UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Jason A. Schwarz

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

The Report to Shareholders is attached herewith.

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

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

Dear Wilshire Variable Insurance Trust Shareholder:

We are pleased to present this semi-annual report to all shareholders of the Funds of the Wilshire Variable Insurance Trust. This report covers the period from January 1, 2018 to June 30, 2018, for the Wilshire Global Allocation Fund, Wilshire 2015 Fund, Wilshire 2025 Fund, and Wilshire 2035 Fund.

Market Environment

U.S. Equity Market

The U.S. stock market, represented by the Wilshire 5000 Total Market Index^SM, was up 3.04% for the first half of the year. During the first six months of the year, growth-oriented stocks outpaced value securities across all market capitalizations. Within the small cap space, growth stocks have generally outpaced value stocks except for the most recent quarter where value led growth. Sector performance was mixed with six of the eleven major sectors producing gains. Information Technology and Consumer Discretionary were the top performers, returning, +11.34% and +10.22%, respectively. Consumer Staples (-7.72%) and Telecommunication Services (-7.78%) were the largest laggards. Concerns over trade and tariffs continued to drive markets this spring, as did increased anti-euro sentiment in Italy.

International Equity Market

Equity markets outside of the U.S. produced mixed results, with the MSCI All Country World ex USA Index down -3.77% for the year-to-date period ended June 30, 2018. As global growth slowed and the Federal Reserve adopted a more aggressive stance on interest rates, the U.S. dollar was up approximately 5% versus a basket of international currencies. Equity price volatility affected global markets, as tensions seemed to escalate between the U.S. and its major trading partners. The broad developed markets index represented by the MSCI EAFE Index, however, returned 3.47% in local currency. Additionally, the MSCI Japan Index returned -3.66% through June 30. Emerging markets struggled during the second quarter as U.S. trade war fears weighed on export-driven economies, erasing all of the earlier gains from the first quarter. The MSCI Emerging Markets Index produced -6.66% over the same time period.

Bond Market

Bonds overall did not fare well during the first six months of 2018 as concerns around inflation, a global trade war, continued geopolitical risk, and slower than expected economic growth weighed on sentiment. The Bloomberg Barclays US Aggregate Bond Index returned -1.62% for the period. While the Federal Reserve raised the federal funds rate in both March and June meetings, rates on longer-term bonds remain low, and the U.S. Treasury yield curve flattened in the second quarter. U.S. Treasuries hit a peak of 3.11% in mid-May but fell to 2.85% by the end of the second quarter. Credit spreads for investment grade bonds widened to 116 bps over U.S. Treasuries at the end of the period. The Bloomberg Barclays US High Yield Index returned 0.16% for the first half of the year as credit spreads remained within a tight range.

Fund Performance Review

The Wilshire Global Allocation Fund returned -0.29%, underperforming the 65/35 Hybrid Index (65% MSCI All Country World Index and 35% Bloomberg Barclays Global Aggregate Index (Hedged)) by 0.11%. The Wilshire 2015 Fund returned 0.00%, underperforming the S&P Target Date 2015 Index by 0.07%. The Wilshire 2025 Fund returned 0.17%, underperforming the S&P Target Date 2025 Index return by 0.12%. The Wilshire 2035 Fund returned 0.51%, underperforming the S&P Target Date 2035 Index by 0.05%. Despite the Funds’ performance for the first six months of 2018, we are confident that each 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

1

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Annuity contract fees are not reflected in returns. If these fees were included, returns would be lower. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com.

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 Funds 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 Funds operate under a fund of funds structure, pursuant to which the Funds invest in underlying affiliated funds (“Underlying Funds”) and unaffiliated investment companies and exchange-traded funds (“ETFs”). An investor in the Funds should understand that alternatively he or she could allocate investments directly to an Underlying Fund, unaffiliated investment company or ETF. By investing indirectly in an Underlying Fund, unaffiliated investment company or ETF through the Funds, an investor bears not only his or her proportionate share of certain expenses of the Funds (such as operating costs), but also, indirectly, similar expenses of an Underlying Fund, unaffiliated investment company or ETF. The management fee charged to the Funds is based on the average daily net assets not invested in the Underlying Funds.

