. †		9,874
	940	Coinstar, Inc. †		43,165
	1,813	Coldwater Creek, Inc. †		4,786
	1,315	Collective Brands, Inc. †		28,378
	1,816	Cooper Tire & Rubber Co.		46,762
	48	Core-Mark Holding Co., Inc. †		1,586
	2,300	Corinthian Colleges, Inc. †		10,166
	161	CPI Corp.		3,624
	654	Cracker Barrel Old Country Store, Inc.		32,138
	2,543	CROCS, Inc. †		45,367
	280	Culp, Inc. †		2,598
	3,842	Dana Holding Corp. †		66,813
	1,148	Deckers Outdoor Corp. †		98,900
	2,955	Denny's Corp. †		11,997
	302	Destination Maternity Corp.		6,967
	532	DineEquity, Inc. †		29,249

Shares			Value
Consumer Discretionary (continued)
	396	Domino's Pizza, Inc. †	$	7,298
	337	Dorman Products, Inc. †		14,184
	216	Drew Industries, Inc.		4,823
	2,791	Drugstore.com, Inc. †		10,745
	421	DSW, Inc., Class A †		16,823
	7,981	Eastman Kodak Co. †		25,779
	173	Einstein Noah Restaurant Group, Inc.		2,816
	834	Empire Resorts, Inc. †		517
	596	Entercom Communications Corp., Class A †		6,568
	1,521	Entravision Communications Corp., Class A †		4,122
	254	Ethan Allen Interiors, Inc.		5,563
	554	Exide Technologies †		6,194
	9,110	Express, Inc.		178,009
	453	Finish Line, Inc. (The), Class A		8,992
	454	Fuel Systems Solutions, Inc. †		13,702
	72	Genesco, Inc. †		2,894
	458	G-III Apparel Group, Ltd. †		17,212
	492	Global Sources, Ltd. †		5,722
	85	Gordmans Stores, Inc. †		1,507
	918	Grand Canyon Education, Inc. †		13,311
	161	Group 1 Automotive, Inc.		6,891
	1,159	Harte-Hanks, Inc.		13,792
	389	hhgregg, Inc. †		5,209
	854	Hibbett Sports, Inc. †		30,582
	592	HOT Topic, Inc.		3,374
	1,153	HSN, Inc. †		36,931
	1,193	Interval Leisure Group, Inc. †		19,506
	624	iRobot Corp. †		20,523
	1,400	Jack in the Box, Inc. †		31,752
	1,784	Jamba, Inc. †		3,925
	1,308	Joe's Jeans, Inc. †		1,386
	816	JOS A Bank Clothiers, Inc. †		41,518
	218	Journal Communications, Inc., Class A †		1,308
	745	K12, Inc. †		25,107
	500	Kirkland's, Inc. †		7,720
	829	Knology, Inc. †		10,702
	1,734	Krispy Kreme Doughnuts, Inc. †		12,207
	411	K-Swiss, Inc., Class A †		4,632
	155	Lacrosse Footwear, Inc.		2,841
	171	La-Z-Boy, Inc., Class Z †		1,633
	868	Leapfrog Enterprises, Inc., Class A †		3,750
	203	Learning Tree International, Inc.		1,784
	1,370	Lee Enterprises, Inc. †		3,699
	1,102	Life Time Fitness, Inc. †		41,116
	420	Lincoln Educational Services Corp.		6,674
	1,446	Lions Gate Entertainment Corp. †		9,038
	75	Lithia Motors, Inc., Class A		1,093
	2,809	Liz Claiborne, Inc. †		15,141
	238	LodgeNet Interactive Corp. †		866
	656	Lumber Liquidators Holdings, Inc. †		16,393
	680	Maidenform Brands, Inc. †		19,428
	329	Marine Products Corp. †		2,609
	834	Martha Stewart Living Omnimedia, Class A †		3,094
	898	Matthews International Corp., Class A		34,618
	1,786	McClatchy Co. (The), Class A †		6,072
	193	McCormick & Schmick's Seafood Restaurants, Inc. †		1,393
	173	Media General, Inc., Class A †		1,190
	442	Midas, Inc. †		3,390
	7,770	Monro Muffler Brake, Inc.		256,255
	256	Morgans Hotel Group Co. †		2,509

Wilshire Variable Insurance Trust
Small Cap Growth Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
Consumer Discretionary (continued)
	238	National American University Holdings, Inc.	$	1,687
	7,676	National CineMedia, Inc.		143,311
	797	Nutrisystem, Inc.		11,549
	910	OfficeMax, Inc. †		11,775
	592	Orbitz Worldwide, Inc. †		2,114
	438	Overstock.com, Inc. †		6,885
	390	Oxford Industries, Inc.		13,334
	400	Papa John's International, Inc. †		12,668
	351	Peet's Coffee & Tea, Inc. †		16,880
	502	Penske Automotive Group, Inc. †		10,050
	684	PetMed Express, Inc.		10,848
	684	PF Chang's China Bistro, Inc.		31,594
	3,100	Pier 1 Imports, Inc. †		31,465
	130	Pinnacle Entertainment, Inc. †		1,771
	900	Polaris Industries, Inc.		78,318
	1,480	Pool Corp.		35,683
	222	Pre-Paid Legal Services, Inc. †		14,652
	144	ReachLocal, Inc. †		2,880
	282	Rentrak Corp. †		7,591
	687	Retail Ventures, Inc. †		11,851
	273	RG Barry Corp.		3,574
	436	Rue21, Inc. †		12,557
	908	Ruth's Hospitality Group, Inc. †		4,685
	2,534	Sally Beauty Holdings, Inc. †		35,501
	996	Scientific Games Corp., Class A †		8,705
	553	Sealy Corp. †		1,405
	1,375	Select Comfort Corp. †		16,583
	54	Shoe Carnival, Inc. †		1,515
	1,601	Shuffle Master, Inc. †		17,099
	9,356	Shutterfly, Inc. †		489,880
	1,026	Skechers U.S.A., Inc., Class A †		21,074
	1,691	Smith & Wesson Holding Corp. †		6,003
	2,586	SodaStream International, Ltd. †		113,293
	193	Sonic Automotive, Inc., Class A		2,704
	1,818	Sonic Corp. †		16,453
	9,984	Sotheby's		525,158
	145	Standard Motor Products, Inc.		2,005
	335	Stein Mart, Inc.		3,387
	446	Steiner Leisure, Ltd. †		20,632
	3,857	Steven Madden, Ltd. †		181,009
	458	Stoneridge, Inc. †		6,696
	583	Sturm Ruger & Co., Inc.		13,391
	337	Summer Infant, Inc. †		2,696
	180	Superior Industries International, Inc.		4,615
	250	SuperMedia, Inc. †		1,560
	273	Systemax, Inc. †		3,691
	1,815	Talbots, Inc. †		10,963
	6,329	Tenneco, Inc. †		268,666
	1,699	Texas Roadhouse, Inc., Class A		28,866
	820	Timberland Co. (The), Class A †		33,858
	153	Tower International, Inc. †		2,590
	753	True Religion Apparel, Inc. †		17,673
	7,799	Ulta Salon Cosmetics & Fragrance, Inc. †		375,366
	5,109	Under Armour, Inc., Class A †		347,667
	153	Universal Electronics, Inc. †		4,523
	626	Universal Technical Institute, Inc.		12,176
	396	US Auto Parts Network, Inc. †		3,445
	1,478	Valassis Communications, Inc. †		43,069
	262	Vera Bradley, Inc. †		11,059
	422	Vitacost.com, Inc. † (a)		2,406
	9,276	Vitamin Shoppe, Inc. †		313,807
	576	Volcom, Inc.		10,673
	1,316	Warnaco Group, Inc. (The) †		75,262
	422	Warner Music Group Corp. †		2,857

Shares			Value
Consumer Discretionary (continued)
	171	Westwood One, Inc. †	$	1,240
	2,231	Wet Seal, Inc. (The), Class A †		9,549
	111	Weyco Group, Inc.		2,715
	76	Winmark Corp.		3,506
	867	Winnebago Industries, Inc. †		11,592
	1,470	Wolverine World Wide, Inc.		54,802
	648	World Wrestling Entertainment, Inc., Class A		8,145
	610	Zumiez, Inc. †		16,122
				6,385,857
Consumer Staples — 2.7%
	37	Arden Group, Inc., Class A		2,823
	796	B&G Foods, Inc., Class A		14,941
	257	Boston Beer Co., Inc., Class A †		23,803
	331	Calavo Growers, Inc.		7,232
	381	Cal-Maine Foods, Inc.		11,239
	428	Casey's General Stores, Inc.		16,692
	129	Coca-Cola Bottling Co. Consolidated		8,623
	1,819	Darling International, Inc. †		27,958
	648	Diamond Foods, Inc.		36,158
	561	Female Health Co. (The)		2,799
	3,877	Fresh Market, Inc. (The) †		146,318
	7,696	Green Mountain Coffee Roasters, Inc. †		497,239
	2,653	Heckmann Corp. †		17,377
	431	Inter Parfums, Inc.		7,978
	401	J&J Snack Foods Corp.		18,875
	575	Lancaster Colony Corp.		34,845
	162	Lifeway Foods, Inc. †		1,688
	246	Limoneira Co.		5,830
	400	Medifast, Inc. †		7,900
	335	National Beverage Corp.		4,600
	245	Nature's Sunshine Products, Inc. †		2,195
	1,458	Nu Skin Enterprises, Inc., Class A		41,918
	58	Pantry, Inc. (The) †		860
	632	Pilgrim's Pride Corp. †		4,873
	470	Pricesmart, Inc.		17,221
	169	Primo Water Corp. †		2,070
	157	Revlon, Inc., Class A †		2,492
	1,213	Rite Aid Corp. †		1,286
	679	Ruddick Corp.		26,203
	601	Sanderson Farms, Inc.		27,598
	902	Smart Balance, Inc. †		4,140
	770	Snyders-Lance, Inc.		15,285
	2,893	Star Scientific, Inc. †		13,134
	566	Synutra International, Inc. †		6,509
	667	Tootsie Roll Industries, Inc.		18,929
	1,423	United Natural Foods, Inc. †		63,779
	179	USANA Health Sciences, Inc. †		6,177
	891	Vector Group, Ltd.		15,405
	101	Village Super Market, Inc., Class A		2,939
	471	WD-40 Co.		19,942
				1,187,873
Energy — 8.1%
	746	Abraxas Petroleum Corp. †		4,364
	92	Amyris, Inc. †		2,626
	273	Apco Oil and Gas International, Inc.		23,412
	695	BPZ Resources, Inc. †		3,690
	13,187	Brigham Exploration Co. †		490,293
	866	Callon Petroleum Co. †		6,729
	1,431	CAMAC Energy, Inc. †		2,147
	2,470	CARBO Ceramics, Inc.		348,566
	1,050	Carrizo Oil & Gas, Inc. †		38,776
	619	Cheniere Energy, Inc. †		5,763
	159	Clayton Williams Energy, Inc. †		16,806

Wilshire Variable Insurance Trust
Small Cap Growth Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
Energy (continued)
	1,357	Clean Energy Fuels Corp. †	$	22,228
	191	Cloud Peak Energy, Inc. †		4,124
	230	Contango Oil & Gas Co. †		14,545
	1,007	Dril-Quip, Inc. †		79,583
	650	Endeavour International Corp. †		8,255
	2,200	Energy XXI Bermuda, Ltd. †		75,020
	463	Evolution Petroleum Corp. †		3,611
	1,304	FX Energy, Inc. †		10,901
	6,074	Georesources, Inc. †		189,934
	806	Gulfport Energy Corp. †		29,137
	112	Hallador Energy Co.		1,299
	539	Houston American Energy Corp.		8,306
	3,766	ION Geophysical Corp. †		47,791
	37	Isramco, Inc. †		2,405
	667	James River Coal Co. †		16,121
	219	Key Energy Services, Inc. †		3,405
	4,997	Kodiak Oil & Gas Corp. †		33,480
	557	L&L Energy, Inc. †		3,854
	4,716	Lufkin Industries, Inc.		440,805
	37,699	Magnum Hunter Resources Corp. †		323,080
	140	Matrix Service Co. †		1,946
	2,834	McMoRan Exploration Co. †		50,190
	191	Newpark Resources, Inc. †		1,501
	10,420	North American Energy Partners, Inc. †		128,479
	9,038	Northern Oil and Gas, Inc. †		241,315
	12,137	Oasis Petroleum, Inc. †		383,772
	3,554	OYO Geospace Corp. †		350,353
	220	Panhandle Oil and Gas, Inc., Class A		6,963
	386	Petroquest Energy, Inc. †		3,613
	1,590	RAM Energy Resources, Inc. †		3,307
	6,414	Rentech, Inc. †		8,018
	164	Rex Energy Corp. †		1,911
	961	Rosetta Resources, Inc. †		45,686
	1,284	RPC, Inc.		32,511
	430	Scorpio Tankers, Inc. †		4,438
	92	Stone Energy Corp. †		3,070
	2,120	Syntroleum Corp. †		4,791
	250	Tetra Technologies, Inc. †		3,850
	4,402	TransAtlantic Petroleum, Ltd. †		13,646
	1,798	Uranium Energy Corp. †		7,174
	188	Vaalco Energy, Inc. †		1,459
	139	Venoco, Inc. †		2,376
	374	Warren Resources, Inc. †		1,904
	1,115	World Fuel Services Corp.		45,280
				3,608,609
Financials — 3.9%
	254	Acadia Realty Trust		4,806
	214	Advance America Cash Advance Centers, Inc.		1,134
	40	Alexander's, Inc.		16,278
	746	Artio Global Investors, Inc., Class A		12,055
	690	Associated Estates Realty Corp.		10,957
	59	Bank of the Ozarks, Inc.		2,579
	1,709	BGC Partners, Inc., Class A		15,877
	76	Bridge Bancorp, Inc.		1,700
	288	Cash America International, Inc.		13,263
	586	CNO Financial Group, Inc. †		4,401
	418	Cohen & Steers, Inc.		12,406
	120	Compass Diversified Holdings		1,769
	756	Crawford & Co., Class B		3,598
	167	Credit Acceptance Corp. †		11,815
	67	Diamond Hill Investment Group, Inc.		5,360
	10,397	Dollar Financial Corp. †		215,727
	812	Duff & Phelps Corp., Class A		12,976

