UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number 811-07917

Wilshire Variable Insurance Trust

(Exact name of registrant as specified in charter)

Wilshire Associates Incorporated

1299 Ocean Avenue, Suite 700

Santa Monica, CA 90401-1085

 (Address of principal executive offices) (Zip code)

Jason Schwarz, President

1299 Ocean Avenue, Suite 700

Santa Monica, CA 90401-1085

 (Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: March 31, 2014

Item 1.   Schedule of Investments

Wilshire Variable Insurance Trust
Equity Fund	March 31, 2014
Schedule of Investments	(Unaudited)

Shares			Value
INVESTMENTS IN UNDERLYING FUNDS — 67.8%
	1,694,080	Wilshire Large Company Growth Portfolio*	$	72,015,350
	3,421,986	Wilshire Large Company Value Portfolio*		75,386,355
Total Investments in Underlying Funds
(Cost $126,379,307)				147,401,705
COMMON STOCK — 31.3%
Consumer Discretionary — 3.8%
	700	Amazon.com, Inc.†		235,564
	1,600	Bed Bath & Beyond, Inc.†(a)		110,080
	3,100	Best Buy Co., Inc.(a)		81,871
	2,500	Coach, Inc.(a)		124,150
	8,100	Comcast Corp., Class A		405,162
	14,850	Ford Motor Co.		231,660
	2,500	GameStop Corp., Class A(a)		102,750
	4,200	Gannett Co., Inc.(a)		115,920
	5,300	General Motors Co.(a)		182,426
	5,600	Goodyear Tire & Rubber Co. (The)(a)		146,328
	1,900	Harman International Industries, Inc.		202,160
	2,300	Hasbro, Inc.(a)		127,926
	4,400	Home Depot, Inc. (The)		348,172
	15,883	Lowe's Cos., Inc.		776,679
	13,418	Macy's, Inc.		795,553
	1,250	McDonald's Corp.		122,538
	1,150	Michael Kors Holdings, Ltd.†		107,261
	3,600	NIKE, Inc., Class B		265,896
	1,750	O'Reilly Automotive, Inc.†		259,682
	5,350	PulteGroup, Inc.(a)		102,666
	8,050	Staples, Inc.(a)		91,287
	5,422	Time Warner Cable, Inc., Class A		743,790
	3,700	Time Warner, Inc.(a)		241,721
	5,349	Tupperware Brands Corp.(a)		448,032
	12,605	VF Corp.(a)		779,997
	1,750	Viacom, Inc., Class B		148,733
	5,250	Walt Disney Co. (The)		420,367
	4,169	Whirlpool Corp.(a)		623,099
				8,341,470
Consumer Staples — 3.2%
	6,000	Altria Group, Inc.		224,580
	2,700	Archer-Daniels-Midland Co.		117,153
	24,884	Coca-Cola Co. (The)(a)		962,015
	5,050	Coca-Cola Enterprises, Inc.		241,188
	15,207	CVS Caremark Corp.(a)		1,138,396
	3,200	General Mills, Inc.(a)		165,824
	2,300	Hershey Co. (The)(a)		240,120
	4,050	Hormel Foods Corp.(a)		199,543
	2,100	Kimberly-Clark Corp.(a)		231,525
	3,750	Kroger Co. (The)		163,688
	7,050	McCormick & Co., Inc.(a)		505,767
	4,650	Mondelez International, Inc., Class A		160,658
	4,200	PepsiCo, Inc.		350,700
	11,866	Philip Morris International, Inc.		971,469
	7,200	Procter & Gamble Co. (The)		580,320
	3,850	Reynolds American, Inc.		205,667
	3,100	Sysco Corp.(a)		112,003
	3,900	Tyson Foods, Inc., Class A		171,639
	2,300	Wal-Mart Stores, Inc.(a)		175,789
				6,918,044

Shares			Value
Energy — 3.0%
	3,400	Baker Hughes, Inc.	$	221,068
	10,685	Chevron Corp.		1,270,553
	5,050	ConocoPhillips		355,268
	2,100	Ensco PLC, Class A(a)		110,838
	850	EOG Resources, Inc.		166,745
	9,300	Exxon Mobil Corp.		908,424
	1,950	Helmerich & Payne, Inc.(a)		209,742
	22,609	Kinder Morgan, Inc.(a)		734,566
	5,450	Marathon Oil Corp.		193,584
	2,850	Murphy Oil Corp.(a)		179,151
	4,300	Newfield Exploration Co.†		134,848
	2,500	Occidental Petroleum Corp.		238,225
	7,760	Phillips 66		597,986
	2,500	Range Resources Corp.(a)		207,425
	2,100	Schlumberger, Ltd.		204,750
	16,964	Seadrill, Ltd.(a)		596,454
	2,850	Valero Energy Corp.		151,335
				6,480,962
Financials — 4.9%
	6,670	ACE, Ltd.		660,730
	3,350	Allstate Corp. (The)		189,543
	2,000	American Express Co.		180,060
	3,900	American International Group, Inc.		195,039
	2,200	Assurant, Inc.(a)		142,912
	1,800	AvalonBay Communities, Inc.(b)		236,376
	32,100	Bank of America Corp.		552,120
	20,104	Bank of New York Mellon Corp. (The)(a)		709,470
	4,100	Berkshire Hathaway, Inc., Class B†		512,377
	1,693	BlackRock, Inc., Class A		532,415
	2,850	Capital One Financial Corp.		219,906
	2,350	Chubb Corp. (The)		209,855
	5,400	Citigroup, Inc.		257,040
	7,774	Cullen/Frost Bankers, Inc.(a)		602,718
	7,500	E*Trade Financial Corp.†		172,650
	4,700	Equity Residential(a) (b)		272,553
	5,800	Fifth Third Bancorp		133,110
	1,700	Goldman Sachs Group, Inc. (The)		278,545
	21,503	JPMorgan Chase & Co.(a)		1,305,447
	4,100	Leucadia National Corp.		114,800
	4,850	Lincoln National Corp.		245,749
	2,650	Macerich Co. (The)(b)		165,174
	2,300	McGraw Hill Financial, Inc.		175,490
	2,500	PNC Financial Services Group, Inc.		217,500
	2,650	Prudential Financial, Inc.		224,323
	4,500	Travelers Cos., Inc. (The)		382,950
	3,200	U.S. Bancorp(a)		137,152
	30,462	Wells Fargo & Co.		1,515,180
	3,350	XL Group PLC, Class A		104,688
				10,645,872
Health Care — 4.0%
	16,342	AbbVie, Inc.		839,979
	2,600	Aetna, Inc.		194,922
	3,900	AmerisourceBergen Corp., Class A		255,801
	2,500	Baxter International, Inc.		183,950
	900	Biogen Idec, Inc.†		275,283
	5,000	Bristol-Myers Squibb Co.		259,750
	3,000	Cardinal Health, Inc.		209,940
	5,450	CareFusion Corp.†		219,199
	2,100	Celgene Corp.†		293,160
	3,100	Cerner Corp.†(a)		174,375
	1,600	Cigna Corp.		133,968
	7,931	Covidien PLC		584,197

Wilshire Variable Insurance Trust
Equity Fund	March 31, 2014
Schedule of Investments	(Unaudited)

Shares			Value
Health Care — (continued)
	4,100	Gilead Sciences, Inc.†(a)	$	290,526
	9,000	Johnson & Johnson		884,070
	1,800	McKesson Corp.		317,826
	3,000	Medtronic, Inc.		184,620
	5,300	Merck & Co., Inc.		300,881
	12,080	Novo Nordisk ADR		551,452
	41,846	Pfizer, Inc.		1,344,093
	2,700	Quest Diagnostics, Inc.(a)		156,384
	11,683	UnitedHealth Group, Inc.		957,889
	2,150	WellPoint, Inc.		214,033
				8,826,298
Industrials — 3.4%
	1,200	3M Co.		162,792
	7,894	Boeing Co. (The)		990,618
	4,517	Caterpillar, Inc.		448,854
	2,850	Cintas Corp.		169,888
	1,000	Cummins, Inc.		148,990
	1,900	Dover Corp.		155,325
	3,000	Emerson Electric Co.		200,400
	1,150	FedEx Corp.(a)		152,444
	18,350	General Electric Co.		475,081
	7,586	Honeywell International, Inc.		703,677
	1,050	L-3 Communications Holdings, Inc., Class 3		124,058
	12,317	Nielsen Holdings NV(a)		549,708
	2,150	Norfolk Southern Corp.		208,916
	1,300	Northrop Grumman Corp.		160,394
	900	Parker Hannifin Corp.		107,739
	4,200	Raytheon Co.		414,918
	2,650	Robert Half International, Inc.		111,168
	1,200	Rockwell Automation, Inc.(a)		149,460
	8,850	Southwest Airlines Co.		208,949
	3,750	Tyco International, Ltd.		159,000
	5,982	Union Pacific Corp.		1,122,582
	2,500	United Technologies Corp.		292,100
	450	WW Grainger, Inc.(a)		113,697
				7,330,758
Information Technology — 5.7%
	6,985	Accenture PLC, Class A(a)		556,844
	3,602	Apple, Inc.		1,933,337
	8,550	CA, Inc.		264,793
	9,750	Cisco Systems, Inc.		218,498
	4,550	Cognizant Technology Solutions Corp., Class A†		230,276
	2,250	Computer Sciences Corp.		136,845
	11,250	Corning, Inc.(a)		234,225
	3,600	eBay, Inc.†		198,864
	21,916	EMC Corp.		600,718
	3,150	Facebook, Inc., Class A†		189,756
	10,925	Fidelity National Information Services, Inc.		583,941
	700	Google, Inc., Class A†		780,157
	6,800	Hewlett-Packard Co.		220,048
	9,050	Intel Corp.		233,580
	2,250	International Business Machines Corp.(a)		433,103
	2,100	KLA-Tencor Corp.(a)		145,194
	2,050	Lam Research Corp.†		112,750
	1,650	MasterCard, Inc., Class A		123,255
	44,464	Microsoft Corp.		1,822,579
	8,928	Motorola Solutions, Inc.		573,981
	7,150	Oracle Corp.		292,507
	5,400	Paychex, Inc.(a)		230,040
	12,497	QUALCOMM, Inc.		985,513

Shares			Value
Information Technology — (continued)
	1,500	SanDisk Corp.	$	121,785
	3,500	Seagate Technology PLC(a)		196,560
	4,150	Texas Instruments, Inc.		195,673
	1,450	Visa, Inc., Class A		312,997
	2,050	Western Digital Corp.		188,231
	8,550	Xerox Corp.(a)		96,615
	3,600	Yahoo!, Inc.†		129,240
				12,341,905
Materials — 1.1%
	450	CF Industries Holdings, Inc.		117,288
	4,450	Dow Chemical Co. (The)		216,225
	4,450	EI du Pont de Nemours & Co.(a)		298,595
	5,000	Freeport-McMoRan Copper & Gold, Inc.		165,350
	1,450	International Flavors & Fragrances, Inc.		138,722
	3,050	LyondellBasell Industries NV, Class A(a)		271,267
	6,854	Packaging Corp. of America		482,316
	17,596	Southern Copper Corp.(a)		512,220
	6,900	Weyerhaeuser Co.(b)		202,515
				2,404,498
Telecommunication Services — 0.9%
	36,467	AT&T, Inc.(a)		1,278,898
	5,350	CenturyLink, Inc.(a)		175,694
	10,850	Verizon Communications, Inc.(a)		516,134
				1,970,726
Utilities — 1.3%
	2,250	AGL Resources, Inc.		110,160
	3,050	Ameren Corp.		125,660
	3,000	American Electric Power Co., Inc.		151,980
	2,850	DTE Energy Co.(a)		211,726
	2,400	Duke Energy Corp.		170,928
	3,050	Edison International(a)		172,660
	2,150	Entergy Corp.		143,728
	13,985	ITC Holdings Corp.(a)		522,340
	6,132	NextEra Energy, Inc.		586,342
	2,650	Pinnacle West Capital Corp.		144,849
	4,850	Public Service Enterprise Group, Inc.(a)		184,979
	1,900	SCANA Corp.(a)		97,508
	2,600	Wisconsin Energy Corp.(a)		121,030
				2,743,890
Total Common Stock
(Cost $60,070,322)				68,004,423
SHORT-TERM INVESTMENTS (c) — 8.4%
	1,833,190	Northern Trust Institutional Government Select Portfolio, 0.010%		1,833,190
	16,411,755	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(d)		16,411,755
Total Short-Term Investments
(Cost $18,244,945)				18,244,945
Total Investments — 107.5%
(Cost $204,694,574)‡				233,651,073
Other Assets & Liabilities, Net — (7.5)%				(16,398,697	)
NET ASSETS — 100.0%			$	217,252,376

Wilshire Variable Insurance Trust
Equity Fund	March 31, 2014
Schedule of Investments	(Unaudited)

*	Affiliated Fund
†	Non-income producing security.
(a)	This security or a partial position of this security is on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $16,145,584.
(b)	Real Estate Investment Trust.
(c)	Rate shown is the 7-day effective yield as of March 31, 2014.
(d)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of March 31, 2014 was $16,411,755.
‡	At March 31, 2014, the tax basis cost of the Fund's investments was $204,694,574, and the unrealized appreciation and depreciation were $29,690,649 and $(734,150), respectively.