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

The Bloomberg Barclays US Aggregate Bond Index is made up of the Bloomberg Barclays US 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 USA 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 Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

The Wilshire 5000 Total Market Index^SM is widely accepted as the definitive benchmark for the U.S. equity market, and measures performance of all U.S. equity securities with readily available price data.

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WILSHIRE GLOBAL ALLOCATION FUND

Average Annual Total Returns

65/35 HYBRID INDEX⁽¹⁾

Average Annual Total Returns

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.

During the ten years ended June 30, 2018, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements, total returns would have been lower. For the six months ended June 30, 2018, the investment adviser did not reduce its fees or reimburse expenses.

3

PORTFOLIO SECTOR WEIGHTING*

 (As of June 30, 2018)

The Wilshire 5000 Total Market Index^SM returned 3.04% for the first half of the year as concerns around inflation, global trade war, continued geopolitical risk, and slower than expected economic growth weighed on investors’ minds. Inflation fears and valuation concerns caused the CBOE Volatility Index to spike to 37.32 in February before falling to 16.09 at the end of June. Following a global sell-off during early February, the U.S. equity market recovered in the second quarter of 2018. This marks the second longest U.S. bull market since World War II. Volatility continued to be a theme during the second quarter, as U.S. tariffs on Chinese goods and Beijing’s intent to respond “in kind” have increased fears of a trade war; however, these levels are in line with long term historical figures.

Personal income, consumer spending, and the consumer price index have all increased over the year through June 2018, albeit at a slower pace compared to the previous year. Reflecting an improved outlook for growth, the Federal Open Market Committee raised the federal funds rate again in June to between 1.75% and 2.00% and signaled plans to raise rates two more times this year. On the equity front, year to date, growth-oriented securities have outperformed value-oriented stocks, and small capitalization stocks outperformed their large capitalization counterparts.

As global growth slowed and the Federal Reserve adopted a more aggressive stance on interest rates, the U.S. dollar reversed its previous trend and ended the period up approximately 5% versus a basket of international currencies, which heavily impacted U.S.-based investors. Outside of the United States, equities have not fared well, with the MSCI All Country World ex USA Index returning -3.77% for the year-to-date period through June 30. Equity price volatility affected global markets as tensions seemed to escalate between the U.S. and its major trading partners. Emerging markets struggled during the second quarter as trade war concerns weighed on export-driven economies, erasing all of the earlier gain in the first quarter. The MSCI Emerging Markets Index produced -6.66% for the year-to-date period through June 30.

The Bloomberg Barclays US Aggregate Bond Index returned -1.62% for the first six months of the year, as credit spreads continue to widen. The ICE Bank of America/Merrill Lynch US High Yield Index gained 1.00% as spreads remained within a tight range. The yield curve flattened during the period as the long end of the curve did not keep pace with the rising yields on the short end of the curve. While the short end of the curve is directly influenced by the federal funds rate, the long end is driven by market outlook. Continued economic growth without upward movement in long rates could be an indication that market participants are expecting an economic slowdown. Globally, continued rhetoric around a trade war, as well as fresh challenges with political developments in Italy, weighed on performance. Demand for risk assets has decreased as central banks roll back stimulus. The Citi World Government Bond Index ended the first six months of the year down -0.94%. Emerging market bonds were heavily impacted by the geopolitical uncertainty.

The Wilshire Global Allocation Fund returned -0.29% for the first six months of 2018, underperforming the custom benchmark* return of -0.18%. Weak relative performance from the Wilshire Small Company Growth and Value 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 2018 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

*Custom Benchmark: 65% MSCI All Country World Index, 35% Bloomberg Barclays Global Aggregate Index (Hedged)

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Wilshire 2015 FUND

Average Annual Total Returns

S&P TARGET DATE 2015 INDEX⁽¹⁾

Average Annual Total Returns

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.

During the ten years ended June 30, 2018, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements, total returns would have been lower. For the six months ended June 30, 2018, the investment adviser did not reduce its fees or reimburse expenses.