Shares			Value
Financials (continued)
	450	DuPont Fabros Technology, Inc.	$	10,912
	363	EastGroup Properties, Inc.		15,961
	662	eHealth, Inc. †		8,805
	5,272	Encore Capital Group, Inc. †		124,894
	365	Epoch Holding Corp.		5,760
	513	Equity Lifestyle Properties, Inc.		29,574
	181	Equity One, Inc.		3,397
	440	Evercore Partners, Inc., Class A		15,088
	1,269	Ezcorp, Inc., Class A †		39,834
	1,414	FelCor Lodging Trust, Inc. †		8,668
	381	Financial Engines, Inc. †		10,500
	194	First American Financial Corp.		3,201
	895	First Cash Financial Services, Inc. †		34,547
	280	First Financial Bankshares, Inc.		14,384
	133	GAMCO Investors, Inc., Class A		6,166
	284	Getty Realty Corp.		6,498
	1,183	GFI Group, Inc.		5,939
	1,169	Gleacher & Co., Inc. †		2,034
	338	HFF, Inc., Class A †		5,083
	368	Home Properties, Inc.		21,694
	207	Investors Bancorp, Inc. †		3,082
	716	KBW, Inc.		18,752
	603	Kennedy-Wilson Holdings, Inc. †		6,549
	2,776	Ladenburg Thalmann Financial Services, Inc. †		3,192
	245	Life Partners Holdings, Inc.		1,970
	143	LTC Properties, Inc.		4,053
	827	MarketAxess Holdings, Inc.		20,013
	600	Mid-America Apartment Communities, Inc.		38,520
	314	National Health Investors, Inc.		15,047
	75	Nelnet, Inc., Class A		1,637
	452	Netspend Holdings, Inc. †		4,755
	570	Omega Healthcare Investors, Inc.		12,734
	1,200	optionsXpress Holdings, Inc.		21,972
	521	Oritani Financial Corp.		6,607
	6,499	Portfolio Recovery Associates, Inc. †		553,260
	620	Potlatch Corp.		24,924
	108	PS Business Parks, Inc.		6,258
	252	Pzena Investment Management, Inc., Class A		1,779
	459	Rodman & Renshaw Capital Group, Inc. †		941
	131	Saul Centers, Inc.		5,836
	1,150	Signature Bank †		64,860
	917	Stifel Financial Corp. †		65,831
	1,053	Strategic Hotels & Resorts, Inc. †		6,792
	99	Suffolk Bancorp		2,077
	1,372	Tanger Factory Outlet Centers		36,001
	137	Tejon Ranch Co. †		5,033
	505	Tower Group, Inc.		12,135
	333	TradeStation Group, Inc. †		2,338
	180	Universal Health Realty Income Trust		7,295
	163	ViewPoint Financial Group		2,119
	140	Virtus Investment Partners, Inc. †		8,249
	478	Washington Real Estate Investment Trust		14,861
	390	Westamerica Bancorporation		20,034
	164	Westwood Holdings Group, Inc.		6,601
	243	World Acceptance Corp. †		15,844
				1,741,591
Health Care — 17.9%
	655	Abaxis, Inc. †		18,890
	931	ABIOMED, Inc. †		13,527
	342	Accretive Health, Inc. †		9,494
	1,523	Accuray, Inc. †		13,753

Wilshire Variable Insurance Trust
Small Cap Growth Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
Health Care (continued)
	1,146	Acorda Therapeutics, Inc. †	$	26,587
	288	Acura Pharmaceuticals, Inc. †		910
	155	Aegerion Pharmaceuticals, Inc. †		2,568
	614	Affymax, Inc. †		3,604
	242	Affymetrix, Inc. †		1,261
	8,871	Air Methods Corp. †		596,575
	1,639	Akorn, Inc. †		9,457
	1,320	Alexza Pharmaceuticals, Inc. †		2,244
	1,755	Align Technology, Inc. †		35,942
	202	Alimera Sciences, Inc. †		1,576
	783	Alkermes, Inc. †		10,140
	846	Alliance HealthCare Services, Inc. †		3,739
	2,333	Allos Therapeutics, Inc. †		7,396
	242	Almost Family, Inc. †		9,109
	1,083	Alnylam Pharmaceuticals, Inc. †		10,364
	1,194	Alphatec Holdings, Inc. †		3,224
	624	AMAG Pharmaceuticals, Inc. †		10,421
	847	Amedisys, Inc. †		29,645
	275	America Service Group, Inc.		7,051
	2,235	American Medical Systems Holdings, Inc. †		48,365
	196	AMERIGROUP Corp. †		12,593
	532	AMN Healthcare Services, Inc. †		4,607
	322	Anacor Pharmaceuticals, Inc. †		2,228
	277	Analogic Corp.		15,664
	2,123	Antares Pharma, Inc. †		3,821
	188	Anthera Pharmaceuticals, Inc. †		1,271
	733	Aoxing Pharmaceutical Co., Inc. †		1,583
	396	Ardea Biosciences, Inc. †		11,361
	3,623	Arena Pharmaceuticals, Inc. †		5,036
	3,765	Ariad Pharmaceuticals, Inc. †		28,313
	1,237	Arqule, Inc. †		8,857
	1,593	Array Biopharma, Inc. †		4,875
	800	Arthrocare Corp. †		26,672
	5,481	athenahealth, Inc. †		247,358
	47	Atrion Corp.		8,200
	1,235	Auxilium Pharmaceuticals, Inc. †		26,515
	2,764	AVANIR Pharmaceuticals, Inc., Class A †		11,277
	327	AVEO Pharmaceuticals, Inc. †		4,379
	3,289	AVI BioPharma, Inc. †		6,150
	865	BioCryst Pharmaceuticals, Inc. †		3,278
	576	Biodel, Inc. †		1,210
	538	BioMimetic Therapeutics, Inc. †		7,053
	708	Bio-Reference Labs, Inc. †		15,888
	2,129	Biosante Pharmaceuticals, Inc. †		4,215
	859	BioScrip, Inc. †		4,046
	119	Biospecifics Technologies Corp. †		3,034
	751	Biotime, Inc. †		5,595
	2,148	Bruker Corp. †		44,786
	924	Cadence Pharmaceuticals, Inc. †		8,510
	1,340	Caliper Life Sciences, Inc. †		9,058
	198	CardioNet, Inc. †		948
	10,386	Catalyst Health Solutions, Inc. †		580,889
	956	Celldex Therapeutics, Inc. †		3,843
	1,760	Cepheid, Inc. †		49,315
	1,422	Cerus Corp. †		4,110
	1,143	Chelsea Therapeutics International, Ltd. †		4,458
	676	Chemed Corp.		45,028
	175	Chindex International, Inc. †		2,809
	350	Clinical Data, Inc. †		10,605
	359	Codexis, Inc. †		4,258
	165	Complete Genomics, Inc. †		1,490
	557	Computer Programs & Systems, Inc.		35,804
	921	Conceptus, Inc. †		13,309
	668	Continucare Corp. †		3,574

Shares			Value
Health Care (continued)
	7,090	Cooper Cos., Inc. (The)	$	492,401
	815	Corcept Therapeutics, Inc. †		3,464
	207	Corvel Corp. †		11,008
	1,730	Cubist Pharmaceuticals, Inc. †		43,665
	380	Cumberland Pharmaceuticals, Inc. †		2,101
	2,277	Curis, Inc. †		7,400
	824	Cyberonics, Inc. †		26,212
	1,322	Cytokinetics, Inc. †		1,970
	1,371	Cytori Therapeutics, Inc. †		10,735
	3,297	CytRx Corp. †		2,902
	1,294	Delcath Systems, Inc. †		9,537
	1,557	Depomed, Inc. †		15,632
	1,829	DexCom, Inc. †		28,386
	2,595	Durect Corp. †		9,342
	2,944	Dyax Corp. †		4,740
	2,849	Dynavax Technologies Corp. †		7,863
	562	Emergent Biosolutions, Inc. †		13,578
	667	Emeritus Corp. †		16,982
	1,453	Endologix, Inc. †		9,851
	404	Ensign Group, Inc. (The)		12,900
	900	Enzo Biochem, Inc. †		3,771
	917	Enzon Pharmaceuticals, Inc. †		9,995
	1,457	eResearchTechnology, Inc. †		9,864
	1,368	Exact Sciences Corp. †		10,068
	180	Exactech, Inc. †		3,159
	7,175	ExamWorks Group, Inc. †		159,500
	1,726	Exelixis, Inc. †		19,504
	237	Furiex Pharmaceuticals, Inc. †		4,001
	415	Genomic Health, Inc. †		10,209
	291	Gentiva Health Services, Inc. †		8,157
	3,640	Geron Corp. †		18,382
	743	Haemonetics Corp. †		48,696
	2,325	Halozyme Therapeutics, Inc. †		15,601
	9,136	Hanger Orthopedic Group, Inc. †		237,810
	1,302	Hansen Medical, Inc. †		2,877
	2,613	Healthsouth Corp. †		65,273
	276	HeartWare International, Inc. †		23,606
	271	Hi-Tech Pharmacal Co., Inc. †		5,455
	5,659	HMS Holdings Corp. †		463,189
	85	ICU Medical, Inc. †		3,721
	1,070	Idenix Pharmaceuticals, Inc. †		3,552
	2,070	Immucor, Inc. †		40,945
	2,010	Immunogen, Inc. †		18,231
	1,961	Immunomedics, Inc. †		7,491
	1,659	Impax Laboratories, Inc. †		42,222
	2,608	Incyte Corp., Ltd. †		41,337
	322	Infinity Pharmaceuticals, Inc. †		1,893
	1,482	Inhibitex, Inc. †		5,365
	1,476	Inovio Pharmaceuticals, Inc. †		1,624
	1,766	Inspire Pharmaceuticals, Inc. †		6,993
	1,294	Insulet Corp. †		26,682
	624	Integra LifeSciences Holdings Corp. †		29,590
	1,349	InterMune, Inc. †		63,659
	7,236	IPC The Hospitalist Co., Inc. †		328,587
	495	IRIS International, Inc. †		4,465
	570	Ironwood Pharmaceuticals, Inc., Class A †		7,980
	2,791	Isis Pharmaceuticals, Inc. †		25,231
	420	Jazz Pharmaceuticals, Inc. †		13,377
	223	Kensey Nash Corp. †		5,555
	1,517	Keryx Biopharmaceuticals, Inc. †		7,585
	279	Landauer, Inc.		17,164
	563	LCA-Vision, Inc. †		3,800
	2,007	Lexicon Pharmaceuticals, Inc. †		3,372
	463	LHC Group, Inc. †		13,890
	593	Ligand Pharmaceuticals, Inc., Class B †		5,930

Wilshire Variable Insurance Trust
Small Cap Growth Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
Health Care (continued)
	1,111	Luminex Corp. †	$	20,842
	905	MAKO Surgical Corp. †		21,901
	1,979	MannKind Corp. †		7,223
	468	MAP Pharmaceuticals, Inc. †		6,454
	9,984	Masimo Corp.		330,470
	156	Maxygen, Inc.		811
	1,276	MedAssets, Inc. †		19,484
	870	Medicines Co. (The) †		14,172
	5,064	Medidata Solutions, Inc. †		129,486
	1,007	Medivation, Inc. †		18,770
	758	MELA Sciences, Inc. †		2,668
	1,549	Merge Healthcare, Inc. †		7,559
	1,205	Meridian Bioscience, Inc.		28,908
	762	Merit Medical Systems, Inc. †		14,951
	799	Metabolix, Inc. †		8,397
	1,200	Metropolitan Health Networks, Inc. †		5,676
	2,693	Micromet, Inc. †		15,108
	268	Molina Healthcare, Inc. †		10,720
	1,311	Momenta Pharmaceuticals, Inc. †		20,779
	3,843	MWI Veterinary Supply, Inc. †		310,053
	1,290	Nabi Biopharmaceuticals †		7,495
	517	Nanosphere, Inc. †		1,680
	60	National Research Corp.		2,036
	850	Natus Medical, Inc. †		14,280
	3,400	Nektar Therapeutics †		32,198
	669	Neogen Corp. †		27,683
	934	Neostem, Inc. †		1,607
	1,379	Neuralstem, Inc. †		2,482
	1,459	Neurocrine Biosciences, Inc. †		11,074
	332	NeurogesX, Inc. †		1,345
	2,700	Novavax, Inc. †		6,993
	1,993	NPS Pharmaceuticals, Inc. †		19,073
	1,159	NuVasive, Inc. †		29,346
	745	NxStage Medical, Inc. †		16,375
	494	Nymox Pharmaceutical Corp. †		3,898
	515	Obagi Medical Products, Inc. †		6,510
	564	Omeros Corp. †		4,512
	970	Omnicell, Inc. †		14,783
	1,856	Onyx Pharmaceuticals, Inc. †		65,294
	2,623	Opko Health, Inc. † (a)		9,784
	991	Optimer Pharmaceuticals, Inc. †		11,724
	1,383	OraSure Technologies, Inc. †		10,870
	903	Orexigen Therapeutics, Inc. †		2,537
	525	Orthofix International NV †		17,042
	2,002	Orthovita, Inc. †		4,264
	502	Osiris Therapeutics, Inc. †		3,645
	1,474	Owens & Minor, Inc.		47,876
	397	Pacific Biosciences of California, Inc. †		5,578
	1,072	Pain Therapeutics, Inc.		10,248
	326	Palomar Medical Technologies, Inc. †		4,841
	1,732	Parexel International Corp. †		43,127
	232	PDI, Inc. †		1,881
	4,142	PDL BioPharma, Inc.		24,024
	1,914	Peregrine Pharmaceuticals, Inc. †		4,517
	1,295	Pharmacyclics, Inc. †		7,628
	960	Pharmasset, Inc. †		75,562
	355	PharMerica Corp. †		4,061
	798	Pozen, Inc. †		4,285
	622	Progenics Pharmaceuticals, Inc. †		3,844
	387	Providence Service Corp. (The) †		5,797
	1,695	PSS World Medical, Inc. †		46,019
	1,127	PURE Bioscience, Inc. †		1,758
	558	Quality Systems, Inc.		46,504
	1,632	Questcor Pharmaceuticals, Inc. †		23,517
	644	Quidel Corp. †		7,702

