N-Q 1 fp0022557_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 A. 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: September 30, 2016
 

Item 1. Schedule of Investments
 
Wilshire Variable Insurance Trust
Schedules of Investments
September 30, 2016
(Unaudited)
 
   
 2015 Fund
      
Shares
      
Value
  
   
AFFILIATED REGISTERED INVESTMENT COMPANIES - 84.7%
  
 
1,054,553
  
Wilshire Income Opportunities Fund, Institutional Class (a)
  
$
11,093,901
  
 
497,543
  
Wilshire International Equity Fund, Institutional Class
    
4,607,251
  
 
85,632
  
Wilshire Large Company Growth Portfolio, Institutional Class (a)
    
3,567,444
  
 
210,517
  
Wilshire Large Company Value Portfolio, Institutional Class
    
4,155,609
  
 
23,452
  
Wilshire Small Company Growth Portfolio, Institutional Class (a)
    
639,531
  
 
26,835
  
Wilshire Small Company Value Portfolio, Institutional Class
    
622,842
  
             
Total Affiliated Registered Investment Companies - 84.7%
  
(Cost $23,650,285)
    
24,686,578
  
   
EXCHANGE TRADED FUND - 14.9%
  
 
51,635
  
Vanguard Total Bond Market ETF
    
4,344,569
  
             
Total Exchange Traded Fund - 14.9%
        
(Cost $4,225,633)
    
4,344,569
  
   
SHORT-TERM INVESTMENT - 0.9%
  
 
268,717
  
Northern Trust Institutional Government Select Portfolio, Institutional Class, 0.240%(b)
    
268,717
  
             
Total Short-Term Investment - 0.9%
        
(Cost $268,717)
    
268,717
  
             
Total Investments - 100.5%
        
(Cost $28,144,635)†
    
29,299,864
  
Other Assets & Liabilities, Net - (0.5)%
    
(133,914
)
NET ASSETS - 100.0%
  
$
29,165,950
  
 
   
 2025 Fund
      
Shares
      
Value
  
   
AFFILIATED REGISTERED INVESTMENT COMPANIES - 88.5%
  
 
1,687,782
  
Wilshire Income Opportunities Fund, Institutional Class (a)
  
$
17,755,467
  
 
1,412,941
  
Wilshire International Equity Fund, Institutional Class
    
13,083,838
  
 
248,705
  
Wilshire Large Company Growth Portfolio, Institutional Class (a)
    
10,361,063
  
 
613,939
  
Wilshire Large Company Value Portfolio, Institutional Class
    
12,119,153
  
 
49,004
  
Wilshire Small Company Growth Portfolio, Institutional Class (a)
    
1,336,326
  
 
56,104
  
Wilshire Small Company Value Portfolio, Institutional Class
    
1,302,163
  
             
Total Affiliated Registered Investment Companies - 88.5%
  
(Cost $53,556,155)
    
55,958,010
  
   
EXCHANGE TRADED FUND - 10.6%
  
 
79,710
  
Vanguard Total Bond Market ETF
    
6,706,799
  
             
Total Exchange Traded Fund - 10.6%
        
(Cost $6,548,881)
    
6,706,799
  
   
SHORT-TERM INVESTMENT - 0.9%
  
 
567,310
  
Northern Trust Institutional Government Select Portfolio, Institutional Class, 0.240%(b)
    
567,310
  
             
Total Short-Term Investment - 0.9%
        
(Cost $567,310)
    
567,310
  
             
Total Investments - 100.0%
        
(Cost $60,672,346)†
    
63,232,119
  
Other Assets & Liabilities, Net - (0.0)%
    
(11,160
)
NET ASSETS - 100.0%
  
$
63,220,959
  

 
Wilshire Variable Insurance Trust
Schedules of Investments
September 30, 2016
(Unaudited)
 
   
 2035 Fund
      
Shares
      
Value
  
   
AFFILIATED REGISTERED INVESTMENT COMPANIES - 93.5%
  
 
1,177,939
  
Wilshire Income Opportunities Fund, Institutional Class (a)
  
$
12,391,918
  
 
2,492,499
  
Wilshire International Equity Fund, Institutional Class
    
23,080,544
  
 
388,446
  
Wilshire Large Company Growth Portfolio, Institutional Class (a)
    
16,182,640
  
 
941,373
  
Wilshire Large Company Value Portfolio, Institutional Class
    
18,582,702
  
 
95,589
  
Wilshire Small Company Growth Portfolio, Institutional Class (a)
    
2,606,718
  
 
109,483
  
Wilshire Small Company Value Portfolio, Institutional Class
    
2,541,106
  
             
Total Affiliated Registered Investment Companies - 93.5%
  
(Cost $72,001,298)
    
75,385,628
  
   
EXCHANGE TRADED FUND - 5.6%
  
 
53,424
  
Vanguard Total Bond Market ETF
    
4,495,096
  
             
Total Exchange Traded Fund - 5.6%
        
(Cost $4,418,915)
    
