fp0008153_ncsrs.htm

Wilshire Variable Insurance Trust

Table of Contents

Shareholder Letter	2
Fund Commentaries	4
Disclosure of Fund Expenses	16
Schedules of Investments	18
Statements of Assets and Liabilities	46
Statements of Operations	47
Statements of Changes in Net Assets	48
Financial Highlights	50
Notes to Financial Statements	56
Additional Fund Information	67
Board Approval of Subadvisory Agreements	68

Shares of the Equity Fund, Balanced Fund, Income Fund, Small Cap Fund, International Equity Fund and Socially Responsible Fund are sold only as the underlying investment for variable annuity contracts issued by insurance companies. This report is authorized for use in connection with any offering of a Fund’s shares only if accompanied or preceded by the Fund’s current prospectus.

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

Wilshire Variable Insurance Trust

Shareholder Letter

Dear Wilshire Variable Insurance Trust Shareholder:

We are pleased to present this first half report to all shareholders of the Wilshire Variable Insurance Trust. This report covers the period from January 1, 2013 to June 30, 2013 for the Equity Fund, Balanced Fund, Income Fund, Small Cap Fund, International Equity Fund, and Socially Responsible Fund.

MARKET ENVIRONMENT

U.S. Equity Market

The U.S. stock market, represented by the Wilshire 5000 Total Market IndexSM, posted a total return of 13.98% during the first half of the year. Small-cap growth stocks gained the most year-to-date, as the Wilshire U.S. Small-Cap Growth IndexSM added 18.55%. The market’s rise was realized despite giving back 1.27% in June, its first monthly loss since October 2012. Solid gains in April and May – up 1.93% and 2.34%, respectively – propelled U.S. stocks to an impressive 13.98% advance through the end of June. This marked the best first half of a calendar year since 1998, when the U.S. stock market was up 15.47% through the first six months of that year. Small capitalization stocks outperformed larger stocks in the first half of 2013, and on a style basis, micro-cap stocks have enjoyed an outstanding 2013 so far.

International Equity Market

International equities also advanced in the first half of the year as the MSCI EAFE Index rose 4.10%. However, emerging markets equities struggled year-to-date, with the MSCI Emerging Markets Index losing -9.57%. Through the first half of the year, the European Union continued to struggle with political uncertainty in Greece as well as lackluster economic expansion and/or recession throughout the region. The announced upcoming wind-down of the U.S. Federal Reserve’s programs of accommodative lending sent markets reeling worldwide. Japan’s 2013 rally plunged into a volatile bear run after the Nikkei hit a five-year high on May 22; however, Japanese stocks remain among the strongest performers this year. Emerging markets stocks continued to find performance held back by concerns over China’s slowing domestic economy. Additionally, political unrest in Egypt, Brazil, and Turkey late in the second quarter also weighed on emerging markets.

Bond Market

Bond returns were mixed in the first half of the year. The broad fixed-income market posted positive returns as the Barclays Aggregate Bond Index returned 2.44% year-to-date. High yield bonds also did well on a relative basis, as the Barclays U.S. Corporate High Yield Index gained 1.42% in the same period. Long-term U.S. Treasuries lost value, with the Barclays Long Term Treasury Index losing -7.97% in the first two quarters. Bond yields began to drift lower in April, with the bellwether 10-year U.S. Treasury hitting a near-term low of 1.66% on May 1. Subsequently, yields climbed sharply higher, with the 10-year Treasury closing the second quarter at 2.52%, fully 65 basis points higher than its first quarter close. With the end of the Federal Reserve’s “easy money” policy looming on the horizon, interest rate-sensitive assets in general suffered losses; corporate spreads widened over the quarter as well. Non-U.S. fixed income performed roughly on par with U.S.-based paper, although the strength of the U.S. dollar eroded performance on unhedged assets.

FUND PERFORMANCE REVIEW

The Wilshire Variable Insurance Trust Funds had mostly negative relative performance in the first half of 2013. The Equity Fund returned 11.70%, underperforming the S&P 500 Index’s return of 13.82% by 2.12%.The Balanced Fund returned 5.52%, underperforming its custom benchmark return of 6.51% by 0.99%. The Income Fund returned -2.88%, underperforming the Barclays Capital U.S. Aggregate Bond Index of -2.44% by 0.44%.The Small Cap Fund returned 16.90%, outperforming the Russell 2000 Index’s return of 15.86% by 1.04%.The International Equity Fund returned -0.16%, underperforming the MSCI EAFE Index’s return of 4.10% by 4.26%.The Socially Responsible Fund returned 12.34%, underperforming the S&P 500 Index’s return of 13.82% by 1.49%. While all Funds except the Small Cap Fund underperformed their respective benchmarks over the period, we are confident that each Fund is well positioned for future growth.

Sincerely,

Jason Schwarz

President, Wilshire Variable Insurance Trust

Wilshire Variable Insurance Trust

Shareholder Letter - (Continued)

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

Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any stock in particular.

There are risks involved with investing, including the possible loss of principal. In addition to the risks associated with investing, investments in smaller companies typically exhibit higher volatility. Bonds and bond funds will decrease in value as interest rates rise. Foreign investments often involve risks such as political instability, differences in financial reporting standards and less stringent regulation of securities markets. Foreign investment risk may be particularly high to the extent the funds invest in securities of issuers based in countries with developing economies (i.e., emerging markets). These securities may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign (non-U.S.) countries. Diversification may not protect against loss.

Wilshire Variable Insurance Trust Funds are available only through third party insurance company separate accounts established for the purposes of funding variable life contracts and may not be purchased directly. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. Please see the prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies.

Wilshire Variable Insurance Trust

Equity Fund

Commentary

EQUITY FUND

Average Annual Total Return

Six Months Ended 06/30/13*	11.70%
One Year Ended 06/30/13	18.28%
Five Years Ended 06/30/13	3.46%
Ten Years Ended 06/30/13	5.12%

S&P 500 INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13*	13.82%
One Year Ended 06/30/13	20.60%
Five Years Ended 06/30/13	7.01%
Ten Years Ended 06/30/13	7.30%

*	Not annualized.

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

During certain periods, certain fees and expenses were waived and reimbursed. Without waivers and reimbursements, total returns for the periods would have been lower. For the six months ended June 30, 2013, there were no waivers.

Wilshire Variable Insurance Trust

Equity Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING*

(As of June 30, 2013)

The U.S. stock market got off to its strongest start since 1998 as the S&P 500 Index rose 13.82% through June 2013. The market rallied in the first quarter with the S&P 500 Index hitting new all-time highs as investors cheered the news of a “Fiscal Cliff” resolution, a positive fourth quarter GDP estimate marking the 14th consecutive quarter of economic expansion, and signs of improvement within the housing sector. The second quarter saw more modest but still positive gains as investors grappled with the possibility of the Federal Reserve “tapering” its quantitative easing program earlier than anticipated. However, the U.S. market again hit new all-time highs during the second quarter. Both large and small capitalization stocks posted strong gains during the first six months of the year, however small capitalization securities modestly outpaced their large capitalization counterparts with the Russell 2000 Index and Russell 1000 Index returning 15.86% and 13.90%, respectively.

Within the large capitalization space, value stocks outperformed growth securities, and within the small capitalization space, growth stocks outperformed value securities. All sectors within the Wilshire 5000 Index were positive year-to-date. Consumer Discretionary (20.47%), Health Care (20.42%) and Financials (17.95%) were the top performers, while Materials (2.06%) and Information Technology (6.62%) lagged the broader market during the first half of the year.

The Equity Fund (the “Fund”) returned 11.70% for the first six months of 2013, underperforming the S&P 500 Index return of 13.82% by 2.12%. The Fund benefited from positive stock selection in Financials and Information Technology; performance was offset by poor stock selection in Health Care and Consumer Staples.

Despite the Fund’s underperformance versus its benchmark, we believe the Fund is well positioned going into the second half of 2013 as the market deals with ongoing macroeconomic and geopolitical uncertainty.

*	Based on percent of the Fund’s total investments in securities and affiliated funds, at value. Includes investments held as collateral for securities on loan (See Note 6 in Notes to Financial Statements).

Wilshire Variable Insurance Trust

Balanced Fund

Commentary

BALANCED FUND

Average Annual Total Return

Six Months Ended 06/30/13*	5.52%
One Year Ended 06/30/13	11.90%
Five Years Ended 06/30/13	4.38%
Ten Years Ended 06/30/13	4.81%

STOCK/BOND COMPOSITE INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13*	6.51%
One Year Ended 06/30/13	12.53%
Five Years Ended 06/30/13	5.69%
Ten Years Ended 06/30/13	6.71%

*	Not annualized.

(1)

Stock/Bond Composite Index is a blend of 50% S&P 500 Index, 35% Barclays Capital U.S. Aggregate Bond Index and 15% of the MSCI EAFE Index. The S&P 500 Index is an unmanaged index consisting of 500 stocks. The Barclays Capital U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. The MSCI EAFE Index is an unmanaged capitalization-weighted measure of stock markets in Europe, Australasia and the Far East. An individual cannot invest directly in any index. Index performance is presented for general comparative purposes.

Wilshire Variable Insurance Trust

Balanced Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING*

(As of June 30, 2013)

The U.S. stock market got off to its strongest start since 1998 as the S&P 500 Index rose 13.82% through June 2013. The market rallied in the first quarter as investors cheered the news of a “Fiscal Cliff” resolution, a positive fourth quarter GDP estimate marking the 14th consecutive quarter of economic expansion, and signs of improvement within the housing sector. The second quarter saw more modest but still positive gains as investors grappled with the possibility of the Federal Reserve “tapering” its quantitative easing program earlier than anticipated.

International stock markets underperformed the U.S. as the MSCI EAFE Index returned 4.10% in the first half of the year. The Eurozone continued to then struggle as concerns over the region’s debt crisis prompted the European Central Bank to cut its benchmark interest rate to a record low 0.5%. Conversely, the Japanese market soared after the Bank of Japan’s new governor announced plans for aggressive quantitative easing. The MSCI Japan Index returned 16.55% year to date. Emerging markets fared worse with the MSCI Emerging Markets Index returning -9.57% for the first half of the year.

Fixed income struggled during the first half of the year with investment grade U.S. bonds (the Barclays Capital U.S. Aggregate Bond Index) returning -2.44% and global bonds (the Citi World Government Bond Index) returning -2.97%. The Treasury market also sold off and the 10-year U.S. Treasury ended the second quarter at 2.52%, up 64 basis points from 1.78% at the end of 2012.

The Balanced Fund (the “Fund”) returned 5.52% for the first six months of 2013, underperforming the custom benchmark return of 6.51% by 0.99%. Despite the Fund’s underperformance versus its benchmark, we believe the Fund is well positioned going into the second half of 2013 as the market deals with ongoing macroeconomic and geopolitical uncertainty.

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

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

Wilshire Variable Insurance Trust

Income Fund

Commentary

INCOME FUND

Average Annual Total Return

Six Months Ended 06/30/13*	(2.88)%
One Year Ended 06/30/13	0.53%
Five Years Ended 06/30/13	5.62%
Ten Years Ended 06/30/13	4.16%

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

Average Annual Total Return

Six Months Ended 06/30/13*	(2.44)%
One Year Ended 06/30/13	(0.69)%
Five Years Ended 06/30/13	5.19%
Ten Years Ended 06/30/13	4.52%

*	Not annualized.

(1)

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

Wilshire Variable Insurance Trust

Income Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING*

(As of June 30, 2013)

As interest rates rose and corporate credit spreads widened, fixed income struggled during the first half of the year. Investment grade U.S. bonds (the Barclays Capital U.S. Aggregate Bond Index) returned -2.44% and global bonds (the Citi World Government Bond Index) returned -2.97%. The Treasury market also sold off following comments from the Federal Reserve about the possibility of “tapering” quantitative easing bond purchases sooner than the market anticipated. The 10-year U.S. Treasury rallied to 2.6%, its highest level since July 2011, before ending the second quarter at 2.52%, up 64 basis points from 1.78% at the end of 2012. High yield bonds outperformed their higher quality counterparts with the Bank of America Merrill Lynch High Yield Master II Index returning 1.46%.

The Income Fund (the “Fund”) returned -2.88% for the first six months of 2013, underperforming the Barclays Capital U.S. Aggregate Bond Index return of -2.44% by 0.44%. The Fund benefited from its exposure to Non-Agency mortgage-backed securities, but was hurt by exposure to Investment Grade credits.

*	Based on percent of the Fund’s total investments in securities, at value. Includes investments held as collateral for securities on loan (See Note 6 in Notes to Financial Statements).

Wilshire Variable Insurance Trust

Small Cap Fund

Commentary

SMALL CAP FUND

Average Annual Total Return

Six Months Ended 06/30/13*	16.90%
One Year Ended 06/30/13	17.61%
Five Years Ended 06/30/13	5.30%
Ten Years Ended 06/30/13	6.58%

RUSSELL 2000 GROWTH INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13*	17.44%
One Year Ended 06/30/13	23.67%
Five Years Ended 06/30/13	8.89%
Ten Years Ended 06/30/13	9.62%

*	Not annualized.

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

Prior to March 24, 2013, the Small Cap Fund was named the Small Cap Growth Fund. Effective on that same date, the Fund’s benchmark changed from the Russell 2000© Growth Index to the Russell 2000© Index and the Fund began investing in the Wilshire Small Company Growth Portfolio and the Wilshire Small Company Value Portfolio. Accordingly, the Fund’s shareholders bear the indirect expenses of the Fund’s assets invested in the Wilshire Small Company Growth Portfolio and the Wilshire Small Company Value Portfolio and the management fee charged to the Fund is based on the average daily net assets not invested in the Wilshire Small Company Growth Portfolio and the Wilshire Small Company Value Portfolio.

Wilshire Variable Insurance Trust

Small Cap Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING*

(As of June 30, 2013)

The Small Cap Fund (the “Fund”) returned 16.90% for the first six months of 2013, outperforming the Russell 2000 Index return of 15.86% by 1.04%. The Fund benefited from positive stock selection in Financials and Industrials; performance was partially offset by poor stock selection in Health Care.

We are pleased with the Fund’s outperformance for the year-to-date period and believe the Fund is well positioned going into the second half of 2013 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

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

*	Based on percent of the Fund’s total investments in securities, at value. Includes investments held as collateral for securities on loan (See Note 6 in Notes to Financial Statements).

Wilshire Variable Insurance Trust

International Equity Fund

Commentary

INTERNATIONAL EQUITY FUND

Average Annual Total Return

Six Months Ended 06/30/13*	(0.16)%
One Year Ended 06/30/13	13.61%
Five Years Ended 06/30/13	(1.83)%
Ten Years Ended 06/30/13	5.28%

MSCI EAFE INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13*	4.10%
One Year Ended 06/30/13	18.62%
Five Years Ended 06/30/13	(0.63)%
Ten Years Ended 06/30/13	7.67%

*	Not annualized.

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

Wilshire Variable Insurance Trust

International Equity Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING*

(As of June 30, 2013)

International stock markets underperformed the U.S. as the MSCI EAFE Index returned 4.10% in the first half of the year. The Cypriot banking crisis dominated headlines to start the year. The Eurozone continued to then struggle as the region experienced its sixth consecutive quarter of recessionary conditions and concerns over the region’s debt crisis prompted the European Central Bank cut its benchmark interest rate to a record low 0.5%. Conversely, the Japanese market soared as the yen dramatically weakened after the Bank of Japan’s new governor announced plans for aggressive quantitative easing. The MSCI Japan Index returned 16.55% during the first half of the year. Emerging markets fared worse as inflation worries, decreasing commodity prices, political unrest in Turkey, Brazil, and Egypt, and continuing fears over a slowdown in the Chinese economy rattled investors. The MSCI Emerging Markets Index returned -9.57% for the first half of the year.

Within the MSCI EAFE Index, sector performance was mixed. Consumer Discretionary (13.68%), Health Care (13.47%) and Telecom Services (11.98%) performed strongly, while Utilities (3.79%) and Information Technology (4.40%) lagged. Hurt by decreasing commodity prices, Materials (-12.81%) and Energy (-4.48%) were the worst performing sectors during the period.

The International Equity Fund (the “Fund”) returned -0.16% for the first six months of 2013, underperforming the MSCI EAFE Index return of 4.10% by 4.26%. The Fund’s larger than the benchmark allocation to Emerging Markets hurt performance this period as emerging market trailed developed international markets by 13.67%.

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

*	Based on percent of the Fund’s total investments in securities, at value. Includes investments held as collateral for securities on loan (See Note 6 in Notes to Financial Statements).

Wilshire Variable Insurance Trust

Socially Responsible Fund

Commentary

SOCIALLY RESPONSIBLE FUND

Average Annual Total Return

Six Months Ended 06/30/13*	12.34%
One Year Ended 06/30/13	18.78%
Five Years Ended 06/30/13	4.18%
Ten Years Ended 06/30/13	5.35%

S&P 500 INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13*	13.82%
One Year Ended 06/30/13	20.60%
Five Years Ended 06/30/13	7.01%
Ten Years Ended 06/30/13	7.30%

*	Not annualized.

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

During certain periods since inception, certain fees and expenses were waived and reimbursed. Without waivers and reimbursements, total returns since inception would have been lower. For the six months ended June 30, 2013, there were no waivers.

Wilshire Variable Insurance Trust

Socially Responsible Fund

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING*

(As of June 30, 2013)

The Socially Responsible Fund (the “Fund”) returned 12.34% for the first six months of 2013, underperforming the S&P 500 Index return of 13.82% by 1.48%. The Fund benefited from positive stock selection in Utilities and Materials; performance was partially offset by poor stock selection in Consumer Discretionary and Energy.

*	Based on percent of the Fund’s total investments in securities, at value. Includes investments held as collateral for securities on loan (See Note 6 in Notes to Financial Statements).

Wilshire Variable Insurance Trust

Disclosure of Fund Expenses

For the Six Months Ended June 30, 2013 (Unaudited)

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

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

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

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

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

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

Wilshire Variable Insurance Trust

Disclosure of Fund Expenses - (Continued)

For the Six Months Ended June 30, 2013 (Unaudited)

	Beginning Account Value 01/01/13	Ending Account Value 06/30/13	Expense Ratio(1)	Expenses Paid During Period 01/01/13-06/30/13(2)(3)
Equity Fund(4)
Actual Fund Return	$1,000.00	$1,117.00	0.73%	$3.83
Hypothetical 5% Return	$1,000.00	$1,021.17	0.73%	$3.66
Balanced Fund(4)
Actual Fund Return	$1,000.00	$1,055.20	0.26%	$1.32
Hypothetical 5% Return	$1,000.00	$1,023.51	0.26%	$1.30
Income Fund
Actual Fund Return	$1,000.00	$971.20	1.17%	$5.72
Hypothetical 5% Return	$1,000.00	$1,018.99	1.17%	$5.86
Small Cap Fund(4)
Actual Fund Return	$1,000.00	$1,169.00	1.28%	$6.88
Hypothetical 5% Return	$1,000.00	$1,018.45	1.28%	$6.41
International Equity Fund(4)
Actual Fund Return	$1,000.00	$998.40	1.45%	$7.18
Hypothetical 5% Return	$1,000.00	$1,017.60	1.45%	$7.25
Socially Responsible Fund
Actual Fund Return	$1,000.00	$1,123.40	1.33%	$7.00
Hypothetical 5% Return	$1,000.00	$1,018.20	1.33%	$6.66

(1)	Annualized, based on the Fund’s most recent fiscal half-year expenses.

(2)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the period, then divided by 365.

(3)	Expenses shown do not include annuity contract fees.

(4)	The expense ratio does not include the expenses of the underlying funds.

Equity Fund

Schedule of Investments

June 30, 2013 (Unaudited)

Value

INVESTMENTS IN UNDERLYING FUNDS — 66.6%
	1,657,800	Wilshire Large Company Growth Portfolio*	$	64,952,624
	3,564,542	Wilshire Large Company Value Portfolio*		67,155,964

Total Investments in Underlying Funds
(Cost $126,902,100)				132,108,588

COMMON STOCK — 33.2%
Consumer Discretionary — 4.6%
	1,000	Amazon.com, Inc.†(a)		277,690
	3,750	Apollo Group, Inc., Class A†(a)		66,450
	2,650	Best Buy Co., Inc.		72,424
	2,900	CBS Corp., Class B		141,723
	6,500	Comcast Corp., Class A		272,220
	1,700	Dollar Tree, Inc.†		86,428
	7,550	Ford Motor Co.		116,798
	3,400	Gannett Co., Inc.		83,164
	3,550	Gap, Inc. (The)		148,141
	4,500	Goodyear Tire & Rubber Co. (The)		68,805
	1,500	Harman International Industries, Inc.		81,300
	3,550	Home Depot, Inc. (The)		275,019
	29,333	Lowe's Cos., Inc.		1,199,720
	2,400	Macy's, Inc.		115,200
	1,450	McDonald's Corp.		143,550
	3,900	News Corp., Class A†		127,140
	2,700	NIKE, Inc., Class B		171,936
	1,800	Omnicom Group, Inc.(a)		113,166
	750	O'Reilly Automotive, Inc.†(a)		84,465
	5,950	Staples, Inc.(a)		94,367
	1,500	Starbucks Corp.		98,235
	10,887	Time Warner Cable, Inc., Class A		1,224,570
	2,650	Time Warner, Inc.		153,223
	2,100	TJX Cos., Inc.		105,126
	4,849	Tupperware Brands Corp.(a)		376,719
	6,175	VF Corp.(a)		1,192,146
	3,500	Walt Disney Co. (The)		221,025
	7,412	Whirlpool Corp.(a)		847,636
	16,630	Yum! Brands, Inc.		1,153,124
				9,111,510
Consumer Staples — 4.2%
	3,650	Altria Group, Inc.		127,713
	2,200	Archer-Daniels-Midland Co.		74,602
	35,472	Coca-Cola Co. (The)		1,422,782
	1,350	Costco Wholesale Corp.		149,270
	24,169	CVS Caremark Corp.		1,381,983
	2,100	General Mills, Inc.		101,913
	1,100	Hershey Co. (The)		98,208
	1,800	Hormel Foods Corp.(a)		69,444
	1,250	Kimberly-Clark Corp.(a)		121,425
	1,950	Kraft Foods Group, Inc.(a)		108,946
	3,050	Kroger Co. (The)(a)		105,347
	26,263	Lorillard, Inc.(a)		1,147,168
	11,280	McCormick & Co., Inc.(a)		793,661
	1,800	Molson Coors Brewing Co., Class B(a)		86,148
	3,750	Mondelez International, Inc., Class A		106,988
	3,400	PepsiCo, Inc.		278,086
	13,984	Philip Morris International, Inc.		1,211,294
	5,800	Procter & Gamble Co. (The)		446,542
	2,050	Reynolds American, Inc.(a)		99,159
	2,700	Walgreen Co.		119,340
	2,100	Wal-Mart Stores, Inc.		156,429

Value

Consumer Staples — (continued)
	1,800	Whole Foods Market, Inc.	$	92,664
				8,299,112
Energy — 3.3%
	3,400	Chesapeake Energy Corp.(a)		69,292
	13,925	Chevron Corp.		1,647,884
	4,050	ConocoPhillips		245,025
	2,150	Diamond Offshore Drilling, Inc.(a)		147,898
	1,700	Ensco PLC, Class A		98,804
	8,450	Exxon Mobil Corp.(a)		763,457
	1,350	Helmerich & Payne, Inc.(a)		84,308
	21,377	Kinder Morgan, Inc.(a)		815,533
	4,400	Marathon Oil Corp.		152,152
	1,950	Marathon Petroleum Corp.		138,567
	2,300	Murphy Oil Corp.(a)		140,047
	1,150	Occidental Petroleum Corp.		102,615
	14,945	Phillips 66		880,410
	1,700	Schlumberger, Ltd.		121,822
	27,057	Seadrill, Ltd.(a)		1,102,302
	2,300	Valero Energy Corp.		79,971
				6,590,087
Financials — 4.7%
	8,869	ACE, Ltd.(a)		793,598
	2,700	Allstate Corp. (The)		129,924
	1,600	American Express Co.		119,616
	2,400	American International Group, Inc.†(a)		107,280
	4,500	Apartment Investment & Management Co., Class A‡		135,180
	1,800	Assurant, Inc.		91,638
	1,800	AvalonBay Communities, Inc.‡		242,838
	17,500	Bank of America Corp.		225,050
	2,150	Berkshire Hathaway, Inc., Class B†(a)		240,628
	3,895	BlackRock, Inc., Class A(a)		1,000,431
	1,800	Chubb Corp. (The)		152,370
	2,550	Cincinnati Financial Corp.		117,045
	4,500	Citigroup, Inc.		215,865
	13,020	Cullen/Frost Bankers, Inc.(a)		869,345
	4,700	Fifth Third Bancorp(a)		84,835
	550	Franklin Resources, Inc.		74,811
	1,350	Goldman Sachs Group, Inc. (The)(a)		204,187
	29,837	JPMorgan Chase & Co.		1,575,095
	3,300	Leucadia National Corp.		86,526
	4,100	Lincoln National Corp.(a)		149,527
	750	M&T Bank Corp.(a)		83,812
	1,800	Prudential Financial, Inc.		131,454
	1,800	State Street Corp.		117,378
	3,950	SunTrust Banks, Inc.		124,702
	2,050	Travelers Cos., Inc. (The)		163,836
	3,750	U.S. Bancorp		135,563
	42,417	Wells Fargo & Co.		1,750,550
	2,700	XL Group PLC, Class A		81,864
	3,000	Zions Bancorporation(a)		86,640
				9,291,588
Health Care — 3.6%
	3,000	Abbott Laboratories		104,640
	24,530	AbbVie, Inc.		1,014,070
	2,100	Aetna, Inc.		133,434
	1,750	AmerisourceBergen Corp., Class A(a)		97,702
	1,950	Amgen, Inc.		192,387
	700	Biogen Idec, Inc.†(a)		150,640
	2,400	Cardinal Health, Inc.		113,280

See Notes to Financial Statements.