Shares			Value
Health Care (continued)
	133	RehabCare Group, Inc. †	$	4,904
	1,547	Rigel Pharmaceuticals, Inc. †		10,999
	292	Rochester Medical Corp. †		3,352
	569	Rural/Metro Corp. †		9,696
	1,689	Salix Pharmaceuticals, Ltd. †		59,166
	1,346	Sangamo Biosciences, Inc. †		11,212
	1,570	Santarus, Inc. †		5,369
	2,001	Savient Pharmaceuticals, Inc. †		21,211
	1,121	Sciclone Pharmaceuticals, Inc. †		4,529
	2,475	Seattle Genetics, Inc. †		38,536
	2,737	Sequenom, Inc. †		17,325
	1,019	SIGA Technologies, Inc. †		12,330
	992	Sirona Dental Systems, Inc. †		49,759
	544	Solta Medical, Inc. †		1,795
	1,095	Somaxon Pharmaceuticals, Inc. †		3,099
	403	SonoSite, Inc. †		13,428
	1,010	Spectranetics Corp. †		4,757
	1,482	Spectrum Pharmaceuticals, Inc. †		13,175
	1,045	Staar Surgical Co. †		5,821
	3,606	StemCells, Inc. †		3,281
	936	Stereotaxis, Inc. †		3,622
	1,666	STERIS Corp.		57,544
	1,660	Sunrise Senior Living, Inc. †		19,804
	308	SurModics, Inc. †		3,850
	7,181	SXC Health Solutions Corp. †		393,519
	261	Syneron Medical, Ltd. †		3,404
	347	Synovis Life Technologies, Inc. †		6,656
	671	Synta Pharmaceuticals Corp. †		3,529
	707	Targacept, Inc. †		18,799
	454	Team Health Holdings, Inc. †		7,936
	1,853	Theravance, Inc. †		44,880
	519	TomoTherapy, Inc. †		2,372
	273	Transcend Services, Inc. †		6,552
	133	Transcept Pharmaceuticals, Inc. †		1,089
	286	U.S. Physical Therapy, Inc.		6,389
	1,442	Unilife Corp. †		8,176
	827	Vanda Pharmaceuticals, Inc. †		6,029
	505	Vascular Solutions, Inc. †		5,510
	2,153	Vical, Inc. †		6,373
	329	Vital Images, Inc. †		4,445
	2,398	Vivus, Inc. †		14,844
	1,487	Volcano Corp. †		38,067
	987	West Pharmaceutical Services, Inc.		44,188
	732	Wright Medical Group, Inc. †		12,451
	929	XenoPort, Inc. †		5,509
	64	Young Innovations, Inc.		2,010
	2,005	Zalicus, Inc. †		4,852
	1,456	ZIOPHARM Oncology, Inc. †		9,100
	185	Zogenix, Inc. †		925
	10,215	Zoll Medical Corp. †		457,734
				7,939,375
Industrials — 16.7%
	541	3D Systems Corp. †		26,266
	2,429	51job, Inc. ADR †		155,286
	2,153	A123 Systems, Inc. †		13,672
	374	AAON, Inc.		12,304
	9,157	AAR Corp. †		253,832
	421	ABM Industries, Inc.		10,689
	1,002	Acacia Research-Acacia Technologies †		34,288
	1,940	Actuant Corp., Class A		56,260
	1,250	Acuity Brands, Inc.		73,112
	1,287	Advanced Battery Technologies, Inc. †		2,497
	4,632	Advisory Board Co. (The) †		238,548
	492	Aerovironment, Inc. †		17,205

Wilshire Variable Insurance Trust
Small Cap Growth Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
Industrials (continued)
	2,990	Alaska Air Group, Inc. †	$	189,626
	160	Albany International Corp., Class A		3,984
	451	Allegiant Travel Co., Class A		19,758
	803	Altra Holdings, Inc. †		18,967
	141	Ameresco, Inc., Class A †		1,994
	184	American Reprographics Co. †		1,904
	267	American Science & Engineering, Inc.		24,660
	1,499	American Superconductor Corp. †		37,280
	1,004	AO Smith Corp.		44,517
	957	APAC Customer Services, Inc. †		5,752
	2,359	Applied Energetics, Inc. †		1,557
	1,258	Applied Industrial Technologies, Inc.		41,841
	6,305	Astec Industries, Inc. †		235,113
	265	Astronics Corp. †		6,670
	3,051	Avis Budget Group, Inc. †		54,643
	348	AZZ, Inc.		15,869
	446	Badger Meter, Inc.		18,380
	1,276	Barnes Group, Inc.		26,643
	173	Barrett Business Services, Inc.		2,778
	4,684	BE Aerospace, Inc. †		166,423
	1,361	Beacon Roofing Supply, Inc. †		27,860
	1,387	Belden, Inc.		52,082
	1,425	Blount International, Inc. †		22,772
	377	BlueLinx Holdings, Inc. †		1,395
	929	Briggs & Stratton Corp.		21,042
	1,200	Brink's Co. (The)		39,732
	723	Broadwind Energy, Inc. †		947
	117	CAI International, Inc. †		3,026
	7,203	Capstone Turbine Corp. †		13,037
	768	Casella Waste Systems, Inc., Class A †		5,507
	603	CBIZ, Inc. †		4,348
	370	Celadon Group, Inc. †		6,009
	1,641	Cenveo, Inc. †		10,716
	1,401	CLARCOR, Inc.		62,947
	682	Clean Harbors, Inc. †		67,286
	239	Coleman Cable, Inc. †		2,118
	716	Colfax Corp. †		16,432
	279	Consolidated Graphics, Inc. †		15,242
	1,015	Corporate Executive Board Co. (The)		40,975
	614	CoStar Group, Inc. †		38,485
	66	CRA International, Inc. †		1,903
	200	Cubic Corp.		11,500
	1,434	Deluxe Corp.		38,058
	819	DigitalGlobe, Inc. †		22,957
	395	Dolan Co. (The) †		4,795
	850	Dollar Thrifty Automotive Group, Inc. †		56,721
	249	DXP Enterprises, Inc. †		5,747
	166	Dynamic Materials Corp.		4,640
	1,806	Ener1, Inc. †		5,346
	1,106	Energy Recovery, Inc. †		3,517
	583	EnerNOC, Inc. †		11,141
	411	EnerSys †		16,337
	169	Ennis, Inc.		2,878
	258	EnPro Industries, Inc. †		9,371
	390	Exponent, Inc. †		17,398
	1,223	Flow International Corp. †		5,369
	866	Forward Air Corp.		26,526
	408	Franklin Covey Co. †		3,533
	634	Franklin Electric Co., Inc.		29,291
	2,859	FuelCell Energy, Inc. †		6,118
	992	Furmanite Corp. †		7,936
	2,270	Gardner Denver, Inc.		177,128
	209	Generac Holdings, Inc. †		4,241
	1,151	Genessee & Wyoming, Inc., Class A †		66,988
	1,000	Geo Group, Inc. (The) †		25,640

Shares			Value
Industrials (continued)
	661	GeoEye, Inc. †	$	27,484
	365	Gorman-Rupp Co. (The)		14,377
	142	GP Strategies Corp. †		1,931
	3,566	GrafTech International, Ltd. †		73,567
	298	Graham Corp.		7,134
	630	Great Lakes Dredge & Dock Corp.		4,807
	375	Hawaiian Holdings, Inc. †		2,254
	1,948	Healthcare Services Group, Inc.		34,246
	1,507	Heartland Express, Inc.		26,463
	5,439	HEICO Corp.		340,046
	47	Heidrick & Struggles International, Inc.		1,308
	1,685	Herman Miller, Inc.		46,321
	2,366	Hexcel Corp. †		46,587
	11,152	Higher One Holdings, Inc. †		161,146
	190	Hill International, Inc. †		1,005
	1,341	HNI Corp.		42,322
	536	Houston Wire & Cable Co.		7,836
	6,228	HUB Group, Inc., Class A †		225,391
	974	Hudson Highland Group, Inc. †		6,331
	207	Huron Consulting Group, Inc. †		5,732
	178	ICF International, Inc. †		3,656
	745	II-VI, Inc. †		37,064
	720	Innerworkings, Inc. †		5,314
	1,007	Insituform Technologies, Inc., Class A †		26,937
	647	Insperity, Inc.		19,656
	1,498	Interface, Inc., Class A		27,698
	93	Interline Brands, Inc. †		1,897
	841	John Bean Technologies Corp.		16,172
	110	Kadant, Inc. †		2,881
	5,653	Kaman Corp.		198,986
	992	Kaydon Corp.		38,876
	89	Kelly Services, Inc., Class A †		1,932
	241	Keyw Holding Corp. (The) †		2,960
	918	Kforce, Inc. †		16,799
	1,766	Knight Transportation, Inc.		33,996
	1,393	Knoll, Inc.		29,197
	9,581	Korn/Ferry International †		213,369
	319	LaBarge, Inc. †		5,646
	371	Lindsay Corp.		29,316
	84	Marten Transport, Ltd.		1,873
	296	McGrath Rentcorp		8,072
	2,787	Meritor, Inc. †		47,295
	493	Middleby Corp. †		45,957
	580	Mine Safety Appliances Co.		21,269
	442	Mistras Group, Inc. †		7,607
	157	Mueller Industries, Inc.		5,749
	4,300	Mueller Water Products, Inc., Class A		19,264
	95	MYR Group, Inc. †		2,272
	159	NACCO Industries, Inc., Class A		17,597
	144	National Presto Industries, Inc.		16,226
	357	Navigant Consulting, Inc. †		3,566
	592	NCI Building Systems, Inc. †		7,501
	1,011	Nordson Corp.		116,326
	1,124	Old Dominion Freight Line, Inc. †		39,441
	94	Omega Flex, Inc. †		1,264
	131	On Assignment, Inc. †		1,239
	705	Orbital Sciences Corp. †		13,339
	809	Orion Marine Group, Inc. †		8,689
	1,059	Pacer International, Inc. †		5,570
	240	Park-Ohio Holdings Corp. †		4,959
	443	PMFG, Inc. †		9,454
	5,722	Polypore International, Inc. †		329,473
	555	PowerSecure International, Inc. †		4,773
	244	Quanex Building Products Corp.		4,790
	483	Raven Industries, Inc.		29,666

Wilshire Variable Insurance Trust
Small Cap Growth Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
Industrials (continued)
	646	RBC Bearings, Inc. †	$	24,697
	1,377	Resources Connection, Inc.		26,700
	201	Roadrunner Transportation Systems, Inc. †		3,015
	9,756	Robbins & Myers, Inc.		448,678
	1,907	Rollins, Inc.		38,712
	3,427	Satcon Technology Corp. †		13,228
	345	Sauer-Danfoss, Inc. †		17,571
	290	Schawk, Inc., Class A		5,638
	219	School Specialty, Inc. †		3,132
	215	SFN Group, Inc. †		3,029
	1,096	Simpson Manufacturing Co., Inc.		32,288
	471	Standard Parking Corp. †		8,365
	575	Standard Register Co. (The)		1,909
	73	Standex International Corp.		2,766
	267	Steelcase, Inc., Class A		3,039
	373	Sun Hydraulics Corp.		16,076
	142	SYKES Enterprises, Inc. †		2,807
	118	TAL International Group, Inc.		4,280
	1,875	Taser International, Inc. †		7,631
	295	Teledyne Technologies, Inc. †		15,254
	563	Tennant Co.		23,669
	1,831	Tetra Tech, Inc. †		45,207
	284	Textainer Group Holdings, Ltd.		10,553
	168	Titan International, Inc.		4,471
	128	Titan Machinery, Inc. †		3,232
	3,616	TransDigm Group, Inc. †		303,129
	465	Trex Co., Inc. †		15,168
	449	Trimas Corp. †		9,654
	2,242	Triumph Group, Inc.		198,305
	829	TrueBlue, Inc. †		13,919
	452	United Stationers, Inc.		32,115
	1,092	UQM Technologies, Inc. †		3,254
	513	US Ecology, Inc.		8,942
	85	Viad Corp.		2,035
	582	Vicor Corp.		9,597
	67	VSE Corp.		1,991
	825	Watsco, Inc.		57,511
	86	Watts Water Technologies, Inc., Class A		3,284
	194	Werner Enterprises, Inc.		5,135
	8,147	WESCO International, Inc. †		509,187
	1,808	Woodward Governor Co.		62,484
	188	Xerium Technologies, Inc. †		4,521
				7,397,404
Information Technology — 32.1%
	870	Accelrys, Inc. †		6,960
	1,010	ACI Worldwide, Inc. †		33,128
	5,873	Acme Packet, Inc. †		416,748
	1,360	Actuate Corp. †		7,072
	2,031	Acxiom Corp. †		29,145
	1,842	ADTRAN, Inc.		78,211
	686	Advanced Energy Industries, Inc. †		11,216
	934	Advent Software, Inc. †		26,778
	691	American Software, Inc., Class A		5,100
	3,123	Amkor Technology, Inc. †		21,049
	1,428	Anadigics, Inc. †		6,397
	561	Ancestry.com, Inc. †		19,887
	416	Anixter International, Inc.		29,074
	1,950	Applied Micro Circuits Corp. †		20,241
	2,665	Ariba, Inc. †		90,983
	727	Arris Group, Inc. †		9,262
	2,287	Aruba Networks, Inc. †		77,392
	1,845	Aspen Technology, Inc. †		27,657
	389	AXT, Inc. †		2,789

