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Investment Company Act file number

811-07917

Wilshire Variable Insurance Trust

(Exact name of registrant as specified in charter)

1299 Ocean Avenue, Suite 700   Santa Monica, CA	90401-1085
(Address of principal executive offices)	(Zip code)

Wilshire Associates Incorporated, 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:	June 30, 2017

 

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Wilshire Variable Insurance Trust   Table of Contents

 

Letter to Shareholders	2
Commentary	4
Disclosure of Fund Expenses	6
Schedule of Investments	8
Statement of Assets and Liabilities	9
Statement of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	13
Additional Fund Information	19

 

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Shares of the Wilshire Global Allocation Fund are sold only as the underlying investment for variable annuity contracts issued by insurance companies. This report is authorized for use in connection with any offering of the Fund’s shares only if accompanied or preceded by the Fund’s current prospectus.

 

Shares of the Wilshire Variable Insurance Trust are distributed by Ultimus Fund Distributors, LLC.

 

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Wilshire Variable Insurance Trust   Letter to Shareholders (Unaudited)

 

Dear Wilshire Variable Insurance Trust Shareholder:

 

We are pleased to present this semi-annual report to all shareholders of the Wilshire Variable Insurance Trust. This report covers the period from January 1, 2017 to June 30, 2017 for the Global Allocation Fund.

 

Market Environment

 

U.S. Equity Market

 

The U.S. stock market, as represented by the Wilshire 5000 Total Market Index^SM, returned 8.74% during the first half of the year. During the first six months of the year, growth oriented stocks outpaced value securities across capitalizations and large capitalization securities outpaced their smaller capitalization counterparts. Sector performance was mostly positive during the period. Health Care, Information Technology and Consumer Discretionary returned 17.1%, 17.0%, and 11.7%, respectively. Conversely, Energy was weighed down by slumping oil prices and Telecom Services experienced negative returns as interest rate sensitivity remained a concern. The sectors returned -12.0% and -8.2%, respectively.

 

International Equity Market

 

After lagging domestic equities the last four years, international equities outperformed domestic equity markets during the first half of the year as the MSCI EAFE Index returned 13.81%. Emerging markets surged during the period benefiting from a weakening U.S. Dollar, diminished fears over Chinese economic growth, and their overall valuation discount relative to developed markets. The MSCI Emerging Markets index rose 18.43% through June 30. To end the first quarter, the U.K. officially triggered Article 50 formally beginning the country’s process to break from the European Union. The period ended with European Central Bank (ECB) President, Mario Draghi, hinting that the ECB may begin winding down its accommodative policies as the European economy shows signs of sustained economic improvement. While essentially flat during the first quarter, Japanese equities performed well during the second as the yen weakened versus the U.S. Dollar benefitting exporters. The MSCI Japan Index returned 9.9% for the period. Additionally, the second quarter of 2017 marked the fifth consecutive quarter of GDP expansion for Japan – the first time this has occurred since 2006.

 

Bond Market

 

Bonds overall performed well during the first six months of 2017 despite fears of a surge in interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index rose 2.27% for the period. While the Federal Reserve raised its federal funds rate at its March and June meetings, rates on longer-term bonds remain low and the U.S. Treasury yield curve flattened over the second half of the period. U.S. Treasuries hit a peak of 2.60% in mid-March but fell to 2.31% by the close of the first half of the year. Credit and non-investment grade bonds continued their strong run as high yield spreads narrowed 45 basis points over the quarter and the Bloomberg Barclays High Yield Index returned 4.93%. Global fixed income also fared well with the Citi World Government Bond Index returning 4.5%. Government bond yields were well supported much of the period, but experienced a sell-off in the final week of the of the first half of the year as central bank leaders from around the globe signaled a more hawkish stance.

 

Fund Performance Review

 

The Global Allocation Fund returned 7.63%, underperforming its custom benchmark by 0.24%. While the Fund modestly trailed its benchmark during the period, we are confident that the Fund is well positioned for future growth.

 

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

 

Sincerely,

 

 

Jason Schwarz
President, Wilshire Variable Insurance Trust

2

 

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Wilshire Variable Insurance Trust   Letter to Shareholders (Unaudited) - (Continued)

 

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

 

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

 

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

 

There are risks involved with investing, including the possible loss of principal. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic, or political instability in other nations. Investments in smaller companies typically exhibit higher volatility. The Fund invests in underlying affiliated funds (“Underlying Funds”) and in unaffiliated funds and exchange-traded funds (“ETFs”). An investor in the Fund should understand that alternatively he or she could allocate investments directly to an Underlying Fund or ETF. By investing indirectly in an Underlying Fund or ETF through the Fund, an investor bears not only his or her proportionate share of certain expenses of the Fund (such as operating costs), but also, indirectly, similar expenses of the Underlying Fund or ETF. The management fee charged to the Fund is based on the average daily net assets not invested in the Underlying Funds.

 

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

 

The Bloomberg Barclays U.S. Aggregate Bond Index is made up of the Bloomberg Barclays U.S. Government/Corporate Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index, including securities that are of investment grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $100 million.

 

The MSCI All Country World ex-U.S. Index is an unmanaged capitalization-weighted measure of stock markets of developed and emerging markets, with the exception of U.S.-based companies.

 

The MSCI EAFE Index is an equity index which captures large and mid-cap representation across developed markets countries around the world, excluding the U.S. and Canada.

 

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

 

The MSCI Japan Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.

 

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Wilshire Variable Insurance Trust   Wilshire Global Allocation Fund   Commentary (Unaudited)

 

WILSHIRE GLOBAL ALLOCATION FUND

Average Annual Total Returns

 

Six Months Ended 06/30/17*	7.63%
One Year Ended 06/30/17	11.44%
Five Years Ended 06/30/17	7.83%
Ten Years Ended 06/30/17	3.83%

 

Average Annual Total Returns

 

Six Months Ended 06/30/17*	7.87%
One Year Ended 06/30/17	11.73%
Five Years Ended 06/30/17	8.09%
Ten Years Ended 06/30/17	4.34%

 

*	Not annualized

 

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

 

(1)

65/35 Hybrid is a blend of 65% MSCI All Country World (ACWI) Index and 35% Bloomberg Barclays Global Aggregate Index (Hedged). The MSCI ACWI Index is an unmanaged capitalization-weighted measure of stock markets of developed and emerging markets. The Bloomberg Barclays Global Aggregate Index (Hedged) is a broad-based measure of the global investment grade fixed-rate debt markets from both developed and emerging markets issuers. An individual cannot invest directly in an index. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses.

 

During certain periods, certain fees and expenses were reduced or reimbursed. Without fee reductions and expenses reimbursements, total returns for the periods would have been lower. For the six months ended June 30, 2017, the investment adviser did not reduce its fees.

4

 

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Wilshire Variable Insurance Trust   Wilshire Global Allocation Fund   Commentary (Unaudited) - (Continued)

 

PORTFOLIO SECTOR WEIGHTING*

 

(As of June 30, 2017)

 

 

Markets rallied to start the year behind strong corporate earnings growth, improved investor sentiment, resilient consumer spending and signs of diminishing political risks globally. The Wilshire 5000 Total Market Index^SM returned 8.74% for the first half of the year. Domestic indexes achieved multiple record highs over the period amid a historically low volatility environment. Both consumer and business spending contributed to growth, and the U.S. Consumer Confidence Index rose to its highest level since 2000. After four years lagging U.S. equities, international equities outperformed US equities during the first half of 2017 with the MSCI ACWI ex U.S. Index returning 14.09%. The first quarter was marked by increasing political risks as pivotal elections in France neared and the U.K. officially triggered article 50 launching the process to formally withdraw from the European Union. During the second quarter, markets reacted favorably with the decisive victory of centrist Emmanuel Macron over anti-European Union nationalist Marine Le Pen in the French presidential election. Emerging markets outperformed foreign developed equities with the MSCI Emerging Markets Index returning 18.43% for the first half of the year. The U.S. fixed income market got off to a positive start as the Bloomberg Barclays U.S. Aggregate Bond Index retuned 2.27% for the first six months of the year. Investment grade corporate securities led the rally during both the first and second quarters as credit overall did well over the period. During the period, the Federal Reserve pushed forward with its plan to normalize short-term interest rates and raised the federal funds rate by 0.25% at both the March and June meetings of its Federal Open Market Committee – the second and third such raises in as many quarters. In addition, the Federal Reserve telegraphed its plan to start unwinding its balance sheet in the latter part of 2017. Globally, continued accommodative monetary policy, a weaker U.S. Dollar, positive economic outlooks and subdued inflation boosted global fixed income.