Equity Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Value

Health Care — 3.6% (continued)
	2,550	CareFusion Corp.†	$	93,967
	1,800	Celgene Corp.†		210,438
	1,450	Cigna Corp.		105,111
	12,077	Covidien PLC		758,919
	3,000	Eli Lilly & Co.		147,360
	1,950	Forest Laboratories, Inc.†		79,950
	1,700	Gilead Sciences, Inc.†		87,057
	1,050	Humana, Inc.		88,599
	5,600	Johnson & Johnson		480,816
	3,750	Medtronic, Inc.(a)		193,013
	7,100	Merck & Co., Inc.		329,795
	5,133	Novo Nordisk ADR(a)		795,461
	55,846	Pfizer, Inc.(a)		1,564,246
	1,200	Stryker Corp.(a)		77,616
	1,350	UnitedHealth Group, Inc.		88,398
	1,200	Varian Medical Systems, Inc.†(a)		80,940
	1,250	WellPoint, Inc.		102,300
	1,500	Zimmer Holdings, Inc.(a)		112,410
				7,202,549
Industrials — 3.1%
	1,800	3M Co.		196,830
	1,500	Avery Dennison Corp.		64,140
	1,700	Boeing Co. (The)(a)		174,148
	7,323	Caterpillar, Inc.(a)		604,074
	1,500	Dover Corp.(a)		116,490
	13,863	Eaton Corp. PLC(a)		912,324
	2,400	Emerson Electric Co.		130,896
	1,350	Fluor Corp.		80,068
	21,200	General Electric Co.		491,628
	11,969	Honeywell International, Inc.(a)		949,620
	1,050	Illinois Tool Works, Inc.		72,629
	1,750	Ingersoll-Rand PLC		97,160
	1,050	Northrop Grumman Corp.(a)		86,940
	700	Parker Hannifin Corp.(a)		66,780
	2,550	Raytheon Co.(a)		168,606
	2,600	Republic Services, Inc., Class A		88,244
	1,000	Rockwell Automation, Inc.		83,140
	7,150	Southwest Airlines Co.		92,164
	8,070	Union Pacific Corp.		1,245,040
	1,550	United Parcel Service, Inc., Class B(a)		134,044
	1,200	United Technologies Corp.		111,528
	350	WW Grainger, Inc.(a)		88,263
				6,054,756
Information Technology — 5.8%
	13,930	Accenture PLC, Class A		1,002,403
	1,650	Adobe Systems, Inc.†		75,174
	1,750	Akamai Technologies, Inc.†		74,462
	3,999	Apple, Inc.(a)		1,583,924
	6,050	Applied Materials, Inc.(a)		90,205
	3,950	CA, Inc.		113,089
	11,700	Cisco Systems, Inc.		284,427
	1,150	Cognizant Technology Solutions Corp., Class A†		72,001
	9,050	Corning, Inc.		128,781
	6,800	Dell, Inc.		90,780
	2,500	eBay, Inc.†		129,300
	17,508	Fidelity National Information Services, Inc.		750,043
	3,750	FLIR Systems, Inc.		101,138
	450	Google, Inc., Class A†		396,167

Value

Information Technology — (continued)
	5,500	Hewlett-Packard Co.	$	136,400
	7,250	Intel Corp.		175,595
	6,710	International Business Machines Corp.		1,282,348
	1,650	Lam Research Corp.†(a)		73,161
	12,850	LSI Corp.†		91,749
	2,100	Microchip Technology, Inc.(a)		78,225
	46,593	Microsoft Corp.		1,608,856
	14,954	Motorola Solutions, Inc.(a)		863,294
	2,100	NetApp, Inc.(a)		79,338
	6,250	Oracle Corp.		192,000
	2,650	Paychex, Inc.(a)		96,778
	21,268	QUALCOMM, Inc.		1,299,050
	4,900	SAIC, Inc.(a)		68,257
	3,300	Symantec Corp.		74,151
	2,400	Texas Instruments, Inc.		83,688
	1,150	Visa, Inc., Class A(a)		210,163
	6,900	Xerox Corp.		62,583
	5,900	Yahoo!, Inc.†		148,149
				11,515,679
Materials — 1.2%
	350	CF Industries Holdings, Inc.		60,025
	900	Ecolab, Inc.		76,671
	2,250	EI du Pont de Nemours & Co.(a)		118,125
	2,250	Freeport-McMoRan Copper & Gold, Inc.		62,123
	900	International Flavors & Fragrances, Inc.		67,644
	900	LyondellBasell Industries NV, Class A		59,634
	2,100	Monsanto Co.		207,480
	8,035	Packaging Corp. of America		393,394
	900	PPG Industries, Inc.		131,769
	450	Sherwin-Williams Co. (The)		79,470
	29,462	Southern Copper Corp.		813,740
	7,000	Weyerhaeuser Co.‡		199,430
				2,269,505
Telecommunication Services — 0.9%
	41,435	AT&T, Inc.(a)		1,466,799
	2,700	CenturyLink, Inc.(a)		95,445
	5,700	Verizon Communications, Inc.		286,938
				1,849,182
Utilities — 1.8%
	4,100	Ameren Corp.		141,204
	2,400	American Electric Power Co., Inc.		107,472
	1,650	DTE Energy Co.(a)		110,566
	1,900	Duke Energy Corp.(a)		128,250
	2,100	Exelon Corp.(a)		64,848
	7,787	ITC Holdings Corp.(a)		710,953
	13,937	NextEra Energy, Inc.		1,135,587
	3,300	NRG Energy, Inc.		88,110
	17,112	ONEOK, Inc.(a)		706,897
	1,250	Pinnacle West Capital Corp.(a)		69,337
	3,900	Public Service Enterprise Group, Inc.(a)		127,374
	1,500	SCANA Corp.(a)		73,650
	6,050	TECO Energy, Inc.(a)		104,000
	2,100	Wisconsin Energy Corp.(a)		86,079
				3,654,327
Total Common Stock
(Cost $65,093,756)				65,838,295

See Notes to Financial Statements.

Equity Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Value

SHORT-TERM INVESTMENTS — 10.4%
	386,112	Northern Trust Institutional Government Select Portfolio, 0.010%(b)	$	386,112
	20,405,152	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(b)(c)		20,405,152

Total Short-Term Investments
(Cost $20,791,264)				20,791,264

Total Investments — 110.2%
(Cost $212,787,120)				218,738,147

Other Assets & Liabilities, Net — (10.2)%				(20,314,661	)

NET ASSETS — 100.0%			$	198,423,486

ADR — American Depositary Receipt

Ltd. — Limited

PLC — Public Limited Company

*	Affiliated Fund

†	Non-income producing security.

‡	Real Estate Investment Trust.

(a)	This security or a partial position of this security is on loan at June 30, 2013. The total market value of securities on loan at June 30, 2013 was $19,926,068.

(b)	Rate shown is the 7-day effective yield as of June 30, 2013.

(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2013 was $20,405,152.

As of June 30, 2013, all of the Fund’s investments in securities were considered Level 1. For the period ended June 30, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities.

See Notes to Financial Statements.

Balanced Fund

Schedule of Investments

June 30, 2013 (Unaudited)

Shares			Value
INVESTMENT IN UNDERLYING FUNDS — 99.9%
	2,789,950	Wilshire International Equity Fund*	$	24,412,061
	788,249	Wilshire Large Company Growth Portfolio*		30,883,589
	1,712,652	Wilshire Large Company Value Portfolio*		32,266,361
	363,191	Wilshire Small Company Growth Portfolio*		8,088,274
	392,715	Wilshire Small Company Value Portfolio*		8,176,329
	3,769,560	Wilshire Variable Insurance Trust Income Fund*		44,518,506

Total Investments in Underlying Funds — 99.9%
(Cost $145,605,499)				148,345,120

SHORT-TERM INVESTMENT — 0.2%
	275,749	Northern Trust Institutional Government Select Portfolio, 0.010% (a)		275,749

Total Short-Term Investment — 0.2%
(Cost $275,749)				275,749

Total Investments — 100.1%
(Cost $145,881,248)				148,620,869

Other Assets & Liabilities, Net — (0.1)%				(101,120	)

NET ASSETS — 100.0%			$	148,519,749

*	Affiliated Fund

(a)	Rate shown is the 7-day effective yield as of June 30, 2013.

See Notes to Financial Statements.

Income Fund

Schedule of Investments

June 30, 2013 (Unaudited)

Maturity

Date

Par

Value

ASSET-BACKED SECURITIES — 2.4%
Ameriquest Mortgage Securities, Inc.
0.753%(a)	04/25/34	$	75,300	$	70,673
Amortizing Residential Collateral Trust (a)
0.880%	01/01/32		22,474		18,143
1.193%	10/25/34		138,431		135,615
Bayview Financial Acquisition Trust
0.870%(a)	02/28/44		39,890		38,972
Bear Stearns Asset Backed Securities Trust
0.763%(a)	09/25/34		37,599		36,141
Citigroup Mortgage Loan Trust, Inc.
5.550%	08/25/35		200,000		174,819
Conseco Financial Corp.
9.150%	01/15/18		1,573		269
Delta Funding Home Equity Loan Trust
7.040%	06/25/27		618		654
Green Tree Recreational Equipment & Consumer Trust
7.250%	03/15/29		7,451		5,877
Greenpoint Manufactured Housing (a)
2.960%	03/18/29		100,000		88,889
3.591%	06/19/29		50,000		46,312
3.699%	02/20/32		75,000		66,721
3.699%	02/20/30		50,000		42,945
3.700%	03/13/32		100,000		87,082
Keycorp Student Loan Trust
0.536%(a)	10/25/32		154,332		151,256
Northstar Education Finance, Inc. (a)
1.093%	01/29/46		150,000		137,255
1.373%	10/30/45		400,000		262,189
SACO I Trust (a)
0.453%	06/25/36		68,808		43,282
0.533%	03/25/36		72,074		57,121
0.753%	09/25/35		2,727		2,706
Saxon Asset Securities Trust
0.883%(a)	05/25/35		96,454		88,286
SLM Student Loan Trust
0.710%(a)	09/16/24		300,000		273,216

Total Asset-Backed Securities
(Cost $1,760,398)					1,828,423

COLLATERALIZED MORTGAGE OBLIGATIONS — 42.7%
Agency Mortgage-Backed Obligation — 35.9%
FHLMC
2.550%(a)	01/01/38		143,706		152,732
2.771%(a)	05/01/37		316,232		338,062
3.500%	04/01/43		99,349		100,018
5.000%	08/01/33		134,242		144,184
5.000%	09/01/33		152,452		163,743
5.000%	10/01/33		145,576		156,358
5.000%	09/01/33		38,879		41,758
5.000%	09/01/33		75,869		81,488
6.000%	10/01/36		583,843		651,415
7.000%	03/01/39		92,552		105,453

Maturity

Date

Par

Value

Agency Mortgage-Backed Obligation — (continued)
FHLMC Multifamily Structured Pass-Through Certificates, IO (a)
1.210%	01/25/20	$	1,330,688	$	72,995
1.394%	04/25/20		799,813		49,356
1.452%	12/25/21		187,692		17,421
1.580%	10/25/21		173,170		17,605
1.666%	08/25/20		445,514		33,848
1.671%	06/25/20		688,523		59,709
1.716%	02/25/18		1,920,252		116,965
1.838%	07/25/21		395,455		41,467
FHLMC TBA
3.500%	07/15/41		300,000		303,844
FNMA
3.000%	06/25/27		643,603		76,386
3.500%	10/01/42		293,861		295,147
3.500%	12/01/42		98,035		98,315
3.500%	04/01/43		298,307		299,160
3.500%	12/01/42		98,993		99,275
3.500%	12/01/42		98,485		98,766
3.500%	03/01/43		693,637		695,618
4.000%	11/01/41		228,258		238,124
4.000%	12/01/42		96,024		101,899
4.000%	12/01/41		1,152,667		1,202,491
4.500%	05/01/31		185,027		198,084
4.500%	06/01/41		179,677		190,370
4.500%	04/01/41		196,099		209,127
4.500%	06/01/31		62,009		66,388
4.500%	09/01/41		62,407		66,532
4.500%	12/01/31		86,522		92,112
4.500%	04/01/31		61,954		65,620
4.500%	11/01/31		82,261		87,546
5.000%	05/01/42		90,463		97,795
5.500%	09/01/35		595,975		649,986
5.500%	04/01/36		210,840		225,983
5.500%	04/25/42		100,000		109,620
5.500%	08/01/38		102,648		113,112
5.500%	11/01/36		125,966		136,662
5.500%	07/25/41		223,200		255,122
5.930%(a)	01/01/37		73,755		79,298
6.000%	12/01/39		351,909		382,435
6.000%	02/01/34		7,570		8,445
6.000%	04/01/33		42,165		46,450
6.000%	11/01/35		116,765		128,624
6.000%	08/01/37		238,794		266,383
6.000%	09/01/39		244,923		267,703
7.000%	02/01/39		160,613		181,815
7.000%	05/01/32		22,309		25,358
7.000%	04/01/37		61,340		71,302
9.750%	08/25/19		39,302		44,913
9.750%	11/25/18		139,388		159,075
FNMA TBA
2.500%	07/01/27		1,900,000		1,910,984
3.000%	07/01/42		2,800,000		2,735,687
3.000%	07/01/26		100,000		102,859
3.500%	07/01/41		3,200,000		3,248,500

See Notes to Financial Statements.

Income Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Maturity

Date

Par

Value

Agency Mortgage-Backed Obligation — 35.9% (continued)
4.000%	07/13/39	$	900,000	$	937,582
4.500%	07/01/37		1,000,000		1,058,125
GNMA
0.598%(a)	12/20/60		178,693		177,308
0.678%(a)	03/20/61		180,301		179,797
0.704%(a)	03/20/61		90,478		90,307
4.500%	03/20/41		119,013		128,280
4.500%	03/15/40		30,576		32,706
4.500%	04/20/41		413,269		444,788
5.000%	05/15/40		268,728		293,550
5.000%	08/20/40		937,780		1,033,430
5.000%	11/20/40		157,163		171,367
5.000%	09/20/40		104,413		114,185
5.000%	04/15/40		133,086		147,303
5.500%	05/15/36		68,688		75,179
6.000%	03/15/35		454,029		510,559
6.000%	05/15/33		41,851		47,057
6.000%	03/15/37		46,756		51,897
6.000%	07/20/38		60,757		67,186
6.500%	10/20/37		291,463		328,066
GNMA TBA
3.500%	07/15/41		1,400,000		1,436,750
3.500%	06/15/41		200,000		205,609
3.500%	07/01/42		1,000,000		1,025,781
4.000%	07/01/39		400,000		419,250
					27,053,554

Non-Agency Mortgage-Backed Obligation — 6.8%
American Home Mortgage Assets
0.423%(a)	05/25/46		104,133		13,959
Banc of America Commercial Mortgage, Inc. (a)
5.620%	06/10/49		60,000		60,240
5.964%	05/10/45		10,000		10,863
6.206%	02/10/51		10,000		11,459
Banc of America Funding Corp.
3.165%(a)	09/20/35		1,009,987		731,051
Banc of America Merrill Lynch Commercial Mortgage, Inc.
5.421%(a)	09/10/45		31,000		33,300
Banc of America Mortgage Securities, Inc.
2.830%(a)	02/25/34		5,563		5,441
Bear Stearns Adjustable Rate Mortgage Trust (a)
2.927%	02/25/34		36,855		35,718
3.188%	11/25/34		38,483		35,070
Citigroup Mortgage Loan Trust, Inc.
2.868%(a)	02/25/34		40,193		35,652
Commercial Mortgage Pass-Through Certificates
5.615%(a)	01/15/49		116,000		123,227
Commercial Mortgage Trust
5.860%(a)	07/10/38		25,000		27,316
Countrywide Alternative Loan Trust (a)
0.402%	03/20/46		60,764		42,962
3.066%	09/25/34		75,502		63,938

Maturity

Date

Par

Value

Non-Agency Mortgage-Backed Obligation — (continued)
DBUBS Mortgage Trust
3.642%	08/10/44	$	100,000	$	105,584
First Horizon Mortgage Pass-Through Trust
2.625%(a)	02/25/35		220,388		213,741
Greenpoint Mortgage Funding Trust
0.403%(a)	04/25/36		453,810		298,746
HomeBanc Mortgage Trust
0.493%(a)	05/25/37		78,864		64,459
Impac CMB Trust
0.733%(a)	05/25/35		84,629		73,972
Indymac Index Mortgage Loan Trust (a)
0.313%	07/25/36		214,267		148,380
0.393%	06/25/47		221,503		165,697
0.453%	06/25/35		378,537		310,135
2.586%	03/25/35		85,297		81,250
JP Morgan Chase Commercial Mortgage Securities Corp.
5.336%	05/15/47		50,000		55,070
5.440%	05/15/45		41,000		44,735
5.875%(a)	02/12/51		30,000		33,681
LB-UBS Commercial Mortgage Trust
6.216%(a)	09/15/45		50,000		56,130
Master Adjustable Rate Mortgages Trust (a)
0.978%	12/25/46		204,173		108,250
2.687%	02/25/35		203,307		192,891
3.373%	12/25/34		12,919		12,472
Merrill Lynch Mortgage Trust
6.038%(a)	06/12/50		25,000		28,067
Merrill Lynch (a)
5.204%	12/12/49		55,000		59,183
5.485%	03/12/51		110,000		121,710
Morgan Stanley Bank of America Merrill Lynch Trust
2.918%	02/15/46		30,000		27,907
3.214%	02/15/46		30,000		27,923
3.456%	05/15/46		90,000		84,358
Morgan Stanley Capital I Trust
5.692%(a)	04/15/49		130,000		144,757
Morgan Stanley Mortgage Loan Trust (a)
0.493%	03/25/36		109,638		44,811
0.513%	01/25/35		293,525		269,606
2.866%	07/25/34		48,328		47,051
2.963%	08/25/34		74,268		70,642
Prime Mortgage Trust
8.000%	07/25/34		122,369		106,338
Residential Asset Securitization Trust
4.750%	02/25/19		129,178		132,523
Structured Adjustable Rate Mortgage Loan Trust (a)
2.541%	01/25/35		107,266		102,587
2.610%	11/25/34		93,889		87,658
Wachovia Bank Commercial Mortgage Trust
5.383%	12/15/43		30,000		31,626

See Notes to Financial Statements.

Income Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Maturity

Date

Par

Value

Non-Agency Mortgage-Backed Obligation — 6.8% (continued)
WaMu Mortgage Pass-Through Certificates (a)
0.513%	08/25/45	$	230,348	$	206,958
2.449%	10/25/35		8,010		8,015
2.465%	10/25/33		186,808		185,986
2.469%	02/25/33		51,892		50,606
Washington Mutual MSC Mortgage Pass-Through Certificates
2.455%(a)	01/25/35		34,591		33,290
Wells Fargo Mortgage Backed Securities Trust
2.721%(a)	04/25/36		20,187		18,855
WFRBS Commercial Mortgage Trust
3.667%	11/15/44		26,000		26,146
					5,111,992

Total Collateralized Mortgage Obligations
(Cost $32,952,359)					32,165,546

CORPORATE BONDS — 29.5%
Consumer Discretionary — 2.3%
Boyd Gaming Corp.
9.000%(b)	07/01/20		10,000		10,050
CCO Holdings LLC
6.500%	04/30/21		160,000		166,800
Cellco Partnership
8.500%	11/15/18		40,000		51,952
Comcast Corp.
6.500%	01/15/15		355,000		385,649
CSC Holdings LLC
6.750%	11/15/21		30,000		32,325
Daimler Finance North America LLC
6.500%	11/15/13		30,000		30,628
DISH DBS Corp.
7.750%(b)	05/31/15		40,000		43,300
7.875%	09/01/19		45,000		50,400
Ford Motor Co.
4.750%	01/15/43		110,000		96,755
Intelsat Jackson Holdings SA
5.500%(c)	08/01/23		70,000		65,800
7.250%(b)	10/15/20		20,000		21,000
7.250%	04/01/19		30,000		31,388
7.500%	04/01/21		20,000		21,000
McDonald's Corp. MTN
5.350%(b)	03/01/18		40,000		45,900
Michaels Stores, Inc.
7.750%	11/01/18		20,000		21,400
News America, Inc.
6.650%	11/15/37		10,000		11,507
Service Corp. International
7.500%(b)	04/01/27		30,000		32,775
Sprint Capital Corp.
6.875%	11/15/28		20,000		19,200
Telefonica Emisiones SAU
6.221%	07/03/17		20,000		21,810

Maturity

Date

Par

Value

Consumer Discretionary — (continued)
Time Warner Cable, Inc.
5.500%	09/01/41	$	10,000	$	8,788
5.875%	11/15/40		70,000		64,124
6.750%	06/15/39		50,000		51,004
7.300%	07/01/38		60,000		65,208
8.250%	04/01/19		160,000		192,639
8.750%	02/14/19		10,000		12,289
Time Warner, Inc.
7.700%	05/01/32		90,000		114,428
tw telecom holdings inc
5.375%	10/01/22		30,000		29,775
					1,697,894
Consumer Staples — 2.0%
Altria Group, Inc.
2.850%	08/09/22		100,000		92,468
4.750%	05/05/21		110,000		117,805
9.250%	08/06/19		140,000		185,415
CVS Caremark Corp.
2.750%	12/01/22		230,000		214,888
Kraft Foods Group, Inc.
3.500%	06/06/22		100,000		99,027
5.375%	02/10/20		120,000		135,357
Molson Coors Brewing Co.
3.500%(b)	05/01/22		10,000		9,815
Mondelez International, Inc.
5.375%	02/10/20		110,000		123,382
PepsiCo, Inc.
0.700%	08/13/15		120,000		119,969
7.900%	11/01/18		41,000		52,573
Philip Morris International, Inc.
2.500%	08/22/22		50,000		46,162
2.900%	11/15/21		120,000		116,528
4.500%	03/20/42		60,000		55,994
Reynolds American, Inc.
3.250%(b)	11/01/22		40,000		37,184
6.750%(b)	06/15/17		70,000		81,115
Safeway, Inc.
4.750%(b)	12/01/21		20,000		20,377
					1,508,059
Energy — 4.9%
Access Midstream Partners
4.875%	05/15/23		40,000		37,100
5.875%	04/15/21		30,000		30,450
Apache Corp.
3.250%	04/15/22		40,000		39,402
6.000%	09/15/13		140,000		141,469
Arch Coal, Inc.
7.000%(b)	06/15/19		20,000		16,650
Atwood Oceanics, Inc.
6.500%	02/01/20		30,000		31,125
Baker Hughes, Inc.
7.500%	11/15/18		160,000		201,472
Chesapeake Energy Corp.
6.875%(b)	11/15/20		90,000		97,650

See Notes to Financial Statements.

Income Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Maturity

Date

Par

Value

Energy — 4.9% (continued)
Chevron Corp.
2.427%(b)	06/24/20	$	10,000	$	9,943
3.191%(b)	06/24/23		30,000		29,855
Concho Resources, Inc.
5.500%	10/01/22		30,000		29,700
6.500%	01/15/22		64,000		67,680
ConocoPhillips
5.900%	05/15/38		70,000		81,476
CONSOL Energy, Inc.
6.375%(b)	03/01/21		70,000		69,650
8.250%(b)	04/01/20		95,000		99,513
Continental Resources, Inc.
4.500%(c)	04/15/23		30,000		29,175
5.000%	09/15/22		10,000		10,175
Denbury Resources, Inc.
4.625%	07/15/23		20,000		18,450
Devon Energy Corp.
5.600%	07/15/41		120,000		124,347
Devon Financing Corp. LLC
7.875%	09/30/31		30,000		38,846
Energy Transfer Equity
7.500%	10/15/20		30,000		32,775
Enterprise Products Operating LLC
3.350%(b)	03/15/23		70,000		67,361
5.950%	02/01/41		10,000		10,894
6.125%	10/15/39		20,000		22,242
6.500%	01/31/19		200,000		238,598
Hess Corp.
7.875%	10/01/29		60,000		74,968
8.125%	02/15/19		70,000		87,744
Kerr-McGee Corp.
6.950%	07/01/24		70,000		83,681
7.875%	09/15/31		135,000		168,558
Key Energy Services, Inc.
6.750%(b)	03/01/21		110,000		105,600
Kinder Morgan Energy Partners LP
5.000%	12/15/13		25,000		25,473
6.000%	02/01/17		120,000		135,151
MarkWest Energy Partners
4.500%	07/15/23		10,000		9,150
5.500%	02/15/23		10,000		9,850
6.250%	06/15/22		12,000		12,360
6.500%(b)	08/15/21		26,000		26,780
Noble Energy, Inc.
4.150%	12/15/21		170,000		175,527
Occidental Petroleum Corp.
2.700%	02/15/23		80,000		73,830
3.125%	02/15/22		90,000		87,191
Peabody Energy Corp.
6.250%(b)	11/15/21		30,000		28,950
6.500%	09/15/20		50,000		50,125
Pemex Project Funding Master Trust
6.625%	06/15/35		207,000		217,350
Plains Exploration & Production Co.
6.125%(b)	06/15/19		150,000		159,048

Maturity

Date

Par

Value

Energy — (continued)
QEP Resources, Inc.
5.250%(b)	05/01/23	$	10,000	$	9,750
6.875%	03/01/21		10,000		10,775
Range Resources Corp.
5.750%(b)	06/01/21		30,000		30,900
6.750%	08/01/20		60,000		64,350
Regency Energy Partners
6.500%	07/15/21		95,000		99,275
Transocean, Inc.
5.050%	12/15/16		40,000		43,497
6.375%	12/15/21		30,000		33,719
Williams Cos., Inc.
7.500%	01/15/31		167,000		190,258
7.750%(b)	06/15/31		25,000		29,199
Williams Partners
5.250%	03/15/20		40,000		42,988
WPX Energy, Inc.
6.000%	01/15/22		10,000		10,100
					3,672,145
Financials — 11.0%
American Express Co.
6.800%(a)	09/01/66		85,000		90,738
American Express Credit Corp. MTN
5.125%	08/25/14		180,000		188,654
American International Group, Inc.
5.850%	01/16/18		40,000		44,976
6.250%	03/15/37		100,000		102,125
Anadarko Finance Co.
7.500%	05/01/31		100,000		124,669
Bank of America Corp. MTN
3.300%(b)	01/11/23		230,000		217,384
3.875%	03/22/17		30,000		31,420
5.000%	05/13/21		40,000		42,651
5.750%	12/01/17		10,000		11,114
7.625%	06/01/19		210,000		252,373
Berkshire Hathaway, Inc.
3.200%	02/11/15		60,000		62,408
BNP Paribas SA MTN
2.375%(b)	09/14/17		80,000		79,200
Boeing Capital Corp.
4.700%	10/27/19		70,000		79,064
Caterpillar Financial Services Corp. MTN
6.200%	09/30/13		160,000		162,227
Citigroup, Inc.
5.000%	09/15/14		275,000		285,787
5.350%(a)	05/29/49		50,000		47,062
5.500%	10/15/14		10,000		10,518
5.900%(a) (b)	12/29/49		30,000		29,625
5.950%(a)	12/29/49		50,000		49,755
6.000%	12/13/13		250,000		255,807
6.010%	01/15/15		100,000		106,792
6.875%	03/05/38		200,000		242,526
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
3.375%	01/19/17		80,000		84,018

See Notes to Financial Statements.

Income Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Maturity

Date

Par

Value

Financials — 11.0% (continued)
Countrywide Financial Corp.
6.250%(b)	05/15/16	$	50,000	$	54,524
Eaton Corp.
1.500%(b) (c)	11/02/17		50,000		48,536
2.750%(c)	11/02/22		170,000		159,038
4.150%(c)	11/02/42		50,000		44,860
Ford Motor Credit Co. LLC
8.125%	01/15/20		180,000		216,823
General Electric Capital Corp.
1.625%	07/02/15		40,000		40,468
5.625%	05/01/18		210,000		240,871
6.375%(a) (b)	11/15/67		320,000		332,800
6.875%	01/10/39		310,000		382,044
Goldman Sachs Capital II
4.000%(a)	06/01/43		20,000		15,900
Goldman Sachs Group, Inc.
2.375%(b)	01/22/18		20,000		19,637
4.750%	07/15/13		10,000		10,014
5.250%	10/15/13		40,000		40,494
5.375%	03/15/20		150,000		162,758
5.750%	01/24/22		180,000		198,542
6.000%(b)	06/15/20		10,000		11,236
6.000%	05/01/14		20,000		20,832
6.250%	02/01/41		220,000		248,816
ING US, Inc.
2.900%(b) (c)	02/15/18		20,000		20,101
John Deere Capital Corp.
1.700%	01/15/20		20,000		18,915
2.250%(b)	04/17/19		40,000		39,951
JPMorgan Chase & Co.
1.100%	10/15/15		190,000		188,841
3.375%(b)	05/01/23		130,000		121,051
4.400%	07/22/20		90,000		94,115
5.125%	09/15/14		545,000		571,794
5.150%	10/01/15		200,000		216,084
MetLife, Inc.
4.750%	02/08/21		80,000		87,185
5.875%	02/06/41		160,000		184,069
6.400%	12/15/36		10,000		10,225
Morgan Stanley MTN
0.727%(a)	10/18/16		40,000		38,723
4.750%	03/22/17		20,000		21,213
6.625%	04/01/18		100,000		113,346
Nationstar Mortgage LLC
6.500%	07/01/21		20,000		19,200
Royal Bank of Scotland Group PLC
2.550%	09/18/15		30,000		30,503
4.700%(b)	07/03/18		10,000		9,704
6.100%(b)	06/10/23		60,000		56,923
SLM Corp. MTN
3.875%	09/10/15		130,000		131,307
5.000%	04/15/15		10,000		10,325
SunTrust Preferred Capital I
4.000%(a)	12/31/49		11,000		9,515

Maturity

Date

Par

Value

Financials — (continued)
Toyota Motor Credit Corp. MTN
1.250%	10/05/17	$	130,000	$	126,234
Wachovia Capital Trust III
5.570%(a) (b)	12/31/49		350,000		343,438
Wachovia Corp.
5.625%	10/15/16		590,000		663,141
Wells Fargo & Co.
1.500%	01/16/18		50,000		48,766
2.100%(b)	05/08/17		40,000		40,143
3.450%(b)	02/13/23		60,000		57,302
3.676%(d)	06/15/16		50,000		53,421
5.000%	11/15/14		5,000		5,272
Wells Fargo Capital X
5.950%	12/15/36		70,000		68,950
					8,248,843
Health Care — 3.0%
AbbVie, Inc.
1.750%(c)	11/06/17		140,000		137,160
2.900%(c)	11/06/22		90,000		84,163
Anheuser-Busch InBev Worldwide, Inc.
2.500%	07/15/22		120,000		112,032
Express Scripts Holding Co.
3.500%	11/15/16		280,000		297,230
Fresenius Medical Care US Finance, Inc.
6.875%	07/15/17		145,000		158,412
GlaxoSmithKline Capital PLC
2.850%	05/08/22		90,000		86,388
GlaxoSmithKline Capital, Inc.
5.650%	05/15/18		170,000		197,156
Hawk Acquisition Sub, Inc.
4.250%(b) (c)	10/15/20		50,000		47,812
HCA, Inc.
7.500%(b)	11/15/95		20,000		18,600
7.690%(b)	06/15/25		30,000		32,400
Humana, Inc.
3.150%	12/01/22		30,000		27,841
7.200%	06/15/18		100,000		119,121
Medtronic, Inc.
3.125%(b)	03/15/22		10,000		9,773
4.450%	03/15/20		60,000		65,326
Reynolds Group Issuer, Inc.
7.125%	04/15/19		170,000		179,563
Tenet Healthcare Corp.
9.250%(b)	02/01/15		71,000		76,946
Thermo Fisher Scientific, Inc.
3.600%	08/15/21		40,000		39,230
UnitedHealth Group, Inc.
3.375%	11/15/21		40,000		39,874
3.875%	10/15/20		30,000		31,528
5.700%	10/15/40		60,000		66,049
6.000%	02/15/18		10,000		11,745
WellPoint, Inc.
1.250%	09/10/15		30,000		30,050
3.125%	05/15/22		30,000		28,447
3.700%(b)	08/15/21		150,000		151,243

See Notes to Financial Statements.