Shares			Value
Information Technology (continued)
	171	Benchmark Electronics, Inc. †	$	3,244
	749	BigBand Networks, Inc. †		1,910
	1,327	Blackbaud, Inc.		36,147
	1,011	Blackboard, Inc. †		36,639
	1,232	Blue Coat Systems, Inc. †		34,693
	936	Bottomline Technologies, Inc. †		23,531
	2,089	Brightpoint, Inc. †		22,645
	2,990	BroadSoft, Inc. †		142,593
	1,147	Brooks Automation, Inc. †		15,748
	162	Cabot Microelectronics Corp. †		8,465
	66	CACI International, Inc., Class A †		4,047
	300	Calix, Inc. †		6,093
	803	Cardtronics, Inc. †		16,341
	256	Cass Information Systems, Inc.		10,058
	10,577	Cavium Networks, Inc. †		475,225
	4,293	Ceva, Inc. †		114,752
	466	Checkpoint Systems, Inc. †		10,476
	2,051	Cirrus Logic, Inc. †		43,133
	933	Cognex Corp.		26,357
	519	Coherent, Inc. †		30,159
	148	Cohu, Inc.		2,273
	1,278	CommVault Systems, Inc. †		50,967
	308	Computer Task Group, Inc. †		4,093
	9,183	comScore, Inc. †		270,990
	312	Comtech Telecommunications Corp.		8,480
	757	Comverge, Inc. †		3,528
	1,192	Concur Technologies, Inc. †		66,096
	2,480	Conexant Systems, Inc. †		5,902
	5,870	Constant Contact, Inc. †		204,863
	184	Convio, Inc. †		2,136
	462	Cray, Inc. †		2,980
	475	CSG Systems International, Inc. †		9,472
	310	CTS Corp.		3,348
	220	Cymer, Inc. †		12,448
	15,736	Daktronics, Inc.		169,162
	408	DDi Corp.		4,313
	1,006	DealerTrack Holdings, Inc. †		23,098
	556	Deltek, Inc. †		4,226
	570	DemandTec, Inc. †		7,501
	743	DG FastChannel, Inc. †		23,940
	22,387	Dice Holdings, Inc. †		338,268
	140	Digi International, Inc. †		1,478
	205	Digimarc Corp. †		5,924
	146	Digital River, Inc. †		5,465
	1,008	Diodes, Inc. †		34,332
	516	DTS, Inc. †		24,061
	796	Ebix, Inc. †		18,825
	985	Echelon Corp. †		9,978
	317	Echo Global Logistics, Inc. †		4,162
	84	Electro Scientific Industries, Inc. †		1,458
	14,809	Emulex Corp. †		158,012
	332	Energy Conversion Devices, Inc. †		750
	1,246	Entegris, Inc. †		10,927
	43,093	Entropic Communications, Inc. †		364,136
	176	Envestnet, Inc. †		2,365
	899	Epicor Software Corp. †		9,952
	452	ExlService Holdings, Inc. †		9,560
	768	Extreme Networks †		2,688
	205	Fabrinet †		4,133
	418	FalconStor Software, Inc. †		1,902
	482	FARO Technologies, Inc. †		19,280
	308	FEI Co. †		10,386
	17,620	Finisar Corp. †		433,452
	438	Forrester Research, Inc.		16,771
	1,240	Fortinet, Inc. †		54,560

Wilshire Variable Insurance Trust
Small Cap Growth Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
Information Technology (continued)
	1,165	FSI International, Inc. †	$	5,103
	5,845	Gartner, Inc. †		243,561
	1,353	Global Cash Access Holdings, Inc. †		4,424
	1,966	GSI Commerce, Inc. †		57,545
	428	GSI Technology, Inc. †		3,891
	1,650	GT Solar International, Inc. †		17,589
	411	Guidance Software, Inc. †		3,444
	568	Hackett Group, Inc. (The) †		2,181
	695	Harmonic, Inc. †		6,519
	1,123	Heartland Payment Systems, Inc.		19,686
	811	Hittite Microwave Corp. †		51,717
	1,369	Hypercom Corp. †		16,469
	702	iGate Corp.		13,177
	849	Immersion Corp. †		6,486
	2,413	Infinera Corp. †		20,245
	158	Infospace, Inc. †		1,368
	147	Inphi Corp. †		3,088
	327	Insight Enterprises, Inc. †		5,569
	2,819	Integrated Device Technology, Inc. †		20,776
	704	Integrated Silicon Solution, Inc. †		6,526
	387	Interactive Intelligence, Inc. †		14,981
	1,302	InterDigital, Inc.		62,118
	869	Intermec, Inc. †		9,377
	260	Intevac, Inc. †		3,232
	265	IntraLinks Holdings, Inc. †		7,086
	770	IPG Photonics Corp. †		44,414
	969	Ixia †		15,388
	470	IXYS Corp. †		6,312
	927	j2 Global Communications, Inc. †		27,356
	2,470	Jack Henry & Associates, Inc.		83,708
	237	JDA Software Group, Inc. †		7,172
	672	Kenexa Corp. †		18,540
	842	KIT Digital, Inc. †		10,138
	489	Knot, Inc. (The) †		5,893
	788	Kopin Corp. †		3,617
	2,088	Kulicke & Soffa Industries, Inc. †		19,523
	465	KVH Industries, Inc. †		7,031
	3,455	Lattice Semiconductor Corp. †		20,385
	4,117	Lawson Software, Inc. †		49,816
	1,119	Limelight Networks, Inc. †		8,012
	1,787	Lionbridge Technologies, Inc. †		6,129
	12,230	Liquidity Services, Inc. †		218,428
	558	Littelfuse, Inc.		31,862
	1,322	LivePerson, Inc. †		16,710
	481	Local.com Corp. †		1,871
	3,860	LogMeIn, Inc. †		162,738
	544	LoopNet, Inc. †		7,698
	324	Loral Space & Communications, Inc. †		25,126
	1,457	LTX-Credence Corp. †		13,302
	37,975	Magma Design Automation, Inc. †		258,989
	675	Manhattan Associates, Inc. †		22,086
	604	Mantech International Corp., Class A †		25,610
	1,526	Mattson Technology, Inc. †		3,723
	518	MAXIMUS, Inc.		42,046
	231	MaxLinear, Inc., Class A †		1,887
	785	Maxwell Technologies, Inc. †		13,557
	126	Mediamind Technologies, Inc. †		1,740
	1,371	Mentor Graphics Corp. †		20,058
	84	Mercury Computer Systems, Inc. †		1,777
	162	Meru Networks, Inc. †		3,290
	653	Methode Electronics, Inc.		7,888
	1,517	Micrel, Inc.		20,449
	938	Microsemi Corp. †		19,426
	247	MicroStrategy, Inc., Class A †		33,217
	2,843	Microvision, Inc. †		3,753

Shares			Value
Information Technology (continued)
	960	Mindspeed Technologies, Inc. †	$	8,122
	19,739	MIPS Technologies, Inc., Class A †		207,062
	623	MKS Instruments, Inc.		20,746
	2,211	MoneyGram International, Inc. †		7,584
	963	Monolithic Power Systems, Inc. †		13,665
	668	Monotype Imaging Holdings, Inc. †		9,686
	972	MoSys, Inc. †		5,842
	11,381	Motricity, Inc. †		171,056
	4,660	Move, Inc. †		11,137
	456	MTS Systems Corp.		20,771
	257	Multi-Fineline Electronix, Inc. †		7,252
	531	Nanometrics, Inc. †		9,606
	200	NCI, Inc., Class A †		4,874
	1,044	Netgear, Inc. †		33,867
	15,454	Netlogic Microsystems, Inc. †		649,377
	908	Netscout Systems, Inc. †		24,807
	8,400	NetSuite, Inc. †		244,272
	1,137	Network Engines, Inc. †		2,308
	911	Network Equipment Technologies, Inc. †		3,435
	337	Newport Corp. †		6,009
	1,660	NIC, Inc.		20,684
	98	Novatel Wireless, Inc. †		535
	141	NVE Corp. †		7,944
	1,467	Oclaro, Inc. †		16,885
	1,261	Omnivision Technologies, Inc. †		44,803
	308	Online Resources Corp. †		1,164
	2,131	OpenTable, Inc. †		226,632
	2,527	Openwave Systems, Inc. †		5,408
	226	Oplink Communications, Inc. †		4,405
	396	Opnet Technologies, Inc.		15,440
	359	OSI Systems, Inc. †		13,473
	3,439	Parametric Technology Corp. †		77,343
	383	Park Electrochemical Corp.		12,352
	702	PDF Solutions, Inc. †		4,668
	480	Pegasystems, Inc.		18,211
	435	Perficient, Inc. †		5,224
	1,430	Plantronics, Inc.		52,367
	1,198	Plexus Corp. †		42,002
	1,151	PLX Technology, Inc. †		4,201
	732	Power Integrations, Inc.		28,058
	2,070	Power-One, Inc. †		18,112
	875	Presstek, Inc. †		1,820
	1,875	Progress Software Corp. †		54,544
	581	PROS Holdings, Inc. †		8,465
	1,244	Pulse Electronics Corp.		7,526
	200	QAD, Inc., Class A †		2,154
	303	QLIK Technologies, Inc. †		7,878
	5,792	Quantum Corp. †		14,596
	1,611	Quest Software, Inc. †		40,903
	9,267	QuinStreet, Inc. †		210,639
	2,872	Rackspace Hosting, Inc. †		123,065
	981	Radiant Systems, Inc. †		17,364
	541	Radisys Corp. †		4,685
	23,792	RealD, Inc. †		650,949
	346	RealPage, Inc. †		9,595
	394	Renaissance Learning, Inc.		4,629
	7,961	RF Micro Devices, Inc. †		51,030
	147	Richardson Electronics, Ltd.		1,937
	642	RightNow Technologies, Inc. †		20,095
	12,133	Riverbed Technology, Inc. †		456,807
	385	Rofin-Sinar Technologies, Inc. †		15,207
	158	Rogers Corp. †		7,119
	311	Rosetta Stone, Inc. †		4,108
	470	Rubicon Technology, Inc. †		13,010
	884	Rudolph Technologies, Inc. †		9,671

Wilshire Variable Insurance Trust
Small Cap Growth Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
Information Technology (continued)
	858	Saba Software, Inc. †	$	8,417
	2,364	Sanmina-SCI Corp. †		26,500
	3,054	Sapient Corp. †		34,968
	1,113	SAVVIS, Inc. †		41,281
	410	Seachange International, Inc. †		3,895
	1,845	Semtech Corp. †		46,162
	1,342	ShoreTel, Inc. †		11,045
	152	Sigma Designs, Inc. †		1,968
	1,743	Silicon Image, Inc. †		15,635
	6,223	Skyworks Solutions, Inc. †		201,750
	939	SMART Modular Technologies WWH, Inc. †		7,296
	795	Smith Micro Software, Inc. †		7,441
	1,030	SolarWinds, Inc. †		24,164
	5,103	Sonus Networks, Inc. †		19,187
	814	Sourcefire, Inc. †		22,393
	429	Spansion, Inc., Class A †		8,009
	154	Spectrum Control, Inc. †		3,031
	144	SPS Commerce, Inc. †		2,234
	106	SRA International, Inc., Class A †		3,006
	376	SRS Labs, Inc. †		3,211
	373	SS&C Technologies Holdings, Inc. †		7,617
	324	Stamps.com, Inc.		4,325
	212	Standard Microsystems Corp. †		5,228
	1,207	STEC, Inc. †		24,249
	2,709	Stratasys, Inc. †		127,323
	1,863	SuccessFactors, Inc. †		72,825
	730	Super Micro Computer, Inc. †		11,709
	303	Supertex, Inc. †		6,751
	1,399	support.com, Inc. †		7,261
	1,003	Synaptics, Inc. †		27,101
	13,100	Synchronoss Technologies, Inc. †		455,225
	2,115	Syntel, Inc.		110,467
	192	Take-Two Interactive Software, Inc. †		2,951
	1,178	Taleo Corp., Class A †		41,996
	320	TechTarget, Inc. †		2,851
	274	Tekelec †		2,225
	566	TeleCommunication Systems, Inc., Class A †		2,332
	250	TeleNav, Inc. †		2,968
	849	TeleTech Holdings, Inc. †		16,454
	1,731	Terremark Worldwide, Inc. †		32,889
	96	Tessco Technologies, Inc.		1,104
	866	Tessera Technologies, Inc. †		15,813
	759	THQ, Inc. †		3,461
	4,924	TIBCO Software, Inc. †		134,179
	228	Tier Technologies, Inc., Class B †		1,254
	3,435	TiVo, Inc. †		30,091
	776	TNS, Inc. †		12,082
	3,190	Travelzoo, Inc. †		212,422
	22,242	TriQuint Semiconductor, Inc. †		287,144
	554	TTM Technologies, Inc. †		10,061
	846	Tyler Technologies, Inc. †		20,059
	4,414	Ultimate Software Group, Inc. †		259,322
	655	Ultra Clean Holdings †		6,773
	9,896	Ultratech, Inc. †		290,942
	509	Unisys Corp. †		15,891
	573	United Online, Inc.		3,613
	893	Universal Display Corp. †		49,151
	1,880	ValueClick, Inc. †		27,185
	3,678	VanceInfo Technologies, Inc. ADR †		115,526
	655	VASCO Data Security International, Inc. †		8,993
	1,202	Veeco Instruments, Inc. †		61,110
	11,013	VeriFone Systems, Inc. †		605,164