 

The Wilshire Global Allocation Fund returned 7.63% for the first six months of 2017, underperforming the custom benchmark** return of 7.87%. Weak relative performance from the Wilshire Small Company Portfolios weighed on results as did a modest overweight to value oriented securities during the first quarter. Conversely, strong performance from the Wilshire Large Company Growth Portfolio as well as an overweight allocation to international securities during the second quarter helped mitigate relative underperformance.

 

Despite the Fund’s underperformance versus its benchmark, we believe the Fund is well positioned going into the second half of 2017 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

 

*	Based on percent of Fund’s net assets.

 

**	Custom Benchmark: 1/1/14 – 5/31/14: 50% S&P 500 Index, 15% MSCI EAFE Index, 35% Bloomberg Barclays U.S. Aggregate Index; 6/1/14 to date: 65% MSCI All Country World Index, 35% Bloomberg Barclays Global Aggregated Hedged Index

5

 

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Wilshire Variable Insurance Trust   Disclosure of Fund Expenses   For the Six Months Ended June 30, 2017 (Unaudited)

 

All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur ongoing costs, which include costs for investment advisory services, administrative services, distribution and/or shareholder services and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in the Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2017 to June 30, 2017.

 

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

 

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

 

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

 

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

 

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

6

 

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Wilshire Variable Insurance Trust   Disclosure of Fund Expenses - (Continued)   For the Six Months Ended June 30, 2017 (Unaudited)

 

	Beginning Account Value 01/01/17	Ending Account Value  06/30/17	Expense Ratio(1)	Expenses Paid During Period 01/01/17-06/30/17(2)
Wilshire Global Allocation Fund
Based on Actual Fund Return	$1,000.00	$1,076.30	0.50%	$2.57
Based on Hypothetical 5% Return	$1,000.00	$1,022.31	0.50%	$2.51

 

(1)	Annualized, based on the Fund's most recent fiscal half-year expenses. The expense ratio does not include the expenses of the underlying funds in which the Fund invests.
(2)	Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period). Expenses shown do not include annuity contract fees.

7

 

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Wilshire Global Allocation Fund   Schedule of Investments   June 30, 2017 (Unaudited)

 

		Shares				Value
AFFILIATED REGISTERED INVESTMENT COMPANIES — 93.3%
Wilshire Income Opportunities Fund - Institutional Class			12,053,523			$	126,320,924
Wilshire International Equity Fund - Institutional Class			13,483,512				135,509,293
Wilshire Large Company Growth Portfolio - Institutional Class			1,151,632				47,815,746
Wilshire Large Company Value Portfolio - Institutional Class			2,234,928				47,335,770
Wilshire Small Company Growth Portfolio - Institutional Class			300,970				8,309,774
Wilshire Small Company Value Portfolio - Institutional Class			332,785				7,980,187
Total Affiliated Registered Investment Companies (Cost $361,975,281)							373,271,694
OTHER OPEN-END FUNDS — 6.3%
Vanguard Total International Bond Index Fund - Admiral Shares (Cost $26,051,781)			777,461				25,298,563
MONEY MARKET FUNDS — 0.6%
Northern Trust Institutional Government Select Portfolio – Institutional Class, 0.81% (a) (Cost $2,229,014)			2,229,014				2,229,014
Total Investments at Value — 100.2% (Cost $390,256,076)							400,799,271
Liabilities in Excess of Other Assets — (0.2%)							(648,482	)
Net Assets — 100.0%						$	400,150,789

 

(a)	The rate shown is the 7-day effective yield as of June 30, 2017.

 

As of June 30, 2017, 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 six months ended June 30, 2017, there were no transfers between Levels. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

 

See Notes to Financial Statements.

8

 

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Wilshire Variable Insurance Trust   Statement of Assets and Liabilities   June 30, 2017 (Unaudited)

 

		WILSHIRE GLOBAL ALLOCATION FUND
ASSETS:
Investments in unaffiliated securities, at value (Note 2)		$	27,527,577
Investments in affiliated funds, at value (Note 2)			373,271,694
Receivable for investment securities sold			21,549
Reclaims receivable			41,427
Receivable for Fund shares sold			1,178
Dividends receivable			25,260
Prepaid expenses			13,491
Total assets			400,902,176
LIABILITIES:
Payable for Fund shares redeemed			545,055
Payable for investment securities purchased			24,078
Investment advisory fees payable (Note 3)			36,683
Distribution (12b-1) fees payable (Note 4)			77,482
Administration fees payable (Note 3)			18,600
Other accrued expenses			49,489
Total liabilities			751,387
NET ASSETS		$	400,150,789
NET ASSETS consist of:
Paid-in capital		$	378,460,952
Accumulated net investment income			8,979,515
Accumulated net realized gains on investments and foreign currency transactions			2,168,631
Net unrealized appreciation on investments and foreign currency translation			10,541,691
NET ASSETS		$	400,150,789
SHARES OUTSTANDING:
(Unlimited shares authorized)			20,105,277
NET ASSET VALUE:
(Offering and redemption price per share)		$	19.90
Investments in unaffiliated securities, at cost (Note 2)		$	28,280,795
Investments in affiliated funds, at cost (Note 2)			361,975,281

 

See Notes to Financial Statements.

9

 

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Wilshire Variable Insurance Trust   Statement of Operations   For the Six Months Ended June 30, 2017 (Unaudited)

 

		WILSHIRE GLOBAL ALLOCATION FUND
INVESTMENT INCOME:
Dividends		$	145,968
Foreign taxes withheld			(17,640	)
Total income			128,328
EXPENSES:
Distribution (12b-1) fees (Note 4)			507,235
Investment advisory fees (Note 3)†			254,219
Administration fees (Note 3)			114,309
Professional fees			52,820
Trustees' fees (Note 3)			35,362
Printing fees			22,702
Insurance expense			11,242
Transfer agent fees			4,429
Custodian fees			3,119
Chief Compliance Officer expenses			1,196
Other			8,962
Total expenses			1,015,595
Net investment loss			(887,267	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 5):
Net realized gains (losses) from:
Unaffiliated investments			15,933
Sale of affiliated investment company shares			(2,206,237	)
Foreign currency transactions			(272	)
Net change in unrealized appreciation (depreciation) of:
Unaffiliated investments			15,648
Investments in affiliated funds			33,237,987
Forward contracts and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies			6,111
Net realized and unrealized gains on investments and foreign currency transactions			31,069,170
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	30,181,903

 

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†	Includes $176,589 of prior years’ investment advisory fee reductions and expense reimbursements recouped by the Adviser (Note 3).

 

See Notes to Financial Statements.

