N-CSR 1 fp0050868_ncsr.htm

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)

Wilshire Mutual Funds, Inc.

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)

(310) 451-3051

Registrant's telephone number, including area code

Date of fiscal year end: December 31, 2019

Date of reporting period: December 31, 2019

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 Index^sm Fund

Wilshire International Equity Fund

Wilshire Income Opportunities Fund

December 31, 2019

http://advisor.wilshire.com

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Portfolios’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Portfolios or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Portfolios electronically by contacting the Portfolios at (866) 591-1568 or, if you own these shares through a financial intermediary, by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. You can inform the Portfolios that you wish to continue receiving paper copies of your shareholder reports by contacting the Portfolios at (866) 591-1568. If you own shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this document to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex or at your financial intermediary.

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 Index^SM Fund	20
Wilshire International Equity Fund	24
Wilshire Income Opportunities Fund	30
Disclosure of Fund Expenses	34
Schedule of Investments/Condensed Schedules of Investments:
Large Company Growth Portfolio	37
Large Company Value Portfolio	39
Small Company Growth Portfolio	41
Small Company Value Portfolio	43
Wilshire 5000 Index^SM Fund	45
Wilshire International Equity Fund	47
Wilshire Income Opportunities Fund	51
Statements of Assets and Liabilities	107
Statements of Operations	110
Statements of Changes in Net Assets	112
Financial Highlights:
Large Company Growth Portfolio	116
Large Company Value Portfolio	118
Small Company Growth Portfolio	120
Small Company Value Portfolio	122
Wilshire 5000 Index^SM Fund	124
Wilshire International Equity Fund	126
Wilshire Income Opportunities Fund	128
Notes to Financial Statements	130
Report of Independent Registered Public Accounting Firm	157
Additional Fund Information	158
Tax Information	162
Board Approval of Advisory Agreement	164
Board Approval of Subadvisory Agreements	171

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 Index^SM 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 Compass 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 (the “Funds”). This report covers the period from January 1, 2019 to December 31, 2019, for all share classes of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index^SM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund.

Market Environment

U.S. Equity Market

The U.S. stock market, represented by the Wilshire 5000 Total Market Index^SM, was up 9.08% for the fourth quarter of 2019 and 31.02% for the year. This marks the strongest year for U.S. equities since 2013. In January 2020, the U.S. and China has agreed to terms on a “Phase One” trade deal that will reduce U.S. tariffs and increase Chinese purchases of some U.S. products, easing 18-month trade tension between the world’s two biggest economies.

Sector returns for the Wilshire 5000 Total Market Index were all positive for 2019. Information Technology (+49.68%), Communication Services (+32.60%), and Financials (+31.60%) were the best performing sectors while Energy (+10.84%) and Health Care (+21.37%) were the laggards. For the year, large capitalization stocks outperformed small caps with the Wilshire U.S. Large-Cap Index^SM returning 31.51% versus 26.21% for the Wilshire U.S. Small-Cap Index^SM. Growth stocks again led value equities during the quarter and extended the outperformance for the past twelve months.

International Equity Market

Equity markets outside of the U.S. produced very strong results in 2019, although they generally underperformed the U.S. equity market. News out of Britain was mixed, with notable economic weakness in the manufacturing and services sectors. However, consumer sentiment surveys improved after a fourth quarter election resulted in strong support for a pro-Brexit government. Conditions in Germany are quite similar, with signs of economic weakness but improving sentiment. Japan experienced its fourth consecutive quarter of expansion, while also beating forecasts, due mostly to capital expenditures and private consumption. Emerging Markets were up, in aggregate, for the quarter, but generally trailed developed markets for the year. China benefitted from good news on the trade front although the country’s economic growth has cooled to near 30-year lows.

Bond Market

The U.S. Treasury yield curve fell in the short portion of the curve, but rose across intermediate and long-term maturities. The largest increase occurred with the 20-year Treasury, which was up 31 basis points during the quarter. The 10-year Treasury yield ended the quarter at 1.92%, up 24 basis points from September. The Federal Open Market Committee decreased its overnight rate by 0.25% at the October meeting. The committee members are nearly unanimous about not changing rates during 2020 after being evenly split regarding future changes entering the fourth quarter. For the year, the Bloomberg Barclays U.S Aggregate Bond Index, Bloomberg Barclays Credit Index and Bloomberg Barclays Corporate High Yield Index returned 8.72%, 13.80% and 14.32%, respectively.

Fund Performance Review

The Large Company Growth Portfolio - Institutional Class returned 29.02%, underperforming the Russell 1000 Growth Index by 7.37%. The Large Company Value Portfolio - Institutional Class returned 23.99%, underperforming the Russell 1000 Value Index by 2.55%. The Small Company Growth Portfolio - Institutional Class returned 27.56%, underperforming the Russell 2000 Growth Index by 0.92%. The Small Company Value Portfolio - Institutional Class returned 21.60%, underperforming the Russell 2000 Value Index by 0.79%. The Wilshire 5000 Index Fund - Institutional Class returned 30.08%, underperforming the Wilshire 5000 Total Market Index by 0.94%. The Wilshire International Equity Fund -

Wilshire Mutual Funds, Inc.

Letter to Shareholders (Unaudited) - (Continued)

Institutional Class returned 23.81%, outperforming the MSCI All Country World ex-U.S. Index by 2.30%. The Wilshire Income Opportunities Fund - Institutional Class returned 9.94%, outperforming the Bloomberg Barclays U.S. Universal Index by 0.65%. We are pleased with the Funds’ performance for 2019 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

Wilshire Mutual Funds, Inc.

Letter to Shareholders (Unaudited) - (Continued)

Past performance does not guarantee future results. The performance data quoted represent past performance and current returns may be lower or higher. Share prices and investment returns fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. For periods less than one year, performance is cumulative. For performance data current to the most recent month-end please call 1-866-591-1568.

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, 2019. 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 Index^SM is widely accepted as the definitive benchmark for the U.S. equity market, and measures performance of all U.S. equity securities with readily available price data.

Large Company Growth Portfolio

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/19	28.61%
Five Years Ended 12/31/19	11.93%
Ten Years Ended 12/31/19	12.67%

RUSSELL 1000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/19	36.39%
Five Years Ended 12/31/19	14.63%
Ten Years Ended 12/31/19	15.22%

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 12/31/19.

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.

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.

Large Company Growth Portfolio

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/19	29.02%
Five Years Ended 12/31/19	12.28%
Ten Years Ended 12/31/19	13.04%

RUSSELL 1000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/19	36.39%
Five Years Ended 12/31/19	14.63%
Ten Years Ended 12/31/19	15.22%

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 12/31/19.

⁽¹⁾

Large Company Growth Portfolio

Commentary (Unaudited) - (Continued)

The Wilshire 5000 Total Market Index^SM returned 31.02% for 2019. Global risk assets finished 2019 with strong positive momentum. Real Gross Domestic Product (GDP) grew 2.1% on an annualized basis in the third quarter. Consumer spending, which was up 3% annualized for the quarter, was the main contributor to growth. Consumers have accounted for much of the economic growth throughout 2019. Private investment was down for the second straight quarter due to a decrease in nonresidential spending on structures and equipment. Government spending was up, contributing 0.3% to overall growth.

Sector returns for the Wilshire 5000 Total Market Index were all positive for 2019. Information Technology (+49.68%), Communication Services (32.69%), and Financials (30.62%) were the best performing sectors while Energy (9.75%) and Health Care (22.13%) were the laggards. For the year, large capitalization stocks outperformed small caps with the Wilshire U.S. Large-Cap Index^SM returning 31.51% versus 26.21% for the Wilshire U.S. Small-Cap Index^SM. Growth stocks again led value equities in the fourth quarter and extended outperformance for the past twelve months.

U.S. real estate securities were down during the fourth quarter but still produced strong results for the year. Global real estate securities were up for both periods, generating double-digit gains for the year. Commodity results were positive for the quarter as crude oil rose 12.9% to $61.06 per barrel. Master Limited Partnerships (MLPs) were down for the quarter (-4.08%) but produced positive results for 2019. Finally, gold prices were up and finished at approximately $1,523 per troy ounce, up +18.89% from last year.

The Wilshire Large Company Growth Portfolio - Institutional Class returned 29.02% in 2019, underperforming the Russell 1000 Growth Index return of 36.39% by 7.37%. Sector allocations to Health Care and Information Technology were detractive to performance. Stock selection within Health Care was the top detractor of relative performance. Conversely, stock selection within Consumer Discretionary aided to relative performance.

Despite recent relative underperformance, we believe the Portfolio is well positioned going into 2020 as the market deals with ongoing macroeconomic and geopolitical issues.

Large Company Growth Portfolio

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING^†

(As of December 31, 2019)

^†	Based on the percent of Portfolio’s total investments in securities at value.

Large Company Value Portfolio

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/19	23.63%
Five Years Ended 12/31/19	6.52%
Ten Years Ended 12/31/19	10.17%

RUSSELL 1000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/19	26.54%
Five Years Ended 12/31/19	8.29%
Ten Years Ended 12/31/19	11.80%

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 12/31/19.

⁽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.

Large Company Value Portfolio

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/19	23.99%
Five Years Ended 12/31/19	6.77%
Ten Years Ended 12/31/19	10.44%

RUSSELL 1000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/19	26.54%
Five Years Ended 12/31/19	8.29%
Ten Years Ended 12/31/19	11.80%

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 12/31/19.

⁽¹⁾

Large Company Value Portfolio

Commentary (Unaudited) - (Continued)

The Wilshire Large Company Value Portfolio - Institutional Class returned 23.99% in 2019, underperforming the Russell 1000 Value Index return of 26.54% by 2.55%. Stock selection within Information Technology meaningfully detracted from performance. Overweight to the Industrials and Information Technology contributed positively to performance.

Despite recent relative underperformance, we believe the Portfolio is well positioned going into 2020 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

Large Company Value Portfolio

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING^†

(As of December 31, 2019)

^†	Based on the percent of Portfolio’s total investments in securities at value.

Small Company Growth Portfolio

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/19	27.23%
Five Years Ended 12/31/19	10.42%
Ten Years Ended 12/31/19	13.11%

RUSSELL 2000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/19	28.48%
Five Years Ended 12/31/19	9.34%
Ten Years Ended 12/31/19	13.01%

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 12/31/19.

⁽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.

Small Company Growth Portfolio

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/19	27.56%
Five Years Ended 12/31/19	10.71%
Ten Years Ended 12/31/19	13.40%

RUSSELL 2000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/19	28.48%
Five Years Ended 12/31/19	9.34%
Ten Years Ended 12/31/19	13.01%

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 12/31/19.

⁽¹⁾

Small Company Growth Portfolio

Commentary (Unaudited) - (Continued)

The Wilshire Small Company Growth Portfolio - Institutional Class returned 27.56% in 2019, underperforming the Russell 2000 Growth Index return of 28.48% by 0.92%. Underweight exposure to Health Care along with overweight exposure to Consumer Staples, detracted from performance. Stock selection within Health Care detracted meaningfully from relative performance. Conversely, the Portfolio benefited from sector allocation to Information Technology as well as from strong stock selection within Communication Services and Information Technology.

Despite recent relative underperformance, we believe the Portfolio is well positioned going into 2020 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

Small Company Growth Portfolio

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING^†

(As of December 31, 2019)

^†	Based on the percent of 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).

Small Company Value Portfolio

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/19	21.32%
Five Years Ended 12/31/19	5.77%
Ten Years Ended 12/31/19	10.47%

RUSSELL 2000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/19	22.39%
Five Years Ended 12/31/19	6.99%
Ten Years Ended 12/31/19	10.56%

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 12/31/19.

⁽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.

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Small Company Value Portfolio

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/19	21.60%
Five Years Ended 12/31/19	6.05%
Ten Years Ended 12/31/19	10.78%

RUSSELL 2000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/19	22.39%
Five Years Ended 12/31/19	6.99%
Ten Years Ended 12/31/19	10.56%

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 12/31/19.

⁽¹⁾

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Small Company Value Portfolio

Commentary (Unaudited) - (Continued)

The Wilshire Small Company Value Portfolio - Institutional Class returned 21.60% in 2019, underperforming the Russell 2000 Value Index return of 22.39% by 0.79%. Stock selection within Real Estate and Energy weighted down relative performance. Conversely, stock selection within Financials and Materials, along with overweight exposure to Information Technology, contributed positively to performance.

Despite recent relative underperformance, we believe the Portfolio is well positioned going into 2020 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

Small Company Value Portfolio

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2019)

†	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).

Wilshire 5000 Index^sm Fund

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/19	29.74%
Five Years Ended 12/31/19	10.64%
Ten Years Ended 12/31/19	12.72%

WILSHIRE 5000 INDEX^SM(1)

Average Annual Total Returns

One Year Ended 12/31/19	31.02%
Five Years Ended 12/31/19	11.38%
Ten Years Ended 12/31/19	13.44%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Wilshire 5000 Index^SM Fund, Investment Class Shares and the Wilshire 5000 Index^SM through 12/31/19.

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 Index^SM 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.

Wilshire 5000 Index^sm Fund

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/19	30.08%
Five Years Ended 12/31/19	10.95%
Ten Years Ended 12/31/19	13.01%

WILSHIRE 5000 INDEX^SM(1)

Average Annual Total Returns

One Year Ended 12/31/19	31.02%
Five Years Ended 12/31/19	11.38%
Ten Years Ended 12/31/19	13.44%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares of Wilshire 5000 Index^SM Fund, Institutional Class Shares and the Wilshire 5000 Index^SM through 12/31/19.

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⁾

Wilshire 5000 Index^sm Fund

Commentary (Unaudited) - (Continued)

Outside of the United States, equities also performed well. The MSCI All Country World ex USA Index returning 21.51% for 2019. Globally, the economic data has also shown some signs of stability, as growth and inflation in Japan are picking up, economic growth in South Korea outperformed expectations, and German manufacturing showed some signs of potential bottoming. Furthermore, improvements in trade negotiations between the U.S and China, as well as Mexico, helped to improve sentiment in emerging markets. The MSCI Emerging Markets Index returned 18.42% for 2019.

The Wilshire 5000 Index Fund - Institutional Class returned 30.08% in 2019, underperforming the Wilshire 5000 Index return of 31.02% by 0.94%. Relative underperformance is attributable to Fund expenses and is well within the historical range.

Wilshire 5000 Index^sm Fund

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2019)

†	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).

Wilshire International Equity Fund

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/19	23.52%
Five Years Ended 12/31/19	6.32%
Ten Years Ended 12/31/19	6.45%

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

Average Annual Total Returns

One Year Ended 12/31/19	21.51%
Five Years Ended 12/31/19	5.51%
Ten Years Ended 12/31/19	4.97%

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, 2019, 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, 2019, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.08% 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.

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 Ex-U.S. Index through 12/31/19.

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.

Wilshire International Equity Fund

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns*

One Year Ended 12/31/19	23.81%
Five Years Ended 12/31/19	6.60%
Ten Years Ended 12/31/19	6.70%

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

Average Annual Total Returns

One Year Ended 12/31/19	21.51%
Five Years Ended 12/31/19	5.51%
Ten Years Ended 12/31/19	4.97%

⁽¹⁾

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 Ex-U.S. Index through 12/31/19.

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.

Wilshire International Equity Fund

Commentary (Unaudited) - (Continued)

The Wilshire International Equity Fund - Institutional Class returned 23.81% in 2019, outperforming the MSCI All Country World ex USA Investable Market Index return of 21.51% by 2.30%. Strong stock selection within Industrials and Information Technology contributed to relative performance. Additionally, overweight to Information Technology aided performance. Conversely. performance was weighted down by stock selection within Communication Services as well as well as country selection in France.

We are pleased with the Fund’s relative outperformance for 2019 and believe that the Fund is well positioned going into 2020 as the market deals with ongoing macroeconomic and geopolitical issues.

Wilshire International Equity Fund

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2019)

†	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).

Wilshire Income Opportunities Fund

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns*

One Year Ended 12/31/19	9.58%
Inception (03/30/16) through 12/31/19	4.85%

Bloomberg Barclays U.S. Universal Index⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/19	9.29%
Inception (03/30/16) through 12/31/19	3.71%

⁽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.

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 12/31/19.

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.

Wilshire Income Opportunities Fund

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/19	9.94%
Inception (03/30/16) through 12/31/19	5.04%

Bloomberg Barclays U.S. Universal Index⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/19	9.29%
Inception (03/30/16) through 12/31/19	3.71%

⁽¹⁾

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 12/31/19.

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.

Wilshire Income Opportunities Fund

Commentary (Unaudited) - (Continued)

The Bloomberg Barclays US Aggregate Bond Index returned 8.72% for 2019. The gradual steepening of global yield curves throughout the 4th quarter is indicative of improving sentiment and growth. That being said, the near-term outlook faces heightened uncertainty on concerns that the coronavirus could impact global economic growth. Given that investors continue to invest with a growing degree of calm and complacency, as volatility collapsed throughout the fourth quarter in both equities and fixed income, there is a growing probability of higher volatility ahead. The U.S. Treasury yield curve fell in the short portion of the curve, but rose across intermediate and long-term maturities. Credit spread narrowed within both investment grade and high yield markets. The Bloomberg Barclays Long Government/Credit Index and the Bloomberg Barclays US Corporate High Yield Index returned 19.59% and 14.32%, respectively. In terms of monetary policy, global central banks have continued to lead with a dovish tone, which has supported the rich valuations of government bonds and continues to be very supportive of risk assets.

The Wilshire Income Opportunities Fund - Institutional Class returned 9.94% for 2019, outperforming the Bloomberg Barclays U.S. Universal Index return of 9.29% by 0.65%. Exposures to emerging market debt, investment grade and high yield issues were positive contributors to performance. Allocations to bank loans as well as an underweight posture to duration weighted on relative performance.

We are pleased with the Fund’s relative outperformance for 2019 and believe that the Fund is well positioned going into 2020 as the market deals with ongoing macroeconomic and geopolitical issues.

Wilshire Income Opportunities Fund

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2019)

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

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses (Unaudited)

All mutual funds have operating expenses. As a shareholder of a Portfolio, 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 Portfolio. A Portfolio’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, 2019 to December 31, 2019.

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 reductions, 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 U.S. Securities and Exchange Commission (“SEC”) requires all mutual funds to calculate expenses based on an assumed 5% annual return. You can assess the 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.

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses (Unaudited) - (Continued)

For the Six Months Ended December 31, 2019 (Unaudited)

	Beginning Account Value 07/01/2019	Ending Account Value 12/31/2019	Net Expense Ratio⁽¹⁾	Expenses Paid During Period 07/01/19-12/31/19⁽²⁾
Large Company Growth Portfolio
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,067.10	1.30%	$ 6.78
Institutional Class	$ 1,000.00	$ 1,068.80	0.98%	$ 5.11
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,018.65	1.30%	$ 6.62
Institutional Class	$ 1,000.00	$ 1,020.27	0.98%	$ 4.99
Large Company Value Portfolio
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,083.50	1.25%	$ 6.56
Institutional Class	$ 1,000.00	$ 1,084.90	0.98%	$ 5.16
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,018.90	1.25%	$ 6.36
Institutional Class	$ 1,000.00	$ 1,020.25	0.98%	$ 5.00
Small Company Growth Portfolio
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,055.50	1.35%	$ 6.99
Institutional Class	$ 1,000.00	$ 1,056.70	1.10%	$ 5.70
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,018.40	1.35%	$ 6.87
Institutional Class	$ 1,000.00	$ 1,019.66	1.10%	$ 5.60
Small Company Value Portfolio
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,061.50	1.35%	$ 7.01
Institutional Class	$ 1,000.00	$ 1,062.90	1.10%	$ 5.72
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,018.40	1.35%	$ 6.87
Institutional Class	$ 1,000.00	$ 1,019.66	1.10%	$ 5.60

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses (Unaudited) - (Continued)

For the Six Months Ended December 31, 2019 (Unaudited)

	Beginning Account Value 07/01/2019	Ending Account Value 12/31/2019	Net Expense Ratio⁽¹⁾	Expenses Paid During Period 07/01/19-12/31/19⁽²⁾
Wilshire 5000 Index^SM Fund
Based on Actual Fund Return
Investment Class .	$ 1,000.00	$ 1,100.70	0.62%	$ 3.26
Institutional Class	$ 1,000.00	$ 1,102.10	0.32%	$ 1.70
Based on Hypothetical 5% Return
Investment Class .	$ 1,000.00	$ 1,022.10	0.62%	$ 3.14
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	$ 1,083.00	1.50%	$ 7.87
Institutional Class	$ 1,000.00	$ 1,084.70	1.25%	$ 6.57
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,017.64	1.50%	$ 7.63
Institutional Class	$ 1,000.00	$ 1,018.90	1.25%	$ 6.36
Wilshire Income Opportunities Fund
Based on Actual Fund Return
Investment Class .	$ 1,000.00	$ 1,020.10	1.15%	$ 5.86
Institutional Class	$ 1,000.00	$ 1,021.70	0.89%	$ 4.52
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,019.40	1.15%	$ 5.86
Institutional Class	$ 1,000.00	$ 1,020.73	0.89%	$ 4.52

⁽¹⁾	Annualized, based on each Portfolio’s most recent fiscal half-year expenses.
⁽²⁾	Expenses are equal to each 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).

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Condensed Schedule of Investments

December 31, 2019

	Shares		Value
COMMON STOCKS — 98.6% ^(a)
Communication Services — 11.4%
Activision Blizzard, Inc.		39,983	$	2,375,790
Alphabet, Inc. - Class C ^(b)		4,970		6,644,990
Alphabet, Inc. - Class A ^(b)		2,539		3,400,711
Facebook, Inc. - Class A ^(b)		52,116		10,696,809
Other Securities ^(c)				863,060
				23,981,360
Consumer Discretionary — 17.7%
Alibaba Group Holding Ltd. - ADR ^(b)		36,832		7,812,067
Amazon.com, Inc. ^(b)		6,198		11,452,912
Burlington Stores, Inc. ^(b)		11,694		2,666,583
Lululemon Athletica, Inc. ^(b)		14,538		3,368,019
Starbucks Corp.		27,298		2,400,040
Ulta Beauty, Inc. ^(b)		6,168		1,561,368
Yum! Brands, Inc.		15,852		1,596,772
Other Securities ^(c)				6,368,935
				37,226,696
Consumer Staples — 6.1%
Danone SA - ADR		104,494		1,723,106
Monster Beverage Corp. ^(b)		50,988		3,240,287
The Coca-Cola Co.		42,964		2,378,057
The Procter & Gamble Co.		18,665		2,331,259
Other Securities ^(c)				3,219,424
				12,892,133
Energy — 0.6%
Other Securities ^(c)				1,262,521

Financials — 4.5%
CME Group, Inc.		7,865		1,578,663
MSCI, Inc.		6,888		1,778,344
SEI Investments Co.		26,621		1,743,143
Other Securities ^(c)				4,393,850
				9,494,000
Health Care — 16.6%
AbbVie, Inc.		17,042		1,508,899
Amgen, Inc.		8,843		2,131,782
Cerner Corp.		21,704		1,592,856
Edwards Lifesciences Corp. ^(b)		11,037		2,574,822
Illumina, Inc. ^(b)		5,186		1,720,404
Merck & Co., Inc.		20,788		1,890,669
Novartis AG - ADR		17,630		1,669,385
Novo Nordisk A/S - ADR		36,641		2,120,781

	Shares		Value
Regeneron Pharmaceuticals, Inc. ^(b)		6,132	$	2,302,443
Roche Holding AG - ADR		58,113		2,362,874
UnitedHealth Group, Inc.		11,151		3,278,171
Veeva Systems, Inc. - Class A ^(b)		16,947		2,383,765
Zoetis, Inc.		21,900		2,898,465
Other Securities ^(c)				6,674,687
				35,110,003
Industrials — 6.3%
CoStar Group, Inc. ^(b)		4,733		2,831,754
Deere & Co.		11,026		1,910,365
Expeditors International of Washington, Inc.		25,667		2,002,539
Union Pacific Corp.		10,995		1,987,786
Other Securities ^(c)				4,580,108
				13,312,552
Information Technology — 34.1%
Apple, Inc.		20,492		6,017,476
Autodesk, Inc. ^(b)		18,789		3,447,030
Cisco Systems, Inc.		53,143		2,548,738
EPAM Systems, Inc. ^(b)		11,143		2,364,099
Keysight Technologies, Inc. ^(b)		17,230		1,768,315
Microsoft Corp.		52,596		8,294,389
NVIDIA Corp.		27,700		6,517,810
Oracle Corp.		82,303		4,360,413
PayPal Holdings, Inc. ^(b)		27,102		2,931,623
Proofpoint, Inc. ^(b)		13,283		1,524,623
QUALCOMM, Inc.		35,081		3,095,197
salesforce.com, Inc. ^(b)		14,432		2,347,220
ServiceNow, Inc. ^(b)		12,764		3,603,532
Visa, Inc. - Class A		61,416		11,540,066
Workday, Inc. - Class A ^(b)		13,298		2,186,856
Other Securities ^(c)				9,397,942
				71,945,329
Materials — 0.7%
Other Securities ^(c)				1,378,491

Real Estate — 0.6%
Other Securities ^(c)				1,288,284

Total Common Stocks (Cost $118,103,334)			$	207,891,369

See Notes to Financial Statements.
37

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Condensed Schedule of Investments - (Continued)

December 31, 2019

	Shares		Value
SHORT-TERM INVESTMENT — 1.4%
Money Market Fund — 1.4%
First American Government Obligations Fund - Class X, 1.508% ^(d)		3,000,468	$	3,000,468
Total Short-Term Investment (Cost $3,000,468)				3,000,468

Total Investments at Value (Cost $121,103,802) — 100.0%			$	210,891,837

Other Assets in Excess of Liabilities — 0.0% (e)				37,514

Net Assets — 100.0%			$	210,929,351

Percentages are stated as a percent of net assets.

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any investments classified as Level 3. “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) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.

ADR — American Depository 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, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of December 31, 2019.

(d)	The rate shown is the 7-day effective yield as of December 31, 2019.

(e)	Percentage rounds to less than 0.1%.

See Notes to Financial Statements.
38

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Condensed Schedule of Investments

December 31, 2019

	Shares		Value
COMMON STOCKS — 98.8% ^(a)
Communication Services — 5.7%
AT&T, Inc.		94,550	$	3,695,014
Comcast Corp. - Class A		46,764		2,102,977
The Interpublic Group of Cos., Inc.		70,596		1,630,767
Verizon Communications, Inc.		48,846		2,999,144
Other Securities ^(b)				463,293
				10,891,195
Consumer Discretionary — 8.6%
Ford Motor Co.		214,253		1,992,553
Lear Corp.		15,454		2,120,289
Lowe’s Cos., Inc.		13,031		1,560,592
Newell Brands, Inc.		95,693		1,839,219
PVH Corp.		18,813		1,978,187
Other Securities ^(b)				7,003,930
				16,494,770
Consumer Staples — 3.5%
Other Securities ^(b)				6,826,840

Energy — 10.3%
EOG Resources, Inc.		20,157		1,688,351
Exxon Mobil Corp.		29,287		2,043,648
Halliburton Co.		101,394		2,481,111
National Oilwell Varco, Inc.		81,943		2,052,672
Phillips 66		15,847		1,765,514
Valero Energy Corp.		18,240		1,708,176
Other Securities ^(b)				8,068,517
				19,807,989
Financials — 27.0%
American International Group, Inc.		38,115		1,956,443
AXA Equitable Holdings, Inc.		78,734		1,951,029
Bank of America Corp.		104,630		3,685,069
Capital One Financial Corp.		22,901		2,356,742
Chubb Ltd.		12,208		1,900,297
Citigroup, Inc.		37,793		3,019,283
JPMorgan Chase & Co.		32,401		4,516,699
MetLife, Inc.		36,121		1,841,087
Morgan Stanley		43,205		2,208,640
New York Community Bancorp, Inc.		154,795		1,860,636
Northern Trust Corp.		17,312		1,839,227
U.S. Bancorp		39,355		2,333,358
Voya Financial, Inc.		26,156		1,594,993

	Shares		Value
Wells Fargo & Co.		82,810	$	4,455,178
Other Securities ^(b)				16,301,890
				51,820,571
Health Care — 13.6%
Amgen, Inc.		8,539		2,058,497
Bristol-Myers Squibb Co.		28,796		1,848,415
Cigna Corp.		9,939		2,032,426
CVS Health Corp.		47,003		3,491,853
Johnson & Johnson		22,020		3,212,058
Medtronic PLC		22,095		2,506,678
Pfizer, Inc.		43,310		1,696,886
UnitedHealth Group, Inc.		7,375		2,168,103
Other Securities ^(b)				7,200,985
				26,215,901
Industrials — 10.1%
General Electric Co.		445,188		4,968,298
Stanley Black & Decker, Inc.		16,516		2,737,362
United Technologies Corp.		13,346		1,998,697
Westinghouse Air Brake Technologies Corp.		32,751		2,548,028
Other Securities ^(b)				7,107,037
				19,359,422
Information Technology — 6.9%
Cognizant Technology Solutions Corp. - Class A		25,602		1,587,836
Hewlett Packard Enterprise Co.		114,735		1,819,697
Oracle Corp.		63,509		3,364,707
Other Securities ^(b)				6,531,043
				13,303,283
Materials — 3.3%
Other Securities ^(b)				6,304,934

Real Estate — 3.3%
Healthpeak Properties, Inc.		67,607		2,330,413
Simon Property Group, Inc.		13,032		1,941,247
Other Securities ^(b)				2,144,377
				6,416,037
Utilities — 6.5%
Dominion Energy, Inc.		25,828		2,139,075
Edison International		32,831		2,475,786
Entergy Corp.		18,647		2,233,911

See Notes to Financial Statements.
39

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Condensed Schedule of Investments - (Continued)

December 31, 2019

	Shares		Value
COMMON STOCKS — 98.8% ^(a) (Continued)
Utilities — 6.5% (Continued)
Exelon Corp.		49,192	$	2,242,663
Other Securities ^(b)				3,352,411
				12,443,846
Total Common Stocks (Cost $161,353,878)			$	189,884,788

SHORT-TERM INVESTMENT — 0.8%
Money Market Fund — 0.8%
First American Government Obligations Fund - Class X, 1.508% ^(c)		1,552,610	$	1,552,610
Total Short-Term Investment (Cost $1,552,610)				1,552,610

Total Investments at Value (Cost $162,906,488) — 99.6%			$	191,437,398

Other Assets in Excess of Liabilities — 0.4%				701,387

Net Assets — 100.0%			$	192,138,785

Percentages are stated as a percent of net assets.

ADR — American Depository Receipt

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

(b)	Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of December 31, 2019.

(c)	Rate listed is the 7-day effective yield as of December 31, 2019.

See Notes to Financial Statements.
40

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Condensed Schedule of Investments

December 31, 2019

	Shares		Value
COMMON STOCKS — 97.7% ^(a)
Communication Services — 1.4%
Cogent Communications Holdings, Inc.		7,510	$	494,233
Other Securities ^(b)				361,925
				856,158
Consumer Discretionary — 10.9%
BJ’s Restaurants, Inc.		10,795		409,778
Career Education Corp. ^(c)		15,460		284,309
Chegg, Inc. ^(c)		26,961		1,022,092
Skyline Champion Corp. ^(c)		39,745		1,259,917
Steven Madden Ltd.		16,659		716,504
TopBuild Corp. ^(c)		5,805		598,379
Other Securities ^(b)				2,571,463
				6,862,442
Consumer Staples — 5.6%
Calavo Growers, Inc.		4,328		392,074
Inter Parfums, Inc.		18,490		1,344,408
J&J Snack Foods Corp.		7,555		1,392,160
Other Securities ^(b)				416,447
				3,545,089
Energy — 0.8%
Select Energy Services, Inc. - Class A ^(c)		55,920		518,937
Other Securities ^(b)				11,725
				530,662
Financials — 6.6%
Banc of California, Inc.		41,405		711,338
CenterState Bank Corp.		30,210		754,646
Goosehead Insurance, Inc. - Class A		8,455		358,492
LendingTree, Inc. ^(c)(d)		2,156		654,217
Other Securities ^(b)				1,702,208
				4,180,901
Health Care — 26.7%
BioTelemetry, Inc. ^(c)		17,940		830,622
CONMED Corp.		7,430		830,897
Heska Corp. ^(c)		5,000		479,700
Integer Holdings Corp. ^(c)		9,035		726,685
LeMaitre Vascular, Inc.		18,950		681,253
Medpace Holdings, Inc. ^(c)		12,645		1,062,939
Mesa Laboratories, Inc.		4,195		1,046,233
Neogen Corp. ^(c)		11,485		749,511
NeoGenomics, Inc. ^(c)		37,503		1,096,963
PRA Health Sciences, Inc. ^(c)		11,730		1,303,790

	Shares		Value
Repligen Corp. ^(c)		15,990	$	1,479,075
Tabula Rasa HealthCare, Inc. ^(c)		17,055		830,237
Other Securities ^(b)				5,705,679
				16,823,584
Industrials — 15.4%
Axon Enterprise, Inc. ^(c)		11,655		854,078
Kratos Defense & Security Solutions, Inc. ^(c)		53,740		967,857
Marten Transport Ltd.		21,550		463,110
Mercury Systems, Inc. ^(c)		10,270		709,760
Saia, Inc. ^(c)		5,470		509,366
SiteOne Landscape Supply, Inc. ^(c)		8,932		809,686
Tetra Tech, Inc.		3,300		284,328
Other Securities ^(b)				5,126,359
				9,724,544
Information Technology — 26.9%
Appfolio, Inc. - Class A ^(c)		4,472		491,696
Box, Inc. - Class A ^(c)		32,775		549,965
Cabot Microelectronics Corp.		2,945		425,022
ENDAVA PLC - ADR ^(c)		12,771		595,129
Evo Payments, Inc. - Class A ^(c)		38,257		1,010,367
I3 Verticals, Inc. - Class A ^(c)		19,980		564,435
j2 Global, Inc.		3,030		283,941
MAXIMUS, Inc.		17,703		1,316,926
Mimecast Ltd. ^(c)		19,515		846,561
nLight, Inc. ^(c)		18,250		370,110
Pegasystems, Inc.		20,730		1,651,145
Qualys, Inc. ^(c)		13,775		1,148,422
Silicon Laboratories, Inc. ^(c)		7,500		869,850
WNS Holdings Ltd. - ADR ^(c)		28,609		1,892,485
Workiva, Inc. ^(c)		24,710		1,039,056
Other Securities ^(b)				3,956,345
				17,011,455
Materials — 1.6%
Ferroglobe Representation & Warranty Insurance Trust ^(c)(e)(f)		840		—
Quaker Chemical Corp.		3,365		553,610
Other Securities ^(b)				447,601
				1,001,211
Real Estate — 1.5%
Other Securities ^(b)(c)(d)				968,875

See Notes to Financial Statements.
41

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Condensed Schedule of Investments - (Continued)

December 31, 2019

	Shares		Value
COMMON STOCKS — 97.7% ^(a) (Continued)
Utilities — 0.3%
Other Securities ^(b)			$	170,357

Total Common Stocks (Cost $46,802,836)			$	61,675,278

SHORT-TERM INVESTMENT — 3.4%
Money Market Fund — 3.4%
First American Government Obligations Fund - Class X, 1.508% ^(g)(h)		2,146,652	$	2,146,652
Total Short-Term Investment (Cost $2,146,652)				2,146,652

Total Investments at Value (Cost $48,949,488) — 101.1%			$	63,821,930

Liabilities in Excess of Other Assets — (1.1)%				(697,977	)

Net Assets — 100.0%			$	63,123,953

Percentages are stated as a percent of net assets.

ADR — American Depository Receipt

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

(b)	Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of December 31, 2019.

(c)	Non-income producing security.

(d)	This security or a partial position of this security is on loan at December 31, 2019. The total market value of securities on loan at December 31, 2019 was $655,849 (Note 7).

(e)	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 as of December 31, 2019, representing 0.0% of net assets (Note 2).

(f)	Illiquid security. The total value of such securities is $0 as of December 31, 2019, representing 0.0% of net assets.

(g)	The rate shown is the 7-day effective yield as of December 31, 2019.

(h)	A portion of this security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2019 was $670,000 (Note 7).

See Notes to Financial Statements.
42

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Condensed Schedule of Investments

December 31, 2019

	Shares		Value
COMMON STOCKS — 98.0% ^(a)
Communication Services — 2.2%
Live Nation Entertainment, Inc. ^(b)		11,492	$	821,333
Other Securities ^(c)				534,079
				1,355,412
Consumer Discretionary — 12.0%
Red Rock Resorts, Inc. - Class A		25,755		616,832
Vail Resorts, Inc.		3,138		752,587
Other Securities ^(c)				5,853,483
				7,222,902
Consumer Staples — 3.4%
Cal-Maine Foods, Inc.		11,197		478,672
Flowers Foods, Inc.		12,110		263,271
Post Holdings, Inc. ^(b)		3,365		367,122
Other Securities ^(c)				944,277
				2,053,342
Energy — 5.8%
Cimarex Energy Co.		5,179		271,846
WPX Energy, Inc. ^(b)		19,702		270,705
Other Securities ^(c)(d)				2,956,635
				3,499,186
Financials — 30.6%
Artisan Partners Asset Management, Inc. - Class A		8,500		274,720
Bank OZK		19,089		582,310
BankUnited, Inc.		9,128		333,720
Brookline Bancorp, Inc.		22,958		377,889
Cadence BanCorp		22,728		412,059
Cathay General Bancorp		9,741		370,645
Employers Holdings, Inc.		7,120		297,260
Enstar Group Ltd. ^(b)		2,636		545,283
Essent Group Ltd.		6,620		344,174
First Defiance Financial Corp.		12,302		387,390
Mr. Cooper Group, Inc. ^(b)		20,125		251,764
National Western Life Group, Inc. - Class A		845		245,794
ProAssurance Corp.		10,170		367,544
Radian Group, Inc.		17,296		435,167
RenaissanceRe Holdings Ltd.		1,210		237,184
Sterling Bancorp		32,625		687,735
Trustmark Corp.		7,669		264,657
Other Securities ^(c)				12,102,720
				18,518,015

	Shares		Value
Health Care — 2.6%
Hanger, Inc. ^(b)		8,998	$	248,435
Other Securities ^(c)				1,290,153
				1,538,588
Industrials — 20.7%
Aircastle Ltd.		10,140		324,581
Alaska Air Group, Inc.		4,603		311,853
Allegiant Travel Co.		2,414		420,133
Colfax Corp. ^(b)		8,490		308,866
Continental Building Products, Inc. ^(b)		12,280		447,360
Heidrick & Struggles International, Inc.		9,689		314,892
Hub Group, Inc. - Class A ^(b)		12,252		628,405
Hyster-Yale Materials Handling, Inc.		4,041		238,257
Kirby Corp. ^(b)		5,176		463,407
SPX FLOW, Inc. ^(b)		7,395		361,394
Stericycle, Inc. ^(b)		3,980		253,964
The Toro Co.		3,076		245,065
Trinity Industries, Inc.		10,639		235,654
WESCO International, Inc. ^(b)		4,270		253,595
Other Securities ^(c)				7,718,860
				12,526,286
Information Technology — 7.6%
Broadridge Financial Solutions, Inc.		2,266		279,942
Cirrus Logic, Inc. ^(b)		3,121		257,202
Insight Enterprises, Inc. ^(b)		5,209		366,141
Sanmina Corp. ^(b)		17,076		584,682
Other Securities ^(c)(d)				3,116,149
				4,604,116
Materials — 3.3%
Ashland Global Holdings, Inc.		3,415		261,350
Other Securities ^(c)				1,711,875
				1,973,225
Real Estate — 6.0%
CubeSmart		13,186		415,095
Office Properties Income Trust		8,080		259,691
Pebblebrook Hotel Trust		9,680		259,521
RLJ Lodging Trust		13,690		242,587
Other Securities ^(c)				2,470,198
				3,647,092

See Notes to Financial Statements.
43

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Condensed Schedule of Investments - (Continued)

December 31, 2019

	Shares		Value
COMMON STOCKS — 98.0% ^(a) (Continued)
Utilities — 3.8%
South Jersey Industries, Inc.		10,022	$	330,526
Other Securities ^(c)				1,942,496
				2,273,022
Total Common Stocks (Cost $55,638,370)			$	59,211,186

SHORT-TERM INVESTMENT — 1.8%
Money Market Fund — 1.8%
First American Government Obligations Fund - Class X, 1.508% ^(e)(f)		1,093,747	$	1,093,747
Total Short-Term Investment (Cost $1,093,747)			$	1,093,747

Total Investments at Value (Cost $56,732,117) — 99.8%			$	60,304,933

Other Assets in Excess of Liabilities — 0.2%				127,760

Net Assets — 100.0%			$	60,432,693

Percentages are stated as a percent of net assets.

ADR — American Depository 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, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of December 31, 2019.

(d)	This security or a partial position of this security is on loan at December 31, 2019. The total market value of securities on loan at December 31, 2019 was $3,294 (Note 7).

(e)	Rate listed is the 7-day effective yield as of December 31, 2019.

(f)	A portion of this security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2019 was $3,592 (Note 7).

See Notes to Financial Statements.
44

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Condensed Schedule of Investments

December 31, 2019

	Shares		Value
COMMON STOCKS — 99.0% ^(a)
Communication Services — 9.4%
Actua Corp. ^(b)(c)		100	$	28
Alphabet, Inc. - Class C ^(d)		3,983		5,325,351
Ambassadors Group, Inc. ^(b)(c)(d)		400		—
AT&T, Inc.		47,618		1,860,911
Comcast Corp. - Class A		27,208		1,223,544
Facebook, Inc. - Class A ^(d)		14,909		3,060,072
Netflix, Inc. ^(d)		2,752		890,465
The Walt Disney Co.		10,226		1,478,986
Verizon Communications, Inc.		26,033		1,598,426
Other Securities ^(e)(f)				3,519,478
				18,957,261
Consumer Discretionary — 10.1%
Amazon.com, Inc. ^(d)		2,898		5,355,040
McDonald’s Corp.		4,938		975,798
NIKE, Inc. - Class B		8,849		896,492
The Home Depot, Inc.		7,074		1,544,820
Other Securities ^(e)(f)				11,611,417
				20,383,567
Consumer Staples — 6.7%
Costco Wholesale Corp.		2,971		873,236
PepsiCo, Inc.		9,119		1,246,294
Philip Morris International, Inc.		10,236		870,981
The Coca-Cola Co.		25,840		1,430,244
The Procter & Gamble Co.		16,180		2,020,882
Walmart, Inc.		9,309		1,106,282
Other Securities ^(e)				5,954,657
				13,502,576
Energy — 4.0%
Chevron Corp.		12,173		1,466,968
Exxon Mobil Corp.		27,418		1,913,228
Other Securities ^(e)(f)				4,761,826
				8,142,022
Financials — 13.8%
Bank of America Corp.		56,308		1,983,168
Berkshire Hathaway, Inc. - Class B (d)		14,686		3,326,379
Citigroup, Inc.		14,925		1,192,358
JPMorgan Chase & Co.		20,082		2,799,431
Wells Fargo & Co.		25,727		1,384,113
Other Securities ^(e)(f)				17,265,011
				27,950,460

	Shares		Value
Health Care — 13.5%
Abbott Laboratories		11,795	$	1,024,514
AbbVie, Inc.		9,790		866,807
Amgen, Inc.		3,950		952,226
Bristol-Myers Squibb Co.		15,801		1,014,266
Eli Lilly & Co.		6,092		800,672
Johnson & Johnson		16,915		2,467,391
Merck & Co, Inc.		17,035		1,549,333
Pfizer, Inc.		35,362		1,385,483
Thermo Fisher Scientific, Inc.		2,721		883,971
UnitedHealth Group, Inc.		6,246		1,836,199
Other Securities ^(e)(f)				14,442,739
				27,223,601
Industrials — 9.6%
Honeywell International, Inc.		4,552		805,704
The Boeing Co.		3,688		1,201,403
Union Pacific Corp.		4,657		841,939
United Technologies Corp.		5,348		800,916
Other Securities ^(e)				15,788,424
				19,438,386
Information Technology — 22.1%
Adobe, Inc. ^(d)		3,131		1,032,635
Apple, Inc.		29,423		8,640,064
Cisco Systems, Inc.		27,368		1,312,569
Intel Corp.		27,688		1,657,127
International Business Machines Corp.		5,755		771,400
Mastercard, Inc. - Class A		6,175		1,843,793
Microsoft Corp.		49,522		7,809,619
NVIDIA Corp.		3,787		891,081
Oracle Corp.		15,650		829,137
PayPal Holdings, Inc. ^(d)		7,725		835,613
salesforce.com, Inc. ^(d)		5,259		855,324
Visa, Inc. - Class A		11,316		2,126,276
Other Securities ^(e)				16,162,806
				44,767,444
Materials — 2.4%
Ferroglobe Representation & Warranty Insurance Trust (b)(c)(d)		500		—
Other Securities ^(e)(f)				4,856,701
				4,856,701

See Notes to Financial Statements.
45

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Condensed Schedule of Investments - (Continued)

December 31, 2019

	Shares		Value
COMMON STOCKS — 99.0% ^(a) (Continued)
Real Estate — 4.2%
New York REIT Liquidating, LLC (b)^(c)(d)		130	$	1,690
Rayonier, Inc. ^(b)(c)(d)		50,000		—
Other Securities ^(e)(f)				8,518,824
				8,520,514
Utilities — 3.2%
Other Securities ^(e)				6,519,156

Total Common Stocks (Cost $54,593,167)			$	200,261,688

RIGHTS — 0.0% ^(g)
AMR Corp., Escrow ^(b)(c)(d)		3,275	$	197
Media General, Inc. - CVR (b)(c)(d)		794		794
Schulman A, Inc. ^(b)(c)(d)		81		—
Total Rights (Cost $0)			$	991

SHORT-TERM INVESTMENT — 0.0% ^(g)
Money Market Fund — 0.0%
First American Government Obligations Fund - Class X, 1.508% ^(h)(i)		133,729	$	133,729
Total Short-Term Investment (Cost $133,729)			$	133,729

Total Investments at Value (Cost $54,726,896) — 99.0%			$	200,396,408

Other Assets in Excess of Liabilities — 1.0%				1,983,427

Net Assets — 100.0%			$	202,379,835

Percentages are stated as a percent of net assets.

CVR — Contingent Value Right

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

(b)	Illiquid security. The total value of such securities is $2,709 as of December 31, 2019, representing 0.0% of net assets.

(c)	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 $2,709 as of December 31, 2019, representing 0.0% of net assets.

(d)	Non-income producing security.

(e)	Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of December 31, 2019.

(f)	This security or a partial position of this security is on loan at December 31, 2019. The total market value of securities on loan at December 31, 2019 was $124,705 (Note 7).

(g)	Represents less than 0.1%.

(h)	Rate listed is the 7-day effective yield.

(i)	A portion of this security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2019 was $127,929 (Note 7).

See Notes to Financial Statements.
46

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Condensed Schedule of Investments

December 31, 2019

	Shares		Value
COMMON STOCKS — 97.9%
Australia — 3.3%
CSL Ltd. ^(a)		32,488	$	6,298,836
Other Securities ^(a)(b)(d)				6,610,468
				12,909,304
Austria — 0.3%
Other Securities ^(a)(d)				1,084,620

Belgium — 0.8%
Other Securities ^(a)(d)				3,005,334

Bermuda — 0.1%
Other Securities ^(a)(d)				526,009

Brazil — 1.0%
Other Securities ^(a)(d)				4,057,791

Canada — 5.4%
Canadian Pacific Railway Ltd.		18,653		4,755,582
Shopify, Inc. - Class A ^(c)		13,447		5,346,258
Other Securities ^(a)(d)				10,872,051
				20,973,891
Cayman Islands — 1.4%
Other Securities ^(a)(d)				5,309,230

Chile — 0.0% ^(e)
Other Securities ^(a)(d)				121,570

China — 1.0%
Other Securities ^(a)(d)				4,049,126

Czech Republic — 0.4%
Other Securities ^(a)(d)				1,428,352

Denmark — 2.7%
AP Moller - Maersk A/S - Series B ^(a)		2,466		3,558,010
DSV Panalpina A/S ^(a)		30,408		3,505,317
Other Securities ^(a)(d)				3,451,739
				10,515,066
Finland — 0.4%
Other Securities ^(a)(d)				1,617,444

	Shares		Value
France — 7.8%
LVMH Moet Hennessy Louis Vuitton SE ^(a)		12,931	$	6,025,277
Pernod Ricard SA ^(a)		17,554		3,141,086
Rexel SA ^(a)		278,831		3,708,663
Schneider Electric SE ^(a)		30,114		3,093,918
Other Securities ^(a)(d)				14,516,621
				30,485,565
Germany — 3.8%
adidas AG ^(a)		9,593		3,122,708
BASF SE ^(a)		34,253		2,580,517
Volkswagen AG ^(a)		14,910		2,887,856
Other Securities ^(a)(d)				6,334,096
				14,925,177
Greece — 0.0% ^(e)
FF Group ^(b)(c)(f)		2,880		—
Other Securities ^(a)(d)				139,771
				139,771
Guernsey — 0.0% ^(e)
Other Securities ^(a)(d)				35,931

Hong Kong — 5.0%
AIA Group Ltd. ^(a)		437,665		4,603,346
China Resources Power Holdings Co. Ltd. ^(a)		1,896,504		2,662,871
Lenovo Group Ltd. ^(a)		3,489,000		2,343,050
Tencent Holdings Ltd. ^(a)		89,805		4,326,460
Other Securities ^(a)(d)				5,614,384
				19,550,111
Hungary — 0.1%
Other Securities ^(a)(d)				216,750

India — 1.2%
HDFC Bank Ltd. - ADR		62,537		3,962,970
Other Securities ^(a)(d)				532,906
				4,495,876
Indonesia — 0.1%
Other Securities ^(a)(d)				459,031

Ireland — 1.5%
Accenture PLC - Class A		23,357		4,918,283
Other Securities ^(a)(d)				1,038,878
				5,957,161
Isle Of Man — 0.0% ^(e)
Other Securities ^(a)(d)				43,587

See Notes to Financial Statements.
47

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Condensed Schedule of Investments - (Continued)

December 31, 2019

	Shares		Value
COMMON STOCKS — 97.9% (Continued)
Israel — 0.2%
Other Securities ^(a)(d)			$	668,037

Italy — 2.3%
EssilorLuxottica SA ^(a)		18,816		2,858,728
Other Securities ^(a)(d)				6,305,382
				9,164,110
Japan — 14.0%
Hitachi Metals Ltd. ^(a)		241,200		3,550,396
Honda Motor Co. Ltd. ^(a)		113,600		3,215,055
Inpex Corp. ^(a)		231,400		2,397,242
Keyence Corp. ^(a)		9,980		3,504,363
Sumitomo Mitsui Financial Group, Inc. ^(a)		70,100		2,589,169
Other Securities ^(a)(d)				39,484,779
				54,741,004
Jersey — 1.9%
Experian PLC ^(a)		185,233		6,279,343
Other Securities ^(a)(d)				1,031,830
				7,311,173
Luxembourg — 0.1%
Other Securities ^(a)(d)				263,264

Malaysia — 0.2%
Other Securities ^(a)(d)				753,601

Mexico — 0.9%
Wal-Mart de Mexico SAB de CV		870,531		2,499,136
Other Securities ^(a)(d)				824,663
				3,323,799
Netherlands — 3.0%
ASML Holding NV - ADR		12,179		3,604,253
Other Securities ^(a)(d)				7,960,437
				11,564,690
New Zealand — 0.1%
Other Securities ^(a)(d)				527,015

Norway — 0.2%
Other Securities ^(a)(d)				761,724

Philippines — 0.1%
Altus San Nicolas Corp. ^(b)(c)(f)		1,826		364
Other Securities ^(a)(d)				340,067
				340,431

	Shares		Value
Poland — 0.1%
Other Securities ^(a)(d)			$	509,791

Portugal — 0.1%
Other Securities ^(a)(d)				262,836

Republic of Korea — 2.3%
Other Securities ^(a)(d)				8,771,871

Russian Federation — 0.9%
Other Securities ^(a)(d)				3,654,953

Singapore — 1.2%
Other Securities ^(a)(d)				4,804,917

South Africa — 0.4%
Other Securities ^(a)(d)				1,615,339

Spain — 1.8%
Amadeus IT Group SA ^(a)		37,979		3,110,371
Other Securities ^(a)(d)				3,964,601
				7,074,972
Sweden — 2.6%
Atlas Copco AB - Class A ^(a)		95,556		3,814,182
Other Securities ^(a)(d)				6,463,300
				10,277,482
Switzerland — 8.4%
Alcon, Inc. ^(a)(c)		56,431		3,196,343
Chubb Ltd.		23,756		3,697,859
Geberit AG ^(a)		6,002		3,368,811
Nestle SA ^(a)		52,567		5,691,181
Roche Holding AG ^(a)		14,875		4,834,417
Sika AG ^(a)		17,600		3,305,201
UBS Group AG ^(a)		193,590		2,442,987
Other Securities ^(a)(d)				6,064,352
				32,601,151
Taiwan, Province of China — 5.5%
Hon Hai Precision Industry Co. Ltd. ^(a)		1,012,400		3,071,131
Taiwan Semiconductor Manufacturing Co. Ltd. ^(a)		337,000		3,729,859
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		79,034		4,591,875

See Notes to Financial Statements.
48

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Condensed Schedule of Investments - (Continued)

December 31, 2019

	Shares		Value
COMMON STOCKS — 97.9% (Continued)
Taiwan, Province of China — 5.5% (Continued)
Other Securities ^(a)(b)(d)			$	9,992,300
				21,385,165
Thailand — 0.2%
Other Securities ^(a)(d)				807,894

Turkey — 0.5%
Other Securities ^(a)(d)				1,767,744

United Kingdom — 11.2%
Compass Group PLC ^(a)		168,148		4,214,115
HSBC Holdings PLC ^(a)		299,694		2,346,153
John Wood Group PLC ^(a)		515,317		2,733,109
Royal Bank of Scotland Group PLC ^(a)		731,003		2,345,032
Smith & Nephew PLC ^(a)		121,105		2,918,739
Travis Perkins PLC ^(a)		124,883		2,652,666
Vodafone Group PLC ^(a)		1,375,105		2,669,612
Other Securities ^(a)(d)				23,845,895
				43,725,321
United States — 3.4%
Lululemon Athletica, Inc. ^(c)		11,328		2,624,358
Mettler-Toledo International, Inc. ^(c)		3,536		2,805,038
ResMed, Inc.		26,588		4,120,342
TechnipFMC PLC		118,575		2,542,248
Other Securities ^(a)(d)				1,181,005
				13,272,991
Virgin Islands (UK) — 0.0% ^(e)
Other Securities ^(a)(d)				33,555

Total Common Stocks (Cost $319,361,532)			$	381,891,527

PREFERRED STOCKS — 0.6%
Brazil — 0.2%
Other Securities ^(a)(d)			$	746,321

Colombia — 0.1%
Other Securities ^(a)(d)				194,810

Germany — 0.0% ^(e)
Other Securities ^(a)(d)				98,715

	Shares		Value
Republic of Korea — 0.3%
Other Securities ^(a)(d)			$	1,181,509

Total Preferred Stocks (Cost $2,305,302)			$	2,221,355

RIGHT — 0.0% ^(e)
Australia — 0.0%
Other Securities ^(a)(d)			$	78
Total Right (Cost $143)			$	78

SHORT-TERM INVESTMENT — 0.6%
First American Government Obligations Fund - Class X, 1.508% ^(g)		2,402,569	$	2,402,569
Total Short-Term Investment (Cost $2,402,569)			$	2,402,569

Total Investments at Value — 99.1% (Cost $324,069,546)			$	386,515,529

Other Assets in Excess of Liabilities — 0.9%				3,589,749

Net Assets — 100.0%			$	390,105,278

Percentages are stated as a percent of net assets.

ADR — American Depository Receipt

See Notes to Financial Statements.
49

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Condensed Schedule of Investments - (Continued)

December 31, 2019

(a)	Level 2 security (Note 2)

(b)	Illiquid security. The total value of such securities is $197,893 as of December 31, 2019, representing 0.1% of net assets.

(c)	Non-income producing security.

(d)	Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of December 31, 2019.

(e)	Represents less than 0.1%.

(f)	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 $364 as of December 31, 2019, representing 0.0% of net assets.

(g)	Rate listed is the 7-day effective yield as of December 31, 2019.

See Notes to Financial Statements.
50

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments

December 31, 2019

	Par Value		Value
U.S. TREASURY OBLIGATIONS — 10.4%
U.S. Treasury Bonds — 3.3%
4.375%, due 02/15/38	$	880,000	$	1,170,400
2.750%, due 11/15/42		1,195,000		1,275,662
3.125%, due 02/15/43		1,795,000		2,036,203
3.625%, due 08/15/43		500,000		613,359
3.750%, due 11/15/43		490,000		613,036
2.750%, due 11/15/47		1,390,000		1,490,558
3.000%, due 02/15/49		1,225,000		1,381,953
2.250%, due 08/15/49		1,170,000		1,135,448
				9,716,619
U.S. Treasury Notes — 6.6%
2.125%, due 01/31/21		8,000		8,040
2.750%, due 08/15/21		600,000		610,781
2.875%, due 10/15/21		1,370,000		1,400,397
1.750%, due 11/30/21		1,400,000		1,403,938
1.625%, due 12/31/21		580,600		581,235
2.500%, due 01/15/22		520,000		529,181
1.625%, due 12/15/22		120,000		120,056
2.625%, due 02/28/23		880,000		906,813
2.500%, due 03/31/23		950,000		975,828
2.750%, due 04/30/23		930,000		963,277
1.625%, due 05/31/23		570,000		569,733
2.375%, due 02/29/24		365,000		375,152
2.125%, due 09/30/24		980,000		998,987
2.250%, due 10/31/24		970,000		994,856
1.500%, due 11/30/24		38,900		38,566
1.750%, due 12/31/24		54,900		55,046
2.750%, due 02/28/25		510,000		535,978
3.000%, due 09/30/25		860,000		918,050
2.375%, due 04/30/26		185,000		191,359
2.000%, due 11/15/26		470,000		474,994
1.750%, due 12/31/26		448,000		445,480
2.375%, due 05/15/27		1,140,000		1,181,503
2.250%, due 08/15/27		970,000		996,675
2.250%, due 11/15/27		940,000		966,144
2.625%, due 02/15/29		455,000		482,158
2.375%, due 05/15/29		1,640,000		1,704,575
1.750%, due 11/15/29		1,268,000		1,248,782
				19,677,584

	Par Value		Value
U.S. Treasury Inflation-Protected Notes — 0.5%
0.125%, due 10/15/24	$	1,003,040	$	1,008,682
0.875%, due 01/15/29		387,288		411,494
				1,420,176
Total U.S. Treasury Obligations (Cost $29,602,732)				30,814,379

AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.7%
Federal Home Loan Mortgage Corp. — 2.7%
Series 2014-DN3, 5.792%, due 08/26/24 (1 Month U.S. LIBOR + 4.000%) ^(d)		162,276		172,567
Series 2015-HQ1, 5.592%, due 03/25/25 (1 Month U.S. LIBOR + 3.800%) ^(d)		168,807		172,806
Series 2015-DNA1, 3.642%, due 10/25/27 (1 Month U.S. LIBOR + 1.850%) ^(d)		114,304		115,198
Series 2017-DNA2, 2.992%, due 10/25/29 (1 Month U.S. LIBOR + 1.200%) ^(d)		131,066		131,343
Series 2017-DNA2, 5.242%, due 10/25/29 (1 Month U.S. LIBOR + 3.450%) ^(d)		250,000		266,336
Series 2017-DNA3, 2.542%, due 03/25/30 (1 Month U.S. LIBOR + 0.750%) ^(d)		386,554		386,700
Series 2989, 21.772%, due 08/15/34 (-7 x 1 Month U.S. LIBOR + 33.950%) ^(d)		105,699		238,656
Series 4249, 3.382%, due 09/15/43 (-0.75 x 1 Month U.S. LIBOR + 4.650%) ^(d)		1,248,471		1,166,741
Series 4355, 4.000%, due 05/15/44		4,359,673		4,917,686
Pool 5131, 3.500%, due 12/01/49		493,410		512,983
				8,081,016

See Notes to Financial Statements.
51

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.7% (Continued)
Federal Home Loan Mortgage Corp. Interest-Only Strips — 0.4% ^(d)
Series 2980, 4.960%, due 05/15/35 (6.700% - 1 Month U.S. LIBOR)	$	674,595	$	86,525
Series 3311, 4.670%, due 05/15/37 (6.410% - 1 Month U.S. LIBOR)		2,286,772		483,247
Series 3359, 3.980%, due 08/15/37 (5.720% - 1 Month U.S. LIBOR)		1,243,520		176,124
Series 4077, 4.260%, due 05/15/41 (6.000% - 1 Month U.S. LIBOR)		1,061,784		159,054
Series 3966, 4.160%, due 12/15/41 (5.900% - 1 Month U.S. LIBOR)		1,534,567		223,037
Series 4089, 4.260%, due 08/15/42 (6.000% - 1 Month U.S. LIBOR)		1,130,552		157,891
				1,285,878
Federal National Mortgage Association — 2.7%
Series 1M2, 5.792%, due 05/27/25 (1 Month U.S. LIBOR + 4.000%) ^(d)		488,125		515,948
Series 2015-C04, 7.342%, due 04/25/28 (1 Month U.S. LIBOR + 5.550%) ^(d)		167,331		177,989
Series 2016-C04, 6.042%, due 01/25/29 (1 Month U.S. LIBOR + 4.250%) ^(d)		300,000		318,413
Series 2016-C05, 6.242%, due 01/25/29 (1 Month U.S. LIBOR + 4.450%) ^(d)		333,336		352,006
Series 2016-C06, 3.092%, due 04/25/29 (1 Month U.S. LIBOR + 1.300%) ^(d)		95,615		95,785

	Par Value		Value
Series 2016-C07, 6.142%, due 05/25/29 (1 Month U.S. LIBOR + 4.350%) ^(d)	$	335,494	$	352,762
Series 2017-C03, 2.742%, due 10/25/29 (1 Month U.S. LIBOR + 0.950%) ^(d)		209,552		209,812
Series 2017-C05, 2.342%, due 01/25/30 (1 Month U.S. LIBOR + 0.550%) ^(d)		281		281
Series 2017-C07, 4.292%, due 05/28/30 (1 Month U.S. LIBOR + 2.500%) ^(d)		496,785		503,321
Series 2018-C01, 4.042%, due 07/25/30 (1 Month U.S. LIBOR + 2.250%) ^(d)		300,000		303,960
Series 2018-C03, 2.472%, due 10/25/30 (1 Month U.S. LIBOR + 0.680%) ^(d)		169,048		169,093
Series 2018-C03, 3.942%, due 10/25/30 (1 Month U.S. LIBOR + 2.150%) ^(d)		500,000		503,857
Series 2018-C04, 4.342%, due 12/26/30 (1 Month U.S. LIBOR + 2.550%) ^(d)		500,000		508,778
Series 2018-C05, 4.142%, due 01/27/31 (1 Month U.S. LIBOR + 2.350%) ^(d)		100,000		101,428
Series 2018-C06, 3.792%, due 03/25/31 (1 Month U.S. LIBOR + 2.000%) ^(d)		569,425		569,975
Pool 1370, 3.000%, due 04/01/46		271,982		278,618

See Notes to Financial Statements.
52

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.7% (Continued)
Federal National Mortgage Association — 2.7% (Continued)
Series 2016-75, 3.000%, due 10/25/46	$	1,403,419	$	1,378,991
Pool 1368, 3.000%, due 11/01/46		417,895		428,091
Pool 0030, 3.000%, due 02/01/49		247,385		253,189
Pool 2014, 3.000%, due 11/01/49		274,162		281,280
Pool 4860, 3.000%, due 12/01/49		659,050		672,041
				7,975,618
Federal National Mortgage Association Interest-Only Strips — 1.3%
Series 2014-63, 3.500%, due 06/25/33		4,883,500		347,497
Series 2007-50, 4.658%, due 06/25/37 (6.450% - 1 Month U.S. LIBOR) ^(d)		3,917,767		671,327
Series 2009-78, 4.948%, due 10/25/39 (6.740% - 1 Month U.S. LIBOR) ^(d)		5,394,547		1,222,501
Series 2011-124, 4.708%, due 12/25/41 (6.500% - 1 Month U.S. LIBOR) ^(d)		1,233,783		204,586
Series 2012-20, 4.658%, due 03/25/42 (6.450% - 1 Month U.S. LIBOR) ^(d)		1,205,059		203,475
Series 2012-76, 4.208%, due 07/25/42 (6.000% - 1 Month U.S. LIBOR) ^(d)		573,057		97,581
Series 2014-28, 4.258%, due 05/25/44 (6.050% - 1 Month U.S. LIBOR) ^(d)		4,066,678		648,393
Series 2017-53, 4.000%, due 07/25/47		1,032,610		127,347
Series 2008-22, 4.368%, due 04/25/48 (6.160% - 1 Month U.S. LIBOR) ^(d)		2,453,462		473,872
				3,996,579

	Par Value		Value
Government National Mortgage Association Interest-Only Strips — 0.6%
Series 2010-133, 4.330%, due 10/16/40 (6.070% - 1 Month U.S. LIBOR) ^(d)	$	4,668,560	$	650,543
Series 2014-102, 3.885%, due 02/20/44 (5.650% - 1 Month U.S. LIBOR) ^(d)		4,893,592		640,561
Series 2018-083, 5.000%, due 01/20/48		2,720,034		379,568
				1,670,672
Total Agency Mortgage-Backed Obligations (Cost $21,842,446)				23,009,763

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.4%
Alternative Loan Trust 2006-HY11
Series A-1, 1.912%, due 06/25/36 (1 Month U.S. LIBOR + 0.120%) ^(d)		434,869		407,919
Alternative Loan Trust 2007-16CB
Series 2007-16CB, 6.250%, due 08/25/37		670,241		555,384
Alternative Loan Trust 2007-OA4
Series 2007-OA4, 1.962%, due 05/25/47 (1 Month U.S. LIBOR + 0.170%) ^(d)		442,186		412,304
Americold 2010 LLC
Series 2010-ART, 6.811%, due 01/14/29 ^(a)		50,000		51,241

See Notes to Financial Statements.
53

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.4% (Continued)
Arroyo Mortgage Trust 2018-1
Series 2018-1, 3.763%, due 04/25/48 ^(a)	$	132,375	$	133,560
Arroyo Mortgage Trust 2019-1
Series 2019-1, 3.805%, due 01/25/49 ^(a)		198,006		199,427
Arroyo Mortgage Trust 2019-2
Series A1, 3.347%, due 04/25/49 ^(a)		290,236		292,748
Arroyo Mortgage Trust 2019-3
Series 2019-3, 2.962%, due 10/25/48 ^(a)		160,663		159,211
BAMLL Commercial Mortgage Securities Trust 2019-BPR
Series 2019-BPR, 3.843%, due 11/05/32 ^(a)		130,000		122,152
BBCMS 2019-BWAY Mortgage Trust
Series 2019-BWAY, 4.590%, due 11/15/34 (1 Month U.S. LIBOR + 2.850%) ^(a)^(d)		100,000		99,500
BCAPB LLC Trust 2007-AB1
Series 2007-AB1, 4.847%, due 03/25/37		3,829,727		2,531,436
Bear Stearns ARM Trust 2004-10
Series 2004-10, 4.030%, due 01/25/35		404,392		393,145