Shares			Value
Information Technology (continued)
	359	Viasat, Inc. †	$	14,303
	95	Viasystems Group, Inc. †		2,593
	1,046	VirnetX Holding Corp.		20,826
	222	Virtusa Corp. †		4,158
	11,390	Vocus, Inc. †		294,545
	737	Volterra Semiconductor Corp. †		18,300
	2,393	Wave Systems Corp., Class A †		7,490
	1,150	Websense, Inc. †		26,415
	1,150	Wright Express Corp. †		59,616
	897	Xyratex, Ltd. †		10,028
	1,674	Zix Corp. †		6,160
	173	Zoran Corp. †		1,797
				14,213,905
Materials — 2.2%
	65	AEP Industries, Inc. †		1,932
	2,219	Allied Nevada Gold Corp. †		78,730
	710	AMCOL International Corp.		25,546
	411	Arch Chemicals, Inc.		17,094
	838	Balchem Corp.		31,442
	1,669	Calgon Carbon Corp. †		26,504
	1,823	Capital Gold Corp. †		11,722
	251	Clearwater Paper Corp. †		20,432
	171	Coeur d'Alene Mines Corp. †		5,947
	25	Contango ORE, Inc. †		462
	320	Deltic Timber Corp.		21,389
	1,123	Ferro Corp. †		18,631
	1,910	General Moly, Inc. †		10,276
	1,822	Globe Specialty Metals, Inc.		41,469
	7,650	Golden Star Resources, Ltd. †		22,720
	217	Hawkins, Inc.		8,914
	50	Haynes International, Inc.		2,772
	108	HB Fuller Co.		2,320
	165	Innophos Holdings, Inc.		7,608
	2,494	Jaguar Mining, Inc. †		13,019
	167	KMG Chemicals, Inc.		3,283
	612	Koppers Holdings, Inc.		26,132
	285	Kraton Performance Polymers, Inc. †		10,901
	513	LSB Industries, Inc. †		20,335
	50	Materion Corp. †		2,040
	184	Metals USA Holdings Corp. †		3,012
	47	Minerals Technologies, Inc.		3,220
	335	Molycorp, Inc. †		20,107
	222	Neenah Paper, Inc.		4,877
	280	NewMarket Corp.		44,302
	407	Noranda Aluminum Holding Corp. †		6,532
	1,368	Olin Corp.		31,355
	1,334	Omnova Solutions, Inc. †		10,499
	1,929	PolyOne Corp.		27,411
	244	Quaker Chemical Corp.		9,801
	393	Rock-Tenn Co., Class A		27,254
	1,151	Rockwood Holdings, Inc. †		56,652
	120	RTI International Metals, Inc. †		3,738
	543	Schweitzer-Mauduit International, Inc.		27,481
	1,154	Senomyx, Inc. †		6,970
	792	Silgan Holdings, Inc.		30,207
	3,600	Solutia, Inc. †		91,440
	440	Spartech Corp. †		3,190
	233	Stepan Co.		16,893
	1,319	Stillwater Mining Co. †		30,245
	843	STR Holdings, Inc. †		16,169
	514	Thompson Creek Metals Co., Inc. †		6,446
	83	United States Lime & Minerals, Inc. †		3,362
	2,645	US Gold Corp. †		23,355
	464	Verso Paper Corp. †		2,482

Wilshire Variable Insurance Trust
Small Cap Growth Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
Materials (continued)
	201	Wausau Paper Corp.	$	1,536
	1,013	Worthington Industries, Inc.		21,192
	341	WR Grace & Co. †		13,057
	652	Zep, Inc.		11,351
				985,756
Telecommunication Services — 0.5%
	664	AboveNet, Inc.		43,067
	1,340	Alaska Communications Systems Group, Inc.		14,271
	261	Atlantic Telegraph-Network, Inc.		9,707
	796	Cbeyond, Inc. †		9,289
	1,669	Cincinnati Bell, Inc. †		4,473
	1,334	Cogent Communications Group, Inc. †		19,036
	581	Consolidated Communications Holdings, Inc.		10,882
	548	Global Crossing, Ltd. †		7,628
	169	Hughes Communications, Inc. †		10,084
	1,747	ICO Global Communications Holdings, Ltd. †		4,647
	978	Neutral Tandem, Inc. †		14,426
	877	NTELOS Holdings Corp.		16,146
	2,557	PAETEC Holding Corp. †		8,540
	673	Shenandoah Telecommunications Co.		12,154
	387	USA Mobility, Inc.		5,608
	1,287	Vonage Holdings Corp. †		5,869
				195,827
Utilities — 0.0%
	450	American DG Energy, Inc. †		981
	373	Cadiz, Inc. †		4,547
	153	South Jersey Industries, Inc.		8,563
				14,091
Total Common Stock (Cost $31,765,967)				43,670,288

EXCHANGE-TRADED FUND — 1.1%
	5,261	iShares Russell 2000 Growth Index Fund (Cost $471,596)		501,584

WARRANTS — 0.0%
	15	GRH, Expires 09/11 † (a)(b) (Cost $0)		—
RIGHTS— 0.0%
	834	Empire Resorts, Inc., Expires 04/11† (a) (Cost $0)		—

	Maturity Date	Par		Value
CORPORATE BOND — 0.0%
Gamco Investors, Inc.
0.000% (Cost $400)	12/31/15	$	400	$	262

Total Investments — 99.6%
(Cost $32,237,963)^					44,172,134
Other Assets & Liabilities, Net — 0.4%					183,072
NET ASSETS — 100.0%				$	44,355,206

†	Non-income producing security.
††	More narrow industries are used for compliance purposes, whereas broad sectors are utilized for reporting purposes.
(a)	Security fair valued using methods determined in good faith by the Pricing Committee. As of March 31, 2011, the total market value of these securities was $2,406, and represented less than 1.0% of Net Assets.
(b)	All or a portion of this security is on loan.

ADR	— American Depositary Receipt

^ At March 31, 2011, the tax basis cost of the Fund’s investments was $32,237,963 and the unrealized appreciation and depreciation were $13,331,816 and $(1,397,645), respectively.

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

For the period ended March 31, 2011, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

Wilshire Variable Insurance Trust
Small Cap Growth Fund	March 31, 2011
Schedule of Investments	(Unaudited)

The following is a summary of the inputs used as of March 31, 2011, in valuing the Fund’s investments carried at value:

Investment in Securities
	Level 1		Level 2		Level 3			Total
Common Stock
Consumer Discretionary	$	6,383,451	$	—	$	2,406		$	6,385,857
Consumer Staples		1,187,873		—		—			1,187,873
Energy		3,608,609		—		—			3,608,609
Financials		1,741,591		—		—			1,741,591
Health Care		7,939,375		—		—			7,939,375
Industrials		7,397,404		—		—			7,397,404
Information Technology		14,213,905		—		—			14,213,905
Materials		985,756		—		—			985,756
Telecommunication Services		195,827		—		—			195,827
Utilities		14,091		—		—			14,091
		43,667,882		—		2,406			43,670,288

Exchange-Traded Fund		501,584		—		—			501,584
Warrants		—		—		—	*		—
Rights		—		—		—	*		—
Corporate Bond		—		262		—			262
		501,584		262		—			501,846

Total Investments in Securities	$	44,169,466	$	262	$	2,406		$	44,172,134

* This security was categorized as Level 3 and had a market value of $0 as of March 31, 2011. This security was categorized as Level 3 and had a market value of $0 as of December 31, 2010. 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 period ended March 31, 2011 due to the fact that the value has remained zero throughout the period ended March 31, 2011.

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, 2011	$	2,406
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Purchases		—
Sales		—
Transfer into Level 3		—
Transfer out of Level 3		—
Ending balance as of March 31, 2011	$	2,406

WIL-QH-002-0500

Wilshire Variable Insurance Trust
International Equity Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value

COMMON STOCK — 95.4%
Australia — 4.4%
	840	AGL Energy, Ltd.	$	12,439
	5,331	Alumina, Ltd.		13,591
	3,220	AMP, Ltd.		18,110
	1,749	Aristocrat Leisure, Ltd.		5,878
	11,576	Australia & New Zealand Banking Group, Ltd.		285,013
	5,553	BHP Billiton, Ltd.		266,594
	3,707	BlueScope Steel, Ltd.		7,573
	2,590	Brambles, Ltd.		18,962
	2,470	Commonwealth Bank of Australia		133,862
	1,000	CSL, Ltd.		36,940
	1,215	DuluxGroup, Ltd.		3,405
	3,120	Fortescue Metals Group, Ltd.		20,678
	4,120	Foster's Group, Ltd.		24,368
	2,117	GPT Group		6,874
	6,870	Insurance Australia Group, Ltd.		25,519
	308	Leighton Holdings, Ltd.		9,393
	1,114	Macquarie Atlas Roads Group †		2,205
	528	Macquarie Group, Ltd.		19,963
	30,000	Metcash, Ltd.		129,038
	3,409	National Australia Bank, Ltd.		91,136
	823	Newcrest Mining, Ltd.		33,911
	1,215	Orica, Ltd.		33,183
	802	Origin Energy, Ltd.		13,464
	1,610	QBE Insurance Group, Ltd.		29,456
	620	Rio Tinto, Ltd.		54,355
	4,886	Stockland		18,748
	2,843	Suncorp Group, Ltd.		24,950
	2,388	TABCORP Holdings, Ltd.		18,502
	8,000	Telstra Corp., Ltd.		23,341
	1,550	Toll Holdings, Ltd.		9,510
	2,602	Transurban Group		14,469
	1,459	Wesfarmers, Ltd.		47,947
	754	Wesfarmers, Ltd. PPS		25,112
	3,555	Westfield Group		34,337
	3,555	Westfield Retail Trust		9,637
	4,554	Westpac Banking Corp.		114,612
	970	Woodside Petroleum, Ltd.		46,971
	2,227	Woolworths, Ltd.		61,910
	383	WorleyParsons, Ltd.		12,273
				1,758,229
Austria — 0.8%
	3,747	Erste Group Bank AG		189,164
	2,560	OMV AG		115,701
	790	Telekom Austria AG		11,559
				316,424
Belgium — 0.4%
	5,266	Ageas		14,969
	1,014	Anheuser-Busch InBev NV		57,793
	624	Anheuser-Busch InBev NV VVPR †		5
	280	Belgacom SA		10,844
	197	Delhaize Group SA		16,044
	341	Groupe Bruxelles Lambert SA		31,855
	400	KBC Groep NV		15,047
	100	Solvay SA		11,852
	200	UCB SA		7,591
				166,000
Bermuda — 0.1%
	736	Seadrill, Ltd.		26,612

Shares			Value
Brazil — 0.7%
	15,400	Brookfield Incorporacoes SA	$	79,618
	6,500	Cia de Saneamento Basico do Estado de Sao Paulo		187,733
				267,351
Canada — 3.8%
	2,900	Bank of Nova Scotia		177,949
	2,000	Canadian National Railway Co.		150,902
	4,000	Canadian Natural Resources, Ltd.		197,793
	3,300	Enbridge, Inc.		202,255
	6,400	Nexen, Inc.		159,554
	6,000	Rogers Communications, Inc., Class B		218,092
	3,900	Royal Bank of Canada		241,321
	2,700	Teck Resources, Ltd., Class B		143,118
				1,490,984
China — 1.9%
	107,613	Bank of Communications Co., Ltd., Class H		118,320
	164,000	China Citic Bank Corp., Ltd., Class H		119,217
	282,000	China Petroleum & Chemical Corp., Class H		281,579
	131,000	Dongfeng Motor Group Co., Ltd., Class H		222,848
	7,327	Foxconn International Holdings, Ltd. †		4,400
				746,364
Denmark — 0.4%
	3	AP Moller - Maersk A/S, Class B		28,162
	841	Danske Bank A/S		18,595
	700	DSV A/S		17,241
	631	Novo Nordisk A/S, Class B		79,262
	125	Novozymes A/S, Class B		19,102
	350	Vestas Wind Systems A/S †		15,196
				177,558
Finland — 1.4%
	1,070	Fortum OYJ		36,317
	5,740	Nokia OYJ		48,858
	15,500	Pohjola Bank PLC, Class A		210,827
	7,560	Sampo OYJ, Class A		240,690
	1,450	Stora Enso OYJ, Class R		17,257
	420	UPM-Kymmene OYJ		8,878
				562,827
France — 7.4%
	370	Accor SA		16,623
	592	Air Liquide SA		78,705
	4,580	Alcatel-Lucent		26,398
	440	Alstom SA		26,008
	2,840	AXA SA		59,322
	6,524	BNP Paribas		476,798
	450	Bouygues SA		21,595
	290	Cap Gemini SA		16,834
	964	Carrefour SA		42,577
	1,400	Christian Dior SA		197,162
	720	Cie de St.-Gobain		44,019
	295	Cie Generale de Geophysique-Veritas †		10,671
	245	Cie Generale des Etablissements Michelin, Class B		20,660
	440	Cie Generale d'Optique Essilor International SA		32,637
	720	CNP Assurances		15,277
	1,610	Credit Agricole SA		26,409
	950	Danone		61,983
	370	Edenred †		11,159
	362	EDF SA		14,998