 

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Wilshire Variable Insurance Trust   Statements of Changes in Net Assets

 

		WILSHIRE GLOBAL ALLOCATION FUND
		Six Months Ended June 30, 2017 (Unaudited)				Year Ended December 31, 2016
OPERATIONS:
Net investment income (loss)		$	(887,267	)		$	10,179,885
Net realized losses on unaffiliated investments, sale of affiliated investment company shares and foreign currency transactions			(2,190,576	)			(407,326	)*
Net change in unrealized appreciation (depreciation) of investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies			33,259,746				12,960,399
Net increase in net assets resulting from operations			30,181,903				22,732,958
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income			—				(6,546,277	)
Net realized capital gains			—				(12,993,288	)
Total distributions to shareholders			—				(19,539,565	)
CAPITAL SHARE TRANSACTIONS: (DOLLARS)
Shares sold			1,272,952				3,153,995
Shares issued as reinvestment of distributions			—				19,539,564
Shares redeemed			(40,486,384	)			(48,943,412	)
Net decrease in net assets from capital share transactions			(39,213,432	)			(26,249,853	)
Net decrease in net assets			(9,031,529	)			(23,056,460	)
NET ASSETS:
Beginning of period			409,182,318				432,238,778
End of period		$	400,150,789			$	409,182,318
Accumulated net investment income at end of period		$	8,979,515			$	9,867,054
CAPITAL SHARE TRANSACTIONS:
Shares sold			66,556				170,667
Shares issued as reinvestment of distributions			—				1,055,622
Shares redeemed			(2,091,171	)			(2,619,310	)†
Net decrease in shares outstanding			(2,024,615	)			(1,393,021	)

 

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*	Includes realized losses as a result of in-kind transactions for the year ended December 31, 2016. See Note 8 in Notes to Financial Statements.
†	Includes shares redeemed as a result of in-kind transactions for the year ended December 31, 2016. See Note 8 in Notes to Financial Statements.

 

See Notes to Financial Statements.

 

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Wilshire Variable Insurance Trust   Wilshire Global Allocation Fund   Financial Highlights

 

For a Fund Share Outstanding Throughout Each Period.
		Period Ended June 30, 2017 (Unaudited)				Years Ended December 31,
							2016				2015				2014				2013				2012
Net asset value, beginning of period		$	18.49			$	18.38			$	19.75			$	19.42			$	16.68			$	15.42
Income/(loss) from investment operations:
Net investment income (loss) (a)			(0.00	)(b)			0.46				0.30				0.23				0.15				0.27
Net realized and unrealized gains (losses) on investments (c)			1.41				0.57				(0.30	)			0.19				2.90				1.60
Total from investment operations			1.41				1.03				0.00				0.42				3.05				1.87
Less distributions:
From net investment income			—				(0.31	)			(0.37	)			(0.09	)			(0.31	)			(0.61	)
From realized capital gains			—				(0.61	)			(1.00	)			—				—				—
Total distributions			—				(0.92	)			(1.37	)			(0.09	)			(0.31	)			(0.61	)
Net asset value, end of period		$	19.90			$	18.49			$	18.38			$	19.75			$	19.42			$	16.68
Total return (d)			7.63	%(e)			5.62	%			0.04	%			2.17	%			18.31	%			12.11	%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)		$	400,151			$	409,182			$	432,239			$	478,350			$	157,820			$	148,169
Operating expenses after fee reductions and expense reimbursements and including fees paid indirectly†			0.50	%(i)			0.51	%(f)			0.53	%(f)			0.52	%(f)			0.29	%			0.18	%
Operating expenses before fee reductions and expense reimbursements and excluding fees paid indirectly†			0.50	%(i)			0.53	%			0.63	%			0.57	%(g)			0.29	%			0.18	%
Net investment income (loss)			(0.44	%)(i)			2.44	%			1.48	%			1.17	%			0.85	%			1.61	%
Portfolio turnover rate			1	%(e)			65	%(h)			29	%			83	%(h)			151	%			7	%

 

(a)	The selected per share data was calculated using the average shares outstanding method for the period. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(b)	Amount rounds to less than $0.01 per share.
(c)	Amount includes realized capital gains distributions from affiliated investments. The amount of these distributions represents $0.30, $0.47, $0.92, $0.44 and $0.21 per share for the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively.
(d)	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies through which you invest in the Fund. The inclusion of these charges would reduce the total return figures for all periods shown.
(e)	Not annualized.
(f)	The ratio of expenses to average net assets includes interest expense, which is considered outside the expense limitation agreement. Had these expenses been excluded, the ratio would have been 0.50%, 0.50% and 0.50% for the years ended December 31, 2016, 2015 and 2014, respectively.
(g)	Had the ratio of operating expenses excluding fee reductions/expense reimbursements and excluding fees paid indirectly included these expense offsets, the ratio would have remained at 0.57%.
(h)	Includes the effect of in-kind transactions.
(i)	Annualized
†	These ratios do not include expenses from the underlying funds in which the Fund invests.

 

See Notes to Financial Statements.

 

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Wilshire Variable Insurance Trust   Notes to Financial Statements   June 30, 2017 (Unaudited)

 

1. Organization.

 

The Wilshire Variable Insurance Trust (the “Trust”) is an open-end, diversified management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently offers units of beneficial interest (shares) in four separate investment portfolios: the 2015 Fund; the 2025 Fund; the 2035 Fund; and the Wilshire Global Allocation Fund. The financial statements herein are those of the Wilshire Global Allocation Fund (the “Fund”). The assets of the Fund are segregated from the other investment portfolios of the Trust, and a shareholder’s interest is limited to the Fund. The Fund operates under a fund-of-funds structure and invests substantially all of its assets in certain underlying affiliated funds, which are mutual funds advised by Wilshire Associates Incorporated (the “Adviser”), and in unaffiliated investment companies and exchange-traded funds (the “Underlying Funds”). The financial statements for the 2015 Fund, 2025 Fund and 2035 Fund are included in a separate report. The Fund may be purchased by separate accounts of insurance companies for certain variable insurance contracts and by plan sponsors of qualified retirement plans.

 

The investment objective of the Fund is to seek to realize a high long-term total rate of return consistent with prudent investment risks.

 

2. Significant Accounting Policies.

 

In October 2016, the SEC adopted amendments to Regulation S-X which will impact financial statement presentation, particularly the presentation of derivative investments. Many of the Regulation S-X amendments are consistent with the Fund’s current financial statement presentation; therefore, management has evaluated the new standards and is in a position to be able to comply with the amendments effective August 1, 2017.

 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). As an investment company, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2013-08, the Fund follow accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.”

 

Use of estimates — The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material.

 

Security valuation — A security listed or traded on a domestic exchange is valued at its last sales price on the exchange where it is principally traded. In the absence of a current quotation, the security is valued at the mean between the last bid and asked prices on the exchange. Securities traded on National Association of Securities Dealers Automatic Quotation (“NASDAQ”) System are valued at the NASDAQ official closing price. If there is no NASDAQ official closing price available, the most recent bid quotation is used. Securities traded over-the-counter (other than on NASDAQ) are valued at the last current sale price, and if there are no such sales, the most recent bid quotation is used. Values of debt securities are generally reported at the last sales price if the security is actively traded. If a debt security is not actively traded it is typically valued by an independent pricing agent which employs methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. The independent pricing agent often utilizes proprietary models that are subjective and require the use of judgment and the application of various assumptions including, but not limited to, interest rates, prepayment speeds, and default rate assumptions. Debt securities that have a remaining maturity of 60 days or less are valued at prices supplied by the Fund’s pricing agent for such securities, if available, and otherwise are valued at amortized cost if the Pricing Committee concludes it approximates fair value. When market quotations are not readily available, securities are valued according to procedures adopted by the Board of Trustees (the “Board”) or are valued at fair value as determined in good faith by the Pricing Committee, whose members include at least two representatives of the Adviser, one of whom is an officer of the Trust, or the Trust’s Valuation Committee. Securities whose market value using the procedures outlined above do not reflect fair value because a significant valuation event has occurred may be valued at fair value by the Pricing Committee or the Valuation Committee in accordance with the Trust’s valuation procedures. The value of fair valued securities may be different from the last sale price (or the mean between the last bid and asked prices), and there is no guarantee that a fair valued security will be sold at the price at which the Fund is carrying the security.