Income Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Maturity

Date

Par

Value

Health Care — 3.0% (continued)
5.875%	06/15/17	$	20,000	$	22,723
Wyeth
5.950%	04/01/37		160,000		187,730
Zoetis, Inc.
3.250%(c)	02/01/23		20,000		19,002
					2,277,544
Industrials — 0.8%
Boeing Co.
4.875%(b)	02/15/20		40,000		45,659
6.000%	03/15/19		60,000		71,431
Continental Airlines 1998-1 Class A Pass-Through Trust
6.648%	09/15/17		49,737		52,473
Delta Air Lines, Inc.
6.821%	08/10/22		233,945		264,474
General Electric Co.
0.850%	10/09/15		50,000		49,953
UAL 2009-2A Pass-Through Trust
9.750%	01/15/17		28,449		32,717
United Technologies Corp.
4.500%	06/01/42		60,000		59,166
Waste Management, Inc.
4.600%	03/01/21		20,000		21,469
7.375%	05/15/29		20,000		24,790
					622,132
Information Technology — 0.4%
Apple, Inc.
2.400%(b)	05/03/23		220,000		204,042
Oracle Corp.
1.200%(b)	10/15/17		120,000		116,547
					320,589
Materials — 1.8%
ArcelorMittal
5.000%	02/25/17		30,000		30,375
Ball Corp.
4.000%	11/15/23		20,000		18,500
5.000%	03/15/22		100,000		99,500
Barrick Corp.
3.850%(b)	04/01/22		30,000		25,242
4.100%(c)	05/01/23		120,000		100,255
Barrick North America Finance LLC
4.400%	05/30/21		170,000		151,991
Celulosa Arauco y Constitucion SA
4.750%(b)	01/11/22		60,000		59,592
Cliffs Natural Resources, Inc.
3.950%(b)	01/15/18		120,000		114,649
4.800%(b)	10/01/20		40,000		36,056
4.875%(b)	04/01/21		10,000		9,063
Eagle Spinco, Inc.
4.625%(c)	02/15/21		20,000		19,200
Ecolab, Inc.
4.350%	12/08/21		30,000		31,671
Freeport-McMoRan Copper & Gold , Inc.
2.375%(b) (c)	03/15/18		30,000		28,532
3.100%(c)	03/15/20		60,000		55,459

Maturity

Date

Par

Value

Materials — (continued)
3.550%	03/01/22	$	125,000	$	113,545
PPG Industries, Inc.
6.650%(b)	03/15/18		30,000		35,542
Rock Tenn Co.
3.500%	03/01/20		40,000		39,141
4.000%	03/01/23		20,000		19,271
Southern Copper Corp.
5.250%	11/08/42		180,000		147,704
Steel Dynamics, Inc.
7.625%(b)	03/15/20		10,000		10,650
Vale Overseas, Ltd.
4.375%(b)	01/11/22		216,000		205,164
					1,351,102
Telecommunication Services — 1.2%
AT&T, Inc.
2.500%	08/15/15		50,000		51,522
2.625%	12/01/22		60,000		54,920
3.875%	08/15/21		30,000		30,942
4.350%	06/15/45		132,000		114,844
5.500%(b)	02/01/18		160,000		183,001
5.550%	08/15/41		20,000		20,824
6.550%	02/15/39		20,000		22,965
Bellsouth Capital Funding Corp.
7.875%(b)	02/15/30		7,000		8,675
Qwest Corp.
6.875%	09/15/33		20,000		19,350
Sprint Nextel Corp.
7.000%	08/15/20		120,000		126,000
Verizon Communications, Inc.
2.450%	11/01/22		40,000		36,268
3.500%	11/01/21		40,000		40,176
3.850%(b)	11/01/42		10,000		8,297
5.500%(b)	02/15/18		90,000		102,490
6.000%	04/01/41		20,000		22,439
6.350%	04/01/19		40,000		47,455
8.750%	11/01/18		20,000		26,067
					916,235
Utilities — 2.1%
AES Corp. (The)
8.000%(b)	06/01/20		180,000		205,200
Energy Future Intermediate Holding Co. LLC
10.000%	12/01/20		62,000		67,890
12.250%(c)	03/01/22		60,000		66,300
Exelon Corp.
5.625%	06/15/35		160,000		164,445
FirstEnergy Corp.
2.750%	03/15/18		30,000		29,206
4.250%	03/15/23		140,000		130,076
7.375%	11/15/31		210,000		221,465
Hydro-Quebec
1.375%	06/19/17		440,000		438,504
MidAmerican Energy Holdings Co.
6.500%	09/15/37		20,000		23,750

See Notes to Financial Statements.

Income Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Maturity

Date

Par

Value

Utilities — 2.1% (continued)
Pacific Gas & Electric Co.
5.800%	03/01/37	$	10,000	$	11,348
6.050%	03/01/34		60,000		69,955
8.250%	10/15/18		40,000		51,584
Southern Natural Gas Co. LLC
5.900%(b) (c)	04/01/17		30,000		34,185
8.000%	03/01/32		75,000		99,481
					1,613,389
Total Corporate Bonds
(Cost $21,299,564)					22,227,932

FOREIGN BONDS — 6.9% (e)
Australia — 0.7%
BHP Billiton Finance USA, Ltd.
6.500%	04/01/19		190,000		227,470
3.250%(b)	11/21/21		20,000		19,556
Rio Tinto Finance USA, Ltd.
9.000%	05/01/19		170,000		220,846
6.500%	07/15/18		40,000		47,332
3.750%	09/20/21		20,000		19,751
					534,955
Belgium — 0.2%
Anheuser-Busch InBev Worldwide, Inc.
5.375%(b)	01/15/20		160,000		184,460

Brazil — 0.9%
Petrobras International Finance Co.
6.125%	10/06/16		90,000		98,388
5.750%	01/20/20		10,000		10,404
5.375%	01/27/21		320,000		321,502
3.875%	01/27/16		50,000		51,441
Vale Overseas, Ltd.
6.875%	11/21/36		185,000		187,310
					669,045
Canada — 2.2%
Province of British Columbia
2.000%	10/23/22		200,000		183,880
Province of New Brunswick Canada
2.750%(b)	06/15/18		250,000		259,998
Province of Ontario Canada
4.400%(b)	04/14/20		270,000		299,377
1.200%(b)	02/14/18		320,000		311,086
1.100%(b)	10/25/17		380,000		370,728
Province of Quebec Canada
2.625%(b)	02/13/23		240,000		225,096
Rogers Communications, Inc.
6.750%	03/15/15		10,000		10,967
6.375%	03/01/14		10,000		10,373
					1,671,505
France — 0.1%
Cie Generale de Geophysique-Veritas
7.750%	05/15/17		100,000		101,500

Maturity

Date

Par

Value

Mexico — 0.6%
America Movil SAB de CV
5.625%(b)	11/15/17	$	80,000	$	90,410
5.000%	03/30/20		100,000		107,329
Petroleos Mexicanos
3.500%(c)	01/30/23		196,000		180,810
					378,549
Netherlands — 0.6%
Deutsche Telekom International Finance BV
5.750%	03/23/16		195,000		216,775
Shell International Finance BV
4.375%	03/25/20		180,000		200,088
					416,863
Spain — 0.4%
BBVA US Senior SAU
3.250%(b)	05/16/14		200,000		201,795
Telefonica Emisiones SAU
5.877%	07/15/19		60,000		64,773
					266,568
Switzerland — 0.3%
UBS AG MTN
2.250%	01/28/14		250,000		252,406

United Kingdom — 0.9%
BP Capital Markets PLC
5.250%	11/07/13		200,000		203,327
3.875%(b)	03/10/15		90,000		94,528
3.561%	11/01/21		10,000		10,030
Diageo Capital PLC
4.828%(b)	07/15/20		310,000		350,129
Royal Bank of Scotland Group PLC
7.648%(a) (b)	08/31/49		10,000		9,150
5.000%	10/01/14		20,000		20,449
					687,613
Total Foreign Bonds
(Cost $5,051,736)					5,163,464

MUNICIPAL BOND — 0.2%
Northstar Education Finance, Inc., RB(a)
1.421%	01/29/46		150,000		137,255

Total Municipal Bonds
(Cost $124,483)					137,255

PREFERRED STOCK — 0.5%
GMAC Capital Trust I, 8.125%(a)			15,499		403,749

Total Preferred Stock
(Cost $384,375)					403,749

See Notes to Financial Statements.

Income Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Maturity

Date

Par

Value

U.S. GOVERNMENT & AGENCY OBLIGATIONS — 2.5%
FHLB
5.500%	07/15/36	$	170,000	$	209,013
FNMA
4.687%(f)	10/09/19		670,000		562,800
6.250%	05/15/29		180,000		233,995
6.625%	11/15/30		540,000		732,796
Tennessee Valley Authority
5.250%	09/15/39		100,000		112,513

Total U.S. Government & Agency Obligations
(Cost $1,716,424)					1,851,117

U.S. TREASURY OBLIGATIONS — 11.1%
U.S. Treasury Bond
3.125%(b)	02/15/43		360,000		336,038
2.875%(b)	05/15/43		1,920,000		1,699,200
2.750%	11/15/42		156,600		135,019
2.750%(b)	08/15/42		1,600,000		1,381,000
U.S. Treasury Inflation-Protected Security
0.750%(g)	02/15/42		370,469		326,128
U.S. Treasury Note
2.750%	10/31/13		20,000		20,176
1.875%	06/30/20		360,000		358,650
1.750%	05/15/23		20,000		18,731
1.375%(b)	05/31/20		410,000		395,682
1.000%(b)	05/31/18		2,360,000		2,319,436
0.625%(b)	04/30/18		1,450,000		1,401,289

Total U.S. Treasury Obligations
(Cost $8,787,705)					8,391,349

		Shares
ESCROW SECURITIES — 0.0%
Financials — 0.0%
Lehman Brothers Holdings Capital Trust VII MTN
5.857%(h)	11/29/49		200,000	—
Lehman Brothers Holdings, Inc. MTN
6.500%(h)	07/19/17		160,000	—
6.750%(h)	12/28/17		340,000	—
				—
Total Escrow Securities
(Cost $—)				—

SHORT-TERM INVESTMENTS — 35.6%
Northern Trust Institutional Government Select Portfolio, 0.010%(i)			16,904,127	16,904,127
Northern Trust Institutional Liquid Asset Portfolio, 0.010%(i) (j)			9,949,212	9,949,212

Total Short-Term Investments
(Cost $26,853,339)				26,853,339

Maturity

Date

Par

Value

Total Investments — 131.4%
(Cost $98,930,383)					$	99,022,174

Other Assets & Liabilities, Net — (31.4)%						(23,643,927	)

NET ASSETS — 100.0%					$	75,378,247

TBA SALES COMMITMENTS — (1.1)%
COLLATERALIZED MORTAGE OBLIGATIONS — (1.1)%
FNMA TBA
3.500%	07/01/41	$	(100,000	)		(101,516	)
3.000%	07/01/42		(40,000	)		(390,813	)
GNMA TBA
3.500%	07/01/42		(100,000	)		(102,578	)
3.500%	06/15/41		(200,000	)		(205,609	)

Total TBA Sales Commitments
(Proceeds $818,368)					$	(800,516	)

(a)	Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of June 30, 2013. The date reported on the Schedule of Investments is the next reset date.

(b)	This security or a partial position of this security is on loan at June 30, 2013. The total value of securities on loan at June 30, 2013 was $11,168,920.

(c)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines adopted by the Board of Trustees.

(d)	Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on June 30, 2013. The coupon on a step bond changes on a specified date.

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

(f)	Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

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

(h)	Security in default on interest payments.

(i)	Rate shown is the 7-day effective yield as of June 30, 2013.

(j)	The security was purchased with cash collateral held from securities on loan. The total value of such security at June 30, 2013 was $9,949,212. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $1,421,263.

See Notes to Financial Statements.

Income Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Cl — Class

CV — Convertible Security

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

IO — Interest Only - face amount represents notional amount

LLC — Limited Liability Company

LP — Limited Partnership

Ltd. — Limited

MTN — Medium Term Note

PLC — Public Limited Company

RB — Revenue Bond

Ser — Series

TBA — To Be Announced

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

The following is a summary of the inputs used as of June 30, 2013 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2			Level 3			Total
Asset-Backed Securities	$	—	$	1,828,423		$	—		$	1,828,423
Collateralized Mortgage Obligations		—		32,165,546			—			32,165,546
Corporate Bonds		—		22,227,932			—			22,227,932
Foreign Bonds		—		5,163,464			—			5,163,464
Municipal Bond		—		137,255			—			137,255
Preferred Stock		403,749		—			—			403,749
U.S. Government & Agency Obligations		—		1,851,117			—			1,851,117
U.S. Treasury Obligations		—		8,391,349			—			8,391,349
Escrow Security		—		—		—		^	—		^
Short-Term Investments		26,853,339		—			—			26,853,339
Total Investments in Securities	$	27,257,088	$	71,765,086		$	—		$	99,022,174

TBA Sales Commitments	Level 1		Level 2			Level 3			Total
Collateralized Mortgage Obligations	$	—	$	(800,516	)	$	—		$	(800,516	)
Total TBA Sales Commitments	$	—	$	(800,516	)	$	—		$	(800,516	)

As of June 30, 2013 all of the Fund’s investments were considered Level 1 or Level 2, except for Lehman Brothers Holdings Capital Trust VII MTN and Lehman Brothers Holdings, Inc. MTN, which were considered Level 3 when converted to escrow shares on March 21, 2012 and were valued at $0, and the value has remained $0 throughout the period ended June 30, 2013.

For the period ended June 30, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities.

See Notes to Financial Statements.

Small Cap Fund

Schedule of Investments

June 30, 2013 (Unaudited)

Value

COMMON STOCK — 60.9%
Consumer Discretionary — 10.7%
	2,318	American Axle & Manufacturing Holdings, Inc.†(a)	$	43,184
	1,926	American Greetings Corp., Class A		35,092
	316	America's Car-Mart, Inc.†(a)		13,664
	1,028	Ameristar Casinos, Inc.(a)		27,026
	8,286	Asbury Automotive Group, Inc.(a)		332,268
	220	Ascent Capital Group, Inc., Class A†		17,175
	1,758	Bassett Furniture Industries, Inc.		27,302
	64	Biglari Holdings, Inc.†		26,266
	873	Bob Evans Farms, Inc.(a)		41,014
	1,119	Bon-Ton Stores, Inc. (The)(a)		20,198
	2,597	Boyd Gaming Corp.†(a)		29,346
	1,538	Buffalo Wild Wings, Inc.†(a)		150,970
	6,150	Career Education Corp.†		17,835
	860	Carriage Services, Inc., Class A		14,577
	110	Conn's, Inc.†(a)		5,694
	160	Core-Mark Holding Co., Inc.(a)		10,160
	2,175	Dana Holding Corp.		41,891
	3,740	Deckers Outdoor Corp.†		188,907
	128	DineEquity, Inc.		8,815
	12,870	Express, Inc.†		269,884
	3,720	Federal-Mogul Corp.†(a)		37,981
	1,151	Flexsteel Industries, Inc.		28,061
	5,880	Group 1 Automotive, Inc.(a)		378,260
	3,787	Harte-Hanks, Inc.(a)		32,568
	1,634	Hovnanian Enterprises, Inc., Class A†(a)		9,167
	1,234	Iconix Brand Group, Inc.†(a)		36,292
	1,720	Isle of Capri Casinos, Inc.†(a)		12,900
	1,542	JAKKS Pacific, Inc.		17,347
	700	Jones Group, Inc. (The)(a)		9,625
	560	Journal Communications, Inc., Class A(a)		4,194
	1,006	KB Home		19,748
	1,590	LeapFrog Enterprises, Inc., Class A†(a)		15,646
	1,689	Libbey, Inc.		40,485
	1,019	Lifetime Brands, Inc.		13,838
	1,160	LIN TV Corp., Class A†		17,748
	445	Lithia Motors, Inc., Class A(a)		23,723
	4,724	Live Nation Entertainment, Inc.†		73,222
	2,377	Marcus Corp.(a)		30,235
	523	Marriott Vacations Worldwide Corp.†		22,615
	720	Matthews International Corp., Class A(a)		27,144
	224	MDC Holdings, Inc.		7,282
	2,595	MDC Partners, Inc., Class A(a)		46,814
	370	Meredith Corp.(a)		17,649
	7,600	Meritage Homes Corp.†		329,536
	4,398	Morgans Hotel Group Co.†		35,448
	650	National CineMedia, Inc.(a)		10,979
	3,248	New York Times Co. (The), Class A†(a)		35,923
	898	Nexstar Broadcasting Group, Inc., Class A(a)		31,843
	550	Orient-Express Hotels, Ltd., Class A(a)		6,688
	783	Penske Automotive Group, Inc.(a)		23,913
	19,030	Pier 1 Imports, Inc.		447,015
	2,214	Pinnacle Entertainment, Inc.†(a)		43,549
	3,505	Reading International, Inc., Class A†(a)		22,292
	3,612	Red Robin Gourmet Burgers, Inc.†(a)		199,310
	1,882	Regis Corp.(a)		30,902

Value

Consumer Discretionary — (continued)
	491	Rent-A-Center, Inc., Class A(a)	$	18,437
	610	Ryland Group, Inc. (The)(a)		24,461
	1,652	Scholastic Corp.(a)		48,387
	5,468	Scientific Games Corp., Class A†		61,515
	1,227	Sinclair Broadcast Group, Inc., Class A(a)		36,049
	723	Skechers U.S.A., Inc., Class A†		17,359
	1,398	Sonic Automotive, Inc., Class A		29,554
	11,407	Sonic Corp.†(a)		166,086
	300	Sotheby's(a)		11,373
	2,203	Spartan Motors, Inc.		13,483
	3,775	Standard Pacific Corp.†(a)		31,446
	2,137	Stein Mart, Inc.(a)		29,170
	2,790	Steven Madden, Ltd.†		134,980
	3,100	Stewart Enterprises, Inc., Class A(a)		40,579
	240	Tenneco, Inc.†		10,867
	364	Unifi, Inc.†(a)		7,524
	715	Valassis Communications, Inc.(a)		17,582
	350	Wolverine World Wide, Inc.(a)		19,114
				4,179,176
Consumer Staples — 3.4%
	3,160	Alliance One International, Inc.†		12,008
	292	Andersons, Inc. (The)(a)		15,531
	3,262	Annie's, Inc.†		139,418
	1,220	Boulder Brands, Inc.†(a)		14,701
	2,303	Chiquita Brands International, Inc.(a)		25,149
	70	Coca-Cola Bottling Co. Consolidated		4,281
	3,075	Dole Food Co., Inc.†		39,206
	1,234	Fresh Del Monte Produce, Inc.		34,404
	4,179	Harbinger Group, Inc.†(a)		31,510
	1,127	Ingles Markets, Inc., Class A(a)		28,457
	5,846	Inter Parfums, Inc.(a)		166,728
	1,198	John B. Sanfilippo & Son, Inc.		24,152
	873	Nash Finch Co.		19,215
	160	Nu Skin Enterprises, Inc., Class A		9,779
	3,216	Omega Protein Corp.†(a)		28,880
	4,084	Pantry, Inc. (The)†(a)		49,743
	1,189	Pilgrim's Pride Corp.†(a)		17,763
	8,779	Prestige Brands Holdings, Inc.†		255,820
	1,983	Revlon, Inc., Class A†		43,745
	11,540	Rite Aid Corp.†(a)		33,004
	433	Seneca Foods Corp., Class A†(a)		13,284
	820	Spartan Stores, Inc.(a)		15,121
	400	Spectrum Brands Holdings, Inc.		22,748
	383	Susser Holdings Corp.†(a)		18,338
	3,787	TreeHouse Foods, Inc.†		248,200
	531	Universal Corp.(a)		30,718
				1,341,903
Energy — 2.9%
	5,780	Alpha Natural Resources, Inc.†(a)		30,287
	15,850	Approach Resources, Inc.†(a)		389,435
	12,692	Callon Petroleum Co.†(a)		42,772
	660	Comstock Resources, Inc.(a)		10,382
	799	Exterran Holdings, Inc.†(a)		22,468
	2,510	Forest Oil Corp.†(a)		10,266
	2,820	Global Geophysical Services, Inc.†		13,310
	8,378	Gulfport Energy Corp.†		394,352
	558	Helix Energy Solutions Group, Inc.†(a)		12,856
	17,280	Pacific Drilling†		168,999
	400	PDC Energy, Inc.†(a)		20,592

See Notes to Financial Statements.

Small Cap Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Value

Energy — 2.9% (continued)
	3,447	Penn Virginia Corp.(a)	$	16,201
				1,131,920
Financials — 15.9%
	670	Alexander & Baldwin, Inc.†		26,632
	1,175	American Capital Mortgage Investment Corp.‡(a)		21,115
	5,102	American Equity Investment Life Holding Co.(a)		80,101
	852	American Safety Insurance Holdings, Ltd.†		24,665
	475	Amerisafe, Inc.		15,385
	1,071	Argo Group International Holdings, Ltd.(a)		45,400
	3,759	ARMOUR Residential REIT, Inc.‡(a)		17,705
	8,218	Ashford Hospitality Trust, Inc.‡(a)		94,096
	1,290	AV Homes, Inc.†(a)		22,872
	1,426	Banco Latinoamericano de Comercio Exterior SA, Class E(a)		31,928
	1,320	BancorpSouth, Inc.		23,364
	2,621	Bank Mutual Corp.(a)		14,783
	189	Bank of Marin Bancorp		7,560
	6,750	Bank of the Ozarks, Inc.(a)		292,477
	6,437	Boston Private Financial Holdings, Inc.(a)		68,490
	3,396	Capstead Mortgage Corp.‡		41,092
	1,371	Cathay General Bancorp		27,900
	6,604	Cedar Realty Trust, Inc.‡(a)		34,209
	1,404	Centerstate Banks, Inc.(a)		12,187
	540	Central Pacific Financial Corp.		9,720
	1,771	Chemical Financial Corp.(a)		46,028
	403	City Holding Co.(a)		15,697
	7,366	CNO Financial Group, Inc.		95,463
	316	Colonial Properties Trust‡		7,622
	1,283	Community Bank System, Inc.(a)		39,581
	1,370	Cousins Properties, Inc.‡(a)		13,837
	8,640	Cowen Group, Inc., Class A†		25,056
	1,580	DuPont Fabros Technology, Inc.‡(a)		38,157
	5,114	Dynex Capital, Inc.‡(a)		52,112
	922	Eagle Bancorp, Inc.†		20,634
	1,234	Employers Holdings, Inc.		30,171
	811	Enterprise Financial Services Corp.		12,944
	918	EPR Properties‡(a)		46,148
	2,364	Equity One, Inc.‡(a)		53,497
	2,347	EverBank Financial Corp.(a)		38,866
	1,413	FBL Financial Group, Inc., Class A		61,480
	350	Federal Agricultural Mortgage Corp., Class C		10,108
	4,111	FelCor Lodging Trust, Inc.‡(a)		24,296
	931	First American Financial Corp.		20,519
	2,164	First BanCorp(a)		15,321
	9,988	First Busey Corp.		44,946
	229	First Citizens BancShares, Inc., Class A		43,979
	10,918	First Commonwealth Financial Corp.		80,466
	1,492	First Financial Bancorp		22,231
	922	First Financial Bankshares, Inc.(a)		51,318
	1,914	First Industrial Realty Trust, Inc.‡(a)		29,035
	2,261	First Potomac Realty Trust‡(a)		29,529
	3,684	FirstMerit Corp.(a)		73,791
	3,673	FNB Corp.(a)		44,370
	763	Fox Chase Bancorp, Inc.(a)		12,971
	585	FXCM, Inc., Class A		9,600

Value

Financials — (continued)
	1,070	Gain Capital Holdings, Inc.(a)	$	6,752
	1,391	Glacier Bancorp, Inc.(a)		30,866
	1,750	Global Indemnity PLC, Class A†(a)		41,213
	1,043	Greenlight Capital Re, Ltd., Class A†		25,585
	1,478	Hanmi Financial Corp.†(a)		26,116
	563	Heartland Financial USA, Inc.(a)		15,477
	648	Highwoods Properties, Inc.‡(a)		23,075
	16,494	Hilltop Holdings, Inc.†(a)		270,502
	10,062	Home BancShares, Inc.(a)		261,310
	592	Horace Mann Educators Corp.(a)		14,433
	3,062	Iberiabank Corp.(a)		164,154
	371	Infinity Property & Casualty Corp.(a)		22,171
	2,681	Inland Real Estate Corp.‡(a)		27,400
	900	INTL FCStone, Inc.†(a)		15,705
	2,617	Invesco Mortgage Capital, Inc.‡(a)		43,337
	4,398	Investment Technology Group, Inc.(a)		61,484
	6,572	iStar Financial, Inc.† ‡		74,198
	715	Lakeland Financial Corp.		19,841
	1,803	Lexington Realty Trust‡(a)		21,059
	4,972	Maiden Holdings, Ltd.(a)		55,786
	50	Markel Corp.†		26,347
	4,509	MarketAxess Holdings, Inc.		210,796
	3,903	MB Financial, Inc.		104,600
	2,757	Meadowbrook Insurance Group, Inc.(a)		22,139
	615	Medallion Financial Corp.		8,555
	691	Mercantile Bank Corp.		12,417
	1,919	MFA Financial, Inc.‡(a)		16,215
	4,780	MGIC Investment Corp.(a)		29,015
	1,135	Montpelier Re Holdings, Ltd.(a)		28,386
	1,482	MVC Capital, Inc.(a)		18,658
	8,944	National Penn Bancshares, Inc.(a)		90,871
	157	National Western Life Insurance Co., Class A(a)		29,806
	860	Nationstar Mortgage Holdings, Inc.†(a)		32,198
	340	Navigators Group, Inc. (The)†		19,394
	952	NBT Bancorp, Inc.(a)		20,154
	982	Nelnet, Inc., Class A		35,440
	583	New Mountain Finance Corp.(a)		8,255
	7,746	NorthStar Realty Finance Corp.‡(a)		70,489
	1,256	Ocwen Financial Corp.†		51,772
	1,577	Old National Bancorp(a)		21,810
	659	One Liberty Properties, Inc.‡(a)		14,472
	745	Oppenheimer Holdings, Inc., Class A		14,185
	2,409	Pacific Continental Corp.(a)		28,426
	1,190	Parkway Properties, Inc.‡(a)		19,944
	1,499	PHH Corp.†(a)		30,549
	448	Phoenix, Inc.†(a)		19,264
	855	Pinnacle Financial Partners, Inc.†(a)		21,982
	619	Piper Jaffray Cos.†		19,567
	659	Platinum Underwriters Holdings, Ltd.		37,708
	783	Primerica†		29,316
	22,596	PrivateBancorp, Inc., Class A(a)		479,261
	1,547	Provident Financial Services, Inc.		24,412
	3,027	Radian Group, Inc.(a)		35,174
	3,641	RAIT Financial Trust‡		27,380
	1,850	Redwood Trust, Inc.‡(a)		31,450
	825	Republic Bancorp, Inc., Class A(a)		18,084
	373	RLI Corp.(a)		28,501
	1,274	RLJ Lodging Trust‡		28,652

See Notes to Financial Statements.