Wilshire Variable Insurance Trust
International Equity Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
France (continued)
	2,744	France Telecom SA	$	61,595
	1,834	GDF Suez		74,772
	350	Lafarge SA		21,809
	330	Lagardere SCA		14,070
	490	L'Oreal SA		57,073
	509	LVMH Moet Hennessy Louis Vuitton SA		80,571
	40	Neopost SA		3,501
	285	Pernod-Ricard SA		26,603
	100	PPR		15,312
	520	Publicis Groupe SA		29,134
	4,577	Sanofi-Aventis SA		320,639
	2,303	Schneider Electric SA		393,220
	820	Societe Generale		53,247
	1,830	Sodexo		133,671
	450	Suez Environnement Co.		9,318
	310	Technip SA		33,042
	3,672	Total SA		223,684
	132	Unibail-Rodamco SE		28,601
	270	Vallourec SA		30,246
	867	Veolia Environnement SA		26,995
	604	Vinci SA		37,698
	1,936	Vivendi SA		55,213
				2,929,849
Germany — 7.2%
	350	Adidas AG		21,999
	742	Allianz SE		103,869
	4,952	BASF SE		427,309
	1,314	Bayer AG		101,494
	3,100	Bayerische Motoren Werke AG		257,300
	1,250	Commerzbank AG		9,703
	1,439	Daimler AG		101,366
	1,555	Deutsche Bank AG		91,146
	350	Deutsche Boerse AG		26,489
	1,323	Deutsche Post AG		23,772
	3,748	Deutsche Telekom AG		57,959
	2,952	E.ON AG		89,742
	217	Fresenius Medical Care AG & Co. KGAA		14,554
	1,100	Hochtief AG		118,115
	260	Linde AG		41,038
	250	MAN SE		31,097
	106	Merck KGAA		9,557
	310	Metro AG		21,108
	1,731	Muenchener Rueckversicherungs AG		272,051
	3,040	RWE AG		192,864
	4,880	SAP AG		298,377
	3,013	Siemens AG		412,025
	280	Solarworld AG		4,537
	720	ThyssenKrupp AG		29,298
	6,050	United Internet AG		108,696
	10	Volkswagen AG		1,529
				2,866,994
Greece — 0.1%
	1,070	Alpha Bank AE		6,861
	826	EFG Eurobank Ergasias SA		5,135
	680	Hellenic Telecommunications Organization SA		7,590
	875	National Bank of Greece SA		7,745
	500	OPAP SA		10,676
	454	Piraeus Bank SA		898
				38,905
Guernsey — 0.0%
	164	Resolution, Ltd.		778

Shares			Value
Hong Kong — 4.2%
	4,840	Bank of East Asia, Ltd.	$	20,538
	11,600	BOC Hong Kong Holdings, Ltd.		37,819
	39,000	Cathay Pacific Airways, Ltd.		93,416
	20,200	Cheung Kong Holdings, Ltd.		329,255
	10,500	China Mobile, Ltd.		96,925
	2,582	CLP Holdings, Ltd.		20,873
	79,800	CNOOC, Ltd.		201,655
	2,049	Esprit Holdings, Ltd.		9,395
	3,801	Hang Lung Properties, Ltd.		16,671
	2,100	Hang Seng Bank, Ltd.		33,931
	6,463	Hong Kong & China Gas Co., Ltd.		15,506
	1,200	Hong Kong Exchanges and Clearing, Ltd.		26,038
	5,100	Hutchison Whampoa, Ltd.		60,355
	12,500	Jardine Strategic Holdings, Ltd.		333,825
	22,000	Kingboard Chemical Holdings, Ltd.		115,686
	4,129	Li & Fung, Ltd.		21,116
	4,775	New World Development, Ltd.		8,419
	3,100	Power Assets Holdings, Ltd.		20,718
	1,900	Sun Hung Kai Properties, Ltd.		30,088
	12,400	Swire Pacific, Ltd., Class A		181,612
				1,673,841
India — 1.1%
	3,100	Dr. Reddy's Laboratories, Ltd. ADR		115,630
	3,400	Infosys Technologies, Ltd. ADR		243,780
	3,500	Tata Motors, Ltd. ADR		97,265
				456,675
Indonesia — 1.0%
	41,000	Gudang Garam TBK PT		196,973
	40,000	Indo Tambangraya Megah PT		212,251
				409,224
Ireland — 0.2%
	273	CRH PLC^		6,265
	1,058	CRH PLC^		24,301
	770	Elan Corp. PLC †		5,286
	2,400	Experian PLC		29,718
				65,570
Israel — 0.8%
	5,000	Teva Pharmaceutical Industries, Ltd. ADR		250,850
	1,500	Teva Pharmaceutical Industries, Ltd.		75,395
				326,245
Italy — 2.1%
	1,997	Assicurazioni Generali SPA		43,152
	724	Atlantia SPA		16,575
	4,660	Banca Monte dei Paschi di Siena SPA		5,807
	1,530	Banco Popolare SC		4,559
	8,800	Enel SPA		55,422
	17,406	ENI SPA		426,975
	1,510	Fiat Industrial SPA †		21,672
	1,510	Fiat SPA		13,643
	1,090	Finmeccanica SPA		13,704
	13,484	Intesa Sanpaolo SPA		39,768
	2,180	Intesa Sanpaolo SPA, RNC		5,750
	2,310	Mediaset SPA		14,658
	1,375	Mediobanca SPA		14,040
	4,476	Snam Rete Gas SPA		25,137
	14,324	Telecom Italia SPA		22,007
	13,120	Telecom Italia SPA, RNC		17,619
	26,743	UniCredit SPA		65,898
	1,132	Unione di Banche Italiane SCPA		9,656
				816,042
Japan — 14.1%
	300	Advantest Corp.		5,404

Wilshire Variable Insurance Trust
International Equity Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
Japan (continued)
	1,600	Aeon Co., Ltd.	$	18,549
	500	Aisin Seiki Co., Ltd.		17,389
	685	Ajinomoto Co., Inc.		7,130
	12,100	Amada Co., Ltd.		101,094
	1,300	Asahi Breweries, Ltd.		21,624
	2,200	Asahi Glass Co., Ltd.		27,692
	3,600	Asahi Kasei Corp.		24,258
	900	Astellas Pharma, Inc.		33,345
	4,100	Bank of Yokohama, Ltd. (The)		19,498
	600	Bridgestone Corp.		12,553
	13,500	Brother Industries, Ltd.		198,319
	1,598	Canon, Inc.		68,763
	2	Central Japan Railway Co.		15,862
	1,400	Chiba Bank, Ltd. (The)		7,851
	878	Chubu Electric Power Co., Inc.		19,556
	500	Chugai Pharmaceutical Co., Ltd.		8,604
	100	Credit Saison Co., Ltd.		1,615
	2,100	Dai Nippon Printing Co., Ltd.		25,587
	1,400	Daiichi Sankyo Co., Ltd.		27,042
	600	Daikin Industries, Ltd.		17,957
	200	Daito Trust Construction Co., Ltd.		13,764
	308	Daiwa House Industry Co., Ltd.		3,769
	2,900	Daiwa Securities Group, Inc.		13,326
	548	Denso Corp.		18,232
	500	Dentsu, Inc.		12,930
	700	East Japan Railway Co.		38,889
	3,500	Eisai Co., Ltd.		125,687
	500	Electric Power Development Co., Ltd.		15,422
	300	FANUC Corp.		45,369
	1,000	FUJIFILM Holdings Corp.		31,010
	4,600	Fujitsu, Ltd.		26,007
	1,900	Fukuoka Financial Group, Inc.		7,902
	25,217	Hankyu Hanshin Holdings, Inc.		116,437
	100	Hirose Electric Co., Ltd.		10,771
	2,773	Hitachi, Ltd.		14,442
	509	Hokkaido Electric Power Co., Inc.		9,892
	1,600	Hokuhoku Financial Group, Inc.		3,120
	2,500	Honda Motor Co., Ltd.		92,929
	900	Hoya Corp.		20,549
	200	Ibiden Co., Ltd.		6,332
	3	INPEX Corp.		22,708
	2,300	ITOCHU Corp.		24,081
	1,164	Japan Steel Works, Ltd. (The)		9,115
	8	Japan Tobacco, Inc.		28,937
	700	JFE Holdings, Inc.		20,506
	2,000	Joyo Bank, Ltd. (The)		7,865
	700	JS Group Corp.		18,163
	1,200	JTEKT Corp.		15,640
	2,261	JX Holdings, Inc.		15,198
	4,300	Kajima Corp.		12,028
	1,100	Kansai Electric Power Co., Inc. (The)		23,980
	1,000	Kao Corp.		24,964
	5	KDDI Corp.		30,928
	1,015	Keio Corp.		6,068
	110	Keyence Corp.		28,094
	300	Kintetsu Corp.		964
	1,900	Kirin Holdings Co., Ltd.		24,947
	53,100	Kobe Steel, Ltd.		137,546
	1,800	Komatsu, Ltd.		61,096
	4,900	Konami Corp.		90,582
	1,100	Konica Minolta Holdings, Inc.		9,249
	1,133	Kubota Corp.		10,667
	1,000	Kuraray Co., Ltd.		12,919
	300	Kyocera Corp.		30,419
	5,200	Kyushu Electric Power Co., Inc.		101,737

Shares			Value
Japan (continued)
	4,200	Marubeni Corp.	$	30,199
	900	Marui Group Co., Ltd.		5,821
	3,600	MEIJI Holdings Co., Ltd.		144,941
	1,800	Mitsubishi Chemical Holdings Corp.		11,344
	2,600	Mitsubishi Corp.		72,129
	4,200	Mitsubishi Electric Corp.		49,452
	2,200	Mitsubishi Estate Co., Ltd.		37,196
	1,400	Mitsubishi Gas Chemical Co., Inc.		10,042
	6,000	Mitsubishi Heavy Industries, Ltd.		27,582
	4,600	Mitsubishi Materials Corp.		15,589
	14,856	Mitsubishi UFJ Financial Group, Inc.		68,484
	3,400	Mitsui & Co., Ltd.		60,902
	1,600	Mitsui Fudosan Co., Ltd.		26,314
	2,700	Mitsui OSK Lines, Ltd.		15,576
	17,000	Mizuho Financial Group, Inc.		28,065
	750	MS&AD Insurance Group Holdings		17,123
	500	Murata Manufacturing Co., Ltd.		36,174
	1,583	NEC Corp.		3,441
	100	Nidec Corp.		8,665
	800	Nikon Corp.		16,507
	137	Nintendo Co., Ltd.		37,270
	14,056	Nippon Electric Glass Co., Ltd.		199,303
	2,100	Nippon Express Co., Ltd.		8,060
	5,989	Nippon Steel Corp.		19,168
	3,500	Nippon Telegraph & Telephone Corp.		156,402
	2,800	Nippon Yusen KK		10,960
	5,200	Nissan Motor Co., Ltd.		46,214
	400	Nitto Denko Corp.		21,205
	1,900	NKSJ Holdings, Inc.		12,409
	3,500	Nomura Holdings, Inc.		18,100
	2,100	NSK, Ltd.		18,125
	3	NTT Data Corp.		9,268
	22	NTT DoCoMo, Inc.		38,425
	1,100	Obayashi Corp.		4,880
	400	Olympus Corp.		11,145
	500	Omron Corp.		14,083
	180	ORIX Corp.		16,880
	32,800	Osaka Gas Co., Ltd.		130,923
	2,765	Panasonic Corp.		35,043
	1,100	Resona Holdings, Inc.		5,246
	1,100	Ricoh Co., Ltd.		12,958
	200	Rohm Co., Ltd.		12,573
	2,900	Sankyo Co., Ltd.		148,601
	300	Secom Co., Ltd.		13,956
	400	Sega Sammy Holdings, Inc.		6,940
	300	Seiko Epson Corp.		4,816
	2,000	Sekisui Chemical Co., Ltd.		15,634
	1,700	Sekisui House, Ltd.		15,872
	1,500	Seven & I Holdings Co., Ltd.		38,229
	1,900	Sharp Corp.		18,857
	700	Shin-Etsu Chemical Co., Ltd.		34,856
	1,300	Shinsei Bank, Ltd.		1,533
	700	Shiseido Co., Ltd.		12,131
	100	Shizuoka Bank, Ltd. (The)		828
	2,800	Showa Denko KK		5,635
	38	SMC Corp.		6,257
	4,700	Softbank Corp.		187,358
	4,544	Sojitz Corp.		9,042
	1,800	Sony Corp.		57,441
	3,200	Sumitomo Chemical Co., Ltd.		15,995
	21,600	Sumitomo Corp.		308,839
	1,900	Sumitomo Electric Industries, Ltd.		26,326
	1,800	Sumitomo Heavy Industries, Ltd.		11,730
	7,600	Sumitomo Metal Industries, Ltd.		16,998
	1,300	Sumitomo Metal Mining Co., Ltd.		22,359

Wilshire Variable Insurance Trust
International Equity Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
Japan (continued)
	5,600	Sumitomo Mitsui Financial Group, Inc.	$	173,825
	5,774	Sumitomo Mitsui Trust Holdings, Inc.		20,465
	7,400	Suzuki Motor Corp.		165,474
	300	T&D Holdings, Inc.		7,395
	1,300	Takashimaya Co., Ltd.		8,312
	1,100	Takeda Pharmaceutical Co., Ltd.		51,346
	200	TDK Corp.		11,834
	3,100	Teijin, Ltd.		13,876
	400	Terumo Corp.		21,085
	2,500	Tobu Railway Co., Ltd.		10,219
	900	Tohoku Electric Power Co., Inc.		15,226
	891	Tokio Marine Holdings, Inc.		23,800
	1,700	Tokyo Electric Power Co., Inc. (The)		9,480
	300	Tokyo Electron, Ltd.		16,548
	2,500	Tokyo Gas Co., Ltd.		11,409
	3,000	Tokyu Corp.		12,450
	2,100	Toppan Printing Co., Ltd.		16,576
	2,700	Toray Industries, Inc.		19,609
	6,000	Toshiba Corp.		29,352
	500	Toyota Industries Corp.		15,146
	4,355	Toyota Motor Corp.		172,908
	500	Toyota Tsusho Corp.		8,247
	4	West Japan Railway Co.		15,428
	34	Yahoo Japan Corp.		12,147
	2,090	Yamada Denki Co., Ltd.		140,520
	600	Yamaha Motor Co., Ltd.		10,452
	1,200	Yamato Holdings Co., Ltd.		18,613
				5,611,033
Jersey — 0.0%
	709	Atrium European Real Estate, Ltd.		4,445