	Par Value		Value
Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26
Series A-J, 5.450%, due 01/12/45	$	150,000	$	128,010
Benchmark 2018-B4 Mortgage Trust
Series 2018-B4, 2.813%, due 07/17/28 ^(a)		500,000		446,345
BHMS 2018-ATLS
Series 2018-ATLS, 3.640%, due 07/16/35 (1 Month U.S. LIBOR + 1.900%) ^(a)^(d)		251,000		250,529
BHP Trust 2019-BXHP
Series 2019-BXHP, 3.511%, due 08/15/36 (1 Month U.S. LIBOR + 1.771%) ^(a)^(d)		183,000		181,977
BX Commercial Mortgage Trust 2018-BIOA
Series 2018-BIOA, 3.691%, due 03/16/37 (1 Month U.S. LIBOR + 1.951%) ^(a)^(d)		343,000		342,689
BX Commercial Mortgage Trust 2019-IMC
Series 2019-IMC, 4.640%, due 04/17/34 (1 Month U.S. LIBOR + 2.900%) ^(a)^(d)		123,000		123,649

See Notes to Financial Statements.
54

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.4% (Continued)
BX Commercial Mortgage Trust 2019-XL
Series 2019-XL, 2.660%, due 10/15/36 (1 Month U.S. LIBOR + 0.920%) ^(a)^(d)	$	405,000	$	405,253
Series 2019-XL, 4.390%, due 10/15/36 (1 Month U.S. LIBOR + 2.650%) ^(a)^(d)		310,000		310,482
BX Trust 2018-GW
Series 2018-GW, 4.660%, due 05/15/37 (1 Month U.S. LIBOR + 2.920%) ^(a)^(d)		83,000		83,525
BX Trust 2019-CALM
Series 2019-CALM, 3.750%, due 11/15/32 (1 Month U.S. LIBOR + 2.000%) ^(a)^(d)		150,000		150,094
CFCRE Commercial Mortgage Trust 2011-C1
Series 2011-C1, 6.089%, due 04/15/44 ^(a)		156,795		145,680
Chase Home Lending Mortgage Trust 2019-ATR1
Series A-3, 4.000%, due 04/25/49 ^(a)		68,464		69,710
CHL Mortgage Pass-Through Trust 2007-HY5
Series 2007-HY5, 3.755%, due 09/25/37		1,597,962		1,533,856

	Par Value		Value
CIM Trust 2016-1RR
Series 2016-1, 7.78%, due 08/26/55 ^(a)	$	1,000,000	$	999,869
CIM Trust 2018-INV1
Series 2018-INV1, 4.000%, due 08/25/48 ^(a)		500,000		506,436
CIM Trust 2019-INV2
Series 2019-INV2, 4.000%, due 05/25/49 ^(a)		157,815		159,057
Citigroup Commercial Mortgage Trust 2013-GC17
Series D, 5.110%, due 11/13/46 ^(a)		100,000		102,353
Citigroup Commercial Mortgage Trust 2016-P4
Series 2016-P4, 3.973%, due 07/12/49 ^(a)		500,000		473,065
Citigroup Commercial Mortgage Trust 2018-C6
Series D, 5.067%, due 11/10/51 ^(a)		380,000		400,622
COMM 2014-LC15 Mortgage Trust
Series 2014-LC15, 4.984%, due 04/12/47 ^(a)		440,000		442,355
COMM 2015-CCRE26 Mortgage Trust
Series 2015-CCRE26, 3.484%, due 10/13/48		52,000		49,054
COMM 2016-CR28 Mortgage Trust
Series 2016-CCRE28, 3.896%, due 02/12/49		30,000		30,472
COMM 2016-GCT Mortgage Trust
Series 2016-GCT, 3.461%, due 08/10/29 ^(a)		150,000		147,565

See Notes to Financial Statements.
55

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.4% (Continued)
Connecticut Avenue Securities Trust 2018-R07
Series 2018-R07, 4.192%, due 04/25/31 (1 Month U.S. LIBOR + 2.400%) ^(a)^(d)	$	376,668	$	380,029
Connecticut Avenue Securities Trust 2019-R02
Series 2019-R02, 4.092%, due 08/25/31 (1 Month U.S. LIBOR + 2.300%) ^(a)^(d)		200,000		201,369
Connecticut Avenue Securities Trust 2019-R04
Series 2019-R04, 3.892%, due 06/27/39 (1 Month U.S. LIBOR + 2.100%) ^(a)^(d)		190,000		191,136
Connecticut Avenue Securities Trust 2019-R06
Series 2019-R06, 3.892%, due 09/25/39 (1 Month U.S. LIBOR + 2.100%) ^(a)^(d)		235,000		236,973

	Par Value		Value
Credit Suisse Mortgage Capital Certificates 2019-ICE4
Series 2019-ICE4, 3.340%, due 05/15/36 (1 Month U.S. LIBOR + 1.600%) ^(a)^(d)	$	165,000	$	165,103
Series 2019-ICE4, 3.890%, due 05/15/36 (1 Month U.S. LIBOR + 2.150%) ^(a)^(d)		189,000		189,295
CSMC Series 2019-NQM1
Series 2019-NQM1, 2.656%, due 10/25/59 ^(a)		135,000		134,894
CSMC Trust 2017-CHOP
Series 2017-CHOP, 5.040%, due 07/15/32 (1 Month U.S. LIBOR + 3.300%) ^(a)^(d)		169,000		169,109
CSMC Trust 2017-LSTK
Series 2017-LSTK, 3.331%, due 04/07/33 ^(a)		170,000		169,020
CSWF 2018-TOP
Series 2018-TOP, 4.490%, due 08/15/35 (1 Month U.S. LIBOR + 2.750%) ^(a)^(d)		200,000		200,004
DBGS 2018-5BP Mortgage Trust
Series 2018-5BP, 4.190%, due 06/15/33 (1 Month U.S. LIBOR + 2.450%) ^(a)^(d)		140,000		139,495

See Notes to Financial Statements.
56

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.4% (Continued)
DBGS 2018-BIOD Mortgage Trust
Series 2018-BIOD, 2.628%, due 05/15/35 (1 Month U.S. LIBOR + 0.888%) ^(a)^(d)	$	232,035	$	231,165
DBUBS 2011-LC1 Mortgage Trust
Series 2011-LC1, 5.702%, due 11/13/46 ^(a)		230,000		235,847
DBUBS 2017-BRBK Mortgage Trust
Series 2017-BRBK, 3.530%, due 10/12/34 ^(a)		320,000		318,791
Deephaven Residential Mortgage Trust 2018-3
Series 2018-3, 4.357%, due 08/25/58 ^(a)		500,000		502,805
Flagstar Mortgage Trust 2018-6RR
Series 2018-6RR, 5.022%, due 10/25/48 ^(a)		489,283		541,639
Fontainebleau Miami Beach Trust 2019-FBLU
Series F, 4.095%, due 12/12/36 ^(a)(b)		245,000		239,986
Series G, 4.095%, due 12/12/36 ^(a)		125,000		120,574
GMAC Commercial Mortgage Securities Inc Series 2004-C3 Trust
Series 2004-C3, 5.142%, due 12/10/41 ^(a)		45,357		45,614

	Par Value		Value
GPT 2018-GPP Mortgage Trust
Series 2018-GPP, 4.210%, due 06/15/33 (1 Month U.S. LIBOR + 2.470%) ^(a)^(d)	$	500,000	$	497,854
Great Wolf Trust
Series 2019-WOLF, 4.853%, due 12/15/36 (1 Month U.S. LIBOR + 3.131%) ^(a)^(d)		124,000		123,807
GS Mortgage Securities Corp Trust 2018-LUAU
Series E, 4.290%, due 11/15/32 (1 Month U.S. LIBOR + 2.550%) ^(a)^(d)		150,000		150,377
GS Mortgage Securities Corp Trust 2018-RIVR
Series F, 3.840%, due 07/16/35 (1 Month U.S. LIBOR + 2.100%) ^(a)^(d)		1,000,000		989,504
Series G, 4.340%, due 07/16/35 (1 Month U.S. LIBOR + 2.600%) ^(a)^(d)		500,000		493,891
GS Mortgage Securities Corp Trust 2018-TWR
Series A, 2.640%, due 07/15/31 (1 Month U.S. LIBOR + 0.900%) ^(a)^(d)		215,000		214,216
GS Mortgage Securities Corp Trust 2019-SOHO
Series E, 3.614%, due 06/16/36 (1 Month U.S. LIBOR + 1.875%) ^(a)^(d)		188,000		187,605

See Notes to Financial Statements.
57

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.4% (Continued)
GS Mortgage Securities Trust 2016-GS4
Series 2016-GS4, 3.233%, due 11/15/49 ^(a)	$	370,000	$	346,198
GSAA Home Equity Trust 2006-4
Series 2006-4, 4.022%, due 03/25/36		616,167		499,732
GSAA Home Equity Trust 2007-7
Series 2007-7, 2.062%, due 07/25/37 (1 Month U.S. LIBOR + 0.270%) ^(d)		479,511		468,859
GSCG Trust 2019-600C
Series 2019-600C, 4.118%, due 09/06/34 ^(a)		183,000		184,390
HPLY Trust 2019-HIT
Series 2019-HIT, 4.890%, due 11/17/36 (1 Month U.S. LIBOR + 3.150%) ^(a)^(d)		176,046		176,694
Hudson Yards 2019-55HY Mortgage Trust
Series F, 3.041%, due 12/12/41 ^(a)		100,000		88,277
IMT Trust 2017-APTS
Series 2017-APTS, 3.890%, due 06/15/34 (1 Month U.S. LIBOR + 2.150%) ^(a)^(d)		182,000		181,775
Series 2017-APTS, 4.590%, due 06/15/34 (1 Month U.S. LIBOR + 2.850%) ^(a)^(d)		56,000		55,931

	Par Value		Value
J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-PHH
Series C, 3.100%, due 06/15/35 (1 Month U.S. LIBOR + 1.360%) ^(a)^(d)	$	45,000	$	44,974
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP
Series E, 3.900%, due 07/15/36 (1 Month U.S. LIBOR + 2.160%) ^(a)^(d)		125,000		125,156
Jackson Park Trust 2019-LIC
Series 2019-LIC, 3.242%, due 10/14/39 ^(a)		160,000		136,124
JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5
Series D, 5.418%, due 08/17/46 ^(a)		268,000		274,131
JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13
Series E, 3.986%, due 01/18/46 ^(a)		445,000		444,438
JP Morgan Chase Commercial Mortgage Securities Trust 2018-LAQ
Series E, 4.740%, due 06/15/35 (1 Month U.S. LIBOR + 3.000%) ^(a)^(d)		24,261		24,276

See Notes to Financial Statements.
58

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.4% (Continued)
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT
Series FLT, 5.364%, due 07/08/33 ^(a)	$	141,000	$	148,990
Series FLT, 5.364%, due 07/08/33 ^(a)		1,400,000		1,440,228
JP Morgan Mortgage Trust 2018-6
Series 2018-6, 3.962%, due 12/25/48 ^(a)		386,542		397,131
JP Morgan Mortgage Trust 2018-8
Series 2018-8, 4.210%, due 01/25/49 ^(a)		487,691		516,065
JPMCC Re-REMIC Trust 2015-FRR2
Series 2015-FRR2, 2.205%, due 12/28/46 ^(a)		150,000		142,801
LSTAR Commercial Mortgage Trust 2016-4
Series 2016-4, 4.556%, due 03/12/49 ^(a)		274,000		266,990
Madison Avenue Trust 2013-650M
Series 2013-650M, 4.034%, due 10/15/32 ^(a)		268,000		270,289
MBRT 2019-MBR
Series 2019-MBR, 4.309%, due 11/17/36 (1 Month U.S. LIBOR + 2.549%) ^(a)^(d)		100,000		99,544

	Par Value		Value
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13
Series 2013-C13, 3.707%, due 11/19/46 ^(a)	$	220,000	$	207,473
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17
Series 2014-C17, 4.498%, due 08/16/47		1,117,000		1,167,834
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20
Series 2015-C20, 3.071%, due 02/15/48 ^(a)		42,000		39,278
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22
Series 2015-C22, 4.235%, due 04/17/48		1,000,000		1,039,905
Morgan Stanley Capital I Trust 2018-SUN
Series 2018-SUN, 4.290%, due 07/16/35 (1 Month U.S. LIBOR + 2.550%) ^(a)^(d)		60,000		60,000
Series 2018-SUN, 4.790%, due 07/16/35 (1 Month U.S. LIBOR + 3.050%) ^(a)^(d)		40,000		40,150
Morgan Stanley Capital I Trust 2019-NUGS
Series F, 4.594%, due 12/15/36 (1 Month U.S. LIBOR + 2.844%) ^(a)^(d)		125,000		124,297
Morgan Stanley Capital I Trust 2019-PLND
Series E, 3.890%, due 05/15/36 (1 Month U.S. LIBOR + 2.150%) ^(a)^(d)		189,000		189,118

See Notes to Financial Statements.
59

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.4% (Continued)
MSCG Trust 2018-SELF
Series 2018-SELF, 4.790%, due 10/15/37 (1 Month U.S. LIBOR + 3.050%) ^(a)^(d)	$	199,000	$	199,742
One Bryant Park Trust 2019-OBP
Series A, 2.516%, due 09/13/54 ^(a)		225,000		218,886
PR Mortgage Loan Trust 2014-1
Series 2014-1, 5.901%, due 10/25/49 ^(a)(b)		1,765,826		1,712,784
RALI Series 2006-QS15 Trust
Series 2006-QS15, 6.500%, due 10/25/36		937,375		887,308
Tharaldson Hotel Portfolio Trust 2018-THPT
Series E, 4.890%, due 11/13/34 (1 Month U.S. LIBOR + 3.180%) ^(a)^(d)		113,411		113,627
Verus Securitization Trust 2018-1
Series 2018-1, 3.801%, due 01/25/58 ^(a)		500,000		498,360
Verus Securitization Trust 2018-2
Series 2018-2, 4.426%, due 07/25/58 ^(a)		900,000		911,184
Verus Securitization Trust 2018-3
Series M-1, 4.595%, due 10/25/58 ^(a)		300,000		305,207

	Par Value		Value
WaMu Mortgage Pass-Through Certificates Series 2007-HY3 Trust
Series 2007-HY3, 3.538%, due 03/25/37	$	596,989	$	560,950
Wells Fargo Commercial Mortgage Trust 2010-C1
Series F, 4.000%, due 11/18/43 ^(a)		100,000		98,957
Wells Fargo Commercial Mortgage Trust 2016-C34
Series C, 5.028%, due 06/17/49		141,000		153,605
Wells Fargo Commercial Mortgage Trust 2019-C49
Series D, 3.000%, due 03/15/52 ^(a)		1,090,000		950,859
Wells Fargo Mortgage Backed Securities 2019-2 Trust
Series 2019-2, 4.000%, due 04/25/49 ^(a)		303,231		306,313
WFRBS Commercial Mortgage Trust 2013-C12
Series 2013-C12, 3.500%, due 03/17/48 ^(a)		900,000		790,087
Total Non-Agency Mortgage-Backed Obligations (Cost $36,665,393)				36,819,693

See Notes to Financial Statements.
60

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS — 2.4%
BANK 2017-BNK8
Series 2017-BNK8, 1.273%, due 11/17/50 ^(a)	$	7,050,000	$	616,644
BANK 2018-BNK11
Series 2018-BNK11, 0.492%, due 03/17/61		11,687,997		407,604
BANK 2019-BNK17
Series 2019-BNK17, 1.036%, due 04/17/52		3,423,814		275,780
Benchmark 2018-B4 Mortgage Trust
Series 2018-B4, 0.539%, due 06/16/28		7,874,313		270,058
Series 2018-B4, 1.750%, due 07/17/28 ^(a)		7,000,000		881,823
Benchmark 2019-B10 Mortgage Trust
Series 2019-B10, 0.900%, due 03/17/62 ^(a)		2,820,000		213,969
Series 2019-B10, 1.232%, due 03/17/62		3,544,875		317,612
CD 2016-CD1 Mortgage Trust
Series 2016-CD1, 1.409%, due 08/12/49		1,941,098		138,157
CD 2017-CD4 Mortgage Trust
Series 2017-CD4, 1.309%, due 05/12/50		1,735,992		121,800
CFCRE Commercial Mortgage Trust 2016-C4
Series 2016-C4, 1.708%, due 05/10/58		760,980		64,001
CFCRE Commercial Mortgage Trust 2017-C8
Series 2017-C8, 1.620%, due 06/17/50		1,382,261		117,616

	Par Value		Value
Citigroup Commercial Mortgage Trust 2016-C1
Series XA, 1.884%, due 05/10/49	$	807,100	$	77,239
Citigroup Commercial Mortgage Trust 2017-P8
Series X-A, 0.917%, due 09/16/50		1,008,100		57,245
Citigroup Commercial Mortgage Trust 2019-C7
Series X-A, 1.009%, due 12/16/2072		6,300,000		443,580
COMM 2012-LC4 Mortgage Trust
Series 2012-LC4, 2.103%, due 12/12/44 ^(a)		13,043,459		439,061
COMM 2013-CCRE12 Mortgage Trust
Series 2013-CCRE12, 1.149%, due 10/15/46		3,318,837		120,839
COMM 2015-LC21 Mortgage Trust
Series 2015-LC21, 0.763%, due 07/10/48		1,786,964		50,165
CSAIL 2016-C6 Commercial Mortgage Trust
Series 2016-C6, 1.898%, due 01/15/49		752,709		64,920
CSAIL 2017-CX10 Commercial Mortgage Trust
Series 2017-CX10, 0.722%, due 11/17/50		5,570,158		250,167
CSAIL 2018-CX12 Commercial Mortgage Trust
Series 2018-CX12, 0.617%, due 08/17/51		4,766,819		204,796

See Notes to Financial Statements.
61

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS — 2.4% (Continued)
GS Mortgage Securities Corp II
Series 2013-GC10, 1.502%, due 02/10/46	$	1,986,182	$	76,998
GS Mortgage Securities Trust 2011-GC3
Series 2011-GC3, 0.656%, due 03/10/44 ^(a)(b)		15,323,009		72,032
JPMBB Commercial Mortgage Securities Trust 2014-C19
Series X-A, 0.752%, due 04/17/47		17,813,209		373,267
JPMDB Commercial Mortgage Securities Trust 2016-C2
Series X-A, 1.673%, due 06/17/49		1,231,086		81,036
LSTAR Commercial Mortgage Trust 2016-4
Series 2016-4, 1.844%, due 03/12/49 ^(a)		1,405,798		82,912
LSTAR Commercial Mortgage Trust 2017-5
Series 2017-5, 1.084%, due 03/11/50 ^(a)		2,564,371		101,268
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13
Series 2013-C13, 0.986%, due 11/19/46		5,297,097		162,483
Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19
Series 2014-C19, 1.003%, due 12/17/47		2,402,609		91,367
Morgan Stanley Capital I Trust 2016-UBS12
Series X-A, 0.777%, due 12/17/49		3,153,429		119,428

	Par Value		Value
SG Commercial Mortgage Securities Trust 2016-C5
Series 2016-C5, 1.980%, due 10/13/48	$	1,155,043	$	101,364
UBS Commercial Mortgage Trust 2018-C8
Series 2018-C8, 0.883%, due 02/17/51		1,375,572		79,055
Wells Fargo Commercial Mortgage Trust 2018-C45
Series X-A, 0.835%, due 06/16/51		5,438,633		321,928
Wells Fargo Commercial Mortgage Trust 2018-C46
Series X-A, 0.945%, due 08/17/51		3,520,718		200,328
Total Non-Agency Mortgage-Backed Obligation Interest-Only Strips (Cost $6,902,706)				6,996,542

ASSET BACKED SECURITIES — 7.9%
Ajax Mortgage Loan Trust 2018-A
Series 2018-A, 3.850%, due 04/25/58 ^(a)		687,044		695,644
Ajax Mortgage Loan Trust 2018-C
Series 2018-C, 4.360%, due 09/25/65 ^(a)		696,379		704,637
American Express Credit Account Master Trust
Series A, 2.870%, due 10/15/24		145,000		148,101
AMSR 2019-SFR1 Trust
Series 2019-SFR1, 2.774%, due 01/20/39 ^(a)		310,000		308,906

See Notes to Financial Statements.
62

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
ASSET BACKED SECURITIES — 7.9% (Continued)
Applebee’s Funding LLC
Series 2019-1, 4.194%, due 06/05/49 ^(a)	$	150,000	$	151,884
Applebee’s Funding LLC
Series 2019-1, 4.723%, due 06/05/49 ^(a)		100,000		102,625
Atrium IX
Series 2013-40R, 5.509%, due 05/28/30 (3 Month U.S. LIBOR + 3.600%) ^(a)^(d)		500,000		500,039
BA Credit Card Trust
Series 2017-1A, 1.950%, due 08/15/22		175,000		175,007
Carmax Auto Owner Trust 2019-3
Series 2019-3, 2.850%, due 01/15/26		100,000		99,829
Castlelake Aircraft Structured Trust 2019-1
Series 2091-1, 6.899%, due 04/15/39 ^(a)		904,272		907,239
CIFC Funding 2015-V Ltd.
Series 2015-5R, 4.890%, due 10/25/27 (3 Month U.S. LIBOR + 2.950%) ^(a)^(d)		345,000		342,469
CIM Trust 2016-2RR
Series 2016-2, 8.226%, due 02/29/56 ^(a)		1,000,000		992,262
CIM Trust 2016-3RR
Series 2016-3, 7.986%, due 02/29/56 ^(a)		1,000,000		994,117
Citibank Credit Card Issuance Trust
Series 2017-A3, 1.920%, due 04/07/22		125,000		125,004

	Par Value		Value
Coinstar Funding LLC Series 2017-1
Series 2017-1, 5.216%, due 04/25/47 ^(a)	$	78,000	$	80,444
Commonbond Student Loan Trust 2018-BGS
Series C, 4.120%, due 09/25/45 ^(a)		45,443		46,623
Countrywide Asset-Backed Certificates
Series 2006-6, 1.962%, due 09/25/36 (1 Month U.S. LIBOR + 0.170%) ^(d)		1,306,522		1,273,669
DB Master Finance LLC
Series 2017-1, 3.629%, due 11/20/47 ^(a)		196,000		198,449
DB Master Finance LLC
Series 2019-1, 3.787%, due 05/20/49 ^(a)		169,150		172,672
DB Master Finance LLC
Series 2019-1, 4.021%, due 05/20/49 ^(a)		89,550		91,853
Domino’s Pizza Master Issuer LLC
Series 2017-1, 3.082%, due 07/25/47 ^(a)		196,000		196,136
Domino’s Pizza Master Issuer LLC
Series 2017-1, 3.190%, due 07/25/47 (3 Month U.S. LIBOR + 1.250%) ^(a)^(d)		230,300		230,234
Dryden 33 Senior Loan Fund
Series FLT, 5.851%, due 04/16/29 (3 Month U.S. LIBOR + 3.850%) ^(a)^(d)		500,000		500,148

See Notes to Financial Statements.
63

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
ASSET BACKED SECURITIES — 7.9% (Continued)
Dryden 40 Senior Loan Fund
Series 2015-40R, 4.010%, due 08/15/31 (3 Month U.S. LIBOR + 2.100%) ^(a)^(d)	$	500,000	$	489,718
Earnest Student Loan Program 2016-C LLC
Series 2016-C, 4.460%, due 01/26/37 ^(a)		242,476		254,295
First Franklin Mortgage Loan Trust 2004-FF10
Series M-1, 3.067%, due 07/25/34 (1 Month U.S. LIBOR + 1.275%) ^(d)		383,121		376,660
FOCUS Brands Funding LLC
Series 2017-1, 5.093%, due 04/30/47 ^(a)		151,125		158,391
Ford Credit Auto Owner Trust 2016-C
Series A-3, 1.220%, due 03/15/21		19,306		19,293
Greystone CRE Notes 2019-FL2 Ltd.
Series D, 4.662%, due 09/15/37 (1 Month U.S. LIBOR + 2.400%) ^(a)(b)^(d)		183,000		183,228
GSAA Home Equity Trust 2005-6
Series 2005-6, 2.222%, due 06/25/35 (1 Month U.S. LIBOR + 0.430%) ^(d)		1,300,000		1,275,537
Helios Issuer LLC
Series 2017-1, 4.940%, due 09/20/49 ^(a)		1,058,133		1,102,308

	Par Value		Value
Home Partners of America 2018-1 Trust
Series 2018-1, 3.187%, due 07/17/37 (1 Month U.S. LIBOR + 1.450%) ^(a)^(d)	$	135,000	$	133,964
Home Partners of America 2019-1 Trust
Series 2019-1, 3.157%, due 09/19/39 ^(a)		99,039		99,877
Jack in the Box Funding LLC
Series 4.47600, 4.476%, due 08/25/49 ^(a)		115,000		115,160
LCM XX LP
Series 2015-20R, 4.766%, due 10/20/27 (3 Month U.S. LIBOR + 2.800%) ^(a)^(d)		250,000		238,401
LCM XXII Ltd.
Series 2018-22R, 4.766%, due 10/20/28 (3 Month U.S. LIBOR + 2.800%) ^(a)^(d)		350,000		322,214
Marlette Funding Trust 2019-3
Series 2019-3, 3.070%, due 09/17/29 ^(a)		200,000		201,035
Mill City Mortgage Loan Trust 2018-3
Series 2018-3, 3.500%, due 08/25/58 ^(a)		219,717		224,845
Mill City Solar Loan 2019-2 Ltd.
Series 2019-2, 3.690%, due 07/20/43 ^(a)		141,843		142,628

See Notes to Financial Statements.
64

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
ASSET BACKED SECURITIES — 7.9% (Continued)
Morgan Stanley ABS Capital I Inc Trust 2006-NC1
Series 2006-NC1, 2.172%, due 12/25/35 (1 Month U.S. LIBOR + 0.380%) ^(d)	$	1,000,000	$	972,363
Mosaic Solar Loan Trust 2018-1
Series 2018-1, 4.010%, due 06/22/43 ^(a)		343,310		350,777
Mosaic Solar Loan Trust 2018-2-GS
Series 2018-2-GS, 4.200%, due 02/22/44 ^(a)		366,719		380,187
Mosaic Solar Loan Trust 2018-2-GS
Series 2018-2-GS, 4.740%, due 02/22/44 ^(a)		450,000		455,791
MVW Owner Trust 2018-1
Series 2018-1, 3.450%, due 01/21/36 ^(a)		85,294		87,677
NextGear Floorplan Master Owner Trust
Series A-2, 3.690%, due 10/16/23 ^(a)		160,000		164,259
OHA Loan Funding 2013-1 Ltd.
Series FLT, 4.004%, due 07/23/31 (3 Month U.S. LIBOR + 2.070%) ^(a)^(d)		500,000		487,458
Oscar US Funding XI LLC
Series A-4, 2.680%, due 09/10/26 ^(a)		150,000		151,341
PMTT4
Series 2017-PM1, 0.000%, due 10/26/48 ^(a)		707,902,174		861,800

	Par Value		Value
Santander Drive Auto Receivables Trust 2018-1
Series 2018-1, 4.370%, due 05/15/25 ^(a)	$	750,000	$	767,038
Sofi Consumer Loan Program 2018-1 Trust
Series C, 3.970%, due 02/25/27 ^(a)		250,000		255,197
Sofi Consumer Loan Program 2018-2 Trust
Series C, 4.250%, due 04/26/27 ^(a)		215,000		220,943
Sofi Consumer Loan Program 2018-3 Trust
Series C, 4.670%, due 08/25/27 ^(a)		150,000		155,562
SoFi Consumer Loan Program 2018-4 Trust
Series D, 4.760%, due 11/26/27 ^(a)		500,000		515,256
Structured Asset Securities Corp Mortgage Loan Trust 2006-BC3
Series A3, 1.952%, due 10/25/36 (1 Month U.S. LIBOR + 0.160%) ^(d)		914,643		796,323
Sunrun Xanadu Issuer 2019-1 LLC
Series 2019-1, 3.980%, due 06/30/54 ^(a)		141,292		143,112
Taco Bell Funding LLC
Series 2016-1, 4.970%, due 05/25/46 ^(a)		422,175		442,329
Towd Point Mortgage Trust 2017-3
Series 2017-3, 2.750%, due 06/25/57 ^(a)		161,183		162,098

See Notes to Financial Statements.
65

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
ASSET BACKED SECURITIES — 7.9% (Continued)
Towd Point Mortgage Trust 2018-4
Series 2018-4, 3.000%, due 06/25/58 ^(a)	$	223,544	$	227,979
Towd Point Mortgage Trust 2019-1
Series 2019-1, 3.750%, due 03/25/58 ^(a)		166,138		171,471
TPG Real Estate Finance 2018-FL2 Issuer Ltd.
Series 2018-FL2, 4.437%, due 11/18/37 (1 Month U.S. LIBOR + 2.700%) ^(a)(b)^(d)		125,000		125,387
Wendy’s Funding LLC
Series 2019-1, 3.783%, due 06/15/49 ^(a)		99,500		101,547
Wingstop Funding 2018-1 LLC
Series 2018-1, 4.970%, due 12/05/48 ^(a)		992,500		1,017,216
Total Asset Backed Securities (Cost $22,833,663)				23,388,656

COLLATERALIZED LOAN OBLIGATIONS — 2.8%
Annisa CLO Ltd. 2016-2
Series 2016-R, 3.966%, due 07/21/31 (3 Month U.S. LIBOR + 2.000%) ^(a)^(d)		1,000,000		970,326
Apidos CLO XXIV
Series 2016-24R, 5.016%, due 10/21/30 (3 Month U.S. LIBOR + 3.050%) ^(a)^(d)		500,000		487,829

	Par Value		Value
Ares XLIX CLO Ltd.
Series 2018-49, 3.903%, due 07/22/30 (3 Month U.S. LIBOR + 1.950%) ^(a)^(d)	$	1,000,000	$	967,011
Avery Point VI CLO Ltd.
Series 2015-6R, 2.941%, due 08/05/27 (3 Month U.S. LIBOR + 1.050%) ^(a)^(d)		500,000		498,748
BlueMountain CLO 2012-2 Ltd.
Series 2012-2R2, 4.799%, due 11/20/28 (3 Month U.S. LIBOR + 2.900%) ^(a)^(d)		350,000		337,906
Canyon Capital CLO 2014-1 Ltd.
Series 2014-1R, 4.686%, due 01/30/31 (3 Month U.S. LIBOR + 2.750%) ^(a)^(d)		250,000		227,320
Carlyle Global Market Strategies CLO 2015-3 Ltd.
Series C-R, 4.786%, due 07/28/28 (3 Month U.S. LIBOR + 2.850%) ^(a)^(d)		500,000		486,502
CFIP CLO 2017-1 Ltd.
Series 2017-1, 3.653%, due 01/18/30 (3 Month U.S. LIBOR + 1.650%) ^(a)^(d)		500,000		492,326

See Notes to Financial Statements.
66

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
COLLATERALIZED LOAN OBLIGATIONS — 2.8% (Continued)
Galaxy XXII CLO Ltd.
Series D-R, 5.101%, due 07/17/28 (3 Month U.S. LIBOR + 3.100%) ^(a)^(d)	$	250,000	$	248,122
Galaxy XXIX CLO Ltd.
Series 2018-29, 4.310%, due 11/16/26 (3 Month U.S. LIBOR + 2.400%) ^(a)^(d)		250,000		241,243
Goldentree Loan Management US CLO 2 Ltd.
Series D, 4.616%, due 11/29/30 (3 Month U.S. LIBOR + 2.650%) ^(a)^(d)		500,000		478,255
Hayfin Kingsland VIII Ltd.
3.446%, due 04/20/31 (3 Month U.S. LIBOR + 1.480%) ^(a)^(d)		500,000		483,091
Newark BSL CLO 1 Ltd.
Series C, 5.936%, due 12/21/29 (3 Month U.S. LIBOR + 4.000%) ^(a)^(d)		500,000		500,042
Palmer Square CLO 2018-3 Ltd.
4.210%, due 08/15/26 (3 Month U.S. LIBOR + 2.300%) ^(a)^(d)		1,000,000		968,199
Westcott Park CLO Ltd.
Series LTD, 5.216%, due 07/20/28 (3 Month U.S. LIBOR + 3.250%) ^(a)^(d)		500,000		498,674
York CLO-6 Ltd.
Series 2019-6, 4.216%, due 07/22/32 (3 Month U.S. LIBOR + 2.050%) ^(a)^(d)		500,000		495,955

	Par Value		Value
Total Collateralized Loan Obligations (Cost $8,550,091)				8,381,549
CORPORATE BONDS — 16.5%
Communication Services — 3.2%
AMC Networks, Inc.
4.750%, due 08/01/25	$	25,000	$	25,094
AT&T, Inc.
5.250%, due 03/01/37		80,000		95,537
4.500%, due 03/09/48		99,000		108,750
Block Communications, Inc.
6.875%, due 02/15/25 ^(a)		50,000		51,750
Cablevision Systems Corp.
5.875%, due 09/15/22		120,000		129,300
CCO Holdings LLC
5.750%, due 02/15/26 ^(a)		270,000		283,838
5.125%, due 05/01/27 ^(a)		395,000		416,725
5.000%, due 02/01/28 ^(a)		110,000		115,362
4.750%, due 03/01/30 ^(a)		105,000		106,838
Cengage Learning, Inc.
9.500%, due 06/15/24 ^(a)		30,000		26,062
CenturyLink, Inc.
5.125%, due 12/15/26 ^(a)		40,000		40,600
Charter Communications Operating LLC
4.908%, due 07/23/25		120,000		132,021
5.125%, due 07/01/49		345,000		374,365
Cincinnati Bell, Inc.
7.000%, due 07/15/24 ^(a)		35,000		36,662
Clear Channel Worldwide Holdings, Inc.
9.250%, due 02/15/24 ^(a)		18,000		19,935
Comcast Corp.
3.700%, due 04/15/24		90,000		95,744

See Notes to Financial Statements.
67

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
CORPORATE BONDS — 16.5% (Continued)
Communication Services — 3.2% (Continued)
CommScope, Inc.
5.500%, due 03/01/24 ^(a)	$	45,000	$	46,913
CommScope Technologies LLC
6.000%, due 06/15/25 ^(a)		25,000		25,000
CSC Holdings LLC
5.375%, due 02/01/28 ^(a)		200,000		213,250
CSC Holdings LLC
5.250%, due 06/01/24		70,000		75,250
5.500%, due 04/15/27 ^(a)		200,000		214,250
7.500%, due 04/01/28 ^(a)		200,000		225,750
5.750%, due 01/15/30 ^(a)		290,000		308,850
Cumulus Media New Holdings, Inc.
6.750%, due 07/01/26 ^(a)		25,000		26,812
Diamond Sports Group LLC
5.375%, due 08/15/26 ^(a)		415,000		419,150
6.625%, due 08/15/27 ^(a)(c)		527,000		512,507
DISH DBS Corp.
5.875%, due 07/15/22		140,000		148,400
5.000%, due 03/15/23		50,000		51,187
5.875%, due 11/15/24		25,000		25,469
Embarq Corp.
7.995%, due 06/01/36		50,000		52,812
Entercom Media Corp.
7.250%, due 11/01/24 ^(a)		25,000		26,375
Expedia Group, Inc.
5.000%, due 02/15/26		235,000		257,785
3.800%, due 02/15/28		240,000		244,641
3.250%, due 02/15/30 ^(a)		195,000		187,472
DISH Network Corp. CV
3.375%, due 08/15/26		250,000		242,083

	Par Value		Value
Frontier Communications Corp.
11.000%, due 09/15/25	$	10,000	$	4,850
8.000%, due 04/01/27 ^(a)		45,000		47,025
GCI LLC
6.625%, due 06/15/24 ^(a)		320,000		346,000
Gogo Intermediate Holdings LLC
9.875%, due 05/01/24 ^(a)		55,000		58,300
GCI Liberty, Inc. CV
1.750%, due 09/30/46 ^(a)		270,000		373,048
Gray Television, Inc.
7.000%, due 05/15/27 ^(a)		125,000		139,062
GTT Communications, Inc.
7.875%, due 12/31/24 ^(a)		30,000		22,500
HC2 Holdings, Inc.
11.500%, due 12/01/21 ^(a)		130,000		122,525
Hughes Satellite Systems Corp.
6.625%, due 08/01/26		25,000		27,688
iHeartCommunications, Inc.
6.375%, due 05/01/26		15,000		16,275
8.375%, due 05/01/27		35,000		38,675
5.250%, due 08/15/27 ^(a)		35,000		36,575
IAC Financeco 2, Inc. CV
0.875%, due 06/15/26 ^(a)		250,000		279,895
Level 3 Financing, Inc.
5.250%, due 03/15/26		45,000		46,800
Liberty Interactive LLC
8.250%, due 02/01/30		65,000		64,187
Midcontinent Communications
5.375%, due 08/15/27 ^(a)		20,000		21,150

See Notes to Financial Statements.
68

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
CORPORATE BONDS — 16.5% (Continued)
Communication Services — 3.2% (Continued)
Netflix, Inc.
5.875%, due 11/15/28	$	50,000	$	55,312
5.375%, due 11/15/29 ^(a)		210,000		223,125
Nexstar Broadcasting, Inc.
5.625%, due 08/01/24 ^(a)		50,000		52,125
5.625%, due 07/15/27 ^(a)		25,000		26,313
Outfront Media Capital LLC
5.000%, due 08/15/27 ^(a)		110,000		115,225
Plantronics, Inc.
5.500%, due 05/31/23 ^(a)		25,000		24,438
Sinclair Television Group, Inc.
5.125%, due 02/15/27 ^(a)		50,000		51,375
Sirius XM Radio, Inc.
4.625%, due 05/15/23 ^(a)		115,000		116,869
4.625%, due 07/15/24 ^(a)		15,000		15,675
5.375%, due 07/15/26 ^(a)		145,000		153,881
5.000%, due 08/01/27 ^(a)		25,000		26,375
5.500%, due 07/01/29 ^(a)		30,000		32,400
Sprint Capital Corp.
6.875%, due 11/15/28		65,000		70,038
Sprint Corp.
7.125%, due 06/15/24		60,000		64,650
7.625%, due 03/01/26		25,000		27,563
TEGNA, Inc.
5.000%, due 09/15/29 ^(a)		25,000		25,438
Terrier Media Buyer, Inc.
8.875%, due 12/15/27 ^(a)		25,000		26,406

	Par Value		Value
The Interpublic Group of Cos., Inc.
4.650%, due 10/01/28	$	55,000	$	61,785
5.400%, due 10/01/48		55,000		67,340
T-Mobile USA, Inc.
6.500%, due 01/15/26		160,000		170,800
5.375%, due 04/15/27		25,000		26,625
Townsquare Media, Inc.
6.500%, due 04/01/23 ^(a)		10,000		10,150
Uber Technologies, Inc.
7.500%, due 09/15/27 ^(a)		35,000		35,831
Verizon Communications, Inc.
3.376%, due 02/15/25		135,000		142,711
4.329%, due 09/21/28		344,000		389,942
4.016%, due 12/03/29		245,000		272,738
4.272%, due 01/15/36		75,000		84,509
ViacomCBS, Inc.
6.250%, due 02/28/57 (3 Month U.S. LIBOR + 3.899%) ^(d)		50,000		55,000
				9,431,733
Consumer Discretionary — 1.5%
Allied Universal Holdco LLC
6.625%, due 07/15/26 ^(a)		60,000		64,200
9.750%, due 07/15/27 ^(a)		40,000		42,800
Allison Transmission, Inc.
5.875%, due 06/01/29 ^(a)		15,000		16,500
AMC Entertainment Holdings, Inc.
5.875%, due 11/15/26		25,000		22,500
American Airlines Group, Inc.
5.000%, due 06/01/22 ^(a)		110,000		115,819
Anheuser-Busch Cos. LLC
4.900%, due 02/01/46		50,000		59,207

See Notes to Financial Statements.
69

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
CORPORATE BONDS — 16.5% (Continued)
Consumer Discretionary — 1.5% (Continued)
Anheuser-Busch InBev Worldwide, Inc.
4.600%, due 04/15/48	$	100,000	$	113,643
Aramark Services, Inc.
5.125%, due 01/15/24		100,000		102,625
5.000%, due 04/01/25 ^(a)		85,000		88,612
Asbury Automotive Group, Inc.
6.000%, due 12/15/24		50,000		51,625
Ashton Woods USA LLC
6.750%, due 08/01/25 ^(a)		25,000		25,562
Beacon Roofing Supply, Inc.
4.875%, due 11/01/25 ^(a)		60,000		60,150
Builders FirstSource, Inc.
5.625%, due 09/01/24 ^(a)		57,000		59,352
6.750%, due 06/01/27 ^(a)		25,000		27,406
Caesars Resort Collection LLC
5.250%, due 10/15/25 ^(a)		75,000		77,625
Carvana Co.
8.875%, due 10/01/23 ^(a)		30,000		31,575
CCM Merger, Inc.
6.000%, due 03/15/22 ^(a)		50,000		51,062
Cedar Fair LP
5.250%, due 07/15/29 ^(a)		25,000		26,937
Century Communities, Inc.
5.875%, due 07/15/25		50,000		52,187
Core & Main LP
6.125%, due 08/15/25 ^(a)		25,000		25,937
Dana, Inc.
5.500%, due 12/15/24		50,000		51,437

	Par Value		Value
Eldorado Resorts, Inc.
6.000%, due 04/01/25	$	45,000	$	47,137
Ford Motor Co.
7.450%, due 07/16/31		25,000		29,501
General Motors Financial Co., Inc.
3.033%, due 01/05/23 (3 Month U.S. LIBOR + 0.990%) ^(d)		150,000		149,435
3.950%, due 04/13/24		40,000		41,807
Golden Entertainment, Inc.
7.625%, due 04/15/26 ^(a)		35,000		37,144
Golden Nugget, Inc.
6.750%, due 10/15/24 ^(a)		125,000		129,219
H&E Equipment Services, Inc.
5.625%, due 09/01/25		50,000		52,500
Hasbro, Inc.
3.500%, due 09/15/27		70,000		69,771
IAA, Inc.
5.500%, due 06/15/27 ^(a)		25,000		26,563
Installed Building Products, Inc.
5.750%, due 02/01/28 ^(a)		25,000		26,687
JetBlue 2019-1 Class AA Pass Through Trust
Series 2019-1, 2.750%, due 05/15/32		60,000		60,599
KFC Holding Co.
5.000%, due 06/01/24 ^(a)		110,000		114,125
5.250%, due 06/01/26 ^(a)		235,000		248,513
L Brands, Inc.
6.750%, due 07/01/36		25,000		21,937
Lennar Corp.
5.375%, due 10/01/22		25,000		26,687
5.250%, due 06/01/26		25,000		27,313
4.750%, due 11/29/27		370,000		398,675

See Notes to Financial Statements.
70

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

		Par Value		Value
CORPORATE BONDS — 16.5% (Continued)
Consumer Discretionary — 1.5% (Continued)
Live Nation Entertainment, Inc.
4.750%, due 10/15/27 ^(a)		$	25,000	$	25,844
LTF Merger Sub, Inc.
8.500%, due 06/15/23 ^(a)			45,000		45,900
M/I Homes, Inc.
5.625%, due 08/01/25			50,000		52,500
Mattel, Inc.
5.875%, due 12/15/27 ^(a)			25,000		26,313
Meritage Homes Corp.
6.000%, due 06/01/25			25,000		27,938
MGM Resorts International
6.000%, due 03/15/23			25,000		27,469
5.750%, due 06/15/25			25,000		28,000
Michaels Stores, Inc.
8.000%, due 07/15/27 ^(a)			25,000		23,938
Molson Coors Brewing Co.
1.250%, due 07/15/24	EUR		150,000		172,962
Murphy Oil USA, Inc.
5.625%, due 05/01/27		$	25,000		26,906
Navistar International Corp.
6.625%, due 11/01/25 ^(a)			25,000		25,625
Penn National Gaming, Inc.
5.625%, due 01/15/27 ^(a)			25,000		26,469
Performance Food Group, Inc.
5.500%, due 10/15/27 ^(a)			70,000		74,550
PetSmart, Inc.
7.125%, due 03/15/23 ^(a)			30,000		29,475
5.875%, due 06/01/25 ^(a)			55,000		56,169

	Par Value		Value
Resideo Funding, Inc.
6.125%, due 11/01/26 ^(a)	$	50,000	$	49,944
Scientific Games International, Inc.
5.000%, due 10/15/25 ^(a)		50,000		52,250
7.250%, due 11/15/29 ^(a)		25,000		27,125
Six Flags Entertainment Corp.
5.500%, due 04/15/27 ^(a)		25,000		26,594
Sonic Automotive, Inc.
6.125%, due 03/15/27		25,000		26,000
Speedway Motorsports LLC
4.875%, due 11/01/27 ^(a)		25,000		25,281
Staples, Inc.
7.500%, due 04/15/26 ^(a)		90,000		93,600
Station Casinos LLC
5.000%, due 10/01/25 ^(a)		50,000		50,938
Taylor Morrison Communities, Inc.
5.750%, due 01/15/28 ^(a)		25,000		27,250
The Home Depot, Inc.
3.900%, due 06/15/47		55,000		61,984
The Men’s Wearhouse, Inc.
7.000%, due 07/01/22		40,000		38,000
The William Carter Co.
5.625%, due 03/15/27 ^(a)		25,000		26,875
Tempur Sealy International, Inc.
5.500%, due 06/15/26		119,000		125,248
United Airlines Holdings, Inc.
4.875%, due 01/15/25		25,000		26,502
WMG Acquisition Corp.
5.500%, due 04/15/26 ^(a)		250,000		263,125

See Notes to Financial Statements.
71

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
CORPORATE BONDS — 16.5% (Continued)
Consumer Discretionary — 1.5% (Continued)
Wolverine World Wide, Inc.
5.000%, due 09/01/26 ^(a)	$	25,000	$	25,250
Yum! Brands, Inc.
4.750%, due 01/15/30 ^(a)		180,000		189,000
				4,479,398
Consumer Staples — 1.3%
Albertsons Cos., Inc.
4.625%, due 01/15/27 ^(a)		35,000		34,912
5.875%, due 02/15/28 ^(a)		65,000		68,900
Altria Group, Inc.
4.500%, due 05/02/43		100,000		101,510
5.950%, due 02/14/49		60,000		72,542
Avantor, Inc.
9.000%, due 10/01/25 ^(a)		40,000		44,700
B&G Foods, Inc.
5.250%, due 04/01/25		65,000		66,950
5.250%, due 09/15/27		30,000		29,962
BAT Capital Corp.
4.540%, due 08/15/47		100,000		99,979
Bristol-Myers Squibb Co.
4.550%, due 02/20/48 ^(a)		170,000		208,713
Cardtronics, Inc.
5.500%, due 05/01/25 ^(a)		25,000		25,937
Chobani LLC
7.500%, due 04/15/25 ^(a)		25,000		25,063
Constellation Brands, Inc.
3.150%, due 08/01/29		125,000		126,291
Cott Holdings, Inc.
5.500%, due 04/01/25 ^(a)		85,000		88,612
Dollar Tree, Inc.
4.000%, due 05/15/25		120,000		128,258

	Par Value		Value
Eagle Holding Co II LLC
7.625%, due 05/15/22 ^(a)	$	25,000	$	25,312
7.750%, due 05/15/22 ^(a)		40,000		40,600
Graham Holdings Co.
5.750%, due 06/01/26 ^(a)		165,000		176,137
JBS USA LUX SA
5.875%, due 07/15/24 ^(a)		10,000		10,300
5.750%, due 06/15/25 ^(a)		5,000		5,175
KeHE Distributors LLC
8.625%, due 10/15/26 ^(a)		25,000		26,250
Kronos Acquisition Holdings, Inc.
9.000%, due 08/15/23 ^(a)		25,000		23,875
NBM US Holdings, Inc.
7.000%, due 05/14/26 ^(a)		500,000		533,750
Pilgrim’s Pride Corp.
5.750%, due 03/15/25 ^(a)		25,000		25,875
5.875%, due 09/30/27 ^(a)		75,000		81,000
Post Holdings, Inc.
5.500%, due 03/01/25 ^(a)		70,000		73,237
5.000%, due 08/15/26 ^(a)		335,000		353,425
5.750%, due 03/01/27 ^(a)		445,000		477,263
5.625%, due 01/15/28 ^(a)		325,000		349,375
5.500%, due 12/15/29 ^(a)		75,000		79,969
Simmons Foods, Inc.
5.750%, due 11/01/24 ^(a)		25,000		25,063
Smithfield Foods, Inc.
4.250%, due 02/01/27 ^(a)		115,000		119,002

See Notes to Financial Statements.
72

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
CORPORATE BONDS — 16.5% (Continued)
Consumer Staples — 1.3% (Continued)
Spectrum Brands, Inc.
5.750%, due 07/15/25	$	25,000	$	26,125
The Hertz Corp.
7.125%, due 08/01/26 ^(a)		25,000		27,062
United Rentals North America, Inc.
4.625%, due 10/15/25		75,000		77,156
6.500%, due 12/15/26		35,000		38,412
5.250%, due 01/15/30		55,000		58,988
Verscend Escrow Corp.
9.750%, due 08/15/26 ^(a)		92,000		100,050
				3,875,730
Energy — 2.7%
Antero Midstream Partners LP
5.750%, due 03/01/27 ^(a)		20,000		17,500
Archrock Partners LP
6.250%, due 04/01/28 ^(a)		10,000		10,288
Calfrac Holdings LP
8.500%, due 06/15/26 ^(a)		25,000		10,312
Carrizo Oil & Gas, Inc.
6.250%, due 04/15/23		25,000		25,312
Cheniere Energy Partners LP
5.250%, due 10/01/25		25,000		26,031
5.625%, due 10/01/26		85,000		89,888
Chesapeake Energy Corp.
11.500%, due 01/01/25		17,000		16,065
CNOOC Finance 2015 USA LLC
3.500%, due 05/05/25		400,000		418,159
Continental Resources, Inc.
4.375%, due 01/15/28		330,000		350,625
Crestwood Midstream Partners LP
6.250%, due 04/01/23		25,000		25,500

	Par Value		Value
DCP Midstream Operating LP
5.375%, due 07/15/25	$	360,000	$	391,500
DCP Midstream Operating LP
5.125%, due 05/15/29		200,000		207,500
Delek Logistics Partners LP
6.750%, due 05/15/25		75,000		75,375
Diamondback Energy, Inc.
2.875%, due 12/01/24		30,000		30,280
Endeavor Energy Resources LP
5.750%, due 01/30/28 ^(a)		25,000		26,250
Energy Transfer Operating LP
4.750%, due 01/15/26		60,000		64,629
5.500%, due 06/01/27		80,000		89,840
6.000%, due 06/15/48		175,000		203,040
Enterprise Products Operating LLC
3.125%, due 07/31/29		450,000		461,905
Enviva Partners LP
6.500%, due 01/15/26 ^(a)		25,000		26,736
EOG Resources, Inc.
4.150%, due 01/15/26		85,000		93,484
Gulfport Energy Corp.
6.375%, due 05/15/25		55,000		34,925
6.375%, due 01/15/26		25,000		15,500
Hess Midstream Operations LP
5.625%, due 02/15/26 ^(a)		25,000		26,000
5.125%, due 06/15/28 ^(a)		50,000		50,625
Hilcorp Energy I LP
6.250%, due 11/01/28 ^(a)		35,000		33,250
Indigo Natural Resources LLC
6.875%, due 02/15/26 ^(a)		95,000		89,537

See Notes to Financial Statements.
73

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
CORPORATE BONDS — 16.5% (Continued)
Energy — 2.7% (Continued)
Kinder Morgan Energy Partners LP
6.950%, due 01/15/38	$	50,000	$	66,048
Kinder Morgan, Inc.
4.300%, due 06/01/25		85,000		92,095
5.200%, due 03/01/48		100,000		115,205
Magnolia Oil & Gas Operating LLC
6.000%, due 08/01/26 ^(a)		75,000		77,062
Marathon Oil Corp.
4.400%, due 07/15/27		415,000		450,365
Marathon Petroleum Corp.
5.125%, due 12/15/26		60,000		67,772
Montage Resources Corp.
8.875%, due 07/15/23		25,000		23,000
Moss Creek Resources Holdings, Inc.
7.500%, due 01/15/26 ^(a)		25,000		19,000
Murphy Oil Corp.
6.875%, due 08/15/24		219,000		230,690
5.750%, due 08/15/25		25,000		26,094
NRG Energy, Inc. CV
2.750%, due 06/01/48		200,000		227,280
Oasis Petroleum, Inc.
6.875%, due 03/15/22		35,000		33,950
Occidental Petroleum Corp.
2.900%, due 08/15/24		375,000		380,897
3.500%, due 08/15/29		315,000		321,191
Parsley Energy LLC
5.375%, due 01/15/25 ^(a)		380,000		390,450
5.625%, due 10/15/27 ^(a)		390,000		411,938
PBF Holding Co. LLC
7.250%, due 06/15/25		365,000		388,725
PBF Logistics LP
6.875%, due 05/15/23		25,000		25,781

	Par Value		Value
Peabody Energy Corp.
6.000%, due 03/31/22 ^(a)	$	45,000	$	43,875
QEP Resources, Inc.
5.625%, due 03/01/26		30,000		29,250
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27		140,000		154,175
SunCoke Energy Partners LP
7.500%, due 06/15/25 ^(a)		50,000		47,875
Sunoco LP
5.500%, due 02/15/26		25,000		26,000
6.000%, due 04/15/27		35,000		37,363
Tallgrass Energy Partners LP
5.500%, due 01/15/28 ^(a)		25,000		24,500
Targa Resources Partners LP
5.875%, due 04/15/26		190,000		201,875
6.500%, due 07/15/27 ^(a)		5,000		5,475
6.875%, due 01/15/29 ^(a)		20,000		22,150
5.500%, due 03/01/30 ^(a)		90,000		92,475
The Williams Cos., Inc.
3.600%, due 03/15/22		235,000		241,473
4.300%, due 03/04/24		75,000		79,670
4.550%, due 06/24/24		307,000		331,023
USA Compression Partners LP
6.875%, due 09/01/27		95,000		98,919
Valero Energy Corp.
3.400%, due 09/15/26		90,000		94,313
Viper Energy Partners LP
5.375%, due 11/01/27 ^(a)		25,000		26,062
WPX Energy, Inc.
5.750%, due 06/01/26		340,000		362,950
				8,177,022

See Notes to Financial Statements.
74

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

		Par Value		Value
CORPORATE BONDS — 16.5% (Continued)
Financials — 3.0%
Air Lease Corp.
3.250%, due 03/01/25		$	120,000	$	123,423
Alexandria Real Estate Equities, Inc.
4.000%, due 01/15/24			110,000		116,970
4.850%, due 04/15/49			25,000		30,322
Alliant Holdings Intermediate LLC
6.750%, due 10/15/27 ^(a)			25,000		26,750
Ally Financial, Inc.
5.750%, due 11/20/25			50,000		55,937
American Express Co.
3.400%, due 02/22/24			115,000		120,127
American International Group, Inc.
4.750%, due 04/01/48			75,000		89,718
Athene Global Funding
3.000%, due 07/01/22 ^(a)			120,000		121,971
AXA Equitable Holdings, Inc.
3.900%, due 04/20/23			180,000		188,493
Bank of America Corp.
3.419%, due 12/20/28 (3 Month U.S. LIBOR + 1.040%) ^(d)			291,000		304,772
3.974%, due 02/07/30 (3 Month U.S. LIBOR + 1.210%) ^(d)			145,000		157,822
Berkshire Hathaway Finance Corp.
2.375%, due 06/19/39	GBP		120,000		166,454
Capital One Financial Corp.
2.656%, due 01/30/23 (3 Month U.S. LIBOR + 0.720%) ^(d)		$	185,000		185,334
Chubb INA Holdings, Inc.
0.300%, due 12/15/24	EUR		160,000		179,231

		Par Value		Value
CIT Group, Inc.
5.250%, due 03/07/25		$	25,000	$	27,625
5.800%, due 12/15/2165 (3 Month U.S. LIBOR + 3.972%) ^(d)			35,000		35,875
Citigroup, Inc.
2.477%, due 05/04/21 (90 Day Australian Bank Bill Swap Rate + 1.550%) ^(d)	AUD		245,000		173,852
0.102%, due 03/21/23 (3 Month EURIBOR + 0.050%) ^(d)	EUR		170,000		191,104
3.004%, due 05/17/24 (3 Month U.S. LIBOR + 1.100%) ^(d)		$	115,000		116,573
Crown Castle International Corp.
3.650%, due 09/01/27			55,000		57,948
3.800%, due 02/15/28			170,000		180,630
Discover Financial Services
4.100%, due 02/09/27			80,000		85,751
Equinix, Inc.
3.200%, due 11/18/29			105,000		105,312
ESH Hospitality, Inc.
5.250%, due 05/01/25 ^(a)			270,000		279,112
Fidelity National Information Services, Inc.
1.500%, due 05/21/27	EUR		100,000		118,503
1.000%, due 12/03/28	EUR		100,000		112,426
First Maryland Capital II
2.759%, due 02/01/27 (3 Month U.S. LIBOR + 0.850%) ^(d)		$	250,000		236,644
GTCR AP Finance, Inc.
8.000%, due 05/15/27 ^(a)			30,000		31,163

See Notes to Financial Statements.
75

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
CORPORATE BONDS — 16.5% (Continued)
Financials — 3.0% (Continued)
Icahn Enterprises LP
6.250%, due 05/15/26	$	80,000	$	85,200
5.250%, due 05/15/27 ^(a)		30,000		30,713
JPMorgan Chase & Co.
3.625%, due 12/01/27		135,000		141,749
Liberty Mutual Group, Inc.
3.951%, due 10/15/50 ^(a)		60,000		63,028
Lions Gate Capital Holdings LLC
6.375%, due 02/01/24 ^(a)		320,000		331,200
5.875%, due 11/01/24 ^(a)		103,000		104,030
LPL Holdings, Inc.
4.625%, due 11/15/27 ^(a)		25,000		25,500
MGIC Investment Corp.
5.750%, due 08/15/23		135,000		149,512
MGM Growth Properties Operating Partnership LP
5.625%, due 05/01/24		50,000		54,562
Morgan Stanley
3.737%, due 04/24/24 (3 Month U.S. LIBOR + 0.847%) ^(d)		120,000		124,959
MPT Operating Partnership LP
5.250%, due 08/01/26		55,000		58,163
5.000%, due 10/15/27		50,000		53,125
Nationstar Mortgage Holdings, Inc.
8.125%, due 07/15/23 ^(a)		45,000		47,531
NFP Corp.
6.875%, due 07/15/25 ^(a)		80,000		80,100
Prudential Financial, Inc.
3.905%, due 12/07/47		60,000		64,046

		Par Value		Value
Public Storage
3.385%, due 05/01/29		$	60,000	$	63,451
Quicken Loans, Inc.
5.250%, due 01/15/28 ^(a)			50,000		51,759
Realogy Group LLC
5.250%, due 12/01/21 ^(a)			25,000		25,313
Santander Holdings USA, Inc.
3.400%, due 01/18/23			120,000		122,993
Simon Property Group LP
2.450%, due 09/13/29			30,000		29,433
Springleaf Finance Corp.
7.125%, due 03/15/26			50,000		57,813
6.625%, due 01/15/28			40,000		44,900
5.375%, due 11/15/29			20,000		20,875
Synchrony Financial
3.950%, due 12/01/27			55,000		57,734
Synovus Financial Corp.
5.750%, due 12/15/25 (3 Month U.S. LIBOR + 4.182%) ^(d)			300,000		308,235
Tempo Acquisition LLC
6.750%, due 06/01/25 ^(a)			100,000		103,375
The Goldman Sachs Group, Inc.
3.625%, due 02/20/24			115,000		120,700
1.375%, due 05/15/24	EUR		150,000		174,215
The PNC Financial Services Group, Inc.
3.500%, due 01/23/24		$	95,000		99,710
U.S. Bancorp
2.650%, due 05/23/22			155,000		157,681
3.375%, due 02/05/24			99,000		103,617
0.850%, due 06/07/24	EUR		545,000		628,838
3.600%, due 09/11/24		$	55,000		58,332
3.150%, due 04/27/27			170,000		177,861
USB Capital IX
3.500%, due 04/15/42 (3 Month U.S. LIBOR + 1.020%) ^(d)			405,000		352,350

See Notes to Financial Statements.
76

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

		Par Value		Value
CORPORATE BONDS — 16.5% (Continued)
Financials — 3.0% (Continued)
VICI Properties LP
4.625%, due 12/01/29 ^(a)		$	70,000	$	72,975
Wachovia Capital Trust III
5.570%, due 03/15/42 (3 Month U.S. LIBOR + 0.930%) ^(d)			430,000		433,225
Wells Fargo & Co.
2.205%, due 07/27/21 (90 Day Australian Bank Bill Swap Rate + 1.320%) ^(d)	AUD		200,000		141,687
3.250%, due 04/27/22	AUD		200,000		145,438
2.879%, due 10/30/30 (3 Month U.S. LIBOR + 1.170%) ^(d)		$	30,000		30,178
4.750%, due 12/07/46			175,000		208,433
Willis North America, Inc.
4.500%, due 09/15/28			50,000		54,843
					8,879,224
Health Care — 1.2%
AbbVie, Inc.
2.600%, due 11/21/24 ^(a)			60,000		60,406
2.950%, due 11/21/26 ^(a)			330,000		334,593
4.700%, due 05/14/45			65,000		72,560
4.875%, due 11/14/48			100,000		114,813
Acadia Healthcare Co, Inc.
6.500%, due 03/01/24			25,000		25,937
AMN Healthcare, Inc.
4.625%, due 10/01/27 ^(a)			25,000		25,120
Anthem, Inc.
2.375%, due 01/15/25			30,000		29,984
Anthem, Inc. CV
2.750%, due 10/15/42			47,000		197,767

	Par Value		Value
Bausch Health Americas, Inc.
8.500%, due 01/31/27 ^(a)	$	25,000	$	28,500
Catalent Pharma Solutions, Inc.
5.000%, due 07/15/27 ^(a)		15,000		15,712
Centene Corp.
4.750%, due 01/15/25		50,000		51,750
4.250%, due 12/15/27 ^(a)		20,000		20,600
4.625%, due 12/15/29 ^(a)		15,000		15,787
Cigna Corp.
2.891%, due 07/15/23 (3 Month U.S. LIBOR + 0.890%) ^(d)		95,000		95,488
4.900%, due 12/15/48		180,000		213,434
CommonSpirit Health
3.347%, due 10/01/29		110,000		110,652
CVS Health Corp.
5.050%, due 03/25/48		180,000		212,869
DaVita, Inc.
5.125%, due 07/15/24		35,000		35,875
HCA Healthcare, Inc.
6.250%, due 02/15/21		250,000		260,937
HCA, Inc.
5.000%, due 03/15/24		170,000		185,512
5.375%, due 02/01/25		300,000		331,500
5.375%, due 09/01/26		45,000		50,175
4.125%, due 06/15/29		55,000		58,300
Hill-Rom Holdings, Inc.
4.375%, due 09/15/27 ^(a)		15,000		15,413
Molina Healthcare, Inc.
5.375%, due 11/15/22		25,000		26,625
MPH Acquisition Holdings LLC
7.125%, due 06/01/24 ^(a)		90,000		87,300
Par Pharmaceutical, Inc.
7.500%, due 04/01/27 ^(a)		30,000		30,000

See Notes to Financial Statements.
77

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

		Par Value		Value
CORPORATE BONDS — 16.5% (Continued)
Health Care — 1.2% (Continued)
Polaris Intermediate Corp.
8.500%, due 12/01/22 ^(a)		$	25,000	$	23,281
Select Medical Corp.
6.250%, due 08/15/26 ^(a)			325,000		351,813
Teleflex, Inc.
4.625%, due 11/15/27			25,000		26,500
Tenet Healthcare Corp.
6.750%, due 06/15/23			25,000		27,500
5.125%, due 11/01/27 ^(a)			60,000		63,150
Thermo Fisher Scientific, Inc.
0.750%, due 09/12/24	EUR		100,000		114,725
0.500%, due 03/01/28	EUR		100,000		110,797
Vizient, Inc.
6.250%, due 05/15/27 ^(a)		$	35,000		37,625
WellCare Health Plans, Inc.
5.375%, due 08/15/26 ^(a)			50,000		53,250
West Street Merger Sub, Inc.
6.375%, due 09/01/25 ^(a)			65,000		64,675
					3,580,925
Industrials — 1.0%
Advanced Disposal Services, Inc.
5.625%, due 11/15/24 ^(a)			50,000		52,187
AECOM
5.875%, due 10/15/24			235,000		259,675
5.125%, due 03/15/27			400,000		429,500
Amsted Industries, Inc.
5.625%, due 07/01/27 ^(a)			25,000		26,500
BMC East LLC
5.500%, due 10/01/24 ^(a)			25,000		25,937

	Par Value		Value
BNSF Funding Trust I
6.613%, due 12/15/55 (3 Month U.S. LIBOR + 2.350%) ^(d)	$	107,000	$	117,647
Clean Harbors, Inc.
5.125%, due 07/15/29 ^(a)		25,000		26,625
Colfax Corp.
6.000%, due 02/15/24 ^(a)		20,000		21,275
6.375%, due 02/15/26 ^(a)		60,000		65,400
Crown Americas LLC
4.500%, due 01/15/23		190,000		199,500
Crown Cork & Seal Co, Inc.
7.375%, due 12/15/26		175,000		208,469
CSX Corp.
3.800%, due 11/01/46		60,000		62,193
Delta Air Lines, Inc.
3.625%, due 03/15/22		115,000		117,793
FedEx Corp.
4.950%, due 10/17/48		210,000		228,207
Flex Acquisition Co, Inc.
6.875%, due 01/15/25 ^(a)		45,000		45,338
FXI Holdings, Inc.
7.875%, due 11/01/24 ^(a)		35,000		33,600
Gates Global LLC
6.250%, due 01/15/26 ^(a)		30,000		30,450
General Electric Co.
5.875%, due 01/14/38		25,000		30,134
Granite Holdings US Acquisition Co.
11.000%, due 10/01/27 ^(a)		25,000		25,500
Itron, Inc.
5.000%, due 01/15/26 ^(a)		50,000		51,937
John Deere Capital Corp.
3.450%, due 01/10/24		80,000		84,245
2.600%, due 03/07/24		40,000		40,864

See Notes to Financial Statements.
78

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
CORPORATE BONDS — 16.5% (Continued)
Industrials — 1.0% (Continued)
Lockheed Martin Corp.
4.700%, due 05/15/46	$	95,000	$	119,938
Mauser Packaging Solutions Holding Co.
7.250%, due 04/15/25 ^(a)		25,000		24,750
MTS Systems Corp.
5.750%, due 08/15/27 ^(a)		25,000		26,188
Owens Corning
3.950%, due 08/15/29		105,000		108,862
4.400%, due 01/30/48		70,000		67,655
Packaging Corp of America
3.000%, due 12/15/29		40,000		40,145
Penske Truck Leasing Co LP
4.200%, due 04/01/27 ^(a)		60,000		64,037
PGT Escrow Issuer, Inc.
6.750%, due 08/01/26 ^(a)		50,000		53,500
SSL Robotics LLC
9.750%, due 12/31/23 ^(a)		25,000		27,188
Stevens Holding Co, Inc.
6.125%, due 10/01/26 ^(a)		25,000		27,313
TransDigm, Inc.
6.500%, due 05/15/25		25,000		26,031
6.250%, due 03/15/26 ^(a)		50,000		54,125
6.375%, due 06/15/26		15,000		15,881
5.500%, due 11/15/27 ^(a)		35,000		35,438
Waste Management, Inc.
4.000%, due 07/15/39		45,000		50,259
WRKCo, Inc.
3.750%, due 03/15/25		65,000		68,469
Zekelman Industries, Inc.
9.875%, due 06/15/23 ^(a)		11,000		11,591
				3,004,346

