NPORT-EX 2 gaf.htm WILSHIRE GLOBAL ALLOCATION FUND PART F 9-30-23
WILSHIRE MUTUAL FUNDS, INC.
            
WILSHIRE GLOBAL ALLOCATION FUND
  
September 30, 2023 (Unaudited)
  
SCHEDULE OF INVESTMENTS
            
             
   
Shares
    
Value
  
AFFILIATED REGISTERED INVESTMENT COMPANIES - 80.3%
            
Wilshire Income Opportunities Fund - Institutional Class
    
10,579,357
    
$
88,655,012
  
Wilshire International Equity Fund - Institutional Class
    
10,886,758
      
107,561,168
  
Wilshire Large Company Growth Portfolio - Institutional Class
    
1,872,420
      
69,860,007
  
Wilshire Large Company Value Portfolio -  Institutional Class
    
3,918,811
      
72,733,124
  
Wilshire Small Company Growth Portfolio - Institutional Class
    
400,865
      
7,063,244
  
Wilshire Small Company Value Portfolio  - Institutional Class
    
297,725
      
7,133,483
  
Total Affiliated Registered Investment Companies (Cost $386,431,705)
            
353,006,038
  
                 
OTHER OPEN-END FUNDS - 19.7%
                
Fidelity Emerging Markets Index Fund - Institutional Premium Class
    
905,296
      
8,681,784
  
Vanguard Long-Term Bond Index Fund - Admiral Shares
    
763,992
      
7,739,239
  
Vanguard Mega Cap Index Fund - Insitutional Shares
    
44,401
      
13,290,024
  
Vanguard Total International Bond Index Fund - Institutional Shares
    
1,994,826
      
57,171,706
  
Total Other Open-End Funds (Cost $97,703,758)
            
86,882,753
  
                 
Total Investments at Value - 100.0% (Cost $484,135,463)
            
439,888,791
  
Liabilities in Excess of Other Assets - 0.0%
            
(101,883
)
Net Assets - 100.0%
          
$
439,786,908
  
                 

Percentages are stated as a percent of net assets.
      
       
The Accompanying Footnotes are an Integral Part of this Schedule of Investments.
      
WILSHIRE GLOBAL ALLOCATION FUND
 
 
 
 
 
 
 
 
NOTES TO SCHEDULE OF INVESTMENTS
 
 
 
 
 
 
 
 
September 30, 2023 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1. Securities 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. Investments representing shares of other open-end investment companies, are valued at their net asset value (“NAV”) as reported by such companies. 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 Fund’s pricing agent for such securities, if available, and otherwise are valued at amortized cost if the Adviser’s 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 Adviser’s Pricing Committee, whose members include at least two representatives of the Adviser, one of whom is an officer of the Trust. The Adviser has been named the valuation designee to implement the daily pricing and fair valuation procedures of the Fund. 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 Adviser’s Pricing 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. Investments in open-end registered investment companies are valued at the end of day NAV per share as reported by the underlying funds.
 
 
 
 
 
 
 
 
 
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, 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 period ended September 30, 2023, there have been no significant changes to the Fund’s fair value methodologies.
 
 
 
 
 
 
 
 
 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
                        
 
                        
Wilshire Global Allocation Fund
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Affiliated Registered Investment Companies . . . . . . . . . . . .
  
$
353,006,038
    
$
-
    
$
-
    
$
353,006,038
  
Other Open-End Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    
86,882,753
      
-
      
-
      
86,882,753
  
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  
$
439,888,791
    
$
-
    
$
-
    
$
439,888,791
  
 
                                
* Includes securities that have been fair valued at $0.
                                
 
                                
Wilshire Global Allocation Fund did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of September 30, 2023.
  
2. Affiliated Investments
                                  
Information regarding the Fund’s investments in the Affiliated Funds during the period ended September 30, 2023 is provided in the table below:
            

Fund
  
Value as of
December 31, 2022
    
Cost of
Purchases
    
Proceeds
From Sales
    
Realized Gain (Loss)
    
Change in Unrealized Appreciation (Depreciation)
    
Value as of September 30, 2023
    
Income
Distribution
    
Capital Gain Distributions
  
                                                 
Wilshire Income Opportunities Fund -
                                                
Institutional Class . . . . . . . . . . . .
  
$
95,135,612
    
$
6,940,286
    
$
(11,357,416
)
  
$
(2,249,853
)
  
$
186,383
    
$
88,655,012
    
$
2,438,384
    
$
-
  
Wilshire International Equity Fund -
                                                                
Institutional Class . . . . . . . . . . . .
    
105,146,615
      
2,355,265
      
(7,134,485
)
    
689,177
      
6,504,596
      
107,561,168
      
-
      
-
  
Wilshire Large Company Growth Portfolio -
                                                                
Institutional Class . . . . . . . . . . . .
    
70,464,457
      
37,357
      
(15,969,113
)
    
(3,060,524
)
    
18,387,830
      
69,860,007
      
-
      
-
  
Wilshire Large Company Value Portfolio -
                                                                
Institutional Class . . . . . . . . . . . .
    
84,066,417
      
791,112
      
(16,496,958
)
    
(2,105,742
)
    
6,478,295
      
72,733,124
      
-
      
-
  
Wilshire Small Company Growth Portfolio -
                                                                
Institutional Class . . . . . . . . . . . .
    
6,376,192
      
4,500,000
      
(4,170,816
)
    
(2,601,452
)
    
2,959,320
      
7,063,244
      
-
      
-
  
Wilshire Small Company Value Portfolio -
                                                                
Institutional Class . . . . . . . . . . . .
    
7,849,694
      
2,915,735
      
(3,594,980
)
    
40,721
      
(77,687
)
    
7,133,483
      
-
      
-
  
   
$
369,038,987
    
$
17,539,755
    
$
(58,723,768
)
  
$
(9,287,673
)
  
$
34,438,737
    
$
353,006,038
    
$
2,438,384
    
$
-
  

The Fund currently seeks to achieve its investment objective by investing a portion of its assets in Wilshire International Equity Fund, Wilshire Income Opportunities Fund, Wilshire Large Company Growth Portfolio, Wilshire Large Company Value Portfolio, Wilshire Small Company Growth Portfolio, and Wilshire Small Company Value Portfolio (the “Affiliated Funds”), registered open-end management investment companies. The Fund may redeem its investments from the Affiliated Funds at any time if the Adviser determines that it is in the best interest of the Fund and its shareholders to do so. The performance of the Fund may be directly affected by the performance of the Affiliated Funds. As of September 30, 2023, the percentage of net assets invested in the Wilshire Funds was 80.3%.