13

 

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Wilshire Variable Insurance Trust   Notes to Financial Statements - (Continued)   June 30, 2017 (Unaudited)

 

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

 

The Fund’s investment in an exchange-traded fund (“ETF”) is valued at the ETF’s NAV or is valued at market price, depending upon whether the Fund purchased the ETF directly from the ETF in “creation units” or on an exchange, as applicable. During the six months ended June 30, 2017, no creation units were purchased by the Fund.

 

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

 

●

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

 

●

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

 

●

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

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. During the six months ended June 30, 2017, there were no significant changes to the Fund’s fair value methodologies. During the six months ended June 30, 2017, there were no Level 2 or Level 3 securities held by the Fund.

 

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

 

Security transactions and investment income — Security transactions are recorded on a trade date basis. Dividends, including distributions paid by Underlying Funds, are recorded on the ex-dividend date or, for certain foreign dividends, as soon as the dividend information becomes available. Realized gains and losses on securities sold are determined on the basis of identified cost. Distributions received on securities that represent a return of capital or capital gain are reclassed as a reduction of cost of investments and/or as a realized gain.

 

Expense policy — Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among all investment portfolios of the Trust in relation to the net assets of each portfolio or upon another reasonable basis. Expenses that are attributable to the Trust and the Wilshire Mutual Funds, Inc. (an affiliated investment company) are allocated across the Trust and the Wilshire Mutual Funds, Inc. based upon relative net assets or another reasonable basis.

 

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

 

3. Investment Advisory and Other Services.

 

The Trust employs the Adviser to manage the investment and reinvestment of the assets of the Fund and to continuously review, oversee and administer the Fund’s investment program.

14

 

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Wilshire Variable Insurance Trust   Notes to Financial Statements - (Continued)   June 30, 2017 (Unaudited)

 

Under an Investment Advisory Agreement, the Fund pays to the Adviser an amount equal to 0.55% of the average daily net assets of the Fund, excluding assets invested in investments in underlying affiliated funds.

 

Additionally, the Adviser has contractually agreed to limit expenses of the Fund to 0.50% of average daily net assets (excluding interest expense, taxes, brokerage expenses, dividend expenses on short securities, acquired fund fees and expenses and extraordinary expenses) (“Operating Expense Limit”) through April 30, 2018. The Adviser may recoup the amount of any advisory fee reductions or expense reimbursements within three years after the year in which the Adviser reduced fees or reimbursed expenses if the recoupment does not exceed the Operating Expense Limit that was in place at the time of the fee reduction or expense reimbursement. At June 30, 2017, the amounts of fee reductions and expense reimbursements subject to recoupment by the Adviser were $228,438 expiring December 31, 2018 and $85,331 expiring December 31, 2019.

 

During the six months ended June 30, 2017, the Adviser recouped prior years’ fee reductions and reimbursed expenses of $176,589.

 

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

 

DST Systems, Inc. serves as the Company’s transfer agent and dividend disbursing agent. The Northern Trust Company (“NTC”) serves as the Company’s custodian. Ultimus Fund Solutions, LLC serves as the Trust’s administrator and accounting agent and Ultimus Fund Distributors, LLC (the “Distributor”) serves as the Fund’s principal underwriter.

 

Officers and Trustees’ expenses — Certain officers of the Trust are affiliated with and receive remuneration from the Adviser. The Trust does not pay any remuneration to its officers. The Trust and Wilshire Mutual Funds, Inc. together pay each Independent Trustee an annual retainer of $48,000 and an annual additional retainer for each Committee chair of $12,000 and an annual additional retainer to the Board chair of $24,000. In addition, each Independent Trustee is compensated for Board and Committee meeting attendance in accordance with the following schedule: a Board in-person meeting fee of $3,000 for Independent Trustees and $4,000 for the Board chair, a Board telephonic meeting fee of $1,500 for Independent Trustees and $2,000 for the Board chair, and a Committee telephonic meeting fee of $500.

 

4. Distribution and Shareholder Services Plan

 

The Fund has adopted a Rule 12b-1 distribution and shareholder services plan (the “Distribution Plan”). Pursuant to the Distribution Plan, the Distributor receives from the Fund a distribution and shareholder services fee, computed at the annual rate of 0.25% of average daily net assets.

 

5. Security Transactions.

 

For the six months ended June 30, 2017, aggregate cost of purchases and proceeds from sales and maturities of securities, other than affiliated investments and short-term investments, were $137,175 and $0, respectively.

15

 

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Wilshire Variable Insurance Trust   Notes to Financial Statements - (Continued)   June 30, 2017 (Unaudited)

 

Purchases and sales of affiliated investments during the six months ended June 30, 2017 and values as of June 30, 2017 were:

 

Fund		Value as of December 31, 2016				Cost of Purchases				Proceeds From Sales				Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Value as of June 30, 2017				Income Distributions
Wilshire Income Opportunities Fund - Institutional Class		$	132,933,909			$	90,705			$	(11,511,389	)		$	339,857			$	4,467,842			$	126,320,924			$	—
Wilshire International Equity Fund - Institutional Class			119,802,761				1,708,015				(2,737,443	)			(5,151	)			16,741,111				135,509,293				—
Wilshire Large Company Growth Portfolio - Institutional Class			45,047,267				230,237				(3,987,683	)			(527,116	)			7,053,041				47,815,746				—
Wilshire Large Company Value Portfolio - Institutional Class			59,123,645				726,324				(15,014,660	)			(2,037,592	)			4,538,053				47,335,770				—
Wilshire Small Company Growth Portfolio - Institutional Class			11,902,935				203,085				(4,336,139	)			182,037				357,856				8,309,774				—
Wilshire Small Company Value Portfolio - Institutional Class			12,365,816				214,920				(4,522,361	)			(158,272	)			80,084				7,980,187				—

 

6. Significant Shareholders.

 

As of June 30, 2017, one omnibus shareholder owned of record 100% of the outstanding shares of the Fund. This one shareholder is the separate account through which shares of the Fund are sold.

 

7. Tax Information.

 

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

 

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

 

The federal tax cost and unrealized appreciation and depreciation at June 30, 2017 of the Fund’s portfolio securities are as follows:

 

Tax Cost				Aggregate Gross Unrealized Appreciation				Aggregate Gross Unrealized Depreciation				Net Unrealized Appreciation
$	391,292,740			$	14,846,864			$	(5,340,333	)		$	9,506,531

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Wilshire Variable Insurance Trust   Notes to Financial Statements - (Continued)   June 30, 2017 (Unaudited)

 

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

 

There were no distributions paid to shareholders during the six months ended June 30, 2017. The tax character of distributions declared during the year ended December 31, 2016 were as follows:

 

Fund		2016 Ordinary Income				2016 Capital Gains
Wilshire Global Allocation Fund		$	6,546,277			$	12,993,288

 

At December 31, 2016, the components of accumulated losses on a tax basis were as follows:

 

		Wilshire Global Allocation Fund
Undistributed ordinary income		$	12,483,514
Undistributed long-term capital gains			2,189,330
Unrealized depreciation			(23,164,910	)
Total accumulated losses		$	(8,492,066	)

 

U.S. GAAP requires that certain components of net assets be reclassified between financial and income tax reporting. The reclassifications are primarily due to foreign currency adjustments. These reclassifications have no effect on net assets or the NAV per share. As of June 30, 2017, the Fund made the following reclassifications:

 

Accumulated net investment income		$	(272	)
Accumulated net realized gains on investments and foreign currency transactions			272

 

8. In-Kind Transfers.

 

During the year ended December 31, 2016, shares of beneficial interest of the Wilshire Income Opportunities Fund were issued to the Fund through an affiliated in-kind transfer of investment securities and cash. The securities were transferred at their current value on the date of the transaction.