Small Cap Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Value

Financials — 15.9% (continued)
	410	Rouse Properties, Inc.‡(a)	$	8,044
	702	S&T Bancorp, Inc.		13,759
	2,510	Safeguard Scientifics, Inc.†(a)		40,285
	2,230	Signature Bank†(a)		185,135
	819	Simmons First National Corp., Class A(a)		21,368
	675	Starwood Property Trust, Inc.‡		16,706
	1,127	Sterling Financial Corp.(a)		26,800
	1,414	Strategic Hotels & Resorts, Inc.† ‡		12,528
	4,215	Susquehanna Bancshares, Inc.(a)		54,163
	3,819	SVB Financial Group†(a)		318,199
	948	SWS Group, Inc.†(a)		5,167
	4,960	Texas Capital Bancshares, Inc.†(a)		220,026
	755	Trico Bancshares(a)		16,104
	2,698	TrustCo Bank Corp.		14,677
	3,887	Two Harbors Investment Corp.‡		39,842
	1,315	Union First Market Bankshares Corp.(a)		27,076
	561	United Fire Group, Inc.(a)		13,930
	831	Walter Investment Management Corp.		28,096
	4,334	Webster Financial Corp.		111,297
	2,021	Western Alliance Bancorp†(a)		31,992
	995	Western Asset Mortgage Capital Corp.‡(a)		17,373
				6,230,129
Health Care — 7.3%
	8,438	Air Methods Corp.(a)		285,879
	22,434	Akorn, Inc.†(a)		303,308
	439	Almost Family, Inc.		8,341
	1,083	Amedisys, Inc.†(a)		12,585
	673	Amsurg Corp., Class A†(a)		23,622
	1,590	athenahealth, Inc.†(a)		134,705
	4,157	Cantel Medical Corp.(a)		140,797
	5,139	Centene Corp.†		269,592
	731	CONMED Corp.		22,836
	1,934	Emeritus Corp.†		44,830
	4,630	Enzon Pharmaceuticals, Inc.		9,260
	699	ExamWorks Group, Inc.†(a)		14,840
	1,203	Five Star Quality Care, Inc.†(a)		6,749
	1,552	HealthSouth Corp.†(a)		44,698
	10,340	HMS Holdings Corp.†(a)		240,922
	4,040	ICON PLC†		143,137
	979	Kindred Healthcare, Inc.†(a)		12,854
	1,409	Magellan Health Services, Inc.†		79,017
	870	MedAssets, Inc.†		15,434
	4,010	Medidata Solutions, Inc.†		310,574
	1,118	Molina Healthcare, Inc.†(a)		41,567
	381	National Healthcare Corp.		18,212
	1,160	Nektar Therapeutics†		13,398
	2,237	Neogen Corp.†		124,288
	463	NuVasive, Inc.†		11,478
	288	Owens & Minor, Inc.(a)		9,743
	6,414	PAREXEL International Corp.†(a)		294,659
	2,482	PDL BioPharma, Inc.(a)		19,161
	2,029	PharMerica Corp.†		28,122
	4,754	RTI Biologics, Inc.†		17,875
	4,452	Select Medical Holdings Corp.		36,506
	2,030	Sequenom, Inc.†(a)		8,547
	1,433	Skilled Healthcare Group, Inc., Class A†(a)		9,572
	1,027	Triple-S Management Corp., Class B†(a)		22,050

Value

Health Care — (continued)
	2,884	Universal American Corp.(a)	$	25,639
	3,044	Vanda Pharmaceuticals, Inc.†(a)		24,596
	644	ViroPharma, Inc.†(a)		18,450
	467	WellCare Health Plans, Inc.†		25,942
				2,873,785
Industrials — 9.8%
	787	AAR Corp.(a)		17,298
	3,060	Accuride Corp.†(a)		15,484
	7,230	Advisory Board Co. (The)†(a)		395,120
	2,950	Air Transport Services Group, Inc.†		19,499
	9,004	Aircastle, Ltd.(a)		143,974
	320	Alaska Air Group, Inc.†		16,640
	502	Albany International Corp., Class A(a)		16,556
	131	American Science & Engineering, Inc.		7,336
	779	Ampco-Pittsburgh Corp.		14,622
	1,075	Argan, Inc.		16,770
	690	Arkansas Best Corp.(a)		15,835
	430	Atlas Air Worldwide Holdings, Inc.†(a)		18,817
	200	Avis Budget Group, Inc.†		5,750
	6,597	Beacon Roofing Supply, Inc.†(a)		249,894
	860	Belden, Inc.(a)		42,940
	2,745	Blount International, Inc.†(a)		32,446
	412	Brady Corp., Class A		12,661
	1,645	Briggs & Stratton Corp.(a)		32,571
	1,554	CAI International, Inc.†		36,628
	5,229	Casella Waste Systems, Inc., Class A†		22,537
	2,630	CBIZ, Inc.†(a)		17,647
	2,955	Chart Industries, Inc.†(a)		278,036
	1,414	Comfort Systems USA, Inc.(a)		21,097
	940	CRA International, Inc.†(a)		17,362
	750	Cubic Corp.(a)		36,075
	1,650	Curtiss-Wright Corp.		61,149
	346	EMCOR Group, Inc.		14,065
	992	Encore Wire Corp.(a)		33,827
	5,707	EnerSys, Inc.(a)		279,871
	3,545	Federal Signal Corp.(a)		31,019
	1,677	FTI Consulting, Inc.†(a)		55,157
	1,950	GenCorp, Inc.(a)		31,707
	780	General Cable Corp.		23,985
	90	Genessee & Wyoming, Inc., Class A†(a)		7,636
	2,968	Great Lakes Dredge & Dock Corp.(a)		23,210
	2,884	Griffon Corp.(a)		32,445
	4,423	Hawaiian Holdings, Inc.†(a)		27,025
	16,258	Healthcare Services Group, Inc.(a)		398,646
	200	HEICO Corp.(a)		10,074
	4,122	Hub Group, Inc., Class A†(a)		150,123
	483	Hyster-Yale Materials Handling, Inc.		30,328
	580	International Shipholding Corp.(a)		13,531
	6,802	JetBlue Airways Corp.†(a)		42,853
	1,260	Kelly Services, Inc., Class A(a)		22,012
	1,562	Layne Christensen Co.†(a)		30,474
	746	MasTec, Inc.†(a)		24,543
	4,430	Meritor, Inc.†(a)		31,231
	826	Michael Baker Corp.		22,393
	2,586	Miller Industries, Inc.		39,773
	554	Mueller Industries, Inc.		27,938
	675	MYR Group, Inc.†(a)		13,129
	895	NCI Building Systems, Inc.†		13,684
	1,067	NN, Inc.		12,174
	1,354	Orion Marine Group, Inc.†(a)		16,370

See Notes to Financial Statements.

Small Cap Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Value

Industrials — 9.8% (continued)
	527	Patrick Industries, Inc.†(a)	$	10,956
	1,940	Quality Distribution, Inc.†(a)		17,150
	2,800	Republic Airways Holdings, Inc.†		31,724
	1,323	Rexnord Corp.†(a)		22,292
	962	Rush Enterprises, Inc., Class A†(a)		23,809
	1,719	SkyWest, Inc.		23,275
	2,161	Sterling Construction Co., Inc.†(a)		19,579
	2,056	TAL International Group, Inc.(a)		89,580
	260	Teledyne Technologies, Inc.†		20,111
	483	Textainer Group Holdings, Ltd.(a)		18,567
	3,680	Triumph Group, Inc.(a)		291,272
	1,538	Tutor Perini Corp.(a)		27,822
	967	US Airways Group, Inc.†(a)		15,878
	451	USG Corp.†		10,396
	2,810	UTi Worldwide, Inc.(a)		46,281
	2,945	Wabtec Corp.		157,351
				3,850,010
Information Technology — 8.4%
	1,739	Acxiom Corp.†(a)		39,441
	26,076	Applied Micro Circuits Corp.†(a)		229,469
	9,000	Aruba Networks, Inc.†(a)		138,240
	11,767	AVG Technologies NV†(a)		228,868
	380	Black Box Corp.		9,621
	327	CACI International, Inc., Class A†(a)		20,761
	1,525	Ceva, Inc.†		29,524
	860	Checkpoint Systems, Inc.†(a)		12,204
	811	Ciena Corp.†(a)		15,750
	742	Comtech Telecommunications Corp.		19,952
	1,966	Datalink Corp.†		20,918
	180	Diodes, Inc.†(a)		4,675
	950	DSP Group, Inc.†(a)		7,894
	1,810	EarthLink, Inc.(a)		11,240
	4,736	Envestnet, Inc.†(a)		116,506
	119	First Solar, Inc.†(a)		5,323
	1,650	FormFactor, Inc.†(a)		11,138
	8,740	Imation Corp.		36,970
	12,371	Inphi Corp.†		136,081
	1,689	Insight Enterprises, Inc.†		29,963
	10,790	InvenSense, Inc., Class A†(a)		165,950
	9,050	Ixia†(a)		166,520
	3,203	MAXIMUS, Inc.		238,559
	2,100	MoneyGram International, Inc.(a)		47,565
	2,940	Monster Worldwide, Inc.†(a)		14,435
	359	NETGEAR, Inc.†(a)		10,964
	1,862	OmniVision Technologies, Inc.†(a)		34,726
	2,427	Photronics, Inc.†(a)		19,562
	320	Plexus Corp.†(a)		9,565
	9,615	Procera Networks, Inc.†(a)		132,014
	5,210	QLIK Technologies, Inc.†		147,287
	2,876	Rambus, Inc.†(a)		24,705
	3,404	RF Micro Devices, Inc.†(a)		18,211
	1,665	Richardson Electronics, Ltd.(a)		19,547
	1,043	Sanmina Corp.†(a)		14,967
	1,660	ScanSource, Inc.†(a)		53,120
	5,920	Sigma Designs, Inc.†		29,896
	3,680	Sourcefire, Inc.†(a)		204,424
	1,858	Spansion, Inc., Class A†		23,262
	3,991	SPS Commerce, Inc.†(a)		219,505
	6,631	SunEdison, Inc.†		54,175
	2,210	SunPower Corp., Class A†(a)		45,747

Value

Information Technology — (continued)
	9,509	Synchronoss Technologies, Inc.†(a)	$	293,543
	1,003	SYNNEX Corp.†(a)		42,407
	4,311	Tellabs, Inc.(a)		8,536
	1,110	TriQuint Semiconductor, Inc.†		7,692
	1,953	TTM Technologies, Inc.†		16,405
	310	Unisys Corp.†		6,842
	4,313	United Online, Inc.(a)		32,692
	480	Web.com Group, Inc.†(a)		12,288
	780	WebMD Health Corp., Class A†		22,909
	6,330	Westell Technologies, Inc., Class A†		15,129
				3,277,687
Materials — 1.4%
	947	A Schulman, Inc.		25,399
	863	Berry Plastics Group, Inc.†		19,046
	4,003	Boise, Inc.(a)		34,186
	1,398	Century Aluminum Co.†(a)		12,973
	411	Clearwater Paper Corp.†(a)		19,342
	772	Coeur Mining, Inc.†		10,268
	4,790	Graphic Packaging Holding Co.†		37,075
	1,370	Handy & Harman, Ltd.†(a)		24,496
	515	HB Fuller Co.(a)		19,472
	3,643	Hecla Mining Co.(a)		10,856
	202	Koppers Holdings, Inc.(a)		7,712
	571	Kraton Performance Polymers, Inc.†(a)		12,105
	716	Louisiana-Pacific Corp.		10,590
	643	Minerals Technologies, Inc.		26,582
	1,036	Myers Industries, Inc.(a)		15,550
	855	Neenah Paper, Inc.(a)		27,163
	1,287	Olympic Steel, Inc.(a)		31,531
	691	OM Group, Inc.†(a)		21,366
	1,834	PH Glatfelter Co.		46,034
	558	PolyOne Corp.(a)		13,827
	1,670	Resolute Forest Products, Inc.†(a)		21,994
	1,075	Sensient Technologies Corp.(a)		43,505
	4,366	Wausau Paper Corp.(a)		49,772
				540,844
Telecommunication Services — 0.3%
	9,126	Cincinnati Bell, Inc.†(a)		27,926
	1,850	Consolidated Communications Holdings, Inc.(a)		32,209
	3,410	General Communication, Inc., Class A†		26,700
	1,180	Inteliquent, Inc.(a)		6,785
	550	Lumos Networks Corp.(a)		9,405
	1,090	NTELOS Holdings Corp.(a)		17,941
	1,413	Primus Telecommunications Group, Inc.		16,871
				137,837
Utilities — 0.8%
	288	Avista Corp.(a)		7,782
	595	Cleco Corp.(a)		27,626
	515	El Paso Electric Co.(a)		18,185
	439	Empire District Electric Co.(a)		9,794
	388	IDACORP, Inc.		18,531
	348	Laclede Group, Inc.		15,890
	177	MGE Energy, Inc.(a)		9,692
	208	NorthWestern Corp.		8,299
	1,897	Ormat Technologies, Inc.(a)		44,617
	403	Piedmont Natural Gas Co., Inc.(a)		13,597
	723	PNM Resources, Inc.(a)		16,043
	1,071	Portland General Electric Co.(a)		32,762

See Notes to Financial Statements.

Small Cap Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Value

Utilities — 0.8% (continued)
	507	Southwest Gas Corp.	$	23,723
	451	UIL Holdings Corp.(a)		17,251
	308	UNS Energy Corp.		13,777
	419	WGL Holdings, Inc.		18,109
				295,678
Total Common Stock
(Cost $21,094,392)				23,858,969

INVESTMENTS IN UNDERLYING FUNDS — 38.1%
	333,754	Wilshire Small Company Growth Portfolio*		7,432,706
	359,111	Wilshire Small Company Value Portfolio*		7,476,689

Total Investments in Underlying Funds
(Cost $13,995,330)				14,909,395

SHORT-TERM INVESTMENTS — 31.8%
	308,472	Northern Trust Institutional Government Select Portfolio, 0.010%(b)		308,472
	12,169,235	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(b)(c)		12,169,235

Total Short-Term Investments
(Cost $12,477,707)				12,477,707

Total Investments — 130.8%
(Cost $47,567,429)				51,246,071

Other Assets & Liabilities, Net — (30.8)%				(12,056,473	)

NET ASSETS — 100.0%			$	39,189,598

*	Affiliated Fund

†	Non-income producing security.

‡	Real Estate Investment Trust.

Ltd. — Limited.

PLC — Public Limited Company.

REIT — Real Estate Investment Trust.

(a)	This security or a partial position of this security is on loan at June 30, 2013. The total market value of securities on loan at June 30, 2013 was $11,815,772.

(b)	Rate shown is the 7-day effective yield as of June 30, 2013.

(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2013 was $12,169,235. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $43,725.

See Notes to Financial Statements.

International Equity Fund

Schedule of Investments

June 30, 2013 (Unaudited)

Value

COMMON STOCK — 71.0%
Australia — 2.7%
	474	AGL Energy, Ltd.	$	6,272
	2,580	Alumina, Ltd.		2,296
	867	Amcor, Ltd.		8,013
	1,558	AMP, Ltd.		6,025
	847	Aristocrat Leisure, Ltd.		3,310
	8,321	Australia & New Zealand Banking Group, Ltd.		216,009
	2,296	BHP Billiton, Ltd.		66,086
	538	BlueScope Steel, Ltd.		2,289
	1,254	Brambles, Ltd.		10,682
	1,195	Commonwealth Bank of Australia		75,221
	484	CSL, Ltd.		27,190
	588	DuluxGroup, Ltd.		2,262
	1,156	Echo Entertainment Group, Ltd.		3,240
	1,510	Fortescue Metals Group, Ltd.(a)		4,157
	1,025	GPT Group‡		3,599
	430	Iluka Resources, Ltd.(a)		3,875
	1,819	Incitec Pivot, Ltd.		4,736
	15,651	Insurance Australia Group, Ltd.		77,687
	166	Leighton Holdings, Ltd.		2,326
	539	Macquarie Atlas Roads Group		955
	256	Macquarie Group, Ltd.		9,764
	1,650	National Australia Bank, Ltd.		44,632
	554	Newcrest Mining, Ltd.		5,114
	298	Orica, Ltd.		5,617
	1,024	Origin Energy, Ltd.		11,734
	779	QBE Insurance Group, Ltd.		10,786
	303	Rio Tinto, Ltd.		14,521
	1,015	Santos, Ltd.		11,559
	2,365	Stockland‡		7,525
	1,376	Suncorp Group, Ltd.		14,945
	1,156	Tabcorp Holdings, Ltd.		3,220
	3,872	Telstra Corp., Ltd.		16,833
	750	Toll Holdings, Ltd.		3,630
	1,259	Transurban Group		7,775
	723	Wesfarmers, Ltd.		26,163
	123	Wesfarmers, Ltd. PPS		4,535
	1,721	Westfield Group‡		18,026
	1,721	Westfield Retail Trust‡		4,867
	2,764	Westpac Banking Corp.		72,569
	469	Woodside Petroleum, Ltd.		14,937
	1,078	Woolworths, Ltd.		32,293
	185	WorleyParsons, Ltd.		3,277
				870,552
Austria — 0.1%
	120	Erste Group Bank AG(a)		3,199
	126	OMV AG		5,684
	382	Telekom Austria AG		2,417
	218	Vienna Insurance Group		10,113
				21,413
Belgium — 0.3%
	255	Ageas		8,948
	576	Anheuser-Busch InBev NV		51,859
	136	Belgacom SA		3,045
	95	Delhaize Group SA(a)		5,873
	66	Groupe Bruxelles Lambert SA(a)		4,971
	194	KBC Groep NV		7,232
	48	Solvay SA		6,285

Value

Belgium — (continued)
	97	UCB SA	$	5,207
				93,420
Brazil — 0.6%
	2,930	Banco Bradesco SA ADR		38,119
	15,500	Cia de Saneamento Basico do Estado de Sao Paulo ADR(a)		161,355
				199,474
Canada — 2.9%
	300	Agrium, Inc.(a)		26,009
	3,100	Alimentation Couche Tard, Inc., Class B(a)		183,931
	1,900	Canadian National Railway Co.(a)		184,996
	1,040	Canadian Pacific Railway, Ltd.		126,111
	3,100	Husky Energy, Inc.(a)		82,592
	1,000	Magna International, Inc.(a)		71,180
	2,400	Pacific Rubiales Energy Corp.		42,149
	4,100	Royal Bank of Canada(a)		238,897
				955,865
China — 1.3%
	22,000	Anhui Conch Cement Co., Ltd., Class H(a)		59,145
	369,000	Bank of China, Ltd., Class H		151,166
	10,000	Beijing Enterprises Holdings, Ltd.		72,029
	61,000	Dongyue Group		24,199
	3,546	FIH Mobile, Ltd.†(a)		1,938
	45,621	PICC Property & Casualty Co., Ltd., Class H		51,153
	1,549	Sands China, Ltd.		7,238
	20,800	Sinopharm Group Co., Ltd., Class H		51,983
				418,851
Denmark — 1.0%
	1	AP Moller - Maersk A/S, Class B		7,154
	92	Carlsberg A, Class B		8,226
	407	Danske Bank A/S†		6,943
	2,239	DSV A/S		54,542
	318	Novo Nordisk A/S, Class B		49,437
	302	Novozymes A, Class B		9,673
	6,800	Topdanmark A†		173,071
	169	Vestas Wind Systems A/S†		2,389
				311,435
Finland — 1.3%
	518	Fortum OYJ		9,704
	126	Kone OYJ, Class B(a)		9,994
	2,778	Nokia OYJ		10,356
	10,900	Pohjola Bank PLC, Class A		160,167
	5,613	Sampo, Class A		218,568
	702	Stora Enso OYJ, Class R		4,701
	575	UPM-Kymmene OYJ		5,635
	131	Wartsila OYJ Abp(a)		5,692
				424,817
France — 4.1%
	179	Accor SA		6,292
	248	Air Liquide SA		30,628
	2,217	Alcatel-Lucent†(a)		4,038
	213	Alstom SA		6,987
	1,375	AXA SA		27,105
	698	BNP Paribas		38,212
	218	Bouygues SA		5,555
	140	Cap Gemini SA		6,799

See Notes to Financial Statements.

International Equity Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Value

France — 4.1% (continued)
	467	Carrefour SA	$	12,827
	1,230	Christian Dior SA		198,710
	348	Cie de St.-Gobain		14,101
	143	Cie Generale de Geophysique-Veritas		3,168
	1,019	Cie Generale des Etablissements Michelin, Class B		91,114
	165	Cie Generale d'Optique Essilor International SA		17,579
	348	CNP Assurances		4,996
	779	Credit Agricole SA		6,705
	460	Danone SA		34,623
	179	Edenred		5,481
	175	Electricite de France SA		4,061
	1,690	France Telecom SA		16,003
	1,025	GDF Suez		20,105
	48	Groupe Fnac†		125
	169	Lafarge SA		10,377
	160	Lagardere SCA		4,464
	237	L'Oreal SA		38,959
	182	LVMH Moet Hennessy Louis Vuitton SA		29,548
	19	Neopost SA(a)		1,258
	138	Pernod-Ricard SA		15,317
	48	PPR		9,768
	127	Publicis Groupe SA		9,045
	138	Renault SA		9,295
	3,202	Sanofi-Aventis SA		331,023
	390	Schneider Electric SA		28,324
	574	Societe Generale		19,754
	1,511	Sodexo		125,805
	218	Suez Environnement Co.		2,817
	77	Technip SA		7,826
	1,477	Total SA		72,141
	64	Unibail-Rodamco SE‡		14,906
	131	Vallourec SA		6,648
	420	Veolia Environnement SA		4,795
	292	Vinci SA		14,647
	968	Vivendi SA		18,345
				1,330,276
Germany — 6.7%
	2,044	Adidas AG		220,953
	326	Allianz SE		47,583
	2,908	BASF SE		259,373
	3,061	Bayer AG		325,905
	941	Bayerische Motoren Werke AG		82,126
	80	Beiersdorf AG		6,969
	430	Brenntag AG		65,356
	303	Commerzbank AG†		2,632
	103	Continental AG		13,731
	696	Daimler AG		42,017
	668	Deutsche Bank AG		28,011
	169	Deutsche Boerse AG		11,113
	640	Deutsche Post AG		15,883
	2,017	Deutsche Telekom AG		23,499
	1,429	E.ON SE		23,419
	243	Fresenius Medical Care AG & Co. KGAA		17,224
	2,170	Fresenius SE & Co. KGaA		267,084
	1,650	Hannover Rueckversicherung SE		118,646
	145	HeidelbergCement AG		9,715
	102	Henkel AG & Co. KGaA		7,989

Value

Germany — (continued)
	937	Infineon Technologies AG	$	7,843
	196	K+S AG		7,244
	126	Linde AG		23,480
	51	Merck KGAA		7,756
	150	Metro AG		4,740
	1,161	Muenchener Rueckversicherungs AG		213,290
	350	RWE AG		11,157
	3,792	SAP AG		276,902
	555	Siemens AG		56,201
	136	Solarworld AG		81
	348	ThyssenKrupp AG		6,822
	31	Volkswagen AG		6,027
				2,210,771
Greece — 0.0%
	518	Alpha Bank AE†		290
	329	Hellenic Telecommunications Organization SA		2,573
	66	National Bank of Greece SA†		213
	242	OPAP SA		2,025
	22	Piraeus Bank SA†		35
				5,136
Guernsey — 0.0%
	1,563	Resolution, Ltd.		6,770

Hong Kong — 4.7%
	7,163	AIA Group, Ltd.		30,178
	2,343	Bank of East Asia, Ltd.		8,386
	5,614	BOC Hong Kong Holdings, Ltd.		17,174
	14,549	Cheung Kong Holdings, Ltd.		196,185
	35,000	Cheung Kong Infrastructure Holdings, Ltd.		233,217
	24,000	China Overseas Land & Investment, Ltd.		62,483
	1,250	CLP Holdings, Ltd.		10,105
	992	Esprit Holdings, Ltd.		1,462
	1,840	Hang Lung Properties, Ltd.		6,373
	1,016	Hang Seng Bank, Ltd.		14,962
	4,162	Hong Kong & China Gas Co., Ltd.		10,155
	920	Hong Kong Exchanges and Clearing, Ltd.		13,818
	2,468	Hutchison Whampoa, Ltd.		25,821
	11,000	Jardine Strategic Holdings, Ltd.		398,321
	168,000	Lenovo Group, Ltd.(a)		151,217
	3,997	Li & Fung, Ltd.(a)		5,448
	2,420	Link REIT‡		11,877
	2,311	New World Development, Ltd.		3,174
	1,500	Power Assets Holdings, Ltd.		12,912
	46,000	SJM Holdings, Ltd.		111,633
	920	Sun Hung Kai Properties, Ltd.		11,815
	678	Swire Pacific, Ltd., Class A		8,169
	55,000	Techtronic Industries Co.		130,571
	1,375	Tencent Holdings, Ltd.		53,690
	1,420	Wharf Holdings, Ltd.		11,852
				1,540,998
India — 0.3%
	2,490	Dr. Reddy's Laboratories, Ltd. ADR(a)		94,172

Indonesia — 0.3%
	104,500	Bank Mandiri		94,252

See Notes to Financial Statements.

International Equity Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Value

Ireland — 0.1%
	644	CRH PLC	$	13,030
	373	Elan Corp. PLC		5,234
	1,162	Experian PLC		20,196
				38,460
Isle of Man — 0.0%
	5,808	Genting Singapore PLC(a)		6,023

Israel — 0.1%
	592	Israel Chemicals, Ltd.		5,814
	726	Teva Pharmaceutical Industries, Ltd.		28,414
				34,228
Italy — 0.7%
	967	Assicurazioni Generali SpA		16,903
	386	Atlantia SpA		6,296
	2,255	Banca Monte dei Paschi di Siena SPA†(a)		571
	741	Banco Popolare SC		871
	5,237	Enel SPA		16,433
	6,210	Eni SpA		127,453
	731	Fiat Industrial SpA		8,137
	731	Fiat SPA		5,098
	528	Finmeccanica SPA		2,642
	7,899	Intesa Sanpaolo SpA		12,643
	1,055	Intesa Sanpaolo SpA, RNC		1,412
	1,118	Mediaset SpA		4,211
	665	Mediobanca SpA		3,459
	211	Saipem SpA		3,425
	2,166	Snam Rete Gas SpA		9,863
	6,933	Telecom Italia SpA		4,832
	6,350	Telecom Italia SpA, RNC		3,540
	3,108	UniCredit SpA		14,529
	548	Unione di Banche Italiane SCPA		1,982
				244,300
Japan — 13.2%
	145	Advantest Corp.		2,389
	774	Aeon Co., Ltd.		10,171
	242	Aisin Seiki Co., Ltd.		9,240
	332	Ajinomoto Co., Inc.		4,870
	532	Amada Co., Ltd.		3,503
	339	Asahi Breweries, Ltd.(a)		8,398
	1,065	Asahi Glass Co., Ltd.(a)		6,903
	1,742	Asahi Kasei Corp.		11,494
	2,236	Astellas Pharma, Inc.		121,469
	1,984	Bank of Yokohama, Ltd. (The)		10,235
	629	Bridgestone Corp.		21,449
	870	Canon, Inc.		28,513
	97	Central Japan Railway Co.		11,822
	678	Chiba Bank, Ltd. (The)		4,626
	425	Chubu Electric Power Co., Inc.		6,020
	242	Chugai Pharmaceutical Co., Ltd.		5,009
	48	Credit Saison Co., Ltd.		1,206
	532	Dai Nippon Printing Co., Ltd.		4,854
	9	Dai-ichi Life Insurance Co., Ltd.		12,920
	678	Daiichi Sankyo Co., Ltd.		11,299
	194	Daikin Industries, Ltd.		7,841
	897	Daito Trust Construction Co., Ltd.		84,515
	149	Daiwa House Industry Co., Ltd.		2,776
	1,404	Daiwa Securities Group, Inc.		11,758
	459	Denso Corp.		21,579
	242	Dentsu, Inc.		8,372

Value

Japan — (continued)
	890	East Japan Railway Co.	$	69,271
	242	Eisai Co., Ltd.		9,862
	97	Electric Power Development Co., Ltd.		3,033
	145	FANUC Corp.		20,985
	48	Fast Retailing Co., Ltd.		16,200
	387	FUJIFILM Holdings Corp.		8,511
	1,742	Fujitsu, Ltd.		7,207
	920	Fukuoka Financial Group, Inc.		3,913
	105	Hankyu Hanshin Holdings, Inc.		598
	48	Hirose Electric Co., Ltd.		6,322
	3,762	Hitachi, Ltd.		24,105
	246	Hokkaido Electric Power Co., Inc.		3,357
	774	Hokuhoku Financial Group, Inc.		1,580
	1,204	Honda Motor Co., Ltd.		44,728
	436	Hoya Corp.		8,968
	97	Ibiden Co., Ltd.		1,510
	1	INPEX Corp.		4,156
	10,713	ITOCHU Corp.		123,884
	2	Japan Retail Fund Investment Corp., Class REIT‡		4,178
	563	Japan Steel Works, Ltd. (The)		3,090
	3,974	Japan Tobacco, Inc.		140,273
	339	JFE Holdings, Inc.(a)		7,427
	3,000	JGC Corp.		108,037
	968	Joyo Bank, Ltd. (The)(a)		5,287
	581	JTEKT Corp.		6,512
	1,094	JX Holdings, Inc.		5,282
	1,113	Kajima Corp.		3,690
	532	Kansai Electric Power Co., Inc. (The)		7,282
	484	Kao Corp.		16,476
	484	KDDI Corp.		25,204
	491	Keio Corp.		3,373
	59	Keyence Corp.		18,798
	1,597	Kintetsu Corp.		7,011
	920	Kirin Holdings Co., Ltd.		14,411
	2,952	Kobe Steel, Ltd.		3,651
	871	Komatsu, Ltd.(a)		20,061
	532	Konica Minolta, Inc.		4,004
	548	Kubota Corp.		7,975
	484	Kuraray Co., Ltd.		6,783
	145	Kyocera Corp.		14,753
	339	Kyushu Electric Power Co., Inc.		5,109
	339	LIXIL Group Corp.		8,255
	1,300	Makita Corp.		69,891
	1,549	Marubeni Corp.		10,352
	436	Marui Group Co., Ltd.		4,343
	1,900	Miraca Holdings, Inc.		87,311
	871	Mitsubishi Chemical Holdings Corp.		4,082
	3,058	Mitsubishi Corp.		52,242
	1,549	Mitsubishi Electric Corp.		14,474
	1,065	Mitsubishi Estate Co., Ltd.		28,354
	678	Mitsubishi Gas Chemical Co., Inc.		4,971
	2,904	Mitsubishi Heavy Industries, Ltd.		16,145
	1,258	Mitsubishi Materials Corp.		4,429
	9,465	Mitsubishi UFJ Financial Group, Inc.		58,455
	1,355	Mitsui & Co., Ltd.		16,992
	774	Mitsui Fudosan Co., Ltd.		22,756
	1,307	Mitsui OSK Lines, Ltd.		5,079
	116,050	Mizuho Financial Group, Inc.		241,000
	363	MS&AD Insurance Group Holdings		9,195

See Notes to Financial Statements.