		Par Value		Value
Information Technology — 0.9%
Apple, Inc.
0.875%, due 05/24/25	EUR		115,000	$	134,386
Ascend Learning LLC
6.875%, due 08/01/25 ^(a)		$	25,000		26,250
Banff Merger Sub, Inc.
9.750%, due 09/01/26 ^(a)			245,000		248,675
Broadcom, Inc.
4.750%, due 04/15/29 ^(a)			311,000		339,525
CDK Global, Inc.
5.250%, due 05/15/29 ^(a)			20,000		21,350
CDW LLC
5.000%, due 09/01/25			35,000		36,575
Change Healthcare Holdings LLC
5.750%, due 03/01/25 ^(a)			50,000		51,625
Dell International LLC
7.125%, due 06/15/24 ^(a)			25,000		26,406
5.300%, due 10/01/29 ^(a)			280,000		314,828
8.100%, due 07/15/36 ^(a)			111,000		145,574
8.350%, due 07/15/46 ^(a)			317,000		434,450
Donnelley Financial Solutions, Inc.
8.250%, due 10/15/24			25,000		25,594
Fiserv, Inc.
1.125%, due 07/01/27	EUR		100,000		115,261
3.500%, due 07/01/29		$	350,000		367,958
Genesys Telecommunications Laboratories, Inc.
10.000%, due 11/30/24 ^(a)			60,000		64,875
MSCI, Inc.
5.750%, due 08/15/25 ^(a)			25,000		26,219

See Notes to Financial Statements.
79

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

		Par Value		Value
CORPORATE BONDS — 16.5% (Continued)
Information Technology — 0.9% (Continued)
Refinitiv US Holdings, Inc.
6.250%, due 05/15/26 ^(a)		$	80,000	$	87,300
RP Crown Parent LLC
7.375%, due 10/15/24 ^(a)			25,000		26,000
SS&C Technologies, Inc.
5.500%, due 09/30/27 ^(a)			160,000		170,800
The Dun & Bradstreet Corp.
6.875%, due 08/15/26 ^(a)			40,000		44,150
ViaSat, Inc.
5.625%, due 09/15/25 ^(a)			25,000		25,750
5.625%, due 04/15/27 ^(a)			5,000		5,350
					2,738,901
Materials — 0.9%
Aruba Investments, Inc.
8.750%, due 02/15/23 ^(a)			25,000		24,875
Ball Corp.
4.375%, due 12/15/20			85,000		86,700
4.000%, due 11/15/23			360,000		378,450
5.250%, due 07/01/25			275,000		306,281
4.875%, due 03/15/26			185,000		200,956
Berry Global, Inc.
5.625%, due 07/15/27 ^(a)			205,000		220,375
Cleveland-Cliffs, Inc.
5.750%, due 03/01/25			25,000		24,687
Compass Minerals International, Inc.
6.750%, due 12/01/27 ^(a)			25,000		26,500
Ecolab, Inc.
1.000%, due 01/15/24	EUR		150,000		174,495
Freeport-McMoRan, Inc.
4.550%, due 11/14/24		$	25,000		26,469
5.400%, due 11/14/34			400,000		418,000
5.450%, due 03/15/43			400,000		414,000

		Par Value		Value
Koppers, Inc.
6.000%, due 02/15/25 ^(a)		$	50,000	$	52,375
Novelis Corp.
5.875%, due 09/30/26 ^(a)			50,000		53,313
Olin Corp.
5.125%, due 09/15/27			25,000		26,156
Owens-Brockway Glass Container, Inc.
5.875%, due 08/15/23 ^(a)			50,000		53,375
Reynolds Group Issuer, Inc.
5.125%, due 07/15/23 ^(a)			25,000		25,594
Schweitzer-Mauduit International, Inc.
6.875%, due 10/01/26 ^(a)			25,000		27,000
Sealed Air Corp.
5.500%, due 09/15/25 ^(a)			25,000		27,500
Standard Industries, Inc.
5.000%, due 02/15/27 ^(a)			50,000		52,125
Summit Materials LLC
5.125%, due 06/01/25 ^(a)			25,000		25,719
Tronox, Inc.
6.500%, due 04/15/26 ^(a)			25,000		25,688
Univar Solutions USA, Inc.
5.125%, due 12/01/27 ^(a)			25,000		26,094
					2,696,727
Real Estate — 0.2%
American Tower Corp.
1.950%, due 05/22/26	EUR		100,000		120,619
3.950%, due 03/15/29		$	60,000		64,551
SBA Communications Corp.
4.875%, due 09/01/24			250,000		260,000

See Notes to Financial Statements.
80

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
CORPORATE BONDS — 16.5% (Continued)
Real Estate — 0.2% (Continued)
Welltower, Inc.
3.950%, due 09/01/23	$	115,000	$	121,298
				566,468
Utilities — 0.6%
Calpine Corp.
5.750%, due 01/15/25		25,000		25,688
5.250%, due 06/01/26 ^(a)		65,000		67,681
4.500%, due 02/15/28 ^(a)		20,000		20,200
5.125%, due 03/15/28 ^(a)		40,000		40,800
Dominion Energy, Inc.
4.650%, due 06/15/25 (5 Year CMT Rate + 2.993%) ^(d)		180,000		183,600
Duke Energy Corp.
4.875%, due 03/16/25 (5 Year CMT Rate + 3.388%) ^(d)		150,000		157,125
Georgia Power Co.
2.200%, due 09/15/24		55,000		54,045
Mississippi Power Co.
4.250%, due 03/15/42		130,000		138,534
Monongahela Power Co.
5.400%, due 12/15/43 ^(a)		65,000		83,438
NextEra Energy Capital Holdings, Inc.
5.650%, due 05/01/2079 (3 Month U.S. LIBOR + 3.156%) ^(d)		110,000		122,238
NRG Energy, Inc.
6.625%, due 01/15/27		255,000		277,312
5.750%, due 01/15/28		65,000		70,688
Southern California Edison Co.
4.000%, due 04/01/47		30,000		31,339
The Brooklyn Union Gas Co.
4.487%, due 03/04/49 ^(a)		45,000		51,646

		Par Value		Value
Vistra Operations Co LLC
3.550%, due 07/15/24 ^(a)		$	255,000	$	258,188
Vistra Operations Co LLC
5.625%, due 02/15/27 ^(a)			25,000		26,281
					1,608,803
Total Corporate Bonds (Cost $46,609,837)					49,039,277

FOREIGN BONDS — 23.2%
Argentina — 0.4%
Banco Macro SA
6.750%, due 11/04/26 (5 Year USD Swap Rate + 5.463%) ^(d)			550,000		429,000
International Bank for Reconstruction & Development
2.500%, due 03/12/20	AUD		280,000		197,023
2.800%, due 01/13/21	AUD		410,000		292,519
Pampa Energia SA
7.500%, due 01/24/27		$	150,000		128,250
					1,046,792
Australia — 0.1%
Commonwealth Bank of Australia
3.900%, due 07/12/47 ^(a)			55,000		59,336
Queensland Treasury Corp.
6.250%, due 02/21/20	AUD		175,000		123,658
5.500%, due 06/21/21	AUD		335,000		250,263
					433,257
Austria — 0.2%
Asian Development Bank
5.000%, due 03/09/22	AUD		110,000		83,457
JBS Investments II GmbH
5.750%, due 01/15/28 ^(a)		$	300,000		315,750
Republic of Austria Government Bond
0.500%, due 02/20/29 ^(a)	EUR		230,000		268,957
					668,164

See Notes to Financial Statements.
81

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

		Par Value		Value
FOREIGN BONDS — 23.2% (Continued)
Bermuda — 0.5%
Digicel Group Two Ltd.
9.125%, due 04/01/24 ^(a)(b)		$	608,591	$	91,289
Geopark Ltd.
6.500%, due 09/21/24			600,000		626,250
IHS Markit Ltd.
4.750%, due 08/01/28			135,000		150,187
Inkia Energy Ltd.
5.875%, due 11/09/27			400,000		418,000
Viking Cruises Ltd.
5.875%, due 09/15/27 ^(a)			110,000		117,288
					1,403,014
Brazil — 1.3%
Banco Bradesco SA
5.750%, due 03/01/22			200,000		210,910
Banco BTG Pactual SA
7.750%, due 02/15/29 (5 Year CMT Rate + 5.257%) ^(a)(d)			600,000		635,552
Banco do Brasil SA
6.250%, due 04/15/2167 (10 Year CMT Rate + 4.398%) ^(d)			500,000		508,750
Natura Cosmeticos SA
5.375%, due 02/01/23 ^(a)			200,000		208,500
Notas do Tesouro Nacional
10.000%, due 01/01/21	BRL		1,865,000		487,325
10.000%, due 01/01/23	BRL		4,560,000		1,260,345
10.000%, due 01/01/27	BRL		2,000,000		586,264
					3,897,646
Britain — 0.2%
United Kingdom Gilt
3.750%, due 09/07/20	GBP		90,000		121,706
Vedanta Resources Finance II PLC
9.250%, due 04/23/26 ^(a)		$	200,000		198,750

	Par Value		Value
Vedanta Resources Ltd.
6.125%, due 08/09/24	$	400,000	$	365,000
				685,456
British Virgin — 0.5%
CNPC General Capital Ltd.
3.400%, due 04/16/23		200,000		205,889
Radiant Access Ltd.
4.600%, due 05/18/2168		400,000		400,000
Sinopec Capital 2013 Ltd.
3.125%, due 04/24/23		300,000		305,289
Star Energy Geothermal Wayang Windu Ltd.
6.750%, due 04/24/33		552,000		588,570
				1,499,748
Canada — 2.9%
1011778 BC ULC
4.250%, due 05/15/24 ^(a)		325,000		333,125
5.000%, due 10/15/25 ^(a)		432,000		448,200
3.875%, due 01/15/28 ^(a)		265,000		266,325
ATS Automation Tooling Systems, Inc.
6.500%, due 06/15/23 ^(a)		50,000		51,625
Bank of Montreal
3.803%, due 12/15/32 (5 Year USD Swap Rate + 1.432%) ^(d)		55,000		57,406
Bausch Health Cos, Inc.
5.875%, due 05/15/23 ^(a)		145,000		146,269
6.125%, due 04/15/25 ^(a)		195,000		201,337
5.500%, due 11/01/25 ^(a)		115,000		120,175
9.000%, due 12/15/25 ^(a)		95,000		107,944
5.750%, due 08/15/27 ^(a)		40,000		43,450

See Notes to Financial Statements.
82

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

		Par Value		Value
FOREIGN BONDS — 23.2% (Continued)
Canada — 2.9% (Continued)
7.000%, due 01/15/28 ^(a)		$	40,000	$	44,100
5.000%, due 01/30/28 ^(a)			85,000		87,125
7.250%, due 05/30/29 ^(a)			40,000		45,650
5.250%, due 01/30/30 ^(a)			180,000		186,300
Bombardier, Inc.
8.750%, due 12/01/21 ^(a)			25,000		27,406
6.000%, due 10/15/22 ^(a)			40,000		40,100
Canacol Energy Ltd.
7.250%, due 05/03/25 ^(a)			200,000		209,750
7.250%, due 05/03/25			400,000		419,500
Canadian Government Bond
0.750%, due 09/01/20	CAD		625,000		478,288
0.500%, due 03/01/22	CAD		605,000		454,145
2.250%, due 03/01/24	CAD		1,086,000		855,177
1.500%, due 09/01/24	CAD		585,000		446,759
Cascades Inc./Cascades USA, Inc.
5.375%, due 01/15/28 ^(a)		$	25,000		25,473
Cenovus Energy, Inc.
5.250%, due 06/15/37			175,000		192,334
5.400%, due 06/15/47			60,000		70,048
Enbridge, Inc.
4.250%, due 12/01/26			390,000		428,384
Garda World Security Corp.
8.750%, due 05/15/25 ^(a)			70,000		72,450
GFL Environmental, Inc.
5.125%, due 12/15/26 ^(a)			50,000		52,563
8.500%, due 05/01/27 ^(a)			45,000		49,275

		Par Value		Value
Masonite International Corp.
5.375%, due 02/01/28 ^(a)		$	10,000	$	10,575
MDC Partners, Inc.
6.500%, due 05/01/24 ^(a)			25,000		22,625
MEG Energy Corp.
7.000%, due 03/31/24 ^(a)			20,000		20,150
National Bank of Canada
2.150%, due 10/07/22 ^(a)			250,000		249,806
Norbord, Inc.
5.750%, due 07/15/27 ^(a)			25,000		26,000
Nutrien Ltd.
4.200%, due 04/01/29			55,000		60,463
Open Text Corp.
5.875%, due 06/01/26 ^(a)			50,000		53,375
Parkland Fuel Corp.
5.875%, due 07/15/27 ^(a)			45,000		48,431
Province of British Columbia Canada
6.600%, due 01/09/20 ^(a)	INR		9,200,000		128,892
Province of Ontario Canada
3.500%, due 06/02/24	CAD		715,000		584,697
2.900%, due 06/02/28	CAD		220,000		177,232
3.450%, due 06/02/45	CAD		195,000		176,442
Province of Quebec Canada
3.000%, due 09/01/23	CAD		525,000		419,268
Stoneway Capital Corp.
10.000%, due 03/01/27		$	309,954		193,721
Teck Resources Ltd.
5.200%, due 03/01/42			25,000		25,667
Telesat LLC
6.500%, due 10/15/27 ^(a)			40,000		41,600
Tervita Corp.
7.625%, due 12/01/21 ^(a)			100,000		101,000

See Notes to Financial Statements.
83

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
FOREIGN BONDS — 23.2% (Continued)
Canada — 2.9% (Continued)
The Bank of Nova Scotia
3.400%, due 02/11/24	$	115,000	$	120,170
TransCanada PipeLines Ltd.
4.250%, due 05/15/28		85,000		94,029
Transcanada Trust
5.500%, due 09/15/2079 (3 Month U.S. LIBOR + 4.154%) ^(d)		148,000		153,758
Vermilion Energy, Inc.
5.625%, due 03/15/25 ^(a)		50,000		47,188
				8,715,772
Cayman Islands — 1.0%
Avolon Holdings Funding Ltd.
5.250%, due 05/15/24 ^(a)		60,000		65,475
3.950%, due 07/01/24 ^(a)		115,000		119,786
Comunicaciones Celulares SA Via Comcel Trust
6.875%, due 02/06/24		200,000		205,750
Cosan Overseas Ltd.
8.250%, due 02/05/50		200,000		207,500
CSN Islands XII Corp.
7.000%, due 03/23/2167		500,000		460,625
Energuate Trust
5.875%, due 05/03/27		200,000		206,500
Global Aircraft Leasing Co. Ltd.
6.500%, due 09/15/24 ^(a)		55,000		57,406
Gran Tierra Energy International Holdings Ltd.
6.250%, due 02/15/25		400,000		360,500
Guanay Finance Ltd.
6.000%, due 12/15/20		224,502		225,624
Industrial Senior Trust
5.500%, due 11/01/22		100,000		104,594

	Par Value		Value
Latam Finance Ltd.
6.875%, due 04/11/24	$	200,000	$	211,000
7.000%, due 03/01/26 ^(a)		200,000		216,500
SPARC EM SPC Panama Metro Line 2 SP
0.000%, due 12/05/22 ^(a)		126,824		121,752
0.000%, due 12/05/22		126,824		121,751
Tecnoglass, Inc.
8.200%, due 01/31/22		200,000		215,000
Transocean Guardian Ltd.
5.875%, due 01/15/24 ^(a)		13,350		13,650
Transocean Poseidon Ltd.
6.875%, due 02/01/27 ^(a)		75,000		79,313
Transocean, Inc.
7.250%, due 11/01/25 ^(a)		30,000		29,400
				3,022,126
Chile — 0.9%
AES Gener SA
7.125%, due 03/26/2079 (5 Year USD Swap Rate + 4.644%) ^(a)(d)		400,000		420,500
7.125%, due 03/26/2079 (5 Year USD Swap Rate + 4.644%) ^(d)		200,000		210,250
Colbun SA
3.950%, due 10/11/27		200,000		207,884
Empresa Electrica Angamos SA
4.875%, due 05/25/29		165,200		170,281
Empresa Electrica Guacolda SA
4.560%, due 04/30/25		400,000		365,248
Empresa Nacional de Telecomunicaciones SA
4.750%, due 08/01/26		400,000		424,000
Engie Energia Chile SA
4.500%, due 01/29/25		200,000		211,536
GNL Quintero SA
4.634%, due 07/31/29		200,000		212,417

See Notes to Financial Statements.
84

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

		Par Value		Value
FOREIGN BONDS — 23.2% (Continued)
Chile — 0.9% (Continued)
Inversiones CMPC SA
4.750%, due 09/15/24		$	200,000	$	212,270
Sociedad Quimica y Minera de Chile SA
4.375%, due 01/28/25			200,000		209,990
					2,644,376
Colombia — 0.8%
Banco Bilbao Vizcaya Argentaria Colombia SA
4.875%, due 04/21/25			200,000		214,656
Bancolombia SA
4.875%, due 10/18/27 (5 Year CMT Rate + 2.929%) ^(d)			200,000		204,000
4.625%, due 12/18/29 (5 Year CMT Rate + 2.944%) ^(d)			200,000		203,250
Colombia Telecomunicaciones SA ESP
8.500%, due 12/29/49 (5 Year USD Swap Rate + 6.958%) ^(d)			200,000		202,250
Colombian TES
11.000%, due 07/24/20	COP		565,100,000		178,291
7.000%, due 05/04/22	COP		1,855,000,000		588,694
10.000%, due 07/24/24	COP		1,187,000,000		427,915
Fideicomiso PA Pacifico Tres
8.250%, due 01/15/35		$	200,000		229,000
					2,248,056
Dominican Republic — 0.2%
Banco de Reservas de la Republica Dominicana
7.000%, due 02/01/23			300,000		314,250
Dominican Republic International Bond
6.400%, due 06/05/49 ^(a)			150,000		164,437
					478,687

		Par Value		Value
Finland — 0.1%
Finland Government Bond
0.500%, due 09/15/28 ^(a)	EUR		195,000	$	228,394

Germany — 0.3%
Kreditanstalt fuer Wiederaufbau
6.000%, due 08/20/20	AUD		240,000		173,589
0.375%, due 03/15/23	EUR		150,000		172,220
2.125%, due 08/15/23	EUR		260,000		317,774
0.000%, due 09/15/23	EUR		80,000		90,854
					754,437
Hungary — 0.1%
Hungary Government International Bond
6.375%, due 03/29/21		$	290,000		305,955

India — 0.4%
Adani Green Energy UP Ltd.
6.250%, due 12/10/24 ^(a)			200,000		215,000
Adani Ports & Special Economic Zone Ltd.
3.950%, due 01/19/22			200,000		204,376
Bharat Petroleum Corp Ltd.
4.000%, due 05/08/25			300,000		307,806
Indian Oil Corp Ltd.
5.750%, due 08/01/23			300,000		326,388
NTPC Ltd.
7.250%, due 05/03/22	INR		20,000,000		276,793
					1,330,363
Indonesia — 1.6%
Indonesia Government International Bond
2.625%, due 06/14/23 ^(a)	EUR		150,000		180,207
2.150%, due 07/18/24 ^(a)	EUR		150,000		178,761

See Notes to Financial Statements.
85

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

		Par Value		Value
FOREIGN BONDS — 23.2% (Continued)
Indonesia — 1.6% (Continued)
Indonesia Treasury Bond
8.250%, due 07/15/21	IDR		402,000,000	$	29,991
5.625%, due 05/15/23	IDR		395,000,000		27,844
8.375%, due 03/15/24	IDR		2,879,000,000		221,340
6.500%, due 06/15/25	IDR		1,482,000,000		107,458
8.375%, due 09/15/26	IDR		1,606,000,000		124,165
7.000%, due 05/15/27	IDR		3,499,000,000		252,019
6.125%, due 05/15/28	IDR		4,089,000,000		277,401
9.000%, due 03/15/29	IDR		1,457,000,000		117,599
8.250%, due 05/15/29	IDR		283,000,000		22,031
7.000%, due 09/15/30	IDR		3,142,000,000		225,129
8.750%, due 05/15/31	IDR		3,000,000,000		239,654
6.625%, due 05/15/33	IDR		419,000,000		27,788
7.500%, due 06/15/35	IDR		1,015,000,000		73,267
7.500%, due 05/15/38	IDR		1,447,000,000		102,877
8.375%, due 04/15/39	IDR		4,932,000,000		378,360
International Bank for Reconstruction & Development
7.450%, due 08/20/21	IDR		2,760,000,000		203,452
Jasa Marga Persero Tbk PT
7.500%, due 12/11/20 ^(a)	IDR		1,500,000,000		106,105
Pelabuhan Indonesia II PT
4.250%, due 05/05/25 ^(a)		$	200,000		212,000
Pertamina Persero PT
4.300%, due 05/20/23 ^(a)			200,000		210,750
4.300%, due 05/20/23			200,000		210,750
Perusahaan Listrik Negara PT
4.125%, due 05/15/27 ^(a)			250,000		263,437
Perusahaan Penerbit SBSN Indonesia III
3.750%, due 03/01/23			600,000		623,250
4.150%, due 03/29/27 ^(a)			400,000		430,000
					4,845,635

		Par Value		Value
Ireland — 0.8%
C&W Senior Financing DAC
6.875%, due 09/15/27		$	800,000	$	853,000
Ireland Government Bond
3.900%, due 03/20/23	EUR		400,000		510,824
3.400%, due 03/18/24	EUR		550,000		714,291
LCPR Senior Secured Financing DAC
6.750%, due 10/15/27 ^(a)		$	255,000		271,575
					2,349,690
Isle Of Man — 0.1%
Gohl Capital Ltd.
4.250%, due 01/24/27			200,000		209,216

Israel — 0.3%
Delek & Avner Tamar Bond Ltd.
5.082%, due 12/30/23 ^(a)			100,000		103,727
5.412%, due 12/30/25 ^(a)			100,000		104,898
Israel Electric Corp Ltd.
6.875%, due 06/21/23 ^(a)			200,000		227,566
5.000%, due 11/12/24 ^(a)			400,000		440,060
					876,251
Japan — 0.4%
Japan Government Five Year Bond
0.100%, due 12/20/23	JPY		99,800,000		927,165
Mitsubishi UFJ Financial Group, Inc.
2.647%, due 03/02/23 (3 Month U.S. LIBOR + 0.740%) ^(d)		$	115,000		115,281
Sony Corp.
0.000%, due 09/30/22	JPY		20,000,000		274,642
					1,317,088
Jersey — 0.0% ^(f)
Walnut Bidco PLC
6.750%, due 08/01/24 ^(a)	EUR		105,000		125,787

See Notes to Financial Statements.
86

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

		Par Value		Value
FOREIGN BONDS — 23.2% (Continued)
Liberia — 0.0% ^(f)
Royal Caribbean Cruises Ltd.
3.700%, due 03/15/28		$	65,000	$	67,194

Luxembourg — 1.5%
Allergan Funding SCS
1.250%, due 06/01/24	EUR		100,000		116,830
2.625%, due 11/15/28	EUR		100,000		129,059
Altice Financing SA
7.500%, due 05/15/26 ^(a)		$	200,000		215,000
Becton Dickinson Euro Finance Sarl
1.208%, due 06/04/26	EUR		145,000		166,551
Camelot Finance SA
4.500%, due 11/01/26 ^(a)		$	70,000		71,837
CSN Resources SA
7.625%, due 04/17/26 ^(a)			200,000		212,750
DH Europe Finance II Sarl
0.450%, due 03/18/28	EUR		310,000		343,382
European Financial Stability Facility
0.500%, due 01/20/23	EUR		150,000		172,554
1.875%, due 05/23/23	EUR		185,000		223,021
0.125%, due 10/17/23	EUR		280,000		319,106
European Investment Bank
1.500%, due 05/12/22	NOK		1,920,000		217,863
Gilex Holding Sarl
8.500%, due 05/02/23 ^(a)		$	150,000		161,625
8.500%, due 05/02/23			150,000		161,625
Intelsat Jackson Holdings SA
8.500%, due 10/15/24 ^(a)			75,000		68,437
Millicom International Cellular SA
6.625%, due 10/15/26 ^(a)			200,000		218,750

		Par Value		Value
5.125%, due 01/15/28		$	200,000	$	208,250
Minerva Luxembourg SA
6.500%, due 09/20/26			600,000		636,966
5.875%, due 01/19/28			200,000		210,000
Swiss Insured Brazil Power Finance Sarl
9.850%, due 07/16/32 ^(a)	BRL		1,490,000		430,588
Telecom Italia Capital SA
6.375%, due 11/15/33		$	25,000		27,688
					4,311,882
Malaysia — 0.6%
Malayan Banking Bhd
2.704%, due 08/16/24 (3 Month U.S. LIBOR + 0.800%) ^(d)			200,000		199,996
Malaysia Government Bond
4.160%, due 07/15/21	MYR		1,045,000		259,841
3.620%, due 11/30/21	MYR		400,000		98,857
4.059%, due 09/30/24	MYR		1,375,000		348,344
3.882%, due 03/14/25	MYR		430,000		108,313
3.899%, due 11/16/27	MYR		600,000		151,960
3.733%, due 06/15/28	MYR		400,000		100,253
3.844%, due 04/15/33	MYR		980,000		243,815
4.642%, due 11/07/33	MYR		475,000		128,175
3.828%, due 07/05/34	MYR		360,000		90,079
					1,729,633
Mauritius — 0.2%
Network i2i Ltd.
5.650%, due 10/15/2168 (5 Year CMT Rate + 4.277%) ^(a)(d)		$	200,000		197,750
UPL Corp Ltd.
3.250%, due 10/13/21			200,000		200,848
4.500%, due 03/08/28			200,000		202,694
					601,292
Mexico — 1.3%
Banco Actinver SA
9.500%, due 12/18/34 ^(a)	MXN		3,000,000		156,152

See Notes to Financial Statements.
87

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
FOREIGN BONDS — 23.2% (Continued)
Mexico — 1.3% (Continued)
Banco Mercantil del Norte SA
6.875%, due 01/06/2167 (5 Year CMT Rate + 5.035%) ^(d)	$	400,000	$	417,000
7.625%, due 01/06/2167 (10 Year CMT Rate + 5.353%) ^(d)		400,000		424,444
BBVA Bancomer SA
5.125%, due 01/18/33 (5 Year CMT Rate + 2.650%) ^(d)		700,000		702,625
Cometa Energia SA de C.V.
6.375%, due 04/24/35		581,400		626,720
Credito Real S.A.B. de C.V.
9.125%, due 05/29/2163 (5 Year CMT Rate + 7.026%) ^(d)		200,000		211,000
Docuformas S.A.P.I. de C.V.
10.250%, due 07/24/24 ^(a)		200,000		202,750
Grupo Bimbo S.A.B. de C.V.
5.950%, due 01/17/2168 (5 Year CMT Rate + 3.280%) ^(d)		200,000		212,500
Mexico Generadora de Energia S.A. de R.L.
5.500%, due 12/06/32		164,064		178,361
Unifin Financiera S.A.B. de C.V.
8.875%, due 07/29/25 (5 Year CMT Rate + 6.308%) ^(d)		800,000		737,000
				3,868,552

		Par Value		Value
Mongolia — 0.3%
Ardagh Packaging Finance PLC
5.250%, due 08/15/27 ^(a)		$	200,000	$	209,750
JBS USA LUX SA
6.750%, due 02/15/28 ^(a)			104,000		114,660
JBS USA LUX SA
6.500%, due 04/15/29 ^(a)			45,000		49,950
NXP BV
3.875%, due 06/18/26 ^(a)			340,000		359,550
Panther BF Aggregator 2 LP
6.250%, due 05/15/26 ^(a)			45,000		48,600
					782,510
Netherlands — 1.3%
AES Andres BV
7.950%, due 05/11/26 ^(a)			500,000		532,500
BMW Finance NV
1.000%, due 11/14/24	EUR		75,000		87,343
BNG Bank NV
0.250%, due 02/22/23	EUR		150,000		171,087
0.250%, due 06/07/24	EUR		120,000		137,476
Greenko Dutch BV
5.250%, due 07/24/24 ^(a)		$	200,000		203,250
Minejesa Capital BV
4.625%, due 08/10/30			400,000		414,252
5.625%, due 08/10/37			200,000		217,560
Petrobras Global Finance BV
5.999%, due 01/27/28			110,000		125,538
5.750%, due 02/01/29			290,000		326,250
5.093%, due 01/15/30 ^(a)			442,000		475,150
6.900%, due 03/19/49			195,000		229,125
Syngenta Finance NV
5.676%, due 04/24/48			600,000		622,578

See Notes to Financial Statements.
88

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

		Par Value		Value
FOREIGN BONDS — 23.2% (Continued)
Netherlands — 1.3% (Continued)
VTR Finance BV
6.875%, due 01/15/24		$	600,000	$	611,250
					4,153,359
New Zealand — 0.3%
International Bank for Reconstruction & Development
3.500%, due 01/22/21	NZD		150,000		103,126
4.625%, due 10/06/21	NZD		270,000		191,545
3.375%, due 01/25/22	NZD		370,000		258,214
Nordic Investment Bank
4.125%, due 03/19/20	NZD		240,000		162,440
1.500%, due 01/24/22	NOK		1,000,000		113,267
					828,592
Norway — 0.6%
Aker BP ASA
4.750%, due 06/15/24 ^(a)		$	155,000		161,394
Nordea Eiendomskreditt AS
2.170%, due 06/21/23 (3 Month NIBOR + 0.300%) ^(d)	NOK		1,000,000		114,257
2.210%, due 06/19/24 (3 Month NIBOR + 0.340%) ^(d)	NOK		1,000,000		114,269
Norway Government Bond
3.750%, due 05/25/21 ^(a)	NOK		7,180,000		844,985
2.000%, due 05/24/23 ^(a)	NOK		3,600,000		417,928
					1,652,833
Panama — 0.2%
Aeropuerto Internacional de Tocumen SA
5.625%, due 05/18/36		$	200,000		235,250
Cable Onda SA
4.500%, due 01/30/30 ^(a)			200,000		211,000

		Par Value		Value
Empresa de Transmision Electrica SA
5.125%, due 05/02/49 ^(a)		$	200,000	$	229,000
					675,250
Paraguay — 0.1%
Telefonica Celular del Paraguay SA
5.875%, due 04/15/27 ^(a)			200,000		206,717

Peru — 0.3%
Orazul Energy Egenor SCA
5.625%, due 04/28/27			200,000		205,814
Peru Government Bond
6.150%, due 08/12/32 ^(a)	PEN		526,000		180,888
6.850%, due 02/12/42	PEN		525,000		191,399
Petroleos del Peru SA
5.625%, due 06/19/47 ^(a)		$	200,000		232,042
Scotiabank Peru SAA
4.500%, due 12/13/27 (3 Month U.S. LIBOR + 3.856%) ^(d)			80,000		82,813
					892,956
Philippines — 0.8%
BDO Unibank, Inc.
2.950%, due 03/06/23			300,000		303,813
Philippine Government Bond
3.375%, due 08/20/20	PHP		1,390,000		27,391
3.500%, due 03/20/21	PHP		6,900,000		135,833
6.500%, due 04/28/21	PHP		8,830,000		180,455
5.500%, due 03/08/23	PHP		4,250,000		88,009
3.500%, due 04/21/23	PHP		10,820,000		211,283
6.250%, due 03/12/24	PHP		7,090,000		152,793
8.000%, due 07/19/31	PHP		11,320,000		291,319
Philippine Government International Bond
4.950%, due 01/15/21	PHP		10,000,000		198,912
0.875%, due 05/17/27	EUR		285,000		325,242
6.250%, due 01/14/36	PHP		15,000,000		357,794

See Notes to Financial Statements.
89

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

		Par Value		Value
FOREIGN BONDS — 23.2% (Continued)
Philippines — 0.8% (Continued)
Union Bank of the Philippines
3.369%, due 11/29/22		$	200,000	$	204,618
					2,477,462
Portugal — 0.4%
Portugal Government International Bond
5.125%, due 10/15/24 ^(a)			345,000		386,831
Portugal Obrigacoes do Tesouro OT
3.850%, due 04/15/21 ^(a)	EUR		385,000		456,174
2.125%, due 10/17/28 ^(a)	EUR		370,000		476,912
					1,319,917
Puerto Rico — 0.1%
Popular, Inc.
6.125%, due 09/14/23		$	290,000		313,450

Qatar — 0.1%
Qatar Government International Bond
4.000%, due 03/14/29 ^(a)			200,000		223,128

Saudi Arabia — 0.3%
Saudi Arabian Oil Co.
3.500%, due 04/16/29 ^(a)			400,000		413,060
4.250%, due 04/16/39 ^(a)			200,000		214,186
4.375%, due 04/16/49 ^(a)			200,000		218,134
					845,380
Singapore — 1.3%
BOC Aviation Ltd.
2.750%, due 09/18/22 ^(a)			200,000		200,560
DBS Group Holdings Ltd.
3.600%, due 12/29/49 (5 Year USD Swap Rate + 2.390%) ^(d)			500,000		499,330

		Par Value		Value
Indika Energy Capital III Ltd.
5.875%, due 11/09/24 ^(a)		$	200,000	$	194,250
LLPL Capital Ltd.
6.875%, due 02/04/39 ^(a)			296,460		345,005
Medco Oak Tree Ltd.
7.375%, due 05/14/26 ^(a)			220,000		224,950
ONGC Videsh Vankorneft Ltd.
3.750%, due 07/27/26			500,000		512,820
Singapore Government Bond
3.250%, due 09/01/20	SGD		1,075,000		808,046
1.750%, due 04/01/22	SGD		450,000		336,191
United Overseas Bank Ltd.
3.875%, due 10/19/2167 (5 Year USD Swap Rate + 1.794%) ^(d)		$	700,000		711,690
					3,832,842
Spain — 0.2%
AI Candelaria Spain SLU
7.500%, due 12/15/28 ^(a)			250,000		280,312
7.500%, due 12/15/28			250,000		280,313
					560,625
Sweden — 0.1%
Sweden Government International Bond
0.125%, due 04/24/23 ^(a)	EUR		325,000		370,464

Thailand — 0.1%
Export Import Bank of Thailand
2.760%, due 05/23/24 (3 Month U.S. LIBOR + 0.850%) ^(d)		$	200,000		200,498

See Notes to Financial Statements.
90

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
FOREIGN BONDS — 23.2% (Continued)
United Kingdom — 0.0% ^(f)
Connect Finco SARL
6.750%, due 10/01/26 ^(a)	$	80,000	$	84,600
Total Foreign Bonds (Cost $66,710,501)				69,085,046

BANK LOANS — 5.2% ^(d)
1011778 BC ULC
3.549%, due 11/13/26 (1 Month U.S. LIBOR + 1.750%)		685,615		687,240
Access CIG LLC
5.513%, due 02/27/25 (1 Month U.S. LIBOR + 3.500%)		44,886		44,923
Acrisure LLC
6.195%, due 11/22/23 (3 Month U.S. LIBOR + 4.250%)		136,733		137,332
Albertson’s LLC
4.549%, due 11/17/25 (1 Month U.S. LIBOR + 2.750%)		28,336		28,627
Aldevron LLC
6.195%, due 10/13/26 (3 Month U.S. LIBOR + 4.250%)		140,000		141,750
Aleris International, Inc.
6.549%, due 02/27/23 (1 Month U.S. LIBOR + 4.750%)		105,910		106,174
AlixPartners LLP
4.549%, due 04/04/24 (1 Month U.S. LIBOR + 2.750%)		297,331		299,491
Allied Universal Holdco LLC
6.049%, due 07/10/26 (1 Month U.S. LIBOR + 4.250%)		109,189		109,985
6.055%, due 07/10/26 (1 Month U.S. LIBOR + 4.250%)		10,811		10,890

	Par Value		Value
Alterra Mountain Co.
4.549%, due 09/30/24 (1 Month U.S. LIBOR + 2.750%)	$	164,710	$	166,357
American Airlines, Inc.
3.740%, due 12/14/23 (1 Month U.S. LIBOR + 2.000%)		220,363		221,435
American Tire Distributors, Inc.
9.299%, due 09/01/21 (1 Month U.S. LIBOR + 7.500%)		30,465		27,342
Applied Systems, Inc.
5.195%, due 09/19/24 (3 Month U.S. LIBOR + 3.250%)		65,666		65,989
Ascend Learning LLC
4.799%, due 07/29/24 (1 Month U.S. LIBOR + 3.000%)		109,440		110,295
AssuredPartners, Inc.
5.299%, due 10/22/24 (1 Month U.S. LIBOR + 3.500%)		167,647		168,422
Auris Luxembourg III Sarl
5.549%, due 07/25/25 (1 Month U.S. LIBOR + 3.750%)		178,650		179,842
Avaya, Inc.
5.990%, due 12/16/24 (1 Month U.S. LIBOR + 4.250%)		40,000		39,370
Bausch Health Americas, Inc.
4.490%, due 11/27/25 (1 Month U.S. LIBOR + 2.750%)		114,750		115,503
Berry Global, Inc.
4.215%, due 07/01/26 (1 Month U.S. LIBOR + 2.500%)		498,747		499,840
4.215%, due 07/01/26 (1 Month U.S. LIBOR + 2.500%)		159,200		159,549

See Notes to Financial Statements.
91

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
BANK LOANS — 5.2% ^(d) (Continued)
BJ’s Wholesale Club, Inc.
4.491%, due 02/02/24 (1 Month U.S. LIBOR + 2.750%)	$	94,555	$	95,323
Blackhawk Network Holdings, Inc.
4.799%, due 06/16/25 (1 Month U.S. LIBOR + 3.000%)		109,627		109,833
Blackstone CQP Holdco LP
5.408%, due 09/30/24 (3 Month U.S. LIBOR + 3.500%)		119,400		120,193
Buckeye Partners LP
4.441%, due 11/30/26 (1 Month U.S. LIBOR + 2.750%)		75,000		75,771
Caesars Resort Collection LLC
4.549%, due 12/23/24 (1 Month U.S. LIBOR + 2.750%)		174,555		175,119
Calpine Corporation T/L B9
4.200%, due 04/06/26 (3 Month U.S. LIBOR + 2.250%)		298,500		300,664
Canyon Valor Companies, Inc.
4.549%, due 06/16/23 (1 Month U.S. LIBOR + 2.750%)		218,907		219,660
Capri Acquisitions Bidco Ltd.
4.927%, due 11/01/24 (3 Month U.S. LIBOR + 3.000%)		230,181		228,426
Catalent Pharma Solutions, Inc.
4.049%, due 05/18/26 (1 Month U.S. LIBOR + 2.250%)		113,100		113,736

	Par Value		Value
Cengage Learning, Inc.
6.049%, due 06/07/23 (3 Month U.S. LIBOR + 2.000%)	$	44,884	$	43,036
CenturyLink, Inc.
4.549%, due 01/31/25 (1 Month U.S. LIBOR + 2.750%)		497,462		500,260
4.549%, due 01/31/25 (1 Month U.S. LIBOR + 2.750%)		139,760		140,547
Change Healthcare Holdings LLC
4.299%, due 03/01/24 (1 Month U.S. LIBOR + 2.500%)		33,595		33,763
4.299%, due 03/01/24 (1 Month U.S. LIBOR + 2.500%)		33,130		33,295
4.299%, due 03/01/24 (1 Month U.S. LIBOR + 2.500%)		21,552		21,660
4.299%, due 03/01/24 (1 Month U.S. LIBOR + 2.500%)		17,557		17,645
Charter Communications Operating LLC
3.550%, due 02/01/27 (1 Month U.S. LIBOR + 1.750%)		497,484		501,218
CHG Healthcare Services, Inc.
4.799%, due 06/07/23 (1 Month U.S. LIBOR + 3.000%)		64,403		64,926
Clear Channel Outdoor Holdings, Inc.
5.299%, due 08/07/26 (1 Month U.S. LIBOR + 3.500%)		9,975		10,047
Cornerstone Building Brands, Inc.
5.486%, due 04/12/25 (1 Month U.S. LIBOR + 3.750%)		58,325		58,380

See Notes to Financial Statements.
92

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
BANK LOANS — 5.2% ^(d) (Continued)
CSC Holdings LLC
4.240%, due 04/15/27 (1 Month U.S. LIBOR + 2.500%)	$	154,613	$	155,546
Cvent, Inc.
5.549%, due 11/29/23 (1 Month U.S. LIBOR + 3.750%)		114,514		114,600
Dcert Buyer, Inc.
5.799%, due 10/16/26 (1 Month U.S. LIBOR + 4.000%)		90,000		90,450
Deerfield Dakota Holding LLC
5.049%, due 02/13/25 (3 Month U.S. LIBOR + 3.250%)		44,886		44,842
Dell International LLC
3.800%, due 09/19/25 (1 Month U.S. LIBOR + 2.000%)		482,234		486,214
3.800%, due 09/19/25 (1 Month U.S. LIBOR + 2.000%)		90,000		90,743
Diamond BC B.V.
4.927%, due 09/06/24 (3 Month U.S. LIBOR + 3.000%)		39,898		39,190
Edgewater Generation LLC
5.549%, due 12/12/25 (1 Month U.S. LIBOR + 3.750%)		22,099		21,257
EG Finco Ltd.
5.961%, due 02/07/25 (3 Month U.S. LIBOR + 4.000%)		83,513		83,348
Envision Healthcare Corp.
5.549%, due 10/10/25 (1 Month U.S. LIBOR + 3.750%)		44,480		38,160
Equinox Holdings, Inc.
4.799%, due 03/08/24 (1 Month U.S. LIBOR + 3.000%)		217,431		218,635

	Par Value		Value
EW Scripps Co.
4.299%, due 05/01/26 (1 Month U.S. LIBOR + 2.500%)	$	89,326	$	89,815
Filtration Group Corp.
4.799%, due 03/31/25 (1 Month U.S. LIBOR + 3.000%)		218,640		219,826
Finastra USA, Inc.
5.696%, due 06/13/24 (6 Month U.S. LIBOR + 3.500%)		156,139		155,380
5.696%, due 06/13/24 (6 Month U.S. LIBOR + 3.500%)		31,896		31,741
5.696%, due 06/13/24 (6 Month U.S. LIBOR + 3.500%)		29,026		28,885
Flex Acquisition Company, Inc.
4.905%, due 12/29/23 (3 Month U.S. LIBOR + 3.000%)		54,683		54,376
Forest City Enterprises LP
5.299%, due 12/08/25 (1 Month U.S. LIBOR + 3.500%)		118,800		119,617
Genesee & Wyoming, Inc.
3.906%, due 11/06/26 (3 Month U.S. LIBOR + 2.000%)		80,000		80,871
Gentiva Health Services, Inc.
5.563%, due 07/02/25 (1 Month U.S. LIBOR + 3.750%)		217,640		219,069
GOBP Holdings, Inc.
5.240%, due 10/22/25 (1 Month U.S. LIBOR + 3.500%)		101,559		102,998
GrafTech Finance, Inc.
5.299%, due 02/12/25 (3 Month U.S. LIBOR + 3.500%)		49,018		48,957

See Notes to Financial Statements.
93

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
BANK LOANS — 5.2% ^(d) (Continued)
Greeneden US Holdings II LLC
5.049%, due 02/01/23 (1 Month U.S. LIBOR + 3.250%)	$	96,428	$	96,880
5.049%, due 02/01/23 (1 Month U.S. LIBOR + 3.250%)		41,326		41,520
H-Food Holdings LLC
5.487%, due 05/17/25 (3 Month U.S. LIBOR + 3.688%)		24,937		24,762
Hyland Software, Inc.
5.299%, due 07/01/24 (1 Month U.S. LIBOR + 3.500%)		299,687		301,817
Informatica LLC
5.049%, due 08/05/22 (1 Month U.S. LIBOR + 3.250%)		113,738		114,367
Intelsat Jackson Holdings SA
5.682%, due 11/30/23 (6 Month U.S. LIBOR + 3.750%)		115,382		115,783
ION Trading Finance Ltd.
6.064%, due 11/21/24 (3 Month U.S. LIBOR + 4.000%)		24,936		23,939
IRB Holding Corp.
5.216%, due 02/05/25 (3 Month U.S. LIBOR + 3.250%)		154,081		155,269
Iron Mountain, Inc.
3.549%, due 01/02/26 (1 Month U.S. LIBOR + 1.750%)		69,646		69,580
JBS USA LUX SA
3.799%, due 05/29/26 (1 Month U.S. LIBOR + 2.000%)		148,875		150,426
Kestrel Bidco, Inc.
4.718%, due 08/07/26 (1 Month U.S. LIBOR + 3.000%)		105,000		106,078

	Par Value		Value
Kronos, Inc.
4.909%, due 11/01/23 (3 Month U.S. LIBOR + 3.000%)	$	59,856	$	60,240
Level 3 Financing, Inc.
3.549%, due 03/01/27 (1 Month U.S. LIBOR + 1.750%)		337,328		338,910
Life Time, Inc.
4.659%, due 06/10/22 (3 Month U.S. LIBOR + 2.750%)		59,371		59,622
Lower Cadence Holdings LLC
5.799%, due 05/22/26 (1 Month U.S. LIBOR + 4.000%)		113,991		113,065
Mavis Tire Express Services Corp.
5.049%, due 02/20/25 (1 Month U.S. LIBOR + 3.250%)		35,396		34,600
5.049%, due 03/20/25 (1 Month U.S. LIBOR + 3.250%)		4,511		4,409
Messer Industries USA, Inc.
4.445%, due 10/01/25 (3 Month U.S. LIBOR + 2.500%)		19,326		19,456
Mitchell International, Inc.
5.049%, due 11/29/24 (1 Month U.S. LIBOR + 3.250%)		54,860		54,526
MLN US Holdco LLC
6.191%, due 07/11/25 (1 Month U.S. LIBOR + 4.500%)		24,937		23,669
MPH Acquisition Holdings LLC
4.695%, due 06/07/23 (3 Month U.S. LIBOR + 2.750%)		48,134		47,575

See Notes to Financial Statements.
94

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
BANK LOANS — 5.2% ^(d) (Continued)
Nexstar Broadcasting, Inc.
4.452%, due 06/19/26 (1 Month U.S. LIBOR + 2.750%)	$	215,000	$	216,503
Option Care Health, Inc.
6.299%, due 05/22/26 (1 Month U.S. LIBOR + 4.500%)		105,000		104,716
Panther BF Aggregator 2 LP
5.305%, due 04/30/26 (3 Month U.S. LIBOR + 3.500%)		498,750		501,401
5.305%, due 04/30/26 (3 Month U.S. LIBOR + 3.500%)		41,012		41,230
PetSmart, Inc.
5.740%, due 03/10/22 (1 Month U.S. LIBOR + 4.000%)		65,000		64,435
Project Alpha Intermediate Holding, Inc.
5.490%, due 04/26/24 (6 Month U.S. LIBOR + 3.500%)		117,123		117,563
Radiology Partners, Inc.
6.618%, due 07/09/25 (12 Month U.S. LIBOR + 4.750%)		56,829		57,208
6.710%, due 07/09/25 (6 Month U.S. LIBOR + 4.750%)		48,725		49,050
Refinitiv US Holdings, Inc.
5.049%, due 10/01/25 (1 Month U.S. LIBOR + 3.250%)		116,940		118,080
RentPath LLC
6.660%, due 12/17/21 (3 Month U.S. LIBOR + 4.750%)		53,705		29,904

	Par Value		Value
Science Applications International Corp.
3.549%, due 11/05/25 (1 Month U.S. LIBOR + 1.750%)	$	123,750	$	124,311
Scientific Games International, Inc.
4.452%, due 08/14/24 (1 Month U.S. LIBOR + 2.750%)		47,946		48,142
4.549%, due 08/14/24 (1 Month U.S. LIBOR + 2.750%)		11,618		11,666
Securus Technologies Holdings LLC
6.299%, due 06/20/24 (1 Month U.S. LIBOR + 4.500%)		68,752		51,517
Sedgwick Claims Management Services, Inc.
5.799%, due 08/07/26 (1 Month U.S. LIBOR + 4.000%)		29,850		30,161
SolarWinds Holdings, Inc.
4.549%, due 02/05/24 (1 Month U.S. LIBOR + 2.750%)		210,306		211,968
Solera LLC
4.549%, due 03/03/23 (1 Month U.S. LIBOR + 2.750%)		215,184		215,874
Sophia LP
5.195%, due 09/30/22 (3 Month U.S. LIBOR + 3.250%)		215,621		216,392
Sotera Health Holdings LLC
6.289%, due 11/20/26 (3 Month U.S. LIBOR + 4.500%)		85,000		85,452
Sprint Communications, Inc.
4.813%, due 02/02/24 (1 Month U.S. LIBOR + 3.000%)		497,484		496,136

See Notes to Financial Statements.
95

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Par Value		Value
BANK LOANS — 5.2% ^(d) (Continued)
Starfruit US Holdco LLC
4.960%, due 10/01/25 (1 Month U.S. LIBOR + 3.250%)	$	75,296	$	75,453
4.960%, due 10/01/25 (1 Month U.S. LIBOR + 3.250%)		14,642		14,672
The Edelman Financial Center LLC
5.035%, due 07/21/25 (1 Month U.S. LIBOR + 3.250%)		74,337		74,887
TKC Holdings, Inc.
5.550%, due 02/01/23 (1 Month U.S. LIBOR + 3.750%)		293,097		273,313
TransDigm, Inc.
4.299%, due 06/09/23 (1 Month U.S. LIBOR + 2.500%)		185,465		186,373
Travelport Finance Luxembourg Sarl
6.945%, due 03/18/26 (3 Month U.S. LIBOR + 5.000%)		34,913		32,748
Uber Technologies, Inc.
5.658%, due 03/26/25 (3 Month U.S. LIBOR + 4.000%)		64,835		64,905
UFC Holdings LLC
5.050%, due 04/30/26 (1 Month U.S. LIBOR + 3.250%)		79,385		80,019
US Foods, Inc.
3.799%, due 09/14/26 (1 Month U.S. LIBOR + 2.000%)		214,463		215,703
Verscend Holding Corp.
6.299%, due 08/27/25 (1 Month U.S. LIBOR + 4.500%)		179,341		180,984
Vertafore, Inc.
5.049%, due 06/04/25 (1 Month U.S. LIBOR + 3.250%)		117,805		116,700

	Par Value		Value
VICI Properties 1 LLC
3.785%, due 12/20/24 (1 Month U.S. LIBOR + 2.000%)	$	215,000	$	216,313
Virgin Media Bristol LLC
4.176%, due 01/31/28 (1 Month U.S. LIBOR + 2.500%)		210,945		212,541
VVC Holding Corp.
6.401%, due 02/11/26 (3 Month U.S. LIBOR + 4.500%)		113,744		114,502
Web.com Group, Inc.
5.495%, due 10/10/25 (1 Month U.S. LIBOR + 3.750%)		35,728		35,749
WP CPP Holdings LLC
5.680%, due 04/30/25 (3 Month U.S. LIBOR + 3.750%)		110,000		109,174
Total Bank Loans (Cost $15,427,993)				15,470,616

	Shares
COMMON STOCKS — 0.3%
Financials — 0.2%
The Bank of New York Mellon Corp.		4,520	227,492
US Bancorp		4,531	268,643
			496,135
Industrials — 0.0% ^(f)
HC2 Holdings, Inc. ^(e)		10,600	23,002

Real Estate — 0.1%
Crown Castle International Corp. ^(e)		200	256,348
Total Common Stocks (Cost $740,857)			775,485

PREFERRED STOCKS — 1.2%
American Electric Power Co, Inc. CV, 6.125%		6,650	359,964
Becton Dickinson and Co. CV, 6.125%		6,600	432,036
Broadcom, Inc. CV, 8.000%		190	223,814

See Notes to Financial Statements.
96

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2019

	Shares		Value
PREFERRED STOCKS — 1.2% (Continued)
Dominion Energy, Inc. CV, 7.250%		4,200	$	449,358
DTE Energy Co. CV, 6.250%		5,500		281,930
Fortive Corp. CV, 5.000%		460		447,470
South Jersey Industries, Inc. CV, 7.250%		2,800		145,348
Stanley Black & Decker, Inc. CV, 5.250%		2,100		228,816
The Southern Co. CV, 6.750%		7,700		415,030
US Bancorp, 5.500%		6,900		189,198
US Bancorp, 3.500%		375		330,000
Wells Fargo & Co., 5.850%		7,300		199,947
Total Preferred Stocks (Cost $3,578,069)				3,702,911

	Contracts		Notional Amount
PURCHASED OTC OPTIONS — 0.0% ^(f)
Currency Call Options — 0.0% ^(f)
Japanese Yen, 2/26/2020 at 108.5 ^(b)		945,000	$	945,000	7,385
Mexican Peso, 2/20/2020 at 21.25 ^(b)		1,170,000		1,170,000	206
Mexican Peso, 9/11/2020 at 22.50 ^(b)		1,200,000		1,200,000	4,462
				3,315,000	12,053
Currency Put Options — 0.0% ^(f)
Japanese Yen, 2/26/2020 at 97.00 ^(b)		1,417,500		1,417,500	161
Total Purchased Options (Cost $59,196)				4,732,500	12,214

	Shares		Value
AFFILIATED REGISTERED INVESTMENT COMPANIES — 4.2%
Voya Emerging Markets Hard Currency Debt Fund - Class P		352,485	$	3,464,929
Voya Floating Rate Fund - Class P		949,060		9,006,580
Total Affiliated Registered Investment Companies (Cost $12,462,037)				12,471,509

	Principal Amount
SHORT-TERM INVESTMENT — 5.0%
Money Market Fund — 4.8%
First American Government Obligations Fund - Class X, 1.508% ^(g)(h)	$	14,447,742		14,447,742

U.S. Treasury Bill — 0.2%
1.554%, due 09/10/20 ⁽ⁱ⁾		490,000		484,752
Total Short-Term Investment (Cost $14,932,462)				14,932,494

Total Investments at Value — 99.2% (Cost $286,917,983)			$	294,900,134

Other Assets in Excess of Liabilities — 0.8%				2,449,372

Net Assets — 100.0%			$	297,349,506

CV	Convertible Security

(a)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other ‘‘qualified institutional buyers.’’ As of December 31, 2019, the value of these investments was $94,480,354, or 31.8% of total net assets.

(b)	Illiquid security. The total value of such securities is $2,436,920 as of December 31, 2019, representing 0.8% of net assets.

(c)	This security or a partial position of this security is on loan at December 31, 2019. The total market value of securities on loan at December 31, 2019 was $512,507 (Note 7).

(d)	Variable rate security. The rate listed is as of December 31, 2019.

See Notes to Financial Statements.
97

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Schedule of Investments - (continued)

December 31, 2019

(e)	Non-income producing security.

(f)	Represents less than 0.1%

(g)	Rate listed is the 7-day effective yield as of December 31, 2019.

(h)	A portion of this security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2019 was $537,540 (Note 7).

(i)	Rate listed is yield to maturity based on purchase price.

CMT — Constant Maturity U.S. Treasury.

LIBOR — London Interbank Offered Rate.

EURIBOR — Euro Interbank Offered Rate.

NIBOR — Norwegian Interbank Offered Rate.

AUD	Australian Dollar

BRL	Brazilian Real

CAD	Canadian Dollar

COP	Columbian Peso

EUR

Euro

GBP	British Pound

IDR	Indonesian Rupiah

INR	Indian Rupee

JPY	Japanese Yen

MXN	Mexican Peso

MYR	Malaysian Ringgit

NOK	Norwegian Krone

NZD	New Zealand Dollar

PEN	Peruvian Sol

PHP	Philippine Peso

SGD	Singapore Dollar

See Notes to Financial Statements.
98

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Futures Contracts

December 31, 2019

FUTURES CONTRACTS	Contracts	Expiration Date	Notional Amount		Value/ Unrealized Depreciation
2-Year U.S. Treasury Note Future	65	03/31/2020	$	14,007,500	$	(1,346	)
5-Year U.S. Treasury Note Future	314	03/31/2020		37,243,344		(118,001	)
U.S. Treasury Long Bond Future	6	03/20/2020		935,437		(13,261	)
Total Futures Contracts			$	52,186,281	$	(132,608	)

FUTURES CONTRACTS SOLD SHORT	Contracts	Expiration Date	Notional Amount		Value/ Unrealized Appreciation
Euro BTP Italian Government Bond Future	2	03/06/2020	$	319,596	$	604
10-Year U.S. Treasury Note Future	32	03/20/2020		4,109,500		8,730
Ultra 10-Year U.S. Treasury Bond Future	14	03/20/2020		1,969,844		7,956
Ultra Long-Term U.S. Treasury Bond Future	12	03/20/2020		2,179,875		67,386
Total Futures Contracts Sold Short			$	8,578,815	$	84,676

See Notes to Financial Statements.
99

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Forward Foreign Currency Contracts

December 31, 2019

Counterparty	Settlement Date		Fund Receiving		Amount Of Currency To Be Received In Local Currency		Fund Delivering		Amount Of Currency To Be Delivered In Local Currency		Unrealized Appreciation (Depreciation)
Australia and New Zealand Banking Group Ltd.		2/12/2020		AUD		1,160,000		CAD		1,042,617	$	11,857
Australia and New Zealand Banking Group Ltd.		2/12/2020		AUD		720,000		USD		495,446		10,360
Australia and New Zealand Banking Group Ltd.		2/12/2020		CAD		521,791		AUD		580,000		(5,553	)
Australia and New Zealand Banking Group Ltd.		2/12/2020		CAD		1,215,397		NZD		1,446,250		(38,090	)
Australia and New Zealand Banking Group Ltd.		2/12/2020		GBP		272,500		CAD		474,521		(4,096	)
Australia and New Zealand Banking Group Ltd.		2/12/2020		NZD		320,623		AUD		299,617		5,496
Australia and New Zealand Banking Group Ltd.		2/12/2020		NZD		1,135,000		USD		743,515		21,051
Australia and New Zealand Banking Group Ltd.		2/12/2020		USD		2,070,453		AUD		3,024,991		(54,629	)
Australia and New Zealand Banking Group Ltd.		2/12/2020		USD		1,052,555		NZD		1,635,120		(48,904	)
Australia and New Zealand Banking Group Ltd.		2/12/2020		USD		1,861,380		SGD		2,564,395		(45,971	)
Barclays Capital, Inc.		1/17/2020		AUD		1,026,691		USD		713,000		7,796
Barclays Capital, Inc.		1/17/2020		EUR		574,479		USD		639,000		6,092
Barclays Capital, Inc.		1/17/2020		JPY		109,457,917		USD		1,011,695		(3,326	)
Barclays Capital, Inc.		1/17/2020		NZD		935,430		USD		624,000		5,886
Barclays Capital, Inc.		2/7/2020		USD		4,948		COP		16,491,043		(61	)
Barclays Capital, Inc.		1/17/2020		USD		477,000		GBP		366,270		(8,407	)
Barclays Capital, Inc.		2/7/2020		USD		370,958		PEN		1,241,432		(3,260	)
Barclays Capital, Inc.		1/17/2020		USD		370,000		SEK		3,454,338		878
BMO Capital Markets		2/12/2020		CAD		460,682		USD		350,562		4,272
Brown Brothers Harriman & Co.		1/17/2020		AUD		1,377,272		USD		944,000		22,924
Brown Brothers Harriman & Co.		1/17/2020		CAD		1,529,473		USD		1,154,298		23,647
Brown Brothers Harriman & Co.		1/17/2020		CHF		933,040		USD		951,000		14,304
Brown Brothers Harriman & Co.		1/17/2020		EUR		639,077		USD		710,000		7,630
Brown Brothers Harriman & Co.		1/17/2020		GBP		962,146		USD		1,267,000		8,102
Brown Brothers Harriman & Co.		1/17/2020		NZD		583,092		USD		384,000		8,634
Brown Brothers Harriman & Co.		1/17/2020		SEK		8,821,870		USD		942,000		683
Brown Brothers Harriman & Co.		1/17/2020		USD		2,497,000		CAD		3,274,777		(25,115	)
Brown Brothers Harriman & Co.		1/17/2020		USD		1,411,000		CHF		1,381,724		(18,504	)
Brown Brothers Harriman & Co.		1/17/2020		USD		929,000		GBP		709,003		(10,619	)
Brown Brothers Harriman & Co.		1/17/2020		USD		365,000		JPY		39,565,562		507
Brown Brothers Harriman & Co.		1/17/2020		USD		1,050,000		NOK		9,255,363		(4,313	)
Brown Brothers Harriman & Co.		1/17/2020		USD		210,000		NZD		311,951		(57	)

See Notes to Financial Statements.
100

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Forward Foreign Currency Contracts
(Continued)

December 31, 2019

Counterparty	Settlement Date		Fund Receiving		Amount Of Currency To Be Received In Local Currency		Fund Delivering		Amount Of Currency To Be Delivered In Local Currency		Unrealized Appreciation (Depreciation)
Brown Brothers Harriman & Co.		1/17/2020		USD		453,000		SEK		4,259,856	$	(2,197	)
CIBC, Toronto		2/12/2020		CAD		649,620		AUD		720,000		(5,446	)
CIBC, Toronto		2/12/2020		USD		755,000		CAD		993,312		(10,083	)
Citigroup		2/12/2020		AUD		1,675,000		JPY		122,506,903		46,470
Citigroup		2/12/2020		EUR		1,591,815		USD		1,771,964		18,419
Citigroup		1/17/2020		GBP		178,506		USD		236,000		568
Citigroup		2/12/2020		JPY		61,480,265		USD		575,000		(7,791	)
Citigroup		2/12/2020		MXN		18,015,682		USD		909,506		37,092
Citigroup		2/7/2020		PLN		17,194		USD		4,481		51
Citigroup		2/12/2020		USD		397,062		AUD		580,000		(10,393	)
Citigroup		2/12/2020		USD		615,580		BRL		2,528,422		(12,038	)
Citigroup		2/12/2020		USD		1,536,340		EUR		1,372,886		(7,804	)
Citigroup		2/12/2020		USD		1,115,442		GBP		853,505		(16,496	)
Citigroup		2/12/2020		USD		576,667		JPY		62,245,400		2,399
Citigroup		2/12/2020		USD		1,043,057		MXN		20,544,642		(36,421	)
Goldman Sachs Bank, USA		2/12/2020		AUD		468,774		EUR		288,750		4,548
Goldman Sachs Bank, USA		2/12/2020		AUD		933,192		USD		632,443		23,133
Goldman Sachs Bank, USA		2/12/2020		CAD		1,434,522		GBP		815,000		24,047
Goldman Sachs Bank, USA		2/12/2020		CAD		486,008		NZD		578,750		(15,521	)
Goldman Sachs Bank, USA		2/12/2020		EUR		1,409,000		CAD		2,074,721		(13,260	)
Goldman Sachs Bank, USA		2/12/2020		EUR		477,235		USD		530,829		5,937
Goldman Sachs Bank, USA		2/12/2020		GBP		515,614		EUR		575,000		37,092
Goldman Sachs Bank, USA		2/12/2020		GBP		290,000		USD		364,936		19,669
Goldman Sachs Bank, USA		2/12/2020		MXN		9,864,155		USD		500,723		17,568
Goldman Sachs Bank, USA		2/12/2020		NOK		7,844,035		CAD		1,155,000		3,999
Goldman Sachs Bank, USA		2/12/2020		NZD		1,445,000		CAD		1,214,494		37,943
Goldman Sachs Bank, USA		2/12/2020		SGD		1,094,317		USD		805,000		8,933
Goldman Sachs Bank, USA		2/12/2020		USD		1,081,092		EUR		967,091		(6,636	)
Goldman Sachs Bank, USA		2/12/2020		USD		393,939		GBP		291,495		7,351
Goldman Sachs Bank, USA		2/12/2020		USD		384,359		MXN		7,567,853		(13,279	)
HSBC Bank, USA		2/12/2020		AUD		706,384		USD		478,543		17,698
HSBC Bank, USA		2/12/2020		EUR		869,590		GBP		774,058		(48,509	)
HSBC Bank, USA		2/12/2020		EUR		500,030		USD		556,261		6,144
HSBC Bank, USA		2/12/2020		GBP		1,140,000		USD		1,459,916		51,978
HSBC Bank, USA		2/12/2020		JPY		246,400,196		USD		2,316,667		(43,412	)
HSBC Bank, USA		2/12/2020		USD		1,385,939		AUD		2,018,564		(32,121	)
HSBC Bank, USA		2/12/2020		USD		529,995		CAD		705,365		(13,301	)
HSBC Bank, USA		2/12/2020		USD		109,527		EUR		99,060		(1,890	)
HSBC Bank, USA		2/12/2020		USD		1,233,110		GBP		959,243		(39,061	)
HSBC Bank, USA		2/12/2020		USD		576,667		JPY		62,270,774		2,165
HSBC Bank, USA		2/12/2020		USD		711,470		NZD		1,085,000		(19,414	)
HSBC Bank, USA		2/12/2020		USD		405,000		SGD		549,911		(4,014	)

See Notes to Financial Statements.
101

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Forward Foreign Currency Contracts
(Continued)

December 31, 2019

Counterparty	Settlement Date		Fund Receiving		Amount Of Currency To Be Received In Local Currency		Fund Delivering		Amount Of Currency To Be Delivered In Local Currency		Unrealized Appreciation (Depreciation)
JPMChase, New York		2/12/2020		EUR		2,050,063		USD		2,282,168	$	23,624
JPMChase, New York		2/12/2020		GBP		867,500		USD		1,116,053		34,445
JPMChase, New York		1/17/2020		SEK		27,569,832		USD		2,902,074		43,967
JPMChase, New York		2/7/2020		USD		606,720		BRL		2,443,702		(7	)
JPMChase, New York		2/7/2020		USD		383,935		IDR		5,410,034,100		(4,381	)
JPMChase, New York		2/12/2020		USD		133,660		EUR		120,000		(1,309	)
JPMChase, New York		2/12/2020		USD		743,426		GBP		575,000		(19,152	)
JPMChase, New York		2/12/2020		USD		288,750		NOK		2,643,848		(12,447	)
Morgan Stanley Capital		2/12/2020		CAD		869,678		EUR		590,000		6,258
Morgan Stanley Capital		2/12/2020		CAD		287,500		NOK		1,944,052		(31	)
Morgan Stanley Capital		2/12/2020		EUR		236,397		USD		262,589		3,297
Morgan Stanley Capital		2/12/2020		GBP		255,096		EUR		292,500		9,327
Morgan Stanley Capital		2/12/2020		MXN		4,118,887		USD		211,060		5,358
Morgan Stanley Capital		2/12/2020		USD		2,320,000		CAD		3,057,667		(35,122	)
Morgan Stanley Capital		2/12/2020		USD		7,817,456		EUR		6,996,616		(51,925	)
Morgan Stanley Capital		2/12/2020		USD		377,803		GBP		291,250		(8,459	)
Morgan Stanley Capital		2/12/2020		USD		211,060		MXN		4,094,045		(4,053	)
Morgan Stanley Capital		2/12/2020		USD		1,501,442		SGD		2,059,571		(30,430	)
Morgan Stanley Capital		1/17/2020		AUD		316,134		USD		218,000		3,944
Morgan Stanley Capital		1/17/2020		CHF		1,566,558		USD		1,587,350		33,379
Morgan Stanley Capital		1/17/2020		EUR		266,011		USD		295,000		3,708
Morgan Stanley Capital		1/17/2020		SEK		5,958,178		USD		633,000		3,676
Morgan Stanley Capital		1/17/2020		USD		1,376,000		CHF		1,347,355		(17,946	)
National Australia Bank		2/12/2020		AUD		135,000		USD		92,983		1,856
National Australia Bank		2/12/2020		NZD		870,000		CAD		722,117		29,855
National Australia Bank		2/12/2020		USD		615,043		NZD		958,373		(30,543	)
Royal Bank of Canada, Toronto		2/12/2020		AUD		468,212		EUR		288,750		4,153
Royal Bank of Canada, Toronto		2/12/2020		CAD		477,611		GBP		272,500		6,477
Royal Bank of Canada, Toronto		2/12/2020		CAD		735,249		JPY		59,715,392		15,388
Royal Bank of Canada, Toronto		2/12/2020		CAD		993,112		USD		755,000		9,929
Royal Bank of Canada, Toronto		2/12/2020		EUR		351,000		CAD		517,837		(4,072	)
Royal Bank of Canada, Toronto		2/12/2020		GBP		1,087,500		CAD		1,906,306		(26,036	)
Royal Bank of Canada, Toronto		2/12/2020		GBP		1,165,000		USD		1,511,669		33,381
Royal Bank of Canada, Toronto		2/12/2020		NZD		352,750		AUD		329,710		5,997
Royal Bank of Canada, Toronto		2/12/2020		USD		3,170,431		CAD		4,169,549		(41,101	)
Standard Chartered Securities N.A.		2/12/2020		EUR		577,500		AUD		931,863		(5,103	)
Standard Chartered Securities N.A.		2/12/2020		GBP		940,000		USD		1,255,154		(8,504	)
Standard Chartered Securities N.A.		2/12/2020		JPY		163,207,796		USD		1,515,000		(9,267	)

See Notes to Financial Statements.
102

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Forward Foreign Currency Contracts
(Continued)

December 31, 2019

Counterparty	Settlement Date		Fund Receiving		Amount Of Currency To Be Received In Local Currency		Fund Delivering		Amount Of Currency To Be Delivered In Local Currency		Unrealized Appreciation (Depreciation)
Standard Chartered Securities N.A.		2/12/2020		SGD		117,148		USD		86,172	$	961
Standard Chartered Securities N.A.		2/12/2020		USD		1,988,848		EUR		1,785,000		(18,819	)
Standard Chartered Securities N.A.		2/12/2020		USD		753,447		GBP		581,250		(17,421	)
Standard Chartered Securities N.A.		2/12/2020		USD		580,000		JPY		61,722,150		10,560
Standard Chartered Securities N.A.		2/12/2020		USD		400,000		SGD		552,092		(10,636	)
State Street Bank, Boston		1/17/2020		AUD		649,176		USD		446,000		9,759
State Street Bank, Boston		2/12/2020		BRL		2,528,422		USD		611,216		16,401
State Street Bank, Boston		2/12/2020		CAD		1,724,188		EUR		1,170,000		12,081
State Street Bank, Boston		2/12/2020		CAD		867,500		NOK		5,851,960		1,502
State Street Bank, Boston		2/12/2020		CAD		245,537		NZD		290,000		(6,230	)
State Street Bank, Boston		1/17/2020		CHF		1,753,037		USD		1,807,000		6,655
State Street Bank, Boston		1/17/2020		EUR		7,063,847		USD		7,871,000		61,104
State Street Bank, Boston		2/12/2020		EUR		365,000		GBP		316,448		(9,149	)
State Street Bank, Boston		2/12/2020		EUR		382,519		USD		424,295		5,940
State Street Bank, Boston		1/17/2020		GBP		639,041		USD		839,000		7,901
State Street Bank, Boston		2/12/2020		GBP		670,394		USD		848,015		41,077
State Street Bank, Boston		1/17/2020		JPY		76,252,502		USD		701,000		1,468
State Street Bank, Boston		2/12/2020		JPY		122,162,796		USD		1,153,333		(26,276	)
State Street Bank, Boston		2/12/2020		MXN		20,466,469		USD		1,030,280		45,090
State Street Bank, Boston		1/17/2020		NOK		23,498,514		USD		2,576,312		100,492
State Street Bank, Boston		1/17/2020		NZD		779,415		USD		510,747		14,084
State Street Bank, Boston		2/12/2020		NZD		817,666		USD		516,759		34,043
State Street Bank, Boston		1/17/2020		USD		2,158,578		AUD		3,132,946		(40,928	)
State Street Bank, Boston		1/17/2020		USD		2,238,000		CAD		2,946,438		(31,241	)
State Street Bank, Boston		1/17/2020		USD		253,000		CHF		248,793		(4,397	)
State Street Bank, Boston		1/17/2020		USD		6,332,206		EUR		5,685,085		(51,665	)
State Street Bank, Boston		1/17/2020		USD		1,931,885		GBP		1,477,343		(25,992	)
State Street Bank, Boston		1/17/2020		USD		1,196,000		JPY		130,092,784		(2,466	)
State Street Bank, Boston		1/17/2020		USD		2,502,000		SEK		23,397,510		1,803
State Street Bank, Boston		2/12/2020		USD		1,012,803		EUR		903,540		(3,447	)
State Street Bank, Boston		2/12/2020		USD		374,621		GBP		290,000		(9,983	)
State Street Bank, Boston		2/12/2020		USD		760,000		JPY		80,612,440		16,281
State Street Bank, Boston		2/12/2020		USD		2,156,230		MXN		42,437,247		(73,549	)
State Street Bank, Boston		2/12/2020		USD		1,492,258		NOK		13,311,986		(24,291	)
TD Securities		2/12/2020		CAD		518,530		USD		390,000		9,390
TD Securities		2/12/2020		EUR		292,500		GBP		253,915		(7,761	)
TD Securities		2/12/2020		USD		415,665		CAD		550,469		(8,325	)

See Notes to Financial Statements.
103

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Forward Foreign Currency Contracts
(Continued)

December 31, 2019

Counterparty	Settlement Date		Fund Receiving		Amount Of Currency To Be Received In Local Currency		Fund Delivering		Amount Of Currency To Be Delivered In Local Currency		Unrealized Appreciation (Depreciation)
UBS AG, Stamford		2/12/2020		CAD		233,653		USD		176,273	$	3,695
UBS AG, Stamford		2/12/2020		EUR		580,000		USD		650,351		2,000
UBS AG, Stamford		2/12/2020		GBP		267,645		USD		350,880		4,077
UBS AG, Stamford		2/12/2020		NOK		5,932,616		USD		646,596		29,268
UBS AG, Stamford		2/12/2020		USD		382,311		EUR		344,796		(5,496	)
UBS AG, Stamford		2/12/2020		USD		380,482		NOK		3,482,717		(16,282	)
UBS AG, Stamford		2/12/2020		USD		223,882		SGD		308,712		(5,733	)

											$	(92,993	)

AUD — Australian Dollar

BRL — Brazillian Real

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

MXN — Mexican Peso

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLN — Polish Zloty

SEK — Sedish Krona

SGD — Singpore Dollar

USD — U.S. Dollar

See Notes to Financial Statements.
104

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule Of Written Options

December 31, 2019

WRITTEN OPTIONS	Counterparty	Contracts		Notional Amount		Value
Currency Put Options
Japanese Yen, 2/26/2020 at 100 ^(a)	BNP Paribas		1,417,500	$	1,417,500	$	(413	)

Total Written Options (Premiums Received $11,592)				$	1,417,500	$	(413	)

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Interest Rate Swaptions Purchased

December 31, 2019

Counterparty	Description	Exercise Rate			Expiration Date		Notional Amount		Value			Unrealized Depreciation
Calls
Bank of America, N.A.	Interest Rate, 3MO LIBOR		5.295	%		02/27/2020	$	4,947,000	$	(15,282	)	$	(15,282	)
Bank of America, N.A.	Interest Rate, 3MO LIBOR		5.270	%		02/24/2020		5,187,000		(14,688	)		(14,688	)
Barclays Capital, Inc.	Interest Rate, 3MO LIBOR		5.020	%		03/16/2020		2,737,000		(1,544	)		(1,544	)

Total Interest Rate Swaptions Purchased												$	(31,514	)

LIBOR — London Interbank Offered Rate.