ADR — American Depositary Receipt

Ltd. — Limited

PLC— Public Limited Company

As of March 31, 2014, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.  For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

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

Wilshire Variable Insurance Trust
Balanced Fund	March 31, 2014
Schedule of Investments	(Unaudited)

Shares			Value
INVESTMENTS IN UNDERLYING FUNDS — 100.2%
	4,797,520	Wilshire International Equity Fund*	$	45,960,237
	572,700	Wilshire Large Company Growth Portfolio*		24,345,475
	1,163,234	Wilshire Large Company Value Portfolio*		25,626,035
	236,198	Wilshire Small Company Growth Portfolio*		6,157,681
	258,673	Wilshire Small Company Value Portfolio*		6,428,032
	4,033,009	Wilshire Variable Insurance Trust Income Fund*		47,952,476
Total Investments in Underlying Funds
(Cost $144,787,839)				156,469,936
Total Investments — 100.2%
(Cost $144,787,839)†				156,469,936
Other Assets & Liabilities, Net — (0.2)%				(358,504	)
NET ASSETS — 100.0%			$	156,111,432

*	Affiliated Fund
†	At March 31, 2014, the tax basis cost of the Fund's investments was $144,787,839, and the unrealized appreciation was $11,682,097.

As of March 31, 2014, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP.  For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

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

Wilshire Variable Insurance Trust
Income Fund	March 31, 2014
Schedule of Investments	(Unaudited)

	Maturity Date	Par		Value
ASSET-BACKED SECURITIES — 3.9%
Access Financial Manufactured Housing Contract Trust
7.650%	05/15/21	$	197,573	$	152,665
Ameriquest Mortgage Securities, Inc.
0.844%(a)	04/25/34		68,774		65,050
Amortizing Residential Collateral Trust
0.838%(a)	01/01/32		21,255		18,564
Bayview Financial Acquisition Trust
0.828%(a)	02/28/44		28,290		27,987
Bear Stearns Asset Backed Securities Trust
0.724%(a)	09/25/34		30,763		29,924
CIT Group Securitization Corp.
7.650%	05/15/26		115,981		120,788
Conseco Financial Corp.
9.150%	01/15/18		1,198		149
Delta Funding Home Equity Loan Trust
7.040%	06/25/27		495		503
Educational Funding of the South, Inc.
0.889%(a)	04/25/35		230,000		230,133
Greenpoint Manufactured Housing
2.913%(a)	03/18/29		100,000		87,102
3.542%(a)	06/19/29		50,000		41,862
3.655%(a)	02/20/30		50,000		41,500
3.656%(a)	02/20/32		75,000		68,262
3.667%(a)	03/13/32		100,000		89,451
Home Equity Mortgage Loan Trust
0.414% (b)	06/25/36		1,432,916		354,406
Northstar Education Finance, Inc.
1.068%(a)	01/29/46		150,000		136,816
1.273%(a)	10/30/45		400,000		301,114
RAMP Trust
0.656%(a)	09/25/35		460,000		396,342
SACO I Trust
0.414%(a)	06/25/36		60,544		89,290
0.494%(a)	03/25/36		62,799		88,808
Saxon Asset Securities Trust
0.844%(a)	05/25/35		184,668		172,358
SLM Student Loan Trust
0.673%(a)	09/16/24		300,000		288,462
1.104%(a)	09/25/28		230,000		236,472
Total Asset-Backed Securities
(Cost $2,901,982)					3,038,008
COLLATERALIZED MORTGAGE OBLIGATIONS — 36.8%
Agency Mortgage-Backed Obligation — 30.1%
FHLMC
2.285%(a)	01/01/38		105,672		113,028

	Maturity Date	Par		Value
Agency Mortgage-Backed Obligation — (continued)
2.660%(a)	05/01/37	$	296,732	$	317,647
3.500%	04/01/43		97,420		97,269
3.500%	10/15/27		626,009		97,914
3.500%	01/01/34		99,318		102,234
5.000%	09/01/33		114,692		125,048
5.000%	09/01/33		30,874		33,590
5.000%	08/01/33		98,252		107,089
5.000%	09/01/33		58,725		64,045
5.000%	10/01/33		112,400		122,586
6.000%	10/01/36		449,121		505,331
7.000%	03/01/39		61,754		67,562
FHLMC Multifamily Structured Pass-Through Certificates, IO(a)
1.043%	01/25/20		1,317,224		64,016
1.196%	04/25/20		578,157		30,841
1.444%	12/25/21		186,161		15,901
1.487%	08/25/20		101,769		7,168
1.574%	10/25/21		171,911		16,188
1.663%	06/25/20		240,342		18,646
1.664%	07/25/21		391,346		37,680
FHLMC TBA
3.000%	05/15/43		500,000		480,488
3.500%	05/01/41		300,000		300,422
FNMA
2.528%(a)	01/01/37		46,441		49,461
3.000%	06/25/27		575,186		68,364
3.500%	04/01/43		289,468		289,601
3.500%	08/01/33		192,555		198,117
3.500%	12/01/33		98,404		101,279
3.500%	10/01/33		395,501		407,061
3.500%	11/01/33		98,003		100,860
3.500%	10/01/42		282,949		282,024
3.500%	12/01/42		94,012		94,056
3.500%	11/01/33		298,007		306,683
3.500%	12/01/33		98,791		101,680
3.500%	12/01/42		92,866		92,909
3.500%	12/01/42		95,176		95,220
3.500%	03/01/43		672,447		672,756
4.000%	12/01/42		90,269		95,530
4.500%	05/01/31		155,974		168,678
4.500%	06/01/41		152,855		163,142
4.500%	04/01/41		169,215		180,716
4.500%	12/01/31		78,953		85,380
4.500%	06/01/31		51,597		55,794
4.500%	11/01/31		72,968		78,918
4.500%	04/01/31		50,732		54,853
4.500%	09/01/41		50,931		54,387
5.000%	05/01/42		75,074		82,197
5.500%	09/01/35		456,766		507,592
5.500%	07/25/41		232,577		264,389
5.500%	08/01/38		72,701		80,423
5.500%	04/25/42		92,337		102,331
5.500%	11/01/36		86,555		95,738
5.500%	04/01/36		143,691		153,779
6.000%	08/01/37		182,654		205,399
6.000%	02/01/34		5,878		6,609
6.000%	11/01/35		90,796		102,104
6.000%	09/01/39		188,802		210,125
6.000%	12/01/39		235,397		261,758
6.000%	04/01/33		33,021		37,119
7.000%	04/01/37		43,070		47,813
7.000%	05/01/32		17,985		20,482

Wilshire Variable Insurance Trust
Income Fund	March 31, 2014
Schedule of Investments	(Unaudited)

	Maturity Date	Par		Value
Agency Mortgage-Backed Obligation — (continued)
7.000%	02/01/39	$	101,889	$	110,622
9.750%	11/25/18		101,308		114,016
9.750%	08/25/19		28,372		31,924
FNMA TBA
3.000%	04/25/26		1,200,000		1,232,625
3.500%	04/01/41		2,100,000		2,112,469
3.500%	04/01/41		1,200,000		1,258,125
4.000%	05/01/39		2,200,000		2,278,719
4.500%	05/01/38		1,000,000		1,063,125
GNMA
0.559%(a)	12/20/60		168,620		166,934
0.621%(a)	03/20/61		176,845		175,945
0.659%(a)	03/20/61		86,063		85,692
0.825%(a)	08/16/52		225,957		14,759
0.948%(a)	06/16/55		242,236		15,815
2.000%	12/16/49		119,527		118,858
2.250%	03/16/35		98,939		98,997
2.900%(a)	06/16/44		89,110		91,184
2.900%(a)	02/16/44		277,236		283,816
3.500%	05/20/43		387,167		92,005
4.500%	04/20/41		348,907		377,116
4.500%	03/20/41		101,865		110,120
5.000%	04/15/40		121,746		135,917
5.000%	09/20/40		89,194		97,721
5.000%	11/20/40		131,348		144,175
5.000%	08/20/40		792,228		868,041
5.000%	05/15/40		238,683		264,036
5.500%	05/15/36		43,249		48,115
6.000%	07/20/38		44,772		50,705
6.000%	05/15/33		34,892		39,076
6.000%	03/15/35		361,361		409,908
6.000%	03/15/37		34,652		39,813
6.500%	10/20/37		221,943		249,216
GNMA TBA
3.500%	04/01/41		900,000		918,141
3.500%	04/15/41		1,200,000		1,224,562
4.000%	04/01/40		400,000		420,125
					23,442,437
Non-Agency Mortgage-Backed Obligation — 6.7%
American Home Mortgage Assets
0.384%(a)	05/25/46		75,249		15,777
Banc of America Commercial Mortgage, Inc.
5.448%	09/10/47		10,000		10,711
5.618%(a)	06/10/49		57,624		57,573
Banc of America Funding Corp.
2.839%(a)	09/20/35		865,814		656,866
Banc of America Merrill Lynch Commercial Mortgage, Inc.
5.421%(a)	09/10/45		31,000		33,173
Banc of America Mortgage Securities, Inc.
2.580%(a)	02/25/34		5,416		5,239
Bear Stearns Adjustable Rate Mortgage Trust
2.672%(a)	02/25/34		35,507		33,630
2.968%(a)	11/25/34		37,054		35,386

	Maturity Date	Par		Value
Non-Agency Mortgage-Backed Obligation — (continued)
Bear Stearns ALT-A Trust
3.047%(a)	08/25/34	$	136,810	$	138,349
Citigroup Mortgage Loan Trust, Inc.
2.619%(a)	02/25/34		33,338		30,844
Commercial Mortgage Trust
4.046%	10/10/46		20,000		20,659
4.300%	10/10/46		30,000		30,868
4.762%(a)	10/10/46		10,000		10,347
5.086%(a)	10/10/46		10,000		10,341
5.398%(a)	12/11/49		60,000		45,196
5.820%(a)	07/10/38		25,000		27,212
Countrywide Alternative Loan Trust
0.364%(a)	03/20/46		57,644		42,669
Credit Suisse Commercial Mortgage Trust
5.615%(a)	01/15/49		116,000		125,101
DBUBS Mortgage Trust
3.642%	08/10/44		100,000		105,172
First Horizon Mortgage Pass-Through Trust
2.625%(a)	02/25/35		202,870		204,297
Greenpoint Mortgage Funding Trust
0.364%(a)	04/25/36		648,437		493,584
GS Mortgage Securities Trust
4.271%	11/10/46		70,000		73,858
4.649%	11/10/46		50,000		53,191
5.161%(a)	11/10/46		40,000		42,633
HomeBanc Mortgage Trust
0.454%(a)	05/25/37		80,373		64,574
Impac CMB Trust
0.694%(a)	05/25/35		76,978		68,305
Indymac Index Mortgage Loan Trust
0.274%(a)	07/25/36		199,518		152,326
0.354%(a)	06/25/47		208,393		160,095
0.416%(a)	06/25/35		353,858		318,405
2.467%(a)	03/25/35		82,537		81,354
JPMorgan Chase Commercial Mortgage Securities Trust
4.420%	11/15/45		60,000		62,854
4.888%(a)	01/15/47		10,000		10,578
5.082%(a)	11/15/45		20,000		20,979
5.904%(a)	02/12/51		30,000		33,885
LB-UBS Commercial Mortgage Trust
6.150%(a)	09/15/45		50,000		57,002
Master Adjustable Rate Mortgages Trust
0.935%(a)	12/25/46		179,887		114,506
3.181%(a)	12/25/34		11,802		11,794
Merrill Lynch Mortgage Trust
5.841%(a)	06/12/50		25,000		27,814

Wilshire Variable Insurance Trust
Income Fund	March 31, 2014
Schedule of Investments	(Unaudited)

	Maturity Date	Par		Value
Non-Agency Mortgage-Backed Obligation — (continued)
Merrill Lynch
5.485%(a)	03/12/51	$	80,000	$	88,089
Morgan Stanley Bank of America Merrill Lynch Trust
2.918%	02/15/46		20,000		19,153
3.214%	02/15/46		30,000		28,652
3.456%	05/15/46		90,000		87,197
Morgan Stanley Capital I Trust
5.692%(a)	04/15/49		50,000		55,268
Morgan Stanley Mortgage Loan Trust
0.454%(a)	03/25/36		102,601		41,744
0.474%(a)	01/25/35		258,168		236,959
2.690%(a)	07/25/34		44,862		44,698
2.782%(a)	08/25/34		66,969		65,767
Prime Mortgage Trust
8.000%	07/25/34		114,958		108,678
Residential Asset Securitization Trust
4.750%	02/25/19		93,332		95,639
Structured Adjustable Rate Mortgage Loan Trust
0.816%(a)	10/25/35		632,302		205,498
2.369%(a)	01/25/35		100,571		98,925
2.468%(a)	11/25/34		89,158		83,100
Wachovia Bank Commercial Mortgage Trust
5.383%	12/15/43		30,000		32,473
WaMu Mortgage Pass-Through Certificates
0.474%(a)	08/25/45		207,296		192,287
0.829%(a)	03/25/47		174,457		139,931
2.465%(a)	02/25/33		46,846		46,153
Washington Mutual MSC Mortgage Pass-Through Certificates
2.407%(a)	01/25/35		29,647		29,637
Wells Fargo Mortgage Backed Securities Trust
2.625%(a)	04/25/36		17,543		16,975
WF-RBS Commercial Mortgage Trust
3.667%	11/15/44		26,000		26,737
					5,230,707
Total Collateralized Mortgage Obligations
(Cost $28,934,725)					28,673,144
CORPORATE BONDS — 26.1%
Consumer Discretionary — 2.0%
CCO Holdings LLC
6.500%	04/30/21		130,000		137,800
Comcast Corp.
6.500%	01/15/15		355,000		371,282
6.950%(c)	08/15/37		10,000		13,032