 

Contributing Fund	Receiving Fund	Date of Transfer		Value of Investment Securities				Cash				Total Assets				Shares Issued				Realized Loss Recognized by Contributing Fund
Wilshire Global Allocation Fund	Wilshire Income Opportunities Fund	3/30/2016		$	156,418,546			$	(13,659,576	)		$	142,758,970				14,275,906			$	(4,903,488	)

 

9. Indemnifications.

 

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

 

10. Contingencies.

 

As a part of the merger of the Equity Fund and Socially Responsible Fund into the Fund, the Fund on September 22, 2014, assumed all of the liabilities of the Equity Fund and Socially Responsible Fund, including, without limitation, contingencies relating to lawsuits. The Equity Fund and Socially Responsible Fund were named as defendants and putative members of a proposed defendant class of shareholders in a lawsuit filed on December 7, 2010, in the U.S. Bankruptcy Court for the District of Delaware, and on March 6, 2012, in the District Court for the Southern District of New York, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding. The 2010 lawsuit was brought by the Official Committee of

17

 

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Wilshire Variable Insurance Trust   Notes to Financial Statements - (Continued)   June 30, 2017 (Unaudited)

 

Unsecured Creditors of the Tribune Company and the 2012 lawsuit was brought by Deutsche Bank, as trustee for senior noteholders of Tribune Company. Both lawsuits relate to a leveraged buyout transaction by which Tribune Company converted to a privately-held company in 2007 less than a year prior to Tribune Company’s bankruptcy filing. The putative defendant class is comprised of beneficial owners of shares of Tribune Company who meet certain jurisdictional requirements and received proceeds of the leveraged buyout. The plaintiffs seek to recover those proceeds, together with interest and attorneys’ fees and expenses, as fraudulent transfers under the Bankruptcy Act or various state laws. In September 2013, the District Court dismissed the 2012 lawsuit and in March 2016 the Second Circuit Court of Appeals affirmed this decision. The 2010 lawsuit continues in the District Court. The Adviser does not expect the Fund to be materially impacted by the lawsuits.

 

11. Subsequent Event Evaluation.

 

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

18

 

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Wilshire Variable Insurance Trust   Additional Fund Information (Unaudited)

 

Information on Proxy Voting

 

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

 

Information on Form N-Q

 

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

 

Householding Policy

 

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

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Wilshire Variable Insurance Trust   Privacy Statement

 

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

 

 

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

 

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

 

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

 

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

 

 

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

 

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

 

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

 

Governmental or other legal agencies, as required by law.

 

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

 

 

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

 

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

 

 

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

 

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

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Wilshire Variable Insurance Trust   Semi-Annual Report   June 30, 2017 (Unaudited)

 

Wilshire Variable Insurance Trust
Wilshire Global Allocation Fund
Board of Trustees
Roger A. Formisano Edward Gubman John C. Hindman	Suanne K. Luhn George J. Zock Chairman of the Board
Officers of the Funds
Jason Schwarz President	Nathan R. Palmer Vice President
Benkai Bouey Chief Compliance Officer	Josh Emanuel Vice President
Michael Wauters Treasurer	Elizabeth Yakes Vice President
Gaurav Chopra Assistant Treasurer	Reena Lalji Secretary
Administrator Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246   Transfer Agent DST Systems, Inc. 333 W. 11th St. Kansas City, MO 64105   Investment Adviser Wilshire Associates Incorporated 1299 Ocean Avenue Santa Monica, CA 90401-1085   Custodian The Northern Trust Company 50 LaSalle Street Chicago, IL 60603

21

 

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Wilshire Variable Insurance Trust

 

Wilshire Associates Incorporated
1299 Ocean Avenue
Santa Monica, CA 90401
1-888-200-6796

 

WIL-SA-002-0900

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Wilshire Variable Insurance Trust

SEMI-ANNUAL REPORT (Unaudited)   2015 Fund 2025 Fund 2035 Fund

June 30, 2017

 

Wilshire Variable Insurance Trust   Table of Contents

Letter to Shareholders	1
Commentary	3
Disclosure of Fund Expenses	9
Schedules of Investments	11
Statements of Assets and Liabilities	13
Statements of Operations	14
Statements of Changes in Net Assets	15
Financial Highlights	17
Notes to Financial Statements	20
Additional Fund Information	26

Wilshire Variable Insurance Trust   Letter To Shareholders (Unaudited)

Wilshire Variable Insurance Trust   Letter To Shareholders (Unaudited) - (Continued)

Wilshire Variable Insurance Trust   2015 FUND   Commentary

Six Months Ended 06/30/17*	5.99%
One Year Ended 06/30/17	9.02%
Five Years Ended 06/30/17	6.35%
Ten Years Ended 06/30/17	4.04%

Six Months Ended 06/30/17*	5.61%
One Year Ended 06/30/17	8.31%
Five Years Ended 06/30/17	6.98%
Ten Years Ended 06/30/17	4.53%

*	Not annualized.

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

Wilshire Variable Insurance Trust   2015 FUND   Commentary - (Continued)

*	Based on percent of Fund’s net assets.

Wilshire Variable Insurance Trust   2025 FUND   Commentary

Six Months Ended 06/30/17*	7.20%
One Year Ended 06/30/17	11.16%
Five Years Ended 06/30/17	7.05%
Ten Years Ended 06/30/17	3.69%

Six Months Ended 06/30/17*	6.99%
One Year Ended 06/30/17	11.26%
Five Years Ended 06/30/17	8.68%
Ten Years Ended 06/30/17	4.84%

*	Not annualized.

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

Wilshire Variable Insurance Trust   2025 FUND   Commentary - (Continued)

*	Based on percent of Fund’s net assets.

Wilshire Variable Insurance Trust   2035 FUND   Commentary

Six Months Ended 06/30/17*	8.28%
One Year Ended 06/30/17	13.69%
Five Years Ended 06/30/17	8.11%
Ten Years Ended 06/30/17	3.27%

Six Months Ended 06/30/17*	8.18%
One Year Ended 06/30/17	13.85%
Five Years Ended 06/30/17	10.03%
Ten Years Ended 06/30/17	4.96%

*	Not annualized.

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

Wilshire Variable Insurance Trust   2035 FUND   Commentary - (Continued)

*	Based on percent of Fund’s net assets.

Wilshire Variable Insurance Trust   Disclosure of Fund Expenses   For the Six Months Ended June 30, 2017 (Unaudited)

Wilshire Variable Insurance Trust   Disclosure of Fund Expenses - (Continued)   For the Six Months Ended June 30, 2017 (Unaudited)

	Beginning Account Value 01/01/17	Ending Account Value 06/30/17	Expense Ratio(1)	Expenses Paid During Period 01/01/17-06/30/17(2)
2015 Fund
Based on Actual Fund Return	$1,000.00	$1,059.90	0.60%	$3.06
Based on Hypothetical 5% Return	$1,000.00	$1,021.82	0.60%	$3.01
2025 Fund
Based on Actual Fund Return	$1,000.00	$1,072.00	0.60%	$3.08
Based on Hypothetical 5% Return	$1,000.00	$1,021.82	0.60%	$3.01
2035 Fund
Based on Actual Fund Return	$1,000.00	$1,082.80	0.60%	$3.10
Based on Hypothetical 5% Return	$1,000.00	$1,021.82	0.60%	$3.01

(1)	Annualized, based on the Fund’s most recent fiscal half-year expenses. The expense ratio does not include the expenses of the underlying funds in which the Funds invest.
(2)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period). Expenses shown do not include annuity contract fees.