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule Of Credit Default Swaps

December 31, 2019

Counterparty	Reference Entity	Protection	Pay (Receive) Fixed Rates	Termination Date	Payment Frequency	Notional Value		Value			Upfront Premium (Received) Paid			Unrealized Appreciation (Depreciation)
Morgan Stanley Capital	North American High Yield CDX Index	Sell	(5.000)%	12/20/2024	Quarterly	$	1,532,520	$	168,124		$	98,046		$	70,078
Morgan Stanley Capital	iTraxx Europe Index	Buy	5.000%	12/20/2024	Quarterly	EUR	3,833,000		(595,721	)		(536,276	)		(59,445	)

Total Credit Default Swap Contracts								$	(427,597	)	$	(438,230	)	$	10,633

EUR — Euro

See Notes to Financial Statements.
105

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule Of Centrally Cleared
Interest Rate Swaps

December 31, 2019

Counterparty	Pay (Receive) Floating Rate	Pay (Receive) Fixed Rate	Termination Date	Payment Frequency	Notional Value		Value		Unrealized Appreciation
Morgan Stanley Capital	(3MO LIBOR)	1.533%	08/09/2029	Quarterly	$	1,417,000	$	39,369	$	39,369
Morgan Stanley Capital	(3MO LIBOR)	1.816%	08/05/2029	Quarterly		1,515,000		2,560		2,560

Total Interest Rate Swap Contracts									$	41,929

LIBOR — London Interbank Offered Rate.

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule Of Over the Counter
Exchange Rate Volatility Swaps

December 31, 2019

Counterparty	Description	Termination Date	Strike Price	Notional Value		Value		Unrealized Appreciation
Morgan Stanley Capital	USD/CAD	01/08/2020	4.100	$	9,000	$	8,974	$	8,974
Citibank N.A.	USD/CAD	01/09/2020	4.050		9,000		8,986		8,986
Citibank N.A.	USD/JPY	01/27/2020	5.800		9,000		8,897		8,897

Total Exchange Rate Volatility Swaps						$	26,857	$	26,857

CAD — Canadian Dollar

JPY — Japanese Yen

See Notes to Financial Statements.
106

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities

December 31, 2019

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO		SMALL COMPANY GROWTH PORTFOLIO		SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEX^SM FUND		WILSHIRE INTERNATIONAL EQUITY FUND		WILSHIRE INCOME OPPORTUNITIES FUND
ASSETS:
Investments in unaffiliated securities, at value* (Note 2)	$	210,891,837	$	191,437,398	$	63,821,930	$	60,304,933	$	200,396,408	$	386,515,529	$	282,428,625
Investments in affiliated securities, at value (Note 5)		—		—		—		—		—		—		12,471,509
Cash		—		2,542		—		767		—		—		457
Foreign currency, at value		—		—		—		—		—		162,212		181,529
Margin deposits for futures contracts		—		—		—		—		—		—		187,700
Margin deposits for swap contracts		—		—		—		—		—		—		857,575
Receivable for capital shares sold		237,236		241,286		49,747		131,591		55,433		204,916		692,769
Receivable for investment securities sold		400,201		602,846		23,822		52,507		2,527,751		2,628,061		1,453,297
Swap premium paid		—		—		—		—		—		—		98,046
Unrealized appreciation on foreign forward currency contracts (Note 6)		—		—		—		—		—		—		1,246,974
Unrealized appreciation on swaps		—		—		—		—		—		—		138,864
Net variation margin receivable on futures contracts		—		—		—		—		—		—		12,253
Securities lending income receivable		—		—		5		5		21		—		29
Dividends and interest receivable		93,107		203,891		27,105		82,160		210,714		755,312		2,650,414
Foreign withholding tax reclaims receivable		9,950		9,162		—		—		552		1,096,362		—
Other assets		25,556		24,783		17,257		17,250		30,043		46,598		42,239
Total Assets		211,657,887		192,521,908		63,939,866		60,589,213		203,220,922		391,408,990		302,462,280

See Notes to Financial Statements.
107

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities - (Continued)

December 31, 2019

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO		SMALL COMPANY GROWTH PORTFOLIO		SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEX^SM FUND		WILSHIRE INTERNATIONAL EQUITY FUND		WILSHIRE INCOME OPPORTUNITIES FUND
LIABILITIES:
Options written, at value	$	—	$	—	$	—	$	—	$	—	$	—	$	413
Swap premium received		—		—		—		—		—		—		536,276
Unrealized depreciation on swaps		—		—		—		—		—		—		59,445
Payable to custodian		—		—		—		—		501,754		130,388		—
Payable upon return of securities loaned (Note 7)		—		—		670,000		3,592		127,929		—		537,540
Payable for capital shares redeemed		51,647		24,424		48,033		8,828		82,384		415,221		45,152
Payable for investment securities purchased		443,743		159,148		—		49,816		—		198,566		2,250,861
Unrealized depreciation on swaption contracts		—		—		—		—		—		—		31,514
Unrealized depreciation on foreign forward currency contracts (Note 6)		—		—		—		—		—		—		1,339,967
Investment advisory fees payable (Note 3)		135,999		122,405		46,286		44,228		17,002		251,326		156,948
Distribution fees payable (Note 4)		6,624		—		1,009		548		16,628		—		—
Shareholder service fees payable (Note 4)		26,489		15,964		7,609		7,337		3,308		25,035		29,159
Administration fees payable		10,340		9,799		4,575		4,455		11,919		20,503		15,755
Foreign withholding tax payable		—		1,720		—		—		26		105,195		—
Accrued expenses and other payables		53,694		49,663		38,401		37,716		80,137		157,478		109,744
Total Liabilities		728,536		383,123		815,913		156,520		841,087		1,303,712		5,112,774
NET ASSETS	$	210,929,351	$	192,138,785	$	63,123,953	$	60,432,693	$	202,379,835	$	390,105,278	$	297,349,506
* Includes value of securities on loan	$	—	$	—	$	655,849	$	3,294	$	124,705	$	—	$	512,507

See Notes to Financial Statements.
108

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities - (Continued)

December 31, 2019

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO		SMALL COMPANY GROWTH PORTFOLIO		SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEX^SM FUND		WILSHIRE INTERNATIONAL EQUITY FUND		WILSHIRE INCOME OPPORTUNITIES FUND
NET ASSETS CONSIST OF:
Paid-in capital	$	117,957,483	$	163,814,277	$	47,898,958	$	55,974,445	$	56,023,919	$	330,068,258	$	290,894,574
Accumulated earnings		92,971,868		28,324,508		15,224,995		4,458,248		146,355,916		60,037,020		6,454,932

NET ASSETS	$	210,929,351	$	192,138,785	$	63,123,953	$	60,432,693	$	202,379,835	$	390,105,278	$	297,349,506

NET ASSET VALUE PER SHARE:
INVESTMENT CLASS
Net assets applicable to Investment Class	$	64,470,260	$	6,069,647	$	9,822,539	$	5,354,751	$	162,113,996	$	2,611,966	$	1,912,756
Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)†		1,658,027		301,787		362,639		245,081		7,068,752		229,708		183,515
Net asset value, offering and redemption price per share ^(a)	$	38.88	$	20.11	$	27.09	$	21.85	$	22.93	$	11.37	$	10.42

INSTITUTIONAL CLASS
Net assets applicable to Institutional Class	$	146,459,091	$	186,069,138	$	53,301,414	$	55,077,942	$	40,265,839	$	387,493,312	$	295,436,750
Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)†		3,406,739		9,368,308		1,794,809		2,466,525		1,755,703		34,635,179		28,488,451
Net asset value, offering and redemption price per share ^(a)	$	42.99	$	19.86	$	29.70	$	22.33	$	22.93	$	11.19	$	10.37

Investments in unaffiliated securities, at cost (Note 2)	$	121,103,802	$	162,906,488	$	48,949,488	$	56,732,117	$	54,726,896	$	324,069,546	$	274,455,946
Investments in affiliated securities, at cost (Note 5)	$	—	$	—	$	—	$	—	$	—	$	—	$	12,462,037
Cash collateral for securities on loan, at cost	$	—	$	—	$	670,000	$	3,592	$	127,929	$	—	$	537,540
Foreign currency, at cost	$	—	$	—	$	—	$	—	$	—	$	156,031	$	179,657
Premiums received for options written	$	—	$	—	$	—	$	—	$	—	$	—	$	11,592

†	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.
109

Wilshire Mutual Funds, Inc.

Statements of Operations

For the Year Ended December 31, 2019

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEX^SM FUND			WILSHIRE INTERNATIONAL EQUITY FUND			WILSHIRE INCOME OPPORTUNITIES FUND
INVESTMENT INCOME:
Dividend income from unaffiliated investments	$	1,910,397		$	5,456,791		$	380,099		$	1,153,457		$	3,641,245		$	10,960,302		$	362,468
Income distributions from affiliated investments (Note 5)		—			—			—			—			—			—			921,504
Interest		11,658			8,806			3,414			1,222			5,885			22,044			12,884,789
Income from securities lending (Note 7)		63,402			10,344			21,544			9,797			39,830			30,292			16,132
Foreign taxes withheld		(26,464	)		(35,123	)		—			(140	)		(94	)		(1,102,058	)		(47,431	)
Total income		1,958,993			5,440,818			405,057			1,164,336			3,686,866			9,910,580			14,137,462

EXPENSES:
Investment advisory fee (Note 3)		1,586,280			1,424,837			519,683			493,386			188,872			3,749,994			1,850,941
Shareholder Service fees (Note 4)
Investment Class		80,020			3,916			8,577			5,200			97,625			4,086			2,574
Institutional Class		82,213			87,240			34,687			38,423			9,582			141,363			167,596
Distribution (12b-1) fees (Note 4)
Investment Class		157,253			14,078			24,045			12,764			379,146			7,242			4,534
Administration and accounting fees (Note 3)		98,664			90,237			37,802			36,580			93,833			170,645			145,900
Transfer agent fees (Note 3)		75,587			49,595			52,515			50,323			52,192			97,300			45,078
Registration and filing fees		36,504			38,807			34,693			35,261			37,803			41,144			41,856
Custodian fees (Note 3)		46,330			41,363			13,400			12,670			40,616			104,505			67,607
Pricing costs		6,432			7,201			9,307			8,472			35,571			172,277			216,362
Professional fees		39,128			37,238			26,306			26,020			37,171			55,677			68,701
Directors’ fees and expenses (Note 3)		40,215			35,994			11,674			11,095			35,701			70,849			60,699
Printing expense		34,500			28,772			19,517			19,311			21,045			53,278			37,405
Insurance expense		10,990			9,914			2,951			2,846			8,900			19,378			15,472
Interest expense (Note 2)		4,841			4,465			578			522			78			18,477			7,576
Other		12,895			13,188			6,949			7,772			16,771			132,365			126,152
Total expenses		2,311,852			1,886,845			802,684			760,645			1,054,906			4,838,580			2,858,453
Previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser (Note 3)		1,594			—			1,081			1,316			—			9,292			—
Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3)		(12,196	)		—			(106,613	)		(110,173	)		—			(131,671	)		(1,342	)
Fees paid indirectly (Note 4)		(2,913	)		(5,037	)		(8,192	)		(7,544	)		—			(5,154	)		—
Net expenses		2,298,337			1,881,808			688,960			644,244			1,054,906			4,711,047			2,857,111

Net investment income (loss)		(339,344	)		3,559,010			(283,903	)		520,092			2,631,960			5,199,533			11,280,351

See Notes to Financial Statements.
110

Wilshire Mutual Funds, Inc.

Statements of Operations - (Continued)

For the Year Ended December 31, 2019

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO		SMALL COMPANY GROWTH PORTFOLIO		SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEX^SM FUND		WILSHIRE INTERNATIONAL EQUITY FUND		WILSHIRE INCOME OPPORTUNITIES FUND
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 5):
Net realized gains (losses) from:
Sale of unaffiliated investments	$	20,142,826	$	8,139,204	$	2,328,547	$	1,618,602	$	8,422,576	$	2,646,866	$	(821,273	)
Sale of affiliated investment company shares		—		—		—		—		—		—		(258,579	)
Futures contracts		—		—		—		—		—		—		783,068
Forward foreign currency contracts		—		—		—		—		—		—		863,710
Option contracts written		—		—		—		—		—		—		13,086
Swaption contracts		—		—		—		—		—		—		(356,275	)
Swap contracts		—		—		—		—		—		—		(550,237	)
Foreign currency transactions		—		—		—		—		—		556,898		(1,067	)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		34,474,002		29,829,191		12,291,832		8,882,880		37,385,574		73,511,232		17,016,742
Investments in affiliated investment company shares		—		—		—		—		—		—		746,139
Futures contracts		—		—		—		—		—		—		(144,746	)
Forward foreign currency contracts		—		—		—		—		—		—		(299,898	)
Swaption contracts		—		—		—		—		—		—		(31,514	)
Option contracts written		—		—		—		—		—		—		11,179
Swap contracts		—		—		—		—		—		—		959,471
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		—		—		—		—		—		13,604		20,602
Net realized and unrealized gains on investments and foreign currency transactions		54,616,828		37,968,395		14,620,379		10,501,482		45,808,150		76,728,600		17,950,408

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	54,277,484	$	41,527,405	$	14,336,476	$	11,021,574	$	48,440,110	$	81,928,133	$	29,230,759

See Notes to Financial Statements.
111

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets

	LARGE COMPANY GROWTH PORTFOLIO						LARGE COMPANY VALUE PORTFOLIO
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
OPERATIONS:
Net investment income (loss)	$	(339,344	)	$	(601,788	)	$	3,559,010		$	3,740,941
Net realized gains on investments and foreign currency transactions		20,142,826			25,974,339			8,139,204			9,938,112
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		34,474,002			(28,195,505	)		29,829,191			(38,506,539	)
Net increase (decrease) in net assets resulting from operations		54,277,484			(2,822,954	)		41,527,405			(24,827,486	)

DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 10)
Investment Class shares		(5,944,837	)		(8,482,489	)		(337,008	)		(424,524	)
Institutional Class shares		(12,601,642	)		(20,828,265	)		(11,094,059	)		(15,990,332	)
Total distributions to shareholders		(18,546,479	)		(29,310,754	)		(11,431,067	)		(16,414,856	)

CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8):
Investment Class shares:
Shares sold		686,416			2,252,835			421,496			620,461
Shares issued as reinvestment of distributions		5,836,404			8,313,397			329,791			412,505
Redemption fees (Note 2)		—			—			—			—
Shares redeemed		(8,354,574	)		(8,669,710	)		(670,072	)		(1,323,295	)
Net increase (decrease) in net assets from Investment Class share transactions		(1,831,754	)		1,896,522			81,215			(290,329	)

Institutional Class shares:
Shares sold		9,855,634			74,083,600			12,864,976			134,075,440
Shares issued as reinvestment of distributions		10,719,273			16,422,748			9,409,983			12,737,140
Redemption fees (Note 2)		—			—			—			—
Shares redeemed		(48,244,561	)		(90,407,735	)		(48,003,488	)		(76,059,960	)
Net increase (decrease) in net assets from Institutional Class share transactions		(27,669,654	)		98,613			(25,728,529	)		70,752,620

Net increase (decrease) in net assets		6,229,597			(30,138,573	)		4,449,024			29,219,949

NET ASSETS:
Beginning of year		204,699,754			234,838,327			187,689,761			158,469,812
End of year	$	210,929,351		$	204,699,754		$	192,138,785		$	187,689,761

See Notes to Financial Statements.
112

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	SMALL COMPANY GROWTH PORTFOLIO						SMALL COMPANY VALUE PORTFOLIO
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
OPERATIONS:
Net investment income (loss)	$	(283,903	)	$	(240,048	)	$	520,092		$	272,242
Net realized gains on investments and foreign currency transactions		2,328,547			1,672,145			1,618,602			1,531,328
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		12,291,832			(7,310,302	)		8,882,880			(13,059,180	)
Net increase (decrease) in net assets resulting from operations		14,336,476			(5,878,205	)		11,021,574			(11,255,610	)

DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 10)
Investment Class shares		(186,475	)		(522,031	)		(35,071	)		(291,975	)
Institutional Class shares		(924,937	)		(2,569,642	)		(495,908	)		(2,927,272	)
Total distributions to shareholders		(1,111,412	)		(3,091,673	)		(530,979	)		(3,219,247	)

CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8):
Investment Class shares:
Shares sold		1,246,005			1,798,054			679,171			748,289
Shares issued as reinvestment of distributions		179,882			484,890			34,254			283,145
Redemption fees (Note 2)		—			—			—			—
Shares redeemed		(1,811,572	)		(4,319,410	)		(1,100,900	)		(1,293,114	)
Net decrease in net assets from Investment Class share transactions		(385,685	)		(2,036,466	)		(387,475	)		(261,680	)

Institutional Class shares:
Shares sold		5,921,182			27,211,535			6,828,448			34,701,944
Shares issued as reinvestment of distributions		722,175			2,113,320			392,381			2,450,563
Redemption fees (Note 2)		—			—			—			—
Shares redeemed		(9,123,701	)		(13,538,044	)		(8,631,383	)		(10,900,194	)
Net increase (decrease) in net assets from Institutional Class share transactions		(2,480,344	)		15,786,811			(1,410,554	)		26,252,313

Net increase in net assets		10,359,035			4,780,467			8,692,566			11,515,776

NET ASSETS:
Beginning of year		52,764,918			47,984,451			51,740,127			40,224,351
End of year	$	63,123,953		$	52,764,918		$	60,432,693		$	51,740,127

See Notes to Financial Statements.
113

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	WILSHIRE 5000 INDEX^SM FUND						WILSHIRE INTERNATIONAL EQUITY FUND
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
OPERATIONS:
Net investment income	$	2,631,960		$	2,764,503		$	5,199,533		$	5,271,940
Net realized gains on investments and foreign currency transactions		8,422,576			6,686,319			3,203,764			16,191,912
Long-term capital gain distributions from regulated investment companies		—			—			—			—
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		37,385,574			(18,868,145	)		73,524,836			(77,244,693	)
Net increase (decrease) in net assets resulting from operations		48,440,110			(9,417,323	)		81,928,133			(55,780,841	)

DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 10)
Investment Class shares		(7,922,684	)		(7,653,094	)		(32,308	)		(131,992	)
Institutional Class shares		(2,090,482	)		(1,953,310	)		(6,473,039	)		(19,598,049	)
Total distributions to shareholders		(10,013,166	)		(9,606,404	)		(6,505,347	)		(19,730,041	)

CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8):
Investment Class shares:
Shares sold		8,508,397			15,029,035			826,011			1,204,559
Shares issued as reinvestment of distributions		7,573,348			7,336,674			31,053			125,874
Redemption fees (Note 2)		—			—			12			160
Shares redeemed		(19,096,998	)		(22,235,511	)		(1,597,668	)		(2,195,013	)
Net increase (decrease) in net assets from Investment Class share transactions		(3,015,253	)		130,198			(740,592	)		(864,420	)

Institutional Class shares:
Shares sold		1,993,561			2,772,314			34,938,751			193,084,996
Shares issued as reinvestment of distributions		1,625,890			1,508,386			5,712,008			15,327,740
Redemption fees (Note 2)		—			—			1,085			2,476
Shares redeemed		(2,958,372	)		(3,487,814	)		(111,700,307	)		(100,880,391	)
Net increase (decrease) in net assets from Institutional Class share transactions		661,079			792,886			(71,048,463	)		107,534,821

Net increase (decrease) in net assets		36,072,770			(18,100,643	)		3,633,731			31,159,519

NET ASSETS:
Beginning of year		166,307,065			184,407,708			386,471,547			355,312,028
End of year	$	202,379,835		$	166,307,065		$	390,105,278		$	386,471,547

See Notes to Financial Statements.
114

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	WILSHIRE INCOME OPPORTUNITIES FUND
	Year Ended December 31, 2019			Year Ended December 31, 2018
OPERATIONS:
Net investment income	$	11,280,351		$	11,096,338
Net realized gains (losses) on investments and foreign currency transactions		(327,567	)		(1,718,164	)
Long-term capital gain distributions from regulated investment companies		—			35
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		18,277,975			(10,976,703	)
Net increase (decrease) in net assets resulting from operations		29,230,759			(1,598,494	)

DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 10)
Investment Class shares		(67,099	)		(55,546	)
Institutional Class shares		(12,291,570	)		(10,726,134	)
Total distributions to shareholders		(12,358,669	)		(10,781,680	)

CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8):
Investment Class shares:
Shares sold		692,417			890,690
Shares issued as reinvestment of distributions		64,651			51,573
Redemption fees (Note 2)		—			—
Shares redeemed		(804,326	)		(5,398,236	)
Net decrease in net assets from Investment Class share transactions		(47,258	)		(4,455,973	)

Institutional Class shares:
Shares sold		29,953,178			87,947,585
Shares issued as reinvestment of distributions		12,206,181			10,662,683
Redemption fees (Note 2)		—			—
Shares redeemed		(75,699,762	)		(84,345,512	)
Net increase (decrease) in net assets from Institutional Class share transactions		(33,540,403	)		14,264,756

Net decrease in net assets		(16,715,571	)		(2,571,391	)

NET ASSETS:
Beginning of year		314,065,077			316,636,468
End of year	$	297,349,506		$	314,065,077

See Notes to Financial Statements.
115

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015
Net asset value, beginning of period	$	33.33		$	39.53		$	33.93		$	36.82		$	38.66

Income (loss) from investment operations:
Net investment income (loss) ^(a)		(0.15	)		(0.20	)		(0.08	)		0.04			(0.14	)
Net realized and unrealized gains (losses) on investments		9.61			(0.35	)		9.24			1.26			2.53
Total from investment operations		9.46			(0.55	)		9.16			1.30			2.39

Less distributions:
From net investment income		—			—			—			(0.01	)		—
From realized capital gains		(3.91	)		(5.65	)		(3.56	)		(4.18	)		(4.23	)
Total distributions		(3.91	)		(5.65	)		(3.56	)		(4.19	)		(4.23	)

Net asset value, end of period	$	38.88		$	33.33		$	39.53		$	33.93		$	36.82

Total return ^(b)		28.61	%		(1.90	%)		26.93	%		3.33	%		6.18	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	64,470		$	56,671		$	64,130		$	62,634		$	107,381
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.30	%^(d)		1.31	%		1.30	%		1.32	%		1.33	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(c)		1.32	%		1.31	%		1.30	%		1.32	%		1.34	%
Net investment income (loss)		(0.37	%)		(0.48	%)		(0.21	%)		0.10	%		(0.34	%)
Portfolio turnover rate		43	%		69	%		51	%		75	%		104	%

^(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 1.32%, 1.31%, 1.30%, 1.32% and 1.34% for the years ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively (Note 4).
^(d)	The ratio of operating expenses after fee reductions and expense reimbursements includes previous investments advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.30% for the year ended December 31, 2019 (Note 3).

See Notes to Financial Statements.
116

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015
Net asset value, beginning of period	$	36.41		$	42.53		$	36.19		$	39.04		$	40.62

Income (loss) from investment operations:
Net investment income (loss) ^(a)		(0.03	)		(0.07	)		0.05			0.15			(0.01	)
Net realized and unrealized gains (losses) on investments		10.52			(0.40	)		9.87			1.34			2.66
Total from investment operations		10.49			(0.47	)		9.92			1.49			2.65

Less distributions:
From net investment income		—			—			(0.02	)		(0.16	)		—
From realized capital gains		(3.91	)		(5.65	)		(3.56	)		(4.18	)		(4.23	)
Total distributions		(3.91	)		(5.65	)		(3.58	)		(4.34	)		(4.23	)

Net asset value, end of period	$	42.99		$	36.41		$	42.53		$	36.19		$	39.04

Total return ^(b)		29.02	%		(1.58	%)		27.35	%		3.61	%		6.52	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	146,459		$	148,029		$	170,708		$	152,167		$	122,219
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.00	%		0.98	%		0.98	%		1.04	%		1.01	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(c)		1.00	%		0.99	%		0.98	%		1.04	%		1.02	%
Net investment income (loss)		(0.07	%)		(0.16	%)		0.11	%		0.37	%		(0.02	%)
Portfolio turnover rate		43	%		69	%		51	%		75	%		104	%

^(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 1.00%, 0.99%, 0.98%, 1.04% and 1.02% for the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively (Note 4).

See Notes to Financial Statements.
117

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015
Net asset value, beginning of period	$	17.22		$	21.18		$	20.40		$	18.62		$	21.19

Income (loss) from investment operations:
Net investment income ^(a)		0.31			0.29			0.30			0.37			0.20
Net realized and unrealized gains (losses) on investments and foreign currency transactions		3.74			(2.73	)		2.67			2.56			(1.33	)
Total from investment operations		4.05			(2.44	)		2.97			2.93			(1.13	)

Less distributions:
From net investment income		(0.32	)		(0.29	)		(0.30	)		(0.14	)		(0.19	)
From realized capital gains		(0.84	)		(1.23	)		(1.89	)		(1.01	)		(1.25	)
Total distributions		(1.16	)		(1.52	)		(2.19	)		(1.15	)		(1.44	)

Net asset value, end of period	$	20.11		$	17.22		$	21.18		$	20.40		$	18.62

Total return ^(b)		23.63	%		(11.71	%)		14.64	%		15.73	%		(5.33	%)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	6,070		$	5,137		$	6,547		$	10,112		$	52,864
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.26	%		1.24	%		1.26	%		1.26	%		1.27	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(c)		1.26	%		1.24	%		1.26	%		1.27	%		1.29	%
Net investment income		1.61	%		1.40	%		1.38	%		1.87	%		0.96	%
Portfolio turnover rate		48	%		65	%		39	%		174	%		55	%

^(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%, 1.24%, 1.26%, 1.26%, and 1.27% for the periods ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively (Note 4).

See Notes to Financial Statements.
118

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015
Net asset value, beginning of period	$	17.01		$	20.95		$	20.20		$	18.67		$	21.24

Income (loss) from investment operations:
Net investment income ^(a)		0.36			0.35			0.36			0.40			0.26
Net realized and unrealized gains (losses) on investments and foreign currency transactions		3.71			(2.71	)		2.65			2.55			(1.33	)
Total from investment operations		4.07			(2.36	)		3.01			2.95			(1.07	)

Less distributions:
From net investment income		(0.38	)		(0.35	)		(0.37	)		(0.41	)		(0.25	)
From realized capital gains		(0.84	)		(1.23	)		(1.89	)		(1.01	)		(1.25	)
Total distributions		(1.22	)		(1.58	)		(2.26	)		(1.42	)		(1.50	)

Net asset value, end of period	$	19.86		$	17.01		$	20.95		$	20.20		$	18.67

Total return ^(b)		23.99	%		(11.47	%)		14.99	%		15.78	%		(5.07	%)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	186,069		$	182,553		$	151,923		$	175,497		$	53,343
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		0.98	%		0.97	%		0.98	%		1.04	%		1.01	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(c)		0.98	%		0.97	%		0.98	%		1.05	%		1.02	%
Net investment income		1.88	%		1.70	%		1.67	%		2.09	%		1.23	%
Portfolio turnover rate		48	%		65	%		39	%		174	%		55	%

^(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%, 0.97%, 0.98%, 1.04%, and 1.01% for the periods ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively (Note 4).

See Notes to Financial Statements.
119

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015
Net asset value, beginning of period	$	21.71		$	25.05		$	24.41		$	22.64		$	23.44

Income (loss) from investment operations:
Net investment loss ^(a)		(0.17	)		(0.17	)		(0.19	)		(0.15	)		(0.15	)
Net realized and unrealized gains (losses) on investments		6.07			(1.75	)		3.51			4.80			0.70
Total from investment operations		5.90			(1.92	)		3.32			4.65			0.55

Less distributions:
From realized capital gains		(0.52	)		(1.42	)		(2.68	)		(2.88	)		(1.35	)

Net asset value, end of period	$	27.09		$	21.71		$	25.05		$	24.41		$	22.64

Total return ^(b)		27.23	%		(7.87	%)		13.66	%		20.44	%		2.29	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	9,823		$	8,162		$	11,386		$	8,633		$	12,642
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.35	%^(d)		1.35	%		1.48	%		1.51	%		1.46	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(c)		1.54	%		1.54	%		1.64	%		1.60	%		1.64	%
Net investment loss		(0.67	%)		(0.65	%)		(0.75	%)		(0.57	%)		(0.59	%)
Portfolio turnover rate		67	%		92	%		110	%		114	%		63	%

^(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 1.53%, 1.54%, 1.60%, 1.64% and 1.56% for the periods ended December 31, 2019, 2018, 2016, and 2015, respectively (Note 4).
^(d)	The ratio of operating expenses after fee reductions and expense reimbursements includes previous investments advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.35% for the year ended December 31, 2019 (Note 3).

See Notes to Financial Statements.
120

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015
Net asset value, beginning of period	$	23.70		$	27.14		$	26.18		$	24.04		$	24.75

Income (loss) from investment operations:
Net investment loss ^(a)		(0.12	)		(0.11	)		(0.14	)		(0.08	)		(0.07	)
Net realized and unrealized gains (losses) on investments		6.64			(1.91	)		3.78			5.10			0.71
Total from investment operations		6.52			(2.02	)		3.64			5.02			0.64

Less distributions:
From realized capital gains		(0.52	)		(1.42	)		(2.68	)		(2.88	)		(1.35	)

Net asset value, end of period	$	29.70		$	23.70		$	27.14		$	26.18		$	24.04

Total return ^(b)		27.56	%		(7.63	%)		13.96	%		20.79	%		2.53	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	53,301		$	44,603		$	36,599		$	28,454		$	14,414
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.10	%^(d)		1.10	%		1.23	%		1.27	%		1.19	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(c)		1.27	%		1.27	%		1.34	%		1.33	%		1.36	%
Net investment loss		(0.43	%)		(0.37	%)		(0.47	%)		(0.32	%)		(0.28	%)
Portfolio turnover rate		67	%		92	%		110	%		114	%		63	%

^(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%, 1.27%, 1.33%, 1.33% and 1.35% for the periods ended December 31, 2019, 2018, 2016, and 2015, respectively (Note 4).
^(d)	The ratio of operating expenses after fee reductions and expense reimbursements includes previous investments advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.10% for the year ended December 31, 2019 (Note 3).

See Notes to Financial Statements.
121

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015
Net asset value, beginning of period	$	18.13		$	22.99		$	23.75		$	20.74		$	22.86

Income (loss) from investment operations:
Net investment income (loss) ^(a)		0.14			0.05			(0.05	)		0.10			0.01
Net realized and unrealized gains (losses) on investments		3.72			(3.77	)		2.09			4.99			(0.89	)
Total from investment operations		3.86			(3.72	)		2.04			5.09			(0.88	)

Less distributions:
From net investment income		(0.14	)		(0.05	)		—			(0.09	)		(0.00	)^(b)
From capital gains		—			(1.09	)		(2.80	)		(1.99	)		(1.24	)
Total distributions		(0.14	)		(1.14	)		(2.80	)		(2.08	)		(1.24	)

Net asset value, end of period	$	21.85		$	18.13		$	22.99		$	23.75		$	20.74

Total return ^(c)		21.32	%		(16.35	%)		8.65	%		24.86	%		(3.83	%)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	5,355		$	4,792		$	6,305		$	9,097		$	14,287
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.35	%		1.35	%		1.45	%		1.51	%		1.49	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(d)		1.56	%		1.57	%		1.69	%		1.60	%		1.67	%
Net investment income (loss)		0.69	%		0.21	%		(0.25	%)		0.48	%		0.06	%
Portfolio turnover rate		168	%		74	%		88	%		99	%		49	%

^(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 1.55%, 1.58%, 1.67%, 1.59%, and 1.67% for the periods ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively (Note 4).

See Notes to Financial Statements.
122

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015
Net asset value, beginning of period	$	18.53		$	23.49		$	24.14		$	21.08		$	23.21

Income (loss) from investment operations:
Net investment income ^(a)		0.19			0.11			0.01			0.16			0.08
Net realized and unrealized gains (losses) on investments		3.81			(3.88	)		2.14			5.08			(0.90	)
Total from investment operations		4.00			(3.77	)		2.15			5.24			(0.82	)

Less distributions:
From net investment income		(0.20	)		(0.10	)		—			(0.19	)		(0.07	)
From realized capital gains		—			(1.09	)		(2.80	)		(1.99	)		(1.24	)
Total distributions		(0.20	)		(1.19	)		(2.80	)		(2.18	)		(1.31	)

Net asset value, end of period	$	22.33		$	18.53		$	23.49		$	24.14		$	21.08

Total return ^(b)		21.60	%		(16.17	%)		8.97	%		25.16	%		(3.52	%)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	55,078		$	46,948		$	33,919		$	31,698		$	13,727
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.10	%^(d)		1.10	%		1.19	%		1.27	%		1.18	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(c)		1.28	%		1.26	%		1.37	%		1.33	%		1.36	%
Net investment income		0.92	%		0.53	%		0.07	%		0.73	%		0.36	%
Portfolio turnover rate		168	%		74	%		88	%		99	%		49	%

^(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 1.27%, 1.27%, 1.35%, 1.32%, and 1.35% for the periods ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively (Note 4).
^(d)	The ratio of operating expenses after fee reductions and expense reimbursements includes previous investments advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.10% for the year ended December 31, 2019 (Note 3).

See Notes to Financial Statements.
123

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015
Net asset value, beginning of period	$	18.58		$	20.83		$	18.86		$	17.78		$	18.01

Income (loss) from investment operations:
Net investment income ^(a)		0.31			0.31			0.29			0.27			0.24
Net realized and unrealized gains (losses) on investments		5.20			(1.45	)		3.52			1.96			(0.22	)
Total from investment operations		5.51			(1.14	)		3.81			2.23			0.02

Less distributions:
From net investment income		(0.30	)		(0.30	)		(0.27	)		(0.39	)		(0.25	)
From realized capital gains		(0.86	)		(0.81	)		(1.57	)		(0.76	)		—
Total distributions		(1.16	)		(1.11	)		(1.84	)		(1.15	)		(0.25	)

Net asset value, end of period	$	22.93		$	18.58		$	20.83		$	18.86		$	17.78

Total return ^(b)		29.74	%		(5.60	%)		20.20	%		12.51	%		0.08	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	162,114		$	134,197		$	149,342		$	132,669		$	159,709
Operating expenses		0.62	%		0.60	%		0.62	%		0.67	%^(c)		0.64	%^(c)
Net investment income		1.34	%		1.42	%		1.39	%		1.49	%		1.35	%
Portfolio turnover rate		3	%		1	%		3	%		5	%		6	%

^(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 includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 0.67% and 0.64% for the years ended December 31, 2016 and 2015, respectively (Note 4).

See Notes to Financial Statements.
124

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015
Net asset value, beginning of period	$	18.58		$	20.83		$	18.85		$	17.78		$	18.00

Income (loss) from investment operations:
Net investment income ^(a)		0.37			0.37			0.35			0.33			0.29
Net realized and unrealized gains (losses) on investments		5.20			(1.46	)		3.53			1.95			(0.22	)
Total from investment operations		5.57			(1.09	)		3.88			2.28			0.07

Less distributions:
From net investment income		(0.36	)		(0.35	)		(0.33	)		(0.45	)		(0.29	)
From realized capital gains		(0.86	)		(0.81	)		(1.57	)		(0.76	)		—
Total distributions		(1.22	)		(1.16	)		(1.90	)		(1.21	)		(0.29	)

Net asset value, end of period	$	22.93		$	18.58		$	20.83		$	18.85		$	17.78

Total return ^(b)		30.08	%		(5.32	%)		20.57	%		12.81	%		0.36	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	40,266		$	32,110		$	35,066		$	40,860		$	59,065
Operating expenses		0.33	%		0.33	%		0.33	%		0.36	%^(c)		0.41	%^(c)
Net investment income		1.61	%		1.70	%		1.67	%		1.80	%		1.59	%
Portfolio turnover rate		3	%		1	%		3	%		5	%		6	%

^(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 includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 0.36% and 0.41% for the years ended December 31, 2016 and 2015, respectively (Note 4).

See Notes to Financial Statements.
125

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015
Net asset value, beginning of period	$	9.32		$	11.19		$	8.92		$	8.90		$	9.06

Income (loss) from investment operations:
Net investment income ^(a)		0.12			0.10			0.08			0.10			0.09
Net realized and unrealized gains (losses) on investments and foreign currency transactions		2.07			(1.51	)		2.20			0.07			(0.23	)
Total from investment operations		2.19			(1.41	)		2.28			0.17			(0.14	)

Less distributions:
From net investment income		(0.14	)		(0.04	)		(0.01	)		(0.15	)		(0.02	)
From realized capital gains		—			(0.42	)		—			—			—
Total distributions		(0.14	)		(0.46	)		(0.01	)		(0.15	)		(0.02	)

Redemption fees (Note 2)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)

Net asset value, end of period	$	11.37		$	9.32		$	11.19		$	8.92		$	8.90

Total return ^(c)		23.52	%		(12.66	%)		25.54	%		1.88	%		(1.55	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	2,612		$	2,789		$	4,176		$	11,290		$	3,438
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.50%			1.51	%^(d)		1.51	%^(d)		1.52	%		1.50	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly		1.63	%^(e)		1.59	%		1.55	%		1.65	%		1.75	%
Net investment income		1.21	%		1.02	%		0.87	%		1.19	%		0.99	%
Portfolio turnover rate		54	%		96	%		62	%		79	%		84	%

^(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 after fee reductions and expense reimbursements includes previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.50% and 1.50% for the years ended December 31, 2018 and 2017, respectively (Note 3).
^(e)	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 1.63% (Note 4).

See Notes to Financial Statements.
126

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015
Net asset value, beginning of period	$	9.19		$	11.04		$	8.81		$	8.78		$	8.99

Income (loss) from investment operations:
Net investment income ^(a)		0.14			0.13			0.10			0.12			0.09
Net realized and unrealized gains (losses) on investments and foreign currency transactions		2.05			(1.49	)		2.18			0.07			(0.21	)
Total from investment operations		2.19			(1.36	)		2.28			0.19			(0.12	)

Less distributions:
From net investment income		(0.19	)		(0.07	)		(0.05	)		(0.16	)		(0.09	)
From realized capital gains		—			(0.42	)		—			—			—
Total distributions		(0.19	)		(0.49	)		(0.05	)		(0.16	)		(0.09	)

Redemption fees (Note 2)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)

Net asset value, end of period	$	11.19		$	9.19		$	11.04		$	8.81		$	8.78

Total return ^(c)		23.81	%		(12.39	%)		25.92	%		2.16	%		(1.37	)%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	387,493		$	383,682		$	351,136		$	258,311		$	176,937
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.25	%^(d)		1.27	%^(d)		1.26	%^(f)		1.27	%		1.25	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly		1.29	%^(e)		1.25	%		1.26	%		1.32	%		1.29	%
Net investment income		1.39	%		1.28	%		1.02	%		1.44	%		1.00	%
Portfolio turnover rate		54	%		96	%		62	%		79	%		84	%

^(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 after fee reductions and expense reimbursements includes previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.25% (Note 3).
^(e)	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 1.28% (Note 4).
^(f)	The ratio of operating expenses after fee reductions and expense reimbursements includes the expenses related to foreign currency exchange contracts. Had these expenses been excluded, the expense ratio (after fee reductions and fees paid indirectly) would have been 1.25% for the year ended December 31, 2017.

See Notes to Financial Statements.
127

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017			Period Ended 12/31/2016*
Net asset value, beginning of period	$	9.88		$	10.25		$	10.14		$	10.00

Income (loss) from investment operations:
Net investment income ^(a)		0.35			0.32			0.35			0.21
Net realized and unrealized gains (losses) on investments and foreign currency transactions		0.58			(0.39	)		0.22			0.18
Total from investment operations		0.93			(0.07	)		0.57			0.39

Less distributions:
From net investment income		(0.39	)		(0.30	)		(0.42	)		(0.18	)
From realized capital gains		—			—			(0.04	)		(0.07	)
Total distributions		(0.39	)		(0.30	)		(0.46	)		(0.25	)

Net asset value, end of period	$	10.42		$	9.88		$	10.25		$	10.14

Total return^(b⁾		9.58	%		(0.65	%)		5.60	%		3.92	%^(c)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	1,913		$	1,864		$	6,409		$	1,102
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly ^(d)		1.18	%^(g)		1.16	%		1.17	%^(f)		1.15	%^(e)
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(d)		1.26	%		1.20	%		1.23	%		1.26	%^(e)
Net investment income		3.37	%		3.02	%		3.28	%		2.83	%^(e)
Portfolio turnover rate		89	%		177	%		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 Portfolio distributions, if any, or the redemption of Portfolio shares.
^(c)	Not annualized.
^(d)	Ratio does not include expenses from underlying funds.
^(e)	Annualized.
^(f)	Includes interest incurred from reverse repurchase agreements of 0.02% during the year ended December 31, 2017.
^(g)	The ratio of operating expenses after fee reductions and expense reimbursements includes the expenses related to foreign currency exchange contracts. Had these expenses been excluded, the expense ratio (after fee reductions and fees paid indirectly) would have been 1.15% for the year ended December 31, 2019.

See Notes to Financial Statements.
128

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017			Period Ended 12/31/2016*
Net asset value, beginning of period	$	9.83		$	10.22		$	10.10		$	10.00

Income (loss) from investment operations:
Net investment income ^(a)		0.38			0.35			0.37			0.25
Net realized and unrealized gains (losses) on investments and foreign currency transactions		0.58			(0.40	)		0.22			0.13
Total from investment operations		0.96			(0.05	)		0.59			0.38

Less distributions:
From net investment income		(0.42	)		(0.34	)		(0.43	)		(0.21	)
From realized capital gains		—			—			(0.04	)		(0.07	)
Total distributions		(0.42	)		(0.34	)		(0.47	)		(0.28	)

Net asset value, end of period	$	10.37		$	9.83		$	10.22		$	10.10

Total return ^(b)		9.94	%		(0.43	%)		5.84	%		3.82	%^(c)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	295,437		$	312,201		$	310,227		$	396,797
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly ^(d)		0.92	%^(g)		0.90	%		0.92	%^(f)		0.86	%^(e)
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(d)		0.92	%		0.90	%		0.92	%^(f)		0.86	%^(e)
Net investment income		3.66	%		3.48	%		3.49	%		3.11	%^(e)
Portfolio turnover rate		89	%		177	%		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 Portfolio distributions, if any, or the redemption of Portfolio shares.
^(c)	Not annualized.
^(d)	Ratio does not include expenses from underlying funds.
^(e)	Annualized.
^(f)	Includes interest incurred from reverse repurchase agreements of 0.02% during the year ended December 31, 2017.
^(g)	The ratio of operating expenses after fee reductions and expense reimbursements includes the expenses related to foreign currency exchange contracts. Had these expenses been excluded, the expense ratio (after fee reductions and fees paid indirectly) would have been 0.89% for the year ended December 31, 2019.

See Notes to Financial Statements.
129

Wilshire Mutual Funds, Inc.

Notes to Financial Statements

December 31, 2019

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 Index^SM 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 Portfolio.

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 Index^SM. The applicable sub-category of the Wilshire 5000 Index^SM 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 Index^SM. The applicable sub-category of the Wilshire 5000 Index^SM 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 Index^SM. The applicable sub-category of the Wilshire 5000 Index^SM 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 Index^SM. The applicable sub-category of the Wilshire 5000 Index^SM is the small-cap value sub-category.

The investment objective of Wilshire 5000 Index^SM Fund is to replicate as closely as possible the performance of the Wilshire 5000 Index^SM 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 such Portfolio. Each class of shares differs with respect to its service and distribution expenses.

130

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2019

2. Significant Accounting Policies.

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 (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.”

Use of estimates – The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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, futures, swaptions 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 ask 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 ask 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 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

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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’s securities 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, 2019, 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, 2019:

Large Company Growth Portfolio	Level 1		Level 2		Level 3		Total
Common Stocks	$	207,891,369	$	—	$	—	$	207,891,369
Money Market Fund		3,000,468		—		—		3,000,468
Total	$	210,891,837	$	—	$	—	$	210,891,837

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Large Company Value Portfolio	Level 1		Level 2		Level 3		Total
Common Stocks	$	189,884,788	$	—	$	—	$	189,884,788
Money Market Fund		1,552,610		—		—		1,552,610
Total	$	191,437,398	$	—	$	—	$	191,437,398

Small Company Growth Portfolio	Level 1		Level 2		Level 3			Total
Common Stocks	$	61,675,278	$	—	$	—	*	$	61,675,278
Money Market Fund		2,146,652		—		—			2,146,652
Total	$	63,821,930	$	—	$	—		$	63,821,930

Small Company Value Portfolio	Level 1		Level 2		Level 3		Total
Common Stocks	$	59,211,186	$	—	$	—	$	59,211,186
Money Market Fund		1,093,747		—		—		1,093,747
Total	$	60,304,933	$	—	$	—	$	60,304,933

Wilshire 5000 Index^SM Fund	Level 1		Level 2		Level 3			Total
Common Stocks	$	200,259,970	$	—	$	1,718	*	$	200,261,688
Rights		—		—		991	*		991
Money Market Fund		133,729		—		—			133,729
Total	$	200,393,699	$	—	$	2,709		$	200,396,408

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

Wilshire International Equity Fund	Level 1		Level 2		Level 3		Total
Common Stocks	$	66,147,274	$	315,743,889	$	364	$	381,891,527
Preferred Stocks		194,810		2,026,545		—		2,221,355
Right		—		78		—		78
Money Market Fund		2,402,569		—		—		2,402,569
Total	$	68,744,653	$	317,770,512	$	364	$	386,515,529

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Wilshire Income Opportunities Fund	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Treasury Obligations	$	—		$	30,814,379		$	—	$	30,814,379
Agency Mortgage-Backed Obligations		—			23,009,763			—		23,009,763
Non-Agency Mortgage-Backed Obligations		—			36,819,693			—		36,819,693
Non-Agency Mortgage-Backed Obligations Interest-Only Strips		—			6,996,542			—		6,996,542
Asset-Backed Securities		—			23,388,656			—		23,388,656
Collateralized Loan Obligations		—			8,381,549			—		8,381,549
Corporate Bonds		—			49,039,277			—		49,039,277
Foreign Bonds		—			69,085,046			—		69,085,046
Bank Loans		—			15,470,616			—		15,470,616
Common Stocks		775,485			—					775,485
Preferred Stocks		3,702,911			—			—		3,702,911
Purchased OTC Options		—			12,214			—		12,214
Affiliated Registered Investment Companies		12,471,509			—			—		12,471,509
Money Market Fund		14,447,742			—			—		14,447,742
U.S. Treasury Bill		—			484,752			—		484,752
Total	$	31,397,647		$	263,502,487		$	—	$	294,900,134
Other Financial Instruments**
Asset
Unrealized appreciation on forward currency contracts	$	—		$	1,246,974		$	—	$	1,246,974
Unrealized appreciation on futures contracts		84,676			—			—		84,676
Unrealized appreciation on swap contracts		—			138,864			—		138,864
Total Assets	$	84,676		$	1,385,838		$	—	$	1,470,514
Liabilities
Written Options	$	—		$	(413	)	$	—	$	(413	)
Unrealized depreciation on forward currency contracts		—			(1,339,967	)		—		(1,339,967	)
Unrealized depreciation on futures contracts		(132,608	)		—			—		(132,608	)
Unrealized depreciation on swap contracts		—			(59,445	)		—		(59,445	)
Unrealized depreciation on swaption contracts		—			(31,514	)		—		(31,514	)
Total Liabilities	$	(132,608	)	$	(1,431,339	)	$	—	$	(1,563,947	)

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

Refer to the Portfolios’ Condensed Schedules of Investments for a listing of the securities by industry or sector type. Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Value Portfolio and Wilshire Income Opportunities 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, 2019. Small Company Growth Portfolio

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held common stocks that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0. Wilshire 5000 Index^SM Fund held common stocks and rights that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $1,718 and $991, respectively. Wilshire International Equity Fund held common stocks, that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $364. A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is only presented when a Portfolio has over 1% of Level 3 investments.

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 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.

The long and short average monthly notional value of option contracts purchased and written for Wilshire Income Opportunities Fund during the year ended December 31, 2019 was $2,690,417 and $472,500, respectively.

The long and short average monthly notional value of swaption contracts purchased and written for Wilshire Income Opportunities during the year ended December 31, 2019 was $34,747,500 and 4,958,333, respectively.

Interest Rate Swaps – Wilshire Income Opportunities Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The value of fixed-rate bonds held by the Portfolio 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

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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 realized gain (loss) on the Statements of Operations. Interest rate swaps are marked-to-market daily and the change is recorded as an 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, 2019 was $4,948,833.

Credit Default Swaps – During the year ended December 31, 2019, Wilshire Income Opportunities Fund entered into credit default swaps to preserve a return or spread on a particular investment or portion of its portfolio, as a duration management technique and to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. In a credit default swap, the protection buyer makes a stream of payments based on a fixed percentage applied to the contract notional amount to the protection seller in exchange for the right to receive a specified return upon the occurrence of a defined credit event on the reference obligation which may be either a single security or a basket of securities issued by corporate or sovereign issuers. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain (for protection written) or loss (for protection sold) in the Statements of Operations. In the case of credit default swaps where the Fund is selling protection, the notional amount approximates the maximum loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio, if any, is reported separately as Margin Deposits for Swap Contracts on the Statements of Assets and Liabilities. The average monthly notional value of credit default swaps for the Wilshire Income Opportunies Fund during the year ended December 31, 2019 was $5,479,360.

Futures Contracts – During the year ended December 31, 2019, Wilshire Income Opportunities Fund held futures contracts. The Portfolio may use futures contracts to gain exposure or to hedge asset classes such as currencies and fixed income. With futures, there is minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Upon entering into a contract, the Portfolio deposits and maintains as collateral, an initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio as unrealized gains and losses. Variation margin is typically settled daily. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The long and short average monthly notional amount of futures contracts during the year ended December 31, 2019, was $46,735,700 for long contracts and $6,721,001 for short contracts.

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

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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. Settlement on bank loan transactions may be in excess of seven business days.

Borrowing costs – From time to time, the Portfolios may have an overdrawn cash balance at the custodian due to redemptions or market movements. When this occurs, the Portfolios will incur borrowing costs charged by the custodian. These borrowing costs are shown as interest expense on the Statements of Operations.

Foreign taxes – The Portfolios may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Portfolios invest.

Mortgage, asset-backed and collateralized loan securities – Wilshire Income Opportunities Fund may invest in mortgage, asset-backed and collateralized loan securities, including collateralized loan obligations (“CLOs”), 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.

Investments in CLOs may be subject to certain tax provisions that could result in the Portfolio incurring tax or recognizing income prior to receiving cash distributions related to such income. CLOs that fail to comply with certain U.S. tax disclosure requirements may be subject to withholding requirements that could adversely affect cash flows and investment results. Any unrealized losses the Portfolio experiences with respect to its CLO investments may be an indication of future realized losses.

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 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

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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. When 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. The Portfolio currently holds $3,498 in unfunded 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.

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

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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. The average monthly notional value of interest forward foreign currency contracts purchased and sold for Wilshire Income Opportunities Fund during the year ended December 31, 2019 was $72,997,058 and $84,000,777, respectively.

Centrally Cleared Swaps – For swaps that are centrally cleared, initial margins are posted, and daily changes in fair value are recorded as variation margin at the broker and may be recorded as a payable or receivable on the Statements of Assets and Liabilities as “Variation Margin on Derivative Instruments” and settled daily against the Portfolio’s margin account. Because the Portfolio’s margin does not leave the brokerage account until recalled, centrally cleared swaps are shown at unrealized appreciation (depreciation) on swap contracts, which closely approximates the accumulated variation margin. Initial margin is determined by each relevant clearing agency and is segregated at a broker account registered with the CFTC, or the applicable regulator. The Customer Account Agreements and related addendums governing the Company’s cleared swap transactions do not provide the Company with legal right of set off and are not associated with a master netting agreement.

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 Statements 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 Margin Deposits for Futures Contracts and Margin Deposits for Swap Contracts 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.

The average monthly notional value of over the counter exchange rate volatility swaps for the Wilshire Income Opportunities Fund during the year ended December 31, 2019 was $4,500.

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The following table presents, by derivative type, Wilshire Income Opportunities Fund’s OTC financial derivative instruments net of the related collateral pledged by counterparty at December 31, 2019. Collateral pledged may exceed the amount stated below.

	Derivative Assets								Derivative Liabilities
Counterparty	Forward Currency Contracts		Purchased Options		Volatility Swaps		Total		Forward Currency Contracts			Written Options			Swaptions			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged		Net Amount
Australia and New Zealand Banking Group Ltd.	$	48,764	$	—	$	—	$	48,764	$	(197,243	)	$	—		$	—		$	(197,243	)	$	(148,479	)	$	—	$	(148,479	)
Bank of America, NA		—		—		—		—		—			—			(29,970	)		(29,970	)		(29,970	)		—		(29,970	)
BNP Paribas		—		7,546		—		7,546		—			(413	)		—			(413	)		7,133			—		7,133
BMO Capital Markets		4,272		—		—		4,272		—			—			—			—			4,272			—		4,272
Brown Brothers Harriman & Co.		86,431		—		—		86,431		(60,805	)		—			—			(60,805	)		25,626			—		25,626
Barclays Capital, Inc.		20,652		—		—		20,652		(15,054	)		—			(1,544	)		(16,598	)		4,054			—		4,054
CIBC, Toronto		—		—		—		—		(15,529	)		—			—			(15,529	)		(15,529	)		—		(15,529	)
Citigroup		104,999		4,668		17,883		127,550		(90,943	)		—			—			(90,943	)		36,607			—		36,607
Goldman Sachs Bank, USA		190,220		—		—		190,220		(48,696	)		—			—			(48,696	)		141,524			—		141,524
HSBC Bank, USA		77,985		—		—		77,985		(201,722	)		—			—			(201,722	)		(123,737	)		—		(123,737	)
JPMChase, New York		102,036		—		—		102,036		(37,296	)		—			—			(37,296	)		64,740			—		64,740
Morgan Stanley Capital		68,947		—		8,974		77,921		(147,966	)		—			—			(147,966	)		(70,045	)		—		(70,045	)
National Australia Bank		31,711		—		—		31,711		(30,543	)		—			—			(30,543	)		1,168			—		1,168
Royal Bank of Canada, Toronto		75,325		—		—		75,325		(71,209	)		—			—			(71,209	)		4,116			—		4,116
Standard Chartered Securities N.A.		11,521		—		—		11,521		(69,750	)		—			—			(69,750	)		(58,229	)		—		(58,229	)
State Street Bank, Boston		375,681		—		—		375,681		(309,614	)		—			—			(309,614	)		66,067			—		66,067
TD Securities, Toronto		9,390		—		—		9,390		(16,086	)		—			—			(16,086	)		(6,696	)		—		(6,696	)
UBS AG, Stamford		39,040		—		—		39,040		(27,511	)		—			—			(27,511	)		11,529			—		11,529
Total	$	1,246,974	$	12,214	$	26,857	$	1,286,045	$	(1,339,967	)	$	(413	)	$	(31,514	)	$	(1,371,894	)	$	(85,849	)	$	—	$	(85,849	)

Expense policy – Distribution and shareholder service fees directly attributable to a Class of shares are charged to that class’ operating expenses. Expenses of a Portfolio 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 both 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 (“NAV”) of each Class of each Portfolio’s shares.

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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”) – Each Portfolio 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 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 at least once a year. The Portfolios’ net realized capital gains, unless offset by any available capital loss carryforward, are distributed to shareholders at least once a year. 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, 2019 and December 31, 2018, Wilshire International Equity Fund collected $1,097 and $2,636, respectively, in redemption fees.

New Accounting Pronouncements – In March 2017, FASB issued ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). The amendments in the ASU 2017-08 shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. ASU 2017-08 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Effective January 1, 2019, the Funds adopted ASU 2017-08 and the adoption did not have a material impact on the financial statements.

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3. Investment Adviser 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 each of 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 each of 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 Index^SM 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.

The Adviser has entered into expense limitation agreements with Large Company Growth 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 1.30% and 1.00% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. 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. 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 such 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. The Adviser has also entered into an expense limitation agreement with Wilshire Income Opportunities Fund requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such 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. These agreements to limit expenses continue through at least April 30, 2020. The Adviser may recoup the amount of any fee reductions or expense reimbursements within three years after the day on which it reduced its fees or reimbursed 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.

During the year ended December 31, 2019, the Adviser reduced fees, reimbursed expenses or recouped fees as follows:

Portfolio	Fees Reductions/ Reimbursements		Fees Recouped
Large Company Growth Portfolio	$	12,196	$	1,594
Small Company Growth Portfolio		106,613		1,081
Small Company Value Portfolio		110,173		1,316
International Equity Fund		131,671		9,292
Wilshire Income Opportunities Fund .		1,342		—

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December 31, 2019

As of December 31, 2019, the amounts of fee reductions and expense reimbursements subject to recovery by the Adviser from Large Company Growth Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire International Equity Fund and Wilshire Income Opportunities Fund are $10,602, $264,946, $262,320, $136,867 and $5,295, respectively. The portions of these amounts that the Adviser may recover expire no later than the following dates:

Portfolio	January 1 – December 31, 2020		January 1 – December 31, 2021		January 1 – December 31, 2022
Large Company Growth Portfolio	$	—	$	—	$	10,602
Small Company Growth Portfolio		53,561		104,772		106,613
Small Company Value Portfolio		55,407		96,740		110,173
International Equity Fund		2,177		3,019		131,671
Wilshire Income Opportunities Fund		3,021		932		1,342

The Board has approved Los Angeles Capital Management and Equity Research, Inc. (“L.A. Capital”), Victory Capital Management Inc., through its investment franchise NewBridge Asset Management (“NewBridge”), Pzena Investment Management, LLC (“Pzena”), Barrow, Hanley, Mewhinney and Strauss, LLC (“BHMS”), Ranger Investment Management, LLC (“Ranger”), Loomis, Sayles & Company, L.P. (“Loomis Sayles”), DoubleLine^® Capital LP (“DoubleLine”), WCM Investment Management, LLC (“WCM”), Voya Investment Management Co. LLC (“Voya”), Manulife Asset Management (US) LLC (“Manulife”), Lazard Asset Management LLC (“Lazard”), Hotchkis & Wiley Capital Management, LLC (“H&W”), and Diamond Hill Capital Management, Inc. (“Diamond Hill”) (collectively the “Sub-Advisers”) to provide sub-advisory services for the Portfolios. L.A. Capital, Loomis Sayles and NewBridge 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, H&W and Diamond Hill each manage a portion of Small Company Value Portfolio. L.A. Capital is the sole sub-adviser for Wilshire 5000 Index^SM Fund. L.A. Capital, Pzena, Lazard and WCM each manage a portion of Wilshire International Equity Fund. DoubleLine, Voya and Manulife 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.

The Portfolios are permitted to purchase and sell securities from or to certain affiliates under specific conditions outlined in the Rule 17a-7 procedures adopted by the Board. The procedures are designed to ensure that any purchase or sale of securities by a Portfolio from or to another mutual fund or separate account that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. During the year ended December 31, 2019, there were no such transactions by the Portfolios.

DST Systems, Inc. serves as the Company’s transfer agent and dividend disbursing agent. U.S. Bank N.A. serves as the Company’s custodian. U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, (the “Administrator”) serves as the Company’s administrator and accounting agent and Compass Distributors, LLC, serves as the Company’s principal underwriter effective November 25, 2019.

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December 31, 2019

Ultimus Fund Solutions, LLC served as the Company’s administrator and accounting agent, Ultimus Fund Distributors, LLC served as the Fund’s principal underwriter, and the Northern Trust Company served as the Company’s custodian until November 24, 2019.

