N-Q 1 fp0014551_nq.htm
 
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: 310-451-3051

Date of fiscal year end: December 31

Date of reporting period: March 31, 2015
Item 1.   Schedule of Investments
 
Wilshire Variable Insurance Trust
  
Wilshire Global Allocation Fund
March 31, 2015
Schedule of Investments
(Unaudited)
 
Maturity
Date
  

Shares/Par
    

Value
  
     
INVESTMENTS IN AFFILIATED FUNDS — 68.6%
      
Wilshire International Equity Fund, Institutional Class*
      
17,826,155
    
$
166,674,553
  
Wilshire Large Company Growth Portfolio, Institutional Class *
      
1,649,420
      
69,226,146
  
Wilshire Large Company Value Portfolio, Institutional Class *
      
2,876,602
      
60,696,309
  
Wilshire Small Company Growth Portfolio, Institutional Class *
      
612,494
      
16,365,829
  
Wilshire Small Company Value Portfolio, Institutional Class *
      
649,987
      
15,612,679
  
                   
Total Investments in Affiliated Funds (Cost $335,175,487) 
            
328,575,516
  
         
ASSET-BACKED SECURITIES — 14.7%
  
Consumer Discretionary — 0.1%
          
Connecticut Valley Structured Credit CDO III, Ltd.
                  
0.915%(a) (b)
03/23/23
  
$
500,000
      
484,020
  
                   
Financials — 1.1%
          
ARES XI CLO, Ltd.
                  
3.252%(a) (b)
10/11/21
    
2,000,000
      
1,961,310
  
ARES XXIII CLO, Ltd.
                  
3.431%(a) (b)
04/19/23
    
1,250,000
      
1,250,111
  
CIFC Funding, Ltd.
                  
1.756%(a) (b)
05/10/21
    
1,300,000
      
1,216,380
  
3.303%(a) (b)
08/14/24
    
1,000,000
      
1,003,515
  
               
5,431,316
  
Health Care — 0.3%
          
Gale Force CLO, Ltd.
                  
3.761%(a) (b)
08/20/21
    
1,250,000
      
1,250,421
  
                   
Industrials — 0.5%
          
Gramercy Park CLO, Ltd.
                  
3.178%(a) (b)
07/17/23
    
1,500,000
      
1,499,973
  
4.278%(a) (b)
07/17/23
    
1,000,000
      
997,324
  
               
2,497,297
  
Other Asset-Backed Securities — 12.7%
          
AABS, Ltd.
                  
4.875%(c) (k)
01/15/38
    
607,584
      
618,216
  
AASET
                  
5.125%(a)
12/15/29
    
1,471,154
      
1,474,832
  
7.375%(a)
12/15/29
    
735,577
      
737,416
  
ACAS CLO, Ltd.
                  
2.555%(a) (b)
09/20/23
    
1,000,000
      
1,000,346
  
3.485%(a) (b)
09/20/23
    
1,000,000
      
1,000,346
  
AMMC CLO XIII, Ltd.
                  
2.956%(a) (b)
01/26/26
    
1,500,000
      
1,449,312
  
Babson CLO, Ltd.
                  
0.000%(b)
05/15/23
    
1,000,000
      
757,773
  
Baker Street CLO II, Ltd.
                  
0.983%(a) (b)
10/15/19
    
1,500,000
      
1,437,610
  
Brad CDO, Ltd.
                  
4.213%
03/12/26
    
983,287
      
989,973
  
 
Maturity
Date
  

Par
    

Value
  
         
Other Asset-Backed Securities — (continued)
          
Castlelake Aircraft Securitization Trust
                  
5.250%
02/15/29
  
$
940,211
    
$
933,159
  
7.500%
02/15/29
    
839,474
      
837,375
  
Cent CLO LP
                  
2.680%(a) (b)
08/01/24
    
500,000
      
500,037
  
3.500%(a) (b)
08/01/24
    
1,000,000
      
1,000,140
  
Chesterfield Financial Holdings LLC
                  
4.500%(b)
12/15/34
    
976,000
      
978,635
  
CKE Restaurant Holdings, Inc.
                  
4.474%(b)
03/20/43
    
970,000
      
999,456
  
Dryden 37 Senior Loan Fund
                  
0.215%(b) (d) (k)
04/15/27
    
1,000,000
      
971,500
  
Duane Street CLO IV, Ltd.
                  
1.257%(a) (b)
11/14/21
    
1,500,000
      
1,454,586
  
Flagship CLO VI
                  
2.665%(a) (b)
06/10/21
    
2,000,000
      
1,971,078
  
Flagship VII, Ltd.
                  
3.217%(a) (b)
01/20/26
    
1,500,000
      
1,460,595
  
Fortress Credit Opportunities V CLO, Ltd.
                  