Wilshire Variable Insurance Trust   Schedules of Investments   June 30, 2017 (Unaudited)

2015 Fund

		Shares				Value
AFFILIATED REGISTERED INVESTMENT COMPANIES — 84.0%
Wilshire Income Opportunities Fund - Institutional Class			917,546			$	9,615,885
Wilshire International Equity Fund - Institutional Class			384,481				3,864,038
Wilshire Large Company Growth Portfolio - Institutional Class			80,653				3,348,732
Wilshire Large Company Value Portfolio - Institutional Class			153,899				3,259,588
Wilshire Small Company Growth Portfolio - Institutional Class			13,517				373,205
Wilshire Small Company Value Portfolio - Institutional Class			14,339				343,851
Total Affiliated Registered Investment Companies (Cost $19,549,451)							20,805,299
OPEN-END FUNDS — 15.3%
Vanguard Total Bond Market Index – Admiral Shares (Cost $3,794,848)			351,052				3,780,828
MONEY MARKET FUNDS — 0.9%
Northern Institutional Government Select Portfolio - Institutional Class, 0.81% (a) (Cost $231,833)			231,833				231,833
Total Investments at Value — 100.2% (Cost $23,576,132)							24,817,960
Liabilities in Excess of Other Assets — (0.2%)							(37,277	)
Net Assets — 100.0%						$	24,780,683

2025 Fund

		Shares				Value
AFFILIATED REGISTERED INVESTMENT COMPANIES — 88.1%
Wilshire Income Opportunities Fund - Institutional Class			1,534,453			$	16,081,066
Wilshire International Equity Fund - Institutional Class			1,360,714				13,675,174
Wilshire Large Company Growth Portfolio - Institutional Class			229,597				9,532,859
Wilshire Large Company Value Portfolio - Institutional Class			434,136				9,195,002
Wilshire Small Company Growth Portfolio - Institutional Class			40,366				1,114,508
Wilshire Small Company Value Portfolio - Institutional Class			47,046				1,128,163
Total Affiliated Registered Investment Companies (Cost $47,152,871)							50,726,772
OPEN-END FUNDS — 11.0%
Vanguard Total Bond Market Index – Institutional Class (Cost $6,369,656)			589,241				6,346,123
MONEY MARKET FUNDS — 1.1%
Northern Institutional Government Select Portfolio - Institutional Class, 0.81% (a) (Cost $632,656)			632,656				632,656
Total Investments at Value — 100.2% (Cost $54,155,183)							57,705,551
Liabilities in Excess of Other Assets — (0.2%)							(91,513	)
Net Assets — 100.0%						$	57,614,038

Wilshire Variable Insurance Trust   Schedules of Investments - (Continued)   June 30, 2017 (Unaudited)

2035 Fund

		Shares				Value
AFFILIATED REGISTERED INVESTMENT COMPANIES — 93.3%
Wilshire Income Opportunities Fund - Institutional Class			1,158,995			$	12,146,273
Wilshire International Equity Fund - Institutional Class			2,137,153				21,478,384
Wilshire Large Company Growth Portfolio - Institutional Class			384,940				15,982,690
Wilshire Large Company Value Portfolio - Institutional Class			729,448				15,449,709
Wilshire Small Company Growth Portfolio - Institutional Class			65,020				1,795,205
Wilshire Small Company Value Portfolio - Institutional Class			72,460				1,737,580
Total Affiliated Registered Investment Companies (Cost $63,303,819)							68,589,841
OPEN-END FUNDS — 5.7%
Vanguard Total Bond Market Index – Admiral Class (Cost $4,170,025)			385,758				4,154,618
MONEY MARKET FUNDS — 1.2%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.81% (a) (Cost $888,951)			888,951				888,951
Total Investments at Value — 100.2% (Cost $68,362,795)							73,633,410
Liabilities in Excess of Other Assets — (0.2%)							(130,030	)
Net Assets — 100.0%						$	73,503,380

Wilshire Variable Insurance Trust   Statements of Assets and Liabilities   June 30, 2017 (Unaudited)

		2015 FUND				2025 FUND				2035 FUND
ASSETS:
Investments in unaffiliated securities, at value (Note 2)		$	4,012,661			$	6,978,779			$	5,043,569
Investments in affiliated funds, at value (Note 2)			20,805,299				50,726,772				68,589,841
Receivable for Fund shares sold			1,178				9,932				2,517
Receivable for investment securities sold			7,960				—				—
Dividends receivable			379				753				724
Prepaid expenses			928				2,096				2,730
Total assets			24,828,405				57,718,332				73,639,381
LIABILITIES:
Payable for Fund shares redeemed			28,389				64,631				88,182
Payable for investment securities purchased			—				3,770				5,438
Investment advisory fees payable (Note 3)			1,131				6,748				8,192
Distribution fees payable (Note 4)			569				6,967				10,133
Administration fees payable (Note 3)			2,045				3,605				4,333
Accrued expenses and other payables			15,588				18,573				19,723
Total liabilities			47,722				104,294				136,001
NET ASSETS		$	24,780,683			$	57,614,038			$	73,503,380
NET ASSETS consist of:
Paid-in capital		$	20,181,809			$	46,284,540			$	56,805,109
Accumulated net investment income			699,170				1,558,326				2,010,817
Accumulated net realized gains on investments			2,657,876				6,220,804				9,416,839
Net unrealized appreciation of investments			1,241,828				3,550,368				5,270,615
NET ASSETS		$	24,780,683			$	57,614,038			$	73,503,380
SHARES OUTSTANDING:
(Unlimited shares authorized)			2,089,634				4,609,535				5,850,512
NET ASSET VALUE:
(Offering and redemption price per share)		$	11.86			$	12.50			$	12.56
Investments in unaffiliated securities, at cost (Note 2)		$	4,026,681			$	7,002,312			$	5,058,976
Investments in affiliated funds, at cost (Note 2)			19,549,451				47,152,871				63,303,819

Wilshire Variable Insurance Trust   Statements of Operations   For the Six Months Ended June 30, 2017 (Unaudited)

		2015 FUND				2025 FUND				2035 FUND
INVESTMENT INCOME:
Dividend income from unaffiliated investments		$	49,981			$	83,803			$	58,804
EXPENSES:
Distribution fees (Note 4)			33,507				77,488				102,600
Investment advisory fees (Note 3) (a)			13,514				54,930				78,630
Administration fees (Note 3)			7,647				17,617				23,139
Professional fees			9,848				13,477				15,305
Printing fees			3,330				5,044				6,886
Trustees’ fees and expenses (Note 3)			2,366				5,425				7,140
Transfer agent fees			4,485				4,513				4,543
Registration and filing fees			2,327				2,350				2,363
Custodian fees			534				944				721
Chief Compliance Officer expenses			77				178				232
Other			3,983				5,224				5,903
Total expenses			81,618				187,190				247,462
Net investment loss			(31,637	)			(103,387	)			(188,658	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS (Notes 2 and 5):
Net realized gains (losses) from:
Unaffiliated investments			3,886				(9,730	)			(35,731	)
Sale of affiliated investment company shares			241,761				578,326				1,190,500
Net change in unrealized appreciation (depreciation) of:
Unaffiliated investments			39,813				42,959				85,699
Investments in affiliated funds			1,344,666				3,848,299				5,611,534
Net realized and unrealized gains on investments			1,630,126				4,459,854				6,852,002
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	1,598,489			$	4,356,467			$	6,663,344

(a)	Includes $8,072, $45,592 and $71,697 of prior years’ investment advisory fee reductions and expense reimbursements recouped by the Adviser for 2015 Fund, 2025 Fund and 2035 Fund, respectively (Note 3).