	Maturity Date	Par		Value
Consumer Discretionary — (continued)
CSC Holdings LLC
6.750%(c)	11/15/21	$	30,000	$	33,525
DISH DBS Corp.
5.000%(c)	03/15/23		10,000		10,075
5.125%	05/01/20		10,000		10,425
7.875%(c)	09/01/19		45,000		53,213
Ford Motor Co.
4.750%	01/15/43		100,000		96,702
Hilton Worldwide Finance LLC
5.625%(d)	10/15/21		110,000		114,950
Intelsat Jackson Holdings SA
5.500%(d)	08/01/23		70,000		68,600
7.250%	10/15/20		20,000		21,700
7.500%	04/01/21		20,000		21,950
McDonald's Corp. MTN
5.350%(c)	03/01/18		40,000		45,345
Michaels Stores, Inc.
7.750%	11/01/18		20,000		21,375
News America, Inc.
6.650%	11/15/37		10,000		12,214
Service Corp. International
7.500%	04/01/27		30,000		31,800
Telefonica Emisiones SAU
6.221%(c)	07/03/17		20,000		22,623
Time Warner Cable, Inc.
5.500%	09/01/41		10,000		10,426
5.875%	11/15/40		40,000		43,342
6.750%(c)	06/15/39		30,000		35,557
8.250%(c)	04/01/19		150,000		186,893
Time Warner, Inc.
7.700%(c)	05/01/32		90,000		120,694
Viacom, Inc.
4.250%	09/01/23		60,000		61,725
					1,545,248
Consumer Staples — 2.0%
Altria Group, Inc.
2.850%	08/09/22		100,000		93,840
4.750%(c)	05/05/21		110,000		120,046
5.375%	01/31/44		40,000		41,816
9.250%	08/06/19		140,000		184,736
CVS Caremark Corp.
2.750%	12/01/22		230,000		216,964
Kraft Foods Group, Inc.
3.500%(c)	06/06/22		80,000		80,482
5.375%	02/10/20		60,000		68,419
Lorillard Tobacco Co.
3.750%	05/20/23		80,000		75,405
Molson Coors Brewing Co.
3.500%(c)	05/01/22		10,000		9,976
Mondelez International, Inc.
5.375%	02/10/20		110,000		124,355
PepsiCo, Inc.
0.700%	08/13/15		120,000		120,276

Wilshire Variable Insurance Trust
Income Fund	March 31, 2014
Schedule of Investments	(Unaudited)

	Maturity Date	Par		Value
Consumer Staples — (continued)
7.900%(c)	11/01/18	$	41,000	$	51,517
Philip Morris International, Inc.
2.500%(c)	08/22/22		50,000		47,004
2.900%	11/15/21		120,000		118,426
4.500%	03/20/42		60,000		58,727
Reynolds American, Inc.
3.250%	11/01/22		40,000		37,632
6.750%	06/15/17		70,000		80,704
					1,530,325
Energy — 4.3%
Access Midstream Partners
4.875%	03/15/24		40,000		39,900
4.875%	05/15/23		40,000		40,300
5.875%(c)	04/15/21		30,000		31,950
Anadarko Finance Co.
7.500%(c)	05/01/31		70,000		89,128
Apache Corp.
3.250%	04/15/22		31,000		31,268
Arch Coal, Inc.
7.000%(c)	06/15/19		20,000		15,450
Atwood Oceanics, Inc.
6.500%(c)	02/01/20		30,000		32,250
Baker Hughes, Inc.
7.500%	11/15/18		160,000		196,621
Chesapeake Energy Corp.
6.875%(c)	11/15/20		90,000		102,150
Concho Resources, Inc.
5.500%(c)	10/01/22		30,000		31,275
6.500%(c)	01/15/22		44,000		47,960
ConocoPhillips
5.900%	05/15/38		60,000		73,844
CONSOL Energy, Inc.
8.250%	04/01/20		95,000		103,194
Continental Resources, Inc.
4.500%(c)	04/15/23		30,000		31,070
5.000%	09/15/22		110,000		115,500
Devon Energy Corp.
5.600%	07/15/41		110,000		121,828
Devon Financing Corp. LLC
7.875%	09/30/31		30,000		40,809
Energy Transfer Equity
7.500%(c)	10/15/20		30,000		34,312
Enterprise Products Operating LLC
6.500%	01/31/19		200,000		236,526
Hess Corp.
7.875%	10/01/29		60,000		78,800
8.125%(c)	02/15/19		70,000		87,637
Kerr-McGee Corp.
7.875%	09/15/31		115,000		149,279
Key Energy Services, Inc.
6.750%(c)	03/01/21		110,000		115,637

	Maturity Date	Par		Value
Energy — (continued)
MarkWest Energy Partners
5.500%	02/15/23	$	10,000	$	10,275
6.250%	06/15/22		12,000		12,960
6.500%(c)	08/15/21		26,000		28,080
Noble Energy, Inc.
4.150%(c)	12/15/21		170,000		179,104
Occidental Petroleum Corp.
2.700%(c)	02/15/23		60,000		56,699
3.125%	02/15/22		80,000		79,449
Peabody Energy Corp.
6.250%(c)	11/15/21		30,000		30,075
6.500%(c)	09/15/20		50,000		51,625
Pemex Project Funding Master Trust
6.625%	06/15/35		207,000		229,770
Penn Virginia Resource Partners
8.375%	06/01/20		72,000		80,820
Plains Exploration & Production Co.
6.125%(c)	06/15/19		150,000		165,563
QEP Resources, Inc.
5.250%(c)	05/01/23		40,000		39,800
6.875%(c)	03/01/21		30,000		33,000
Range Resources Corp.
5.750%(c)	06/01/21		30,000		32,138
6.750%(c)	08/01/20		60,000		64,800
Regency Energy Partners
5.875%	03/01/22		30,000		31,125
6.500%(c)	07/15/21		55,000		58,988
Samson Investment Co.
10.750%(d)	02/15/20		50,000		54,500
Transocean, Inc.
5.050%	12/15/16		40,000		43,507
6.375%	12/15/21		30,000		33,719
Williams Cos., Inc.
7.500%(c)	01/15/31		167,000		183,777
7.750%(c)	06/15/31		25,000		28,048
					3,374,510
Financials — 9.3%
American Express Co.
6.800%(a)	09/01/66		85,000		93,135
American Express Credit Corp. MTN
5.125%	08/25/14		180,000		183,358
American International Group, Inc.
5.850%	01/16/18		40,000		45,711
6.250%	03/15/37		100,000		105,000
Bank of America Corp. MTN
2.600%(c)	01/15/19		120,000		120,473
3.300%(c)	01/11/23		230,000		221,740
3.875%	03/22/17		30,000		31,999
5.000%(c)	05/13/21		40,000		44,106
5.650%	05/01/18		120,000		135,652
5.750%	12/01/17		10,000		11,321
7.625%	06/01/19		210,000		258,462

Wilshire Variable Insurance Trust
Income Fund	March 31, 2014
Schedule of Investments	(Unaudited)

	Maturity Date	Par		Value
Financials — (continued)
Berkshire Hathaway, Inc.
3.200%	02/11/15	$	60,000	$	61,477
BNP Paribas SA MTN
2.375%(c)	09/14/17		60,000		61,454
Boeing Capital Corp.
4.700%	10/27/19		70,000		78,104
CIT Group, Inc.
5.000%(c)	08/01/23		70,000		71,575
Citigroup, Inc.
5.000%	09/15/14		5,000		5,097
5.350%(a)	05/29/49		50,000		46,375
5.500%	10/15/14		5,000		5,132
5.500%	09/13/25		80,000		85,216
5.900%(a)	12/29/49		30,000		29,322
5.950%(a) (c)	12/29/49		40,000		39,100
6.010%	01/15/15		68,000		70,875
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
3.375%	01/19/17		80,000		84,815
Countrywide Financial Corp.
6.250%	05/15/16		50,000		54,841
Ford Motor Credit Co. LLC
8.125%	01/15/20		180,000		226,979
General Electric Capital Corp. MTN
1.625%	07/02/15		40,000		40,544
5.625%	05/01/18		180,000		205,719
6.375%(a)	11/15/67		290,000		319,000
6.875%(c)	01/10/39		300,000		395,082
Goldman Sachs Capital II
4.000%(a)	06/01/43		20,000		15,400
Goldman Sachs Group, Inc. MTN
2.375%	01/22/18		10,000		10,066
4.000%	03/03/24		10,000		9,925
5.375%	03/15/20		150,000		167,361
5.750%	01/24/22		180,000		204,105
6.000%	05/01/14		20,000		20,088
6.000%	06/15/20		10,000		11,483
6.250%	02/01/41		220,000		261,238
6.750%(c)	10/01/37		10,000		11,455
ING US, Inc.
2.900%	02/15/18		20,000		20,492
John Deere Capital Corp. MTN
1.700%(c)	01/15/20		20,000		19,152
2.250%(c)	04/17/19		40,000		40,035
JPMorgan Chase & Co.
1.100%	10/15/15		190,000		190,780
3.375%(c)	05/01/23		70,000		66,263
4.400%	07/22/20		90,000		97,015
5.125%(c)	09/15/14		545,000		556,455
5.150%	10/01/15		200,000		212,250
MetLife, Inc.
4.750%(c)	02/08/21		80,000		89,000
5.875%	02/06/41		160,000		189,699
6.400%	12/15/36		10,000		10,550

	Maturity Date	Par		Value
Financials — (continued)
Morgan Stanley MTN
0.687%(a)	10/18/16	$	40,000	$	39,900
4.750%	03/22/17		20,000		21,827
6.625%	04/01/18		100,000		116,576
Royal Bank of Scotland Group PLC
2.550%	09/18/15		30,000		30,636
4.700%	07/03/18		10,000		10,278
6.100%(c)	06/10/23		60,000		62,281
SLM Corp. MTN
3.875%	09/10/15		130,000		133,900
5.000%	04/15/15		10,000		10,375
SunTrust Preferred Capital I
4.000%(a)	12/31/49		11,000		8,470
Toyota Motor Credit Corp. MTN
1.250%	10/05/17		130,000		128,811
Wachovia Capital Trust III
5.570%(a)	12/31/49		350,000		336,438
Wells Fargo & Co.
1.500%(c)	01/16/18		50,000		49,523
2.100%(c)	05/08/17		40,000		40,957
3.450%	02/13/23		40,000		38,823
3.676%(b)	06/15/16		50,000		53,017
4.480%(c)	01/16/24		673,000		695,314
5.375%	11/02/43		50,000		52,670
Wells Fargo Capital X
5.950%	12/15/36		70,000		70,000
					7,234,272
Health Care — 2.3%
AbbVie, Inc.
1.750%	11/06/17		140,000		140,443
2.900%(c)	11/06/22		90,000		86,641
Anheuser-Busch InBev Worldwide, Inc.
2.500%	07/15/22		120,000		113,303
Catholic Health Initiatives
4.350%	11/01/42		10,000		9,150
Express Scripts Holding Co.
3.500%(c)	11/15/16		280,000		296,463
Fresenius Medical Care US Finance, Inc.
6.875%(c)	07/15/17		145,000		163,850
GlaxoSmithKline Capital PLC
2.850%	05/08/22		90,000		87,865
Hawk Acquisition Sub, Inc.
4.250%(c) (d)	10/15/20		50,000		49,187
HCA, Inc.
5.875%	03/15/22		50,000		53,875
7.500%(c)	11/15/95		20,000		17,500
7.690%(c)	06/15/25		30,000		32,025
Humana, Inc.
3.150%	12/01/22		20,000		19,027
7.200%	06/15/18		100,000		118,881

Wilshire Variable Insurance Trust
Income Fund	March 31, 2014
Schedule of Investments	(Unaudited)

	Maturity Date	Par		Value
Health Care — (continued)
Medtronic, Inc.
3.125%(c)	03/15/22	$	10,000	$	10,021
4.450%	03/15/20		60,000		65,868
Tenet Healthcare Corp.
9.250%	02/01/15		71,000		75,260
Thermo Fisher Scientific, Inc.
3.600%(c)	08/15/21		40,000		40,740
UnitedHealth Group, Inc.
3.375%(c)	11/15/21		40,000		40,524
3.875%	10/15/20		30,000		31,726
5.700%	10/15/40		60,000		70,094
6.000%(c)	02/15/18		10,000		11,509
WellPoint, Inc.
1.250%	09/10/15		30,000		30,201
3.125%(c)	05/15/22		30,000		28,709
3.700%	08/15/21		20,000		20,422
5.875%	06/15/17		20,000		22,550
Wyeth
5.950%	04/01/37		110,000		133,133
Zoetis, Inc.
3.250%(c)	02/01/23		20,000		19,291
					1,788,258
Industrials — 1.1%
Boeing Co.
6.000%	03/15/19		60,000		70,602
Continental Airlines 1998-1 Class A Pass-Through Trust
6.648%	09/15/17		35,357		37,479
Delta Air Lines, Inc.
6.821%	08/10/22		221,205		259,916
Eaton Corp.
1.500%	11/02/17		50,000		49,759
2.750%	11/02/22		170,000		161,179
4.150%(c)	11/02/42		50,000		46,227
General Electric Capital Corp. MTN
5.550%	05/04/20		30,000		34,566
General Electric Co.
0.850%	10/09/15		50,000		50,226
4.500%	03/11/44		20,000		20,310
United Airlines, Inc.
9.750%	01/15/17		24,039		27,645
United Technologies Corp.
4.500%	06/01/42		60,000		61,096
Waste Management, Inc.
4.600%(c)	03/01/21		20,000		21,692
7.375%	05/15/29		20,000		25,428
					866,125
Information Technology — 0.1%
Oracle Corp.
1.200%	10/15/17		120,000		119,057