4,495,096
  
   
SHORT-TERM INVESTMENT - 0.9%
  
 
748,581
  
Northern Trust Institutional Government Select Portfolio, Institutional Class, 0.240%(b)
    
748,581
  
             
Total Short-Term Investments - 0.9%
        
(Cost $748,581)
    
748,581
  
             
Total Investments - 100.0%
        
(Cost $77,168,794)†
    
80,629,305
  
Other Assets & Liabilities, Net - 0.0%
    
25,179
  
NET ASSETS - 100.0%
  
$
80,654,484
  
 
†
The federal tax cost and unrealized appreciation and depreciation at September 30, 2016 for each Fund is as follows:
 
Fund
  
Tax Cost
    
Aggregate
Gross
Unrealized
Appreciation
    
Aggregate
Gross
Unrealized
Depreciation
  
2015 Fund
  
$
28,144,635
    
$
1,155,229
     $
-
  
2025 Fund
    
60,672,346
      
2,559,773
      
-
  
2035 Fund
    
77,168,794
      
3,460,511
      
-
  
 
(a)
Non-income producing security.
(b)
Rate shown is the 7-day effective yield as of September 30, 2016.
 
ETF — Exchange Traded Fund

As of September 30, 2016, 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 September 30, 2016, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the period ended September 30, 2016, there have been no transfers between Level 2 and Level 3 assets and liabilities.

For further financial information on individual registered investment companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the Wilshire Mutual Funds’ most recent semi-annual and annual financial statements.
 
 
Wilshire Variable Insurance Trust
Schedules of Investments
September 30, 2016
(Unaudited)
 
The following is a summary of the transactions with affiliates for the period ended September 30, 2016:

Fund
  
Value as of June
30, 2016
    
Purchases
    
Proceeds from
Sales
    
Realized Gain
    
Change in
Unrealized
Appreciation
(Depreciation)
    
Value as of
September 30,
2016
    
Income Distributions
    
Capital Gain Distributions
  
2015 Fund
                                                
Wilshire Income Opportunities Fund
  
$
10,578,842
    
$
879,800
    
$
(585,613
)
  
$
17,732
    
$
203,140
    
$
11,093,901
    
$
-
    
$
-
  
Wilshire International Equity Fund
    
5,181,776
      
52,496
      
(862,684
)
    
5,515
      
230,148
      
4,607,251
      
-
      
-
  
Wilshire Large Company Growth Portfolio
    
3,847,786
      
56,655
      
(529,058
)
    
22,445
      
169,616
      
3,567,444
      
-
      
15,926
  
Wilshire Large Company Value Portfolio
    
3,822,701
      
321,223
      
(148,881
)
    
5,234
      
155,332
      
4,155,609
      
-
      
25,670
  
Wilshire Small Company Growth Portfolio
    
602,798
      
7,039
      
(21,380
)
    
1,795
      
49,279
      
639,531
      
-
      
402
  
Wilshire Small Company Value Portfolio
    
588,237
      
18,169
      
(21,380
)
    
1,157
      
36,659
      
622,842
      
509
      
11,532
  
 
                                                                
2025 Fund
                                                                
Wilshire Income Opportunities Fund
  
$
16,328,180
    
$
1,671,385
    
$
(590,959
)
  
$
18,563
    
$
328,298
    
$
17,755,467
    
$
-
    
$
-
  
Wilshire International Equity Fund
    
14,619,929
      
194,064
      
(2,395,955
)
    
14,222
      
651,578
      
13,083,838
      
-
      
-
  
Wilshire Large Company Growth Portfolio
    
10,657,058
      
195,932
      
(1,033,670
)
    
44,265
      
497,478
      
10,361,063
      
-
      
45,876
  
Wilshire Large Company Value Portfolio
    
10,592,485
      
1,344,923
      
(273,001
)
    
10,510
      
444,236
      
12,119,153
      
-
      
74,257
  
Wilshire Small Company Growth Portfolio
    
1,240,489
      
19,295
      
(29,033
)
    
2,407
      
103,168
      
1,336,326
      
-
      
834
  
Wilshire Small Company Value Portfolio
    
1,210,647
      
42,392
      
(29,033
)
    
1,617
      
76,540
      
1,302,163
      
1,056
      
23,930
  
 
                                                                
2035 Fund
                                                                
Wilshire Income Opportunities Fund
  
$
10,262,689
    
$
2,147,807
    
$
(249,731
)
  
$
8,129
    
$
223,024
    
$
12,391,918
    
$
-
    
$
-
  
Wilshire International Equity Fund
    
23,598,340
      
456,699
      
(2,105,810
)
    
15,486
      
1,115,829
      
23,080,544
      
-
      
-
  
Wilshire Large Company Growth Portfolio
    
16,806,847
      
393,928
      
(1,868,263
)
    
78,117
      
772,011
      
16,182,640
      
-
      
70,930
  
Wilshire Large Company Value Portfolio
    
16,706,343
      
1,418,011
      
(250,135
)
    
10,536
      
697,947
      
18,582,702
      
-
      
112,696
  
Wilshire Small Company Growth Portfolio
    
2,385,984
      
48,935
      
(32,679
)
    
2,939
      
201,539
      
2,606,718
      
-
      
1,610
  
Wilshire Small Company Value Portfolio
    
2,328,922
      
93,552
      
(32,679
)
    
2,060
      
149,251
      
2,541,106
      
2,039
      
46,229
  
 
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.
 