Officers’ and Directors’ Expenses – Certain officers of the Company are affiliated with and receive remuneration from the Adviser or the Administrator. During the fiscal year ended December 31, 2019, certain officers of the Company were employees of Ultimus Fund Solutions, the Company’s former administrator. Those officers resigned effective with the Company’s engagement of U.S. Bancorp Fund Services, LLC as 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: an in-person Board meeting fee of $6,000 for Independent Directors and $7,000 for the Board chair; a telephonic Board meeting fee of $3,000 for Independent Directors and $3,500 for the Board chair; and a telephonic Committee meeting fee of $500.

Certain officers and an interested Director of the Company may also be officers or employees of the Adviser, Administrator, or their affiliates. Prior to November 25, 2019, certain employees of Ultimus Fund Solutions, LLC served as officers of the Company. They receive no fees for serving as officers or as an interested Trustee of the Trust.

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. During the year ended December 31, 2019, the distribution and service fee expenses incurred by the Investment Class of the Portfolios was 0.25% of the respective average net assets of the Investment Class of each Portfolio.

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December 31, 2019

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, 2019, the shareholder service provider fees were as follows (as a percent of average net assets of each class):

Portfolio	Investment Class	Institutional Class
Large Company Growth Portfolio	0.127%	0.055%
Large Company Value Portfolio	0.070%	0.047%
Small Company Growth Portfolio	0.089%	0.067%
Small Company Value Portfolio	0.102%	0.073%
Wilshire 5000 Index^SM Fund	0.064%	0.026%
Wilshire International Equity Fund	0.141%	0.038%
Wilshire Income Opportunities Fund	0.142%	0.055%

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

Such commissions rebated to the Portfolios during the year ended December 31, 2019 were as follows:

Large Company Growth Portfolio	$	2,913
Large Company Value Portfolio		5,037
Small Company Growth Portfolio		8,192
Small Company Value Portfolio		7,544
Wilshire 5000 Index^SMFund		—
Wilshire International Equity Fund		5,154
Wilshire Income Opportunities Fund		—

For the year ended December 31, 2019, Cowen retained the following commissions:

Large Company Growth Portfolio	$	613
Large Company Value Portfolio		1,153
Small Company Growth Portfolio		1,189
Small Company Value Portfolio		1,187
Wilshire 5000 Index^SM Fund		—
Wilshire International Equity Fund		907
Wilshire Income Opportunities Fund		—

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December 31, 2019

5. Investment Transactions.

During the year ended December 31, 2019, aggregate cost of purchases and proceeds from sales and maturities of investments, 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 and Maturities
Large Company Growth Portfolio	$	88,958,430	$	133,975,108
Large Company Value Portfolio		90,362,345		121,710,792
Small Company Growth Portfolio		39,619,862		44,265,735
Small Company Value Portfolio		95,067,354		96,651,539
Wilshire 5000 Index^SM Fund		4,866,657		14,008,559
Wilshire International Equity Fund		198,543,923		269,156,682
Wilshire Income Opportunities Fund		180,658,676		219,226,583

Purchases and sales and maturities of long-term U.S. Government securities during the year ended December 31, 2019 were:

Portfolio		Purchases				Sales and Maturities
Wilshire Income Opportunities Fund		$	79,360,812			$	73,502,214

Due to Voya managing a portion of Wilshire Income Opportunities Fund during the year ended December 31, 2019, certain securities held by such Portfolio are considered affiliated investments. Purchases and sales of shares of affiliated registered investment companies by Wilshire Income Opportunities Fund during the year ended December 31, 2019 and the value of such investments as of December 31, 2019 were as follows:

Counterparty	Value as of December 31, 2018		Purchases		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Appreciation		Value as of December 31, 2019		Income Distributions
Voya Emerging Markets Hard Currency Debt Fund - Class P	$	3,001,354	$	182,113	$	—		$	—		$	281,462	$	3,464,929	$	167,115
Voya Floating Rate Fund - Class P		12,807,636		4,276,597		(8,169,502	)		(274,454	)		366,303		9,006,580		702,224
Voya High Yield Bond Fund - Class P		1,550,927		60,157		(1,725,333	)		15,875			98,374		—		52,165
	$	17,359,917	$	4,518,867	$	(9,894,835	)	$	(258,579	)	$	746,139	$	12,471,509	$	921,504

6. Derivative Transactions.

Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index^SM Fund and Wilshire International Equity Fund did not hold any derivative instruments as of or during the year ended December 31, 2019.

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December 31, 2019

At December 31, 2019, 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	Futures contracts*	Net variation margin receivable on futures contracts	$	84,676	N/A	$	(132,608	)
	Centrally cleared interest rate swaps	Unrealized appreciation on swap contracts		41,929	N/A		—
	Interest rate swaptions	N/A		—	Unrealized depreciation on swaption contracts		(31,514	)
Credit	Credit default swap contracts	Unrealized appreciation on swap contracts		70,078	Unrealized depreciation on swaps contracts		(59,445	)
Currency	Forward foreign currency exchange contracts	Unrealized appreciation on foreign forward currency contracts		1,246,974	Unrealized depreciation on foreign forward currency contracts		(1,339,967	)
	OTC volatility foreign exchange swaps	Unrealized appreciation on swap contracts		26,857	N/A		—
	OTC currency options	Investments in unaffiliated securities, at value		12,214	Options written, at value		(413	)

*	Includes cumulative appreciation (depreciation) as reported on the Schedule of Futures Contracts and Schedule of Futures Contracts Sold Short. For futures contracts, only current day’s variation margin in reported within the Statements of Assets and Liabilities.

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December 31, 2019

For the year ended December 31, 2019, the effect of derivative contracts in Wilshire Income Opportunities Fund’s Statements of Operations was as follows:

		Statements of Operations
Risk	Derivative Type	Location	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest Rate	Futures contracts	Futures contracts	$	783,068		$	(144,746	)
Interest Rate	Swaptions	Swaption contracts		(356,275	)		(31,514	)
Interest Rate	Swap contracts	Swap contracts		(40,398	)		41,929
Credit Default	Swap contracts	Swap contracts		(504,441	)		890,685
Currency	Forward foreign currency exchange contracts	Forward foreign currency contracts		863,710			(299,898	)
Currency	Written Options	Option contracts written		13,086			11,179
Currency	Purchased Options	Unaffiliated investments		(17,599	)		(46,982	)
Currency	Swap contracts	Swap contracts		(5,398	)		26,857

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 the 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. U.S. Bank N.A., the Portfolios’ custodian, acts as the securities lending agent for the Portfolios. Prior to November 25, 2019, Northern Trust Company was the Portfolio’s custodian and acted as the securities lending agent. The

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December 31, 2019

value of the securities on loan and the cash collateral at December 31, 2019 are shown on the Statements of Assets and Liabilities. Shares of the First American Government Obligations Fund – Class X were purchased with proceeds from cash collateral received from securities on loan.

The following table is a summary of the Portfolios’ securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019:

Portfolio	Value of Securities on Loan		Value of Cash Collateral Received
Large Company Growth Portfolio	$	—	$	—
Large Company Value Portfolio		—		—
Small Company Growth Portfolio		655,849		655,849
Small Company Value Portfolio		3,294		3,294
Wilshire 5000 Index^SM Fund		124,705		124,705
Wilshire International Equity Fund		—		—
Wilshire Income Opportunities Fund		512,507		512,507

*	The amount of collateral reflected in the table above does not include any over collateralization received by the Portfolios.

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, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold		17,352			53,223			21,735			29,422			51,338			67,784			33,323			32,714
Shares issued as reinvestment of distributions		152,946			240,411			16,376			23,016			6,778			21,579			1,571			15,059
Shares redeemed		(212,802	)		(215,382	)		(34,716	)		(63,077	)		(71,466	)		(167,868	)		(54,132	)		(57,676	)
Net increase (decrease) in Investment Class shares outstanding		(42,504	)		78,252			3,395			(10,639	)		(13,350	)		(78,505	)		(19,238	)		(9,903	)
Shares outstanding at beginning of year		1,700,531			1,622,279			298,392			309,031			375,989			454,494			264,319			274,222
Shares outstanding at end of year		1,658,027			1,700,531			301,787			298,392			362,639			375,989			245,081			264,319

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December 31, 2019

	LARGE COMPANY GROWTH PORTFOLIO						LARGE COMPANY VALUE PORTFOLIO						SMALL COMPANY GROWTH PORTFOLIO						SMALL COMPANY VALUE PORTFOLIO
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Institutional Class shares:
Shares sold		232,393			1,659,401			673,699			6,469,168			215,350			933,681			326,769			1,441,980
Shares issued as reinvestment of distributions		254,132			434,809			472,350			718,766			24,817			86,153			17,611			127,502
Shares redeemed		(1,145,618	)		(2,042,180	)		(2,511,462	)		(3,704,924	)		(327,233	)		(486,281	)		(410,950	)		(480,681	)
Net increase (decrease) in Institutional Class shares outstanding		(659,093	)		52,030			(1,365,413	)		3,483,010			(87,066	)		533,553			(66,570	)		1,088,801
Shares outstanding at beginning of year		4,065,832			4,013,802			10,733,721			7,250,711			1,881,875			1,348,322			2,533,095			1,444,294
Shares outstanding at end of year		3,406,739			4,065,832			9,368,308			10,733,721			1,794,809			1,881,875			2,466,525			2,533,095

	WILSHIRE 5000 INDEX^SM FUND						WILSHIRE INTERNATIONAL EQUITY FUND						WILSHIRE INCOME OPPORTUNITIES FUND
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold		396,564			716,562			79,760			109,186			66,725			86,963
Shares issued as reinvestment of distributions		331,886			381,135			2,724			13,328			6,200			5,241
Shares redeemed		(880,750	)		(1,047,065	)		(152,014	)		(196,470	)		(78,106	)		(528,689	)
Net increase (decrease) in Investment Class shares outstanding		(152,300	)		50,632			(69,530	)		(73,956	)		(5,181	)		(436,485	)
Shares outstanding at beginning of year		7,221,052			7,170,420			299,238			373,194			188,696			625,181
Shares outstanding at end of year		7,068,752			7,221,052			229,708			299,238			183,515			188,696

Institutional Class shares:
Shares sold		92,501			130,658			3,387,005			17,699,282			2,899,800			8,602,933
Shares issued as reinvestment of distributions		70,887			77,552			509,092			1,645,158			1,176,240			1,089,140
Shares redeemed		(136,021	)		(163,444	)		(11,022,296	)		(9,383,097	)		(7,346,457	)		(8,273,742	)
Net increase (decrease) in Institutional Class shares outstanding		27,367			44,766			(7,126,199	)		9,961,343			(3,270,417	)		1,418,331
Shares outstanding at beginning of year		1,728,336			1,683,570			41,761,378			31,800,035			31,758,868			30,340,537
Shares outstanding at end of year		1,755,703			1,728,336			34,635,179			41,761,378			28,488,451			31,758,868

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December 31, 2019

9. Significant Shareholders.

On December 31, 2019, 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 (3 omnibus shareholder)	69%
Small Company Growth Portfolio (3 omnibus shareholders)	58%
Small Company Value Portfolio (4 omnibus shareholders)	75%
Wilshire 5000 Index^SM Fund (3 omnibus shareholders)	56%
Wilshire International Equity Fund (3 omnibus shareholders)	74%
Wilshire Income Opportunities Fund (2 omnibus shareholders)	65%

As of December 31, 2019, an affiliated investment company, also advised by the Adviser, owned the following amounts of the outstanding shares of the Portfolios:

Portfolio
Large Company Growth Portfolio	23%
Large Company Value Portfolio	35%
Small Company Growth Portfolio	25%
Small Company Value Portfolio	26%
Wilshire 5000 Index^SM Fund	0%
Wilshire International Equity Fund	46%
Wilshire Income Opportunities Fund	41%

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,

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

The federal tax cost of portfolio securities and unrealized appreciation and depreciation and the components of accumulated earnings (losses) for income tax purposes as of December 31, 2019 for each Portfolio are as follows:

	Large Company Growth Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio			Wilshire 5000 Index^SM Fund			Wilshire International Equity Fund			Wilshire Income Opportunities Fund
Tax cost of portfolio investments	$	122,388,863		$	165,046,503		$	49,288,727		$	56,738,396		$	56,088,027		$	325,700,748		$	286,980,600
Gross unrealized appreciation		91,787,507			35,734,212			16,150,906			4,742,192			148,739,844			77,431,880			13,194,808
Gross unrealized depreciation		(3,284,533	)		(9,343,317	)		(1,617,703	)		(1,175,655	)		(4,431,463	)		(16,617,099	)		(5,275,274	)
Net unrealized appreciation		88,502,974			26,390,895			14,533,203			3,566,537			144,308,381			60,814,781			7,919,534

Undistributed ordinary income		—			—			—			—			—			411,602			85,415
Undistributed long-term capital gain		4,468,894			1,933,593			691,792			891,711			2,047,535			—			—
Total distributable earnings		4,468,894			1,933,593			691,792			891,711			2,047,535			411,602			85,415

Accumulated other gains (losses)		—			20			—			—			—			(1,189,363	)		(1,550,017	)

Accumulated earnings		92,971,868			28,324,508			15,224,995			4,458,248			146,355,916			60,037,020			6,454,932

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

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December 31, 2019

The tax character of distributions declared during the periods ended December 31, 2019 and December 31, 2018 was as follows:

Portfolio	2019 Ordinary Income		2019 Long-Term Capital Gains		2018 Ordinary Income		2018 Long-Term Capital Gains
Large Company Growth Fund	$	—	$	18,546,479	$	2,240,277	$	27,070,477
Large Company Value Portfolio		3,559,414		7,871,653		4,328,602		12,086,254
Small Company Growth Portfolio		—		1,111,412		281,539		2,810,134
Small Company Value Portfolio		520,092		10,887		905,824		2,313,423
Wilshire 5000 Index Fund		2,724,287		7,288,879		2,704,449		6,901,955
Wilshire International Equity Fund		6,505,347		—		6,145,911		13,584,130
Wilshire Income Opportunity Fund		12,358,669		—		10,781,680		—

As of December 31, 2019, the Wilshire Income Opportunities Fund and the Wilshire International Equity Fund had the following capital loss carryforwards (“CLCFs”) for federal income tax purposes which do not expire:

Portfolio	Short-Term Loss		Long-Term Loss		Total
Wilshire Income Opportunities Fund	$	722,358	$	711,121	$	1,433,479
Wilshire International Equity Fund	$	844,411	$	—	$	844,411

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

For the year ended December 31, 2019, the following reclassifications were made on the Statements of Assets and Liabilities as a result of permanent differences in the recognition of capital gains or losses under income tax regulations and GAAP:

	Large Company Growth Portfolio			Large Company Value Portfolio		Small Company Growth Portfolio			Small Company Value Portfolio		Wilshire 5000 Index^SM Fund		Wilshire International Equity Fund			Wilshire Income Opportunity Fund
Accumulated earnings (deficit)	$	339,343		$	—	$	283,903		$	—	$	—	$	40,322		$	(3	)
Paid-in capital	$	(339,343	)	$	—	$	(283,903	)	$	—	$	—	$	(40,322	)	$	3

Such reclassifications, primarily related to net operating losses, are the result of permanent differences between financial statement and income tax reporting requirements and had no effect on each Portfolio’s net assets or NAV per share.

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December 31, 2019

11. 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.

12. 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.

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’s NAV. 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.

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December 31, 2019

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.

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 NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For

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December 31, 2019

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, 2019, Large Company Growth Portfolio had 34.1% of the value of its net assets invested in stocks within the Information Technology sector; Large Company Value Portfolio had 27.0% of the value of its net assets invested in stocks within the Financials sector; Small Company Growth Portfolio had 26.7% and 26.9% of the value of its net assets invested in stocks within the Health Care and Information Technology sectors, respectively; and Small Company Value Portfolio had 30.6% 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.

13. Contingencies.

Wilshire 5000 Index^SM 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. In 2013, the Complaint in the 2012 lawsuit was dismissed and the Second Circuit Court of Appeals recently affirmed the dismissal and the plaintiffs filed a petition for review by the Supreme Court. In April 2018, the Supreme Court deferred consideration of the petition to allow the Second Circuit to consider whether it would be appropriate to vacate the judgment in light of a 2018 Supreme Court decision in another case. In May 2018, the Second Circuit recalled its judgment mandate in anticipation of further panel review. On December 19, 2019, the Second Circuit issued an amended opinion that again affirmed the dismissal. The Adviser does not expect the Portfolio to be materially impacted by the lawsuits.

14. 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 except as follows:

As it relates to the contingency described in Note 13 to the financial statements, the Second Circuit in the Tribune proceeding denied a motion for a rehearing filed by the plaintiff on February 6, 2020. On February 13, 2020, the Second Circuit in the Deutsche Bank case issued a judgment mandate affirming the district court’s dismissal. The plaintiffs may now petition the Supreme Court for a writ of certiorari if they desire. See Note 13 for additional information.

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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 Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index^SM Fund, and Wilshire International Equity Fund, and the statement of assets and liabilities, including the schedules of investments, futures contracts, forward foreign currency contracts, written options, interest rate swaptions purchased, credit default swaps, centrally cleared interest rate swaps and over the counter exchange rate volatility swaps of Wilshire Income Opportunities Fund (the “Funds”) as of December 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the financial highlights for each of the three years in the period 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 the each of the Funds as of December 31, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds’ 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 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 audits. 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 audits 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 audits included 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 included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian, counterparties and brokers or by other appropriate auditing procedures where replies from brokers or counterparties were not received. Our audits 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 audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2017.

COHEN & COMPANY, LTD.
Cleveland, Ohio
February 28, 2020

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Additional Fund Information (Unaudited)

The Board of Directors, four of whom are not considered “interested persons” of the Company within the meaning of the 1940 Act (the “Independent 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 day-to-day operations of the Company.

Set forth below are the names of the Directors and executive officers of the Company, their ages, business addresses, positions and terms of office, their principal occupations during the past five years, and other directorships held by them, including directorships in public companies. The address of each Director and officer is 1299 Ocean Avenue, Suite 700, Santa Monica, CA 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 Over the Past Five Years
NON-INTERESTED DIRECTORS
Roger A. Formisano, 71	Director	Since 2002	Retired; formerly Vice President, University Medical Foundation, (2006 to 2018); formerly Director, The Center for Leadership and Applied Business, UW-Madison School of Business; Principal, R.A. Formisano & Company, LLC	8	Wilshire Variable Insurance Trust (1 Fund)
Edward Gubman, 69	Director	Since 2011	Retired; formerly Founder and Principal, Strategic Talent Solutions (2004 to 2009); Consultant, Gubman Consulting (2001 to 2003); Account Manager and Global Practice Leader, Hewitt Associates (1983 to 2000)	8	Wilshire Variable Insurance Trust (1 Fund)
Suanne K. Luhn, 65	Director	Since 2008	Retired; formerly Chief Compliance Officer, Bahl & Gaynor (investment adviser) (1990 to 2006)	8	Wilshire Variable Insurance Trust (1 Fund)
George J. Zock, 69	Director, Chairperson of the Board	Since 2006	Independent Consultant; Consultant, Horace Mann Service Corporation (2004 to 2005); Executive Vice President, Horace Mann Life Insurance Company and Horace Mann Service Corporation (1997 to 2003)	8	Wilshire Variable Insurance Trust (1 Fund); Armed Forces Insurance Exchange

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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 Over the Past Five Years
Elizabeth A. Levy-Navarro, 56	Director	Since 2019	Independent Corporate Advisor (since 2018); Chief Executive Officer, Orrington Strategies (since 2002); Partner, Practice Leader, and Operating Committee Member for a division of Nielsen Holdings (1993-2002).	8	Wilshire Variable Insurance Trust (1 Fund)
INTERESTED DIRECTOR and PRESIDENT
Jason Schwarz⁽²⁾, 45	Director and President	Director since 2018/ President since 2012	President, Wilshire Funds Management (since 2014); President, Wilshire Analytics (Since 2017); Managing Director, Head of Wilshire Funds Management’s Client Service, Sales, Marketing and Distribution functions (2005-2014).	8	Wilshire Variable Insurance Trust (1 Fund)
OFFICERS
Benkai Bouey, 49	Chief Compliance Officer	Since 2015	Chief Compliance Officer, Wilshire Associates Incorporated. (since 2012); Attorney, Benkai Bouey, Attorney at Law (2010-2013); Client Relationship Manager, Horizon Asset Management, Inc. (2008 to 2010)	N/A	N/A
Reena S. Lalji, 48	Secretary	Since 2009	Managing Director and General Counsel, Wilshire Associates Incorporated (since 2009); Senior Counsel, Royal Bank of Canada (2003 to 2008)	N/A	N/A
Nathan R. Palmer, 44	Vice President	Since 2011	Managing Director, Wilshire Funds Management (since 2011); Senior Investment Management Associate, Convergent Wealth Advisors (2009 to 2010); Director of Public Markets, Investment Office, California Institute of Technology (2008 to 2009). Treasury Manager, Retirement Investments, Intel Corporation (2004 to 2008)	N/A	N/A

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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	Number of Funds/ Funds in Complex Overseen by Director	Other Directorships Held by Director Over the Past Five Years
Michael Wauters, 53	Treasurer	Since 2009	Chief Financial Officer, Wilshire Associates Incorporated (since 2012); Controller, Wilshire Associates Incorporated (2009 to 2012); Assistant Vice President- Financial Operations, Pacific Life Insurance Company (2000 to 2009)	N/A	N/A
Josh Emanuel, 40	Vice President	Since 2015	Managing Director, Wilshire Associates Incorporated (since 2015); Chief Investment Officer, Wilshire Funds Management (since 2015); Chief Investment Officer, The Elements Financial Group, LLC (2010-2015)	N/A	N/A

⁽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.
⁽²⁾	Mr. Schwarz is considered an Interested Director because he is an officer of Wilshire.

The Statement of Additional Information includes additional information about Directors and is available free of charge by calling the Funds toll free at 1-866-591-1568.

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Information on Proxy Voting

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 (866) 591-1568, by e-mailing us at http://advisor.wilshire.com or on the SEC’s website at www.sec.gov.

Information on Form N-PORT

The Company files its complete schedule of portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year on Form N-PORT. The Company’s Forms N-PORT are available on the SEC’s website at www.sec.gov.

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 (866) 591-1568. 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.

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Tax Information (Unaudited)

For the year ended December 31, 2019, the Portfolios designated the following long-term capital gain distributions:

Portfolio	Amount
Large Company Growth Fund	$	18,546,479
Large Company Value Portfolio	$	7,871,653
Small Company Growth Portfolio	$	1,111,412
Small Company Value Portfolio	$	10,887
Wilshire 5000 Index Fund	$	7,288,879
Wilshire Income Opportunity Fund	$	—
Wilshire International Equity Fund	$	—

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 Fund	0.00%
Large Company Value Portfolio	100.00%
Small Company Growth Portfolio	0.00%
Small Company Value Portfolio	100.00%
Wilshire 5000 Index Fund	100.00%
Wilshire Income Opportunity Fund	1.55%
Wilshire International Equity Fund	1.18%

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 2019 as qualified dividend income as defined in Section 1(h)(II) of the Internal Revenue Code.

Portfolio	Percentage
Large Company Growth Fund	0.00%
Large Company Value Portfolio	100.00%
Small Company Growth Portfolio	0.00%
Small Company Value Portfolio	100.00%
Wilshire 5000 Index Fund	100.00%
Wilshire Income Opportunity Fund	1.55%
Wilshire International Equity Fund	100.00%

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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 Fund	0.00%
Large Company Value Portfolio	0.00%
Small Company Growth Portfolio	0.00%
Small Company Value Portfolio	0.00%
Wilshire 5000 Index Fund	0.00%
Wilshire Income Opportunity Fund	0.00%
Wilshire International Equity 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 $0.28 and the foreign tax expense per share was $0.03 per share. The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date in December 2019. These shareholders will receive more detailed information along with their 2019 Form 1099-DIV.

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Board Approval of Advisory Agreement

(Unaudited)

● Large Company Growth Portfolio	● Large Company Value Portfolio
● Small Company Growth Portfolio	● Small Company Value Portfolio
● Wilshire 5000 Index Fund	● Wilshire Income Opportunities Fund
● Wilshire International Equity Fund

(Each of the foregoing series may be referred to herein as a “Fund” and collectively, as the “Funds.”)

During the six months ended December 31, 2019, the Board of Directors of the Company (the “Board,” with the members of the Board referred to individually as the “Directors”) approved the renewal for an additional one-year term of the investment advisory agreement between Wilshire Associates Incorporated (“Wilshire” or the “Adviser”), the investment adviser to each Fund, and the Company, with respect to each of the Funds (the “Advisory Agreement”).

The Advisory Agreement continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Directors who are not “interested person[s],” as defined by the 1940 Act, of the Funds (the “Independent Directors”) casting votes in person at a meeting called for such purpose.

The Board approved the renewal of the Advisory Agreement following an extensive process that concluded at the Board’s November 5, 2019 meeting (the “November Meeting”). As required by the 1940 Act, the approval was confirmed by the separate vote of the Independent Directors, casting votes in person at a meeting called for such purpose. As part of their review process, the Independent Directors were represented by independent legal counsel (“Independent Legal Counsel”), from whom the Independent Directors received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Independent Directors various key aspects of the Directors’ legal responsibilities relating to the proposed renewal of the Advisory Agreement and advised them of the relevant legal standards.

Information Requested and Received

At the direction of the Independent Directors, Independent Legal Counsel sent a memorandum to the Adviser requesting information regarding the Advisory Agreement to be provided to the Directors in advance of the November Meeting.

In response to the request for information, the Directors received information from the Adviser regarding the factors underlying its recommendation to approve the Advisory Agreement. In particular, the Directors received information from the Adviser as to each Fund describing: (i) the nature, extent and quality of services provided; (ii) the financial condition of the Adviser and its ability to provide the contracted-for services under the Advisory Agreement; (iii) the investment performance of the Fund as provided by the Adviser based upon data gathered

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from the Morningstar Direct database (“Morningstar”), along with a comparison to its benchmark index: (iv) the costs of services provided and estimated profits realized by the Adviser; (v) the extent to which economies of scale are realized as the Fund grows; (vi) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders; (vii) comparisons of amounts paid by other registered investment companies as provided by Wilshire based upon data gathered from Morningstar; and (viii) fall-out benefits realized by the Adviser from its relationship with the Fund. The Independent Directors also received a memorandum from Independent Legal Counsel describing their duties in connection with advisory contract proposals, and they were assisted in their review by Independent Legal Counsel.

Factors Considered

In connection with its deliberations regarding the proposed renewal of the Advisory Agreement, the Board considered such information and factors as it believed to be relevant in the exercise of its business judgment. As described below, the Board considered the nature, extent and quality of the services performed by the Adviser under the Advisory Agreement; comparative fees as provided by the Adviser; the profits realized by the Adviser; the extent to which the Adviser realizes economies of scale as a Fund grows; and whether any fall-out benefits are being realized by the Adviser. The Board also took into account the various materials received from the Adviser, its discussions with management and the guidance provided by Independent Legal Counsel in private sessions at which no representatives of the Adviser were present. In addition, 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 also met on November 5, 2019 to review data on the Adviser’s performance. Recognizing that the evaluation process with respect to the services provided by the Adviser is an ongoing one, the Board also considered information reviewed by the Board during the year at other Board and Board committee meetings. The Board considered the foregoing information and all materials provided in the context of its accumulated experience governing the Funds and weighed the factors and standards discussed with Independent Legal Counsel.

In deciding to approve the renewal of the Advisory Agreement, the Board did not identify any single factor as all-important or controlling and each Director, in the exercise of his or her business judgment, may attribute different weights to the various factors. The Board based its decision on the totality of the circumstances and relevant factors. This summary discusses the material factors and the conclusions with respect thereto that formed the basis for the Board’s approval and does not describe all of the matters considered. However, the Board concluded that each of the various factors referred to below favored such approval.

Based upon its evaluation of all materials provided, and its determination that it had received sufficient information to make an informed business decision with respect to the Advisory Agreement, the Board concluded that it was in the best interests of each Fund to approve the renewal of the Advisory Agreement.

Nature, Extent and Quality of Services

With respect to the nature, extent and quality of services provided by the Adviser, the Board considered the functions currently performed by the Adviser, noting that the Adviser performs certain administrative functions on behalf of the Funds. The Board considered the experience and skills of the senior management leading Fund operations, the experience and skills of the key personnel performing the functions under the Advisory Agreement and the resources made available to such personnel. In evaluating the services provided by the Adviser, the Board

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took into account each Fund’s portfolio management structure, whereby the Adviser identifies, evaluates and oversees managers it believes are “best-in-class” to act as sub-adviser(s) to the Fund. Thus, the Board considered the capabilities and expertise of the Adviser’s personnel responsible for implementing the multi-manager portfolio construction methodology and considered the information provided by the Adviser regarding investment oversight and risk management processes.

The Board considered the compliance program established by the Adviser and the level of compliance maintained for the Funds. In addition, the Board considered the regular reports it receives from the Funds’ Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also took into account information regarding the Adviser’s disaster recovery and contingency plans and data protection safeguards, among other things.

The Board considered the Adviser’s financial condition, and considered the financial support provided by the Adviser to each of Small Company Growth Portfolio, Small Company Value Portfolio, Large Company Growth Portfolio, Wilshire Income Opportunities Fund and Wilshire International Equity Fund pursuant to expense limitation agreements. In this connection, the Board reviewed, among other things, the Adviser’s audited consolidated financial statements as of December 31, 2018, as well as information regarding the firm’s business plans. The Board also noted the Adviser’s commitment to ensuring that sufficient resources will continue to be available in the future for servicing the Funds.

In connection with its evaluation of the quality of services provided by the Adviser, the Board reviewed information on the performance of the Investment Class shares of each actively managed Fund—i.e., each of the Funds, with the exception of the Wilshire 5000 Index Fund (the “Index Fund”)—for the annualized one-, three-, five- and ten-year periods ended September 30, 2019, as applicable, in comparison to each Fund’s benchmark and a peer group of funds determined by Wilshire based upon the Morningstar database for the same periods.

With respect to the Index Fund, the Board took into account that, unlike the other Funds, its investment objective is to replicate as closely as possible the performance of an index, the Wilshire 5000 Index. In this regard, the Board noted that, in view of the distinctive investment objective of the Index Fund and the expectations of shareholders, the investment performance of the Index Fund in absolute terms was not of the relevance that normally attaches to the performance of actively managed Funds. Of greater relevance to the Board was the extent to which the Index Fund’s performance tracked its benchmark, and thus the Board focused its attention on the tracking error data provided by Wilshire—which was provided for the one-, three-, five- and ten-year periods ended September 30, 2019—and how the Index Fund compared to its peers in this respect. The Board noted that the Index Fund’s peer group consisted of other large cap funds (growth, blend and value) that passively replicate domestic equity benchmarks.

In general, the Board considered performance results in light of each Fund’s investment objective, strategies and risks, and the responsibilities of the Adviser, as disclosed in the Fund’s prospectus. As to the Adviser’s performance, the Board made the observations and considered the factors noted below.

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Large Company Growth Portfolio

●

The Fund’s annualized return for each period was below the Fund’s benchmark performance. In addition, the Fund underperformed its peer group median for all periods reviewed, ranking in the fourth, fifth, third and fourth quintiles, respectively, of its peer group for the one-, three-, five- and ten-year periods (the first quintile being the best performers and the fifth quintile being the worst performers). In assessing the Fund’s performance data, the Board took into account the Adviser’s explanation of the factors that detracted from performance, including individual manager performance.

Large Company Value Portfolio

●

The Fund’s annualized return for each period was below the Fund’s benchmark performance. In addition, the Fund underperformed its peer group median for all periods reviewed, ranking in the fourth quintile of its peer group. In assessing the Fund’s performance data, the Board took into account the Adviser’s explanation of the factors that detracted from performance, including individual manager performance.

Small Company Growth Portfolio

●

The Fund’s annualized returns for the one-, five- and ten-year periods were above the Fund’s benchmark performance, and the Fund underperformed its benchmark for the three-year period by one basis point. The Fund also outperformed its peer group median for the one-, five- and ten-year periods, ranking in the third, second and first quintiles, respectively, of its peer group. The Fund underperformed its peer group median for the three-year period, ranking in the fourth quintile of its peer group.

Small Company Value Portfolio

●

Although the Fund’s annualized returns for the one-, three- and five-year periods were below the Fund’s benchmark performance, the Fund outperformed its benchmark for the ten-year period. Although the Fund underperformed its peer group median for the one- and three-year periods, ranking in the third and fourth quintiles of its peer group, respectively, the Fund outperformed its peer group median for the five- and ten-year periods, ranking in the first and second quintiles of its peer group, respectively.

Index Fund

●

The Index Fund’s tracking error was above its peer group median—i.e., the Index Fund tracked its index less closely than the median of its peer group—for all periods reviewed, ranking in the fifth, fifth, fourth and fourth quintiles of its peer group, respectively, for the one-, three-, five- and ten-year periods. The Board also noted that, although the Index Fund underperformed its index for all periods reviewed, these results were attributable primarily to the Index Fund’s expenses. The Board determined that the Index Fund tracked its index within an acceptable range.

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Wilshire Income Opportunities Fund

●

The Board took into account the Fund’s limited operating history and considered the available performance metrics. Although the Fund’s annualized return for the one-year period ended September 30, 2019 was below the Fund’s benchmark performance, the Fund’s annualized return for the three-year period exceeded its benchmark. In addition, the Fund’s performance for the one- and three-year periods exceeded its peer group median, ranking in the second and third quintiles of its peer group, respectively.

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 ten-year period. Consequently, the Board focused on more recent performance metrics, noting that the Fund’s performance for the three- and five-year periods exceeded its benchmark. In addition, the Fund’s performance for the one-, three- and five-year periods exceeded its peer group median, ranking in the second quintile of its peer group for the one- and three-year periods and in the first quintile for the five-year period.

In evaluating each Fund’s performance metrics, the Board took into account its discussions with management regarding the factors that contributed to or detracted from performance, as the case may be, and considered the Adviser’s overall track record and reputation. After reviewing the foregoing and related factors, the Board concluded that (i) each Fund’s performance was acceptable or (ii) it was satisfied with the Adviser’s responses relating to investment performance.

In addition, based on the foregoing, the Board concluded that the Adviser and its personnel were qualified to continue to serve the Funds in such capacity and that it was satisfied with the nature, extent and quality of the services provided by the Adviser to each Fund.

Comparative Fees

The Board compared each Fund’s actual management fee paid and total expense ratio for Investment Class shares to the applicable peer group of funds, as well as each Fund’s size relative to its peers. In considering the comparative fee and expense data provided by the Adviser, the Board made the following observations:

Large Company Growth Portfolio

●

Although each of the Fund’s total expense ratio and actual management fee paid was above the peer group median, ranking in the fourth quintile (the first quintile being the lowest and the fifth quintile being the highest), the actual management fee paid was five basis points above the peer group median, which the Board concluded was competitive. With respect to the Fund’s total expense ratio, the Board considered the Fund’s size relative to its peer group. The Board also took into account that the Adviser has entered into an expense limitation agreement with respect to the Fund.

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Large Company Value Portfolio

●

Although each of the Fund’s total expense ratio and actual management fee paid was above the peer group median and the total expense ratio ranked in the fifth quintile of the Fund’s peer group, the actual management fee paid, which was ten basis points above the peer group median, ranked in the fourth quintile, which the Board concluded was competitive. With respect to the Fund’s total expense ratio, the Board considered the Fund’s size relative to its peer group.

Small Company Growth Portfolio

●

Although the Fund’s total expense ratio was above the peer group median, ranking in the fourth quintile, the Fund’s actual management fee paid was below the peer group median and ranked in the first quintile. With respect to the Fund’s total expense ratio, the Board considered the Fund’s small size relative to its peer group. In addition, the Board took into account that the Adviser has entered into an expense limitation agreement with respect to the Fund.

Small Company Value Portfolio

●

Index Fund

●

Both the Fund’s total expense ratio and the actual management fee paid were below the peer group median, in each case ranking in the first quintile.

Wilshire Income Opportunities Fund

●

Although the Fund’s total expense ratio was above the peer group median, ranking in the fourth quintile, the Fund’s actual management fee paid was below the peer group median and ranked in the second quintile. In addition, the Board took into account that the Adviser has entered into an expense limitation agreement with respect to the Fund.

Wilshire International Equity Fund

●

Each of the Fund’s total expense ratio and actual management fee paid was above the peer group median, each ranking in the fifth quintile of its peer group. In assessing the reasonableness of the Fund’s management fee, the Board took into account the Fund’s strong investment performance. The Board also considered that the Adviser has entered into an expense limitation agreement with respect to the Fund.

As part of its evaluation of each Fund’s management fee, the Board considered how such fees compared to the Fund(s) with similar investment styles, to the extent applicable. The Board noted that the Adviser had not identified any other registered investment companies that it advises pursuant to similar investment strategies.

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Based upon all of the above, the Board concluded that the management fee for each Fund was reasonable.

Costs of Services Provided and Profitability to Wilshire

With respect to the costs of services provided and profitability realized by Wilshire from its relationship with the Funds, the Board reviewed a profitability analysis and data from Wilshire, setting forth, among other things, gross revenues received by Wilshire, expenses allocated to the Company and the operating margin/profitability rate. In the course of its review of Wilshire’s profitability, the Board took into account the methods used by Wilshire to determine expenses and profit. The Board considered all of the foregoing in evaluating the costs of services provided, the profitability to Wilshire and the profitability rates presented, and it concluded that the profits realized by Wilshire were not unreasonable in comparison with the costs of providing investment advisory services to the Funds.

Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale and whether there is potential for realization of economies of scale. The Board considered whether economies of scale in the provision of services to the Funds were being passed along to the shareholders. The Board noted the Adviser’s statements, including that the Adviser believes its management fees are appropriate and that, where possible, the Adviser has utilized common service providers across multiple funds in the complex in order to negotiate lower fees on behalf of the Funds.

As part of its assessment of economies of scale, the Board also considered that economies of scale may be shared through a number of means, including expense limitations, management fees set at competitive rates pre-assuming future asset growth, and/or management fee breakpoints—i.e., a tiered fee schedule based on asset size. Thus, the Board considered the size of each Fund and the management fee it is charged, as well as the Adviser’s agreement to limit the expenses of certain Funds. The Board also took into account that each Fund’s advisory fee schedule included a breakpoint at an asset level that had not yet been reached.

Based upon all of the above, the Board concluded that the management fee for each Fund reflects an appropriate recognition of any economies of scale.

Fall-Out Benefits

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.

Conclusion

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

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● Large Company Growth Portfolio	● Large Company Value Portfolio
● Small Company Growth Portfolio	● Small Company Value Portfolio
● Wilshire 5000 Index Fund	● Wilshire Income Opportunities Fund
● Wilshire International Equity Fund

(Each of the foregoing series may be referred to herein as a “Fund” and collectively as the “Funds.”)

During the six months ended December 31, 2019, the Board of Directors of the Company (the “Board,” with the members of the Board referred to individually as the “Directors”) approved the renewal for an additional one-year term of each subadvisory agreement between Wilshire Associates Incorporated (“Wilshire” or the “Adviser”), the investment adviser for each Fund, and each of the following subadvisers, with respect to the applicable Fund(s):

Subadviser	Fund(s)
Barrow, Hanley, Mewhinney & Strauss, LLC (“BHMS”)	Large Company Value Portfolio
DoubleLine Capital LP (“DoubleLine”)	Wilshire Income Opportunities Fund
Loomis, Sayles & Company L.P. (“Loomis Sayles”)	Large Company Growth Portfolio
Los Angeles Capital Management and Equity Research, Inc. (“LA Capital”)	Large Company Growth Portfolio Large Company Value Portfolio Small Company Growth Portfolio Small Company Value Portfolio Wilshire 5000 Index Fund Wilshire International Equity Fund
Manulife Asset Management (US) LLC (“Manulife”)	Wilshire Income Opportunities Fund
Pzena Investment Management, LLC (“Pzena”)	Large Company Value Portfolio Wilshire International Equity Fund
Ranger Investment Management, L.P. (“Ranger”)	Small Company Growth Portfolio
Victory Capital Management Inc., through its investment franchise NewBridge Asset Management (“NewBridge”)	Large Company Growth Portfolio
Voya Investment Management Co. LLC (“Voya”)	Wilshire Income Opportunities Fund
WCM Investment Management, LLC (“WCM”)	Wilshire International Equity Fund

(In the following text, the subadvisers are referred to collectively as “Subadvisers” or individually, as a “Subadviser,” and the subadvisory agreements between Wilshire and the Subadvisers are referred to collectively as the “Subadvisory Agreements” or individually, as a “Subadvisory Agreement.”)

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Each of the Subadvisory Agreements continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Directors who are not “interested person[s],” as defined by the 1940 Act, of the Funds (the “Independent Directors”) casting votes in person at a meeting called for such purpose.

The Board approved the renewal of each of the Subadvisory Agreements following an extensive process that concluded at the Board’s August 27-28, 2019 meeting (the “August Meeting”). As required by the 1940 Act, each approval was confirmed by the separate vote of the Independent Directors, casting votes in person at a meeting called for such purpose. As part of its review process, the Independent Directors were represented by independent legal counsel (“Independent Legal Counsel”), from whom the Independent Directors received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Independent Directors various key aspects of the Directors’ legal responsibilities relating to the proposed renewal of the Subadvisory Agreements and advised the Independent Directors of the relevant legal standards.

Information Requested and Received

At the direction of the Independent Directors, Independent Legal Counsel sent a memorandum to the Adviser requesting that information regarding the proposed Subadvisory Agreements be provided to the Directors in advance of the August Meeting.

In response to the request for information, 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. The Independent Directors also received a memorandum from Independent Legal Counsel describing their duties in connection with advisory contract proposals, and they were assisted in their review by Independent Legal Counsel.

Factors Considered

In connection with its deliberations regarding the proposed renewal of the Subadvisory Agreements, the Board considered such information and factors as it believed to be relevant in the exercise of its business judgment. As described below, the Board considered the nature, extent and quality of the services performed by each Subadviser under the subadvisory arrangements (including the performance of each Fund or portion thereof); comparative fees as provided by each Subadviser; the profits realized by each Subadviser; the extent to which each Subadviser realizes economies of scale as a Fund grows; and whether any fall-out benefits are being realized by each Subadviser. The Board also took into account the various materials received from the Adviser, its discussions with management and the guidance provided by Independent Legal Counsel in private sessions at which no representatives of the Subadvisers were present. In addition, as a part of its evaluation, the Board considered the assessment of performance made by the Investment Committee (which is comprised solely of Independent

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Directors), which met on August 27, 2019 to review data on each Subadviser’s performance. Recognizing that the evaluation process with respect to the services provided by each of the Subadvisers is an ongoing one, the Board also considered information reviewed by the Board during the year at other Board and Board committee meetings. The Board considered the foregoing information and all materials provided in the context of its accumulated experience governing the Funds and weighed the factors and standards discussed with Independent Legal Counsel.

In deciding to approve each of the Subadvisory Agreements, the Board did not identify any single factor as all-important or controlling, and each Director, in the exercise of his or her business judgment, may attribute different weights to the various factors. The Board based its decision on the totality of the circumstances and relevant factors. This summary discusses the material factors and the conclusions with respect thereto that formed the basis for the Board’s approval and does not describe all of the matters considered. However, the Board concluded that each of the various factors referred to below favored such approval.

Based upon its evaluation of all materials provided, and its determination that it had received sufficient information to make an informed business decision with respect to the Subadvisory Agreements, the Board concluded that it was in the best interests of each Fund to approve the renewal of each of the Subadvisory Agreements.

Nature, Extent and Quality of Services

As to each Subadvisory Agreement and Subadviser, the Board considered the nature, extent and quality of services provided. The Board considered the firm’s overall reputation; the track record and qualifications of the Subadviser; its investment approach and methodologies; the education, experience and skills of the Subadviser’s investment personnel responsible for the day-to-day portfolio management of the applicable Fund or portion thereof; and the resources made available to such personnel, as well as information regarding how the Subadviser compensates such personnel. The Board also considered each Subadviser’s compliance with investment policies and general legal compliance, in addition to information regarding each firm’s disaster recovery and contingency planning and policies with respect to portfolio execution, trading and proxy voting. The Board noted that it had received a copy of each Subadviser’s Form ADV, including the brochure (Part 2A), which provides additional information about other products the firm manages and the ownership structure of the firm, among other things. The Board also considered the analysis provided by the Adviser, including the metrics used by the Adviser to evaluate each Subadviser, which concluded that each Subadviser was providing reasonable services and had reasonable compliance policies and procedures in place. Also important to the Board’s analysis was the Adviser’s recommendation that each Subadvisory Agreement for each Fund be renewed for an additional term.

In connection with its evaluation of the quality of services provided by each Subadviser, the Board reviewed information comparing each Subadviser’s gross investment performance for each applicable Fund, or portion thereof, 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) for various periods ended June 30, 2019. The Board considered performance results in light of each Fund’s investment objective, strategies and risks, and the investment approach employed by the Fund’s Subadviser(s), as disclosed in the Fund’s prospectus. As to each Subadviser’s performance with respect to the applicable Fund or portion of such Fund, the Board made the observations and considered the factors noted below:

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Large Company Growth Portfolio

●

LA Capital. The Subadviser outperformed for the quarter-to-date, one-year and ten-year periods ended June 30, 2019 and underperformed for the three- and five-year periods ended June 30, 2019. The Board noted the information provided regarding the Subadviser’s portfolio management processes. The Board also considered the Adviser’s assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser’s statement that it is satisfied with the level of services provided.

●

Loomis Sayles. The Subadviser outperformed for the quarter-to-date, year-to-date, one-year and three-year periods ended June 30, 2019. Longer-term performance was not considered since the Subadviser began managing its portion of the Fund on August 31, 2015.

●

NewBridge. The Subadviser underperformed for all periods reviewed. The Board noted the information provided regarding the Subadviser’s portfolio construction approach. The Board also considered the Adviser’s assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser’s statement that it is satisfied with the level of services provided by the Subadviser but will continue to closely monitor performance.

Large Company Value Portfolio

●

BHMS. The Subadviser outperformed for the year-to-date and three-year periods ended June 30, 2019 and underperformed for the one-year period ended June 30, 2019. Longer-term performance was not considered because the Subadviser began managing its portion of the Fund in June 2016. The Board noted the information provided regarding the Subadviser’s investment program for its portion of the Fund. The Board also considered the Adviser’s assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser’s statement that it is satisfied with the level of services provided by the Subadviser but will continue to closely monitor the Subadviser’s performance.

●

LA Capital. With the exception of the ten-year period ended June 30, 2019, the Subadviser underperformed for all periods reviewed. For the ten-year period ended June 30, 2019, the Subadviser’s performance was the same as the benchmark. The Board considered the Adviser’s statement that it is satisfied with the level of services provided by the Subadviser and that performance is in line with expectations.

●

Pzena. The Subadviser outperformed for the quarter-to-date, three-year, five-year and ten-year periods ended June 30, 2019 and underperformed for the one-year period ended June 30, 2019. The Board noted the information provided regarding the Subadviser’s investment program for its portion of the Fund. The Board also considered the Adviser’s assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser’s statement that it is satisfied with the level of services provided by the Subadviser but will continue to closely monitor the Subadviser’s performance.

Small Company Growth Portfolio

●

LA Capital. The Subadviser outperformed for the one-year, five-year and ten-year periods ended June 30, 2019 and underperformed for the three-year period ended June 30, 2019.

●

Ranger. The Subadviser outperformed for all periods reviewed.

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Small Company Value Portfolio

●

LA Capital. The Subadviser outperformed for the quarter-to-date, year-to-date, one-year, five-year and ten-year periods ended June 30, 2019 and underperformed for the three-year period ended June 30, 2019.

Wilshire 5000 Index Fund

●

LA Capital. The Subadviser underperformed for all periods reviewed. The Board noted that the Fund’s investment objective is to replicate as closely as possible the performance of the Wilshire 5000 Index (the “Index”) before the deduction of the Fund’s expenses. The Subadviser seeks to track the performance of the Index by partially replicating the holdings of the Index, as well as optimizing the portfolio’s exposures to certain factors. In this connection, the Board considered the Adviser’s assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser’s statement that the Subadviser’s performance is in line with expectations. The Board also took into account the fact that the Adviser is satisfied with the level of services provided by the Subadviser to the Fund.

Wilshire Income Opportunities Fund

●

DoubleLine. The Subadviser outperformed for all periods reviewed.

●

Manulife. The Subadviser outperformed for the year-to-date period ended June 30, 2019 and underperformed for the one-year period ended June 30, 2019. The Board noted that the Subadviser began managing its portion of the Fund in June 2018 and determined that performance was too new to judge.

●

Voya. The Subadviser outperformed for all periods reviewed.

Wilshire International Equity Fund

●

LA Capital. The Subadviser outperformed for the quarter-to-date, year-to-date and one-year periods ended June 30, 2019 and underperformed for the three-year period ended June 30, 2019.

●

Pzena. The Subadviser underperformed for the one-year period ended June 30, 2019. The Board noted that the Subadviser began managing its portion of the Fund in June 2018 and determined that performance was too new to judge.

●

WCM. The Subadviser outperformed for all periods reviewed.

With respect to each Subadviser’s resources and the ability of the Subadviser to carry out its responsibilities under the applicable Subadvisory Agreement, the Board considered the information provided regarding the Subadviser’s financial condition and available resources.

After reviewing and considering the foregoing and related factors, the Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided, and expected to be provided, by each Subadviser to each Fund pursuant to the applicable Subadvisory Agreement.

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(Unaudited) - (continued)

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, in cases in which the fees charged to the Adviser by the Subadviser 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.

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 current size of the Funds. The Board took these factors into consideration in concluding that the subadvisory fees were reasonable.

Economies of Scale

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

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 each Subadvisory Agreement are fair and reasonable and that the approval of each Subadvisory Agreement is in the best interests of each Fund.

176

Wilshire Mutual Funds, Inc.

Board Approval of Subadvisory Agreements

(Unaudited) - (continued)

On November 5, 2019, the Board of Directors (the “Board” and each individually, a “Director”) of Wilshire Mutual Funds, Inc. (the “Company”) approved new subadvisory agreements between Wilshire Associates Incorporated (“Wilshire” or the “Adviser”) and each of Diamond Hill Capital Management Inc. (“Diamond Hill” or a “Subadviser”) and Hotchkis & Wiley Capital Management, LLC (“Hotchkis & Wiley” or a “Subadviser”) pursuant to which each Subadviser serves as a new subadviser to the Small Company Value Portfolio (the “Fund”) effective December 24, 2019 (each, a “Subadvisory Agreement” and collectively, the “Subadvisory Agreements”).

At the meeting on November 5, 2019, in connection with the review of Wilshire’s proposed Subadvisory Agreements with the Subadvisers, the Board evaluated information provided by Wilshire and the Subadvisers in accordance with Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”).

The information that follows outlines the Board’s considerations associated with its approval of each Subadvisory Agreement. In connection with its deliberations regarding the approval of these relationships, the Board considered such information and factors as it believed to be relevant. As described below, with respect to each Subadviser, the Board considered the nature, extent and quality of the services to be performed by the Subadviser under the proposed subadvisory arrangement; comparative fees as provided by the Subadviser; the profits to be realized by the Subadviser; the extent to which the Subadviser would realize economies of scale as the Fund grows; and whether any fall-out benefits would be realized by the Subadviser. 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 1940 Act (the “Independent Directors”) discussed the approval of the Subadvisory Agreements with management and in private sessions with independent legal counsel at which no representatives of the Subadvisers were present.

As required by the 1940 Act, each approval was confirmed by a separate vote of the Independent Directors. In deciding to approve 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.

Information Received

The Board, including all the Independent Directors, considered the approval of the Subadvisory Agreements at the Board’s November 5, 2019 meeting. 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 describing: (i) the nature, extent and quality of services to be provided; (ii) the financial condition of the Subadviser; (iii) the extent to which economies of scale may be realized as the Fund grows; (iv) whether fee levels reflect any possible economies of scale for the benefit of the Fund’s shareholders; (v) comparisons of services rendered and amounts paid by any comparable advisory clients; and (vi) benefits to be realized by the Subadviser from its relationship with the Fund. The Independent Directors were assisted in their review by independent legal counsel.

177

Wilshire Mutual Funds, Inc.

Board Approval of Subadvisory Agreements

(Unaudited) - (continued)

As part of its evaluation, the Board considered the assessment of performance made by the Investment Committee (which is composed solely of Independent Directors), which also met on November 5, 2019 to review data on each Subadviser’s performance for managing investment products similar to the Fund. Based upon its evaluation of all materials provided, the Board concluded that it was in the best interests of the Fund to approve each Subadvisory Agreement.

Nature, Extent and Quality of Services

As to each Subadviser, the Board considered the nature, extent and quality of services to be provided under the Subadvisory Agreement. The Board considered the reputation, qualifications and background of the Subadviser, investment approach of the Subadviser, the experience and skills of investment personnel to be responsible for the day-to-day management of the Fund, and the resources made available to such personnel. In addition, the Board considered the analysis provided by the Adviser, which concluded that each Subadviser would provide reasonable services and recommended that each Subadvisory Agreement be approved.

The Board reviewed information comparing each Subadviser’s annualized gross investment performance for managing investment products with an investment strategy similar to the one to be employed by the Subadviser for the Fund to the Russell 2000 Value Index (the Fund’s benchmark index) for the one-, three-, five- and ten-year periods ended June 30, 2019. The Board noted that Diamond Hill outperformed the benchmark index for all periods reviewed, and Hotchkis & Wiley outperformed the benchmark index for the three-, five- and ten-year periods ended June 30, 2019.

Subadvisory Fees

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

With respect to each Subadviser’s reported fees for “Other Clients” with comparable investment policies and services, the Board determined that the subadvisory fees to be charged to the Adviser were competitive.

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

Profitability to the Subadvisers

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

178

Wilshire Mutual Funds, Inc.

Board Approval of Subadvisory Agreements

(Unaudited) - (continued)

Economies of Scale

The Board considered whether there may be economies of scale with respect to the subadvisory services to be provided to the 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 under each Subadvisory Agreement is reasonable in relation to the asset size of the Fund. The Board concluded that the fee schedule for each Subadviser reflects an appropriate recognition of any economies of scale.

Fall-Out Benefits

The Board also considered the character and amount of other incidental benefits to be received by the Subadvisers. The Board considered each Subadviser’s soft dollar practices. The Board concluded that, taking into account any such other benefits, the subadvisory fees to be charged under the Subadvisory Agreements were reasonable.

Conclusion

179

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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 13(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 directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Mr. Roger A. Formisano is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. “Other services” were not provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

	FYE 12/31/2019	FYE 12/31/2018
Audit Fees	129,500	112,500
Audit-Related Fees	17,508	0
Tax Fees	29,000	29,000
All Other Fees	0	0

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

The percentage of fees billed by Cohen & Co. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	FYE 12/31/2019	FYE 12/31/2018
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years. The audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

Non-Audit Related Fees	FYE 12/31/2019	FYE 12/31/2018
Registrant	29,000	29,000
Registrant’s Investment Adviser	0	0

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a)

The Schedules of Investment in securities of unaffiliated issuers as of the close of the reporting period for the Wilshire 5000 Index^SM 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 MUTUAL FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO	December 31, 2019
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 98.6% (a)
Communication Services - 11.4%
Activision Blizzard, Inc.		39,983	$	2,375,790
Alphabet, Inc. - Class C (b)		4,970		6,644,990
Alphabet, Inc. - Class A (b)		2,539		3,400,711
Charter Communications, Inc. - Class A (b)		180		87,314
Comcast Corp. - Class A		2,135		96,011
Facebook, Inc. - Class A (b)		52,116		10,696,809
Netflix, Inc. (b)		366		118,427
Nexstar Media Group, Inc. - Class A		500		58,625
Sinclair Broadcast Group, Inc. - Class A		4,540		151,364
Spotify Technology SA (b)		630		94,216
Take-Two Interactive Software, Inc. (b)		2,100		257,103
				23,981,360
Consumer Discretionary - 17.7%
Alibaba Group Holding Ltd. - ADR (b)		36,832		7,812,067
Amazon.com, Inc. (b)		6,198		11,452,912
AutoZone, Inc. (b)		530		631,394
Booking Holdings, Inc. (b)		10		20,537
Burlington Stores, Inc. (b)		11,694		2,666,583
Carter's, Inc.		88		9,622
Chipotle Mexican Grill, Inc. (b)		70		58,598
Dollar General Corp.		290		45,234
Domino's Pizza, Inc.		547		160,698
Dunkin' Brands Group, Inc.		410		30,972
Five Below, Inc. (b)		260		33,244
Grand Canyon Education, Inc. (b)		220		21,074
H&R Block, Inc.		8,670		203,572
Hilton Worldwide Holdings, Inc.		1,980		219,602
Lowe's Cos., Inc.		4,220		505,387
Lululemon Athletica, Inc. (b)		14,538		3,368,019
NIKE, Inc. - Class B		6,410		649,397
Nordstrom, Inc.		410		16,781
NVR, Inc. (b)		135		514,135
O'Reilly Automotive, Inc. (b)		36		15,777
Planet Fitness, Inc. - Class A (b)		300		22,404
Pool Corp.		1,061		225,335
Skechers U.S.A., Inc. - Class A (b)		590		25,482
Starbucks Corp.		27,298		2,400,040
Target Corp.		4,320		553,867
Tesla, Inc. (b)		112		46,853
The Home Depot, Inc.		2,011		439,162
The TJX Cos., Inc.		7,150		436,579
Tractor Supply Co.		1,330		124,275
Ulta Beauty, Inc. (b)		6,168		1,561,368
Williams-Sonoma, Inc.		350		25,704
Wyndham Destinations, Inc.		160		8,270
Yum China Holdings, Inc.		27,598		1,324,980
Yum! Brands, Inc.		15,852		1,596,772
				37,226,696
Consumer Staples - 6.1%
Colgate-Palmolive Co.		18,631		1,282,558
Costco Wholesale Corp.		2,240		658,381
Danone SA - ADR		104,494		1,723,106
The Estee Lauder Cos., Inc. - Class A		2,030		419,276
Herbalife Nutrition Ltd. (b)		530		25,265
Monster Beverage Corp. (b)		50,988		3,240,287
PepsiCo, Inc.		4,090		558,980
Sprouts Farmers Market, Inc. (b)		14,210		274,964
The Coca-Cola Co.		42,964		2,378,057
The Procter & Gamble Co.		18,665		2,331,259
				12,892,133
Energy - 0.6%
Schlumberger Ltd.		31,406		1,262,521

Financials - 4.5%
American Express Co.		298		37,098
Aon PLC		140		29,161
CME Group, Inc.		7,865		1,578,663
Eaton Vance Corp.		4,580		213,840
Evercore, Inc. - Class A		6,730		503,135
FactSet Research Systems, Inc.		4,759		1,276,840
Kemper Corp.		2,270		175,925
LPL Financial Holdings, Inc.		610		56,272
Moody's Corp.		1,620		384,604
MSCI, Inc.		6,888		1,778,344
OneMain Holdings, Inc.		810		34,141
S&P Global, Inc.		2,600		709,930
SEI Investments Co.		26,621		1,743,143
Synchrony Financial		12,360		445,084
Western Alliance Bancorp		9,260		527,820
				9,494,000
Health Care - 16.6%
Abbott Laboratories		2,920		253,631
AbbVie, Inc.		17,042		1,508,899
Alcon, Inc. (b)		193		10,918
Align Technology, Inc. (b)		500		139,520
Amgen, Inc.		8,843		2,131,782
Biogen, Inc. (b)		1,130		335,305
Boston Scientific Corp. (b)		8,336		376,954
Bristol-Myers Squibb Co.		770		49,426
Bruker Corp.		5,180		264,025
Cerner Corp.		21,704		1,592,856
Chemed Corp.		820		360,193
DexCom, Inc. (b)		860		188,116
Edwards Lifesciences Corp. (b)		11,037		2,574,822
Eli Lilly & Co.		3,715		488,262
HCA Healthcare, Inc.		2,540		375,437
IDEXX Laboratories, Inc. (b)		160		41,781
Illumina, Inc. (b)		5,186		1,720,404
Incyte Corp. (b)		5,270		460,176
Intuitive Surgical, Inc. (b)		960		567,504
Johnson & Johnson		3,710		541,178
Merck & Co., Inc.		20,788		1,890,669
Novartis AG - ADR		17,630		1,669,385
Novo Nordisk A/S - ADR		36,641		2,120,781
Regeneron Pharmaceuticals, Inc. (b)		6,132		2,302,443
Roche Holding AG - ADR		58,113		2,362,874
Stryker Corp.		1,070		224,636
Thermo Fisher Scientific, Inc.		1,110		360,606
UnitedHealth Group, Inc.		11,151		3,278,171
Varian Medical Systems, Inc. (b)		8,558		1,215,322
Veeva Systems, Inc. - Class A (b)		16,947		2,383,765
Vertex Pharmaceuticals, Inc. (b)		1,260		275,877
West Pharmaceutical Services, Inc.		970		145,820
Zoetis, Inc.		21,900		2,898,465
				35,110,003
Industrials - 6.3%
AMETEK, Inc.		194		19,349
Armstrong World Industries, Inc.		679		63,806
The Boeing Co.		300		97,728
Copart, Inc. (b)		470		42,742
CoStar Group, Inc. (b)		4,733		2,831,754
Curtiss-Wright Corp.		6,040		850,976
Deere & Co.		11,026		1,910,365
Expeditors International of Washington, Inc.		25,667		2,002,539
HEICO Corp. - Class A		20		1,791
HEICO Corp.		2,360		269,394
Hexcel Corp.		6,810		499,241
Honeywell International, Inc.		2,860		506,220
Illinois Tool Works, Inc.		590		105,982
L3Harris Technologies, Inc.		650		128,615
Landstar System, Inc.		1,850		210,659
Lockheed Martin Corp.		1,220		475,044
MSC Industrial Direct Co., Inc. - Class A		2,470		193,821
Quanta Services, Inc.		2,760		112,360
Rockwell Automation, Inc.		4,340		879,588
Rollins, Inc.		465		15,419
Union Pacific Corp.		10,995		1,987,786
United Airlines Holdings, Inc. (b)		950		83,685
Woodward, Inc.		200		23,688
				13,312,552
Information Technology - 34.1%
Accenture PLC - Class A		2,274		478,836
Adobe, Inc. (b)		1,760		580,466
Akamai Technologies, Inc. (b)		1,580		136,480
Analog Devices, Inc.		128		15,212
ANSYS, Inc. (b)		750		193,057
Apple, Inc.		20,492		6,017,476
Applied Materials, Inc.		1,080		65,923
Atlassian Corp PLC - Class A (b)		350		42,119
Autodesk, Inc. (b)		18,789		3,447,030
Automatic Data Processing, Inc.		5,038		858,979
Booz Allen Hamilton Holding Corp.		680		48,368
Broadcom, Inc.		1,245		393,445
Cadence Design Systems, Inc. (b)		5,000		346,800
CDW Corp.		780		111,415
Cisco Systems, Inc.		53,143		2,548,738
Dropbox, Inc. - Class A (b)		1,010		18,089
Entegris, Inc.		1,130		56,602
EPAM Systems, Inc. (b)		11,143		2,364,099
Fair Isaac Corp. (b)		230		86,176
Fidelity National Information Services, Inc.		164		22,811
Fiserv, Inc. (b)		570		65,909
FleetCor Technologies, Inc. (b)		490		140,983
Fortinet, Inc. (b)		2,384		254,516
Global Payments, Inc.		560		102,234
GoDaddy, Inc. - Class A (b)		4,050		275,076
Intuit, Inc.		1,400		366,702
Jabil, Inc.		14,931		617,098
Keysight Technologies, Inc. (b)		17,230		1,768,315
Lam Research Corp.		1,800		526,320
Manhattan Associates, Inc. (b)		1,390		110,852
Mastercard, Inc. - Class A		4,257		1,271,098
Microsoft Corp.		52,596		8,294,389
Monolithic Power Systems, Inc.		630		112,153
Motorola Solutions, Inc.		580		93,461
NCR Corp. (b)		3,170		111,457
NetApp, Inc.		2,640		164,340
NVIDIA Corp.		27,700		6,517,810
Oracle Corp.		82,303		4,360,413
Paychex, Inc.		1,460		124,188
Paycom Software, Inc. (b)		360		95,314
PayPal Holdings, Inc. (b)		27,102		2,931,623
Proofpoint, Inc. (b)		13,283		1,524,623
QUALCOMM, Inc.		35,081		3,095,197
RingCentral, Inc. - Class A (b)		410		69,155
Sabre Corp.		550		12,342
salesforce.com, Inc. (b)		14,432		2,347,220
ServiceNow, Inc. (b)		12,764		3,603,532
Teradyne, Inc.		7,050		480,740
Texas Instruments, Inc.		2,445		313,669
Universal Display Corp.		1,360		280,255
VeriSign, Inc. (b)		1,844		355,302
Visa, Inc. - Class A		61,416		11,540,066
Workday, Inc. - Class A (b)		13,298		2,186,856
				71,945,329
Materials - 0.7%
Eagle Materials, Inc.		2,040		184,947
NewMarket Corp.		530		257,856
The Sherwin-Williams Co.		110		64,189
The Scotts Miracle-Gro Co.		7,150		759,187
Vulcan Materials Co.		780		112,312
				1,378,491
Real Estate - 0.6%
American Tower Corp.		3,440		790,581
CBRE Group, Inc. - Class A (b)		610		37,387
Crown Castle International Corp.		700		99,505
Equinix, Inc.		30		17,511
Life Storage, Inc.		1,630		176,496
Simon Property Group, Inc.		550		81,928
Taubman Centers, Inc.		2,730		84,876
				1,288,284
Total Common Stocks (Cost $118,103,334)			$	207,891,369

SHORT-TERM INVESTMENT - 1.4%
Money Market Fund - 1.4%
First American Government Obligations Fund - Class X, 1.508% (c)		3,000,468	$	3,000,468
Total Short-Term Investment (Cost $3,000,468)			$	3,000,468

Total Investments at Value (Cost $121,103,802) - 100.0%			$	210,891,837
Other Assets in Excess of Liabilities - 0.0% (d)				37,514
Net Assets - 100.0%			$	210,929,351

Percentages are stated as a percent of net assets.

ADR American Depository Receipt

(a)

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

(b)

Non-income producing security.

(c)

Rate listed is the 7-day effective yield as of December 31, 2019.

(d)

Percentage rounds to less than 0.1%.

WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO	December 31, 2019
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 98.8% (a)
Communication Services - 5.7%
AT&T, Inc.		94,550	$	3,695,014
CenturyLink, Inc.		6,210		82,034
Comcast Corp. - Class A		46,764		2,102,977
Discovery, Inc. - Class A (b)		620		20,299
Discovery, Inc. - Class C (b)		3,820		116,472
Lions Gate Entertainment Corp. - Class B (b)		1,900		18,867
Sinclair Broadcast Group, Inc. - Class A		1,920		64,013
Take-Two Interactive Software, Inc. (b)		1,320		161,608
The Interpublic Group of Cos., Inc.		70,596		1,630,767
Verizon Communications, Inc.		48,846		2,999,144
				10,891,195
Consumer Discretionary - 8.6%
Aptiv PLC		960		91,171
AutoNation, Inc. (b)		180		8,753
AutoZone, Inc. (b)		210		250,175
Best Buy Co., Inc.		1,010		88,678
Ford Motor Co.		214,253		1,992,553
Garmin Ltd.		4,460		435,118
General Motors Co.		680		24,888
Gentex Corp.		820		23,764
Gildan Activewear, Inc.		40,315		1,190,502
Grand Canyon Education, Inc. (b)		330		31,611
H&R Block, Inc.		9,365		219,890
L Brands, Inc.		2,160		39,139
Lear Corp.		15,454		2,120,289
Lowe's Cos., Inc.		13,031		1,560,592
McDonald's Corp.		260		51,379
Mohawk Industries, Inc. (b)		10,078		1,374,438
Newell Brands, Inc.		95,693		1,839,219
PulteGroup, Inc.		770		29,876
PVH Corp.		18,813		1,978,187
Skechers U.S.A., Inc. - Class A (b)		5,280		228,043
Target Corp.		5,300		679,513
The Home Depot, Inc.		1,670		364,695
Whirlpool Corp.		6,366		939,176
Williams-Sonoma, Inc.		1,710		125,582
Yum China Holdings, Inc.		7,662		367,853
Yum! Brands, Inc.		4,365		439,686
				16,494,770
Consumer Staples - 3.5%
Colgate-Palmolive Co.		5,765		396,863
Coty, Inc. - Class A		3,210		36,112
Flowers Foods, Inc.		4,560		99,134
General Mills, Inc.		180		9,641
Kellogg Co.		3,729		257,898
Kimberly-Clark Corp.		2,342		322,142
Molson Coors Brewing Co. - Class B		23,160		1,248,324
Mondelez International, Inc. - Class A		1,670		91,984
Philip Morris International, Inc.		10,050		855,154
Pilgrim's Pride Corp. (b)		2,340		76,553
Spectrum Brands Holdings, Inc.		104		6,686
Sprouts Farmers Market, Inc. (b)		8,700		168,345
The Coca-Cola Co.		6,453		357,174
The Kraft Heinz Co.		120		3,856
The Procter & Gamble Co.		11,278		1,408,622
Walmart, Inc.		12,524		1,488,352
				6,826,840
Energy - 10.3%
Baker Hughes Co.		44,274		1,134,743
BP PLC - ADR		31,126		1,174,695
Cenovus Energy, Inc.		84,013		852,732
Chevron Corp.		5,449		656,659
ConocoPhillips		7,310		475,369
EOG Resources, Inc.		20,157		1,688,351
Exxon Mobil Corp.		29,287		2,043,648
Halliburton Co.		101,394		2,481,111
Hess Corp.		13,988		934,538
HollyFrontier Corp.		560		28,398
National Oilwell Varco, Inc.		81,943		2,052,672
Occidental Petroleum Corp.		1,500		61,815
ONEOK, Inc.		2,035		153,989
Parsley Energy, Inc. - Class A		330		6,240
Phillips 66		15,847		1,765,514
Royal Dutch Shell PLC - ADR		22,295		1,314,959
Schlumberger Ltd.		31,701		1,274,380
Valero Energy Corp.		18,240		1,708,176
				19,807,989
Financials - 27.0%
American Express Co.		10,274		1,279,010
American International Group, Inc.		38,115		1,956,443
American National Insurance Co.		985		115,915
Arthur J Gallagher & Co.		900		85,707
Assured Guaranty Ltd.		3,050		149,511
AXA Equitable Holdings, Inc.		78,734		1,951,029
Axis Capital Holdings Ltd.		11,681		694,319
Bank of America Corp.		104,630		3,685,069
Bank of Hawaii Corp.		1,305		124,184
Bank OZK		1,380		42,097
BankUnited, Inc.		1,990		72,754
Berkshire Hathaway, Inc. - Class B (b)		6,676		1,512,114
BlackRock, Inc.		378		190,021
Brighthouse Financial, Inc. (b)		2,450		96,113
Brown & Brown, Inc.		3,660		144,497
Capital One Financial Corp.		22,901		2,356,742
Chubb Ltd.		12,208		1,900,297
Cincinnati Financial Corp.		1,320		138,798
CIT Group, Inc.		700		31,941
Citigroup, Inc.		37,793		3,019,283
Eaton Vance Corp.		2,570		119,993
Erie Indemnity Co. - Class A		10		1,660
Evercore, Inc. - Class A		6,790		507,620
Fidelity National Financial, Inc.		6,910		313,368
Fifth Third Bancorp		28,382		872,463
First American Financial Corp.		3,855		224,824
First Hawaiian, Inc.		7,100		204,835
First Horizon National Corp.		41,780		691,877
FNB Corp.		14,370		182,499
Fulton Financial Corp.		286		4,985
Genworth Financial, Inc. - Class A (b)		420		1,848
Intercontinental Exchange, Inc.		2,315		214,253
Invesco Ltd.		15,118		271,822
JPMorgan Chase & Co.		32,401		4,516,699
Kemper Corp.		4,857		376,417
KeyCorp		44,483		900,336
KKR & Co, Inc. - Class A		25,237		736,163
Legg Mason, Inc.		2,760		99,112
MetLife, Inc.		36,121		1,841,087
MGIC Investment Corp.		45,630		646,577
Morgan Stanley		43,205		2,208,640
Navient Corp.		19,500		266,760
New York Community Bancorp, Inc.		154,795		1,860,636
Northern Trust Corp.		17,312		1,839,227
OneMain Holdings, Inc.		8,060		339,729
PacWest Bancorp		100		3,827
Popular, Inc.		10,660		626,275
Primerica, Inc.		650		84,864
State Street Corp.		3,300		261,030
Sterling Bancorp		10,720		225,978
Synchrony Financial		19,410		698,954
T Rowe Price Group, Inc.		825		100,518
The Bank of New York Mellon Corp.		150		7,549
The Goldman Sachs Group, Inc.		5,590		1,285,309
The Hanover Insurance Group, Inc.		1,990		271,973
UBS Group AG		28,654		360,467
U.S. Bancorp		39,355		2,333,358
Voya Financial, Inc.		26,156		1,594,993
Webster Financial Corp.		320		17,075
Wells Fargo & Co.		82,810		4,455,178
Western Alliance Bancorp		12,095		689,415
Wintrust Financial Corp.		205		14,534
				51,820,571
Health Care - 13.6%
Abbott Laboratories		7,490		650,582
Amgen, Inc.		8,539		2,058,497
Anthem, Inc.		748		225,919
Becton Dickinson and Co.		490		133,265
Biogen, Inc. (b)		1,910		566,754
Boston Scientific Corp. (b)		1,323		59,826
Bristol-Myers Squibb Co.		28,796		1,848,415
Bruker Corp.		3,230		164,633
Cardinal Health, Inc.		15,326		775,189
Cigna Corp.		9,939		2,032,426
CVS Health Corp.		47,003		3,491,853
Eli Lilly & Co.		210		27,600
Gilead Sciences, Inc.		3,850		250,173
HCA Healthcare, Inc.		2,430		359,178
IQVIA Holdings, Inc. (b)		50		7,726
Johnson & Johnson		22,020		3,212,058
McKesson Corp.		10,612		1,467,852
Medtronic PLC		22,095		2,506,678
Merck & Co, Inc.		8,474		770,710
Mylan NV (b)		58,659		1,179,046
Pfizer, Inc.		43,310		1,696,886
Premier, Inc. - Class A (b)		1,830		69,320
Regeneron Pharmaceuticals, Inc. (b)		140		52,567
Teleflex, Inc.		10		3,764
Thermo Fisher Scientific, Inc.		1,033		335,591
UnitedHealth Group, Inc.		7,375		2,168,103
West Pharmaceutical Services, Inc.		395		59,380
Zimmer Biomet Holdings, Inc.		280		41,910
				26,215,901
Industrials - 10.1%
3M Co.		580		102,324
AECOM (b)		190		8,195
AMETEK, Inc.		1,585		158,088
Clean Harbors, Inc. (b)		1,370		117,477
Copa Holdings SA - Class A		2,571		277,874
Curtiss-Wright Corp.		7,400		1,042,586
Dover Corp.		3,825		440,869
General Dynamics Corp.		6,251		1,102,364
General Electric Co.		445,188		4,968,298
GrafTech International Ltd.		3,000		34,860
Hexcel Corp.		6,550		480,180
Honeywell International, Inc.		3,770		667,290
IDEX Corp.		90		15,480
ITT, Inc.		3,860		285,293
Johnson Controls International PLC		8,830		359,469
MSC Industrial Direct Co, Inc. - Class A		2,360		185,189
nVent Electric PLC		2,430		62,159
Oshkosh Corp.		460		43,539
Parker-Hannifin Corp.		4,183		860,945
Quanta Services, Inc.		5,000		203,550
Raytheon Co.		32		7,032
Republic Services, Inc.		2,095		187,775
Roper Technologies, Inc.		469		166,134
Stanley Black & Decker, Inc.		16,516		2,737,362
The Timken Co.		420		23,650
Union Pacific Corp.		20		3,616
United Airlines Holdings, Inc. (b)		1,680		147,991
United Technologies Corp.		13,346		1,998,697
Watsco, Inc.		210		37,831
Westinghouse Air Brake Technologies Corp.		32,751		2,548,028
Woodward, Inc.		720		85,277
				19,359,422
Information Technology - 6.9%
Akamai Technologies, Inc. (b)		600		51,828
Analog Devices, Inc.		2,810		333,941
Apple, Inc.		104		30,540
Applied Materials, Inc.		830		50,663
Broadcom, Inc.		160		50,563
Cerence, Inc. (b)		591		13,374
Ciena Corp. (b)		2,510		107,152
Cisco Systems, Inc.		9,792		469,624
Cognizant Technology Solutions Corp. - Class A		25,602		1,587,836
Cypress Semiconductor Corp.		1,540		35,928
Fidelity National Information Services, Inc.		410		57,027
First Solar, Inc. (b)		1,590		88,976
Hewlett Packard Enterprise Co.		114,735		1,819,697
HP, Inc.		2,600		53,430
Intel Corp.		20,877		1,249,489
International Business Machines Corp.		550		73,722
Jabil, Inc.		15,420		637,309
Juniper Networks, Inc.		25,935		638,779
Keysight Technologies, Inc. (b)		730		74,920
Lam Research Corp.		740		216,376
Leidos Holdings, Inc.		50		4,895
LogMeIn, Inc.		1,100		94,314
Micron Technology, Inc. (b)		1,500		80,670
Microsoft Corp.		1,710		269,667
Motorola Solutions, Inc.		300		48,342
Nuance Communications, Inc. (b)		4,730		84,336
Oracle Corp.		63,509		3,364,707
Qorvo, Inc. (b)		810		94,146
QUALCOMM, Inc.		11,284		995,587
SYNNEX Corp.		1,500		193,200
Teradyne, Inc.		3,160		215,480
VeriSign, Inc. (b)		1,125		216,765
				13,303,283
Materials - 3.3%
Air Products & Chemicals, Inc.		470		110,445
Alcoa Corp. (b)		430		9,249
Amcor PLC		5,514		59,772
CF Industries Holdings, Inc.		1,590		75,907
Corteva, Inc.		47,931		1,416,840
Domtar Corp.		770		29,445
Dow, Inc.		1,420		77,716
DuPont de Nemours, Inc.		24,115		1,548,183
Eagle Materials, Inc.		2,380		215,771
Ecolab, Inc.		420		81,056
FMC Corp.		10		998
Graphic Packaging Holding Co.		3,730		62,104
Linde PLC		7,181		1,528,835
Martin Marietta Materials, Inc.		60		16,778
NewMarket Corp.		570		277,316
Reliance Steel & Aluminum Co.		875		104,790
Sealed Air Corp.		460		18,322
Sonoco Products Co.		3,098		191,209
Southern Copper Corp.		260		11,045
The Scotts Miracle-Gro Co.		220		23,360
Valvoline, Inc.		10,310		220,737
Vulcan Materials Co.		1,563		225,056
				6,304,934
Real Estate - 3.3%
Apple Hospitality REIT, Inc.		1,030		16,737
AvalonBay Communities, Inc.		200		41,940
Boston Properties, Inc.		754		103,946
Brookfield Property REIT, Inc. - Class A		60		1,107
Columbia Property Trust, Inc.		450		9,409
Corporate Office Properties Trust		560		16,453
Crown Castle International Corp.		970		137,886
CubeSmart		2,740		86,255
Equity Commonwealth		880		28,890
Healthcare Trust of America, Inc. - Class A		2,790		84,481
Healthpeak Properties, Inc.		67,607		2,330,413
Highwoods Properties, Inc.		5,630		275,363
Life Storage, Inc.		2,160		233,885
Newmark Group, Inc. - Class A		714		9,607
Outfront Media, Inc.		9,590		257,204
Paramount Group, Inc.		25,090		349,253
Prologis, Inc.		210		18,719
Public Storage		550		117,128
Retail Properties of America, Inc. - Class A		4,860		65,124
Senior Housing Properties Trust		440		3,714
Service Properties Trust		6,550		159,362
Simon Property Group, Inc.		13,032		1,941,247
UDR, Inc.		870		40,629
Weingarten Realty Investors		2,794		87,285
				6,416,037
Utilities - 6.5%
Avangrid, Inc.		15,169		776,046
Dominion Energy, Inc.		25,828		2,139,075
DTE Energy Co.		367		47,662
Duke Energy Corp.		1,212		110,547
Edison International		32,831		2,475,786
Entergy Corp.		18,647		2,233,911
Exelon Corp.		49,192		2,242,663
Hawaiian Electric Industries, Inc.		170		7,966
IDACORP, Inc.		2,160		230,688
MDU Resources Group, Inc.		20,640		613,214
National Fuel Gas Co.		3,245		151,022
NextEra Energy, Inc.		960		232,474
NRG Energy, Inc.		20,340		808,515
Vistra Energy Corp.		16,280		374,277
				12,443,846
Total Common Stocks (Cost $161,353,878)			$	189,884,788

SHORT-TERM INVESTMENT - 0.8%
Money Market Fund - 0.8%
First American Government Obligations Fund - Class X, 1.508% (c)		1,552,610	$	1,552,610
Total Short-Term Investment (Cost $1,552,610)			$	1,552,610


Total Investments at Value (Cost $162,906,488) - 99.6%			$	191,437,398
Other Assets in Excess of Liabilities - 0.4%				701,387
Net Assets - 100.0%			$	192,138,785

Percentages are stated as a percent of net assets.

ADR American Depository Receipt

(a)

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

(b)

Non-income producing security.

(c)

Rate listed is the 7-day effective yield as of December 31, 2019.

WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO	December 31, 2019
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 97.7% (a)
Communication Services - 1.4%
Cargurus, Inc. (b)		2,070	$	72,823
Cogent Communications Holdings, Inc.		7,510		494,233
Liberty TripAdvisor Holdings, Inc. - Class A (b)		2,320		17,052
National CineMedia, Inc.		3,290		23,984
Shenandoah Telecommunications Co.		1,122		46,686
Sinclair Broadcast Group, Inc. - Class A		670		22,338
TechTarget, Inc. (b)		3,960		103,356
Yelp, Inc. (b)		2,173		75,686
				856,158
Consumer Discretionary - 10.9%
1-800-Flowers.com, Inc. - Class A (b)		910		13,195
Aaron's, Inc.		540		30,839
American Eagle Outfitters, Inc.		5,820		85,554
BJ's Restaurants, Inc.		10,795		409,778
Boyd Gaming Corp.		1,730		51,796
Career Education Corp. (b)		15,460		284,309
Cavco Industries, Inc. (b)		275		53,729
Chegg, Inc. (b)		26,961		1,022,092
Core-Mark Holding Co, Inc.		175		4,758
Cracker Barrel Old Country Store, Inc.		250		38,435
Crocs, Inc. (b)		6,276		262,902
Deckers Outdoor Corp. (b)		965		162,950
Denny's Corp. (b)		220		4,374
Designer Brands, Inc. - Class A		2,290		36,045
Dine Brands Global, Inc.		1,810		151,171
Fox Factory Holding Corp. (b)		1,335		92,876
Gentherm, Inc. (b)		830		36,844
Grand Canyon Education, Inc. (b)		259		24,810
Hibbett Sports, Inc. (b)		550		15,422
Hudson Ltd. - Class A (b)		210		3,221
Installed Building Products, Inc. (b)		1,720		118,456
Jack in the Box, Inc.		965		75,299
KB Home		130		4,455
Kontoor Brands, Inc.		1,157		48,582
Lithia Motors, Inc. - Class A		430		63,210
Malibu Boats, Inc. - Class A (b)		3,510		143,734
Monro, Inc.		20		1,564
Murphy USA, Inc. (b)		430		50,310
National Vision Holdings, Inc. (b)		1,920		62,266
RCI Hospitality Holdings, Inc.		570		11,685
Rent-A-Center, Inc.		5,502		158,678
RH (b)		210		44,835
The Rubicon Project, Inc. (b)		570		4,651
Ruth's Hospitality Group, Inc.		4,175		90,869
Scientific Games Corp. (b)		1,210		32,404
SeaWorld Entertainment, Inc. (b)		4,055		128,584
Skyline Champion Corp. (b)		39,745		1,259,917
Sleep Number Corp. (b)		1,079		53,130
Standard Motor Products, Inc.		30		1,597
Steven Madden Ltd.		16,659		716,504
Strategic Education, Inc.		660		104,874
Texas Roadhouse, Inc.		1,130		63,642
The Habit Restaurants, Inc. - Class A (b)		3,080		32,124
TopBuild Corp. (b)		5,805		598,379
Universal Electronics, Inc. (b)		316		16,514
Wingstop, Inc.		975		84,074
Winmark Corp.		455		90,227
Winnebago Industries, Inc.		120		6,358
WW International, Inc. (b)		110		4,203
Zumiez, Inc. (b)		180		6,217
				6,862,442
Consumer Staples - 5.6%
BJ's Wholesale Club Holdings, Inc. (b)		1,880		42,751
The Boston Beer Co., Inc. - Class A (b)		80		30,228
Calavo Growers, Inc.		4,328		392,074
Coca-Cola Consolidated, Inc.		10		2,840
Inter Parfums, Inc.		18,490		1,344,408
J&J Snack Foods Corp.		7,555		1,392,160
Lifevantage Corp. (b)		6,360		99,280
Performance Food Group Co. (b)		2,730		140,540
Sanderson Farms, Inc.		60		10,573
Vector Group Ltd.		6,739		90,235
				3,545,089
Energy - 0.8%
CVR Energy, Inc.		290		11,725
Select Energy Services, Inc. - Class A (b)		55,920		518,937
				530,662
Financials - 6.6%
Artisan Partners Asset Management, Inc. - Class A		3,080		99,545
Axos Financial, Inc. (b)		1,240		37,547
Banc of California, Inc.		41,405		711,338
CenterState Bank Corp.		30,210		754,646
Curo Group Holdings Corp. (b)		5,288		64,408
Enova International, Inc. (b)		8,470		203,788
Essent Group Ltd.		4,180		217,318
Evercore, Inc. - Class A		680		50,837
Federated Investors, Inc. - Class B		1,950		63,550
FedNat Holding Co.		320		5,322
First Financial Bankshares, Inc.		700		24,570
FirstCash, Inc.		290		23,383
Glacier Bancorp, Inc.		1,060		48,749
Goosehead Insurance, Inc. - Class A		8,455		358,492
Hallmark Financial Services, Inc. (b)		100		1,757
Kemper Corp.		400		31,000
Lakeland Financial Corp.		1,180		57,737
LendingTree, Inc. (b)(c)		2,156		654,217
Meta Financial Group, Inc.		1,880		68,639
Moelis & Co. - Class A		235		7,501
National General Holdings Corp.		4,100		90,610
NMI Holdings, Inc. - Class A (b)		7,550		250,509
Piper Jaffray Cos		140		11,192
Primerica, Inc.		150		19,584
Prosperity Bancshares, Inc.		751		53,989
Pzena Investment Management, Inc. - Class A		1,795		15,473
RLI Corp.		1,240		111,625
Silvercrest Asset Management Group, Inc. - Class A		441		5,548
Stock Yards Bancorp, Inc.		1,880		77,193
United Community Banks, Inc.		1,970		60,834
				4,180,901
Health Care - 26.7%
ACADIA Pharmaceuticals, Inc. (b)		2,650		113,367
Acceleron Pharma, Inc. (b)		860		45,597
Addus HomeCare Corp. (b)		870		84,581
Amedisys, Inc. (b)		1,105		184,447
American Renal Associates Holdings, Inc. (b)		370		3,837
Amicus Therapeutics, Inc. (b)		6,921		67,411
AMN Healthcare Services, Inc. (b)		720		44,863
ArQule, Inc. (b)		600		11,976
Arrowhead Pharmaceuticals, Inc. (b)		3,914		248,265
Avid Bioservices, Inc. (b)		1,100		8,437
BioCryst Pharmaceuticals, Inc. (b)		4,220		14,559
BioDelivery Sciences International, Inc. (b)		14,080		88,986
Biohaven Pharmaceutical Holding Co. Ltd. (b)		510		27,764
BioSpecifics Technologies Corp. (b)		90		5,125
BioTelemetry, Inc. (b)		17,940		830,622
Blueprint Medicines Corp. (b)		1,053		84,356
CareDx, Inc. (b)		1,610		34,728
Catalyst Pharmaceuticals, Inc. (b)		6,570		24,637
Chemed Corp.		264		115,965
ChemoCentryx, Inc. (b)		980		38,759
Coherus Biosciences, Inc. (b)		5,450		98,127
CONMED Corp.		7,430		830,897
Constellation Pharmaceuticals, Inc. (b)		70		3,298
Corcept Therapeutics, Inc. (b)		670		8,107
CorVel Corp. (b)		524		45,777
Deciphera Pharmaceuticals, Inc. (b)		50		3,112
Dicerna Pharmaceuticals, Inc. (b)		1,400		30,842
Eagle Pharmaceuticals, Inc. (b)		1,650		99,132
Editas Medicine, Inc. (b)		2,458		72,781
Eiger BioPharmaceuticals, Inc. (b)		1,572		23,423
Emergent BioSolutions, Inc. (b)		1,040		56,108
Enanta Pharmaceuticals, Inc. (b)		2,350		145,183
The Ensign Group, Inc.		540		24,500
Esperion Therapeutics, Inc. (b)		2,610		155,634
Exact Sciences Corp. (b)		763		70,562
Fate Therapeutics, Inc. (b)		480		9,394
FibroGen, Inc. (b)		20		858
Forty Seven, Inc. (b)		290		11,417
G1 Therapeutics, Inc. (b)		729		19,267
GenMark Diagnostics, Inc. (b)		5,140		24,723
Global Blood Therapeutics, Inc. (b)		990		78,695
Globus Medical, Inc. - Class A (b)		2,440		143,667
Haemonetics Corp. (b)		1,545		177,520
Halozyme Therapeutics, Inc. (b)		4,765		84,483
Hanger, Inc. (b)		2,787		76,949
HealthEquity, Inc. (b)		2,920		216,284
HealthStream, Inc. (b)		500		13,600
Heska Corp. (b)		5,000		479,700
HMS Holdings Corp. (b)		6,354		188,078
Horizon Therapeutics PLC (b)		840		30,408
ImmunoGen, Inc. (b)		6,730		34,357
Immunomedics, Inc. (b)		566		11,977
Inovalon Holdings, Inc. - Class A (b)		6,940		130,611
Insmed, Inc. (b)		1,655		39,521
Inspire Medical Systems, Inc. (b)		250		18,552
Integer Holdings Corp. (b)		9,035		726,685
Intercept Pharmaceuticals, Inc. (b)		1,019		126,274
Iovance Biotherapeutics, Inc. (b)		1,520		42,074
Ironwood Pharmaceuticals, Inc. (b)		7,111		94,647
Karyopharm Therapeutics, Inc. (b)		670		12,844
Kiniksa Pharmaceuticals Ltd. - Class A (b)		610		6,747
Kura Oncology, Inc. (b)		510		7,013
Lantheus Holdings, Inc. (b)		9,330		191,358
LeMaitre Vascular, Inc.		18,950		681,253
Ligand Pharmaceuticals, Inc. (b)		70		7,300
LivaNova PLC (b)		1,090		82,219
Madrigal Pharmaceuticals, Inc. (b)		120		10,933
Medpace Holdings, Inc. (b)		12,645		1,062,939
Mesa Laboratories, Inc.		4,195		1,046,233
Natera, Inc. (b)		1,101		37,093
Neogen Corp. (b)		11,485		749,511
NeoGenomics, Inc. (b)		37,503		1,096,963
Nevro Corp. (b)		670		78,752
Novocure Ltd. (b)		1,407		118,568
NuVasive, Inc. (b)		820		63,419
Omnicell, Inc. (b)		2,140		174,881
Pacira BioSciences, Inc. (b)		260		11,778
The Pennant Group, Inc. (b)		270		8,929
Portola Pharmaceuticals, Inc. (b)		1,430		34,148
PRA Health Sciences, Inc. (b)		11,730		1,303,790
PTC Therapeutics, Inc. (b)		290		13,929
Puma Biotechnology, Inc. (b)		3,240		28,350
R1 RCM, Inc. (b)		5,520		71,650
Radius Health, Inc. (b)		1,750		35,280
Repligen Corp. (b)		15,990		1,479,075
Rigel Pharmaceuticals, Inc. (b)		12,710		27,199
Rocket Pharmaceuticals, Inc. (b)		90		2,048
Select Medical Holdings Corp. (b)		2,185		50,998
Spectrum Pharmaceuticals, Inc. (b)		650		2,366
STAAR Surgical Co. (b)		2,220		78,077
Stemline Therapeutics, Inc. (b)		2,590		27,532
Supernus Pharmaceuticals, Inc. (b)		1,090		25,855
Surgery Partners, Inc. (b)		760		11,898
Syros Pharmaceuticals, Inc. (b)		340		2,349
Tabula Rasa HealthCare, Inc. (b)		17,055		830,237
Tactile Systems Technology, Inc. (b)		2,370		159,999
Tandem Diabetes Care, Inc. (b)		700		41,727
Teladoc Health, Inc. (b)		90		7,535
Tenet Healthcare Corp. (b)		2,496		94,923
Tivity Health, Inc. (b)		720		14,648
Ultragenyx Pharmaceutical, Inc. (b)		405		17,298
US Physical Therapy, Inc.		720		82,332
Vanda Pharmaceuticals, Inc. (b)		14,307		234,778
Voyager Therapeutics, Inc. (b)		2,980		41,571
Xencor, Inc. (b)		3,773		129,753
				16,823,584
Industrials - 15.4%
Advanced Drainage Systems, Inc.		2,060		80,010
Aerojet Rocketdyne Holdings, Inc. (b)		4,910		224,191
AeroVironment, Inc. (b)		1,750		108,045
Albany International Corp. - Class A		1,600		121,472
Allegiant Travel Co.		90		15,664
Allied Motion Technologies, Inc.		550		26,675
ASGN, Inc. (b)		1,950		138,392
Astronics Corp. (b)		420		11,739
Atkore International Group, Inc. (b)		3,254		131,657
Avis Budget Group, Inc. (b)		438		14,121
Axon Enterprise, Inc. (b)		11,655		854,078
AZZ, Inc.		850		39,058
Barnes Group, Inc.		650		40,274
Barrett Business Services, Inc.		985		89,103
BG Staffing, Inc.		740		16,199
Brady Corp. - Class A		1,155		66,135
The Brink's Co.		1,510		136,927
Builders FirstSource, Inc. (b)		10,110		256,895
CECO Environmental Corp. (b)		950		7,277
Chart Industries, Inc. (b)		410		27,671
Cimpress PLC (b)		700		88,039
Comfort Systems USA, Inc.		934		46,560
Continental Building Products, Inc. (b)		4,610		167,942
CRA International, Inc.		520		28,324
CSW Industrials, Inc.		1,830		140,910
Deluxe Corp.		1,210		60,403
Douglas Dynamics, Inc.		500		27,500
Ducommun, Inc. (b)		180		9,095
DXP Enterprises, Inc. (b)		90		3,583
EMCOR Group, Inc.		2,940		253,722
Exponent, Inc.		2,566		177,080
Federal Signal Corp.		3,980		128,355
Forward Air Corp.		1,345		94,083
Foundation Building Materials, Inc. (b)		2,080		40,248
Franklin Electric Co., Inc.		2,350		134,702
FTI Consulting, Inc. (b)		1,359		150,387
Generac Holdings, Inc. (b)		1,355		136,299
The Gorman-Rupp Co.		507		19,013
Great Lakes Dredge & Dock Corp. (b)		12,080		136,866
H&E Equipment Services, Inc.		2,005		67,027
Harsco Corp. (b)		1,520		34,975
Heidrick & Struggles International, Inc.		960		31,200
Heritage-Crystal Clean, Inc. (b)		365		11,450
Herman Miller, Inc.		2,235		93,088
Hillenbrand, Inc.		2,680		89,271
John Bean Technologies Corp.		1,510		170,117
Kforce, Inc.		380		15,086
Kimball International, Inc. - Class B		2,075		42,890
Korn Ferry		2,080		88,192
Kratos Defense & Security Solutions, Inc. (b)		53,740		967,857
LB Foster Co. - Class A (b)		300		5,814
Marten Transport Ltd.		21,550		463,110
Masonite International Corp. (b)		110		7,943
MasTec, Inc. (b)		3,410		218,786
McGrath RentCorp		110		8,419
Mercury Systems, Inc. (b)		10,270		709,760
Mobile Mini, Inc.		100		3,791
MRC Global, Inc. (b)		210		2,864
MSA Safety, Inc.		730		92,243
Mueller Industries, Inc.		3,118		98,997
MYR Group, Inc. (b)		331		10,787
Navistar International Corp. (b)		130		3,762
Park Aerospace Corp.		1,930		31,401
Rexnord Corp. (b)		1,870		60,999
Saia, Inc. (b)		5,470		509,366
Simpson Manufacturing Co., Inc.		920		73,812
SiteOne Landscape Supply, Inc. (b)		8,932		809,686
Tennant Co.		570		44,414
Tetra Tech, Inc.		3,300		284,328
Trex Co, Inc. (b)		1,047		94,104
TriNet Group, Inc. (b)		2,317		131,165
Triumph Group, Inc.		1,910		48,266
Universal Forest Products, Inc.		2,280		108,756
Vectrus, Inc. (b)		705		36,138
Watts Water Technologies, Inc. - Class A		60		5,986
				9,724,544
Information Technology - 26.9%
Acacia Communications, Inc. (b)		1,650		111,887
ACI Worldwide, Inc. (b)		2,620		99,259
Advanced Energy Industries, Inc. (b)		860		61,232
Alarm.com Holdings, Inc. (b)		340		14,610
Alteryx, Inc. - Class A (b)		40		4,003
Ambarella, Inc. (b)		1,390		84,178
Appfolio, Inc. - Class A (b)		4,472		491,696
Badger Meter, Inc.		1,080		70,124
Blackbaud, Inc.		890		70,844
Blackline, Inc. (b)		620		31,967
Box, Inc. - Class A (b)		32,775		549,965
Cabot Microelectronics Corp.		2,945		425,022
Cardtronics PLC - Class A (b)		2,470		110,286
Cass Information Systems, Inc.		733		42,324
Cision Ltd. (b)		260		2,592
CommVault Systems, Inc. (b)		1,107		49,417
Cornerstone OnDemand, Inc. (b)		2,208		129,278
CSG Systems International, Inc.		1,510		78,188
Diodes, Inc. (b)		2,000		112,740
ENDAVA PLC (b)		12,771		595,129
Enphase Energy, Inc. (b)		3,680		96,158
ePlus, Inc. (b)		15		1,264
EVERTEC, Inc.		4,325		147,223
Evo Payments, Inc. (b)		38,257		1,010,367
ExlService Holdings, Inc. (b)		773		53,693
Five9, Inc. (b)		2,840		186,247
I3 Verticals, Inc. - Class A (b)		19,980		564,435
Inphi Corp. (b)		1,250		92,525
Insight Enterprises, Inc. (b)		3,868		271,882
Itron, Inc. (b)		120		10,074
j2 Global, Inc.		3,030		283,941
Lattice Semiconductor Corp. (b)		6,270		120,008
MAXIMUS, Inc.		17,703		1,316,926
Mimecast Ltd. (b)		19,515		846,561
NIC, Inc.		5,492		122,746
nLight, Inc. (b)		18,250		370,110
NVE Corp.		1,037		74,042
Onto Innovation, Inc. (b)		875		31,973
OSI Systems, Inc. (b)		1,210		121,895
Paylocity Holding Corp. (b)		200		24,164
Pegasystems, Inc.		20,730		1,651,145
Perficient, Inc. (b)		2,730		125,771
Perspecta, Inc.		1,730		45,741
Power Integrations, Inc.		430		42,531
Progress Software Corp.		5,130		213,152
PROS Holdings, Inc. (b)		206		12,344
QAD, Inc. - Class A		180		9,167
Qualys, Inc. (b)		13,775		1,148,422
Rimini Street, Inc. (b)		2,380		9,234
Rogers Corp. (b)		625		77,956
Sanmina Corp. (b)		3,490		119,498
Science Applications International Corp.		1,760		153,155
Semtech Corp. (b)		1,820		96,278
Silicon Laboratories, Inc. (b)		7,500		869,850
SPS Commerce, Inc. (b)		4,970		275,437
Telenav, Inc. (b)		2,840		13,802
TTEC Holdings, Inc.		693		27,457
Unisys Corp. (b)		4,698		55,718
Upland Software, Inc. (b)		580		20,712
Verint Systems, Inc. (b)		3,290		182,134
Viavi Solutions, Inc. (b)		1,690		25,350
Vishay Precision Group, Inc. (b)		50		1,700
WNS Holdings Ltd. - ADR (b)		28,609		1,892,485
Workiva, Inc. (b)		24,710		1,039,056
Xperi Corp.		1,210		22,385
				17,011,455
Materials - 1.6%
Balchem Corp.		533		54,169
Ferroglobe Representation & Warranty Insurance Trust (b)(d)(e)		840		–
Ingevity Corp. (b)		665		58,107
Innospec, Inc.		1,150		118,956
Materion Corp.		1,724		102,492
Myers Industries, Inc.		1,025		17,097
Neenah, Inc.		79		5,564
OMNOVA Solutions, Inc. (b)		780		7,886
PolyOne Corp.		1,190		43,780
Quaker Chemical Corp.		3,365		553,610
Ryerson Holding Corp. (b)		870		10,292
Verso Corp. - Class A (b)		570		10,277
Worthington Industries, Inc.		450		18,981
				1,001,211
Real Estate - 1.5%
Cushman & Wakefield PLC (b)		1,350		27,594
EastGroup Properties, Inc.		1,397		185,340
First Industrial Realty Trust, Inc.		2,250		93,397
The GEO Group, Inc.		5,183		86,090
Monmouth Real Estate Investment Corp.		1,420		20,562
National Health Investors, Inc.		280		22,814
Newmark Group, Inc. - Class A		3,080		41,441
New Senior Investment Group, Inc.		410		3,136
PS Business Parks, Inc.		1,040		171,465
The RMR Group, Inc. - Class A		2,870		130,987
Ryman Hospitality Properties, Inc.		2,050		177,653
Tanger Factory Outlet Centers, Inc. (c)		570		8,396
				968,875
Utilities - 0.3%
American States Water Co.		800		69,312
Otter Tail Corp.		1,580		81,038
TerraForm Power, Inc. - Class A		1,300		20,007
				170,357
Total Common Stocks (Cost $46,802,836)			$	61,675,278

SHORT-TERM INVESTMENT- 3.4%
Money Market Fund - 3.4%
First American Government Obligations Fund - Class X, 1.508% (f)(g)		2,146,652	$	2,146,652
Total Short-Term Investment (Cost $2,146,652)			$	2,146,652

Total Investments at Value (Cost $48,949,488) - 101.1%			$	63,821,930
Liabilities in Excess of Other Assets - (1.1%)				(697,977	)
Net Assets - 100.0%			$	63,123,953

Percentages are stated as a percent of net assets.

ADR American Depository Receipt

(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, 2019. The total market value of securities on loan at December 31, 2019 was $655,849.

(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 as of December 31, 2019, representing 0.0% of net assets.

(e)

Illiquid security. The total value of such securities is $0 as of December 31, 2019, representing 0.0% of net assets.

(f)

Rate listed is the 7-day effective yield as of December 31, 2019.

(g)

A portion of this security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2019 was $670,000.

WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO	December 31, 2019
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 98.0% (a)
Communication Services - 2.2%
Cars.com, Inc. (b)		200	$	2,444
Cincinnati Bell, Inc. (b)		3,313		34,687
Consolidated Communications Holdings, Inc.		1,225		4,753
Emerald Expositions Events, Inc.		5,800		61,190
Entercom Communications Corp. - Class A		8,740		40,554
Entravision Communications Corp. - Class A		16,980		44,488
Gannett Co., Inc.		1,695		10,814
IDT Corp. - Class B (b)		2,100		15,141
Lee Enterprises, Inc. (b)		9,990		14,186
Liberty Latin America Ltd. - Class A (b)		118		2,277
Liberty Latin America Ltd. - Class C (b)		401		7,803
Live Nation Entertainment, Inc. (b)		11,492		821,333
Meredith Corp.		1,100		35,717
MSG Networks, Inc. - Class A (b)		4,840		84,216
National CineMedia, Inc.		14,482		105,574
Saga Communications, Inc. - Class A		61		1,854
Scholastic Corp.		1,190		45,756
TEGNA, Inc.		1,200		20,028
WideOpenWest, Inc. (b)		350		2,597
				1,355,412
Consumer Discretionary - 12.0%
Aaron's, Inc.		3,181		181,667
Adient PLC (b)		3,450		73,312
Adtalem Global Education, Inc. (b)		750		26,227
American Axle & Manufacturing Holdings, Inc. (b)		170		1,829
American Eagle Outfitters, Inc.		9,522		139,973
Asbury Automotive Group, Inc. (b)		300		33,537
Beazer Homes USA, Inc. (b)		1,430		20,206
Bed Bath & Beyond, Inc.		1,100		19,030
Big Lots, Inc.		1,130		32,454
Boyd Gaming Corp.		50		1,497
Brinker International, Inc.		900		37,800
Caleres, Inc.		1,100		26,125
Camping World Holdings, Inc. - Class A		2,800		41,272
Carriage Services, Inc.		470		12,032
Carter's, Inc.		1,776		194,188
Century Communities, Inc. (b)		6,788		185,652
Chico's FAS, Inc.		2,074		7,902
Chuy's Holdings, Inc. (b)		260		6,739
Citi Trends, Inc.		1,600		36,992
Cooper Tire & Rubber Co.		2,700		77,625
Designer Brands, Inc. - Class A		5,938		93,464
Dillard's, Inc. - Class A		300		22,044
Dine Brands Global, Inc.		1,560		130,291
Duluth Holdings, Inc. - Class B (b)		2,000		21,060
Ethan Allen Interiors, Inc.		7,010		133,611
Express, Inc. (b)		1,100		5,357
Flexsteel Industries, Inc.		1,000		19,920
Fossil Group, Inc. (b)		8,750		68,950
Funko, Inc. - Class A (b)		5,200		89,232
Genesco, Inc. (b)		3,279		157,130
G-III Apparel Group Ltd. (b)		2,160		72,360
Green Brick Partners, Inc. (b)		19,560		224,549
Group 1 Automotive, Inc.		800		80,000
Guess?, Inc.		1,480		33,122
Hamilton Beach Brands Holding Co. - Class A		1,000		19,100
Haverty Furniture Cos., Inc.		2,900		58,464
Helen of Troy Ltd. (b)		225		40,453
Hibbett Sports, Inc. (b)		6,148		172,390
Hilton Grand Vacations, Inc. (b)		2,300		79,097
Hooker Furniture Corp.		3,100		79,639
iRobot Corp. (b)		800		40,504
Jack in the Box, Inc.		1,385		108,072
Johnson Outdoors, Inc. - Class A		800		61,360
KB Home		3,210		110,007
La-Z-Boy, Inc.		1,900		59,812
LGI Homes, Inc. (b)		900		63,585
Lithia Motors, Inc. - Class A		410		60,270
M/I Homes, Inc. (b)		2,840		111,754
Meritage Homes Corp. (b)		2,895		176,913
Motorcar Parts of America, Inc. (b)		2,700		59,481
Movado Group, Inc.		3,600		78,264
Murphy USA, Inc. (b)		947		110,799
Office Depot, Inc.		30,615		83,885
Penn National Gaming, Inc. (b)		430		10,991
PetMed Express, Inc.		2,600		61,152
Red Rock Resorts, Inc. - Class A		25,755		616,832
Regis Corp. (b)		1,200		21,444
Rent-A-Center, Inc.		3,950		113,918
RH (b)		290		61,915
Rocky Brands, Inc.		700		20,601
Sally Beauty Holdings, Inc. (b)		4,288		78,256
Signet Jewelers Ltd.		2,778		60,394
Sleep Number Corp. (b)		110		5,416
Sonic Automotive, Inc. - Class A		2,600		80,600
Sportsman's Warehouse Holdings, Inc. (b)		5,000		40,150
Standard Motor Products, Inc.		1,981		105,429
Strategic Education, Inc.		362		57,522
Taylor Morrison Home Corp. - Class A (b)		5,535		120,995
The Children's Place, Inc.		1,000		62,520
The Goodyear Tire & Rubber Co.		4,900		76,219
The Habit Restaurants, Inc. - Class A (b)		6,984		72,843
The Michaels Cos., Inc. (b)		2,850		23,056
Thor Industries, Inc.		800		59,432
Tilly's, Inc. - Class A		6,477		79,343
TRI Pointe Group, Inc. (b)		6,880		107,190
Tupperware Brands Corp.		4,700		40,326
Twin River Worldwide Holdings, Inc.		3,100		79,515
Unifi, Inc. (b)		800		20,208
Universal Electronics, Inc. (b)		300		15,678
Urban Outfitters, Inc. (b)		1,400		38,878
Vail Resorts, Inc.		3,138		752,587
Vera Bradley, Inc. (b)		5,520		65,136
Visteon Corp. (b)		200		17,318
Wingstop, Inc.		320		27,594
Winnebago Industries, Inc.		170		9,007
Wolverine World Wide, Inc.		1,601		54,018
WW International, Inc. (b)		2,132		81,464
ZAGG, Inc. (b)		10,200		82,722
Zumiez, Inc. (b)		3,510		121,235
				7,222,902
Consumer Staples - 3.4%
B&G Foods, Inc.		6,409		114,913
BJ's Wholesale Club Holdings, Inc. (b)		1,920		43,661
Cal-Maine Foods, Inc.		11,197		478,672
Edgewell Personal Care Co. (b)		150		4,644
Energizer Holdings, Inc.		1,200		60,264
Flowers Foods, Inc.		12,110		263,271
Hostess Brands, Inc. (b)		3,120		45,365
Ingles Markets, Inc. - Class A		600		28,506
Inter Parfums, Inc.		150		10,906
Lancaster Colony Corp.		90		14,409
Medifast, Inc.		400		43,832
Natural Grocers by Vitamin Cottage, Inc.		10,260		101,266
Nu Skin Enterprises, Inc. - Class A		2,000		81,960
Post Holdings, Inc. (b)		3,365		367,122
SpartanNash Co.		450		6,408
Universal Corp.		2,830		161,480
USANA Health Sciences, Inc. (b)		1,000		78,550
Vector Group Ltd.		8,116		108,673
Village Super Market, Inc. - Class A		1,700		39,440
				2,053,342
Energy - 5.8%
Altus Midstream Co. - Class A (b)		22,800		65,208
Apergy Corp. (b)		2,600		87,828
Berry Petroleum Corp.		9,570		90,245
Bonanza Creek Energy, Inc. (b)		5,390		125,803
Cactus, Inc. - Class A		1,800		61,776
California Resources Corp. (b)		640		5,779
Callon Petroleum Co. (b)		12,700		61,341
Centennial Resource Development, Inc. - Class A (b)		18,300		84,546
Cimarex Energy Co.		5,179		271,846
CNX Midstream Partners LP		3,900		64,194
CONSOL Energy, Inc. (b)		1,570		22,781
CVR Energy, Inc.		1,940		78,434
Delek US Holdings, Inc.		2,360		79,131
Denbury Resources, Inc. (b)		1,770		2,496
Dorian LPG Ltd. (b)		1,840		28,483
Earthstone Energy, Inc. - Class A (b)		14,860		94,064
Forum Energy Technologies, Inc. (b)		11,720		19,690
Frank's International NV (b)		14,600		75,482
FTS International, Inc. (b)		2,070		2,153
Gulfport Energy Corp. (b)		3,450		10,488
Hallador Energy Co.		3,110		9,237
Helix Energy Solutions Group, Inc. (b)		730		7,030
Hoegh LNG Partners LP		1,300		20,319
Kosmos Energy Ltd.		14,500		82,650
Laredo Petroleum, Inc. (b)		34,720		99,646
Liberty Oilfield Services, Inc. - Class A		7,200		80,064
Magnolia Oil & Gas Corp. - Class A (b)		6,400		80,512
Matrix Service Co. (b)		2,600		59,488
McDermott International, Inc. (b)(c)		830		562
Nabors Industries Ltd.		8,780		25,286
Newpark Resources, Inc. (b)		9,700		60,819
NexTier Oilfield Solutions, Inc. (b)		22,200		148,740
Nine Energy Service, Inc. (b)		2,800		21,896
Noble Midstream Partners LP		2,300		61,088
Nordic American Tankers Ltd.		2,070		10,184
Oasis Midstream Partners LP		3,600		59,724
Oasis Petroleum, Inc. (b)		3,123		10,181
Oil States International, Inc. (b)		330		5,382
Par Pacific Holdings, Inc. (b)		1,700		39,508
PBF Energy, Inc. - Class A		1,900		59,603
PDC Energy, Inc. (b)		2,280		59,668
ProPetro Holding Corp. (b)		7,300		82,125
Range Resources Corp.		12,100		58,685
Renewable Energy Group, Inc. (b)		2,400		64,680
REX American Resources Corp. (b)		900		73,764
Ring Energy, Inc. (b)		6,030		15,919
RPC, Inc.		12,100		63,404
SandRidge Energy, Inc. (b)		1,525		6,466
Scorpio Tankers, Inc.		20		787
SEACOR Holdings, Inc. (b)		1,860		80,259
Select Energy Services, Inc. - Class A (b)		4,300		39,904
SilverBow Resources, Inc. (b)		760		7,524
SM Energy Co.		650		7,306
Solaris Oilfield Infrastructure, Inc. - Class A		5,600		78,400
Southwestern Energy Co. (b)		10,270		24,853
SRC Energy, Inc. (b)		20,300		83,636
Talos Energy, Inc. (b)		1,410		42,511
Teekay Tankers Ltd. - Class A (b)		332		7,958
Transocean Ltd. (b)		241		1,658
W&T Offshore, Inc. (b)		15,200		84,512
World Fuel Services Corp.		1,630		70,775
WPX Energy, Inc. (b)		19,702		270,705
				3,499,186
Financials - 30.6%
1st Source Corp.		800		41,504
AllianceBernstein Holding LP		1,300		39,338
Amalgamated Bank - Class A		2,000		38,900
Ambac Financial Group, Inc. (b)		3,800		81,966
American Equity Investment Life Holding Co.		2,700		80,811
AMERISAFE, Inc.		810		53,484
Argo Group International Holdings Ltd.		600		39,450
Artisan Partners Asset Management, Inc. - Class A		8,500		274,720
Associated Banc-Corp		4,748		104,646
Assured Guaranty Ltd.		1,901		93,187
BancFirst Corp.		3,370		210,423
Bank OZK		19,089		582,310
BankUnited, Inc.		9,128		333,720
Bar Harbor Bankshares		1,500		38,085
Berkshire Hills Bancorp, Inc.		664		21,832
BOK Financial Corp.		2,571		224,705
Boston Private Financial Holdings, Inc.		7,300		87,819
Bridge Bancorp, Inc.		1,800		60,354
Bridgewater Bancshares, Inc. (b)		1,500		20,670
Brightsphere Investment Group, Inc.		4,000		40,880
Brookline Bancorp, Inc.		22,958		377,889
Brown & Brown, Inc.		5,297		209,125
Bryn Mawr Bank Corp.		1,000		41,240
Cadence BanCorp		22,728		412,059
Camden National Corp.		900		41,454
Capitol Federal Financial, Inc.		1,400		19,222
Carolina Financial Corp.		2,020		87,325
Cathay General Bancorp		9,741		370,645
City Holding Co.		1,124		92,112
CNO Financial Group, Inc.		4,200		76,146
Colony Credit Real Estate, Inc.		5,800		76,328
Columbia Banking System, Inc.		1,520		61,841
Community Bank System, Inc.		1,560		110,666
Community Trust Bancorp, Inc.		1,300		60,632
ConnectOne Bancorp, Inc.		2,300		59,156
Cowen, Inc. - Class A (b)		3,800		59,850
CrossFirst Bankshares, Inc. (b)		1,400		20,188
Customers Bancorp, Inc. (b)		3,300		78,573
CVB Financial Corp.		7,300		157,534
Dime Community Bancshares, Inc.		4,874		101,818
Donegal Group, Inc. - Class A		2,695		39,940
Eagle Bancorp, Inc.		1,600		77,808
Employers Holdings, Inc.		7,120		297,260
Enova International, Inc. (b)		8,675		208,720
Enstar Group Ltd. (b)		2,636		545,283
Enterprise Financial Services Corp.		1,432		69,037
Equity Bancshares, Inc. - Class A (b)		2,500		77,175
Essent Group Ltd.		6,620		344,174
Evercore, Inc. - Class A		500		37,380
FB Financial Corp.		500		19,795
FBL Financial Group, Inc. - Class A		1,012		59,637
Federal Agricultural Mortgage Corp. - Class C		500		41,750
Federated Investors, Inc. - Class B		2,470		80,497
FedNat Holding Co.		200		3,326
FGL Holdings		6,100		64,965
Financial Institutions, Inc.		1,200		38,520
First BanCorp		19,710		208,729
First Business Financial Services, Inc.		800		21,064
First Citizens BancShares, Inc. - Class A		31		16,498
First Commonwealth Financial Corp.		60		871
First Community Bankshares, Inc.		2,978		92,378
First Defiance Financial Corp.		12,302		387,390
First Financial Bancorp		1,500		38,160
First Financial Corp.		2,111		96,515
First Hawaiian, Inc.		2,700		77,895
First Internet Bancorp		1,600		37,936
First Merchants Corp.		1,520		63,217
First Mid Bancshares, Inc.		1,100		38,775
First Midwest Bancorp, Inc.		4,750		109,535
Flushing Financial Corp.		3,700		79,938
FNB Corp.		4,700		59,690
Franklin Financial Network, Inc.		1,700		58,361
FS Bancorp, Inc.		300		19,137
Fulton Financial Corp.		11,030		192,253
GAIN Capital Holdings, Inc.		4,800		18,960
GAMCO Investors, Inc. - Class A		1,100		21,439
Genworth Financial, Inc. - Class A (b)		25,510		112,244
German American Bancorp, Inc.		600		21,372
Glacier Bancorp, Inc.		2,057		94,601
Global Indemnity Ltd.		2,839		84,120
Great Ajax Corp.		3,900		57,759
Great Southern Bancorp, Inc.		1,200		75,984
Great Western Bancorp, Inc.		4,220		146,603
Greenhill & Co, Inc.		3,600		61,488
Hancock Whitney Corp.		4,386		192,458
Hanmi Financial Corp.		3,900		77,980
HBT Financial, Inc. (b)		1,100		20,889
Heartland Financial USA, Inc.		1,200		59,688
Heritage Financial Corp.		1,400		39,620
Hilltop Holdings, Inc.		2,300		57,339
Hingham Institution for Savings		200		42,040
Home BancShares, Inc.		7,260		142,732
HomeStreet, Inc. (b)		2,300		78,200
HomeTrust Bancshares, Inc.		700		18,781
Hope Bancorp, Inc.		11,710		174,011
Horace Mann Educators Corp.		1,800		78,588
Horizon Bancorp, Inc.		1,000		19,000
IBERIABANK Corp.		2,240		167,619
Independent Bank Corp.		1,318		29,853
International Bancshares Corp.		5,200		223,964
INTL FCStone, Inc. (b)		800		39,064
Investors Bancorp, Inc.		14,910		177,653
Lakeland Bancorp, Inc.		3,400		59,092
Legg Mason, Inc.		2,200		79,002
Live Oak Bancshares, Inc.		8,788		167,060
Luther Burbank Corp.		6,000		69,180
MBIA, Inc. (b)		6,500		60,450
Mercantile Bank Corp.		1,198		43,691
Merchants Bancorp		2,000		39,420
Meridian Bancorp, Inc.		5,375		107,984
Metropolitan Bank Holding Corp. (b)		800		38,584
MGIC Investment Corp.		5,325		75,455
Midland States Bancorp, Inc.		2,700		78,192
MidWestOne Financial Group, Inc.		1,100		39,853
Mr. Cooper Group, Inc. (b)		20,125		251,764
National Bank Holdings Corp. - Class A		495		17,434
National General Holdings Corp.		4,140		91,494
National Western Life Group, Inc. - Class A		845		245,794
Navient Corp.		5,600		76,608
NBT Bancorp, Inc.		1,628		66,032
NMI Holdings, Inc. - Class A (b)		3,489		115,765
Northfield Bancorp, Inc.		3,400		57,664
Northrim BanCorp, Inc.		1,560		59,748
OceanFirst Financial Corp.		1,600		40,864
Old National Bancorp		1,100		20,119
On Deck Capital, Inc. (b)		6,450		26,703
OP Bancorp		1,891		19,610
Oppenheimer Holdings, Inc. - Class A		3,020		82,990
Orrstown Financial Services, Inc.		900		20,358
Pacific Premier Bancorp, Inc.		1,200		39,126
Park National Corp.		400		40,952
Peapack Gladstone Financial Corp.		2,500		77,250
Peoples Bancorp, Inc.		600		20,796
ProAssurance Corp.		10,170		367,544
Prosperity Bancshares, Inc.		299		21,495
Provident Financial Services, Inc.		4,550		112,157
Pzena Investment Management, Inc. - Class A		5,816		50,134
Radian Group, Inc.		17,296		435,167
RBB Bancorp		1,900		40,223
Reinsurance Group of America, Inc.		522		85,117
RenaissanceRe Holdings Ltd.		1,210		237,184
Renasant Corp.		1,100		38,962
Republic Bancorp, Inc. - Class A		2,633		123,224
RLI Corp.		600		54,012
Sandy Spring Bancorp, Inc.		3,290		124,625
Sculptor Capital Management, Inc.		1,900		41,990
Selective Insurance Group, Inc.		530		34,551
Simmons First National Corp. - Class A		4,790		128,324
SLM Corp.		6,500		57,915
South Plains Financial, Inc.		1,000		20,870
South State Corp.		200		17,350
Southern Missouri Bancorp, Inc.		500		19,180
Southern National Bancorp of Virginia, Inc.		2,400		39,240
State Auto Financial Corp.		600		18,612
Sterling Bancorp		32,625		687,735
Sterling Bancorp, Inc.		5,100		41,310
Stewart Information Services Corp.		1,900		77,501
Stifel Financial Corp.		1,500		90,975
Stock Yards Bancorp, Inc.		2,870		117,842
Territorial Bancorp, Inc.		600		18,564
Texas Capital Bancshares, Inc. (b)		1,300		73,801
The Bancorp, Inc. (b)		4,410		57,198
The First of Long Island Corp.		9,274		232,592
Third Point Reinsurance Ltd. (b)		7,800		82,056
Towne Bank		700		19,474
TriCo Bancshares		1,500		61,215
TrustCo Bank Corp. NY		13,590		117,825
Trustmark Corp.		7,669		264,657
UMB Financial Corp.		800		54,912
Umpqua Holdings Corp.		3,300		58,410
United Bankshares, Inc.		5,190		200,645
United Community Banks, Inc.		4,300		132,784
United Community Financial Corp.		980		11,427
United Fire Group, Inc.		1,300		56,849
Univest Financial Corp.		5,939		159,046
Valley National Bancorp		1,440		16,488
Victory Capital Holdings, Inc. - Class A		3,900		81,783
Virtu Financial, Inc. - Class A		2,500		39,975
Virtus Investment Partners, Inc.		500		60,860
Waddell & Reed Financial, Inc. - Class A		3,900		65,208
Washington Federal, Inc.		3,950		144,767
Washington Trust Bancorp, Inc.		700		37,653
Waterstone Financial, Inc.		2,100		39,963
West Bancorporation, Inc.		800		20,504
Westwood Holdings Group, Inc.		2,000		59,240
Wintrust Financial Corp.		1,100		77,990
WSFS Financial Corp.		900		39,591
				18,518,015
Health Care - 2.6%
Akorn, Inc. (b)		350		525
Anika Therapeutics, Inc. (b)		740		38,369
Assertio Therapeutics, Inc. (b)		210		262
BioCryst Pharmaceuticals, Inc. (b)		2,070		7,141
Coherus Biosciences, Inc. (b)		2,140		38,531
Endo International PLC (b)		1,390		6,519
Evolent Health, Inc. - Class A (b)		1,660		15,023
G1 Therapeutics, Inc. (b)		190		5,022
Hanger, Inc. (b)		8,998		248,435
HMS Holdings Corp. (b)		2,850		84,360
ImmunoGen, Inc. (b)		6,190		31,600
Integer Holdings Corp. (b)		2,278		183,220
Jounce Therapeutics, Inc. (b)		970		8,468
Ligand Pharmaceuticals, Inc. (b)		340		35,459
Magellan Health, Inc. (b)		1,000		78,250
Mallinckrodt PLC (b)		3,220		11,238
MEDNAX, Inc. (b)		2,800		77,812
National HealthCare Corp.		903		78,046
Natus Medical, Inc. (b)		6,819		224,959
Owens & Minor, Inc.		30		155
Patterson Cos., Inc.		2,800		57,344
Rigel Pharmaceuticals, Inc. (b)		7,880		16,863
Surgery Partners, Inc. (b)		692		10,833
Taro Pharmaceutical Industries Ltd. (b)		900		79,137
Tivity Health, Inc. (b)		5,070		103,149
Triple-S Management Corp. - Class B (b)		5,293		97,868
				1,538,588
Industrials - 20.7%
AAR Corp.		2,840		128,084
ACCO Brands Corp.		6,200		58,032
Aerojet Rocketdyne Holdings, Inc. (b)		2,270		103,648
AeroVironment, Inc. (b)		395		24,387
Aircastle Ltd.		10,140		324,581
Alaska Air Group, Inc.		4,603		311,853
Allegiant Travel Co.		2,414		420,133
Apogee Enterprises, Inc.		1,500		48,750
ArcBest Corp.		1,290		35,604
Arcosa, Inc.		1,629		72,572
Armstrong Flooring, Inc. (b)		9,300		39,711
ASGN, Inc. (b)		1,300		92,261
Astec Industries, Inc.		1,900		79,800
AZZ, Inc.		3,980		182,881
Barnes Group, Inc.		2,062		127,762
BG Staffing, Inc.		2,940		64,357
Blue Bird Corp. (b)		5,870		134,540
BMC Stock Holdings, Inc. (b)		7,020		201,404
Brady Corp. - Class A		1,431		81,939
Builders FirstSource, Inc. (b)		6,320		160,591
Caesarstone Ltd.		5,200		78,364
CBIZ, Inc. (b)		150		4,044
CECO Environmental Corp. (b)		1,000		7,660
Colfax Corp. (b)		8,490		308,866
Columbus McKinnon Corp.		550		22,016
Comfort Systems USA, Inc.		800		39,880
Continental Building Products, Inc. (b)		12,280		447,360
Covenant Transportation Group, Inc. - Class A (b)		4,500		58,162
CSW Industrials, Inc.		1,463		112,651
Curtiss-Wright Corp.		440		61,992
Deluxe Corp.		3,470		173,222
Ducommun, Inc. (b)		640		32,339
DXP Enterprises, Inc. (b)		2,880		114,653
Echo Global Logistics, Inc. (b)		460		9,522
EMCOR Group, Inc.		2,142		184,855
Encore Wire Corp.		300		17,220
EnerSys		1,000		74,830
Ennis, Inc.		4,880		105,652
EnPro Industries, Inc.		1,200		80,256
Federal Signal Corp.		223		7,192
Fluor Corp.		4,500		84,960
Foundation Building Materials, Inc. (b)		5,900		114,165
Franklin Electric Co, Inc.		2,280		130,690
FTI Consulting, Inc. (b)		1,765		195,315
Gibraltar Industries, Inc. (b)		200		10,088
GP Strategies Corp. (b)		2,800		37,044
GrafTech International Ltd.		6,800		79,016
Graham Corp.		3,654		79,950
Great Lakes Dredge & Dock Corp. (b)		5,260		59,596
H&E Equipment Services, Inc.		560		18,721
Hawaiian Holdings, Inc.		1,400		41,006
Heidrick & Struggles International, Inc.		9,689		314,892
Herman Miller, Inc.		2,220		92,463
Hertz Global Holdings, Inc. (b)		886		13,955
Hillenbrand, Inc.		5,580		185,870
Hub Group, Inc. - Class A (b)		12,252		628,405
Hyster-Yale Materials Handling, Inc.		4,041		238,257
ICF International, Inc.		120		10,994
InnerWorkings, Inc. (b)		7,300		40,223
Insteel Industries, Inc.		3,300		70,917
Interface, Inc.		3,500		58,065
Kelly Services, Inc. - Class A		8,161		184,275
Kennametal, Inc.		1,100		40,579
Kforce, Inc.		500		19,850
Kimball International, Inc. - Class B		1,868		38,612
Kirby Corp. (b)		5,176		463,407
Knoll, Inc.		700		17,682
Korn Ferry		1,900		80,560
LB Foster Co. - Class A (b)		2,890		56,008
Masonite International Corp. (b)		1,100		79,431
Matson, Inc.		2,000		81,600
McGrath RentCorp		100		7,654
Mercury Systems, Inc. (b)		1,210		83,623
Meritor, Inc. (b)		3,300		86,427
Miller Industries, Inc.		1,100		40,843
Mobile Mini, Inc.		200		7,582
Moog, Inc. - Class A		722		61,608
MRC Global, Inc. (b)		3,150		42,966
Mueller Industries, Inc.		4,990		158,433
Mueller Water Products, Inc. - Class A		1,700		20,366
MYR Group, Inc. (b)		1,800		58,662
National Presto Industries, Inc.		900		79,551
Navistar International Corp. (b)		4,450		128,783
NOW, Inc. (b)		4,970		55,863
Park Aerospace Corp.		1,830		29,774
Preformed Line Products Co.		600		36,210
Primoris Services Corp.		2,600		57,824
Resideo Technologies, Inc. (b)		6,400		76,352
Resources Connection, Inc.		4,700		76,751
RR Donnelley & Sons Co.		100		395
Rush Enterprises, Inc. - Class A		2,710		126,015
SkyWest, Inc.		3,195		206,493
SP Plus Corp. (b)		1,205		51,128
Spirit Airlines, Inc. (b)		1,500		60,465
SPX FLOW, Inc. (b)		7,395		361,394
Steelcase, Inc. - Class A		1,800		36,828
Stericycle, Inc. (b)		3,980		253,964
Sterling Construction Co., Inc. (b)		2,700		38,016
Tetra Tech, Inc.		1,260		108,562
The Greenbrier Cos., Inc.		2,500		81,075
The Toro Co.		3,076		245,065
Thermon Group Holdings, Inc. (b)		2,200		58,960
TriMas Corp. (b)		4,962		155,856
Trinity Industries, Inc.		10,639		235,654
Triumph Group, Inc.		1,800		45,486
TrueBlue, Inc. (b)		2,500		60,150
Tutor Perini Corp. (b)		6,000		77,160
UniFirst Corp.		630		127,247
Universal Forest Products, Inc.		2,700		128,790
Universal Logistics Holdings, Inc.		3,100		58,776
Valmont Industries, Inc.		400		59,912
Vectrus, Inc. (b)		2,290		117,385
Veritiv Corp. (b)		2,462		48,428
Wabash National Corp.		8,140		119,577
Watts Water Technologies, Inc. - Class A		780		77,813
Werner Enterprises, Inc.		500		18,195
Wesco Aircraft Holdings, Inc. (b)		400		4,408
WESCO International, Inc. (b)		4,270		253,595
				12,526,286
Information Technology - 7.6%
Acacia Communications, Inc. (b)		370		25,090
Ambarella, Inc. (b)		237		14,353
Amkor Technology, Inc. (b)		5,100		66,300
Anixter International, Inc. (b)		2,100		193,410
AVX Corp.		2,900		59,363
Belden, Inc.		2,620		144,100
Broadridge Financial Solutions, Inc.		2,266		279,942
Cardtronics PLC - Class A (b)		710		31,701
Casa Systems, Inc. (b)		4,900		20,041
Cass Information Systems, Inc.		1,000		57,740
Cirrus Logic, Inc. (b)		3,121		257,202
CommScope Holding Co., Inc. (b)		2,900		41,151
Comtech Telecommunications Corp.		1,390		49,331
CSG Systems International, Inc.		1,100		56,958
Diodes, Inc. (b)		1,667		93,969
Ebix, Inc.		2,400		80,184
ePlus, Inc. (b)		200		16,858
Fabrinet (b)		70		4,539
FormFactor, Inc. (b)		50		1,298
Insight Enterprises, Inc. (b)		5,209		366,141
KBR, Inc.		2,860		87,230
Kimball Electronics, Inc. (b)		3,400		59,670
Knowles Corp. (b)		2,390		50,548
Methode Electronics, Inc.		1,000		39,350
NeoPhotonics Corp. (b)		8,540		75,323
NIC, Inc.		2,700		60,345
NVE Corp.		1,388		99,103
Onto Innovation, Inc. (b)		123		4,494
OSI Systems, Inc. (b)		940		94,696
PC Connection, Inc.		800		39,728
Perficient, Inc. (b)		2,600		119,782
Perspecta, Inc.		6,810		180,056
Plantronics, Inc.		2,300		62,882
Plexus Corp. (b)		800		61,552
Progress Software Corp.		2,733		113,556
Rogers Corp. (b)		459		57,251
Sanmina Corp. (b)		17,076		584,682
ScanSource, Inc. (b)		2,100		77,595
Semtech Corp. (b)		1,050		55,545
StarTek, Inc. (b)		2,760		22,025
Super Micro Computer, Inc. (b)		3,500		84,070
Synaptics, Inc. (b)		450		29,596
SYNNEX Corp.		530		68,264
Tech Data Corp. (b)		1,061		152,360
Unisys Corp. (b)		8,039		95,342
Veeco Instruments, Inc. (b)		290		4,259
Verint Systems, Inc. (b)		1,185		65,602
Vishay Intertechnology, Inc.		2,800		59,612
Vishay Precision Group, Inc. (b)		408		13,872
WNS Holdings Ltd. - ADR (b)		3,339		220,875
Xperi Corp.		280		5,180
				4,604,116
Materials - 3.3%
American Vanguard Corp.		3,200		62,304
Ashland Global Holdings, Inc.		3,415		261,350
Cabot Corp.		1,300		61,776
Century Aluminum Co. (b)		7,700		57,865
Cleveland-Cliffs, Inc. (c)		7,330		61,572
Commercial Metals Co.		3,020		67,255
Domtar Corp.		1,500		57,360
FutureFuel Corp.		3,100		38,409
Greif, Inc. - Class A		1,205		53,261
Haynes International, Inc.		270		9,661
Innophos Holdings, Inc.		1,193		38,152
Innospec, Inc.		870		89,993
Kaiser Aluminum Corp.		1,032		114,438
Livent Corp. (b)		6,900		58,995
Materion Corp.		2,203		130,968
Mercer International, Inc.		4,800		59,040
Minerals Technologies, Inc.		1,000		57,630
PH Glatfelter Co.		190		3,477
PolyOne Corp.		600		22,074
Ryerson Holding Corp. (b)		1,430		16,917
Schnitzer Steel Industries, Inc. - Class A		900		19,512
Silgan Holdings, Inc.		700		21,756
SunCoke Energy, Inc.		9,730		60,618
Trecora Resources (b)		1,900		13,585
Tredegar Corp.		1,060		23,691
Trinseo SA		2,100		78,141
Tronox Holdings PLC - Class A		190		2,170
UFP Technologies, Inc. (b)		901		44,699
Verso Corp. - Class A (b)		3,550		64,007
Warrior Met Coal, Inc.		6,840		144,529
Worthington Industries, Inc.		1,450		61,161
WR Grace & Co.		1,673		116,859
				1,973,225
Real Estate - 6.0%
Alexander & Baldwin, Inc.		2,400		50,304
American Campus Communities, Inc.		2,933		137,939
CatchMark Timber Trust, Inc.		2,072		23,766
Chatham Lodging Trust		2,060		37,780
Colony Capital, Inc.		17,100		81,225
CoreCivic, Inc.		11,096		192,849
CubeSmart		13,186		415,095
DiamondRock Hospitality Co.		8,210		90,967
First Industrial Realty Trust, Inc.		4,490		186,380
Franklin Street Properties Corp.		970		8,303
Healthcare Realty Trust, Inc.		3,360		112,123
iStar, Inc.		11,570		167,881
Jones Lang LaSalle, Inc.		949		165,211
Lexington Realty Trust		4,860		51,613
Monmouth Real Estate Investment Corp.		3,590		51,983
National Health Investors, Inc.		621		50,599
Office Properties Income Trust		8,080		259,691
Pebblebrook Hotel Trust		9,680		259,521
Physicians Realty Trust		370		7,008
Piedmont Office Realty Trust, Inc. - Class A		6,650		147,896
PS Business Parks, Inc.		294		48,472
RE/MAX Holdings, Inc.		2,977		114,585
Retail Opportunity Investments Corp.		420		7,417
RLJ Lodging Trust		13,690		242,587
Sabra Health Care REIT, Inc.		3,220		68,715
Senior Housing Properties Trust		20,137		169,956
Seritage Growth Properties - Class A		2,000		80,160
STAG Industrial, Inc.		417		13,165
Summit Hotel Properties, Inc.		5,190		64,045
Sunstone Hotel Investors, Inc.		10,120		140,870
Tanger Factory Outlet Centers, Inc.		7,114		104,789
Urban Edge Properties		910		17,454
Washington Real Estate Investment Trust		2,630		76,743
				3,647,092
Utilities - 3.8%
ALLETE, Inc.		2,130		172,892
Artesian Resources Corp. - Class A		1,799		66,941
Avista Corp.		2,860		137,537
Black Hills Corp.		440		34,558
Clearway Energy, Inc. - Class A		11,830		226,190
El Paso Electric Co.		1,880		127,633
MGE Energy, Inc.		781		61,558
New Jersey Resources Corp.		340		15,154
NorthWestern Corp.		1,100		78,837
ONE Gas, Inc.		2,272		212,591
Otter Tail Corp.		3,035		155,665
PNM Resources, Inc.		2,790		141,481
Portland General Electric Co.		1,785		99,585
South Jersey Industries, Inc.		10,022		330,526
Southwest Gas Holdings, Inc.		1,000		75,970
Spire, Inc.		900		74,979
Star Group LP		4,200		39,732
Suburban Propane Partners LP		3,600		78,660
The York Water Co.		294		13,556
UGI Corp.		2,856		128,977
				2,273,022
Total Common Stocks (Cost $55,638,370)			$	59,211,186

SHORT-TERM INVESTMENT - 1.8%
Money Market Fund - 1.8%
First American Government Obligations Fund - Class X, 1.508% (d)(e)		1,093,747	$	1,093,747
Total Short-Term Investment (Cost $1,093,747)			$	1,093,747


Total Investments at Value (Cost $56,732,117) - 99.8%			$	60,304,933
Other Assets in Excess of Liabilities - 0.2%				127,760
Net Assets - 100.0%			$	60,432,693

Percentages are stated as a percent of net assets.