5

PORTFOLIO SECTOR WEIGHTING*

 (As of June 30, 2018)

The Wilshire 5000 Total Market Index^SM returned 3.04% for the first half of the year as concerns around inflation, global trade war, continued geopolitical risk, and slower than expected economic growth weighed on investors’ minds. Inflation fears and valuation concerns caused the CBOE Volatility Index to spike to 37.32 in February before falling to 16.09 at the end of June. Following a global sell-off during early February, the U.S. equity market recovered in the second quarter of 2018. This marks the second longest U.S. bull market since World War II. Volatility continued to be a theme during the second quarter, as U.S. tariffs on Chinese goods and Beijing’s intent to respond “in kind” have increased fears of a trade war; however, these levels are in line with long term historical figures.

Personal income, consumer spending, and the consumer price index have all increased over the year through June 2018, albeit at a slower pace compared to the previous year. Reflecting an improved outlook for growth, the Federal Open Market Committee raised the federal funds rate again in June to between 1.75% and 2.00% and signaled plans to raise rates two more times this year. On the equity front, year to date, growth-oriented securities have outperformed value-oriented stocks, and small capitalization stocks outperformed their large capitalization counterparts.

As global growth slowed and the Federal Reserve adopted a more aggressive stance on interest rates, the U.S. dollar reversed its previous trend and ended the period up approximately 5% versus a basket of international currencies, which heavily impacted U.S.-based investors. Outside of the United States, equities have not fared well, with the MSCI All Country World Index ex USA Index returning -3.77% for the year-to-date period through June 30. Equity price volatility affected global markets as tensions seemed to escalate between the U.S. and its major trading partners. Emerging markets struggled during the second quarter as trade war concerns weighed on export-driven economies, erasing all of the earlier gain in the first quarter. The MSCI Emerging Markets Index produced -6.66% for the year-to-date period through June 30.

The Bloomberg Barclays US Aggregate Bond Index returned -1.62% for the first six months of the year, as credit spreads continue to widen. The ICE Bank of America/Merrill Lynch US High Yield Index gained 1.00% as spreads remained within a tight range. The yield curve flattened during the period as the long end of the curve did not keep pace with the rising yields on the short end of the curve. While the short end of the curve is directly influenced by the federal funds rate, the long end is driven by market outlook. Continued economic growth without upward movement in long rates could be an indication that market participants are expecting an economic slowdown. Globally, continued rhetoric around a trade war, as well as fresh challenges with political developments in Italy, weighed on performance. Demand for risk assets has decreased as central banks roll back stimulus. The Citi World Government Bond Index ended the first six months of the year down -0.94%. Emerging market bonds were heavily impacted by the geopolitical uncertainty.

The Wilshire 2015 Fund returned 0.00% for the first six months of 2018, underperforming the S&P Target Date 2015 Index return of 0.07%. Strong performance from the Wilshire Large Company Growth Portfolio, Wilshire International Equity and Wilshire Income Opportunities Funds helped results. Conversely, weak relative performance from the Wilshire Small Company Growth and Value Portfolios weighed on results as did a modest overweight to value-oriented securities during the half of the period.

Despite the Fund’s performance for the year-to-date period, we believe the Fund is well positioned going into the second half of 2018 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

6

Wilshire 2025 FUND

Average Annual Total Returns

S&P TARGET DATE 2025 INDEX⁽¹⁾

Average Annual Total Returns

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.

During the ten years ended June 30, 2018, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements, total returns would have been lower. For the six months ended June 30, 2018, the investment adviser did not reduce its fees or reimburse expenses.

7

PORTFOLIO SECTOR WEIGHTING*

 (As of June 30, 2018)

The Wilshire 5000 Total Market Index^SM returned 3.04% for the first half of the year as concerns around inflation, global trade war, continued geopolitical risk, and slower than expected economic growth weighed on investors’ minds. Inflation fears and valuation concerns caused the CBOE Volatility Index to spike to 37.32 in February before falling to 16.09 at the end of June. Following a global sell-off during early February, the U.S. equity market recovered in the second quarter of 2018. This marks the second longest U.S. bull market since World War II. Volatility continued to be a theme during the second quarter, as U.S. tariffs on Chinese goods and Beijing’s intent to respond “in kind” have increased fears of a trade war; however, these levels are in line with long term historical figures.