 
Wilshire Variable Insurance Trust
Wilshire Global Allocation Fund
Schedule of Investments
September 30, 2016
(Unaudited)
 

Shares
      

Value
  
       
AFFILIATED REGISTERED INVESTMENT COMPANIES — 93.3%
  
 
13,067,723
Wilshire Income Opportunities Fund, Institutional Class (a)
  
$
137,472,441
  
 
13,719,431
  
Wilshire International Equity Fund, Institutional Class
    
127,041,933
  
 
1,152,189
  
Wilshire Large Company Growth Portfolio, Institutional Class (a)
    
48,000,191
  
 
2,832,306
  
Wilshire Large Company Value Portfolio, Institutional Class
    
55,909,722
  
 
423,155
  
Wilshire Small Company Growth Portfolio, Institutional Class (a)
    
11,539,446
  
 
492,776
  
Wilshire Small Company Value Portfolio, Institutional Class
    
11,437,330
  
               
Total Affiliated Registered Investment Companies (Cost $397,352,801)
    
391,401,063
  
             
EXCHANGE TRADED FUND — 6.1%
        
 
764,824
  
Vanguard Total International Bond Index Fund, Institutional Shares
    
25,644,535
  
               
Total Exchange Traded Fund
      
(Cost $25,640,055)
    
25,644,535
  
             
SHORT-TERM INVESTMENT — 0.8%
        
 
3,457,928
  
Northern Trust Institutional Government Select Portfolio, Institutional Class, 0.240%(b)
    
3,457,928
  
               
Total Short-Term Investment
      
(Cost $3,457,928)    
3,457,928 
  
Total Investments- 100.2%
        
(Cost $426,450,784)†
    
420,503,526
  
Other Assets & Liabilities, Net - (0.2)%
    
(714,997
)
NET ASSETS - 100.0%
  
$
419,788,529
  
 
(a)
Non-income producing security.
(b)
Rate shown is the 7-day effective yield as of September 30, 2016.
†
At September 30, 2016, the tax basis cost of the Fund's investments was $426,450,784, and the unrealized appreciation and depreciation were $7,081,916 and $(13,029,174), respectively.
 
As of September 30, 2016, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended September 30, 2016, there have been no transfers between Level 1, Level 2 or Level 3 assets and liabilities. It is the Fund’s policy to recognize transfers into and out of Level 1, Level 2 and Level 3 at the end of the reporting period. For the period ended September 30, 2016, there were no Level 3 investments.
 
For further financial information on individual registered investment companies, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov or the Wilshire Mutual Funds’ most recent semi-annual and annual financial statements.
 
 
Wilshire Variable Insurance Trust
Wilshire Global Allocation Fund
Schedule of Investments
September 30, 2016
(Unaudited)
 
The following is a summary of the transactions with affiliates for the period ended September 30, 2016:

Fund
  
Value as of June
30, 2016
    
Purchases
    
Proceeds from
Sales
    
Realized Gain
(Loss)
    
Change in
Unrealized
Appreciation
(Depreciation)
    
Value as of
September 30,
2016
    
Income
Distributions
    
Capital Gain
Distributions
  
Wilshire Income Opportunities Fund
  
$
123,218,153
    
$
12,064,992
    
$
(444,854
)
  
$
16,415
    
$
2,617,735
    
$
137,472,441
    
$
-
    
$
-
  
Wilshire International Equity Fund
    
134,722,838
      
14,555
      
(14,087,718
)
    
(969,720
)
    
7,361,978
      
127,041,933
      
-
      
-
  
Wilshire Large Company Growth Portfolio
    
53,790,284
      
6,113
      
(8,458,621
)
    
(1,022,346
)
    
3,684,761
      
48,000,191
      
-
      
220,280
  
Wilshire Large Company Value Portfolio
    
53,017,460
      
3,006,113
      
(2,328,872
)
    
21,237
      
2,193,784
      
55,909,722
      
-
      
352,695
  
Wilshire Small Company Growth Portfolio
    
11,104,132
      
1,165
      
(503,544
)
    
20,269
      
917,424
      
11,539,446
      
-
      
7,395
  
Wilshire Small Company Value Portfolio
    
11,015,419
      
10,474
      
(295,228
)
    
(40,313
)
    
746,978
      
11,437,330
      
9,517
      
215,711
  
 
For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.
 
 
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 A. Schwarz  
  Jason A. Schwarz, President  
     
Date: November 29, 2016
    

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 A. Schwarz  
 
Jason A. Schwarz, President
  
     
Date: November 29, 2016
    

By (Signature and Title)
 /s/ Michael Wauters  
 
Michael Wauters, Treasurer
  
     
Date: November 29, 2016