	Maturity Date	Par		Value
Materials — 1.8%
ArcelorMittal
5.000%(c)	02/25/17	$	30,000	$	31,838
Ball Corp.
4.000%(c)	11/15/23		20,000		18,700
5.000%	03/15/22		160,000		164,000
Barrick Corp.
3.850%(c)	04/01/22		30,000		28,655
4.100%(c)	05/01/23		90,000		85,377
Barrick North America Finance LLC
4.400%	05/30/21		170,000		171,296
Celulosa Arauco y Constitucion SA
4.750%	01/11/22		60,000		60,289
Cliffs Natural Resources, Inc.
3.950%(c)	01/15/18		120,000		120,617
4.800%(c)	10/01/20		30,000		29,456
Eagle Spinco, Inc.
4.625%(d)	02/15/21		50,000		49,437
Ecolab, Inc.
4.350%	12/08/21		20,000		21,520
Freeport-McMoRan Copper & Gold, Inc.
2.375%(c)	03/15/18		20,000		19,943
3.100%(c)	03/15/20		60,000		58,369
Hexion US Finance Corp.
6.625%	04/15/20		40,000		41,400
Plains Exploration & Production Co.
6.500%	11/15/20		10,000		11,013
6.875%	02/15/23		10,000		11,125
PPG Industries, Inc.
6.650%(c)	03/15/18		30,000		34,800
Rio Tinto Finance USA, Ltd.
2.250%	12/14/18		10,000		9,999
Rock Tenn Co.
3.500%	03/01/20		40,000		40,573
4.000%	03/01/23		20,000		20,110
Southern Copper Corp.
5.250%	11/08/42		180,000		154,108
Steel Dynamics, Inc.
7.625%	03/15/20		10,000		10,825
Vale Overseas, Ltd.
4.375%(c)	01/11/22		216,000		214,451
					1,407,901
Telecommunication Services — 1.8%
AT&T, Inc.
2.500%	08/15/15		50,000		51,243
3.875%(c)	08/15/21		30,000		31,290
4.350%	06/15/45		112,000		98,848
5.500%(c)	02/01/18		20,000		22,565
Qwest Corp.
6.875%	09/15/33		20,000		19,723

Wilshire Variable Insurance Trust
Income Fund	March 31, 2014
Schedule of Investments	(Unaudited)

	Maturity Date	Par		Value
Telecommunication Services — (continued)
Sprint Capital Corp.
6.875%	11/15/28	$	20,000	$	19,400
Sprint Corp.
7.875%(c) (d)	09/15/23		160,000		176,000
tw telecom holdings inc
5.375%(c)	10/01/22		30,000		30,600
Verizon Communications, Inc.
2.450%	11/01/22		40,000		36,452
3.450%	03/15/21		30,000		30,411
4.500%	09/15/20		30,000		32,581
5.050%	03/15/34		20,000		20,517
5.150%	09/15/23		360,000		393,955
6.350%	04/01/19		40,000		47,185
6.400%	09/15/33		220,000		261,194
6.550%	09/15/43		80,000		97,355
					1,369,319
Utilities — 1.4%
AES Corp. (The)
8.000%	06/01/20		180,000		212,400
Exelon Corp.
5.625%	06/15/35		160,000		171,744
FirstEnergy Corp.
2.750%(c)	03/15/18		30,000		29,909
4.250%	03/15/23		120,000		116,393
7.375%	11/15/31		280,000		321,623
MidAmerican Energy Holdings Co.
6.500%	09/15/37		20,000		24,734
Pacific Gas & Electric Co.
6.050%	03/01/34		60,000		70,863
8.250%	10/15/18		40,000		49,796
Southern Natural Gas Co. LLC
5.900%(c) (d)	04/01/17		30,000		33,674
8.000%	03/01/32		75,000		99,213
					1,130,349
Total Corporate Bonds
(Cost $19,138,124)					20,365,364
FOREIGN BONDS — 5.8% (e)
Australia — 0.7%
BHP Billiton Finance USA, Ltd.
6.500%(c)	04/01/19		190,000		228,129
5.000%	09/30/43		60,000		63,491
3.250%	11/21/21		20,000		20,223
Rio Tinto Finance USA, Ltd.
9.000%(c)	05/01/19		180,000		234,148
6.500%	07/15/18		20,000		23,504
3.750%	09/20/21		20,000		20,598
					590,093

	Maturity Date	Par		Value
Belgium — 0.2%
Anheuser-Busch InBev Worldwide, Inc.
5.375%(c)	01/15/20	$	100,000	$	114,798
Brazil — 0.9%
Petrobras International Finance Co.
6.125%	10/06/16		90,000		96,860
5.750%(c)	01/20/20		10,000		10,438
5.375%	01/27/21		320,000		323,623
3.875%(c)	01/27/16		50,000		51,347
Vale Overseas, Ltd.
6.875%	11/21/36		185,000		197,113
					679,381
Canada — 1.6%
Province of British Columbia
2.000%	10/23/22		200,000		185,842
Province of New Brunswick Canada
2.750%(c)	06/15/18		250,000		259,410
Province of Ontario Canada
4.400%(c)	04/14/20		270,000		298,214
1.200%	02/14/18		320,000		315,469
Province of Quebec Canada
2.625%	02/13/23		240,000		227,203
Rogers Communications, Inc.
6.750%	03/15/15		10,000		10,585
					1,296,723
France — 0.1%
Cie Generale de Geophysique-Veritas
7.750%	05/15/17		100,000		101,500
Hungary — 0.1%
Hungary Government International Bond
5.750%	11/22/23		104,000		107,380
Mexico — 0.4%
America Movil SAB de CV
5.625%(c)	11/15/17		80,000		90,700
5.000%	03/30/20		100,000		109,563
Petroleos Mexicanos
3.500%(c)	01/30/23		196,000		184,436
					384,699
Netherlands — 0.3%
Shell International Finance BV
4.375%	03/25/20		180,000		197,566

Wilshire Variable Insurance Trust
Income Fund	March 31, 2014
Schedule of Investments	(Unaudited)

	Maturity Date	Par		Value
Poland — 0.3%
Poland Government International Bond
4.000%	01/22/24	$	210,000	$	211,103
Russia — 0.2%
Russian Foreign Bond - Eurobond
7.500%(b) (c)	03/31/30		98,670		112,237
South Africa — 0.3%
South Africa Government International Bond
5.875%(c)	09/16/25		200,000		215,000
Spain — 0.1%
Telefonica Emisiones SAU
5.877%(c)	07/15/19		40,000		44,996
United Kingdom — 0.6%
BP Capital Markets PLC
3.875%	03/10/15		90,000		92,965
Diageo Capital PLC
4.828%(c)	07/15/20		310,000		344,630
Royal Bank of Scotland Group PLC
7.648%(a)	08/31/49		10,000		10,750
5.000%	10/01/14		20,000		20,275
					468,620
Total Foreign Bonds
(Cost $4,400,752)					4,524,096
MUNICIPAL BOND — 0.2%
Northstar Education Finance, Inc., RB
1.433%	01/29/46		150,000		136,815
Total Municipal Bonds
(Cost $124,896)					136,815
PREFERRED STOCK — 0.5%
GMAC Capital Trust I, 8.125%(a)			15,499		423,123
Total Preferred Stock (Cost $384,375)					423,123
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 8.1%
FHLB
5.500%	07/15/36		170,000		207,624
FHLMC
0.093%(f)	04/28/14		1,000,000		999,978
0.120%(f)	05/27/14		700,000		699,967
	Maturity Date	Par/Shares		Value
FNMA
0.120%(f)	06/04/14	$	1,300,000	$	1,299,931
0.130%(f)	06/11/14		1,400,000		1,399,916
4.687%(f)	10/09/19		670,000		576,783
6.250%	05/15/29		180,000		236,691
6.625%	11/15/30		540,000		742,009

Tennessee Valley Authority
5.250%	09/15/39	100,000	113,239
Total U.S. Government & Agency Obligations (Cost $6,126,460)			6,276,138
U.S. TREASURY OBLIGATIONS — 22.2%
U.S. Treasury Bond
3.750%(c)	11/15/43	2,990,000	3,095,583
3.625%(c)	02/15/44	440,000	445,087
2.750%(c)	08/15/42	1,540,000	1,314,775
U.S. Treasury Inflation-Protected Security
1.375%(c) (g)	02/15/44	50,184	51,211
0.750%(c) (g)	02/15/42	424,436	369,856
0.375%(g)	07/15/23	753,863	745,617
U.S. Treasury Note
3.625%(c)	08/15/19	490,000	534,980
2.750%(c)	11/15/23	1,380,000	1,386,253
2.750%(c)	02/15/24	1,080,000	1,082,363
2.250%	03/31/21	1,100,000	1,095,875
2.000%	09/30/20	50,000	49,406
2.000%	02/28/21	3,510,000	3,443,536
1.500%(c)	02/28/19	1,540,000	1,524,630
1.500%(c)	12/31/18	320,000	317,600
1.500%	08/31/18	950,000	948,219
1.375%	06/30/18	410,000	408,078
0.750%(c)	01/15/17	500,000	499,258
0.250%	10/31/15	10,000	9,999
Total U.S. Treasury Obligations (Cost $17,466,933)			17,322,326
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 $–)			—

Wilshire Variable Insurance Trust
Income Fund	March 31, 2014
Schedule of Investments	(Unaudited)

	Maturity Date	Shares/Par		Value
SHORT-TERM INVESTMENTS (i)—28.5%
Northern Trust Institutional Government Select Portfolio, 0.010%			9,245,529	$	9,245,529
Northern Trust Institutional Liquid Asset Portfolio, 0.010%(j)			12,968,029		12,968,029
Total Short-Term Investments (Cost $22,213,558)					22,213,558
Total Investments — 132.1%
(Cost $101,691,805)†					102,972,572
Other Assets & Liabilities, Net — (32.1)%					(25,038,703	)
NET ASSETS — 100.0%				$	77,933,869

TBA SALES COMMITMENT — (2.7)%
COLLATERALIZED MORTAGE OBLIGATION — (2.7)%
FNMA TBA
3.500%	04/01/41	$	(2,100,000	)	$	(2,112,469	)
Total TBA Sales Commitment
(Proceeds $2,114,688)					$	(2,112,469	)

(a)	Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2014. The date reported on the Schedule of Investments is the final maturity date.
(b)	Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on March 31, 2014. The coupon on a step bond changes on a specified date.
(c)	This security or a partial position of this security is on loan at March 31, 2014.  The total value of securities on loan at March 31, 2014 was $12,693,230.
(d)	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  "qualified institutional buyers." These securities have been determined to be liquid under guidelines established by the Board of Trustees.
(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 March 31, 2014.
(j)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of March 31, 2014 was $12,968,029
†	At March 31, 2014, the tax basis cost of the Fund's investments was $101,691,805, and the unrealized appreciation and depreciation were $2,586,687 and $(1,305,920) respectively.

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

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 March 31, 2014 in valuing the Fund’s investments carried at value:
Investments in Securities	Level 1		Level 2		Level 3			Total
Asset-Backed Securities	$	—	$	3,038,008	$	—		$	3,038,008
Collateralized Mortgage Obligations		—		28,673,144		—			28,673,144
Corporate Bonds		—		20,365,364		—			20,365,364
Foreign Bonds		—		4,524,096		—			4,524,096
Municipal Bond		—		136,815		—			136,815
Preferred Stock		423,123		—		—			423,123
U.S. Government & Agency Obligations		—		6,276,138		—			6,276,138
U.S. Treasury Obligations		—		17,322,326		—			17,322,326
Escrow Securities		—		—	—		^	—		^
Short-Term Investments		22,213,558		—		—			22,213,558
Total Investments in Securities	$	22,636,681	$	80,335,891	$	—	^	$	102,972,572

TBA Sales Commitment	Level 1		Level 2			Level 3		Total
Collateralized Mortgage Obligation	$	—	$	(2,112,469	)	$	—	$	(2,112,469	)

^ As of March 31, 2014 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 values have remained $0 throughout the period ended March 31, 2014.

For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended March 31, 2014, there have been no transfers between Level 2 and Level 3 assets and liabilities.