Wilshire Variable Insurance Trust   Statements of Changes in Net Assets

		2015 FUND								2025 FUND
		Six Months Ended June 30, 2017 (Unaudited)				Year Ended December 31, 2016				Six Months Ended June 30, 2017 (Unaudited)				Year Ended December 31, 2016
OPERATIONS:
Net investment income (loss)		$	(31,637	)		$	730,807			$	(103,387	)		$	1,661,715
Net realized gains from sale of unaffiliated investments, sale of affiliated investment company shares and capital gain distributions from investment companies			245,647				2,433,488				568,596				5,652,211
Net change in unrealized appreciation (depreciation) on investments			1,384,479				(1,314,789	)			3,891,258				(3,232,880	)
Net increase in net assets resulting from operations			1,598,489				1,849,506				4,356,467				4,081,046
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income			—				(615,426	)			—				(1,098,353	)
Net realized capital gains			—				(604,558	)			—				(424,909	)
Total distributions to shareholders			—				(1,219,984	)			—				(1,523,262	)
CAPITAL SHARE TRANSACTIONS: (DOLLARS)
Shares sold			1,507,872				2,471,725				3,889,207				6,691,428
Shares issued as reinvestment of distributions			—				1,219,982				—				1,523,261
Shares redeemed			(6,507,680	)			(6,228,706	)			(14,200,762	)			(6,174,429	)
Net increase (decrease) in net assets from capital share transactions			(4,999,808	)			(2,536,999	)			(10,311,555	)			2,040,260
Net increase (decrease) in net assets			(3,401,319	)			(1,907,477	)			(5,955,088	)			4,598,044
NET ASSETS:
Beginning of period			28,182,002				30,089,479				63,569,126				58,971,082
End of period		$	24,780,683			$	28,182,002			$	57,614,038			$	63,569,126
Accumulated net investment income		$	699,170			$	730,807			$	1,558,326			$	1,661,713
CAPITAL SHARE TRANSACTIONS:
Shares sold			130,103				219,660				319,762				584,478
Shares issued as reinvestment of distributions			—				109,024				—				130,304
Shares redeemed			(559,164	)			(551,326	)			(1,160,356	)			(534,885	)
Net increase (decrease) in shares outstanding			(429,061	)			(222,642	)			(840,594	)			179,897

Wilshire Variable Insurance Trust   Statements of Changes in Net Assets - (Continued)

		2035 FUND
		Six Months Ended June 30, 2017 (Unaudited)				Year Ended December 31, 2016
OPERATIONS:
Net investment income (loss)		$	(188,658	)		$	2,199,480
Net realized gains from sale of unaffiliated investments, sale of affiliated investment company shares and capital gain distributions from investment companies			1,154,769				8,267,245
Net change in unrealized appreciation (depreciation) on investments			5,697,233				(5,049,358	)
Net increase in net assets resulting from operations			6,663,344				5,417,367
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income			—				(1,257,930	)
Net realized capital gains			—				(588,856	)
Total distributions to shareholders			—				(1,846,786	)
CAPITAL SHARE TRANSACTIONS: (DOLLARS)
Shares sold			5,554,874				10,203,761
Shares issued as reinvestment of distributions			—				1,846,785
Shares redeemed			(21,689,600	)			(5,740,374	)
Net increase (decrease) in net assets from capital share transactions			(16,134,726	)			6,310,172
Net increase (decrease) in net assets			(9,471,382	)			9,880,753
NET ASSETS:
Beginning of period			82,974,762				73,094,009
End of period		$	73,503,380			$	82,974,762
Accumulated net investment income		$	2,010,817			$	2,199,475
CAPITAL SHARE TRANSACTIONS:
Shares sold			458,221				907,128
Shares issued as reinvestment of distributions			—				158,522
Shares redeemed			(1,763,412	)			(508,896	)
Net increase (decrease) in shares outstanding			(1,305,191	)			556,754

Wilshire Variable Insurance Trust   2015 Fund   Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
		Six Months Ended June 30, 2017 (Unaudited)				Year Ended December 31, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012
Net asset value, beginning of period		$	11.19			$	10.98			$	12.28			$	12.24			$	11.39			$	10.37
Income (loss) from investment operations:
Net investment income (loss)1			(0.01	)			0.29				0.23				0.24				0.22				0.24
Net realized and unrealized gains (losses) on investments			0.68				0.43				(0.48	)			0.35				0.96				1.06
Total from investment operations			0.67				0.72				(0.25	)			0.59				1.18				1.30
Less distributions:
From net investment income			—				(0.26	)			(0.25	)			(0.21	)			(0.22	)			(0.26	)
From realized capital gains			—				(0.25	)			(0.80	)			(0.34	)			(0.11	)			(0.02	)
Total distributions			—				(0.51	)			(1.05	)			(0.55	)			(0.33	)			(0.28	)
Net asset value, end of period		$	11.86			$	11.19			$	10.98			$	12.28			$	12.24			$	11.39
Total return2			5.99	%3			6.52	%			(1.98	%)			4.78	%			10.38	%			12.48	%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)		$	24,781			$	28,182			$	30,089			$	34,197			$	33,447			$	30,291
Operating expenses after fee reductions and expense reimbursements†			0.60	%4			0.60	%			0.60	%			0.62	%5			0.60	%			0.60	%
Operating expenses before fee reductions and expense reimbursements†			0.60	%4			0.65	%			0.75	%			0.75	%			0.74	%			0.71	%
Net investment income (loss)			(0.23	%)4			2.51	%			1.85	%			1.93	%			1.82	%			2.15	%
Portfolio turnover rate			18	%3			108	%			21	%			38	%			23	%			11	%

†	These ratios do not include expenses of the investment companies in which the Fund invests.
1	The selected per share data was calculated using the average shares outstanding method for the period. Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
2	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies through which you invest in the Fund. The inclusion of these charges would reduce the total return figures for all periods shown.
3	Not annualized.
4	Annualized.
5	The ratio of expenses to average net assets includes extraordinary fees accrued outside the expense limitation agreement. Had these expenses been excluded, the ratio would have been 0.60%.

Wilshire Variable Insurance Trust   2025 Fund   Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
		Six Months Ended June 30, 2017 (Unaudited)				Year Ended December 31, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012
Net asset value, beginning of period		$	11.66			$	11.19			$	12.13			$	11.78			$	10.68			$	9.81
Income (loss) from investment operations:
Net investment income (loss)1			(0.02	)			0.31				0.22				0.24				0.21				0.23
Net realized and unrealized gains (losses) on investments			0.86				0.45				(0.50	)			0.36				1.09				1.01
Total from investment operations			0.84				0.76				(0.28	)			0.60				1.30				1.24
Less distributions:
From net investment income			—				(0.21	)			(0.20	)			(0.15	)			(0.20	)			(0.19	)
From realized capital gains			—				(0.08	)			(0.46	)			(0.10	)			—				(0.18	)
Total distributions			—				(0.29	)			(0.66	)			(0.25	)			(0.20	)			(0.37	)
Net asset value, end of period		$	12.50			$	11.66			$	11.19			$	12.13			$	11.78			$	10.68
Total return2			7.20	%3			6.75	%			(2.27	%)			5.12	%			12.22	%			12.73	%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)		$	57,614			$	63,570			$	58,971			$	56,782			$	48,826			$	38,638
Operating expenses after fee reductions and expense reimbursements†			0.60	%4			0.60	%			0.60	%			0.62	%5			0.60	%			0.60	%
Operating expenses before fee reductions and expense reimbursements†			0.60	%4			0.62	%			0.71	%			0.74	%			0.71	%			0.71	%
Net investment income (loss)			(0.33	%)4			2.72	%			1.83	%			1.98	%			1.85	%			2.19	%
Portfolio turnover rate			14	%3			108	%			23	%			23	%			12	%			6	%

†	These ratios do not include expenses of the investment companies in which the Fund invests.
1	The selected per share data was calculated using the average shares outstanding method for the period. Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
2	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies through which you invest in the Fund. The inclusion of these charges would reduce the total return figures for all periods shown.
3	Not annualized.
4	Annualized.
5	The ratio of expenses to average net assets includes extraordinary fees accrued outside the expense limitation agreement. Had these expenses been excluded, the ratio would have been 0.60%.