2.884%(a) (b)
10/15/26
    
1,000,000
      
982,337
  
3.784%(a) (b)
10/15/26
    
1,000,000
      
986,029
  
GCAT LLC
                  
3.721%(b) (c)
10/25/19
    
2,868,456
      
2,861,787
  
Golub Capital Partners CLO, Ltd.
                  
2.682%(a) (b)
10/25/26
    
700,000
      
682,203
  
3.181%(a) (b)
10/20/21
    
2,500,000
      
2,490,532
  
GSAA Home Equity Trust
                  
0.441%(a)
07/25/37
    
1,430,971
      
1,208,279
  
Halcyon Loan Advisors Funding, Ltd.
                  
3.097%(a) (b)
12/20/24
    
1,500,000
      
1,448,868
  
Helios Series I Multi Asset CBO, Ltd.
                  
1.188%(a) (b)
12/13/36
    
1,025,161
      
961,765
  
Highbridge Loan Management, Ltd.
                  
2.497%(a) (b)
09/20/22
    
1,000,000
      
1,000,207
  
3.497%(a) (b)
09/20/22
    
1,000,000
      
997,756
  
ING Investment Management CLO IV, Ltd.
                  
2.457%(a) (b)
06/14/22
    
1,500,000
      
1,442,817
  
Ivy Hill Middle Market Credit Fund IX, Ltd.
                  
2.685%(a) (b)
10/18/25
    
2,000,000
      
1,940,022
  
Katonah, Ltd.
                  
2.262%(a) (b)
04/17/20
    
1,000,000
      
983,644
  
Keuka Park CLO, Ltd.
                  
0.000%(b)
10/21/24
    
1,250,000
      
989,227
  
KVK CLO, Ltd.
                  
0.000%(b)
04/14/25
    
1,150,000
      
820,994
  
Marine Park CLO, Ltd.
                  
4.732%(a) (b)
05/18/23
    
1,250,000
      
1,250,660
  
Nationstar HECM Loan Trust
                  
4.500%(b)
11/25/17
    
572,662
      
575,697
  
Neuberger Berman CLO, Ltd.
                  
3.356%
07/25/23
    
1,500,000
      
1,492,554
  
4.025%(b)
07/25/23
    
450,000
      
306,699
  
Ocean Trails CLO IV
                  
3.258%(a) (b)
08/13/25
    
1,750,000
      
1,706,674
  
Regatta V Funding, Ltd.
                  
3.383%(a) (b)
10/25/26
    
1,500,000
      
1,516,082
  
 
Wilshire Variable Insurance Trust
  
Wilshire Global Allocation Fund
March 31, 2015
Schedule of Investments
(Unaudited)
 
 
Maturity
Date
  

Par
    

Value
  
         
Other Asset-Backed Securities — (continued)
          
Rise Ltd.
                  
4.750%(a) (k)
02/12/39
  
$
1,398,437
    
$
1,408,926
  
Rockwall CDO II, Ltd.
                  
0.805%(a) (b)
08/01/24
    
1,500,000
      
1,398,750
  
Steele Creek CLO, Ltd.
                  
2.484%(a) (b)
08/21/26
    
2,000,000
      
1,988,102
  
TCW Global Project Fund II, Ltd.
                  
1.603%(a)
06/24/16
    
231,738
      
223,048
  
TICP CLO II, Ltd.
                  
3.231%(a)
07/20/26
    
1,000,000
      
981,607
  
Treman Park CLO LLC
                  
0.000%(b) (d) (k)
04/20/27
    
500,000
      
480,050
  
Venture VI CDO, Ltd.
                  
1.733%(a) (b)
08/03/20
    
2,250,000
      
2,149,918
  
Venture X CLO, Ltd.
                  
3.086%(a) (b)
02/28/24
    
1,000,000
      
973,429
  
Vibrant CLO, Ltd.
                  
2.628%(a) (b)
07/17/24
    
1,000,000
      
1,000,013
  
WhiteHorse IV, Ltd.
                  
1.707%(a) (b)
01/17/20
    
1,500,000
      
1,434,216
  
Wrightwood Capital Real Estate CDO, Ltd.
                  
0.692%(a) (b)
11/21/40
    
1,450,000
      
1,375,485
  
               
60,630,762
  
Total Asset-Backed Securities
          
(Cost $70,438,835)
     
70,293,816
  
         
CORPORATE BONDS — 7.4%
          
Consumer Discretionary — 0.4%
          
CBS Corp.
                  
4.600%
01/15/45
    
850,000
      
865,323
  
GRD Holdings III Corp.
                  
10.750%(b)
06/01/19
    
200,000
      
217,500
  
QVC, Inc.
                  
4.850%
04/01/24
    
700,000
      
727,689
  
               
1,810,512
  
Consumer Staples — 0.7%
          
Bumble Bee Holdings, Inc.
                  
9.000%(b)
12/15/17
    
919,000
      
964,950
  
Moto Finance PLC
                  
6.375%(b)
09/01/20
    
300,000
      
449,468
  
Physio-Control International, Inc.
                  