ADR American Depository Receipt

(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, 2019. The total market value of securities on loan at December 31, 2019 was $3,294.

(d)

Rate listed is the 7-day effective yield as of December 31, 2019.

(e)

A portion of this security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2019 was $3,592.

WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE 5000 INDEX FUND	December 31, 2019
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 99.0% (a)
Communication Services - 9.4%
Activision Blizzard, Inc.		4,613	$	274,104
Actua Corp. (b)(c)		100		28
AH Belo Corp. - Class A		90		254
Alphabet, Inc. - Class C (d)		3,983		5,325,351
AMC Entertainment Holdings, Inc. - Class A (e)		107		775
AMC Networks, Inc. - Class A (d)		356		14,062
Ambassadors Group, Inc. (b)(c)(d)		400		–
AT&T, Inc.		47,618		1,860,911
Boingo Wireless, Inc. (d)		750		8,212
Cars.com, Inc. (d)		575		7,027
CenturyLink, Inc.		6,072		80,211
Charter Communications, Inc. - Class A (d)		1,158		561,723
Cinemark Holdings, Inc.		775		26,234
Cogent Communications Holdings, Inc.		200		13,162
Comcast Corp. - Class A		27,208		1,223,544
Consolidated Communications Holdings, Inc.		501		1,944
Discovery, Inc. - Class A (d)		798		26,127
DISH Network Corp. - Class A (d)		1,469		52,105
Electronic Arts, Inc. (d)		1,940		208,569
Facebook, Inc. - Class A (d)		14,909		3,060,072
Fox Corp. - Class A		2,196		81,406
Gaia, Inc. (d)		600		4,794
Gannett Co, Inc.		870		5,551
GCI Liberty, Inc. - Class A (d)		681		48,249
Gray Television, Inc. (d)		500		10,720
IAC/InterActiveCorp. (d)		450		112,100
IDT Corp. - Class B (d)		2,496		17,996
Iridium Communications, Inc. (d)		910		22,422
John Wiley & Sons, Inc. - Class A		200		9,704
Liberty Broadband Corp. - Class A (d)		1,381		172,017
Liberty Media Corp.-Liberty Braves - Class A (d)		360		10,674
Liberty Media Corp.-Liberty Formula One - Class A (d)		600		26,268
Liberty Media Corp.-Liberty SiriusXM - Class A (d)		2,252		108,862
Liberty TripAdvisor Holdings, Inc. - Class A (d)		790		5,807
Lions Gate Entertainment Corp. - Class B (d)		1,033		10,258
Live Nation Entertainment, Inc. (d)		1,137		81,261
Loral Space & Communications, Inc. (d)		300		9,696
Match Group, Inc. (d)(e)		595		48,855
Meredith Corp.		300		9,741
MSG Networks, Inc. - Class A (d)		581		10,109
National CineMedia, Inc.		500		3,645
Netflix, Inc. (d)		2,752		890,465
News Corp. - Class A		2,853		40,341
Nexstar Media Group, Inc. - Class A		399		46,783
Omnicom Group, Inc.		844		68,381
Roku, Inc. (d)		290		38,831
Rosetta Stone, Inc. (d)		300		5,442
Scholastic Corp.		325		12,496
Shenandoah Telecommunications Co.		300		12,483
Sinclair Broadcast Group, Inc. - Class A		425		14,170
Sirius XM Holdings, Inc.		14,709		105,169
Snap, Inc. - Class A (d)		5,930		96,837
Spok Holdings, Inc.		400		4,892
Sprint Corp. (d)		5,547		28,900
Take-Two Interactive Software, Inc. (d)		625		76,519
TechTarget, Inc. (d)		800		20,880
TEGNA, Inc.		1,725		28,790
Telephone & Data Systems, Inc.		700		17,801
The E.W. Scripps Co. - Class A		526		8,263
The Interpublic Group of Cos, Inc.		1,552		35,851
The Madison Square Garden Co. - Class A (d)		93		27,360
The Marcus Corp.		100		3,177
The New York Times Co. - Class A		1,050		33,779
The Walt Disney Co.		10,226		1,478,986
T-Mobile US, Inc. (d)		2,125		166,643
Travelzoo (d)		100		1,070
TripAdvisor, Inc.		634		19,261
Twitter, Inc. (d)		5,300		169,865
United States Cellular Corp. (d)		300		10,869
Verizon Communications, Inc.		26,033		1,598,426
ViacomCBS, Inc. - Class B		3,594		150,840
Vonage Holdings Corp. (d)		1,425		10,559
World Wrestling Entertainment, Inc. - Class A		600		38,922
Yelp, Inc. (d)		566		19,714
Zayo Group Holdings, Inc. (d)		1,525		52,841
Zillow Group, Inc. - Class C (d)		748		34,363
Zynga, Inc. - Class A (d)		5,350		32,742
				18,957,261
Consumer Discretionary - 10.1%
1-800-Flowers.com, Inc. - Class A (d)		300		4,350
Aaron's, Inc.		400		22,844
Abercrombie & Fitch Co. - Class A		425		7,348
Adtalem Global Education, Inc. (d)		400		13,988
Advance Auto Parts, Inc.		491		78,639
Amazon.com, Inc. (d)		2,898		5,355,040
American Axle & Manufacturing Holdings, Inc. (d)		550		5,918
American Eagle Outfitters, Inc.		1,225		18,007
American Outdoor Brands Corp. (d)		475		4,408
American Public Education, Inc. (d)		300		8,217
Aramark		1,675		72,695
Autoliv, Inc.		648		54,698
AutoNation, Inc. (d)		525		25,531
AutoZone, Inc. (d)		156		185,844
Beazer Homes USA, Inc. (d)		200		2,826
Bed Bath & Beyond, Inc.		1,125		19,462
Best Buy Co., Inc.		1,625		142,675
Big Lots, Inc.		200		5,744
Booking Holdings, Inc. (d)		258		529,862
BorgWarner, Inc.		1,310		56,828
Boyd Gaming Corp.		725		21,706
Bright Horizons Family Solutions, Inc. (d)		300		45,087
Brinker International, Inc.		175		7,350
Brunswick Corp.		550		32,989
Burlington Stores, Inc. (d)		448		102,157
Caleres, Inc.		425		10,094
Callaway Golf Co.		500		10,600
Career Education Corp. (d)		500		9,195
CarMax, Inc. (d)		930		81,533
Carnival Corp.		2,825		143,595
Carter's, Inc.		382		41,768
Cavco Industries, Inc. (d)		100		19,538
Chegg, Inc. (d)		740		28,053
Chipotle Mexican Grill, Inc. (d)		157		131,426
Choice Hotels International, Inc.		450		46,543
Churchill Downs, Inc.		201		27,577
Citi Trends, Inc.		50		1,156
Collectors Universe, Inc.		110		2,535
Columbia Sportswear Co.		100		10,019
Conn's, Inc. (d)		500		6,195
Cooper Tire & Rubber Co.		425		12,219
Core-Mark Holding Co, Inc.		206		5,601
Cracker Barrel Old Country Store, Inc.		191		29,364
Crocs, Inc. (d)		1,200		50,268
CSS Industries, Inc.		50		220
Dana, Inc.		900		16,380
Darden Restaurants, Inc.		823		89,715
Dave & Buster's Entertainment, Inc.		300		12,051
Deckers Outdoor Corp. (d)		25		4,222
Designer Brands, Inc. - Class A		550		8,657
Dick's Sporting Goods, Inc.		527		26,081
Dillard's, Inc. - Class A (e)		347		25,498
Dollar General Corp.		1,696		264,542
Dollar Tree, Inc. (d)		1,546		145,401
Domino's Pizza, Inc.		279		81,965
Dorman Products, Inc. (d)		200		15,144
DR Horton, Inc.		2,073		109,351
Dunkin' Brands Group, Inc.		600		45,324
eBay, Inc.		4,825		174,231
Etsy, Inc. (d)		740		32,782
Expedia Group, Inc.		894		96,677
Fiesta Restaurant Group, Inc. (d)		300		2,967
Five Below, Inc. (d)		200		25,572
Floor & Decor Holdings, Inc. - Class A (d)		430		21,848
Foot Locker, Inc.		1,025		39,965
Ford Motor Co.		25,100		233,430
Fossil Group, Inc. (d)		400		3,152
frontdoor, Inc. (d)		487		23,094
GameStop Corp. - Class A (e)		550		3,344
General Motors Co.		8,490		310,734
Gentex Corp.		2,195		63,611
Gentherm, Inc. (d)		75		3,329
Genuine Parts Co.		727		77,229
G-III Apparel Group Ltd. (d)		275		9,213
Golden Entertainment, Inc. (d)		100		1,922
GoPro, Inc. - Class A (d)		300		1,302
Grand Canyon Education, Inc. (d)		200		19,158
Green Brick Partners, Inc. (d)		45		517
Group 1 Automotive, Inc.		223		22,300
Grubhub, Inc. (d)		550		26,752
Guess?, Inc.		400		8,952
H&R Block, Inc.		1,310		30,759
Hanesbrands, Inc.		2,695		40,021
Harley-Davidson, Inc.		1,150		42,769
Hasbro, Inc.		700		73,927
Helen of Troy Ltd. (d)		119		21,395
Hibbett Sports, Inc. (d)		200		5,608
Hilton Grand Vacations, Inc. (d)		105		3,611
Hilton Worldwide Holdings, Inc.		850		94,274
Hooker Furniture Corp.		200		5,138
Hyatt Hotels Corp. - Class A		300		26,913
iRobot Corp. (d)		167		8,455
Jack in the Box, Inc.		236		18,415
K12, Inc. (d)		300		6,105
KB Home		375		12,851
Kohl's Corp.		1,075		54,771
Kontoor Brands, Inc.		339		14,235
L Brands, Inc.		1,484		26,890
Lands' End, Inc. (d)		278		4,670
Las Vegas Sands Corp.		2,727		188,272
La-Z-Boy, Inc.		425		13,379
LCI Industries		154		16,498
Leaf Group Ltd. (d)		200		800
Lear Corp.		500		68,600
Leggett & Platt, Inc.		910		46,255
Lennar Corp. - Class A		1,250		69,738
Lithia Motors, Inc. - Class A		134		19,698
LKQ Corp. (d)		2,100		74,970
Lowe's Cos., Inc.		4,846		580,357
Lumber Liquidators Holdings, Inc. (d)		241		2,355
Macy's, Inc.		2,223		37,791
Marine Products Corp.		700		10,080
Marriott International, Inc. - Class A		2,199		332,995
Marriott Vacations Worldwide Corp.		244		31,417
Mattel, Inc. (d)		2,255		30,555
McDonald's Corp.		4,938		975,798
MDC Holdings, Inc.		330		12,593
Meritage Homes Corp. (d)		200		12,222
MGM Resorts International		3,300		109,791
Mohawk Industries, Inc. (d)		392		53,461
Monro, Inc.		325		25,415
Motorcar Parts of America, Inc. (d)		300		6,609
Movado Group, Inc.		300		6,522
Murphy USA, Inc. (d)		296		34,632
Newell Brands, Inc.		3,415		65,636
NIKE, Inc. - Class B		8,849		896,492
Nordstrom, Inc.		1,000		40,930
Norwegian Cruise Line Holdings Ltd. (d)		325		18,983
NVR, Inc. (d)		30		114,252
Ollie's Bargain Outlet Holdings, Inc. (d)		310		20,246
O'Reilly Automotive, Inc. (d)		510		223,513
Oxford Industries, Inc.		50		3,771
Papa John's International, Inc.		173		10,925
Penn National Gaming, Inc. (d)		178		4,550
Penske Automotive Group, Inc.		350		17,577
Planet Fitness, Inc. - Class A (d)		440		32,859
Polaris, Inc.		340		34,578
Pool Corp.		313		66,475
PulteGroup, Inc.		1,915		74,302
PVH Corp.		543		57,096
Qurate Retail, Inc. - Series A (d)		2,919		24,607
Ralph Lauren Corp.		406		47,591
RCI Hospitality Holdings, Inc.		300		6,150
Regis Corp. (d)		200		3,574
RH (d)		116		24,766
Rocky Brands, Inc.		100		2,943
Ross Stores, Inc.		2,205		256,706
Royal Caribbean Cruises Ltd.		1,087		145,125
Sally Beauty Holdings, Inc. (d)		700		12,775
SeaWorld Entertainment, Inc. (d)		685		21,721
Service Corp International		1,250		57,538
ServiceMaster Global Holdings, Inc. (d)		975		37,694
Shoe Carnival, Inc.		600		22,368
Shutterstock, Inc. (d)		122		5,231
Signet Jewelers Ltd.		620		13,479
Six Flags Entertainment Corp.		600		27,066
Skechers U.S.A., Inc. - Class A (d)		750		32,393
Sleep Number Corp. (d)		188		9,257
Sonic Automotive, Inc. - Class A		300		9,300
Stamps.com, Inc. (d)		129		10,774
Starbucks Corp.		8,383		737,033
Steven Madden Ltd.		450		19,355
Strategic Education, Inc.		87		13,824
Tailored Brands, Inc. (e)		475		1,967
Tapestry, Inc.		1,900		51,243
Target Corp.		3,491		447,581
Tempur Sealy International, Inc. (d)		298		25,944
Tenneco, Inc. - Class A		450		5,895
Tesla, Inc. (d)		643		268,986
Texas Roadhouse, Inc.		475		26,752
The Buckle, Inc.		350		9,464
The Cato Corp. - Class A		300		5,220
The Cheesecake Factory, Inc.		300		11,658
The Children's Place, Inc.		132		8,253
The Gap, Inc.		1,550		27,404
The Goodyear Tire & Rubber Co.		1,825		28,388
The Home Depot, Inc.		7,074		1,544,820
The Rubicon Project, Inc. (d)		1,790		14,606
The TJX Cos., Inc.		7,876		480,909
The Wendy's Co.		1,925		42,754
Thor Industries, Inc.		381		28,304
Tiffany & Co.		735		98,233
Toll Brothers, Inc.		1,050		41,486
TopBuild Corp. (d)		325		33,501
Tractor Supply Co.		851		79,517
TRI Pointe Group, Inc. (d)		1,100		17,138
Tupperware Brands Corp.		300		2,574
Ulta Beauty, Inc. (d)		369		93,409
Under Armour, Inc. - Class A (d)		2,425		52,380
Universal Electronics, Inc. (d)		200		10,452
Urban Outfitters, Inc. (d)		800		22,216
Vail Resorts, Inc.		190		45,568
Veoneer, Inc. (d)		648		10,122
VF Corp.		2,375		236,693
Vista Outdoor, Inc. (d)		400		2,992
Visteon Corp. (d)		261		22,600
Wayfair, Inc. - Class A (d)		300		27,111
Whirlpool Corp.		384		56,652
Williams-Sonoma, Inc.		500		36,720
Wingstop, Inc.		220		18,971
Winnebago Industries, Inc.		175		9,272
Wolverine World Wide, Inc.		725		24,462
Wyndham Destinations, Inc.		620		32,048
Wyndham Hotels & Resorts, Inc.		620		38,942
Wynn Resorts Ltd.		621		86,238
Yum! Brands, Inc.		2,289		230,571
Zumiez, Inc. (d)		300		10,362
				20,383,567
Consumer Staples - 6.7%
Alico, Inc.		200		7,166
Altria Group, Inc.		11,691		583,498
Archer-Daniels-Midland Co.		3,686		170,846
B&G Foods, Inc.		250		4,483
Brown-Forman Corp. - Class B		1,505		101,738
Bunge Ltd.		1,050		60,428
Cal-Maine Foods, Inc.		18		770
Campbell Soup Co.		1,350		66,717
Casey's General Stores, Inc.		287		45,630
Church & Dwight Co, Inc.		1,606		112,966
Colgate-Palmolive Co.		4,991		343,580
Conagra Brands, Inc.		3,741		128,092
Constellation Brands, Inc. - Class A		1,196		226,941
Costco Wholesale Corp.		2,971		873,236
Coty, Inc. - Class A		2,800		31,500
Darling Ingredients, Inc. (d)		975		27,378
Edgewell Personal Care Co. (d)		446		13,808
elf Beauty, Inc. (d)		300		4,839
Energizer Holdings, Inc.		592		29,730
Flowers Foods, Inc.		1,580		34,349
Fresh Del Monte Produce, Inc.		100		3,498
General Mills, Inc.		3,975		212,901
Herbalife Nutrition Ltd. (d)		1,300		61,971
Hormel Foods Corp.		1,875		84,581
Ingles Markets, Inc. - Class A		150		7,127
Ingredion, Inc.		271		25,189
Inter Parfums, Inc.		300		21,813
J&J Snack Foods Corp.		70		12,899
Kellogg Co.		1,903		131,611
Keurig Dr Pepper, Inc.		1,258		36,419
Kimberly-Clark Corp.		2,271		312,376
Lamb Weston Holdings, Inc.		1,157		99,537
Lancaster Colony Corp.		112		17,931
Mannatech, Inc.		70		1,096
McCormick & Co, Inc.		677		114,907
Medifast, Inc.		140		15,341
MGP Ingredients, Inc.		200		9,690
Molson Coors Brewing Co. - Class B		1,163		62,686
Mondelez International, Inc. - Class A		10,031		552,507
Monster Beverage Corp. (d)		2,696		171,331
Nu Skin Enterprises, Inc. - Class A		325		13,319
PepsiCo, Inc.		9,119		1,246,294
Philip Morris International, Inc.		10,236		870,981
Pilgrim's Pride Corp. (d)		650		21,265
Post Holdings, Inc. (d)		438		47,786
PriceSmart, Inc.		115		8,167
Sanderson Farms, Inc.		143		25,199
SpartanNash Co.		400		5,696
Spectrum Brands Holdings, Inc.		277		17,808
Sprouts Farmers Market, Inc. (d)		300		5,805
Sysco Corp.		3,410		291,691
The Andersons, Inc.		75		1,896
The Boston Beer Co, Inc. - Class A (d)		100		37,785
The Clorox Co.		850		130,509
The Coca-Cola Co.		25,840		1,430,244
The Estee Lauder Cos., Inc. - Class A		1,451		299,690
The Hain Celestial Group, Inc. (d)		600		15,573
The Hershey Co.		929		136,544
The JM Smucker Co.		852		88,719
The Kraft Heinz Co.		4,215		135,428
The Kroger Co.		5,485		159,010
The Procter & Gamble Co.		16,180		2,020,882
Tootsie Roll Industries, Inc.		27		922
TreeHouse Foods, Inc. (d)		385		18,673
Tyson Foods, Inc. - Class A		1,911		173,977
United Natural Foods, Inc. (d)		150		1,314
US Foods Holding Corp. (d)		935		39,167
USANA Health Sciences, Inc. (d)		118		9,269
Vector Group Ltd.		938		12,560
Walgreens Boots Alliance, Inc.		5,059		298,279
Walmart, Inc.		9,309		1,106,282
WD-40 Co.		45		8,736
				13,502,576
Energy - 4.0%
Apache Corp.		2,913		74,544
Apergy Corp. (d)		565		19,086
Arch Coal, Inc. - Class A		163		11,694
Archrock, Inc.		812		8,152
Baker Hughes Co.		4,795		122,896
BP Prudhoe Bay Royalty Trust		300		2,064
Cabot Oil & Gas Corp.		3,325		57,888
California Resources Corp. (d)		472		4,262
Callon Petroleum Co. (d)		2,200		10,626
Cheniere Energy, Inc. (d)		1,625		99,239
Chevron Corp.		12,173		1,466,968
Cimarex Energy Co.		596		31,284
CNX Resources Corp. (d)		1,650		14,602
Concho Resources, Inc.		1,020		89,321
ConocoPhillips		7,002		455,340
CONSOL Energy, Inc. (d)		206		2,989
Continental Resources, Inc.		830		28,469
Cross Timbers Royalty Trust		200		1,746
Delek US Holdings, Inc.		301		10,093
Devon Energy Corp.		3,766		97,803
Diamond Offshore Drilling, Inc. (d)(e)		850		6,111
Diamondback Energy, Inc.		850		78,931
DMC Global, Inc.		400		17,976
Dril-Quip, Inc. (d)		145		6,802
EOG Resources, Inc.		3,898		326,496
EQT Corp.		1,339		14,595
Equitrans Midstream Corp.		1,071		14,309
Era Group, Inc. (d)		300		3,051
Exterran Corp. (d)		406		3,179
Exxon Mobil Corp.		27,418		1,913,228
Geospace Technologies Corp. (d)		226		3,790
Green Plains, Inc.		300		4,629
Gulf Island Fabrication, Inc. (d)		381		1,932
Halliburton Co.		5,931		145,132
Helix Energy Solutions Group, Inc. (d)		1,000		9,630
Helmerich & Payne, Inc.		550		24,987
Hess Corp.		2,024		135,223
HollyFrontier Corp.		1,158		58,722
Kinder Morgan, Inc.		13,180		279,021
KLX Energy Services Holdings, Inc. (d)		126		811
Marathon Oil Corp.		5,647		76,686
Marathon Petroleum Corp.		4,001		241,060
Matador Resources Co. (d)		375		6,739
Matrix Service Co. (d)		450		10,296
Murphy Oil Corp.		1,025		27,470
NACCO Industries, Inc. - Class A		300		14,049
National Oilwell Varco, Inc.		2,661		66,658
Newpark Resources, Inc. (d)		875		5,486
Noble Energy, Inc.		2,476		61,504
Occidental Petroleum Corp.		6,581		271,203
Oceaneering International, Inc. (d)		500		7,455
Oil States International, Inc. (d)		200		3,262
ONEOK, Inc.		1,905		144,151
Parsley Energy, Inc. - Class A		1,425		26,947
Patterson-UTI Energy, Inc.		1,100		11,550
PBF Energy, Inc. - Class A		625		19,606
PDC Energy, Inc. (d)		375		9,814
Phillips 66		3,213		357,960
Pioneer Natural Resources Co.		1,221		184,823
QEP Resources, Inc.		1,750		7,875
Range Resources Corp.		1,339		6,494
Renewable Energy Group, Inc. (d)		114		3,072
RPC, Inc.		587		3,076
Schlumberger Ltd.		9,396		377,719
SFL Corp. Ltd.		575		8,361
SM Energy Co.		450		5,058
SRC Energy, Inc. (d)		1,175		4,841
Targa Resources Corp.		1,255		51,242
Teekay Corp.		775		4,123
The Williams Cos., Inc.		5,250		124,530
Valero Energy Corp.		2,994		280,388
Whiting Petroleum Corp. (d)		480		3,523
World Fuel Services Corp.		475		20,625
WPX Energy, Inc. (d)		2,675		36,755
				8,142,022
Financials - 13.8%
Affiliated Managers Group, Inc.		428		36,269
Aflac, Inc.		3,970		210,013
AGNC Investment Corp.		2,175		38,454
Alleghany Corp. (d)		127		101,545
Ally Financial, Inc.		3,625		110,780
American Equity Investment Life Holding Co.		625		18,706
American Express Co.		4,313		536,925
American Financial Group, Inc.		446		48,904
American International Group, Inc.		6,150		315,679
American National Insurance Co.		181		21,300
Ameriprise Financial, Inc.		905		150,755
Ameris Bancorp		300		12,762
Annaly Capital Management, Inc.		6,939		65,365
Apollo Commercial Real Estate Finance, Inc.		600		10,974
Apollo Investment Corp.		575		10,039
Arbor Realty Trust, Inc.		201		2,884
Arch Capital Group Ltd. (d)		1,857		79,647
Ares Capital Corp.		3,355		62,571
Argo Group International Holdings Ltd.		72		4,734
Arlington Asset Investment Corp. - Class A		4		22
Arthur J Gallagher & Co.		1,225		116,657
Artisan Partners Asset Management, Inc. - Class A		300		9,696
Ashford, Inc. (d)		6		142
Associated Banc-Corp		900		19,836
Assurant, Inc.		337		44,174
Assured Guaranty Ltd.		775		37,991
Atlantic Union Bankshares Corp.		275		10,326
Axis Capital Holdings Ltd.		475		28,234
Axos Financial, Inc. (d)		372		11,264
BancorpSouth Bank		675		21,202
Bank of America Corp.		56,308		1,983,168
Bank of Hawaii Corp.		303		28,833
Bank OZK		765		23,336
BankFinancial Corp.		700		9,156
BankUnited, Inc.		825		30,162
Banner Corp.		300		16,977
Barings BDC, Inc.		350		3,598
Berkshire Hathaway, Inc. - Class B (d)		14,686		3,326,379
Berkshire Hills Bancorp, Inc.		300		9,864
BGC Partners, Inc. - Class A		1,650		9,801
BlackRock, Inc.		862		433,327
Blackstone Mortgage Trust, Inc. - Class A		600		22,332
Blucora, Inc. (d)		250		6,535
BOK Financial Corp.		296		25,870
Boston Private Financial Holdings, Inc.		500		6,015
Bridge Bancorp, Inc.		300		10,059
Brighthouse Financial, Inc. (d)		608		23,852
Brookline Bancorp, Inc.		500		8,230
Brown & Brown, Inc.		1,800		71,064
Camden National Corp.		150		6,909
Capital City Bank Group, Inc.		350		10,675
Capital One Financial Corp.		3,012		309,965
Capitol Federal Financial, Inc.		1,000		13,730
Capstead Mortgage Corp.		700		5,544
Cathay General Bancorp		463		17,617
CBOE Global Markets, Inc.		590		70,800
CenterState Bank Corp.		367		9,168
Central Pacific Financial Corp.		300		8,874
Chimera Investment Corp.		1,455		29,915
Cincinnati Financial Corp.		1,135		119,345
CIT Group, Inc.		940		42,892
Citigroup, Inc.		14,925		1,192,358
Citizens Financial Group, Inc.		3,375		137,059
CME Group, Inc.		2,138		429,139
CNA Financial Corp.		300		13,443
CNO Financial Group, Inc.		1,100		19,943
Cohen & Steers, Inc.		50		3,138
Columbia Banking System, Inc.		276		11,229
Comerica, Inc.		1,083		77,705
Commerce Bancshares, Inc.		796		54,073
Community Bank System, Inc.		200		14,188
Community Trust Bancorp, Inc.		110		5,130
Crawford & Co. - Class B		200		2,030
Credit Acceptance Corp. (d)		112		49,541
Cullen/Frost Bankers, Inc.		332		32,463
CVB Financial Corp.		600		12,948
Discover Financial Services		2,405		203,992
Donnelley Financial Solutions, Inc. (d)		159		1,665
E*TRADE Financial Corp.		1,638		74,316
Eagle Bancorp, Inc.		300		14,589
East West Bancorp, Inc.		1,025		49,917
Eaton Vance Corp.		850		39,686
eHealth, Inc. (d)		175		16,814
Employers Holdings, Inc.		75		3,131
Encore Capital Group, Inc. (d)		200		7,072
Enova International, Inc. (d)		297		7,146
Enstar Group Ltd. (d)		120		24,823
Enterprise Financial Services Corp.		50		2,410
Erie Indemnity Co. - Class A		174		28,884
Evercore, Inc. - Class A		350		26,166
Everest Re Group Ltd.		226		62,566
Exantas Capital Corp.		50		590
EZCORP, Inc. - Class A (d)		1,000		6,820
FactSet Research Systems, Inc.		250		67,075
FBL Financial Group, Inc. - Class A		300		17,679
Federated Investors, Inc. - Class B		700		22,813
FedNat Holding Co.		200		3,326
Fidelity National Financial, Inc.		1,909		86,573
Fifth Third Bancorp		6,059		186,254
Financial Institutions, Inc.		200		6,420
First American Financial Corp.		527		30,735
First BanCorp		1,366		14,466
First Bancorp/Southern Pines NC		300		11,973
First Busey Corp.		325		8,937
First Citizens BancShares, Inc. - Class A		50		26,610
First Commonwealth Financial Corp.		800		11,608
First Community Bankshares, Inc.		425		13,183
First Financial Bancorp		991		25,211
First Financial Bankshares, Inc.		600		21,060
First Financial Corp.		100		4,572
First Hawaiian, Inc.		300		8,655
First Horizon National Corp.		1,617		26,778
First Interstate BancSystem, Inc. - Class A		300		12,576
First Merchants Corp.		425		17,676
First Midwest Bancorp, Inc.		800		18,448
First Republic Bank		1,013		118,977
FirstCash, Inc.		221		17,819
FNB Corp.		2,460		31,242
Franklin Resources, Inc.		2,621		68,094
FS KKR Capital Corp.		1,925		11,800
Fulton Financial Corp.		1,250		21,787
Glacier Bancorp, Inc.		550		25,294
Globe Life, Inc.		566		59,571
Golub Capital BDC, Inc.		475		8,766
Granite Point Mortgage Trust, Inc.		229		4,209
Great Western Bancorp, Inc.		300		10,422
Green Dot Corp. - Class A (d)		250		5,825
Greenhill & Co, Inc.		300		5,124
Hallmark Financial Services, Inc. (d)		100		1,757
Hancock Whitney Corp.		500		21,940
Hanmi Financial Corp.		369		7,378
Heartland Financial USA, Inc.		300		14,922
Hercules Capital, Inc.		775		10,866
Heritage Commerce Corp.		50		641
Hilltop Holdings, Inc.		550		13,712
Home BancShares, Inc.		950		18,677
HomeStreet, Inc. (d)		300		10,200
Hope Bancorp, Inc.		1,092		16,227
Horace Mann Educators Corp.		375		16,373
Huntington Bancshares, Inc.		7,172		108,154
IBERIABANK Corp.		375		28,061
Independent Bank Corp.		300		24,975
Independent Bank Group, Inc.		90		4,990
Interactive Brokers Group, Inc. - Class A		500		23,310
Intercontinental Exchange, Inc.		4,000		370,200
International Bancshares Corp.		400		17,228
INTL. FCStone, Inc. (d)		500		24,415
Invesco Ltd.		1,845		33,173
Invesco Mortgage Capital, Inc.		625		10,406
Investors Bancorp, Inc.		1,325		15,787
Jefferies Financial Group, Inc.		2,432		51,972
JPMorgan Chase & Co.		20,082		2,799,431
Kearny Financial Corp.		828		11,451
Kemper Corp.		300		23,250
KeyCorp		7,726		156,374
Lakeland Financial Corp.		300		14,679
Legg Mason, Inc.		750		26,933
LendingTree, Inc. (d)(e)		90		27,310
Lincoln National Corp.		1,600		94,416
Loews Corp.		1,955		102,618
LPL Financial Holdings, Inc.		200		18,450
M&T Bank Corp.		967		164,148
Main Street Capital Corp.		475		20,477
Markel Corp. (d)		138		157,757
MarketAxess Holdings, Inc.		250		94,778
Marsh & McLennan Cos., Inc.		3,129		348,602
MBIA, Inc. (d)		925		8,603
Mercury General Corp.		300		14,619
Meta Financial Group, Inc.		300		10,953
MetLife, Inc.		5,406		275,544
MFA Financial, Inc.		2,250		17,213
MGIC Investment Corp.		1,500		21,255
Moody's Corp.		1,218		289,165
Morgan Stanley		8,770		448,322
Morningstar, Inc.		207		31,321
MSCI, Inc.		519		133,995
Nasdaq, Inc.		725		77,648
National General Holdings Corp.		525		11,603
Navient Corp.		2,050		28,044
NBT Bancorp, Inc.		200		8,112
Nelnet, Inc. - Class A		25		1,456
New Mountain Finance Corp.		650		8,931
New Residential Investment Corp.		1,400		22,554
New York Community Bancorp, Inc.		3,062		36,805
Northern Trust Corp.		1,738		184,645
Northwest Bancshares, Inc.		875		14,551
Oaktree Specialty Lending Corp.		1,750		9,555
OceanFirst Financial Corp.		100		2,554
OFG Bancorp		432		10,200
Old National Bancorp		950		17,376
Old Republic International Corp.		1,661		37,157
Old Second Bancorp, Inc.		400		5,388
OneMain Holdings, Inc.		300		12,645
Pacific Premier Bancorp, Inc.		300		9,782
PacWest Bancorp		817		31,267
Park National Corp.		87		8,907
PennyMac Mortgage Investment Trust		450		10,031
People's United Financial, Inc.		2,457		41,523
Pinnacle Financial Partners, Inc.		559		35,776
Popular, Inc.		782		45,943
PRA Group, Inc. (d)		300		10,890
Preferred Bank		200		12,018
Primerica, Inc.		300		39,168
Principal Financial Group, Inc.		1,100		60,500
ProAssurance Corp.		230		8,312
Prospect Capital Corp.		2,650		17,066
Prosperity Bancshares, Inc.		698		50,179
Provident Financial Services, Inc.		600		14,790
Prudential Financial, Inc.		2,801		262,566
Pzena Investment Management, Inc. - Class A		2,077		17,904
Radian Group, Inc.		1,445		36,356
Raymond James Financial, Inc.		925		82,751
Redwood Trust, Inc.		450		7,443
Regions Financial Corp.		8,081		138,670
Reinsurance Group of America, Inc.		454		74,029
RenaissanceRe Holdings Ltd.		290		56,846
Renasant Corp.		400		14,168
Republic Bancorp, Inc. - Class A		315		14,742
RLI Corp.		425		38,259
S&P Global, Inc.		1,782		486,575
S&T Bancorp, Inc.		350		14,102
Sandy Spring Bancorp, Inc.		300		11,364
Seacoast Banking Corp of Florida (d)		150		4,586
SEI Investments Co.		975		63,843
Selective Insurance Group, Inc.		300		19,557
ServisFirst Bancshares, Inc.		400		15,072
Signature Bank		387		52,868
Simmons First National Corp. - Class A		438		11,734
SLM Corp.		2,500		22,275
Solar Capital Ltd.		500		10,310
South State Corp.		180		15,615
Southside Bancshares, Inc.		340		12,628
Starwood Property Trust, Inc.		1,825		45,370
State Auto Financial Corp.		400		12,408
State Street Corp.		2,476		195,852
Sterling Bancorp		1,725		36,363
Stewart Information Services Corp.		300		12,237
Stifel Financial Corp.		340		20,621
Stock Yards Bancorp, Inc.		300		12,318
SVB Financial Group (d)		367		92,132
Synchrony Financial		5,225		188,152
Synovus Financial Corp.		947		37,122
T Rowe Price Group, Inc.		1,890		230,278
TCF Financial Corp.		995		46,566
TD Ameritrade Holding Corp.		1,653		82,154
Texas Capital Bancshares, Inc. (d)		384		21,800
TFS Financial Corp.		525		10,332
The Allstate Corp.		1,615		181,607
The Bancorp, Inc. (d)		50		648
The Bank of New York Mellon Corp.		5,683		286,025
The Charles Schwab Corp.		8,189		389,469
The Goldman Sachs Group, Inc.		2,525		580,573
The Hanover Insurance Group, Inc.		300		41,001
The Hartford Financial Services Group, Inc.		2,375		144,329
The PNC Financial Services Group, Inc.		3,334		532,206
The Progressive Corp.		3,875		280,511
The Travelers Cos., Inc.		1,672		228,980
Tompkins Financial Corp.		105		9,608
Towne Bank		553		15,384
TriCo Bancshares		109		4,448
Truist Financial Corp.		9,763		549,852
TrustCo Bank Corp.		1,208		10,473
Trustmark Corp.		425		14,667
Two Harbors Investment Corp.		1,949		28,494
UMB Financial Corp.		243		16,680
Umpqua Holdings Corp.		1,500		26,550
United Bankshares, Inc.		553		21,379
United Community Banks, Inc.		474		14,637
United Community Financial Corp.		317		3,696
United Fire Group, Inc.		300		13,119
United Security Bancshares		406		4,356
Unum Group		1,407		41,028
U.S. Bancorp		10,204		604,995
Valley National Bancorp		2,390		27,366
Value Line, Inc.		200		5,782
Virtus Investment Partners, Inc.		48		5,843
Voya Financial, Inc.		1,275		77,750
Waddell & Reed Financial, Inc. - Class A		525		8,778
Washington Federal, Inc.		433		15,869
Washington Trust Bancorp, Inc.		100		5,379
Webster Financial Corp.		675		36,018
Wells Fargo & Co.		25,727		1,384,113
WesBanco, Inc.		350		13,227
Westamerica Bancorporation		83		5,625
Western Alliance Bancorp		850		48,450
Western New England Bancorp, Inc.		200		1,926
Wintrust Financial Corp.		425		30,133
WisdomTree Investments, Inc.		750		3,630
World Acceptance Corp. (d)		100		8,640
WR Berkley Corp.		1,030		71,173
WSFS Financial Corp.		465		20,455
Zions Bancorp NA		1,480		76,842
				27,950,460
Health Care - 13.5%
Abbott Laboratories		11,795		1,024,514
AbbVie, Inc.		9,790		866,807
ABIOMED, Inc. (d)		250		42,647
Acadia Healthcare Co, Inc. (d)		475		15,779
ACADIA Pharmaceuticals, Inc. (d)		645		27,593
Addus HomeCare Corp. (d)		290		28,194
Aerie Pharmaceuticals, Inc. (d)		350		8,459
Agilent Technologies, Inc.		2,196		187,341
Agios Pharmaceuticals, Inc. (d)		300		14,325
Aldeyra Therapeutics, Inc. (d)		1,990		11,562
Alexion Pharmaceuticals, Inc. (d)		1,349		145,894
Align Technology, Inc. (d)		454		126,684
Alkermes PLC (d)		1,000		20,400
Allergan PLC		2,309		441,412
Allscripts Healthcare Solutions, Inc. (d)		1,225		12,023
Alnylam Pharmaceuticals, Inc. (d)		1,043		120,122
AMAG Pharmaceuticals, Inc. (d)		100		1,217
Amedisys, Inc. (d)		201		33,551
AmerisourceBergen Corp.		1,144		97,263
Amgen, Inc.		3,950		952,226
Amicus Therapeutics, Inc. (d)		1,225		11,931
AMN Healthcare Services, Inc. (d)		250		15,577
Amneal Pharmaceuticals, Inc. (d)		650		3,133
Anika Therapeutics, Inc. (d)		100		5,185
Anixa Biosciences, Inc. (d)		3,590		11,775
Anthem, Inc.		1,720		519,492
Apellis Pharmaceuticals, Inc. (d)		1,230		37,663
Apyx Medical Corp. (d)		2,030		17,174
Arrowhead Pharmaceuticals, Inc. (d)(e)		1,940		123,054
Assembly Biosciences, Inc. (d)		800		16,368
Avanos Medical, Inc. (d)		297		10,009
Avantor, Inc. (d)		2,050		37,207
Avrobio, Inc. (d)		430		8,656
Axogen, Inc. (d)		550		9,839
Baxter International, Inc.		3,743		312,990
Becton Dickinson and Co.		1,744		474,316
Biogen, Inc. (d)		1,233		365,868
BioMarin Pharmaceutical, Inc. (d)		978		82,690
Bio-Rad Laboratories, Inc. - Class A (d)		99		36,633
Bio-Techne Corp.		232		50,926
Bluebird Bio, Inc. (d)		168		14,742
Blueprint Medicines Corp. (d)		680		54,475
Boston Scientific Corp. (d)		7,964		360,132
Bristol-Myers Squibb Co.		15,801		1,014,266
Brookdale Senior Living, Inc. (d)		1,294		9,407
Bruker Corp.		725		36,953
Cantel Medical Corp.		200		14,180
Capital Senior Living Corp. (d)		100		309
Cardinal Health, Inc.		2,048		103,588
Cardiovascular Systems, Inc. (d)		325		15,792
CareDx, Inc. (d)		790		17,040
Catalent, Inc. (d)		550		30,965
Catalyst Biosciences, Inc. (d)		2,050		13,960
Centene Corp. (d)		2,666		167,611
Cerner Corp.		2,200		161,458
Champions Oncology, Inc. (d)		1,410		11,745
Charles River Laboratories International, Inc. (d)		346		52,855
Chemed Corp.		136		59,739
Cigna Corp.		2,387		488,118
Clovis Oncology, Inc. (d)(e)		300		3,127
Codexis, Inc. (d)		1,187		18,980
Coherus Biosciences, Inc. (d)		590		10,623
Computer Programs & Systems, Inc.		100		2,640
CONMED Corp.		300		33,549
Covetrus, Inc. (d)		356		4,699
CVS Health Corp.		8,658		643,203
Cyclerion Therapeutics, Inc. (d)		100		272
Danaher Corp.		4,019		616,836
DaVita, Inc. (d)		1,033		77,506
DENTSPLY SIRONA, Inc.		1,552		87,828
Dermira, Inc. (d)		300		4,548
DexCom, Inc. (d)		568		124,244
Dynavax Technologies Corp. (d)		425		2,431
Edwards Lifesciences Corp. (d)		1,473		343,636
Elanco Animal Health, Inc. (d)		1,490		43,880
Eli Lilly & Co.		6,092		800,672
Emergent BioSolutions, Inc. (d)		293		15,807
Encompass Health Corp.		650		45,025
Evolent Health, Inc. - Class A (d)		1,020		9,231
Exact Sciences Corp. (d)		865		79,995
Exelixis, Inc. (d)		1,875		33,037
Fate Therapeutics, Inc. (d)		1,270		24,854
FibroGen, Inc. (d)		280		12,009
G1 Therapeutics, Inc. (d)		570		15,065
Galectin Therapeutics, Inc. (d)		3,690		10,553
Gilead Sciences, Inc.		8,247		535,890
Glaukos Corp. (d)		280		15,252
Global Blood Therapeutics, Inc. (d)		370		29,411
Guardant Health, Inc. (d)		390		30,475
Haemonetics Corp. (d)		250		28,725
Halozyme Therapeutics, Inc. (d)		750		13,297
Hanger, Inc. (d)		350		9,664
Harrow Health, Inc. (d)		2,920		22,718
HCA Healthcare, Inc.		1,903		281,282
HealthEquity, Inc. (d)		430		31,850
Henry Schein, Inc. (d)		890		59,381
Hill-Rom Holdings, Inc.		300		34,059
HMS Holdings Corp. (d)		525		15,540
Hologic, Inc. (d)		1,777		92,777
Homology Medicines, Inc. (d)		1,450		30,015
Horizon Therapeutics PLC (d)		1,125		40,725
Humana, Inc.		848		310,809
ICU Medical, Inc. (d)		100		18,712
IDEXX Laboratories, Inc. (d)		599		156,417
Illumina, Inc. (d)		752		249,468
Immunomedics, Inc. (d)		1,410		29,836
Incyte Corp. (d)		1,343		117,271
Innoviva, Inc. (d)		1,000		14,160
Insulet Corp. (d)		175		29,960
Integer Holdings Corp. (d)		300		24,129
Integra LifeSciences Holdings Corp. (d)		378		22,030
Intercept Pharmaceuticals, Inc. (d)		137		16,977
Intrexon Corp. (d)		400		2,192
IntriCon Corp. (d)		370		6,660
Intuitive Surgical, Inc. (d)		575		339,911
Invitae Corp. (d)		750		12,098
Ionis Pharmaceuticals, Inc. (d)		700		42,287
IQVIA Holdings, Inc. (d)		1,031		159,300
Ironwood Pharmaceuticals, Inc. (d)		1,000		13,310
Johnson & Johnson		16,915		2,467,391
Kindred Biosciences, Inc. (d)		1,780		15,094
Laboratory Corp of America Holdings (d)		670		113,344
Lannett Co, Inc. (d)		300		2,646
LHC Group, Inc. (d)		100		13,776
Ligand Pharmaceuticals, Inc. (d)		164		17,104
Madrigal Pharmaceuticals, Inc. (d)		60		5,467
Magellan Health, Inc. (d)		100		7,825
Marker Therapeutics, Inc. (d)		2,160		6,221
Masimo Corp. (d)		300		47,418
McKesson Corp.		1,288		178,156
MEDNAX, Inc. (d)		600		16,674
Merck & Co, Inc.		17,035		1,549,333
Meridian Bioscience, Inc.		375		3,664
Mettler-Toledo International, Inc. (d)		170		134,858
Molina Healthcare, Inc. (d)		300		40,707
Momenta Pharmaceuticals, Inc. (d)		200		3,946
MTBC, Inc. (d)		3,710		15,063
MyoKardia, Inc. (d)		420		30,612
Myriad Genetics, Inc. (d)		450		12,254
Natera, Inc. (d)		550		18,530
Natus Medical, Inc. (d)		75		2,474
Nektar Therapeutics (d)		650		14,030
Neogen Corp. (d)		466		30,411
Neurocrine Biosciences, Inc. (d)		500		53,745
Nevro Corp. (d)		162		19,041
NextGen Healthcare, Inc. (d)		575		9,240
NuVasive, Inc. (d)		290		22,429
Omnicell, Inc. (d)		375		30,645
Pacira BioSciences, Inc. (d)		75		3,398
Paratek Pharmaceuticals, Inc. (d)		6		24
Patterson Cos., Inc.		575		11,776
Penumbra, Inc. (d)		196		32,197
PerkinElmer, Inc.		492		47,773
Pfizer, Inc.		35,362		1,385,483
Portola Pharmaceuticals, Inc. (d)		300		7,164
PRA Health Sciences, Inc. (d)		300		33,345
Premier, Inc. - Class A (d)		350		13,258
Prestige Consumer Healthcare, Inc. (d)		350		14,175
Pro-Dex, Inc. (d)		1,220		21,411
Progenics Pharmaceuticals, Inc. (d)		800		4,072
PTC Therapeutics, Inc. (d)		470		22,574
Puma Biotechnology, Inc. (d)		254		2,223
Quest Diagnostics, Inc.		877		93,655
Quidel Corp. (d)		300		22,509
R1 RCM, Inc. (d)		2,200		28,556
Ra Pharmaceuticals, Inc. (d)		510		23,934
Regeneron Pharmaceuticals, Inc. (d)		469		176,100
REGENXBIO, Inc. (d)		410		16,798
Repligen Corp. (d)		300		27,750
ResMed, Inc.		800		123,976
Sage Therapeutics, Inc. (d)		300		21,657
Sarepta Therapeutics, Inc. (d)		400		51,616
SeaSpine Holdings Corp. (d)		1,280		15,373
Seattle Genetics, Inc. (d)		957		109,347
Select Medical Holdings Corp. (d)		725		16,922
Sientra, Inc. (d)		1,590		14,215
Simulations Plus, Inc.		600		17,442
STAAR Surgical Co. (d)		460		16,178
Stryker Corp.		1,986		416,941
Syneos Health, Inc. (d)		300		17,843
Syros Pharmaceuticals, Inc. (d)		1,310		9,052
Tandem Diabetes Care, Inc. (d)		410		24,440
Teladoc Health, Inc. (d)		350		29,302
Teleflex, Inc.		200		75,288
Tenet Healthcare Corp. (d)		631		23,997
The Cooper Cos., Inc.		300		96,387
The Ensign Group, Inc.		300		13,611
The Joint Corp. (d)		980		15,817
The Medicines Co. (d)		350		29,729
The Pennant Group, Inc. (d)		150		4,961
The Providence Service Corp. (d)		200		11,836
TherapeuticsMD, Inc. (d)(e)		1,275		3,086
Thermo Fisher Scientific, Inc.		2,721		883,971
Tivity Health, Inc. (d)		64		1,302
Ultragenyx Pharmaceutical, Inc. (d)		207		8,841
United Therapeutics Corp. (d)		288		25,367
UnitedHealth Group, Inc.		6,246		1,836,199
Universal Health Services, Inc. - Class B		562		80,625
Varex Imaging Corp. (d)		282		8,406
Varian Medical Systems, Inc. (d)		607		86,200
Veeva Systems, Inc. - Class A (d)		725		101,979
Veracyte, Inc. (d)		1,500		41,880
Vericel Corp. (d)		1,410		24,534
Vertex Pharmaceuticals, Inc. (d)		1,349		295,364
Waters Corp. (d)		464		108,414
WellCare Health Plans, Inc. (d)		329		108,639
West Pharmaceutical Services, Inc.		505		75,917
Zimmer Biomet Holdings, Inc.		1,472		220,329
Zoetis, Inc.		3,085		408,300
Zogenix, Inc. (d)		410		21,373
				27,223,601
Industrials - 9.6%
3M Co.		3,386		597,358
AAON, Inc.		225		11,117
AAR Corp.		300		13,530
ABM Industries, Inc.		500		18,855
ACCO Brands Corp.		825		7,722
Acme United Corp.		300		7,137
Actuant Corp. - Class A		290		7,549
Acuity Brands, Inc.		275		37,950
AECOM (d)		977		42,138
Aerojet Rocketdyne Holdings, Inc. (d)		500		22,830
AGCO Corp.		400		30,900
Air Lease Corp.		600		28,512
Aircastle Ltd.		500		16,005
Alaska Air Group, Inc.		834		56,503
Albany International Corp. - Class A		100		7,592
Allegiant Travel Co.		233		40,551
Allison Transmission Holdings, Inc.		1,125		54,360
Altra Industrial Motion Corp.		300		10,863
AMERCO		70		26,307
American Airlines Group, Inc.		2,303		66,050
American Woodmark Corp. (d)		130		13,586
AMETEK, Inc.		1,337		133,352
AO Smith Corp.		1,040		49,546
Apogee Enterprises, Inc.		200		6,500
Applied Industrial Technologies, Inc.		375		25,009
ArcBest Corp.		300		8,280
Arconic, Inc.		3,140		96,618
Arcosa, Inc.		350		15,592
Armstrong Flooring, Inc. (d)		100		427
Armstrong World Industries, Inc.		200		18,794
ASGN, Inc. (d)		250		17,742
Astec Industries, Inc.		200		8,400
Astronics Corp. (d)		300		8,385
Avis Budget Group, Inc. (d)		392		12,638
Axon Enterprise, Inc. (d)		325		23,816
AZZ, Inc.		225		10,339
Barnes Group, Inc.		300		18,588
Beacon Roofing Supply, Inc. (d)		500		15,990
BMC Stock Holdings, Inc. (d)		475		13,628
Brady Corp. - Class A		145		8,303
Briggs & Stratton Corp.		150		999
BrightView Holdings, Inc. (d)		830		14,002
Builders FirstSource, Inc. (d)		450		11,434
BWX Technologies, Inc.		612		37,993
Carlisle Cos, Inc.		423		68,458
Casella Waste Systems, Inc. - Class A (d)		100		4,603
Caterpillar, Inc.		3,171		468,293
CBIZ, Inc. (d)		300		8,088
CECO Environmental Corp. (d)		2,970		22,750
CH Robinson Worldwide, Inc.		360		28,152
Chart Industries, Inc. (d)		300		20,247
Cintas Corp.		701		188,625
CIRCOR International, Inc. (d)		184		8,508
Clean Harbors, Inc. (d)		400		34,300
Colfax Corp. (d)		625		22,737
Columbus McKinnon Corp.		400		16,012
Comfort Systems USA, Inc.		300		14,955
Commercial Vehicle Group, Inc. (d)		300		1,905
Copart, Inc. (d)		1,400		127,316
Cornerstone Building Brands, Inc. (d)		500		4,255
CoStar Group, Inc. (d)		225		134,617
Covanta Holding Corp.		850		12,614
Covenant Transportation Group, Inc. - Class A (d)		100		1,292
Crane Co.		325		28,073
CSX Corp.		5,215		377,357
Cubic Corp.		300		19,071
Cummins, Inc.		887		158,738
Curtiss-Wright Corp.		300		42,267
Deere & Co.		1,971		341,495
Delta Air Lines, Inc.		3,900		228,072
Deluxe Corp.		200		9,984
Donaldson Co, Inc.		925		53,298
Dover Corp.		1,131		130,359
DXP Enterprises, Inc. (d)		100		3,981
Dycom Industries, Inc. (d)		211		9,949
Eaton Corp. PLC		2,781		263,416
EMCOR Group, Inc.		500		43,150
Emerson Electric Co.		3,938		300,312
Encore Wire Corp.		200		11,480
Energy Recovery, Inc. (d)		500		4,895
EnerSys		375		28,061
Ennis, Inc.		50		1,082
EnPro Industries, Inc.		178		11,905
Equifax, Inc.		795		111,395
ESCO Technologies, Inc.		200		18,500
Expeditors International of Washington, Inc.		1,250		97,525
Exponent, Inc.		540		37,265
Fastenal Co.		4,250		157,037
Federal Signal Corp.		475		15,319
FedEx Corp.		1,567		236,946
Flowserve Corp.		815		40,563
Fluor Corp.		1,086		20,504
Forrester Research, Inc.		255		10,633
Fortive Corp.		1,525		116,495
Fortune Brands Home & Security, Inc.		1,000		65,340
Forward Air Corp.		300		20,985
Franklin Electric Co, Inc.		275		15,763
FreightCar America, Inc. (d)		500		1,035
FTI Consulting, Inc. (d)		250		27,665
GATX Corp.		325		26,926
General Dynamics Corp.		1,390		245,126
General Electric Co.		57,876		645,896
Gibraltar Industries, Inc. (d)		300		15,132
Graco, Inc.		1,086		56,472
Granite Construction, Inc.		562		15,551
Great Lakes Dredge & Dock Corp. (d)		1,500		16,995
Griffon Corp.		350		7,115
H&E Equipment Services, Inc.		325		10,865
Hawaiian Holdings, Inc.		325		9,519
HD Supply Holdings, Inc. (d)		1,130		45,449
Healthcare Services Group, Inc.		375		9,120
Heartland Express, Inc.		325		6,841
HEICO Corp. - Class A		682		61,059
Heidrick & Struggles International, Inc.		200		6,500
Herc Holdings, Inc. (d)		143		6,998
Heritage-Crystal Clean, Inc. (d)		370		11,607
Herman Miller, Inc.		300		12,495
Hertz Global Holdings, Inc. (d)		430		6,772
Hexcel Corp.		750		54,982
Hillenbrand, Inc.		325		10,826
HNI Corp.		100		3,746
Honeywell International, Inc.		4,552		805,704
Hub Group, Inc. - Class A (d)		50		2,564
Hubbell, Inc.		338		49,963
Huntington Ingalls Industries, Inc.		319		80,031
Hurco Cos., Inc.		400		15,344
Huron Consulting Group, Inc. (d)		200		13,744
Hyster-Yale Materials Handling, Inc.		118		6,957
IAA, Inc. (d)		975		45,884
IDEX Corp.		437		75,164
IES Holdings, Inc. (d)		500		12,830
Illinois Tool Works, Inc.		1,814		325,849
Insperity, Inc.		292		25,124
Insteel Industries, Inc.		300		6,447
Interface, Inc.		500		8,295
ITT, Inc.		600		44,346
Jacobs Engineering Group, Inc.		850		76,356
JB Hunt Transport Services, Inc.		570		66,565
JetBlue Airways Corp. (d)		1,750		32,760
John Bean Technologies Corp.		151		17,012
Johnson Controls International PLC		4,040		164,468
Kaman Corp.		300		19,776
Kansas City Southern		759		116,248
KAR Auction Services, Inc.		975		21,245
Kelly Services, Inc. - Class A		400		9,032
Kennametal, Inc.		475		17,523
Kforce, Inc.		150		5,955
Kimball International, Inc. - Class B		700		14,469
Kirby Corp. (d)		300		26,859
Knight-Swift Transportation Holdings, Inc.		638		22,866
Knoll, Inc.		500		12,630
Korn Ferry		225		9,540
Kratos Defense & Security Solutions, Inc. (d)		10		180
L3Harris Technologies, Inc.		1,557		308,084
Landstar System, Inc.		300		34,161
Lennox International, Inc.		257		62,700
Lincoln Electric Holdings, Inc.		332		32,114
Lockheed Martin Corp.		1,634		636,247
Lyft, Inc. - Class A (d)		870		37,427
ManpowerGroup, Inc.		123		11,943
Marten Transport Ltd.		250		5,373
Masco Corp.		2,050		98,380
MasTec, Inc. (d)		500		32,080
Matson, Inc.		325		13,260
Matthews International Corp. - Class A		100		3,817
McGrath RentCorp		300		22,962
Mercury Systems, Inc. (d)		400		27,644
Meritor, Inc. (d)		550		14,405
Mobile Mini, Inc.		406		15,391
Moog, Inc. - Class A		300		25,599
MSA Safety, Inc.		228		28,810
MSC Industrial Direct Co, Inc. - Class A		245		19,225
Mueller Industries, Inc.		300		9,525
Mueller Water Products, Inc. - Class A		1,600		19,168
Navistar International Corp. (d)		625		18,088
Nordson Corp.		318		51,783
Norfolk Southern Corp.		2,084		404,567
Northrop Grumman Corp.		1,017		349,817
NOW, Inc. (d)		649		7,295
nVent Electric PLC		1,425		36,452
Old Dominion Freight Line, Inc.		500		94,890
Oshkosh Corp.		350		33,128
Owens Corning		800		52,096
PACCAR, Inc.		1,515		119,837
Park Aerospace Corp.		600		9,762
Parker-Hannifin Corp.		877		180,504
Perma-Pipe International Holdings, Inc. (d)		300		2,814
Pitney Bowes, Inc.		1,375		5,541
Primoris Services Corp.		475		10,564
Quanex Building Products Corp.		1,000		17,080
Quanta Services, Inc.		1,050		42,746
Raven Industries, Inc.		275		9,477
Raytheon Co.		1,951		428,713
RBC Bearings, Inc. (d)		165		26,126
Red Violet, Inc. (d)		1,490		27,580
Regal Beloit Corp.		100		8,561
Republic Services, Inc.		1,233		110,514
Resideo Technologies, Inc. (d)		758		9,043
Resources Connection, Inc.		200		3,266
Rexnord Corp. (d)		325		10,602
Robert Half International, Inc.		1,000		63,150
Rockwell Automation, Inc.		830		168,216
Rollins, Inc.		1,350		44,766
Roper Technologies, Inc.		634		224,582
RR Donnelley & Sons Co.		425		1,679
Rush Enterprises, Inc. - Class A		75		3,488
Ryder System, Inc.		405		21,996
Saia, Inc. (d)		225		20,952
Simpson Manufacturing Co, Inc.		100		8,023
SkyWest, Inc.		375		24,236
Snap-on, Inc.		362		61,323
Southwest Airlines Co.		3,214		173,492
Spartan Motors, Inc.		75		1,356
Spirit AeroSystems Holdings, Inc.		700		51,016
Spirit Airlines, Inc. (d)		475		19,147
SPX Corp. (d)		312		15,875
SPX FLOW, Inc. (d)		312		15,247
Standex International Corp.		50		3,968
Stanley Black & Decker, Inc.		1,020		169,055
Steelcase, Inc. - Class A		875		17,903
Stericycle, Inc. (d)		575		36,691
Sunrun, Inc. (d)		1,550		21,406
Systemax, Inc.		600		15,096
Team, Inc. (d)		1,114		17,791
Teledyne Technologies, Inc. (d)		211		73,120
Terex Corp.		825		24,569
Tetra Tech, Inc.		418		36,015
Textainer Group Holdings Ltd. (d)		700		7,497
Textron, Inc.		1,375		61,325
The Boeing Co.		3,688		1,201,403
The Brink's Co.		150		13,602
The Gorman-Rupp Co.		182		6,825
The Greenbrier Cos., Inc.		200		6,486
The Manitowoc Co, Inc. (d)		268		4,690
The Middleby Corp. (d)		468		51,255
The Timken Co.		375		21,116
The Toro Co.		528		42,066
TransDigm Group, Inc.		298		166,880
TransUnion		650		55,647
Trex Co, Inc. (d)		450		40,446
TriNet Group, Inc. (d)		200		11,322
Trinity Industries, Inc.		1,050		23,258
Triumph Group, Inc.		256		6,469
TrueBlue, Inc. (d)		300		7,218
Tutor Perini Corp. (d)		200		2,572
Twin Disc, Inc. (d)		400		4,408
Ultralife Corp. (d)		200		1,478
UniFirst Corp.		86		17,370
Union Pacific Corp.		4,657		841,939
United Airlines Holdings, Inc. (d)		1,581		139,270
United Parcel Service, Inc. - Class B		4,100		479,946
United Rentals, Inc. (d)		542		90,389
United Technologies Corp.		5,348		800,916
Univar Solutions, Inc. (d)		575		13,938
Universal Forest Products, Inc.		399		19,032
Upwork, Inc. (d)		1,040		11,097
US Ecology, Inc.		200		11,582
Valmont Industries, Inc.		159		23,815
Vectrus, Inc. (d)		122		6,254
Verisk Analytics, Inc.		1,124		167,858
Veritiv Corp. (d)		97		1,908
Viad Corp.		100		6,750
Vicor Corp. (d)		300		14,016
Wabash National Corp.		50		735
WABCO Holdings, Inc. (d)		303		41,057
Waste Management, Inc.		2,145		244,444
Watsco, Inc.		214		38,552
Watts Water Technologies, Inc. - Class A		300		29,928
Welbilt, Inc. (d)		1,075		16,781
Werner Enterprises, Inc.		250		9,098
WESCO International, Inc. (d)		300		17,817
Westinghouse Air Brake Technologies Corp.		869		67,608
Willdan Group, Inc. (d)		340		10,805
Woodward, Inc.		500		59,220
WW Grainger, Inc.		423		143,194
XPO Logistics, Inc. (d)		655		52,204
Xylem, Inc.		1,300		102,427
				19,438,386
Information Technology - 22.1%
2U, Inc. (d)		325		7,797
3D Systems Corp. (d)		848		7,420
8x8, Inc. (d)		1,000		18,300
ACI Worldwide, Inc. (d)		560		21,216
Adobe, Inc. (d)		3,131		1,032,635
Advanced Energy Industries, Inc. (d)		300		21,360
Advanced Micro Devices, Inc. (d)		5,945		272,638
Agilysys, Inc. (d)		500		12,705
Akamai Technologies, Inc. (d)		984		84,998
Alliance Data Systems Corp.		408		45,778
Alteryx, Inc. - Class A (d)		180		18,013
Ambarella, Inc. (d)		300		18,168
Amkor Technology, Inc. (d)		1,050		13,650
Amphenol Corp. - Class A		1,600		173,168
Amtech Systems, Inc. (d)		472		3,380
Analog Devices, Inc.		2,429		288,662
Anaplan, Inc. (d)		720		37,728
Anixter International, Inc. (d)		167		15,381
ANSYS, Inc. (d)		500		128,705
Apple, Inc.		29,423		8,640,064
Applied Materials, Inc.		5,998		366,118
Arista Networks, Inc. (d)		320		65,088
Arrow Electronics, Inc. (d)		500		42,370
Aspen Technology, Inc. (d)		325		39,302
Autodesk, Inc. (d)		1,475		270,603
Automatic Data Processing, Inc.		3,124		532,642
Avalara, Inc. (d)		680		49,810
Avnet, Inc.		900		38,196
AVX Corp.		375		7,676
AXT, Inc. (d)		4,230		18,400
Badger Meter, Inc.		300		19,479
Bel Fuse, Inc. - Class B		300		6,150
Belden, Inc.		100		5,500
Benchmark Electronics, Inc.		475		16,321
Black Knight, Inc. (d)		585		37,721
Blackbaud, Inc.		200		15,920
Blackline, Inc. (d)		400		20,624
Booz Allen Hamilton Holding Corp.		1,000		71,130
Bottomline Technologies DE, Inc. (d)		375		20,100
Broadcom, Inc.		2,110		666,802
Broadridge Financial Solutions, Inc.		775		95,743
Brooks Automation, Inc.		106		4,448
Cabot Microelectronics Corp.		100		14,432
CACI International, Inc. - Class A (d)		99		24,749
Cadence Design Systems, Inc. (d)		1,902		131,923
CalAmp Corp. (d)		400		3,832
Calix, Inc. (d)		175		1,400
Cardtronics PLC - Class A (d)		175		7,814
CDW Corp.		1,025		146,411
Cerence, Inc. (d)		271		6,133
Ciena Corp. (d)		997		42,562
Cirrus Logic, Inc. (d)		400		32,964
Cisco Systems, Inc.		27,368		1,312,569
Citrix Systems, Inc.		1,118		123,986
Cognex Corp.		1,150		64,446
Cognizant Technology Solutions Corp. - Class A		4,298		266,562
Coherent, Inc. (d)		200		33,270
CommScope Holding Co, Inc. (d)		1,150		16,319
CommVault Systems, Inc. (d)		375		16,740
Comtech Telecommunications Corp.		100		3,549
Conduent, Inc. (d)		1,399		8,674
CoreLogic, Inc. (d)		677		29,592
Cornerstone OnDemand, Inc. (d)		500		29,275
Corning, Inc.		5,799		168,809
Coupa Software, Inc. (d)		290		42,413
Cree, Inc. (d)		625		28,844
CSG Systems International, Inc.		78		4,039
CTS Corp.		100		3,001
CyberOptics Corp. (d)		840		15,439
Cypress Semiconductor Corp.		1,625		37,911
Daktronics, Inc.		800		4,872
Dell Technologies, Inc. - Class C (d)		1,360		69,890
Diebold Nixdorf, Inc. (d)		650		6,864
Diodes, Inc. (d)		300		16,911
DocuSign, Inc. (d)		1,040		77,074
Dolby Laboratories, Inc. - Class A		300		20,640
DXC Technology Co.		1,978		74,353
Ebix, Inc.		31		1,036
EchoStar Corp. - Class A (d)		400		17,324
eGain Corp. (d)		2,700		21,384
Enphase Energy, Inc. (d)		840		21,949
Entegris, Inc.		1,011		50,641
Envestnet, Inc. (d)		375		26,111
EPAM Systems, Inc. (d)		300		63,648
Euronet Worldwide, Inc. (d)		349		54,988
Everbridge, Inc. (d)		310		24,205
Everspin Technologies, Inc. (d)		2,680		14,097
ExlService Holdings, Inc. (d)		300		20,838
F5 Networks, Inc. (d)		433		60,468
Fair Isaac Corp. (d)		146		54,703
FARO Technologies, Inc. (d)		200		10,070
Fidelity National Information Services, Inc.		2,981		414,627
FireEye, Inc. (d)		600		9,918
First Solar, Inc. (d)		400		22,384
Fiserv, Inc. (d)		3,168		366,316
Fitbit, Inc. - Class A (d)		425		2,792
Five9, Inc. (d)		570		37,381
FleetCor Technologies, Inc. (d)		628		180,688
FLIR Systems, Inc.		1,025		53,372
ForeScout Technologies, Inc. (d)		590		19,352
FormFactor, Inc. (d)		480		12,466
Fortinet, Inc. (d)		1,075		114,767
Gartner, Inc. (d)		581		89,532
Genpact Ltd.		1,125		47,441
Global Payments, Inc.		2,033		371,144
Guidewire Software, Inc. (d)		300		32,931
Hewlett Packard Enterprise Co.		8,527		135,238
HP, Inc.		9,122		187,457
HubSpot, Inc. (d)		300		47,550
II-VI, Inc. (d)		541		18,215
Infinera Corp. (d)		600		4,764
Inphi Corp. (d)		300		22,206
Insight Enterprises, Inc. (d)		200		14,058
Instructure, Inc. (d)		470		22,659
Intel Corp.		27,688		1,657,127
Intelligent Systems Corp. (d)		390		15,577
InterDigital, Inc.		246		13,405
International Business Machines Corp.		5,755		771,400
inTEST Corp. (d)		2,450		14,578
Intuit, Inc.		1,589		416,207
IPG Photonics Corp. (d)		281		40,723
Itron, Inc. (d)		200		16,790
j2 Global, Inc.		325		30,456
Jabil, Inc.		1,025		42,363
Jack Henry & Associates, Inc.		486		70,796
Juniper Networks, Inc.		2,190		53,940
KBR, Inc.		925		28,213
Key Tronic Corp. (d)		600		3,264
Keysight Technologies, Inc. (d)		1,298		133,214
Kimball Electronics, Inc. (d)		525		9,214
KLA Corp.		956		170,331
Knowles Corp. (d)		458		9,687
Kulicke & Soffa Industries, Inc.		400		10,880
Lam Research Corp.		996		291,230
Lattice Semiconductor Corp. (d)		1,220		23,351
Leidos Holdings, Inc.		931		91,136
Littelfuse, Inc.		118		22,573
LivePerson, Inc. (d)		770		28,490
LiveRamp Holdings, Inc. (d)		475		22,833
LogMeIn, Inc.		356		30,523
Lumentum Holdings, Inc. (d)		424		33,623
MACOM Technology Solutions Holdings, Inc. (d)		463		12,316
Manhattan Associates, Inc. (d)		350		27,913
Marvell Technology Group Ltd.		4,389		116,572
Mastercard, Inc. - Class A		6,175		1,843,793
Maxim Integrated Products, Inc.		1,775		109,180
MAXIMUS, Inc.		425		31,616
MaxLinear, Inc. (d)		475		10,080
Methode Electronics, Inc.		100		3,935
Microchip Technology, Inc.		1,574		164,829
Micron Technology, Inc. (d)		7,002		376,568
Microsoft Corp.		49,522		7,809,619
MicroStrategy, Inc. - Class A (d)		100		14,263
Mitek Systems, Inc. (d)		2,920		22,338
MKS Instruments, Inc.		300		33,003
MobileIron, Inc. (d)		3,650		17,739
Model N, Inc. (d)		690		24,198
Monolithic Power Systems, Inc.		200		35,604
Motorola Solutions, Inc.		1,132		182,410
Napco Security Technologies, Inc. (d)		900		26,451
National Instruments Corp.		812		34,380
NCR Corp. (d)		925		32,523
Net Element, Inc. (d)		2,980		9,566
NetApp, Inc.		1,355		84,349
NETGEAR, Inc. (d)		50		1,226
NetScout Systems, Inc. (d)		700		16,849
NetSol Technologies, Inc. (d)		2,580		10,320
New Relic, Inc. (d)		230		15,113
NIC, Inc.		375		8,381
NortonLifeLock, Inc.		3,483		88,886
Nuance Communications, Inc. (d)		2,175		38,780
Nutanix, Inc. - Class A (d)		470		14,692
NVE Corp.		100		7,140
NVIDIA Corp.		3,787		891,081
Okta, Inc. (d)		350		40,380
ON Semiconductor Corp. (d)		2,730		66,557
OneSpan, Inc. (d)		450		7,704
Onto Innovation, Inc. (d)		473		17,283
Oracle Corp.		15,650		829,137
OSI Systems, Inc. (d)		100		10,074
Palo Alto Networks, Inc. (d)		719		166,269
PAR Technology Corp. (d)		100		3,074
Paychex, Inc.		2,150		182,879
Paycom Software, Inc. (d)		300		79,428
Paylocity Holding Corp. (d)		300		36,246
PayPal Holdings, Inc. (d)		7,725		835,613
Pegasystems, Inc.		300		23,895
Perspecta, Inc.		989		26,149
Plantronics, Inc.		300		8,202
Plexus Corp. (d)		300		23,082
Power Integrations, Inc.		300		29,673
Powerfleet, Inc. (d)		100		651
PRGX Global, Inc. (d)		2,150		10,578
Progress Software Corp.		200		8,310
Proofpoint, Inc. (d)		316		36,270
PROS Holdings, Inc. (d)		300		17,976
PTC, Inc. (d)		865		64,780
Q2 Holdings, Inc. (d)		240		19,459
Qorvo, Inc. (d)		310		36,031
QUALCOMM, Inc.		8,235		726,574
Qualys, Inc. (d)		300		25,011
Rambus, Inc. (d)		500		6,888
Rapid7, Inc. (d)		540		30,251
RealPage, Inc. (d)		325		17,469
RingCentral, Inc. - Class A (d)		260		43,854
Sabre Corp.		1,400		31,416
SailPoint Technologies Holding, Inc. (d)		630		14,868
salesforce.com, Inc. (d)		5,259		855,324
Sanmina Corp. (d)		333		11,402
Science Applications International Corp.		340		29,587
Semtech Corp. (d)		300		15,870
ServiceNow, Inc. (d)		1,203		339,631
SharpSpring, Inc. (d)		1,870		21,449
Silicon Laboratories, Inc. (d)		200		23,196
Skyworks Solutions, Inc.		1,099		132,847
Slack Technologies, Inc. - Class A (d)		910		20,457
Splunk, Inc. (d)		918		137,489
Square, Inc. - Class A (d)		1,090		68,190
SS&C Technologies Holdings, Inc.		1,325		81,355
SunPower Corp. (d)		1,300		10,140
SVMK, Inc. (d)		1,170		20,908
Sykes Enterprises, Inc. (d)		102		3,773
Synaptics, Inc. (d)		333		21,901
Synchronoss Technologies, Inc. (d)		325		1,544
SYNNEX Corp.		229		29,495
Synopsys, Inc. (d)		1,117		155,486
Tech Data Corp. (d)		211		30,300
Teradata Corp. (d)		1,025		27,439
Teradyne, Inc.		1,075		73,304
TESSCO Technologies, Inc.		100		1,122
Texas Instruments, Inc.		5,425		695,973
The Trade Desk, Inc. - Class A (d)		140		36,369
The Western Union Co.		2,454		65,718
TiVo Corp.		878		7,445
Trimble, Inc. (d)		1,334		55,614
TTM Technologies, Inc. (d)		488		7,344
Twilio, Inc. - Class A (d)		630		61,916
Tyler Technologies, Inc. (d)		192		57,604
Unisys Corp. (d)		427		5,064
Universal Display Corp.		270		55,639
Upland Software, Inc. (d)		580		20,712
Varonis Systems, Inc. (d)		310		24,090
Veeco Instruments, Inc. (d)		400		5,874
Verint Systems, Inc. (d)		375		20,760
VeriSign, Inc. (d)		516		99,423
ViaSat, Inc. (d)		350		25,618
Viavi Solutions, Inc. (d)		1,328		19,920
Virtusa Corp. (d)		400		18,132
Visa, Inc. - Class A		11,316		2,126,276
Vishay Intertechnology, Inc.		806		17,160
Vishay Precision Group, Inc. (d)		129		4,386
VMware, Inc. - Class A (d)		594		90,163
Western Digital Corp.		2,020		128,209
WEX, Inc. (d)		214		44,824
Workday, Inc. - Class A (d)		535		87,981
Workiva, Inc. (d)		440		18,502
Xerox Holdings Corp.		1,748		64,449
Xilinx, Inc.		1,575		153,988
Xperi Corp.		400		7,400
Yext, Inc. (d)		1,150		16,583
Zebra Technologies Corp. - Class A (d)		225		57,474
Zendesk, Inc. (d)		550		42,147
Zix Corp. (d)		2,390		16,204
Zscaler, Inc. (d)		510		23,715
				44,767,444
Materials - 2.4%
AdvanSix, Inc. (d)		250		4,990
Air Products & Chemicals, Inc.		1,460		343,085
Albemarle Corp.		745		54,415
Alcoa Corp. (d)		1,163		25,016
Allegheny Technologies, Inc. (d)		775		16,011
American Vanguard Corp.		400		7,788
AptarGroup, Inc.		286		33,067
Ashland Global Holdings, Inc.		467		35,740
Avery Dennison Corp.		590		77,184
Axalta Coating Systems Ltd. (d)		675		20,520
Balchem Corp.		201		20,428
Ball Corp.		1,960		126,753
Berry Global Group, Inc. (d)		900		42,741
Cabot Corp.		400		19,008
Carpenter Technology Corp.		200		9,956
Celanese Corp.		795		97,880
Century Aluminum Co. (d)		600		4,509
CF Industries Holdings, Inc.		1,670		79,726
Clearwater Paper Corp. (d)		720		15,379
Cleveland-Cliffs, Inc. (e)		1,400		11,760
Coeur Mining, Inc. (d)		1,110		8,969
Commercial Metals Co.		775		17,259
Compass Minerals International, Inc.		100		6,096
Core Molding Technologies, Inc. (d)		200		650
Corteva, Inc.		4,773		141,090
Crown Holdings, Inc. (d)		900		65,286
Dow, Inc.		4,773		261,226
DuPont de Nemours, Inc.		4,463		286,525
Eagle Materials, Inc.		333		30,190
Eastman Chemical Co.		990		78,467
Ecolab, Inc.		1,764		340,434
Ferro Corp. (d)		575		8,527
Ferroglobe Representation & Warranty Insurance Trust (b)(c)(d)		500		–
FMC Corp.		875		87,342
Freeport-McMoRan, Inc.		8,769		115,049
GCP Applied Technologies, Inc. (d)		427		9,697
Graphic Packaging Holding Co.		1,325		22,061
Greif, Inc. - Class A		300		13,260
HB Fuller Co.		150		7,735
Huntsman Corp.		1,575		38,052
Ingevity Corp. (d)		393		34,340
International Flavors & Fragrances, Inc.		471		60,768
International Paper Co.		2,237		103,014
Kaiser Aluminum Corp.		138		15,303
Kraton Corp. (d)		300		7,596
Livent Corp. (d)		818		6,994
Louisiana-Pacific Corp.		825		24,478
Martin Marietta Materials, Inc.		444		124,160
Minerals Technologies, Inc.		250		14,408
Myers Industries, Inc.		200		3,336
Neenah, Inc.		120		8,452
Newmont Goldcorp Corp.		4,770		207,257
Nucor Corp.		1,275		71,757
O-I Glass, Inc.		1,300		15,509
Olin Corp.		1,020		17,595
Packaging Corp of America		575		64,394
PH Glatfelter Co.		325		5,947
PolyOne Corp.		483		17,770
PPG Industries, Inc.		1,449		193,427
Quaker Chemical Corp.		100		16,452
Rayonier Advanced Materials, Inc.		500		1,920
Reliance Steel & Aluminum Co.		549		65,748
Royal Gold, Inc.		491		60,025
RPM International, Inc.		1,000		76,760
Schweitzer-Mauduit International, Inc.		300		12,597
Sealed Air Corp.		1,250		49,788
Sensient Technologies Corp.		335		22,140
Silgan Holdings, Inc.		150		4,662
Sonoco Products Co.		725		44,747
Southern Copper Corp.		747		31,733
Steel Dynamics, Inc.		1,550		52,762
Stepan Co.		148		15,161
Summit Materials, Inc. - Class A (d)		571		13,647
SunCoke Energy, Inc.		564		3,514
The Chemours Co.		1,289		23,318
The Mosaic Co.		2,625		56,805
The Scotts Miracle-Gro Co.		296		31,429
The Sherwin-Williams Co.		583		340,204
TimkenSteel Corp. (d)		400		3,144
Tredegar Corp.		671		14,997
Trinseo SA		300		11,163
UFP Technologies, Inc. (d)		500		24,805
United States Lime & Minerals, Inc.		50		4,515
United States Steel Corp. (e)		1,350		15,404
Valvoline, Inc.		1,282		27,448
Verso Corp. - Class A (d)		500		9,015
Vulcan Materials Co.		855		123,111
Westlake Chemical Corp.		202		14,170
Westrock Co.		1,534		65,824
Worthington Industries, Inc.		225		9,491
WR Grace & Co.		427		29,826
				4,856,701
Real Estate - 4.2%
Acadia Realty Trust		676		17,529
Agree Realty Corp.		300		21,051
Alexander & Baldwin, Inc.		213		4,464
Alexandria Real Estate Equities, Inc.		601		97,110
American Assets Trust, Inc.		425		19,507
American Campus Communities, Inc.		982		46,183
American Homes 4 Rent - Class A		1,700		44,557
American Tower Corp.		2,896		665,559
Apartment Investment & Management Co. - Class A		1,381		71,329
Apple Hospitality REIT, Inc.		1,975		32,094
AvalonBay Communities, Inc.		1,099		230,460
Boston Properties, Inc.		1,243		171,360
Braemar Hotels & Resorts, Inc.		130		1,161
Brandywine Realty Trust		1,413		22,255
Brixmor Property Group, Inc.		2,275		49,163
Camden Property Trust		725		76,922
CareTrust REIT, Inc.		403		8,314
CBRE Group, Inc. - Class A (d)		2,425		148,628
Chatham Lodging Trust		425		7,794
Colony Capital, Inc.		3,575		16,981
Columbia Property Trust, Inc.		1,075		22,478
CoreCivic, Inc.		799		13,887
CoreSite Realty Corp.		300		33,636
Corporate Office Properties Trust		850		24,973
Cousins Properties, Inc.		839		34,567
Crown Castle International Corp.		2,435		346,135
CubeSmart		1,412		44,450
CyrusOne, Inc.		725		47,437
DiamondRock Hospitality Co.		1,727		19,135
Digital Realty Trust, Inc.		1,631		195,296
Douglas Emmett, Inc.		1,300		57,070
Duke Realty Corp.		2,726		94,510
EastGroup Properties, Inc.		262		34,760
Empire State Realty Trust, Inc. - Class A		775		10,819
EPR Properties		422		29,810
Equinix, Inc.		530		309,361
Equity Commonwealth		993		32,600
Equity LifeStyle Properties, Inc.		1,478		104,036
Equity Residential		2,904		234,992
Essential Properties Realty Trust, Inc.		830		20,592
Essex Property Trust, Inc.		472		142,006
Extra Space Storage, Inc.		989		104,458
Federal Realty Investment Trust		520		66,940
First Industrial Realty Trust, Inc.		1,025		42,548
Four Corners Property Trust, Inc.		444		12,516
Franklin Street Properties Corp.		950		8,132
Front Yard Residential Corp.		33		407
Gaming and Leisure Properties, Inc.		1,217		52,392
Getty Realty Corp.		402		13,214
Global Medical REIT, Inc.		1,810		23,946
Healthcare Realty Trust, Inc.		875		29,199
Healthcare Trust of America, Inc. - Class A		1,025		31,037
Healthpeak Properties, Inc.		3,775		130,124
Hersha Hospitality Trust		550		8,002
Highwoods Properties, Inc.		800		39,128
Host Hotels & Resorts, Inc.		5,974		110,818
Hudson Pacific Properties, Inc.		1,225		46,121
Industrial Logistics Properties Trust		175		3,923
Investors Real Estate Trust		180		13,050
Invitation Homes, Inc.		871		26,104
Iron Mountain, Inc.		1,372		43,726
JBG SMITH Properties		764		30,476
Jones Lang LaSalle, Inc.		295		51,357
Kennedy-Wilson Holdings, Inc.		925		20,628
Kilroy Realty Corp.		700		58,730
Kimco Realty Corp.		3,350		69,378
Kite Realty Group Trust		725		14,159
Lamar Advertising Co. - Class A		400		35,704
Lexington Realty Trust		1,125		11,947
Liberty Property Trust		1,225		73,561
Life Storage, Inc.		350		37,898
LTC Properties, Inc.		50		2,238
Mack-Cali Realty Corp.		725		16,769
Medical Properties Trust, Inc.		1,500		31,665
Mid-America Apartment Communities, Inc.		859		113,268
National Health Investors, Inc.		325		26,481
National Retail Properties, Inc.		900		48,258
New Senior Investment Group, Inc.		695		5,317
New York REIT Liquidating, LLC (b)(c)(d)		130		1,690
Newmark Group, Inc. - Class A		765		10,293
Office Properties Income Trust		228		7,328
Omega Healthcare Investors, Inc.		1,749		74,070
Outfront Media, Inc.		336		9,012
Paramount Group, Inc.		1,800		25,056
Park Hotels & Resorts, Inc.		619		16,014
Pebblebrook Hotel Trust		1,188		31,850
Pennsylvania Real Estate Investment Trust		775		4,131
Physicians Realty Trust		900		17,046
Piedmont Office Realty Trust, Inc. - Class A		1,275		28,356
Plymouth Industrial REIT, Inc.		1,130		20,781
PotlatchDeltic Corp.		298		12,894
Preferred Apartment Communities, Inc. - Class A		2,770		36,896
Prologis, Inc.		4,883		435,271
PS Business Parks, Inc.		200		32,974
Public Storage		1,249		265,987
Rafael Holdings, Inc. - Class B (d)		1,018		18,161
Rayonier, Inc.		826		27,060
Rayonier, Inc. (b)(c)(d)		50,000		–
Realty Income Corp.		1,700		125,171
Regency Centers Corp.		1,182		74,572
Retail Opportunity Investments Corp.		725		12,803
Retail Properties of America, Inc. - Class A		2,075		27,805
Retail Value, Inc.		144		5,299
Rexford Industrial Realty, Inc.		430		19,638
RLJ Lodging Trust		1,633		28,937
RPT Realty		1,000		15,040
Ryman Hospitality Properties, Inc.		525		45,497
Sabra Health Care REIT, Inc.		1,436		30,644
SBA Communications Corp.		920		221,711
Senior Housing Properties Trust		2,075		17,513
Service Properties Trust		1,325		32,237
Simon Property Group, Inc.		2,553		380,295
SITE Centers Corp.		1,410		19,768
SL Green Realty Corp.		776		71,299
Spirit MTA REIT		300		230
Spirit Realty Capital, Inc.		600		29,508
STAG Industrial, Inc.		450		14,207
STORE Capital Corp.		675		25,137
Summit Hotel Properties, Inc.		975		12,032
Sun Communities, Inc.		500		75,050
Sunstone Hotel Investors, Inc.		1,840		25,613
Tanger Factory Outlet Centers, Inc. (e)		775		11,416
Taubman Centers, Inc.		500		15,545
Tejon Ranch Co. (d)		50		799
Terreno Realty Corp.		275		14,889
The Howard Hughes Corp. (d)		321		40,703
The Macerich Co.		803		21,617
The RMR Group, Inc. - Class A		71		3,240
The St Joe Co. (d)		500		9,915
UDR, Inc.		2,028		94,708
Uniti Group, Inc.		1,228		10,082
Universal Health Realty Income Trust		200		23,472
Urban Edge Properties		811		15,555
Urstadt Biddle Properties, Inc. - Class A		500		12,420
Ventas, Inc.		2,665		153,877
VEREIT, Inc.		6,175		57,057
Vornado Realty Trust		1,528		101,612
Washington Prime Group, Inc.		1,617		5,886
Washington Real Estate Investment Trust		450		13,131
Weingarten Realty Investors		1,050		32,802
Welltower, Inc.		2,820		230,620
Weyerhaeuser Co.		5,677		171,445
WP Carey, Inc.		210		16,808
Xenia Hotels & Resorts, Inc.		900		19,449
				8,520,514
Utilities - 3.2%
AES Corp.		4,360		86,764
ALLETE, Inc.		425		34,497
Alliant Energy Corp.		1,375		75,240
Ameren Corp.		1,625		124,800
American Electric Power Co, Inc.		3,355		317,081
American States Water Co.		510		44,186
American Water Works Co, Inc.		1,190		146,191
Aqua America, Inc.		1,326		62,242
Atmos Energy Corp.		760		85,014
Avangrid, Inc.		550		28,138
Avista Corp.		250		12,023
Black Hills Corp.		430		33,772
California Water Service Group		415		21,397
CenterPoint Energy, Inc.		2,900		79,083
CMS Energy Corp.		1,800		113,112
Consolidated Edison, Inc.		2,169		196,229
Dominion Energy, Inc.		4,617		382,380
DTE Energy Co.		1,023		132,857
Duke Energy Corp.		4,412		402,419
Edison International		2,291		172,764
El Paso Electric Co.		100		6,789
Entergy Corp.		1,150		137,770
Evergy, Inc.		1,715		111,629
Eversource Energy		2,092		177,966
Exelon Corp.		4,631		211,127
FirstEnergy Corp.		3,030		147,258
Genie Energy Ltd. - Class B		4,446		34,368
Hawaiian Electric Industries, Inc.		800		37,488
IDACORP, Inc.		313		33,428
MDU Resources Group, Inc.		1,075		31,938
MGE Energy, Inc.		150		11,823
Middlesex Water Co.		780		49,585
National Fuel Gas Co.		90		4,189
New Jersey Resources Corp.		500		22,285
NextEra Energy, Inc.		3,143		761,109
NiSource, Inc.		2,140		59,578
Northwest Natural Holding Co.		300		22,119
NorthWestern Corp.		400		28,668
NRG Energy, Inc.		2,772		110,187
OGE Energy Corp.		1,175		52,252
ONE Gas, Inc.		287		26,855
Ormat Technologies, Inc.		175		13,041
Otter Tail Corp.		350		17,952
PG&E Corp. (d)		3,350		36,415
Pinnacle West Capital Corp.		716		64,390
PNM Resources, Inc.		400		20,284
Portland General Electric Co.		500		27,895
PPL Corp.		4,140		148,543
Public Service Enterprise Group, Inc.		3,150		186,008
Sempra Energy		1,737		263,121
SJW Group		180		12,791
South Jersey Industries, Inc.		1,090		35,948
Southwest Gas Holdings, Inc.		325		24,690
Spire, Inc.		350		29,159
TerraForm Power, Inc. - Class A		2,090		32,165
The Southern Co.		6,540		416,598
The York Water Co.		290		13,372
UGI Corp.		1,805		81,514
Vistra Energy Corp.		2,177		50,049
WEC Energy Group, Inc.		2,039		188,057
Xcel Energy, Inc.		3,600		228,564
				6,519,156
Total Common Stocks (Cost $54,593,167)			$	200,261,688