Wilshire Variable Insurance Trust   2035 Fund   Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
		Six Months Ended June 30, 2017 (Unaudited)				Year Ended December 31, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012
Net asset value, beginning of period		$	11.60			$	11.08			$	11.88			$	11.45			$	10.15			$	9.31
Income (loss) from investment operations:
Net investment income (loss)1			(0.03	)			0.31				0.21				0.23				0.21				0.23
Net realized and unrealized gains (losses) on investments			0.99				0.47				(0.48	)			0.39				1.31				1.07
Total from investment operations			0.96				0.78				(0.27	)			0.62				1.52				1.30
Less distributions:
From net investment income			—				(0.18	)			(0.19	)			(0.14	)			(0.20	)			(0.16	)
From realized capital gains			—				(0.08	)			(0.34	)			(0.05	)			(0.02	)			(0.30	)
Total distributions			—				(0.26	)			(0.53	)			(0.19	)			(0.22	)			(0.46	)
Net asset value, end of period		$	12.56			$	11.60			$	11.08			$	11.88			$	11.45			$	10.15
Total return2			8.28	%3			7.08	%			(2.21	%)			5.39	%			14.97	%			14.09	%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)		$	73,503			$	82,975			$	73,094			$	67,969			$	58,033			$	42,750
Operating expenses after fee reductions and expense reimbursements†			0.60	%4			0.60	%			0.60	%			0.62	%5			0.60	%			0.60	%
Operating expenses before fee reductions and expense reimbursements†			0.60	%4			0.61	%			0.71	%			0.75	%			0.71	%			0.71	%
Net investment income (loss)			(0.46	%)4			2.87	%			1.73	%			1.96	%			1.93	%			2.30	%
Portfolio turnover rate			10	%3			112	%			20	%			22	%			7	%			6	%

†	These ratios do not include expenses of the investment companies in which the Fund invests.
1	The selected per share data was calculated using the average shares outstanding method for the period. Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
2	If you are an annuity contract owner, the total return does not reflect the expenses that apply to the separate account or related insurance policies through which you invest in the Fund. The inclusion of these charges would reduce the total return figures for all periods shown.
3	Not annualized.
4	Annualized.
5	The ratio of expenses to average net assets includes extraordinary fees accrued outside the expense limitation agreement. Had these expenses been excluded, the ratio would have been 0.60%.

Wilshire Variable Insurance Trust   Notes to Financial Statements   June 30, 2017 (Unaudited)

Wilshire Variable Insurance Trust   Notes to Financial Statements - (Continued)   June 30, 2017 (Unaudited)

Wilshire Variable Insurance Trust   Notes to Financial Statements - (Continued)   June 30, 2017 (Unaudited)

Fund		Fees Recouped
2015 Fund		$	8,072
2025 Fund			45,592
2035 Fund			71,697

Wilshire Variable Insurance Trust   Notes to Financial Statements - (Continued)   June 30, 2017 (Unaudited)

Fund		Cost of Purchases				Proceeds from Sales
2015 Fund		$	3,794,848			$	4,309,293
2025 Fund			6,369,656				7,149,701
2035 Fund			4,170,024				5,029,189

Fund		Value as of  December 31, 2016				Cost of Purchases				Proceeds from Sales				Realized Gains				Change in Unrealized Appreciation (Depreciation)				Value as of June 30, 2017
2015 Fund
Wilshire Income Opportunities Fund		$	11,410,270			$	552,472			$	(2,745,376	)		$	48,892			$	349,627			$	9,615,885
Wilshire International Equity Fund			3,659,137				87,576				(383,543	)			24,232				476,636				3,864,038
Wilshire Large Company Growth Portfolio			3,477,309				124,959				(743,347	)			16,676				473,135				3,348,732
Wilshire Large Company Value Portfolio			4,058,237				176,119				(1,149,415	)			104,238				70,409				3,259,588
Wilshire Small Company Growth Portfolio			558,038				33,713				(245,109	)			24,746				1,817				373,205
Wilshire Small Company Value Portfolio			559,228				33,713				(245,109	)			22,977				(26,958	)			343,851
														$	241,761			$	1,344,666
2025 Fund
Wilshire Income Opportunities Fund		$	18,595,536			$	817,710			$	(4,007,331	)		$	74,561			$	600,590			$	16,081,066
Wilshire International Equity Fund			12,682,217				363,221				(1,126,945	)			69,453				1,687,228				13,675,174
Wilshire Large Company Growth Portfolio			10,023,368				334,867				(2,249,179	)			57,519				1,366,284				9,532,859
Wilshire Large Company Value Portfolio			11,977,912				428,804				(3,726,567	)			336,645				178,208				9,195,002
Wilshire Small Company Growth Portfolio			1,257,294				40,616				(248,883	)			24,555				40,926				1,114,508
Wilshire Small Company Value Portfolio			1,261,441				38,132				(162,066	)			15,593				(24,937	)			1,128,163
														$	578,326			$	3,848,299
2035 Fund
Wilshire Income Opportunities Fund		$	14,334,657			$	860,918			$	(3,563,886	)		$	74,237			$	440,347			$	12,146,273
Wilshire International Equity Fund			20,754,944				838,927				(3,005,332	)			252,251				2,637,594				21,478,384
Wilshire Large Company Growth Portfolio			17,233,007				787,217				(4,491,661	)			139,774				2,314,353				15,982,690
Wilshire Large Company Value Portfolio			19,814,498				935,088				(6,140,525	)			553,594				287,054				15,449,709
Wilshire Small Company Growth Portfolio			2,470,388				123,508				(920,388	)			93,453				28,244				1,795,205
Wilshire Small Company Value Portfolio			2,475,457				119,626				(838,636	)			77,191				(96,058	)			1,737,580
														$	1,190,500			$	5,611,534

Fund
2015 Fund	97%
2025 Fund	98%
2035 Fund	99%

Wilshire Variable Insurance Trust   Notes to Financial Statements - (Continued)   June 30, 2017 (Unaudited)

Fund		Tax Cost				Aggregate Gross Unrealized Appreciation				Aggregate Gross Unrealized Depreciation				Net Unrealized Appreciation
2015 Fund		$	23,585,381			$	1,247,893			$	(15,314	)		$	1,232,579
2025 Fund			54,174,836				3,558,711				(27,996	)			3,530,715
2035 Fund			68,376,597				5,280,175				(23,362	)			5,256,813

Fund		2016 Ordinary Income				2016 Capital Gains
2015 Fund		$	621,467			$	598,517
2025 Fund			1,100,063				423,199
2035 Fund			1,259,583				587,203

		2015 Fund				2025 Fund				2035 Fund
Undistributed ordinary income		$	730,807			$	1,661,713			$	2,199,475
Undistributed long-term capital gains			2,417,123				5,664,797				8,271,404
Unrealized depreciation			(147,545	)			(353,479	)			(435,952	)
Total distributable earnings		$	3,000,385			$	6,973,031			$	10,034,927

Wilshire Variable Insurance Trust   Notes to Financial Statements - (Continued)   June 30, 2017 (Unaudited)

Wilshire Variable Insurance Trust   Additional Fund Information (Unaudited)

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