9.875%(b)
01/15/19
    
750,000
      
796,875
  
Vector Group, Ltd.
                  
7.750%
02/15/21
    
1,000,000
      
1,063,750
  
               
3,275,043
  
Energy — 0.2%
          
Atlas Energy Holdings Operating Co. LLC
                  
9.250%(b)
08/15/21
    
500,000
      
345,000
  
BreitBurn Energy Partners
                  
7.875%
04/15/22
    
500,000
      
360,000
  
 
 
Maturity
Date
  

Par
    

Value
  
         
Energy — (continued)
          
Dynagas LNG Partners
                  
6.250%
10/30/19
  
$
500,000
    
$
430,000
  
               
1,135,000
  
Financials — 4.8%
          
Assured Guaranty US Holdings, Inc.
                  
5.000%
07/01/24
    
700,000
      
749,146
  
Atlantic Marine Corp. Communities LLC
                  
5.433%(b)
12/01/50
    
727,041
      
756,064
  
Bank of America Corp.
                  
5.125%(a)
12/31/49
    
1,700,000
      
1,682,830
  
6.500%(a)
12/31/49
    
400,000
      
423,000
  
BBVA Bancomer SA
                  
4.375%(b)
04/10/24
    
500,000
      
518,125
  
Citigroup, Inc.
                  
5.350%(a)
05/29/49
    
1,315,000
      
1,271,999
  
5.800%(a)
11/29/49
    
300,000
      
300,750
  
5.875%(a)
12/29/49
    
685,000
      
687,569
  
Dai-ichi Life Insurance Co., Ltd.
                  
5.100%(a) (b)
12/31/49
    
1,000,000
      
1,080,000
  
Deutsche Bank AG
                  
4.500%
04/01/25
    
1,250,000
      
1,251,875
  
EPR Properties
                  
5.250%(e)
07/15/23
    
750,000
      
809,569
  
5.750%(e)
08/15/22
    
1,500,000
      
1,651,352
  
Farmers Exchange Capital III
                  
5.454%(a) (b)
10/15/54
    
2,000,000
      
2,180,000
  
Jefferies Finance LLC
                  
7.500%(b)
04/15/21
    
500,000
      
482,500
  
JPMorgan Chase & Co.
                  
5.000%(a)
12/29/49
    
2,200,000
      
2,161,390
  
5.150%(a)
04/05/23
    
500,000
      
488,125
  
Kemper Corp.
                  
4.350%
02/15/25
    
750,000
      
767,516
  
Montpelier Re Holdings, Ltd.
                  
4.700%
10/15/22
    
1,000,000
      
1,054,448
  
Morgan Stanley
                  
5.550%(a)
12/29/49
    
500,000
      
505,000
  
Nippon Life Insurance Co.
                  
5.100%(a) (b)
10/16/44
    
1,000,000
      
1,082,500
  
Ohana Military Communities LLC
                  
5.558%(b)
10/01/36
    
600,000
      
663,966
  
SunTrust Banks, Inc.
                  
5.625%(a)
12/15/19
    
2,300,000
      
2,340,250
  
Wachovia Capital Trust III
                  
5.570%(a)
12/31/49
    
210,000
      
207,354
  
               
23,115,328
  
Industrials — 0.5%
          
Quality Distribution LLC
                  
9.875%
11/01/18
    
1,416,000
      
1,483,260
  
United Airlines Pass-Through Trust
                  
4.625%
09/03/22
    
1,000,000
      
1,013,800
  
               
2,497,060
  
Information Technology — 0.5%
          
CDK Global, Inc.
                  
4.500%(b)
10/15/24
    
1,150,000
      
1,185,297
  
 
Wilshire Variable Insurance Trust
  
Wilshire Global Allocation Fund
March 31, 2015
Schedule of Investments
(Unaudited)
 
 
Maturity
Date
  

Par
    

Value
  
         
Information Technology — (continued)
          
Juniper Networks, Inc.
                  
4.350%
06/15/25
  
$
500,000
    
$
506,919
  
Trimble Navigation, Ltd.
                  
4.750%
12/01/24
    
500,000
      
527,167
  
               
2,219,383
  
Materials — 0.3%
          
Yamana , Inc.
                  