International Equity Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Value

Japan — 13.2% (continued)
	194	Murata Manufacturing Co., Ltd.	$	14,757
	766	NEC Corp.		1,677
	48	Nidec Corp.(a)		3,358
	387	Nikon Corp.		9,042
	66	Nintendo Co., Ltd.		7,771
	511	Nippon Electric Glass Co., Ltd.		2,487
	1,016	Nippon Express Co., Ltd.		4,825
	5,602	Nippon Steel & Sumitomo Metal Corp.		15,093
	3,139	Nippon Telegraph & Telephone Corp.		163,607
	1,355	Nippon Yusen KK		3,585
	14,117	Nissan Motor Co., Ltd.		141,489
	194	Nitto Denko Corp.		12,442
	230	NKSJ Holdings, Inc.		5,466
	3,243	Nomura Holdings, Inc.		23,871
	532	NSK, Ltd.		5,075
	1	NTT Data Corp.		3,562
	12	NTT DOCOMO, Inc.		18,668
	532	Obayashi Corp.		2,759
	194	Olympus Corp.		5,895
	242	Omron Corp.		7,215
	800	ORIX Corp.		10,918
	21,323	Osaka Gas Co., Ltd.		90,035
	300	Otsuka Holdings Co., Ltd.		9,906
	2,016	Panasonic Corp.		16,233
	774	Rakuten, Inc.		9,153
	2,130	Resona Holdings, Inc.		10,373
	532	Ricoh Co., Ltd.(a)		6,304
	97	Rohm Co., Ltd.		3,940
	145	Secom Co., Ltd.		7,884
	194	Sega Sammy Holdings, Inc.		4,861
	145	Seiko Epson Corp.(a)		1,980
	8,968	Sekisui Chemical Co., Ltd.		95,227
	823	Sekisui House, Ltd.		11,891
	3,726	Seven & I Holdings Co., Ltd.		136,459
	920	Sharp Corp.		3,704
	339	Shin-Etsu Chemical Co., Ltd.		22,437
	629	Shinsei Bank, Ltd.		1,428
	532	Shionogi & Co., Ltd.		11,094
	339	Shiseido Co., Ltd.		5,044
	532	Shizuoka Bank, Ltd. (The)		5,738
	1,355	Showa Denko KK		1,787
	67	SMC Corp.		13,432
	726	Softbank Corp.		42,260
	2,199	Sojitz Corp.		3,648
	871	Sony Corp.(a)		18,401
	1,549	Sumitomo Chemical Co., Ltd.		4,859
	9,713	Sumitomo Corp.		121,059
	581	Sumitomo Electric Industries, Ltd.		6,916
	871	Sumitomo Heavy Industries, Ltd.		3,657
	629	Sumitomo Metal Mining Co., Ltd.		7,006
	3,862	Sumitomo Mitsui Financial Group, Inc.		176,776
	2,795	Sumitomo Mitsui Trust Holdings, Inc.		13,041
	484	Sumitomo Realty & Development Co., Ltd.		19,289
	1,800	Sundrug Co., Ltd.		76,389
	484	Suzuki Motor Corp.		11,157
	290	T&D Holdings, Inc.		3,879
	629	Takashimaya Co., Ltd.		6,375
	629	Takeda Pharmaceutical Co., Ltd.		28,364
	97	TDK Corp.		3,343

	Shares			Value
Japan — (continued)
	1,500	Teijin, Ltd.(a)	$	3,286
	194	Terumo Corp.		9,643
	1,210	Tobu Railway Co., Ltd.		6,236
	436	Tohoku Electric Power Co., Inc.		5,444
	5,273	Tokio Marine Holdings, Inc.		166,389
	823	Tokyo Electric Power Co., Inc. (The)(a)		4,249
	145	Tokyo Electron, Ltd.		7,331
	2,178	Tokyo Gas Co., Ltd.		12,016
	968	Tokyu Corp.		6,338
	532	Toppan Printing Co., Ltd.(a)		3,691
	1,307	Toray Industries, Inc.		8,445
	2,904	Toshiba Corp.		13,921
	4,442	Toyota Industries Corp.		181,403
	5,701	Toyota Motor Corp.		343,872
	242	Toyota Tsusho Corp.		6,223
	2,800	Unicharm Corp.		158,364
	194	West Japan Railway Co.		8,228
	92	Yamada Denki Co., Ltd.		3,725
	290	Yamaha Motor Co., Ltd.(a)		3,756
	339	Yamato Holdings Co., Ltd.(a)		7,139
				4,327,004
Jersey — 0.1%
	343	Atrium European Real Estate, Ltd.		1,784
	118	Randgold Resources, Ltd.		7,477
	462	Shire PLC		14,641
	271	Wolseley PLC		12,504
				36,406
Luxembourg — 0.3%
	796	ArcelorMittal		8,909
	84	Millicom International Cellular SA		6,050
	396	SES SA		11,346
	223	Subsea 7 SA(a)		3,923
	4,086	Tenaris SA		81,836
				112,064
Malaysia — 0.5%
	29,500	AMMB Holdings BHD		68,385
	47,100	Axiata Group BHD		98,643
				167,028
Mexico — 0.8%
	56,700	Alfa SAB de CV, Class A		136,352
	23,100	Grupo Financiero Banorte SAB de CV, Class O		137,985
				274,337
Netherlands — 1.9%
	855	Aegon NV		5,736
	143	Akzo Nobel NV		8,069
	2,283	ASML Holding NV		180,221
	334	European Aeronautic Defence and Space Co. NV		17,869
	210	Heineken NV		13,367
	3,601	ING Groep NV, CVA		32,910
	862	Koninklijke Ahold NV		12,820
	138	Koninklijke DSM NV		8,997
	1,138	Koninklijke KPN NV		2,361
	891	Koninklijke Philips Electronics NV		24,289
	500	PostNL NV		1,393
	582	Reed Elsevier NV		9,693
	2,673	Royal Dutch Shell PLC, Class A		85,387
	1,967	Royal Dutch Shell PLC, Class B		65,145
	5,720	SBM Offshore NV		96,433

See Notes to Financial Statements.

International Equity Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Value

Netherlands — 1.9% (continued)
	446	TNT Express NV	$	3,342
	1,279	Unilever NV, CVA		50,347
	319	Wolters Kluwer NV		6,757
				625,136
New Zealand — 0.0%
	682	Chorus, Ltd.		1,260
	3,409	Telecom Corp. of New Zealand, Ltd.		5,936
				7,196
Norway — 1.9%
	785	DnB NOR ASA		11,388
	1,065	Norsk Hydro ASA(a)		4,271
	551	Orkla ASA		4,511
	3,956	Seadrill, Ltd.		159,334
	11,312	Statoil ASA		233,684
	9,467	Telenor ASA		188,043
	196	Yara International ASA(a)		7,816
				609,047
Portugal — 0.0%
	1,805	Banco Comercial Portugues SA, Class R†		225
	2,299	Energias de Portugal SA		7,416
	373	Portugal Telecom SGPS SA(a)		1,451
				9,092
Russia — 0.4%
	2,550	Lukoil OAO ADR		146,136

Singapore — 2.4%
	8,712	CapitaMalls Asia, Ltd.		12,495
	1,452	DBS Group Holdings, Ltd.		17,668
	6,800	Jardine Cycle & Carriage, Ltd.		227,351
	6,180	Keppel Corp., Ltd.		50,548
	1,220	Keppel REIT‡		1,244
	2,904	Oversea-Chinese Banking Corp., Ltd.		22,829
	883	SATS, Ltd.		2,288
	1,210	Singapore Airlines, Ltd.		9,658
	1,904	Singapore Technologies Engineering, Ltd.		6,272
	49,325	Singapore Telecommunications, Ltd.		146,092
	12,858	United Overseas Bank, Ltd.		200,792
	14,000	UOL Group, Ltd.		74,010
	1,936	Wilmar International, Ltd.		4,788
				776,035
South Africa — 1.9%
	6,100	Aspen Pharmacare Holdings, Ltd.		140,226
	18,100	Life Healthcare Group Holdings, Ltd.		68,651
	9,800	Remgro, Ltd.		188,260
	1,900	Sasol, Ltd.		82,722
	24,300	Woolworths Holdings, Ltd.		158,391
				638,250
South Korea — 1.8%
	325	Ahnlab, Inc.†		63,742
	600	Daelim Industrial Co., Ltd.		45,227
	680	Samsung Electronics Co., Ltd. GDR		395,180
	450	SK Telecom Co., Ltd.		82,757
				586,906
Spain — 0.9%
	295	Abertis Infraestructuras SA		5,140
	67	Acciona SA		3,532
	70	ACS Actividades de Construccion y Servicios SA		1,852

Value

Spain — (continued)
	3,932	Banco Bilbao Vizcaya Argentaria SA	$	33,044
	728	Banco Popular Espanol SA(a)		2,230
	7,367	Banco Santander SA		47,143
	467	Distribuidora Internacional de Alimentacion SA		3,528
	3,100	Enagas SA(a)		76,619
	401	Ferrovial SA		6,402
	102	Fomento de Construcciones y Contratas SA(a)		950
	3,235	Iberdrola SA		17,096
	184	Inditex SA		22,695
	652	Indra Sistemas SA		8,422
	745	Repsol SA		15,723
	3,696	Telefonica SA		47,550
				291,926
Sweden — 2.5%
	242	Assa Abloy AB, Class B		9,458
	310	Atlas Copco AB, Class B		6,634
	532	Atlas Copco AB, Class A		12,822
	290	Electrolux AB, Class B		7,318
	678	Hennes & Mauritz AB, Class B		22,307
	2,517	Nordea Bank AB		28,108
	968	Sandvik AB		11,561
	242	Scania AB, Class B(a)		4,842
	532	Securitas AB, Class B		4,651
	14,459	Skandinaviska Enskilda Banken AB, Class A		138,040
	387	SKF AB, Class B		9,066
	387	SSAB AB, Class A		2,311
	726	Svenska Cellulosa AB, Class B		18,207
	4,701	Svenska Handelsbanken AB, Class A		188,343
	13,529	Swedbank AB, Class A		309,876
	2,715	Telefonaktiebolaget LM Ericsson, Class B		30,788
	1,984	TeliaSonera AB(a)		12,929
	1,105	Volvo AB, Class B(a)		14,746
				832,007
Switzerland — 3.0%
	6,109	ABB, Ltd.		132,333
	63	Actelion, Ltd.		3,795
	165	Adecco SA(a)		9,397
	375	Cie Financiere Richemont SA		33,071
	956	Credit Suisse Group AG		25,309
	44	Geberit AG(a)		10,900
	5,535	Glencore Xstrata PLC		22,912
	257	Holcim, Ltd.		17,889
	239	Julius Baer Group, Ltd.		9,328
	2,226	Nestle SA		146,071
	157	Nobel Biocare Holding AG		1,906
	1,689	Novartis AG		119,633
	1,064	Roche Holding AG		264,082
	5	SGS SA		10,734
	711	STMicroelectronics NV(a)		6,390
	31	Swatch Group AG (The)		16,933
	32	Swiss Life Holding AG		5,194
	233	Swiss Re, Ltd.		17,336
	23	Swisscom AG		10,069
	80	Syngenta AG		31,197
	310	Transocean, Ltd.		14,885
	2,750	UBS AG		46,678

See Notes to Financial Statements.

International Equity Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Value

Switzerland — 3.0% (continued)
	126	Zurich Insurance Group AG	$	32,660
				988,702
Thailand — 1.3%
	12,000	Advanced Info Service PCL		108,485
	13,100	Bangkok Bank PCL		85,513
	31,507	PTT Exploration & Production PCL		160,254
	12,700	Siam Commercial Bank PCL		69,934
				424,186
Turkey — 0.4%
	7,300	Haci Omer Sabanci Holding AS		38,379
	17,425	KOC Holding AS		83,504
				121,883
United Kingdom — 10.0%
	1,112	3i Group PLC		5,710
	12,060	Aberdeen Asset Management PLC		70,185
	274	Aggreko PLC		6,849
	1,045	Anglo American PLC		20,138
	1,146	ARM Holdings PLC		13,863
	889	AstraZeneca PLC		42,031
	2,343	Aviva PLC		12,076
	3,044	BAE Systems PLC		17,727
	30,720	Barclays PLC		130,830
	2,440	BG Group PLC		41,466
	9,723	BHP Billiton PLC		247,917
	35,375	BP PLC		245,502
	5,181	British American Tobacco PLC		265,733
	517	British Land Co. PLC‡		4,454
	1,128	British Sky Broadcasting Group PLC		13,589
	5,890	BT Group PLC, Class A		27,652
	2,140	Cable & Wireless Communications PLC		1,332
	633	Cairn Energy PLC†		2,436
	590	Capita Group PLC (The)		8,672
	194	Carnival PLC		6,744
	4,053	Centrica PLC		22,169
	10,406	Compass Group PLC		132,964
	1,796	Diageo PLC		51,503
	3,510	GlaxoSmithKline PLC		87,737
	237	Hammerson PLC‡		1,757
	1,393	Home Retail Group PLC(a)		2,838
	29,256	HSBC Holdings PLC		302,864
	755	Imperial Tobacco Group PLC		26,179
	279	InterContinental Hotels Group PLC		7,668
	1,510	J Sainsbury PLC		8,161
	162	Johnson Matthey PLC		6,473
	2,396	Kingfisher PLC		12,492
	469	Land Securities Group PLC‡		6,299
	6,645	Legal & General Group PLC		17,319
	33,562	Lloyds Banking Group PLC†		32,230
	169	London Stock Exchange Group PLC		3,435
	1,700	Man Group PLC		2,148
	1,321	Marks & Spencer Group PLC		8,644
	2,787	National Grid PLC		31,593
	1,136	Next PLC		78,691
	5,184	Old Mutual PLC		14,231
	649	Pearson PLC		11,542
	14,053	Prudential PLC		229,386
	493	Reckitt Benckiser Group PLC		34,873
	934	Reed Elsevier PLC		10,622
	998	Rexam PLC		7,243

Value

United Kingdom — (continued)
	894	Rio Tinto PLC	$	36,358
	1,335	Rolls-Royce Holdings PLC		22,987
	1,382	Royal Bank of Scotland Group PLC†		5,735
	2,749	RSA Insurance Group PLC		4,987
	748	SABMiller PLC		35,862
	1,012	Sage Group PLC		5,230
	750	Scottish & Southern Energy PLC		17,368
	242	Severn Trent PLC		6,128
	653	Smith & Nephew PLC		7,314
	310	Smiths Group PLC		6,167
	6,222	Standard Chartered PLC		135,083
	5,771	Tesco PLC		29,062
	707	Tullow Oil PLC		10,762
	954	Unilever PLC		38,620
	594	United Utilities Group PLC		6,180
	36,515	Vodafone Group PLC		104,641
	1,720	Weir Group PLC		56,242
	13,760	WH Smith PLC		150,271
	2,247	Whitbread PLC		104,530
	20,266	William Hill PLC		135,902
	1,609	WM Morrison Supermarkets PLC		6,405
	946	WPP PLC		16,170
				3,277,971
United States — 0.5%
	1,500	Philip Morris International, Inc.(a)		129,930
	1,600	Southern Copper Corp.(a)		44,192
				174,122
Total Common Stock
(Cost $21,671,741)				23,326,647

INVESTMENT IN UNDERLYING FUNDS — 16.2%
	609,762	Wilshire International Equity Fund*		5,335,419

Total Investment in Underlying Funds
(Cost $5,603,775)				5,335,419

SHORT-TERM INVESTMENTS — 13.9%
	404,092	Northern Trust Institutional Government Select Portfolio, 0.010%(b)		404,092
	4,173,986	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(b)(d)		4,173,986

Total Short-Term Investments
(Cost $4,578,078)				4,578,078

EXCHANGE TRADED FUND — 7.5%
	63,539	Vanguard FTSE Emerging Markets ETF		2,464,042

Total Exchange Traded Fund
(Cost $2,715,868)				2,464,042

See Notes to Financial Statements.

International Equity Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Value

PREFERRED STOCK — 0.7%
Brazil — 0.0%
	3	Cia de Bebidas das Americas	$	112

Germany — 0.7%
	1,944	Henkel AG & Co. KGAA		182,560
	92	Porsche Automobil Holding SE		7,104
	137	Volkswagen AG		27,672
				217,336
Total Preferred Stock
(Cost $177,510)				217,448

RIGHT — 0.0%
	29	New World Development(c)		—

Total Right
(Cost $—)				—

PRIVATE COMPANY — 0.0%
Malta — 0.0%
	3,758	BGP Holdings PLC† (c)		—

Total Private Company
(Cost $—)				—

Total Investments — 109.3%
(Cost $34,746,972)				35,921,634

Other Assets & Liabilities, Net — (9.3)%				(3,071,325	)

NET ASSETS — 100.0%			$	32,850,309

*	Affiliated Fund.

†	Non-income producing security.

‡	Real Estate Investment Trust.

(a)	This security or a partial position of this security is on loan at June 30, 2013. The total market value of securities on loan at June 30, 2013 was $4,068,993.

(b)	Rate shown is 7-day effective yield as of June 30, 2013.

(c)	Security fair valued using methods determined in good faith by the Pricing Committee. As of June 30, 2013, the total market value of this security was $0 and represented 0.0% of Net Assets.

(d)	The security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2013 was $4,173,986. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $13,020.

ADR — American Depositary Receipt

ETF — Exchange Traded Fund

FTSE — Financial Times and the London Stock Exchange

GDR — Global Depositary Receipt

Ltd. — Limited

PLC — Public Limited Company

REIT — Real Estate Investment Trust

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

The following is a summary of the inputs used as of June 30, 2013 in valuing the Fund’s investments carried at fair value:

Investments in Securities	Level 1		Level 2**		Level 3			Total
Common Stock
Australia	$	—	$	870,552	$	—		$	870,552
Austria		—		21,413		—			21,413
Belgium		—		93,420		—			93,420
Brazil		199,474		—		—			199,474
Canada		955,865		—		—			955,865
China		1,938		416,913		—			418,851
Denmark		—		311,435		—			311,435
Finland		—		424,817		—			424,817
France		125		1,330,151		—			1,330,276
Germany		—		2,210,771		—			2,210,771
Greece		—		5,136		—			5,136
Guernsey		—		6,770		—			6,770
Hong Kong		—		1,540,998		—			1,540,998
India		94,172		—		—			94,172
Indonesia		—		94,252		—			94,252
Ireland		—		38,460		—			38,460
Isle of Man		—		6,023		—			6,023
Israel		—		34,228		—			34,228
Italy		—		244,300		—			244,300
Japan		—		4,327,004		—			4,327,004
Jersey		—		36,406		—			36,406
Luxembourg		—		112,064		—			112,064
Malaysia		—		167,028		—			167,028
Mexico		274,337		—		—			274,337
Netherlands		—		625,136		—			625,136
New Zealand		—		7,196		—			7,196
Norway		—		609,047		—			609,047
Portugal		—		9,092		—			9,092
Russia		—		146,136		—			146,136
Singapore		—		776,035		—			776,035
South Africa		—		638,250		—			638,250
South Korea		—		586,906		—			586,906
Spain		—		291,926		—			291,926
Sweden		—		832,007		—			832,007
Switzerland		—		988,702		—			988,702
Thailand		—		424,186		—			424,186
Turkey		—		121,883		—			121,883
United Kingdom		—		3,277,971		—			3,277,971
United States		174,122		—		—			174,122
Total Common Stock		1,700,033		21,626,614		—			23,326,647
Investment in Underlying Funds		5,335,419		—		—			5,335,419
Short-Term Investments		4,578,078		—		—			4,578,078
Exchange Traded Fund		2,464,042		—		—			2,464,042
Preferred Stock		112		217,336		—			217,448
Right		—		—		—			—

Private Company
Malta		—		—	—		^		—

Total Investments in Securities	$	14,077,684	$	21,843,950	$	—		$	35,921,634

See Notes to Financial Statements.

International Equity Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

**	Represents securities trading primarily outside the United States, the value of which were adjusted as a result of local trading through the application of a third-party vendor.

This security was categorized as Level 3 and had a market value of $0 as of June 30, 2013 and the value has remained zero throughout the period ended June 30, 2013. 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 June 30, 2013.

For the period ended June 30, 2013, the transfers out of Level 1 and into Level 2 were $3,458,925. The transfers were related to the fair value of certain foreign securities.

See Notes to Financial Statements.

Socially Responsible Fund

Schedule of Investments

June 30, 2013 (Unaudited)

Value

COMMON STOCK — 96.9%
Consumer Discretionary — 14.3%
	377	Amazon.com, Inc.†(a)	$	104,689
	23,289	Comcast Corp., Class A		975,343
	6,630	Ford Motor Co.(a)		102,566
	6,500	Harley-Davidson, Inc.		356,330
	11,183	Home Depot, Inc. (The)		866,347
	7,940	Honda Motor Co., Ltd. ADR(a)		295,765
	2,440	Lennar Corp., Class A(a)		87,938
	2,150	Lowe's Cos., Inc.		87,935
	1,761	McDonald's Corp.		174,339
	10,174	News Corp., Class A†		331,672
	11,330	News Corp., Class B†		371,851
	5,025	Starwood Hotels & Resorts Worldwide, Inc.(a)		317,530
	11,089	Target Corp.(a)		763,589
	10,280	TJX Cos., Inc.		514,617
	8,140	Toll Brothers, Inc.†(a)		265,608
	20,401	Walt Disney Co. (The)(a)		1,288,323
	7,252	Yum! Brands, Inc.(a)		502,853
				7,407,295
Consumer Staples — 11.2%
	9,672	Coca-Cola Co. (The)		387,944
	9,142	Costco Wholesale Corp.		1,010,831
	12,860	CVS Caremark Corp.		735,335
	12,990	Danone SA ADR(a)		194,850
	10,880	Estee Lauder Cos., Inc. (The), Class A		715,578
	4,998	General Mills, Inc.		242,553
	1,370	Kellogg Co.		87,995
	3,326	Kimberly-Clark Corp.(a)		323,087
	3,292	Kraft Foods Group, Inc.(a)		183,924
	8,370	McCormick & Co., Inc.(a)		588,913
	6,656	Mondelez International, Inc., Class A		189,896
	7,842	PepsiCo, Inc.(a)		641,397
	6,835	Procter & Gamble Co. (The)		526,227
				5,828,530
Energy — 5.6%
	3,851	Anadarko Petroleum Corp.		330,916
	6,255	Cameron International Corp.†(a)		382,556
	7,943	ConocoPhillips		480,552
	5,756	Devon Energy Corp.		298,621
	6,021	Hess Corp.		400,336
	5,290	Occidental Petroleum Corp.		472,027
	9,790	Petroleo Brasileiro SA ADR(a)		131,382
	3,134	Schlumberger, Ltd.		224,583
	1,372	Spectra Energy Corp.(a)		47,279
	8,846	Weatherford International, Ltd.†		121,190
				2,889,442
Financials — 15.7%
	260	Alleghany Corp.†(a)		99,661
	2,940	American Express Co.		219,794
	7,451	American Tower Corp., Class A‡		545,190
	6	Berkshire Hathaway, Inc., Class A†(a)		1,011,600
	12,208	Blackstone Group LP (The)		257,100
	11,300	Charles Schwab Corp. (The)(a)		239,899
	20,601	Citigroup, Inc.		988,230
	15,172	Forest City Enterprises, Inc., Class A†(a)		271,731
	18,447	JPMorgan Chase & Co.		973,817
	18,632	MetLife, Inc.		852,600
	6,040	SunTrust Banks, Inc.		190,683
	14,635	Travelers Cos., Inc. (The)		1,169,629

Value

Financials — (continued)
	6,344	U.S. Bancorp	$	229,336
	26,797	Wells Fargo & Co.		1,105,912
				8,155,182
Health Care — 13.8%
	2,816	AbbVie, Inc.		116,413
	1,578	AmerisourceBergen Corp., Class A(a)		88,100
	6,202	Amgen, Inc.		611,889
	9,044	Bristol-Myers Squibb Co.		404,176
	2,187	Cardinal Health, Inc.		103,226
	300	Celgene Corp.†		35,073
	6,560	Covidien PLC(a)		412,230
	3,830	Express Scripts Holding Co.†		236,273
	10,525	GlaxoSmithKline PLC ADR(a)		525,934
	14,174	Johnson & Johnson(a)		1,216,980
	21,822	Merck & Co., Inc.(a)		1,013,632
	1,391	Onyx Pharmaceuticals, Inc.†(a)		120,767
	45,344	Pfizer, Inc.(a)		1,270,086
	5,030	Roche Holding AG ADR(a)		311,156
	5,340	Thermo Fisher Scientific, Inc.(a)		451,924
	3,320	UnitedHealth Group, Inc.		217,394
				7,135,253
Industrials — 7.8%
	2,841	3M Co.(a)		310,663
	3,480	Caterpillar, Inc.(a)		287,065
	4,050	Covanta Holding Corp.(a)		81,081
	426	Eaton Corp. PLC		28,035
	2,523	Eaton Corp. PLC(a)		166,038
	8,570	Emerson Electric Co.		467,408
	2,310	Flowserve Corp.(a)		124,763
	39,179	General Electric Co.(a)		908,561
	4,640	Honeywell International, Inc.		368,138
	2,180	Kennametal, Inc.(a)		84,650
	1,043	Pentair, Ltd.(a)		60,171
	9,780	Tyco International, Ltd.		322,251
	8,871	United Parcel Service, Inc., Class B(a)		767,164
	2,364	Waste Management, Inc.(a)		95,340
				4,071,328
Information Technology — 18.4%
	1,915	Adobe Systems, Inc.		87,248
	1,230	Akamai Technologies, Inc.†		52,337
	2,951	Apple, Inc.		1,168,832
	3,657	ASML Holding NV, Class G		289,269
	8,628	Automatic Data Processing, Inc.(a)		594,124
	2,580	BMC Software, Inc.†		116,461
	7,810	Broadcom Corp., Class A		263,665
	25,783	Cisco Systems, Inc.		626,785
	2,010	Citrix Systems, Inc.†		121,263
	13,189	eBay, Inc.†		682,135
	6,022	EMC Corp.(a)		142,240
	10,950	Facebook, Inc., Class A†		272,217
	1,628	Google, Inc., Class A†		1,433,242
	7,130	Intel Corp.		172,689
	3,804	International Business Machines Corp.		726,982
	730	LinkedIn Corp., Class A†		130,159
	22,830	Microsoft Corp.		788,320
	1,858	Motorola Solutions, Inc.(a)		107,262
	9,730	NetApp, Inc.(a)		367,599
	6,275	Oracle Corp.		192,768
	4,559	QUALCOMM, Inc.		278,464
	3,170	SanDisk Corp.†		193,687

See Notes to Financial Statements.