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

Wilshire Variable Insurance Trust
Small Cap Fund	March 31, 2014
Schedule of Investments	(Unaudited)

Shares			Value
INVESTMENTS IN UNDERLYING FUNDS — 67.6%
	554,218	Wilshire Small Company Growth Portfolio*	$	14,448,470
	614,511	Wilshire Small Company Value Portfolio*		15,270,589
Total Investments in Underlying Funds
(Cost $25,575,516)				29,719,059
COMMON STOCK — 31.6%
Consumer Discretionary — 4.8%
	528	American Axle & Manufacturing Holdings, Inc.†		9,779
	166	America's Car-Mart, Inc.†(a)		6,095
	70	ANN, Inc.†		2,904
	2,849	Asbury Automotive Group, Inc.†(a)		157,578
	120	Ascent Capital Group, Inc., Class A†		9,066
	878	Bassett Furniture Industries, Inc.		13,038
	130	Brunswick Corp.		5,888
	1,895	Capella Education Co.(a)		119,669
	160	Children's Place Retail Stores, Inc. (The)		7,970
	270	Citi Trends, Inc.†(a)		4,398
	1,025	Dana Holding Corp.(a)		23,852
	990	Deckers Outdoor Corp.†		78,933
	2,250	Denny's Corp.†(a)		14,467
	68	DineEquity, Inc.		5,309
	1,520	Dorman Products, Inc.†(a)		89,771
	4,420	Express, Inc.†(a)		70,189
	320	Federal-Mogul Corp.†		5,987
	221	Flexsteel Industries, Inc.		8,314
	438	FTD, Inc.†(a)		13,933
	1,430	G-III Apparel Group, Ltd.†		102,359
	1,465	Group 1 Automotive, Inc.(a)		96,192
	1,917	Harte-Hanks, Inc.(a)		16,946
	260	Hillenbrand, Inc.		8,406
	634	Iconix Brand Group, Inc.†(a)		24,897
	860	Isle of Capri Casinos, Inc.†(a)		6,596
	250	Jack in the Box, Inc.†		14,735
	572	JAKKS Pacific, Inc.(a)		4,130
	120	Johnson Outdoors, Inc., Class A(a)		3,050
	470	Jones Group, Inc. (The)(a)		7,036
	2,038	Journal Communications, Inc., Class A†(a)		18,057
	5,740	Krispy Kreme Doughnuts, Inc.†(a)		101,770
	310	La-Z-Boy, Inc., Class Z		8,401
	849	Libbey, Inc.†(a)		22,074
	509	Lifetime Brands, Inc.		9,091
	115	Lithia Motors, Inc., Class A		7,643
	704	Live Nation Entertainment, Inc.†		15,312
	1,197	Marcus Corp.(a)		19,990
	273	Marriott Vacations Worldwide Corp.†		15,263
	370	Matthews International Corp., Class A(a)		15,100
	190	Meredith Corp.		8,822
	2,650	Meritage Homes Corp.†		110,982
	430	Modine Manufacturing Co.†		6,299
	2,228	Morgans Hotel Group Co.†		17,913
	740	National CineMedia, Inc.(a)		11,100
	1,090	Orient-Express Hotels, Ltd., Class A†(a)		15,707
	403	Penske Automotive Group, Inc.(a)		17,232
	7,270	Pier 1 Imports, Inc.(a)		137,258
	614	Pinnacle Entertainment, Inc.†(a)		14,552
	1,775	Reading International, Inc., Class A†(a)		13,011
	2,525	Red Robin Gourmet Burgers, Inc.†(a)		180,992
	942	Regis Corp.(a)		12,905
	251	Rent-A-Center, Inc., Class A(a)		6,677
	632	Scholastic Corp.(a)		21,791
	2,768	Scientific Games Corp., Class A†(a)		38,005

Shares			Value
Consumer Discretionary — (continued)
	290	Shiloh Industries, Inc.†(a)	$	5,145
	373	Skechers U.S.A., Inc., Class A†(a)		13,630
	528	Sonic Automotive, Inc., Class A		11,869
	6,010	Sonic Corp.†(a)		136,968
	130	Sotheby's(a)		5,662
	1,113	Spartan Motors, Inc.(a)		5,721
	3,605	Steven Madden, Ltd.†		129,708
	120	Tenneco, Inc.†		6,968
	174	Unifi, Inc.†(a)		4,014
	360	Wolverine World Wide, Inc.(a)		10,278
				2,107,397
Consumer Staples — 1.7%
	2,220	Alliance One International, Inc.†		6,483
	228	Andersons, Inc. (The)(a)		13,507
	240	Boulder Brands, Inc.†(a)		4,229
	70	Casey's General Stores, Inc.(a)		4,731
	703	Chiquita Brands International, Inc.†(a)		8,752
	186	Coca-Cola Bottling Co. Consolidated(a)		15,806
	620	Darling International, Inc.†		12,413
	474	Fresh Del Monte Produce, Inc.(a)		13,068
	2,979	Fresh Market, Inc. (The)†(a)		100,094
	2,109	Harbinger Group, Inc.†(a)		25,793
	577	Ingles Markets, Inc., Class A(a)		13,744
	3,184	Inter Parfums, Inc.(a)		115,292
	900	J&J Snack Foods Corp.		86,373
	338	John B. Sanfilippo & Son, Inc.		7,781
	956	Omega Protein Corp.†(a)		11,539
	994	Pantry, Inc. (The)†(a)		15,248
	210	Post Holdings, Inc.†		11,575
	663	Revlon, Inc., Class A†		16,940
	10,010	Rite Aid Corp.†		62,763
	233	Seneca Foods Corp., Class A†(a)		7,335
	313	Spartan Stores, Inc.		7,265
	210	Spectrum Brands Holdings, Inc.(a)		16,737
	2,380	SUPERVALU, Inc.†(a)		16,279
	2,288	TreeHouse Foods, Inc.†(a)		164,713
				758,460
Energy — 1.7%
	810	Alon USA Energy, Inc.		12,101
	3,840	Alpha Natural Resources, Inc.†(a)		16,320
	440	Bristow Group, Inc.(a)		33,229
	810	Callon Petroleum Co.†(a)		6,780
	90	Clayton Williams Energy, Inc.†		10,171
	200	Delek US Holdings, Inc.(a)		5,808
	2,950	Emerald Oil, Inc.†(a)		19,824
	360	Energy XXI Bermuda, Ltd.(a)		8,485
	420	Era Group, Inc.†		12,310
	409	Exterran Holdings, Inc.(a)		17,947
	5,710	Forest Oil Corp.†(a)		10,906
	438	Helix Energy Solutions Group, Inc.†		10,065
	4,790	ION Geophysical Corp.†(a)		20,166
	285	LinnCo LLC(a)		7,709
	7,450	Matador Resources Co.†		182,450
	8,890	Pacific Drilling†(a)		96,723
	3,050	PDC Energy, Inc.†		189,893
	1,600	PetroQuest Energy, Inc.†(a)		9,120
	380	Stone Energy Corp.†(a)		15,949
	3,910	Vaalco Energy, Inc.†(a)		33,431
	841	Westmoreland Coal Co.†(a)		25,045
				744,432
Financials — 7.2%
	1,470	AG Mortgage Investment Trust, Inc.(b)		25,740
	503	Alexander & Baldwin, Inc.		21,408
	100	Altisource Residential Corp., Class B(a) (b)		3,156

Wilshire Variable Insurance Trust
Small Cap Fund	March 31, 2014
Schedule of Investments	(Unaudited)

Shares			Value
Financials — (continued)
	376	American Capital Mortgage Investment Corp.(b)	$	7,057
	245	Amerisafe, Inc.(a)		10,758
	1,420	Apollo Residential Mortgage, Inc.(a) (b)		23,047
	551	Argo Group International Holdings, Ltd.		25,291
	1,899	ARMOUR Residential, Inc.(a) (b)		7,824
	850	Ashford Hospitality Prime, Inc.(a) (b)		12,852
	4,332	Astoria Financial Corp.		59,868
	1,290	BancorpSouth, Inc.(a)		32,198
	1,321	Bank Mutual Corp.		8,375
	99	Bank of Marin Bancorp		4,457
	2,120	Bank of the Ozarks, Inc.(a)		144,287
	3,257	Boston Private Financial Holdings, Inc.(a)		44,067
	1,736	Capstead Mortgage Corp.(a) (b)		21,978
	230	Cash America International, Inc.(a)		8,906
	701	Cathay General Bancorp(a)		17,658
	3,344	Cedar Realty Trust, Inc.(a) (b)		20,432
	704	Centerstate Banks, Inc.(a)		7,688
	270	Central Pacific Financial Corp.		5,454
	901	Chemical Financial Corp.		29,237
	203	City Holding Co.(a)		9,107
	1,526	CNO Financial Group, Inc.		27,621
	653	Community Bank System, Inc.(a)		25,480
	4,370	Cowen Group, Inc., Class A†(a)		19,272
	3,210	CYS Investments, Inc.(a) (b)		26,515
	3,370	DFC Global Corp.†(a)		29,757
	790	DuPont Fabros Technology, Inc.(a) (b)		19,015
	2,584	Dynex Capital, Inc.(a) (b)		23,127
	472	Eagle Bancorp, Inc.†		17,039
	634	Employers Holdings, Inc.(a)		12,826
	401	Enterprise Financial Services Corp.		8,048
	468	EPR Properties(a) (b)		24,986
	1,194	Equity One, Inc.(a) (b)		26,674
	1,107	EverBank Financial Corp.(a)		21,841
	1,290	Ezcorp, Inc., Class A†(a)		13,919
	723	FBL Financial Group, Inc., Class A		31,320
	180	Federal Agricultural Mortgage Corp., Class C(a)		5,985
	2,071	FelCor Lodging Trust, Inc.(b)		18,722
	1,601	First American Financial Corp.(a)		42,507
	300	First Bancorp		5,700
	5,058	First Busey Corp.		29,336
	119	First Citizens BancShares, Inc., Class A		28,649
	4,678	First Commonwealth Financial Corp.(a)		42,289
	742	First Financial Bancorp		13,341
	944	First Industrial Realty Trust, Inc.(b)		18,238
	1,054	FirstMerit Corp.(a)		21,955
	1,070	Flagstar Bancorp, Inc.†		23,776
	1,863	FNB Corp.		24,964
	373	Fox Chase Bancorp, Inc.		6,285
	470	Franklin Financial Corp.†		9,193
	651	Glacier Bancorp, Inc.(a)		18,925
	880	Global Indemnity PLC, Class A†(a)		23,179
	533	Greenlight Capital Re, Ltd., Class A†		17,482
	738	Hanmi Financial Corp.(a)		17,195
	283	Heartland Financial USA, Inc.		7,638
	5,424	Hilltop Holdings, Inc.†(a)		129,037
	2,640	Home BancShares, Inc.		90,869
	1,030	HomeTrust Bancshares, Inc.†(a)		16,253
	302	Horace Mann Educators Corp.		8,758
	3,440	Iberiabank Corp.(a)		241,316
	191	Infinity Property & Casualty Corp.		12,917
	570	INTL FCStone, Inc.†(a)		10,722
	268	Invesco Mortgage Capital, Inc.(a) (b)		4,414
	628	Investment Technology Group, Inc.†(a)		12,685
	2,534	iStar Financial, Inc.† (b)		37,402

Shares			Value
Financials — (continued)
	710	Kite Realty Group Trust(b)	$	4,260
	75	Lakeland Financial Corp.(a)		3,017
	722	Maiden Holdings, Ltd.(a)		9,011
	2,319	MarketAxess Holdings, Inc.		137,331
	1,983	MB Financial, Inc.(a)		61,394
	351	Mercantile Bank Corp.		7,238
	969	MFA Financial, Inc.(b)		7,510
	910	MGIC Investment Corp.†(a)		7,753
	575	Montpelier Re Holdings, Ltd.(a)		17,112
	362	MVC Capital, Inc.(a)		4,905
	4,534	National Penn Bancshares, Inc.		47,380
	47	National Western Life Insurance Co., Class A		11,491
	180	Navigators Group, Inc. (The)†(a)		11,050
	482	NBT Bancorp, Inc.(a)		11,790
	302	Nelnet, Inc., Class A		12,352
	1,006	NorthStar Realty Finance Corp.(b)		16,237
	787	Old National Bancorp(a)		11,734
	329	One Liberty Properties, Inc.(b)		7,014
	375	Oppenheimer Holdings, Inc., Class A		10,519
	389	Pacific Continental Corp.		5,353
	809	PHH Corp.†(a)		20,905
	128	Phoenix, Inc.†(a)		6,624
	250	Physicians Realty Trust(b)		3,480
	435	Pinnacle Financial Partners, Inc.(a)		16,308
	319	Piper Jaffray Cos.†		14,610
	217	Platinum Underwriters Holdings, Ltd.(a)		13,042
	670	Potlatch Corp.(b)		25,922
	403	Primerica, Inc.(a)		18,985
	8,913	PrivateBancorp, Inc., Class A(a)		271,936
	510	Prospect Capital Corp.		5,508
	777	Provident Financial Services, Inc.		14,274
	981	RAIT Financial Trust(b)		8,329
	425	Republic Bancorp, Inc., Class A(a)		9,605
	1,580	Resource Capital Corp.(a) (b)		8,801
	386	RLI Corp.(a)		17,077
	494	RLJ Lodging Trust(a) (b)		13,209
	540	Rockville Financial, Inc.(a)		7,339
	210	Rouse Properties, Inc.(a) (b)		3,620
	352	S&T Bancorp, Inc.(a)		8,342
	1,270	Safeguard Scientifics, Inc.†(a)		28,168
	419	Simmons First National Corp., Class A(a)		15,616
	537	Sterling Financial Corp.		17,898
	230	Stifel Financial Corp.†(a)		11,445
	1,364	Strategic Hotels & Resorts, Inc.† (b)		13,899
	680	Sunstone Hotel Investors, Inc.(b)		9,336
	2,125	Susquehanna Bancshares, Inc.		24,204
	220	SVB Financial Group†		28,332
	1,260	Symetra Financial Corp.		24,973
	240	Territorial Bancorp, Inc.(a)		5,184
	2,289	Texas Capital Bancshares, Inc.†(a)		148,648
	385	Trico Bancshares(a)		9,983
	1,358	TrustCo Bank Corp.		9,560
	665	Union First Market Bankshares Corp.		16,904
	281	United Fire Group, Inc.(a)		8,528
	161	Walter Investment Management Corp.†(a)		4,803
	2,204	Webster Financial Corp.		68,456
	1,021	Western Alliance Bancorp†		25,117
				3,181,438
Health Care — 4.5%
	3,050	Air Methods Corp.†(a)		162,962
	8,334	Akorn, Inc.†(a)		183,348
	219	Almost Family, Inc.†(a)		5,059
	180	Alnylam Pharmaceuticals, Inc.†		12,085
	343	Amsurg Corp., Class A†		16,148
	250	Analogic Corp.(a)		20,528

Wilshire Variable Insurance Trust
Small Cap Fund	March 31, 2014
Schedule of Investments	(Unaudited)