4.950%
07/15/24
    
1,450,000
      
1,425,658
  
                   
Total Corporate Bonds
                  
(Cost $35,057,614) 
              
35,477,984
  
         
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.8%
  
Non-Agency Mortgage-Backed Obligation — 3.8%
          
Acre Commercial Mortgage Trust
                  
2.667%(a) (b)
08/15/31
    
1,000,000
      
997,735
  
Alliance Bancorp Trust
                  
0.414%(a)
07/25/37
    
1,367,521
      
913,236
  
American Home Mortgage Assets Trust
                  
0.361%(a)
12/25/46
    
2,044,900
      
1,433,966
  
Capmark Military Housing Trust
                  
5.746%(b)
02/10/52
    
1,946,649
      
1,947,622
  
GE Business Loan Trust
                  
0.623%(a) (b)
04/16/35
    
1,388,260
      
1,277,677
  
HarborView Mortgage Loan Trust
                  
0.364%(a)
01/19/38
    
1,341,669
      
1,133,317
  
Harborview Mortgage Loan Trust
                  
0.324%(a)
01/25/47
    
1,250,883
      
959,041
  
Hilton USA Trust
                  
5.222%(a) (b)
11/05/30
    
1,000,000
      
1,027,157
  
LSTAR Securities Investment Trust
                  
3.271%(a) (b)(j)
09/01/21
    
2,867,787
      
2,894,458
  
Luminent Mortgage Trust
                  
0.374%(a)
02/25/46
    
1,852,498
      
1,385,727
  
Morgan Stanley Re-REMIC Trust
                  
0.328%(a) (b)
06/26/36
    
1,260,807
      
939,516
  
Motel 6 Trust
                  
4.532%(b)
02/05/20
    
1,000,000
      
1,012,395
  
SRERS Funding, Ltd.
                  
0.417%(a) (b)
05/09/46
    
2,312,794
      
2,198,913
  
               
18,120,760
  
Total Collateralized Mortgage Obligations
          
(Cost $18,228,787)
     
18,120,760
  
MUNICIPAL BONDS — 2.5%
          
Chicago, GO(d)
                  
5.110%
01/01/31
    
1,500,000
      
703,215
  
Chicago, Waterworks Revenue, RB
                  
6.742%
11/01/40
    
290,000
      
376,922
  
College of the Sequoias Tulare Area Improvement District No. 3, GO(c)
                  
2.596%
08/01/32
    
1,000,000
      
502,090
  
 
 
Maturity
Date
  

Par
    

Value
  
         
Municipal Bonds — (continued)
          
Detroit Wayne County Stadium Authority, RB
                  
5.000%
10/01/26
  
$
400,000
    
$
445,948
  
Illinois, GO
                  
5.650%
12/01/38
    
2,000,000
      
2,126,940
  
Jefferson Sewer Revenue, RB(d)
                  
5.209%
10/01/30
    
3,000,000
      
1,431,000
  
Metropolitan Pier & Exposition Authority, Ser B, RB(d)
                  
4.840%
06/15/45
    
1,000,000
      
241,640
  
Miami-Dade, Sub-Ser, RB(d)
                  
5.142%
10/01/42
    
3,250,000
      
886,828
  
5.062%
10/01/45
    
5,550,000
      
1,283,382
  
New Jersey Transportation Trust Fund Authority, Ser B, RB
                  
6.561%
12/15/40
    
500,000
      
639,100
  
New Jersey Transportation Trust Fund Authority, Ser C, RB(d)
                  
4.840%
12/15/32
    
2,000,000
      
883,440
  
Port Authority of New York & New Jersey, Ser 182, RB
                  
5.310%
08/01/46
    
270,000
      
298,960
  
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Ser Senior A, RB
                  
5.125%
07/01/47
    
1,000,000
      
999,950
  
Puerto Rico Electric Power Authority, Ser NN, RB
                  
4.750%
07/01/33
    
405,000
      
381,279
  
Puerto Rico Highways & Transportation Authority, Ser D, RB
                  
5.000%
07/01/32
    
350,000
      
350,028
  
Puerto Rico Highways & Transportation Authority, RB
                  
5.500%
07/01/28
    
250,000
      
264,345
  
San Marcos Unified School District, Ser B, GO(d)
                  
4.370%
08/01/47
    
1,200,000
      
304,368
  
Total Municipal Bonds
                
(Cost $11,657,823)
            
12,119,435
  
         
LOAN PARTICIPATIONS — 2.3%
          
Advantage Sales and Marketing, 1st Lien Term Loan
                  
4.250%
07/23/21
    
8,065
      
8,053
  
Albertson's LLC, Term B-4 Loan
                  
5.500%
08/25/21
    
500,000
      
503,960
  
Atkore International, Inc., Initial Term Loan (First Lien)
                  
4.500%
04/09/21
    
174,125
      
172,384
  
Auris Luxembourg III SA
                  
5.500%
12/10/21
    
1,000,000
      
1,011,880
  
 
Wilshire Variable Insurance Trust
  
Wilshire Global Allocation Fund
March 31, 2015
Schedule of Investments
(Unaudited)
 
 
Maturity
Date
  

Par
    

Value
  
Loan Participations — (continued)
          
BJ's Wholesale Club, Inc., New 2013 (November) Replacement Loan (First Lien)
                  
4.500%
09/26/19
  
$
596,985
    
$
596,716
  
Carecore National, LLC, Term Loan
                  
5.500%
03/05/21
    
249,372
      
250,619
  
Carecore  National,  Unfunded Loan(f) (j)
                  