Socially Responsible Fund

Schedule of Investments - (Continued)

June 30, 2013 (Unaudited)

Value

Information Technology — 18.4% (continued)
	3,084	Texas Instruments, Inc.	$	107,539
	3,317	Visa, Inc., Class A(a)		606,182
				9,521,469
Materials — 5.0%
	13,960	Alcoa, Inc.(a)		109,167
	3,597	BHP Billiton, Ltd. ADR(a)		207,403
	1,960	Eagle Materials, Inc.		129,889
	7,155	Ecolab, Inc.		609,534
	1,855	EI du Pont de Nemours & Co.(a)		97,388
	12,350	International Paper Co.		547,228
	2,160	LyondellBasell Industries NV, Class A(a)		143,122
	5,000	PPG Industries, Inc.		732,050
				2,575,781
Telecommunication Services — 2.5%
	17,117	AT&T, Inc.		605,942
	13,893	Verizon Communications, Inc.(a)		699,373
				1,305,315
Utilities — 2.6%
	8,117	NextEra Energy, Inc.(a)		661,373
	8,240	NV Energy, Inc.		193,311
	4,850	Sempra Energy		396,536
	3,070	Wisconsin Energy Corp.(a)		125,839
				1,377,059
Total Common Stock
(Cost $34,151,663)				50,266,654

SHORT-TERM INVESTMENTS — 33.1%
	1,582,602	Northern Trust Institutional Government Select Portfolio, 0.010%(b)		1,582,602
	15,587,745	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(b)(c)		15,587,745

Total Short-Term Investments
(Cost $17,170,346)				17,170,347

Total Investments — 130.0%
(Cost $51,322,009)				67,437,001

Other Assets & Liabilities, Net — (30.0)%				(15,572,809	)

NET ASSETS — 100.0%			$	51,864,192

†	Non-income producing security.

‡	Real Estate Investment Trust.

(a)	This security or a partial position of this security is on loan at June 30, 2013. The total market value of securities on loan at June 30, 2013 was $15,153,045.

(b)	Rate shown is the 7-day effective yield as of June 30, 2013.

(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2013 was $15,587,745.

ADR — American Depositary Receipt

LP — Limited Partnership

Ltd. — Limited

PLC — Public Limited Company

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Statements of Assets and Liabilities

June 30, 2013 (Unaudited)

	EQUITY FUND			BALANCED FUND			INCOME FUND			SMALL CAP FUND			INTERNATIONAL EQUITY FUND			SOCIALLY RESPONSIBLE FUND
ASSETS:
Investments in securities, at value (Note 2)	$	86,629,559	*	$	275,749		$	99,022,174	*	$	36,336,676	*	$	30,586,215	*	$	67,437,001	*
Investments in affiliated funds, at value		132,108,588			148,345,120			—			14,909,395			5,335,419			—
Foreign currency, at value		—			—			11,377			—			283,691			—
Cash		—			—			—			79			729,981			—
Receivable for investment securities sold and matured		292,714			—			2,328,079			208,869			337			135,444
Dividends and interest receivable		68,247			2			462,630			16,942			56,088			52,153
Subscriptions receivable		12,794			9,991			—			19,795			6,974			7,369
Reclaims receivable		—			—			325			—			116,744			2,687
Unrealized gain on foreign spot currency contracts		—			—			—			—			19			—
Prepaid expenses		7,887			6,247			3,347			62,433			1,868			1,578
Total assets		219,119,789			148,637,109			101,827,932			51,554,189			37,117,336			67,636,232

LIABILITIES:
Payable upon return on securities loaned		20,405,152			—			9,949,212			12,169,235			4,173,986			15,587,745
Payable for investment securities purchased		—			—			15,566,107			139,245			327			75,919
TBA sales commitments		—			—			800,516			—			—			—
Redemptions payable		141,183			63,339			9,051			11,980			15,083			33,906
Investment advisory fees payable (Note 3)		38,671			—			34,561			18,919			18,404			36,678
Distribution (12b-1) fees payable (Note 4)		41,385			19,604			1,912			1,912			13,977			11,119
Administration fees payable		11,587			8,658			4,399			2,250			1,930			3,021
Chief Compliance Officer expenses payable		999			769			412			188			262			260
Trustees' fees payable		5,246			3,927			2,122			988			780			1,370
Interest payable		—			—			1,937			—			—			—
Cash overdraft		4,130			—			—			—			—			—
Other accrued expenses		47,950			21,063			79,456			19,874			42,278			22,022
Total liabilities		20,696,303			117,360			26,449,685			12,364,591			4,267,027			15,772,040

NET ASSETS	$	198,423,486		$	148,519,749		$	75,378,247		$	39,189,598		$	32,850,309		$	51,864,192

NET ASSETS consist of:
Paid-in capital	$	272,092,454		$	146,843,914		$	74,269,208		$	36,878,489		$	40,480,936		$	49,446,118
Undistributed net investment income/(accumulated net investment loss)		239,774			2,353,402			2,166,972			(101,791	)		555,849			723,808
Accumulated net realized loss on investments and foreign currency transactions		(79,859,769	)		(3,417,188	)		(1,166,511	)		(1,265,742	)		(9,360,105	)		(14,420,726	)
Net unrealized appreciation of investments and other assets and liabilities denominated in foreign currencies		5,951,027			2,739,621			108,578			3,678,642			1,173,629			16,114,992

NET ASSETS	$	198,423,486		$	148,519,749		$	75,378,247		$	39,189,598		$	32,850,309		$	51,864,192

SHARES OUTSTANDING:
(Unlimited shares authorized)		8,922,177			8,437,270			6,383,787			2,239,171			2,634,069			3,724,287

NET ASSET VALUE:
(Offering and redemption price per share)	$	22.24		$	17.60		$	11.81		$	17.50		$	12.47		$	13.93

Investments, at cost (Note 2)	$	65,479,868		$	275,749		$	88,981,171		$	21,402,864		$	24,969,211		$	35,734,264
Investments in affiliated funds, at cost		126,902,100			145,605,499			—			13,995,330			5,603,775			—
Cash collateral for securities on loan, at cost		20,405,152			—			9,949,212			12,169,235			4,173,986			15,587,745
TBA sales commitments, proceeds receivable		—			—			818,368			—			—			—
Foreign currency, at cost		—			—			12,442			—			294,325			—

* Includes market value of securities on loan	$	19,926,068			—		$	11,168,920		$	11,815,772		$	4,068,993		$	15,153,045

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

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Statements of Operations

For the Six Months Ended June 30, 2013 (Unaudited)

	EQUITY FUND			BALANCED FUND			INCOME FUND			SMALL CAP FUND			INTERNATIONAL EQUITY FUND			SOCIALLY RESPONSIBLE FUND
INVESTMENT INCOME:
Dividends	$	925,640		$	29,410		$	16,003		$	105,400		$	735,549		$	498,066
Interest		86			19			934,022			228			39,836			3,703
Income from securities lending		8,763			—			3,649			36,052			19,381			10,741
Foreign taxes withheld		(3,910	)		—			—			(424	)		(42,148	)		—
Total income		930,579			29,429			953,674			141,256			752,618			512,510

EXPENSES:
Investment advisory fees (Note 3)		292,078			6,681			216,751			178,960			223,918			218,064
Distribution (12b-1) fees (Note 4)		215,545			57,200			98,508			47,233			59,488			64,127
Administration fees (Note 3)		68,998			52,474			27,586			13,226			16,657			17,958
Trustees' fees (Note 3)		17,839			13,652			7,327			3,393			4,399			4,640
Chief Compliance Officer expenses		509			381			204			98			92			133
Professional fees		42,704			25,319			35,283			13,934			23,603			12,863
Transfer agent fees		31,256			11,549			5,808			2,696			4,088			3,615
Custodian fees		19,177			848			15,113			8,719			13,460			10,725
Printing fees		20,390			15,466			8,278			3,902			4,515			5,316
Other		11,589			7,867			45,246			2,540			38,769			4,122
Total expenses		720,085			191,437			460,104			274,701			388,989			341,563
Fees paid indirectly (Note 4)		(5,154	)		—			—			(2,131	)		—			—
Fees waived by Adviser (Note 3)		—			—			—			(31,124	)		(44,784	)		—
Net expenses		714,931			191,437			460,104			241,446			344,205			341,563

Net investment income/(loss)		215,648			(162,008	)		493,570			(100,190	)		408,413			170,947

NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 5):
Net realized gain/(loss) from:
Investments*		12,044,487			(575,819	)		32,372			4,754,419			4,166,633			2,342,181
Sale of affiliated investment company shares*		23,804,875			18,240,220			—			—			(6,772	)		—
Foreign currency transactions		—			—			—			—			(1,610	)		—
Net change in unrealized appreciation/(depreciation) of:
Investments		(5,460,459	)		—			(2,770,008	)		1,195,440			(3,797,365	)		3,384,712
Investments in affiliated funds		(8,894,563	)		(9,422,920	)		—			—			(268,356	)		—
Other assets and liabilities denominated in foreign currencies		—			—			21,072			—			(15,400	)		—

Net realized and unrealized gain/(loss) on investments and foreign currencies		21,494,340			8,241,481			(2,716,564	)		5,949,859			77,130			5,726,893

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	21,709,988		$	8,079,473		$	(2,222,994	)	$	5,849,669		$	485,543		$	5,897,840

*	Includes realized gains (losses) as a result of in-kind transactions. See Note 9 in Notes to Financial Statements.

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

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Statements of Changes in Net Assets

For the Six Months Ended June 30, 2013 (Unaudited)

	EQUITY FUND			BALANCED FUND			INCOME FUND			SMALL CAP FUND			INTERNATIONAL EQUITY FUND			SOCIALLY RESPONSIBLE FUND
OPERATIONS:
Net investment income/(loss)	$	215,648		$	(162,008	)	$	493,570		$	(100,190	)	$	408,413		$	170,947
Net realized gain/(loss) on investments, sale of affiliated investment company shares, realized gain distributions from affiliated investment company shares and foreign currency transactions*		35,849,362			17,664,401			32,372			4,754,419			4,158,251			2,342,181
Net change in unrealized appreciation/(depreciation) of investments and other assets and liabilities denominated in foreign currencies		(14,355,022	)		(9,422,920	)		(2,748,936	)		1,195,440			(4,081,121	)		3,384,712
Net increase/(decrease) in net assets resulting from operations		21,709,988			8,079,473			(2,222,994	)		5,849,669			485,543			5,897,840

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		—			—			—			—			—			—
Net realized capital gains		—			—			—			—			—			—
Total distributions to shareholders		—			—			—			—			—			—

CAPITAL STOCK TRANSACTIONS†:(DOLLARS)
Shares sold		481,301			1,299,416			2,468,377			536,045			1,200,054			391,844
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Shares redeemed		(12,189,605	)		(9,028,431	)		(5,033,086	)		(2,495,204	)		(27,804,432	)		(2,882,315	)

Net decrease in net assets from capital stock transactions		(11,708,304	)		(7,729,015	)		(2,564,709	)		(1,959,159	)		(26,604,378	)		(2,490,471	)

Net increase/(decrease) in net assets		10,001,684			350,458			(4,787,703	)		3,890,510			(26,118,835	)		3,407,369

NET ASSETS:
Beginning of period		188,421,802			148,169,291			80,165,950			35,299,088			58,969,144			48,456,823
End of period	$	198,423,486		$	148,519,749		$	75,378,247		$	39,189,598		$	32,850,309		$	51,864,192

Undistributed net investment income/(accumulated net investment loss) at end of period	$	239,774		$	2,353,402		$	2,166,972		$	(101,791	)	$	555,849		$	723,808

CAPITAL SHARE TRANSACTIONS†:
Shares sold		22,154			73,571			203,609			32,561			91,995			28,460
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Shares redeemed		(564,343	)		(517,114	)		(414,169	)		(150,767	)		(2,179,805	)		(212,910	)

Net decrease in shares outstanding		(542,189	)		(443,543	)		(210,560	)		(118,206	)		(2,087,810	)		(184,450	)

*	Includes realized gains (losses) as a result of in-kind transactions. See Note 9 in Notes to Financial Statements.

†	Includes subscriptions/redemptions as a result of in-kind transactions. See Note 9 in Notes to Financial Statements.

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

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Statements of Changes in Net Assets

For the Year Ended December 31, 2012

	EQUITY FUND			BALANCED FUND			INCOME FUND			SMALL CAP FUND			INTERNATIONAL EQUITY FUND			SOCIALLY RESPONSIBLE FUND
OPERATIONS:
Net investment income/(loss)	$	1,583,217		$	2,439,078		$	1,396,747		$	(53,926	)	$	1,117,632		$	545,448
Net realized gain/(loss) on investments, sale of affiliated investment company shares, realized gain distributions from affiliated investment company shares and foreign currency transactions		13,226,755			5,509,115			(911,925	)		3,711,114			(1,503,870	)		2,278,588
Net change in unrealized appreciation/(depreciation) of investments and other assets and liabilities denominated in foreign currencies		11,404,770			9,552,181			5,254,495			(1,130,543	)		9,806,103			4,282,240
Net increase in net assets resulting from operations		26,214,742			17,500,374			5,739,317			2,526,645			9,419,865			7,106,276

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,571,504	)		(5,214,285	)		(2,339,370	)		—			(1,271,685	)		(415,769	)
Net realized capital gains		—			—			(125,999	)		—			—			—
Total distributions to shareholders		(1,571,504	)		(5,214,285	)		(2,465,369	)		—			(1,271,685	)		(415,769	)

CAPITAL STOCK TRANSACTIONS: (DOLLARS)
Shares sold		1,584,983			1,311,245			9,488,082			1,019,305			1,140,849			773,359
Shares issued as reinvestment of distributions		1,557,417			5,214,284			2,465,366			—			1,271,685			415,769
Shares redeemed		(22,642,479	)		(21,467,728	)		(14,809,659	)		(4,748,001	)		(4,402,321	)		(6,594,826	)

Net decrease in net assets from capital stock transactions		(19,500,079	)		(14,942,199	)		(2,856,211	)		(3,728,696	)		(1,989,787	)		(5,405,698	)

Net increase/(decrease) in net assets		5,143,159			(2,656,110	)		417,737			(1,202,051	)		6,158,393			1,284,809

NET ASSETS:
Beginning of year		183,278,643			150,825,401			79,748,213			36,501,139			52,810,751			47,172,014
End of year	$	188,421,802		$	148,169,291		$	80,165,950		$	35,299,088		$	58,969,144		$	48,456,823

Undistributed net investment income/(accumulated net investment loss) at end of year	$	24,126		$	2,515,410		$	1,673,402		$	(1,601	)	$	147,436		$	552,861

CAPITAL SHARE TRANSACTIONS:
Shares sold		81,005			79,054			796,395			67,691			98,008			64,989
Shares issued as reinvestment of distributions		78,223			312,607			202,288			—			102,970			34,079
Shares redeemed		(1,163,545	)		(1,294,403	)		(1,228,857	)		(314,764	)		(372,037	)		(548,685	)

Net decrease in shares outstanding		(1,004,317	)		(902,742	)		(230,174	)		(247,073	)		(171,059	)		(449,617	)

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

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Equity Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.

	Six Months Ended June 30, 2013			Year Ended December 31,
	(Unaudited)			2012			2011			2010			2009			2008
Net asset value, beginning of period	$	19.91		$	17.51		$	18.29		$	16.52		$	13.52		$	22.97

Income/(loss) from investment operations:
Net investment income1		0.02			0.16			0.24			0.13			0.14			0.15
Net realized and unrealized gain/(loss) on investments and futures contracts		2.31			2.41	4		(0.76	)		1.78			3.05			(9.39	)
Total from investment operations		2.33			2.57			(0.52	)		1.91			3.19			(9.24	)

Less distributions:
From net investment income		0.00			(0.17	)		(0.26	)		(0.14	)		(0.19	)		(0.17	)
From capital gains		0.00			0.00			0.00			0.00			0.00			(0.04	)
Total distributions		0.00			(0.17	)		(0.26	)		(0.14	)		(0.19	)		(0.21	)
Net asset value, end of period	$	22.24		$	19.91		$	17.51		$	18.29		$	16.52		$	13.52
Total return2		11.70	%5		14.66	%		(2.87	)%		11.58	%		23.57	%		(40.19	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	198,423		$	188,422		$	183,279		$	209,813		$	207,719		$	254,334
Operating expenses including reimbursement/waiver and including fees paid indirectly†		0.73	%6		0.79	%		0.82	%		0.83	%		1.16	%		1.17	%
Operating expenses excluding reimbursement/waiver and excluding fees paid indirectly†3		0.74	%6		0.79	%		0.82	%		0.83	%		1.16	%		1.17	%
Net investment income		0.22	%6		0.82	%		1.32	%		0.81	%		0.97	%		0.80	%
Portfolio turnover rate		236	%5,7		47	%		149	%		81	%		350	%		93	%

†	These ratios do not include expenses from the underlying funds.

1	The selected per share data was calculated using the average shares outstanding method for the period.

2	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies. The inclusion of these charges would reduce the total return figures for all periods shown.

3	Had the ratio of operating expenses excluding reimbursement/waiver and excluding fees paid indirectly for the period ended June 30, 2013 included these expense offsets, the ratio would have remained at 0.73%.

4	Amount includes capital gains distributions from the Wilshire International Equity Fund (formerly, the Wilshire Large Cap Core Plus Fund). The amount of these distributions represents $0.25 per share.

5	Not Annualized.

6	Annualized.

7	Includes the effect of in-kind transactions. See Note 9 in Notes to Financial Statements.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Balanced Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.

	Six Months Ended June 30, 2013			Year Ended December 31,
	(Unaudited)			2012			2011			2010			2009			2008
Net asset value, beginning of period	$	16.68		$	15.42		$	15.99		$	14.71		$	12.87		$	20.75

Income/(loss) from investment operations:
Net investment income (loss)1		(0.02	)		0.27			0.52			0.41			0.30			0.35
Net realized and unrealized gain/(loss) on investments		0.94			1.60	3		(0.62	)		1.20			2.02			(5.94	)
Total from investment operations		0.92			1.87			(0.10	)		1.61			2.32			(5.59	)

Less distributions:
From net investment income		0.00			(0.61	)		(0.47	)		(0.33	)		(0.48	)		(1.13	)
From capital gains		0.00			0.00			0.00			0.00			0.00			(1.16	)
Total distributions		0.00			(0.61	)		(0.47	)		(0.33	)		(0.48	)		(2.29	)
Net asset value, end of period	$	17.60		$	16.68		$	15.42		$	15.99		$	14.71		$	12.87
Total return2		5.52	%4		12.11	%		(0.65	)%		10.92	%		18.03	%		(26.68	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	148,520		$	148,169		$	150,825		$	168,894		$	166,884		$	155,258
Operating expenses including reimbursement/waiver and including fees paid indirectly†		0.26	%5		0.18	%		0.17	%		0.18	%		0.22	%		0.16	%
Operating expenses excluding reimbursement/waiver and excluding fees paid indirectly†		0.26	%5		0.18	%		0.17	%		0.18	%		0.22	%		0.16	%
Net investment income (loss)		(0.22	)%5		1.61	%		3.22	%		2.67	%		2.21	%		1.92	%
Portfolio turnover rate		149	%4,6		7	%		21	%		12	%		46	%		30	%

†	These ratios do not include expenses from the underlying funds.

1	The selected per share data was calculated using the average shares outstanding method for the period. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

2	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies. The inclusion of these charges would reduce the total return figures for all periods shown.

3	Amount includes capital gains distributions received by the Fund from the Wilshire International Equity Fund (formerly, the Wilshire Large Cap Core Plus Fund). The amount of these distributions represents $0.21 per share.

4	Not Annualized.

5	Annualized.

6	Includes the effect of in-kind transactions. See Note 9 in Notes to Financial Statements.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Income Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.

	Six Months Ended June 30, 2013			Year Ended December 31,
	(Unaudited)			2012			2011			2010			2009			2008
Net asset value, beginning of period	$	12.16		$	11.69		$	11.87		$	11.49		$	10.63		$	12.29

Income/(loss) from investment operations:
Net investment income1		0.08			0.21			0.29			0.37			0.40			0.54
Net realized and unrealized gain/(loss) on investments and foreign currency transactions		(0.43	)		0.65			0.53			0.68			1.01			(1.33	)
Total from investment operations		(0.35	)		0.86			0.82			1.05			1.41			(0.79	)

Less distributions:
From net investment income		0.00			(0.37	)		(0.49	)		(0.43	)		(0.55	)		(0.60	)
From capital gains		0.00			(0.02	)		(0.51	)		(0.24	)		0.00			(0.27	)
Total distributions		0.00			(0.39	)		(1.00	)		(0.67	)		(0.55	)		(0.87	)
Net asset value, end of period	$	11.81		$	12.16		$	11.69		$	11.87		$	11.49		$	10.63
Total return2		(2.88	)%3		7.31	%		6.92	%		9.11	%		13.29	%		(6.44	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	75,378		$	80,166		$	79,748		$	106,762		$	100,575		$	101,604
Operating expenses including reimbursement/waiver and including fees paid indirectly		1.17	%4		1.10	%		1.08	%		1.08	%		1.08	%		1.05	%
Operating expenses excluding reimbursement/waiver and excluding fees paid indirectly		1.17	%4		1.10	%		1.08	%		1.08	%		1.08	%		1.05	%
Net investment income		1.25	%4		1.74	%		2.34	%		3.02	%		3.49	%		4.52	%
Portfolio turnover rate		157	%3		307	%		398	%		302	%		318	%		367	%

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

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Small Cap Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.

	Six Months Ended June 30, 2013			Year Ended December 31,
	(Unaudited)			2012			2011			2010			2009			2008
Net asset value, beginning of period	$	14.97		$	14.01		$	14.10		$	11.17		$	8.70		$	16.22

Income/(loss) from investment operations:
Net investment loss1		(0.04	)		(0.02	)		(0.15	)		(0.12	)		(0.09	)		(0.11	)
Net realized and unrealized gain/(loss) on investments		2.57			0.98			0.06			3.05			2.56			(7.41	)
Total from investment operations		2.53			0.96			(0.09	)		2.93			2.47			(7.52	)
Net asset value, end of period	$	17.50		$	14.97		$	14.01		$	14.10		$	11.17		$	8.70
Total return2		16.90	%4		6.85	%		(0.64	)%		26.23	%		28.39	%		(46.36	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	39,190		$	35,299		$	36,501		$	40,932		$	34,954		$	30,853
Operating expenses including reimbursement/waiver and including fees paid indirectly		1.28	%5		1.38	%		1.46	%		1.53	%		1.63	%		1.64	%
Operating expenses excluding reimbursement/waiver and excluding fees paid indirectly3		1.45	%5		1.60	%		1.67	%		1.76	%		1.86	%		1.88	%
Net investment loss		(0.53	)%5		(0.13	)%		(1.03	)%		(0.98	)%		(0.98	)%		(0.86	)%
Portfolio turnover rate		188	%4,6		100	%		266	%		138	%		174	%		199	%

1	The selected per share data was calculated using the average shares outstanding method for the period.

2	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies. The inclusion of these charges would reduce the total return figures for all periods shown.

3	Had the ratio of operating expenses excluding reimbursement/waiver and excluding fees paid indirectly for the period ended June 30, 2013 included these expense offsets, the ratio would have been 1.44%.

4	Not Annualized.

5	Annualized.

6	Includes the effect of in-kind transactions. See Note 9 in Notes to Financial Statements.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

International Equity Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.

	Six Months Ended June 30, 2013			Year Ended December 31,
	(Unaudited)			2012			2011			2010			2009			2008
Net asset value, beginning of period	$	12.49		$	10.79		$	12.67		$	11.67		$	9.05		$	16.44

Income/(loss) from investment operations:
Net investment income1		0.11			0.23			0.20			0.15			0.16			0.25
Net realized and unrealized gain/(loss) on investments and foreign currency transactions		(0.13	)		1.74			(1.94	)		1.02			2.65			(7.44	)
Total from investment operations		(0.02	)		1.97			(1.74	)		1.17			2.81			(7.19	)

Less distributions:
From net investment income		0.00			(0.27	)		(0.14	)		(0.17	)		(0.19	)		(0.20	)
Total distributions		0.00			(0.27	)		(0.14	)		(0.17	)		(0.19	)		(0.20	)
Net asset value, end of period	$	12.47		$	12.49		$	10.79		$	12.67		$	11.67		$	9.05
Total return2		(0.16	)%3		18.33	%		(13.74	)%		10.04	%		31.02	%		(43.75	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	32,850		$	58,969		$	52,811		$	39,081		$	37,658		$	32,854
Operating expenses including reimbursement/waiver and including fees paid indirectly		1.45	%4		1.37	%		1.54	%		1.56	%		1.64	%		1.56	%
Operating expenses excluding reimbursement/waiver and excluding fees paid indirectly		1.64	%4		1.57	%		1.74	%		1.76	%		1.84	%		1.78	%
Net investment income		1.72	%4		2.01	%		1.68	%		1.27	%		1.61	%		1.90	%
Portfolio turnover rate		93	%3,5		27	%		40	%		29	%		29	%		27	%

1	The selected per share data was calculated using the average shares outstanding method for the period.

2	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies. The inclusion of these charges would reduce the total return figures for all periods shown.

3	Not Annualized.

4	Annualized.

5	Includes the effect of in-kind transactions. See Note 9 in Notes to Financial Statements.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Socially Responsible Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.

	Six Months Ended June 30, 2013			Year Ended December 31,
	(Unaudited)			2012			2011			2010			2009			2008
Net asset value, beginning of period	$	12.40		$	10.82		$	11.07		$	10.01		$	8.37		$	15.77

Income/(loss) from investment operations:
Net investment income1		0.04			0.13			0.09			0.08			0.11			0.16
Net realized and unrealized gain/(loss) on investments		1.49			1.56			(0.25	)		1.10			1.69			(6.58	)
Total from investment operations		1.53			1.69			(0.16	)		1.18			1.80			(6.42	)

Less distributions:
From net investment income		0.00			(0.11	)		(0.09	)		(0.12	)		(0.16	)		(0.17	)
From capital gains		0.00			0.00			0.00			0.00			0.00			(0.81	)
Total distributions		0.00			(0.11	)		(0.09	)		(0.12	)		(0.16	)		(0.98	)
Net asset value, end of period	$	13.93		$	12.40		$	10.82		$	11.07		$	10.01		$	8.37
Total return2		12.34	%3		15.61	%		(1.45	)%		11.76	%		21.51	%		(40.39	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	51,864		$	48,457		$	47,172		$	52,754		$	51,628		$	44,578
Operating expenses including reimbursement/waiver and including fees paid indirectly		1.33	%4		1.32	%		1.31	%		1.31	%		1.36	%		1.32	%
Operating expenses excluding reimbursement/waiver and excluding fees paid indirectly		1.33	%4		1.32	%		1.31	%		1.31	%		1.36	%		1.32	%
Net investment income		0.67	%4		1.12	%		0.82	%		0.77	%		1.23	%		1.27	%
Portfolio turnover rate		11	%3		22	%		32	%		53	%		182	%		34	%

1	The selected per share data was calculated using the average shares outstanding method for the period.

2	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies. The inclusion of these charges would reduce the total return figures for all periods shown.

3	Not Annualized.

4	Annualized.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Notes to Financial Statements

June 30, 2013 (Unaudited)

1. Organization.

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

Fund Investment Objectives:

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

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

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

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

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

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

2. Significant Accounting Policies.

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

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

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

fair valued security will be sold at the price at which a Fund is carrying the security. Investments in the underlying funds by the Equity, Balanced, Small Cap and International Equity Funds are valued at their net asset value as reported by the underlying funds.

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

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

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

•

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

•

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

•

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

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

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

When-issued and delayed delivery investments — The Income Fund, Small Cap Fund, International Equity Fund and Socially Responsible Fund may purchase or sell securities on a when-issued or delayed-delivery basis and make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time. Securities purchased or sold on a when-issued, delayed-delivery or forward commitment basis involve a risk of loss if the value of the security to be purchased declines prior to the settlement date. Although the Funds would generally purchase securities on a when-issued, delayed-delivery or forward commitment basis with the intention of acquiring the securities, each Fund may

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

dispose of such securities prior to settlement if its sub-adviser deems it appropriate to do so. Each Fund may dispose of or negotiate a when-issued or forward commitment after entering into these transactions. Such transactions are generally considered to be derivative transactions. The Fund will normally realize a capital gain or loss in connection with these transactions. When a Fund purchases securities on a when-issued, delayed-delivery or forward commitment basis, the Fund’s custodian will maintain cash or liquid securities having a value (determined daily) at least equal to the amount of the Fund’s purchase commitments. In the case of a forward commitment to sell portfolio securities, the custodian will hold the portfolio securities themselves while the commitment is outstanding. These procedures are designed to ensure that each Fund will maintain sufficient assets at all times to cover its obligations under when-issued purchases, forward commitments and delayed-delivery transactions. The when-issued market is commonly associated with government bonds that are to be issued as a pending auction. The Funds use when-issued investments as a way to participate in a new issuance. As of, and during the six months ended June 30, 2013, the Income Fund held when-issued and delayed delivery investments.