Shares			Value
Health Care — (continued)
	640	Aratana Therapeutics, Inc.†(a)	$	11,879
	4,281	Cambrex Corp.†(a)		80,782
	3,205	Cantel Medical Corp.(a)		108,073
	120	Celldex Therapeutics, Inc.†(a)		2,120
	4,117	Centene Corp.†		256,283
	371	CONMED Corp.(a)		16,120
	400	Gentiva Health Services, Inc.†		3,648
	3,180	Geron Corp.†(a)		6,614
	792	HealthSouth Corp.(a)		28,457
	260	Hi-Tech Pharmacal Co., Inc.†(a)		11,266
	3,340	ICON PLC†		158,817
	230	Impax Laboratories, Inc.†		6,074
	489	Kindred Healthcare, Inc.		11,452
	2,310	Lannett Co., Inc.†		82,513
	2,410	Lexicon Pharmaceuticals, Inc.†(a)		4,169
	719	Magellan Health Services, Inc.†		42,673
	340	MedAssets, Inc.†		8,401
	2,540	Medidata Solutions, Inc.†(a)		138,024
	568	Molina Healthcare, Inc.†(a)		21,334
	191	National Healthcare Corp.		10,652
	240	Nektar Therapeutics†		2,909
	1,990	Neogen Corp.†(a)		89,450
	523	NuVasive, Inc.†		20,088
	450	OraSure Technologies, Inc.†(a)		3,587
	320	Orthofix International NV†		9,648
	148	Owens & Minor, Inc.(a)		5,184
	1,710	Pacific Biosciences of California, Inc.†		9,149
	3,270	PAREXEL International Corp.†		176,874
	1,192	PDL BioPharma, Inc.(a)		9,906
	659	PharMerica Corp.†(a)		18,439
	2,620	Prestige Brands Holdings, Inc.†		71,395
	3,200	Rigel Pharmaceuticals, Inc.†(a)		12,416
	2,404	RTI Surgical, Inc.†(a)		9,808
	710	Sciclone Pharmaceuticals, Inc.†		3,231
	2,252	Select Medical Holdings Corp.(a)		28,037
	4,770	Targacept, Inc.†(a)		22,658
	2,327	Triple-S Management Corp., Class B†(a)		37,558
	1,454	Universal American Corp.		10,280
	237	WellCare Health Plans, Inc.†		15,054
	300	Wright Medical Group, Inc.†		9,321
				1,974,473
Industrials — 5.2%
	397	AAR Corp.(a)		10,302
	3,640	ACCO Brands Corp.†(a)		22,422
	1,440	Accuride Corp.†(a)		6,379
	1,140	Actuant Corp., Class A		38,931
	1,980	Advisory Board Co. (The)†(a)		127,215
	1,490	Air Transport Services Group, Inc.†(a)		11,697
	252	Albany International Corp., Class A(a)		8,956
	167	American Airlines Group, Inc.†(a)		6,112
	71	American Science & Engineering, Inc.(a)		4,769
	379	Ampco-Pittsburgh Corp.(a)		7,152
	1,356	ARC Document Solutions, Inc.†		10,089
	545	Argan, Inc.		16,203
	280	Arkansas Best Corp.(a)		10,346
	220	Atlas Air Worldwide Holdings, Inc.†(a)		7,759
	340	Barnes Group, Inc.(a)		13,080
	3,130	Beacon Roofing Supply, Inc.†(a)		121,006
	1,385	Blount International, Inc.†(a)		16,481
	422	Brady Corp., Class A		11,457
	1,210	Brink's Co. (The)		34,546
	2,639	Casella Waste Systems, Inc., Class A†(a)		13,485
	3,240	CBIZ, Inc.†(a)		29,678
	1,260	Chart Industries, Inc.†(a)		100,233
	704	Comfort Systems USA, Inc.		10,729
	470	CRA International, Inc.†(a)		10,326

Shares			Value
Industrials — (continued)
	380	Cubic Corp.(a)	$	19,407
	850	Curtiss-Wright Corp.		54,009
	320	DigitalGlobe, Inc.†		9,283
	250	Ducommun, Inc.†		6,265
	176	EMCOR Group, Inc.		8,235
	502	Encore Wire Corp.(a)		24,352
	3,730	EnerSys, Inc.(a)		258,452
	1,795	Federal Signal Corp.†		26,745
	857	FTI Consulting, Inc.†(a)		28,572
	590	Furmanite Corp.†		5,794
	64	Generac Holdings, Inc.(a)		3,774
	570	General Cable Corp.(a)		14,598
	1,498	Great Lakes Dredge & Dock Corp.†(a)		13,677
	1,564	Griffon Corp.(a)		18,674
	8,540	Healthcare Services Group, Inc.(a)		248,173
	125	HEICO Corp.(a)		7,520
	253	Hyster-Yale Materials Handling, Inc.		24,667
	3,442	JetBlue Airways Corp.†(a)		29,911
	3,900	KEYW Holding Corp.†(a)		72,969
	590	Knoll, Inc.		10,732
	800	Kratos Defense & Security Solutions, Inc.†		6,032
	542	Layne Christensen Co.†(a)		9,859
	870	Lydall, Inc.†(a)		19,897
	146	MasTec, Inc.†(a)		6,342
	250	Matson, Inc.		6,173
	780	Meritor, Inc.†		9,555
	1,306	Miller Industries, Inc.(a)		25,506
	470	Mistras Group, Inc.†(a)		10,702
	208	Mueller Industries, Inc.(a)		6,238
	527	NN, Inc.		10,382
	300	Nortek, Inc.†(a)		24,663
	117	Patrick Industries, Inc.†		5,187
	1,000	Proto Labs, Inc.†		67,670
	1,240	Quality Distribution, Inc.†		16,107
	1,000	Republic Airways Holdings, Inc.†		9,140
	673	Rexnord Corp.†		19,504
	362	Rush Enterprises, Inc., Class A†(a)		11,758
	3,190	Saia, Inc.†(a)		121,890
	140	Teledyne Technologies, Inc.†		13,626
	240	Tennant Co.		15,749
	778	Tutor Perini Corp.†		22,305
	160	United Stationers, Inc.		6,571
	1,630	UTi Worldwide, Inc.		17,262
	9,230	Wabash National Corp.†(a)		127,005
	7,610	Wesco Aircraft Holdings, Inc.†		167,496
				2,291,781
Information Technology — 5.3%
	889	Acxiom Corp.†(a)		30,577
	80	Anixter International, Inc.		8,122
	11,084	Applied Micro Circuits Corp.†(a)		109,732
	7,310	Aruba Networks, Inc.†(a)		137,062
	110	Badger Meter, Inc.		6,061
	620	Benchmark Electronics, Inc.†		14,043
	570	Black Box Corp.(a)		13,874
	450	Brightcove, Inc.†		4,424
	167	CACI International, Inc., Class A†		12,325
	190	Cardtronics, Inc.†		7,382
	5,470	Ceva, Inc.†		96,053
	382	Comtech Telecommunications Corp.(a)		12,170
	430	Comverse, Inc.†		14,869
	1,460	Convergys Corp.(a)		31,989
	250	CTS Corp.		5,220
	800	Cypress Semiconductor Corp.		8,216
	200	Diodes, Inc.†		5,224
	960	EarthLink Holdings Corp.(a)		3,466

Wilshire Variable Insurance Trust
Small Cap Fund	March 31, 2014
Schedule of Investments	(Unaudited)

Shares			Value
Information Technology — (continued)
	5,560	Ellie Mae, Inc.†(a)	$	160,350
	2,010	Emulex Corp.†(a)		14,854
	2,990	Envestnet, Inc.†		120,138
	610	Finisar Corp.†(a)		16,171
	2,150	FleetMatics Group PLC†(a)		71,918
	430	Global Cash Access Holdings, Inc.†(a)		2,950
	90	iGATE Corp.†(a)		2,838
	3,080	Imation Corp.†(a)		17,772
	2,970	Imperva, Inc.†(a)		165,429
	500	Infinera Corp.†		4,540
	849	Insight Enterprises, Inc.†		21,318
	1,020	International Rectifier Corp.†		27,948
	5,330	InvenSense, Inc., Class A†(a)		126,161
	400	IXYS Corp.(a)		4,540
	6,240	MAXIMUS, Inc.		279,926
	1,060	MoneyGram International, Inc.†(a)		18,709
	2,020	Monster Worldwide, Inc.†		15,110
	179	NETGEAR, Inc.†(a)		6,038
	370	Newport Corp.†		7,652
	802	OmniVision Technologies, Inc.†(a)		14,195
	2,070	OpenTable, Inc.†(a)		159,245
	1,227	Photronics, Inc.†(a)		10,466
	260	Plexus Corp.†		10,418
	720	PMC - Sierra, Inc.†		5,479
	3,890	Qlik Technologies, Inc.†		103,435
	1,710	QLogic Corp.†(a)		21,802
	1,724	RF Micro Devices, Inc.†		13,585
	835	Richardson Electronics, Ltd.(a)		8,985
	1,023	Sanmina Corp.†		17,851
	850	ScanSource, Inc.†		34,655
	2,760	Sigma Designs, Inc.†		13,138
	938	Spansion, Inc., Class A†		16,340
	2,200	SPS Commerce, Inc.†(a)		135,190
	513	SYNNEX Corp.†(a)		31,093
	950	Telenav, Inc.†(a)		5,662
	491	Tessera Technologies, Inc.(a)		11,602
	1,050	TriQuint Semiconductor, Inc.†		14,060
	983	TTM Technologies, Inc.†(a)		8,306
	1,420	Unisys Corp.†		43,253
	313	United Online, Inc.		3,618
	90	Veeco Instruments, Inc.†(a)		3,774
	480	Vocus, Inc.†(a)		6,398
	240	Web.com Group, Inc.†		8,167
	3,210	Westell Technologies, Inc., Class A†(a)		11,845
				2,317,733
Materials — 0.7%
	280	A Schulman, Inc.		10,153
	90	Axiall Corp.(a)		4,043
	443	Berry Plastics Group, Inc.†		10,255
	378	Century Aluminum Co.†(a)		4,993
	211	Clearwater Paper Corp.†(a)		13,224
	1,100	Globe Specialty Metals, Inc.		22,902
	2,420	Graphic Packaging Holding Co.†		24,587
	690	Handy & Harman, Ltd.†		15,187
	250	KMG Chemicals, Inc.		3,920
	291	Kraton Performance Polymers, Inc.†(a)		7,607
	333	Minerals Technologies, Inc.		21,498
	516	Myers Industries, Inc.(a)		10,279
	435	Neenah Paper, Inc.(a)		22,498
	186	Olympic Steel, Inc.(a)		5,338
	351	OM Group, Inc.		11,660
	1,180	Resolute Forest Products, Inc.†(a)		23,706
	275	Sensient Technologies Corp.		15,513
	1,340	Stillwater Mining Co.†(a)		19,846
	410	SunCoke Energy, Inc.†		9,364
	1,486	Wausau Paper Corp.(a)		18,917
Shares			Value
Materials — (continued)
	510	Zep, Inc.(a)	$	9,027
				284,517
Telecommunication Services — 0.1%
	6,756	Cincinnati Bell, Inc.†(a)		23,376
	570	Consolidated Communications Holdings, Inc.(a)		11,405
	380	General Communication, Inc., Class A†		4,336
	1,030	nTelos Holdings Corp.(a)		13,905
				53,022
Utilities — 0.4%
	148	Avista Corp.(a)		4,536
	305	Cleco Corp.		15,427
	265	El Paso Electric Co.		9,469
	219	Empire District Electric Co.		5,326
	198	IDACORP, Inc.(a)		10,983
	145	MGE Energy, Inc.		5,688
	108	NorthWestern Corp.(a)		5,123
	957	Ormat Technologies, Inc.(a)		28,719
	203	Piedmont Natural Gas Co., Inc.(a)		7,184
	363	PNM Resources, Inc.		9,812
	541	Portland General Electric Co.(a)		17,496
	257	Southwest Gas Corp.		13,737
	821	UIL Holdings Corp.		30,221
	219	WGL Holdings, Inc.(a)		8,773
				172,494
Total Common Stock
(Cost $11,594,099)				13,885,747
SHORT-TERM INVESTMENTS (c) — 17.0%
	388,067	Northern Trust Institutional Government Select Portfolio, 0.010%		388,067
	7,073,484	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(d)		7,073,484
Total Short-Term Investments
(Cost $7,461,551)				7,461,551
Total Investments — 116.2%
(Cost $44,631,166)‡				51,066,357
Other Assets & Liabilities, Net — (16.2)%				(7,112,894	)
NET ASSETS — 100.0%			$	43,953,463

*	Affiliated Fund
†	Non-income producing security.
(a)	This security or a partial position of this security is on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $6,977,109.
(b)	Real Estate Investment Trust.
(c)	Rate shown is the 7-day effective yield as of March 31, 2014.
(d)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of March 31, 2014 was $7,073,484. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $49.
‡	At March 31, 2014, the tax basis cost of the Fund's investments was $44,631,166, and the unrealized appreciation and depreciation were $6,793,560 and $(358,369), respectively.