Personal income, consumer spending, and the consumer price index have all increased over the year through June 2018, albeit at a slower pace compared to the previous year. Reflecting an improved outlook for growth, the Federal Open Market Committee raised the federal funds rate again in June to between 1.75% and 2.00% and signaled plans to raise rates two more times this year. On the equity front, year to date, growth-oriented securities have outperformed value-oriented stocks, and small capitalization stocks outperformed their large capitalization counterparts.

As global growth slowed and the Federal Reserve adopted a more aggressive stance on interest rates, the U.S. dollar reversed its previous trend and ended the period up approximately 5% versus a basket of international currencies, which heavily impacted U.S.-based investors. Outside of the United States, equities have not fared well, with the MSCI All Country World ex USA Index returning -3.77% for the year-to-date period through June 30. Equity price volatility affected global markets as tensions seemed to escalate between the U.S. and its major trading partners. Emerging markets struggled during the second quarter as trade war concerns weighed on export-driven economies, erasing all of the earlier gain in the first quarter. The MSCI Emerging Markets Index produced -6.66% for the year-to-date period through June 30.

The Bloomberg Barclays US Aggregate Bond Index returned -1.62% for the first six months of the year, as credit spreads continue to widen. The ICE Bank of America/Merrill Lynch US High Yield Index gained 1.00% as spreads remained within a tight range. The yield curve flattened during the period as the long end of the curve did not keep pace with the rising yields on the short end of the curve. While the short end of the curve is directly influenced by the federal funds rate, the long end is driven by market outlook. Continued economic growth without upward movement in long rates could be an indication that market participants are expecting an economic slowdown. Globally, continued rhetoric around a trade war, as well as fresh challenges with political developments in Italy, weighed on performance. Demand for risk assets has decreased as central banks roll back stimulus. The Citi World Government Bond Index ended the first six months of the year down -0.94%. Emerging market bonds were heavily impacted by the geopolitical uncertainty.

The Wilshire 2025 Fund returned 0.17% for the first six months of 2018, underperforming the S&P Target Date 2025 Index return of 0.29%. Strong performance from the Wilshire Large Company Growth Portfolio, Wilshire International Equity and Wilshire Income Opportunities Funds helped results. Conversely, weak relative performance from the Wilshire Small Company Growth and Value Portfolios weighed on results as did a modest overweight to value-oriented securities during the half of the period.

Despite the Fund’s performance for the year-to-date period, we believe the Fund is well positioned going into the second half of 2018 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

8

Wilshire 2035 FUND

Average Annual Total Returns

S&P TARGET DATE 2035 INDEX⁽¹⁾

Average Annual Total Returns

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.

During the ten years ended June 30, 2018, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements, total returns would have been lower. For the six months ended June 30, 2018, the investment adviser did not reduce its fees or reimburse expenses.

9

PORTFOLIO SECTOR WEIGHTING*

(As of June 30, 2018)

The Wilshire 5000 Total Market Index^SM returned 3.04% for the first half of the year as concerns around inflation, global trade war, continued geopolitical risk, and slower than expected economic growth weighed on investors’ minds. Inflation fears and valuation concerns caused the CBOE Volatility Index to spike to 37.32 in February before falling to 16.09 at the end of June. Following a global sell-off during early February, the U.S. equity market recovered in the second quarter of 2018. This marks the second longest U.S. bull market since World War II. Volatility continued to be a theme during the second quarter, as U.S. tariffs on Chinese goods and Beijing’s intent to respond “in kind” have increased fears of a trade war; however, these levels are in line with long term historical figures.

Personal income, consumer spending, and the consumer price index have all increased over the year through June 2018, albeit at a slower pace compared to the previous year. Reflecting an improved outlook for growth, the Federal Open Market Committee raised the federal funds rate again in June to between 1.75% and 2.00% and signaled plans to raise rates two more times this year. On the equity front, year to date, growth-oriented securities have outperformed value-oriented stocks, and small capitalization stocks outperformed their large capitalization counterparts.

As global growth slowed and the Federal Reserve adopted a more aggressive stance on interest rates, the U.S. dollar reversed its previous trend and ended the period up approximately 5% versus a basket of international currencies, which heavily impacted U.S.-based investors. Outside of the United States, equities have not fared well, with the MSCI All Country World ex USA Index returning -3.77% for the year-to-date period through June 30. Equity price volatility affected global markets as tensions seemed to escalate between the U.S. and its major trading partners. Emerging markets struggled during the second quarter as trade war concerns weighed on export-driven economies, erasing all of the earlier gain in the first quarter. The MSCI Emerging Markets Index produced -6.66% for the year-to-date period through June 30.