Repurchase agreements — Securities pledged as collateral for repurchase agreements are held by Northern Trust and are designated as being held on each Fund’s behalf by its custodian under a book-entry system. Each Fund monitors the adequacy of the collateral on a daily basis and can require the seller to provide additional collateral in the event the market value of the securities pledged falls below the carrying value of the repurchase agreement, including accrued interest. It is the Funds’ policy to only enter into repurchase agreements with banks and other financial institutions which are deemed by the sub-adviser to be creditworthy. The Fund bears the risk of loss in the event that the other party to a repurchase agreement defaults on its obligations and the Fund is prevented from exercising its rights to dispose of the underlying securities received as collateral and the risk of a possible decline in the value of the underlying securities during the period. During the six months ended June 30, 2013, the Funds did not enter into any repurchase agreements. There were no investments in repurchase agreements as of June 30, 2013.

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

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

During the six months ended June 30, 2013, the Income Fund entered into dollar roll transactions, pursuant to which it sells a mortgage-backed TBA or security and simultaneously purchases a similar, but not identical, TBA with the same issuer, rate and terms. The Income Fund may execute a roll to obtain better underlying mortgage securities or to increase yield. The Income Fund accounts for dollar roll transactions as purchases and sales, which has the effect of increasing its portfolio turnover rate. Risks associated with dollar rolls are that actual mortgages received by the Income Fund may be less favorable than those anticipated or that counterparties may fail to perform under the terms of the contracts.

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

ADRs, EDRs and GDRs — The Small Cap Fund, International Equity Fund and Socially Responsible Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments. The Equity Fund may invest in ADRs. ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading on an international basis. Unsponsored ADR, EDR and GDR programs are organized independently and without the cooperation of the issuer of the

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

underlying securities. As a result, available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the issuer.

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

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

•

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

•

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

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

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

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

3. Investment Advisory Fee and Other Transactions.

The Trust employs the Adviser to manage the investment and reinvestment of the assets of the Funds and to continuously review, oversee and administer the Funds’ investment programs. The Adviser has entered into agreements with the following sub-advisers: Equity Fund — Santa Barbara Asset Management, LLC and TWIN Capital Management, Inc.; Income Fund — Western Asset Management Company and Western Asset Management Limited; International Equity Fund — PanAgora Asset Management, Inc. and Thomas White International, Ltd.; Small Cap Fund — Los Angeles Capital Management and Equity Research, Inc. and Ranger Investment Management, L.P.; Socially Responsible Fund — ClearBridge Investments, LLC.

Each sub-adviser’s fees are paid by the Adviser out of the advisory fees that it receives from each of the Funds. Fees paid to a sub-adviser of a Fund with multiple sub-advisers depends upon the fee rate negotiated with the Adviser and upon the percentage of the Fund’s assets allocated to that sub-adviser by the Adviser, which may vary from time to time. Thus, the basis for fees paid to any such sub-adviser is not constant, and the relative amounts of fees paid to the various sub-advisers of a Fund may fluctuate. These internal fluctuations, however, will not affect the total advisory fees paid by a Fund, which

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

will remain fixed on the terms described below. The Adviser may, however, determine in its discretion to waive a portion of its fee if there are internal fluctuations in the fee. Because the Adviser will pay each sub-adviser’s fees out of its own fees from the Funds, there will not be any “duplication” of advisory fees paid by the Funds.

For the six months ended June 30, 2013, the Adviser provided services and assumed expenses pursuant to the amended Investment Advisory Agreement for which it received a fee based on each Fund’s average daily net assets, computed daily and payable monthly, at the following annual rates:

Fund	Rate on the First $1 Billion of Average Daily Net Assets	Rate on Average Daily Net Assets in Excess of $1 Billion
Equity Fund*	0.70%*	0.60%*
Balanced Fund**	0.55%**	0.45%**
Income Fund	0.55%	0.45%
Small Cap Fund***	1.15%***	1.05%***
International Equity Fund****	1.00%****	0.90%****
Socially Responsible Fund	0.85%	0.75%

*	The Equity Fund invests in shares of the Large Company Growth Portfolio and the Large Company Value Portfolio. The Adviser will only receive directly from the Equity Fund a fee based on the average daily net assets of the Equity Fund that are not invested in the Large Company Growth Portfolio and the Large Company Value Portfolio.
**	The Balanced Fund operates under a fund of funds structure, primarily investing in shares of underlying funds. The Adviser will only receive directly from the Balanced Fund a fee based on the average daily net assets of the Balanced Fund that are not invested in the Income Fund, the Large Company Growth Portfolio, the Large Company Value Portfolio, the Small Company Growth Portfolio, the Small Company Value Portfolio and the Wilshire International Equity Fund.
***	The Small Cap Fund invests in shares of the Small Company Growth Portfolio and the Small Company Value Portfolio. The Adviser will only receive directly from the Small Cap Fund a fee based on the average daily net assets of the Small Cap Fund that are not invested in the Small Company Growth Portfolio or the Small Company Value Portfolio.
****	The International Equity Fund invests in shares of the Wilshire International Equity Fund. The Adviser will only receive directly from the International Equity Fund a fee based on the average daily net assets of the International Equity Fund that are not invested in the Wilshire International Equity Fund.

For the six months ended June 30, 2013, the Adviser voluntarily waived fees in the amounts listed below. The Adviser cannot recoup amounts of any investment advisory fees waived.

Fund	Advisory Fees Voluntarily Waived		Rate on Average Daily Net Assets
Small Cap Fund	$	31,124		0.16	%
International Equity Fund		44,784		0.19	%

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

Officers and Trustees’ expenses — The officers of the Trust are affiliated with and receive remuneration from the Adviser. The Trust does not pay any remuneration to its officers. The Trust and the Wilshire Mutual Funds, Inc. together pay each independent trustee an annual retainer of $18,000, an annual additional Board chairperson retainer of $12,000, a Board in-person meeting fee of $2,000, a Board telephonic meeting fee of $1,000, an annual Committee member retainer of $8,000, an annual Committee chairperson retainer of $8,000 in lieu of the $4,000 Committee member retainer, and a Committee telephonic meeting fee of $500.

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

4. Distribution Plan, Shareholder Services Plan and Fees Paid Indirectly.

The Funds have adopted a Rule 12b-1 distribution and shareholder services plan (the “Distribution Plan”). Pursuant to the Distribution Plan with the Funds, the Distributor receives a distribution and shareholder services fee, payable by each Fund. The Distributor uses the fee to pay for distribution-related and shareholder services for the Funds. Under the Distribution Plan, each Fund will pay to the Distributor a shareholder/distribution services fee computed at the annual rate of 0.25% of average daily net assets attributable to each Fund. The Balanced Fund pays a distribution and shareholder services fee on all of its assets except for those assets invested in the Income Fund.

Fees Paid Indirectly — The Trust has entered into a brokerage commission recapture program with the Distributor, pursuant to which a portion of the Funds’ commissions generated from transactions directed to the Distributor are used to reduce the Funds’ expenses. Under such program, the Distributor, as introducing broker, retains a portion of the Funds’ commissions.

Such commissions rebated to the Funds for the six months ended June 30, 2013 were as follows:

Equity Fund	$	5,154
Small Cap Fund		2,131
	$	7,285

5. Security Transactions.

For the six months ended June 30, 2013, aggregate cost of purchases and proceeds from sales of securities, other than affiliated investments, short-term investments and U.S. Government securities, were as follows:

Fund	Purchases		Proceeds from Sales
Equity Fund	$	463,767,591	$	474,956,631
Income Fund		111,237,666		113,004,570
Small Cap Fund		70,461,421		72,423,730
International Equity Fund		44,795,421		72,116,464
Socially Responsible Fund		5,572,262		8,312,631

Purchases and sales of U.S. Government securities during the six months ended June 30, 2013 were:

Fund		Purchases				Proceeds from Sales
Income Fund		$	106,850,529			$	109,389,893

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

Purchases and sales of affiliated investments during the six months ended June 30, 2013, and value as of June 30, 2013 were:

Fund	Purchases		Proceeds from Sales		Value as of June 30, 2013
Equity Fund
Wilshire International Equity Fund	$	—		108,422,535	$	—
Wilshire Large Company Growth Portfolio		65,122,744		1,507,040		64,952,624
Wilshire Large Company Value Portfolio		65,469,906		2,329,973		67,155,964
Balanced Fund
Wilshire International Equity Fund		25,551,553		107,619,410		24,412,061
Wilshire Large Company Growth Portfolio		30,598,045		334,017		30,883,589
Wilshire Large Company Value Portfolio		30,694,924		334,017		32,266,361
Wilshire Small Company Growth Portfolio		7,657,476		83,504		8,088,274
Wilshire Small Company Value Portfolio		7,768,110		83,504		8,176,329
Wilshire Variable Insurance Trust Income Fund		—		2,824,910		44,518,506
Small Cap Growth Fund
Wilshire Small Company Growth Portfolio		7,163,961		210,744		7,432,706
Wilshire Small Company Value Portfolio		7,229,914		210,744		7,476,689
International Equity Fund
Wilshire International Equity Fund		5,931,173		320,626		5,335,419

6. Securities Lending.

The Funds, except for the Balanced Fund, may seek additional income by lending their securities on a short-term basis to banks, brokers and dealers in return for cash collateral, which is invested in short-term securities. A Fund may return a portion of the interest earned to the borrower or a third party which is unaffiliated with the Trust and acting as a “placing broker.” A Fund receives compensation for lending securities in the form of fees. A Fund also continues to receive dividends on the securities loaned. Security loans are secured at all times by collateral. It is the Trust’s policy that the collateral be equal to at least 102% of the market value of the securities loaned (105% if the collateral and securities loaned are denominated in different currencies) plus accrued interest when the transaction is entered into, and that the collateral supporting loans be remarked daily. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Gain or loss in the market price of the securities loaned that may occur during the term of the loan are reflected in the value of the Fund. The risks from securities lending are that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Fund. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Northern Trust acts as the securities lending agent for the Funds. The value of the securities on loan and the value of the related collateral at June 30, 2013 are shown on the Statement of Assets and Liabilities. The Northern Trust Institutional Liquid Asset Fund was purchased with proceeds from collateral received from securities on loan. At June 30, 2013, $20,405,152, $9,949,212, $12,169,235, $4,173,986 and $15,587,745 of this cash equivalent represents the collateral received for securities on loan in the Equity Fund, Income Fund, Small Cap Fund, International Equity Fund, and Socially Responsible Fund, respectively.

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

7. Significant Shareholder Activity.

On June 30, 2013, the Funds had the following concentrations of shareholders holding 10% or more of the outstanding shares of the Funds. These represent omnibus shareholder accounts.

Fund
Equity Fund (1 omnibus shareholder)	87%
Balanced Fund (1 omnibus shareholder)	100%
Income Fund (2 omnibus shareholders)	100%
Small Cap Growth Fund (1 omnibus shareholder)	100%
International Equity Fund (1 omnibus shareholder)	100%
Socially Responsible Fund (1 omnibus shareholder)	100%

8. Tax Information.

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

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

The federal tax cost, unrealized appreciation and depreciation at June 30, 2013 for each Fund are as follows (excluding TBA sales commitments):

Fund	Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation
Equity Fund	$	212,787,120	$	7,764,814	$	(1,813,787	)	$	5,951,027
Balanced Fund		145,881,248		4,176,245		(1,436,624	)		2,739,621
Income Fund		98,930,383		2,419,538		(2,327,747	)		91,791
Small Cap Fund		47,567,429		4,064,945		(386,303	)		3,678,642
International Equity Fund		34,746,972		3,685,011		(2,510,349	)		1,174,662
Socially Responsible Fund		51,322,009		16,816,734		(701,742	)		16,114,992

The differences between book and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses on wash sales, investments in PFICs and investment in master limited partnerships on all Funds.

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

The Funds intend to retain realized gains to the extent of available capital loss carryforwards. At December 31, 2012, the following Funds had available for Federal income tax purposes unused capital losses as follows:

	Expiring December 31,
Fund	2016		2017		2018
Equity Fund	$	39,072,595	$	76,212,202	$	—
Balanced Fund		8,671,278		12,404,279		—
Small Cap Fund		2,520,158		3,386,074		—
International Equity Fund		4,489,974		4,827,194		387,494
Socially Responsible Fund		—		16,683,301		—

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under those new provisions are as follows:

Fund	Short-Term Loss		Long-Term Loss		Total
Income Fund	$	—	$	508,731	$	508,731
International Equity Fund		2,289,792		1,197,333		3,487,125

During the six months ended June 30, 2013, the Equity Fund, Balanced Fund, Small Cap Fund, and Socially Responsible Fund utilized capital loss carryforwards of $13,020,559, $5,375,534, $3,691,929 and $2,273,037, respectively, to offset capital gains.

The tax character of distributions declared during the years ended December 31, 2012 and 2011 were as follows:

Fund	2012 Ordinary Income		2012 Capital Gains		2011 Ordinary Income		2011 Capital Gains
Equity Fund	$	1,571,504	$	—	$	2,635,190	$	—
Balanced Fund		5,214,285		—		4,429,078		—
Income Fund		2,465,369		—		5,524,515		875,471
International Equity Fund		1,271,685		—		670,255		—
Socially Responsible Fund		415,769		—		388,855		—

At December 31, 2012, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

	Equity Fund			Balanced Fund			Income Fund			Small Cap Fund			International Equity Fund			Socially Responsible Fund
Undistributed ordinary income	$	24,126		$	2,515,398		$	1,673,400		$	—		$	277,772		$	552,860
Capital loss carryforwards		(115,284,797	)		(21,075,557	)		(508,731	)		(5,906,232	)		(13,191,787	)		(16,683,301	)
Unrealized appreciation/(depreciation)		19,881,716			12,156,507			2,167,360			2,367,672			4,797,848			12,650,675
Other Temporary Differences		(1	)		14			4			—			(3	)		—
Total distributable earnings/(accumulated losses)	$	(95,378,956	)	$	(6,403,638	)	$	3,332,033		$	(3,538,560	)	$	(8,116,170	)	$	(3,479,766	)

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

9. In-Kind Transfers.

During the six months ended June 30, 2013, the Funds issued and redeemed shares of beneficial interest through affiliated in-kind transfers of investment securities and cash. The securities were transferred at their current value on the date of such transactions.

Contributing Fund	Receiving Fund	Date of Transfer	Value of Investment Securities		Cash		Total Assets		Shares Issued/ (Redeemed)			Realized Gain/ (Loss) Earned from Contributing Fund
Equity Fund	Large Company Growth Portfolio	4/8/2013	$	64,025,634	$	1,097,110	$	65,122,744		1,695,627		$	2,590,858
Equity Fund	Large Company Value Portfolio	4/8/2013		64,037,268		1,432,638		65,469,906		3,690,691			3,344,532
Balanced Fund	Large Company Growth Portfolio	4/8/2013		29,580,794		1,017,251		30,598,045		796,693			(251,486	)
Balanced Fund	Large Company Value Portfolio	4/8/2013		29,678,783		1,016,141		30,694,924		1,730,344			(122,322	)
Balanced Fund	Small Company Growth Portfolio	4/8/2013		7,279,152		378,324		7,657,476		366,985			(82,358	)
Balanced Fund	Small Company Value Portfolio	4/8/2013		7,139,924		628,186		7,768,110		396,745			15,070
Balanced Fund	Wilshire International Equity Fund	4/3/2013		—		25,551,553		25,551,553		2,817,958			—
Balanced Fund	International Equity Fund	4/3/2013		—		25,551,553		25,551,553		(2,005,538	)		—
Small Cap Fund	Small Company Growth Portfolio	4/8/2013		6,996,577		167,384		7,163,961		343,333			1,035,447
Small Cap Fund	Small Company Value Portfolio	4/8/2013		6,862,541		367,373		7,229,914		369,257			104,637
International Equity Fund	Wilshire International Equity Fund	4/2/2013		5,931,173		—		5,931,173		645,387			(1,951,869	)
Wilshire International Equity Fund	Equity Fund	4/2/2013		108,142,870		279,665		108,422,535		(11,797,754	)		22,029,945
Wilshire International Equity Fund	Balanced Fund	4/2/2013		77,077,919		212,167		77,290,086		(8,455,321	)		25,597,135

10. Indemnifications.

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

11. Risks.

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

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

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

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

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

12. Contingencies.

The Equity Fund and Socially Responsible Fund were named as defendants and putative members of a proposed defendant class of shareholders in a lawsuit filed on December 7, 2010, in the U.S. Bankruptcy Court for the District of Delaware and on March 6, 2012, in the District Court for the Southern District of New York, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding. The 2010 lawsuit was brought by the Official Committee of Unsecured Creditors of the Tribune Company and the 2012 lawsuit was brought by Deutsche Bank, as trustee for senior noteholders of Tribune Company. Both lawsuits relate to a leveraged buyout transaction by which Tribune Company converted to a privately-held company in 2007 less than a year prior to Tribune Company’s bankruptcy filing. The putative defendant class is comprised of beneficial owners of shares of Tribune Company who meet certain jurisdictional requirements and received proceeds of the leveraged buyout. The plaintiffs seek to recover those proceeds, together with interest and attorneys’ fees and expenses, as fraudulent transfers under the Bankruptcy Act or various state laws. The Adviser does not expect the Funds to be materially impacted by the lawsuits.

13. New Accounting Pronouncement.

In June 2013, the Financial Accounting Standards Board issued an update (“ASU 2013-08”) to ASC Topic 946, Financial Services - Investment Companies (“Topic 946”). ASU 2013-08 amends the guidance in Topic 946 for determining whether an entity qualifies as an investment company and requires certain additional disclosures. ASU 2013-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. Management is currently evaluating the impact, if any, of ASU 2013-08 on the Funds’ financial statements.

14. Subsequent Event Evaluation.

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

Wilshire Variable Insurance Trust

Additional Fund Information

Information on Proxy Voting

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

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

Information on Form N-Q

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

Householding Policy

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

Wilshire Variable Insurance Trust

Board Approval of Subadvisory Agreements

During the six months ended June 30, 2013, the Board of Trustees (the “Board”) of Wilshire Variable Insurance Trust (the “Trust”) approved new subadvisory agreements between Wilshire Associates Incorporated (“Wilshire” or the “Adviser”) and each of the following subadvisers with respect to the Equity Fund: Santa Barbara Asset Management, LLC and TWIN Capital Management, Inc. In the following text, the subadvisers are referred to as “Subadvisers” and the subadvisory agreements between Wilshire and each Subadviser are referred to as “Subadvisory Agreements.”

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

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

Information Received

The Trustees received information from the Adviser regarding the factors underlying the recommendations to approve each Subadvisory Agreement in advance of the meeting. The Trustees considered each Subadviser’s investment performance in managing investment products similar to the Funds. The Trustees also reviewed information from each Subadviser that they received in connection with contract renewal in August of 2012 describing: (i) the nature, extent and quality of services to be provided, (ii) the financial condition of the Subadviser, (iii) the extent to which economies of scale will be realized as the Fund grows, (iv) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, (v) comparisons of services to be rendered and amounts paid by other registered investment companies and any comparable clients, and (vi) benefits to be realized by the Subadviser from its relationship with the Fund. The Independent Trustees also received a memorandum from counsel describing their duties in connection with contract approvals, and they were assisted in their review by independent legal counsel.

Nature, Extent and Quality of Services

As to each Subadvisory Agreement, the Board considered the nature, extent and quality of services to be provided. The Board considered the reputation, qualifications and background of the Subadviser, investment approach of the Subadviser, the experience and skills of investment personnel to be responsible for the day-to-day management of the Fund, and the resources made available to such personnel. In addition, the Board considered the analysis provided by the Adviser, which concluded that each Subadviser would provide reasonable services and recommended that each Subadvisory Agreement be approved.

The Board reviewed information comparing each Subadviser’s gross investment performance for managing investment products similar to the Fund to a relevant benchmark. Based upon all relevant factors, although the Subadvisers underperformed for the one-year period ended December 31, 2012, the Board determined to approve the Subadvisory Agreements, noting that each Subadviser had outperformed the Fund’s benchmark for the annualized three-, five- and seven-year periods ended December 31, 2012 and considered the Subadvisers’ experience and record in managing the Wilshire International Equity Fund (formerly known as the Wilshire Large Cap Core Plus Fund).

Subadvisory Fees

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

Wilshire Variable Insurance Trust

Board Approval of Subadvisory Agreements

(Continued)

Profitability

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

Economies of Scale

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

Fall-out Benefits

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

Conclusion

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of each Subadvisory Agreement are fair and reasonable and that the approval of each Subadvisory Agreement is in the best interests of the Fund.

Wilshire Variable Insurance Trust

Privacy Statement

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

Information We Collect

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

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

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

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

Information We May Share

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

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

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

Governmental or other legal agencies, as required by law.

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

Confidentiality And Security

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

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

Applicability

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

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

Wilshire Variable Insurance Trust

Semi-Annual Report

June 30, 2013

Wilshire Variable Insurance Trust

Equity Fund Balanced Fund Income Fund	Small Cap Fund International Equity Fund Socially Responsible Fund

Board of Trustees
Margaret M. Cannella Roger A. Formisano Edward Gubman	Suanne K. Luhn George J. Zock Chairman of the Board

Officers of the Funds

Jason Schwarz President	Victor Zhang Vice President

Helen Thompson Vice President, Chief Compliance Officer	James E. St. Aubin Vice President


Michael Wauters Treasurer	Nathan R. Palmer Vice President

Gaurav Chopra Assistant Treasurer	Reena Lalji Secretary

Administrator SEI Investments Global Funds Services 1 Freedom Valley Drive Oaks, PA 19456 Transfer Agent DST Systems, Inc. 333 W. 11th St. Kansas City, MO 64105 Investment Adviser Wilshire Associates Incorporated 1299 Ocean Avenue Santa Monica, CA 90401-1085 Custodian The Northern Trust Company 50 LaSalle Street Chicago, IL 90401-1085 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1700 Philadelphia, PA 19103-7042	Investment Subadvisers Clear Bridge Investments LLC 620 8th Avenue New York, NY 10018 Santa Barbara Asset Management, LLC 2049 Century Park East, 18th Floor Los Angeles, CA 90067 TWIN Capital Management, Inc. 3244 Washington Road, Suite 202 McMurray, PA 15317 Los Angeles Capital Management and Equity Research, Inc. 11150 Santa Monica Blvd., Suite 200 Los Angeles, CA 90025 PanAgora Asset Management, Inc. 260 Franklin Street, 22nd Floor Boston, MA 02110 Thomas White International, Ltd. 440 South LaSalle Street, Suite 3900 Chicago, IL 60605 Ranger Investment Management, L.P. 300 Crescent Court, Suite 1100 Dallas, TX 75201 Western Asset Management Company 117 E. Colorado Blvd., Suite 600 Pasadena, CA 91105 Western Asset Management Limited 155 Bishopsgate, London England EC2M 3XG

This Page Intentionally Left Blank.

Wilshire Variable Insurance Trust

Wilshire Associates Incorporated

1299 Ocean Avenue

Santa Monica, CA 90401

1-888-200-6796

WIL-SA-002-0600

Wilshire Variable Insurance Trust

SEMI-ANNUAL REPORT

(Unaudited)

2015 ETF Fund

2025 ETF Fund

2035 ETF Fund

June 30, 2013

Wilshire Variable Insurance Trust

Table of Contents

Shareholder Letter	1
Fund Commentaries	3
Disclosure of Fund Expenses	9
Schedules of Investments	11
Statements of Assets and Liabilities	13
Statements of Operations	14
Statements of Changes in Net Assets	15
Financial Highlights	17
Notes to Financial Statements	20
Additional Fund Information	25

Shares of the 2015 ETF Fund, 2025 ETF Fund and 2035 ETF Fund are sold only as the underlying investment for variable annuity contracts issued by insurance companies. This report is authorized for use in connection with any offering of a Fund’s shares only if accompanied or preceded by the Fund’s current prospectus.

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

Wilshire Variable Insurance Trust

Shareholder Letter

Dear Wilshire Variable Insurance Trust Shareholder:

We are pleased to present this first half report to all shareholders of the Wilshire Variable Insurance Trust Target Maturity Funds. This report covers the period from January 1, 2013 to June 30, 2013, for the 2015 ETF Fund, 2025 ETF Fund, and 2035 ETF Fund.

MARKET ENVIRONMENT

U.S. Equity Market

International Equity Market

Bond Market

FUND PERFORMANCE REVIEW

The Wilshire Variable Insurance Trust Target Maturity Funds underperformed their respective benchmarks in the first half of 2013. The 2015 ETF Fund returned 1.76%, underperforming the S&P Target Date 2015 Index return of 3.84% by 2.08%. The 2025 ETF Fund returned 2.81%, underperforming the S&P Target Date 2025 Index return of 5.82% by 3.02%. The 2035 ETF Fund returned 4.04%, underperforming the S&P Target Date 2035 Index return of 7.25% by 3.21%.

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

Sincerely,

Jason Schwarz

President, Wilshire Variable Insurance Trust

Wilshire Variable Insurance Trust

Shareholder Letter - (Continued)

Investing involves risks including possible loss of principal. The 2015, 2025 & 2035 ETF Funds operate under a fund of funds structure. An ETF may not fully replicate the performance of its benchmark index because of the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of stocks held. Investing in ETFs, which are investment companies, involve duplication of advisory fees and certain other expenses. Shareholders of the Fund bear their proportionate share of the ETFs’ fees and expenses, as well as their share of the Fund’s fees and expenses. As a result, your cost of investing will be higher than the cost of investing directly in ETFs and may be higher than mutual funds that invest directly in stocks and bonds.

There can be no assurance that a Wilshire Variable Insurance Trust Target Maturity Fund will achieve its stated objectives. An investor may experience losses, at any time, including near, at or after the Fund’s target year. In addition, there is no guarantee that an investor’s investment in the Fund will provide any income at or through the years following the Fund’s target year in amounts adequate to meet the investor’s goals or retirement needs.

Wilshire Variable Insurance Trust

2015 ETF FUND

Commentary

2015 ETF FUND

Average Annual Total Return

Six Months Ended 06/30/13*	1.76%
One Year Ended 06/30/13	8.19%
Five Years Ended 06/30/13	4.98%
Inception (05/01/06) through 06/30/13	3.77%

S&P TARGET DATE 2015 INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13*	3.84%
One Year Ended 06/30/13	9.45%
Five Years Ended 06/30/13	5.05%
Inception (05/01/06) through 06/30/13	4.51%

*	Not annualized.

(1)	The S&P Target Date 2015 Index (the “Index”) is designed to measure the performance of an investable asset allocation strategy that meets the investment objectives of an investor with an approximate 2015 target retirement horizon.

Since inception, certain fees and expenses were waived and reimbursed. Without waivers and reimbursements, total returns would have been lower. For the six months ended June 30, 2013, fees totaling 0.13% of average net assets were waived.

Wilshire Variable Insurance Trust

2015 ETF FUND

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING*

(As of June 30, 2013)

The 2015 ETF Fund (“the Fund”) returned 1.76% for the first six months of 2013, underperforming the custom benchmark return of 3.84% by 2.08%. The Fund was hurt by its large exposure to TIPS, which sold off during the first half of the year, and its exposure to Emerging Markets which also struggled over the period.

*	Based on percent of Fund’s total investments in securities, at value. Includes investments held as collateral for securities on loan (see Note 6 in Notes to Financial Statements).

Wilshire Variable Insurance Trust

2025 ETF FUND

Commentary

2025 ETF FUND

Average Annual Total Return

Six Months Ended 06/30/13*	2.81%
One Year Ended 06/30/13	9.53%
Five Years Ended 06/30/13	4.27%
Inception (05/01/06) through 06/30/13	3.11%

S&P TARGET DATE 2025 INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13*	5.82%
One Year Ended 06/30/13	12.85%
Five Years Ended 06/30/13	5.28%
Inception (05/01/06) through 06/30/13	4.48%

*	Not annualized.

(1)	The S&P Target Date 2025 Index (the “Index”) is designed to measure the performance of an investable asset allocation strategy that meets the investment objectives of an investor with an approximate 2025 target retirement horizon.

Wilshire Variable Insurance Trust

2025 ETF FUND

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING*

(As of June 30, 2013)

The 2025 ETF Fund (“the Fund”) returned 2.81% for the first six months of 2013, underperforming the custom benchmark return of 5.82% by 3.01%. The Fund was hurt by its large exposure to TIPS, which sold off during the first half of the year, and its exposure to Emerging Markets which also struggled over the period.

*	Based on percent of Fund’s total investments in securities, at value. Includes investments held as collateral for securities on loan (See Note 6 in Notes to Financial Statements).

Wilshire Variable Insurance Trust

2035 ETF FUND

Commentary

2035 ETF FUND

Average Annual Total Return

Six Months Ended 06/30/13*	4.04%
One Year Ended 06/30/13	11.85%
Five Years Ended 06/30/13	3.58%
Inception (05/01/06) through 06/30/13	2.30%

S&P TARGET DATE 2035 INDEX(1)

Average Annual Total Return

Six Months Ended 06/30/13*	7.25%
One Year Ended 06/30/13	15.39%
Five Years Ended 06/30/13	5.15%
Inception (05/01/06) through 06/30/13	4.26%

*	Not annualized.