LLC — Limited Liability Company

Ltd. — Limited

PLC — Public Limited Company

Wilshire Variable Insurance Trust
Small Cap Fund	March 31, 2014
Schedule of Investments	(Unaudited)

As of March 31, 2014, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.  For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

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

Wilshire Variable Insurance Trust
International Equity Fund	March 31, 2014
Schedule of Investments	(Unaudited)

Shares			Value
INVESTMENT IN UNDERLYING FUNDS — 52.6%
	1,958,291	Wilshire International Equity Fund*	$	18,760,430
Total Investment in Underlying Funds
(Cost $18,466,521)				18,760,430
COMMON STOCK — 45.0%
Australia — 0.4%
	3,500	Australia & New Zealand Banking Group, Ltd.		107,671
	7,300	Insurance Australia Group, Ltd.		37,756
				145,427
Belgium — 0.3%
	1,350	UCB SA		108,306
Bermuda — 0.8%
	5,900	Lazard, Ltd., Class A(a)		277,831
Brazil — 0.2%
	5,730	Banco Bradesco SA(a)		78,329
Canada — 3.4%
	1,700	Alimentation Couche Tard, Inc., Class B		137,492
	4,800	Canadian National Railway Co.(a)		269,856
	2,200	Canadian National Railway Co.		123,602
	1,965	Canadian Pacific Railway, Ltd.(a)		295,595
	540	Canadian Pacific Railway, Ltd.		80,914
	1,700	Husky Energy, Inc.		50,992
	600	Magna International, Inc.		57,683
	1,300	Pacific Rubiales Energy Corp.(a)		23,413
	2,800	Royal Bank of Canada(a)		184,615
				1,224,162
China — 1.4%
	151,000	Bank of China, Ltd., Class H		67,085
	82,000	Bank of Communications Co., Ltd., Class H		53,725
	6,000	Beijing Enterprises Holdings, Ltd.		53,822
	700	NetEase, Inc. ADR(a)		47,110
	31,621	PICC Property & Casualty Co., Ltd., Class H		43,402
	11,600	Sinopharm Group Co., Ltd., Class H		31,884
	146,500	Sun Art Retail Group, Ltd.(a)		184,483
				481,511
Denmark — 2.3%
	5,350	Chr Hansen Holding A/S		212,329
	1,100	DSV A/S		35,470
	7,500	Novo Nordisk ADR(a)		342,375
	5,051	Novozymes A/S, Class B		222,037
				812,211
Finland — 0.7%
	6,100	Pohjola Bank PLC, Class A		135,803
	2,300	Sampo, Class A		119,393
				255,196
France — 1.7%
	1,200	BNP Paribas		92,520
	730	Christian Dior SA		140,209
	650	Cie Generale des Etablissements Michelin, Class B		81,260
	790	LVMH Moet Hennessy Louis Vuitton SA		143,159
	1,700	Societe Generale		104,645

Shares			Value
France — (continued)
	450	Sodexo	$	47,165
				608,958
Germany — 3.1%
	1,075	Adidas AG		116,240
	1,250	BASF SE		139,092
	1,325	Bayer AG		179,437
	650	Bayerische Motoren Werke AG		82,138
	330	Brenntag AG		61,286
	325	Continental AG		77,941
	5,600	Deutsche Telekom AG		90,864
	1,020	Fresenius SE & Co. KGaA		160,109
	1,550	OSRAM Licht AG†		100,505
	1,335	SAP AG		108,290
				1,115,902
Hong Kong — 2.6%
	23,000	Hutchison Whampoa, Ltd.		305,252
	120,000	Lenovo Group, Ltd.		132,735
	23,000	SJM Holdings, Ltd.		64,796
	31,000	Techtronic Industries Co.		86,554
	4,625	Tencent Holdings, Ltd.(a)		322,826
				912,163
India — 0.3%
	2,000	Infosys, Ltd. ADR(a)		108,360
Indonesia — 0.2%
	58,500	Bank Mandiri		49,272
Ireland — 1.5%
	3,700	Covidien PLC		272,542
	1,700	Perrigo Co. PLC(a)		262,922
				535,464
Italy — 0.2%
	2,400	Eni SpA		60,184
Japan — 5.8%
	5,000	Astellas Pharma, Inc.		59,363
	1,200	FANUC Corp.		212,150
	10,000	Hitachi, Ltd.		74,021
	10,200	ITOCHU Corp.		119,344
	2,200	Japan Tobacco, Inc.		69,052
	4,700	JFE Holdings, Inc.		88,316
	2,000	JGC Corp.		69,479
	1,100	Miraca Holdings, Inc.		48,187
	52,400	Mizuho Financial Group, Inc.		103,849
	1,600	Nippon Telegraph & Telephone Corp.		86,947
	8,500	Nissan Motor Co., Ltd.		75,763
	6,100	ORIX Corp.		85,973
	11,300	Ricoh Co., Ltd.		130,999
	3,900	Sega Sammy Holdings, Inc.		87,550
	4,000	Sekisui Chemical Co., Ltd.		41,545
	4,000	Sekisui House, Ltd.		49,472
	1,700	Seven & I Holdings Co., Ltd.		64,778
	1,600	Sumitomo Mitsui Financial Group, Inc.		68,582
	1,600	Sundrug Co., Ltd.		73,127
	7,000	Sysmex Corp.		223,177
	2,100	Tokio Marine Holdings, Inc.		62,980
	3,200	Toyota Motor Corp.		180,461
				2,075,115
Luxembourg — 0.4%
	4,400	Subsea 7 SA		81,657
	2,900	Tenaris SA		64,082
				145,739

Wilshire Variable Insurance Trust
International Equity Fund	March 31, 2014
Schedule of Investments	(Unaudited)

Shares			Value
Malaysia — 0.2%
	16,400	AMMB Holdings BHD	$	36,084
	18,800	Axiata Group BHD		38,430
				74,514
Mexico — 0.9%
	31,600	Alfa SAB de CV, Class A		79,874
	12,900	Grupo Financiero Banorte SAB de CV, Class O		87,239
	57,600	Wal-Mart de Mexico SAB de CV(a)		137,211
				304,324
Netherlands — 2.2%
	3,000	ASML Holding NV, Class G(a)		280,080
	1,100	Core Laboratories NV		218,284
	4,120	SBM Offshore NV		74,972
	5,200	Sensata Technologies Holding NV†(a)		221,728
				795,064
Norway — 0.8%
	3,975	Statoil ASA		112,153
	8,400	Storebrand ASA		48,374
	5,000	Telenor ASA		110,664
				271,191
Portugal — 0.3%
	6,325	Jeronimo Martins SGPS SA		106,139
Russia — 0.3%
	2,150	Lukoil OAO ADR		119,579
Singapore — 0.5%
	6,100	Keppel Corp., Ltd.		52,922
	6,600	United Overseas Bank, Ltd.		113,846
				166,768
South Africa — 0.7%
	2,300	Aspen Pharmacare Holdings, Ltd.		61,382
	3,200	Remgro, Ltd.		62,244
	8,473	Shoprite Holdings, Ltd.		127,859
				251,485
South Korea — 0.6%
	275	Hyundai Motor Co.		65,024
	170	Samsung Electronics Co., Ltd. GDR		107,186
	250	SK Telecom Co., Ltd.		50,735
				222,945
Spain — 1.4%
	10,900	Banco Santander SA		104,054
	1,700	Enagas SA		51,715
	1,950	Grifols SA		106,865
	1,600	Inditex SA		240,048
				502,682
Sweden — 0.9%
	7,966	Svenska Cellulosa AB, Class B		234,608
	3,150	Swedbank AB, Class A		84,564
				319,172
Switzerland — 3.4%
	3,425	ABB, Ltd.		88,471
	2,900	ACE, Ltd.(a)		287,274
	2,100	Credit Suisse Group AG		67,973
	3,421	Nestle SA		257,498
	530	Roche Holding AG		159,405
	109	SGS SA		268,824
	4,600	UBS AG		95,189
				1,224,634

Shares			Value
Taiwan — 1.3%
	23,300	Taiwan Semiconductor Manufacturing Co., Ltd.(a)	$	466,466
Thailand — 0.2%
	10,507	PTT Exploration & Production PLC		50,869
United Kingdom — 5.1%
	6,760	Aberdeen Asset Management PLC		44,059
	3,500	ARM Holdings PLC ADR(a)		178,395
	2,166	ASOS PLC†		187,229
	14,575	Barclays PLC		56,718
	9,250	BHP Billiton PLC		285,626
	12,160	BP PLC		97,706
	2,100	British American Tobacco PLC		117,149
	5,780	Compass Group PLC		88,253
	6,200	HSBC Holdings PLC		62,777
	590	Next PLC		64,930
	6,800	Prudential PLC		143,985
	5,200	Rolls-Royce Holdings PLC		93,086
	3,000	Tate & Lyle PLC		33,412
	1,820	Weir Group PLC		76,977
	7,660	WH Smith PLC		153,659
	1,190	Whitbread PLC		82,599
	11,266	William Hill PLC		64,097
				1,830,657
United States — 0.9%
	5,600	Coca-Cola Enterprises, Inc.		267,456
	800	Philip Morris International, Inc.		65,496
				332,952
Total Common Stock
(Cost $14,526,923)				16,033,571
SHORT-TERM INVESTMENTS (b) — 9.8%
	537,492	Northern Trust Institutional Government Select Portfolio, 0.010%		537,492
	2,966,832	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(c)		2,966,832
Total Short-Term Investments
(Cost $3,504,324)				3,504,324
PREFERRED STOCK — 0.5%
Germany — 0.5%
	1,660	Henkel AG & Co. KGAA		178,688
Total Preferred Stock
(Cost $152,230)				178,688
PRIVATE COMPANY — 0.0%
Malta — 0.0%
	3,758	BGP Holdings PLC†(d)		—
Total Private Company
(Cost $–)				—

Wilshire Variable Insurance Trust
International Equity Fund	March 31, 2014
Schedule of Investments	(Unaudited)

Number of Rights			Value
Right — 0.0%
	624	Anheuser-Busch InBev NV VVPR†	$	—
Total Right (Cost $–)				—
Total Investments — 107.9%
(Cost $36,649,998)‡				38,477,013
Other Assets & Liabilities, Net — (7.9)%				(2,821,536	)
NET ASSETS — 100.0%			$	35,655,477

*	Affiliated Fund
†	Non-income producing security.
(a)	This security or a partial position of this security is on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $3,269,679.
(b)	Rate shown is the 7-day effective yield as of March 31, 2014.
(c)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of March 31, 2014 was $2,966,832. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $363,176.
(d)	Security fair valued using methods determined in good faith by the Pricing Committee. As of March 31, 2014, the total market value of this security was $0 and represented 0.0% of Net Assets.
‡	At March 31, 2014, the tax basis cost of the Fund's investments was $36,649,998, and the unrealized appreciation and depreciation were $2,197,931 and $(370,916), respectively.

ADR — American Depositary Receipt

GDR— Global Depositary Receipt

Ltd. — Limited

PLC— Public Limited Company

VVPR — Verminderde Voorheffing Précompte Réduit

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

The following is a summary of the inputs used as of March 31, 2014 in valuing the Fund’s investments carried at fair value:

Investments in Securities	Level 1		Level 2††		Level 3			Total
Investment in Underlying Funds	$	18,760,430	$	—	$	—		$	18,760,430
Common Stock
Australia		—		145,427		—			145,427
Belgium		—		108,306		—			108,306
Bermuda		277,831		—		—			277,831
Brazil		78,329		—		—			78,329
Canada		1,224,162		—		—			1,224,162
China		47,110		434,401		—			481,511
Denmark		342,375		469,836		—			812,211
Finland		—		255,196		—			255,196
France		—		608,958		—			608,958
Germany		—		1,115,902		—			1,115,902
Hong Kong		—		912,163		—			912,163
India		108,360		—		—			108,360
Indonesia		—		49,272		—			49,272
Ireland		535,464		—		—			535,464
Italy		—		60,184		—			60,184
Japan		—		2,075,115		—			2,075,115
Luxembourg		—		145,739		—			145,739
Malaysia		—		74,514		—			74,514
Mexico		304,324		—		—			304,324
Netherlands		720,092		74,972		—			795,064
Norway		—		271,191		—			271,191
Portugal		—		106,139		—			106,139
Russia		—		119,579		—			119,579
Singapore		—		166,768		—			166,768
South Africa		—		251,485		—			251,485
South Korea		—		222,945		—			222,945
Spain		—		502,682		—			502,682
Sweden		—		319,172		—			319,172
Switzerland		287,274		937,360		—			1,224,634
Taiwan		466,466		—		—			466,466
Thailand		—		50,869		—			50,869
United Kingdom		178,395		1,652,262		—			1,830,657
United States		332,952		—		—			332,952
Total Common Stock		4,903,134		11,130,437		—			16,033,571
Short-Term Investments		3,504,324		—		—			3,504,324
Preferred Stock		—		178,688		—			178,688
Private Company
Malta		—		—	—		^	—		^
Right		—		—		—			—
Total Investments in Securities	$	27,167,888	$	11,309,125	$	—	^	$	38,477,013

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

^ This security was categorized as Level 3 and had a market value of $0 as of March 31, 2014 and the value has remained zero throughout the period ended March 31, 2014. There were no accrued discounts/premiums, realized gain/(loss), change in unrealized appreciation/(depreciation), purchases, sales or transfers in or out of Level 3 during the period ended March 31, 2014.