0.500%
09/15/15
    
250,000
      
—
  
CompuCom Systems, Inc., Term Loan
                  
4.250%
05/07/20
    
340,000
      
316,200
  
Evergreen Skills Lux S.À R.L., Initial Term Loan (First Lien)
                  
5.750%
04/28/21
    
298,000
      
294,275
  
Fitness International, LLC, Term B Loan
                  
5.500%
07/01/20
    
498,248
      
463,371
  
Gates Global LLC, Initial Dollar Term Loan
                  
4.250%
07/05/21
    
598,500
      
595,885
  
Go Daddy Operating Company, LLC, Initial Term Loan
                  
4.750%
05/13/21
    
497,500
      
499,206
  
Hanesbrands, Initial Term Loan
                  
3.500%
07/29/29
    
1,094,500
      
1,181,564
  
Hardware Holdings LLC, Term Loan (First Lien)
                  
8.000%
03/30/20
    
648,375
      
628,924
  
Hub International Limited, Initial Term Loan
                  
4.250%
10/02/20
    
198,998
      
197,220
  
Interactive Data Corporation, Term Loan
                  
4.750%
05/02/21
    
99,500
      
99,894
  
Landmark Aviation FBO Canada, Inc., Canadian Term Loan
                  
4.750%
10/25/19
    
26,588
      
26,601
  
Lineage Logistics, LLC, Term Loan
                  
4.500%
04/07/21
    
447,744
      
443,549
  
LM U.S. Member LLC (LM U.S. Corp Acquisition Inc.), Initial Term Loan (First Lien)
                  
4.750%
10/25/19
    
669,883
      
670,218
  
MH Sub I, LLC (Micro Holding Corp.), Initial Term Loan (First Lien)
                  
5.000%
07/08/21
    
1,316,442
      
1,314,388
  
Ranpak Cov-Lite, 2nd Lien Term Loan
                  
8.250%
09/22/22
    
200,000
      
199,666
  
TelX Group, Inc., The, Initial Term Loan (First Lien)
                  
4.500%
04/09/20
    
497,500
      
494,182
  
York Risk Services Holding Corp. (Onex York Finance LP), Term Loan
                  
4.750%
09/18/21
    
997,500
      
993,340
  
                   
Total Loan Participations (Cost $11,263,063) 
              
10,962,095
  
 
 
Maturity
Date
  

Par/Shares
    

Value
  
         
FOREIGN BONDS — 1.2% (g)
          
Dominican Republic — 0.1%
          
Dominican Republic International Bond
                  
6.850%(b)
01/27/45
  
$
500,000
    
$
525,000
  
                   
Kenya — 0.2%
          
Kenya Government International Bond
                  
6.875%(b)
06/24/24
    
900,000
      
939,825
  
                   
Mexico — 0.2%
          
Banco Inbursa SA Institucion de Banca Multiple
                  
4.125%(b)
06/06/24
    
400,000
      
394,000
  
Mexico Government International Bond
                  
4.600%
01/23/46
    
500,000
      
511,250
  
               
905,250
  
Peru — 0.3%
          
Corp. Financiera de Desarrollo SA
                  
5.250%(a) (b)
07/15/29
    
1,350,000
      
1,403,797
  
                   
Sweden — 0.3%
          
Nordea Bank AB
                  
6.125%(a) (b)
12/31/49
    
500,000
      
515,940
  
5.500%(a) (b)
09/29/49
    
1,000,000
      
1,016,250
  
               
1,532,190
  
Switzerland — 0.0%
          
Credit Suisse Group AG
                  
6.250%(a) (b)
12/29/49
    
100,000
      
98,250
  
                   
United Kingdom — 0.1%
          
HSBC Holdings PLC
                  
6.375%(a)
12/29/49
    
250,000
      
255,313
  
                   
Total Foreign Bonds
                  
(Cost $5,521,355) 
              
5,659,625
  
         
EXCHANGE TRADED FUND — 0.6%
          
Guggenheim Strategy Fund I
      
120,579
      
3,002,412
  
                   
Total Exchange Traded Fund (Cost $3,000,000) 
              
3,002,412
  
U.S. TREASURY OBLIGATIONS — 0.6%
          
U.S. Treasury Bond
                
2.807%(d)
11/15/44
    
1,030,000
      
475,571
  
U.S. Treasury Note
                
2.250%
11/15/24
    
776,000
      
797,764
  
2.000%
08/31/21
    
1,535,000
      
1,567,499
  
                   
Total U.S. Treasury Obligations
(Cost $2,748,959) 
            
2,840,834
  
 
Wilshire Variable Insurance Trust
  
Wilshire Global Allocation Fund
March 31, 2015
Schedule of Investments
(Unaudited)
 
 
Maturity
Date
  

Shares/Par
    

Value
  
         
PREFERRED STOCK — 0.3%
                
Goldman Sachs Group, Inc.,
5.500%(a)
      