The Bloomberg Barclays US Aggregate Bond Index returned -1.62% for the first six months of the year, as credit spreads continue to widen. The ICE Bank of America/Merrill Lynch US High Yield Index gained 1.00% as spreads remained within a tight range. The yield curve flattened during the period as the long end of the curve did not keep pace with the rising yields on the short end of the curve. While the short end of the curve is directly influenced by the federal funds rate, the long end is driven by market outlook. Continued economic growth without upward movement in long rates could be an indication that market participants are expecting an economic slowdown. Globally, continued rhetoric around a trade war, as well as fresh challenges with political developments in Italy, weighed on performance. Demand for risk assets has decreased as central banks roll back stimulus. The Citi World Government Bond Index ended the first six months of the year down -0.94%. Emerging market bonds were heavily impacted by the geopolitical uncertainty.

The Wilshire 2035 Fund returned 0.51% for the first six months of 2018, underperforming the S&P Target Date 2035 Index return of 0.56%. Strong performance from the Wilshire Large Company Growth Portfolio, Wilshire International Equity and Wilshire Income Opportunities Funds helped results. Conversely, weak relative performance from the Wilshire Small Company Growth and Value Portfolios weighed on results as did a modest overweight to value-oriented securities during the half of the period.

Despite Fund’s performance for the year-to-date period, we believe the Fund is well positioned going into the second half of 2018 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

10

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 Funds 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, 2018 to June 30, 2018.

The table on the next page illustrates the Funds’ 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 each 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 Funds 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 each 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 each 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 each Fund’s actual return, the results do not apply to your investment. This example is useful in making comparisons to other mutual funds because the Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on an assumed 5% annual return. You can assess each 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.

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(a) The rate shown is the 7-day effective yield as of June 30, 2018.

See Notes to Financial Statements.

13

See Notes to Financial Statements.

 14

See Notes to Financial Statements.

15

See Notes to Financial Statements.

 16

See Notes to Financial Statements.

 17

See Notes to Financial Statements.

 18

See Notes to Financial Statements.

19

See Notes to Financial Statements.

 20

See Notes to Financial Statements.

 21

See Notes to Financial Statements.

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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 Wilshire Global Allocation Fund; the Wilshire 2015 Fund; the Wilshire 2025 Fund; and the Wilshire 2035 Fund (individually a “Fund”, and collectively, the “Funds”). The Funds operate under a fund of funds structure and at this time invest substantially all of their assets in shares of certain underlying affiliated funds (the “Underlying Funds”), which are mutual funds advised by Wilshire Associates Incorporated (the “Adviser”), and in shares of unaffiliated investment companies. Shares of the Funds may only be purchased by insurance company separate accounts for certain variable insurance contracts and by plan sponsors of qualified retirement plans.

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

The investment objective of the Wilshire 2015 Fund, the Wilshire 2025 Fund and the Wilshire 2035 Fund is to provide high total return until each Fund’s target retirement date. Thereafter, each Fund’s objective is to seek high current income and, as a secondary objective, capital appreciation. Each Fund is designed to provide a mix of assets with a risk/return profile that is appropriate for the participant’s anticipated target retirement date. The risk/return profile of the Funds will adjust with time and become more conservative.

2. Significant Accounting Policies.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Funds follow accounting and reporting guidance under Financial Accounting Standards Board 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 revenues 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, repayment speeds, and default rate assumptions. Debt securities that have a remaining maturity of 60 days or less are valued at prices supplied by the Funds’ pricing agent for such securities, if available, and otherwise are valued at amortized cost 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 a Fund is carrying the security. Investments in open-end registered investment companies are valued at the end of day net asset value (“NAV”) per share as reported by the underlying funds.

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

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, 2018, there were no significant changes to the Funds’ fair value methodologies. During the six months ended June 30, 2018, there were no Level 2 or Level 3 securities held by the Funds.

The following is a summary of the inputs used to value the Funds’ investments as of June 30, 2018: