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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-07076  

 

Wilshire Mutual Funds, Inc.
(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)

 

Jason A. Schwarz

 

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: December 31, 2017  

 

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.

 

 

 

Item 1.Reports to Stockholders.

 

Wilshire Mutual Funds, Inc.

 

ANNUAL REPORT

 

Large Company Growth Portfolio

 

Large Company Value Portfolio

 

Small Company Growth Portfolio

 

Small Company Value Portfolio

 

Wilshire 5000 Indexsm Fund

 

Wilshire International Equity Fund

 

Wilshire Income Opportunities Fund

 

December 31, 2017

 

 

 

http://advisor.wilshire.com

 

 

Wilshire Mutual Funds, Inc.

 

Table of Contents

 

Letter to Shareholders

1

Commentary:

 

Large Company Growth Portfolio

4

Large Company Value Portfolio

8

Small Company Growth Portfolio

12

Small Company Value Portfolio

16

Wilshire 5000 IndexSM Fund

20

Wilshire International Equity Fund

24

Wilshire Income Opportunities Fund

30

Disclosure of Fund Expenses

36

Schedules of Investments/Condensed Schedules of Investments:

 

Large Company Growth Portfolio

39

Large Company Value Portfolio

41

Small Company Growth Portfolio

43

Small Company Value Portfolio

45

Wilshire 5000 IndexSM Fund

47

Wilshire International Equity Fund

49

Wilshire Income Opportunities Fund

52

Statements of Assets and Liabilities

71

Statements of Operations

74

Statements of Changes in Net Assets

76

Financial Highlights:

 

Large Company Growth Portfolio

81

Large Company Value Portfolio

83

Small Company Growth Portfolio

85

Small Company Value Portfolio

87

Wilshire 5000 IndexSM Fund

89

Wilshire International Equity Fund

91

Wilshire Income Opportunities Fund

93

Notes to Financial Statements

95

Report of Independent Registered Public Accounting Firm

121

Additional Fund Information

122

Tax Information

125

Board Approval of Advisory and Subadvisory Agreements

127

 


 

This report is for the general information of the shareholders of Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund. Its use in connection with any offering of a Portfolio’s shares is authorized only if accompanied or preceded by the Portfolio’s current prospectus.

 

Wilshire Mutual Funds, Inc. are distributed by Ultimus Fund Distributors, LLC.

 

 

Wilshire Mutual Funds, Inc.

 

Letter to Shareholders (Unaudited)

 

Dear Wilshire Mutual Fund Shareholder:

 

We are pleased to present this annual report to all shareholders of the Wilshire Mutual Funds. This report covers the period from January 1, 2017 to December 31, 2017, for all share classes of Large Company Growth Fund, Large Company Value Fund, Small Company Growth Fund, Small Company Value Fund, Wilshire 5000 IndexSM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund.

 

MARKET ENVIRONMENT

 

U.S. Equity Market

The US stock market, represented by the Wilshire 5000 Total Market IndexSM, was up 6.4% for the fourth quarter and 21.0% for 2017. This marks the Index’s ninth straight annual gain. Several factors contributed to this success, including a rebound in global economic growth and continued strength domestically. Investors also responded positively to the largest overhaul of the US tax system in 30 years. What also made the past year particularly impressive was the relative lack of volatility. The largest drawdown for the year was -2.75%, and there were only four trading days where the market was down 1% or more, making 2017 one of the least volatile years in nearly four decades.

 

During the year, large-cap stocks outpaced small-cap stocks, with the Wilshire US Large-Cap IndexSM and the Wilshire US Small-Cap IndexSM returning 21.8% and 13.5%, respectively. The strong overall return for the Wilshire 5000 Total Market Index masked a wide performance dispersion between investment styles and among industries for the year. Growth oriented stocks handedly outpaced growth stocks across the capitalization spectrum. The Wilshire US Large-Cap Growth IndexSM and the Wilshire US. Small-Cap Growth IndexSM outpaced their growth oriented counterparts by 940 basis points and 1,213 basis points, respectively. Sector-wise, renewed enthusiasm over long-term growth prospects and strong earnings growth expectations drove Information Technology (+37.4%) and Health Care (+23.9%) higher. Materials (+24.2%) and Industrials (+22.1%) also had strong performance on a brighter outlook for global economic growth.

 

International Equity Market

Markets rallied in 2017 behind synchronized global growth, strong corporate earnings growth, improved investor sentiment and signs of diminishing political risks globally. After four years lagging US equities, international equities outperformed US equities during the year with the MSCI ACWI ex US Index returning 27.2%. The US dollar weakened in 2017, providing a boost for US investors holding foreign currencies – the MSCI ACWI ex US Index in local currency terms returned 18.2%.

 

For the second year in a row, emerging markets outpaced foreign developed markets with the MSCI Emerging Markets Index returning 37.3%, largely driven by a weakening US dollar, strong profits from technology companies, strengthening global economy and rising commodities prices. 2017’s return was the strongest year for broad emerging markets equity since they recovered from the global financial crisis in 2009.

 

1

 

 

Wilshire Mutual Funds, Inc.

 

Letter to Shareholders (Unaudited) - (Continued)

 

Bond Market

The US fixed income market was positive for 2017 with the Bloomberg Barclays US Aggregate Bond Index returning 3.5%. Investment grade corporate securities led the rally during the year as credit overall did well over the period. The ICE Bank of America US High Yield Index returned 4.5% as spreads continued to tighten and remain near historical lows. Reflecting an improved outlook for growth, the Federal Reserve pushed forward with its plan to normalize short-term interest rates and raised the federal funds rate by 0.25% at its March, June and December meetings of its Federal Open Market Committee increasing the overnight rate to a range of 1.25% to 1.50% by the end of 2017. Additionally, the Federal Open Market Committee began to shrink its $4.5T balance sheet starting in October 2017.

 

During the first quarter, anticipation for quick and swift fiscal policy reforms from the Trump Administration fueled Treasury yields higher and the 10 Year US Treasury yield peaked at just over 2.60% in mid-March before falling to end the first quarter. The US Treasury curve continued to flatten over the remainder of the year with the bellwether 10-year Treasury yield ended the quarter at 2.40%, up slightly but approximately equal to year-end 2016. Globally, continued accommodative monetary policy, a weaker US Dollar, positive economic outlooks and subdued inflation boosted global fixed income. The Bloomberg Barclays Global Aggregate ex US Index returned 10.5% for the year.

 

Fund Performance Review

The Large Company Growth Portfolio Institutional Class returned 27.35%, underperforming the Russell 1000 Growth Index by 2.86%. The Large Company Value Portfolio Institutional Class returned 14.99%, outperforming the Russell 1000 Value Index by 1.33%. The Small Company Growth Portfolio Institutional Class returned 13.96%, underperforming the Russell 2000 Growth Index by 8.21%. The Small Company Value Portfolio Institutional Class returned 8.97%, outperforming the Russell 2000 Value Index by 1.13%. The Wilshire 5000 IndexSM Fund Institutional Class returned 20.57%, underperforming the Wilshire 5000 Total Market Index by 0.43%. The Wilshire International Equity Fund Institutional Class returned 25.92%, underperforming the MSCI All Country World ex-US Index by 1.27%. The Wilshire Income Opportunities Fund Institutional Class returned 5.84%, outperforming the Bloomberg Barclays US Universal Index by 1.75%. We are pleased with the Funds’ performance for 2017 and 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 Mutual Funds

 

2

 

 

Wilshire Mutual Funds, Inc.

 

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.

 

Index returns are for illustrative purposes only and do not represent actual Fund performance. Index performance returns do not reflect any management fees, transactions costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

 

Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise.

 

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.

 

Investing involves risk including loss of principal. This report identifies each Portfolio’s investments on December 31, 2017. These holdings are subject to change. Not all investments in each Portfolio performed the same, nor is there any guarantee that these investments will perform as well in the future. Market forecasts provided in this report may not occur.

 

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.

 

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 IndexSM 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.

 

3

 

 

Large Company Growth Portfolio

 

Commentary (Unaudited)

 

INVESTMENT CLASS SHARES

Average Annual Total Returns

 

One Year Ended 12/31/17

26.93%

Five Years Ended 12/31/17

14.38%

Ten Years Ended 12/31/17

7.34%

 

RUSSELL 1000® GROWTH INDEX(1)

Average Annual Total Returns

 

One Year Ended 12/31/17

30.21%

Five Years Ended 12/31/17

17.33%

Ten Years Ended 12/31/17

10.00%

 

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Large Company Growth Portfolio, Investment Class Shares and the Russell 1000® Growth Index through 12/31/17.

 

 

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. 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. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

 

(1)The Russell 1000® Growth Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with higher price-to-book ratios and higher forecasted growth values. 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.

 

4

 

 

Large Company Growth Portfolio

 

Commentary (Unaudited) - (Continued)

 

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

 

One Year Ended 12/31/17

27.35%

Five Years Ended 12/31/17

14.74%

Ten Years Ended 12/31/17

7.68%

 

RUSSELL 1000® GROWTH INDEX(1)

Average Annual Total Returns

 

One Year Ended 12/31/17

30.21%

Five Years Ended 12/31/17

17.33%

Ten Years Ended 12/31/17

10.00%

 

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares of Large Company Growth Portfolio, Institutional Class Shares and the Russell 1000® Growth Index through 12/31/17.

 

 

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. 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. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

 

(1)The Russell 1000® Growth Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with higher price-to-book ratios and higher forecasted growth values. 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.

 

5

 

 

Large Company Growth Portfolio

 

Commentary (Unaudited) - (Continued)

 

The Wilshire 5000 Total Market IndexSM returned 21.0% in 2017 marking the ninth consecutive year of positive gains for the broad US equity market. Several factors contributed to this success, including a rebound in global economic growth and continued strength domestically. Investors also responded positively to the largest overhaul of the US tax system in 30 years. What also made the past year particularly impressive was the relative lack of volatility. The largest drawdown for the year was -2.75%, and there were only four trading days where the market was down 1% or more, making 2017 one of the least volatile years in nearly four decades. Reflecting an improved outlook for growth, the Federal Reserve pushed forward with its plan to normalize short-term interest rates and raised the federal funds rate by 0.25% at its March, June and December meetings of its Federal Open Market Committee increasing the overnight rate to a range of 1.25% to 1.50% by the end of 2017. Additionally, the Federal Open Market Committee began to shrink their $4.5T balance sheet starting in October 2017. For the year, growth securities strongly outperformed value stocks and large capitalization stocks outperformed their smaller capitalization counterparts marking a sharp reversal from calendar year 2016 when value meaningfully outperformed growth across market capitalizations.

 

Sector performance for the Wilshire 5000 Total Market Index was mostly positive for 2017. Renewed enthusiasm over long-term growth prospects and strong earnings growth expectations drove Information Technology (+37.4%) and Health Care (+23.9%) higher. Materials (+24.2%) and Industrials (+22.1%) also had strong performance on a brighter outlook for global economic growth. Conversely, Energy (-2.5%) was the worst performing sector. After retracting to start the year, crude oil prices moved higher towards the end of the year pushing above the $60-per-barrel mark by the end of the period. However, weak natural gas prices and concerns about companies’ ability to replace production with new reserves weighed on performance.

 

The Wilshire Large Company Growth Portfolio Institutional Class returned 27.35% in 2017, underperforming the Russell 1000 Growth Index return of 30.21% by 2.86%. The Portfolio was weighed down by weak stock selection in the Health Care and Industrials sectors as well as an underweight allocation to the Energy sector. Conversely, strong stock selection in the Consumer Staples and Materials sectors helped mitigate relative underperformance.

 

Despite the Portfolio’s underperformance versus its benchmark, we believe the Portfolio is well positioned going into 2018 as the market deals with ongoing macroeconomic and geopolitical issues.

 

6

 

 

Large Company Growth Portfolio

 

Commentary (Unaudited) - (Continued)

 

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2017)

 

 

Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements).

 

7

 

 

Large Company Value Portfolio

 

Commentary (Unaudited)

 

INVESTMENT CLASS SHARES

Average Annual Total Returns

 

One Year Ended 12/31/17

14.64%

Five Years Ended 12/31/17

13.69%

Ten Years Ended 12/31/17

6.13%

 

RUSSELL 1000® VALUE INDEX(1)

Average Annual Total Returns

 

One Year Ended 12/31/17

13.66%

Five Years Ended 12/31/17

14.04%

Ten Years Ended 12/31/17

7.10%

 

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Large Company Value Portfolio, Investment Class Shares and the Russell 1000® Value Index through 12/31/17.

 

 

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. 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. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

 

(1)The Russell 1000® Value Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with lower price-to-book ratios and lower forecasted growth values. 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.

 

8

 

 

Large Company Value Portfolio

 

Commentary (Unaudited) - (Continued)

 

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

 

One Year Ended 12/31/17

14.99%

Five Years Ended 12/31/17

13.94%

Ten Years Ended 12/31/17

6.36%

 

RUSSELL 1000® VALUE INDEX(1)

Average Annual Total Returns

 

One Year Ended 12/31/17

13.66%

Five Years Ended 12/31/17

14.04%

Ten Years Ended 12/31/17

7.10%

 

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares of Large Company Value Portfolio, Institutional Class Shares and the Russell 1000® Value Index through 12/31/17.

 

 

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. 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. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

 

(1)The Russell 1000® Value Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with lower price-to-book ratios and lower forecasted growth values. 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.

 

9

 

 

Large Company Value Portfolio

 

Commentary (Unaudited) - (Continued)

 

The Wilshire 5000 Total Market IndexSM returned 21.0% in 2017 marking the ninth consecutive year of positive gains for the broad US equity market. Several factors contributed to this success, including a rebound in global economic growth and continued strength domestically. Investors also responded positively to the largest overhaul of the US tax system in 30 years. What also made the past year particularly impressive was the relative lack of volatility. The largest drawdown for the year was -2.75%, and there were only four trading days where the market was down 1% or more, making 2017 one of the least volatile years in nearly four decades. Reflecting an improved outlook for growth, the Federal Reserve pushed forward with its plan to normalize short-term interest rates and raised the federal funds rate by 0.25% at its March, June and December meetings of its Federal Open Market Committee increasing the overnight rate to a range of 1.25% to 1.50% by the end of 2017. Additionally, the Federal Open Market Committee began to shrink their $4.5T balance sheet starting in October 2017. For the year, growth securities strongly outperformed value stocks and large capitalization stocks outperformed their smaller capitalization counterparts marking a sharp reversal from calendar year 2016 when value meaningfully outperformed growth across market capitalizations.

 

Sector performance for the Wilshire 5000 Total Market Index was mostly positive for 2017. Renewed enthusiasm over long-term growth prospects and strong earnings growth expectations drove Information Technology (+37.4%) and Health Care (+23.9%) higher. Materials (+24.2%) and Industrials (+22.1%) also had strong performance on a brighter outlook for global economic growth. Conversely, Energy (-2.5%) was the worst performing sector. After retracting to start the year, crude oil prices moved higher towards the end of the year pushing above the $60-per-barrel mark by the end of the period. However, weak natural gas prices and concerns about companies’ ability to replace production with new reserves weighed on performance.

 

The Wilshire Large Company Value Portfolio Institutional Class returned 14.99% in 2017, outperforming the Russell 1000 Value Index return of 13.66% by 1.33%. The Portfolio benefited from strong stock selection in the Energy, Industrials and Consumer Staples sectors. Conversely, weak stock selection in the Financials and Information Technology sectors detracted from relative performance.

 

We are pleased with the Portfolio’s outperformance for 2017 and believe the Portfolio is well positioned going into 2018 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

 

10

 

 

Large Company Value Portfolio

 

Commentary (Unaudited) - (Continued)

 

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2017)

 

 

Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements).

 


11

 

 

Small Company Growth Portfolio

 

Commentary (Unaudited)

 

INVESTMENT CLASS SHARES

Average Annual Total Returns*

 

One Year Ended 12/31/17

13.66%

Five Years Ended 12/31/17

15.39%

Ten Years Ended 12/31/17

8.77%

 

RUSSELL 2000® GROWTH INDEX(1)

Average Annual Total Returns

 

One Year Ended 12/31/17

22.17%

Five Years Ended 12/31/17

15.21%

Ten Years Ended 12/31/17

9.19%

 

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Small Company Growth Portfolio, Investment Class Shares and the Russell 2000® Growth Index through 12/31/17.

 

 

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. 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. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

 

*During the ten years ended December 31, 2017, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements (excluding fees paid indirectly), historical total returns would have been lower. For the year ended December 31, 2017, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.16% of average net assets.
(1)The Russell 2000® Growth Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with higher price-to-book ratios and higher forecasted growth values. 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.

 


12

 

 

Small Company Growth Portfolio

 

Commentary (Unaudited) - (Continued)

 

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns*

 

One Year Ended 12/31/17

13.96%

Five Years Ended 12/31/17

15.70%

Ten Years Ended 12/31/17

9.04%

 

RUSSELL 2000® GROWTH INDEX(1)

Average Annual Total Returns

 

One Year Ended 12/31/17

22.17%

Five Years Ended 12/31/17

15.21%

Ten Years Ended 12/31/17

9.19%

 

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares of Small Company Growth Portfolio, Institutional Class Shares and the Russell 2000® Growth Index through 12/31/17.

 

 

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. 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. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

 

*During the ten years ended December 31, 2017, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements (excluding fees paid indirectly), historical total returns would have been lower. For the year ended December 31, 2017, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.11% of average net assets.
(1)The Russell 2000® Growth Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with higher price-to-book ratios and higher forecasted growth values. 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.

 


13

 

 

Small Company Growth Portfolio

 

Commentary (Unaudited) - (Continued)

 

The Wilshire 5000 Total Market IndexSM returned 21.0% in 2017 marking the ninth consecutive year of positive gains for the broad US equity market. Several factors contributed to this success, including a rebound in global economic growth and continued strength domestically. Investors also responded positively to the largest overhaul of the US tax system in 30 years. What also made the past year particularly impressive was the relative lack of volatility. The largest drawdown for the year was -2.75%, and there were only four trading days where the market was down 1% or more, making 2017 one of the least volatile years in nearly four decades. Reflecting an improved outlook for growth, the Federal Reserve pushed forward with its plan to normalize short-term interest rates and raised the federal funds rate by 0.25% at its March, June and December meetings of its Federal Open Market Committee increasing the overnight rate to a range of 1.25% to 1.50% by the end of 2017. Additionally, the Federal Open Market Committee began to shrink their $4.5T balance sheet starting in October 2017. For the year, growth securities strongly outperformed value stocks and large capitalization stocks outperformed their smaller capitalization counterparts marking a sharp reversal from calendar year 2016 when value meaningfully outperformed growth across market capitalizations.

 

Sector performance for the Wilshire 5000 Total Market Index was mostly positive for 2017. Renewed enthusiasm over long-term growth prospects and strong earnings growth expectations drove Information Technology (+37.4%) and Health Care (+23.9%) higher. Materials (+24.2%) and Industrials (+22.1%) also had strong performance on a brighter outlook for global economic growth. Conversely, Energy (-2.5%) was the worst performing sector. After retracting to start the year, crude oil prices moved higher towards the end of the year pushing above the $60-per-barrel mark by the end of the period. However, weak natural gas prices and concerns about companies’ ability to replace production with new reserves weighed on performance.

 

The Wilshire Small Company Growth Portfolio Institutional Class returned 13.96% in 2017, underperforming the Russell 2000 Growth Index return of 22.17% by 8.21%. The Portfolio was weighed down by weak stock selection in the Health Care, Financials, and Consumer Discretionary sectors. Conversely, strong stock selection in the Consumer Staples, Industrials, and Information Technology sectors boosted absolute performance.

 

Despite the Portfolio’s underperformance versus its benchmark, we believe the Portfolio is well positioned going into 2018 as the market deals with ongoing macroeconomic and geopolitical issues.

 


14

 

 

Small Company Growth Portfolio

 

Commentary (Unaudited) - (Continued)

 

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2017)

 

 

Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements).

 


15

 

 

Small Company Value Portfolio

 

Commentary (Unaudited)

 

INVESTMENT CLASS SHARES

Average Annual Total Returns*

 

One Year Ended 12/31/17

8.65%

Five Years Ended 12/31/17

14.77%

Ten Years Ended 12/31/17

8.21%

 

RUSSELL 2000® VALUE INDEX(1)

Average Annual Total Returns

 

One Year Ended 12/31/17

7.84%

Five Years Ended 12/31/17

13.01%

Ten Years Ended 12/31/17

8.17%

 

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Small Company Value Portfolio, Investment Class Shares and the Russell 2000® Value Index through 12/31/17.

 

 

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. 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. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

 

*

During the ten years ended December 31, 2017, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements (excluding fees paid indirectly), historical total returns would have been lower. For the year ended December 31, 2017, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.22% of average net assets.

(1)

The Russell 2000® Value Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with lower price-to-book ratios and lower forecasted growth values. 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.

 


16

 

 

Small Company Value Portfolio

 

Commentary (Unaudited) - (Continued)

 

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns*

 

One Year Ended 12/31/17

8.97%

Five Years Ended 12/31/17

15.10%

Ten Years Ended 12/31/17

8.56%

 

RUSSELL 2000® VALUE INDEX(1)

Average Annual Total Returns

 

One Year Ended 12/31/17

7.84%

Five Years Ended 12/31/17

13.01%

Ten Years Ended 12/31/17

8.17%

 

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares of Small Company Value Portfolio, Institutional Class Shares and the Russell 2000® Value Index through 12/31/17.

 

 

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. 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. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

 

*During the ten years ended December 31, 2017, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements (excluding fees paid indirectly), historical total returns would have been lower. For the year ended December 31, 2017, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.16% of average net assets.
(1)The Russell 2000® Value Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with lower price-to-book ratios and lower forecasted growth values. 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.

 


17

 

 

Small Company Value Portfolio

 

Commentary (Unaudited) - (Continued)

 

The Wilshire 5000 Total Market IndexSM returned 21.0% in 2017 marking the ninth consecutive year of positive gains for the broad US equity market. Several factors contributed to this success, including a rebound in global economic growth and continued strength domestically. Investors also responded positively to the largest overhaul of the US tax system in 30 years. What also made the past year particularly impressive was the relative lack of volatility. The largest drawdown for the year was -2.75%, and there were only four trading days where the market was down 1% or more, making 2017 one of the least volatile years in nearly four decades. Reflecting an improved outlook for growth, the Federal Reserve pushed forward with its plan to normalize short-term interest rates and raised the federal funds rate by 0.25% at its March, June and December meetings of its Federal Open Market Committee increasing the overnight rate to a range of 1.25% to 1.50% by the end of 2017. Additionally, the Federal Open Market Committee began to shrink their $4.5T balance sheet starting in October 2017. For the year, growth securities strongly outperformed value stocks and large capitalization stocks outperformed their smaller capitalization counterparts marking a sharp reversal from calendar year 2016 when value meaningfully outperformed growth across market capitalizations.

 

Sector performance for the Wilshire 5000 Total Market Index was mostly positive for 2017. Renewed enthusiasm over long-term growth prospects and strong earnings growth expectations drove Information Technology (+37.4%) and Health Care (+23.9%) higher. Materials (+24.2%) and Industrials (+22.1%) also had strong performance on a brighter outlook for global economic growth. Conversely, Energy (-2.5%) was the worst performing sector. After retracting to start the year, crude oil prices moved higher towards the end of the year pushing above the $60-per-barrel mark by the end of the period. However, weak natural gas prices and concerns about companies’ ability to replace production with new reserves weighed on performance.

 

The Wilshire Small Company Value Portfolio Institutional Class returned 8.97% in 2017, outperforming the Russell 2000 Value Index return of 7.84% by 1.13%. The Portfolio benefited from strong selection in the Information Technology and Materials sectors. Conversely, weak stock selection in the Consumer Staples sector as well as an underweight allocation to Health Care detracted from relative performance.

 

We are pleased with the Portfolio’s outperformance for 2017 and believe the Portfolio is well positioned going into 2018 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

 


18

 

 

Small Company Value Portfolio

 

Commentary (Unaudited) - (Continued)

 

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2017)

 

 

Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements).

 


19

 

 

 

Wilshire 5000 Indexsm Fund

 

Commentary (Unaudited)

 

INVESTMENT CLASS SHARES

Average Annual Total Returns

 

One Year Ended 12/31/17

20.20%

Five Years Ended 12/31/17

14.98%

Ten Years Ended 12/31/17

8.00%

 

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Returns

 

One Year Ended 12/31/17

21.00%

Five Years Ended 12/31/17

15.67%

Ten Years Ended 12/31/17

8.64%

 

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Wilshire 5000 IndexSM Fund, Investment Class Shares and the Wilshire 5000 IndexSM through 12/31/17.

 

 

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. 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. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

(1)The Wilshire 5000 IndexSM is an unmanaged index that measures the performance of all U.S. headquartered equity securities with readily available price data. 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.

 


20

 

 

Wilshire 5000 Indexsm Fund

 

Commentary (Unaudited) - (Continued)

 

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

 

One Year Ended 12/31/17

20.57%

Five Years Ended 12/31/17

15.28%

Ten Years Ended 12/31/17

8.25%

 

WILSHIRE 5000 INDEXSM(1)

Average Annual Total Returns

 

One Year Ended 12/31/17

21.00%

Five Years Ended 12/31/17

15.67%

Ten Years Ended 12/31/17

8.64%

 

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares of Wilshire 5000 IndexSM Fund, Institutional Class Shares and the Wilshire 5000 IndexSM through 12/31/17.

 

 

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. 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. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

(1)The Wilshire 5000 IndexSM is an unmanaged index that measures the performance of all U.S. headquartered equity securities with readily available price data. 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.

 


21

 

 

Wilshire 5000 Indexsm Fund

 

Commentary (Unaudited) - (Continued)

 

The Wilshire 5000 Total Market IndexSM returned 21.0% in 2017 marking the ninth consecutive year of positive gains for the broad US equity market. Several factors contributed to this success, including a rebound in global economic growth and continued strength domestically. Investors also responded positively to the largest overhaul of the US tax system in 30 years. What also made the past year particularly impressive was the relative lack of volatility. The largest drawdown for the year was -2.75%, and there were only four trading days where the market was down 1% or more, making 2017 one of the least volatile years in nearly four decades. Reflecting an improved outlook for growth, the Federal Reserve pushed forward with its plan to normalize short-term interest rates and raised the federal funds rate by 0.25% at its March, June and December meetings of its Federal Open Market Committee increasing the overnight rate to a range of 1.25% to 1.50% by the end of 2017. Additionally, the Federal Open Market Committee began to shrink their $4.5T balance sheet starting in October 2017. For the year, growth securities strongly outperformed value stocks and large capitalization stocks outperformed their smaller capitalization counterparts marking a sharp reversal from calendar year 2016 when value meaningfully outperformed growth across market capitalizations.

 

Sector performance for the Wilshire 5000 Total Market Index was mostly positive for 2017. Renewed enthusiasm over long-term growth prospects and strong earnings growth expectations drove Information Technology (+37.4%) and Health Care (+23.9%) higher. Materials (+24.2%) and Industrials (+22.1%) also had strong performance on a brighter outlook for global economic growth. Conversely, Energy (-2.5%) was the worst performing sector. After retracting to start the year, crude oil prices moved higher towards the end of the year pushing above the $60-per-barrel mark by the end of the period. However, weak natural gas prices and concerns about companies’ ability to replace production with new reserves weighed on performance.

 

The Wilshire 5000 Index Fund Institutional Class returned 20.57% in 2017, underperforming the Wilshire 5000 Index return of 21.00% by 0.43%. Underperformance is attributable to Portfolio expenses and is well within the range of historical experiences.

 


22

 

 

Wilshire 5000 Indexsm Fund

 

Commentary (Unaudited) - (Continued)

 

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2017)

 

 

Based on percent of the Fund’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements).

 


23

 

 

Wilshire International Equity Fund

 

Commentary (Unaudited)

 

INVESTMENT CLASS SHARES

Average Annual Total Returns*

 

One Year Ended 12/31/17

25.54%

Five Years Ended 12/31/17

6.99%

Ten Years Ended 12/31/17

2.40%

 

MSCI ALL COUNTRY WORLD INDEX EX-U.S.(1)

Average Annual Total Returns

 

One Year Ended 12/31/17

27.19%

Five Years Ended 12/31/17

6.80%

Ten Years Ended 12/31/17

1.84%

 

On April 2, 2013, the Wilshire International Equity Fund’s investment strategy was changed. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.

 

*During the ten years ended December 31, 2017, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements, historical total returns would have been lower. For the year ended December 31, 2017, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.04% of average net assets.
(1)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. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot invest directly in an index. Index performance is presented for general comparative purposes.

 


24

 

 

Wilshire International Equity Fund

 

Commentary (Unaudited) - (Continued)

 

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Wilshire International Equity Fund, Investment Class Shares and the MSCI All Country World Index Ex-U.S. through 12/31/17.

 

 

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. 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. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 


25

 

 

Wilshire International Equity Fund

 

Commentary (Unaudited) - (Continued)

 

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns*

 

One Year Ended 12/31/17

25.92%

Five Years Ended 12/31/17

7.24%

Ten Years Ended 12/31/17

2.67%

 

MSCI ALL COUNTRY WORLD INDEX EX-U.S.(1)

Average Annual Total Returns

 

One Year Ended 12/31/17

27.19%

Five Years Ended 12/31/17

6.80%

Ten Years Ended 12/31/17

1.84%

 

On April 2, 2013, the Wilshire International Equity Fund’s investment strategy was changed. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.

 

*During the ten years ended December 31, 2017, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements, historical total returns would have been lower. For the year ended December 31, 2017, the investment adviser did not reduce its fees or reimburse expenses.
(1)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. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot invest directly in an index. Index performance is presented for general comparative purposes.

 


26

 

 

Wilshire International Equity Fund

 

Commentary (Unaudited) - (Continued)

 

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares of Wilshire International Equity Fund, Institutional Class Shares and the MSCI All Country World Index Ex-U.S. through 12/31/17.

 

 

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. 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. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 


27

 

 

Wilshire International Equity Fund

 

Commentary (Unaudited) - (Continued)

 

Markets rallied in 2017 behind synchronized global growth, strong corporate earnings growth, improved investor sentiment and signs of diminishing political risks globally. After four years lagging US equities, international equities outperformed US equities during the year with the MSCI ACWI ex US Index returning 27.2%. The US dollar weakened in 2017, providing a boost for US investors holding foreign currencies – the MSCI ACWI ex US Index in local currency terms returned 18.2%. The first half of the year was marked by increasing political risks as the U.K. officially triggered Article 50 launching the process to formally withdraw from the European Union and centrist Emmanuel Macron defeated anti-European Union nationalist Marine Le Pen in the French presidential election. The second half of the year saw rising political tensions in North Korea, however the market advanced higher amidst these concerns. In the third quarter investors cheered the re-election of German Chancellor Angela Merkel as she won her fourth term in office. For the second year in a row, emerging markets outpaced foreign developed markets with the MSCI Emerging Markets Index returning 37.3%, largely driven by a weakening US dollar, strong profits from technology companies, strengthening global economy and rising commodities prices. 2017’s return was the strongest year for broad emerging markets equity since they recovered from the global financial crisis in 2009.

 

All sectors of the MSCI ACWI ex US Index had positive performance in 2017. Information Technology (+50.5%) was the top performing sector lead by securities such as Chinese companies Alibaba Group and Tencent Holdings as well as Samsung Electronics (South Korea) and Nintendo (Japan). Materials (+32.6%) and Industrials (29.8%) also performed well as most commodities prices advanced for the year. Additionally, Energy closed out the second half of the year strong after being the worst performing, and only negatively returning, sector in the first half of the year. Energy returned 21.5% over the last six months of 2017 and 17.3% for the year.

 

The Wilshire International Equity Fund Institutional Class returned 25.92% in 2017, underperforming the MSCI ACWI ex US Index return of 27.19% by 1.27%. The Portfolio was weighed down by weak stock selection in the Consumer Discretionary and Industrials sectors and regionally within Japan. Additionally, an underweight allocation to emerging markets hurt performance. Conversely, strong stock selection in the Health Care and Materials sectors and regionally within Hong Kong and Australia helped mitigate relative underperformance.

 

Despite the Portfolio’s underperformance versus its benchmark, we believe the Portfolio is well positioned going into 2018 as the market deals with ongoing macroeconomic and geopolitical issues.

 


28

 

 

 

 

Wilshire International Equity Fund

 

Commentary (Unaudited) - (Continued)

 

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2017)

 

 

Based on percent of the Fund’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements).

 

29 

 

 

Wilshire Income Opportunities Fund

 

Commentary (Unaudited)

 

INVESTMENT CLASS SHARES

Average Annual Total Returns*

 

One Year Ended 12/31/17

5.60%

Inception (03/30/16) through 12/31/17

5.43%

 

Bloomberg Barclays U.S. Universal Index(1)

Average Annual Total Returns

 

One Year Ended 12/31/17

4.09%

Inception (03/30/16) through 12/31/17

2.92%

 

*During certain periods since inception, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements, historical returns would have been lower. For the year ended December 31, 2017, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.06% of average net assets.
(1)The Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Some U.S. Universal Index constituents may be eligible for one or more of its contributing subcomponents that are not mutually exclusive. The Bloomberg Barclays U.S. Universal Index includes Treasury securities, Government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in U.S.

 

30 

 

 

Wilshire Income Opportunities Fund

 

Commentary (Unaudited) - (Continued)

 

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Wilshire Income Opportunities Fund, Investment Class Shares and the Bloomberg Barclays U.S. Universal Index through 12/31/17.

 

 

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. 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. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 

31 

 

 

Wilshire Income Opportunities Fund

 

Commentary (Unaudited) - (Continued)

 

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

 

One Year Ended 12/31/17

5.84%

Inception (03/30/16) through 12/31/17

5.52%

 

Bloomberg Barclays U.S. Universal Index(1)

Average Annual Total Returns

 

One Year Ended 12/31/17

4.09%

Inception (03/30/16) through 12/31/17

2.92%

 

(1)The Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Some U.S. Universal Index constituents may be eligible for one or more of its contributing subcomponents that are not mutually exclusive. The Bloomberg Barclays U.S. Universal Index includes Treasury securities, Government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in U.S.

 


32

 

 

Wilshire Income Opportunities Fund

 

Commentary (Unaudited) - (Continued)

 

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares of Wilshire Income Opportunities Fund, Institutional Class Shares and the Bloomberg Barclays U.S. Universal Index through 12/31/17.

 

 

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. 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. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

 


33

 

 

Wilshire Income Opportunities Fund

 

Commentary (Unaudited) - (Continued)

 

The US fixed income market was positive for 2017 with the Bloomberg Barclays US Aggregate Bond Index returning 3.5%. Investment grade corporate securities led the rally during the year as credit overall did well over the period. The ICE Bank of America US High Yield Index returned 4.5% as spreads continued to tighten and remain near historical lows. Reflecting an improved outlook for growth, the Federal Reserve pushed forward with its plan to normalize short-term interest rates and raised the federal funds rate by 0.25% at its March, June and December meetings of its Federal Open Market Committee increasing the overnight rate to a range of 1.25% to 1.50% by the end of 2017. Additionally, the Federal Open Market Committee began to shrink its $4.5T balance sheet starting in October 2017. During the first quarter, anticipation for quick and swift fiscal policy reforms from the Trump Administration fueled Treasury yields higher and the 10 Year US Treasury yield peaked at just over 2.60% in mid-March before falling to end the first quarter. The US Treasury curve continued to flatten over the remainder of the year with the bellwether 10-year Treasury yield ending the year at 2.40%, up slightly but approximately equal to year-end 2016. Globally, continued accommodative monetary policy, a weaker US Dollar, positive economic outlooks and subdued inflation boosted global fixed income. The Bloomberg Barclays Global Aggregate ex US Index returned 10.5% for the year.

 

The Wilshire Income Opportunities Fund Institutional Class returned 5.84% for the year, outperforming the Bloomberg Barclays US Universal Index return of 4.09%. Positive yield carry, spread compression, particularly in RMBS, and positioning in high yield and investment grade corporates boosted overall performance. Holdings in bank loans weighed on performance for the period.

 

We are pleased with the Portfolio’s outperformance for 2017 and believe the Portfolio is well positioned going into 2018 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

 


34

 

 

Wilshire Income Opportunities Fund

 

Commentary (Unaudited) - (Continued)

 

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2017)

 

 

Based on percent of the Fund’s total investments in securities at value.

 


35

 

 

Wilshire Mutual Funds, Inc.

 

Disclosure of Fund Expenses (Unaudited)

 

All mutual funds have operating expenses. As a shareholder of a portfolio (or a “fund”), you incur ongoing costs, which include costs for investment advisory, 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 Portfolios 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 July 1, 2017 to December 31, 2017.

 

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

 

Actual Fund Return: This section helps you to estimate the actual expenses, after any applicable fee waivers, that you paid over the period. The “Ending Account Value” shown is derived from each Portfolio’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 Portfolios 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 Portfolio in the first line under the heading entitled “Expenses Paid During Period.”

 

Hypothetical 5% Return: This section is intended to help you compare the Portfolios’ costs with those of other mutual funds. The “Ending Account Value” shown is derived from hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and assumed rate of return. It assumes that each Portfolio 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 Portfolio’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 (“SEC”) requires all mutual funds to calculate expenses based on an assumed 5% annual return. You can assess the Portfolios’ 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 Mutual Funds, Inc. has no such charges, but these 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 total costs of owning different funds.

 


36

 

 

Wilshire Mutual Funds, Inc.

 

Disclosure of Fund Expenses (Unaudited) - (Continued)

 

 

Beginning
Account
Value
07/01/2017

Ending
Account
Value
12/31/2017

Net
Expense
Ratio(1)

Expenses Paid
During Period
07/01/17-12/31/17(2)

Large Company Growth Portfolio

Based on Actual Fund Return

       

Investment Class

$ 1,000.00

$ 1,108.30

1.29%

$ 6.86

Institutional Class

$ 1,000.00

$ 1,110.00

0.97%

$ 5.16

Based on Hypothetical 5% Return

       

Investment Class

$ 1,000.00

$ 1,018.70

1.29%

$ 6.56

Institutional Class

$ 1,000.00

$ 1,020.32

0.97%

$ 4.94

Large Company Value Portfolio

Based on Actual Fund Return

       

Investment Class

$ 1,000.00

$ 1,095.40

1.25%

$ 6.60

Institutional Class

$ 1,000.00

$ 1,096.60

0.98%

$ 5.18

Based on Hypothetical 5% Return

       

Investment Class

$ 1,000.00

$ 1,018.90

1.25%

$ 6.36

Institutional Class

$ 1,000.00

$ 1,020.27

0.98%

$ 4.99

Small Company Growth Portfolio

Based on Actual Fund Return

       

Investment Class

$ 1,000.00

$ 1,079.20

1.47%

$ 7.70

Institutional Class

$ 1,000.00

$ 1,080.60

1.20%

$ 6.29

Based on Hypothetical 5% Return

       

Investment Class

$ 1,000.00

$ 1,017.80

1.47%

$ 7.48

Institutional Class

$ 1,000.00

$ 1,019.16

1.20%

$ 6.11

Small Company Value Portfolio

Based on Actual Fund Return

       

Investment Class

$ 1,000.00

$ 1,095.20

1.43%

$ 7.55

Institutional Class

$ 1,000.00

$ 1,097.00

1.17%

$ 6.18

Based on Hypothetical 5% Return

       

Investment Class

$ 1,000.00

$ 1,018.00

1.43%

$ 7.27

Institutional Class

$ 1,000.00

$ 1,019.31

1.17%

$ 5.96

 


37

 

 

Wilshire Mutual Funds, Inc.

 

Disclosure of Fund Expenses (Unaudited) - (Continued)

 

 

Beginning
Account
Value
07/01/2017

Ending
Account
Value
12/31/2017

Net
Expense
Ratio(1)

Expenses Paid
During Period
07/01/17-12/31/17(2)

Wilshire 5000 IndexSM Fund

Based on Actual Fund Return

       

Investment Class

$ 1,000.00

$ 1,109.60

0.61%

$ 3.24

Institutional Class

$ 1,000.00

$ 1,110.80

0.32%

$ 1.70

Based on Hypothetical 5% Return

       

Investment Class

$ 1,000.00

$ 1,022.13

0.61%

$ 3.11

Institutional Class

$ 1,000.00

$ 1,023.59

0.32%

$ 1.63

Wilshire International Equity Fund

Based on Actual Fund Return

       

Investment Class

$ 1,000.00

$ 1,102.20

1.51%

$ 8.00

Institutional Class

$ 1,000.00

$ 1,103.80

1.26%

$ 6.68

Based on Hypothetical 5% Return

       

Investment Class

$ 1,000.00

$ 1,017.59

1.51%

$ 7.68

Institutional Class

$ 1,000.00

$ 1,018.85

1.26%

$ 6.41

Wilshire Income Opportunities Fund

Based on Actual Fund Return

       

Investment Class

$ 1,000.00

$ 1,019.80

1.16%

$ 5.91

Institutional Class

$ 1,000.00

$ 1,020.10

0.96%

$ 4.89

Based on Hypothetical 5% Return

       

Investment Class

$ 1,000.00

$ 1,019.36

1.16%

$ 5.90

Institutional Class

$ 1,000.00

$ 1,020.37

0.96%

$ 4.89

 

(1)Annualized, based on the Portfolio’s most recent fiscal half-year expenses.
(2)Expenses are equal to the Portfolio’s annualized net expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 


38

 

 

Wilshire Mutual Funds, Inc.

 

Large Company Growth Portfolio

 

Condensed Schedule of Investments

December 31, 2017

 

   Shares   Value 
COMMON STOCKS — 98.9% (a)
Consumer Discretionary — 15.9%
Amazon.com, Inc. (b)   11,301   $13,216,181 
Priceline Group, Inc. (The) (b)   1,965    3,414,659 
Starbucks Corp.   40,875    2,347,452 
TJX Cos., Inc. (The)   32,400    2,477,304 
Ulta Beauty, Inc. (b)   9,425    2,107,996 
Yum! Brands, Inc.   25,902    2,113,863 
Other Securities (c) (d)        11,638,801 
         37,316,256 
Consumer Staples — 7.2%          
Coca-Cola Co. (The)   61,907    2,840,293 
Danone S.A. - ADR (d)   169,441    2,841,526 
Monster Beverage Corp. (b)   107,045    6,774,878 
Procter & Gamble Co. (The)   25,655    2,357,182 
Other Securities (c) (d)        2,154,018 
         16,967,897 
Energy — 1.5%          
Schlumberger Ltd.   40,815    2,750,522 
Other Securities (c)        672,579 
         3,423,101 
Financials — 5.7%          
Charles Schwab Corp. (The)   35,300    1,813,361 
First Republic Bank   22,650    1,962,396 
Goldman Sachs Group, Inc. (The)   6,725    1,713,261 
SEI Investments Co.   39,931    2,869,441 
Other Securities (c)        4,950,357 
         13,308,816 
Health Care — 14.1%          
Alexion Pharmaceuticals, Inc. (b)   15,625    1,868,594 
Align Technology, Inc. (b)   13,933    3,095,773 
Celgene Corp. (b)   19,035    1,986,493 
Cerner Corp. (b)   27,458    1,850,395 
Edwards Lifesciences Corp. (b)   20,875    2,352,821 
Novartis AG - ADR   18,777    1,576,517 
Novo Nordisk A/S - ADR   54,960    2,949,702 
Regeneron Pharmaceuticals, Inc. (b)   6,163    2,317,040 
Varian Medical Systems, Inc. (b)   17,425    1,936,789 
Zoetis, Inc.   33,025    2,379,121 
Other Securities (c)        10,911,108 
         33,224,353 
Industrials — 7.1%          
CSX Corp.   41,375    2,276,039 
Deere & Co.   21,839    3,418,021 
Expeditors International of Washington, Inc.   38,512   2,491,342 
United Parcel Service, Inc. - Class B   16,435    1,958,230 
Other Securities (c)        6,622,250 
         16,765,882 
Information Technology — 43.8%
Activision Blizzard, Inc.   42,805    2,710,413 
Adobe Systems, Inc. (b)   12,215    2,140,557 
Alibaba Group Holding Ltd. - ADR (b) (d)   31,128    5,367,401 
Alphabet, Inc. - Class A (b)   4,148    4,369,503 
Alphabet, Inc. - Class C (b)   8,154    8,532,346 
Apple, Inc.   33,932    5,742,312 
Applied Materials, Inc.   45,175    2,309,346 
Arista Networks, Inc. (b)   8,325    1,961,204 
Autodesk, Inc. (b)   28,897    3,029,273 
Cisco Systems, Inc.   110,305    4,224,681 
Cognex Corp.   35,350    2,162,006 
Facebook, Inc. - Class A (b)   73,137    12,905,755 
Microsoft Corp.   74,840    6,401,813 
NVIDIA Corp.   11,906    2,303,811 
Oracle Corp.   95,569    4,518,501 
PayPal Holdings, Inc. (b)   41,285    3,039,402 
QUALCOMM, Inc.   43,396    2,778,211 
Red Hat, Inc. (b)   26,125    3,137,612 
Salesforce.com, Inc. (b)   23,465    2,398,827 
ServiceNow, Inc. (b)   11,950    1,558,161 
Visa, Inc. - Class A (d)   84,725    9,660,344 
Other Securities (c) (d)        11,643,555 
         102,895,034 
Materials — 2.8%          
Sherwin-Williams Co. (The)   6,500    2,665,260 
Other Securities (c) (d)        3,779,906 
         6,445,166 
Real Estate — 0.6%          
Other Securities (c)        1,367,480 
           
Telecommunication Services — 0.2%          
Other Securities (c)        427,621 
           
Utilities — 0.0% (e)          
Other Securities (c)        17,658 
           
Total Common Stocks (Cost $148,649,726)        232,159,264 

 

 

See Notes to Financial Statements.
39

 

 

Wilshire Mutual Funds, Inc.

 

Large Company Growth Portfolio

 

Condensed Schedule of Investments - (Continued)

December 31, 2017

 

   Shares   Value 
MONEY MARKET FUNDS — 1.8%    
Northern Trust Institutional Government Select Portfolio - Institutional Class, 1.13% (f)   2,635,435   $2,635,435 
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 1.09% (f) (g)   1,614,019    1,614,019 
           
Total Money Market Funds (Cost $4,249,454)        4,249,454 
           
Total Investments at Value — 100.7% (Cost $152,899,180)        236,408,718 
           
Liabilities in Excess of Other Assets — (0.7%)        (1,570,391)
           
Net Assets — 100.0%       $234,838,327 

 

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings and each investment of any issue that exceeds 1% of the Portfolio’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange commission (“SEC”). The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800)607-2200; (ii) on the SEC’s website at http://www.sec.gov; and (iii) on our website at http://advisor.wilshire.com.

 

ADR — American Depositary Receipt.

 

(a)

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

(b)

Non-income producing security.

(c)

Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of December 31, 2017.

(d)

This security or a partial position of this security is on loan at December 31, 2017. The total value of securities on loan at December 31, 2017 was $15,985,353 (Note 7).

(e)

Percentage rounds to less than 0.1%.

(f)

The rate shown is the 7-day effective yield as of December 31, 2017.

(g)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2017 was $1,614,019. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $14,796,474 (Note 7).

 

See Notes to Financial Statements.
40

 

 

Wilshire Mutual Funds, Inc.

 

Large Company Value Portfolio

 

Condensed Schedule of Investments

December 31, 2017

 

   Shares   Value 
COMMON STOCKS — 97.9% (a)
Consumer Discretionary — 6.3%
Omnicom Group, Inc.   17,637   $1,284,502 
Target Corp. (b)   16,600    1,083,149 
Other Securities (b) (c)        7,592,608 
         9,960,259 
Consumer Staples — 7.8%          
Altria Group, Inc.   22,800    1,628,148 
CVS Health Corp.   19,395    1,406,138 
Philip Morris International, Inc.   23,706    2,504,539 
Wal-Mart Stores, Inc.   37,643    3,717,246 
Other Securities (b) (c)        3,107,644 
         12,363,715 
Energy — 12.0%          
BP plc - ADR   75,697    3,181,544 
Chevron Corp.   14,999    1,877,725 
ConocoPhillips   26,697    1,465,398 
Exxon Mobil Corp.   35,958    3,007,527 
Halliburton Co.   21,916    1,071,035 
Occidental Petroleum Corp.   22,400    1,649,984 
Phillips 66   17,600    1,780,240 
Royal Dutch Shell plc - Class A - ADR (b)   35,705    2,381,881 
Other Securities (b) (c)        2,545,648 
         18,960,982 
Financials — 31.2%          
American Express Co.   21,068    2,092,263 
American International Group, Inc.   23,065    1,374,213 
Bank of America Corp.   164,175    4,846,446 
Berkshire Hathaway, Inc. - Class B (d)   6,282    1,245,219 
Capital One Financial Corp.   19,481    1,939,918 
Citigroup, Inc.   32,621    2,427,329 
Franklin Resources, Inc.   38,834    1,682,677 
Goldman Sachs Group, Inc. (The)   5,810    1,480,156 
JPMorgan Chase & Co.   50,843    5,437,149 
Loews Corp.   28,000    1,400,840 
MetLife, Inc.   21,133    1,068,484 
Morgan Stanley   25,386    1,332,003 
State Street Corp.   25,529    2,491,886 
UBS Group AG (b)   57,466    1,056,800 
Voya Financial, Inc.   24,747    1,224,234 
Wells Fargo & Co.   72,054    4,371,516 
XL Group Ltd.   51,619    1,814,925 
Other Securities (b) (c)       12,117,477 
         49,403,535 
Health Care — 11.5%          
Cigna Corp.   6,106    1,240,068 
Express Scripts Holding Co. (d)   17,200    1,283,808 
Johnson & Johnson   21,465    2,999,090 
McKesson Corp.   6,935    1,081,513 
Merck & Co., Inc.   50,811    2,859,135 
Mylan N.V. (d)   37,572    1,589,671 
Pfizer, Inc.   110,487    4,001,839 
Other Securities (c)        3,234,508 
         18,289,632 
Industrials — 10.5%          
Dover Corp.   14,222    1,436,280 
Johnson Controls International plc   40,216    1,532,632 
Southwest Airlines Co.   20,300    1,328,635 
Stanley Black & Decker, Inc.   14,038    2,382,108 
United Technologies Corp.   16,205    2,067,271 
Other Securities (c)        7,900,707 
         16,647,633 
Information Technology — 8.8%
Cisco Systems, Inc.   28,082    1,075,541 
Hewlett Packard Enterprise Co.   95,119    1,365,909 
Oracle Corp.   55,115    2,605,836 
QUALCOMM, Inc.   28,701    1,837,437 
Other Securities (b) (c)        7,079,913 
         13,964,636 
Materials — 2.8%          
DowDuPont, Inc.   31,800    2,264,795 
Other Securities (b) (c)        2,139,335 
         4,404,130 
Real Estate — 1.7%          
Other Securities (b) (c)        2,735,483 
           
Telecommunication Services — 2.3%
AT&T, Inc.   48,020    1,867,017 
Verizon Communications, Inc.   34,460    1,823,968 
Other Securities (c)        49,234 
         3,740,219 
Utilities — 3.0%          
Entergy Corp.   14,020    1,141,089 
Other Securities (b) (c)        3,587,783 
         4,728,872 
Total Common Stocks (Cost $117,991,953)        155,199,096 

 

See Notes to Financial Statements.
41

 

 

Wilshire Mutual Funds, Inc.

 

Large Company Value Portfolio

 

Condensed Schedule of Investments - (Continued)

December 31, 2017

 

   Shares   Value 
RIGHTS — 0.0% (e)        
Safeway CVR - Casa Ley (d) (f)   1,118   $1,135 
Safeway CVR - PDC (d) (f)   1,118    0 
Total Rights (Cost $—)        1,135 
           
MONEY MARKET FUNDS — 2.0%          
Northern Trust Institutional Government Select Portfolio - Institutional Class, 1.13% (g)   3,055,851    3,055,851 
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 1.09% (g) (h)   127,466    127,466 
           
Total Money Market Funds (Cost $3,183,317)        3,183,317 
           
Total Investments at Value — 99.9% (Cost $121,175,270)        158,383,548 
           
Other Assets in Excess of Liabilities — 0.1%        86,264 
           
Net Assets — 100.0%       $158,469,812 

 

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings and each investment of any issue that exceeds 1% of the Portfolio’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange commission (“SEC”). The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800)607-2200; (ii) on the SEC’s website at http://www.sec.gov; and (iii) on our website at http://advisor.wilshire.com.

 

ADR — American Depositary Receipt.

CVR — Contingent Value Right.

 

(a)

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

(b)

This security or a partial position of this security is on loan at December 31, 2017. The total value of securities on loan at December 31, 2017 was $5,439,871 (Note 7).

(c)

Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of December 31, 2017.

(d)

Non-income producing security.

(e)

Percentage rounds to less than 0.1%.

(f)

Level 3 security. Security has been valued at fair value in accordance with the procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $1,135 as of December 31, 2017, representing 0.0% (e) of net assets (Note 2).

(g)

The rate shown is the 7-day effective yield as of December 31, 2017.

(h)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2017 was $127,466. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $5,448,268 (Note 7).

 

See Notes to Financial Statements.
42

 

 

Wilshire Mutual Funds, Inc.

 

Small Company Growth Portfolio

 

Condensed Schedule of Investments

December 31, 2017

 

   Shares   Value 
COMMON STOCKS — 97.4% (a)
Consumer Discretionary — 9.8%
LCI Industries   4,877   $634,010 
Sonic Corp. (b)   10,335    284,006 
Steven Madden Ltd. (c)   23,377    1,091,707 
TopBuild Corp. (c)   3,067    232,294 
Other Securities (b) (d)        2,445,752 
         4,687,769 
Consumer Staples — 5.8%          
Calavo Growers, Inc. (b)   12,306    1,038,626 
Inter Parfums, Inc.   16,205    704,106 
J & J Snack Foods Corp.   3,360    510,149 
Other Securities (b) (d)        520,515 
         2,773,396 
Energy — 3.1%          
Callon Petroleum Co. (b) (c)   32,845    399,067 
WildHorse Resource Development Corp. (b) (c)   41,990    773,035 
Other Securities (b) (d)        314,311 
         1,486,413 
Financials — 8.8%          
Banc of California, Inc. (b)   51,510    1,063,682 
CenterState Bank Corp. (b)   17,699    455,395 
Essent Group Ltd. (c)   5,485    238,159 
LegacyTexas Financial Group, Inc.   18,945    799,668 
South State Corp.   3,970    345,986 
Veritex Holdings, Inc. (c)   9,520    262,657 
Other Securities (b) (d)        1,054,767 
         4,220,314 
Health Care — 21.8%          
Cambrex Corp. (c)   17,089    820,272 
Cantel Medical Corp.   6,565    675,343 
Cotiviti Holdings, Inc. (c)   13,139    423,207 
Heska Corp. (c)   2,870    230,203 
LeMaitre Vascular, Inc.   7,450    237,208 
Masimo Corp. (c)   2,425    205,640 
Medidata Solutions, Inc. (b) (c)   8,705    551,636 
Neogen Corp. (c)   4,285    352,270 
PRA Health Sciences, Inc. (c)   14,820    1,349,657 
Prestige Brands Holdings, Inc. (c)   13,800    612,857 
Repligen Corp. (b) (c)   17,489    634,500 
Supernus Pharmaceuticals, Inc. (b) (c)   13,560    540,366 
Tabula Rasa HealthCare, Inc. (c)   14,792    414,916 
Other Securities (b) (d)       3,403,727 
         10,451,802 
Industrials — 18.6%          
Insteel Industries, Inc.   15,547    440,290 
Knoll, Inc.   28,775    662,976 
Mercury Systems, Inc. (c)   9,550    490,392 
PGT Innovations, Inc. (c)   24,540    413,498 
Saia, Inc. (c)   16,040    1,134,831 
SiteOne Landscape Supply, Inc. (b) (c)   11,791    904,369 
WageWorks, Inc. (c)   12,250    759,501 
Other Securities (b) (d)        4,117,882 
         8,923,739 
Information Technology — 23.0%          
BroadSoft, Inc. (b) (c)   9,038    496,186 
Cabot Microelectronics Corp.   5,420    509,914 
CEVA, Inc. (c)   11,189    516,371 
Ellie Mae, Inc. (b) (c)   4,718    421,789 
Inphi Corp. (b) (c)   10,665    390,339 
MAXIMUS, Inc.   9,615    688,241 
MaxLinear, Inc. - Class A (c)   16,190    427,740 
MINDBODY, Inc. - Class A (b) (c)   19,067    580,589 
Pegasystems, Inc. (b)   21,069    993,403 
Qualys, Inc. (c)   16,531    981,115 
Silicon Laboratories, Inc. (c)   4,315    381,015 
WNS Holdings Ltd. - ADR (c)   12,797    513,544 
Other Securities (b) (d)        4,187,024 
         11,087,270 
Materials — 4.1%          
Louisiana-Pacific Corp. (c)   9,280    243,693 
Quaker Chemical Corp.   4,750    716,253 
Trinseo S.A. (b)   2,960    214,896 
Other Securities (b) (d)        804,286 
         1,979,128 
Real Estate — 0.9%          
Other Securities (b) (d)        427,510 
           
Telecommunication Services — 1.1%          
Cogent Communications Holdings, Inc.   9,605    435,106 
Other Securities (d)        96,445 
         531,551 

 

See Notes to Financial Statements.
43

 

 

Wilshire Mutual Funds, Inc.

 

Small Company Growth Portfolio

 

Condensed Schedule of Investments - (Continued)

December 31, 2017

 

   Shares   Value 
COMMON STOCKS — 97.4% (a) (Continued)
Utilities — 0.4%        
Other Securities (d)       $174,935 
           
Total Common Stocks (Cost $36,852,914)        46,743,827 
           
RIGHTS — 0.0% (e)          
Dyax Corp. (c) (f) (Cost $—)   860    0 
           
MONEY MARKET FUNDS — 10.4%          
Northern Trust Institutional Government Select Portfolio - Institutional Class, 1.13% (g)   1,624,978    1,624,978 
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 1.09% (g) (h)   3,365,468    3,365,468 
           
Total Money Market Funds (Cost $4,990,446)        4,990,446 
           
Total Investments at Value — 107.8% (Cost $41,843,360)        51,734,273 
           
Liabilities in Excess of Other Assets — (7.8%)        (3,749,822)
           
Net Assets — 100.0%       $47,984,451 

 

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings and each investment of any issue that exceeds 1% of the Portfolio’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange commission (“SEC”). The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800)607-2200; (ii) on the SEC’s website at http://www.sec.gov; and (iii) on our website at http://advisor.wilshire.com.

 

ADR — American Depositary Receipt.

 

(a)

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

(b)

This security or a partial position of this security is on loan at December 31, 2017. The total value of securities on loan at December 31, 2017 was $10,257,245 (Note 7).

(c)

Non-income producing security.

(d)

Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of December 31, 2017.

(e)

Percentage rounds to less than 0.1%.

(f)

Level 3 security. Security has been valued at fair value in accordance with the procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $0 as of December 31, 2017, representing 0.0% (e) of net assets (Note 2).

(g)

The rate shown is the 7-day effective yield as of December 31, 2017.

(h)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2017 was $3,365,468. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $7,237,842 (Note 7).

 

See Notes to Financial Statements.
44

 

 

Wilshire Mutual Funds, Inc.

 

Small Company Value Portfolio

 

Condensed Schedule of Investments

December 31, 2017

 

   Shares   Value 
COMMON STOCKS — 98.1% (a)
Consumer Discretionary — 11.8%
Aaron's, Inc.   5,491   $218,816 
Deckers Outdoor Corp. (b)   4,299    344,995 
Hooker Furniture Corp.   14,777    627,284 
Stoneridge, Inc. (b)   19,013    434,637 
Taylor Morrison Home Corp. - Class A (b)   17,550    429,449 
TRI Pointe Group, Inc. (b) (c)   43,796    784,824 
Other Securities (c) (d)        1,921,796 
         4,761,801 
Consumer Staples — 2.8%          
John B. Sanfilippo & Son, Inc. (c)   3,974    251,355 
Landec Corp. (b)   41,105    517,922 
Other Securities (c) (d)        373,107 
         1,142,384 
Energy — 8.2%          
Carrizo Oil & Gas, Inc. (b) (c)   41,555    884,290 
PDC Energy, Inc. (b)   15,396    793,510 
SRC Energy, Inc. (b) (c)   51,302    437,606 
Other Securities (c) (d)        1,174,042 
         3,289,448 
Financials — 28.8%          
Ameris Bancorp   8,675    418,135 
Aspen Insurance Holdings Ltd.   12,580    510,747 
Bank of N.T. Butterfield & Son Ltd. (The)   18,575    674,087 
BankUnited, Inc.   5,875    239,230 
Banner Corp.   3,775    208,078 
Hilltop Holdings, Inc. (c)   9,030    228,730 
HomeStreet, Inc. (b) (c)   19,476    563,831 
Hope Bancorp, Inc.   18,660    340,545 
Meridian Bancorp, Inc.   11,780    242,668 
PacWest Bancorp   10,520    530,208 
Radian Group, Inc.   9,961    205,296 
Texas Capital Bancshares, Inc. (b) (c)   2,520    224,028 
Western Alliance Bancorp (b)   15,030    851,000 
Other Securities (c) (d)        6,333,358 
         11,569,941 
Health Care — 3.1%          
Globus Medical, Inc. - Class A (b) (c)   7,360    302,496 
LivaNova plc (b)   3,230    258,142 
Other Securities (c) (d)        688,753 
         1,249,391 
Industrials — 12.7%          
Albany International Corp. - Class A   10,365    636,929 
Apogee Enterprises, Inc. (c)   4,470    204,413 
EnerSys   7,197    501,127 
GP Strategies Corp. (b)   10,895    252,764 
Orbital ATK, Inc.   2,337    307,317 
Other Securities (c) (d)        3,216,509 
         5,119,059 
Information Technology — 14.1%
Coherent, Inc. (b)   2,055    579,961 
Cray, Inc. (b) (c)   13,090    316,778 
Entegris, Inc.   13,280    404,376 
Integrated Device Technology, Inc. (b)   12,935    384,558 
Lattice Semiconductor Corp. (b)   65,455    378,330 
Mellanox Technologies Ltd. (b) (c)   11,720    758,284 
Mitel Networks Corp. (b)   60,925    501,413 
Novanta, Inc. (b)   5,920    296,000 
Other Securities (c) (d)        2,038,222 
         5,657,922 
Materials — 8.4%          
Boise Cascade Co.   11,430    456,057 
Kaiser Aluminum Corp.   4,277    456,998 
Louisiana-Pacific Corp. (b)   18,872    495,578 
Materion Corp.   5,668    275,465 
P.H. Glatfelter Co.   11,170    239,485 
Trinseo S.A.   2,839    206,111 
Other Securities (c) (d)        1,244,569 
         3,374,263 
Real Estate — 5.9%          
Brandywine Realty Trust   17,338    315,378 
Getty Realty Corp.   11,667    316,876 
Ramco-Gershenson Properties Trust   29,250    430,852 
Sabra Health Care REIT, Inc.   18,131    340,318 
Other Securities (c) (d)        985,103 
         2,388,527 
Telecommunication Services — 0.0% (e)
Other Securities (d)        2,925 

 

See Notes to Financial Statements.
45

 

 

Wilshire Mutual Funds, Inc.

 

Small Company Value Portfolio

 

Condensed Schedule of Investments - (Continued)

December 31, 2017

 

   Shares   Value 
COMMON STOCKS — 98.1% (a) (Continued)
Utilities — 2.3%        
Ormat Technologies, Inc.   3,982   $254,689 
Other Securities (c) (d)        655,063 
         909,752 
Total Common Stocks (Cost $31,716,297)        39,465,413 
           
MONEY MARKET FUNDS — 4.4%          
Northern Trust Institutional Government Select Portfolio - Institutional Class, 1.13% (f)   782,990    782,990 
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 1.09% (f) (g)   1,001,671    1,001,671 
           
Total Money Market Funds (Cost $1,784,661)        1,784,661 
           
Total Investments at Value — 102.5% (Cost $33,500,958)        41,250,074 
           
Liabilities in Excess of Other Assets — (2.5%)        (1,025,723)
           
Net Assets — 100.0%       $40,224,351 

 

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings and each investment of any issue that exceeds 1% of the Portfolio’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange commission (“SEC”). The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800)607-2200; (ii) on the SEC’s website at http://www.sec.gov; and (iii) on our website at http://advisor.wilshire.com.

 

(a)

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

(b)

Non-income producing security.

(c)

This security or a partial position of this security is on loan at December 31, 2017. The total value of securities on loan at December 31, 2017 was $6,418,286 (Note 7).

(d)

Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of December 31, 2017.

(e)

Percentage rounds to less than 0.1%.

(f)

The rate shown is the 7-day effective yield as of December 31, 2017.

(g)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2017 was $1,001,671. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $5,625,851 (Note 7).

 

See Notes to Financial Statements.
46

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire 5000 Indexsm Fund

 

Condensed Schedule of Investments

December 31, 2017

 

   Shares   Value 
COMMON STOCKS — 99.4% (a)
Consumer Discretionary — 12.5%
Amazon.com, Inc. (b)   2,908   $3,400,818 
Comcast Corp. - Class A   29,648    1,187,401 
Home Depot, Inc. (The)   8,054    1,526,474 
McDonald's Corp.   6,068    1,044,425 
Walt Disney Co. (The)   10,918    1,173,794 
Other Securities (c) (d)        14,672,678 
         23,005,591 
Consumer Staples — 7.6%          
Altria Group, Inc.   11,691    834,854 
Coca-Cola Co. (The)   27,490    1,261,241 
PepsiCo, Inc.   9,699    1,163,104 
Philip Morris International, Inc.   10,726    1,133,202 
Procter & Gamble Co. (The)   17,430    1,601,468 
Wal-Mart Stores, Inc.   10,939    1,080,225 
Other Securities (c) (d)        6,900,116 
         13,974,210 
Energy — 5.8%          
Chevron Corp.   13,833    1,731,752 
Exxon Mobil Corp.   30,298    2,534,124 
Other Securities (c) (d)        6,380,424 
         10,646,300 
Financials — 15.6%          
Bank of America Corp.   72,498    2,140,140 
Berkshire Hathaway, Inc. - Class B (b)   15,706    3,113,242 
Citigroup, Inc.   20,065    1,493,036 
Goldman Sachs Group, Inc. (The)   2,765    704,410 
JPMorgan Chase & Co.   24,732    2,644,839 
Wells Fargo & Co.   32,147    1,950,357 
Other Securities (c) (d)        16,749,579 
         28,795,603 
Health Care — 12.4%          
Abbott Laboratories   12,635    721,079 
AbbVie, Inc.   10,100    976,770 
Amgen, Inc.   4,500    782,549 
Bristol-Myers Squibb Co.   12,225    749,148 
Gilead Sciences, Inc.   9,017    645,977 
Johnson & Johnson   19,625    2,742,004 
Merck & Co., Inc.   20,155    1,134,121 
Pfizer, Inc.   43,962    1,592,303 
UnitedHealth Group, Inc.   6,576    1,449,744 
Other Securities (c) (d)        12,062,679 
         22,856,374 
Industrials — 10.8%          
3M Co.   4,256    1,001,735 
Boeing Co. (The)   4,038    1,190,846 
Caterpillar, Inc.   4,331    682,478 
General Electric Co.   60,816    1,061,239 
Honeywell International, Inc.   5,622    862,190 
Union Pacific Corp.   5,627    754,580 
United Technologies Corp.   5,952    759,296 
Other Securities (c) (d)        13,719,773 
         20,032,137 
Information Technology — 22.4%
Alphabet, Inc. - Class C (b)   4,183    4,377,090 
Apple, Inc.   37,983    6,427,862 
Cisco Systems, Inc.   36,598    1,401,702 
Facebook, Inc. - Class A (b)   16,349    2,884,944 
Intel Corp.   34,918    1,611,814 
International Business Machines Corp.   6,425    985,723 
MasterCard, Inc. - Class A   6,945    1,051,194 
Microsoft Corp.   56,162    4,804,096 
NVIDIA Corp.   3,547    686,345 
Oracle Corp.   23,530    1,112,497 
QUALCOMM, Inc.   10,805    691,736 
Texas Instruments, Inc.   6,205    648,050 
Visa, Inc. - Class A (d)   11,316    1,290,249 
Other Securities (c) (d)        13,401,529 
         41,374,831 
Materials — 3.3%          
DowDuPont, Inc.   15,951    1,136,029 
Other Securities (c) (d)        4,922,652 
         6,058,681 
Real Estate — 4.0%          
Other Securities (c) (d)        7,341,414 
           
Telecommunication Services — 2.1%
AT&T, Inc.   44,270    1,721,217 
Verizon Communications, Inc.   28,643    1,516,074 
Other Securities (c) (d)        574,684 
         3,811,975 
Utilities — 2.9%          
Other Securities (c) (d)        5,407,926 
           
Total Common Stocks (Cost $56,161,419)        183,305,042 

 

See Notes to Financial Statements.
47

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire 5000 Indexsm Fund

 

Condensed Schedule of Investments - (Continued)

December 31, 2017

 

   Shares   Value 
RIGHTS — 0.0% (e)        
AMR Corp., Escrow (b) (f)   3,275   $6,353 
Dyax Corp. (b) (d) (f)   1,200     
Media General, Inc. - CVR (b) (f)   794     
Safeway CVR - Casa Ley (b) (f)   2,075    2,106 
Safeway CVR - PDC (b) (f)   2,075    1 
Total Rights (Cost $—)        8,460 
           
MONEY MARKET FUNDS — 2.1%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 1.13% (g)   2,069,284    2,069,284 
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 1.09% (g) (h)   1,815,226    1,815,226 
           
Total Money Market Funds (Cost $3,884,510)        3,884,510 
           
Total Investments at Value — 101.5% (Cost $60,045,929)        187,198,012 
           
Liabilities in Excess of Other Assets — (1.5%)        (2,790,304)
           
Net Assets — 100.0%       $184,407,708 

 

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings and each investment of any issue that exceeds 1% of the Portfolio’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange commission (“SEC”). The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800)607-2200; (ii) on the SEC’s website at http://www.sec.gov; and (iii) on our website at http://advisor.wilshire.com.

 

CVR — Contingent Value Right.

 

(a)

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

(b)

Non-income producing security.

(c)

Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of December 31, 2017.

(d)

This security or a partial position of this security is on loan at December 31, 2017. The total value of securities on loan at December 31, 2017 was $11,934,916 (Note 7).

(e)

Percentage rounds to less than 0.1%.

(f)

Level 3 security. Security has been valued at fair value in accordance with the procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $8,460 as of December 31, 2017, representing 0.0% (e) of net assets (Note 2).

(g)

The rate shown is the 7-day effective yield as of December 31, 2017.

(h)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2017 was $1,815,226. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $10,476,789 (Note 7).

 

See Notes to Financial Statements.
48

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire International Equity Fund

 

Condensed Schedule of Investments

December 31, 2017

 

   Shares   Value 
COMMON STOCKS — 96.4%
Australia — 3.1%
CSL Ltd. (a)   52,442   $5,763,677 
Other Securities (a) (b)        5,226,278 
         10,989,955 
Austria — 0.1%          
Other Securities (a) (b)        396,445 
           
Belgium — 0.3%          
Other Securities (a) (b)        1,074,265 
           
Bermuda — 0.3%          
Other Securities (a) (b)        968,774 
           
Brazil — 1.8%          
Raia Drogasil S.A. (a)   99,310    2,751,557 
Other Securities (b) (f)        3,654,167 
         6,405,724 
Canada — 4.4%          
Canadian Pacific Railway Ltd.   24,798    4,532,083 
Dollarama, Inc.   22,443    2,803,612 
Other Securities (a) (b) (f)        8,327,215 
         15,662,910 
Cayman Islands — 4.9%          
Baidu.com, Inc. - ADR (c)   17,127    4,011,314 
Tencent Holdings Ltd. (a)   117,455    6,079,222 
Other Securities (a) (b) (f)        7,501,351 
         17,591,887 
Chile — 0.2%          
Other Securities (a) (b)        580,881 
           
China — 0.9%          
Other Securities (a) (b)        3,150,986 
           
Colombia — 0.1%          
Other Securities (a) (b)        256,066 
           
Curacao — 0.9%          
Schlumberger Ltd.   45,846    3,089,561 
           
Denmark — 3.7%          
Carlsberg A/S - Series B (a)   22,421    2,689,049 
Chr. Hansen Holding A/S (a)   40,176    3,766,476 
Novozymes A/S (a)   57,770    3,297,829 
Other Securities (a) (b)       3,342,355 
         13,095,709 
Finland — 0.4%          
Other Securities (a) (b)        1,507,261 
           
France — 8.3%          
AXA S.A. (a)   91,048    2,697,845 
Engie S.A. (a) (c)   154,030    2,647,811 
Essilor International S.A. (a)   37,796    5,205,690 
Hermes International (a)   6,150    3,289,838 
LVMH Moet Hennessy Louis Vuitton SE (a)   16,127    4,733,008 
Other Securities (a) (b)        10,998,925 
         29,573,116 
Germany — 4.6%          
adidas AG (a)   16,343    3,268,188 
Deutsche Boerse AG (a)   21,747    2,516,930 
Other Securities (a) (b)        10,430,677 
         16,215,795 
Greece — 0.0% (d)          
Other Securities (a) (b)        93,525 
           
Hong Kong — 2.8%          
AIA Group Ltd. (a)   836,000    7,110,712 
Other Securities (a) (b)        2,815,794 
         9,926,506 
Hungary — 0.1%          
Other Securities (a) (b)        188,636 
           
India — 2.3%          
HDFC Bank Ltd. - ADR   41,569    4,226,319 
Tata Motors Ltd. - ADR (c)   77,650    2,567,886 
Other Securities (a) (b)        1,230,040 
         8,024,245 
Indonesia — 0.1%          
Other Securities (a) (b)        497,894 
           
Ireland — 2.7%          
Accenture plc - Class A   31,053    4,753,903 
ICON plc (c)   25,037    2,807,900 
Other Securities (b)        2,205,911 
         9,767,714 
Isle of Man — 0.1%          
Other Securities (b)        437,909 

 

See Notes to Financial Statements.
49

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire International Equity Fund

 

Condensed Schedule of Investments - (Continued)

December 31, 2017

 

   Shares   Value 
COMMON STOCKS — 96.4% (Continued)
Israel — 0.2%        
Other Securities (a) (b)       $702,717 
           
Italy — 1.8%          
Other Securities (a) (b)        6,269,868 
           
Japan — 14.6%          
Fast Retailing Co. Ltd. (a)   6,700    2,663,775 
Keyence Corp. (a)   9,660    5,395,900 
Panasonic Corp. (a)   258,348    3,769,975 
Secom Co. Ltd. (a)   40,900    3,085,340 
Sumitomo Mitsui Financial Group, Inc. (a)   93,900    4,047,154 
Sysmex Corp. (a)   32,955    2,587,430 
Other Securities (a) (b) (f)        30,479,340 
         52,028,914 
Jersey — 1.6%          
Experian plc (a)   228,707    5,040,967 
Other Securities (a) (b)        503,221 
         5,544,188 
Korea (Republic of) — 1.6%          
Other Securities (a) (b)        5,865,872 
           
Luxembourg — 1.0%          
ArcelorMittal (a)   109,153    3,541,015 
           
Malaysia — 0.1%          
Other Securities (a) (b)        322,853 
           
Mexico — 0.8%          
Wal-Mart de Mexico S.A.B. de C.V.   1,139,575    2,794,818 
Other Securities (b)        4,703 
         2,799,521 
Netherlands — 6.5%          
AerCap Holdings N.V. (c)   72,057    3,790,919 
Core Laboratories N.V. (f)   24,883    2,725,933 
Koninklijke DSM N.V. (a)   29,016    2,771,514 
Yandex N.V. - Class A (c)   96,789    3,169,840 
Other Securities (a) (b) (f)        10,659,567 
         23,117,773 
New Zealand — 0.0% (d)          
Other Securities (a) (b)        11,617 
           
Norway — 0.9%          
DNB ASA (a)   144,985    2,683,940 
Other Securities (a) (b) (f)        496,247 
         3,180,187 
Philippines — 0.1%          
Other Securities (a) (b)        360,622 
           
Poland — 0.2%          
Other Securities (a) (b)        778,889 
           
Portugal — 0.1%          
Other Securities (a) (b)        220,559 
           
Russian Federation — 0.5%          
Other Securities (b)        1,728,578 
           
Singapore — 1.1%          
DBS Group Holdings Ltd. (a)   173,810    3,214,720 
Other Securities (a) (b)        786,461 
         4,001,181 
South Africa — 0.4%          
Other Securities (a) (b)        1,527,133 
           
Spain — 3.0%          
ACS Actividades de Construccion y Servicios S.A. (a)   68,758    2,685,735 
Other Securities (a) (b) (f)        7,987,560 
         10,673,295 
Sweden — 1.6%          
Atlas Copco AB - A Shares (a)   92,300    3,983,271 
Other Securities (a) (b)        1,629,137 
         5,612,408 
Switzerland — 6.2%          
Chubb Ltd.   31,580    4,614,785 
Nestlé S.A. (a)   56,987    4,900,133 
Roche Holdings AG (a) (c)   12,087    3,056,639 
Sika AG (a)   332    2,634,412 
Other Securities (a) (b) (f)        6,862,506 
         22,068,475 
Taiwan — 1.7%          
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (f)   105,071    4,166,065 
Other Securities (a) (b) (f)        1,801,975 
         5,968,040 

 

See Notes to Financial Statements.
50

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire International Equity Fund

 

Condensed Schedule of Investments - (Continued)

December 31, 2017

 

   Shares   Value 
COMMON STOCKS — 96.4% (Continued)
Thailand — 0.1%        
Other Securities (a) (b)       $184,703 
           
Turkey — 0.1%          
Other Securities (a) (b)        472,600 
           
United Kingdom — 10.0%          
BHP Billiton plc (a)   186,259    3,765,959 
British American Tobacco plc (a)   63,402    4,285,600 
Compass Group plc (a)   209,024    4,506,706 
HSBC Holdings plc - ADR (f)   48,374    2,498,034 
Reckitt Benckiser Group plc (a)   55,477    5,175,282 
Royal Dutch Shell plc - Class A - ADR (f)   37,967    2,532,779 
Other Securities (a) (b) (f)        12,880,085 
         35,644,445 
United States — 0.1%          
Other Securities (b) (f)        519,394 
           
Total Common Stocks (Cost $277,042,617)        342,640,611 
           
PREFERRED STOCKS — 0.3%          
Brazil — 0.2%          
Other Securities (a) (b)   57,900    672,466 
           
Korea (Republic of) — 0.1%          
Other Securities (a) (b)        316,569 
           
Total Preferred Stocks (Cost $850,747)        989,035 
           
RIGHTS — 0.0% (d)          
Other Securities (b) (Cost $—)        11,588 
           
MONEY MARKET FUNDS — 4.4%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 1.13%(e)   10,252,870   10,252,870 
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 1.09%(e) (g)   5,530,010    5,530,010 
           
Total Money Market Funds (Cost $15,782,880)        15,782,880 
           
Total Investments at Value — 101.1% (Cost $293,676,244)        359,424,114 
           
Liabilities in Excess of Other Assets — (1.1%)        (4,112,086)
           
Net Assets — 100.0%       $355,312,028 

 

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800)607-2200; (ii) on the SEC’s website at http://www.sec.gov; and (iii) on our website at http://advisor.wilshire.com.

 

ADR — American Depositary Receipt.

 

(a)

Level 2 security (Note 2).

(b)

Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of December 31, 2017.

(c)

Non-income producing security.

(d)

Percentage rounds to less than 0.1%

(e)

The rate shown is the 7-day effective yield as of December 31, 2017.

(f)

This security or a partial position of this security is on loan at December 31, 2017. The total value of securities on loan at December 31, 2017 was $19,812,414 (Note 7).

(g)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2017 was $5,530,010. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $14,820,487 (Note 7).

 

See Notes to Financial Statements.
51

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments

December 31, 2017

 

   Par Value   Value 
U.S. TREASURY OBLIGATIONS — 12.6%
U.S. Treasury Bills — 1.2%
1.259%, due 03/08/18 (a)  $3,540,000   $3,531,731 
1.463%, due 06/07/18 (a)   300,000    298,092 
         3,829,823 
U.S. Treasury Bonds — 1.9%          
2.250%, due 10/31/24   1,110,000    1,104,884 
2.750%, due 11/15/42   1,470,000    1,479,302 
3.625%, due 08/15/43   1,100,000    1,283,820 
2.875%, due 08/15/45   1,890,000    1,938,284 
         5,806,290 
U.S. Treasury Notes — 6.2%          
0.750%, due 10/31/18   2,890,000    2,866,180 
1.250%, due 11/30/18   1,920,000    1,910,625 
1.125%, due 01/15/19   950,000    943,098 
1.125%, due 09/30/21   670,000    646,471 
1.250%, due 10/31/21   1,630,000    1,579,063 
1.750%, due 11/30/21   1,600,000    1,577,688 
2.000%, due 12/31/21   1,580,000    1,571,977 
1.875%, due 01/31/22   1,600,000    1,583,375 
1.750%, due 03/31/22   1,930,000    1,898,336 
1.875%, due 08/31/24   1,330,000    1,294,204 
2.125%, due 09/30/24   1,610,000    1,589,749 
2.375%, due 05/15/27   550,000    548,432 
2.250%, due 08/15/27   1,610,000    1,587,359 
         19,596,557 
U.S. Treasury Inflation-Protected Notes — 0.7%
0.125%, due 04/15/22   2,282,130    2,266,059 
           
U.S. Treasury Strips — 2.6%          
3.140%, due 11/15/44 (a)   8,230,000    3,907,005 
2.959%, due 11/15/46 (a)   9,815,000    4,386,236 
         8,293,241 
Total U.S. Treasury Obligations (Cost $39,215,201)        39,791,970 
           
U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.7%
Federal Home Loan Bank — 0.3%          
1.241%, due 01/05/18 (a)   1,000,000    999,862 
           
Federal Home Loan Mortgage Corp. — 1.3%
2.874%, due 09/15/29 (a)   3,000,000    2,124,851 
3.068%, due 12/14/29 (a)   1,450,000    1,016,628 
4.288%, due 03/15/31 (a)   1,250,000    837,210 
         3,978,689 
Federal National Mortgage Association — 1.6%
2.948%, due 05/15/29 (a)   3,700,000   2,639,944 
3.018%, due 01/15/30 (a)   775,000    541,384 
3.075%, due 05/15/30 (a)   2,900,000    1,999,407 
         5,180,735 
Tennessee Valley Authority — 0.5%          
5.375%, due 04/01/56   410,000    582,087 
4.250%, due 09/15/65   700,000    827,577 
         1,409,664 
Total U.S. Government Agency Obligations (Cost $11,500,303)        11,568,950 
           
AGENCY MORTGAGE-BACKED OBLIGATIONS — 9.7%
Federal Home Loan Mortgage Corp. — 3.6%
Series K070, Class A2, 3.303%, due 11/25/27 (b)   1,300,000    1,344,713 
Series 4249, Class CS, 4.300%, due 09/15/43   1,303,316    1,134,254 
Series 4355, Class ZX, 4.000%, due 05/15/44   5,175,027    5,517,749 
Series 2015-R1, Class B1, 144A, 2.660% due 11/01/55 (b)   977,433    1,100,223 
Series 17-3, Class MT, 2.999%, due 07/25/56 (b)   978,805    960,823 
Series 17-4, Class HT, 2.250%, due 06/25/57 (b)   1,600,000    1,594,150 
         11,651,912 
Federal Home Loan Mortgage Corp. Interest-Only Strips — 0.3%
Series K-722, Class X1, 1.442%, due 03/01/23 (b)   2,266,072    125,631 
Series 4077, Class TS, 4.749% (1MO LIBOR + 600), due 05/15/41 (b)   1,618,980    216,874 
Series 3966, Class SA, 4.649% (1MO LIBOR + 590), due 12/15/41 (b)   2,229,907    297,554 
Series 4089, Class SH, 4.749% (1MO LIBOR + 600), due 08/15/42 (b)   1,788,033    268,330 
         908,389 
Federal National Mortgage Association — 5.3%
Series KGX1, Class AFX, 2.999%, due 10/25/27 (b)   1,500,000    1,500,416 
Pool #FN AN7918, 3.010%, due 12/01/27   1,600,000    1,615,430 
Pool #FN AN6349, 2.990%, due 09/01/29   500,000    498,162 

 

See Notes to Financial Statements.
52

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Par Value   Value 
AGENCY MORTGAGE-BACKED OBLIGATIONS — 9.7% (Continued)
Federal National Mortgage Association — 5.3% (Continued)
Pool #FN AN6807, 2.960%, due 11/01/29  $500,000   $495,898 
Pool #FN AN7885, 3.000%, due 12/01/29   1,000,000    998,559 
Pool #FN AN7889, 3.120%, due 01/01/30 (c)   1,000,000    1,011,527 
Pool #FN AN7947, 3.160%, due 01/01/30 (c)   1,600,000    1,613,976 
TBA, 3.170%, due 01/01/30   850,000    858,766 
TBA, 3.220%, due 01/01/30   650,000    659,953 
TBA, 3.230%, due 01/01/30   1,000,000    1,021,797 
TBA, 3.030%, due 02/01/30 (c)   800,000    799,741 
Pool #FN AN6651, 2.940%, due 10/01/32   1,445,897    1,428,710 
Pool #FN AN6696, 3.120%, due 10/01/32 (c)   500,000    496,405 
TBA, 3.250%, due 01/01/33   1,000,000    1,008,125 
Series 2016-75, Class ZP, 3.000%, due 10/25/46   1,419,855    1,260,792 
TBA, 3.030%, due 12/01/47   1,500,000    1,500,938 
         16,769,195 
Federal National Mortgage Association Interest-Only Strips — 0.5%
Series 2011-124, Class NS, 5.172% (1MO LIBOR + 650), due 12/25/41 (b)   1,910,865    307,256 
Series 2012-20, Class SA, 4.897% (1MO LIBOR + 645), due 03/25/42 (b)   1,797,200    271,225 
Series 2012-76, Class SC, 4.447% (1MO LIBOR + 600), due 07/25/42 (b)   856,994    133,339 
Series 2014-28, Class SD, 4.722% (1MO LIBOR + 650), due 05/25/44 (b)   5,921,575    901,279 
         1,613,099 
Total Agency Mortgage-Backed Obligations (Cost $31,715,527)        30,942,595 
           
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 15.3%
A10, LLC, Series 2016-1, Class A-1, 2.420%, due 03/15/35   25,601    25,636 
Alliance Bancorp Trust, Series 2007-OA1, Class A-1, 1.568% (1MO LIBOR + 24), due 07/25/37 (b)   1,063,508    866,804 
American Home Mortgage Assets, Series 2006-4, Class I-A1-1, 1.517% (1MO LIBOR + 19), due 10/25/46 (b)   1,145,203    835,174 
American Home Mortgage Assets, Series 2006-6, Class A-1-A, 1.518% (1MO LIBOR + 19), due 12/25/46 (b)   795,909    667,156 
Americold, LLC Trust, Series 2010-ART, Class C, 6.811%, due 01/14/29   50,000    54,604 
Arbor Realty Commercial Real Estate, Series 2016-FL1, Class B, 4.200% (1MO LIBOR + 295), due 09/15/26 (b)   302,000    305,997 
Atrium Hotel Portfolio Trust, Series 2017-ATRM, Class E, 144A, 4.528%, due 11/15/19 (b)   94,000    93,891 
Barclays Commercial Mortgage Securities, Series 2014-BX0, Class E, 3.811% (1MO LIBOR + 375), due 08/15/27 (b)   236,000    236,669 
Bayview Opportunity Master Fund, Series 2017-RN1, Class A-1, 3.597%, due 02/28/32 (b)   302,603    302,610 
BCAPB, LLC Trust, Series 2007-AB1, Class A-5, 5.010%, due 03/25/37 (b)   4,451,761    3,060,826 
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class I-M-1, 3.564%, due 01/25/35 (b)   656,250    646,300 
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class C, 4.878%, due 05/10/58   120,000    123,820 
CIM Trust, Series 2016-1, Class B2, 9.707%, due 07/26/55 (b)   1,000,000    933,100 
CIM Trust, Series 2016-2, Class B2, 9.363%, due 02/01/56 (b)   1,000,000    915,323 
CIM Trust, Series 2016-3, Class B2, 12.173%, due 02/27/56   1,000,000    898,846 
Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A-MA, 6.421%, due 12/10/49 (b)   120,000    119,275 
Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A-M, 6.421%, due 12/10/49 (b)   287,646    288,095 
Citi-Mortgage Alternative Loan Trust, Series 2006-A1, Class IA-6, 6.000%, due 04/25/36   2,980,232    2,849,938 
Citi-Mortgage Alternative Loan Trust, Series 2007-A5, Class IA-6, 6.000%, due 05/25/37 (b)   3,257,456    3,052,329 

 

See Notes to Financial Statements.
53

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Par Value   Value 
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 15.3% (Continued)
CLNS Trust, Series 2017-IKPR, Class D, 3.294% (1MO LIBOR + 205), due 06/11/32 (b)  $84,000   $84,079 
CLNS Trust, Series 2017-IKPR, Class E, 4.744% (1MO LIBOR + 350), due 06/11/32 (b)   84,000    84,184 
CLNS Trust, Series 2017-IKPR, Class F, 5.744% (1MO LIBOR + 450), due 06/11/32 (b)   84,000    84,289 
Commercial Mortgage Trust, Series 2012-CCRE4, Class C, 4.442%, due 10/15/45   69,000    62,933 
Countrywide Alternative Loan, Inc., Series 2007-16CB, Class 5-A-4, 6.250%, due 08/25/37 (b)   813,787    708,124 
Countrywide Alternative Loan, Inc., Series 2007-OA7, Class A-1-A, 1.507% (1MO LIBOR + 18), due 05/25/47 (b)   984,320    955,715 
Countrywide Asset Backed Securities, Inc., Series 2006-6, Class 1-A-1, 1.498% (1MO LIBOR + 175), due 09/25/36 (b)   1,735,114    1,632,056 
Countrywide Home Loan Mortgage Trust, Series 2007-HY5, Class 3-A-1, 3.367%, due 09/25/37 (b)   2,419,660    2,283,796 
Credit Suisse Commercial Mortgage Trust, Series 2014-WIN2, Class A-3, 3.500%, due 10/25/44   578,250    587,195 
Credit Suisse Commercial Mortgage Trust, Series 2016-PR1, Class A-1, 5.500%, due 07/25/56 (b)   787,872    776,882 
Credit Suisse Mortgage Trust, Series 2017-CHOP, Class E, 4.550% (1MO LIBOR + 330), due 07/15/32 (b)   169,000    169,419 
Credit Suisse Mortgage Trust, Series 2017-LSTK, Class E, 3.441%, due 04/05/33 (b)   170,000    168,358 
Deutsche Bank Alt-A Securities, Series 2006-AF1, Class A-4, 1.628% (3MO LIBOR + 30), due 04/25/36 (b)   921,183    827,540 
Dryden Senior Loan Fund, Series 14-33A, Class DR, 144A, 5.709%, due 10/15/28 (b)   500,000    513,386 
First Franklin Mortgage Trust, Series 2004-FF10, Class M-1, 2.603% (1MO LIBOR + 127.50), due 07/25/34 (b)   561,253    569,054 
FirstKey Mortgage Trust, Series 2014-1, Class A-8, 3.500%, due 11/25/44   412,327    418,965 
Fort CRE, LLC, Series 2016-1, Class B, 3.250%, due 05/21/36   181,000    181,406 
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class G-FX, 3.494%, due 12/15/34 (b)   581,224    570,626 
GCAT, LLC, Series 2017-1, Class A-1, 144A, 3.375%, due 03/25/47   350,001    349,787 
GE Business Loan Trust, Series 2007-1, Class C, 1.927% (1MO LIBOR + 45), due 04/16/35 (b)   551,672    507,844 
GMAC Commercial Mortgage Securities, Series 2004-C3, Class D, 5.043%, due 12/10/41 (b)   96,000    97,085 
GMAC Commercial Mortgage Securities, Series 2004-C3, Class E, 5.141%, due 12/10/41 (b)   160,000    157,795 
Goldman Sachs Mortgage Securities Trust, Series 2013-GC13, Class D, 4.225%, due 07/10/46 (b)   60,000    55,465 
GSAA Home Equity Trust, Series 2005-6, Class M-1, 1.758% (1MO LIBOR + 43), due 06/25/35 (b)   1,300,000    1,192,343 
GSAA Home Equity Trust, Series 2007-7, Class A4, 1.598%, due 07/25/37 (b)   816,461    776,855 
Harborview Mortgage Loan Trust, Series 2006-14, Class 2A-1A, 1.432% (1MO LIBOR + 15), due 01/25/47 (b)   968,838    876,217 
IMT Trust, Series 2017-APTS, Class EFL, 3.627% (1MO LIBOR + 215), due 06/15/34 (b)   56,000    55,931 
IMT Trust, Series 2017-APTS, Class FFL, 4.327% (1MO LIBOR + 285), due 06/15/34 (b)   56,000    55,955 
JPMBB Commercial Mortgage Securities Trust, Series 2013-C15, Class D, 5.250%, due 11/15/45 (b)   84,000    82,251 

 

See Notes to Financial Statements.
54

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Par Value   Value 
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 15.3% (Continued)
JPMCC Commercial Mortgage Securities Trust, Series 2014-FRR1, Class B702, 144A, 4.234%, due 04/27/44  $168,000   $166,833 
JPMCC Commercial Mortgage Trust, Series 2016-ASH, Class B, 3.400% (1MO LIBOR + 215), due 10/15/34 (b)   115,000    115,413 
JPMCC Commercial Mortgage Trust, Series 2016-ASH, Class C, 4.000% (1MO LIBOR + 275), due 10/15/34 (b)   65,000    65,309 
JPMCC RE-REMIC Trust, Series 2014-FRR1, Class A-K707, 4.347%, due 01/27/47   181,000    180,871 
JPMorgan Chase Commercial Mortgage, Series 2015-MAR7, Class D, 144A, 5.227%, due 06/05/32 (b)   113,000    114,765 
JPMorgan Chase Commercial Mortgage, Series 2017-MAUI, Class C, 144A, 2.500% (1MO LIBOR + 125), due 07/15/34 (b)   43,000    43,000 
JPMorgan Chase Commercial Mortgage, Series 2017-MAUI, Class D, 3.200% (1MO LIBOR + 195), due 07/15/34 (b)   40,000    40,013 
JPMorgan Chase Commercial Mortgage, Series 2017-MAUI, Class E, 144A, 4.200% (1MO LIBOR + 295), due 07/15/34 (b)   36,000    36,012 
JPMorgan Chase Commercial Mortgage, Series 2017-MAUI, Class F, 144A, 5.000% (1MO LIBOR + 375), due 07/15/34 (b)   50,000    50,032 
JPMorgan Chase Commercial Mortgage, Series 2015-JP1, Class F, 4.900%, due 01/15/49 (b)   240,000    177,926 
JPMorgan Chase Commercial Mortgage, Series 2007-LDPX, Class A-M, 5.464%, due 01/15/49 (b)   51,361    51,500 
JPMorgan Chase Commercial Trust, Series 2016-WPT, Class E, 6.250% (1MO LIBOR + 500), due 10/15/33 (b)   181,000    182,300 
JPMorgan Commercial Mortgage Trust, Series 2004-CIBC10, Class D, 5.097%, due 01/12/37   189,000    192,024 
JPMorgan Commercial Mortgage Trust, Series 2006-LDP9, Class A-MS, 5.337%, due 05/15/47   176,000    176,107 
LSTAR Commercial Mortgage Trust, Series 2016-4, Class C, 4.701%, due 03/10/49   274,000    252,898 
Luminent Mortgage Trust, Series 2006-2, Class A-1-A, 1.528% (1MO LIBOR + 20), due 02/25/46 (b)   1,380,338    1,118,344 
Merrill Lynch Mortgage Trust, Series 2007-C1, Class A-M, 6.006%, due 06/12/50 (b)   181,000    181,861 
Morgan Stanley BAML Trust, Series 2014-C19, Class LNC-3, 4.749%, due 12/15/46 (b) (c)   990,347    1,006,106 
Morgan Stanley BAML Trust, Series 2014-C17, Class C, 4.607%, due 08/15/47 (b)   117,000    116,259 
Morgan Stanley BAML Trust, Series 2015-C20, Class D, 3.071%, due 02/15/48 (b)   232,000    179,437 
Morgan Stanley Capital I Trust, Series 2006-NC1, Class M-1, 1.708% (1MO LIBOR + 380), due 12/25/35 (b)   1,000,000    974,369 
Morgan Stanley REMIC Trust, Series 2010-R5, Class 4-B, 2.558%, due 06/26/36 (b)   766,042    647,047 
PR Mortgage Loan Trust, Series 2014-1, Class APT, 5.913%, due 10/25/49 (b)   2,189,687    2,027,450 
Rait Trust, Series 2017-FL7, Class B, 2.838% (1MO LIBOR + 160), due 06/15/37 (b)   169,000    169,000 
Residential Accredited Loans, Inc., Series 2006-QS15, Class A-3, 6.500%, due 10/25/36   1,287,104    1,196,388 
Residential Accredited Loans, Inc., Series 2006-QO2, Class A-1, 1.548% (1MO LIBOR + 22), due 02/25/46 (b)   2,041,903    900,398 
Residential Accredited Loans, Inc., Series 2006-Q05, Class I-A-1, 1.543% (1MO LIBOR + 21.50), due 05/25/46 (b)   1,071,532    997,032 
Resource Capital Corp. Ltd., Series 2017-CRE5, Class B, 144A, 3.477% (1MO LIBOR + 200), due 07/15/34 (b)   130,000    130,000 

 

See Notes to Financial Statements.
55

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Par Value   Value 
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 15.3% (Continued)
Stanwich Mortgage Loan Trust, Series 2017-NPA1, Class A-1, 3.597%, due 03/16/22 (b)  $412,683   $413,152 
Structured Asset Investment Loan, Series 2005-11, Class A7, 2.048% (1MO LIBOR + 36), due 01/25/36 (b)   715,988    708,351 
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class D, 6.250%, due 01/10/45 (b)   142,000    152,664 
Velocity Commercial Capital Loan Trust, Series 2016-1, Class A-FX, 3.533%, due 04/25/46   302,764    303,505 
Wachovia Asset Securitization, Series 2007-HE2, Class A, 1.458% (1MO LIBOR + 13), due 07/25/37 (b)   1,631,967    1,498,205 
Wachovia Asset Securitization, Series 2007-HE1, Class A, 1.468% (1MO LIBOR + 14), due 07/25/37 (b)   1,361,456    1,298,363 
Wachovia Bank Commercial Mortgage Trust, Series 2006-C25, Class F, 5.364%, due 05/15/43 (b)   92,595    92,510 
Wachovia Bank Commercial Mortgage Trust, Series 2006-C26, Class A-M, 6.200%, due 06/15/45 (b)   24,713    24,839 
Wachovia Bank Commercial Mortgage Trust, Series 2006-C27, Class A-J, 5.825%, due 07/15/45   56,326    56,575 
Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A-J, 5.632%, due 10/15/48   102,179    102,759 
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AJ, 6.205%, due 02/15/51 (b)   175,000    177,923 
Waldorf Astoria Boca Raton Trust, Series 2016-BOCA, Class B, 3.300% (1MO LIBOR + 205), due 06/15/29 (b)   148,000    148,228 
Waldorf Astoria Boca Raton Trust, Series 2016-BOCA, Class C, 3.750% (1MO LIBOR + 205), due 06/15/29 (b)   125,000    125,193 
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class C, 5.029%, due 06/15/49   141,000    146,510 
WF-RBS Commercial Mortgage Trust, Series 2012-C6, Class D, 5.766%, due 04/15/45 (b)   89,000   87,701 
Winwater Mortgage Loan Trust, Series 2016-1, Class 2A-3, 3.000%, due 12/20/30   351,047    348,785 
           
Total Non-Agency Mortgage-Backed Obligations (Cost $47,282,424)        48,335,885 
           
NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS — 2.8%
American Home Mortgage Assets Trust, Series 2007-1, Class IO-P, 2.078%, due 05/25/47 (b)   7,678,535    1,554,138 
Barclays Commercial Mortgage Securities Trust, Series 2017-C1, Class X-A, 1.691%, due 02/01/27 (b)   1,975,607    201,808 
BofA Merrill Lynch Commercial Mortgage Trust, Series 2016-UBS10, Class X-A, 2.161%, due 06/15/49 (b)   1,109,432    115,237 
CD Commercial Mortgage Trust, Series 2016-CD1, Class X-A, 1.571%, due 08/10/26 (b)   1,981,166    181,391 
CD Commercial Mortgage Trust, Series 2017-CD4, Class X-A, 1.482%, due 05/01/50 (b)   1,757,938    158,379 
CFCRE Commercial Mortgage Trust, Series 2017-C8, Class X-A, 1.841%, due 06/15/50 (b)   1,430,561    163,089 
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class X-A, 1.915%, due 05/10/58 (b)   1,281,280    132,728 
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class X-A, 2.165%, due 08/10/26 (b)   1,227,367    150,555 
Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class X-A, 1.805%, due 04/10/49 (b)   3,811,317    430,666 
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class X-A, 2.099%, due 05/10/49 (b)   1,165,428    140,993 
Citigroup Commercial Mortgage Trust, Series 2016-C2, Class X-A, 1.938%, due 08/10/49 (b)   1,884,656    221,879 

 

See Notes to Financial Statements.
56

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Par Value   Value 
NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS — 2.8% (Continued)
Commercial Mortgage Trust, Series 2013-CCRE12, Class X-A, 1.490%, due 10/01/46 (b)  $3,868,865   $197,315 
ommercial Mortgage Trust, Series 2015-LC21, Class X-A, 0.993%, due 07/10/48 (b)   1,897,794    76,219 
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class X-A, 1.967%, due 01/15/49 (b)   987,768    103,202 
Goldman Sachs Mortgage Securities Trust, Series 2013-GC10, Class X-A, 1.706%, due 01/10/23 (b)   2,261,454    137,706 
Goldman Sachs Mortgage Securities Trust, Series 2016-GS2, Class X-A, 1.817%, due 05/10/49 (b)   1,037,955    102,356 
JPMCC Commercial Mortgage Trust, Series 2016-JP2, Class X-A, 2.008%, due 08/15/49 (b)   1,926,372    225,231 
JPMDB Commercial Mortgage Securities, Series 2016-C2, Class X-A, 1.858%, due 06/01/49 (b)   1,252,370    114,950 
LSTAR Commercial Mortgage Trust, Series 2016-4, Class X-A, 2.104%, due 03/01/49 (b)   1,615,215    120,640 
LSTAR Commercial Mortgage Trust, Series 2017-5, Class X, 1.391%, due 03/10/50 (b)   2,962,970    147,474 
Morgan Stanley BofA Mortgage Loan Trust, Series 2014-C19, Class X-A, 1.275%, due 12/01/47 (b)   3,474,815    164,312 
Morgan Stanley BofA Mortgage Loan Trust, Series 2015-C27, Class X-A, 1.170%, due 12/15/47 (b)   25,805,681    1,506,327 
Morgan Stanley Capital I Trust, Series 2016-UBS11, Class X-A, 1.805%, due 08/15/49 (b)   5,775,069    559,700 
Morgan Stanley Capital I Trust, Series 2016-UB12, Class X-A, 0.963%,
due 12/15/49 (b)
   3,242,721    161,446 
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class X-A, 2.180%, due 10/01/48 (b)   8,092,822    952,649 
Wells Fargo Commercial Mortgage Trust, Series 2016-C35, Class X-A, 2.154%, due 07/15/48 (b)   6,800,276    854,504 
           
Total Non-Agency Mortgage-Backed Obligation Interest-Only Strips (Cost $8,177,422)        8,874,894 
           
ASSET-BACKED SECURITIES — 12.3%
AABS Ltd., Series 2013-1, Class A, 4.875%, due 01/15/38   343,622    347,015 
Anchorage Credit Funding Ltd., Series 2016-3A, Class A, 3.850%, due 10/28/33   1,000,000    994,746 
Anchorage Credit Funding Ltd., Series 2016-4A, Class A, 3.500%, due 02/15/35   2,000,000    1,982,338 
Apollo Aviation Securitization Equity Trust, Series 2014-1, Class A, 5.125%, due 12/15/29   975,722    975,722 
Apollo Aviation Securitization Equity Trust, Series 2014-1, Class B, 7.375%, due 12/15/29   493,142    493,142 
Apollo Aviation Securitization Equity Trust, Series 2016-1A, Class A, 4.875%, due 03/17/36 (b)   825,000    840,064 
Apollo Aviation Securitization Equity Trust, Series 2016-2, Class A, 4.212%, due 11/15/41   1,534,590    1,540,197 
Arcadia Receivables Credit Trust, Series 2017-1, Class A, 144A, 3.250%, due 06/15/23   206,501    207,155 
Benefit Street Partners, Series 2017-FL2, Class A, 144A, 2.070%, due 10/01/34 (b)   1,000,000    996,660 
Capital Automotive REIT, Series 2017-1, Class A-1, 144A, 3.870%, due 04/15/47 (b)   1,887,333    1,913,736 
Castle Air Securities Trust, Series 2015-1, Class A, 4.703%, due 12/15/40   984,053    988,980 
Castlelake Aircraft Securitization, Series 2017-1, Class A, 3.966%, due 07/15/42 (b)   1,249,710    1,239,852 
Cerberus Loan Funding XVII, Series 2016-17, Class A, 3.688% (3MO LIBOR + 253), due 01/15/28 (b)   1,000,000    1,006,448 

 

See Notes to Financial Statements.
57

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Par Value   Value 
ASSET-BACKED SECURITIES — 12.3% (Continued)
Chesterfield Financial Holding, LLC, Series 2014-1A, Class A, 4.500%, due 12/15/34 (b)  $726,000   $725,862 
Diamond Head Aviation Ltd., Series 2015-1, Class A, 3.810%, due 07/14/28   567,648    565,430 
Domino's Pizza Master Issuer, LLC, Series 2017-1A, Class A23, 144A, 4.118%, due 07/25/47 (b)   997,500    1,019,126 
Drug Royalty III, L.P., Series 2016-1, Class NT, 3.979%, due 04/15/27   681,556    680,463 
Dryden Senior Loan Fund, Series 2015-37, Class COMB, 5.378%, due 04/15/27   1,000,000    930,240 
Earnest Student Loan Program, LLC, Series 2016-C, Class B, 4.460%, due 01/26/37   683,910    692,773 
ECAF I Ltd., Series 2015-1, Class A-2, 4.947%, due 06/15/40   924,112    919,592 
Falcon Aerospace Ltd., Series 2017-1-A, Class A, 4.581%, due 02/15/42 (b)   708,300    716,362 
FDF Ltd., Series 2016-2A, Class A, 4.285%, due 05/12/31 (b)   1,000,000    1,013,524 
Halcyon Loan Advisors Funding, Series 2012-2, Class C, 4.174% (3MO LIBOR + 285), due 12/20/24 (b)   1,500,000    1,504,047 
Helios Issuer, LLC, Series 2017-1A, Class A, 4.939%, due 09/20/49 (b)   1,173,452    1,214,061 
Ivy Hill Middle Market Credit, Series 9A, Class BR, 144A, 3.189%, due 01/18/30 (b)   2,000,000    1,999,274 
Jimmy John's Funding, LLC, Series 2017-1A, Class A2I, 144A, 3.610%, due 07/30/47 (b)   997,500    1,001,340 
Kabbage Funding, LLC, Series 2017-1, Class A, 144A, 4.571%, due 03/15/22   1,000,000    1,021,851 
OZLM Funding IX Ltd., Series 2014-9A, Class A2-R, 2.956% (3MO LIBOR + 165), due 01/20/27 (b)   1,000,000    1,008,892 
PFP Ltd., Series 2015-2, Class A-S, 3.263% (1MO LIBOR + 200), due 07/14/34 (b)   1,000,000    999,413 
Putnam Structured Product Funding, Series 2003-1, Class A2, 144A, 2.477% (1MO LIBOR + 100), due 10/15/38 (b)   1,186,578    1,131,483 
Raspro Trust, Series 2005-1A, Class B, 1.987% (1MO LIBOR + 62.5), due 03/23/24 (b)   787,907   752,451 
Rise Ltd., Series 2014-1A, Class A, 4.750%, due 02/15/39   901,279    911,419 
Springfield Funding Trust, Series 2015-A, Class A, 3.160%, due 11/15/24   1,000,000    1,003,971 
Store Master Funding I, Series 2016-1, Class A-1, 3.960%, due 10/20/46 (b)   2,007,740    1,986,722 
Taco Bell Funding, LLC, Series 2016-1, Class A-2-II, 4.377%, due 05/25/46   1,036,875    1,069,661 
Textainer Marine Containers Ltd., Series 2017-2A, Class A, 144A, 3.520%, due 06/20/42 (b)   1,633,843    1,634,542 
Wendy's Funding, LLC, Series 2015-1, Class A2-III, 4.497%, due 06/15/45   977,500    999,963 
           
Total Asset-Backed Securities (Cost $38,804,484)        39,028,517 
           
COLLATERALIZED LOAN OBLIGATIONS — 9.6%
ALM Loan Funding, Series 2016-19A, Class B, 4.359% (3MO LIBOR + 300), due 07/15/28 (b)   250,000    253,558 
Annisa CLO Ltd., Series 2016, Class B, 3.462% (3MO LIBOR + 210), due 07/20/28 (b)   500,000    502,345 
Apidos CLO, Series 2016-24A, Class C, 5.312% (3MO LIBOR + 395), due 07/20/27 (b)   500,000    509,932 
Atrium CDO Corp., Series 2013-9R, Class D-R, 144A, 5.067% (3MO LIBOR + 360), due 05/28/30 (b)   500,000    508,312 
Babson CLO Ltd., Series 2012-II, Class SUB, 0.000%, due 05/15/23   1,000,000    12,111 
BlueMountain CLO Ltd., Series 2016-2, Class C, 5.535% (3MO LIBOR + 410), due 08/20/28 (b)   500,000    503,815 
Canyon Capital CLO Ltd., Series 2014-1A, Class C, 4.627% (3MO LIBOR + 325), due 04/30/25 (b)   250,000    250,219 
Cent CLO, L.P., Series 2012-16A, Class A-2R, 3.560% (3MO LIBOR + 225), due 08/01/24 (b)   500,000    500,829 

 

See Notes to Financial Statements.
58

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Par Value   Value 
COLLATERALIZED LOAN OBLIGATIONS — 9.6% (Continued)
Cent CLO, L.P., Series 2012-16A, Class B-R, 4.510% (3MO LIBOR + 320), due 08/01/24 (b)  $1,000,000   $1,000,542 
Cerberus Onshore II CLO, LLC, Series 2015-1A, Class B, 4.353% (3MO LIBOR + 305), due 11/06/25 (b)   2,000,000    1,999,706 
Flagship CLO, Series 2013-7A, Class C-R, 3.656% (3MO LIBOR + 235), due 01/20/26 (b)   1,500,000    1,502,758 
Flagship CLO VIII, Series 2014-8A, Class B-R, 3.003% (3MO LIBOR +170), due 01/16/26 (b)   1,300,000    1,303,035 
Fortress Credit Opportunities CLO, L.P., Series 2013-2A, Class B-R, 144A, 2.956% (3MO LIBOR + 165), due 10/19/25 (b)   1,500,000    1,503,314 
Fortress Credit Opportunities CLO, L.P., Series 2014-5A, Class B-R, 3.510% (3MO LIBOR + 235), due 10/15/26 (b)   1,000,000    1,002,241 
Fortress Credit Opportunities CLO, L.P., Series 2016-7A, Class B, 4.269% (3MO LIBOR + 295), due 12/15/28 (b)   1,000,000    1,001,658 
Fortress Credit Opportunities CLO, L.P., Series 2017-9A, Class A1T, 2.931% (3MO LIBOR + 155), due 11/15/29 (b)   1,000,000    998,176 
Galaxy XXII CLO Ltd., Series 2016-22A, Class D, 5.608% (3MO LIBOR + 445), due 07/16/28 (b)   500,000    505,119 
Golub Capital Partners CLO, Series 2015-25, Class A-1, 3.111% (3MO LIBOR + 180), due 08/05/27 (b)   1,000,000    1,001,229 
Golub Capital Partners CLO, Series 2016-33I, Class A, 3.920% (3MO LIBOR + 248), due 11/21/28 (b)   1,500,000    1,503,770 
Great Lakes CLO Ltd., Series 2015-1A, Class A-1, 3.253% (3MO LIBOR + 195), due 07/15/26 (b)   1,000,000    1,002,423 
Keuka Park CLO Ltd., Series 2013, 0.000%, due 10/21/24   1,250,000    115,456 
KVK CLO Ltd., Series 2013-1A, Class SUB, 0.000%, due 04/14/25   1,150,000    505,512 
Marathon CLO Ltd., Series 13-5A, Class A2R, 144A, 2.890% (3MO LIBOR + 145), due 11/21/27 (b)   1,000,000    998,439 
Nelder Grove CLO Ltd., Series 2014-1A, Class B-R, 3.267% (3MO LIBOR + 180), due 08/28/26 (b)  1,000,000    1,001,248 
NXT Capital CLO, LLC, Series 2017-1A, Class A, 3.062% (3MO LIBOR + 170), due 04/20/29 (b)   1,200,000    1,204,217 
Octagon Investment Partners XXI, Series 2014-21, Class D, 7.909% (3MO LIBOR + 660), due 11/14/26 (b)   250,000    252,212 
Steele Creek CLO Ltd., Series 2014-1A, Class B-R, 3.166% (3MO LIBOR + 185), due 08/21/26 (b)   1,000,000    1,002,355 
Symphony CLO XIV Ltd., Series 2014-14A, Class D-2, 4.745% (3MO LIBOR + 360), due 07/14/26 (b)   500,000    502,856 
TCI-Cent CLO, Series 2016-1A, Class C, 5.316% (3MO LIBOR + 400), due 12/21/29 (b)   500,000    507,931 
TCI-Flatiron, Series 2016-1A, Class C, 4.403% (3MO LIBOR + 305), due 07/17/28 (b)   250,000    250,472 
TCP Waterman CLO, LLC, Series 2016-1A, Class A-1J, 3.620% (3MO LIBOR + 230), due 12/15/28 (b)   1,000,000    1,004,360 
Treman Park CLO Ltd., Series 2015, Class COMB, 4.500%, due 04/20/27   500,000    428,315 
Venture CDO Ltd., Series 2012-12A, Class B-R, 2.947% (3MO LIBOR + 163), due 02/28/26 (b)   1,000,000    1,005,580 
Venture CDO Ltd., Series 2016-23A, Class B, 3.657% (3MO LIBOR + 230), due 07/19/28 (b)   500,000    500,863 
Vibrant CLO II Ltd., Series 2013-2A, Class A2AR, 144A, 2.762% (3MO LIBOR + 145), due 07/24/24 (b)   1,000,000    1,000,309 
Voya CLO IV Ltd., Series 2007-4A, Class C, 3.512% (3MO LIBOR + 220), due 06/14/22 (b)   1,500,000    1,501,796 
Voya CLO Ltd., Series 2016-2A, Class C, 5.556% (3MO LIBOR + 425), due 07/19/28 (b)   500,000    505,546 
Westcott Park CLO, Series 2016, Class D, 5.712% (3MO LIBOR + 435), due 07/20/28 (b)   500,000    505,906 

 

See Notes to Financial Statements.
59

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Par Value   Value 
COLLATERALIZED LOAN OBLIGATIONS — 9.6% (Continued)
Wind River CLO I Ltd., Series 2012-1A, Class D-R, 5.403% (3MO LIBOR + 410), due 01/15/26 (b)  $250,000   $251,356 
           
Total Collateralized Loan Obligations (Cost $32,321,364)        30,409,821 
           
INVESTMENT-GRADE CORPORATE OBLIGATIONS — 3.5%
Consumer Discretionary — 0.2%          
Amazon.com, Inc., 144A, 4.050%, due 08/22/47   110,000    118,549 
Comcast Corp., 4.400%, due 08/15/35   115,000    125,729 
Ford Motor Co., 7.450%, due 07/16/31   170,000    222,226 
General Motors Co., 2.191% (3MO LIBOR + 80), due 08/07/20 (b)   40,000    40,240 
Hasbro, Inc., 3.500%, due 09/15/27   25,000    24,432 
Omnicom Group, Inc., 3.600%, due 04/15/26   155,000    156,810 
Royal Caribbean Cruises Ltd., 3.700%, due 03/15/28   80,000    79,274 
         767,260 
Consumer Staples — 0.1%          
Anheuser-Busch InBev S.A./N.V., 4.900%, due 02/01/46   65,000    75,334 
BAT Capital Corp., 144A, 2.295% (3MO LIBOR + 100), due 08/15/22 (b)   20,000    20,239 
Kraft Heinz Co. (The), 2.000%, due 07/02/18   80,000    79,998 
Smithfield Foods, Inc., 144A, 4.250%, due 02/01/27   120,000    123,143 
         298,714 
Energy — 0.8%          
Canadian Natural Resources Ltd., 2.950%, due 01/15/23   145,000    144,351 
CNOOC Finance (2015) U.S.A., LLC, 3.500%, due 05/05/25   500,000    503,953 
Enable Midstream Partners, L.P., 4.400%, due 03/15/27   85,000    86,434 
Energy Transfer Partners, L.P., 4.750%, due 01/15/26   75,000    77,811 
Energy Transfer Partners, L.P., 4.200%, due 04/15/27   15,000    14,922 
Kinder Morgan Energy Partners, 6.950%, due 01/15/38   125,000    155,418 
Phillips 66, 5.875%, due 05/01/42  55,000   69,999 
Reliance Holdings USA, 5.400%, due 02/14/22   800,000    868,894 
Sabine Pass Liquefaction, LLC, 5.000%, due 03/15/27   150,000    160,961 
Schlumberger Holdings Corp., 144A, 2.350%, due 12/21/18   65,000    65,146 
Sunoco Logistics Partners, 5.950%, due 12/01/25   194,000    216,628 
Valero Energy Corp., 6.625%, due 06/15/37   50,000    65,896 
Williams Partners, L.P., 3.750%, due 06/15/27   60,000    60,125 
         2,490,538 
Financials — 0.9%          
Ally Financial, Inc., 4.125%, due 03/30/20   125,000    127,500 
American Express Co., 2.500%, due 08/01/22   190,000    187,707 
Athene Global Funding, 144A, 3.000%, due 07/01/22   110,000    108,875 
Bank of Montreal, 3.803%, due 12/15/32   60,000    59,318 
Citigroup, Inc., 2.521% (3MO LIBOR + 110), due 05/17/24 (b)   190,000    192,923 
Crown Castle International Corp., 3.650%, due 09/01/27   105,000    104,743 
Discover Financial Services, 4.100%, due 02/09/27   155,000    158,771 
Liberty Mutual Group, Inc., 144A, 6.500%, due 05/01/42   100,000    133,439 
Manufacturing Americas Holding Corp., 2.250%, due 02/10/20   65,000    64,647 
MetLife, Inc., 144A, 9.250%, due 04/08/38   250,000    368,749 
Morgan Stanley, 2.750%, due 05/19/22   80,000    79,706 
Morgan Stanley, 3.591%, due 07/22/28   80,000    80,736 
New York Life Global Funding, 144A, 2.300%, due 06/10/22   215,000    211,989 
Royal Bank of Scotland Group plc, 3.498%, due 05/15/23   200,000    200,436 
S&P Global, Inc., 4.400%, due 02/15/26   65,000    70,428 
Santander Holdings USA, Inc., 144A, 3.400%, due 01/18/23   160,000    159,377 

 

See Notes to Financial Statements.
60

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Par Value   Value 
INVESTMENT-GRADE CORPORATE OBLIGATIONS — 3.5% (Continued)
Financials — 0.9% (Continued)        
Synchrony Financial, 3.000%, due 08/15/19  $120,000   $120,834 
Synchrony Financial, 3.950%, due 12/01/27   205,000    204,138 
TIAA Asset Management Finance Co., LLC, 144A, 2.950%, due 11/01/19   80,000    80,765 
         2,715,081 
Health Care — 0.1%          
AbbVie, Inc., 4.700%, due 05/14/45   85,000    95,308 
Teva Pharmaceuticals Financial Co. BV, 2.800%, due 07/21/23   170,000    148,038 
Zimmer Biomet Holdings, Inc., 2.700%, due 04/01/20   125,000    125,061 
         368,407 
Industrials — 0.3%          
Boeing Co., 6.875%, due 03/15/39   90,000    132,360 
Burlington North Santa Fe Corp., 4.550%, due 09/01/44   100,000    114,495 
CSX Corp., 3.800%, due 11/01/46   90,000    89,486 
Delta Airlines, Inc., 3.625%, due 03/15/22   55,000    55,950 
General Motors Financial Corp., 3.950%, due 04/13/24   130,000    133,834 
Lockheed Martin Corp., 4.700%, due 05/15/46   115,000    134,172 
Penske Truck Leasing Co., L.P., 144A, 4.200%, due 04/01/27   155,000    161,115 
Reynolds American, Inc., 4.000%, due 06/12/22   70,000    73,138 
         894,550 
Information Technology — 0.2%          
Arrow Electronics, Inc., 3.875%, due 01/12/28   160,000    159,520 
Fidelity National Information Services, Inc., 3.625%, due 10/15/20   53,000    54,456 
Oracle Corp., 4.125%, due 05/15/45   150,000    161,780 
VMware, Inc., 2.950%, due 08/21/22   205,000    204,428 
         580,184 
Materials — 0.5%          
Applied Materials, Inc., 4.350%, due 04/01/47   75,000    84,134 
BHP Billiton Finance USA Ltd., 144A, 6.750%, due 10/19/75  450,000    525,416 
Mosaic Co. (The), 4.050%, due 11/15/27   160,000    160,419 
Tamaha Gold, Inc., 4.950%, due 07/15/24   745,000    779,371 
Vale Overseas Ltd., 5.875%, due 06/10/21   90,000    98,010 
         1,647,350 
Real Estate — 0.1%          
Hospitality Properties Trust, 5.250%, due 02/15/26   154,000    165,399 
           
Telecommunication Services — 0.2%          
AT&T, Inc., 5.250%, due 03/01/37   205,000    216,813 
British Telecommunications plc, 5.950%, due 01/15/18   285,000    285,381 
Charter Communications, LLC, 4.908%, due 07/23/25   75,000    79,739 
Orange S.A., 2.750%, due 02/06/19   100,000    100,553 
Verizon Communications, Inc., 4.400%, due 11/01/34   85,000    86,618 
         769,104 
Utilities — 0.1%          
American Electric Power Company, Inc., 3.200%, due 11/13/27   25,000    24,822 
Exelon Corp., 3.400%, due 04/15/26   75,000    75,025 
Fortis, Inc., 144A, 2.100%, due 10/04/21   140,000    136,657 
Nextera Energy Capital Holding, Inc., 3.550%, due 05/01/27   65,000    66,212 
Southern Co. (The), 2.450%, due 09/01/18   146,000    146,425 
         449,141 
Total Investment-Grade Corporate Obligations (Cost $10,955,840)        11,145,728 
           
HIGH YIELD CORPORATE OBLIGATIONS — 2.3%
Consumer Discretionary — 0.4%          
Beacon Escrow Corp., 144A, 4.875%, due 11/01/25   60,000    60,225 
Cengage Learning, Inc., 144A, 9.500%, due 06/15/24   60,000    54,300 
Constellation Merger Sub, Inc., 144A, 8.500%, due 09/15/25   35,000    34,125 
CRC Escrow Issuer, LLC, 144A, 5.250%, due 10/15/25   70,000    70,525 

 

See Notes to Financial Statements.
61

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Par Value   Value 
HIGH YIELD CORPORATE OBLIGATIONS — 2.3% (Continued)
Consumer Discretionary — 0.4% (Continued)
Eldorado Resorts, Inc., 6.000%, due 04/01/25  $65,000   $67,925 
GLP Capital, L.P./Financing II, 5.375%, due 04/15/26   75,000    80,438 
Hilton Domestic Operating Co., Inc., 144A, 4.250%, due 09/01/24   80,000    80,800 
Netflix, Inc., 144A, 4.875%, due 04/15/28   25,000    24,500 
New Red Finance, Inc., 144A, 4.250%, due 05/15/24   65,000    64,838 
PetSmart, Inc., 144A, 7.125%, due 03/15/23   40,000    23,700 
PetSmart, Inc., 144A, 5.875%, due 06/01/25   40,000    30,700 
Pinnacle Entertainment, Inc., 5.625%, due 05/01/24   80,000    85,600 
Prime Securities Service Borrower, LLC, 144A, 9.250%, due 05/15/23   70,000    77,700 
Seminole Hard Rock Entertainment, Inc., 144A, 5.875%, due 05/15/21   325,000    329,874 
Six Flags Entertainment Corp., 144A, 4.875%, due 07/31/24   80,000    81,200 
Viking Cruises Ltd., 144A, 5.875%, due 09/15/27   65,000    66,138 
         1,232,588 
Consumer Staples — 0.1%          
B&G Foods, Inc., 5.250%, due 04/01/25   65,000    66,115 
JBS USA LUX S.A./JBS USA Finance, Inc., 144A, 7.250%, due 06/01/21   80,000    81,300 
Kronos Acquisition Holdings, Inc., 144A, 9.000%, due 08/15/23   85,000    79,475 
Pilgrim's Pride Corp., 144A, 5.750%, due 03/15/25   75,000    77,531 
Post Holdings, Inc., 144A, 5.500%, due 03/01/25   65,000    67,275 
         371,696 
Energy — 0.3%          
Cheniere Energy Partners, 144A, 5.250%, due 10/01/25   65,000    66,138 
Dynagas LNG Partners, 6.250%, due 10/30/19 (d)   500,000    503,750 
MEG Energy Corp., 144A, 7.000%, due 03/31/24 (d)   35,000    29,531 
Peabody Securities Finance Corp., 144A, 6.000%, due 03/31/22   75,000    77,813 
QEP Resources, Inc., 5.250%, due 05/01/23   35,000    35,415 
QEP Resources, Inc., 5.625%, due 03/01/26   35,000    35,481 
Sanchez Energy Corp., 6.125%, due 01/15/23   85,000    71,825 
Vine Oil & Gas, L.P. / Vine Oil & Gas Finance Corp., 144A, 8.750%, due 04/15/23   30,000    29,100 
Whiting Petroleum Corp., 144A, 6.625%, due 01/15/26   35,000    35,700 
         884,753 
Financials — 0.7%          
Alliant Holdings Intermediate, LLC, 144A, 8.250%, due 08/01/23   55,000    57,750 
American Equity Investment Life Holding Co., 5.000%, due 06/15/27   750,000    777,146 
DAE Funding, LLC, 144A, 5.000%, due 08/01/24   40,000    39,500 
ESH Hospitality, Inc., 144A, 5.250%, due 05/01/25   80,000    80,800 
Fidelity & Guaranty Life Holdings, Inc., 144A, 6.375%, due 04/01/21   200,000    204,500 
Hexion, Inc., 144A, 10.375%, due 02/01/22   75,000    69,797 
Jeffries Finance, LLC, 7.250%, due 08/15/24   500,000    513,125 
Lincoln Finance Ltd., 7.375%, due 04/15/21   500,000    521,250 
National Financial Partners Corp., 144A, 6.875%, due 07/15/25   65,000    65,488 
         2,329,356 
Health Care — 0.1%          
Centene Corp., 4.750%, due 01/15/25   35,000    35,613 
Polaris Intermediate Corp., 144A, 8.500%, due 12/01/22   15,000    15,563 
Universal Hospital Services, Inc., 7.625%, due 08/15/20   75,000    74,999 
Valeant Pharmaceuticals International, Inc., 144A, 5.500%, due 11/01/25   60,000    61,050 
         187,225 

 

See Notes to Financial Statements.
62

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Par Value   Value 
HIGH YIELD CORPORATE OBLIGATIONS — 2.3% (Continued)
Industrials — 0.1%        
Avantor, Inc., 144A, 6.000%, due 10/01/24  $35,000   $34,869 
Avantor, Inc., 144A, 9.000%, due 10/01/25   35,000    34,475 
Blueline Rental Corp., 9.250%, due 03/15/24   75,000    80,062 
Brand Industrial Services, Inc., 144A, 8.500%, due 07/15/25   45,000    47,250 
Delphi Jersey Holdings plc, 144A, 5.000%, due 10/01/25   65,000    65,813 
Transdigm, Inc., 6.375%, due 06/15/26   45,000    45,450 
         307,919 
Information Technology — 0.1%          
Ensemble S Merger Sub, Inc., 144A, 9.000%, due 09/30/23   75,000    79,312 
Greeneden U.S. Holdings II, LLC, 144A, 10.000%, due 11/30/24   70,000    76,475 
Riverbed Technology, Inc., 144A, 8.875%, due 03/01/23   35,000    33,031 
Solera, LLC/Solera Finance, Inc., 144A, 10.500%, due 03/01/24   25,000    28,125 
         216,943 
Materials — 0.0% (e)          
Ashland, Inc., 4.750%, due 08/15/22   65,000    67,600 
Plastipak Holdings, Inc., 144A, 6.250%, due 10/15/25   35,000    35,788 
Platform Specialty Products Corp., 144A, 5.875%, due 12/01/25   30,000    29,775 
         133,163 
Telecommunication Services — 0.4%          
CB Escrow Corp., 144A, 8.000%, due 10/15/25   15,000    15,225 
Cincinnati Bell, Inc., 144A, 7.000%, due 07/15/24   50,000    49,625 
Dish DBS Corp., 7.750%, due 07/01/26   100,000    105,125 
Frontier Communications Corp., 8.500%, due 04/15/20   35,000    29,050 
GTT Communications, Inc., 144A, 7.875%, due 12/31/24   40,000    42,200 
Intelsat Jackson Holdings S.A., 7.250%, due 10/15/20   85,000    79,900 
Level 3 Financing, Inc., 5.375%, due 01/15/24   65,000   64,919 
MDC Partners, Inc., 144A, 6.500%, due 05/01/24   450,000    452,249 
SFR Group S.A., 144A, 7.375%, due 05/01/26   350,000    359,187 
Telesat Canada, LLC, 144A, 8.875%, due 11/15/24   70,000    78,400 
         1,275,880 
Utilities — 0.1%          
Ferrellgas, L.P., 6.750%, due 01/15/22   236,000    218,300 
NextEra Energy Operating Partners, L.P., 144A, 4.500%, due 09/15/27   65,000    64,675 
NGL Energy Partners, L.P., 144A, 7.500%, due 11/01/23   80,000    82,600 
         365,575 
Total High Yield Corporate Obligations (Cost $7,296,961)        7,305,098 
           
FOREIGN BONDS — 11.9%          
Bermuda — 0.2%          
Digicel Group Ltd., 7.125%, due 04/01/22   600,000    555,606 
           
Cayman Islands — 1.0%          
CK Hutchison International 17 Ltd., 144A, 2.250%, due 09/29/20   200,000    198,054 
CK Hutchison International 17 Ltd., 2.875%, due 04/05/22   200,000    199,263 
CK Hutchison International 17 Ltd., 144A, 2.750%, due 03/29/23   200,000    196,186 
CK Hutchison International 17 Ltd., 144A, 3.500%, due 04/05/27   200,000    199,857 
Cosan Overseas Ltd., 8.250%, due 11/29/49   200,000    204,730 
Guanay Finance Ltd., 6.000%, due 12/15/20   635,316    652,501 
Hutchison Whampoa International 12 Ltd., 3.250%, due 11/08/22   200,000    202,166 
Industrial Senior Trust, 5.500%, due 11/01/22   200,000    204,000 
SPARC EM SPC Panama Metroline 2 SP, 1.843%, due 12/05/22 (a)   1,100,000    1,009,250 
         3,066,007 

 

See Notes to Financial Statements.
63

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Par Value   Value 
FOREIGN BONDS — 11.9% (Continued)
Chile — 1.6%        
Banco de Credito e Inversiones, 4.000%, due 02/11/23  $300,000   $312,416 
Banco del Estado de Chile, 4.125%, due 10/07/20   300,000    312,836 
Banco del Estado de Chile, 3.875%, due 02/08/22   150,000    156,278 
Banco Latinamericano S.A., 3.250%, due 05/07/20   300,000    303,375 
Embotelladora Andina S.A., 5.000%, due 10/01/23   600,000    660,235 
Engie Energia Chile S.A., 5.625%, due 01/15/21   400,000    432,205 
Inversiones CMPC S.A., 4.500%, due 04/25/22   300,000    314,050 
Itau CorpBanc, 3.875%, due 09/22/19   800,000    815,687 
Republic of Chile, 3.125%, due 03/27/25   800,000    813,600 
Republic of Chile, 3.125%, due 01/21/26   900,000    912,375 
         5,033,057 
China — 0.1%          
CNOOC Finance 2011 Ltd., 4.250%, due 01/26/21   400,000    415,743 
           
Colombia — 0.2%          
Bancolombia S.A., 6.125%, due 07/26/20   100,000    106,750 
Empresa de Energia de Bogota S.A., 6.125%, due 11/10/21   200,000    203,750 
Transportadora de Gas Internacional S.A., 5.700%, due 03/20/22   400,000    410,200 
         720,700 
Costa Rica — 0.3%          
Banco de Costa Rica, 5.250%, due 08/12/18   200,000    200,250 
Bharat Petroleum Corp. Ltd., 4.625%, due 10/25/22   500,000    527,700 
Costa Rica Government International Bond, 9.995%, due 08/01/20   200,000    230,000 
         957,950 
Dominican Republic — 0.1%          
Banco de Reservas de la Republica Dominicana, 7.000%, due 02/01/23   300,000    316,265 
           
India — 0.9%          
Adani Ports & Special Economic Zone, 3.500%, due 07/29/20  200,000   202,063 
Bharti Airtel Ltd., 5.125%, due 03/11/23   200,000    211,958 
Bharti Airtel Ltd., 4.375%, due 06/10/25   700,000    712,261 
Export-Import Bank of India, 3.125%, due 07/20/21   400,000    401,736 
Export-Import Bank of India, 4.000%, due 01/14/23   400,000    414,208 
Indian Oil Corp. Ltd., 5.625%, due 08/02/21   200,000    217,039 
Indian Oil Corp. Ltd., 5.750%, due 08/01/23   600,000    668,365 
ONGC Videsh Ltd., 3.250%, due 07/15/19   200,000    201,080 
         3,028,710 
Indonesia — 0.2%          
Perusahaan Penerbit SBSN, 144A, 4.150%, due 03/29/27   700,000    722,820 
           
Israel — 0.4%          
State of Israel, 4.000%, due 06/30/22   200,000    211,861 
State of Israel, 3.150%, due 06/30/23   200,000    204,516 
State of Israel, 2.875%, due 03/16/26   800,000    797,930 
         1,214,307 
Malaysia — 1.0%          
Axiata SPV2 Berhad, 3.466%, due 11/19/20   1,100,000    1,113,565 
Malayan Banking Berhad, 3.905%, due 10/29/26   200,000    204,213 
Malaysia Sovereign Sukuk, 3.043%, due 04/22/25   400,000    401,200 
Malaysia Sukuk Global, 3.179%, due 04/27/26   500,000    503,700 
Petronas Capital Ltd., 3.500%, due 03/18/25   500,000    512,759 
Petronas Global Sukuk LT, 2.707%, due 03/18/20   400,000    400,313 
         3,135,750 
Mauritius — 0.1%          
UPL Corp. Ltd., 3.250%, due 10/13/21   200,000    199,264 
           

 

See Notes to Financial Statements.
64

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Par Value   Value 
FOREIGN BONDS — 11.9% (Continued)
Mexico — 1.0%        
America Movil SAB de C.V., 5.000%, due 03/30/20  $100,000   $105,394 
America Movil SAB de C.V., 3.125%, due 07/16/22   200,000    202,382 
Banco Santander Mexico, 5.950%, due 01/30/24   600,000    624,000 
Grupo Idesa S.A. de C.V., 7.875%, due 12/18/20   630,000    592,200 
Petroleos Mexicanos, 144A, 6.750%, due 09/21/47   65,000    67,850 
United Mexican States, 4.000%, due 10/02/23   444,000    464,646 
United Mexican States, 4.125%, due 01/21/26   700,000    729,750 
United Mexican States, 4.150%, due 03/28/27   500,000    518,500 
         3,304,722 
Netherlands — 0.5%          
AES Andres Dominicana Ltd., 144A, 7.950%, due 05/11/26   500,000    541,250 
Marfrig Holdings Europe BV, 144A, 8.000%, due 06/08/23   700,000    729,749 
Marfrig Holdings Europe BV, 144A, 7.000%, due 03/15/24   200,000    200,750 
         1,471,749 
Panama — 0.5%          
Ena Norte Trust, 4.950%, due 04/25/28   185,178    192,585 
Global Bank Corp., 5.125%, due 10/30/19   600,000    620,220 
Republic of Panama, 4.000%, due 09/22/24   400,000    425,400 
Republic of Panama, 3.875%, due 03/17/28   200,000    209,000 
         1,447,205 
Peru — 0.8%          
Banco Continental S.A., 5.500%, due 11/18/20   500,000    540,000 
Banco de Credito del Peru of Panama, 2.250%, due 10/25/19   400,000    400,000 
Banco de Credito del Peru of Panama, 5.375%, due 09/16/20   100,000    106,500 
Banco Internacional del Peru S.A.A. of Panama, 5.750%, due 10/07/20   800,000    859,999 
Fondo Mivivienda S.A., 3.500%, due 01/31/23   400,000    401,560 
Transportadora de Gas del Peru S.A., 4.250%, due 04/30/28   300,000    310,200 
         2,618,259 
Philippines — 0.8%          
BDO Unibank, Inc., 2.625%, due 10/24/21   450,000    444,919 
BDO Unibank, Inc., 2.950%, due 03/06/23   600,000    588,277 
Republic of Philippines, 4.200%, due 01/21/24   1,200,000    1,303,336 
Republic of Philippines, 3.700%, due 02/02/42   200,000    198,635 
         2,535,167 
Singapore — 1.5%          
BPRL International Singapore, 4.375%, due 01/18/27   500,000    515,602 
DBS Group Holdings Ltd., 1.987% (3MO LIBOR + 62), due 07/25/22 (b)   600,000    603,213 
DBS Group Holdings Ltd., 3.600%, due 12/29/49   300,000    298,660 
ONGC Videsh Vankorneft, 3.750%, due 07/27/26   800,000    796,008 
Oversea-Chinese Banking Corp. Ltd., 4.000%, due 10/15/24   400,000    405,336 
Singtel Group Treasury Pte. Ltd., 4.500%, due 09/08/21   200,000    212,440 
Temasek Financial I Ltd., 2.375%, due 01/23/23   1,000,000    987,300 
United Overseas Bank Ltd., 3.750%, due 09/19/24   700,000    708,264 
United Overseas Bank Ltd., 3.500%, due 09/16/26   200,000    201,306 
         4,728,129 
United Kingdom — 0.2%          
Genting Overseas Holding Ltd., 4.250%, due 01/24/27   700,000    717,869 
           
Virgin Islands British — 0.5%          
CNPC HK Overseas Capital Ltd., 4.500%, due 04/28/21   600,000    630,274 
Sinopec Group Overseas Development, 2.750%, due 09/29/26   800,000    759,167 

 

See Notes to Financial Statements.
65

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Par Value   Value 
FOREIGN BONDS — 11.9% (Continued)
Virgin Islands British — 0.5% (Continued)    
Sinopec Group Overseas Development 2016, 2.750%, due 05/03/21  $200,000   $199,323 
         1,588,764 
Total Foreign Bonds (Cost $37,612,098)        37,778,043 
           
LOAN PARTICIPATIONS — 9.1%          
Acrisure, LLC, 5.647% (3MO LIBOR + 425), due 11/22/23 (b)   84,700    85,441 
A-L Parent, LLC, 4.700% (3MO LIBOR + 325), due 11/02/20 (b)   3,616    3,638 
A-L Parent, LLC, 4.700% (3MO LIBOR + 325), due 12/01/23 (b)   26,375    26,573 
Albany Molecular Research, Inc., 4.582% (3MO LIBOR + 325), due 08/28/24 (b)   149,625    147,007 
Albertson's, LLC, 4.099% (3MO LIBOR + 275), due 08/25/21 (b)   633,033    619,866 
AlixPartners, LLP, 4.082% (3MO LIBOR + 300), due 03/17/21 (b)   377,150    378,900 
Almonde, Inc., 4.978% (3MO LIBOR + 350), due 04/26/24 (b)   967,625    969,975 
Applied Systems, Inc., 4.573% (3MO LIBOR + 325), due 09/13/24 (b)   239,400    241,727 
Aristocrat Technologies, Inc., 4.700% (3MO LIBOR + 200), due 09/19/24 (b)   90,000    90,113 
AssuredPartners, Inc., 4.849% (3MO LIBOR + 350), due 10/22/24 (b)   364,088    366,137 
Avaya, Inc., 6.227% (3MO LIBOR + 475), due 12/31/20 (b)   410,000    402,997 
BCP Renaissance Parent, LLC, 5.380% (3MO LIBOR + 450), due 12/31/20 (b)   150,000    151,725 
BJ's Wholesale Club, Inc., 4.952% (3MO LIBOR + 375), due 01/27/24 (b)   268,650    264,118 
Blount International, Inc., 5.610% (3MO LIBOR + 425), due 12/31/20 (b)   30,000    30,328 
Brand Energy & Infrastructure Services, Inc., 5.614% (3MO LIBOR + 425), due 06/14/24 (b)   268,650    269,523 
BWAY Holding Co., 4.598% (3MO LIBOR + 325), due 04/03/24 (b)   49,750    49,928 
Caesars Resort Collection, LLC, 4.500% (3MO LIBOR + 375), due 10/02/24 (b)   385,000    386,513 
Capital Automotive, L.P., 7.350% (3MO LIBOR + 600), due 03/21/25 (b)   39,948    40,947 
Capri Acquisitions BidCo Ltd., 4.626% (3MO LIBOR + 325), due 10/04/24 (b)   475,000    474,406 
CBS Radio, Inc., 4.171% (3MO LIBOR + 275), due 10/17/23 (b)   225,000    226,031 
Cengage Learning, Inc., 5.494% (3MO LIBOR + 425), due 06/07/23 (b)   1,209,638    1,152,179 
CenturyLink, Inc., 4.099% (3MO LIBOR + 275), due 02/29/24 (b)   310,000    298,666 
Change Healthcare Holdings, LLC, 4.099% (3MO LIBOR + 275), due 03/01/24 (b)   456,898    457,529 
CHG Healthcare Services, Inc., 4.476% (3MO LIBOR + 300), due 06/07/23 (b)   253,855    255,680 
Cincinnati Bell, Inc., 5.110% (3MO LIBOR + 375), due 08/16/24 (b)   250,000    252,578 
ClubCorp Holdings, Inc., 4.587% (3MO LIBOR + 325), due 08/16/24 (b)   137,098    137,547 
Colorado Buyer, Inc., 4.380% (3MO LIBOR + 300), due 03/15/24 (b)   458,850    461,433 
Compass Power Generation, LLC, 4.700% (3MO LIBOR + 375), due 12/13/24 (b)   185,000    186,079 
Cvent, Inc., 4.700% (3MO LIBOR + 375), due 11/29/23 (b)   310,000    310,000 
Digicel International Finance Ltd., 5.079% (3MO LIBOR + 375), due 05/10/24 (b)   224,438    225,279 
Diplomat Pharmacy, Inc., 4.700% (3MO LIBOR + 450), due 12/13/24 (b)   45,000    45,225 
DJO Finance, LLC, 4.592% (3MO LIBOR + 325), due 06/08/20 (b)   246,222    242,573 
Duff & Phelps Corp., 4.500% (3MO LIBOR + 325), due 12/04/24 (b)   250,000    250,313 
EAB Global, Inc., 5.015% (3MO LIBOR + 375), due 09/29/24 (b)   410,000    412,050 
EIG Investors Corp., 5.462% (3MO LIBOR + 400), due 02/09/23 (b)   275,081    276,630 
Epicor Software Corp., 5.100% (3MO LIBOR + 375), due 06/01/22 (b)   653,587    654,757 
EXC Holdings III Corp., 5.160% (3MO LIBOR + 350), due 11/15/24 (b)   50,000    50,328 
Exgen Renewables IV, LLC, 4.467% (3MO LIBOR + 300), due 12/31/20 (b)   145,000    146,450 

 

See Notes to Financial Statements.
66

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Par Value   Value 
LOAN PARTICIPATIONS — 9.1% (Continued)
Federal-Mogul Corp., 5.024% (3MO LIBOR + 375), due 04/15/21 (b)  $310,190   $312,342 
Filtration Group Corp., 4.380% (3MO LIBOR + 300), due 11/23/20 (b)   462,586    466,056 
Golden Nugget, Inc., 4.598% (3MO LIBOR + 325), due 10/04/23 (b)   59,849    60,261 
Greeneden U.S. Holdings II, LLC, 5.082% (3MO LIBOR + 375), due 12/01/23 (b)   254,363    255,634 
Hardware Holdings, LLC, 7.832% (3MO LIBOR + 650), due 03/30/20 (b) (d)   531,375    515,434 
Hayward Industries, Inc., 4.849% (3MO LIBOR + 350), due 12/31/20 (b)   375,000    375,469 
HCA, Inc., 3.599% (3MO LIBOR + 225), due 02/15/24 (b)   377,453    379,635 
Intelsat Jackson Holdings, S.A., 4.500% (3MO LIBOR + 375), due 11/30/23 (b)   460,000    449,977 
Intralinks, Inc., 5.249% (3MO LIBOR + 400), due 11/11/24 (b)   235,000    233,531 
Intrawest Resorts Holdings, Inc., 4.599% (3MO LIBOR + 325), due 12/31/20 (b)   315,000    317,167 
Jaguar Holding Company II, 4.090% (3MO LIBOR + 275), due 08/18/22 (b)   385,234    385,585 
Kenan Advantage Group, Inc. (The), 4.349% (3MO LIBOR + 300), due 07/29/22 (b)   457,661    458,613 
Klockner Pentaplast of America, Inc., 5.582% (3MO LIBOR + 425), due 06/29/22 (b)   384,038    387,398 
Kraton Polymers, LLC, 4.349% (3MO LIBOR + 300), due 01/06/22 (b)   276,758    279,381 
Kronos Acquisition Holdings, Inc., 5.827% (3MO LIBOR + 450), due 08/26/22 (b)   460,000    462,760 
Kronos, Inc., 4.902% (3MO LIBOR + 350), due 11/01/23 (b)   457,694    460,527 
Life Time Fitness, Inc., 4.228% (3MO LIBOR + 300), due 06/10/22 (b)   457,697    458,937 
Lineage Logistics, LLC, 5.069% (3MO LIBOR + 350), due 04/07/21 (b)   434,211    435,161 
Mission Broadcasting, Inc., 3.860% (3MO LIBOR + 250), due 01/17/24 (b)   36,661    36,739 
Mitchell International, Inc., 4.500% (3MO LIBOR + 325), due 12/31/20 (b)  21,269   21,250 
Mitchell International, Inc., 4.610% (3MO LIBOR + 325), due 11/20/24 (b)   263,731    263,497 
Mitchell International, Inc., 4.500% (3MO LIBOR + 725), due 11/20/25 (b)   90,000    90,585 
MPH Acquisition Holdings, LLC, 4.332% (3MO LIBOR + 300), due 06/07/23 (b)   450,261    450,887 
Nexstar Broadcasting, Inc., 3.860% (3MO LIBOR + 250), due 01/17/24 (b)   290,404    291,025 
Optiv, Inc., 4.624% (3MO LIBOR + 325), due 01/05/21 (b)   28,922    27,006 
Parexel International Corp., 4.349% (3MO LIBOR + 300), due 12/31/20 (b)   144,638    145,210 
Peak 10 Holding Corp., 4.810% (3MO LIBOR + 350), due 07/24/24 (b)   309,225    308,743 
PetSmart, Inc., 4.240% (3MO LIBOR + 300), due 03/11/22 (b)   491,184    391,567 
Pike Corp., 4.849% (3MO LIBOR + 350), due 12/31/20 (b)   84,788    85,918 
Playa Resorts Holding, BV, 4.500% (3MO LIBOR + 325), due 04/29/24 (b)   419,474    421,135 
PODS, LLC, 4.403% (3MO LIBOR + 300), due 12/31/20 (b)   115,000    115,575 
Prime Security Services Borrower, LLC, 4.099% (3MO LIBOR + 275), due 05/02/22 (b)   144,275    145,237 
Project Alpha Intermediate Holding, Inc., 5.040% (3MO LIBOR + 350), due 04/04/21 (b)   383,075    374,295 
Quest Software US Holdings, Inc., 6.918% (3MO LIBOR + 550), due 10/31/22 (b)   425,272    431,575 
Radiate HoldCo, LLC, 4.349% (3MO LIBOR + 300), due 02/01/24 (b)   467,644    463,721 
Ranpak Corp., 8.532% (3MO LIBOR + 725), due 09/22/22 (b)   122,222    121,000 
Reynolds Group Holdings, Inc., 4.099% (3MO LIBOR + 300), due 01/23/20 (b)   162,005    162,677 
RP Crown Parent, LLC, 4.349% (3MO LIBOR + 350), due 09/22/23 (b)   457,688    459,405 

 

See Notes to Financial Statements.
67

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Par Value   Value 
LOAN PARTICIPATIONS — 9.1% (Continued)
Scientific Games International, Inc., 4.657% (3MO LIBOR + 350), due 08/14/24 (b)  $314,213   $316,569 
SCS Holdings I, Inc., 5.599% (3MO LIBOR + 425), due 10/30/22 (b)   78,047    78,340 
Securus Technologies Holdings, Inc., 5.849% (3MO LIBOR + 450), due 06/15/24 (b)   470,000    474,409 
Select Medical Corp., 4.850% (3MO LIBOR + 350), due 02/13/24 (b)   328,350    331,223 
Sinclair Television Group, Inc., 4.700% (3MO LIBOR + 250), due 12/31/20 (b)   375,000    374,299 
Solera, LLC, 4.599% (3MO LIBOR + 375), due 03/03/23 (b)   387,053    389,333 
Sophia, L.P., 4.582% (3MO LIBOR + 325), due 09/30/22 (b)   381,806    381,967 
Southern Graphics, Inc., 4.500% (3MO LIBOR + 350), due 11/22/22 (b)   460,000    461,610 
Team Health Holdings, Inc., 4.099% (3MO LIBOR + 275), due 01/12/24 (b)   585,575    569,841 
Telesat Canada, 4.320% (3MO LIBOR + 300), due 11/17/23 (b)   474,012    475,344 
TKC Holdings, Inc., 5.672% (3MO LIBOR + 425), due 02/01/23 (b)   393,025    395,603 
Transdigm Group, Inc., 4.346% (3MO LIBOR + 300), due 08/16/24 (b)   89,550    89,923 
Transdigm, Inc., 4.500% (3MO LIBOR + 275), due 06/09/23 (b)   59,850    59,916 
Traverse Midstream Partners, LLC., 5.330% (3MO LIBOR + 400), due 09/11/21 (b)   75,000    75,975 
Tribune Media Co., 4.399% (3MO LIBOR + 300), due 12/27/20 (b)   572,490    572,731 
Wink Holdco, Inc., 4.500% (3MO LIBOR + 300), due 11/01/24 (b)   90,000    90,394 
York Risk Services Holding Corp., 5.319% (3MO LIBOR + 375), due 10/01/21 (b) (d)   967,500    945,488 
           
Total Loan Participations (Cost $28,763,971)        28,625,069 
           
MILITARY HOUSING OBLIGATIONS — 2.5%
Atlantic Marine Corps Communities Military Housing, 144A, 5.433% due 12/01/50 (d) (f)  705,676    715,332 
Capmark Military Housing Trust, Series 2007-AETC, Class A-1, 5.746% due 02/10/52 (d) (f)   1,902,764    1,929,518 
Capmark Military Housing Trust, Series 2007-ROBS, Class A, 6.059% due 10/10/52 (d) (f)   477,783    500,514 
Fort Benning Family Communities, LLC, 144A, 5.810% due 01/15/51 (d) (f)   1,050,000    1,010,975 
GMAC Commercial Military Housing Trust, Series 2007-HCKM, Class A, 6.107% due 08/10/52 (d) (f)   1,115,422    1,261,544 
HP Communities, LLC, 5.630% due 09/15/34 (d) (f)   650,000    718,544 
Mid-Atlantic Military Co., 144A, 5.300% due 08/01/50   939,322    942,644 
Northeast Housing, LLC, 6.298% due 10/15/49 (c) (d)   725,000    798,532 
           
Total Military Housing Obligations (Cost $7,721,447)        7,877,603 
           
MUNICIPAL OBLIGATIONS — 0.7%          
Beverly Hills Unified School District, GO, 14.046% due 08/01/37 (a)   645,000    313,128 
Illinois State, GO, 5.650% due 12/01/38   1,310,000    1,500,317 
Newport Mesa CA Unified School District, GO, 3.960% due 08/01/41 (a)   1,000,000    409,590 
           
Total Municipal Obligations (Cost $2,025,118)        2,223,035 

 

See Notes to Financial Statements.
68

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

   Shares   Value 
COMMON STOCKS — 0.0% (e)
Energy — 0.0% (e)        
Titan Energy, LLC (d) (Cost $502,500)   3,370   $5,122 
           
PREFERRED STOCKS — 0.8%          
Bank of America Corp., 6.300%   400,000    452,000 
Citigroup, Inc., 6.250%   1,195,000    1,318,085 
JPMorgan Chase & Co., 6.000%   87,291    93,842 
JPMorgan Chase & Co., 6.100%   151,000    165,919 
KeyCorp, 5.000%   418,000    430,540 
           
Total Preferred Stocks (Cost $2,293,417)        2,460,386 
           
AFFILIATED REGISTERED INVESTMENT COMPANIES — 1.7%
Guggenheim Floating Rate Strategies Fund   46,994    1,222,303 
Guggenheim Strategy Fund I   160,984    4,034,258 
           
Total Affiliated Registered Investment Companies (Cost $5,259,051)        5,256,561 
           
    

Par Value

      
COMMERCIAL PAPER — 2.5%          
Bemis Company, Inc., 1.852%, due 01/08/18 (a)  $1,000,000    999,640 
Deutsche Telekom AG, 1.602%, due 01/12/18 (a)   2,500,000    2,498,778 
Marriott International, Inc., 1.752%, due 01/12/18 (a)   1,000,000    999,465 
Molex Electronics Technologies, LLC, 2.001%, due 01/09/18 (a)   1,000,000    999,556 
Rogers Communications, Inc., 1.801%, due 01/03/18 (a)   2,500,000    2,499,750 
           
Total Commercial Paper (Cost $7,997,189)        7,997,189 
           
MONEY MARKET FUNDS — 0.6%          
Northern Trust Institutional Government Select Portfolio - Institutional Class, 1.13% (g) (Cost $1,972,722)   1,972,722    1,972,722 
           
Total Investments at Value — 101.6% (Cost $321,417,039)        321,599,188 
           
Liabilities in Excess of Other Assets — (1.6%)        (4,962,720)
           
Net Assets — 100.0%       $316,636,468 

 

(a)

Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time of purchase.

(b)

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of December 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread.

(c)

Security has been valued at fair value in accordance with the procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $5,726,287 at December 31, 2017, representing 1.8% of net assets (Note 2).

(d)

Illiquid security. The total value of such securities is $8,934,284 at December 31, 2017, representing 2.8% of net assets.

(e)

Percentage rounds to less than 0.1%.

(f)

144A securities that are restricted securities not registered under the Securities Act of 1933. The total fair value of these securities as of December 31, 2017 was $6,136,427, representing 1.9% of net assets.

(g)

The rate shown is the 7-day effective yield as of December 31, 2017.

 

CV — Convertible Security.

Ltd. — Limited.

plc — Public Limited Company.

CDO — Collateralized Debt Obligation.

CLO — Collateralized Loan Obligation.

GO — General Obligation.

 

See Notes to Financial Statements.
69

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Investments - (continued)

December 31, 2017

 

LIBOR — London Interbank Offered Rate.

LLC — Limited Liability Corporation.

Re-REMIC — Re-securitization of Real Estate Mortgage Investment Conduit.

STRIPS — Separately Traded Registered Interest and Principal Securities.

TBA — Security has been traded on a “to-be-announced” basis. In a TBA transaction, the Fund has committed to purchase a security for which all specific information is not yet known at the time of the trade, particularly the face amount in mortgage-backed securities transactions.

144A — Security was traded in a transaction exempt from Rule 144A of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers.

 

LIBOR rates as of December 31, 2017:

1MO LIBOR

1.56425%

3MO LIBOR

1.69428%

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Schedule of Centrally Cleared Swap Contracts

December 31, 2017

 

Counter Party  Contract Type  Fund Pays   Fund Receives   Termination Date  Upfront Payments   Notional Amount   Net Unrealized Appreciation (Depreciation) 
Bank of America
Merrill Lynch
  Interest Rate Swap   

1.7267% Fixed

    

3MO LIBOR

   7/31/2020  $   $8,500,000   $86,599 
   Interest Rate Swap   

1.6738% Fixed

    

3MO LIBOR

   8/16/2020   43,893    7,400,000    42,923 
   Interest Rate Swap   

1.9325% Fixed

    

3MO LIBOR

   7/31/2022       4,700,000    62,160 
   Interest Rate Swap   

1.8953% Fixed

    

3MO LIBOR

   8/11/2022   53,546    5,900,000    34,511 
   Interest Rate Swap   

2.2840% Fixed

    

3MO LIBOR

   1/30/2024   3,458    1,500,000    (1,978)
   Interest Rate Swap   

1.9914% Fixed

    

3MO LIBOR

   8/22/2024   47,110    3,700,000    25,671 
   Interest Rate Swap   

2.3500% Fixed

    

3MO LIBOR

   2/13/2027   35    6,400,000    23,213 
   Interest Rate Swap   

2.2365% Fixed

    

3MO LIBOR

   8/11/2027   137,941    19,600,000    149,797 
   Interest Rate Swap   

2.1477% Fixed

    

3MO LIBOR

   8/29/2027   306    800,000    17,896 
   Interest Rate Swap   

2.5919% Fixed

    

3MO LIBOR

   11/13/2047   312    700,000    (3,452)
                             $437,340 

 

LIBOR — London Interbank Offered Rate.

LIBOR rates as of December 31, 2017:

3MO LIBOR

1.69428%

 

See Notes to Financial Statements.
70

 

 

Wilshire Mutual Funds, Inc.

 

Statements of Assets and Liabilities

 

December 31, 2017

 

 

   LARGE
COMPANY
GROWTH PORTFOLIO
   LARGE
COMPANY
VALUE
PORTFOLIO
   SMALL
COMPANY
GROWTH
PORTFOLIO
   SMALL
COMPANY
VALUE
PORTFOLIO
  

WILSHIRE
5000
INDEXSM
FUND

   WILSHIRE
INTERNATIONAL EQUITY
FUND
   WILSHIRE
INCOME
OPPORTUNITIES FUND
 
ASSETS:                            
Investments in unaffiliated securities, at value (Note 2)  $236,408,718*  $158,383,548*  $51,734,273*  $41,250,074*  $187,198,012*  $359,424,114*  $316,342,627 
Investments in affiliated funds, at value (Note 5)                           5,256,561 
Cash       673                510     
Cash pledged as collateral                           1,056,000 
Foreign currency, at value                       15,540     
Receivable for investment securities sold           49,554    12,750    99,204        3,003,970 
Net swap premiums paid                           286,601 
Dividends and interest receivable   96,470    293,549    30,182    31,672    197,537    350,247    1,765,746 
Receivable for capital shares sold   199,457    163,291    50,579    15,712    18,670    674,693    448,819 
Dividend reclaim receivable   10,256    106            207    810,721     
Other assets   30,854    26,347    26,896    25,050    33,355    64,792    19,573 
Total Assets   236,745,755    158,867,514    51,891,484    41,335,258    187,546,985    361,340,617    328,179,897 
                                    
LIABILITIES:                                   
Payable upon return of securities loaned (Note 7)   1,614,019    127,466    3,365,468    1,001,671    1,815,226    5,530,010     
Payable for investment securities purchased       81,493    454,925    36,913            10,818,404 
Payable for capital shares redeemed   63,697    34,544    7,458    7,420    1,183,625    96,444    104,237 
Net variation margin payable                           334,275 
Investment advisory fees payable (Note 3)   149,958    99,965    30,930    26,149    15,835    297,716    169,097 
Distribution fees payable (Note 4)   8,823        8,027    239    60,188         
Shareholder Service fees payable (Note 4)   14,100    7,300    2,740    2,340    8,510    13,310    16,120 
Administration fees payable   8,400    5,700    1,700    1,500    6,600    12,300    11,400 
Accrued expenses and other payables   48,431    41,234    35,785    34,675    49,293    78,809    89,896 
Total Liabilities   1,907,428    397,702    3,907,033    1,110,907    3,139,277    6,028,589    11,543,429 
                                    
NET ASSETS  $234,838,327   $158,469,812   $47,984,451   $40,224,351   $184,407,708   $355,312,028   $316,636,468 
                                    
* Includes value of securities on loan  $15,985,353   $5,439,871   $10,257,245   $6,418,286   $11,934,916   $19,812,414   $ 

 

 

See Notes to Financial Statements.
71

 

 

Wilshire Mutual Funds, Inc.

 

Statements of Assets and Liabilities - (Continued)

 

December 31, 2017

 

   LARGE
COMPANY
GROWTH PORTFOLIO
   LARGE
COMPANY
VALUE
PORTFOLIO
   SMALL
COMPANY
GROWTH
PORTFOLIO
   SMALL
COMPANY
VALUE
PORTFOLIO
  

WILSHIRE
5000
INDEXSM
FUND

   WILSHIRE INTERNATIONAL EQUITY
FUND
   WILSHIRE INCOME OPPORTUNITIES FUND 
NET ASSETS CONSIST OF:                         
Paid-in capital  $145,803,100   $118,999,301   $37,538,592   $31,781,842   $57,455,003   $295,227,234   $314,730,429 
Accumulated (distributions in excess of) net investment income               1,156    223,005    1,164,230    (393,090)
Accumulated net realized gains (losses) from investment transactions   5,525,689    2,262,233    554,946    692,237    (422,383)   (6,860,000)   1,679,640 
Net unrealized appreciation (depreciation) on:                                   
Unaffiliated investments   83,509,538    37,208,278    9,890,913    7,749,116    127,152,083    65,747,870    184,639 
Investments in affiliated funds                           (2,490)
Swap contracts                           437,340 
Net unrealized appreciation on assets and liabilities denominated in foreign currencies                       32,694     
                                    
NET ASSETS  $234,838,327   $158,469,812   $47,984,451   $40,224,351   $184,407,708   $355,312,028   $316,636,468 
                                    
Investments in unaffiliated securities, at cost (Note 2)  $151,285,161   $121,047,804   $38,477,892   $32,499,287   $58,230,703   $288,146,234   $316,157,988 
Investments in affiliated funds, at cost                           5,259,051 
Cash collateral for securities on loan, at cost   1,614,019    127,466    3,365,468    1,001,671    1,815,226    5,530,010     
Foreign currency, at cost                       15,386     

 

 

See Notes to Financial Statements.
72

 

 

Wilshire Mutual Funds, Inc.

 

Statements of Assets and Liabilities - (Continued)

 

December 31, 2017

 

 

   LARGE
COMPANY
GROWTH PORTFOLIO
   LARGE
COMPANY
VALUE
PORTFOLIO
   SMALL
COMPANY
GROWTH
PORTFOLIO
   SMALL
COMPANY
VALUE
PORTFOLIO
  

WILSHIRE
5000
INDEXSM
FUND

   WILSHIRE INTERNATIONAL EQUITY
FUND
   WILSHIRE INCOME OPPORTUNITIES FUND 
NET ASSET VALUE PER SHARE:                         
INVESTMENT CLASS                         
Net assets applicable to Investment Class  $64,130,461   $6,546,792   $11,385,755   $6,304,910   $149,342,024   $4,176,424   $6,409,413 
Investment Class shares of beneficial interest outstanding                                   
(50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)†   1,622,279    309,031    454,494    274,222    7,170,420    373,194    625,181 
                                    

Net asset value, offering and redemption price per share (a)

  $39.53   $21.18   $25.05   $22.99   $20.83   $11.19   $10.25 
                                    
INSTITUTIONAL CLASS                                
Net assets applicable to Institutional Class  $170,707,866   $151,923,020   $36,598,696   $33,919,441   $35,065,684   $351,135,604   $310,227,055 
Institutional Class shares of beneficial interest outstanding                                   
(50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)†   4,013,802    7,250,711    1,348,322    1,444,294    1,683,570    31,800,035    30,340,537 
                                    

Net asset value, offering and redemption price per share (a)

  $42.53   $20.95   $27.14   $23.49   $20.83   $11.04   $10.22 

 

For Wilshire International Equity Fund, (40,000,000 shares authorized, per class, par value $.001 per share).
(a)For Wilshire International Equity Fund, a redemption fee may apply to redemptions of shares held for sixty days or less, subject to certain exceptions (Note 2).

 

See Notes to Financial Statements.
73

 

 

Wilshire Mutual Funds, Inc.

 

Statements of Operations

 

For the Year Ended December 31, 2017

 

 

   LARGE
COMPANY
GROWTH PORTFOLIO
   LARGE
COMPANY
VALUE
PORTFOLIO
   SMALL
COMPANY
GROWTH
PORTFOLIO
   SMALL
COMPANY
VALUE
PORTFOLIO
  

WILSHIRE
5000
INDEXSM
FUND

   WILSHIRE INTERNATIONAL EQUITY
FUND
   WILSHIRE INCOME OPPORTUNITIES FUND 
INVESTMENT INCOME:                         
Dividends  $2,553,890   $4,424,731   $293,433   $428,642   $3,575,089   $7,918,110   $1,313,728 
Interest                   3        14,780,588 
Income from securities lending   34,343    19,306    16,677    17,913    37,431    46,789     
Income distributions from affiliated investments                           213,937 
Foreign taxes withheld   (51,269)   (8,305)           (1,728)   (809,798)    
Total income   2,536,964    4,435,732    310,110    446,555    3,610,795    7,155,101    16,308,253 
                                    
EXPENSES:                                   
Investment advisory fee (Note 3)   1,740,176    1,254,058    351,218    299,905    179,696    3,138,372(a)   2,164,887 
Shareholder Service fees (Note 4)                                   
Investment Class   80,681    5,563    13,984    8,745    92,879    4,912    3,272 
Institutional Class   88,673    82,279    15,856    15,253    7,805    136,617    208,710 
Distribution (12b-1) fees (Note 4)                                   
Investment Class   157,771    19,038    32,580    19,072    357,300    15,862    11,321 
Administration and accounting fees (Note 3)   97,350    70,070    17,322    14,785    75,287    131,663    151,120 
Pricing costs   5,600    6,292    7,684    7,180    39,524    119,416    307,807 
Registration and filing fees   42,853    43,443    36,196    34,270    50,956    53,784    90,673 
Transfer agent fees (Note 3)   65,314    30,378    38,576    32,956    54,059    84,474    21,348 
Custodian fees (Note 3)   49,272    35,948    9,098    8,174    38,676    73,151    89,116 
Professional fees   37,192    32,402    23,092    22,700    33,304    45,938    48,224 
Directors’ fees and expenses (Note 3)   40,509    29,191    7,204    6,192    31,427    54,647    63,670 
Postage and supplies   34,759    25,545    26,448    25,328    18,326    33,102    35,040 
Printing expense   12,970    12,113    4,176    3,619    10,591    15,915    22,684 
Insurance expense   12,749    11,073    2,260    2,398    10,274    15,800    23,324 
Interest expense (Note 2)                           61,653 
Other   11,701    14,702    8,955    7,225    10,157    52,722    36,023 
Total expenses   2,477,570    1,672,095    594,649    507,802    1,010,261    3,976,375    3,338,872 
Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3)           (53,561)   (55,407)       (2,177)   (3,021)
Fees paid indirectly (Note 4)   (2,976)   (3,540)       (6,996)            
Net expenses   2,474,594    1,668,555    541,088    445,399    1,010,261    3,974,198    3,335,851 
                                    
Net investment income (loss)  $62,370   $2,767,177   $(230,978)  $1,156   $2,600,534   $3,180,903   $12,972,402 

 

(a)Includes $7,286 of prior years’ investment advisory fee reductions and expense reimbursement recouped by the Adviser (Note 3).

 

See Notes to Financial Statements.
74

 

 

Wilshire Mutual Funds, Inc.

 

Statements of Operations - (Continued)

 

For the Year Ended December 31, 2017

 

   LARGE
COMPANY
GROWTH PORTFOLIO
   LARGE
COMPANY
VALUE
PORTFOLIO
   SMALL
COMPANY
GROWTH
PORTFOLIO
   SMALL
COMPANY
VALUE
PORTFOLIO
  

WILSHIRE
5000
INDEXSM
FUND

   WILSHIRE INTERNATIONAL EQUITY
FUND
   WILSHIRE INCOME OPPORTUNITIES FUND 
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 5):                            
Net realized gain (loss) from:                            
Unaffiliated investments  $23,070,730   $13,077,655   $4,094,232   $3,862,700   $12,583,104   $15,476,610   $3,054,395 
Sale of affiliated investment company shares                           69,074 
Written option contracts (Note 2)                           56,289 
Swap contracts                           (145,063)
Forward currency contracts                           5,381 
Foreign currency transactions                       (381,684)   (81,286)
Long-term capital gain distributions from affiliated funds                           1,090 
Net change in unrealized appreciation (depreciation) on:                                   
Unaffiliated investments   32,528,372    6,970,898    1,518,666    (939,024)   17,971,304    52,143,955    4,807,365 
Investments in affiliated funds                           (60,612)
Swap contracts                           437,340 
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies                       60,821    (14,224)
                                    
Net realized and unrealized gains on investments and foreign currency transactions   55,599,102    20,048,553    5,612,898    2,923,676    30,554,408    67,299,702    8,129,749 
                                    
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS  $55,661,472   $22,815,730   $5,381,920   $2,924,832   $33,154,942   $70,480,605   $21,102,151 

 

 

See Notes to Financial Statements.
75

 

 

Wilshire Mutual Funds, Inc.

 

Statements of Changes in Net Assets

 

   LARGE COMPANY
GROWTH PORTFOLIO
   LARGE COMPANY
VALUE PORTFOLIO
 
   Year Ended
December 31, 2017
   Year Ended
December 31, 2016
   Year Ended
December 31, 2017
   Year Ended
December 31, 2016
 
OPERATIONS:                
Net investment income  $62,370   $701,354   $2,767,177   $3,602,970 
Net realized gains on investments   23,070,730    24,110,965    13,077,655    10,983,831 
Net change in unrealized appreciation (depreciation) on investments   32,528,372    (9,717,197)   6,970,898    18,844,323 
Net increase in net assets resulting from operations   55,661,472    15,095,122    22,815,730    33,431,124 
                     
DISTRIBUTIONS TO SHAREHOLDERS FROM:                    
Net investment income:                    
Investment Class shares       (23,274)   (92,892)   (70,117)
Institutional Class shares   (83,014)   (666,107)   (2,679,991)   (3,529,320)
Net realized capital gains:                    
Investment Class shares   (5,345,348)   (7,216,123)   (529,991)   (812,603)
Institutional Class shares   (13,199,444)   (16,461,985)   (12,564,148)   (8,395,071)
Total distributions to shareholders   (18,627,806)   (24,367,489)   (15,867,022)   (12,807,111)
                     
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8):                    
Investment Class shares:                    
Shares sold   1,303,759    9,447,776    910,198    13,100,295 
Shares issued as reinvestment of distributions   5,238,090    7,046,311    607,100    868,423 
Shares redeemed   (14,751,160)   (58,801,975)   (5,436,320)   (60,891,899)
Net decrease in net assets from Investment Class share transactions   (8,209,311)   (42,307,888)   (3,919,022)   (46,923,181)
                     
Institutional Class shares:                    
Shares sold   41,145,232    112,406,914    24,380,834    127,227,693 
Shares issued as reinvestment of distributions   12,550,610    15,976,819    15,150,692    11,893,895 
Shares redeemed   (62,483,304)   (91,601,976)   (69,699,659)   (33,421,170)
Net increase (decrease) in net assets from Institutional Class share transactions   (8,787,462)   36,781,757    (30,168,133)   105,700,418 
                     
Net increase (decrease) in net assets   20,036,893    (14,798,498)   (27,138,447)   79,401,250 
                     
NET ASSETS:                    
Beginning of year   214,801,434    229,599,932    185,608,259    106,207,009 
End of year  $234,838,327   $214,801,434   $158,469,812   $185,608,259 
                     
Accumulated net investment income, end of year  $   $11,973   $   $3,533 

 

See Notes to Financial Statements.
76

 

 

Wilshire Mutual Funds, Inc.

 

Statements of Changes in Net Assets - (Continued)

 

   SMALL COMPANY
GROWTH PORTFOLIO
   SMALL COMPANY
VALUE PORTFOLIO
 
   Year Ended
December 31, 2017
   Year Ended
December 31, 2016
   Year Ended
December 31, 2017
   Year Ended
December 31, 2016
 
OPERATIONS:                
Net investment income (loss)  $(230,978)  $(146,581)  $1,156   $253,736 
Net realized gains on investments   4,094,232    5,246,004    3,862,700    3,935,633 
Net change in unrealized appreciation (depreciation) on investments   1,518,666    3,547,658    (939,024)   6,014,108 
Net increase in net assets resulting from operations   5,381,920    8,647,081    2,924,832    10,203,477 
                     
DISTRIBUTIONS TO SHAREHOLDERS FROM:                    
Net investment income:                    
Investment Class shares               (42,010)
Institutional Class shares               (249,635)
Net realized capital gains:                    
Investment Class shares   (1,097,621)   (902,329)   (709,839)   (879,115)
Institutional Class shares   (3,329,032)   (3,066,404)   (3,781,888)   (2,443,106)
Total distributions to shareholders   (4,426,653)   (3,968,733)   (4,491,727)   (3,613,866)
                     
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8):                    
Investment Class shares:                    
Shares sold   14,638,488    8,090,368    1,117,553    4,601,966 
Shares issued as reinvestment of distributions   1,041,243    883,172    689,265    900,773 
Shares redeemed   (13,152,021)   (14,178,884)   (4,390,773)   (12,548,929)
Net increase (decrease) in net assets from Investment Class share transactions   2,527,710    (5,205,344)   (2,583,955)   (7,046,190)
                     
Institutional Class shares:                    
Shares sold   18,566,543    23,749,758    15,355,723    24,015,502 
Shares issued as reinvestment of distributions   3,308,750    3,059,039    3,772,200    2,684,309 
Shares redeemed   (14,460,998)   (16,251,162)   (15,548,502)   (13,461,080)
Net increase in net assets from Institutional Class share transactions   7,414,295    10,557,635    3,579,421    13,238,731 
                     
Net increase (decrease) in net assets   10,897,272    10,030,639    (571,429)   12,782,152 
                     
NET ASSETS:                    
Beginning of year   37,087,179    27,056,540    40,795,780    28,013,628 
End of year  $47,984,451   $37,087,179   $40,224,351   $40,795,780 
                     
Accumulated net investment income, end of year  $   $   $1,156   $ 

 

See Notes to Financial Statements.
77

 

 

Wilshire Mutual Funds, Inc.

 

Statements of Changes in Net Assets - (Continued)

 

  

WILSHIRE 5000
INDEXSM FUND

   WILSHIRE INTERNATIONAL
EQUITY FUND
 
   Year Ended
December 31, 2017
   Year Ended
December 31, 2016
   Year Ended
December 31, 2017
   Year Ended
December 31, 2016
 
OPERATIONS:                
Net investment income  $2,600,534   $3,091,458   $3,180,903   $3,980,720 
Net realized gains (losses) on investments and foreign currency transactions   12,583,104    32,576,301    15,094,926    (4,042,613)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies   17,971,304    (12,337,006)   52,204,776    13,529,543 
Net increase in net assets resulting from operations   33,154,942    23,330,753    70,480,605    13,467,650 
                     
DISTRIBUTIONS TO SHAREHOLDERS FROM:                    
Net investment income:                    
Investment Class shares   (1,946,012)   (2,761,275)   (2,976)   (182,252)
Institutional Class shares   (555,678)   (1,004,390)   (1,689,353)   (4,629,388)
Horace Mann Class shares       (4,577)        
Net realized capital gains:                    
Investment Class shares   (10,494,187)   (5,106,112)        
Institutional Class shares   (2,473,623)   (1,869,149)        
Total distributions to shareholders   (15,469,500)   (10,745,503)   (1,692,329)   (4,811,640)

 

See Notes to Financial Statements.
78

 

 

Wilshire Mutual Funds, Inc.

 

Statements of Changes in Net Assets - (Continued)

 

  

WILSHIRE 5000
INDEXSM FUND

   WILSHIRE INTERNATIONAL
EQUITY FUND
 
   Year Ended
December 31, 2017
   Year Ended
December 31, 2016
   Year Ended
December 31, 2017
   Year Ended
December 31, 2016
 
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8):                
Investment Class shares:                
Shares sold   19,689,466    14,468,832    2,292,119    13,074,344 
Shares issued as reinvestment of distributions   11,943,752    7,545,415    2,853    176,771 
Redemption fees (Note 2)           10    942 
Shares redeemed   (28,829,164)   (58,715,642)   (11,034,460)   (5,481,578)
Net increase (decrease) in net assets from Investment Class share transactions   2,804,054    (36,701,395)   (8,739,478)   7,770,479 
                     
Institutional Class shares:                    
Shares sold   3,066,897    10,987,352    76,449,497    177,914,962 
Shares issued as reinvestment of distributions   2,507,629    2,231,465    1,646,137    4,619,158 
Redemption fees (Note 2)           635    1,948 
Shares redeemed   (15,185,693)   (34,209,479)   (52,433,552)   (109,736,709)
Net increase (decrease) in net assets from Institutional Class share transactions   (9,611,167)   (20,990,662)   25,662,717    72,799,359 
                     
Qualified Class shares:                    
Shares sold       1         
Shares redeemed       (197)        
Net decrease in net assets from Qualified Class share transactions       (196)        
                     
Horace Mann Class shares:                    
Shares sold       24,850         
Shares issued as reinvestment of distributions       4,577         
Shares redeemed       (1,792,892)        
Net decrease in net assets from Horace Mann Class share transactions       (1,763,465)        
                     
Net increase (decrease) in net assets   10,878,329    (46,870,468)   85,711,515    89,225,848 
                     
NET ASSETS:                    
Beginning of year   173,529,379    220,399,847    269,600,513    180,374,665 
End of year  $184,407,708   $173,529,379   $355,312,028   $269,600,513 
                     
Accumulated (distributions in excess of) net investment income, end of year  $223,005   $(2,459)  $1,164,230   $(104,004)

 

 

See Notes to Financial Statements.
79

 

 

Wilshire Mutual Funds, Inc.

 

Statements of Changes in Net Assets - (Continued)

 

   WILSHIRE INCOME
OPPORTUNITIES FUND
 
   Year Ended
December 31, 2017
   Period Ended
December 31, 2016*
 
OPERATIONS:        
Net investment income  $12,972,402   $8,295,764 
Net realized gains on unaffiliated investments, sale of affiliated investment company shares, written option contracts, swap contracts, forward currency contracts and foreign currency transactions   2,958,790    1,719,677 
Long-term capital gain distributions from affiliated funds   1,090     
Net change in unrealized appreciation (depreciation) on affiliated and unaffiliated investments, swap contracts and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies   5,169,869    (4,550,380)
Net increase in net assets resulting from operations   21,102,151    5,465,061 
           
DISTRIBUTIONS TO SHAREHOLDERS FROM:          
Net investment income:          
Investment Class shares   (252,971)   (18,739)
Institutional Class shares   (12,802,854)   (8,022,614)
Net realized capital gains:          
Investment Class shares   (23,429)   (7,570)
Institutional Class shares   (1,122,003)   (2,931,274)
Total distributions to shareholders   (14,201,257)   (10,980,197)
           
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8):          
Investment Class shares:          
Shares sold   7,558,909    3,002,325 
Issued in connection with in-kind transfer (Note 11)       10 
Shares issued as reinvestment of distributions   270,908    22,884 
Shares redeemed   (2,467,223)   (1,932,279)
Net increase in net assets from Investment Class share transactions   5,362,594    1,092,940 
           
Institutional Class shares:          
Shares sold   43,898,687    317,151,289 
Issued in connection with in-kind transfer (Note 11)       147,868,290 
Shares issued as reinvestment of distributions   13,781,761    10,945,747 
Shares redeemed   (151,206,477)   (73,644,121)
Net increase (decrease) in net assets from Institutional Class share transactions   (93,526,029)   402,321,205 
           
Net increase (decrease) in net assets   (81,262,541)   397,899,009 
           
NET ASSETS:          
Beginning of period   397,899,009     
End of period  $316,636,468   $397,899,009 
           
Distributions in excess of net investment income, end of period  $(393,090)  $(14,227)

 

*Commenced operations on March 30, 2016.

 

See Notes to Financial Statements.
80

 

 

Wilshire Mutual Funds, Inc.

 

Large Company Growth Portfolio

 

Financial Highlights

 

For a Fund Share Outstanding Throughout Each Year.

   Investment Class Shares 
   Year
Ended
12/31/2017
   Year
Ended
12/31/2016
   Year
Ended
12/31/2015
   Year
Ended
12/31/2014
   Year
Ended
12/31/2013
 
Net asset value, beginning of year  $33.93   $36.82   $38.66   $41.60   $34.70 
                          
Income (loss) from investment operations:                         

Net investment income (loss) (a)

   (0.08)   0.04    (0.14)   (0.26)   (0.02)
Net realized and unrealized gains on investments   9.24    1.26    2.53    3.61    10.38 
Total from investment operations   9.16    1.30    2.39    3.35    10.36 
                          
Less distributions:                         
From net investment income       (0.01)            
From realized capital gains   (3.56)   (4.18)   (4.23)   (6.29)   (3.46)
Total distributions   (3.56)   (4.19)   (4.23)   (6.29)   (3.46)
                          
Net asset value, end of year  $39.53   $33.93   $36.82   $38.66   $41.60 
                          

Total return (b)

   26.93%   3.33%   6.18%   7.97%   30.22%
                          
Ratios to average net assets/supplemental data:                         
Net assets, end of year (in 000’s)  $64,130   $62,634   $107,381   $103,733   $113,495 
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly   1.30%   1.32%   1.33%   1.38%   1.36%

Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (c)

   1.30%   1.32%   1.33%   1.38%   1.36%
Net investment income (loss)   (0.21%)   0.10%   (0.34%)   (0.61%)   (0.05%)
Portfolio turnover rate   51%   75%   104%   62%   136%

 

(a)The selected per share data was calculated using the average shares outstanding method for the period.
(b)Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
(c)The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.30%, 1.32%, 1.34%, 1.38% and 1.36% for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively (Notes 3 and 4).

 

See Notes to Financial Statements.
81

 

 

Wilshire Mutual Funds, Inc.

 

Large Company Growth Portfolio

 

Financial Highlights - (Continued)

 

For a Fund Share Outstanding Throughout Each Year.

   Institutional Class Shares 
   Year
Ended
12/31/2017
   Year
Ended
12/31/2016
   Year
Ended
12/31/2015
   Year
Ended
12/31/2014
   Year
Ended
12/31/2013
 
Net asset value, beginning of year  $36.19   $39.04   $40.62   $43.28   $35.94 
                          
Income (loss) from investment operations:                         

Net investment income (loss) (a)

   0.05    0.15    (0.01)   (0.13)   0.10 
Net realized and unrealized gains on investments   9.87    1.34    2.66    3.76    10.77 
Total from investment operations   9.92    1.49    2.65    3.63    10.87 
                          
Less distributions:                         
From net investment income   (0.02)   (0.16)       (0.00)(b)   (0.07)
From realized capital gains   (3.56)   (4.18)   (4.23)   (6.29)   (3.46)
Total distributions   (3.58)   (4.34)   (4.23)   (6.29)   (3.53)
                          
Net asset value, end of year  $42.53   $36.19   $39.04   $40.62   $43.28 
                          

Total return (c)

   27.35%   3.61%   6.52%   8.32%   30.60%
                          
Ratios to average net assets/supplemental data:                         
Net assets, end of year (in 000’s)  $170,708   $152,167   $122,219   $134,534   $243,622 
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly   0.98%   1.04%   1.01%   1.06%   1.05%

Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (d)

   0.98%   1.04%   1.01%   1.06%   1.06%
Net investment income (loss)   0.11%   0.37%   (0.02%)   (0.29%)   0.23%
Portfolio turnover rate   51%   75%   104%   62%   136%

 

(a)The selected per share data was calculated using the average shares outstanding method for the period.
(b)Amount is less than $0.01 per share.
(c)Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
(d)The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 0.98%, 1.04%, 1.02%, 1.06% and 1.05% for years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively (Notes 3 and 4).

 

See Notes to Financial Statements.
82

 

 

Wilshire Mutual Funds, Inc.

 

Large Company Value Portfolio

 

Financial Highlights

 

For a Fund Share Outstanding Throughout Each Year.

   Investment Class Shares 
  

Year
Ended
12/31/2017

  

Year
Ended
12/31/2016

  

Year
Ended
12/31/2015

  

Year
Ended
12/31/2014

  

Year
Ended
12/31/2013

 
Net asset value, beginning of year  $20.40   $18.62   $21.19   $21.44   $15.86 
                          
Income (loss) from investment operations:                         

Net investment income (a)

   0.30    0.37    0.20    0.18    0.16 
Net realized and unrealized gains (losses) on investments   2.67    2.56    (1.33)   2.14    5.64 
Total from investment operations   2.97    2.93    (1.13)   2.32    5.80 
                          
Less distributions:                         
From net investment income   (0.30)   (0.14)   (0.19)   (0.23)   (0.14)
From realized capital gains   (1.89)   (1.01)   (1.25)   (2.34)   (0.08)
Total distributions   (2.19)   (1.15)   (1.44)   (2.57)   (0.22)
                          
Net asset value, end of year  $21.18   $20.40   $18.62   $21.19   $21.44 
                          

Total return (b)

   14.64%   15.73%   (5.33%)   10.77%   36.54%
                          
Ratios to average net assets/supplemental data:                         
Net assets, end of year (in 000’s)  $6,547   $10,112   $52,864   $61,566   $61,800 
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly   1.26%   1.26%   1.27%   1.29%   1.24%

Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (c)

   1.26%   1.27%   1.29%   1.30%   1.25%
Net investment income   1.38%   1.87%   0.96%   0.80%   0.87%
Portfolio turnover rate   39%   174%   55%   57%   101%

 

(a)The selected per share data was calculated using the average shares outstanding method for the period.
(b)Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
(c)The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.26%, 1.26%, 1.27%, 1.29% and 1.24% for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively (Notes 3 and 4).

 

See Notes to Financial Statements.
83

 

 

Wilshire Mutual Funds, Inc.

 

Large Company Value Portfolio

 

Financial Highlights - (Continued)

 

For a Fund Share Outstanding Throughout Each Year.

   Institutional Class Shares 
   Year
Ended
12/31/2017
   Year
Ended
12/31/2016
   Year
Ended
12/31/2015
   Year
Ended
12/31/2014
   Year
Ended
12/31/2013
 
Net asset value, beginning of year  $20.20   $18.67   $21.24   $21.48   $15.89 
                          
Income (loss) from investment operations:                         

Net investment income (a)

   0.36    0.40    0.26    0.24    0.22 
Net realized and unrealized gains (losses) on investments   2.65    2.55    (1.33)   2.14    5.63 
Total from investment operations   3.01    2.95    (1.07)   2.38    5.85 
                          
Less distributions:                         
From net investment income   (0.37)   (0.41)   (0.25)   (0.28)   (0.18)
From realized capital gains   (1.89)   (1.01)   (1.25)   (2.34)   (0.08)
Total distributions   (2.26)   (1.42)   (1.50)   (2.62)   (0.26)
                          
Net asset value, end of year  $20.95   $20.20   $18.67   $21.24   $21.48 
                          

Total return (b)

   14.99%   15.78%   (5.07%)   11.05%   36.85%
                          
Ratios to average net assets/supplemental data:                         
Net assets, end of year (in 000’s)  $151,923   $175,497   $53,343   $63,499   $111,550 
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly   0.98%   1.04%   1.01%   1.00%   0.95%

Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (c)

   0.98%   1.05%   1.02%   1.01%   0.97%
Net investment income   1.67%   2.09%   1.23%   1.09%   1.13%
Portfolio turnover rate   39%   174%   55%   57%   101%

 

(a)The selected per share data was calculated using the average shares outstanding method for the period.
(b)Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
(c)The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 0.98%, 1.04%, 1.01%, 1.00% and 0.95% for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively (Notes 3 and 4).

 

See Notes to Financial Statements.
84

 

 

Wilshire Mutual Funds, Inc.

 

Small Company Growth Portfolio

 

Financial Highlights

 

For a Fund Share Outstanding Throughout Each Year.

   Investment Class Shares 
   Year
Ended
12/31/2017
   Year
Ended
12/31/2016
   Year
Ended
12/31/2015
   Year
Ended
12/31/2014
   Year
Ended
12/31/2013
 
Net asset value, beginning of year  $24.41   $22.64   $23.44   $24.95   $18.06 
                          
Income (loss) from investment operations:                         

Net investment loss (a)

   (0.19)   (0.15)   (0.15)   (0.25)   (0.16)
Net realized and unrealized gains on investments   3.51    4.80    0.70    1.09    7.59 
Total from investment operations   3.32    4.65    0.55    0.84    7.43 
                          
Less distributions:                         
From realized capital gains   (2.68)   (2.88)   (1.35)   (2.35)   (0.54)
                          
Net asset value, end of year  $25.05   $24.41   $22.64   $23.44   $24.95 
                          

Total return (b)

   13.66%   20.44%   2.29%   3.44%   41.25%
                          
Ratios to average net assets/supplemental data:                         
Net assets, end of year (in 000’s)  $11,386   $8,633   $12,642   $11,398   $9,582 
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly   1.48%   1.51%   1.46%   1.50%   1.47%

Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (c)

   1.64%   1.60%   1.64%   1.55%   1.62%
Net investment income (loss)   (0.75%)   (0.57%)   (0.59%)   (1.00%)   (0.75%)
Portfolio turnover rate   110%   114%   63%   77%   88%

 

(a)The selected per share data was calculated using the average shares outstanding method for the period.
(b)Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
(c)The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.60%, 1.64%, 1.54% and 1.61% for the years ended December 31, 2016, 2015, 2014 and 2013, respectively (Notes 3 and 4).

 

See Notes to Financial Statements.
85

 

 

Wilshire Mutual Funds, Inc.

 

Small Company Growth Portfolio

 

Financial Highlights - (Continued)

 

For a Fund Share Outstanding Throughout Each Year.

   Institutional Class Shares 
   Year
Ended
12/31/2017
   Year
Ended
12/31/2016
   Year
Ended
12/31/2015
   Year
Ended
12/31/2014
   Year
Ended
12/31/2013
 
Net asset value, beginning of year  $26.18   $24.04   $24.75   $26.14   $18.89 
                          
Income (loss) from investment operations:                         

Net investment loss (a)

   (0.14)   (0.08)   (0.07)   (0.18)   (0.15)
Net realized and unrealized gains on investments   3.78    5.10    0.71    1.14    7.99 
Total from investment operations   3.64    5.02    0.64    0.96    7.84 
                          
Less distributions:                         
From net investment income                   (0.05)
From realized capital gains   (2.68)   (2.88)   (1.35)   (2.35)   (0.54)
Total distributions   (2.68)   (2.88)   (1.35)   (2.35)   (0.59)
                          
Net asset value, end of year  $27.14   $26.18   $24.04   $24.75   $26.14 
                          

Total return (b)

   13.96%   20.79%   2.53%   3.75%   41.58%
                          
Ratios to average net assets/supplemental data:                         
Net assets, end of year (in 000’s)  $36,599   $28,454   $14,414   $15,483   $24,013 
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly   1.23%   1.27%   1.19%   1.20%   1.19%

Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (c)

   1.34%   1.33%   1.36%   1.24%   1.20%
Net investment loss   (0.47%)   (0.32%)   (0.28%)   (0.70%)   (0.54%)
Portfolio turnover rate   110%   114%   63%   77%   88%

 

(a)The selected per share data was calculated using the average shares outstanding method for the period.
(b)Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
(c)The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.33%, 1.35%, 1.19% and 1.18% for the years ended December 31, 2016, 2015, 2014 and 2013, respectively (Notes 3 and 4).

 

See Notes to Financial Statements.
86

 

 

Wilshire Mutual Funds, Inc.

 

Small Company Value Portfolio

 

Financial Highlights

 

For a Fund Share Outstanding Throughout Each Year.

   Investment Class Shares 
   Year
Ended
12/31/2017
   Year
Ended
12/31/2016
   Year
Ended
12/31/2015
   Year
Ended
12/31/2014
   Year
Ended
12/31/2013
 
Net asset value, beginning of year  $23.75   $20.74   $22.86   $24.33   $17.40 
                          
Income (loss) from investment operations:                         

Net investment income (loss) (a)

   (0.05)   0.10    0.01    (0.08)   (0.03)
Net realized and unrealized gains (losses) on investments   2.09    4.99    (0.89)   1.53    7.62 
Total from investment operations   2.04    5.09    (0.88)   1.45    7.59 
                          
Less distributions:                         
From net investment income       (0.09)   (0.00)(b)       (0.00)(b)
From capital gains   (2.80)   (1.99)   (1.24)   (2.92)   (0.66)
Total distributions   (2.80)   (2.08)   (1.24)   (2.92)   (0.66)
                          
Net asset value, end of year  $22.99   $23.75   $20.74   $22.86   $24.33 
                          

Total return (c)

   8.65%   24.86%   (3.83%)   6.17%   43.79%
                          
Ratios to average net assets/supplemental data:                         
Net assets, end of year (in 000’s)  $6,305   $9,097   $14,287   $14,120   $13,688 
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly   1.45%   1.51%   1.49%   1.49%   1.49%

Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (d)

   1.69%   1.60%   1.67%   1.56%   1.58%
Net investment income (loss)   (0.25%)   0.48%   0.06%   (0.35%)   (0.13%)
Portfolio turnover rate   88%   99%   49%   53%   60%

 

(a)The selected per share data was calculated using the average shares outstanding method for the period.
(b)Amount is less than $0.01 per share.
(c)Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
(d)The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.67%, 1.59%, 1.67%, 1.55% and 1.57% for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively (Notes 3 and 4).

 

See Notes to Financial Statements.
87

 

 

Wilshire Mutual Funds, Inc.

 

Small Company Value Portfolio

 

Financial Highlights - (Continued)

 

For a Fund Share Outstanding Throughout Each Year.

   Institutional Class Shares 
   Year
Ended
12/31/2017
   Year
Ended
12/31/2016
   Year
Ended
12/31/2015
   Year
Ended
12/31/2014
   Year
Ended
12/31/2013
 
Net asset value, beginning of year  $24.14   $21.08   $23.21   $24.59   $17.58 
                          
Income (loss) from investment operations:                         

Net investment income (loss) (a)

   0.01    0.16    0.08    (0.02)   0.00(b)
Net realized and unrealized gains (losses) on investments   2.14    5.08    (0.90)   1.56    7.74 
Total from investment operations   2.15    5.24    (0.82)   1.54    7.74 
                          
Less distributions:                         
From net investment income       (0.19)   (0.07)       (0.07)
From realized capital gains   (2.80)   (1.99)   (1.24)   (2.92)   (0.66)
Total distributions   (2.80)   (2.18)   (1.31)   (2.92)   (0.73)
                          
Net asset value, end of year  $23.49   $24.14   $21.08   $23.21   $24.59 
                          

Total return (c)

   8.97%   25.16%   (3.52%)   6.47%   44.16%
                          
Ratios to average net assets/supplemental data:                         
Net assets, end of year (in 000’s)  $33,919   $31,698   $13,727   $15,655   $24,934 
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly   1.19%   1.27%   1.18%   1.17%   1.20%

Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (d)

   1.37%   1.33%   1.36%   1.23%   1.19%
Net investment income (loss)   0.07%   0.73%   0.36%   (0.07%)   (0.01%)
Portfolio turnover rate   88%   99%   49%   53%   60%

 

(a)The selected per share data was calculated using the average shares outstanding method for the period.
(b)Amount rounds to less than $0.01 per share.
(c)Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
(d)The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.35%, 1.32%, 1.35%, 1.21% and 1.18% for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively (Notes 3 and 4).

 

See Notes to Financial Statements.
88

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire 5000 Indexsm Fund

 

Financial Highlights

 

For a Fund Share Outstanding Throughout Each Year.

   Investment Class Shares 
   Year
Ended
12/31/2017
   Year
Ended
12/31/2016
   Year
Ended
12/31/2015
   Year
Ended
12/31/2014
   Year
Ended
12/31/2013
 
Net asset value, beginning of year  $18.86   $17.78   $18.01   $16.22   $12.43 
                          
Income (loss) from investment operations:                         

Net investment income (a)

   0.29    0.27    0.24    0.23    0.19 
Net realized and unrealized gains (losses) on investments   3.52    1.96    (0.22)   1.78    3.80 
Total from investment operations   3.81    2.23    0.02    2.01    3.99 
                          
Less distributions:                         
From net investment income   (0.27)   (0.39)   (0.25)   (0.22)   (0.20)
From realized capital gains   (1.57)   (0.76)            
Total distributions   (1.84)   (1.15)   (0.25)   (0.22)   (0.20)
                          
Net asset value, end of year  $20.83   $18.86   $17.78   $18.01   $16.22 
                          

Total return (b)

   20.20%   12.51%   0.08%   12.38%   32.10%
                          
Ratios to average net assets/supplemental data:                         
Net assets, end of year (in 000’s)  $149,342   $132,669   $159,709   $204,465   $139,354 
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly   0.62%   0.67%   0.64%   0.65%   0.68%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly   0.62%   0.67%(c)   0.64%(c)   0.65%   0.68%
Net investment income   1.39%   1.49%   1.35%   1.32%   1.33%
Portfolio turnover rate   3%   5%   6%   3%   2%

 

(a)The selected per share data was calculated using the average shares outstanding method for the period.
(b)Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares.
(c)The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 0.67% and 0.64% for the years ended December 31, 2016 and 2015, respectively (Notes 3 and 4).

 

See Notes to Financial Statements.
89

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire 5000 Indexsm Fund

 

Financial Highlights - (Continued)

 

For a Fund Share Outstanding Throughout Each Year.

   Institutional Class Shares 
   Year
Ended
12/31/2017
   Year
Ended
12/31/2016
   Year
Ended
12/31/2015
   Year
Ended
12/31/2014
   Year
Ended
12/31/2013
 
Net asset value, beginning of year  $18.85   $17.78   $18.00   $16.21   $12.41 
                          
Income (loss) from investment operations:                         

Net investment income (a)

   0.35    0.33    0.29    0.26    0.22 
Net realized and unrealized gains (losses) on investments   3.53    1.95    (0.22)   1.79    3.81 
Total from investment operations   3.88    2.28    0.07    2.05    4.03 
                          
Less distributions:                         
From net investment income   (0.33)   (0.45)   (0.29)   (0.26)   (0.23)
From realized capital gains   (1.57)   (0.76)            
Total distributions   (1.90)   (1.21)   (0.29)   (0.26)   (0.23)
                          
Net asset value, end of year  $20.83   $18.85   $17.78   $18.00   $16.21 
                          

Total return (b)

   20.57%   12.81%   0.36%   12.60%   32.48%
                          
Ratios to average net assets/supplemental data:                         
Net assets, end of year (in 000’s)  $35,066   $40,860   $59,065   $67,500   $59,565 
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly   0.33%   0.36%   0.41%   0.44%   0.46%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly   0.33%   0.36%(c)   0.41%(c)   0.44%   0.46%
Net investment income   1.67%   1.80%   1.59%   1.53%   1.55%
Portfolio turnover rate   3%   5%   6%   3%   2%

 

(a)The selected per share data was calculated using the average shares outstanding method for the period.
(b)Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares.
(c)The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 0.36% and 0.41% for the years ended December 31, 2016 and 2015, respectively (Notes 3 and 4).

 

See Notes to Financial Statements.
90

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire International Equity Fund

 

Financial Highlights

 

For a Fund Share Outstanding Throughout Each Year.

   Investment Class Shares 
   Year
Ended
12/31/2017
   Year
Ended
12/31/2016
   Year
Ended
12/31/2015
   Year
Ended
12/31/2014
   Year
Ended
12/31/2013
 
Net asset value, beginning of year  $8.92   $8.90   $9.06   $9.70   $8.34 
                          
Income (loss) from investment operations:                         

Net investment income (a)

   0.08    0.10    0.09    0.09    0.03 
Net realized and unrealized gains (losses) on investments and foreign currency transactions   2.20    0.07    (0.23)   (0.71)   1.54 
Total from investment operations   2.28    0.17    (0.14)   (0.62)   1.57 
                          
Less distributions:                         
From net investment income   (0.01)   (0.15)   (0.02)   (0.02)   (0.00)(b)
From realized capital gains                   (0.21)
Total distributions   (0.01)   (0.15)   (0.02)   (0.02)   (0.21)
                          
Redemption fees (Note 2)   0.00(b)   0.00(b)   0.00(b)        
                          
Net asset value, end of year  $11.19   $8.92   $8.90   $9.06   $9.70 
                          

Total return (c)

   25.54%   1.88%   (1.55%)   (6.38%)   18.95%
                          
Ratios to average net assets/supplemental data:                         
Net assets, end of year (in 000’s)  $4,176   $11,290   $3,438   $11,371   $2,410 

Operating expenses including dividends and rebates on securities sold short and interest expense, after fee reductions and expense reimbursements and fees paid indirectly (d)

   1.51%(e)   1.52%   1.50%   1.50%   1.85%(e)

Operating expenses including dividends and rebates on securities sold short and interest expense, before fee reductions and expense reimbursements and fees paid indirectly (d)

   1.55%   1.65%   1.75%   1.71%(f)   1.93%(f)
Net investment income   0.87%   1.19%   0.99%   0.97%   0.38%
Portfolio turnover rate   62%   79%   84%   176%   368%

 

(a)The selected per share data was calculated using the average shares outstanding method for the period.
(b)Amount rounds to less than $0.01 per share.
(c)Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares.
(d)Effective April 2, 2013, the Wilshire International Equity Fund no longer engages in short selling.
(e)The operating expense ratios reflect the expenses related to foreign currency exchange contracts or investing in securities sold short. Had these expenses been excluded, the expense ratio (after fee reductions and fees paid indirectly) would have been 1.50% for years ended December 31, 2017 and 2013.
(f)The ratio of operating expenses including dividends and rebates on securities sold short and interest expense, before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.71% and 1.93% for the years ended December 31, 2014 and 2013, respectively (Notes 3 and 4).

 

See Notes to Financial Statements.
91

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire International Equity Fund

 

Financial Highlights - (Continued)

 

For a Fund Share Outstanding Throughout Each Year.

   Institutional Class Shares 
   Year
Ended
12/31/2017
   Year
Ended
12/31/2016
   Year
Ended
12/31/2015
   Year
Ended
12/31/2014
   Year
Ended
12/31/2013
 
Net asset value, beginning of year  $8.81   $8.78   $8.99   $9.64   $8.38 
                          
Income (loss) from investment operations:                         

Net investment income (a)

   0.10    0.12    0.09    0.09    0.08 
Net realized and unrealized gains (losses) on investments and foreign currency transactions   2.18    0.07    (0.21)   (0.68)   1.51 
Total from investment operations   2.28    0.19    (0.12)   (0.59)   1.59 
                          
Less distributions:                         
From net investment income   (0.05)   (0.16)   (0.09)   (0.06)   (0.12)
From realized capital gains                   (0.21)
Total distributions   (0.05)   (0.16)   (0.09)   (0.06)   (0.33)
                          
Redemption fees (Note 2)   0.00(b)   0.00(b)   0.00(b)        
                          
Net asset value, end of year  $11.04   $8.81   $8.78   $8.99   $9.64 
                          

Total return (c)

   25.92%   2.16%   (1.37%)   (6.16%)   19.10%
                          

Ratios to average net assets/supplemental data2:

                         
Net assets, end of year (in 000’s)  $351,136   $258,311   $176,937   $165,048   $45,897 

Operating expenses including dividends and rebates on securities sold short and interest expense, after fee reductions and expense reimbursements and fees paid indirectly (d)

   1.26%(e)   1.27%   1.25%   1.25%   1.61%(e)

Operating expenses including dividends and rebates on securities sold short and interest expense, before fee reductions and expense reimbursements and fees paid indirectly (d)

   1.26%   1.32%   1.29%   1.31%(f)   1.87%(f)
Net investment income   1.02%   1.44%   1.00%   0.96%   0.88%
Portfolio turnover rate   62%   79%   84%   176%   368%

 

(a)The selected per share data was calculated using the average shares outstanding method for the period.
(b)Amount is less than $0.01 per share.
(c)Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares.
(d)Effective April 2, 2013, the Wilshire International Equity Fund no longer engages in short selling.
(e)The operating expense ratio reflects the expenses related to foreign currency exchange contracts or investing in securities sold short. Had these expenses been excluded, the expense ratio (after fee reductions and fees paid indirectly) would have been 1.25% for the years ended December 31, 2017 and 2013.
(f)The ratio of operating expenses including dividends and rebates on securities sold short and interest expense, before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.31% and 1.87% for the years ended December 31, 2014 and 2013, respectively (Notes 3 and 4).

 

See Notes to Financial Statements.
92

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Financial Highlights

 

For a Fund Share Outstanding Throughout Each Period.

   Investment Class Shares 
   Year
Ended
12/31/2017
   Period
Ended
12/31/2016*
 
Net asset value, beginning of period  $10.14   $10.00 
           
Income from investment operations:          

Net investment income (a)

   0.35    0.21 
Net realized and unrealized gains on investments and foreign currency transactions   0.22    0.18 
Total from investment operations   0.57    0.39 
           
Less distributions:          
From net investment income   (0.42)   (0.18)
From realized capital gains   (0.04)   (0.07)
Total distributions   (0.46)   (0.25)
           
Net asset value, end of period  $10.25   $10.14 
           

Total return (b)

   5.60%   3.92%(c)
           
Ratios to average net assets/supplemental data:          
Net assets, end of period (in 000’s)  $6,409   $1,102 

Operating expenses after expense reimbursements (d)

   1.17%(e)   1.15%(f)

Operating expense before expense reimbursements (d)

   1.23%   1.26%(f)
Net investment income   3.28%   2.83%(f)
Portfolio turnover rate   88%   74%(c)

 

*Commenced operations on March 30, 2016.
(a)The selected per share data was calculated using the average shares outstanding method for the period.
(b)Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares.
(c)Not Annualized.
(d)Ratio does not include expenses from underlying funds.
(e)Includes interest incurred from reverse repurchase agreements during the year ended December 31, 2017 of 0.02%.
(f)Annualized.

 

See Notes to Financial Statements.
93

 

 

Wilshire Mutual Funds, Inc.

 

Wilshire Income Opportunities Fund

 

Financial Highlights - (Continued)

 

For a Fund Share Outstanding Throughout Each Period.

   Institutional Class Shares 
   Year
Ended
12/31/2017
   Period
Ended
12/31/2016*
 
Net asset value, beginning of period  $10.10   $10.00 
           
Income from investment operations:          

Net investment income (a)

   0.37    0.25 
Net realized and unrealized gains on investments and foreign currency transactions   0.22    0.13 
Total from investment operations   0.59    0.38 
           
Less distributions:          
From net investment income   (0.43)   (0.21)
From realized capital gains   (0.04)   (0.07)
Total distributions   (0.47)   (0.28)
           
Net asset value, end of period  $10.22   $10.10 
           

Total return (b)

   5.84%   3.82%(c)
           
Ratios to average net assets/supplemental data:          
Net assets, end of period (in 000’s)  $310,227   $396,797 

Operating expenses (d)

   0.92%(e)   0.86%(f)
Net investment income   3.49%   3.11%(f)
Portfolio turnover rate   88%   74%(c)

 

*Commenced operations on March 30, 2016.
(a)The selected per share data was calculated using the average shares outstanding method for the period.
(b)Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares.
(c)Not Annualized.
(d)Ratio does not include expenses from underlying funds.
(e)Includes interest incurred from reverse repurchase agreements during the year ended December 31, 2017 of 0.02%.
(f)Annualized.

 

See Notes to Financial Statements.
94

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements

 

December 31, 2017

 

1. Organization.

 

Wilshire Mutual Funds, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end diversified investment company, which was incorporated under Maryland law on July 30, 1992. The Company operates as a series company and presently offers seven series: Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund (each a “Portfolio” and collectively the “Portfolios”). The Company accounts separately for the assets, liabilities and operations of each series.

 

The investment objective of Large Company Growth Portfolio is to provide investment results of a portfolio of publicly traded common stocks of companies in the applicable sub-category of the Wilshire 5000 IndexSM. The applicable sub-category of the Wilshire 5000 IndexSM is the large cap growth sub-category.

 

The investment objective of Large Company Value Portfolio is to provide investment results of a portfolio of publicly traded common stocks of companies in the applicable sub-category of the Wilshire 5000 IndexSM. The applicable sub-category of the Wilshire 5000 IndexSM is the large cap value sub-category.

 

The investment objective of Small Company Growth Portfolio is to provide investment results of a portfolio of publicly traded common stocks of companies in the applicable sub-category of the Wilshire 5000 IndexSM. The applicable sub-category of the Wilshire 5000 IndexSM is the small-cap growth sub-category.

 

The investment objective of Small Company Value Portfolio is to provide investment results of a portfolio of publicly traded common stocks of companies in the applicable sub-category of the Wilshire 5000 IndexSM. The applicable sub-category of the Wilshire 5000 IndexSM is the small-cap value sub-category.

 

The investment objective of Wilshire 5000 IndexSM Fund is to replicate as closely as possible the performance of the Wilshire 5000 IndexSM before the deduction of the Portfolio’s expenses.

 

The investment objective of Wilshire International Equity Fund is capital appreciation.

 

The primary investment objective of Wilshire Income Opportunities Fund is to maximize current income. Long-term capital appreciation is a secondary objective.

 

Each of the Portfolios currently offers Investment and Institutional Class shares, each of which has equal rights as to voting privileges except that the Investment Class has exclusive voting rights for its service and distribution plan. Investment income, realized and unrealized capital gains and losses and the common expenses of each Portfolio are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Portfolio. Each class of shares differs with respect to its service and distribution expenses.

 


95

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements - (Continued)

 

December 31, 2017

 

2. Significant Accounting Policies.

 

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X, which impact financial statement presentation, particularly the presentation of derivative investments. The Portfolios have adopted these amendments, which were effective August 1, 2017, with these financial statements.

 

The following is a summary of significant accounting policies consistently followed by the Portfolios 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 Portfolios 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 – Securities listed or traded on U.S. exchanges, including options and swap contracts, are valued at the last sales price on the exchange where they are principally traded. In the absence of a current quotation, a security is valued at the mean between the last bid and asked prices on that exchange. Securities quoted on the National Association of Securities Dealers Automatic Quotation (NASDAQ) System, for which there have been sales, are valued at the NASDAQ official closing price. If there are no such sales, a security is valued at the mean between the last bid and asked prices. Securities traded over-the-counter (other than on NASDAQ) are valued at the last current sale price; and if there are no such sales, a security is valued at the mean between the last bid and asked prices. Debt securities are typically valued at an evaluated bid price by a third-party pricing agent employing methodologies that utilize actual market transactions, broker-supplied valuations, or other inputs designed to identify the market value for such securities. Third-party pricing agents often utilize 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 Portfolios’ pricing agent for such securities, if available. Otherwise such securities are valued at amortized cost if the Pricing Committee concludes it approximates fair value. Equity securities primarily traded on a foreign exchange are typically valued daily at a price as provided by an independent pricing service, which is an estimate of the fair value price. Foreign currency contracts, including forward contracts, are valued at the applicable translation rates as supplied by the third-party pricing vendor. In the event market quotations are not readily available, such securities are valued at fair value according to procedures adopted by the Board of Directors (the “Board”) or as determined in good faith by the Pricing Committee, whose members include at least two representatives of Wilshire Associates Incorporated (the “Adviser”), one of whom is an officer of the Company, or by the Company’s Valuation Committee. Fair value is defined as the amount the owner of a security might reasonably expect to receive upon a current sale. Securities whose value does 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 Company’s valuation procedures. Significant events may include, but are not limited to, the following: significant fluctuations in domestic

 


96

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements - (Continued)

 

December 31, 2017

 

markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. 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 Portfolio is carrying the security.

 

Wilshire International Equity Fund uses ICE Data Services (“ICE”) as a third-party pricing agent. ICE provides a daily fair value for foreign securities in Wilshire International Equity Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE. These factors are used to value Wilshire International Equity Fund without holding a Pricing Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts the Company’s administrator and may request that a meeting of the Pricing Committee be held.

 

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Portfolios 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:

 

 

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Portfolios have 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 year ended December 31, 2017, there have been no significant changes to the Portfolios’ fair value methodologies.

 

The following is a summary of the inputs used to value the Portfolios’ investments as of December 31, 2017:

 

Large Company Growth Portfolio  Level 1   Level 2   Level 3   Total 
Common Stocks  $232,159,264   $   $   $232,159,264 
Money Market Funds   4,249,454            4,249,454 
Total  $236,408,718   $   $   $236,408,718 

 


97

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements - (Continued)

 

December 31, 2017

 

Large Company Value Portfolio  Level 1   Level 2   Level 3   Total 
Common Stocks  $155,199,096   $   $   $155,199,096 
Rights           1,135*   1,135 
Money Market Funds   3,183,317            3,183,317 
Total  $158,382,413   $   $1,135   $158,383,548 

 

Small Company Growth Portfolio  Level 1   Level 2   Level 3   Total 
Common Stocks  $46,743,827   $   $   $46,743,827 
Rights           0*   0 
Money Market Funds   4,990,446            4,990,446 
Total  $51,734,273   $   $0   $51,734,273 

 

Small Company Value Portfolio  Level 1   Level 2   Level 3   Total 
Common Stocks  $39,465,413   $   $   $39,465,413 
Money Market Funds   1,784,661            1,784,661 
Total  $41,250,074   $   $   $41,250,074 

 

Wilshire 5000 IndexSM Fund

  Level 1   Level 2   Level 3   Total 
Common Stocks  $183,305,042   $   $   $183,305,042 
Rights           8,460*   8,460 
Money Market Funds   3,884,510            3,884,510 
Total  $187,189,552   $   $8,460   $187,198,012 

 

Wilshire International Equity Fund  Level 1   Level 2   Level 3   Total 
Common Stocks  $81,819,954   $260,820,657   $   $342,640,611 
Preferred Stocks       989,035        989,035 
Rights   11,588            11,588 
Money Market Funds   15,782,880            15,782,880 
Total  $97,614,422   $261,809,692   $   $359,424,114 

 

*Includes securities that have been fair valued at $0.


98

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements - (Continued)

 

December 31, 2017

 

Wilshire Income Opportunities Fund  Level 1   Level 2   Level 3   Total 
Investments in Securities                
U.S. Treasury Obligations  $   $39,791,970   $   $39,791,970 
U.S. Government Agency Obligations       11,568,950        11,568,950 
Agency Mortgage-Backed Obligations       30,942,595        30,942,595 
Non-Agency Mortgage-Backed Obligations       48,335,885        48,335,885 
Non-Agency Mortgage-Backed Obligation Interest-Only Strips       8,874,894        8,874,894 
Asset-Backed Securities       39,028,517        39,028,517 
Collateralized Loan Obligations       30,409,821        30,409,821 
Investment Grade Corporate Obligations       11,145,728        11,145,728 
High Yield Corporate Obligations       7,305,098        7,305,098 
Foreign Bonds       37,778,043        37,778,043 
Loan Participations       28,625,069        28,625,069 
Military Housing Obligations       7,877,603        7,877,603 
Municipal Obligations       2,223,035        2,223,035 
Common Stocks   5,122            5,122 
Preferred Stocks       2,460,386        2,460,386 
Affiliated Registered Investment Companies   5,256,561            5,256,561 
Commerical Paper       7,997,189        7,997,189 
Money Market Funds   1,972,722            1,972,722 
Total  $7,234,405   $314,364,783   $   $321,599,188 
Other Financial Instruments**                    
Swaps - Interest Rate  $   $437,340   $   $437,340 

 

**Other financial instruments are derivative financial instruments not reflected in the Schedules of Investments, such as swap contracts. Swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

Refer to the Portfolios’ Schedules of Investments for a listing of the securities by industry or sector type. It is the Portfolios’ policy to recognize transfers between Levels at the end of the reporting period. As of December 31, 2017, the Portfolios, other than Wilshire Income Opportunities Fund, did not have any transfers between Levels. In addition, Large Company Growth Portfolio, Small Company Value Portfolio and Wilshire International Equity 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 December 31, 2017. Large Company Value Portfolio and Small Company Growth Portfolio held rights and Wilshire 5000 IndexSM Fund held common stocks and rights that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $1,135, $0 and $8,460, respectively. A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is only presented when the Portfolio has over 1% of Level 3 investments at the beginning and/or end of the period in relation to net assets.

 


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December 31, 2017

 

The following is a reconciliation of Level 3 investments of Wilshire Income Opportunities Fund for which significant unobservable inputs were used to determine fair value for the year ended December 31, 2017:

 

Wilshire Income Opportunities Fund                    
Investments in Securities  Value as of December 31,
2016
   Transfers into
(out of) Level 3
   Purchases   Net change in unrealized appreciation   Value as of December 31,
2017
 
Military Housing Obligations  $1,850,978   $(1,850,978)  $   $     
Total  $1,850,978   $(1,850,978)  $   $   $ 

 

Option Transactions – Wilshire Income Opportunities Fund may purchase and write call and put options on securities, securities indices, swaps (“swaptions”) and foreign currencies, provided such options are traded on a national securities exchange or an over-the-counter market. When the Portfolio writes or purchases a covered call or put option, an amount equal to the premium received is included as a liability in the Portfolio’s statement of assets and liabilities. The amount of the liability is subsequently marked-to-market to reflect the current value of the option. If an option expires on its stipulated expiration date or if the Portfolio enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. If a written put option is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, the Portfolio has no control over whether the underlying securities are subsequently sold (call) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or index underlying the written option. When the Portfolio purchases a call or put option, an amount equal to the premium paid is included as an investment in the Portfolio’s statement of assets and liabilities, and is subsequently marked-to-market to reflect the current value of the option. If an option expires on the stipulated expiration date or if the Portfolio enters into a closing sale transaction, a gain or loss is realized. If the Portfolio exercises a call, the cost of the security acquired is increased by the premium paid for the call. If the Portfolio exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. The option techniques utilized are generally to hedge against changes in interest rates, foreign currency exchange rates or securities prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Portfolio, to reduce the volatility of the currency exposure associated with an investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets.

 


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December 31, 2017

 

Transactions in options purchased by Wilshire Income Opportunities Fund during the year ended December 31, 2017 were as follows:

 

   Option
Contracts
   Option
Premiums
 
Options outstanding at beginning of year      $ 
Options purchased   10,341    1,283,937 
Options expired   (3,019)   (249,885)
Options sold   (7,322)   (1,034,052)
Options outstanding at end of year      $ 

 

Transactions in options written by Wilshire Income Opportunities Fund during the year ended December 31, 2017 were as follows:

 

   Option
Contracts
   Option
Premiums
 
Options outstanding at beginning of year      $ 
Options written   6,556    523,971 
Options expired   (1,033)   (74,376)
Options cancelled in a closing purchase transaction   (5,523)   (449,595)
Options outstanding at end of year      $ 

 

Interest Rate Swaps – Wilshire Income Opportunities Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. In order to reduce such risks, the Portfolio may enter into interest rate swaps.

 

Interest rate swaps involve the exchange of commitments to pay and receive a fixed or floating rate of interest based on a notional principal amount. The risks of interest rate swaps include changes in market conditions that will affect their value or cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the swap’s remaining life. Upon entering into a swap contract, the Portfolio is required to satisfy an initial margin requirement by delivering cash to the counterparty. Net periodic interest payments to be received or paid are accrued and settled daily and are recorded as interest income on the Statements of Operations. Interest rate swaps are marked-to-market daily and the change is recorded as unrealized gain (loss) on swap contracts on the Statements of Operations. The average monthly notional value of interest rate swaps for Wilshire Income Opportunities Fund during the year ended December 31, 2017 was $30,239,167.

 

Reverse Repurchase Agreements – Wilshire Income Opportunities Fund may enter into reverse repurchase agreements for investment purposes. A reverse repurchase agreement involves the sale of portfolio assets together with an agreement to repurchase the same assets later at a fixed price. At the time the Portfolio enters into a reverse repurchase agreement, it segregates cash, cash equivalents, or other liquid assets, including equity securities and debt securities, at least equal in value to the repurchase price. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Portfolio’s use of the proceeds under the

 


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December 31, 2017

 

agreement may be restricted pending a determination by the other party, or its trustee, or receiver, whether to enforce the obligation to repurchase the securities. Interest incurred from the sale of reverse repurchase agreements is listed as Interest Expense on the Statements of Operations. Wilshire Income Opportunities Fund had no reverse repurchase agreements outstanding as of December 31, 2017.

 

For the year ended December 31, 2017, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for Wilshire Income Opportunities Fund were $6,907,910 and 0.89%, respectively.

 

Securities traded on a “to-be-announced” basis – Wilshire Income Opportunities Fund occasionally trades securities on a “to-be-announced” (“TBA”) basis. In a TBA transaction, the Portfolio has committed to purchase securities for which all specific information is not yet known at the time of the trade, particularly the face amount in mortgage-backed securities transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Portfolio, normally 15 to 45 days later. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other portfolio securities. TBA securities are noted as such on the Portfolio’s Schedule of Investments.

 

Investment transactions and investment income – Investment transactions are recorded on a trade-date basis. Realized gains and losses from investment transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income is accrued as earned. Discounts and premiums on fixed income securities purchased are accreted or amortized using the effective interest method. Gains and losses on paydowns of mortgage-backed securities are reflected in interest income on the Statements of Operations. Distributions received on investments that represent a return of capital or capital gain are reclassed as a reduction of cost of investments and/or as a realized gain. Withholding taxes on foreign dividends have been provided for in accordance with the Company’s understanding of the applicable country’s tax rules and rates.

 

Mortgage, asset-backed and collateralized loan securities – Wilshire Income Opportunities Fund may invest in mortgage, asset-backed and collateralized loan securities which represent shares in a pool of mortgages or other debt. These securities are generally pass-through securities, which means that principal and interest payments on the underlying securities (less servicing fees) are passed through to owners on a pro rata basis. These securities involve prepayment risk, which is the risk that the underlying mortgages or other debt may be refinanced or paid off before they mature, particularly during periods of declining interest rates. In that case, proceeds from the securities may have to be reinvested at a lower interest rate. This could lower the Portfolio’s return and result in losses to the Portfolio if some securities were acquired at a premium. Potential market gains on a security subject to prepayment risk may be more limited than potential market gains on a comparable security that is not subject to prepayment risk. The Portfolio may also invest in collateralized mortgage obligations (“CMOs”). In a CMO, a series of bonds or certificates is issued in multiple classes, which have varying levels of risks.

 

Stripped Mortgage-Backed Securities (“SMBS”) – Wilshire Income Opportunities Fund may invest in SMBS. SMBS are derivative multi-class mortgage-backed securities which are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). IOs are more volatile and sensitive to the rate of prepayments

 


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Notes to Financial Statements - (Continued)

 

December 31, 2017

 

than other types of mortgage-backed securities, and their value can fall dramatically in response to rapid or unexpected changes in the mortgage, interest rate or economic environment. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Additionally, any prepayment penalties received for an IO are included in interest income on the Statements of Operations.

 

Loan participations and assignments – Wilshire Income Opportunities Fund may invest in direct debt instruments which are interests in amounts owed to lenders and lending syndicates by corporate, governmental, or other borrowers. The Portfolio’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. The Portfolio will generally purchase assignments of these loans, in which case it will typically become a lender for purposes of the relevant loan agreement with direct contractual rights against the borrower, including the right to receive payments of principal and interest. Which purchasing participation interests in a loan, the Portfolio generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. The Portfolio may enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent a future obligation in full, even though a percentage of the notional loan accounts may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned are recorded as a component of interest income on the Statements of Operations. At December 31, 2017, the Portfolio had $872,063 in net unsettled loan commitments.

 

Foreign currency transactions – The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis:

 

 

fair value of investment securities, other assets and liabilities at the daily rates of exchange and

 

 

purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions.

 

The portion of the results of operations caused by changes in foreign exchange rates on investments are not isolated from those caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments. Net realized and unrealized gains (losses) from foreign currency related transactions include gains and losses between trade and settlement dates on investment transactions, gains and losses arising from the sales of foreign currency and gains and losses between the ex-dividend and payment dates on dividends, interest and foreign withholding taxes. The effect of changes in foreign exchange rates on realized and unrealized gains or losses is reflected as a component of such gains or losses.

 


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December 31, 2017

 

Forward Foreign Currency Contracts – Wilshire Income Opportunities Fund may enter into forward foreign currency contracts as hedges against either specific transactions, Portfolio positions or anticipated Portfolio positions. The Portfolio may also engage in currency transactions to enhance the Portfolio’s returns. All commitments are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded. The Portfolio realizes gains and losses at the time forward foreign currency contracts are closed. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for federal income tax purposes. Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. There were no outstanding open forward foreign currency contracts as of December 31, 2017.

 

For the year ended December 31, 2017, the average volume of activity of forward foreign currency contracts was as follows:

 

Average Monthly Notional Amount Purchased  $58,270 
Average Monthly Notional Amount Sold   222,167 

 

Over-the-Counter (“OTC”) Derivative Contracts – To reduce counterparty risk for OTC transactions, Wilshire Income Opportunities Fund has entered into master netting arrangements, established within the International Swap Dealers Association, Inc. (“ISDA”) master agreements, which allow the Portfolio to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables for certain OTC positions for each individual counterparty. In addition, the Portfolio may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Portfolio. For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

 

Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA master agreement or other similar agreement, the collateral requirements are typically calculated by netting the mark-to-market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Portfolio or the counterparty.

 

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio, if any, is reported separately as Cash Pledged as Collateral on the Statements of Assets and Liabilities. Non-cash collateral pledged by the Portfolio, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount before a transfer has to be made. To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance.

 


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Notes to Financial Statements - (Continued)

 

December 31, 2017

 

The following table presents, by derivative type, Wilshire Income Opportunities Fund’s OTC financial derivative instruments net of the related collateral (received)/pledged by counterparty at December 31, 2017:

 

Counterparty  Financial Derivative Assets   Financial Derivative Liabilities   Derivatives Available for Offset   Collateral Pledged or (Received)*   Net
Amount
 
Interest rate swap contracts**                    
Bank of America Merrill Lynch  $442,770   $(5,430)  $437,340   $   $437,340 
Total  $442,770   $(5,430)  $437,340   $   $437,340 

 

*Collateral pledged is limited to the net outstanding amount from an individual counterparty. The actual collateral amount pledged may exceed the amount and may fluctuate in value.

 

**Includes cumulative appreciation (depreciation) of swap contracts as reported in the Schedule of Centrally Cleared Swap Contracts. Only current days variation margin is reported within the Statement of Assets and Liabilities.

 

Expense policy – Distribution and shareholder service fees directly attributable to a Class of shares are charged to that class’ operating expenses. Expenses of the Portfolios other than distribution and service fees are prorated among the classes to which the expense relates based on the relative net assets of each class of shares. Expenses directly attributable to a Portfolio are charged to that Portfolio. Expenses not directly attributable to a Portfolio are allocated proportionately among all Portfolios daily in relation to the net assets of each Portfolio or another reasonable basis.

 

Expenses that are attributable to the Company and the Wilshire Variable Insurance Trust (an affiliated investment company) are allocated across the Company and the Wilshire Variable Insurance Trust based upon relative net assets or another reasonable basis. Expenses and fees, including the advisory fees, are accrued daily and taken into account for the purpose of determining the net asset value of each Class of each Portfolio’s shares.

 

Investments in REITs – With respect to each Portfolio, dividend income is recorded based on the income included in distributions received from its REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.

 

Master Limited Partnerships (“MLPs”) – The Portfolios may invest in MLPs, which are limited partnerships or limited liability companies whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange. MLPs are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. MLPs that are formed as limited liability companies generally have two analogous classes of owners, the managing member and the members. For purposes of this section, references to

 


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Notes to Financial Statements - (Continued)

 

December 31, 2017

 

general partners also apply to managing members and references to limited partners also apply to members. The general partner is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest in the MLP of as much as 2% plus, in many cases, ownership of common units and subordinated units. Limited partners own the remainder of the MLP through ownership of common units and have a limited role in the MLP’s operations and management.

 

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 Portfolios’ net realized capital gains, unless offset by any available capital loss carryforward, are distributed to shareholders annually. Additional distributions of net investment income and net 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.

 

Redemption fees – Wilshire International Equity Fund charges a redemption fee of 1% on redemption of its shares held for sixty days or less, subject to certain exceptions. During the years ended December 31, 2017 and 2016, Wilshire International Equity Fund collected $635 and $1,984, respectively, in redemption fees.

 

3. Investment Adviser Fee and Other Service Providers.

 

Pursuant to the Advisory Agreement between the Company and the Adviser, the Adviser charges annual fees of 0.75% of average daily net assets for the first $1 billion and 0.65% thereafter for the Large Company Growth Portfolio and Large Company Value Portfolio, 0.85% of average daily net assets for the first $1 billion and 0.75% thereafter for the Small Company Growth Portfolio and Small Company Value Portfolio, 0.10% of the average daily net assets for the first $1 billion and 0.07% thereafter for Wilshire 5000 IndexSM Fund, 1.00% of the average daily net assets for the first $1 billion and 0.90% thereafter for Wilshire International Equity Fund, and 0.60% of average daily net assets for Wilshire Income Opportunities Fund.

 

Effective October 1, 2017, the Adviser has entered into expense limitation agreements with Small Company Growth Portfolio and Small Company Value Portfolio requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolios (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.35% and 1.10% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. Prior to October 1, 2017, the Adviser reduced its management fees or reimbursed expenses to limit expenses of such Portfolios to 1.50% and 1.25% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has also entered into an expense limitation agreement with Wilshire International Equity Fund requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.50% and 1.25% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. These agreements to limit expenses continue through at least April 30, 2019. The Adviser may recoup the amount of any fee reductions or expense reimbursements within three years after the year in which it reduced fees or reimbursed the expenses if the recoupment does not cause a portfolio’s expenses to exceed the expense limitation that was in place at the time of the fee reduction or expense reimbursement. At December 31, 2017, the amounts of fee reductions and expense reimbursements subject to

 


106

 

 

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Notes to Financial Statements - (Continued)

 

December 31, 2017

 

recoupment for Small Company Growth Portfolio were $53,561 expiring in 2020, $26,249 expiring in 2019 and $48,753 expiring in 2018. At December 31, 2017, the amounts of fee reductions and expense reimbursements subject to recoupment for Small Company Value Portfolio were $55,407 expiring in 2020, $23,509 expiring in 2019 and $52,909 expiring in 2018. At December 31, 2017, the amounts of fee reductions and expense reimbursements subject to recoupment for Wilshire International Equity Fund were $2,177 expiring in 2020, $144,932 expiring in 2019 and $81,678 expiring in 2018. The Adviser has entered into an expense limitation agreement with Wilshire Income Opportunities Fund requiring the Adviser to reduce its management fee or reimburse expenses to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, acquired fund fees and expenses and extraordinary expenses) to 1.15% and 0.90% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. This agreement to limit expenses continues through at least April 30, 2019. The Adviser may recoup the amount of any fee reductions or expense reimbursements within three years after the year in which the reduction or expense reimbursement occurred if the recoupment does not cause the Portfolio’s expenses to exceed the expense limitation that was in place at the time of the fee reduction or expense reimbursement. At December 31, 2017, the amounts of fee reductions and expense reimbursements subject to recoupment for Wilshire Income Opportunities Fund was $3,021 expiring in 2020 and $723 expiring in 2019.

 

For the year ended December 31, 2017, the Adviser reduced fees, reimbursed expenses or recouped fees as follows:

 

Portfolio  Fees Reductions/ Reimbursements   Fees Recouped 
Small Company Growth Portfolio  $53,561    

N/A

 
Small Company Value Portfolio   55,407    

N/A

 
International Equity Fund   2,177   $7,286 
Wilshire Income Opportunities Fund   3,021    

N/A

 

 

The Board has approved Los Angeles Capital Management and Equity Research, Inc. (“L.A. Capital”), Victory Capital Management Inc. (“Victory”), Pzena Investment Management, LLC (“Pzena”), Barrow, Hanley, Mewhinney and Strauss, LLC (“BHMS”), Ranger Investment Management, LLC (“Ranger”), NWQ Investment Management Company, LP (“NWQ”), Cambiar Investors, LLC (“Cambiar”), Loomis, Sayles & Company, L.P. (“Loomis Sayles”), DoubleLine® Capital LP (“DoubleLine”), Guggenheim Partners Investment Management, LLC (“Guggenheim”) and WCM Investment Management (“WCM”) (collectively the “Sub-Advisers”) to provide sub-advisory services with respect to the Portfolios. L.A. Capital, Loomis Sayles and Victory each manage a portion of Large Company Growth Portfolio. L.A. Capital, Pzena and BHMS each manage a portion of Large Company Value Portfolio. L.A. Capital and Ranger each manage a portion of Small Company Growth Portfolio. L.A. Capital and NWQ each manage a portion of Small Company Value Portfolio. L.A. Capital is the sole sub-adviser for Wilshire 5000 IndexSM Fund. L.A. Capital, Cambiar and WCM each manage a portion of Wilshire International Equity Fund. DoubleLine® and Guggenheim each manage a portion of Wilshire Income Opportunities Fund.

 

The Sub-Advisers are subject to the Adviser’s oversight. The fees of the Sub-Advisers are paid by the Adviser.

 


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Notes to Financial Statements - (Continued)

 

December 31, 2017

 

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 (the “Administrator”) serves as the Company’s administrator and accounting agent and Ultimus Fund Distributors, LLC, an affiliate of the Administrator, serves as the Company’s distributor.

 

Officers’ and Directors’ Expenses – Certain officers of the Company are affiliated with and receive remuneration from the Adviser or the Administrator. The Company does not pay any remuneration to its officers. The Company and the Wilshire Variable Insurance Trust together pay each director who is not an interested person of the Company (“Independent Director”) an annual retainer of $48,000, an annual additional retainer for each Committee chair of $12,000 and an annual additional retainer to the Board chair of $12,000. In addition, each Independent Director 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 Directors and $4,000 for the Board chair, a Board telephonic meeting fee of $1,500 for Independent Directors and $2,000 for the Board chair, and a Committee telephonic meeting fee of $500.

 

4. Distribution Plan, Shareholder Services Plan and Fees Paid Indirectly.

 

The Board has adopted a shareholder services and distribution plan (the “Plan”), pursuant to Rule 12b-1 under the 1940 Act, on behalf of the Investment Class Shares of each Portfolio. Under the Plan, each Portfolio may pay up to 0.25% of the value of the average daily net assets attributable to the Investment Class Shares for certain services provided by financial intermediaries or for certain distribution expenses for the purpose of financing any activity intended to result in the sale of Investment Class Shares. For the year ended December 31, 2017, the distribution and service fee expenses incurred for the Investment Class of Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund was 0.25% of the respective average net assets of each Portfolio.

 

In addition, Investment Class Shares and Institutional Class Shares pay the expenses associated with certain shareholder servicing arrangements with third parties, provided that payment of such fees does not exceed in any year 0.20% and 0.15% of the average daily net assets of Investment Class Shares and Institutional Class Shares, respectively. For the year ended December 31, 2017, the net shareholder service provider fees were as follows (as a percent of average net assets of each class):

 

Portfolio

Investment Class

Institutional Class

Wilshire Large Company Growth Portfolio

0.128%

0.052%

Wilshire Large Company Value Portfolio

0.073%

0.052%

Wilshire Small Company Growth Portfolio

0.107%

0.056%

Wilshire Small Company Value Portfolio

0.115%

0.055%

Wilshire 5000 IndexSM Fund

0.065%

0.021%

Wilshire International Equity Fund

0.078%

0.044%

Wilshire Income Opportunities Fund

0.072%

0.059%

 


108

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements - (Continued)

 

December 31, 2017

 

Fees paid indirectly – The Company has entered into a brokerage commission recapture program with SEI Investments Global Funds Services (“SEI”), pursuant to which a portion of the Portfolios’ commissions generated from transactions directed to SEI are used to reduce the Portfolios’ expenses. Under such program, SEI, as introducing broker, retains a portion of the Portfolios’ commissions.

 

Such commissions rebated to the Portfolios for the year ended December 31, 2017 were as follows:

 

Wilshire Large Company Growth Portfolio  $2,976 
Wilshire Large Company Value Portfolio   3,540 
Wilshire Small Company Growth Portfolio    
Wilshire Small Company Value Portfolio   6,996 

Wilshire 5000 IndexSM Fund

    
Wilshire International Equity Fund    
Wilshire Income Opportunities Fund    

 

For the year ended December 31, 2017, SEI retained the following commissions:

 

Wilshire Large Company Growth Portfolio  $856 
Wilshire Large Company Value Portfolio   1,364 
Wilshire Small Company Growth Portfolio    
Wilshire Small Company Value Portfolio   2,412 

Wilshire 5000 IndexSM Fund

    
Wilshire International Equity Fund    
Wilshire Income Opportunities Fund    

 

5. Securities Transactions.

 

For the year ended December 31, 2017, aggregate cost of purchases and proceeds from sales and maturities of securities, other than affiliated investments, short-term investments, short sales and purchases to cover short sales, and U.S. Government securities, were as follows:

 

Portfolio  Purchases   Sales 
Wilshire Large Company Growth Portfolio  $116,743,985   $152,399,781 
Wilshire Large Company Value Portfolio   65,186,469    115,294,705 
Wilshire Small Company Growth Portfolio   49,513,835    44,397,153 
Wilshire Small Company Value Portfolio   30,788,487    33,938,821 

Wilshire 5000 IndexSM Fund

   5,403,516    25,949,534 
Wilshire International Equity Fund   198,285,731    187,048,125 
Wilshire Income Opportunities Fund   208,270,654    291,409,805 

 


109

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements - (Continued)

 

December 31, 2017

 

Purchases and sales and maturities of long-term U.S. Government securities during the year ended December 31, 2017 were:

 

Portfolio  Purchases   Sales 
Wilshire Income Opportunities Fund  $95,244,208   $115,563,512 

 

Due to Guggenheim managing a portion of Wilshire Income Opportunities Fund, certain securities held by the Portfolio are considered affiliated investments. Purchases and sales of affiliated investments for Wilshire Income Opportunities Fund during the year ended December 31, 2017 and the value of such investments as of December 31, 2017 were as follows:

 

Affiliated Investment  Value as of December 31,
2016
   Purchases   Proceeds from Sales   Realized Gain   Change in Unrealized Appreciation (Depreciation)   Value as of December 31,
2017
   Income Distributions   Capital Gain Distributions 
Guggenheim Floating Rate Strategies Fund  $6,049,104   $1,075,994   $5,900,000   $22,603   $(25,398)  $1,222,303   $125,796   $ 
Guggenheim Strategy Fund I  $4,699,030   $4,590,778   $5,266,807   $46,471   $(35,214)  $4,034,258   $88,141   $1,090 

 

6. Derivative Transactions.

 

The Portfolios, other than Wilshire Income Opportunities Fund, did not hold any derivative instruments as of or during the year ended December 31, 2017.

 

At December 31, 2017, Wilshire Income Opportunities Fund is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

 

      Derivative Assets  Derivative Liabilities
Risk  Derivative Type  Statements of Assets and Liabilities Location  Fair Value
Amount
   Statements of Assets and Liabilities Location  Fair Value
Amount
 
Interest Rate  Swap contracts*  Net unrealized appreciation on swap contracts  $442,770   Net unrealized depreciation on swap contracts  $(5,430)
Total        $442,770      $(5,430)

 

*Includes cumulative appreciation (depreciation) of swap contracts as reported in the Schedule of Centrally Cleared Swap Contracts. Only current days variation margin is reported within the Statement of Assets and Liabilities.

 


110

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements - (Continued)

 

December 31, 2017

 

For the year ended December 31, 2017, the effect of derivative contracts in Wilshire Income Opportunities Fund’s Statements of Operations was as follows:

 

      Statements of Operations 
Risk  Derivative Type  Net Realized Gain (Loss)   Net Change in Unrealized Gain (Loss) 
Equity 

Purchased option contracts(a)

  $(217,447)  $ 
Equity  Written option contracts   56,289     
Currency  Forward foreign currency exchange contracts   5,381    (14,224)
Interest Rate 

Swap contracts(b)

   (145,063)   437,340 
Total     $(300,840)  $423,116 

 

(a)The Statement of Operations location for “Purchased option contracts” is “Net realized and unrealized gain on unaffiliated investments.”
(b)Includes cumulative appreciation (depreciation) of swap contracts as reported in the Schedule of Centrally Cleared Swap Contracts. Only current days variation margin is reported within the Statement of Assets and Liabilities.

 

7. Securities Lending.

 

Each Portfolio may seek additional income by lending its securities on a short-term basis to banks, brokers and dealers in return for cash collateral, which is invested in short-term securities. A Portfolio may return a portion of the interest earned to the borrower or a third party that is unaffiliated with the Company and acting as a “placing broker.” A Portfolio receives compensation for lending securities in the form of fees. A Portfolio also continues to receive dividends on the securities loaned. Security loans are secured at all times by collateral. It is the Company’s policy that the collateral be equal to at least 102% of the market value of the securities loaned (105% if the securities loaned are denominated in different currencies) plus accrued interest when the transaction is entered into, and that the collateral supporting loans be valued daily. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Gain or loss in the market price of the securities loaned that may occur during the term of the loan are reflected in the value of the Portfolio. The risks from securities lending are that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Portfolio. Lending securities entails a risk of loss to the Portfolio if and to the extent that the market value of securities loans were to increase, the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. NTC, the Portfolios’ custodian, acts as the securities lending agent for the Portfolios. The value of the securities on loan and the cash collateral at December 31, 2017 are shown on the Statements of Assets and Liabilities. Shares of the Northern Trust Institutional Liquid Asset Portfolio were purchased with proceeds from cash collateral received from securities on loan. Securities on loan are also collateralized by various U.S. Treasury obligations.

 


111

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements - (Continued)

 

December 31, 2017

 

The following table is a summary of the Funds’ securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities and non-cash collateral greater than 90 days, which are subject to offset as of December 31, 2017:

 

       Collateral Received 
Portfolio  Value of Securities on Loan   Value of Cash Collateral Received   Value of Non-Cash Collateral Received   Excess Amount Due to Counterparty 
Large Company Growth Portfolio  $15,985,353   $1,614,019   $14,796,474   $425,140 
Large Company Value Portfolio   5,439,871    127,466    5,448,268    135,863 
Small Company Growth Portfolio   10,257,245    3,365,468    7,237,842    346,065 
Small Company Value Portfolio   6,418,286    1,001,671    5,625,851    209,236 

Wilshire 5000 IndexSM Fund

   11,934,916    1,815,226    10,476,789    357,099 
Wilshire International Equity Fund   19,812,414    5,530,010    14,820,487    538,083 

 

No non-cash collateral held by the Portfolios has a maturity of less than 90 days as of December 31, 2017.

 

Wilshire Income Opportunities Fund did not utilize securities lending during the year ended December 31, 2017.

 


112

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements - (Continued)

 

December 31, 2017

 

8. Capital Share Transactions.

 

Transactions in shares of the Portfolios are summarized below:

 

 

LARGE COMPANY GROWTH PORTFOLIO

LARGE COMPANY VALUE PORTFOLIO

SMALL COMPANY GROWTH PORTFOLIO

SMALL COMPANY VALUE PORTFOLIO

 

Year Ended December 31, 2017

Year Ended December 31, 2016

Year Ended December 31, 2017

Year Ended December 31, 2016

Year Ended December 31, 2017

Year Ended December 31, 2016

Year Ended December 31, 2017

Year Ended December 31, 2016

CAPITAL SHARE TRANSACTIONS:

               

Investment Class shares:

               

Shares sold

33,646

258,962

42,620

723,256

573,827

330,720

46,651

217,024

Shares issued as reinvestment of distributions

131,643

202,292

28,470

42,973

41,834

35,879

30,112

38,667

Shares redeemed

(389,262)

(1,531,665)

(257,831)

(3,109,741)

(514,906)

(571,361)

(185,599)

(561,550)

Net increase (decrease) in Investment Class shares outstanding

(223,973)

(1,070,411)

(186,741)

(2,343,512)

100,755

(204,762)

(108,836)

(305,859)

Shares outstanding at beginning of year

1,846,252

2,916,663

495,772

2,839,284

353,739

558,501

383,058

688,917

Shares outstanding at end of year

1,622,279

1,846,252

309,031

495,772

454,494

353,739

274,222

383,058

                 

Institutional Class shares:

               

Shares sold

1,019,884

2,946,276

1,164,082

6,952,495

661,776

1,016,072

614,219

1,155,839

Shares issued as reinvestment of distributions

293,035

430,089

716,652

577,737

122,682

115,866

161,412

111,843

Shares redeemed

(1,504,242)

(2,302,019)

(3,319,731)

(1,698,028)

(522,936)

(644,708)

(644,308)

(605,842)

Net increase (decrease) in Institutional Class shares outstanding

(191,323)

1,074,346

(1,438,997)

5,832,204

261,522

487,230

131,323

661,840

Shares outstanding at beginning of year

4,205,125

3,130,779

8,689,708

2,857,504

1,086,800

599,570

1,312,971

651,131

Shares outstanding at end of year

4,013,802

4,205,125

7,250,711

8,689,708

1,348,322

1,086,800

1,444,294

1,312,971

 


113

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements - (Continued)

 

December 31, 2017

 

 

WILSHIRE 5000 INDEXSM FUND

WILSHIRE INTERNATIONAL
EQUITY FUND

WILSHIRE INCOME OPPORTUNITIES FUND*

 

Year Ended December 31, 2017

Year Ended December 31, 2016

Year Ended December 31, 2017

Year Ended December 31, 2016

Year Ended December 31, 2017

Period Ended December 31, 2016

CAPITAL SHARE TRANSACTIONS:

           

Investment Class shares:

           

Shares sold

984,802

800,638

226,707

1,460,532

724,183

292,557

Issued in connection with in-kind transfer (Note 11)

1

Shares issued as reinvestment of distributions

567,184

392,549

255

19,862

26,365

2,256

Shares redeemed

(1,415,579)

(3,141,812)

(1,119,765)

(600,832)

(234,014)

(186,167)

Net increase (decrease) in Investment Class shares outstanding

136,407

(1,948,625)

(892,803)

879,562

516,534

108,647

Shares outstanding at beginning of period

7,034,013

8,982,638

1,265,997

386,435

108,647

Shares outstanding at end of period

7,170,420

7,034,013

373,194

1,265,997

625,181

108,647

             

Institutional Class shares:

           

Shares sold

151,639

572,873

7,552,599

21,027,280

4,212,021

31,084,393

Issued in connection with in-kind transfer (Note 11)

14,275,906

Shares issued as reinvestment of distributions

118,693

115,397

149,107

524,904

1,343,981

1,080,559

Shares redeemed

(753,858)

(1,843,987)

(5,212,955)

(12,387,624)

(14,493,554)

(7,162,769)

Net increase (decrease) in Institutional Class shares outstanding

(483,526)

(1,155,717)

2,488,751

9,164,560

(8,937,552)

39,278,089

Shares outstanding at beginning of period

2,167,096

3,322,813

29,311,284

20,146,724

39,278,089

Shares outstanding at end of period

1,683,570

2,167,096

31,800,035

29,311,284

30,340,537

39,278,089

             

Qualified Class shares:

           

Shares redeemed

(12)

Net decrease in Qualified Class shares outstanding

(12)

Shares outstanding at beginning of year

12

Shares outstanding at end of year

             

Horace Mann Class shares:

           

Shares sold

1,374

Shares issued as reinvestment of distributions

240

Shares redeemed

(93,255)

Net decrease in Horace Mann Class shares outstanding

(91,641)

Shares outstanding at beginning of year

91,641

Shares outstanding at end of year

 

*Wilshire Income Opportunities Fund commenced operations at March 30, 2016.

 


114

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements - (Continued)

 

December 31, 2017

 

9. Significant Shareholder Activity.

 

On December 31, 2017, the Portfolios had the following concentrations of shareholders holding 10% or more of the outstanding shares of the Portfolios. These represent omnibus shareholder accounts comprised of many individual shareholders.

 

Portfolio

 

Large Company Growth Portfolio (3 omnibus shareholders)

63%

Large Company Value Portfolio (4 omnibus shareholder)

75%

Small Company Growth Portfolio (3 omnibus shareholders)

61%

Small Company Value Portfolio (4 omnibus shareholders)

79%

Wilshire 5000 IndexSM Fund (2 omnibus shareholders)

47%

Wilshire International Equity Fund (2 omnibus shareholders)

64%

Wilshire Income Opportunities Fund (4 omnibus shareholders)

86%

 

On December 31, 2017, certain affiliated funds also advised by the Adviser, owned the following amounts of the outstanding shares of the Portfolios:

 

Portfolio

 

Large Company Growth Portfolio

31%

Large Company Value Portfolio

46%

Small Company Growth Portfolio

31%

Small Company Value Portfolio

36%

Wilshire 5000 IndexSM Fund

Wilshire International Equity Fund

54%

Wilshire Income Opportunities Fund

44%

 

10. Tax Information.

 

No provision for federal income taxes is required because each Portfolio has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Code and distributes to shareholders all of its taxable income and net realized 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 records are not adjusted for temporary differences.

 

The Portfolios evaluate tax positions taken or expected to be taken in the course of preparing the Portfolios’ tax returns to determine whether it is “more-likely than-not” (i.e., greater than 50 percent) 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 Portfolios 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,

 


115

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements - (Continued)

 

December 31, 2017

 

but not limited to, examination by tax authorities of returns filed in the last 3 years on-going analysis of and changes to tax laws, regulations and interpretations thereof. The Funds identify their major tax jurisdiction as U.S. Federal.

 

The federal tax cost of portfolio securities and unrealized appreciation and depreciation at December 31, 2017 for each Portfolio are as follows:

 

Portfolio  Large
Company
Growth
Portfolio
   Large
Company
Value
Portfolio
   Small
Company
Growth
Portfolio
   Small
Company
Value
Portfolio
  

Wilshire
5000
IndexSM
Fund

   Wilshire
International
Equity
Fund
   Wilshire
Income
Opportunities Fund
 
Tax cost of portfolio investments  $153,758,665   $121,927,224   $42,145,854   $33,865,242   $61,612,941   $294,640,907   $320,118,186 
Gross unrealized appreciation  $84,349,096   $38,300,988   $10,325,543   $8,385,506   $128,175,430   $68,928,493   $7,002,687 
Gross unrealized depreciation   (1,699,043)   (1,844,664)   (737,124)   (1,000,674)   (2,590,359)   (4,145,286)   (5,521,685)
Net unrealized appreciation  $82,650,053   $36,456,324   $9,588,419   $7,384,832   $125,585,071   $64,783,207   $1,481,002 

 

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

 

The tax character of distributions declared during the years ended December 31, 2017 and 2016 was as follows:

 

Portfolio  2017
Ordinary Income
   2017
Long-Term Capital Gains
   2016
Ordinary Income
   2016
Long-Term
Capital Gains
   2016
Return of Capital
 
Large Company Growth Portfolio  $2,084,944   $16,542,862   $5,499,968   $18,867,521   $ 
Large Company Value Portfolio   9,726,872    6,140,150    8,155,226    4,651,885     
Small Company Growth Portfolio   1,210,846    3,215,807    1,364,686    2,604,047     
Small Company Value Portfolio   1,049,935    3,441,792    1,222,049    2,391,817     

Wilshire 5000 IndexSM Fund

   2,666,332    12,803,168    3,645,085    7,100,418     
Wilshire International Equity Fund   1,692,329        4,811,640         
Wilshire Income Opportunities Fund   13,133,583    1,067,674    10,683,057    290,797    6,343 

 


116

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements - (Continued)

 

December 31, 2017

 

At December 31, 2017, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:

 

Portfolio  Large Company Growth Portfolio   Large Company Value Portfolio   Small Company Growth Portfolio   Small Company Value Portfolio  

Wilshire 5000 IndexSM Fund

   Wilshire International Equity Fund   Wilshire
Income Opportunities Fund
 
Undistributed ordinary income  $1,305,001   $515,595   $281,540   $402,689   $18,783   $1,387,326   $208,542 
Undistributed long-term gains   5,080,173    2,498,592    575,900    654,988    1,348,852        216,495 
Accumulated capital and other losses                       (6,118,433)    
Net unrealized appreciation   82,650,053    36,456,324    9,588,419    7,384,832    125,585,071    64,783,207    1,481,002 
Net unrealized appreciation on foreign currency translation                       32,694     
Accumulated earnings  $89,035,227   $39,470,511   $10,445,859   $8,442,509   $126,952,706   $60,084,794   $1,906,039 

 

As of December 31, 2017, Wilshire International Equity Fund had the following capital loss carryforwards (“CLCFs”) for federal income tax purposes which do not expire:

 

Portfolio  Non-Expiring
Short-Term Loss
   Non-Expiring
Long-Term Loss
   Total 
Wilshire International Equity Fund  $6,118,433   $   $6,118,433 

 

These CLCFs may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.

 

During the year ended December 31, 2017, Wilshire International Equity Fund utilized capital loss carryforwards of $14,450,470, to offset current year capital gains.

 

For the year ended December 31, 2017, the following reclassifications were made on the Statements of Assets and Liabilities for the Portfolios as a result of permanent differences in the recognition of capital gains or losses under income tax regulations and GAAP:

 

Portfolio  Large Company Growth Portfolio   Large Company Value Portfolio   Small Company Growth Portfolio   Small Company Value Portfolio  

Wilshire 5000 IndexSM Fund

   Wilshire International Equity Fund   Wilshire
Income Opportunities Fund
 
Paid-in capital  $   $   $   $   $1   $   $5,646 
Undistributed net investment income   8,671    2,173    230,978        126,620    (220,340)   (295,440)
Undistributed net realized gains on investments   (8,671)   (2,173)   (230,978)       (126,621)   220,340    289,794 

 


117

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements - (Continued)

 

December 31, 2017

 

Such reclassifications, the result of permanent differences between financial statement and income tax reporting requirements, have no effect on each Portfolio’s net assets or NAV per share.

 

11. In-Kind Transfers.

 

During the year ended December 31, 2016, Wilshire Income Opportunities Fund issued shares of beneficial interest to Wilshire Global Allocation Fund, an affiliated 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.

 

Receiving Portfolio  Contributing Portfolio  Date of
Transfer
   Value of
Investment Securities
   Cash   Total
Assets
   Shares
Issued
 
Wilshire Income Opportunities Fund  Wilshire Variable Insurance Trust Global Allocation Fund   

3/30/2016

   $156,418,546   $(13,659,576)  $142,758,970    14,275,906 

 

12. Indemnifications.

 

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

 

13. Certain Investment Risks.

 

Asset-Backed Securities (“ABS”) Risk – Investors in ABS, including mortgage-backed securities (“MBS”) and structured finance investments, generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans or other future expected receivables of assets or cash flows. Some ABS, including MBS, may have structures that make their reaction to interest rates and other factors difficult to predict, making them subject to liquidity risk.

 

Collateralized debt obligation (“CDO”) risk – A CDO is an ABS whose underlying collateral is typically a portfolio of bonds, bank loans, other structured finance securities and/or synthetic instruments. Investors in CDOs bear the credit risk of the underlying collateral. Multiple tranches of securities are issued by the CDO, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity, according to their degree of risk. If there are defaults or the CDO’s collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. CDOs are subject to the same risk of prepayment described for certain mortgage-related and ABS, and are subject to credit risk, interest rate risk and default risk. The market value of CDOs may be affected by changes in the market’s perception of the creditworthiness of the servicing agent for the pool or the originator.

 


118

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements - (Continued)

 

December 31, 2017

 

Forward contracts risk – There may be an imperfect correlation between the price of a forward contract and the underlying security, index or currency which will increase the volatility of Wilshire Income Opportunities Fund. The Portfolio bears the risk of loss of the amount expected to be received under a forward contract in the event of the default or bankruptcy of a counterparty. If such a default occurs, the Portfolio will have contractual remedies pursuant to the forward contract, but such remedies may be subject to bankruptcy and insolvency laws that could affect the Portfolio’s rights as a creditor. Forward currency transactions include risks associated with fluctuations in foreign currency.

 

Interest rate risk – For debt securities, interest rate risk is the possibility that the market price will fall because of changing interest rates. In general, debt securities’ market prices rise or fall inversely to changes in interest rates. If interest rates rise, bond market prices generally fall; if interest rates fall, bond market prices generally rise. In addition, for a given change in interest rates, the market price of longer-maturity bonds fluctuates more (gaining or losing more in value) than shorter-maturity bonds. There may be less governmental intervention in influencing interest rates in the near future. If so, it could cause an increase in interest rates, which would have a negative impact on the market prices of fixed income securities and could negatively affect a Portfolio’s NAV.

 

Credit risk – A Portfolio’s debt instruments are subject to credit risk, which is the risk that an issuer will be unable, or will be perceived to be unable, to repay its obligations at maturity. Funds that invest primarily in high quality securities generally are subject to less credit risk than funds that invest in lower quality securities. Certain securities are backed by credit enhancements from various financial institutions and financial guarantee assurance agencies. These credit enhancements reinforce the credit quality of the individual securities; however, if any of the financial institutions or financial guarantee assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if a Portfolio concentrates its credit enhancements in any one financial institution, the risk of credit quality deterioration increases. The value of ABS may be affected by the credit risk of the servicing agent for the pool, the originator of the loans or receivables, or the financial institution(s) providing the credit support. In addition to credit risk, ABS and other securities with early redemption features are subject to pre-payment risk. During periods of declining interest rates, prepayment of loans underlying ABS can be expected to accelerate or an issuer may retire an outstanding bond early to reduce interest costs. A Portfolio’s ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time.

 

Counterparty credit risk – Counterparty credit risk is the risk that a counterparty to a financial instrument will fail on a commitment that it has entered into with a Portfolio. A Portfolio’s sub-adviser seeks to minimize counterparty credit risk by monitoring the creditworthiness of each counterparty on an ongoing basis.

 

Foreign security risk – Wilshire International Equity Fund and Wilshire Income Opportunities Fund invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in foreign countries. The market values of the Portfolios’ investments will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline.

 


119

 

 

Wilshire Mutual Funds, Inc.

 

Notes to Financial Statements - (Continued)

 

December 31, 2017

 

Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments. Also, the ability of the issuers of debt securities held by the Portfolios to meet their obligations may be affected by economic and political developments in a specific country, industry or region.

 

Investments in Loans Risk – Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.

 

Sector Risk – If a Portfolio has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Portfolio than would be the case if the Portfolio did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Portfolio and increase the volatility of the Portfolio’s net asset value per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Portfolio’s holdings would be adversely affected. As of December 31, 2017, Large Company Growth Portfolio had 43.8% of the value of its net assets invested in stocks within the Information Technology sector; Large Company Value Portfolio had 31.2% of the value of its net assets invested in stocks within the Financials sector; and Small Company Value Portfolio had 28.8% of the value of its net assets invested in stocks within the Financials sector.

 

A more complete description of risks is included in each Portfolio’s prospectus and Statement of Additional Information.

 

14. Contingencies.

 

Wilshire 5000 IndexSM Fund was named as a defendant and a putative member 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 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. On 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 Portfolio to be materially impacted by the lawsuits.

 

15. Subsequent Event Evaluation.

 

The Portfolios have 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 and/or adjustments were required to these financial statements.

 


120

 

 

Wilshire Mutual Funds, Inc.

 

Report of Independent Registered Public Accounting Firm

 

To the Shareholders and Board of Directors of
Wilshire Mutual Funds, Inc.

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities, including the condensed schedules of investments, of Wilshire Mutual Funds, Inc. comprising Wilshire Large Company Growth Portfolio, Wilshire Large Company Value Portfolio, Wilshire Small Company Growth Portfolio, Wilshire Small Company Value Portfolio, Wilshire 5000 IndexSM Fund, and Wilshire International Equity Fund, and the statement of assets and liabilities, including the schedule of investments of Wilshire Income Opportunities Fund (the “Funds”) as of December 31, 2017, and the related statements of operations and changes in net assets, including the related notes, and financial highlights for the year then ended, (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds constituting Wilshire Mutual Funds, Inc. as of December 31, 2017, the results of their operations, changes in their net assets, and financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

 

The Funds’ financial statements and financial highlights for the years ended December 31, 2016 and prior, were audited by other auditors whose report dated February 28, 2017, expressed an unqualified opinion on those financial statements and highlights.

 

Basis for Opinion

 

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

 

Our audit includes performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and confirmation of securities owned as of December 31, 2017, by correspondence with the custodian, counterparties and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

 

We have served as the Funds’ auditor since 2017.

 

COHEN & COMPANY, LTD.
Cleveland, Ohio
February 28, 2018

 


121

 

 

Wilshire Mutual Funds, Inc.

 

Additional Fund Information (Unaudited)

 

The Board of Directors has responsibility for the overall management and operations of the Company. The Board establishes the Company’s policies and meets regularly to review the activities of the officers, who are responsible for the day-to-day operations of the Company.

 

Set forth below are the names of the Directors and executive officers of the Company, their ages, positions and terms of office, their principal occupations during the past five years, and other directorships held by them. The address of each Director and Officer is 1299 Ocean Avenue, Suite 700, Santa Monica, California 90401.

 

Name and Age

Position
Held
with the
Company

Term of
Office(1) and
Length of
Time
Served

Principal
Occupations
During the Past
Five Years

Number of
Funds/
Funds in
Complex
Overseen
by Director

Other
Directorships
Held by
Director

INTERESTED DIRECTOR

Jason Schwarz,
43

Director, President

Since 2018
Since 2012

President, Wilshire Funds Management Group (Since 2005)

11

Wilshire Associates; Wilshire Variable Insurance Trust (4 Funds)

NON-INTERESTED DIRECTORS

Roger A. Formisano,
69

Director

Since 2006

Vice President, University Medical Foundation, 2006- Present; formerly Director, The Center for Leadership and Applied Business, UW-Madison School of Business; Principal, R.A. Formisano & Company, LLC

11

Integrity Mutual Insurance Company, Wilshire Variable Insurance Trust (4 Funds)

Edward Gubman, 66

Director

Since 2011

Retired; formerly Founder and Principal, Strategic Talent Solutions

11

Wilshire Variable Insurance Trust (4 Funds)

Suanne K. Luhn,
63

Director

Since 2008

Retired; formerly Chief Compliance Officer, Bahl & Gaynor (investment adviser) (1990 to 2006)

11

Wilshire Variable Insurance Trust (4 Funds)

George J. Zock,
67

Director, Chairman of the Board

Since 2006

Independent Consultant

11

Wilshire Variable Insurance Trust (4 Funds), Armed Forces Insurance Exchange

 

 


122

 

 

Wilshire Mutual Funds, Inc.

 

Additional Fund Information (Unaudited) - (Continued)

 

Name and Age

Position
Held
with the
Company

Term of
Office(1) and
Length of
Time
Served

Principal
Occupations
During the Past
Five Years

OFFICERS

Reena S. Lalji,
46

Secretary

Since 2009

Managing Director and General Counsel, Wilshire Associates Incorporated

Benkai Bouey,
47

Chief Compliance Officer

Since 2015

Chief Compliance Officer, Wilshire Associates Incorporated. (Since 2012); Attorney, Benkai Bouey, Attorney at Law (2010-2013)

Michael Wauters,
52

Treasurer

Since 2009

Chief Financial Officer, Wilshire Associates Incorporated (Since 2009)

Nathan R. Palmer,
42

Vice President

Since 2011

Managing Director, Wilshire Associates Incorporated

Josh Emanuel,
37

Vice President

Since 2015

Managing Director of Wilshire Associates Incoporated and Chief Investment Officer of Wilshires Funds Management (since 2015); Chief Investment Officer of The Elements Financial Group, LLC (2010-2015)

Elizabeth Yakes,
33

Vice President

Since 2015

Vice President of Wilshire Associates Incorporated and Portfolio Manager of Wilshire Funds Management

 

(1)

Each director serves until the next shareholders’ meeting (and until the election and qualification of a successor), or until death, resignation, removal or retirement which takes effect no later than May 1 following his or her 75th birthday. Officers are elected by the board on an annual basis to serve until their successors have been elected and qualified.

 

The Company’s Statement of Additional Information includes additional information about the Directors and Officers of the Company and is available, without charge, upon request, by calling 1-888-200-6796.

 


123

 

 

Wilshire Mutual Funds, Inc.

 

Additional Fund Information (Unaudited) - (Continued)

 

Information on Proxy Voting

The U.S. Securities and Exchange Commission ( the “SEC”) has adopted the requirement that all funds file their complete proxy voting records with the SEC on an annual basis on Form N-PX. Such filing, for the 12-month period ended June 30, must be made no later than August 31 of each year.

 

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

 

Information on Form N-Q

The Company 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 Company’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. Shareholders may revoke their consent to householding at any time by calling 1-888-200-6796. Upon receipt of a shareholder’s revocation, the Company will begin mailing individual copies of the above-referenced documents to the shareholder’s attention within 30 days.

 

Change in Independent Auditor

On February 27, 2017, Cohen & Company, Ltd. (“Cohen”) was selected as the Portfolios’ new independent auditor, replacing PricewaterhouseCoopers LLP (“PwC”) as independent auditor of the Portfolios. The Portfolios’ selection of Cohen as independent auditor was recommended and approved by the Company’s Audit Committee and was ratified by the Company’s Board of Directors.

 

PwC’s reports on the Portfolios’ financial statements for the prior two fiscal years did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal years, and through the date of PwC’s replacement, there were no disagreements between the Company and PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of PwC, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the financial statements for such years. Prior to February 27, 2017, Cohen was not contacted during the prior two fiscal years regarding the application of accounting principles to any particular financial matter.

 


124

 

 

Wilshire Mutual Funds, Inc.

 

Tax Information (Unaudited)

 

For the year ended December 31, 2017, the Portfolios designated the following long-term capital gain distributions:

 

Portfolio  Amount 
Large Company Growth Portfolio  $16,542,862 
Large Company Value Portfolio  $6,140,150 
Small Company Growth Portfolio  $3,215,807 
Small Company Value Portfolio  $3,441,792 

Wilshire 5000 IndexSM Fund

  $12,803,169 
Wilshire International Equity Fund  $ 
Wilshire Income Opportunities Fund  $1,067,674 

 

Of the distributions made by the following Portfolios, the corresponding percentages represent the amount of each distribution which will qualify for the dividends received deduction available to corporate shareholders:

 

Portfolio

Percentage

Large Company Growth Portfolio

96.93%

Large Company Value Portfolio

32.95%

Small Company Growth Portfolio

16.17%

Small Company Value Portfolio

25.23%

Wilshire 5000 IndexSM Fund

100.00%

Wilshire International Equity Fund

0.00%

Wilshire Income Opportunities Fund

0.00%

 

Pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003, and as extended by Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010, the Portfolios designate the following percentages of their income dividends distributed in 2017 as qualified dividend income as defined in Section 1(h)(II) of the Internal Revenue Code.

 

Portfolio

Percentage

Large Company Growth Portfolio

96.42%

Large Company Value Portfolio

35.06%

Small Company Growth Portfolio

12.63%

Small Company Value Portfolio

18.06%

Wilshire 5000 IndexSM Fund

100.00%

Wilshire International Equity Fund

100.00%

Wilshire Income Opportunities Fund

0.00%

 


125

 

 

Wilshire Mutual Funds, Inc.

 

Tax Information (Unaudited) - (Continued)

 

Pursuant to the American Jobs Creation Act of 2004, and as extended by Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010, the Portfolios listed below designate the following percentages of short-term capital gain distributions as qualified short-term capital gain that is exempt from U.S. withholding tax when paid to foreign investors.

 

Portfolio

Percentage

Large Company Growth Portfolio

96.42%

Large Company Value Portfolio

35.06%

Small Company Growth Portfolio

12.63%

Small Company Value Portfolio

18.06%

Wilshire 5000 IndexSM Fund

100.00%

Wilshire International Equity Fund

100.00%

Wilshire Income Opportunities Fund.

0.00%

 

Foreign Tax Credit Pass Through

The Portfolios intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Wilshire International Equity Fund’s foreign source income per share was $0.24 and the foreign tax expense per share was $0.02. The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date in December 2017. These shareholders will receive more detailed information along with their 2017 Form 1099-DIV.

 


126

 

 

Wilshire Mutual Funds, Inc.

 

Board Approval of Advisory and Subadvisory Agreements

 

(Unaudited)

 

During the six months ended December 31, 2017, the Board of Directors (the “Board”) of Wilshire Mutual Funds, Inc. (the “Company”) approved the renewal for an additional one-year term of the Company’s advisory agreement (the “Advisory Agreement”) with Wilshire Associates Incorporated (“Wilshire” or the “Adviser”) with respect to each of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund (the “Funds”). The Board also approved the renewal for additional one-year terms of Wilshire subadvisory agreements with each of the following subadvisers: Barrow, Hanley, Mewhinney & Strauss, LLC (“BHMS”) with respect to the Large Company Value Portfolio, Cambiar Investors, LLC (“Cambiar”) with respect to the Wilshire International Equity Fund, DoubleLine Capital LP with respect to the Wilshire Income Opportunities Fund, Guggenheim Partners Investment Management, LLC with respect to the Wilshire Income Opportunities Fund, Loomis, Sayles & Company L.P. (“Loomis Sayles”) with respect to the Large Company Growth Portfolio, Los Angeles Capital Management and Equity Research, Inc. (“LA Capital”) with respect to each of the Small Company Value Portfolio, Small Company Growth Portfolio, Large Company Value Portfolio, Large Company Growth Portfolio, Wilshire International Equity Fund and Wilshire 5000 Index Fund, NWQ Investment Management Company, LLC (“NWQ”) with respect to the Small Company Value Portfolio, Pzena Investment Management, LLC (“Pzena”) with respect to the Large Company Value Portfolio, Ranger Investment Management, L.P. (“Ranger”) with respect to the Small Company Growth Portfolio, Victory Capital Management, Inc. (“Victory”) with respect to the Large Company Growth Portfolio, and WCM Investment Management (“WCM”) with respect to the Wilshire International Equity Fund. In the following text, the subadvisers are referred to as “Subadvisers” and the subadvisory agreements between Wilshire and each Subadviser are referred to as “Subadvisory Agreements.”

 

The information in this summary outlines the Board’s considerations associated with its approval of the Advisory Agreement and the Subadvisory Agreements. In connection with its deliberations regarding the continuation of these relationships, the Board considered such information and factors as it believed to be relevant. As described below, the Board considered the nature, extent and quality of the services performed by Wilshire and the Subadvisers under the existing advisory and subadvisory arrangements, respectively; with respect to Wilshire, comparative fees and expense ratios; the profits to be realized by Wilshire and the Subadvisers; the extent to which Wilshire and the Subadvisers realize economies of scale; and whether any fall-out benefits are being realized by Wilshire and the Subadvisers. In considering these matters, the Board was advised with respect to relevant legal standards by independent legal counsel. In addition, the Directors who are not “interested persons” of the Company as defined in the Investment Company Act of 1940 (the “Independent Directors”) discussed the renewal of the Advisory Agreement with management and in private sessions with independent legal counsel at which no representatives of Wilshire were present and discussed the approval of the Subadvisory Agreements with management and in private sessions with counsel at which no representatives of the Subadvisers were present.

 

As required by the Investment Company Act of 1940, each approval was confirmed by a vote of the Independent Directors. In deciding to approve the Advisory Agreement and the Subadvisory Agreements, the Board did not identify any single factor as controlling and this summary does not describe all of the matters considered. However, the Board concluded that each of the various factors referred to below favored such approval.

 


127

 

 

Wilshire Mutual Funds, Inc.

 

Board Approval of Advisory and Subadvisory Agreements

 

(Unaudited) - (continued)

 

Information Requested and Received

The Board, including all the Independent Directors, considered the renewal of the Subadvisory Agreements pursuant to a process that concluded at the Board’s August 29, 2017 meeting and the renewal of the Advisory Agreement pursuant to a process that concluded at the Board’s November 13, 2017 meeting, in each case following an extensive process. At the direction of the Independent Directors, independent legal counsel sent memoranda to the Adviser requesting information regarding the Subadvisory Agreements and the Advisory Agreement to be provided to the Directors in advance of meetings of the Independent Directors held prior to the Board’s meeting on August 28-29, 2017 and November 13, 2017, respectively.

 

In response to the requests for information, the Directors received information from the Adviser as to each of the Funds describing: (i) the nature, extent and quality of services provided; (ii) the investment performance of each Fund as provided by Wilshire based upon data gathered from the Morningstar Direct database (“Morningstar”), along with the comparison to its benchmark index; (iii) the costs of services provided and estimated profits realized by the Adviser; (iv) the extent to which economies of scale are realized; (v) whether fee levels reflect any economies of scale realized by the Adviser and any sharing of such for the benefit of Fund shareholders; (vi) comparisons of services rendered and amounts paid by other registered investment companies as provided by Wilshire based upon data gathered from Morningstar; and (vii) benefits realized by the Adviser from its relationship with each Fund. The Directors received information from the Adviser regarding the factors underlying its recommendations to approve each Subadvisory Agreement. The Directors also received information from each Subadviser as to each Fund it managed describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Subadviser in connection with the Fund; (iii) the financial condition of the Subadviser, (iv) the extent to which economies of scale are realized as a Fund grows, (v) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, (vi) where applicable, comparisons of services rendered and amounts paid by other registered investment companies and any comparable advisory clients, and (vii) benefits realized by the Subadviser from its relationship with the Fund. At each meeting, the Independent Directors also received a memorandum from independent legal counsel describing their duties in connection with contract approvals, and they were assisted in their review by such counsel.

 

As a part of its evaluation, the Board considered the assessment of performance made by the Investment Committee (which is comprised solely of Independent Directors), which met on August 28, 2017 and November 13, 2017 to review data on the Subadvisers’ performance and the data Wilshire had prepared on performance, respectively. Based upon its evaluation of all materials provided, the Board concluded that it was in the best interests of each Fund to renew the Advisory Agreement and the Subadvisory Agreements.

 

Nature, Extent and Quality of Services – Wilshire

With respect to the nature, extent and quality of services provided by the Adviser, the Board reviewed the functions currently performed by the Adviser. The Board considered the experience and skills of the senior management leading fund operations, the experience and skills of the personnel performing the functions under the Advisory Agreement and the resources made available to such personnel. The Board determined that the current personnel had the requisite skill sets. The Board also considered the compliance program established by the Adviser and the level of compliance maintained for the Funds. The Board reviewed the processes used by the Adviser to select, monitor and replace subadvisers, as well as the Adviser’s processes and policies for addressing conflicts of

 


128

 

 

Wilshire Mutual Funds, Inc.

 

Board Approval of Advisory and Subadvisory Agreements

 

(Unaudited) - (continued)

 

interest. The Board concluded that the Adviser was successful in negotiating favorable subadvisory agreements on behalf of the Funds and that the Adviser had a robust system in place for selecting, monitoring and terminating subadvisers, which system appeared to be reasonable. The Board also reviewed the Adviser’s financial condition, and considered the financial support provided by the Adviser to the Small Company Growth Portfolio, the Small Company Value Portfolio, the Wilshire International Equity Fund and the Wilshire Income Opportunities Fund through expense limitation agreements. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services provided by the Adviser to each Fund support renewal of the contract.

 

The Board reviewed information on the performance of each Fund’s Investment Class Shares for the annualized one-, three-, five- and ten-year periods ended September 30, 2017, as applicable, along with performance information of a peer group of funds determined by Wilshire based upon the Morningstar database and in comparison to its benchmark for the same periods.

 

For the Large Company Growth Portfolio, the Board noted that the Fund underperformed the median of its peer group for the one-, five- and ten-year periods and its benchmark for the one-, three-, five- and ten-year periods, but outperformed the median of the peer group for the three-year period and ranked in the fourth quintile relative to its peers for the five- and ten-year periods (the first quintile being the best performers and the fifth quintile being the worst performers). The Board took into consideration the Adviser’s explanation for the recent underperformance.

 

For the Large Company Value Portfolio, the Board noted that the Fund underperformed the median of its peer group for the three- and ten-year periods and underperformed its benchmark for the three-, five- and ten-year periods, but outperformed the median of its peer group for the one- and five-year periods and its benchmark for the one-year period, and ranked in the fourth quintile relative to its peers for the three- and five-year periods.

 

For the Small Company Growth Portfolio, the Board noted that, although the Fund underperformed the median of its peer group and its benchmark for the one-year period, the Fund outperformed the median of its peer group and its benchmark for the three-, five- and ten-year periods. The Board took into consideration the Adviser’s explanation for the recent underperformance.

 

For the Small Company Value Portfolio, the Board noted that, although the Fund underperformed its peer group median for the one-year period and its benchmark for the one- and three-year periods, the Fund outperformed the median of its peer group for the three-, five- and ten-year periods and outperformed its benchmark for the five- and ten-year periods. The Board took into consideration the Adviser’s explanation for the recent underperformance.

 

For the Wilshire 5000 Index Fund, the Board noted that, although the Fund underperformed its benchmark for the one-, three-, five- and ten-year periods and the Fund’s tracking error to the Wilshire 5000 Index was higher than the median of its peer group for all periods reviewed, the Fund’s underperformance relative to the benchmark was primarily due to the Fund’s expenses.

 

For the Wilshire International Equity Fund, the Board noted that the Fund changed its investment mandate from a domestic large cap core fund to an international large cap fund in April 2013 and changed its benchmark to the MSCI ACW-ex U.S. Index at the same time so annualized peer returns and performance relative to the Index are not comparable for the five-year period. The Board also noted that, although the Fund underperformed its peer group median and its benchmark for the one- and five-year periods, the Wilshire International Equity Fund outperformed

 


129

 

 

Wilshire Mutual Funds, Inc.

 

Board Approval of Advisory and Subadvisory Agreements

 

(Unaudited) - (continued)

 

the median of its peer group and its benchmark for the three-year period and was in the fourth quintile relative to its peers for the one-year period. The Board took into consideration the Adviser’s explanation for the recent underperformance.

 

For the Wilshire Income Opportunities Fund, the Board noted that the Fund commenced operations on March 30, 2016. The Board also noted that the Fund ranked in the fourth quintile relative to its peers for the one-year period and outperformed its benchmark for the one-year period and since inception. The Board took into consideration the Adviser’s explanation for the recent underperformance compared to the Fund’s peer group.

 

Based upon the above performance, the Board determined that it was in the best interests of the Funds to continue the Advisory Agreement.

 

Advisory Fees

The Board reviewed each Fund’s advisory fee and total expense ratio for Investment Class Shares and reviewed information comparing the advisory fee and total expense ratio to those of the peer group of funds. For each Fund other than the Large Company Growth Portfolio and the Large Company Value Portfolio, the actual advisory fee was below the median. With respect to the Large Company Growth Portfolio and the Large Company Value Portfolio, the Board concluded that the advisory fee, which was in the third and fourth quintiles of their respective peer groups, was competitive. As to total expenses, the Board noted that total expenses for each Fund are influenced by the small size of the complex. The Board also noted that the Adviser waives advisory fees and reimburses expenses for the Small Company Growth Portfolio, the Small Company Value Portfolio, the Wilshire International Equity Fund and the Wilshire Income Opportunities Fund pursuant to expense imitation agreements. The Board also reviewed the net advisory fee retained by the Adviser after payment of subadvisory fees and advisory fee waivers and expense reimbursements. The Board compared contractual fees charged by the Adviser to the Funds with similar investment styles. The Board was advised that there were no other registered investment companies advised by the Adviser with similar investment strategies. The Board concluded that the advisory fee for each Fund was reasonable.

 

Profitability to Wilshire and Economies of Scale

With respect to the profitability of the Advisory Agreement, the Board primarily considered the fee structure of the Advisory Agreement, including the costs of the services provided and the profits realized by the Adviser from its relationship with the Funds. The Board concluded that the profits realized by the Adviser were not unreasonable in comparison with the costs of providing investment advisory services to the Funds. In addition, the Board considered the extent to which economies of scale are realized and whether fee levels reasonably reflect economies of scale for the benefit of shareholders. The Board reviewed each Fund’s asset size, each Fund’s expense ratio, the expense limitation agreements in place for the Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire International Equity Fund and Wilshire Income Opportunities Fund and considered whether the investment process produced economies of scale. The Board noted that the advisory fee for all Funds includes a breakpoint. The Board concluded that each Fund’s advisory fee reasonably reflected appropriate recognition of any economies of scale.

 


130

 

 

Wilshire Mutual Funds, Inc.

 

Board Approval of Advisory and Subadvisory Agreements

 

(Unaudited) - (continued)

 

Fall-Out Benefits – Wilshire

The Board considered the Adviser’s statement that benefits from its relationship with the Funds were limited to the advisory fees paid. The Board determined that the advisory fees were reasonable in light of any fall-out benefits.

 

Nature, Extent and Quality of Services – Subadvisers

As to each Subadvisory Agreement, the Board considered the nature, extent and quality of services provided. The Board considered the reputation, qualifications and background of the Subadviser, investment approach of the Subadviser, the experience and skills of investment personnel responsible for the day-to-day management of each Fund, and the resources made available to such personnel. The Board also considered the Subadviser’s compliance with investment policies and general legal compliance. In addition, the Board considered the analysis provided by the Adviser, which concluded that each Subadviser was providing reasonable services and had reasonable compliance policies and procedures in place, and that the Adviser recommended that each Subadvisory Agreement for each Fund be approved.

 

The Board reviewed information comparing each Subadviser’s gross investment performance to a relevant benchmark (except for LA Capital with respect to the Wilshire 5000 Index Fund for which the Subadviser’s net performance was compared to the benchmark). Based upon all relevant factors, the Board determined to approve the Subadvisory Agreement with LA Capital, with respect to the Large Company Growth Portfolio, noting LA Capital’s outperformance for the three- and five-year periods ended June 30, 2017, although the Board noted LA Capital’s underperformance for the one- and ten-year periods ended June 30, 2017. With respect to Victory’s performance for the Large Company Growth Portfolio, the Board determined to approve the continuation of Victory’s Subadvisory Agreement given outperformance for the quarter ended June 30, 2017 and year-to-date through June 30, 2017, although the Board noted Victory’s underperformance for the one-, three-, five- and ten-year periods ended June 30, 2017. The Board considered the Adviser’s recommendation for renewal of LA Capital’s and Victory’s Subadvisory Agreements and the Adviser’s commitment to monitor closely LA Capital’s and Victory’s performance. With respect to Loomis Sayles’ performance for the Large Company Growth Portfolio, the Board noted outperformance for all periods reviewed since inception (August 31, 2015).

 

With respect to LA Capital’s performance for the Large Company Value Portfolio, the Board determined to approve the continuation of LA Capital’s Subadvisory Agreement given outperformance for the since inception period (April 30, 2013) to June 30, 2017, although the Board noted LA Capital’s underperformance for the one- and three-year periods ended June 30, 2017. The Board noted that Pzena, with respect to the Large Company Value Portfolio, had outperformed for the one-, three- and five-year periods ended June 30, 2017, which resulted in a conclusion that performance was satisfactory. With respect to BHMS’s performance for the Large Company Value Portfolio, the Board noted BHMS’s outperformance for the one-year and since inception (June 15, 2016) periods ended June 30, 2017.

 

The Board considered that Ranger, with respect to the Small Company Growth Portfolio, outperformed for the three-year and since inception (April 30, 2013) periods ended June 30, 2017, although the Board noted Ranger’s underperformance for the one-year period ended June 30, 2017. With respect to LA Capital’s performance for the Small Company Growth Portfolio, the Board noted outperformance for the three-, five- and ten-year periods ended June 30, 2017, although the Board noted LA Capital’s underperformance for the one-year period ended June 30,

 


131

 

 

Wilshire Mutual Funds, Inc.

 

Board Approval of Advisory and Subadvisory Agreements

 

(Unaudited) - (continued)

 

2017. The Board determined to approve the continuation of Ranger’s and LA Capital’s Subadvisory Agreements based on the Adviser’s recommendation for renewal and the Adviser’s commitment to monitor closely LA Capital’s performance.

 

With respect to LA Capital’s performance for the Small Company Value Portfolio, the Board determined to approve the continuation of LA Capital’s Subadvisory Agreement given outperformance for the three-, five- and ten-year periods ended June 30, 2017, although the Board noted underperformance for the one-year period ended June 30, 2017. With respect to NWQ’s performance for the Small Company Value Portfolio, the Board determined to approve continuation of NWQ’s Subadvisory Agreement given outperformance for the three-year and since inception (April 30, 2013) periods ended June 30, 2017, although the Board noted NWQ’s underperformance for the more recent periods. In each case, the Board considered the Adviser’s recommendation for renewal.

 

With respect to the Wilshire 5000 Index Fund, the Board noted LA Capital’s underperformance for all periods reviewed, but considered that the Adviser is satisfied with the level of services provided and that underperformance was primarily due to Fund expenses.

 

The Board considered that WCM and LA Capital, with respect to the Wilshire International Equity Fund, outperformed for the three-year and since inception (October 31, 2013 and June 30, 2014, respectively) periods ended June 30, 2017, although the Board noted underperformance for the one-year period ended June 30, 2017. The Board noted that Cambiar, with respect to the Wilshire International Equity Fund, had underperformed since inception (August 31, 2015) to June 30, 2017. In determining to approve the renewal of each Subadvisory Agreement, the Board considered the Adviser’s recommendation for renewal and the Adviser’s commitment to monitor closely Cambiar’s performance.

 

With respect to Guggenheim’s and DoubleLine’s performance for the Wilshire Income Opportunities Fund, the Board noted outperformance for the one-year and since inception (March 31, 2016 and April 21, 2016, respectively) periods ended June 30, 2017.

 

Subadvisory Fees

The Board considered each Fund’s subadvisory fees. The Board evaluated the competitiveness of the subadvisory fees based upon data supplied by each Subadviser about the fees charged to other clients. The Board also considered that the subadvisory fee rates were negotiated at arm’s length between the Adviser and each Subadviser, that the Adviser compensates the Subadviser from its fees and that the aggregate advisory fee had been deemed reasonable by the Board.

 

With respect to the Subadvisers’ reported fees for “Other Clients” with comparable investment policies and services, for the Subadvisers where the fees charged to the Adviser were higher than that charged to Other Clients, the Board determined that the fees charged to the Adviser were competitive.

 

Based upon all of the above, the Board determined that the subadvisory fees for each Fund were reasonable.

 


132

 

 

Wilshire Mutual Funds, Inc.

 

Board Approval of Advisory and Subadvisory Agreements

 

(Unaudited) - (continued)

 

Profitability to the Subadvisers

The Board noted that the Adviser compensates each Subadviser from its own advisory fees and that the fees were negotiated at arm’s length between the Adviser and each Subadviser. In addition, the Board noted that the revenues to the various Subadvisers were limited due to the size of the Funds. The Board took these factors into consideration in concluding that the subadvisory fees were reasonable.

 

Economies of Scale – Subadvisers

The Board considered whether there are economies of scale with respect to the subadvisory services provided to each Fund and whether the subadvisory fees reflect such economies of scale through breakpoints in fees. The Board also considered whether the effective subadvisory fee rate for each Fund under the Subadvisory Agreement is reasonable in relation to the asset size of such Fund. The Board concluded that the fee schedule for each Fund reflects an appropriate recognition of any economies of scale.

 

Fall-Out Benefits – Subadvisers

The Board also considered the character and amount of other incidental benefits received by each Subadviser. The Board considered each Subadviser’s soft dollar practices, as applicable. The Board concluded that, taking into account the benefits arising from these practices, the fees charged under each Subadvisory Agreement were reasonable.

 

Conclusion

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement and each Subadvisory Agreement continue to be fair and reasonable and that the continuation of the Advisory Agreement and each Subadvisory Agreement is in the best interests of each Fund.

 


133

 

 

 

 

Wilshire Mutual Funds

 

Wilshire Associates Incorporated

1299 Ocean Avenue

Santa Monica, CA 90401

1-888-200-6796

http://advisor.wilshire.com

 

 

 

Item 2.Code of Ethics.

 

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 12(a)(1), a copy of registrant’s code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

 

Item 3.Audit Committee Financial Expert.

 

The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. The name of the audit committee financial expert is Mr. Roger A. Formisano. Mr. Formisano is “independent” for purposes of this Item.

 

Item 4.Principal Accountant Fees and Services.

 

(a)Audit Fees. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $112,500 and $179,910 with respect to the registrant’s fiscal years ended December 31, 2017 and 2016, respectively.

 

(b)Audit-Related Fees. No fees were billed in either of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item.

 

(c)Tax Fees. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $29,000 and $38,850 with respect to the registrant’s fiscal years ended December 31, 2017 and 2016, respectively. The services comprising these fees are tax consulting and the preparation of the registrant’s federal income and excise tax returns.

 

(d)All Other Fees. No fees were billed in either of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

 

(e)(1)The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

 

(e)(2)None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

(f)Less than 50% of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

 

 

 

(g)During the fiscal years ended December 31, 2017 and 2016, aggregate non-audit fees of $29,000 and $38,850, respectively, were billed by the registrant’s principal accountant for services rendered to the registrant. During the fiscal year ended December 31, 2016, aggregate non-audit fees of $1,325,000 were billed by the registrant’s principal accountant for services rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

 

(h)The registrant’s audit committee has determined that the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

 

Item 5.Audit Committee of Listed Registrants.

 

Not applicable

 

Item 6.Schedule of Investments.

 

(a)The Schedules of Investment in securities of unaffiliated issuers as of the close of the reporting period for the Wilshire 5000 IndexSM Fund, the Large Company Growth Portfolio, the Large Company Value Portfolio, the Small Company Growth Portfolio, the Small Company Value Portfolio and the Wilshire International Equity Fund are listed below.

 

WILSHIRE 5000 INDEX FUND    
SCHEDULE OF INVESTMENTS    
December 31, 2017    
     
COMMON STOCKS - 99.4%  Shares   Value 
Consumer Discretionary - 12.5%        
1-800-FLOWERS.COM, Inc. - Class A (a)   300   $3,210 
A.H. Belo Corp. - Class A   90    432 
Aaron's, Inc.   400    15,940 
Abercrombie & Fitch Co. - Class A (b)   425    7,408 
Acme United Corp. (b)   300    7,020 
Adtalem Global Education, Inc. (b)   400    16,820 
Advance Auto Parts, Inc.   491    48,948 
Amazon.com, Inc. (a)   2,908    3,400,818 
AMC Entertainment Holdings, Inc. - Class A (b)   107    1,616 
AMC Networks, Inc. - Class A (a)   356    19,252 
American Axle & Manufacturing Holdings, Inc. (a)   550    9,367 
American Eagle Outfitters, Inc.   1,225    23,030 
American Outdoor Brands Corp. (a) (b)   475    6,099 
American Public Education, Inc. (a)   300    7,515 
Aramark   1,675    71,590 
Ascent Capital Group, Inc. - Class A (a) (b)   200    2,298 
Autoliv, Inc. (b)   648    82,347 
AutoNation, Inc. (a) (b)   525    26,948 
AutoZone, Inc. (a)   206    146,542 
Barnes & Noble Education, Inc. (a) (b)   347    2,859 
Barnes & Noble, Inc.   550    3,685 
Beazer Homes USA, Inc. (a)   200    3,842 
Bed Bath & Beyond, Inc. (b)   1,125    24,739 
Best Buy Co., Inc.   1,625    111,264 
Big 5 Sporting Goods Corp. (b)   200    1,520 
Big Lots, Inc. (b)   200    11,230 
BMC Stock Holdings, Inc. (a)   475    12,018 
BorgWarner, Inc.   1,310    66,928 
Boyd Gaming Corp. (b)   725    25,411 
Bridgepoint Education, Inc. (a)   500    4,150 
Bright Horizons Family Solutions, Inc. (a)   300    28,200 
Brinker International, Inc. (b)   175    6,797 
Brunswick Corp.   550    30,371 
Buckle, Inc. (The) (b)   350    8,313 
Buffalo Wild Wings, Inc. (a)   66    10,319 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Consumer Discretionary - 12.5% (Continued)          
Burlington Stores, Inc. (a)   548   $67,420 
CalAtlantic Group, Inc.   534    30,112 
Caleres, Inc.   425    14,229 
Callaway Golf Co.   500    6,965 
Capella Education Co.   100    7,740 
Career Education Corp. (a)   500    6,040 
CarMax, Inc. (a)   1,080    69,260 
Carnival Corp.   2,825    187,495 
Carter's, Inc.   382    44,881 
Cato Corp. (The) - Class A   300    4,776 
Cavco Industries, Inc. (a)   100    15,260 
CBS Corp. - Class B   2,533    149,447 
Charter Communications, Inc. - Class A (a)   1,538    516,707 
Cheesecake Factory, Inc. (The) (b)   300    14,454 
Chico's FAS, Inc. (b)   1,300    11,466 
Children's Place, Inc. (The) (b)   132    19,186 
Chipotle Mexican Grill, Inc. (a)   137    39,597 
Choice Hotels International, Inc.   450    34,920 
Churchill Downs, Inc.   67    15,591 
Cinemark Holdings, Inc.   775    26,986 
Citi Trends, Inc.   50    1,323 
Clear Channel Outdoor Holdings, Inc. - Class A (b)   1,000    4,600 
Collectors Universe, Inc.   110    3,150 
Columbia Sportswear Co.   100    7,188 
Comcast Corp. - Class A   29,648    1,187,403 
Conn's, Inc. (a) (b)   500    17,775 
Cooper Tire & Rubber Co. (b)   425    15,024 
Core-Mark Holding Co., Inc.   206    6,505 
Cracker Barrel Old Country Store, Inc. (b)   191    30,348 
Crocs, Inc. (a) (b)   1,200    15,168 
CSS Industries, Inc.   50    1,392 
D.R. Horton, Inc.   2,073    105,867 
Dana, Inc.   900    28,809 
Darden Restaurants, Inc.   823    79,024 
Dave & Buster's Entertainment, Inc. (a) (b)   300    16,551 
Deckers Outdoor Corp. (a)   25    2,006 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Consumer Discretionary - 12.5% (Continued)          
Dick's Sporting Goods, Inc.   527   $15,146 
Dillard's, Inc. - Class A (b)   347    20,837 
Discovery Communications, Inc. - Series A (a) (b)   798    17,859 
DISH Network Corp. - Class A (a)   1,375    65,656 
Dollar General Corp.   1,696    157,745 
Dollar Tree, Inc. (a)   1,736    186,290 
Domino's Pizza, Inc. (b)   279    52,720 
Dorman Products, Inc. (a)   200    12,228 
DSW, Inc. - Class A (b)   550    11,776 
Dunkin' Brands Group, Inc.   600    38,682 
E.W. Scripps Co. (The) - Class A (a) (b)   526    8,221 
Empire Resorts, Inc. (a) (b)   20    540 
Entercom Communications Corp. - Class A   250    2,700 
Entravision Communications Corp. - Class A   100    715 
Expedia, Inc.   757    90,666 
Express, Inc. (a)   1,000    10,150 
Fiesta Restaurant Group, Inc. (a) (b)   300    5,700 
Foot Locker, Inc.   1,025    48,052 
Ford Motor Co.   28,110    351,094 
Fossil Group, Inc. (a) (b)   400    3,108 
Fred's, Inc. - Class A (b)   700    2,835 
Gaia, Inc. (a) (b)   600    7,440 
GameStop Corp. - Class A (b)   550    9,873 
Gannett Co., Inc.   1,050    12,170 
Gap, Inc. (The)   1,550    52,793 
General Motors Co.   10,000    409,900 
Gentex Corp.   2,195    45,985 
Gentherm, Inc. (a)   75    2,381 
Genuine Parts Co.   1,007    95,676 
G-III Apparel Group Ltd. (a)   275    10,145 
Golden Entertainment, Inc. (a)   100    3,265 
Goodyear Tire & Rubber Co. (The)   1,825    58,966 
GoPro, Inc. - Class A (a) (b)   300    2,271 
Grand Canyon Education, Inc. (a)   200    17,906 
Gray Television, Inc. (a)   500    8,375 
Green Brick Partners, Inc. (a)   45    509 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Consumer Discretionary - 12.5% (Continued)          
Group 1 Automotive, Inc.   223   $15,826 
Guess?, Inc. (b)   400    6,752 
H&R Block, Inc.   1,310    34,348 
Hanesbrands, Inc. (b)   2,695    56,352 
Harley-Davidson, Inc. (b)   1,150    58,512 
Hasbro, Inc.   700    63,622 
Helen of Troy Ltd. (a) (b)   119    11,466 
Hibbett Sports, Inc. (a)   200    4,080 
Hilton Grand Vacations, Inc. (a)   105    4,405 
Hilton Worldwide Holdings, Inc.   350    27,951 
Home Depot, Inc. (The)   8,054    1,526,474 
Hooker Furniture Corp.   200    8,490 
HSN, Inc.   118    4,761 
Hyatt Hotels Corp. - Class A (a)   300    22,062 
ILG, Inc.   541    15,408 
International Speedway Corp. - Class A   237    9,444 
Interpublic Group of Cos., Inc. (The)   2,422    48,828 
iRobot Corp. (a) (b)   167    12,809 
Jack in the Box, Inc.   236    23,154 
John Wiley & Sons, Inc. - Class A   200    13,150 
K12, Inc. (a)   300    4,770 
KB Home (b)   375    11,981 
Kohl's Corp. (b)   1,075    58,297 
L Brands, Inc. (b)   1,484    89,366 
Lands' End, Inc. (a) (b)   278    5,435 
Las Vegas Sands Corp.   2,727    189,499 
La-Z-Boy, Inc.   425    13,260 
LCI Industries   154    20,020 
Lear Corp.   500    88,329 
Leggett & Platt, Inc.   910    43,434 
Lennar Corp. - Class A   1,250    79,050 
Libbey, Inc.   250    1,880 
Liberty Braves Group - Series A (a)   360    7,938 
Liberty Broadband Corp. (a) (b)   1,381    117,454 
Liberty Expedia Holdings, Inc. - Class A (a)   381    16,890 
Liberty Formula One Group - Series A (a)   600    19,632 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Consumer Discretionary - 12.5% (Continued)          
Liberty Interactive Corp. QVC Group - Series A (a)   2,725   $66,545 
Liberty SiriusXM Group - Series A (a)   2,252    89,314 
Liberty TripAdvisor Holdings, Inc. - Series A (a)   790    7,446 
Liberty Ventures - Class A (a)   571    30,971 
Lions Gate Entertainment Corp. - Class B (a) (b)   1,033    32,787 
Lithia Motors, Inc. - Class A (b)   134    15,221 
Live Nation Entertainment, Inc. (a)   1,137    48,402 
LKQ Corp. (a)   2,100    85,407 
Loral Space & Communications, Inc. (a) (b)   300    13,215 
Lowe's Cos., Inc.   6,056    562,844 
Lumber Liquidators Holdings, Inc. (a) (b)   241    7,565 
Macy's, Inc. (b)   2,223    55,997 
Madison Square Garden Co. (The) - Class A (a)   93    19,609 
Marcus Corp. (The)   100    2,735 
Marine Products Corp. (b)   700    8,918 
Marriott International, Inc.   2,349    318,830 
Marriott Vacations Worldwide Corp.   155    20,958 
Mattel, Inc. (b)   2,255    34,682 
Matthews International Corp. - Class A (b)   100    5,280 
McDonald's Corp.   6,068    1,044,425 
MDC Holdings, Inc.   306    9,755 
Meredith Corp. (b)   300    19,815 
Meritage Homes Corp. (a)   200    10,240 
MGM Resorts International   3,300    110,187 
Mohawk Industries, Inc. (a)   392    108,152 
Monro, Inc. (b)   325    18,509 
Motorcar Parts of America, Inc. (a)   300    7,497 
Movado Group, Inc. (b)   300    9,660 
MSG Networks, Inc. - Class A (a)   581    11,765 
Murphy USA, Inc. (a)   296    23,787 
National CineMedia, Inc.   500    3,430 
Nautilus, Inc. (a)   50    668 
Netflix, Inc. (a)   2,752    528,274 
New Media Investment Group, Inc. (b)   301    5,051 
New York Times Co. (The) - Class A   1,050    19,425 
Newell Brands, Inc.   3,415    105,524 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Consumer Discretionary - 12.5% (Continued)          
News Corp. - Class A   2,853   $46,247 
Nexstar Media Group, Inc. - Class A (b)   399    31,202 
NIKE, Inc. - Class B   9,749    609,800 
Nordstrom, Inc. (b)   1,000    47,380 
Norwegian Cruise Line Holdings Ltd. (a)   325    17,306 
Nutrisystem, Inc.   300    15,780 
NVR, Inc. (a)   40    140,328 
Omnicom Group, Inc.   1,714    124,831 
O'Reilly Automotive, Inc. (a)   650    156,351 
Overstock.com, Inc. (a) (b)   300    19,170 
Oxford Industries, Inc.   50    3,760 
Papa John's International, Inc. (b)   173    9,707 
Penske Automotive Group, Inc.   350    16,748 
Perry Ellis International, Inc. (a)   100    2,504 
Pinnacle Entertainment, Inc. (a)   425    13,910 
Polaris Industries, Inc.   340    42,157 
Pool Corp.   313    40,580 
Priceline Group, Inc. (The) (a)   308    535,223 
PulteGroup, Inc. (b)   1,915    63,674 
PVH Corp.   543    74,505 
Ralph Lauren Corp. (b)   406    42,098 
RCI Hospitality Holdings, Inc.   300    8,394 
Regal Entertainment Group - Class A (b)   575    13,231 
Regis Corp. (a)   200    3,072 
RH (a) (b)   116    10,000 
Rocky Brands, Inc.   100    1,890 
Ross Stores, Inc.   2,575    206,644 
Royal Caribbean Cruises Ltd.   1,087    129,657 
Salem Media Group, Inc.   100    450 
Sally Beauty Holdings, Inc. (a) (b)   700    13,132 
Scholastic Corp.   325    13,036 
Scripps Networks Interactive, Inc. - Class A   626    53,448 
Sears Holdings Corp. (a) (b)   625    2,238 
SeaWorld Entertainment, Inc. (b)   325    4,410 
Service Corp. International   1,250    46,650 
ServiceMaster Global Holdings, Inc. (a)   975    49,989 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Consumer Discretionary - 12.5% (Continued)          
Shoe Carnival, Inc.   600   $16,050 
Shutterfly, Inc. (a)   100    4,975 
Signet Jewelers Ltd. (b)   620    35,061 
Sinclair Broadcast Group, Inc. - Class A (b)   425    16,086 
Sirius XM Holdings, Inc. (b)   12,225    65,526 
Six Flags Entertainment Corp. (b)   600    39,942 
Skechers U.S.A., Inc. - Class A (a)   750    28,380 
Sleep Number Corporation (a) (b)   188    7,067 
Sonic Automotive, Inc. - Class A   300    5,535 
Sonic Corp. (b)   350    9,618 
Sotheby's (a)   428    22,085 
Spartan Motors, Inc.   75    1,181 
Speedway Motorsports, Inc.   400    7,548 
Starbucks Corp.   10,073    578,493 
Steven Madden Ltd. (a)   300    14,010 
Superior Industries International, Inc.   150    2,228 
Tailored Brands, Inc.   475    10,369 
Tapestry, Inc.   1,900    84,037 
Target Corp. (b)   4,111    268,244 
TEGNA, Inc.   1,725    24,288 
Tempur Sealy International, Inc. (a) (b)   298    18,682 
Tenneco, Inc.   450    26,343 
Tesla, Inc. (a) (b)   643    200,198 
Texas Roadhouse, Inc.   475    25,023 
Thomson Reuters Corp. (b)   2,325    101,347 
Thor Industries, Inc.   381    57,424 
Tiffany & Co.   735    76,403 
Time Warner, Inc.   5,719    523,117 
Time, Inc.   654    12,066 
TJX Cos., Inc. (The)   4,283    327,477 
Toll Brothers, Inc.   1,050    50,421 
TopBuild Corp. (a)   325    24,616 
Tractor Supply Co.   1,061    79,310 
TRI Pointe Group, Inc. (a)   1,100    19,712 
TripAdvisor, Inc. (a) (b)   634    21,848 
Tupperware Brands Corp.   300    18,810 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Consumer Discretionary - 12.5% (Continued)          
Twenty-First Century Fox, Inc. - Class A   6,588   $227,484 
Ulta Beauty, Inc. (a)   369    82,531 
Under Armour, Inc. - Class A (a) (b)   2,425    34,993 
Universal Electronics, Inc. (a)   200    9,450 
Urban Outfitters, Inc. (a)   800    28,048 
Vail Resorts, Inc.   190    40,369 
Value Line, Inc. (b)   200    3,870 
VF Corp. (b)   2,375    175,750 
Viacom, Inc. - Class B   2,082    64,146 
Vista Outdoor, Inc. (a) (b)   400    5,828 
Visteon Corp. (a)   261    32,662 
Vitamin Shoppe, Inc. (a)   300    1,320 
Walt Disney Co. (The)   10,918    1,173,794 
Wayfair, Inc. - Class A (a) (b)   300    24,081 
Weight Watchers International, Inc. (a) (b)   296    13,107 
Wendy's Co. (The) (b)   1,925    31,609 
Whirlpool Corp.   504    84,995 
Williams-Sonoma, Inc. (b)   500    25,850 
Winnebago Industries, Inc.   175    9,730 
Wolverine World Wide, Inc.   725    23,113 
World Wrestling Entertainment, Inc. - Class A (b)   600    18,348 
Wyndham Worldwide Corp.   620    71,839 
Wynn Resorts Ltd.   621    104,694 
Yum! Brands, Inc.   2,289    186,805 
Zumiez, Inc. (a)   300    6,248 
         23,005,591 
Consumer Staples - 7.6%          
Alico, Inc. (b)   200    5,900 
Altria Group, Inc.   11,691    834,854 
Andersons, Inc. (The)   75    2,336 
Archer-Daniels-Midland Co.   3,686    147,735 
B&G Foods, Inc. (b)   250    8,788 
Blue Buffalo Pet Products, Inc. (a)   725    23,773 
Boston Beer Co., Inc. (The) - Class A (a) (b)   100    19,110 
Brown-Forman Corp. - Class B   1,556    106,851 
Bunge Ltd.   1,050    70,434 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Consumer Staples - 7.6% (Continued)          
Cal-Maine Foods, Inc. (a) (b)   18   $800 
Campbell Soup Co. (b)   1,350    64,949 
Casey's General Stores, Inc. (b)   287    32,127 
Church & Dwight Co., Inc.   1,606    80,573 
Clorox Co. (The)   850    126,429 
Coca-Cola Co. (The)   27,490    1,261,241 
Colgate-Palmolive Co.   6,451    486,728 
Conagra Brands, Inc.   3,173    119,527 
Constellation Brands, Inc. - Class A   1,236    282,513 
Costco Wholesale Corp.   3,201    595,770 
Coty, Inc. - Class A (b)   2,800    55,692 
CVS Health Corp.   7,245    525,263 
Darling Ingredients, Inc. (a)   975    17,677 
Dean Foods Co.   567    6,555 
Dr. Pepper Snapple Group, Inc.   1,258    122,101 
e.l.f. Beauty, Inc. (a) (b)   300    6,693 
Edgewell Personal Care Co. (a) (b)   446    26,488 
Energizer Holdings, Inc. (b)   592    28,404 
Estée Lauder Cos., Inc. (The) - Class A   1,451    184,625 
Flowers Foods, Inc. (b)   1,580    30,510 
Fresh Del Monte Produce, Inc.   100    4,767 
General Mills, Inc. (b)   3,975    235,677 
Hain Celestial Group, Inc. (The) (a)   600    25,434 
Herbalife Ltd. (a)   650    44,018 
Hershey Co. (The)   1,099    124,747 
Hormel Foods Corp. (b)   1,875    68,231 
HRG Group, Inc. (a) (b)   1,350    22,883 
Ingles Markets, Inc. - Class A   150    5,190 
Ingredion, Inc.   441    61,652 
Inter Parfums, Inc.   300    13,035 
J & J Snack Foods Corp.   70    10,628 
J.M. Smucker Co. (The)   852    105,852 
Kellogg Co. (b)   1,903    129,366 
Kimberly-Clark Corp.   2,431    293,324 
Kraft Heinz Co. (The)   4,495    349,530 
Kroger Co. (The)   6,075    166,759 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Consumer Staples - 7.6% (Continued)          
Lamb Weston Holdings, Inc.   1,157   $65,313 
Lancaster Colony Corp.   112    14,472 
Mannatech, Inc.   70    1,050 
McCormick & Co., Inc.   677    68,993 
MGP Ingredients, Inc. (b)   200    15,376 
Molson Coors Brewing Co. - Class B   1,163    95,447 
Mondelez International, Inc. - Class A   11,271    482,398 
Monster Beverage Corp. (a)   2,696    170,630 
Nu Skin Enterprises, Inc. - Class A   325    22,175 
PepsiCo, Inc.   9,699    1,163,104 
Philip Morris International, Inc.   10,726    1,133,202 
Pilgrim's Pride Corp. (a) (b)   650    20,189 
Pinnacle Foods, Inc.   875    52,036 
Post Holdings, Inc. (a)   438    34,703 
PriceSmart, Inc. (b)   115    9,902 
Procter & Gamble Co. (The)   17,430    1,601,468 
Sanderson Farms, Inc. (b)   143    19,846 
Snyder's-Lance, Inc.   710    35,557 
SpartanNash Co.   400    10,672 
Sprouts Farmers Market, Inc. (a) (b)   300    7,305 
Sysco Corp.   4,000    242,920 
Tootsie Roll Industries, Inc. (b)   27    983 
TreeHouse Foods, Inc. (a) (b)   385    19,042 
Tyson Foods, Inc. - Class A   1,911    154,925 
United Natural Foods, Inc. (a)   150    7,391 
US Foods Holding Corp. (a)   475    15,167 
USANA Health Sciences, Inc. (a) (b)   118    8,738 
Vector Group Ltd.   852    19,068 
Walgreen Boots Alliance, Inc.   6,349    461,064 
Wal-Mart Stores, Inc.   10,939    1,080,225 
WD-40 Co. (b)   45    5,310 
         13,974,210 
Energy - 5.8%          
Anadarko Petroleum Corp.   3,889    208,606 
Andeavor   992    113,425 
Antero Resources Corp. (a) (b)   800    15,200 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Energy - 5.8% (Continued)          
Apache Corp. (b)   2,913   $122,987 
Arch Coal, Inc. - Class A (b)   163    15,185 
Archrock, Inc.   812    8,526 
Baker Hughes, a GE Co.   2,795    88,434 
Bill Barrett Corp. (a)   400    2,052 
BP Prudhoe Bay Royalty Trust   300    6,030 
Bristow Group, Inc. (b)   200    2,694 
Cabot Oil & Gas Corp.   3,325    95,095 
California Resources Corp. (a) (b)   472    9,176 
Callon Petroleum Co. (a) (b)   1,500    18,225 
CARBO Ceramics, Inc. (a) (b)   150    1,527 
Carrizo Oil & Gas, Inc. (a) (b)   400    8,512 
Cheniere Energy, Inc. (a) (b)   1,625    87,490 
Chesapeake Energy Corp. (a) (b)   6,875    27,225 
Chevron Corp.   13,833    1,731,752 
Cimarex Energy Co.   596    72,718 
CNX Resources Corp. (a) (b)   1,650    24,140 
Concho Resources, Inc. (a)   828    124,382 
ConocoPhillips   8,992    493,570 
CONSOL Energy, Inc. (a)   206    8,139 
Continental Resources, Inc. (a)   830    43,965 
Cross Timbers Royalty Trust   200    2,932 
Dawson Geophysical Co. (a)   78    388 
Delek US Holdings, Inc.   301    10,517 
Devon Energy Corp.   3,766    155,912 
Diamond Offshore Drilling, Inc. (a) (b)   850    15,802 
Diamondback Energy, Inc. (a)   535    67,544 
Dril-Quip, Inc. (a) (b)   145    6,917 
Energen Corp. (a)   490    28,209 
EOG Resources, Inc.   3,898    420,633 
EQT Corp.   1,339    76,216 
Era Group, Inc. (a)   300    3,225 
Exterran Corp. (a)   406    12,765 
Exxon Mobil Corp.   30,298    2,534,124 
Fairmount Santrol Holdings, Inc. (a) (b)   1,250    6,538 
Forum Energy Technologies, Inc. (a) (b)   300    4,665 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Energy - 5.8% (Continued)          
Geospace Technologies Corp. (a) (b)   226   $2,931 
Green Plains, Inc.   300    5,055 
Gulf Island Fabrication, Inc.   381    5,115 
Gulfport Energy Corp. (a)   900    11,484 
Halliburton Co.   5,931    289,847 
Helix Energy Solutions Group, Inc. (a)   1,000    7,540 
Helmerich & Payne, Inc. (b)   550    35,552 
Hess Corp. (b)   2,024    96,079 
HollyFrontier Corp.   1,158    59,313 
Key Energy Services, Inc. (a) (b)   925    10,906 
Kinder Morgan, Inc.   14,560    263,099 
Laredo Petroleum, Inc. (a) (b)   800    8,488 
Marathon Oil Corp.   5,647    95,604 
Marathon Petroleum Corp.   3,531    232,975 
Matador Resources Co. (a) (b)   375    11,674 
Matrix Service Co. (a)   450    8,010 
McDermott International, Inc. (a)   1,575    10,364 
Murphy Oil Corp.   1,025    31,826 
Nabors Industries Ltd. (b)   1,975    13,489 
National Oilwell Varco, Inc.   2,661    95,849 
Newfield Exploration Co. (a)   1,225    38,624 
Newpark Resources, Inc. (a)   875    7,525 
Noble Energy, Inc.   2,476    72,151 
Oasis Petroleum, Inc. (a)   1,375    11,564 
Occidental Petroleum Corp.   5,700    419,862 
Oceaneering International, Inc.   500    10,570 
Oil States International, Inc. (a)   200    5,660 
ONEOK, Inc.   1,225    65,476 
Pacific Ethanol, Inc. (a)   1    5 
Parsley Energy, Inc. - Class A (a)   1,425    41,952 
Patterson-UTI Energy, Inc.   1,100    25,311 
PBF Energy, Inc. - Class A   625    22,156 
PDC Energy, Inc. (a)   375    19,328 
Phillips 66   3,213    324,995 
Pioneer Natural Resources Co.   1,221    211,050 
QEP Resources, Inc. (a)   1,750    16,748 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Energy - 5.8% (Continued)          
Range Resources Corp.   1,339   $22,843 
Renewable Energy Group, Inc. (a) (b)   114    1,345 
Rowan Cos. plc - Class A (a) (b)   900    14,094 
RPC, Inc. (b)   587    14,986 
RSP Permian, Inc. (a)   600    24,408 
Sanchez Energy Corp. (a) (b)   325    1,726 
Schlumberger Ltd.   9,396    633,195 
SemGroup Corp. - Class A (b)   450    13,590 
Ship Finance International Ltd. (b)   575    8,913 
SM Energy Co. (b)   450    9,936 
Southwestern Energy Co. (a)   3,325    18,554 
SRC Energy, Inc. (a) (b)   1,175    10,023 
Superior Energy Services, Inc. (a)   1,131    10,892 
Targa Resources Corp. (b)   1,255    60,767 
Teekay Corp. (b)   775    7,223 
Unit Corp. (a) (b)   500    11,000 
Valero Energy Corp.   3,214    295,399 
Whiting Petroleum Corp. (a) (b)   480    12,710 
Williams Cos., Inc. (The)   5,250    160,073 
World Fuel Services Corp.   475    13,367 
WPX Energy, Inc. (a)   2,675    37,637 
         10,646,300 
Financials - 15.6%          
Affiliated Managers Group, Inc.   428    87,847 
Aflac, Inc.   2,480    217,694 
AGNC Investment Corp.   2,175    43,913 
Alleghany Corp. (a)   127    75,703 
Allstate Corp. (The)   2,255    236,121 
Ally Financial, Inc.   3,625    105,705 
Altisource Residential Corp. (b)   33    391 
American Equity Investment Life Holding Co.   625    19,206 
American Express Co.   5,523    548,489 
American Financial Group, Inc.   446    48,409 
American International Group, Inc.   6,150    366,417 
American National Insurance Co.   181    23,213 
Ameriprise Financial, Inc.   1,035    175,401 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Financials - 15.6% (Continued)          
Ameris Bancorp (b)   300   $14,460 
AmTrust Financial Services, Inc. (b)   664    6,686 
Annaly Capital Management, Inc.   6,939    82,504 
Anworth Mortgage Asset Corp.   1,500    8,160 
Apollo Commercial Real Estate Finance, Inc. (b)   600    11,070 
Apollo Investment Corp.   1,725    9,764 
Arbor Realty Trust, Inc. (b)   200    1,728 
Arch Capital Group Ltd. (a)   619    56,187 
Ares Capital Corp.   3,355    52,741 
Argo Group International Holdings Ltd.   63    3,884 
Arlington Asset Investment Corp. - Class A (b)   4    47 
Arthur J. Gallagher & Co.   1,225    77,518 
Artisan Partners Asset Management, Inc. - Class A   300    11,850 
Ashford, Inc. (a) (b)   6    558 
Aspen Insurance Holdings Ltd.   350    14,210 
Associated Banc-Corp.   900    22,860 
Assurant, Inc.   337    33,983 
Assured Guaranty Ltd.   775    26,249 
Axis Capital Holdings Ltd.   475    23,874 
Bancorp, Inc. (The) (a)   50    494 
BancorpSouth Bank   675    21,229 
Bank of America Corp.   72,498    2,140,140 
Bank of Hawaii Corp. (b)   303    25,967 
Bank of New York Mellon Corp. (The)   7,163    385,798 
Bank of the Ozarks, Inc.   765    37,064 
BankFinancial Corp.   700    10,738 
BankUnited, Inc.   825    33,594 
Banner Corp.   300    16,536 
BB&T Corp.   5,840    290,364 
Beneficial Bancorp, Inc.   549    9,031 
Berkley (W.R.) Corp.   687    49,224 
Berkshire Hathaway, Inc. - Class B (a)   15,706    3,113,242 
Berkshire Hills Bancorp, Inc.   300    10,980 
BGC Partners, Inc. - Class A   1,650    24,932 
BlackRock, Inc.   942    483,914 
Blackstone Mortgage Trust, Inc. - Class A (b)   600    19,308 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Financials - 15.6% (Continued)          
BofI Holding, Inc. (a) (b)   372   $11,123 
BOK Financial Corp.   169    15,602 
Boston Private Financial Holdings, Inc.   500    7,725 
Bridge Bancorp, Inc. (b)   300    10,500 
Brighthouse Financial, Inc. (a)   608    35,653 
Brookline Bancorp, Inc. (b)   500    7,850 
Brown & Brown, Inc.   900    46,314 
Camden National Corp. (b)   150    6,320 
Capital City Bank Group, Inc.   350    8,029 
Capital One Financial Corp.   3,012    299,935 
Capitol Federal Financial, Inc.   1,000    13,410 
Capstead Mortgage Corp.   700    6,055 
Cathay General Bancorp   463    19,525 
Cboe Global Markets, Inc.   590    73,508 
Central Pacific Financial Corp.   300    8,949 
Charles Schwab Corp. (The)   8,589    441,216 
Charter Financial Corp.   498    8,735 
Chemical Financial Corp.   500    26,735 
Chimera Investment Corp.   1,455    26,888 
Cincinnati Financial Corp.   1,135    85,091 
CIT Group, Inc.   1,350    66,461 
Citigroup, Inc.   20,065    1,493,036 
Citizens Financial Group, Inc.   3,375    141,683 
CME Group, Inc.   2,138    312,255 
CNA Financial Corp.   300    15,915 
CNO Financial Group, Inc.   1,100    27,159 
CoBiz Financial, Inc.   750    14,993 
Cohen & Steers, Inc.   50    2,365 
Columbia Banking System, Inc. (b)   276    11,989 
Comerica, Inc.   1,083    94,015 
Commerce Bancshares, Inc.   722    40,316 
Community Bank System, Inc. (b)   200    10,750 
Community Trust Bancorp, Inc.   110    5,181 
Crawford & Co. - Class B (b)   200    1,924 
Credit Acceptance Corp. (a) (b)   112    36,230 
Cullen/Frost Bankers, Inc. (b)   332    31,424 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Financials - 15.6% (Continued)          
CVB Financial Corp. (b)   600   $14,136 
CYS Investments, Inc.   1,575    12,647 
Discover Financial Services   2,775    213,453 
Donnelley Financial Solutions, Inc. (a)   159    3,099 
E*TRADE Financial Corp. (a)   2,078    103,006 
Eagle Bancorp, Inc. (a)   300    17,370 
East West Bancorp, Inc.   1,025    62,351 
Eaton Vance Corp.   850    47,932 
Education Realty Trust, Inc. (b)   633    22,104 
eHealth, Inc. (a)   175    3,040 
Employers Holdings, Inc.   75    3,330 
Encore Capital Group, Inc. (a)   200    8,420 
Enova International, Inc. (a)   297    4,514 
Enstar Group Ltd. (a) (b)   120    24,090 
Enterprise Financial Services Corp.   50    2,258 
Erie Indemnity Co. - Class A   174    21,200 
Evercore, Inc. - Class A   350    31,500 
Everest Re Group Ltd.   226    50,005 
EZCORP, Inc. - Class A (a) (b)   1,000    12,200 
F.N.B. Corp. (b)   2,460    33,997 
FBL Financial Group, Inc. - Class A   300    20,895 
Federated Investors, Inc. - Class B   700    25,256 
Federated National Holding Co.   200    3,314 
Fifth Third Bancorp   5,276    160,074 
Financial Engines, Inc. (b)   225    6,818 
Financial Institutions, Inc.   200    6,220 
First American Financial Corp.   527    29,533 
First BanCorp. (a)   1,366    6,967 
First Bancorp/NC   300    10,593 
First Busey Corp.   325    9,731 
First Citizens BancShares, Inc. - Class A   50    20,150 
First Commonwealth Financial Corp. (b)   800    11,456 
First Community Bancshares, Inc.   425    12,210 
First Financial Bancorp   575    15,151 
First Financial Bankshares, Inc. (b)   300    13,515 
First Financial Corp.   100    4,535 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Financials - 15.6% (Continued)          
First Hawaiian, Inc.   300   $8,754 
First Horizon National Corp.   1,618    32,339 
First Interstate BancSystem, Inc. - Class A   300    12,015 
First Merchants Corp. (b)   425    17,876 
First Midwest Bancorp, Inc.   800    19,208 
First Republic Bank   1,013    87,766 
FirstCash, Inc.   221    14,906 
FNF Group   1,909    74,909 
Franklin Resources, Inc.   2,621    113,568 
FS Investment Corp.   1,925    14,149 
Fulton Financial Corp.   1,250    22,375 
Glacier Bancorp, Inc. (b)   550    21,665 
Goldman Sachs Group, Inc. (The)   2,765    704,410 
Golub Capital BDC, Inc.   475    8,645 
Granite Point Mortgage Trust, Inc.   229    4,062 
Great Western Bancorp, Inc.   300    11,940 
Green Dot Corp. - Class A (a)   250    15,065 
Greenhill & Co., Inc. (b)   300    5,850 
Guaranty Bancorp   200    5,530 
Hallmark Financial Services, Inc. (a)   100    1,043 
Hancock Holding Co.   500    24,750 
Hanmi Financial Corp.   369    11,199 
Hanover Insurance Group, Inc. (The)   300    32,424 
Hartford Financial Services Group, Inc. (The)   2,375    133,665 
Healthcare Trust of America, Inc. - Class A (b)   1,025    30,791 
Heartland Financial USA, Inc.   300    16,095 
Hercules Capital, Inc.   775    10,168 
Heritage Commerce Corp.   50    766 
HFF, Inc. - Class A   75    3,648 
Hilltop Holdings, Inc. (b)   550    13,932 
Home BancShares, Inc.   950    22,088 
HomeStreet, Inc. (a)   300    8,685 
Hope Bancorp, Inc.   1,092    19,929 
Horace Mann Educators Corp.   375    16,538 
Huntington Bancshares, Inc.   7,172    104,424 
IBERIABANK Corp.   375    29,063 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Financials - 15.6% (Continued)          
Impac Mortgage Holdings, Inc. (a) (b)   85   $864 
Independent Bank Corp. (b)   300    20,955 
Interactive Brokers Group, Inc. - Class A (b)   500    29,605 
Intercontinental Exchange, Inc.   4,000    282,240 
International Bancshares Corp.   400    15,880 
INTL FCStone, Inc. (a)   500    21,265 
Invesco Ltd.   2,975    108,707 
Invesco Mortgage Capital, Inc.   625    11,144 
Investment Technology Group, Inc.   1,000    19,250 
Investors Bancorp, Inc.   1,325    18,391 
JPMorgan Chase & Co.   24,732    2,644,839 
Kearny Financial Corp. (b)   828    11,965 
Kemper Corp.   300    20,670 
KeyCorp   7,726    155,833 
Lakeland Financial Corp.   300    14,547 
LegacyTexas Financial Group, Inc.   375    15,829 
Legg Mason, Inc. (b)   750    31,485 
LendingTree, Inc. (a) (b)   90    30,641 
Leucadia National Corp.   2,432    64,424 
Lincoln National Corp.   1,600    122,992 
Loews Corp.   1,955    97,809 
LPL Financial Holdings, Inc.   200    11,428 
M&T Bank Corp.   967    165,347 
Maiden Holdings Ltd.   675    4,455 
Main Street Capital Corp. (b)   475    18,872 
MainSource Financial Group, Inc. (b)   300    10,893 
Markel Corp. (a)   138    157,200 
MarketAxess Holdings, Inc.   250    50,438 
Marsh & McLennan Cos., Inc.   3,429    279,086 
MB Financial, Inc.   540    24,041 
MBIA, Inc. (a) (b)   925    6,771 
Mercury General Corp.   300    16,032 
Meta Financial Group, Inc. (b)   100    9,265 
MetLife, Inc.   6,696    338,550 
MFA Financial, Inc.   2,250    17,820 
MGIC Investment Corp. (a)   1,500    21,165 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Financials - 15.6% (Continued)          
Moody's Corp.   1,218   $179,789 
Morgan Stanley   10,300    540,440 
Morningstar, Inc.   207    20,073 
MSCI, Inc.   519    65,674 
MTGE Investment Corp.   575    10,638 
Nasdaq, Inc.   725    55,702 
National General Holdings Corp.   525    10,311 
Navient Corp.   2,050    27,306 
Navigators Group, Inc. (The)   200    9,740 
NBT Bancorp, Inc.   200    7,360 
Nelnet, Inc. - Class A   25    1,370 
New Mountain Finance Corp.   650    8,808 
New Residential Investment Corp.   1,400    25,032 
New York Community Bancorp, Inc.   3,062    39,866 
New York REIT, Inc.   1,300    5,109 
Northern Trust Corp.   1,738    173,609 
Northwest Bancshares, Inc. (b)   875    14,639 
Oaktree Special Lending Corp.   1,750    8,558 
OFG Bancorp (b)   432    4,061 
Old National Bancorp   950    16,578 
Old Republic International Corp.   1,661    35,512 
Old Second Bancorp, Inc.   400    5,460 
OneMain Holdings, Inc. (a)   300    7,797 
Oritani Financial Corp. (b)   400    6,560 
Pacific Premier Bancorp, Inc. (a)   300    12,000 
PacWest Bancorp   817    41,177 
Park National Corp. (b)   87    9,048 
PennyMac Mortgage Investment Trust (b)   450    7,232 
People's United Financial, Inc. (b)   1,983    37,082 
PHH Corp. (a) (b)   573    5,902 
Physicians Realty Trust   900    16,191 
Pinnacle Financial Partners, Inc.   559    37,062 
PNC Financial Services Group, Inc. (The)   3,544    511,363 
Popular, Inc.   782    27,753 
PRA Group, Inc. (a) (b)   300    9,960 
Preferred Bank   200    11,756 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Financials - 15.6% (Continued)          
Primerica, Inc.   300   $30,465 
Principal Financial Group, Inc.   1,850    130,536 
ProAssurance Corp.   230    13,145 
Progressive Corp. (The)   3,875    218,240 
Prospect Capital Corp. (b)   2,650    17,861 
Prosperity Bancshares, Inc.   500    35,035 
Provident Financial Services, Inc.   600    16,182 
Prudential Financial, Inc.   3,131    360,002 
Pzena Investment Management, Inc. - Class A   2,077    22,162 
Radian Group, Inc.   1,445    29,781 
Raymond James Financial, Inc.   925    82,603 
Redwood Trust, Inc.   450    6,669 
Regions Financial Corp.   8,081    139,640 
Reinsurance Group of America, Inc.   454    70,792 
RenaissanceRe Holdings Ltd.   290    36,421 
Renasant Corp. (b)   400    16,356 
Republic Bancorp, Inc. - Class A   315    11,976 
Resource Capital Corp. (b)   50    469 
RLI Corp. (b)   425    25,781 
S&P Global, Inc.   1,782    301,870 
S&T Bancorp, Inc. (b)   350    13,934 
Sandy Spring Bancorp, Inc.   300    11,706 
Seacoast Banking Corp. of Florida (a)   150    3,782 
SEI Investments Co.   975    70,064 
Selective Insurance Group, Inc.   300    17,610 
ServisFirst Bancshares, Inc.   400    16,600 
Signature Bank (a)   387    53,120 
Simmons First National Corp. - Class A (b)   219    12,505 
SLM Corp. (a)   2,500    28,250 
Solar Capital Ltd. (b)   500    10,105 
South State Corp.   180    15,687 
Southside Bancshares, Inc. (b)   340    11,451 
Starwood Property Trust, Inc.   1,825    38,964 
State Auto Financial Corp. (b)   400    11,648 
State Street Corp.   2,476    241,682 
Sterling Bancorp (b)   1,725    42,435 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Financials - 15.6% (Continued)          
Stewart Information Services Corp.   300   $12,690 
Stifel Financial Corp.   340    20,250 
Stock Yards Bancorp, Inc.   300    11,310 
Sun Bancorp, Inc.   164    3,985 
SunTrust Banks, Inc.   3,030    195,707 
SVB Financial Group (a)   367    85,794 
Synchrony Financial   5,775    222,973 
Synovus Financial Corp.   947    45,399 
T. Rowe Price Group, Inc.   1,890    198,318 
TCF Financial Corp.   975    19,988 
TD Ameritrade Holding Corp.   2,053    104,970 
Texas Capital Bancshares, Inc. (a) (b)   384    34,138 
TFS Financial Corp.   525    7,844 
Tompkins Financial Corp. (b)   105    8,542 
Torchmark Corp.   786    71,298 
TowneBank (b)   553    17,005 
Travelers Cos., Inc. (The)   1,672    226,790 
Triangle Capital Corp. (b)   350    3,322 
TriCo Bancshares   109    4,127 
TrustCo Bank Corp.   1,208    11,114 
Trustmark Corp. (b)   425    13,541 
Two Harbors Investment Corp.   1,212    19,707 
U.S. Bancorp   10,964    587,450 
UMB Financial Corp. (b)   243    17,477 
Umpqua Holdings Corp.   1,500    31,200 
Union Bankshares Corp.   275    9,947 
United Bankshares, Inc. (b)   553    19,217 
United Community Banks, Inc.   474    13,338 
United Community Financial Corp.   317    2,894 
United Financial Bancorp, Inc.   542    9,561 
United Fire Group, Inc.   300    13,674 
United Security Bancshares   406    4,466 
Unum Group   1,407    77,230 
Validus Holdings Ltd.   483    22,662 
Valley National Bancorp (b)   1,750    19,635 
Virtus Investment Partners, Inc.   48    5,522 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Financials - 15.6% (Continued)          
Voya Financial, Inc.   1,275   $63,074 
Waddell & Reed Financial, Inc. - Class A (b)   525    11,729 
Washington Federal, Inc.   433    14,830 
Washington Trust Bancorp, Inc.   100    5,325 
Webster Financial Corp.   675    37,908 
Wells Fargo & Co.   32,147    1,950,357 
WesBanco, Inc.   350    14,228 
Westamerica Bancorp. (b)   83    4,943 
Western Alliance Bancorp (a)   850    48,127 
Western New England Bancorp, Inc.   200    2,180 
Wintrust Financial Corp.   425    35,007 
WisdomTree Investments, Inc.   750    9,413 
World Acceptance Corp. (a) (b)   100    8,072 
WSFS Financial Corp.   300    14,355 
Xenia Hotel & Resorts, Inc.   900    19,431 
Zions Bancorp.   1,480    75,228 
         28,795,603 
Health Care - 12.4%          
Abbott Laboratories   12,635    721,079 
AbbVie, Inc.   10,100    976,770 
ABIOMED, Inc. (a)   250    46,853 
Acadia Healthcare Co., Inc. (a) (b)   475    15,499 
ACADIA Pharmaceuticals, Inc. (a) (b)   625    18,819 
Acorda Therapeutics, Inc. (a) (b)   375    8,044 
Aetna, Inc.   2,105    379,720 
Agilent Technologies, Inc.   2,196    147,066 
Agios Pharmaceuticals, Inc. (a) (b)   300    17,151 
Akorn, Inc. (a)   600    19,338 
Alder Biopharmaceuticals, Inc. (a)   300    3,435 
Alexion Pharmaceuticals, Inc. (a)   1,349    161,327 
Align Technology, Inc. (a)   454    100,874 
Alkermes plc (a) (b)   1,000    54,730 
Allergan plc   2,419    395,700 
Allscripts Healthcare Solutions, Inc. (a)   1,225    17,824 
Alnylam Pharmaceuticals, Inc. (a)   413    52,472 
AMAG Pharmaceuticals, Inc. (a)   100    1,325 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Health Care - 12.4% (Continued)          
Amedisys, Inc. (a)   201   $10,595 
AmerisourceBergen Corp. (b)   1,144    105,042 
Amgen, Inc.   4,500    782,549 
Amicus Therapeutics, Inc. (a) (b)   1,225    17,628 
AMN Healthcare Services, Inc. (a) (b)   250    12,313 
Analogic Corp.   130    10,888 
Anika Therapeutics, Inc. (a)   100    5,391 
Anthem, Inc.   1,960    441,019 
Array BioPharma, Inc. (a)   1,175    15,040 
athenahealth, Inc. (a)   192    25,544 
Baxter International, Inc.   3,963    256,168 
Becton, Dickinson and Co. (b)   1,825    390,644 
Biogen, Inc. (a)   1,313    418,281 
BioMarin Pharmaceutical, Inc. (a)   978    87,208 
Bio-Rad Laboratories, Inc. - Class A (a)   99    23,628 
Bio-Techne Corp.   232    30,056 
Bioverativ, Inc. (a)   766    41,303 
Bluebird Bio, Inc. (a) (b)   168    29,921 
Boston Scientific Corp. (a)   7,964    197,428 
Bristol-Myers Squibb Co.   12,225    749,148 
Brookdale Senior Living, Inc. (a)   1,294    12,552 
Bruker Corp.   725    24,882 
Cambrex Corp. (a)   350    16,800 
Cantel Medical Corp.   200    20,574 
Capital Senior Living Corp. (a) (b)   100    1,349 
Cardinal Health, Inc.   2,048    125,481 
Cardiovascular Systems, Inc. (a)   325    7,699 
Catalent, Inc. (a)   550    22,594 
Celgene Corp. (a)   5,746    599,652 
Centene Corp. (a)   1,333    134,473 
Cerner Corp. (a)   2,200    148,257 
Charles River Laboratories International, Inc. (a)   346    37,870 
Chemed Corp. (b)   136    33,051 
Chimerix, Inc. (a)   300    1,389 
Cigna Corp.   1,772    359,875 
Clovis Oncology, Inc. (a) (b)   300    20,400 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Health Care - 12.4% (Continued)          
Community Health Systems, Inc. (a) (b)   832   $3,544 
Computer Programs & Systems, Inc. (b)   100    3,005 
CONMED Corp.   300    15,291 
Cooper Cos., Inc. (The)   300    65,364 
Danaher Corp.   4,019    373,044 
DaVita, Inc. (a)   1,033    74,634 
DENTSPLY SIRONA, Inc.   1,552    102,168 
Depomed, Inc. (a)   675    5,434 
Dermira, Inc. (a) (b)   300    8,343 
DexCom, Inc. (a) (b)   298    17,102 
Dynavax Technologies Corp. (a) (b)   425    7,948 
Edwards Lifesciences Corp. (a)   1,473    166,022 
Eli Lilly & Co.   6,762    571,119 
Emergent BioSolutions, Inc. (a)   293    13,616 
Endo International plc (a) (b)   922    7,146 
Endologix, Inc. (a) (b)   700    3,745 
Ensign Group, Inc. (The)   300    6,660 
Envision Healthcare Corp. (a)   575    19,872 
Exact Sciences Corp. (a) (b)   775    40,719 
Exelixis, Inc. (a)   1,875    57,000 
Express Scripts Holding Co. (a)   4,236    316,175 
Genomic Health, Inc. (a)   200    6,840 
Gilead Sciences, Inc.   9,017    645,977 
Haemonetics Corp. (a)   250    14,520 
Halozyme Therapeutics, Inc. (a) (b)   750    15,195 
Halyard Health, Inc. (a)   297    13,715 
Hanger, Inc. (a)   350    5,513 
HCA Healthcare, Inc. (a)   2,203    193,512 
HealthSouth Corp.   650    32,117 
Henry Schein, Inc. (a)   890    62,193 
Hill-Rom Holdings, Inc.   300    25,287 
HMS Holdings Corp. (a)   525    8,899 
Hologic, Inc. (a)   1,777    75,967 
Horizon Pharma plc (a)   1,125    16,425 
Humana, Inc.   848    210,363 
ICU Medical, Inc. (a)   100    21,600 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Health Care - 12.4% (Continued)          
IDEXX Laboratories, Inc. (a)   599   $93,672 
Illumina, Inc. (a)   752    164,304 
Impax Laboratories, Inc. (a)   650    10,823 
INC Research Holdings, Inc. - Class A (a)   300    13,080 
Incyte Corp. (a)   1,343    127,196 
Innoviva, Inc. (a)   1,000    14,190 
Insulet Corp. (a)   175    12,075 
Integer Holdings Corp. (a)   300    13,590 
Integra LifeSciences Holdings Corp. (a) (b)   378    18,091 
Intercept Pharmaceuticals, Inc. (a) (b)   137    8,004 
Intrexon Corp. (a) (b)   400    4,608 
Intuitive Surgical, Inc. (a)   495    180,645 
Ionis Pharmaceuticals, Inc. (a) (b)   700    35,210 
IQVIA Holdings Inc. (a)   1,031    100,935 
Ironwood Pharmaceuticals, Inc. (a) (b)   1,000    14,990 
Johnson & Johnson   19,625    2,742,004 
Keryx Biopharmaceuticals, Inc. (a) (b)   975    4,534 
Kindred Healthcare, Inc.   587    5,694 
Laboratory Corp. of America Holdings (a)   670    106,872 
Lannett Co., Inc. (a) (b)   300    6,960 
LHC Group, Inc. (a)   100    6,125 
LifePoint Health, Inc. (a)   265    13,197 
Ligand Pharmaceuticals, Inc. (a) (b)   164    22,457 
Magellan Health, Inc. (a)   100    9,655 
Masimo Corp. (a)   300    25,440 
McKesson Corp.   1,508    235,173 
Medicines Co. (The) (a) (b)   350    9,569 
Medidata Solutions, Inc. (a) (b)   125    7,921 
MEDNAX, Inc. (a)   600    32,064 
Merck & Co., Inc.   20,155    1,134,121 
Meridian Bioscience, Inc.   375    5,250 
Mettler-Toledo International, Inc. (a)   200    123,904 
MGC Diagnostics Corp. (b)   600    6,618 
Molina Healthcare, Inc. (a)   300    23,004 
Momenta Pharmaceuticals, Inc. (a)   200    2,790 
Myriad Genetics, Inc. (a) (b)   450    15,455 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Health Care - 12.4% (Continued)          
Natus Medical, Inc. (a)   75   $2,865 
Nektar Therapeutics (a) (b)   650    38,818 
Neogen Corp. (a)   350    28,774 
Neurocrine Biosciences, Inc. (a)   500    38,795 
Nevro Corp. (a) (b)   162    11,184 
NewLink Genetics Corp. (a) (b)   300    2,433 
NuVasive, Inc. (a)   290    16,962 
Nuvectra Corp. (a)   100    776 
NxStage Medical, Inc. (a)   450    10,904 
Omnicell, Inc. (a)   375    18,188 
OPKO Health, Inc. (a) (b)   3,000    14,700 
Owens & Minor, Inc.   275    5,192 
Pacira Pharmaceuticals, Inc. (a) (b)   75    3,424 
Paratek Pharmaceuticals, Inc. (a) (b)   6    107 
Patterson Cos., Inc. (b)   575    20,775 
Penumbra, Inc. (a) (b)   196    18,444 
PerkinElmer, Inc.   492    35,975 
Pfizer, Inc.   43,962    1,592,303 
Portola Pharmaceuticals, Inc. (a)   300    14,604 
PRA Health Sciences, Inc. (a)   300    27,321 
Premier, Inc. - Class A (a)   350    10,217 
Prestige Brands Holdings, Inc. (a)   350    15,544 
Progenics Pharmaceuticals, Inc. (a) (b)   800    4,760 
Providence Service Corp. (The) (a)   200    11,868 
Puma Biotechnology, Inc. (a) (b)   254    25,108 
Quality Systems, Inc. (a)   575    7,809 
Quest Diagnostics, Inc.   877    86,376 
Quidel Corp. (a) (b)   300    13,005 
Quorum Health Corp. (a)   208    1,298 
Regeneron Pharmaceuticals, Inc. (a)   469    176,325 
Repligen Corp. (a) (b)   300    10,884 
ResMed, Inc. (b)   800    67,752 
Sage Therapeutics, Inc. (a) (b)   300    49,413 
Sarepta Therapeutics, Inc. (a) (b)   400    22,256 
SeaSpine Holdings Corp. (a) (b)   100    1,012 
Seattle Genetics, Inc. (a) (b)   625    33,438 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Health Care - 12.4% (Continued)          
Select Medical Holdings Corp. (a)   725   $12,796 
Simulations Plus, Inc.   600    9,660 
Stryker Corp.   1,986    307,512 
Teleflex, Inc.   200    49,764 
Tenet Healthcare Corp. (a) (b)   631    9,566 
TESARO, Inc. (a) (b)   174    14,419 
Tetraphase Pharmaceuticals, Inc. (a)   300    1,890 
TherapeuticsMD, Inc. (a) (b)   1,275    7,701 
Thermo Fisher Scientific, Inc.   2,901    550,842 
Ultragenyx Pharmaceutical, Inc. (a) (b)   207    9,601 
United Therapeutics Corp. (a)   288    42,610 
UnitedHealth Group, Inc.   6,576    1,449,744 
Universal Health Services, Inc. - Class B   562    63,703 
Varex Imaging Corp. (a) (b)   282    11,328 
Varian Medical Systems, Inc. (a)   607    67,468 
Veeva Systems, Inc. - Class A (a)   725    40,078 
Vertex Pharmaceuticals, Inc. (a)   1,349    202,161 
Waters Corp. (a)   544    105,095 
WellCare Health Plans, Inc. (a)   329    66,165 
West Pharmaceutical Services, Inc.   505    49,828 
Zimmer Biomet Holdings, Inc.   1,472    177,626 
ZIOPHARM Oncology, Inc. (a) (b)   64    265 
Zoetis, Inc.   3,275    235,931 
         22,856,374 
Industrials - 10.8%          
3M Co.   4,256    1,001,735 
A.O. Smith Corp.   1,040    63,731 
AAON, Inc.   225    8,258 
AAR Corp.   300    11,787 
ABM Industries, Inc.   500    18,860 
Acacia Research Corp. (a) (b)   300    1,215 
ACCO Brands Corp. (a)   825    10,065 
Actuant Corp. - Class A (b)   290    7,337 
Acuity Brands, Inc. (b)   275    48,400 
AECOM (a) (b)   977    36,296 
Aerojet Rocketdyne Holdings, Inc. (a) (b)   500    15,600 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Industrials - 10.8% (Continued)          
AGCO Corp.   400   $28,572 
Air Lease Corp.   600    28,854 
Aircastle Ltd.   500    11,695 
Alaska Air Group, Inc. (b)   834    61,307 
Albany International Corp. - Class A   100    6,145 
Allegiant Travel Co. (b)   53    8,202 
Allison Transmission Holdings, Inc.   1,125    48,454 
Altra Industrial Motion Corp.   300    15,120 
AMERCO   100    37,791 
American Airlines Group, Inc.   3,411    177,474 
American Woodmark Corp. (a)   130    16,933 
AMETEK, Inc.   1,337    96,892 
Apogee Enterprises, Inc. (b)   200    9,146 
Applied Industrial Technologies, Inc.   375    25,538 
ArcBest Corp.   300    10,725 
Arconic, Inc.   3,140    85,565 
Armstrong Flooring, Inc. (a)   100    1,692 
Armstrong World Industries, Inc. (a)   200    12,110 
Astec Industries, Inc.   200    11,700 
Astronics Corp. (a)   300    12,441 
Astronics Corp. - Class B (a)   96    3,998 
Avis Budget Group, Inc. (a) (b)   392    17,201 
Axon Enterprise, Inc. (a) (b)   325    8,613 
AZZ, Inc.   225    11,498 
Babcock & Wilcox Enterprises, Inc. (a) (b)   718    4,078 
Barnes Group, Inc. (b)   300    18,981 
Beacon Roofing Supply, Inc. (a)   500    31,880 
Belden, Inc.   100    7,717 
Boeing Co. (The)   4,038    1,190,846 
Brady Corp. - Class A   145    5,496 
Briggs & Stratton Corp.   150    3,806 
Brink's Co. (The)   150    11,805 
Builders FirstSource, Inc. (a)   450    9,806 
BWX Technologies, Inc.   612    37,020 
C.H. Robinson Worldwide, Inc. (b)   900    80,181 
Carlisle Cos., Inc.   423    48,074 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Industrials - 10.8% (Continued)          
Casella Waste Systems, Inc. - Class A (a)   100   $2,302 
Caterpillar, Inc.   4,331    682,478 
CBIZ, Inc. (a)   300    4,635 
CECO Environmental Corp.   400    2,052 
Chart Industries, Inc. (a)   300    14,058 
Cintas Corporation (b)   701    109,236 
CIRCOR International, Inc. (b)   184    8,957 
Clean Harbors, Inc. (a)   400    21,680 
Colfax Corp. (a)   625    24,763 
Columbus McKinnon Corp.   400    15,992 
Comfort Systems USA, Inc.   300    13,095 
Commercial Vehicle Group, Inc. (a)   300    3,207 
Copart, Inc. (a)   1,400    60,466 
Covanta Holding Corp. (b)   850    14,365 
Covenant Transportation Group, Inc. - Class A (a)   100    2,873 
Crane Co.   325    28,997 
CSX Corp.   6,225    342,436 
Cubic Corp.   300    17,685 
Cummins, Inc.   1,277    225,568 
Curtiss-Wright Corp.   300    36,555 
Deere & Co.   1,971    308,480 
Delta Air Lines, Inc.   5,250    294,000 
Deluxe Corp.   200    15,368 
DMC Global, Inc.   400    10,020 
Donaldson Co., Inc.   925    45,279 
Dover Corp.   1,131    114,220 
Dun & Bradstreet Corp. (The)   213    25,221 
DXP Enterprises, Inc. (a) (b)   100    2,957 
Dycom Industries, Inc. (a) (b)   211    23,512 
Eaton Corp. plc   3,321    262,392 
EMCOR Group, Inc.   500    40,875 
Emerson Electric Co.   4,678    326,009 
Encore Wire Corp.   200    9,730 
Energy Recovery, Inc. (a) (b)   500    4,375 
EnerSys   375    26,111 
Engility Holdings, Inc. (a)   179    5,078 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Industrials - 10.8% (Continued)          
Ennis, Inc.   50   $1,038 
EnPro Industries, Inc.   178    16,645 
Equifax, Inc.   795    93,746 
ESCO Technologies, Inc.   200    12,050 
Esterline Technologies Corp. (a)   190    14,193 
Expeditors International of Washington, Inc.   1,250    80,863 
Exponent, Inc.   270    19,197 
Fastenal Co.   2,125    116,216 
Federal Signal Corp.   475    9,543 
FedEx Corp.   1,717    428,460 
Flowserve Corp.   815    34,336 
Fluor Corp.   1,086    56,091 
Fortive Corp.   1,835    132,762 
Fortune Brands Home & Security, Inc.   1,000    68,440 
Forward Air Corp.   300    17,232 
Franklin Electric Co., Inc.   275    12,623 
FreightCar America, Inc.   500    8,540 
FTI Consulting, Inc. (a)   250    10,740 
GATX Corp. (b)   325    20,202 
General Cable Corp.   625    18,500 
General Dynamics Corp.   1,770    360,107 
General Electric Co.   60,816    1,061,239 
Genesee & Wyoming, Inc. - Class A (a)   285    22,438 
Gibraltar Industries, Inc. (a) (b)   300    9,900 
Gorman-Rupp Co. (The)   182    5,680 
Graco, Inc.   1,086    49,109 
Granite Construction, Inc.   400    25,372 
Great Lakes Dredge & Dock Corp. (a)   1,500    8,100 
Greenbrier Cos., Inc. (The) (b)   200    10,660 
Griffon Corp.   350    7,123 
H&E Equipment Services, Inc.   325    13,211 
Hardinge, Inc. (b)   850    14,807 
Hawaiian Holdings, Inc.   325    12,951 
HD Supply Holdings, Inc. (a)   1,400    56,042 
Healthcare Services Group, Inc.   375    19,770 
Heartland Express, Inc. (b)   325    7,586 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Industrials - 10.8% (Continued)          
HEICO Corp. - Class A   437   $34,545 
Heidrick & Struggles International, Inc.   200    4,910 
Herc Holdings, Inc. (a)   143    8,953 
Herman Miller, Inc.   300    12,015 
Hertz Global Holdings, Inc. (a) (b)   430    9,503 
Hexcel Corp.   750    46,388 
Hill International, Inc. (a)   300    1,635 
Hillenbrand, Inc.   325    14,528 
HNI Corp.   100    3,857 
Honeywell International, Inc.   5,622    862,190 
Hub Group, Inc. - Class A (a)   50    2,395 
Hubbell, Inc.   338    45,745 
Huntington Ingalls Industries, Inc.   319    75,188 
Hurco Cos., Inc.   400    16,880 
Huron Consulting Group, Inc. (a)   200    8,090 
Hyster-Yale Materials Handling, Inc.   118    10,049 
IDEX Corp.   437    57,671 
IES Holdings, Inc. (a) (b)   500    8,625 
Illinois Tool Works, Inc.   2,084    347,714 
InnerWorkings, Inc. (a)   500    5,015 
Insperity, Inc.   72    4,129 
Insteel Industries, Inc.   300    8,496 
Interface, Inc.   500    12,575 
ITT, Inc.   600    32,022 
J.B. Hunt Transport Services, Inc.   670    77,037 
Jacobs Engineering Group, Inc.   850    56,066 
JetBlue Airways Corp. (a)   1,750    39,095 
John Bean Technologies Corp.   151    16,731 
Johnson Controls International plc   3,150    120,046 
Kaman Corp. (b)   300    17,652 
Kansas City Southern   759    79,862 
KAR Auction Services, Inc.   975    49,247 
KBR, Inc.   925    18,343 
Kelly Services, Inc. - Class A   400    10,908 
Kennametal, Inc.   475    22,995 
Kforce, Inc.   150    3,788 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Industrials - 10.8% (Continued)          
Kimball International, Inc. - Class B   700   $13,069 
Kirby Corp. (a)   300    20,040 
KLX, Inc. (a) (b)   317    21,635 
Knight-Swift Transportation Holdings, Inc.   638    27,893 
Knoll, Inc.   500    11,520 
Korn/Ferry International   225    9,311 
Kratos Defense & Security Solutions, Inc. (a) (b)   10    106 
L3 Technologies, Inc.   512    101,299 
Landstar System, Inc.   300    31,230 
Layne Christensen Co. (a)   600    7,530 
Lennox International, Inc.   257    53,523 
Lincoln Electric Holdings, Inc.   332    30,405 
Lockheed Martin Corp.   1,804    579,173 
LSC Communications, Inc.   159    2,409 
LSI Industries, Inc.   700    4,816 
Manitowoc Company, Inc. (The) (a) (b)   268    10,543 
ManpowerGroup, Inc.   413    52,083 
Marten Transport Ltd.   250    5,075 
Masco Corp.   2,050    90,076 
MasTec, Inc. (a)   500    24,475 
Matson, Inc.   325    9,698 
McGrath RentCorp   300    14,094 
Mercury Systems, Inc. (a)   400    20,540 
Meritor, Inc. (a)   550    12,903 
Middleby Corp. (The) (a) (b)   468    63,157 
Mobile Mini, Inc.   406    14,007 
Moog, Inc. - Class A (a)   300    26,055 
MSA Safety, Inc.   228    17,675 
MSC Industrial Direct Co., Inc. - Class A   245    23,682 
Mueller Industries, Inc.   300    10,629 
Mueller Water Products, Inc. - Series A   1,600    20,048 
Navigant Consulting, Inc. (a)   400    7,764 
Navistar International Corp. (a)   625    26,800 
NCI Building Systems, Inc. (a)   500    9,650 
Nordson Corp.   318    46,555 
Norfolk Southern Corp.   2,084    301,972 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Industrials - 10.8% (Continued)          
Northrop Grumman Corp.   1,267   $388,855 
NOW, Inc. (a) (b)   649    7,158 
Old Dominion Freight Line, Inc.   500    65,775 
On Assignment, Inc. (a)   250    16,068 
Orbital ATK, Inc.   323    42,475 
Oshkosh Corp.   350    31,812 
Owens Corning   800    73,552 
PACCAR, Inc.   2,205    156,731 
Parker-Hannifin Corp.   877    175,031 
Pentair plc   1,425    100,634 
Perma-Pipe International Holdings, Inc. (a)   300    2,700 
Pitney Bowes, Inc.   1,375    15,373 
Primoris Services Corp.   475    12,915 
Quanex Building Products Corp. (b)   1,000    23,400 
Quanta Services, Inc. (a)   1,050    41,066 
R.R. Donnelley & Sons Co.   425    3,953 
Raven Industries, Inc.   275    9,446 
Raytheon Co.   2,101    394,673 
RBC Bearings, Inc. (a)   165    20,856 
Regal Beloit Corp.   100    7,660 
Republic Services, Inc.   1,743    117,843 
Resources Connection, Inc.   200    3,090 
Rexnord Corp. (a)   325    8,457 
Roadrunner Transportation Systems, Inc. (a)   350    2,699 
Robert Half International, Inc.   1,000    55,540 
Rockwell Automation, Inc.   970    190,460 
Rockwell Collins, Inc.   1,082    146,741 
Rollins, Inc.   900    41,877 
Roper Technologies, Inc.   634    164,206 
RPX Corp.   1,000    13,440 
Rush Enterprises, Inc. - Class A (a)   75    3,811 
Ryder System, Inc.   405    34,089 
Saia, Inc. (a)   225    15,919 
Simpson Manufacturing Co., Inc.   100    5,741 
SkyWest, Inc. (b)   375    19,913 
Snap-on, Inc. (b)   362    63,097 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Industrials - 10.8% (Continued)          
Southwest Airlines Co.   3,524   $230,646 
Spirit AeroSystems Holdings, Inc. - Class A   700    61,075 
Spirit Airlines, Inc. (a)   475    21,304 
SPX Corp. (a)   312    9,794 
SPX FLOW, Inc. (a)   312    14,836 
Standex International Corp.   50    5,093 
Stanley Black & Decker, Inc.   1,020    173,083 
Steelcase, Inc. - Class A   875    13,300 
Stericycle, Inc. (a)   575    39,094 
Team, Inc. (a) (b)   164    2,444 
Teledyne Technologies, Inc. (a)   211    38,223 
Terex Corp.   825    39,782 
Tetra Tech, Inc.   418    20,127 
Textainer Group Holdings Ltd. (a) (b)   700    15,050 
Textron, Inc.   1,375    77,811 
Timken Co. (The)   375    18,431 
Titan International, Inc.   312    4,019 
Toro Co. (The)   528    34,441 
TransDigm Group, Inc. (b)   298    81,837 
TransUnion (a)   650    35,724 
Trex Co., Inc. (a)   225    24,388 
Trinity Industries, Inc.   1,050    39,333 
Triumph Group, Inc. (b)   256    6,963 
TrueBlue, Inc. (a)   300    8,250 
Tutor Perini Corp. (a) (b)   200    5,070 
Twin Disc, Inc. (a)   400    10,628 
Ultralife Corp. (a)   200    1,310 
UniFirst Corp.   86    14,181 
Union Pacific Corp.   5,627    754,580 
United Continental Holdings, Inc. (a)   1,851    124,757 
United Parcel Service, Inc. - Class B   4,100    488,515 
United Rentals, Inc. (a)   542    93,175 
United Technologies Corp.   5,952    759,296 
Univar, Inc. (a)   575    17,802 
Universal Forest Products, Inc.   399    15,010 
US Ecology, Inc. (b)   200    10,200 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Industrials - 10.8% (Continued)          
USG Corp. (a) (b)   775   $29,884 
Valmont Industries, Inc.   159    26,370 
Vectrus, Inc. (a)   122    3,764 
Verisk Analytics, Inc. (a)   1,124    107,904 
Veritiv Corp. (a)   97    2,803 
Viad Corp.   100    5,540 
Vicor Corp. (a)   300    6,270 
W.W. Grainger, Inc.   423    99,934 
Wabash National Corp.   50    1,085 
WABCO Holdings, Inc. (a)   303    43,481 
WageWorks, Inc. (a)   300    18,600 
Waste Management, Inc.   3,075    265,372 
Watsco, Inc.   214    36,389 
Watts Water Technologies, Inc. - Class A   300    22,785 
Welbilt, Inc. (a)   1,075    25,273 
Werner Enterprises, Inc. (b)   250    9,663 
WESCO International, Inc. (a)   300    20,445 
Westinghouse Air Brake Technologies Corp. (b)   559    45,519 
Woodward, Inc.   500    38,270 
XPO Logistics, Inc. (a)   655    59,991 
Xylem, Inc.   1,300    88,660 
         20,032,137 
Information Technology - 22.4%          
2U, Inc. (a) (b)   325    20,966 
3D Systems Corp. (a) (b)   848    7,327 
ACI Worldwide, Inc. (a)   560    12,695 
Activision Blizzard, Inc.   4,613    292,095 
Actua Corp. (a) (b)   100    1,560 
Acxiom Corp. (a)   475    13,091 
Adobe Systems, Inc. (a)   3,131    548,676 
Advanced Energy Industries, Inc. (a)   300    20,244 
Advanced Micro Devices, Inc. (a) (b)   4,575    47,031 
Agilysys, Inc. (a)   500    6,140 
Akamai Technologies, Inc. (a)   984    63,999 
Alliance Data Systems Corp.   408    103,420 
Alphabet, Inc. - Class C (a)   4,183    4,377,090 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Information Technology - 22.4% (Continued)          
Ambarella, Inc. (a)   300   $17,625 
Amkor Technology, Inc. (a)   1,050    10,553 
Amphenol Corp. - Class A   1,600    140,479 
Amtech Systems, Inc. (a)   32    322 
Analog Devices, Inc.   2,429    216,254 
Anixter International, Inc. (a)   167    12,692 
ANSYS, Inc. (a)   500    73,795 
Apple, Inc.   37,983    6,427,862 
Applied Materials, Inc.   7,908    404,257 
Arista Networks, Inc. (a)   320    75,386 
ARRIS International plc (a)   1,229    31,573 
Arrow Electronics, Inc. (a)   500    40,205 
Aspen Technology, Inc. (a)   325    21,515 
Autodesk, Inc. (a)   1,475    154,624 
Automatic Data Processing, Inc.   3,274    383,680 
Avnet, Inc.   900    35,658 
AVX Corp.   375    6,488 
Badger Meter, Inc.   300    14,340 
Bel Fuse, Inc. - Class B   300    7,553 
Benchmark Electronics, Inc. (a)   475    13,823 
Black Knight, Inc. (a)   585    25,828 
Blackbaud, Inc.   200    18,898 
Blucora, Inc. (a) (b)   250    5,525 
Booz Allen Hamilton Holding Corp.   1,000    38,130 
Bottomline Technologies (de), Inc. (a)   375    13,005 
Broadridge Financial Solutions, Inc.   775    70,200 
BroadSoft, Inc. (a) (b)   300    16,470 
Brooks Automation, Inc.   106    2,528 
CA, Inc.   2,247    74,780 
Cabot Microelectronics Corp.   100    9,408 
CACI International, Inc. - Class A (a)   99    13,103 
Cadence Design Systems, Inc. (a)   1,902    79,542 
CalAmp Corp. (a)   400    8,572 
Calix, Inc. (a)   175    1,041 
Callidus Software, Inc. (a)   200    5,730 
Cardtronics plc - Class A (a)   175    3,241 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Information Technology - 22.4% (Continued)          
Cars.com, Inc. (a) (b)   575   $16,583 
Cavium, Inc. (a)   558    46,777 
CDW Corp.   1,025    71,226 
Ciena Corp. (a)   997    20,867 
Cirrus Logic, Inc. (a)   400    20,744 
Cisco Systems, Inc.   36,598    1,401,702 
Citrix Systems, Inc. (a)   1,118    98,384 
Cognex Corp.   1,150    70,334 
Cognizant Technology Solutions Corp. - Class A   4,298    305,244 
Coherent, Inc. (a)   200    56,444 
CommerceHub, Inc. (a) (b)   125    2,749 
CommerceHub, Inc. (a)   250    5,148 
CommScope Holding Co., Inc. (a)   1,150    43,505 
CommVault Systems, Inc. (a)   375    19,688 
comScore, Inc. (a)   400    11,400 
Comtech Telecommunications Corp. (b)   100    2,212 
Conduent, Inc. (a) (b)   1,399    22,608 
Convergys Corp.   525    12,338 
CoreLogic, Inc. (a)   677    31,284 
Cornerstone OnDemand, Inc. (a)   500    17,665 
Corning, Inc.   6,669    213,340 
CoStar Group, Inc. (a)   225    66,814 
Cray, Inc. (a)   425    10,285 
Cree, Inc. (a) (b)   625    23,213 
CSG Systems International, Inc.   78    3,418 
CSRA, Inc.   955    28,574 
CTS Corp. (b)   100    2,575 
Cypress Semiconductor Corp.   1,625    24,765 
Daktronics, Inc. (b)   800    7,304 
Diebold Nixdorf, Inc. (b)   650    10,628 
Diodes, Inc. (a)   300    8,601 
Dolby Laboratories, Inc. - Class A   300    18,600 
DST Systems, Inc.   368    22,842 
DXC Technology Co.   1,978    187,712 
eBay, Inc. (a)   7,425    280,220 
Ebix, Inc. (b)   31    2,457 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Information Technology - 22.4% (Continued)          
EchoStar Corp. - Class A (a)   400   $23,960 
Electro Scientific Industries, Inc. (a) (b)   100    2,143 
Electronic Arts, Inc. (a)   1,940    203,816 
Electronics For Imaging, Inc. (a)   404    11,930 
Ellie Mae, Inc. (a) (b)   219    19,579 
EMCORE Corp. (a)   125    806 
Entegris, Inc.   1,011    30,785 
Envestnet, Inc. (a)   375    18,694 
EPAM Systems, Inc. (a)   300    32,229 
Euronet Worldwide, Inc. (a)   349    29,410 
ExlService Holdings, Inc. (a)   300    18,105 
F5 Networks, Inc. (a)   433    56,818 
Facebook, Inc. - Class A (a)   16,349    2,884,944 
FactSet Research Systems, Inc. (b)   250    48,190 
Fair Isaac Corp.   146    22,367 
FARO Technologies, Inc. (a) (b)   200    9,400 
Fidelity National Information Services, Inc.   2,344    220,547 
Finisar Corp. (a) (b)   775    15,771 
FireEye, Inc. (a) (b)   600    8,520 
First Data Corp. - Class A (a)   1,825    30,496 
First Solar, Inc. (a)   400    27,008 
Fiserv, Inc. (a)   1,198    157,094 
Fitbit, Inc. - Class A (a) (b)   425    2,427 
FleetCor Technologies, Inc. (a)   628    120,846 
FLIR Systems, Inc.   1,025    47,786 
FormFactor, Inc. (a)   480    7,512 
Forrester Research, Inc.   255    11,271 
Fortinet, Inc. (a)   1,075    46,967 
Gartner, Inc. (a)   581    71,550 
Genpact Ltd.   1,125    35,708 
Global Payments, Inc.   950    95,228 
GrubHub, Inc. (a) (b)   550    39,490 
Guidewire Software, Inc. (a) (b)   300    22,278 
Harris Corp.   892    126,351 
Hewlett Packard Enterprise Co.   12,277    176,298 
HP, Inc.   12,352    259,515 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Information Technology - 22.4% (Continued)          
HubSpot, Inc. (a) (b)   300   $26,520 
I.D. Systems, Inc. (a)   100    694 
IAC/InterActiveCorp (a)   450    55,026 
II-VI, Inc. (a) (b)   375    17,606 
Infinera Corp. (a) (b)   600    3,798 
Inphi Corp. (a) (b)   300    10,980 
Insight Enterprises, Inc. (a)   200    7,658 
Integrated Device Technology, Inc. (a)   985    29,284 
Intel Corp.   34,918    1,611,814 
InterDigital, Inc.   246    18,733 
International Business Machines Corp.   6,425    985,723 
Intuit, Inc.   1,589    250,712 
IPG Photonics Corp. (a)   281    60,171 
Itron, Inc. (a)   200    13,640 
IXYS Corp. (a)   800    19,160 
j2 Global, Inc. (b)   325    24,385 
Jabil, Inc.   1,025    26,906 
Jack Henry & Associates, Inc.   486    56,843 
Juniper Networks, Inc.   2,190    62,415 
Key Tronic Corp. (a)   600    4,098 
Keysight Technologies, Inc. (a)   1,298    53,997 
Kimball Electronics, Inc. (a)   525    9,581 
KLA-Tencor Corp.   956    100,447 
Knowles Corp. (a)   458    6,714 
Kulicke & Soffa Industries, Inc. (a)   400    9,734 
Lam Research Corp.   1,116    205,422 
Lattice Semiconductor Corp. (a)   200    1,156 
Leaf Group Ltd. (a)   200    1,980 
Leidos Holdings, Inc.   931    60,115 
Littelfuse, Inc. (b)   118    23,343 
LogMeIn, Inc.   356    40,762 
Lumentum Holdings, Inc. (a) (b)   340    16,626 
MACOM Technology Solutions Holdings, Inc. (a) (b)   463    15,066 
Manhattan Associates, Inc. (a) (b)   350    17,339 
Marvell Technology Group Ltd.   3,175    68,167 
MasterCard, Inc. - Class A   6,945    1,051,194 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Information Technology - 22.4% (Continued)          
Match Group, Inc. (a) (b)   1,175   $36,789 
Maxim Integrated Products, Inc.   1,775    92,797 
MAXIMUS, Inc.   425    30,422 
MaxLinear, Inc. (a) (b)   475    12,550 
Methode Electronics, Inc.   100    4,010 
Microchip Technology, Inc. (b)   1,574    138,323 
Micron Technology, Inc. (a)   7,002    287,922 
Microsemi Corp. (a)   650    33,573 
Microsoft Corp.   56,162    4,804,096 
MicroStrategy, Inc. - Class A (a)   100    13,130 
MKS Instruments, Inc.   300    28,350 
MoneyGram International, Inc. (a)   662    8,725 
Monolithic Power Systems, Inc.   200    22,472 
Monotype Imaging Holdings, Inc.   350    8,435 
Motorola Solutions, Inc.   1,132    102,265 
Nanometrics, Inc. (a)   200    4,984 
Napco Security Technologies, Inc. (a)   900    7,875 
National Instruments Corp.   812    33,804 
NCR Corp. (a)   925    31,441 
NetApp, Inc.   1,775    98,193 
NETGEAR, Inc. (a)   50    2,938 
NetScout Systems, Inc. (a)   700    21,315 
NIC, Inc.   375    6,225 
Nuance Communications, Inc. (a)   2,175    35,561 
NVE Corp.   100    8,600 
NVIDIA Corp.   3,547    686,345 
Oclaro, Inc. (a) (b)   1,321    8,904 
ON Semiconductor Corp. (a)   2,730    57,166 
Oracle Corp.   23,530    1,112,497 
OSI Systems, Inc. (a) (b)   100    6,438 
Palo Alto Networks, Inc. (a) (b)   719    104,212 
Pandora Media, Inc. (a) (b)   1,725    8,315 
PAR Technology Corp. (a) (b)   100    935 
Park Electrochemical Corp.   600    11,790 
Paychex, Inc.   2,150    146,372 
Paycom Software, Inc. (a) (b)   300    24,099 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Information Technology - 22.4% (Continued)          
Paylocity Holding Corp. (a)   300   $14,148 
PayPal Holdings, Inc. (a)   7,725    568,714 
PCM, Inc. (a)   400    3,960 
Pegasystems, Inc.   300    14,145 
PFSweb, Inc. (a)   8    59 
Plantronics, Inc.   300    15,114 
Plexus Corp. (a)   300    18,216 
Power Integrations, Inc.   300    22,065 
PRGX Global, Inc. (a)   220    1,562 
Progress Software Corp.   200    8,514 
Proofpoint, Inc. (a) (b)   316    28,064 
PROS Holdings, Inc. (a) (b)   300    7,935 
PTC, Inc. (a)   865    52,566 
QAD, Inc. - Class B   40    1,220 
QUALCOMM, Inc.   10,805    691,736 
Qualys, Inc. (a)   300    17,805 
Rambus, Inc. (a)   500    7,110 
RealNetworks, Inc. (a)   681    2,329 
RealPage, Inc. (a) (b)   325    14,398 
Red Hat, Inc. (a)   978    117,458 
Rosetta Stone, Inc. (a)   300    3,741 
Rudolph Technologies, Inc. (a)   340    8,126 
Sabre Corp. (b)   1,400    28,700 
salesforce.com, Inc. (a)   4,179    427,219 
Sanmina Corp. (a)   333    10,989 
Science Applications International Corp.   260    19,908 
Semtech Corp. (a)   300    10,260 
ServiceNow, Inc. (a)   1,203    156,859 
Shutterstock, Inc. (a) (b)   122    5,250 
Silicon Laboratories, Inc. (a)   200    17,660 
Skyworks Solutions, Inc.   1,099    104,350 
Splunk, Inc. (a)   918    76,047 
SS&C Technologies Holdings, Inc.   1,325    53,636 
Stamps.com, Inc. (a)   129    24,252 
SunPower Corp. (a) (b)   1,300    10,959 
Super Micro Computer, Inc. (a)   375    7,847 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Information Technology - 22.4% (Continued)          
Sykes Enterprises, Inc. (a)   102   $3,208 
Symantec Corp.   3,483    97,733 
Synaptics, Inc. (a) (b)   333    13,300 
Synchronoss Technologies, Inc. (a) (b)   325    2,906 
SYNNEX Corp.   163    22,160 
Synopsys, Inc. (a)   1,117    95,213 
Syntel, Inc. (a)   300    6,897 
Systemax, Inc.   600    19,962 
Take-Two Interactive Software, Inc. (a)   625    68,613 
Tech Data Corp. (a)   211    20,672 
TechTarget, Inc. (a)   800    11,136 
Teradata Corp. (a) (b)   1,025    39,422 
Teradyne, Inc.   1,075    45,010 
TESSCO Technologies, Inc.   100    2,015 
Texas Instruments, Inc.   6,205    648,050 
TiVo Corp.   878    13,697 
Total System Services, Inc.   1,337    105,743 
Travelzoo, Inc. (a)   100    645 
Trimble, Inc. (a)   1,334    54,214 
TTM Technologies, Inc. (a)   488    7,647 
Twitter, Inc. (a)   5,300    127,253 
Tyler Technologies, Inc. (a)   192    33,994 
Ultimate Software Group, Inc. (The) (a) (b)   165    36,008 
Unisys Corp. (a) (b)   427    3,480 
Universal Display Corp.   270    46,616 
Vantiv, Inc. - Class A (a) (b)   525    38,614 
VASCO Data Security International, Inc. (a) (b)   450    6,255 
Veeco Instruments, Inc. (a) (b)   400    5,940 
VeriFone Systems, Inc. (a) (b)   965    17,090 
Verint Systems, Inc. (a)   375    15,694 
VeriSign, Inc. (a) (b)   516    59,051 
Versum Materials, Inc.   821    31,075 
ViaSat, Inc. (a) (b)   350    26,198 
Viavi Solutions, Inc. (a) (b)   1,328    11,607 
Virtusa Corp. (a)   400    17,632 
Visa, Inc. - Class A (b)   11,316    1,290,249 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Information Technology - 22.4% (Continued)          
Vishay Intertechnology, Inc.   806   $16,725 
Vishay Precision Group, Inc. (a)   129    3,244 
VMware, Inc. - Class A (a) (b)   594    74,440 
Web.com Group, Inc. (a)   200    4,360 
Western Digital Corp.   2,020    160,651 
Western Union Co. (The) (b)   2,454    46,651 
WEX, Inc. (a)   214    30,223 
Workday, Inc. - Class A (a)   195    19,839 
Xerox Corp.   1,748    50,954 
Xilinx, Inc.   1,575    106,187 
XO Group, Inc. (a)   800    14,768 
Xperi Corp.   400    9,760 
Yelp, Inc. (a)   566    23,749 
Zebra Technologies Corp. - Class A (a)   225    23,355 
Zendesk, Inc. (a)   550    18,612 
Zillow Group, Inc. - Class C (a) (b)   748    30,608 
         41,374,831 
Materials - 3.3%          
A. Schulman, Inc.   81    3,017 
AdvanSix, Inc. (a)   250    10,518 
Air Products & Chemicals, Inc.   1,460    239,557 
AK Steel Holding Corp. (a) (b)   1,875    10,613 
Albemarle Corp.   745    95,278 
Alcoa Corp.   1,163    62,651 
Allegheny Technologies, Inc. (a)   775    18,709 
American Vanguard Corp.   400    7,860 
AptarGroup, Inc.   286    24,676 
Ashland Global Holdings, Inc.   467    33,250 
Avery Dennison Corp.   590    67,767 
Axalta Coating Systems Ltd. (a)   675    21,843 
Balchem Corp. (a)   201    16,201 
Ball Corp.   1,960    74,186 
Bemis Company, Inc.   550    26,285 
Berry Global Group, Inc. (a)   900    52,803 
Cabot Corp.   400    24,636 
Calgon Carbon Corp.   500    10,650 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Materials - 3.3% (Continued)          
Carpenter Technology Corp.   200   $10,198 
Celanese Corp. - Series A   945    101,191 
Century Aluminum Co. (a) (b)   600    11,784 
CF Industries Holdings, Inc.   1,670    71,042 
Chemours Co. (The)   1,289    64,527 
Cleveland-Cliffs, Inc. (a) (b)   1,400    10,094 
Codexis, Inc. (a) (b)   37    309 
Coeur Mining, Inc. (a)   1,110    8,325 
Commercial Metals Co.   775    16,523 
Compass Minerals International, Inc. (b)   100    7,225 
Core Molding Technologies, Inc.   200    4,340 
Crown Holdings, Inc. (a)   900    50,625 
Deltic Timber Corp.   100    9,155 
DowDuPont, Inc.   15,951    1,136,029 
Eagle Materials, Inc. (b)   333    37,729 
Eastman Chemical Co.   990    91,714 
Ecolab, Inc.   1,944    260,846 
Ferro Corp. (a)   575    13,564 
Flotek Industries, Inc. (a) (b)   550    2,563 
FMC Corp.   875    82,828 
Freeport-McMoRan, Inc. (a)   8,769    166,259 
GCP Applied Technologies, Inc. (a)   427    13,621 
Graphic Packaging Holding Co.   1,325    20,471 
Greif, Inc. - Class A   300    18,174 
H.B. Fuller Co.   150    8,081 
Hecla Mining Co. (b)   3,150    12,506 
Huntsman Corp.   1,575    52,432 
Ingevity Corp. (a)   393    27,695 
International Flavors & Fragrances, Inc.   471    71,879 
International Paper Co. (b)   2,867    166,113 
Kaiser Aluminum Corp.   138    14,745 
KapStone Paper and Packaging Corp. (b)   575    13,047 
Kraton Corp. (a)   300    14,451 
Louisiana-Pacific Corp. (a)   825    21,664 
LSB Industries, Inc. (a) (b)   300    2,628 
Martin Marietta Materials, Inc.   444    98,142 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Materials - 3.3% (Continued)          
Minerals Technologies, Inc.   250   $17,213 
Monsanto Co.   3,184    371,827 
Mosaic Co. (The)   2,625    67,358 
Myers Industries, Inc.   200    3,900 
Neenah Paper, Inc.   120    10,878 
Newmont Mining Corp.   3,650    136,947 
Nucor Corp.   2,045    130,020 
Olin Corp.   1,020    36,292 
Owens-Illinois, Inc. (a)   1,300    28,821 
P.H. Glatfelter Co.   325    6,968 
Packaging Corp. of America   575    69,316 
PolyOne Corp.   483    21,011 
PPG Industries, Inc.   1,799    210,159 
Praxair, Inc.   1,869    289,096 
Quaker Chemical Corp.   100    15,079 
Rayonier Advanced Materials, Inc. (b)   500    10,225 
Reliance Steel & Aluminum Co.   549    47,099 
Royal Gold, Inc. (b)   491    40,321 
RPM International, Inc.   1,000    52,420 
Schweitzer-Mauduit International, Inc.   300    13,608 
Scotts Miracle-Gro Co. (The)   296    31,669 
Sealed Air Corp. (b)   1,250    61,625 
Sensient Technologies Corp.   335    24,505 
Sherwin-Williams Co. (The)   623    255,455 
Silgan Holdings, Inc.   150    4,409 
Sonoco Products Co.   725    38,527 
Southern Copper Corp. (b)   747    35,445 
Steel Dynamics, Inc.   1,550    66,852 
Stepan Co.   148    11,688 
Summit Materials, Inc. - Class A (a) (b)   571    17,952 
SunCoke Energy, Inc. (a)   564    6,762 
Tahoe Resources, Inc. (b)   1,250    5,988 
TimkenSteel Corp. (a) (b)   400    6,076 
Tredegar Corp.   671    12,883 
Trinseo S.A.   300    21,780 
UFP Technologies, Inc. (a)   500    13,900 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Materials - 3.3% (Continued)          
United States Lime & Minerals, Inc.   50   $3,855 
United States Steel Corp.   1,350    47,507 
Valvoline, Inc.   1,282    32,127 
Vulcan Materials Co.   855    109,756 
W.R. Grace & Co.   427    29,946 
Westlake Chemical Corp.   202    21,519 
WestRock Co.   1,534    96,964 
Worthington Industries, Inc.   225    9,914 
         6,058,681 
Real Estate - 4.0%          
Acadia Realty Trust   676    18,495 
Agree Realty Corp.   300    15,432 
Alexander & Baldwin, Inc.   150    4,161 
Alexandria Real Estate Equities, Inc.   601    78,485 
American Assets Trust, Inc.   425    16,252 
American Campus Communities, Inc.   982    40,291 
American Homes 4 Rent - Class A   1,700    37,128 
American Tower Corp.   2,896    413,171 
Apartment Investment & Management Co. - Class A   1,381    60,364 
Apple Hospitality REIT, Inc.   1,975    38,730 
Ashford Hospitality Prime, Inc.   130    1,265 
Ashford Hospitality Trust, Inc.   544    3,661 
AV Homes, Inc. (a)   600    9,990 
AvalonBay Communities, Inc.   1,099    196,073 
Boston Properties, Inc.   1,243    161,627 
Brandywine Realty Trust   1,413    25,702 
Brixmor Property Group, Inc.   2,275    42,452 
Camden Property Trust   725    66,744 
CareTrust REIT, Inc. (b)   403    6,754 
CBL & Associates Properties, Inc. - Class B (b)   1,205    6,820 
CBRE Group, Inc. - Class A (a)   2,425    105,027 
Cedar Realty Trust, Inc.   650    3,952 
Chatham Lodging Trust   425    9,673 
Chesapeake Lodging Trust (b)   625    16,931 
Colony NorthStar, Inc. - Class A   3,575    40,791 
Columbia Property Trust, Inc.   1,075    24,671 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Real Estate - 4.0% (Continued)          
CoreCivic, Inc.   799   $17,978 
CoreSite Realty Corp. (b)   300    34,170 
Corporate Office Properties Trust   850    24,820 
Cousins Properties, Inc.   3,356    31,043 
Crown Castle International Corp.   2,435    270,309 
CubeSmart   1,412    40,835 
CyrusOne, Inc. (b)   725    43,159 
DCT Industrial Trust, Inc.   587    34,504 
DDR Corp.   2,820    25,267 
DiamondRock Hospitality Co.   1,727    19,498 
Digital Realty Trust, Inc.   1,631    185,771 
Douglas Emmett, Inc. (b)   1,300    53,378 
Duke Realty Corp.   2,726    74,174 
EastGroup Properties, Inc. (b)   262    23,156 
Empire State Realty Trust, Inc. - Class A   775    15,911 
EPR Properties (b)   422    27,624 
Equinix, Inc.   530    240,207 
Equity Commonwealth (a)   993    30,296 
Equity LifeStyle Properties, Inc.   739    65,786 
Equity Residential   2,904    185,188 
Essex Property Trust, Inc.   472    113,927 
Extra Space Storage, Inc.   989    86,488 
Federal Realty Investment Trust   520    69,061 
First Industrial Realty Trust, Inc.   1,025    32,257 
Forest City Realty Trust, Inc. - Class A   2,100    50,610 
Four Corners Property Trust, Inc.   444    11,411 
Franklin Street Properties Corp.   950    10,203 
Gaming and Leisure Properties, Inc.   1,217    45,029 
Getty Realty Corp.   402    10,918 
GGP, Inc.   3,965    92,741 
Government Properties Income Trust   550    10,197 
Gramercy Property Trust   912    24,314 
HCP, Inc.   3,775    98,452 
Healthcare Realty Trust, Inc. (b)   875    28,105 
Hersha Hospitality Trust (b)   550    9,570 
Highwoods Properties, Inc.   800    40,728 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Real Estate - 4.0% (Continued)          
Hospitality Properties Trust   1,325   $39,551 
Host Hotels & Resorts, Inc.   5,974    118,584 
Howard Hughes Corp. (The) (a)   321    42,138 
Hudson Pacific Properties, Inc.   1,225    41,956 
Investors Real Estate Trust   1,800    10,224 
Invitation Homes Inc (b)   871    20,529 
Iron Mountain, Inc.   1,372    51,766 
JBG SMITH Properties (b)   764    26,534 
Jones Lang LaSalle, Inc.   284    42,296 
Kennedy-Wilson Holdings, Inc. (b)   925    16,049 
Kilroy Realty Corp. (b)   700    52,255 
Kimco Realty Corp.   3,350    60,803 
Kite Realty Group Trust (b)   725    14,210 
Lamar Advertising Co. - Class A   400    29,696 
LaSalle Hotel Properties   1,000    28,070 
Lexington Realty Trust   1,125    10,856 
Liberty Property Trust   1,225    52,687 
Life Storage, Inc.   350    31,175 
LTC Properties, Inc.   50    2,178 
Macerich Co. (The)   803    52,741 
Mack-Cali Realty Corp.   725    15,631 
Medical Properties Trust, Inc.   1,500    20,670 
Mid-America Apartment Communities, Inc.   859    86,381 
National Health Investors, Inc. (b)   325    24,499 
National Retail Properties, Inc.   900    38,817 
New Senior Investment Group, Inc.   695    5,254 
NorthStar Realty Europe Corp.   542    7,279 
Omega Healthcare Investors, Inc. (b)   1,200    33,048 
Outfront Media, Inc.   336    7,795 
Paramount Group, Inc. (b)   1,800    28,530 
Park Hotels & Resorts, Inc.   227    6,526 
Pebblebrook Hotel Trust (b)   625    23,231 
Pennsylvania Real Estate Investment Trust (b)   775    9,215 
Piedmont Office Realty Trust, Inc. - Class A   1,275    25,003 
Potlatch Corp. (b)   100    4,990 
Prologis, Inc.   4,285    276,425 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Real Estate - 4.0% (Continued)          
PS Business Parks, Inc.   200   $25,018 
Public Storage   1,249    261,041 
Quality Care Properties, Inc. (a)   815    11,255 
Ramco-Gershenson Properties Trust   1,000    14,730 
Rayonier, Inc.   826    26,126 
Realty Income Corp. (b)   1,700    96,934 
Regency Centers Corp.   1,182    81,771 
Retail Opportunity Investments Corp. (b)   725    14,464 
Retail Properties of America, Inc. - Class A   2,075    27,888 
RLJ Lodging Trust   1,633    35,877 
RMR Group, Inc. (The) - Class A (b)   71    4,210 
Ryman Hospitality Properties, Inc.   525    36,236 
Sabra Health Care REIT, Inc.   1,436    26,954 
Select Income REIT   350    8,796 
Senior Housing Properties Trust   2,075    39,736 
Simon Property Group, Inc. (b)   2,553    438,451 
SL Green Realty Corp.   776    78,322 
Spirit Realty Capital, Inc.   3,000    25,740 
St. Joe Co. (The) (a) (b)   500    9,025 
STAG Industrial, Inc.   450    12,299 
STORE Capital Corp. (b)   675    17,577 
Summit Hotel Properties, Inc.   975    14,849 
Sun Communities, Inc.   500    46,390 
Sunstone Hotel Investors, Inc. (b)   1,840    30,415 
Tanger Factory Outlet Centers, Inc. (b)   775    20,545 
Taubman Centers, Inc. (b)   500    32,715 
Tejon Ranch Co. (a) (b)   50    1,038 
Terreno Realty Corp.   275    9,642 
UDR, Inc.   2,028    78,119 
Uniti Group, Inc. (b)   1,228    21,846 
Universal Health Realty Income Trust   200    15,022 
Urban Edge Properties   811    20,672 
Urstadt Biddle Properties, Inc. - Class A   500    10,870 
Ventas, Inc.   2,665    159,927 
VEREIT, Inc.   6,175    48,103 
Vornado Realty Trust   1,528    119,459 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Real Estate - 4.0% (Continued)          
Washington Prime Group, Inc. (b)   1,617   $11,513 
Washington Real Estate Investment Trust   450    14,004 
Weingarten Realty Investors (b)   1,050    34,514 
Welltower, Inc. (b)   2,820    179,831 
Weyerhaeuser Co.   5,677    200,171 
         7,341,414 
Telecommunication Services - 2.1%          
8x8, Inc. (a)   1,000    14,100 
AT&T, Inc.   44,270    1,721,217 
CenturyLink, Inc.   6,072    101,281 
Cogent Communications Holdings, Inc.   200    9,060 
Consolidated Communications Holdings, Inc. (b)   501    6,107 
General Communication, Inc. - Class A (a)   175    6,829 
IDT Corp. - Class B   16    170 
SBA Communications Corp. - Class A (a)   920    150,291 
Shenandoah Telecommunications Co. (b)   300    10,140 
Spok Holdings, Inc.   400    6,260 
Sprint Corp. (a)   5,547    32,672 
Straight Path Communications, Inc. - Class B (a)   8    1,454 
Telephone & Data Systems, Inc.   700    19,460 
T-Mobile US, Inc. (a)   2,125    134,959 
United States Cellular Corp. (a)   300    11,289 
Verizon Communications, Inc.   28,643    1,516,074 
Vonage Holdings Corp. (a)   1,425    14,492 
Zayo Group Holdings, Inc. (a)   1,525    56,120 
         3,811,975 
Utilities - 2.9%          
AES Corp.   4,360    47,219 
ALLETE, Inc.   425    31,603 
Alliant Energy Corp.   1,375    58,589 
Ameren Corp.   1,625    95,859 
American Electric Power Co., Inc.   3,355    246,827 
American States Water Co.   100    5,791 
American Water Works Co., Inc.   1,190    108,873 
Aqua America, Inc.   1,326    52,019 
Atmos Energy Corp.   760    65,276 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Utilities - 2.9% (Continued)          
Avangrid, Inc. (b)   550   $27,819 
Avista Corp. (b)   250    12,873 
Black Hills Corp. (b)   300    18,033 
California Water Service Group (b)   225    10,204 
Calpine Corp. (a)   2,000    30,260 
CenterPoint Energy, Inc.   2,900    82,244 
CMS Energy Corp.   1,800    85,140 
Consolidated Edison, Inc.   2,169    184,257 
Dominion Energy, Inc.   4,096    332,021 
DTE Energy Co.   1,203    131,680 
Duke Energy Corp.   5,112    429,969 
Dynegy, Inc. (a)   11    130 
Edison International   2,291    144,883 
El Paso Electric Co.   100    5,535 
Entergy Corp.   1,150    93,599 
Eversource Energy   2,092    132,173 
Exelon Corp.   6,441    253,840 
FirstEnergy Corp.   3,030    92,779 
Genie Energy Ltd. - Class B (b)   16    70 
Great Plains Energy, Inc.   1,405    45,297 
Hawaiian Electric Industries, Inc. (b)   800    28,920 
IDACORP, Inc.   313    28,596 
MDU Resources Group, Inc.   1,075    28,896 
MGE Energy, Inc.   150    9,465 
National Fuel Gas Co. (b)   650    35,692 
New Jersey Resources Corp.   500    20,100 
NextEra Energy, Inc.   3,223    503,399 
NiSource, Inc.   2,140    54,934 
Northwest Natural Gas Co.   300    17,895 
NorthWestern Corp.   400    23,880 
NRG Energy, Inc.   1,852    52,745 
OGE Energy Corp.   1,175    38,669 
ONE Gas, Inc.   287    21,026 
Ormat Technologies, Inc.   175    11,193 
Otter Tail Corp.   350    15,558 
PG&E Corp.   3,350    150,181 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 99.4% (Continued)   Shares    Value 
Utilities - 2.9% (Continued)          
Pinnacle West Capital Corp.   716   $60,989 
PNM Resources, Inc.   400    16,180 
Portland General Electric Co.   500    22,790 
PPL Corp.   4,700    145,465 
Public Service Enterprise Group, Inc.   3,600    185,399 
SCANA Corp.   779    30,989 
Sempra Energy   1,737    185,719 
South Jersey Industries, Inc. (b)   650    20,300 
Southern Co. (The)   7,150    343,843 
Southwest Gas Holdings, Inc.   325    26,156 
Spire, Inc.   350    26,303 
UGI Corp.   1,275    59,861 
Vectren Corp.   508    33,030 
WEC Energy Group, Inc.   2,039    135,451 
Westar Energy, Inc.   875    46,200 
WGL Holdings, Inc.   350    30,044 
Xcel Energy, Inc.   3,600    173,196 
         5,407,926 
           
Total Common Stocks (Cost $56,161,419)       $183,305,042 
           
RIGHTS - 0.0% (c)   Shares    Value 
AMR Corp., Escrow   3,275   $6,353 
Dyax Corp. (b) (d)   1,200    0 
Media General, Inc. - CVR   794    0 
Safeway CVR - Casa Ley (d)   2,075    2,106 
Safeway CVR - PDC (d)   2,075    1 
Total Rights (Cost $-)       $8,460 

 

 

 

WILSHIRE 5000 INDEX FUND          
SCHEDULE OF INVESTMENTS (Continued)          
           
MONEY MARKET FUNDS - 2.2% (Continued)   Shares    Value 
Northern Trust Institutional Government Select Portfolio - Institutional Class, 1.13% (e) (f)   2,069,284   $2,069,284 
Northern Trust Institutional Liquid Portfolio - Institutional Class, 1.09% (e) (f)   1,815,226   $1,815,226 
Total Money Market Funds (Cost $3,884,510)       $3,884,510 
           
Total Investments at Value - 101.5% (Cost $60,045,929)       $187,198,012 
           
Liabilities in Excess of Other Assets - (1.5%)        (2,790,304)
           
Net Assets - 100.0%       $184,407,708 

 

CVR - Contingent Value Right.

Ltd. - Limited.

plc - Public Limited Company.

 

(a) Non-income producing security.
(b) This security or a partial position of this security is on loan at December 31, 2017. The total value of securities on loan at December 31, 2017 was $11,934,916 (Note 7).
(c) Percentage rounds to less than 0.1%.
(d) Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $8,460 at December 31, 2017, representing 0.0% (c) of net assets (Note 2).
(e) The rate shown is the 7-day effective yield as of December 31, 2017.
(f) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2017 was $1,815,226. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $10,476,789 (Note 7).

 

See accompanying notes to financial statements.

 

 

 

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO    
SCHEDULE OF INVESTMENTS    
December 31, 2017    
     
COMMON STOCKS - 98.9%  Shares   Value 
Consumer Discretionary - 15.9%        
Amazon.com, Inc. (a)   11,301   $13,216,181 
AMC Networks, Inc. - Class A (a) (b)   2,833    153,209 
Aptiv plc (a)   750    63,623 
BorgWarner, Inc.   1,319    67,387 
CBS Corp. - Class B   1,490    87,910 
Choice Hotels International, Inc.   3,390    263,064 
Comcast Corp. - Class A   13,280    531,863 
Delphi Technologies plc (a)   250    13,118 
Dick's Sporting Goods, Inc.   2,526    72,597 
Domino's Pizza, Inc. (b)   717    135,484 
Foot Locker, Inc.   7,160    335,661 
H&R Block, Inc.   600    15,732 
Home Depot, Inc. (The)   4,306    816,116 
Las Vegas Sands Corp.   3,964    275,458 
Lowe's Cos., Inc.   7,260    674,744 
Lululemon Athletica, Inc. (a)   1,710    134,389 
Madison Square Garden Co. (The) - Class A (a)   1,870    394,290 
McDonald's Corp.   8,249    1,419,818 
Michael Kors Holdings Ltd. (a)   1,980    124,641 
Michaels Companies, Inc. (The) (a)   13,710    331,645 
Mohawk Industries, Inc. (a)   900    248,310 
Netflix, Inc. (a)   1,320    253,387 
NVR, Inc. (a)   215    754,267 
O'Reilly Automotive, Inc. (a)   530    127,486 
Pool Corp.   4,580    593,797 
Priceline Group, Inc. (The) (a)   1,965    3,414,659 
Ross Stores, Inc.   1,421    114,035 
Skechers U.S.A., Inc. - Class A (a)   5,110    193,362 
Starbucks Corp.   40,875    2,347,452 
TAL Education Group - ADR   38,925    1,156,462 
Thor Industries, Inc.   1,320    198,950 
TJX Cos., Inc. (The)   32,400    2,477,304 
Tupperware Brands Corp.   2,870    179,949 
Ulta Beauty, Inc. (a)   9,425    2,107,996 
Vail Resorts, Inc.   1,890    401,568 

 

 

 

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 98.9% (Continued)   Shares    Value 
Consumer Discretionary - 15.9% (Continued)          
Wyndham Worldwide Corp.   390   $45,189 
Yum China Holdings, Inc.   36,514    1,461,290 
Yum! Brands, Inc.   25,902    2,113,863 
         37,316,256 
Consumer Staples - 7.2%          
Altria Group, Inc.   6,228    444,741 
Clorox Co. (The)   880    130,891 
Coca-Cola Co. (The)   61,907    2,840,293 
Costco Wholesale Corp.   310    57,697 
Danone S.A. - ADR (b)   169,441    2,841,526 
Energizer Holdings, Inc. (b)   1,040    49,899 
Kimberly-Clark Corp.   1,253    151,187 
Lamb Weston Holdings, Inc.   100    5,645 
Monster Beverage Corp. (a)   107,045    6,774,878 
PepsiCo, Inc.   3,821    458,214 
Philip Morris International, Inc.   4,189    442,568 
Procter & Gamble Co. (The)   25,655    2,357,182 
Sprouts Farmers Market, Inc. (a) (b)   6,530    159,006 
Walgreen Boots Alliance, Inc.   3,500    254,170 
         16,967,897 
Energy - 1.5%          
Cabot Oil & Gas Corp.   5,480    156,728 
Diamondback Energy, Inc. (a)   2,071    261,464 
Gulfport Energy Corp. (a)   11,970    152,737 
Halliburton Co.   2,080    101,650 
Schlumberger Ltd.   40,815    2,750,522 
         3,423,101 
Financials - 5.7%          
Allstate Corp. (The)   830    86,909 
American Express Co.   13,153    1,306,224 
Artisan Partners Asset Management, Inc. - Class A   9,918    391,761 
Aspen Insurance Holdings Ltd.   11,370    461,623 
Assurant, Inc.   80    8,067 
Capital One Financial Corp.   9,713    967,221 
Charles Schwab Corp. (The)   35,300    1,813,361 
Eaton Vance Corp.   80    4,511 

 

 

 

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 98.9% (Continued)   Shares    Value 
Financials - 5.7% (Continued)          
Erie Indemnity Co. - Class A   3,525   $429,486 
Federated Investors, Inc. - Class B   1,900    68,552 
First Hawaiian, Inc.   1,450    42,311 
First Republic Bank   22,650    1,962,396 
Goldman Sachs Group, Inc. (The)   6,725    1,713,261 
Intercontinental Exchange, Inc.   830    58,565 
Leucadia National Corp.   2,810    74,437 
Progressive Corporation (The)   2,500    140,800 
S&P Global, Inc.   1,170    198,198 
SEI Investments Co.   39,931    2,869,441 
Signature Bank (a)   100    13,726 
T. Rowe Price Group, Inc.   520    54,564 
Western Alliance Bancorp (a)   9,010    510,146 
XL Group Ltd.   3,790    133,256 
         13,308,816 
Health Care - 14.1%          
AbbVie, Inc.   2,652    256,475 
Agilent Technologies, Inc.   1,950    130,592 
Alexion Pharmaceuticals, Inc. (a)   15,625    1,868,594 
Align Technology, Inc. (a)   13,933    3,095,773 
AmerisourceBergen Corp.   100    9,182 
Amgen, Inc.   8,835    1,536,407 
Baxter International, Inc.   7,363    475,944 
Becton, Dickinson and Co. (b)   1,430    306,106 
Biogen, Inc. (a)   980    312,199 
BioMarin Pharmaceutical, Inc. (a)   170    15,159 
Bioverativ, Inc. (a)   6,228    335,814 
Boston Scientific Corp. (a)   14,260    353,505 
Bristol-Myers Squibb Co.   5,284    323,804 
Bruker Corp.   4,250    145,860 
Celgene Corp. (a)   19,035    1,986,493 
Centene Corp. (a)   436    43,984 
Cerner Corp. (a)   27,458    1,850,395 
Cooper Cos., Inc. (The)   2,177    474,325 
Danaher Corp.   330    30,631 
Edwards Lifesciences Corp. (a)   20,875    2,352,821 

 

 

 

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 98.9% (Continued)   Shares    Value 
Health Care - 14.1% (Continued)          
Eli Lilly & Co.   5,215   $440,459 
Exelixis, Inc. (a)   1,600    48,640 
Express Scripts Holding Co. (a)   4,089    305,203 
Gilead Sciences, Inc.   4,810    344,588 
IDEXX Laboratories, Inc. (a)   810    126,668 
Illumina, Inc. (a)   1,060    231,599 
Incyte Corp. (a)   14,915    1,412,600 
Intuitive Surgical, Inc. (a)   90    32,845 
Johnson & Johnson   1,279    178,702 
Merck & Co., Inc.   17,610    990,915 
Mettler-Toledo International, Inc. (a)   350    216,832 
Novartis AG   18,777    1,576,517 
Novo Nordisk A/S - ADR   54,960    2,949,702 
Premier, Inc. - Class A (a)   2,780    81,148 
QIAGEN N.V.   1,925    59,540 
Regeneron Pharmaceuticals, Inc. (a)   6,163    2,317,040 
Teleflex, Inc.   70    17,417 
Thermo Fisher Scientific, Inc.   1,110    210,767 
UnitedHealth Group, Inc.   4,055    893,965 
Varian Medical Systems, Inc. (a)   17,425    1,936,789 
Veeva Systems, Inc. - Class A (a)   3,130    173,026 
Vertex Pharmaceuticals, Inc. (a)   1,390    208,305 
Waters Corp. (a)   610    117,846 
West Pharmaceutical Services, Inc.   710    70,056 
Zoetis, Inc.   33,025    2,379,121 
         33,224,353 
Industrials - 7.1%          
3M Co.   3,100    729,647 
Allegion plc   1,300    103,428 
AMETEK, Inc.   1,194    86,529 
Boeing Co. (The)   1,740    513,143 
BWX Technologies, Inc.   1,145    69,261 
Caterpillar, Inc.   1,580    248,976 
Copa Holdings, S.A. - Class A   2,220    297,613 
CSX Corp.   41,375    2,276,039 
Cummins, Inc.   3,671    648,445 

 

 

 

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 98.9% (Continued)   Shares    Value 
Industrials - 7.1% (Continued)          
Deere & Co.   21,839   $3,418,021 
Donaldson Co., Inc.   919    44,985 
Dun & Bradstreet Corp. (The)   990    117,226 
Expeditors International of Washington, Inc.   38,512    2,491,342 
Fortive Corp.   2,353    170,240 
General Dynamics Corp.   730    148,519 
Graco, Inc.   10,170    459,887 
HD Supply Holdings, Inc. (a)   2,360    94,471 
Honeywell International, Inc.   3,972    609,146 
Illinois Tool Works, Inc.   790    131,812 
Landstar System, Inc.   300    31,230 
MSC Industrial Direct Co., Inc. - Class A   1,505    145,473 
Northrop Grumman Corp.   1,330    408,190 
Raytheon Co.   830    155,916 
Rockwell Automation, Inc.   870    170,825 
Southwest Airlines Co.   3,320    217,294 
Toro Co. (The)   4,840    315,713 
Union Pacific Corp.   80    10,728 
United Parcel Service, Inc. - Class B   16,435    1,958,230 
WABCO Holdings, Inc. (a)   2,400    344,400 
Waste Management, Inc.   1,110    95,793 
Watsco, Inc.   1,490    253,360 
         16,765,882 
Information Technology - 43.8%          
Accenture plc - Class A   3,724    570,107 
Activision Blizzard, Inc.   42,805    2,710,413 
Adobe Systems, Inc. (a)   12,215    2,140,557 
Alibaba Group Holding Ltd. - ADR (a) (b)   31,128    5,367,401 
Alphabet, Inc. - Class A (a)   4,148    4,369,503 
Alphabet, Inc. - Class C (a)   8,154    8,532,346 
Amphenol Corp. - Class A   3,780    331,884 
Analog Devices, Inc.   4,583    408,024 
ANSYS, Inc. (a)   500    73,795 
Apple, Inc.   33,932    5,742,312 
Applied Materials, Inc.   45,175    2,309,346 
Arista Networks, Inc. (a)   8,325    1,961,204 

 

 

 

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 98.9% (Continued)   Shares    Value 
Information Technology - 43.8% (Continued)          
Autodesk, Inc. (a)   28,897   $3,029,273 
Automatic Data Processing, Inc.   6,409    751,071 
Booz Allen Hamilton Holding Corp.   6,960    265,385 
Broadcom Ltd.   2,723    699,539 
CDK Global, Inc.   1,037    73,917 
Cisco Systems, Inc.   110,305    4,224,681 
Citrix Systems, Inc. (a)   3,569    314,072 
Cognex Corp.   35,350    2,162,006 
Cognizant Technology Solutions Corp. - Class A   610    43,322 
Coherent, Inc. (a)   100    28,222 
DST Systems, Inc.   3,960    245,797 
Electronic Arts, Inc. (a)   3,400    357,204 
Euronet Worldwide, Inc. (a)   2,610    219,945 
Facebook, Inc. - Class A (a)   73,137    12,905,755 
FactSet Research Systems, Inc. (b)   7,670    1,478,469 
IAC/InterActiveCorp (a)   1,660    202,985 
Intel Corp.   910    42,006 
Intuit, Inc.   720    113,602 
IPG Photonics Corp. (a)   160    34,261 
Jack Henry & Associates, Inc.   6,028    705,035 
KLA-Tencor Corp.   880    92,462 
Lam Research Corp.   740    136,212 
MasterCard, Inc. - Class A   5,117    774,509 
Maxim Integrated Products, Inc.   825    43,131 
Micron Technology, Inc. (a)   16,123    662,978 
Microsoft Corp.   74,840    6,401,813 
Motorola Solutions, Inc.   5,371    485,216 
NVIDIA Corp.   11,906    2,303,811 
Oracle Corp.   95,569    4,518,501 
PayPal Holdings, Inc. (a)   41,285    3,039,402 
QUALCOMM, Inc.   43,396    2,778,211 
Red Hat, Inc. (a)   26,125    3,137,612 
salesforce.com, Inc. (a)   23,465    2,398,827 
ServiceNow, Inc. (a)   11,950    1,558,161 
Skyworks Solutions, Inc.   2,320    220,284 
Square, Inc. - Class A (a) (b)   720    24,962 

 

 

 

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 98.9% (Continued)   Shares    Value 
Information Technology - 43.8% (Continued)          
Synopsys, Inc. (a)   323   $27,533 
Take-Two Interactive Software, Inc. (a)   1,980    217,364 
Teradyne, Inc.   1,110    46,476 
Texas Instruments, Inc.   7,085    739,957 
Trimble, Inc. (a)   1,250    50,800 
Vantiv, Inc. - Class A (a) (b)   5,865    431,371 
Visa, Inc. - Class A (b)   84,725    9,660,344 
Western Digital Corp.   4,230    336,412 
Workday, Inc. - Class A (a)   270    27,470 
Xilinx, Inc.   5,455    367,776 
         102,895,034 
Materials - 2.8%          
AdvanSix, Inc. (a)   216    9,087 
Albemarle Corp.   520    66,503 
AptarGroup, Inc.   6,413    553,313 
Bemis Company, Inc.   6,310    301,555 
Celanese Corp. - Series A   850    91,018 
Chemours Company (The)   6,843    342,561 
Ecolab, Inc.   670    89,901 
FMC Corp.   8,861    838,782 
Freeport-McMoRan, Inc. (a)   23,440    444,422 
GCP Applied Technologies, Inc. (a)   966    30,815 
Graphic Packaging Holding Co.   13,150    203,168 
Packaging Corporation of America   490    59,070 
PPG Industries, Inc.   1,930    225,463 
Praxair, Inc.   2,585    399,848 
Sherwin-Williams Co. (The)   6,500    2,665,260 
Silgan Holdings, Inc.   880    25,863 
Southern Copper Corp. (b)   331    15,706 
W.R. Grace & Co.   95    6,662 
Westlake Chemical Corp.   715    76,169 
         6,445,166 
Real Estate - 0.6%          
American Tower Corp.   5,420    773,272 
CBRE Group, Inc. - Class A (a)   230    9,961 
Equinix, Inc.   412    186,727 

 

 

 

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO          
SCHEDULE OF INVESTMENTS (continued)          
           
COMMON STOCKS - 98.9% (Continued)   Shares    Value 
Real Estate - 0.6% (Continued)          
Equity LifeStyle Properties, Inc.   2,405   $214,093 
Sabra Health Care REIT, Inc.   8,242    154,702 
Senior Housing Properties Trust   1,500    28,725 
         1,367,480 
Telecommunication Services - 0.2%          
SBA Communications Corp. - Class A (a)   220    35,939 
Verizon Communications, Inc.   7,400    391,682 
         427,621 
Utilities - 0.0% (c)          
NRG Energy, Inc.   620    17,658 
           
Total Common Stocks (Cost $148,649,726)       $232,159,264 

 

 

 

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO        
SCHEDULE OF INVESTMENTS (continued)        
         
MONEY MARKET FUNDS - 1.8%  Shares   Value 
Northern Trust Institutional Government Select Portfolio - Institutional Class, 1.13% (d)   2,635,435   $2,635,435 
Northern Trust Institutional Liquid Portfolio - Institutional Class, 1.09% (d) (e)   1,614,019    1,614,019 
Total Money Market Funds (Cost $4,249,454)       $4,249,454 
           
Total Investments at Value - 100.7% (Cost $152,899,180)       $236,408,718 
           
Liabilities in Excess of Other Assets - (0.7%)        (1,570,391)
           
Net Assets - 100.0%       $234,838,327 

 

(a) Non-income producing security.
(b) This security or a partial position of this security is on loan at December 31, 2017. The total value of securities on loan at December 31, 2017 was $15,985,353 (Note 7).
(c) Percentage rounds to less than 0.1%.
(d) The rate shown is the 7-day effective yield as of December 31, 2017.
(e) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2017 was $1,614,019. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $14,796,474 (Note 7).

 

ADR - American Depositary Receipt.
Ltd. - Limited.
plc - Public Limited Company.
 

 

See accompanying notes to financial statements.

 

 

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS    
December 31, 2017    
     
COMMON STOCKS - 97.9%  Shares   Value 
Consumer Discretionary - 6.3%        
Adient plc   10,381   $816,985 
Advance Auto Parts, Inc.   60    5,981 
Bed Bath & Beyond, Inc. (a)   6,872    151,115 
BorgWarner, Inc.   444    22,684 
Burlington Stores, Inc. (b)   2,690    330,951 
Choice Hotels International, Inc.   2,852    221,315 
Comcast Corp. - Class A   60    2,403 
Dick's Sporting Goods, Inc.   980    28,165 
Foot Locker, Inc.   3,570    167,362 
Ford Motor Co.   31,600    394,684 
Garmin Ltd.   740    44,082 
General Motors Co.   20,879    855,830 
H&R Block, Inc.   4,650    121,923 
Hilton Worldwide Holdings, Inc.   11,594    925,896 
Interpublic Group of Cos., Inc. (The)   47,785    963,346 
John Wiley & Sons, Inc. - Class A   390    25,643 
Kohl's Corp. (a)   3,803    206,237 
L Brands, Inc.   310    18,668 
Liberty Broadband Corp. - Series A (a) (b)   1,713    145,691 
Macy's, Inc. (a)   1,930    48,617 
Michael Kors Holdings Ltd. (b)   130    8,184 
Michaels Companies, Inc. (The) (b)   5,080    122,885 
Mohawk Industries, Inc. (b)   400    110,360 
News Corp. - Class A   37,209    603,158 
Norwegian Cruise Line Holdings Ltd. (b)   2,190    116,618 
Omnicom Group, Inc.   17,637    1,284,502 
Skechers U.S.A., Inc. - Class A (b)   1,827    69,133 
Target Corp. (a)   16,600    1,083,149 
Tiffany & Co.   90    9,356 
Viacom, Inc. - Class B   20    616 
Walt Disney Co. (The)   200    21,502 
Whirlpool Corp.   3,800    640,832 
Yum China Holdings, Inc.   4,360    174,487 
Yum! Brands, Inc.   2,670    217,899 
         9,960,259 

 

 

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 97.9% (Continued)  Shares   Value 
Consumer Staples - 7.8%        
Altria Group, Inc.   22,800   $1,628,148 
Coca-Cola Co. (The)   2,510    115,159 
Colgate-Palmolive Co.   440    33,198 
CVS Health Corp.   19,395    1,406,138 
Kellogg Co. (a)   7,675    521,747 
Kimberly-Clark Corp.   1,161    140,086 
PepsiCo, Inc.   2,964    355,443 
Philip Morris International, Inc.   23,706    2,504,539 
Pilgrim's Pride Corp. (a) (b)   930    28,886 
Pinnacle Foods, Inc.   2,040    121,319 
Procter & Gamble Co. (The)   10,292    945,629 
Tyson Foods, Inc. - Class A   9,300    753,950 
Walgreen Boots Alliance, Inc.   1,270    92,227 
Wal-Mart Stores, Inc.   37,643    3,717,246 
         12,363,715 
Energy - 12.0%          
Apache Corp.   90    3,800 
Baker Hughes, a GE Co.   2,111    66,792 
BP plc - ADR   75,697    3,181,544 
Cabot Oil & Gas Corp.   6,440    184,184 
Chevron Corp.   14,999    1,877,725 
Cimarex Energy Co.   100    12,201 
ConocoPhillips   26,697    1,465,398 
Devon Energy Corp.   2,200    91,080 
Diamondback Energy, Inc. (b)   2,033    256,666 
Energen Corp. (b)   250    14,393 
Ensco plc - Class A (a)   15,054    88,969 
Exxon Mobil Corp.   35,958    3,007,527 
Gulfport Energy Corp. (b)   11,219    143,154 
Halliburton Co.   21,916    1,071,035 
Kinder Morgan, Inc.   3,210    58,005 
Marathon Petroleum Corp.   2,070    136,579 
Murphy Oil Corp. (a)   20,188    626,837 
Nabors Industries Ltd. (a)   11,040    75,403 
Occidental Petroleum Corp.   22,400    1,649,984 
Patterson-UTI Energy, Inc.   12,270    282,333 

 

 

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 97.9% (Continued)  Shares   Value 
Energy - 12.0% (Continued)        
Phillips 66   17,600   $1,780,240 
QEP Resources, Inc. (b)   4,715    45,123 
Royal Dutch Shell plc - Class A (a)   35,705    2,381,881 
Southwestern Energy Co. (b)   14,800    82,584 
Targa Resources Corp.   730    35,347 
Transocean Ltd. (a) (b)   10,330    110,324 
World Fuel Services Corp.   8,240    231,874 
         18,960,982 
Financials - 31.2%          
Aflac, Inc.   2,630    230,861 
Allstate Corp. (The)   6,378    667,840 
American Express Co.   21,068    2,092,263 
American Financial Group, Inc.   811    88,026 
American International Group, Inc.   23,065    1,374,213 
American National Insurance Co.   735    94,264 
Arch Capital Group Ltd. (b)   450    40,847 
Aspen Insurance Holdings Ltd.   5,701    231,461 
Assured Guaranty Ltd.   15,552    526,746 
Athene Holding Ltd. - Class A (b)   640    33,094 
Axis Capital Holdings Ltd.   20,632    1,036,964 
Bank of America Corp.   164,175    4,846,446 
Bank of Hawaii Corp. (a)   1,030    88,271 
BankUnited, Inc.   390    15,881 
Berkshire Hathaway, Inc. - Class B (b)   6,282    1,245,219 
BlackRock, Inc.   100    51,371 
Brighthouse Financial, Inc. (b)   1,921    112,647 
Capital One Financial Corp.   19,481    1,939,918 
Chimera Investment Corp.   7,589    140,245 
Chubb Ltd.   1,500    219,195 
Citigroup, Inc.   32,621    2,427,329 
Citizens Financial Group, Inc.   7,082    297,302 
Comerica, Inc.   1,080    93,755 
Commerce Bancshares, Inc.   2,139    119,442 
Discover Financial Services   2,056    158,148 
Everest Re Group Ltd.   200    44,252 
Fifth Third Bancorp   23,213    704,282 

 

 

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO        
SCHEDULE OF INVESTMENTS (continued)        
         
COMMON STOCKS - 97.9% (Continued)  Shares   Value 
Financials - 31.2% (Continued)          
First American Financial Corp.   930   $52,117 
Franklin Resources, Inc.   38,834    1,682,677 
Fulton Financial Corp.   286    5,119 
Genworth Financial, Inc. - Class A (b)   420    1,306 
Goldman Sachs Group, Inc. (The)   5,810    1,480,156 
Granite Point Mortgage Trust, Inc. (a)   2,923    51,854 
Hanover Insurance Group, Inc. (The)   5,750    621,460 
Intercontinental Exchange, Inc.   1,640    115,718 
Invesco Ltd.   8,119    296,668 
JPMorgan Chase & Co.   50,843    5,437,149 
KeyCorp   32,434    654,194 
Loews Corp.   28,000    1,400,840 
Mercury General Corp.   386    20,628 
MetLife, Inc.   21,133    1,068,484 
MFA Financial, Inc.   49,247    390,036 
Morgan Stanley   25,386    1,332,003 
PNC Financial Services Group, Inc. (The)   5,620    810,910 
Popular, Inc.   16,548    587,289 
ProAssurance Corp.   6,113    349,358 
Progressive Corp. (The)   3,060    172,339 
Regions Financial Corp.   49,403    853,684 
State Street Corp.   25,529    2,491,886 
Synchrony Financial   10,246    395,598 
Synovus Financial Corp.   10,020    480,359 
T. Rowe Price Group, Inc.   1,400    146,902 
TCF Financial Corp.   3,725    76,363 
Torchmark Corp.   100    9,071 
U.S. Bancorp   4,568    244,753 
UBS Group AG (a)   57,466    1,056,800 
Unum Group   40    2,196 
Validus Holdings Ltd.   5,025    235,773 
Voya Financial, Inc.   24,747    1,224,234 
Wells Fargo & Co.   72,054    4,371,516 
Western Alliance Bancorp (b)   4,630    262,151 
White Mountains Insurance Group Ltd.   29    24,687 
Willis Towers Watson plc   1,739    262,050 

 

 

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 97.9% (Continued)  Shares   Value 
Financials - 31.2% (Continued)        
XL Group Ltd.   51,619   $1,814,925 
         49,403,535 
Health Care - 11.5%          
Abbott Laboratories   1,422    81,154 
Agilent Technologies, Inc.   665    44,535 
Alexion Pharmaceuticals, Inc. (b)   100    11,959 
Baxter International, Inc.   6,050    391,072 
Biogen, Inc. (b)   130    41,414 
Bio-Rad Laboratories, Inc. - Class A (b)   660    157,522 
Bristol-Myers Squibb Co.   50    3,064 
Centene Corp. (b)   656    66,177 
Cigna Corp.   6,106    1,240,068 
Cooper Cos., Inc. (The)   2,221    483,911 
Danaher Corp.   2,140    198,635 
Express Scripts Holding Co. (b)   17,200    1,283,808 
Gilead Sciences, Inc.   750    53,730 
HCA Healthcare, Inc. (b)   100    8,784 
Johnson & Johnson   21,465    2,999,090 
McKesson Corp.   6,935    1,081,513 
Medtronic plc   149    12,032 
Merck & Co., Inc.   50,811    2,859,135 
Mylan N.V. (b)   37,572    1,589,671 
Perrigo Co. plc   150    13,074 
Pfizer, Inc.   110,487    4,001,839 
Premier, Inc. - Class A (b)   962    28,081 
QIAGEN N.V.   953    29,476 
Sanofi - ADR   19,400    834,200 
Teleflex, Inc.   650    161,733 
Thermo Fisher Scientific, Inc.   1,100    208,868 
United Therapeutics Corp. (b)   2,738    405,087 
         18,289,632 
Industrials - 10.5%          
AMETEK, Inc.   3,700    268,139 
Arconic, Inc.   7,139    194,538 
Caterpillar, Inc.   5,835    919,479 
Copa Holdings, S.A. - Class A   950    127,357 

 

 

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 97.9% (Continued)  Shares   Value 
Industrials - 10.5% (Continued)        
Crane Co.   900   $80,298 
Cummins, Inc.   1,420    250,829 
Deere & Co.   1,440    225,374 
Dover Corp.   14,222    1,436,280 
Dun & Bradstreet Corp. (The)   220    26,050 
Eaton Corp. plc   560    44,246 
Fortive Corp.   970    70,180 
Fortune Brands Home & Security, Inc.   460    31,482 
General Dynamics Corp.   80    16,276 
General Electric Co.   59,300    1,034,785 
Honeywell International, Inc.   2,940    450,878 
Ingersoll-Rand plc   1,244    110,952 
Johnson Controls International plc   40,216    1,532,632 
Kennametal, Inc.   2,046    99,047 
L3 Technologies, Inc.   1,761    348,414 
Norfolk Southern Corp.   7,200    1,043,280 
Owens Corning   719    66,105 
Parker-Hannifin Corp.   4,354    868,971 
Quanta Services, Inc. (b)   1,090    42,630 
Raytheon Co.   4,970    933,615 
Republic Services, Inc.   740    50,031 
Roper Technologies, Inc.   760    196,840 
Southwest Airlines Co.   20,300    1,328,635 
Spirit AeroSystems Holdings, Inc. - Class A   300    26,175 
Spirit Airlines, Inc. (b)   3,010    134,999 
Stanley Black & Decker, Inc.   14,038    2,382,108 
United Technologies Corp.   16,205    2,067,271 
Waste Management, Inc.   1,830    157,929 
WESCO International, Inc. (b)   650    44,298 
Xylem, Inc.   550    37,510 
         16,647,633 
Information Technology - 8.8%          
Apple, Inc.   1,261    213,399 
Applied Materials, Inc.   3,890    198,857 
Arrow Electronics, Inc. (b)   100    8,041 
Autodesk, Inc. (b)   720    75,478 

 

 

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 97.9% (Continued)  Shares   Value 
Information Technology - 8.8% (Continued)        
Booz Allen Hamilton Holding Corp.   5,049   $192,518 
Cisco Systems, Inc.   28,082    1,075,541 
Cognizant Technology Solutions Corp. - Class A   14,664    1,041,438 
Dolby Laboratories, Inc. - Class A   220    13,640 
eBay, Inc. (b)   9,640    363,814 
Hewlett Packard Enterprise Co.   95,119    1,365,909 
Intel Corp.   15,322    707,264 
Jabil, Inc.   300    7,875 
Juniper Networks, Inc.   5,344    152,304 
Marvell Technology Group Ltd.   15,770    338,582 
Micro Focus International plc - ADR (b)   13,062    438,753 
Micron Technology, Inc. (b)   5,484    225,502 
Microsemi Corp. (b)   100    5,165 
Microsoft Corp.   10,049    859,591 
NetApp, Inc.   4,055    224,323 
Oracle Corp.   55,115    2,605,836 
QUALCOMM, Inc.   28,701    1,837,437 
Seagate Technology plc (a)   8,212    343,590 
Synopsys, Inc. (b)   2,629    224,096 
TE Connectivity Ltd.   7,736    735,230 
Teradyne, Inc.   4,915    205,791 
Trimble, Inc. (b)   5,410    219,862 
Vishay Intertechnology, Inc.   4    83 
Western Digital Corp.   3,580    284,717 
         13,964,636 
Materials - 2.8%          
Air Products & Chemicals, Inc.   790    129,623 
Albemarle Corp.   750    95,918 
Alcoa Corp.   100    5,387 
AptarGroup, Inc.   2,451    211,472 
Avery Dennison Corp.   480    55,133 
Bemis Company, Inc.   1,881    89,893 
Cabot Corp.   1,445    88,998 
Celanese Corp. - Series A   1,524    163,190 
Domtar Corp.   40    1,981 
DowDuPont, Inc.   31,800    2,264,795 

 

 

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 97.9% (Continued)  Shares   Value 
Materials - 2.8% (Continued)        
Eastman Chemical Co.   2,025   $187,596 
Freeport-McMoRan, Inc. (b)   16,740    317,391 
Newmont Mining Corp.   7,393    277,385 
Praxair, Inc.   620    95,902 
Sonoco Products Co.   3,903    207,405 
Southern Copper Corp. (a)   336    15,943 
Tahoe Resources, Inc. (a)   17,000    81,430 
W.R. Grace & Co.   10    701 
Westlake Chemical Corp.   1,070    113,987 
         4,404,130 
Real Estate - 1.7%          
American Homes 4 Rent - Class A   9,440    206,170 
AvalonBay Communities, Inc.   1,170    208,740 
Camden Property Trust   720    66,283 
CBRE Group, Inc. - Class A (b)   560    24,254 
Columbia Property Trust, Inc.   8,440    193,698 
DCT Industrial Trust, Inc.   759    44,614 
EPR Properties (a)   440    28,802 
Equity Residential   3,560    227,021 
HCP, Inc.   26,200    683,295 
Highwoods Properties, Inc.   3,426    174,418 
Hospitality Properties Trust   10,270    306,559 
Liberty Property Trust   2,616    112,514 
Park Hotels & Resorts, Inc.   7,460    214,475 
Quality Care Properties, Inc. (b)   1,517    20,950 
Retail Properties of America, Inc. - Class A   16,540    222,298 
Sun Communities, Inc.   15    1,392 
         2,735,483 
Telecommunication Services - 2.3%          
AT&T, Inc.   48,020    1,867,017 
Telephone & Data Systems, Inc.   1,771    49,234 
Verizon Communications, Inc.   34,460    1,823,968 
         3,740,219 
Utilities - 3.0%          
Aqua America, Inc.   2,110    82,775 
Avangrid, Inc.   14,430    729,869 

 

 

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 97.9% (Continued)  Shares   Value 
Utilities - 3.0% (Continued)        
CenterPoint Energy, Inc.   10,718   $303,962 
Dominion Energy, Inc.   155    12,564 
DTE Energy Co.   1,017    111,321 
Edison International   8,897    562,646 
Entergy Corp.   14,020    1,141,089 
Eversource Energy   1,235    78,027 
Hawaiian Electric Industries, Inc. (a)   12,965    468,685 
National Fuel Gas Co. (a)   710    38,986 
NextEra Energy, Inc.   350    54,667 
NRG Energy, Inc.   8,680    247,206 
PG&E Corp.   10,861    486,900 
PPL Corp.   2,480    76,756 
Vectren Corp.   4,911    319,313 
Vistra Energy Corp. (a) (b)   770    14,106 
         4,728,872 
           
Total Common Stocks (Cost $117,991,953)       $155,199,096 
           
RIGHTS - 0.0% (c)   Shares    Value 
Safeway CVR - Casa Ley (d)   1,118   $1,135 
Safeway CVR - PDC (d)   1,118    0 
Total Rights (Cost $-)       $1,135 

 

 

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
MONEY MARKET FUNDS - 2.0%  Shares   Value 
Northern Trust Institutional Government Select Portfolio - Institutional Class, 1.13% (e)    3,055,851   $3,055,851 
Northern Trust Institutional Liquid Portfolio - Institutional Class, 1.09% (e) (f)   127,466    127,466 
Total Money Market Funds (Cost $3,183,317)       $3,183,317 
           
Total Investments at Value - 99.9% (Cost $121,175,270)       $158,383,548 
           
Other Assets in Excess of Liabilities - 0.1%        86,264 
           
Net Assets - 100.0%       $158,469,812 

 

(a) This security or a partial position of this security is on loan at December 31, 2017. The total value of securities on loan at December 31, 2017 was $5,439,871 (Note 7).
(b) Non-income producing security.
(c) Percentage rounds to less than 0.1%.
(d) Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $1,135 at December 31, 2017, representing 0.0% (c) of net assets (Note 2).
(e) The rate shown is the 7-day effective yield as of December 31, 2017.
(f) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2017 was $127,466. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $5,448,268 (Note 7).

 

ADR - American Depositary Receipt.

CVR - Contingent Value Right.

Ltd. - Limited.

plc - Public Limited Company.

 

See accompanying notes to financial statements.
 

 

 

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO        
SCHEDULE OF INVESTMENTS        
December 31, 2017        
         
COMMON STOCKS - 97.4%  Shares   Value 
Consumer Discretionary - 9.8%        
BJ's Restaurants, Inc.   25   $910 
Bridgepoint Education, Inc. (a)   252    2,092 
Camping World Holdings, Inc. - Class A   2,129    95,230 
Capella Education Co.   515    39,861 
Cavco Industries, Inc. (a)   255    38,913 
Children's Place, Inc. (The) (b)   317    46,076 
Columbia Sportswear Co.   150    10,782 
Cooper-Standard Holdings, Inc. (a)   480    58,800 
Culp, Inc.   226    7,571 
Dana, Inc.   365    11,684 
Dave & Buster's Entertainment, Inc. (a)   2,205    121,650 
Deckers Outdoor Corp. (a)   790    63,398 
Denny's Corp. (a)   714    9,453 
Dorman Products, Inc. (a)   1,316    80,460 
Entravision Communications Corp. - Class A   1,195    8,544 
Five Below, Inc. (a) (b)   913    60,550 
Fox Factory Holding Corp. (a)   25    971 
Francesca's Holdings Corp. (a)   3,410    24,927 
Grand Canyon Education, Inc. (a)   1,789    160,168 
Groupon, Inc. (a)   6,510    33,201 
Horizon Global Corp. (a)   270    3,785 
Installed Building Products, Inc. (a) (b)   150    11,393 
Jack in the Box, Inc.   360    35,320 
KB Home (b)   2,440    77,958 
Kirkland's, Inc. (a)   1,290    15,435 
La-Z-Boy, Inc.   1,055    32,916 
LCI Industries   4,877    634,010 
Liberty Tax, Inc.   210    2,310 
Lindblad Expeditions Holdings, Inc. (a) (b)   1,765    17,279 
M/I Homes, Inc. (a)   1,715    58,996 
Malibu Boats, Inc. - Class A (a)   2,245    66,744 
Marriott Vacations Worldwide Corp.   120    16,225 
MCBC Holdings, Inc. (a)   965    21,442 
MDC Holdings, Inc.   2,829    90,189 
Monarch Casino & Resort, Inc. (a)   10    448 

 

 

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 97.4% (Continued)  Shares   Value 
Consumer Discretionary - 9.8% (Continued)        
New York Times Co. (The) - Class A   3,130   $57,905 
Nexstar Media Group, Inc. - Class A (b)   290    22,678 
Nutrisystem, Inc.   1,640    86,264 
Papa John's International, Inc. (b)   1,895    106,328 
Penn National Gaming, Inc. (a)   810    25,377 
Pinnacle Entertainment, Inc. (a)   3,600    117,828 
Planet Fitness, Inc. - Class A (a)   870    30,128 
Red Rock Resorts, Inc. - Class A   90    3,037 
Ruth's Hospitality Group, Inc. (b)   115    2,490 
Scientific Games Corp. - Class A (a)   2,230    114,399 
Shiloh Industries, Inc. (a)   2,085    17,097 
Shutterfly, Inc. (a)   120    5,970 
Sleep Number Corporation (a) (b)   1,100    41,349 
Sonic Corp. (b)   10,335    284,006 
Sotheby's (a)   545    28,122 
Standard Motor Products, Inc.   2,515    112,949 
Steven Madden Ltd. (a)   23,377    1,091,707 
Stoneridge, Inc. (a)   1,000    22,860 
Strayer Education, Inc. (b)   70    6,271 
Taylor Morrison Home Corp. - Class A (a)   6,945    169,943 
Tenneco, Inc.   125    7,318 
Texas Roadhouse, Inc.   1,145    60,319 
Tile Shop Holdings, Inc.   690    6,624 
TopBuild Corp. (a)   3,067    232,294 
tronc, Inc. (a)   490    8,619 
William Lyon Homes - Class A (a)   70    2,036 
Winmark Corp.   330    42,702 
Winnebago Industries, Inc.   320    17,792 
Wolverine World Wide, Inc.   115    3,666 
         4,687,769 
Consumer Staples - 5.8%          
Calavo Growers, Inc. (b)   12,306    1,038,626 
Central Garden & Pet Co. - Class A (a)   1,695    63,918 
e.l.f. Beauty, Inc. (a) (b)   8,141    181,626 
Inter Parfums, Inc.   16,205    704,106 
J & J Snack Foods Corp.   3,360    510,149 

 

 

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 97.4% (Continued)  Shares   Value 
Consumer Staples - 5.8% (Continued)        
Medifast, Inc.   850   $59,339 
National Beverage Corp. (b)   1,340    130,570 
Performance Food Group Co. (a)   747    24,726 
Primo Water Corp. (a)   4,800    60,336 
         2,773,396 
Energy - 3.1%          
Adams Resources & Energy, Inc.   50    2,175 
Bonanza Creek Energy, Inc. (a)   369    10,181 
Callon Petroleum Co. (a) (b)   32,845    399,067 
Carrizo Oil & Gas, Inc. (a) (b)   930    19,790 
Energy XXI Gulf Coast, Inc. (a)   1,778    10,206 
Matador Resources Co. (a)   2,000    62,260 
SRC Energy, Inc. (a) (b)   10,155    86,622 
U.S. Silica Holdings, Inc. (b)   3,780    123,077 
WildHorse Resource Development Corp. (a) (b)   41,990    773,035 
         1,486,413 
Financials - 8.8%          
Atlantic Capital Bancshares, Inc. (a)   1,360    23,936 
Atlas Financial Holdings, Inc. (a) (b)   1,095    22,502 
Banc of California, Inc. (b)   51,510    1,063,682 
Bank of N.T. Butterfield & Son Ltd. (The)   370    13,427 
CenterState Bank Corp. (b)   17,699    455,395 
Central Pacific Financial Corp.   935    27,891 
Charter Financial Corp.   896    15,716 
County Bancorp, Inc.   105    3,125 
Eagle Bancorp, Inc. (a)   433    25,071 
Equity Bancshares, Inc. - Class A (a)   1,235    43,731 
Essent Group Ltd. (a)   5,485    238,159 
Evercore, Inc. - Class A   1,435    129,149 
First Connecticut Bancorp, Inc.   1,082    28,294 
First Financial Northwest, Inc.   220    3,412 
First Foundation, Inc. (a)   395    7,323 
GAIN Capital Holdings, Inc. (b)   2,365    23,650 
Hallmark Financial Services, Inc. (a)   100    1,043 
HCI Group, Inc.   1,695    50,681 
Investment Technology Group, Inc.   470    9,048 

 

 

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 97.4% (Continued)  Shares   Value 
Financials - 8.8% (Continued)        
LegacyTexas Financial Group, Inc.   18,945   $799,668 
Maiden Holdings Ltd.   460    3,036 
Marlin Business Services Corp.   450    10,080 
Meridian Bancorp, Inc.   115    2,369 
Meta Financial Group, Inc.   305    28,258 
Moelis & Co. - Class A   2,610    126,585 
National General Holdings Corp.   115    2,259 
Old Line Bancshares, Inc.   360    10,598 
Piper Jaffray Cos.   270    23,288 
Preferred Bank   635    37,325 
Pzena Investment Management, Inc. - Class A   4,505    48,068 
RBB Bancorp   140    3,832 
Regional Management Corp. (a)   335    8,814 
ServisFirst Bancshares, Inc.   315    13,073 
Silvercrest Asset Management Group, Inc. - Class A   441    7,078 
South State Corp.   3,970    345,986 
Texas Capital Bancshares, Inc. (a)   910    80,899 
Third Point Reinsurance Ltd. (a)   5,665    82,992 
Universal Insurance Holdings, Inc.   3,530    96,545 
Veritex Holdings, Inc. (a)   9,520    262,657 
Walker & Dunlop, Inc. (a)   405    19,238 
Waterstone Financial, Inc.   785    13,384 
Western New England Bancorp, Inc.   830    9,047 
         4,220,314 
Health Care - 21.8%          
Acorda Therapeutics, Inc. (a) (b)   2,150    46,118 
Addus HomeCare Corp. (a)   910    31,668 
Akebia Therapeutics, Inc. (a)   3,135    46,617 
Alder Biopharmaceuticals, Inc. (a) (b)   1,395    15,973 
Amedisys, Inc. (a)   3,405    179,479 
Anika Therapeutics, Inc. (a)   1,135    61,188 
Avexis, Inc. (a) (b)   145    16,047 
BioSpecifics Technologies Corp. (a)   550    23,832 
BioTelemetry, Inc. (a) (b)   970    29,003 
Bluebird Bio, Inc. (a) (b)   495    88,160 
Calithera Biosciences, Inc. (a)   60    501 

 

 

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO        
SCHEDULE OF INVESTMENTS (continued)        
         
COMMON STOCKS - 97.4% (Continued)  Shares   Value 
Health Care - 21.8% (Continued)        
Cambrex Corp. (a)   17,089   $820,272 
Cantel Medical Corp.   6,565    675,343 
Cardiovascular Systems, Inc. (a)   770    18,241 
Catalent, Inc. (a)   3,169    130,183 
Chemed Corp. (b)   710    172,544 
ChemoCentryx, Inc. (a) (b)   3,058    18,195 
Clovis Oncology, Inc. (a) (b)   1,030    70,040 
Corcept Therapeutics, Inc. (a) (b)   6,439    116,288 
CorVel Corp. (a) (b)   3,009    159,176 
Cotiviti Holdings, Inc. (a)   13,139    423,207 
Cytokinetics, Inc. (a)   1,799    14,662 
CytomX Therapeutics, Inc. (a) (b)   1,265    26,704 
Emergent BioSolutions, Inc. (a)   2,625    121,984 
Enzo Biochem, Inc. (a)   340    2,771 
Exact Sciences Corp. (a) (b)   3,058    160,667 
Exelixis, Inc. (a)   520    15,808 
FibroGen, Inc. (a) (b)   110    5,214 
Genomic Health, Inc. (a)   2,135    73,017 
Haemonetics Corp. (a)   1,700    98,736 
Halozyme Therapeutics, Inc. (a) (b)   3,805    77,089 
HealthEquity, Inc. (a) (b)   965    45,027 
HealthSouth Corp.   1,530    75,597 
Heska Corp. (a)   2,870    230,203 
Innoviva, Inc. (a) (b)   7,435    105,503 
Inogen, Inc. (a)   1,240    147,659 
Insulet Corp. (a)   430    29,670 
Ironwood Pharmaceuticals, Inc. (a) (b)   970    14,540 
Lantheus Holdings, Inc. (a)   1,885    38,548 
LeMaitre Vascular, Inc.   7,450    237,208 
LHC Group, Inc. (a)   930    56,963 
Ligand Pharmaceuticals, Inc. (a) (b)   100    13,693 
Loxo Oncology, Inc. (a) (b)   120    10,102 
Magellan Health, Inc. (a)   615    59,378 
Masimo Corp. (a)   2,425    205,640 
Medidata Solutions, Inc. (a) (b)   8,705    551,636 
Meridian Bioscience, Inc.   3,025    42,350 

 

 

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 97.4% (Continued)  Shares   Value 
Health Care - 21.8% (Continued)        
Merit Medical Systems, Inc. (a)   810   $34,992 
Molina Healthcare, Inc. (a) (b)   1,680    128,822 
Natera, Inc. (a)   553    4,971 
Nektar Therapeutics (a) (b)   2,430    145,120 
Neogen Corp. (a)   4,285    352,270 
NuVasive, Inc. (a)   70    4,094 
OraSure Technologies, Inc. (a)   220    4,149 
Orthofix International N.V. (a)   660    36,102 
Phibro Animal Health Corp. - Class A   3,275    109,713 
Portola Pharmaceuticals, Inc. (a)   285    13,874 
PRA Health Sciences, Inc. (a)   14,820    1,349,657 
Prestige Brands Holdings, Inc. (a)   13,800    612,857 
Providence Service Corp. (The) (a)   2,435    144,493 
Puma Biotechnology, Inc. (a)   80    7,908 
Quidel Corp. (a)   810    35,114 
Repligen Corp. (a) (b)   17,489    634,500 
Sage Therapeutics, Inc. (a) (b)   250    41,178 
Sangamo Therapeutics, Inc. (a) (b)   185    3,034 
Sarepta Therapeutics, Inc. (a) (b)   20    1,113 
Sucampo Pharmaceuticals, Inc. - Class A (a) (b)   955    17,142 
Supernus Pharmaceuticals, Inc. (a) (b)   13,560    540,366 
Syndax Pharmaceuticals, Inc. (a)   2,136    18,711 
Tabula Rasa HealthCare, Inc. (a)   14,792    414,916 
Tivity Health, Inc. (a) (b)   2,175    79,496 
Triple-S Management Corp. - Class B (a)   1,925    47,836 
Vanda Pharmaceuticals, Inc. (a)   1,730    26,296 
Versartis, Inc. (a)   736    1,619 
Vocera Communications, Inc. (a)   520    15,714 
Xencor, Inc. (a) (b)   1,063    23,301 
         10,451,802 
Industrials - 18.6%          
Air Transport Services Group, Inc. (a)   1,625    37,603 
American Woodmark Corp. (a)   1,406    183,132 
Applied Industrial Technologies, Inc.   2,625    178,763 
ARC Document Solutions, Inc. (a)   2,805    7,153 
ArcBest Corp.   555    19,841 

 

 

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO        
SCHEDULE OF INVESTMENTS (continued)        
         
COMMON STOCKS - 97.4% (Continued)  Shares   Value 
Industrials - 18.6% (Continued)        
Argan, Inc.   2,491   $112,095 
Atkore International Group, Inc. (a)   1,230    26,384 
Barrett Business Services, Inc.   1,570    101,249 
Beacon Roofing Supply, Inc. (a)   100    6,376 
Brady Corp. - Class A   1,110    42,069 
Brink's Co. (The)   1,390    109,393 
Builders FirstSource, Inc. (a)   510    11,113 
CAI International, Inc. (a)   2,594    73,462 
Casella Waste Systems, Inc. - Class A (a)   1,555    35,796 
Comfort Systems USA, Inc.   2,630    114,800 
Commercial Vehicle Group, Inc. (a)   8,908    95,227 
Continental Building Products, Inc. (a)   3,530    99,370 
CSW Industrials, Inc. (a)   680    31,246 
DXP Enterprises, Inc. (a)   150    4,436 
EMCOR Group, Inc.   1,675    136,931 
EnerSys   1,490    103,748 
EnPro Industries, Inc.   785    73,405 
Exponent, Inc.   1,193    84,822 
Forward Air Corp.   1,660    95,350 
Gibraltar Industries, Inc. (a) (b)   115    3,795 
Gorman-Rupp Co. (The)   507    15,823 
Granite Construction, Inc.   2,375    150,646 
Harsco Corp. (a)   2,321    43,287 
Hawaiian Holdings, Inc.   4,390    174,942 
Heritage-Crystal Clean, Inc. (a)   205    4,459 
Herman Miller, Inc.   285    11,414 
Hudson Technologies, Inc. (a) (b)   3,435    20,850 
Insperity, Inc.   1,090    62,512 
Insteel Industries, Inc.   15,547    440,290 
Interface, Inc.   2,120    53,318 
JELD-WEN Holdings, Inc. (a)   3,330    131,102 
Kadant, Inc.   778    78,111 
Kennametal, Inc.   3,840    185,894 
Kimball International, Inc. - Class B   1,950    36,407 
Knoll, Inc.   28,775    662,976 
Kornit Digital Ltd. (a) (b)   12,543    202,568 

 

 

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO        
SCHEDULE OF INVESTMENTS (continued)        
         
COMMON STOCKS - 97.4% (Continued)  Shares   Value 
Industrials - 18.6% (Continued)        
Kratos Defense & Security Solutions, Inc. (a) (b)   1,060   $11,225 
Lydall, Inc. (a)   690    35,018 
MasTec, Inc. (a)   3,070    150,277 
Mercury Systems, Inc. (a)   9,550    490,393 
Milacron Holdings Corp. (a)   1,720    32,921 
Miller Industries, Inc.   265    6,837 
Mistras Group, Inc. (a)   520    12,204 
Mueller Industries, Inc.   858    30,399 
Multi-Color Corp.   140    10,479 
MYR Group, Inc. (a)   1,471    52,559 
Navistar International Corp. (a)   630    27,014 
NCI Building Systems, Inc. (a)   111    2,142 
Orion Group Holdings, Inc. (a)   2,395    18,753 
Patrick Industries, Inc. (a)   817    56,741 
PGT Innovations, Inc. (a)   24,540    413,498 
Ply Gem Holdings, Inc. (a)   2,210    40,885 
Quad/Graphics, Inc. (b)   3,425    77,405 
Saia, Inc. (a)   16,040    1,134,830 
Simpson Manufacturing Co., Inc.   1,415    81,235 
SiteOne Landscape Supply, Inc. (a) (b)   11,791    904,369 
SPX Corp. (a)   1,328    41,686 
SPX FLOW, Inc. (a)   450    21,398 
Standex International Corp.   470    47,870 
Steelcase, Inc. - Class A   520    7,904 
Sterling Construction Co., Inc. (a)   2,230    36,304 
TPI Composites, Inc. (a)   2,230    45,626 
Trex Co., Inc. (a)   725    78,583 
TriNet Group, Inc. (a)   1,765    78,260 
TrueBlue, Inc. (a)   980    26,950 
Tutor Perini Corp. (a) (b)   680    17,238 
Vectrus, Inc. (a)   735    22,675 
Wabash National Corp.   1,025    22,243 
WageWorks, Inc. (a)   12,250    759,501 
Willis Lease Finance Corp. (a)   95    2,372 
Woodward, Inc.   545    41,714 

 

 

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 97.4% (Continued)  Shares   Value 
Industrials - 18.6% (Continued)        
YRC Worldwide, Inc. (a)   1,535   $22,073 
         8,923,739 
Information Technology - 23.0%          
A10 Networks, Inc. (a) (b)   4,290    33,119 
ADTRAN, Inc.   2,280    44,118 
Advanced Energy Industries, Inc. (a)   2,650    178,822 
Alarm.com Holdings, Inc. (a)   100    3,775 
Alpha & Omega Semiconductor Ltd. (a)   229    3,746 
Amber Road, Inc. (a)   1,000    7,340 
Amkor Technology, Inc. (a)   2,130    21,407 
Aspen Technology, Inc. (a)   210    13,902 
Axcelis Technologies, Inc. (a)   115    3,301 
Badger Meter, Inc.   460    21,988 
Box, Inc. - Class A (a)   9,506    200,767 
Brightcove, Inc. (a)   250    1,775 
BroadSoft, Inc. (a) (b)   9,038    496,186 
Brooks Automation, Inc.   2,155    51,397 
Cabot Microelectronics Corp.   5,420    509,914 
Carbonite, Inc. (a) (b)   115    2,887 
Care.com, Inc. (a)   4,200    75,768 
Cass Information Systems, Inc.   976    56,813 
CEVA, Inc. (a)   11,189    516,371 
ChannelAdvisor Corp. (a)   1,795    16,155 
Cirrus Logic, Inc. (a)   3,730    193,438 
CommVault Systems, Inc. (a)   475    24,938 
Cornerstone OnDemand, Inc. (a) (b)   2,968    104,859 
CSG Systems International, Inc.   1,350    59,157 
Daktronics, Inc.   1,420    12,965 
DHI Group, Inc. (a)   115    219 
Ellie Mae, Inc. (a) (b)   4,718    421,789 
Entegris, Inc.   2,585    78,713 
Envestnet, Inc. (a)   190    9,472 
EPAM Systems, Inc. (a)   1,205    129,453 
ePlus, Inc. (a)   15    1,128 
Euronet Worldwide, Inc. (a)   830    69,944 
Everi Holdings, Inc. (a)   7,437    56,075 

 

 

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO        
SCHEDULE OF INVESTMENTS (continued)        
         
COMMON STOCKS - 97.4% (Continued)  Shares   Value 
Information Technology - 23.0% (Continued)        
EVERTEC, Inc.   1,475   $20,134 
ExlService Holdings, Inc. (a)   1,553    93,724 
Extreme Networks, Inc. (a) (b)   6,190    77,498 
Fabrinet (a) (b)   715    20,521 
Fair Isaac Corp.   566    86,711 
Five9, Inc. (a)   6,517    162,142 
Hackett Group, Inc. (The)   1,034    16,244 
HubSpot, Inc. (a)   280    24,752 
Ichor Holdings Ltd. (a)   1,595    39,237 
Imperva, Inc. (a)   2,735    108,580 
Information Services Group, Inc. (a)   2,175    9,070 
Inphi Corp. (a) (b)   10,665    390,339 
Insight Enterprises, Inc. (a)   2,765    105,872 
Instructure, Inc. (a)   1,055    34,921 
InterDigital, Inc.   100    7,615 
Intevac, Inc. (a)   3,525    24,146 
Itron, Inc. (a)   350    23,870 
KEMET Corp. (a)   7,647    115,163 
LogMeIn, Inc.   305    34,923 
Lumentum Holdings, Inc. (a) (b)   825    40,343 
MAXIMUS, Inc.   9,615    688,241 
MaxLinear, Inc. (a)   16,190    427,740 
Methode Electronics, Inc.   1,010    40,501 
Microsemi Corp. (a)   445    22,984 
MINDBODY, Inc. - Class A (a) (b)   19,067    580,589 
MKS Instruments, Inc.   2,020    190,890 
Nanometrics, Inc. (a)   2,885    71,894 
NIC, Inc.   1,720    28,552 
NVE Corp.   912    78,432 
OSI Systems, Inc. (a) (b)   430    27,683 
Paylocity Holding Corp. (a)   340    16,034 
PCM, Inc. (a) (b)   1,185    11,732 
Pegasystems, Inc. (b)   21,069    993,403 
Plantronics, Inc.   1,410    71,036 
Plexus Corp. (a)   314    19,066 
Progress Software Corp.   2,815    119,835 

 

 

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 97.4% (Continued)  Shares   Value 
Information Technology - 23.0% (Continued)        
Q2 Holdings, Inc. (a)   584   $21,520 
Qualys, Inc. (a)   16,531    981,115 
Rapid7, Inc. (a)   1,405    26,217 
RealPage, Inc. (a) (b)   2,000    88,600 
RingCentral, Inc. - Class A (a)   650    31,460 
Rogers Corp. (a)   85    13,763 
Science Applications International Corp.   190    14,548 
Semtech Corp. (a)   670    22,914 
Silicon Laboratories, Inc. (a)   4,315    381,015 
SPS Commerce, Inc. (a)   555    26,967 
Stamps.com, Inc. (a)   350    65,800 
Syntel, Inc. (a)   200    4,598 
Take-Two Interactive Software, Inc. (a)   672    73,772 
Tech Data Corp. (a)   405    39,678 
TeleTech Holdings, Inc.   693    27,893 
TTM Technologies, Inc. (a)   3,275    51,319 
Ultra Clean Holdings, Inc. (a) (b)   5,890    136,000 
Varonis Systems, Inc. (a)   2,247    109,092 
WNS Holdings Ltd. - ADR (a)   12,797    513,544 
XO Group, Inc. (a)   4,469    82,498 
Yelp, Inc. (a)   1,935    81,193 
Zix Corp. (a)   10,878    47,646 
         11,087,270 
Materials - 4.1%          
AdvanSix, Inc. (a)   577    24,274 
American Vanguard Corp.   1,360    26,724 
Century Aluminum Co. (a) (b)   1,155    22,684 
Coeur Mining, Inc. (a)   565    4,238 
Greif, Inc. - Class A   770    46,647 
H.B. Fuller Co.   135    7,272 
Ingevity Corp. (a)   1,975    139,178 
Innophos Holdings, Inc.   1,235    57,712 
Kaiser Aluminum Corp.   835    89,219 
KMG Chemicals, Inc.   785    51,873 
Koppers Holdings, Inc. (a)   1,830    93,147 
Kraton Corp. (a)   125    6,021 

 

 

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 97.4% (Continued)  Shares   Value 
Materials - 4.1% (Continued)        
Kronos Worldwide, Inc.   4,342   $111,893 
Louisiana-Pacific Corp. (a)   9,280    243,693 
Minerals Technologies, Inc.   15    1,033 
Myers Industries, Inc.   3,920    76,440 
Neenah Paper, Inc.   79    7,161 
Quaker Chemical Corp.   4,750    716,253 
Sensient Technologies Corp.   530    38,770 
Trinseo S.A. (b)   2,960    214,896 
         1,979,128 
Real Estate - 0.9%          
CareTrust REIT, Inc. (b)   580    9,721 
Forestar Group, Inc. (a) (b)   595    13,090 
GEO Group, Inc. (The)   910    21,476 
LTC Properties, Inc.   40    1,742 
MedEquities Realty Trust, Inc.   1,900    21,318 
Potlatch Corp. (b)   1,020    50,898 
PS Business Parks, Inc.   660    82,559 
RMR Group, Inc./The - Class A   710    42,103 
Sabra Health Care REIT, Inc.   9,835    184,603 
         427,510 
Telecommunication Services - 1.1%          
Boingo Wireless, Inc. (a)   2,300    51,750 
Cogent Communications Holdings, Inc.   9,605    435,106 
IDT Corp. - Class B   1,405    14,893 
ORBCOMM, Inc. (a)   320    3,258 
Vonage Holdings Corp. (a)   2,610    26,544 
         531,551 
Utilities - 0.4%          
MGE Energy, Inc.   1,110    70,041 
Ormat Technologies, Inc.   1,640    104,894 
         174,935 
           
Total Common Stocks (Cost $36,852,914)       $46,743,827 

 

 

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
RIGHTS – 0.0% (c)  Shares   Value 
Dyax Corp. (b) (d) (Cost $-)   860   $0 
           
MONEY MARKET FUNDS - 10.4%   Shares    Value 
Northern Trust Institutional Government Select Portfolio - Institutional Class, 1.13% (e)   1,624,978   $1,624,978 
Northern Trust Institutional Liquid Portfolio - Institutional Class, 1.09% (e) (f)   3,365,468    3,365,468 
Total Money Market Funds (Cost $4,990,446)       $4,990,446 
           
Total Investments at Value - 107.8% (Cost $41,843,360)       $51,734,273 
           
Liabilities in Excess of Other Assets - (7.8%)        (3,749,822)
           
Net Assets - 100.0%       $47,984,451 

 

(a) Non-income producing security.
(b) This security or a partial position of this security is on loan at December 31, 2017. The total value of securities on loan at December 31, 2017 was $10,257,245 (Note 7).
(c) Percentage rounds to less than 0.1%.
(d) Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $0 at December 31, 2017, representing 0.0% (c) of net assets (Note 2).
(e) The rate shown is the 7-day effective yield as of December 31, 2017.
(f) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2017 was $3,365,468. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $7,237,842 (Note 7).

 

ADR - American Depositary Receipt.

Ltd. - Limited.

 

See accompanying notes to financial statements.

 

 

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO        
SCHEDULE OF INVESTMENTS        
December 31, 2017        
         
COMMON STOCKS - 98.1%  Shares   Value 
Consumer Discretionary - 11.8%        
Aaron's, Inc.   5,491   $218,816 
Abercrombie & Fitch Co. - Class A (a)   4,534    79,028 
American Eagle Outfitters, Inc.   4,642    87,270 
American Public Education, Inc. (b)   1,314    32,916 
Barnes & Noble Education, Inc. (a) (b)   1,676    13,810 
Barnes & Noble, Inc.   3,138    21,025 
Beazer Homes USA, Inc. (b)   2,660    51,099 
BMC Stock Holdings, Inc. (b)   4,310    109,043 
Bridgepoint Education, Inc. (b)   200    1,660 
Career Education Corp. (b)   1,210    14,617 
Century Casinos, Inc. (b)   1,020    9,313 
Chico's FAS, Inc. (a)   6,209    54,763 
Citi Trends, Inc.   230    6,086 
Dana, Inc.   118    3,777 
Deckers Outdoor Corp. (b)   4,299    344,995 
Del Taco Restaurants, Inc. (b)   200    2,424 
Denny's Corp. (b)   514    6,805 
DSW, Inc. - Class A (a)   3,636    77,847 
Ethan Allen Interiors, Inc.   100    2,860 
Express, Inc. (b)   129    1,309 
Flexsteel Industries, Inc. (a)   754    35,272 
Fred's, Inc. - Class A (a)   20,525    83,126 
FTD Companies, Inc. (b)   2,010    14,452 
Gannett Company, Inc.   2,860    33,147 
G-III Apparel Group Ltd. (b)   1,890    69,722 
Guess?, Inc.   2,520    42,538 
Hibbett Sports, Inc. (b)   680    13,872 
Hooker Furniture Corp.   14,777    627,284 
K12, Inc. (b)   126    2,003 
KB Home (a)   2,816    89,971 
Kirkland's, Inc. (b)   3,196    38,240 
La-Z-Boy, Inc.   1,032    32,198 
M/I Homes, Inc. (b)   1,130    38,872 
MDC Holdings, Inc.   584    18,618 
Motorcar Parts of America, Inc. (b)   700    17,493 

 

 

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 98.1% (Continued)  Shares   Value 
Consumer Discretionary - 11.8% (Continued)        
Movado Group, Inc. (a)   2,046   $65,881 
MSG Networks, Inc. - Class A (b)   630    12,758 
New Home Co., Inc. (The) (b)   886    11,102 
New York Times Co. (The) - Class A   7,459    137,992 
Office Depot, Inc.   6,700    23,718 
Penn National Gaming, Inc. (b)   1,690    52,948 
Pinnacle Entertainment, Inc. (b)   4,490    146,957 
Scholastic Corp.   4,429    177,647 
Shiloh Industries, Inc. (b)   2,499    20,492 
Shoe Carnival, Inc.   1,464    39,162 
Standard Motor Products, Inc.   906    40,688 
Stoneridge, Inc. (b)   19,013    434,637 
Strayer Education, Inc. (a)   237    21,230 
Superior Industries International, Inc.   1,130    16,781 
Taylor Morrison Home Corp. - Class A (b)   17,550    429,449 
Tilly's, Inc. - Class A   2,562    37,815 
TRI Pointe Group, Inc. (a) (b)   43,796    784,824 
Vera Bradley, Inc. (b)   940    11,449 
         4,761,801 
Consumer Staples - 2.8%          
Central Garden & Pet Co. - Class A (b)   1,729    65,201 
Dean Foods Co.   2,460    28,438 
John B. Sanfilippo & Son, Inc. (a)   3,974    251,355 
Landec Corp. (b)   41,105    517,922 
Sanderson Farms, Inc. (a)   110    15,266 
Seneca Foods Corp. - Class A (b)   360    11,070 
SpartanNash Co.   340    9,071 
TreeHouse Foods, Inc. (b)   2,199    108,763 
United Natural Foods, Inc. (b)   1,120    55,183 
Universal Corp.   1,526    80,115 
         1,142,384 
Energy - 8.2%          
Archrock, Inc.   3,518    36,939 
Callon Petroleum Co. (a) (b)   120    1,458 
Carrizo Oil & Gas, Inc. (a) (b)   41,555    884,290 
Contango Oil & Gas Co. (a) (b)   1,380    6,500 

 

 

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 98.1% (Continued)  Shares   Value 
Energy - 8.2% (Continued)        
Delek US Holdings, Inc.   3,064   $107,056 
Energy XXI Gulf Coast, Inc. (b)   13,537    77,702 
Era Group, Inc. (b)   743    7,987 
Exterran Corp. (b)   1,593    50,084 
Geospace Technologies Corp. (a) (b)   401    5,201 
Helix Energy Solutions Group, Inc. (b)   1,258    9,485 
McDermott International, Inc. (b)   16,673    109,709 
Midstates Petroleum Co., Inc. (b)   1,904    31,568 
Newpark Resources, Inc. (b)   4,414    37,960 
Oasis Petroleum, Inc. (b)   6,688    56,246 
Overseas Shipholding Group, Inc. - Class A (a) (b)   26,637    72,985 
PDC Energy, Inc. (b)   15,396    793,510 
Peabody Energy Corp. (b)   3,769    148,386 
PHI, Inc. (b)   8,206    94,943 
Renewable Energy Group, Inc. (a) (b)   10,446    123,263 
SandRidge Energy, Inc. (a) (b)   2,631    55,435 
SRC Energy, Inc. (a) (b)   51,302    437,606 
U.S. Silica Holdings, Inc. (a)   3,470    112,984 
Ultra Petroleum Corp. (a) (b)   810    7,339 
Unit Corp. (a) (b)   946    20,812 
         3,289,448 
Financials - 28.8%          
American Equity Investment Life Holding Co.   5,607    172,303 
Ameris Bancorp   8,675    418,135 
Anworth Mortgage Asset Corp.   17,653    96,032 
Argo Group International Holdings Ltd.   1,656    102,092 
Arrow Financial Corp.   553    18,774 
Aspen Insurance Holdings Ltd.   12,580    510,747 
B. Riley Financial, Inc. (a)   6,010    108,781 
Baldwin & Lyons, Inc. - Class B   2,443    58,510 
Bancorp, Inc. (The) (b)   6,695    66,147 
BancorpSouth Bank   1,510    47,490 
Bank Mutual Corp.   2,722    28,989 
Bank of N.T. Butterfield & Son Ltd. (The)   18,575    674,087 
BankFinancial Corp.   587    9,005 
BankUnited, Inc.   5,875    239,230 

 

 

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO        
SCHEDULE OF INVESTMENTS (continued)        
         
COMMON STOCKS - 98.1% (Continued)  Shares   Value 
Financials - 28.8% (Continued)        
Banner Corp.   3,775   $208,078 
Beneficial Bancorp, Inc.   1,354    22,273 
Berkshire Hills Bancorp, Inc.   2,139    78,287 
Capitol Federal Financial, Inc.   10,519    141,060 
Carolina Financial Corp.   1,095    40,679 
Cathay General Bancorp   496    20,916 
CenterState Bank Corp. (a)   2,655    68,313 
Central Pacific Financial Corp.   1,319    39,346 
Charter Financial Corp.   3,244    56,900 
Citizens & Northern Corp. (a)   453    10,872 
City Holding Co.   699    47,162 
Clifton Bancorp, Inc.   4,213    72,042 
CNO Financial Group, Inc.   5,433    134,141 
Community Bank System, Inc. (a)   340    18,275 
Customers Bancorp, Inc. (b)   3,171    82,414 
Dime Community Bancshares, Inc.   4,714    98,758 
Donegal Group, Inc. - Class A   2,265    39,185 
Dynex Capital, Inc.   12,487    87,534 
Eagle Bancorp, Inc. (b)   3,053    176,769 
Employers Holdings, Inc.   608    26,995 
Enterprise Financial Services Corp.   1,557    70,299 
EZCORP, Inc. - Class A (a) (b)   9,261    112,984 
FBL Financial Group, Inc. - Class A   1,842    128,295 
FCB Financial Holdings, Inc. - Class A (b)   1,140    57,912 
Federated National Holding Co.   1,547    25,634 
First BanCorp. (b)   27,860    142,086 
First Busey Corp.   3,876    116,047 
First Citizens BancShares, Inc. - Class A   307    123,721 
First Financial Bancorp   2,343    61,738 
First Financial Corp.   886    40,180 
First Horizon National Corp. (a)   9,692    193,752 
First Internet Bancorp   189    7,210 
Flagstar Bancorp, Inc. (b)   4,167    155,929 
Flushing Financial Corp.   1,183    32,533 
GAMCO Investors, Inc. - Class A   433    12,838 
Genworth Financial, Inc. - Class A (b)   32,455    100,935 

 

 

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO        
SCHEDULE OF INVESTMENTS (continued)        
         
COMMON STOCKS - 98.1% (Continued)  Shares   Value 
Financials - 28.8% (Continued)        
Glacier Bancorp, Inc. (a)   1,132   $44,589 
Global Indemnity Ltd. (b)   1,664    69,921 
Greenlight Capital Re Ltd. - Class A (a) (b)   5,816    116,902 
Hallmark Financial Services, Inc. (b)   5,511    57,480 
Hancock Holding Co.   121    5,990 
Hanmi Financial Corp.   1,093    33,173 
HCI Group, Inc.   1,640    49,036 
Heritage Financial Corp.   2,855    87,934 
Hilltop Holdings, Inc. (a)   9,030    228,730 
HomeStreet, Inc. (a) (b)   19,476    563,831 
Hope Bancorp, Inc.   18,660    340,545 
Independent Bank Corp.   1,923    42,979 
Infinity Property & Casualty Corp.   1,020    108,120 
Invesco Mortgage Capital, Inc.   1    18 
Investment Technology Group, Inc.   1,465    28,201 
LegacyTexas Financial Group, Inc.   2,645    111,645 
MB Financial, Inc.   340    15,137 
Mercantile Bank Corp.   1,348    47,679 
Meridian Bancorp, Inc.   11,780    242,668 
MGIC Investment Corp. (b)   13,885    195,917 
MutualFirst Financial, Inc.   715    27,563 
National Western Life Group, Inc. - Class A   536    177,427 
Navigators Group, Inc. (The)   2,497    121,604 
NBT Bancorp, Inc.   1,828    67,270 
NMI Holdings, Inc. - Class A (b)   4,819    81,923 
Northfield Bancorp, Inc.   5,627    96,109 
OFG Bancorp (a)   7,693    72,314 
Oritani Financial Corp. (a)   7,480    122,672 
Orrstown Financial Services, Inc.   408    10,302 
PacWest Bancorp   10,520    530,208 
Provident Financial Holdings, Inc.   2,041    37,554 
Pzena Investment Management, Inc. - Class A   7,986    85,211 
Radian Group, Inc.   9,961    205,296 
Republic Bancorp, Inc. - Class A   2,008    76,344 
Resource Capital Corp. (a)   11,528    108,018 
S&T Bancorp, Inc. (a)   1,377    54,818 

 

 

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 98.1% (Continued)  Shares   Value 
Financials - 28.8% (Continued)        
Seacoast Banking Corp. of Florida (b)   1,007   $25,386 
SI Financial Group, Inc.   1,656    24,343 
Simmons First National Corp. - Class A (a)   770    43,967 
Sterling Bancorp (a)   1,759    43,271 
Territorial Bancorp, Inc.   3,330    102,797 
Texas Capital Bancshares, Inc. (a) (b)   2,520    224,028 
Third Point Reinsurance Ltd. (b)   11,878    174,013 
TriState Capital Holdings, Inc. (b)   1,880    43,240 
United Fire Group, Inc. (a)   1,302    59,345 
Universal Insurance Holdings, Inc.   1,230    33,641 
Washington Federal, Inc.   4,955    169,709 
Waterstone Financial, Inc.   430    7,332 
Western Alliance Bancorp (b)   15,030    851,000 
Wintrust Financial Corp.   1,218    100,327 
         11,569,941 
Health Care - 3.1%          
Acorda Therapeutics, Inc. (b)   610    13,085 
Addus HomeCare Corp. (b)   189    6,577 
AMAG Pharmaceuticals, Inc. (b)   100    1,325 
Bluebird Bio, Inc. (a) (b)   245    43,634 
Emergent BioSolutions, Inc. (b)   1,412    65,615 
Exelixis, Inc. (b)   122    3,709 
Globus Medical, Inc. - Class A (a) (b)   7,360    302,496 
Haemonetics Corp. (b)   1,364    79,221 
Halyard Health, Inc. (b)   1,568    72,410 
Lantheus Holdings, Inc. (b)   1,299    26,565 
LHC Group, Inc. (b)   846    51,818 
LivaNova plc (b)   3,230    258,142 
Magellan Health, Inc. (b)   615    59,378 
Meridian Bioscience, Inc.   531    7,434 
Myriad Genetics, Inc. (a) (b)   680    23,355 
National HealthCare Corp.   978    59,599 
Owens & Minor, Inc.   720    13,594 
Retrophin, Inc. (a) (b)   161    3,392 
Syndax Pharmaceuticals, Inc. (b)   31    272 
Tivity Health, Inc. (a) (b)   2,111    77,157 

 

 

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 98.1% (Continued)  Shares   Value 
Health Care - 3.1% (Continued)        
Triple-S Management Corp. - Class B (b)   3,244   $80,613 
         1,249,391 
Industrials - 12.7%          
AeroVironment, Inc. (a) (b)   100    5,616 
Aircastle Ltd.   4,004    93,654 
Albany International Corp. - Class A   10,365    636,929 
Apogee Enterprises, Inc. (a)   4,470    204,413 
Applied Industrial Technologies, Inc.   1,475    100,448 
Astronics Corp. (b)   2,135    88,538 
Atlas Air Worldwide Holdings, Inc. (a) (b)   2,755    161,581 
Belden, Inc.   199    15,357 
Brady Corp. - Class A   1,556    58,972 
CAI International, Inc. (b)   5,596    158,478 
Casella Waste Systems, Inc. - Class A (b)   723    16,643 
Chart Industries, Inc. (a) (b)   1,858    87,066 
Comfort Systems USA, Inc.   2,253    98,343 
CSW Industrials, Inc. (b)   2,743    126,041 
Curtiss-Wright Corp.   705    85,904 
EMCOR Group, Inc.   1,827    149,358 
EnerSys   7,197    501,127 
Ennis, Inc.   8,487    176,106 
Essendant, Inc.   3,659    33,919 
Exponent, Inc.   443    31,497 
Gencor Industries, Inc. (b)   2,499    41,358 
Gibraltar Industries, Inc. (a) (b)   297    9,801 
GP Strategies Corp. (b)   10,895    252,764 
Graham Corp.   2,129    44,560 
Harsco Corp. (b)   448    8,355 
Hawaiian Holdings, Inc.   3,498    139,395 
Heidrick & Struggles International, Inc.   1,349    33,118 
Insteel Industries, Inc.   189    5,352 
Interface, Inc.   3,378    84,957 
Kelly Services, Inc. - Class A   3,785    103,217 
Kennametal, Inc.   2,021    97,837 
Kimball International, Inc. - Class B   1,608    30,021 
Layne Christensen Co. (a) (b)   1,631    20,469 

 

 

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 98.1% (Continued)  Shares   Value 
Industrials - 12.7% (Continued)        
LSC Communications, Inc.   2,144   $32,482 
LSI Industries, Inc.   1,784    12,274 
Manitowoc Company, Inc. (The) (a) (b)   453    17,821 
Meritor, Inc. (b)   2,360    55,366 
Miller Industries, Inc.   895    23,091 
Moog, Inc. - Class A (b)   557    48,375 
MRC Global, Inc. (b)   5,519    93,381 
Navistar International Corp. (b)   1,830    78,470 
Orbital ATK, Inc.   2,337    307,317 
Quad/Graphics, Inc. (a)   1,462    33,041 
Rexnord Corp. (b)   1,210    31,484 
Simpson Manufacturing Co., Inc.   1,485    85,254 
SkyWest, Inc. (a)   3,316    176,080 
SPX FLOW, Inc. (b)   1,181    56,157 
Sterling Construction Co., Inc. (b)   7,283    118,567 
Titan International, Inc.   6,400    82,432 
Titan Machinery, Inc. (b)   1,471    31,141 
Triton International Ltd.   470    17,602 
Triumph Group, Inc. (a)   1,000    27,200 
TrueBlue, Inc. (b)   126    3,465 
Tutor Perini Corp. (a) (b)   740    18,759 
Veritiv Corp. (b)   959    27,715 
Wabash National Corp.   670    14,539 
Willis Lease Finance Corp. (b)   418    10,437 
YRC Worldwide, Inc. (b)   1,072    15,415 
         5,119,059 
Information Technology - 14.1%          
ADTRAN, Inc.   2,946    57,005 
Advanced Energy Industries, Inc. (b)   1,035    69,842 
Amkor Technology, Inc. (b)   8,328    83,696 
Anixter International, Inc. (b)   360    27,360 
Benchmark Electronics, Inc. (b)   1,375    40,013 
Cabot Microelectronics Corp.   959    90,223 
CACI International, Inc. - Class A (b)   325    43,014 
ChannelAdvisor Corp. (b)   989    8,901 
Coherent, Inc. (b)   2,055    579,961 

 

 

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 98.1% (Continued)  Shares   Value 
Information Technology - 14.1% (Continued)        
Cohu, Inc.   3,964   $87,010 
Cray, Inc. (a) (b)   13,090    316,778 
Daktronics, Inc.   287    2,620 
Digi International, Inc. (b)   3,797    36,261 
Electro Scientific Industries, Inc. (a) (b)   310    6,643 
Entegris, Inc.   13,280    404,376 
Euronet Worldwide, Inc. (b)   2,365    199,298 
Insight Enterprises, Inc. (b)   3,670    140,524 
Integrated Device Technology, Inc. (b)   12,935    384,558 
Lattice Semiconductor Corp. (b)   65,455    378,330 
ManTech International Corp. - Class A   121    6,073 
Mellanox Technologies Ltd. (a) (b)   11,720    758,284 
Mitel Networks Corp. (b)   60,925    501,413 
Nanometrics, Inc. (b)   3,458    86,173 
Novanta, Inc. (b)   5,920    296,000 
NVE Corp.   1,163    100,018 
PCM, Inc. (a) (b)   322    3,188 
Photronics, Inc. (b)   4,833    41,201 
Plexus Corp. (b)   1,040    63,149 
Progress Software Corp.   1,518    64,621 
QAD, Inc. - Class A   136    5,284 
Rogers Corp. (b)   129    20,888 
Sanmina Corp. (b)   4,939    162,987 
ScanSource, Inc. (b)   1,292    46,254 
Sykes Enterprises, Inc. (b)   2,626    82,588 
SYNNEX Corp.   1,203    163,548 
Tech Data Corp. (b)   1,568    153,617 
TiVo Corp.   60    936 
TTM Technologies, Inc. (b)   2,401    37,624 
VASCO Data Security International, Inc. (a) (b)   2,328    32,359 
Vishay Intertechnology, Inc.   1,397    28,988 
XO Group, Inc. (b)   2,509    46,316 
         5,657,922 
Materials - 8.4%          
AdvanSix, Inc. (b)   380    15,987 
American Vanguard Corp.   7,059    138,709 

 

 

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 98.1% (Continued)  Shares   Value 
Materials - 8.4% (Continued)        
Bemis Company, Inc.   2,155   $102,987 
Boise Cascade Co.   11,430    456,057 
Century Aluminum Co. (a) (b)   4,671    91,738 
Coeur Mining, Inc. (a) (b)   2,166    16,245 
Deltic Timber Corp.   1,865    170,741 
FutureFuel Corp.   2,409    33,943 
Greif, Inc. - Class A   405    24,535 
Innophos Holdings, Inc.   1,168    54,581 
Kaiser Aluminum Corp.   4,277    456,998 
KMG Chemicals, Inc.   229    15,132 
Koppers Holdings, Inc. (b)   63    3,207 
Kraton Corp. (b)   126    6,069 
Louisiana-Pacific Corp. (b)   18,872    495,578 
Materion Corp.   5,668    275,465 
Neenah Paper, Inc. (a)   1,895    171,782 
Olympic Steel, Inc.   3,821    82,113 
P.H. Glatfelter Co.   11,170    239,485 
Schnitzer Steel Industries, Inc. - Class A   2,280    76,380 
Sensient Technologies Corp.   517    37,819 
Tredegar Corp. (a)   2,300    44,160 
Trinseo S.A.   2,839    206,111 
Tronox Ltd. - Class A   3,846    78,881 
UFP Technologies, Inc. (b)   1,266    35,195 
Warrior Met Coal, Inc. (a)   1,764    44,365 
         3,374,263 
Real Estate - 5.9%          
Ashford Hospitality Prime, Inc.   4,716    45,887 
Ashford Hospitality Trust, Inc.   12,522    84,273 
Brandywine Realty Trust   17,338    315,378 
Cedar Realty Trust, Inc.   13,124    79,794 
Chesapeake Lodging Trust (a)   2,713    73,495 
DiamondRock Hospitality Co.   697    7,869 
Forestar Group, Inc. (a) (b)   4,299    94,578 
Four Corners Property Trust, Inc.   1,350    34,695 
GEO Group, Inc. (The)   3,176    74,954 
Getty Realty Corp.   11,667    316,876 

 

 

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
COMMON STOCKS - 98.1% (Continued)  Shares   Value 
Real Estate - 5.9% (Continued)        
Lexington Realty Trust   4,852   $46,822 
LTC Properties, Inc.   2,170    94,504 
National Health Investors, Inc.   356    26,835 
PS Business Parks, Inc.   219    27,395 
Quality Care Properties, Inc. (b)   8,796    121,473 
Ramco-Gershenson Properties Trust   29,250    430,852 
RE/MAX Holdings, Inc. - Class A   3,302    160,147 
Sabra Health Care REIT, Inc.   18,131    340,318 
Summit Hotel Properties, Inc.   813    12,382 
         2,388,527 
Telecommunication Services - 0.0% (c)          
Boingo Wireless, Inc. (b)   130    2,925 
           
Utilities - 2.3%          
American States Water Co.   2,302    133,309 
Artesian Resources Corp. - Class A (a)   4,774    184,085 
MGE Energy, Inc.   836    52,752 
Northwest Natural Gas Co.   589    35,134 
ONE Gas, Inc.   657    48,132 
Ormat Technologies, Inc.   3,982    254,689 
Otter Tail Corp.   345    15,335 
Portland General Electric Co.   100    4,558 
South Jersey Industries, Inc. (a)   691    21,580 
Southwest Gas Holdings, Inc.   1,262    101,565 
York Water Co. (The) (a)   1,729    58,613 
         909,752 
           
Total Common Stocks (Cost $31,716,297)       $39,465,413 

 

 

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO    
SCHEDULE OF INVESTMENTS (continued)    
     
MONEY MARKET FUNDS - 4.4%  Shares   Value 
Northern Trust Institutional Government Select Portfolio - Institutional Class, 1.13% (d)    782,990   $782,990 
Northern Trust Institutional Liquid Portfolio - Institutional Class, 1.09% (d) (e)   1,001,671    1,001,671 
Total Money Market Funds (Cost $1,784,661)       $1,784,661 
           
Total Investments at Value - 102.5% (Cost $33,500,958)       $41,250,074 
           
Liabilities in Excess of Other Assets - (2.5%)        (1,025,723)
           
Net Assets - 100.0%       $40,224,351 

 

(a) This security or a partial position of this security is on loan at December 31, 2017. The total value of securities on loan at December 31, 2017 was $6,418,286 (Note 7).
(b) Non-income producing security.
(c) Percentage rounds to less than 0.1%.
(d) The rate shown is the 7-day effective yield as of December 31, 2017.
(e) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2017 was $1,001,671. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $5,625,851 (Note 7).

 

Ltd. - Limited.

plc - Public Limited Company.

 

See accompanying notes to financial statements.

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2017 (Unaudited)
 
COMMON STOCKS - 96.4%  Shares   Value 
Australia - 3.1%
AGL Energy Ltd. (a)   33,698   $638,648 
Alumina Ltd. (a)   13,804    26,017 
Amcor Ltd. (a)   8,065    96,648 
AMP Ltd. (a)   36,409    146,981 
Aristocrat Leisure Ltd. (a)   14,319    263,702 
BHP Billiton Ltd. (a)   19,810    455,104 
BlueScope Steel Ltd.   13,731    164,686 
Boral Ltd. (a)   5,676    34,365 
CIMIC Group Ltd. (a)   2,560    102,400 
Coca-Cola Amatil Ltd. (a)   30,815    204,168 
Cochlear Ltd. (a)   2,047    272,900 
Computershare Ltd. (a)   7,063    89,496 
CSL Ltd. (a)   52,442    5,763,677 
Incitec Pivot Ltd. (a)   2,032    6,158 
Insurance Australia Group Ltd. (a)   12,739    71,757 
Macquarie Group Ltd. (a)   7,378    570,713 
Medibank Private Ltd. (a)   86,055    220,397 
Newcrest Mining Ltd. (a)   1,516    26,991 
Orica Ltd. (a)   2,661    37,415 
Origin Energy Ltd. (a) (b)   130,062    952,834 
QBE Insurance Group Ltd. (a)   85,618    710,753 
Santos Ltd. (a)   6,587    27,884 
South32 Ltd. (a)   10,251    27,789 
Stockland Corp. Ltd. (a)   6,109    21,313 
Telstra Corp. Ltd. (a)   3,104    8,776 
Woolworths Ltd. (a)   2,277    48,383 
         10,989,955 
Austria - 0.1%
OMV AG (a)   6,266    396,445 
           
Belgium - 0.3%
AGEAS (a)   2,679    130,858 
Belgacom (a)   1,441    47,278 
KBC Group N.V. (a)   7,652    652,004 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.4% (Continued)  Shares   Value 
Belgium - 0.3% (Continued)
UCB S.A. (a)   3,079   $244,125 
         1,074,265 
Bermuda - 0.3%
Hongkong Land Holdings Ltd. (a)   49,400    347,472 
Jardine Matheson Holdings Ltd. (a)   300    18,202 
Kerry Properties Ltd. (a)   20,000    89,846 
Nine Dragons Paper Holdings Ltd. (a)   150,000    239,679 
Shangri-La Asia Ltd. (a)   100,000    226,459 
Yue Yuen Industrial Holdings Ltd. (a)   12,000    47,116 
         968,774 
Brazil - 1.8%
Ambev S.A. (a)   47,300    304,060 
Ambev S.A. - ADR (c)   357,463    2,309,211 
Banco Santander Brasil S.A. (a)   44,900    431,755 
Equatorial Energia S.A. (a)   3,400    67,384 
Fibria Celulose S.A. (a)   800    11,573 
Lojas Renner S.A.   4,100    43,934 
Raia Drogasil S.A. (a)   99,310    2,751,557 
Suzano Papel e Celulose S.A.   600    3,386 
Vale S.A. (a)   39,797    482,864 
         6,405,724 
Canada - 4.4%
ARC Resources Ltd.   100    1,173 
Bank of Nova Scotia (The)   2,700    174,217 
Barrick Gold Corp.   10,600    153,285 
Bombardier, Inc. - Class B (b)   7,400    17,835 
Brookfield Asset Management, Inc. - Class A   2,200    95,756 
CAE, Inc.   900    16,716 
Cameco Corp. (c)   4,200    38,787 
Canadian National Railway Co.   5,300    436,963 
Canadian Natural Resources Ltd. (c)   63,195    2,257,324 
Canadian Pacific Railway Ltd.   24,798    4,532,083 
CCL Industries, Inc.   1,600    73,917 
CI Financial Corp.   27,700    655,930 
Constellation Software, Inc.   100    60,613 
Dollarama, Inc.   22,443    2,803,612 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.4% (Continued)  Shares   Value 
Canada - 4.4% (Continued)
Empire Co. Ltd. - Class A   700   $13,636 
Encana Corp.   10,700    142,730 
Finning International, Inc.   7,900    199,324 
Franco-Nevada Corp.   2,800    223,744 
Goldcorp, Inc.   3,700    47,177 
Husky Energy, Inc. (b)   27,434    387,335 
Industrial Alliance Insurance & Financial Services, Inc.   1,000    47,582 
Keyera Corp.   1,200    33,809 
Kinross Gold Corp. (b)   17,000    73,290 
Loblaw Cos. Ltd.   1,300    70,543 
Manulife Financial Corp.   12,200    254,444 
National Bank of Canada   1,800    89,800 
Onex Corp.   100    7,333 
Restaurant Brands International, Inc.   100    6,146 
Royal Bank of Canada   7,300    596,048 
Saputo, Inc.   8,800    316,248 
Seven Generations Energy Ltd. - Class A (b)   6,100    86,270 
Shopify, Inc. - Class A (b)   2,600    262,877 
Suncor Energy, Inc.   8,900    326,709 
Teck Resources Ltd. - Class B   7,100    185,634 
TELUS Corp.   1,100    41,666 
Thomson Reuters Corp. (c)   17,200    749,599 
TransCanada Corp.   1,600    77,863 
West Fraser Timber Co. Ltd.   1,700    104,892 
         15,662,910 
Cayman Islands - 4.9%
58.com, Inc. - ADR (b)   7,273    520,529 
Alibaba Group Holding Ltd. - ADR (b) (c)   9,514    1,640,499 
ANTA Sports Products Ltd. (a)   5,000    22,678 
ASM Pacific Technology Ltd. (a)   9,100    126,245 
Autohome, Inc. - ADR (b)   1,530    98,945 
Baidu.com, Inc. - ADR (b)   17,127    4,011,314 
China Mengniu Dairy Co. Ltd. (a)   65,000    193,085 
China Resources Land Ltd. (a)   120,000    352,037 
CK Asset Holdings Ltd. (a)   35,000    305,101 
CK Hutchison Holdings Ltd. (a)   174,125    2,181,835 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.4% (Continued)  Shares   Value 
Cayman Islands - 4.9% (Continued)
Geely Automobile Holdings Ltd. (a)   10,000   $34,444 
General Interface Solution Holding Ltd. (a)   17,000    112,875 
Hengan International Group Co. Ltd. (a) (c)   16,500    182,688 
JD.com, Inc. - ADR (b) (c)   6,356    263,266 
Longfor Properties Co. Ltd. (a)   52,500    131,346 
Melco Resorts & Entertainment Ltd. - ADR   4,735    137,504 
Momo, Inc. - ADR (b) (c)   2    49 
New Oriental Education & Technology Group, Inc. - ADR   283    26,602 
Shenzhou International Group Holdings Ltd. (a)   31,000    294,647 
Sunny Optical Technology Group Co. Ltd. (a) (c)   19,000    241,248 
TAL Education Group - ADR   1,974    58,648 
Tencent Holdings Ltd. (a)   117,455    6,079,222 
Weibo Corp. - ADR (b) (c)   2,518    260,512 
YY, Inc. - ADR (b)   2,800    316,568 
         17,591,887 
Chile - 0.2%
Compania Cervecerias Unidas S.A. (a) (b)   15,509    232,409 
Empresas Copec S.A. (a)   15,094    238,247 
Sociedad Quimica y Minera de Chile S.A. (a)   1,858    110,225 
         580,881 
China - 0.9%
Agricultural Bank of China Ltd. - H Shares (a)   893,000    415,012 
Aluminum Corp. of China Ltd. - H Shares (a) (b)   226,000    161,334 
China Construction Bank Corp. - H Shares (a)   1,040,000    957,374 
China Life Insurance Co. Ltd. (a)   67,000    208,940 
China Shenhua Energy Co. Ltd. - H Shares (a)   171,000    441,768 
China Vanke Co. Ltd. - H Shares (a)   6,900    27,458 
Jiangxi Copper Co. Ltd. (a)   64,000    101,266 
PetroChina Co. Ltd. - H Shares (a)   492,000    342,110 
Sinopec Shanghai Petrochemical Co. Ltd. (a)   362,000    205,789 
Travelsky Technology Ltd.   15,000    45,022 
Weichai Power Co. Ltd. - H Shares (a)   158,000    172,609 
Yanzhou Coal Mining Co. Ltd. - H Shares (a)   62,000    72,304 
         3,150,986 
Colombia - 0.1%
Ecopetrol S.A.   345,492    256,066 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.4% (Continued)  Shares   Value 
Curacao - 0.9%
Schlumberger Ltd.   45,846   $3,089,561 
           
Denmark - 3.7%
A.P. Moeller-Maerska A/S - Series A (a)   41    68,305 
Carlsberg A/S - Series B (a)   22,421    2,689,049 
Chr. Hansen Holding A/S (a)   40,176    3,766,476 
Coloplast A/S - Series B (a)   22,690    1,803,810 
Danske Bank A/S (a)   15,609    607,514 
Genmab A/S (a) (b)   1,657    274,407 
H. Lundbeck A/S (a)   3,005    152,382 
Novo Nordisk A/S - Class B (a)   5,347    287,314 
Novozymes A/S - Class B (a)   57,770    3,297,829 
William Demant Holding A/S (a) (b)   5,321    148,623 
         13,095,709 
Finland - 0.4%
Nokian Renkaat OYJ (a)   8,069    366,066 
Orion OYJ - Class B (a)   5,345    199,274 
Stora Enso OYJ (a)   7,262    115,042 
UPM-Kymmene OYJ (a)   26,637    826,879 
         1,507,261 
France - 8.3%
Alstom S.A. (a)   14,022    581,192 
Atos SE (a)   4,592    667,582 
AXA S.A. (a)   91,048    2,697,845 
Carrefour S.A. (a)   96,419    2,078,679 
Cie Generale des Etablissements Michelin (a)   928    132,745 
CNP Assurances (a)   13,642    314,661 
Dassault Systemes S.A. (a)   318    33,763 
Engie S.A. (b)   154,030    2,647,811 
Essilor International S.A. (a)   37,796    5,205,690 
Hermes International (a)   6,150    3,289,838 
LVMH Moet Hennessy Louis Vuitton SE (a)   16,127    4,733,007 
Orange S.A. (a)   129,734    2,248,230 
Peugeot S.A. (a)   8,095    164,407 
SCOR SE (a)   5,758    231,417 
Sodexo S.A. (a)   1,820    243,968 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.4% (Continued)  Shares   Value 
France - 8.3% (Continued)
Total S.A. (a) (b)   33,916   $1,872,021 
Total S.A.   35,040    1,937,011 
Unibail-Rodamco SE (a)   1,647    414,440 
Vinci S.A. (a)   772    78,809 
         29,573,116 
Germany - 4.6%
adidas AG (a)   16,343    3,268,188 
Allianz SE (a)   2,654    607,317 
BASF SE (a)   2,187    239,746 
Bayer AG (a)   18,820    2,338,459 
Beiersdorf AG (a)   656    76,899 
Brenntag AG (a)   5,632    355,035 
Continental AG (a)   561    150,830 
Deutsche Boerse AG (a)   21,747    2,516,930 
Deutsche Post AG (a)   10,860    516,176 
E.ON SE (a) (b)   206,985    2,242,758 
Fresenius SE & Co. KGaA (a)   2,668    207,480 
FUCHS PETROLUB SE (a)   846    44,793 
Hannover Rueck SE (a)   2,360    296,073 
Hochtief AG (a)   2,010    354,954 
Linde AG (a)   558    120,930 
MAN SE (a)   3,698    423,135 
Metro Wholesale Food Specialist AG (a) (b)   5,257    104,705 
Muenchener Rueckversicherungs-Gesellschaft AG (a)   3,936    849,915 
Porsche Automobil Holding SE (a)   3,730    311,694 
SAP SE (a)   7,707    862,159 
Siemens AG (a)   931    128,894 
Volkswagon AG (a)   727    146,704 
Vonovia SE (a)   1,050    52,021 
         16,215,795 
Greece - 0.0%
JUMBO S.A. (a)   5,237    93,525 
           
Hong Kong - 2.8%
AIA Group Ltd. (a)   836,000    7,110,712 
Boc Hong Kong (Holdings) Ltd. (a)   50,500    255,215 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.4% (Continued)  Shares   Value 
Hong Kong - 2.8% (Continued)
China Mobile Ltd. (a)   20,000   $202,241 
China Overseas Land & Investment Ltd. (a)   188,000    603,456 
CNOOC Ltd. (a)   232,000    333,063 
Galaxy Entertainment Group Ltd. (a)   19,000    151,692 
Guangdong Investment Ltd. (a)   52,000    69,524 
Hang Lung Group Ltd. (a)   38,000    139,717 
Hang Lung Properties Ltd. (a)   61,000    148,594 
Hong Kong Exchanges & Clearing Ltd. (a)   4,100    125,412 
Sino-Ocean Group Holding Ltd. (a)   306,000    210,715 
Swire Pacific Ltd. - Class A (a)   10,500    97,149 
Swire Properties Ltd. (a)   64,600    208,143 
Wheelock & Co. Ltd. (a)   38,000    270,873 
         9,926,506 
Hungary - 0.1%
MOL Hungarian Oil & Gas plc (a)   14,318    165,987 
OTP Bank plc (a)   71    2,932 
Richter Gedeon Nyrt (a)   754    19,717 
         188,636 
India - 2.3%
Bosch Ltd. (a)   332    104,694 
HDFC Bank Ltd. - ADR   41,569    4,226,319 
JSW Steel Ltd. (a)   1,892    7,974 
Maruti Suzuki India Ltd. (a)   1,753    266,813 
Reliance Industries Ltd. (a)   13,013    187,493 
Tata Motors Ltd. - ADR (b)   77,650    2,567,886 
Titan Co. Ltd. (a)   24,663    331,339 
UltraTech Cement Ltd. (a)   1,885    127,385 
United Spirits Ltd. (a) (b)   1,313    75,326 
Yes Bank Ltd. (a)   26,198    129,016 
         8,024,245 
Indonesia - 0.1%
Bank Danamon Indonesia Tbk PT (a)   236,500    121,102 
Charoen Pokphand Indonesi Pt (a) (b)   158,300    34,986 
Telekomunikasi Indonesia Persero Tbk PT (a)   167,500    54,808 
Unilever Indonesia Tbk PT (a)   69,700    286,998 
         497,894 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.4% (Continued)  Shares   Value 
Ireland - 2.7%
Accenture plc - Class A   31,053   $4,753,903 
ICON plc (b)   25,037    2,807,900 
Ryanair Holdings plc - ADR (b)   21,172    2,205,911 
         9,767,714 
Isle Of Man - 0.1%
Genting Singapore plc (a)   448,400    437,909 
           
Israel - 0.2%
Bank Leumi Le-Israel BM (a)   73,260    440,973 
Check Point Software Technologies Ltd. (b)   2,526    261,744 
         702,717 
Italy - 1.8%
Assicurazioni Generali SpA (a)   11,254    204,824 
Enel SpA (a)   8,923    54,866 
Eni SpA (a)   2,458    40,672 
Intesa Sanpaolo SpA (a)   703,100    2,332,613 
Luxottica Group SpA (a)   36,960    2,267,983 
Mediobanca SpA (a)   26,022    294,826 
Recordati SpA (a)   11,361    504,840 
Snam SpA (a)   45,749    224,038 
Terna Rete Elettrica Nazionale SpA (a)   59,389    345,206 
         6,269,868 
Japan - 14.6%
Aeon Co. Ltd. (a) (b)   20,700    349,130 
Aisin Seiki Co. Ltd.   700    39,322 
Alps Electric Co. Ltd. (a) (b)   1,600    45,509 
Amada Holdings Co. Ltd. (a)   24,600    333,966 
Asahi Glass Co. Ltd. (a)   500    21,610 
Asahi Kasei Corp. (a) (b)   1,300    16,729 
Astellas Pharma, Inc. (a)   31,100    395,037 
Bridgestone Corp. (a)   3,200    148,090 
Canon, Inc. (a)   21,800    812,154 
Central Japan Railway Co. (a)   3,400    608,412 
Daifuku Co. Ltd. (a) (b)   1,800    97,787 
Dai-ichi Life Insurance Holdings, Inc. (a)   2,800    57,541 
Daikin Industries Ltd. (a)   3,600    425,349 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.4% (Continued)  Shares   Value 
Japan - 14.6% (Continued)
Denso Corp. (a)   4,000   $239,614 
Disco Corp. (a)   300    66,486 
Fast Retailing Co. Ltd. (a)   6,700    2,663,775 
Fuji Electric Co. Ltd. (a)   7,000    52,582 
Hachijuni Bank Ltd. (The) (a)   21,400    122,276 
Hitachi Chemical Co. Ltd. (a) (b)   11,200    286,761 
Hitachi High Technologies Corp.   7,200    303,501 
Hitachi Ltd. (a)   50,000    387,876 
Hoshizaki Corp. (a)   600    53,152 
Idemitsu Kosan Co. Ltd. (a) (b)   3,100    124,162 
INPEX Corp. (a)   18,200    226,497 
Japan Airlines Co. Ltd. (a)   10,700    418,010 
Japan Exchange Group, Inc. (a) (b)   23,100    400,753 
Japan Post Bank Co. Ltd. (a)   8,500    110,386 
JTEKT Corp. (a)   1,400    23,986 
JX Holdings, Inc. (a)   18,300    117,591 
Kajima Corp. (a)   20,000    192,141 
Kamigumi Co. Ltd. (a)   3,500    77,341 
Kao Corp. (a)   2,300    155,396 
Keyence Corp. (a)   9,660    5,395,900 
Kikkoman Corp. (a)   1,200    48,523 
Koito Manufacturing Co. Ltd. (a)   10,300    721,074 
Komatsu Ltd. (a)   69,100    2,497,032 
Konami Corp. (a) (b)   2,300    126,471 
Kuboto Corp. (a)   11,800    230,781 
Kurita Water Industries Ltd. (a)   5,200    168,577 
Kyocera Corp. (a)   3,000    195,844 
Lion Corp. (a)   6,900    130,412 
Maruichi Steel Tube Ltd. (a)   2,600    75,967 
Mebuki Financial Group, Inc. (a) (b)   28,200    119,122 
MEIJI Holdings Co. Ltd. (a)   3,100    263,814 
MINEBEA MITSUMI, Inc. (a) (b)   10,800    225,237 
Mitsubishi Chemical Holdings Corp. (a) (b)   8,200    89,716 
Mitsubishi Corp. (a)   400    11,029 
Mitsubishi Electric Corp. (a)   15,800    261,824 
Mitsubishi Estate Co. Ltd. (a)   130,800    2,270,884 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.4% (Continued)  Shares   Value 
Japan - 14.6% (Continued)
Mitsubishi Gas Chemical Co. (a) (b)   4,500   $128,846 
Mitsubishi UFJ Financial Group, Inc. (a)   32,500    236,513 
Mitsui Chemicals, Inc. (a) (b)   1,400    44,890 
Mizuho Financial Group, Inc. (a)   128,200    231,777 
MS&AD Insurance Group Holdings, Inc. (a)   19,300    650,940 
NGK Insulators Ltd. (a) (b)   2,600    48,972 
Nikon Corp. (a)   10,400    209,263 
Nintendo Company Ltd (a)   500    180,032 
Nippon Electric Glass Co. Ltd. (a)   1,000    38,058 
Nippon Paint Holdings Co. Ltd. (a)   1,500    47,390 
Nissan Motor Co. Ltd. (a)   6,200    61,722 
Nitto Denko Corp. (a)   1,600    141,505 
Nomura Holdings, Inc. (a)   3,200    18,756 
Nomura Research Institute Ltd. (a)   2,667    123,782 
OJI Holdings Corp. (a)   18,000    119,525 
Otsuka Holdings Co. Ltd. (a)   46,600    2,043,564 
Panasonic Corp. (a)   258,348    3,769,975 
Pola Orbis Holdings, Inc. (a)   4,100    143,654 
Rakuten, Inc. (a)   5,900    53,925 
Recruit Holdings Co. Ltd. (a) (b)   24,700    613,246 
Resona Holdings, Inc. (a)   9,000    53,624 
Secom Co. Ltd. (a)   40,900    3,085,340 
Seven & i Holdings Co. Ltd. (a)   55,900    2,315,531 
Sharp Corp. (a) (b) (c)   8,500    290,921 
Shimadzu Corp. (a)   500    11,342 
Shimamura Co. Ltd. (a)   2,400    263,640 
Shin-Etsu Chemical Co. Ltd. (a)   7,600    769,987 
Shionogi & Co. Ltd. (a)   10,000    540,301 
Shiseido Company Ltd. (a)   7,300    351,720 
Showa Shell Sekiyu KK (a)   19,200    259,790 
Sompo Holdings, Inc. (a)   2,900    111,932 
Sony Corp. (a)   34,300    1,539,346 
Sumitomo Chemical Co. Ltd. (a)   10,000    71,550 
Sumitomo Heavy Industries Ltd. (a)   400    16,853 
Sumitomo Mitsui Financial Group, Inc. (a)   93,900    4,047,154 
Sumitomo Rubber Industries Ltd. (a)   1,400    25,944 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.4% (Continued)  Shares   Value 
Japan - 14.6% (Continued)
Sundrug Co. Ltd. (a)   3,300   $153,061 
Suntory Beverage & Food Ltd. (a)   6,600    293,475 
Suruga Bank Ltd. (a) (b)   400    8,552 
Suzuki Motor Corp. (a) (b)   2,700    156,272 
Sysmex Corp. (a)   32,955    2,587,430 
T&D Holdings, Inc. (a)   11,700    199,590 
Taisei Corp. (a)   2,600    129,289 
Takeda Pharmaceutical Co. Ltd. (a)   200    11,323 
TDK Corp. (a)   4,400    349,641 
Tokio Marine Holdings, Inc. (a)   5,500    250,135 
Tokyo Electron Ltd. (a)   1,200    216,448 
Toray Industries Inc (a) (b)   238,700    2,246,520 
Tosoh Corp. (b)   17,200    389,837 
Toyo Suisan Kaisha Ltd. (a)   200    8,537 
Toyoda Gosei Co. Ltd. (a)   6,400    162,365 
         52,028,914 
Jersey - 1.6%
Experian plc (a)   228,707    5,040,967 
Glencore plc (a)   96,152    503,221 
         5,544,188 
Korea (Republic of) - 1.6%
Celltrion, Inc. (a) (b)   1,383    286,285 
Dongbu Insurance Co. Ltd. (a) (b)   4,080    272,120 
Hana Financial Group, Inc. (a)   23,219    1,082,975 
Hanmi Pharmaceutical Co. Ltd. (a) (b)   94    51,266 
Hanwha Chemical Corp. (a)   1,609    47,632 
Hanwha Life Insurance Co. Ltd. (a)    22,115    143,038 
Hyundai Marine & Fire Insurance Co. Ltd. (a)   843    37,099 
KB Financial Group, Inc. (a)   4,103    243,666 
KT&G Corp. (a)   1,536    166,070 
LG Chem Ltd. (a)   340    129,009 
LG Corp. (a) (b)   189    16,117 
Samsung Electronics Co. Ltd. (a)   954    2,274,439 
Samsung SDS Co. Ltd. (a) (b)   160    29,936 
Shinhan Financial Group Co. Ltd. (a)   7,842    363,214 
SK Innovation Co. Ltd. (a)   2,253    431,289 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.4% (Continued)  Shares   Value 
South Korea - 1.6% (Continued)
Woori Bank (a)   19,776   $291,717 
         5,865,872 
Luxembourg - 1.0%
ArcelorMittal (a)   109,153    3,541,015 
           
Malaysia - 0.1%
AirAsia Berhad (a)   65,400    53,852 
Genting Berhad (a)   42,400    95,801 
Petronas Dagangan Berhad (a)   25,000    148,731 
Sime Darby Berhad (a)   45,100    24,469 
         322,853 
Mexico - 0.8%
Mexichem S.A.B. de C.V.   1,900    4,703 
Wal-Mart de Mexico S.A.B. de C.V.   1,139,575    2,794,818 
         2,799,521 
Netherlands - 6.5%
Aegon N.V. (a)   25,755    163,634 
AerCap Holdings N.V. (b)   72,057    3,790,919 
Airbus SE (a)   22,801    2,265,950 
Akzo Nobel N.V. (a)   4,507    395,438 
ASML Holding N.V. (a)   3,963    688,949 
CNH Industrial N.V. (a)   52,990    708,876 
Core Laboratories N.V. (c)   24,883    2,725,933 
Exor N.V. (a)   825    50,571 
Ferrari N.V. (a)   23,620    2,474,725 
Fiat Chrysler Automobiles N.V. (a)   981    17,513 
Koninklijke DSM N.V. (a)   29,016    2,771,514 
Koninklijke KPN N.V. (a)   710,501    2,480,373 
NN Group N.V. (a)   8,338    360,621 
Randstad Holding N.V. (a)   5,175    317,509 
STMicroelectronics N.V. (a)   9,450    206,127 
Unilever N.V. (a)   3,359    189,108 
Wolters Kluwer N.V. (a)   6,526    340,173 
Yandex N.V. - Class A (b)   96,789    3,169,840 
         23,117,773 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.4% (Continued)  Shares   Value 
New Zealand - 0.0%
Auckland International Airport Ltd. (a)   2,531   $11,617 
           
Norway - 0.9%
DNB ASA (a)   144,985    2,683,940 
Marine Harvest ASA - ADR (a) (c)   8,964    151,590 
Norsk Hydro ASA (a)   4,109    31,150 
Orkla ASA (a)   12,145    128,705 
Statoil ASA (a)   8,632    184,802 
         3,180,187 
Philippines - 0.1%
Ayala Land, Inc. (a)   254,500    226,675 
PLDT, Inc. (a)   4,280    126,750 
SM Prime Holdings, Inc. (a)   9,600    7,197 
         360,622 
Poland - 0.2%
CCC S.A. (a)   1,876    153,396 
Cyfrowy Polsat S.A. (a)   20,618    147,000 
Grupa Lotos S.A. (a)   9,699    160,461 
PGE Polska Grupa Energetyczna S.A. (a)   39,048    134,949 
Polski Koncern Naftowy Orlen S.A. (a)   2,370    72,030 
Polskie Gornictwo Naftowe I Gazownictwo S.A. (a)   61,495    111,053 
         778,889 
Portugal - 0.1%
Jeronimo Martins SGPS S.A. (a)   11,358    220,559 
           
Russia Federation - 0.5%
MMC Norilsk Nickel PJSC   6,033    1,135,931 
Novolipetsk Steel PJSC   122,270    312,375 
Severstal PJSC   18,200    280,272 
         1,728,578 
Singapore - 1.1%
Capitaland Ltd. (a)   13,900    36,565 
DBS Group Holdings Ltd. (a)   173,810    3,214,720 
Hutchinson Port Holdings Trust (a)   181,800    75,264 
Oversea-Chinese Banking Corp. Ltd. (a)   6,100    56,351 
Sats Ltd. (a)   34,500    133,947 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.4% (Continued)  Shares   Value 
Singapore - 1.1% (Continued)
Singapore Exchange Ltd. (a)   79,500    441,438 
Singapore Technologies Engineering Ltd. (a)   3,300    8,028 
Yangzijiang Shipbuildings Holdings Ltd. (a)   31,800    34,868 
         4,001,181 
South Africa - 0.4%
Aspen Pharmacare Holdings Ltd. (a)   30,022    672,816 
Capitec Bank Holdings Ltd. (a)   2,819    249,811 
Exxaro Resources Ltd. (a)   3,215    42,147 
Fortress REIT Ltd. (a)   33,620    114,430 
Growthpoint Properties Ltd. (a)   5,230    11,673 
Mondi Ltd. (a)   475    12,236 
Naspers Ltd. (a)   530    146,810 
Standard Bank Group Ltd. (a)   8,565    134,833 
Vodacom Group Ltd. (a)   12,143    142,377 
         1,527,133 
Spain - 3.0%
ACS Actividades de Construccion y Servicios S.A. (a)   68,758    2,685,735 
Amadeus IT Group S.A. (a)   14,442    1,039,205 
Banco Bilbao Vizcaya Argentaria S.A. (a)   71,081    604,016 
Banco Bilbao Vizcaya Argentaria S.A. - ADR (c)   250,525    2,129,462 
Banco Santander S.A. (a)   127,425    835,365 
Bankinter S.A. (a)   52,845    499,861 
CaixaBank S.A. (a)   147,745    686,789 
Iberdrola S.A. (a)   34,851    269,772 
Industria de Diseno Textil S.A. (a)   40,828    1,419,556 
Repsol S.A. (a)   25,485    449,941 
Telefonica S.A. (a)   5,504    53,593 
         10,673,295 
Sweden - 1.6%
Alfa Laval AB (a)   4,786    113,204 
Atlas Copco AB - A Shares (a)   92,300    3,983,271 
Boliden AB (a)   6,678    228,370 
Electrolux AB - Series B (a)   5,313    171,053 
Investor AB - B Shares (a)   619    28,231 
Kinnevik AB - Series B (a)   10,912    368,723 
SKF AB - B Shares (a)   24,690    548,503 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.4% (Continued)  Shares   Value 
Sweden - 1.6% (Continued)
Svenska Handelsbanken AB (a)   5,113   $69,874 
Telia Co. AB (a)   13,032    58,088 
Volvo AB - B Shares (a)   2,314    43,091 
         5,612,408 
Switzerland - 6.2%
Adecco Group AG (a)   7,211    551,133 
Chubb Ltd.   31,580    4,614,785 
Compagnie Financiere Richemont S.A. (a)   3,656    331,157 
Geberit AG (a)   585    257,529 
Givaudan S.A. (a)   57    131,682 
Julius Baer Group Ltd. (a)   39,757    2,431,522 
Nestlé S.A. (a)   56,987    4,900,133 
Novartis AG (a)   3,408    286,827 
Partners Group Holding AG (a) (c)   1,438    985,429 
Roche Holdings AG (a)   12,087    3,056,639 
Schindler Holding AG (a)   1,039    238,990 
SGS S.A. (a)   120    312,883 
Sika AG (a)   332    2,634,412 
Straumann Holding AG (a)   208    146,752 
Swatch Group AG (The) (a)   158    12,053 
Swiss Life Holding AG (a) (b)   1,012    357,760 
Swiss Prime Site AG (a)   2,523    233,090 
Swiss Re AG (a)   6,262    585,699 
         22,068,475 
Taiwan - 1.7%
Catcher Technology Co. Ltd. (a)   59,000    647,560 
China Insurance Co. Ltd. (a)   99,940    100,424 
Formosa Chemicals & Fibre Corp. (a)   94,000    324,830 
Formosa Petrochemical Corp. (a)   12,000    46,491 
Foxconn Technology Co. Ltd. (a)   15,301    43,682 
Phison Electronics Corp. (a)   16,000    156,582 
Taiwan Semiconductor Manufacturing Co. Ltd.   62,450    482,406 
Taiwan Semiconductor Manufacturing Co. Ltd. (c)   105,071    4,166,065 
         5,968,040 
Thailand - 0.1%
Advanced Info Service plc (a)   14,000    82,050 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.4% (Continued)  Shares   Value 
Thailand - 0.1% (Continued)
PTT Exploration & Production PCL N.V. (a)   7,900   $24,225 
Thai Oil Public Co. Ltd. (a)   24,700    78,428 
         184,703 
Turkey - 0.1%
Bimas Birlesik Magazalar A/S (a)   9,035    185,807 
Eregli Demir ve Celik Fabrikalari TAS (a)   26,286    69,357 
Ford Otomotiv Sanayi A/S (a)   807    12,822 
Tofas Turk Otomobil Fabrika A/S (a)   6,309    54,907 
Turk Telekomunikasyon A/S (a) (b)   23,300    39,530 
Turkiye Garanti Bankasi A/S (a)   23,368    66,036 
Turkiye Petrol Rafinerileri A/S (a)   1,007    32,272 
Ulker Biskuvi Sanayi A/S (a)   2,289    11,869 
         472,600 
United Kingdom - 10.0%
3i Group plc (a)   26,338    324,228 
Anglo American plc (a) (c)   10,065    209,260 
AstraZeneca plc (a)   1,891    130,481 
BAE Systems plc (a)   301,139    2,326,536 
Barclays plc (a)   153,294    419,593 
Barratt Developments plc (a)   15,024    131,052 
BHP Billiton plc (a)   186,259    3,765,959 
BP plc (a)   13,205    92,630 
British American Tobacco plc (a)   63,402    4,285,600 
BT Group plc (a)   93,282    341,881 
Bunzl plc (a)   4,304    120,246 
Burberry Group plc (a)   1,766    42,575 
Centrica plc (a)   81,282    150,771 
Compass Group plc (a)   209,024    4,506,706 
Croda International plc (a)   10,052    599,185 
Diageo plc (a)   18,610    682,090 
G4S plc (a)   83,685    301,169 
GlaxoSmithKline plc (a)   13,565    240,208 
HSBC Holdings plc - ADR (c)   48,374    2,498,033 
InterContinental Hotels Group plc   1,501    95,627 
Legal & General Group plc (a)   16,205    59,656 
Lloyds TSB Group plc (a)   2,551,905    2,339,545 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.4% (Continued)  Shares   Value 
United Kingdom - 10.0% (Continued)
London Stock Exchange Group plc (a)   1,143   $58,457 
Mondi plc (a)   6,713    174,450 
Old Mutual plc (a)   5,602    17,496 
Persimmon plc (a)   1,574    58,146 
Prudential plc (a)   9,643    246,943 
Reckitt Benckiser Group plc (a)   55,477    5,175,282 
Rolls-Royce Holdings plc (a)   8,753    99,889 
Royal Dutch Shell plc - Class A (c)   37,967    2,532,779 
Smith & Nephew plc (a)   12,082    209,042 
Smith & Nephew plc - ADR (c)   58,001    2,030,614 
Standard Chartered plc (a)   39,724    417,136 
Standard Life plc (a)   8,759    51,517 
Taylor Wimpey plc (a) (b)   64,494    179,424 
Tesco plc (a) (b)   210,959    596,789 
Unilever plc   2,396    133,449 
         35,644,445 
United States - 0.1%
Southern Copper Corp. (c)   4,758    225,767 
Yum China Holdings, Inc.   7,337    293,627 
         519,394 
           
Total Common Stocks (Cost $277,042,617)       $342,640,611 
           
PREFERRED STOCKS - 0.3%   Shares    Value 
Brazil - 0.2%
Banco Bradesco S.A. (a)   57,900   $591,302 
Petroleo Brasileiro S.A. (a) (b)   16,700    81,164 
         672,466 
South Korea - 0.1%
Samsung Electronics Co. Ltd. (a)   162    316,569 
           
Total Preferred Stocks (Cost $850,747)       $989,035 

 

 

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
 
RIGHTS - 0.0%  Shares   Value 
Spain - 0.0%        
Repsol SA (Cost $-)   25,485   $11,588 
           
Money Market Funds - 4.4%   Shares    Value 
Northern Trust Institutional Government Select Portfolio - Institutional Class, 1.13% (d)   10,252,870   $10,252,870 
Northern Trust Institutional Liquid Portfolio - Institutional Class, 1.09% (d) (e)   5,530,010    5,530,010 
           
Total Money Market Funds (Cost $15,782,880)       $15,782,880 
           
Total Investments at Value - 101.1% (Cost $293,676,244)       $359,424,114 
           
Liabilities in Excess of Other Assets - (1.1%)        (4,112,086)
           
Net Assets - 100.0%       $355,312,028 

 

(a)Level 2 security (Note 2).
(b)Non-income producing security.
(c)This security or a partial position of this security is on loan at December 31, 2017. The total value of securities on loan at December 31, 2017 was $19,812,414 (Note 7).
(d)The rate shown is the 7-day effective yield as of December 31, 2017.
(e)This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2017 was $5,530,010. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $14,820,487 (Note 7).

 

ADR - American Depositary Receipt.

Ltd. - Limited.

plc - Public Limited Company.

 

See accompanying notes to financial statements.

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Shareholders of Wilshire Large Company Growth Portfolio, Wilshire Large Company Value Portfolio, Wilshire Small Company Growth Portfolio, Wilshire Small Company Value Portfolio, Wilshire 5000 IndexSM Fund, Wilshire International Equity Fund and

Board of Directors of Wilshire Mutual Funds, Inc.

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities, including the condensed schedules of investments, of Wilshire Mutual Funds, Inc. comprising Wilshire Large Company Growth Portfolio, Wilshire Large Company Value Portfolio, Wilshire Small Company Growth Portfolio, Wilshire Small Company Value Portfolio, Wilshire 5000 IndexSM Fund, and Wilshire International Equity Fund (six of the seven Funds constituting the Wilshire Mutual Funds, Inc., hereafter referred to as the "Funds") and the schedules of investments (included in Item 6 of Form N-CSR) as of December 31, 2017, and the related statements of operations and changes in net assets, including the related notes, and financial highlights for the year then ended (included in Item 1 of Form N-CSR), (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds identified above as of December 31, 2017, the results of their operations, changes in their net assets, and financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

 

The Funds' financial statements and financial highlights for the years ended December 31, 2016 and prior, were audited by other auditors whose report dated February 28, 2017, expressed an unqualified opinion on those financial statements and highlights.

 

Basis for Opinion

 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

 

Our audit includes performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and confirmation of securities owned as of December 31, 2017, by correspondence with the custodian, counterparties and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

 

We have served as the Funds' auditor since 2017.

 

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 28, 2018

 

 

(b)Not applicable

 

Item 7.Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable

 

Item 8.Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable

 

Item 9.Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable

 

Item 10.Submission of Matters to a Vote of Security Holders.

 

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors since the Registrant last disclosed such procedures in the definitive proxy statement filed with the SEC on March 29, 2011.

 

 

 

Item 11.Controls and Procedures.

 

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12.Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable

 

Item 13.Exhibits.

 

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

 

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto

 

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto

 

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable

 

(a)(4) Change in the registrant’s independent public accountants. Not applicable

 

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

 

Exhibit 99.CODE ETH Code of Ethics

 

Exhibit 99.CERT Certifications required by Rule 30a-2(a) under the Act

 

Exhibit 99.906CERT Certifications required by Rule 30a-2(b) under the Act

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) Wilshire Mutual Funds, Inc.    
       
By (Signature and Title)* /s/ Jason A. Schwarz  
    Jason A. Schwarz, President and Principal Executive Officer  
       
Date March 12, 2018    
       
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
       
By (Signature and Title)* /s/ Jason A. Schwarz  
    Jason A. Schwarz, President and Principal Executive Officer  
       
Date March 12, 2018    
       
By (Signature and Title)* /s/ Michael Wauters  
    Michael Wauters, Treasurer, Principal Financial Officer and Principal Accounting Officer  
       
Date March 12, 2018    

 

*Print the name and title of each signing officer under his or her signature.