(1)	The S&P Target Date 2035 Index (the “Index”) is designed to measure the performance of an investable asset allocation strategy that meets the investment objectives of an investor with an approximate 2035 target retirement horizon.

Wilshire Variable Insurance Trust

2035 ETF FUND

Commentary - (Continued)

PORTFOLIO SECTOR WEIGHTING*

(As of June 30, 2013)

The 2035 ETF Fund (“the Fund”) returned 4.04% for the first six months of 2013, underperforming the custom benchmark return of 7.25% by 3.21%. The Fund was hurt by its large exposure to TIPS, which sold off during the first half of the year, and its exposure to Emerging Markets which also struggled over the period.

*	Based on percent of Fund’s total investments in securities, at value. Includes investments held as collateral for securities on loan (See Note 6 in Notes to Financial Statements).

Wilshire Variable Insurance Trust

Disclosure of Fund Expenses

For the Six Months Ended June 30, 2013 (Unaudited)

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

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

Wilshire Variable Insurance Trust

Disclosure of Fund Expenses - (Continued)

For the Six Months Ended June 30, 2013 (Unaudited)

	Beginning Account Value 01/01/13	Ending Account Value 06/30/13	Expense Ratio(1)(2)	Expenses Paid During Period 01/01/13-06/30/13(3)(4)
2015 ETF Fund
Actual Fund Return	$1,000.00	$1,017.60	0.60%	$3.00
Hypothetical 5% Return	$1,000.00	$1,021.82	0.60%	$3.01
2025 ETF Fund
Actual Fund Return	$1,000.00	$1,028.10	0.60%	$3.02
Hypothetical 5% Return	$1,000.00	$1,021.82	0.60%	$3.01
2035 ETF Fund
Actual Fund Return	$1,000.00	$1,040.40	0.60%	$3.04
Hypothetical 5% Return	$1,000.00	$1,021.82	0.60%	$3.01

(1)	The expense ratio does not include the expenses of the underlying ETFs.

(2)	Annualized, based on the Fund’s expenses for the most recent fiscal half-year.

(3)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the period, then divided by 365.

(4)	Expenses shown do not include annuity contract fees.

Wilshire Variable Insurance Trust

Schedules of Investments

June 30, 2013 (Unaudited)

		2015 ETF Fund
Shares			Value
EXCHANGE TRADED FUNDS — 98.5%
	59,519	iShares Barclays TIPS Bond Fund	$	6,666,723
	36,800	Market Vectors Emerging Markets Local Currency Bond ETF		892,768
	16,320	SPDR Barclays Capital High Yield Bond ETF		644,477
	17,326	SPDR Barclays Capital International Treasury Bond ETF		975,107
	105,700	Vanguard Europe Pacific ETF		3,763,977
	30,706	Vanguard FTSE Emerging Markets ETF(a)		1,190,779
	11,150	Vanguard Global ex-U.S. Real Estate ETF		595,187
	8,996	Vanguard REIT ETF		618,205
	128,000	Vanguard S&P 500 ETF(a)		9,395,200
	30,890	Vanguard Scottsdale Funds		2,566,959
	10,027	Vanguard Small-Cap Growth ETF		1,032,179
	16,239	Vanguard Small-Cap Value ETF(a)		1,360,179
	28,550	Vanguard Total Bond Market ETF		2,309,124

Total Exchange Traded Funds — 98.5%
(Cost $29,408,594)				32,010,864

SHORT-TERM INVESTMENTS (c) — 21.2%
	592,601	Northern Trust Institutional Government Select Portfolio, 0.01%		592,601
	6,296,912	Northern Trust Institutional Liquid Asset Portfolio, 0.01%(b)		6,296,912

Total Short-Term Investments — 21.2%
(Cost $6,889,513)				6,889,513

Total Investments — 119.7%
(Cost $36,298,107)				38,900,377

Other Assets & Liabilities, Net — (19.7)%				(6,412,264	)

NET ASSETS — 100.0%			$	32,488,113

		2025 ETF Fund
Shares			Value
EXCHANGE TRADED FUNDS — 96.6%
	55,778	iShares Barclays TIPS Bond Fund	$	6,247,694
	48,780	Market Vectors Emerging Markets Local Currency Bond ETF		1,183,403
	21,256	SPDR Barclays Capital High Yield Bond ETF		839,399
	23,052	SPDR Barclays Capital International Treasury Bond ETF		1,297,366
	157,830	Vanguard Europe Pacific ETF		5,620,326
	40,181	Vanguard FTSE Emerging Markets ETF(a)		1,558,219
	14,680	Vanguard Global ex-U.S. Real Estate ETF		783,619
	11,320	Vanguard REIT ETF		777,910
	179,280	Vanguard S&P 500 ETF(a)		13,159,152
	20,150	Vanguard Scottsdale Funds		1,674,465
	12,560	Vanguard Small-Cap Growth ETF		1,292,927
	25,577	Vanguard Small-Cap Value ETF		2,142,330
	58,482	Vanguard Total Bond Market ETF		4,730,024

Total Exchange Traded Funds — 96.6%
(Cost $37,788,707)				41,306,834

SHORT-TERM INVESTMENTS (c) — 27.9%
	1,429,269	Northern Trust Institutional Government Select Portfolio, 0.01%		1,429,269
	10,534,655	Northern Trust Institutional Liquid Asset Portfolio, 0.01%(b)		10,534,655

Total Short-Term Investments — 27.9%
(Cost $11,963,924)				11,963,924

Total Investments — 124.5%
(Cost $49,752,631)				53,270,758

Other Assets & Liabilities, Net — (24.5)%				(10,487,974	)

NET ASSETS — 100.0%			$	42,782,784

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Schedules of Investments - (Continued)

June 30, 2013 (Unaudited)

		2035 ETF Fund
Shares			Value
EXCHANGE TRADED FUNDS — 97.7%
	34,821	iShares Barclays TIPS Bond Fund	$	3,900,300
	39,260	Market Vectors Emerging Markets Local Currency Bond ETF		952,448
	24,640	SPDR Barclays Capital High Yield Bond ETF		973,034
	16,826	SPDR Barclays Capital International Treasury Bond ETF		946,967
	264,860	Vanguard Europe Pacific ETF		9,431,664
	49,599	Vanguard FTSE Emerging Markets ETF(a)		1,923,449
	18,320	Vanguard Global ex-U.S. Real Estate ETF		977,922
	14,104	Vanguard REIT ETF		969,227
	230,910	Vanguard S&P 500 ETF(a)		16,948,794
	29,100	Vanguard Scottsdale Funds		2,418,210
	14,309	Vanguard Small-Cap Growth ETF		1,472,968
	23,511	Vanguard Small-Cap Value ETF(a)		1,969,281
	60,544	Vanguard Total Bond Market ETF		4,896,799

Total Exchange Traded Funds — 97.7%
(Cost $43,962,711)				47,781,063

SHORT-TERM INVESTMENTS (c) — 28.0%
	1,024,488	Northern Trust Institutional Government Select Portfolio, 0.01%		1,024,488
	12,651,303	Northern Trust Institutional Liquid Asset Portfolio, 0.01%(b)		12,651,303

Total Short-Term Investments — 28.0%
(Cost $13,675,791)				13,675,791

Total Investments — 125.7%
(Cost $57,638,502)				61,456,854

Other Assets & Liabilities, Net — (25.7)%				(12,567,368	)

NET ASSETS — 100.0%			$	48,889,486

As of June 30, 2013, each of the Fund’s investments is considered Level 1. During the six months ended June 30, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

(a)	This security or a partial position of this security is on loan at June 30, 2013. The total market value of securities on loan for 2015 ETF, 2025 ETF and 2035 ETF was, $6,135,251, $10,256,853 and $12,323,835 respectively.

(b)	This security was purchased with cash collateral held from securities on loan. The total value of such securities for 2015 ETF, 2025 ETF and 2035 ETF 2012 were $6,296,912, $10,534,655 and $12,651,303, respectively.

(c)	Rate shown is the 7-day effective yield as of June 30, 2013.

ETF — Exchange-Traded Fund

FTSE — Financial Times and the London Stock Exchange

REIT — Real Estate Investment Trust

S&P — Standard & Poor’s

SPDR — Standard & Poor’s Depositary Receipt

TIPS — Treasury Inflationary Protection Securities

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Statements of Assets and Liabilities

June 30, 2013 (Unaudited)

	2015 ETF FUND			2025 ETF FUND			2035 ETF FUND
ASSETS:
Investments in securities, at value (Note 2)	$	38,900,377	*	$	53,270,758	*	$	61,456,854	*
Dividends and interest receivable		6,769			4,422			6,384
Receivable for Fund shares sold		26,425			91,424			129,214
Prepaid expenses		595			733			1,747
Total assets		38,934,166			53,367,337			61,594,199

LIABILITIES:
Payable upon return on securities loaned		6,296,912			10,534,655			12,651,303
Payable for Fund shares redeemed		119,935			13,781			13,626
Distribution fees payable (Note 4)		6,842			8,799			9,940
Investment advisory fees payable (Note 3)		3,529			4,957			5,697
Administration fees payable		1,898			2,474			2,810
Trustees' fees payable		862			1,120			1,257
Chief Compliance Officer expenses payable		160			206			230
Other accrued expenses		15,915			18,561			19,850
Total liabilities		6,446,053			10,584,553			12,704,713

NET ASSETS	$	32,488,113		$	42,782,784		$	48,889,486

NET ASSETS consist of:
Paid-in capital	$	28,699,196		$	38,178,374		$	43,637,449
Undistributed net investment income		837,645			1,059,141			1,253,992
Accumulated net realized gain on investments		349,002			27,142			179,693
Net unrealized appreciation of investments		2,602,270			3,518,127			3,818,352

NET ASSETS	$	32,488,113		$	42,782,784		$	48,889,486

SHARES OUTSTANDING:
(Unlimited shares authorized)		2,803,534			3,895,328			4,628,671

NET ASSET VALUE:
(Offering and redemption price per share)	$	11.59		$	10.98		$	10.56

Investments, at cost (Note 2)	$	30,001,195		$	39,217,976		$	44,987,199
Cash collateral for securities on loan, at cost		6,296,912			10,534,655			12,651,303

* Includes Market Value of Securities on Loan	$	6,135,251		$	10,256,853		$	12,323,835

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Statements of Operations

For the Six Months Ended June 30, 2013 (Unaudited)

	2015 ETF FUND			2025 ETF FUND			2035 ETF FUND
INVESTMENT INCOME:
Dividend income	$	337,334		$	442,061		$	548,377
Interest income		29			69			70
Income from Security Lending		3,652			5,644			10,338
Total income		341,015			447,774			558,785

EXPENSES:
Investment advisory fees (Note 3)		39,796			51,739			58,159
Distribution fees (Note 4)		39,790			51,734			58,158
Administration fees (Note 3)		11,143			14,487			16,285
Trustees' fees and expenses (Note 3)		2,877			3,720			4,157
Chief Compliance Officer expenses		83			110			123
Professional fees		8,955			10,171			10,799
Printing fees		3,125			4,207			4,771
Custodian fees		5,720			6,690			7,081
Transfer agent fees		2,137			2,686			2,967
Other		2,320			2,979			2,376
Total expenses		115,946			148,523			164,876
Fees waived by Adviser (Note 3)		(20,179	)		(24,054	)		(24,953	)
Net expenses		95,767			124,469			139,923

Net investment income		245,248			323,305			418,862

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS (Notes 2 and 5):
Net realized gains from:
Sales of investments		68,021			69,923			76,916

Net change in unrealized appreciation on investments		152,532			651,297			1,231,640

Net realized and unrealized gain on investments		220,553			721,220			1,308,556

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	465,801		$	1,044,525		$	1,727,418

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Statements of Changes in Net Assets

For the Six Months Ended June 30, 2013 (Unaudited)

	2015 ETF FUND			2025 ETF FUND			2035 ETF FUND
OPERATIONS:
Net investment income	$	245,248		$	323,305		$	418,862
Net realized gain from sales of investments		68,021			69,923			76,916
Net change in unrealized appreciation on investments		152,532			651,297			1,231,640
Net increase in net assets resulting from operations		465,801			1,044,525			1,727,418

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		—			—			—
Net realized capital gains		—			—			—
Total distributions to shareholders		—			—			—

CAPITAL STOCK TRANSACTIONS: (DOLLARS)
Shares sold		3,800,700			4,582,290			5,441,432
Shares issued as reinvestment of distributions		—			—			—
Shares redeemed		(2,069,636	)		(1,481,898	)		(1,028,899	)

Net increase in net assets from capital stock transactions		1,731,064			3,100,392			4,412,533

Net increase in net assets		2,196,865			4,144,917			6,139,951

NET ASSETS:
Beginning of period		30,291,248			38,637,867			42,749,535
End of period	$	32,488,113		$	42,782,784		$	48,889,486

Undistributed net investment income at end of period	$	837,645		$	1,059,141		$	1,253,992

CAPITAL SHARE TRANSACTIONS:
Shares sold		319,800			411,986			511,549
Shares issued as reinvestment of distributions		—			—			—
Shares redeemed		(176,080	)		(133,176	)		(96,506	)

Net increase in shares outstanding		143,720			278,810			415,043

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

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Statements of Changes in Net Assets

For the Year Ended December 31, 2012

	2015 ETF FUND			2025 ETF FUND			2035 ETF FUND
OPERATIONS:
Net investment income	$	579,921		$	721,231		$	818,390
Net realized gain (loss) from sales of investments		295,898			(25,068	)		119,580
Net change in unrealized appreciation on investments		2,384,091			3,341,573			3,872,862
Net increase in net assets resulting from operations		3,259,910			4,037,736			4,810,832

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(664,131	)		(680,877	)		(679,998	)
Net realized capital gains		(42,071	)		(634,525	)		(1,204,396	)
Total distributions to shareholders		(706,202	)		(1,315,402	)		(1,884,394	)

CAPITAL STOCK TRANSACTIONS: (DOLLARS)
Shares sold		4,242,246			7,921,962			9,108,007
Shares issued as reinvestment of distributions		706,201			1,315,400			1,884,391
Shares redeemed		(2,793,052	)		(2,863,747	)		(2,129,290	)

Net increase in net assets from capital stock transactions		2,155,395			6,373,615			8,863,108

Net increase in net assets		4,709,103			9,095,949			11,789,546

NET ASSETS:
Beginning of year		25,582,145			29,541,918			30,959,989
End of year	$	30,291,248		$	38,637,867		$	42,749,535

Undistributed net investment income at end of year	$	592,397		$	735,836		$	835,130

CAPITAL SHARE TRANSACTIONS:
Shares sold		381,155			753,628			913,020
Shares issued as reinvestment of distributions		62,418			123,210			185,923
Shares redeemed		(250,405	)		(271,028	)		(211,523	)

Net increase in shares outstanding		193,168			605,810			887,420

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

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

2015 ETF Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Net asset value, beginning of period	$	11.39		$	10.37		$	10.37		$	9.37		$	8.02		$	10.94

Income from investment operations:
Net investment income1		0.09			0.24			0.27			0.16			0.08			0.44
Net realized and unrealized gain/(loss) on investments		0.11			1.06			(0.11	)		0.91			1.56			(3.09	)
Total from investment operations		0.20			1.30			0.16			1.07			1.64			(2.65	)

Less distributions:
From net investment income		0.00			(0.26	)		(0.16	)		(0.07	)		(0.28	)		(0.16	)
From capital gains		0.00			(0.02	)		0.00			0.00			(0.01	)		(0.11	)
Total distributions		0.00			(0.28	)		(0.16	)		(0.07	)		(0.29	)		(0.27	)

Net asset value, end of period	$	11.59		$	11.39		$	10.37		$	10.37		$	9.37		$	8.02

Total return2		1.76	%4		12.48	%		1.56	%		11.41	%		20.49	%		(24.18	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	32,488		$	30,291		$	25,582		$	25,559		$	21,489		$	14,674
Operating expenses including reimbursement/waiver/recoupment†		0.60	%5		0.60	%		0.60	%		0.60	%		0.59	%3		0.50	%
Operating expenses excluding reimbursement/waiver/recoupment†		0.73	%5		0.71	%		0.71	%		0.68	%		0.62	%		1.05	%
Net investment income†		1.54	%5		2.06	%		2.55	%		1.70	%		0.97	%		4.54	%
Portfolio turnover rate		1	%4		11	%		70	%		37	%		107	%		32	%

†	These ratios do not include expenses from the affiliated funds held prior to October 8, 2009, or ETFs.

1	The selected per share data was calculated using the average shares outstanding method for the period. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

2	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies. The inclusion of these charges would reduce the total return figures for all periods shown.

3	On October 1, 2009, the Fund began accruing expenses under a 12b-1 plan which caused expenses to exceed the expense cap of 0.60%, resulting in expenses which were waived. Prior to October 1, 2009, the Fund ran at or below its expense cap of 0.60%.

4	Not Annualized.

5	Annualized.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

2025 ETF Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Net asset value, beginning of period	$	10.68		$	9.81		$	9.90		$	8.91		$	7.54		$	11.00

Income from investment operations:
Net investment income1		0.09			0.23			0.25			0.16			0.09			0.23
Net realized and unrealized gain/(loss) on investments		0.21			1.01			(0.22	)		0.89			1.46			(3.33	)
Total from investment operations		0.30			1.24			0.03			1.05			1.55			(3.10	)

Less distributions:
From net investment income		0.00			(0.19	)		(0.12	)		(0.06	)		(0.17	)		(0.20	)
From capital gains		0.00			(0.18	)		0.00			0.00			(0.01	)		(0.16	)
Total distributions		0.00			(0.37	)		(0.12	)		(0.06	)		(0.18	)		(0.36	)

Net asset value, end of period	$	10.98		$	10.68		$	9.81		$	9.90		$	8.91		$	7.54

Total return2		2.81	%4		12.73	%		0.26	%		11.77	%		20.60	%		(28.11	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	42,783		$	38,638		$	29,542		$	24,587		$	16,665		$	9,679
Operating expenses including reimbursement/waiver/recoupment†		0.60	%5		0.60	%		0.60	%		0.60	%		0.59	%3		0.50	%
Operating expenses excluding reimbursement/waiver/recoupment†		0.72	%5		0.71	%		0.72	%		0.70	%		0.65	%		1.13	%
Net investment income†		1.56	%5		2.09	%		2.48	%		1.73	%		1.13	%		2.46	%
Portfolio turnover rate		1	%4		6	%		66	%		32	%		100	%		24	%

†	These ratios do not include expenses from the affiliated funds held prior to October 8, 2009, or ETFs.

1	The selected per share data was calculated using the average shares outstanding method for the period. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

2	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies. The inclusion of these charges would reduce the total return figures for all periods shown.

3	On October 1, 2009, the Fund began accruing expenses under a 12b-1 plan which caused expenses to exceed the expense cap of 0.60%, resulting in expenses which were waived. Prior to October 1, 2009, the Fund ran at or below its expense cap of 0.60%.

4	Not Annualized.

5	Annualized.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

2035 ETF Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Net asset value, beginning of period	$	10.15		$	9.31		$	9.57		$	8.55		$	7.14		$	11.04

Income from investment operations:
Net investment income1		0.10			0.23			0.23			0.14			0.09			0.24
Net realized and unrealized gain/(loss) on investments		0.31			1.07			(0.39	)		0.93			1.41			(3.89	)
Total from investment operations		0.41			1.30			(0.16	)		1.07			1.50			(3.65	)

Less distributions:
From net investment income		0.00			(0.16	)		(0.10	)		(0.05	)		(0.08	)		(0.13	)
From capital gains		0.00			(0.30	)		0.00			0.00			(0.01	)		(0.12	)
Total distributions		0.00			(0.46	)		(0.10	)		(0.05	)		(0.09	)		(0.25	)

Net asset value, end of period	$	10.56		$	10.15		$	9.31		$	9.57		$	8.55		$	7.14

Total return2		4.04	%3		14.09	%		(1.68	)%		12.52	%		21.03	%		(33.00	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	48,889		$	42,750		$	30,960		$	25,019		$	16,378		$	7,923
Operating expenses including reimbursement/waiver/recoupment†		0.60	%4		0.60	%		0.60	%		0.60	%		0.60	%		0.50	%
Operating expenses excluding reimbursement/waiver/recoupment†		0.71	%4		0.71	%		0.72	%		0.70	%		0.69	%		1.64	%
Net investment income†		1.80	%4		2.20	%		2.41	%		1.64	%		1.12	%		2.65	%
Portfolio turnover rate		0	%3		6	%		74	%		35	%		96	%		18	%

†	These ratios do not include expenses from the affiliated funds held prior to October 8, 2009, or ETFs.

1	The selected per share data was calculated using the average shares outstanding method for the period. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

2	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies. The inclusion of these charges would reduce the total return figures for all periods shown.

3	Not Annualized.

4	Annualized.

See Notes to Financial Statements.

Wilshire Variable Insurance Trust

Notes to Financial Statements

June 30, 2013 (Unaudited)

1.	Organization.

The Wilshire Variable Insurance Trust (the “Trust”) is an open-end, diversified management investment company registered under the Investment Company Act of 1940 (“1940 Act”), which offers units of beneficial interest (shares) in 9 separate investment portfolios. The portfolios presented in these financial statements are: 2015 ETF Fund, 2025 ETF Fund and 2035 ETF Fund (collectively the “Funds”, each a “Fund” of the Trust). The Funds operate under a fund of funds structure and at this time invest substantially all of their assets in unaffiliated exchange-traded funds (“ETF” or “ETFs”), which primarily invest in equity and fixed income securities, according to an asset allocation strategy designed for investors planning to retire in certain target years. The financial statements for the other Funds of the Trust managed by Wilshire Associates Incorporated (“Wilshire” or the “Adviser”) are included in a separate annual report. Shares may be purchased by insurance company separate accounts for certain variable insurance contracts and by plan sponsors of qualified retirement plans.

Funds’ Investment Objectives:

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

2.	Significant Accounting Policies.

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

•

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

•

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

•

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For the six months ended June 30, 2013, there have been no significant changes to the Funds’ fair value methodologies and there have been no transfers between Level 1 and Level 2 assets and liabilities. For the six months ended June 30, 2013, there were no Level 3 securities held by the Funds.

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

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

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

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

3.	Investment Advisory Fee and Other Transactions With Affiliates.

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

Pursuant to the Advisory Agreement (the “Agreement”) between the Funds and Wilshire, Wilshire charges annual management fees of 0.25% of average daily net assets of the 2015 ETF Fund, 2025 ETF Fund and the 2035 ETF Fund. Wilshire has entered into a contractual expense limitation agreement (the “Expense Limitation Agreement”) with the Funds to waive a portion of its management fee and/or reimburse expenses to limit annual operating expenses to 0.60% (exclusive of ETF fees and expenses) of average daily net assets for each of the Funds. This agreement to limit expenses continues through at least April 30, 2014. Wilshire may recoup the amount of any management fee waived or expense reimbursed within three years after the year in which Wilshire incurred the expense if the recoupment does not exceed the existing expense limitation for each Fund. At June 30, 2013, the amounts of waivers subject to recoupment for the 2015 ETF Fund, 2025 ETF Fund and the 2035 ETF Fund were $18,679, $19,587 and $20,245, respectively, expiring in 2013; $29,870, $33,265 and $34,342, respectively, expiring in 2014; $30,654, $36,557, and $39,348, respectively, expiring in 2015; and $20,179, $24,054, and $24,953, respectively, expiring in 2016. The Adviser cannot recapture any expenses or fees it waived or reimbursed prior to August 21, 2009 under the prior Expense Limitation Agreement.

For the six months ended June 30, 2013, the Adviser waived expenses in the amounts listed below.

Fund	Fees Waived
2015 ETF Fund	$	20,179
2025 ETF Fund		24,054
2035 ETF Fund		24,953

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

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

Officers’ and Trustees’ expenses — The officers of the Trust are affiliated with and receive remuneration from the Adviser. The Trust does not pay any remuneration to its officers. The Trust and the Wilshire Mutual Funds, Inc. together pay each independent trustee an annual retainer of $18,000, an annual additional Board chairperson retainer of $12,000, a Board in-person meeting fee of $2,000, a Board telephonic meeting fee of $1,000, an annual Committee member retainer of $4,000, an annual Committee chairperson retainer of $8,000 in lieu of the $4,000 Committee member retainer, and a Committee telephonic meeting fee of $500.

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

4.	Distribution and Shareholder Services Plan.

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

5.	Security Transactions.

For the six months ended June 30, 2013, the aggregate cost of purchases and proceeds from sales of investments, were as follows:

Fund	Purchases		Proceeds from Sales
2015 ETF Fund	$	2,065,443	$	293,896
2025 ETF Fund		2,935,935		216,590
2035 ETF Fund		4,625,648		218,880

6.	Securities Lending.

The Funds may seek additional income by lending their securities on a short-term basis to banks, brokers and dealers in return for cash collateral, which is invested in short-term securities. A Fund may return a portion of the interest earned to the borrower or a third party which is unaffiliated with the Trust and acting as a “placing broker.” A Fund receives compensation for lending securities in the form of fees. A Fund also continues to receive dividends on the securities loaned. Security loans are secured at all times by collateral. It is the Trust’s policy that the collateral be equal to at least 102% of the market value of the securities loaned (105% if the collateral and securities loaned are denominated in different currencies) plus accrued interest when the transaction is entered into, and that the collateral supporting loans be remarked daily. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Gain or loss in the market price of the securities loaned that may occur during the term of the loan are reflected in the value of the Fund. The risks from securities lending are that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Fund. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of securities loans were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Northern Trust, the Funds’ custodian, acts as the securities lending agent for the Funds. The value of the securities on loan and the value of the related collateral at June 30, 2013 are shown on the Statement of Assets and Liabilities. The Northern Trust Institutional Liquid Asset Portfolio was purchased with proceeds from collateral received from securities on loan. At June 30, 2013, $6,296,912, $10,534,655 and $12,651,303 of this cash equivalent represents the collateral received for securities on loan in the 2015 ETF, 2025 ETF Fund and the 2035 ETF Fund, respectively.

7.	Significant Shareholder Activity.

On June 30, 2013, the Funds had the following concentrations of shareholders holding 10% or more of the outstanding shares of the Funds. These represent omnibus shareholder accounts.

Fund
2015 ETF Fund (1 omnibus shareholder)	93.00%
2025 ETF Fund (1 omnibus shareholder)	98.00%
2035 ETF Fund (1 omnibus shareholder)	99.00%

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

8.	Tax Information.

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

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

The federal tax cost, unrealized appreciation and depreciation at June 30, 2013 for each Fund is as follows:

Fund	Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation
2015 ETF Fund	$	36,298,107	$	3,374,347	$	(772,077	)	$	2,602,270
2025 ETF Fund		49,752,631		4,414,787		(896,660	)		3,518,127
2035 ETF Fund		57,638,502		4,899,700		(1,081,348	)		3,818,352

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

The tax character of distributions declared for the years ended December 31, 2012 and December 31, 2011, respectively were as follows:

Fund	2012 Ordinary Income		2012 Capital Gains		2011 Ordinary Income		2011 Capital Gains
2015 ETF Fund	$	664,131	$	42,071	$	393,131	$	—
2025 ETF Fund		680,877		634,525		345,452		—
2035 ETF Fund		679,998		1,204,396		326,042		—

At December 31, 2012, the components of distributable earnings on a tax basis were as follows:

	2015 ETF Fund			2025 ETF Fund			2035 ETF Fund
Undistributed ordinary income	$	612,861		$	735,835		$	835,132
Accumulated capital gain		261,325			—			102,782
Capital loss carryforwards		—			(39,726	)		—
Unrealized appreciation		2,448,933			2,863,770			2,586,712
Other temporary differences		(3	)		6			(7	)
Total distributable earnings	$	3,323,116		$	3,559,885		$	3,524,619

Wilshire Variable Insurance Trust

Notes to Financial Statements - (Continued)

June 30, 2013 (Unaudited)

		Short-Term Losses				Long-Term Losses				Total
2025 ETF Fund		$	2,623			$	37,103			$	39,726

9.	Indemnifications.

10.	Credit Risk.

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

11.	New Accounting Pronouncement.

13.	Subsequent Event Evaluation.

Wilshire Variable Insurance Trust

Additional Fund Information

Information on Proxy Voting

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

Information on Form N-Q

Householding Policy

Wilshire Variable Insurance Trust

Privacy Statement

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

Information We Collect

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

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

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

Information We May Share

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

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

Governmental or other legal agencies, as required by law.

Confidentiality And Security

Applicability

Wilshire Variable Insurance Trust

Wilshire Associates Incorporated

1299 Ocean Avenue

Santa Monica, CA 90401

1-888-200-6796

WIL-SA-003-0600

(Registrant)	Wilshire Variable Insurance Trust.

By (Signature and Title)*	/s/ Jason A. Schwarz
	Jason A. Schwarz, President
	(principal executive officer)