62,000
    
$
1,561,160
  
                   
Total Preferred Stock
 (Cost $1,519,000)
            
1,561,160
  
         
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 INVESTMENT — 1.9%
          
Northern Trust Institutional Government Select Portfolio, Institutional Class, 0.001%(i)
      
8,789,052
      
8,789,052
  
                   
Total Short-Term Investment
 (Cost $8,789,052)
            
8,789,052
  
Total Investments- 103.9%
                
(Cost $503,399,975)†
            
497,402,689
  
Other Assets & Liabilities, Net - (3.9)%
            
(18,509,985
)
NET ASSETS - 100.0%
          
$
478,892,704
  
 
*
Affiliated fund.
(a)
Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2015. The date reported on the Schedule of Investments is the final maturity date.
(b)
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.
(c)
Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on March 31, 2015. The coupon on a step bond changes on a specified date.
(d)
Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.
(e)
Real Estate Investment Trust
(f)
Unfunded bank loan.
(g)
Foreign security denominated in U.S. currency.
(h)
Security in default on interest payments.
(i)
Rate shown is the 7-day effective yield as of March 31, 2015.
(j)
Securities considered illiquid. The total market value of such securities
at March 31, 2015 was $2,894,458 and represented 0.6% of Net Assets.
(k)
Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of March 31, 2015 was $3,478,692 and represented 0.7% of Net Assets.
†
At March 31, 2015, the tax basis cost of the Fund's investments was $503,399,975, and the unrealized appreciation and depreciation were $3,748,619 and $(9,745,905) respectively.
 
A list of the outstanding forward foreign currency contracts held by the Fund at March 31, 2015, is as follows:
 
Counterparty
Settlement
Date
Currency to
Deliver
Currency to
Receive
  
Unrealized
Appreciation
(Depreciation)
  
Bank of America
4/7/15
EUR 1,100,000
USD 1,215,599
  
$
32,713
  
Bank of America
4/7/15
GBP 300,000
USD 446,359
    
1 ,362
  
            
$
34,075
  
 
For the period ended March 31, 2015, the total amount of all forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.
 
CBO — Collateralized Bond Obligation
CDO — Collateralized Debt Obligation
CLO — Collateralized Loan Obligation
EUR —  Euro
GBP —  British Pound
GO —  General Obligation
HECM —  Home Equity Conversion Mortgage
LLC — Limited Liability Company
LP — Limited Partnership
Ltd. — Limited
MTN — Medium Term Note
PLC — Public Limited Company
Re-REMIC — Resecuritization of Real Estate Mortgage Investment Conduit
RB —  Revenue Bond
Ser — Series
USD — United States Dollar
Amounts designated as “—” are $0 or have been rounded to $0.

Wilshire Variable Insurance Trust
  
Wilshire Global Allocation Fund
March 31, 2015
Schedule of Investments
(Unaudited)
 
As of March 31, 2015, the Reverse Repurchase Agreements held by the Fund are listed below.
 
Principal
Amount
  
Counterparty
       
Value
  
$
(1,563,750
)
Barclays
0.600%
  
$
(1,563,750
)
 
(1,561,863
)
Barclays
0.340%
    
(1,561,863
)
 
(1,257,881
)
Barclays
0.850%
    
(1,257,881
)
 
(1,142,813
)
Barclays
0.450%
    
(1,142,813
)
 
(1,722,654
)
Barclays
0.550%
    
(1,722,654
)
 
(635,250
)
Barclays
-0.550%
    
(635,250
)
 
(681,563
)
Barclays
0.400%
    
(681,563
)
 
(943,750
)
Credit Suisse First Boston
-0.750%
    
(943,750
)
 
(1,315,875
)
Icahn Enterprises
0.630%
    
(1,315,875
)
 
(1,201,570
)
RBC
0.600%
    
(1,201,570
)
 
(978,750
)
RBC
0.500%
    
(978,750
)
 
(1,082,250
)
RBC
0.600%
    
(1,082,250
)
 
(1,691,026
)
RBC
0.550%
    
(1,691,026
)
 
(1,799,166
)
Suntrust
0.750%
    
(1,799,166
)
           
$
(17,578,161
)

The following is a summary of the inputs used as of March 31, 2015 in valuing the Fund’s investments carried at value:

Investments in Securities
  
Level 1
    
Level 2
    
Level 3‡
    
Total
  
Investments in Affiliated Funds
  
$
328,575,516
    
$
—
    
$
—
    
$
328,575,516
  
Asset-Backed Securities
    
—
      
66,815,124
      
3,478,692
      
70,293,816
  
Corporate Bonds
    
—
      
35,477,984
      
—
      
35,477,984
  
Collateralized Mortgage Obligations
    
—
      
18,120,760
      
—
      
18,120,760
  
Municipal Bonds
    
—
      
12,119,435
      
—
      
12,119,435
  
Loan Participations
    
—
      
10,962,095
      
—
      
10,962,095
  
Foreign Bonds
    
—
      
5,659,625
      
—
      
5,659,625
  
Exchange Traded Fund
    
3,002,412
      
—
      
—
      
3,002,412
  
U.S. Treasury Obligations
    
—
      
2,840,834
      
—
      
2,840,834
  
Preferred Stock
    
1,561,160
      
—
      
—
      
1,561,160
  
Escrow Securities
    
—
      
—
    
—
 ^  
—
 ^ 
Short-Term Investment
    
8,789,052
      
—
      
—
      
8,789,052
  
Total Investments in Securities
  
$
341,928,140
    
$
151,995,857
    
$
3,478,692
    
$
497,402,689
  
                                 
Other Financial Instruments
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Forwards Contracts**
                                
Unrealized Appreciation
  
$
—
    
$
34,075
    
$
—
    
$
34,075
  
Reverse Repurchase Agreements
    
—
      
(17,578,161
)
    
—
      
(17,578,161
)
Total Other Financial Instruments
  
$
—
    
$
(17,544,086
)
  
$
—
    
$
(17,544,086
)
 
‡
A reconciliation of Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the beginning and/or end of the period in relation to net assets.
**
Forwards contracts are valued at the unrealized appreciation (depreciation) on the instrument.
^
Lehman Brothers Holdings Capital Trust VII MTN and Lehman Brothers Holdings, Inc. MTN were considered Level 3 when originally converted to escrow shares and were valued at $0, and the values have remained $0 throughout the period ended March 31, 2015.
 
For the period ended March 31, 2015, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended March 31, 2015, there were transfers between Level 2 and Level 3 assets and liabilities due to changes in the availability of observable inputs used to determine fair value. All transfers, if any, are recognized by the Fund at the end of each period.

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, 2015
Schedules of Investments
(Unaudited)
 
 
2015 ETF Fund
    
Shares
      
Value
  
 
EXCHANGE TRADED FUNDS - 99.0%
  
 
51,030
  
Market Vectors Emerging Markets Local Currency Bond ETF
  
$
1,026,724
  
 
44,080
  
SPDR Barclays High Yield Bond ETF
    
1,728,817
  
 
103,490
  
Vanguard Europe Pacific ETF
    
4,122,007
  
 
18,970
  
Vanguard Extended Market VIPERs ETF
    
1,754,156
  
 
16,826
  
Vanguard FTSE Emerging Markets ETF
    
687,679
  
 
18,300
  
Vanguard Global ex-U.S. Real Estate ETF(a)
    
1,029,741
  
 
12,466
  
Vanguard REIT ETF(a)
    
1,048,017
  
 
41,310
  
Vanguard S&P 500 ETF
    
7,815,852
  
 
68,020
  
Vanguard Scottsdale Funds
    
5,965,354
  
 
43,000
  
Vanguard Short-Term Inflation-Protected Securities ETF
    
2,083,780
  
 
71,630
  
Vanguard Total Bond Market ETF
    
5,971,793
  
 
19,470
  
Vanguard Total International Bond ETF
    
1,053,132
  
             
Total Exchange Traded Funds - 99.0%
        
(Cost $30,737,665)
    
34,287,052
  
 
SHORT-TERM INVESTMENTS (c) - 6.2%
  
 
593,382
  
Northern Trust Institutional Government Select Portfolio, Institutional Class, 0.001%
    
593,382
  
 
1,566,747
  
Northern Trust Institutional Liquid Asset Portfolio, Institutional Class, 0.001% (b)
    
1,566,747
  
             
Total Short-Term Investments - 6.2%
        
(Cost $2,160,129)
    
2,160,129
  
             
Total Investments - 105.2%
        
(Cost $32,897,794)†
    
36,447,181
  
Other Assets & Liabilities, Net - (5.2)%
    
(1,815,903
)
NET ASSETS - 100.0%
  
$
34,631,278
  
 
 
2025 ETF Fund
    
Shares
      
Value
  
 
EXCHANGE TRADED FUNDS - 98.2%
  
 
58,740
  
Market Vectors Emerging Markets Local Currency Bond ETF
  
$
1,181,849
  
 
45,646
  
SPDR Barclays High Yield Bond ETF
    
1,790,236
  
 
253,120
  
Vanguard Europe Pacific ETF
    
10,081,769
  
 
39,300
  
Vanguard Extended Market VIPERs ETF
    
3,634,071
  
 
58,101
  
Vanguard FTSE Emerging Markets ETF
    
2,374,588
  
 
31,600
  
Vanguard Global ex-U.S. Real Estate ETF(a)
    
1,778,132
  
 
21,530
  
Vanguard REIT ETF(a)
    