For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

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

Wilshire Variable Insurance Trust
Socially Responsible Fund	March 31, 2014
Schedule of Investments	(Unaudited)

Shares			Value
COMMON STOCK — 97.8%
Consumer Discretionary — 15.0%
	1,890	Advance Auto Parts, Inc.	$	239,085
	1,107	Amazon.com, Inc.†		372,528
	23,289	Comcast Corp., Class A		1,164,916
	6,916	Harley-Davidson, Inc.		460,675
	9,569	Home Depot, Inc. (The)		757,195
	18,714	Johnson Controls, Inc.		885,546
	7,300	Lowe's Cos., Inc.		356,970
	5,595	Starwood Hotels & Resorts Worldwide, Inc.		445,362
	6,525	Target Corp.		394,828
	11,670	TJX Cos., Inc.		707,785
	5,710	Toll Brothers, Inc.†(a)		204,989
	10,174	Twenty-First Century Fox, Inc., Class A(a)		325,263
	10,490	Twenty-First Century Fox, Inc., Class B		326,449
	18,977	Walt Disney Co. (The)		1,519,488
	2,644	Yum! Brands, Inc.		199,331
				8,360,410
Consumer Staples — 9.7%
	8,466	Coca-Cola Co. (The)		327,296
	9,142	Costco Wholesale Corp.		1,020,979
	15,540	CVS Caremark Corp.(a)		1,163,324
	18,780	Danone SA ADR(a)		266,488
	4,130	Estee Lauder Cos., Inc. (The), Class A		276,214
	2,893	General Mills, Inc.(a)		149,915
	2,979	Kimberly-Clark Corp.		328,435
	2,720	Kraft Foods Group, Inc.		152,592
	2,840	McCormick & Co., Inc.(a)		203,742
	5,416	Mondelez International, Inc., Class A		187,123
	3,650	Nestle SA ADR(a)		274,553
	7,272	PepsiCo, Inc.		607,212
	5,539	Procter & Gamble Co. (The)		446,443
				5,404,316
Energy — 6.2%
	4,051	Anadarko Petroleum Corp.(a)		343,363
	7,865	Cameron International Corp.†(a)		485,821
	7,943	ConocoPhillips		558,790
	5,122	Devon Energy Corp.		342,815
	5,211	Hess Corp.(a)		431,888
	6,697	Occidental Petroleum Corp.		638,157
	9,790	Petroleo Brasileiro SA ADR(a)		128,738
	2,849	Schlumberger, Ltd.		277,778
	14,467	Weatherford International, Ltd.†		251,147
				3,458,497
Financials — 16.3%
	4,248	American Express Co.		382,447
	6,271	American Tower Corp., Class A(b)		513,407
	3,585	BB&T Corp.(a)		144,009
	6	Berkshire Hathaway, Inc., Class A†		1,124,101
	13,906	Blackstone Group LP (The)		462,375
	1,261	Brown & Brown, Inc.		38,788
	7,540	Charles Schwab Corp. (The)(a)		206,068
	21,210	Citigroup, Inc.		1,009,596
	11,757	Forest City Enterprises, Inc., Class A†		224,559
	20,567	JPMorgan Chase & Co.(a)		1,248,622
	21,332	MetLife, Inc.		1,126,329
	4,125	SunTrust Banks, Inc.		164,134
	11,537	Travelers Cos., Inc. (The)		981,799

Shares			Value
Financials — (continued)
	6,344	U.S. Bancorp(a)	$	271,904
	24,927	Wells Fargo & Co.		1,239,869
				9,138,007
Health Care — 15.4%
	2,856	AbbVie, Inc.		146,798
	1,870	AmerisourceBergen Corp., Class A		122,653
	6,296	Amgen, Inc.		776,549
	1,582	BioMarin Pharmaceutical, Inc.†(a)		107,908
	10,744	Bristol-Myers Squibb Co.		558,151
	2,187	Cardinal Health, Inc.		153,046
	936	Celgene Corp.†		130,666
	5,233	Covidien PLC		385,463
	4,204	Express Scripts Holding Co.†		315,679
	3,563	GlaxoSmithKline PLC ADR(a)		190,371
	13,554	Johnson & Johnson		1,331,409
	23,612	Merck & Co., Inc.		1,340,453
	43,004	Pfizer, Inc.		1,381,289
	12,325	Roche Holding AG ADR(a)		464,899
	5,393	Thermo Fisher Scientific, Inc.		648,454
	6,810	UnitedHealth Group, Inc.		558,352
				8,612,140
Industrials — 8.6%
	2,841	3M Co.		385,410
	3,480	Caterpillar, Inc.(a)		345,808
	2,949	Eaton Corp. PLC(a)		221,529
	8,570	Emerson Electric Co.		572,476
	2,310	Flowserve Corp.(a)		180,965
	43,929	General Electric Co.		1,137,322
	1,200	Granite Construction, Inc.(a)		47,916
	4,640	Honeywell International, Inc.		430,407
	1,803	Pentair, Ltd.(a)		143,050
	1,990	Rockwell Automation, Inc.(a)		247,854
	8,441	Tyco International, Ltd.		357,898
	6,236	United Parcel Service, Inc., Class B		607,262
	2,587	Waste Management, Inc.		108,835
				4,786,732
Information Technology — 18.3%
	3,050	Adobe Systems, Inc.†		200,507
	2,560	Apple, Inc.		1,374,054
	3,317	ASML Holding NV, Class G(a)		309,675
	7,964	Automatic Data Processing, Inc.		615,299
	11,954	Cisco Systems, Inc.		267,889
	2,153	Citrix Systems, Inc.†		123,647
	7,859	eBay, Inc.†		434,131
	10,281	EMC Corp.		281,802
	8,946	Facebook, Inc., Class A†		538,907
	1,589	Google, Inc., Class A†		1,770,956
	1,554	International Business Machines Corp.		299,129
	5,855	Juniper Networks, Inc.†		150,825
	36,285	Microsoft Corp.		1,487,322
	3,455	NetApp, Inc.		127,490
	8,008	Oracle Corp.		327,607
	3,459	QUALCOMM, Inc.		272,777
	5,770	Red Hat, Inc.†(a)		305,695
	1,950	Splunk, Inc.†		139,406
	3,084	Texas Instruments, Inc.		145,411
	2,920	Visa, Inc., Class A		630,311
	3,940	VMware, Inc., Class A†(a)		425,599
				10,228,439

Wilshire Variable Insurance Trust
Socially Responsible Fund	March 31, 2014
Schedule of Investments	(Unaudited)

Shares			Value
Materials — 4.4%
	13,960	Alcoa, Inc.(a)	$	179,665
	2,597	BHP Billiton, Ltd. ADR(a)		175,999
	3,570	Eagle Materials, Inc.		316,516
	6,639	Ecolab, Inc.		716,945
	2,058	EI du Pont de Nemours & Co.(a)		138,092
	5,000	PPG Industries, Inc.		967,300
				2,494,517
Telecommunication Services — 2.1%
	17,117	AT&T, Inc.(a)		600,293
	11,943	Verizon Communications, Inc.(a)		568,129
				1,168,422
Utilities — 1.8%
	7,823	NextEra Energy, Inc.(a)		748,035
	2,610	Sempra Energy(a)		252,544
				1,000,579
Total Common Stock
(Cost $34,298,249)				54,652,059
SHORT-TERM INVESTMENTS (c) — 18.7%
	1,248,627	Northern Trust Institutional Government Select Portfolio, 0.010%		1,248,627
	9,181,949	Northern Trust Institutional Liquid Asset Portfolio, 0.010%(d)		9,181,949
Total Short-Term Investments
(Cost $10,430,576)				10,430,576
Total Investments — 116.5%
(Cost $44,728,825)‡				65,082,635
Other Assets & Liabilities, Net — (16.5)%				(9,233,607	)
NET ASSETS — 100.0%			$	55,849,028

†	Non-income producing security.
(a)	This security or a partial position of this security is on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $9,061,277.
(b)	Real Estate Investment Trust.
(c)	Rate shown is the 7-day effective yield as of March 31, 2014.
(d)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of March 31, 2014 was $9,181,949.
‡	At March 31, 2014, the tax basis cost of the Fund's investments was $44,728,825, and the unrealized appreciation and depreciation were $20,763,220 and $(409,410), respectively.

ADR — American Depositary Receipt

LP— Limited Partnership

Ltd.— Limited

PLC— Public Limited Company

As of March 31, 2014, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.  For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

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

Wilshire Variable Insurance Trust	March 31, 2014
Schedule of Investments	(Unaudited)

		2015 ETF Fund
Shares			Value
EXCHANGE TRADED FUNDS- 96.4%
	23,339	iShares Barclays TIPS Bond Fund	$	2,616,302
	40,400	Market Vectors Emerging Markets Local Currency Bond ETF		951,824
	32,290	SPDR Barclays High Yield Bond ETF		1,333,900
	16,746	SPDR Barclays International Treasury Bond ETF		994,378
	96,640	Vanguard Europe Pacific ETF		3,988,333
	31,586	Vanguard FTSE Emerging Markets ETF(a)		1,281,760
	11,390	Vanguard Global ex-U.S. Real Estate ETF		615,857
	9,516	Vanguard REIT ETF		672,020
	56,480	Vanguard S&P 500 ETF		9,677,848
	42,750	Vanguard Scottsdale Funds		3,632,895
	39,550	Vanguard Short-Term Inflation-Protected Securities ETF		1,951,199
	8,287	Vanguard Small-Cap Growth ETF(a)		1,029,494
	13,849	Vanguard Small-Cap Value ETF		1,393,763
	36,290	Vanguard Total Bond Market ETF		2,946,385
Total Exchange Traded Funds - 96.4%
(Cost $28,588,102)				33,085,958
SHORT-TERM INVESTMENTS(c)-8.3%
	1,269,502	Northern Trust Institutional Government Select Portfolio, 0.010%		1,269,502
	1,597,457	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (b)		1,597,457
Total Short-Term Investments - 8.3%
(Cost $2,866,959)				2,866,959
Total Investments - 104.7%
(Cost $31,455,061)†				35,952,917
Other Assets & Liabilities, Net - (4.7)%				(1,612,369	)
NET ASSETS - 100.0%			$	34,340,548

		2025 ETF Fund
Shares			Value
EXCHANGE TRADED FUNDS-97.2%
	25,758	iShares Barclays TIPS Bond Fund	$	2,887,472
	63,620	Market Vectors Emerging Markets Local Currency Bond ETF		1,498,887
	35,656	SPDR Barclays High Yield Bond ETF		1,472,950
	24,792	SPDR Barclays International Treasury Bond ETF		1,472,149
	171,490	Vanguard Europe Pacific ETF		7,077,392
	51,311	Vanguard FTSE Emerging Markets ETF(a)		2,082,201
	18,600	Vanguard Global ex-U.S. Real Estate ETF		1,005,702
	14,360	Vanguard REIT ETF		1,014,103
	89,820	Vanguard S&P 500 ETF		15,390,657
	62,700	Vanguard Scottsdale Funds		5,328,246
	38,890	Vanguard Short-Term Inflation-Protected Securities ETF		1,918,638
	12,290	Vanguard Small-Cap Growth ETF(a)		1,526,787
	26,077	Vanguard Small-Cap Value ETF(a)		2,624,389
	53,322	Vanguard Total Bond Market ETF		4,329,213
Total Exchange Traded Funds - 97.2%
(Cost $42,370,226)				49,628,786
SHORT-TERM INVESTMENTS (c) - 10.3%
	1,547,466	Northern Trust Institutional Government Select Portfolio, 0.010%		1,547,466
	3,720,456	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (b)		3,720,456
Total Short-Term Investments - 10.3%
(Cost $5,267,922)				5,267,922
Total Investments - 107.5%
(Cost $47,638,148)†				54,896,708
Other Assets & Liabilities, Net - (7.5)%				(3,821,323	)
NET ASSETS - 100.0%			$	51,075,385

Wilshire Variable Insurance Trust	March 31, 2014
Schedule of Investments	(Unaudited)

		2035 ETF Fund
Shares			Value
EXCHANGE TRADED FUNDS-95.7%
	21,131	iShares Barclays TIPS Bond Fund	$	2,368,785
	49,350	Market Vectors Emerging Markets Local Currency Bond ETF		1,162,686
	28,640	SPDR Barclays High Yield Bond ETF		1,183,118
	20,126	SPDR Barclays International Treasury Bond ETF		1,195,082
	264,870	Vanguard Europe Pacific ETF		10,931,185
	56,579	Vanguard FTSE Emerging Markets ETF(a)		2,295,976
	21,350	Vanguard Global ex-U.S. Real Estate ETF		1,154,395
	18,004	Vanguard REIT ETF		1,271,442
	120,180	Vanguard S&P 500 ETF		20,592,843
	70,220	Vanguard Scottsdale Funds		5,967,296
	23,550	Vanguard Short-Term Inflation-Protected Securities ETF		1,161,839
	14,249	Vanguard Small-Cap Growth ETF(a)		1,770,153
	23,861	Vanguard Small-Cap Value ETF		2,401,371
	58,084	Vanguard Total Bond Market ETF		4,715,840
Total Exchange Traded Funds - 95.7%
(Cost $49,087,560)				58,172,011
SHORT-TERM INVESTMENTS (c) - 10.3%
	2,543,737	Northern Trust Institutional Government Select Portfolio, 0.010%		2,543,737
	3,719,354	Northern Trust Institutional Liquid Asset Portfolio, 0.010% (b)		3,719,354
Total Short-Term Investments - 10.3%
(Cost $6,263,091)				6,263,091
Total Investments - 106.0%
(Cost $55,350,651)†				64,435,102
Other Assets & Liabilities, Net - (6.0)%				(3,671,562	)
NET ASSETS - 100.0%			$	60,763,540

† The federal tax cost and unrealized appreciation and depreciation at March 31, 2014 for each Fund is as follows:

			Aggregate		Aggregate
			Gross		Gross
			Unrealized		Unrealized
Fund	Tax Cost		Appreciation		Depreciation
2015 ETF Fund	$	31,455,061	$	4,763,524	$	(265,668	)
2025 ETF Fund		47,638,148		7,620,860		(362,300	)
2035 ETF Fund		55,350,651		9,481,854		(397,403	)

(a)	This security or a partial position of this security is on loan at March 31, 2014. The total market value of securities on loan at  March 31, 2014 for the 2015 ETF Fund, 2025 ETF Fund and 2035 ETF Fund was $1,575,067, $3,679,435 and $3,674,042, respectively.
(b)	This security was purchased with cash collateral held from securities on loan. The total value of such securities at March 31, 2014 for 2015 ETF Fund, 2025 ETF Fund and 2035 ETF Fund was $1,597,457,$3,720,456 and $3,719,354, respectively.
(c)	Rate shown is the 7-day effective yield as of March 31 2014.

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

As of March 31, 2014, the Funds’ investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.  For the period ended March 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

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

Item 2.   Controls and Procedures

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

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

Item 3.   Exhibits.

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

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SIGNATURES

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

(Registrant)	Wilshire Variable Insurance Trust
By (Signature and Title)	/s/ Jason Schwarz
	Jason Schwarz, President
Date:  May 29, 2014

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

By (Signature and Title)	/s/ Jason Schwarz
	Jason Schwarz, President
Date:  May 29, 2014
By (Signature and Title)	/s/ Michael Wauters
	Michael Wauters, Treasurer
Date:  May 29, 2014