Luxembourg — 0.7%
	1	APERAM		40
	7,545	ArcelorMittal		272,703
				272,743
Malaysia — 0.6%
	83,700	Genting Malaysia BHD		101,718
	38,800	Hong Leong Bank BHD		126,402
				228,120
Mexico — 1.6%
	118,000	America Movil SAB de CV, Series L		343,308
	24,000	Grupo Financiero Banorte SAB de CV, Class O		113,044
	52,400	Grupo Mexico SAB de CV, Series B		196,570
				652,922
Netherlands — 4.1%
	1,766	Aegon NV		13,220
	296	Akzo Nobel NV		20,363
	470	ASML Holding NV		20,894
	690	European Aeronautic Defence and Space Co. NV		20,090
	600	Heineken NV		32,755
	4,786	ING Groep NV, CVA		60,735
	1,780	Koninklijke Ahold NV		23,865
	3,230	Koninklijke DSM NV		198,535
	2,352	Koninklijke KPN NV		40,095
	1,840	Koninklijke Philips Electronics NV		58,924
	1,203	Reed Elsevier NV		15,515
	5,853	Royal Dutch Shell PLC, Class A		212,334
	12,568	Royal Dutch Shell PLC, Class B		456,449
	922	TNT NV		23,667
	13,345	Unilever NV, CVA		418,013

Shares			Value
Netherlands (continued)
	660	Wolters Kluwer NV	$	15,431
				1,630,885
New Zealand — 0.0%
	7,043	Telecom Corp. of New Zealand, Ltd.		10,818

Norway — 1.0%
	2,322	DnB NOR ASA		35,606
	95,000	Marine Harvest ASA		117,922
	2,200	Norsk Hydro ASA		18,037
	2,150	Orkla ASA		20,829
	6,372	Statoil ASA		176,496
	965	Telenor ASA		15,884
				384,774
Philippines — 0.2%
	3,200	Globe Telecom, Inc.		65,792

Poland — 0.3%
	7,000	Grupa Lotos SA †		109,026

Portugal — 0.1%
	3,730	Banco Comercial Portugues SA, Class R		3,037
	1,620	Brisa Auto-Estradas de Portugal SA		10,935
	4,750	Energias de Portugal SA		18,488
	770	Portugal Telecom SGPS SA		8,900
				41,360
Russia — 1.5%
	4,300	Gazprom OAO ADR		139,194
	1,900	Lukoil OAO ADR		136,034
	6,900	Tatneft ADR		304,999
				580,227
Singapore — 2.4%
	3,000	DBS Group Holdings, Ltd.		34,835
	9,800	Jardine Cycle & Carriage, Ltd.		284,394
	3,908	Keppel Corp., Ltd.		38,130
	6,000	Oversea-Chinese Banking Corp., Ltd.		45,607
	1,825	SATS, Ltd.		3,632
	2,500	Singapore Airlines, Ltd.		27,120
	71,200	Singapore Telecommunications, Ltd.		170,506
	22,200	United Overseas Bank, Ltd.		331,045
				935,269
South Africa — 1.7%
	10,000	Aspen Pharmacare Holdings, Ltd.		116,704
	7,700	Gold Fields, Ltd.		134,388
	11,000	Remgro, Ltd.		181,144
	3,000	Tiger Brands, Ltd.		77,563
	9,450	Vodacom Group, Ltd.		110,726
	17,000	Woolworths Holdings, Ltd.		70,176
				690,701
South Korea — 3.3%
	600	Honam Petrochemical Corp.		211,906
	1,100	Hyosung Corp.		88,316
	3,900	Hyundai Marine & Fire Insurance Co., Ltd. †		108,811
	500	Hyundai Motor Co.		92,529
	1,425	LG Corp.		106,260
	650	Samsung Electronics Co., Ltd.		551,907
	1,100	S-Oil Corp.		152,342
				1,312,071
Spain — 3.3%
	609	Abertis Infraestructuras SA		13,210

Wilshire Variable Insurance Trust
International Equity Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
Spain (continued)
	138	Acciona SA	$	14,986
	144	ACS Actividades de Construccion y Servicios SA		6,751
	6,885	Banco Bilbao Vizcaya Argentaria SA		83,509
	1,882	Banco Popular Espanol SA		11,049
	45,238	Banco Santander SA		527,505
	63	Ferrovial SA		789
	210	Fomento de Construcciones y Contratas SA		6,942
	6,683	Iberdrola SA		58,097
	380	Inditex SA		30,483
	6,640	Repsol YPF SA		227,515
	13,224	Telefonica SA		331,624
				1,312,460
Sweden — 2.2%
	800	Assa Abloy AB, Class B		23,009
	1,400	Atlas Copco AB, Class B		33,844
	14,400	Atlas Copco AB, Class A		382,743
	600	Electrolux AB, Series B		15,468
	1,690	Hennes & Mauritz AB, Class B		56,152
	6,200	Nordea Bank AB		67,890
	2,000	Sandvik AB		37,777
	1,000	Scania AB, Class B		23,201
	1,100	Securitas AB, Class B		13,099
	3,840	Skandinaviska Enskilda Banken AB, Class A		34,255
	1,200	SKF AB, Class B		34,929
	1,500	Svenska Cellulosa AB, Class B		24,159
	621	Svenska Handelsbanken AB, Class A		20,386
	3,777	Telefonaktiebolaget LM Ericsson, Class B		48,636
	4,100	TeliaSonera AB		35,465
	2,283	Volvo AB, Class B		40,165
				891,178
Switzerland — 5.3%
	3,841	ABB, Ltd.		92,254
	1,400	ACE, Ltd.		90,580
	130	Actelion, Ltd. †		7,477
	340	Adecco SA		22,324
	2,000	Baloise Holding AG		197,910
	775	Cie Financiere Richemont SA		44,696
	1,522	Credit Suisse Group AG		64,577
	90	Geberit AG		19,581
	530	Holcim, Ltd.		39,843
	3,700	Julius Baer Group, Ltd.		160,221
	5,217	Nestle SA		298,817
	325	Nobel Biocare Holding AG		6,731
	6,893	Novartis AG		373,344
	985	Roche Holding AG		140,655
	1,470	STMicroelectronics NV		18,229
	79	Swatch Group AG (The)		34,867
	1,266	Swiss Life Holding AG		208,898
	481	Swiss Reinsurance Co., Ltd.		27,417
	48	Swisscom AG		21,416
	166	Syngenta AG		54,016
	149	Synthes, Inc.		20,129
	4,866	UBS AG		87,559
	260	Zurich Financial Services AG		72,695
				2,104,236
Thailand — 0.5%
	13,500	Bangkok Bank PCL		76,794
	18,100	PTT Exploration & Production PCL		107,817
				184,611

Shares			Value
Turkey — 0.2%
	18,500	KOC Holding AS	$	85,899

United Kingdom — 13.7%
	2,297	3i Group PLC		11,013
	2,159	Anglo American PLC		110,954
	5,315	AstraZeneca PLC		244,214
	4,840	Aviva PLC		33,590
	6,290	BAE Systems PLC		32,785
	16,799	Barclays PLC		75,436
	5,198	BG Group PLC		129,058
	13,763	BHP Billiton PLC		544,959
	45,305	BP PLC		332,899
	7,343	British American Tobacco PLC		294,471
	1,069	British Land Co. PLC		9,476
	2,330	British Sky Broadcasting Group PLC		30,867
	7,318	BT Group PLC, Class A		21,748
	4,422	Cable & Wireless Communications PLC		3,227
	4,422	Cable & Wireless Worldwide PLC		3,719
	1,219	Capita Group PLC (The)		14,531
	400	Carnival PLC		15,737
	9,673	Centrica PLC		50,449
	3,980	Compass Group PLC		35,780
	3,710	Diageo PLC		70,529
	28,000	G4S PLC		114,595
	7,832	GlaxoSmithKline PLC		149,254
	490	Hammerson PLC		3,513
	2,878	Home Retail Group PLC		8,912
	26,785	HSBC Holdings PLC		276,698
	12,960	Imperial Tobacco Group PLC		399,946
	619	Intercontinental Hotels Group PLC		12,686
	3,260	International Power PLC		16,105
	3,120	J Sainsbury PLC		16,763
	830	Johnson Matthey PLC		24,748
	4,950	Kingfisher PLC		19,503
	970	Land Securities Group PLC		11,402
	13,730	Legal & General Group PLC		25,350
	44,104	Lloyds Banking Group PLC †		40,986
	350	London Stock Exchange Group PLC		4,675
	3,512	Man Group PLC		13,840
	2,730	Marks & Spencer Group PLC		14,738
	20,723	National Grid PLC		197,164
	8,195	Next PLC		260,060
	12,240	Old Mutual PLC		26,669
	1,940	Pearson PLC		34,277
	4,759	Prudential PLC		53,900
	831	Reckitt Benckiser Group PLC		42,661
	1,930	Reed Elsevier PLC		16,708
	2,290	Rexam PLC		13,353
	5,933	Rio Tinto PLC		419,502
	3,689	Rolls-Royce Group PLC		36,583
	28,552	Royal Bank of Scotland Group PLC †		18,734
	5,679	RSA Insurance Group PLC		11,967
	1,780	SABMiller PLC		63,000
	4,410	Sage Group PLC (The)		19,675
	1,550	Scottish & Southern Energy PLC		31,364
	500	Severn Trent PLC		11,713
	2,010	Smith & Nephew PLC		22,652
	1,276	Smiths Group PLC		26,521
	13,657	Standard Chartered PLC		354,289
	11,297	Tesco PLC		69,018
	2,071	Tullow Oil PLC		48,063
	1,971	Unilever PLC		60,053
	1,228	United Utilities Group PLC		11,646
	80,414	Vodafone Group PLC		229,192

Wilshire Variable Insurance Trust
International Equity Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
United Kingdom (continued)
	625	Whitbread PLC	$	16,532
	2,185	WM Morrison Supermarkets PLC		9,665
	157	Wolseley PLC †		5,286
	2,730	WPP PLC		33,648
	3,750	Xstrata PLC		87,504
				5,450,555
United States — 0.6%
	3,350	Philip Morris International, Inc.		219,860

Total Common Stock (Cost $34,417,818)				37,875,457

PREFERRED STOCK — 2.4%
Brazil — 2.3%
	6,519	Banco Bradesco SA		133,215
	4,700	Cia Paranaense de Energia		127,541
	18,670	Itausa - Investimentos Itau SA		145,701
	12,600	Petroleo Brasileiro SA		219,583
	9,600	Vale SA		278,914
				904,954
Germany — 0.1%
	276	Henkel AG & Co. KGAA		17,078
	190	Porsche Automobil Holding SE		12,393
	160	Volkswagen AG		25,852
				55,323
Total Preferred Stock (Cost $889,337)				960,277

EXCHANGE-TRADED FUND — 0.9%
	5,700	iShares MSCI EAFE Index Fund (Cost $345,387)		342,513
RIGHTS — 0.0%
	190	Porsche AG, Expires 04/11†		1,647
	510	Hutchison Whampoa, Ltd.† (a)		—

Total Rights (Cost $0)				1,647

PRIVATE COMPANY 0.0%
	7,765	BGP Holdings PLC † (a)(Cost $0)		—

Total Investments — 98.7%
(Cost $35,652,542)††				39,179,894
Other Assets & Liabilities, Net — 1.3%				508,372
NET ASSETS — 100.0%			$	39,688,266

† 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 March 31, 2011, 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.

†† At March 31, 2011, the tax basis cost of the Fund’s investments was $35,652,542 and the unrealized appreciation and depreciation were $7,127,348 and $(3,599,996), respectively.

Wilshire Variable Insurance Trust
International Equity Fund	March 31, 2011
Schedule of Investments	(Unaudited)

The following is a summary of the inputs used as of March 31, 2011, in valuing the Fund’s investments carried at value:

Investment in Securities
	Level 1		Level 2			Level 3			Total
Common Stock
Australia	$	9,637	$	1,748,592	*	$	—		$	1,758,229
Austria		—		316,424	*		—			316,424
Belgium		—		166,000	*		—			166,000
Bermuda		—		26,612	*		—			26,612
Brazil		267,351		—			—			267,351
Canada		1,490,984		—			—			1,490,984
China		—		746,364	*		—			746,364
Denmark		—		177,558	*		—			177,558
Finland		—		562,827	*		—			562,827
France		—		2,929,849	*		—			2,929,849
Germany		—		2,866,994	*		—			2,866,994
Greece		—		38,905	*		—			38,905
Guernsey		—		778	*		—			778
Hong Kong		—		1,673,841	*		—			1,673,841
India		456,675		—			—			456,675
Indonesia		—		409,224	*		—			409,224
Ireland		—		65,570	*		—			65,570
Israel		250,850		75,395	*		—			326,245
Italy		21,672		794,370	*		—			816,042
Japan		14,442		5,596,591	*		—			5,611,033
Jersey		—		4,445	*		—			4,445
Luxembourg		40		272,703	*		—			272,743
Malaysia		—		228,120	*		—			228,120
Mexico		652,922		—			—			652,922
Netherlands		—		1,630,885	*		—			1,630,885
New Zealand		—		10,818	*		—			10,818
Norway		—		384,774	*		—			384,774
Phillippines		—		65,792	*		—			65,792
Poland		—		109,026	*		—			109,026
Portugal		—		41,360	*		—			41,360
Russia		—		580,227	*		—			580,227
Singapore		—		935,269	*		—			935,269
South Africa		—		690,701	*		—			690,701
South Korea		—		1,312,071	*		—			1,312,071
Spain		83,509		1,228,951	*		—			1,312,460
Sweden		—		891,178	*		—			891,178
Switzerland		90,580		2,013,656	*		—			2,104,236
Thailand		—		184,611	*		—			184,611
Turkey		—		85,899	*		—			85,899
United Kingdom		—		5,450,555	*		—			5,450,555
United States		219,860		—			—			219,860
		3,558,522		34,316,935			—			37,875,457
Preferred Stock
Brazil		904,954		—			—			904,954
Germany		—		55,323	*		—			55,323
		904,954		55,323			—			960,277

Exchange-Traded Fund		342,513		—			—			342,513
Rights		1,647		—			—			1,647
Private Company		—		—			—	^		—
Total Investments in Securities	$	4,807,636	$	34,372,258		$	—		$	39,179,894

Wilshire Variable Insurance Trust
International Equity Fund	March 31, 2011
Schedule of Investments	(Unaudited)

* 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.