1,810,027
  
 
89,930
  
Vanguard S&P 500 ETF
    
17,014,756
  
 
89,780
  
Vanguard Scottsdale Funds
    
7,873,706
  
 
49,480
  
Vanguard Short-Term Inflation-Protected Securities ETF
    
2,397,801
  
 
94,552
  
Vanguard Total Bond Market ETF
    
7,882,800
  
 
22,410
  
Vanguard Total International Bond ETF
    
1,212,157
  
             
Total Exchange Traded Funds - 98.2%
        
(Cost $52,060,857)
    
59,031,892
  
 
SHORT-TERM INVESTMENTS (c) - 5.0%
  
 
1,209,863
  
Northern Trust Institutional Government Select Portfolio, Institutional Class,  0.001%
    
1,209,863
  
 
1,789,997
  
Northern Trust Institutional Liquid Asset Portfolio, Institutional Class, 0.001% (b)
    
1,789,997
  
             
Total Short-Term Investments - 5.0%
        
(Cost $2,999,860)
    
2,999,860
  
             
Total Investments - 103.2%
        
(Cost $55,060,717)†
    
62,031,752
  
Other Assets & Liabilities, Net - (3.2)%
    
(1,903,666
)
NET ASSETS - 100.0%
  
$
60,128,086
  
 
Wilshire Variable Insurance Trust
 March 31, 2015
Schedules of Investments
(Unaudited)
 
 
2035 ETF Fund
    
Shares
      
Value
  
 
EXCHANGE TRADED FUNDS - 97.0%
  
 
35,090
  
Market Vectors Emerging Markets Local Currency Bond ETF
  
$
706,011
  
 
36,360
  
SPDR Barclays High Yield Bond ETF
    
1,426,039
  
 
373,630
  
Vanguard Europe Pacific ETF
    
14,881,683
  
 
62,610
  
Vanguard Extended Market VIPERs ETF
    
5,789,547
  
 
86,789
  
Vanguard FTSE Emerging Markets ETF
    
3,547,066
  
 
37,770
  
Vanguard Global ex-U.S. Real Estate ETF(a)
    
2,125,318
  
 
25,724
  
Vanguard REIT ETF(a)
    
2,162,617
  
 
137,110
  
Vanguard S&P 500 ETF
    
25,941,212
  
 
66,020
  
Vanguard Scottsdale Funds
    
5,789,954
  
 
29,560
  
Vanguard Short-Term Inflation-Protected Securities ETF
    
1,432,477
  
 
69,524
  
Vanguard Total Bond Market ETF
    
5,796,216
  
 
13,390
  
Vanguard Total International Bond ETF
    
724,265
  
             
Total Exchange Traded Funds - 97.0%
        
(Cost $60,595,061)
    
70,322,405
  
 
SHORT-TERM INVESTMENTS (c) - 5.8%
  
 
1,911,309
  
Northern Trust Institutional Government Select Portfolio, Institutional Class, 0.001%
    
1,911,309
  
 
2,285,331
  
Northern Trust Institutional Liquid Asset Portfolio, Institutional Class, 0.001% (b)
    
2,285,331
  
             
Total Short-Term Investments - 5.8%
        
(Cost $4,196,640)
    
4,196,640
  
             
Total Investments - 102.8%
        
(Cost $64,791,701)†
    
74,519,045
  
Other Assets & Liabilities, Net - (2.8)%
    
(2,025,556
)
NET ASSETS - 100.0%
  
$
72,493,489
  
 
†
The federal tax cost and unrealized appreciation and depreciation at March 31, 2015 for each Fund is as follows:
 
       
Aggregate
    
Aggregate
  
       
Gross
    
Gross
  
       
Unrealized
    
Unrealized
  
Fund
  
Tax Cost
    
Appreciation
    
Depreciation
  
2015 ETF Fund
  
$
32,897,794
    
$
3,850,994
    
$
(301,607
)
2025 ETF Fund
    
55,060,717
      
7,333,367
      
(362,332
)
2035 ETF Fund
    
64,791,701
      
10,054,668
      
(327,324
)
 
(a)
This security or a partial position of this security is on loan at March 31, 2015. The total market value of securities on loan at March 31, 2015 for the 2015 ETF Fund, 2025 ETF Fund and 2035 ETF Fund was $1,513,648, $1,729,700 and $2,208,174, respectively.
(b)
This security was purchased with cash collateral held from securities on loan. The total value of such securities at March 31, 2015 for 2015 ETF Fund, 2025 ETF Fund and 2035 ETF Fund was $1,566,757, $1,789,997 and $2,285,331, respectively.
(c)
Rate shown is the 7-day effective yield as of March 31, 2015.
 
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
VIPERs — Vanguard Index Participation Equity Receipts

As of March 31, 2015, 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, 2015, 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.

­­­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, 2015
    

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, 2015
    
     
By (Signature and Title)
/s/ Michael Wauters
  
 
Michael Wauters, Treasurer
  
     
Date:  May 29, 2015