For the period ended March 31, 2011, the transfers out of Level 1 and into Level 2 were $1,537,091 and the transfers out of Level 2 into Level 1 were $(985,110). The transfers were related to the fair value of certain international securities.

WIL-QH-002-0500

Wilshire Variable Insurance Trust
Socially Responsible Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value

COMMON STOCK — 97.9%
Consumer Discretionary — 13.6%
	2,020	Amazon.com, Inc. †	$	363,862
	8,660	Cablevision Systems Corp., Class A		299,723
	26,920	Comcast Corp. Special, Class A		665,462
	4,030	Harley-Davidson, Inc.		171,235
	12,240	Home Depot, Inc. (The)		453,614
	13,240	Johnson Controls, Inc.		550,387
	2,380	Lennar Corp., Class A		43,126
	5,940	Marcus Corp.		64,746
	4,570	McDonald's Corp.		347,731
	22,290	News Corp., Class B		415,040
	27,000	Staples, Inc.		524,340
	32,610	Target Corp.		1,630,826
	16,500	Toll Brothers, Inc. †		326,205
	28,810	Walt Disney Co. (The)		1,241,423
	5,020	Yum! Brands, Inc.		257,928
				7,355,648
Consumer Staples — 9.8%
	5,550	Coca-Cola Co. (The)		368,243
	8,010	Costco Wholesale Corp.		587,293
	6,850	CVS Caremark Corp.		235,092
	6,400	Estee Lauder Cos., Inc. (The), Class A		616,704
	7,030	General Mills, Inc.		256,947
	6,500	HJ Heinz Co.		317,330
	8,600	Kellogg Co.		464,228
	4,650	Kimberly-Clark Corp.		303,505
	10,840	Kraft Foods, Inc., Class A		339,942
	8,400	McCormick & Co., Inc.		401,772
	7,610	PepsiCo, Inc.		490,160
	15,000	Procter & Gamble Co. (The)		924,000
				5,305,216
Energy — 9.9%
	4,575	Apache Corp.		598,959
	6,310	ConocoPhillips		503,916
	3,980	Devon Energy Corp.		365,245
	2,780	Diamond Offshore Drilling, Inc.		216,006
	18,930	El Paso Corp.		340,740
	6,140	National Oilwell Varco, Inc.		486,718
	7,700	Newfield Exploration Co. †		585,277
	11,320	Petrohawk Energy Corp. †		277,793
	26,160	Petroleo Brasileiro SA ADR		1,057,649
	2,200	Schlumberger, Ltd.		205,172
	13,680	Spectra Energy Corp.		371,822
	13,250	Weatherford International, Ltd. †		299,450
				5,308,747
Financials — 15.1%
	5,380	American Express Co.		243,176
	16,950	Annaly Capital Management, Inc.		295,778
	34,320	Bank of America Corp.		457,486
	6	Berkshire Hathaway, Inc., Class A †		751,800
	26,800	Charles Schwab Corp. (The)		483,204
	85,790	Chimera Investment Corp.		339,728
	84,480	Citigroup, Inc. †		373,401
	4,550	Comerica, Inc.		167,076
	14,300	Forest City Enterprises, Inc., Class A †		269,269
	690	Goldman Sachs Group, Inc. (The)		109,344
	22,560	JPMorgan Chase & Co.		1,040,016
	4,020	Lincoln National Corp.		120,761
	10,836	MetLife, Inc.		484,694
	9,270	Moody's Corp.		314,346
	22,120	Travelers Cos., Inc. (The)		1,315,698
	4,260	Visa, Inc., Class A		313,621

Shares			Value
Financials (continued)
	32,710	Wells Fargo & Co.	$	1,036,907
				8,116,305
Health Care — 8.4%
	4,270	Abbott Laboratories		209,444
	19,970	AmerisourceBergen Corp., Class A		790,013
	4,950	Amgen, Inc. †		264,578
	17,780	Bristol-Myers Squibb Co.		469,925
	2,190	Edwards Lifesciences Corp. †		190,530
	3,440	GlaxoSmithKline PLC ADR		132,130
	11,680	Johnson & Johnson		692,040
	7,530	Merck & Co., Inc.		248,565
	12,900	Novartis AG ADR		701,115
	34,600	Pfizer, Inc.		702,726
	870	Teva Pharmaceutical Industries, Ltd. ADR		43,648
	3,120	Warner Chilcott PLC, Class A		72,634
				4,517,348
Industrials — 11.8%
	7,550	3M Co.		705,925
	3,950	Covanta Holding Corp.		67,466
	1,780	Cummins, Inc.		195,124
	8,580	Eaton Corp.		475,675
	9,560	Emerson Electric Co.		558,591
	48,050	General Electric Co.		963,402
	4,990	Harsco Corp.		176,097
	9,280	Honeywell International, Inc.		554,109
	25,350	Masco Corp.		352,872
	9,310	Norfolk Southern Corp.		644,904
	2,810	PACCAR, Inc.		147,103
	6,780	Tyco International, Ltd.		303,541
	10,510	United Parcel Service, Inc., Class B		781,103
	12,080	Waste Management, Inc.		451,067
				6,376,979
Information Technology — 17.7%
	3,470	Apple, Inc. †		1,209,122
	12,930	ASML Holding NV, NY Shares		575,385
	5,730	Autodesk, Inc. †		252,750
	7,540	Automatic Data Processing, Inc.		386,877
	17,830	Cisco Systems, Inc.		305,785
	3,620	Citrix Systems, Inc. †		265,925
	8,370	eBay, Inc. †		259,805
	11,950	EMC Corp. †		317,272
	1,590	First Solar, Inc. †		255,736
	1,870	Google, Inc., Class A †		1,096,213
	6,030	International Business Machines Corp.		983,312
	7,260	Juniper Networks, Inc. †		305,501
	38,410	Microsoft Corp.		974,078
	3,750	Motorola Solutions, Inc. †		167,587
	7,050	NetApp, Inc. †		339,669
	22,150	Oracle Corp.		739,145
	2,570	QUALCOMM, Inc.		140,913
	15,680	Texas Instruments, Inc.		541,901
	9,540	VeriSign, Inc.		345,443
	3,060	Xilinx, Inc.		100,368
				9,562,787
Materials — 6.6%
	4,730	Air Products & Chemicals, Inc.		426,551
	4,400	BHP Billiton, Ltd. ADR		421,872
	13,760	Celanese Corp., Series A		610,531
	4,000	Ecolab, Inc.		204,080
	4,940	EI du Pont de Nemours & Co.		271,552
	20,370	International Paper Co.		614,766
	4,850	Potash Corp. of Saskatchewan, Inc.		285,811

Wilshire Variable Insurance Trust
Socially Responsible Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value
Materials (continued)
	7,800	PPG Industries, Inc.	$	742,638
				3,577,801
Telecommunication Services — 3.1%
	8,050	American Tower Corp., Class A †		417,151
	18,740	AT&T, Inc.		573,444
	17,040	Verizon Communications, Inc.		656,722
				1,647,317
Utilities — 1.9%
	12,700	NextEra Energy, Inc.		700,024
	3,220	Sempra Energy		172,270
	5,190	Wisconsin Energy Corp.		158,295
				1,030,589
Total Common Stock (Cost $38,351,896)				52,798,737
Total Investments — 97.9%
(Cost $38,351,896)††				52,798,737
Other Assets & Liabilities, Net — 2.1%				1,107,643
NET ASSETS — 100.0%			$	53,906,380

†	Non-income producing security.

ADR — American Depositary Receipt

NY — New York

PLC— Public Limited Company

†† At March 31, 2011, the tax basis cost of the Fund’s investments was $38,351,896 and the unrealized appreciation and depreciation were $14,895,338 and $(448,497), respectively.

As of March 31, 2011, all of the Fund’s investments in securities were considered Level 1.

For the period ended March 31, 2011, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

WIL-QH-002-0500

Wilshire Variable Insurance Trust
2015 ETF Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value

EXCHANGE-TRADED FUNDS — 98.6%
	72,989	iShares Barclays TIPS Bond Fund	$	7,967,479
	51,688	iShares MSCI EAFE Index Fund		3,105,932
	3,102	SPDR Barclays Capital High Yield Bond ETF		125,600
	32,066	SPDR Barclays Capital International Treasury Bond ETF		1,918,509
	9,697	SPDR Dow Jones International Real Estate ETF		378,474
	14,576	Vanguard Emerging Markets ETF		713,058
	1,000	Vanguard Growth ETF		64,300
	123,380	Vanguard Large-Cap ETF		7,497,802
	13,516	Vanguard REIT ETF		790,551
	8,867	Vanguard Small-Cap Growth ETF		765,222
	20,659	Vanguard Small-Cap Value ETF		1,476,085
	11,682	Vanguard Total Bond Market ETF		934,794

Total Exchange-Traded Funds
(Cost $21,766,838)				25,737,806
Total Investments— 98.6%
(Cost $21,766,838) †				25,737,806
Other Assets & Liabilities, Net — 1.4%				370,902
NET ASSETS — 100.0%			$	26,108,708

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

† At March 31, 2011, the tax basis cost of the Fund’s investments was $21,767,044 and the unrealized appreciation and depreciation were $3,977,424 and $(6,662), respectively.

As of March 31, 2011, all of the Fund’s investments in securities were considered Level 1.

For the period ended March 31, 2011, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

WIL-QH-003-0500

Wilshire Variable Insurance Trust
2025 ETF Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value

EXCHANGE-TRADED FUNDS — 98.8%
	52,928	iShares Barclays TIPS Bond Fund	$	5,777,620
	65,231	iShares MSCI EAFE Index Fund		3,919,731
	4,806	SPDR Barclays Capital High Yield Bond ETF		194,595
	27,512	SPDR Barclays Capital International Treasury Bond ETF		1,646,043
	4,991	SPDR Dow Jones International Real Estate ETF		194,799
	16,381	Vanguard Emerging Markets ETF		801,359
	2,067	Vanguard Growth ETF		132,908
	138,046	Vanguard Large-Cap ETF		8,389,055
	13,920	Vanguard REIT ETF		814,181
	10,770	Vanguard Small-Cap Growth ETF		929,451
	21,267	Vanguard Small-Cap Value ETF		1,519,527
	27,302	Vanguard Total Bond Market ETF		2,184,706

Total Exchange-Traded Funds
(Cost $22,653,497)				26,503,975
Total Investments — 98.8%
(Cost $22,653,497) †				26,503,975
Other Assets & Liabilities, Net — 1.2%				322,789
NET ASSETS — 100.0%			$	26,826,764

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

† At March 31, 2011, the tax basis cost of the Fund’s investments was $22,656,557 and the unrealized appreciation and depreciation were $3,862,855 and $(15,437), respectively.

As of March 31, 2011, all of the Fund’s investments in securities were considered Level 1.

For the period ended March 31, 2011, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

WIL-QH-003-0500

Wilshire Variable Insurance Trust
2035 ETF Fund	March 31, 2011
Schedule of Investments	(Unaudited)

Shares			Value

EXCHANGE-TRADED FUNDS — 97.2%
	28,701	iShares Barclays TIPS Bond Fund	$	3,133,001
	88,133	iShares MSCI EAFE Index Fund		5,295,912
	21,246	SPDR Barclays Capital International Treasury Bond ETF		1,271,148
	5,051	SPDR Dow Jones International Real Estate ETF		197,141
	18,039	Vanguard Emerging Markets ETF		882,468
	2,095	Vanguard Growth ETF		134,709
	164,468	Vanguard Large-Cap ETF		9,994,720
	14,084	Vanguard REIT ETF		823,773
	13,439	Vanguard Small-Cap Growth ETF		1,159,786
	20,601	Vanguard Small-Cap Value ETF		1,471,941
	31,784	Vanguard Total Bond Market ETF		2,543,356

Total Exchange-Traded Funds
(Cost $22,747,838)				26,907,955
Total Investments —97.2%
(Cost $22,747,838) †				26,907,955

Other Assets & Liabilities, Net — 2.8%				780,967
NET ASSETS — 100.0%			$	27,688,922

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

† At March 31, 2011, the tax basis cost of the Fund’s investments was $22,747,838 and the unrealized appreciation and depreciation were $4,181,187 and $(21,070), respectively.

As of March 31, 2011, all of the Fund’s investments in securities were considered Level 1.

For the period ended March 31, 2011, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

WIL-QH-003-0500

(Registrant)	Wilshire Variable Insurance Trust

By (Signature and Title)	/s/ Jamie B. Ohl
	Jamie B. Ohl, President

Date: May 27, 2011

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

Date: May 27, 2011