RIGHTS - 0.0% (h)
AMR Corp., Escrow (b)(c)(d)		3,275	$	197
Media General, Inc. - CVR (b)(c)(d)		794		794
Schulman A, Inc. (b)(c)(d)		81		–
Total Rights (Cost $0)			$	991

SHORT-TERM INVESTMENT - 0.0% (h)
Money Market Fund - 0.0%
First American Government Obligations Fund - Class X, 1.508% (f)(g)		133,729	$	133,729
Total Short-Term Investment (Cost $133,729)			$	133,729


Total Investments at Value (Cost $54,726,896) - 99.0%			$	200,396,408
Other Assets in Excess of Liabilities - 1.0%				1,983,427
Net Assets - 100.0%			$	202,379,835

Percentages are stated as a percent of net assets.

CVR Contingent Value Right

(a)

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

(b)

Illiquid security. The total value of such securities is $2,709 as of December 31, 2019, representing 0.0% of net assets.

(c)

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 $2,709 as of December 31, 2019, representing 0.0% of net assets.

(d)

Non-income producing security.

(e)

This security or a partial position of this security is on loan at December 31, 2019. The total market value of securities on loan at December 31, 2019 was $124,705.

(f)

Rate listed is the 7-day effective yield as of December 31, 2019.

(g)

A portion of this security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2019 was $127,929.

(h)

Represents less than 0.1%.

WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE INTERNATIONAL EQUITY FUND	December 31, 2019
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 97.9%
Australia - 3.3%
AGL Energy Ltd. (a)		6,398	$	92,090
Alkane Resources Ltd. (a)(b)		122,007		49,962
Altium Ltd. (a)		4,021		97,976
Alumina Ltd. (a)		73,451		118,639
Appen Ltd. (a)		5,086		80,330
Aristocrat Leisure Ltd. (a)		5,169		122,139
ASX Ltd. (a)		411		22,630
Aurizon Holdings Ltd. (a)		130,217		477,887
Austal Ltd. (a)		20,690		55,412
Baby Bunting Group Ltd. (a)		23,310		54,966
Beach Energy Ltd. (a)		53,541		94,701
BHP Group Ltd. (a)		32,418		887,679
BlueScope Steel Ltd. (a)		4,292		45,459
Bravura Solutions Ltd. (a)		20,509		74,748
Centuria Metropolitan REIT (a)		55,916		113,955
Charter Hall Long Wale REIT (a)		11,070		42,721
Clinuvel Pharmaceuticals Ltd. (a)		3,772		75,278
Cochlear Ltd. (a)		2,386		376,048
Codan Ltd. (a)		7,737		40,443
Collins Foods Ltd. (a)		6,182		38,630
Coronado Global Resources, Inc. - ADR (a)		37,947		58,892
CSL Ltd. (a)		32,488		6,298,836
Data#3 Ltd. (a)		36,865		96,130
Dicker Data Ltd. (a)		29,960		145,040
EML Payments Ltd. (a)(b)(c)		16,752		53,326
Estia Health Ltd. (a)		18,873		32,280
GDI Property Group (a)		46,178		47,816
Goodman Group (a)		17,144		161,105
IDP Education Ltd. (a)		6,706		80,836
Independence Group NL (a)		26,335		115,450
Ingenia Communities Group (a)		12,749		44,425
Insurance Australia Group Ltd. (a)		69,084		371,196
JB Hi-Fi Ltd. (a)		8,321		220,224
Jumbo Interactive Ltd. (a)		3,763		39,461
Jupiter Mines Ltd. (a)		240,988		47,470
Macquarie Group Ltd. (a)		1,880		182,067
Medibank Pvt Ltd. (a)		85,832		190,223
National Storage REIT (a)		121,971		157,038
nearmap Ltd. (a)(b)		25,154		44,855
Netwealth Group Ltd. (a)		6,250		34,229
Newcrest Mining Ltd. (a)		3,335		70,432
NRW Holdings Ltd. (a)		20,080		45,563
Perenti Global Ltd. (a)		43,813		49,923
Perseus Mining Ltd. (a)(b)		63,807		51,573
Pro Medicus Ltd. (a)		5,378		84,231
Ramelius Resources Ltd. (a)		86,639		74,986
Red 5 Ltd. (a)(b)		304,465		70,119
Regis Healthcare Ltd. (a)		17,195		29,725
Regis Resources Ltd. (a)		22,835		69,093
Rio Tinto Ltd. (a)		1,186		83,909
Sandfire Resources NL (a)		14,859		62,433
Saracen Mineral Holdings Ltd. (a)(b)(c)		39,528		91,668
Select Harvests Ltd. (a)		6,310		37,189
Silver Lake Resources Ltd. (a)(b)		45,560		42,701
Super Retail Group Ltd. (a)		15,767		111,895
Telstra Corp. Ltd. (a)		97,750		242,810
TPG Telecom Ltd. (a)		19,806		93,320
Wesfarmers Ltd. (a)		5,197		151,034
Western Areas Ltd. (a)		18,387		39,157
Whitehaven Coal Ltd. (a)		13,454		24,951
				12,909,304
Austria - 0.3%
ams AG (a)(b)		1,723		69,950
AT&S Austria Technologie & Systemtechnik AG (a)		1,609		36,150
BAWAG Group AG (a)		5,482		247,772
EVN AG (a)		5,425		105,386
Porr AG (a)		2,081		35,850
Raiffeisen Bank International AG (a)		3,321		83,123
S IMMO AG (a)		5,593		139,218
Telekom Austria AG (a)		7,481		61,173
Vienna Insurance Group AG Wiener Versicherung Gruppe (a)		2,987		84,616
Wienerberger AG (a)		7,467		221,382
				1,084,620
Belgium - 0.8%
Ackermans & van Haaren NV (a)		2,337		366,437
Aedifica SA (a)		2,139		271,909
Anheuser-Busch InBev SA/NV (a)		5,222		427,686
Befimmo SA (a)		1,557		94,518
Fagron (a)		1,756		38,149
Intervest Offices & Warehouses NV (a)		1,828		52,553
KBC Group NV (a)		19,773		1,490,785
Montea C.V.A. (a)		916		83,259
Telenet Group Holding NV (a)		4,005		180,038
				3,005,334
Bermuda - 0.1%
Cosan Ltd. - Class A (b)		3,600		82,224
Fly Leasing Ltd. - ADR (b)		11,700		229,320
Johnson Electric Holdings Ltd. (a)		63,000		143,307
VTech Holdings Ltd. (a)		7,200		71,158
				526,009
Brazil - 1.0%
Ambev SA (a)		50,800		236,488
B3 SA - Brasil Bolsa Balcao (a)		11,100		119,243
Banco do Brasil SA (a)		1,400		18,478
Banco Santander Brasil SA (a)		2,600		32,153
BB Seguridade Participacoes SA (a)		48,100		452,202
Cia Siderurgica Nacional SA (a)		3,800		13,398
Cosan Logistica SA (a)(b)		15,600		90,203
EDP - Energias do Brasil SA (a)		10,300		56,784
Eneva SA (a)(b)		4,300		46,821
Fleury SA (a)		6,900		52,575
Instituto Hermes Pardini SA (a)		7,000		47,538
IRB Brasil Resseguros S/A (a)		37,800		367,224
JBS SA (a)		91,000		585,931
JSL SA (a)		23,500		157,079
Minerva SA (a)(b)		31,900		102,012
Multiplan Empreendimentos Imobiliarios SA (a)		3,400		28,129
Petro Rio SA (a)(b)		5,000		41,384
Porto Seguro SA (a)		2,100		32,832
QualiCorp. Consultoria e Corretora de Seguros SA (a)		14,600		135,146
Ser Educacional SA (a)		5,700		39,512
TIM Participacoes SA (a)		82,200		321,560
Vale SA (a)		66,696		887,435
Wiz Solucoes e Corretagem de Seguros SA (a)		19,300		67,858
YDUQS Part (a)		10,600		125,806
				4,057,791
Canada - 5.4%
Aecon Group, Inc.		4,200		56,666
Aimia, Inc. (b)		12,600		34,931
Alimentation Couche-Tard, Inc. - Class B		5,400		171,371
Allied Properties Real Estate Investment Trust		12,700		509,252
Artis Real Estate Investment Trust		7,000		64,149
Badger Daylighting Ltd.		2,000		54,122
Bank of Montreal		2,400		186,004
BRP, Inc.		2,200		100,229
Canadian National Railway Co.		3,900		352,804
Canadian Natural Resources Ltd.		8,000		258,750
Canadian Pacific Railway Ltd.		18,653		4,755,582
Canadian Western Bank		2,000		49,116
Cascades, Inc.		11,400		98,413
Centerra Gold, Inc. (b)		9,100		72,391
CI Financial Corp.		20,700		346,076
Cogeco Communications, Inc.		500		43,587
Cogeco, Inc.		1,600		128,254
Computer Modelling Group Ltd.		10,300		65,201
Constellation Software, Inc.		300		291,362
Crescent Point Energy Corp.		11,500		51,276
Detour Gold Corp. (b)		3,300		63,888
Dollarama, Inc.		45,405		1,560,529
Dream Industrial Real Estate Investment Trust		24,900		251,963
Element Fleet Management Corp.		4,800		40,993
Enerflex Ltd.		6,600		62,160
Enghouse Systems Ltd.		2,200		81,626
Equitable Group, Inc.		700		58,947
Fairfax Financial Holdings Ltd.		300		140,866
Finning International, Inc.		4,900		95,468
First National Financial Corp.		1,200		35,190
Franco-Nevada Corp.		700		72,283
Genworth MI Canada, Inc.		2,500		109,391
George Weston Ltd.		100		7,933
Granite Real Estate Investment Trust		5,600		284,539
Great Canadian Gaming Corp. (b)		1,400		46,403
Home Capital Group, Inc. (b)		3,200		81,223
iA Financial Corp., Inc.		1,800		98,875
IGM Financial, Inc.		2,600		74,643
Kirkland Lake Gold Ltd.		12,300		542,183
Labrador Iron Ore Royalty Corp.		5,300		100,486
Manulife Financial Corp.		21,200		430,351
Minto Apartment Real Estate Investment Trust		6,423		114,507
Morguard North American Residential Real Estate Investment Trust		6,400		91,129
North American Construction Group Ltd.		3,100		37,576
Northland Power, Inc.		15,200		318,386
Open Text Corp.		1,300		57,284
Parex Resources, Inc. (b)		9,900		184,117
Parkland Fuel Corp.		5,100		187,379
Pembina Pipeline Corp.		300		11,119
PrairieSky Royalty Ltd.		5,100		59,815
Restaurant Brands International, Inc.		2,400		152,995
Richelieu Hardware Ltd.		4,271		89,232
Ritchie Bros Auctioneers, Inc.		4,400		188,801
Royal Bank of Canada		7,900		625,101
Shopify, Inc. - Class A (b)		13,447		5,346,258
Slate Office REIT		10,400		46,852
Suncor Energy, Inc.		8,100		265,478
Surge Energy, Inc.		38,700		33,975
Teck Resources Ltd. - Class B		5,900		102,320
TFI International, Inc.		2,300		77,526
Thomson Reuters Corp.		3,100		221,754
Torex Gold Resources, Inc. (b)		4,000		63,209
Toromont Industries Ltd.		3,900		212,006
Transcontinental, Inc. - Class A		7,100		86,771
Tricon Capital Group, Inc.		10,200		83,498
True North Commercial Real Estate Investment Trust		26,954		151,318
Viemed Healthcare, Inc. (b)		9,400		58,852
Whitecap Resources, Inc.		14,100		60,263
Winpak Ltd.		3,231		116,894
				20,973,891
Cayman Islands - 1.4%
Alibaba Group Holding Ltd. - ADR (b)		1,800		381,780
Aoyuan Healthy Life Group Co. Ltd. (a)		77,000		57,879
Asia Cement China Holdings Corp. (a)		60,500		90,379
Baidu, Inc. - ADR (b)		6,680		844,352
Dongyue Group Ltd. (a)		69,000		38,268
Fantasia Holdings Group Co. Ltd. (a)		450,000		83,668
JD.com, Inc. - ADR (b)		20,627		726,689
Li Ning Co. Ltd. (a)		140,500		421,399
Logan Property Holdings Co. Ltd. (a)		88,000		147,656
Melco Resorts & Entertainment Ltd.		1,585		38,309
Momo, Inc. - ADR		5,600		187,600
NetEase, Inc. - ADR		3,800		1,165,232
New Oriental Education & Technology Group, Inc. - ADR (b)		3,500		424,375
Opera Ltd. - ADR (b)		3,200		29,600
Powerlong Real Estate Holdings Ltd. (a)		97,000		64,771
Qudian, Inc. - ADR (b)		4,500		21,195
Sands China Ltd. (a)		16,800		89,764
Sany Heavy Equipment International Holdings Co. Ltd. (a)		194,000		106,157
Shimao Property Holdings Ltd. (a)		24,000		93,009
Tiangong International Co. Ltd. (a)		92,000		38,383
Vinda International Holdings Ltd. (a)		37,000		67,346
Vipshop Holdings Ltd. - ADR (b)		7,600		107,692
Wisdom Education International Holdings Co. Ltd. (a)		86,000		36,416
Wynn Macau Ltd. (a)		19,200		47,311
				5,309,230
Chile - 0.0% (d)
Engie Energia Chile SA (a)		31,485		47,951
Inversiones Aguas Metropolitanas SA (a)		67,537		73,619
				121,570
China - 1.0%
Anhui Conch Cement Co. Ltd. - H Shares (a)		106,000		772,330
China Coal Energy Co. Ltd. - H Shares (a)		156,000		61,909
China Construction Bank Corp. - H Shares (a)		536,000		464,735
China Life Insurance Co. Ltd. - H Shares (a)		273,000		759,392
China Merchants Bank Co. Ltd. - H Shares (a)		6,000		30,847
China Oilfield Services Ltd. - H Shares (a)		138,000		216,662
China Pacific Insurance Group Co. Ltd. - H Shares (a)		25,000		98,500
China Shenhua Energy Co. Ltd. - H Shares (a)		51,500		107,682
CNOOC Ltd. (a)		141,000		234,459
COSCO SHIPPING Energy Transportation Co. Ltd. - H Shares (a)		104,000		49,121
Great Wall Motor Co. Ltd. - H Shares (a)		263,500		194,965
HUYA, Inc. - ADR (b)		5,152		92,478
Industrial & Commercial Bank of China Ltd. - H Shares (a)		548,000		422,798
PICC Property & Casualty Co. Ltd. - H Shares (a)		4,000		4,821
Ping An Insurance Group Co. of China Ltd. (a)		14,000		165,669
Shanghai Haohai Biological Technology Co. Ltd. - H Shares (a)(b)		8,100		48,963
Shenzhen Expressway Co. Ltd. - H Shares (a)		118,000		169,325
Tsingtao Brewery Co. Ltd. - H Shares (a)		2,000		13,436
Yanzhou Coal Mining Co. Ltd. - H Shares (a)		52,000		46,719
YiChang HEC ChangJiang Pharmaceutical Co. Ltd. - H Shares (a)		16,600		94,315
				4,049,126
Czech Republic - 0.4%
CEZ AS (a)		63,451		1,426,191
Komercni banka as (a)		59		2,161
				1,428,352
Denmark - 2.7%
AP Moller - Maersk A/S - Series B (a)		2,466		3,558,010
Carlsberg A/S - Series B (a)		1,674		249,821
Danske Bank A/S (a)		77,627		1,255,873
DSV Panalpina A/S (a)		30,408		3,505,317
GN Store Nord A/S (a)		2,801		131,761
Matas A/S (a)		3,990		33,033
Novo Nordisk A/S - Class B (a)		22,317		1,293,244
Pandora A/S (a)		1,307		56,840
Per Aarsleff Holding A/S (a)		1,397		44,943
SimCorp A/S (a)		2,940		334,509
Vestas Wind Systems A/S (a)		512		51,715
				10,515,066
Finland - 0.4%
Huhtamaki Oyj (a)		672		31,201
Kemira Oyj (a)		17,726		263,785
Kone Oyj - Class B (a)		6,677		436,597
Metso Oyj (a)		136		5,373
Neste Oyj (a)		8,298		288,780
Sampo Oyj - A Shares (a)		10,649		464,971
Tokmanni Group Corp. (a)		5,088		72,039
Valmet Oyj (a)		2,281		54,698
				1,617,444
France - 7.8%
Air France-KLM (a)(b)		5,044		56,271
Amundi SA (a)		24,570		1,932,108
Bouygues SA (a)		17,110		729,351
Bureau Veritas SA (a)		16,824		439,814
CGG SA (a)(b)		15,408		50,438
Cie Generale des Etablissements Michelin SCA (a)		8,785		1,081,079
CNP Assurances (a)		453		9,026
Coface SA (a)(b)		8,175		100,793
Dassault Aviation SA (a)		129		169,279
Dassault Systemes SE (a)		3,780		623,421
Eiffage SA (a)		406		46,579
Elior Group SA (a)		2,576		37,946
Elis SA (a)		13,602		282,909
Eramet (a)		675		34,920
EssilorLuxottica SA (a)		10,052		1,536,772
Eurazeo SE (a)		3,793		260,357
Fnac Darty SA (a)(b)		979		58,175
Gaztransport Et Technigaz SA (a)		2,576		248,112
Hermes International (a)		683		511,643
Ipsen SA (a)		1,887		167,504
Kaufman & Broad SA (a)		1,587		65,924
Kering SA (a)		444		292,560
Lagardere SCA (a)		14,244		310,945
Legrand SA (a)		1,615		131,888
L'Oreal SA (a)		2,360		697,873
LVMH Moet Hennessy Louis Vuitton SE (a)		12,931		6,025,277
Mersen SA (a)		1,485		56,985
Pernod Ricard SA (a)		17,554		3,141,086
Peugeot SA (a)		1,492		35,923
Publicis Groupe SA (a)		42,319		1,918,812
Quadient (a)		1,620		39,254
Rexel SA (a)		278,831		3,708,663
Safran SA (a)		3,170		489,638
Sanofi (a)		9,641		968,225
Schneider Electric SE (a)		30,114		3,093,918
SCOR SE (a)		15,348		646,090
SOITEC (a)(b)		689		72,742
TOTAL SA (a)		5,902		327,507
Vinci SA (a)		770		85,758
				30,485,565
Germany - 3.8%
adidas AG (a)		9,593		3,122,708
ADVA Optical Networking SE (a)(b)		4,649		42,281
Aixtron SE (a)(b)		3,939		37,612
Allianz SE (a)		3,490		855,151
Amadeus Fire AG (a)		914		151,856
BASF SE (a)		34,253		2,580,517
Bauer AG (a)		2,298		38,956
CompuGroup Medical SE (a)		1,054		75,172
Covestro AG (a)		12,427		578,232
CropEnergies AG (a)		3,954		48,684
CTS Eventim AG & Co. KGaA (a)		2,889		181,266
Dermapharm Holding SE (a)		1,965		87,475
Deutsche EuroShop AG (a)		3,423		101,369
Deutsche Pfandbriefbank AG (a)		7,519		122,460
Deutsche Telekom AG (a)		8,417		137,553
Encavis AG (a)		31,114		326,559
Evotec SE (a)(b)		4,341		111,918
Freenet AG (a)		4,499		103,024
Gerresheimer AG (a)		4,340		335,666
Hannover Rueck SE (a)		2,127		410,119
HOCHTIEF AG (a)		2,078		264,564
Hornbach Holding AG & Co. KGaA (a)		1,235		89,307
KION Group AG (a)		1,873		128,802
Kloeckner & Co. SE (a)		7,472		52,601
LPKF Laser & Electronics AG (a)(b)		4,453		78,853
Merck KGaA (a)		281		33,128
MTU Aero Engines AG (a)		137		39,035
New Work SE (a)		204		66,764
Rheinmetall AG (a)		428		49,076
SAP SE (a)		4,430		596,273
Siemens AG (a)		4,706		614,567
Siltronic AG (a)		405		40,692
Symrise AG (a)		277		29,115
Volkswagen AG (a)		14,910		2,887,856
Wirecard AG (a)		3,808		456,085
Wuestenrot & Wuerttembergische AG (a)		2,299		49,881
				14,925,177
Greece - 0.0% (d)
FF Group (b)(c)(e)		2,880		–
Hellenic Telecommunications Organization SA (a)		4,718		75,520
Motor Oil Hellas Corinth Refineries SA (a)		2,776		64,251
				139,771
Guernsey - 0.0% (d)
LondonMetric Property PLC (a)		11,469		35,931
Hong Kong - 5.0%
AIA Group Ltd. (a)		437,665		4,603,346
Air China Ltd. - H Shares (a)		6,000		6,087
ANTA Sports Products Ltd. (a)		16,000		143,251
Beijing Enterprises Water Group Ltd. (a)		2,000		1,012
C&D International Investment Group Ltd. (a)		41,000		47,404
China Aoyuan Group Ltd. (a)		48,000		78,323
China CITIC Bank Corp. Ltd. - H Shares (a)		113,000		67,755
China Education Group Holdings Ltd. (a)		45,000		58,930
China Gas Holdings Ltd. (a)		50,200		187,959
China Mobile Ltd. (a)		69,500		587,265
China Resources Power Holdings Co. Ltd. (a)		1,896,504		2,662,871
China Taiping Insurance Holdings Co. Ltd. (a)		59,800		148,337
China Tian Lun Gas Holdings Ltd. (a)		48,500		43,383
China Tianrui Group Cement Co. Ltd. (a)(b)		71,000		71,053
China Unicom Hong Kong Ltd. (a)		132,000		124,294
Chow Sang Sang Holdings International Ltd. (a)		34,000		42,304
CITIC Securities Co. Ltd. - H Shares (a)		10,500		23,955
Country Garden Holdings Co. Ltd. (a)		42,000		67,222
Country Garden Services Holdings Co. Ltd. (a)		107,000		360,250
Gemdale Properties & Investment Corp. Ltd. (a)		712,000		94,183
Greenland Hong Kong Holdings Ltd. (a)		92,000		39,892
Guangzhou R&F Properties Co. Ltd. - H Shares (a)		86,000		158,807
Hang Lung Group Ltd. (a)		58,000		143,480
Hang Seng Bank Ltd. (a)		15,000		310,050
Henderson Land Development Co. Ltd. (a)		63,800		313,070
Hengan International Group Co. Ltd. (a)		17,000		121,092
HKT Trust & HKT Ltd. (a)		74,000		104,287
Hong Kong Exchanges & Clearing Ltd. (a)		5,700		185,180
Hopson Development Holdings Ltd. (a)		62,000		62,865
K Wah International Holdings Ltd. (a)		79,000		44,096
Kaisa Group Holdings Ltd. (a)		103,000		49,169
Lee & Man Paper Manufacturing Ltd. (a)		111,000		84,081
Lenovo Group Ltd. (a)		3,489,000		2,343,050
Leyou Technologies Holdings Ltd. (a)(b)		110,000		32,875
Longfor Group Holdings Ltd. (a)		50,000		234,149
LVGEM China Real Estate Investment Co. Ltd. (a)		104,000		37,216
Melco International Development Ltd. - ADR (a)		17,000		47,760
MTR Corp. Ltd. (a)		2,500		14,774
New China Life Insurance Co. Ltd. - H Shares (a)		55,400		238,170
Perfect Shape Medical Ltd. (a)		108,000		42,561
Poly Property Group Co. Ltd. (a)		178,000		73,852
Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares (a)		176,000		210,892
Shui On Land Ltd. (a)		428,000		94,061
Shun Tak Holdings Ltd. (a)		96,000		45,838
Sinopec Engineering Group Co. Ltd. - H Shares (a)		71,000		42,496
Sinotruk Hong Kong Ltd. (a)		62,000		132,326
Sun Art Retail Group Ltd. (a)		9,000		10,921
Tencent Holdings Ltd. (a)		89,805		4,326,460
The United Laboratories International Holdings Ltd. (a)		60,000		43,719
Tingyi Cayman Islands Holding Corp. (a)		164,000		279,905
West China Cement Ltd. (a)		584,000		95,980
Xinyi Glass Holdings Ltd. (a)		60,000		79,499
Yihai International Holding Ltd. (a)		6,000		35,221
Yuexiu Property Co. Ltd. (a)		230,000		53,133
				19,550,111
Hungary - 0.1%
Magyar Telekom Telecommunications PLC (a)		43,671		66,058
OTP Bank Nyrt (a)		2,878		150,692
				216,750
India - 1.2%
Graphite India Ltd. (a)		11,340		48,221
HDFC Bank Ltd. - ADR		62,537		3,962,970
Just Dial Ltd. (a)(b)		7,010		56,123
Manappuram Finance Ltd. (a)		24,990		62,139
Multi Commodity Exchange of India Ltd. (a)		2,417		39,576
NCC Ltd. (a)		61,720		48,442
Power Finance Corp. Ltd. (a)(b)		103,759		171,478
REC Ltd. (a)		35,505		71,202
SpiceJet Ltd. (a)(b)		22,619		35,725
				4,495,876
Indonesia - 0.1%
Bumi Serpong Damai Tbk PT (a)(b)		112,300		10,121
Global Mediacom Tbk PT (a)(b)		1,242,200		31,126
Media Nusantara Citra Tbk PT (a)		384,400		45,076
Perusahaan Gas Negara Tbk PT (a)		400,200		62,399
Puradelta Lestari Tbk PT (a)		1,653,700		35,223
Unilever Indonesia Tbk PT (a)		91,000		275,086
				459,031
Ireland - 1.5%
Accenture PLC - Class A		23,357		4,918,283
C&C Group PLC (a)		36,389		196,391
DCC PLC (a)		1,307		113,369
UDG Healthcare PLC (a)		12,269		131,174
Willis Towers Watson PLC		2,961		597,944
				5,957,161
Isle Of Man - 0.0% (d)
Playtech PLC (a)		8,291		43,587
Israel - 0.2%
Ashtrom Group Ltd. (a)		4,956		74,257
AudioCodes Ltd.		3,300		84,777
ElCo. Ltd. (a)		1,538		54,974
Fox Wizel Ltd. (a)		1,552		70,749
Matrix IT Ltd. (a)		6,550		132,010
Nice Ltd. (a)(b)		572		88,694
Shikun & Binui Ltd. (a)		21,957		101,091
Teva Pharmaceutical Industries Ltd. - ADR (b)		6,274		61,485
				668,037
Italy - 2.3%
A2A SpA (a)		71,555		134,369
Anima Holding SpA (a)		6,844		35,367
Ascopiave SpA (a)		10,769		46,082
ASTM SpA (a)		1,079		32,630
Atlantia SpA (a)		4,359		101,735
Avio SpA (a)		2,276		35,409
Banca Farmafactoring SpA (a)		5,182		31,038
Banca Generali SpA (a)		7,240		235,365
Banca Mediolanum SpA (a)		16,034		159,333
Banca Monte dei Paschi di Siena SpA (a)(b)		21,641		33,979
Banca Sistema SpA (a)		48,146		99,820
Banco BPM SpA (a)(b)		17,800		40,513
Buzzi Unicem SpA (a)		2,546		64,177
Enel SpA (a)		227,870		1,810,168
Eni SpA (a)		38,327		595,268
EssilorLuxottica SA (a)		18,816		2,858,728
Eurotech SpA (a)(b)		10,441		98,912
Fiera Milano SpA (a)		12,418		76,368
IMA Industria Macchine Automatiche SpA (a)		481		34,593
Intesa Sanpaolo SpA (a)		61,474		161,935
Iren SpA (a)		16,467		51,073
Moncler SpA (a)		8,597		386,931
Piaggio & C SpA (a)		23,676		73,005
SAES Getters SpA (a)		2,221		75,609
Saipem SpA (a)(b)		15,851		77,523
Snam SpA (a)		49,689		261,256
Societa Iniziative Autostradali e Servizi SpA (a)		4,735		79,396
Telecom Italia SpA (a)(b)		149,313		93,248
Tinexta Spa (a)		2,940		38,230
UniCredit SpA (a)		71,230		1,041,172
Unieuro SpA (a)		4,186		62,892
Unione di Banche Italiane SpA (a)		46,275		151,267
Unipol Gruppo SpA (a)		15,105		86,719
				9,164,110
Japan - 14.0%
ABC-Mart, Inc. (a)		900		61,435
ADEKA Corp. (a)		1,800		27,117
Advantest Corp. (a)		3,400		191,754
Akatsuki, Inc. (a)		600		32,159
Alfresa Holdings Corp. (a)		1,900		38,599
Alinco, Inc. (a)		3,100		36,577
Alps Alpine Co. Ltd. (a)		8,500		192,944
Amada Holdings Co. Ltd. (a)		900		10,236
AOI TYO Holdings, Inc. (a)		6,500		42,774
Aoyama Trading Co. Ltd. (a)		2,200		30,958
Aozora Bank Ltd. (a)		10,400		274,755
Argo Graphics, Inc. (a)		2,200		68,225
Astellas Pharma, Inc. (a)		32,600		556,482
Avex, Inc. (a)		7,600		87,543
Bell System24 Holdings, Inc. (a)		2,300		36,065
Bunka Shutter Co. Ltd. (a)		19,200		169,182
CAC Holdings Corp. (a)		10,700		153,446
Calbee, Inc. (a)		300		9,774
Capcom Co. Ltd. (a)		1,900		52,592
Casio Computer Co. Ltd. (a)		4,400		87,927
Central Japan Railway Co. (a)		1,400		281,496
Chodai Co. Ltd. (a)		4,500		54,050
Credit Saison Co. Ltd. (a)		10,900		189,047
Daido Metal Co. Ltd. (a)		14,600		101,762
Daiichi Jitsugyo Co. Ltd. (a)		1,000		35,125
Dai-ichi Life Holdings, Inc. (a)		38,200		629,547
Daiki Aluminium Industry Co. Ltd. (a)		8,200		57,018
Daikin Industries Ltd. (a)		3,100		437,378
Daito Pharmaceutical Co. Ltd. (a)		2,000		58,133
Daito Trust Construction Co. Ltd. (a)		1,500		185,364
Daiwa Office Investment Corp. (a)		42		322,522
DCM Holdings Co. Ltd. (a)		10,000		97,397
Denki Kogyo Co. Ltd. (a)		3,400		101,488
Digital Garage, Inc. (a)		700		29,251
Dip Corp. (a)		1,100		32,493
DMG Mori Co. Ltd. (a)		1,900		29,070
East Japan Railway Co. (a)		2,900		261,760
Eisai Co. Ltd. (a)		2,400		179,582
Electric Power Development Co. Ltd. (a)		1,400		33,982
ES-Con Japan Ltd. (a)		4,200		36,045
Fast Retailing Co. Ltd. (a)		700		415,852
Ferrotec Holdings Corp. (a)		4,300		36,341
FJ Next Co. Ltd. (a)		12,300		129,515
Foster Electric Co. Ltd. (a)		2,900		50,939
Fujikura Ltd. (a)		8,200		33,740
Fujimi, Inc. (a)		1,600		44,988
Fujita Kanko, Inc. (a)(b)		2,000		51,837
Fujitsu Ltd. (a)		24,200		2,276,151
Fukuoka Financial Group, Inc. (a)		45,900		876,968
Furukawa Co. Ltd. (a)		3,900		51,370
Future Corp. (a)		3,600		59,677
Godo Steel Ltd. (a)		4,900		126,292
Goldcrest Co. Ltd. (a)		7,300		139,256
GS Yuasa Corp. (a)		1,500		32,331
Hamamatsu Photonics KK (a)		1,700		69,667
Hikari Tsushin, Inc. (a)		1,800		452,336
HIS Co. Ltd. (a)		3,500		100,425
Hitachi Ltd. (a)		1,200		50,635
Hitachi Metals Ltd. (a)		241,200		3,550,396
Hokkaido Electric Power Co., Inc. (a)		12,600		61,253
Hokuetsu Corp. (a)		30,500		156,796
Hokuhoku Financial Group, Inc. (a)		3,300		34,590
Hokuto Corp. (a)		5,300		96,228
Honda Motor Co. Ltd. (a)		113,600		3,215,055
Honeys Holdings Co. Ltd. (a)		6,200		101,925
Hosiden Corp. (a)		6,200		78,334
House Foods Group, Inc. (a)		1,100		37,525
Hoya Corp. (a)		1,800		171,832
IDEA Consultants, Inc. (a)		3,400		94,767
Iida Group Holdings Co. Ltd. (a)		72,600		1,272,353
Iino Kaiun Kaisha Ltd. (a)		18,900		64,082
Inabata & Co. Ltd. (a)		4,900		73,206
Ines Corp. (a)		5,100		63,726
Inpex Corp. (a)		231,400		2,397,242
Internet Initiative Japan, Inc. (a)		6,500		175,172
Isuzu Motors Ltd. (a)		47,900		566,215
Itochu Techno-Solutions Corp. (a)		8,600		242,194
Jaccs Co. Ltd. (a)		5,500		140,713
Japan Hotel REIT Investment Corp. (a)		42		31,373
Japan Petroleum Exploration Co. Ltd. (a)		4,200		113,104
Japan Retail Fund Investment Corp. (a)		110		236,710
Japan Securities Finance Co. Ltd. (a)		17,800		84,941
JGC Holdings Corp. (a)		2,400		38,198
JVCKenwood Corp. (a)		18,900		47,318
JXTG Holdings, Inc. (a)		502,400		2,280,182
Kandenko Co. Ltd. (a)		21,900		209,918
Kanto Denka Kogyo Co. Ltd. (a)		5,000		46,614
Kao Corp. (a)		700		57,733
KAWADA TECHNOLOGIES, Inc. (a)		500		30,677
Keihin Corp. (a)		3,700		86,414
Kewpie Corp. (a)		3,500		78,636
Key Coffee, Inc. (a)		2,800		59,487
Keyence Corp. (a)		9,980		3,504,363
KFC Holdings Japan Ltd. (a)		5,100		149,066
Koito Manufacturing Co. Ltd. (a)		6,900		319,511
Kojima Co. Ltd. (a)		6,000		28,902
Kokuyo Co. Ltd. (a)		6,500		96,973
KOMEDA Holdings Co. Ltd. (a)		1,900		37,051
Kubota Corp. (a)		12,300		193,150
Kumiai Chemical Industry Co. Ltd. (a)		8,100		74,110
Kureha Corp. (a)		2,400		144,117
Lasertec Corp. (a)		1,200		60,858
Lawson, Inc. (a)		1,500		85,144
Life Corp. (a)		3,000		71,296
LIXIL Group Corp. (a)		7,800		134,603
McDonald's Holdings Co. Japan Ltd. (a)		5,900		284,255
MCUBS MidCity Investment Corp. (a)		49		53,197
Micronics Japan Co. Ltd. (a)		4,200		47,129
Mimasu Semiconductor Industry Co. Ltd. (a)		4,300		86,208
Mirai Corp. (a)		525		294,868
Mitsubishi Corp. (a)		8,200		217,229
Mitsubishi UFJ Financial Group, Inc. (a)		16,000		86,501
Mitsui & Co. Ltd. (a)		65,100		1,157,187
Mitsui E&S Holdings Co. Ltd. (a)(b)		4,200		33,980
Mitsui Matsushima Holdings Co. Ltd. (a)		4,500		49,989
Mitsui Sugar Co. Ltd. (a)		1,500		31,313
Mitsui-Soko Holdings Co. Ltd. (a)		5,500		103,543
Moriroku Holdings Co. Ltd. (a)		3,100		67,800
MS&AD Insurance Group Holdings, Inc. (a)		22,400		739,395
Nasu Denki Tekko Co. Ltd. (a)		400		59,687
Nichiban Co. Ltd. (a)		2,300		39,128
Nichi-iko Pharmaceutical Co. Ltd. (a)		3,800		47,238
Nihon Chouzai Co. Ltd. (a)		1,800		63,061
Nihon Falcom Corp. (a)		2,500		28,195
Nikkiso Co. Ltd. (a)		7,100		93,047
Nikkon Holdings Co. Ltd. (a)		4,200		105,008
Nintendo Co. Ltd. (a)		1,500		599,940
Nippon Antenna Co. Ltd. (a)		4,200		45,719
Nippon Carbon Co. Ltd. (a)		2,100		78,468
Nippon Electric Glass Co. Ltd. (a)		2,500		55,500
Nippon Pillar Packing Co. Ltd. (a)		4,000		55,225
Nippon Sheet Glass Co. Ltd. (a)		20,400		129,125
Nippon Thompson Co. Ltd. (a)		7,000		33,003
Nishi-Nippon Financial Holdings, Inc. (a)		17,400		135,484
Nishio Rent All Co. Ltd. (a)		1,700		48,438
Nissan Chemical Corp. (a)		2,000		83,756
Nissin Kogyo Co. Ltd. (a)		2,500		50,628
Nittetsu Mining Co. Ltd. (a)		1,100		50,732
Nitto Denko Corp. (a)		13,300		747,830
Nohmi Bosai Ltd. (a)		1,800		40,351
Nomura Research Institute Ltd. (a)		7,301		156,139
North Pacific Bank Ltd. (a)		15,000		33,419
NS United Kaiun Kaisha Ltd. (a)		2,500		51,274
NSD Co. Ltd. (a)		2,400		39,519
NTT DOCOMO, Inc. (a)		15,000		417,842
Obic Co. Ltd. (a)		4,700		633,094
Olympus Corp. (a)		14,500		223,484
One REIT, Inc. (a)		64		210,838
Ono Pharmaceutical Co. Ltd. (a)		4,000		91,321
Organo Corp. (a)		2,000		123,050
Otsuka Corp. (a)		9,200		367,401
Otsuka Holdings Co. Ltd. (a)		6,700		298,647
Persol Holdings Co. Ltd. (a)		15,500		290,488
Prima Meat Packers Ltd. (a)		3,300		76,644
PS Mitsubishi Construction Co. Ltd. (a)		12,600		84,625
Recruit Holdings Co. Ltd. (a)		6,600		247,205
Relia, Inc. (a)		6,900		87,651
Renesas Electronics Corp. (a)(b)		33,000		225,454
Resona Holdings, Inc. (a)		270,200		1,177,675
Resorttrust, Inc. (a)		2,200		37,295
Restar Holdings Corp. (a)		5,500		101,973
Rohto Pharmaceutical Co. Ltd. (a)		1,700		51,442
Roland DG Corp. (a)		2,500		49,806
Ryoyo Electro Corp. (a)		1,900		35,234
SAMTY Co. Ltd. (a)		4,400		90,498
Sanki Engineering Co. Ltd. (a)		7,700		108,439
Sankyo Co. Ltd. (a)		5,600		185,992
Sanshin Electronics Co. Ltd. (a)		2,800		45,782
Sawai Pharmaceutical Co. Ltd. (a)		1,400		88,695
Scala, Inc. (a)		4,000		28,625
SEC Carbon Ltd. (a)		600		51,976
Secom Co. Ltd. (a)		700		62,470
Seikoh Giken Co. Ltd. (a)		1,300		40,203
Seino Holdings Co. Ltd. (a)		8,800		118,893
Sekisui House Reit, Inc. (a)		520		437,271
Sekisui Plastics Co. Ltd. (a)		7,300		55,281
Seven & i Holdings Co. Ltd. (a)		1,000		36,655
Shimano, Inc. (a)		5,300		859,824
Shin Nippon Biomedical Laboratories Ltd. (a)		4,800		27,653
Shin-Etsu Chemical Co. Ltd. (a)		6,000		659,839
Shinko Shoji Co. Ltd. (a)		7,300		59,180
Shinsei Bank Ltd. (a)		7,800		119,006
Shionogi & Co. Ltd. (a)		8,800		544,381
Showa Denko KK (a)		200		5,271
Showa Sangyo Co. Ltd. (a)		2,400		68,656
SK-Electronics Co. Ltd. (a)		1,800		32,769
SKY Perfect JSAT Holdings, Inc. (a)		22,900		101,532
Softbank Corp. (a)		7,600		101,914
SoftBank Group Corp. (a)		12,600		547,055
Sojitz Corp. (a)		33,200		107,007
Sony Financial Holdings, Inc. (a)		4,800		115,223
Studio Alice Co. Ltd. (a)		3,600		62,694
Subaru Corp. (a)		22,600		559,798
Sumitomo Corp. (a)		16,000		237,654
Sumitomo Densetsu Co. Ltd. (a)		3,300		88,709
Sumitomo Mitsui Financial Group, Inc. (a)		70,100		2,589,169
Sumitomo Mitsui Trust Holdings, Inc. (a)		600		23,719
Sumitomo Riko Co. Ltd. (a)		4,900		44,204
Sundrug Co. Ltd. (a)		500		18,091
SWCC Showa Holdings Co. Ltd. (a)		10,400		141,666
Sysmex Corp. (a)		1,800		122,553
T&D Holdings, Inc. (a)		1,600		20,233
Taisei Corp. (a)		2,200		91,126
Takara Standard Co. Ltd. (a)		4,300		77,402
Takasago Thermal Engineering Co. Ltd. (a)		2,100		37,569
Takashimaya Co. Ltd. (a)		19,100		214,248
Tama Home Co. Ltd. (a)		8,000		121,029
Tekken Corp. (a)		3,400		87,657
The 77 Bank Ltd. (a)		11,400		189,728
The Juroku Bank Ltd. (a)		4,100		96,063
The Nanto Bank Ltd. (a)		2,200		55,813
The Nisshin Oillio Group Ltd. (a)		3,400		117,743
The Tochigi Bank Ltd. (a)		16,500		35,447
TIS, Inc. (a)		2,600		153,694
Toho Holdings Co. Ltd. (a)		7,600		168,385
Tokai Carbon Co. Ltd. (a)		3,500		34,916
Tokyo Electron Ltd. (a)		1,600		349,328
Tokyotokeiba Co. Ltd.		1,100		34,826
Tokyu Construction Co. Ltd. (a)		35,800		254,995
TOMONY Holdings, Inc. (a)		25,100		95,049
Toppan Forms Co. Ltd. (a)		6,700		75,017
Topre Corp. (a)		2,200		35,458
Toray Industries, Inc. (a)		3,300		22,359
Torii Pharmaceutical Co. Ltd. (a)		5,600		156,795
Tosei Corp. (a)		4,000		54,609
Towa Pharmaceutical Co. Ltd. (a)		1,700		44,175
Transaction Co. Ltd. (a)		6,600		61,402
Trend Micro, Inc. (a)(b)		1,800		92,106
UNITED, Inc. (a)		5,200		65,838
Unitika Ltd. (a)(b)		10,800		37,110
USS Co. Ltd. (a)		6,400		120,981
UT Group Co. Ltd. (a)		1,600		47,682
V Technology Co. Ltd. (a)		500		25,344
Valor Holdings Co. Ltd. (a)		4,300		83,997
Vital KSK Holdings, Inc. (a)		10,000		96,030
Wakita & Co. Ltd. (a)		5,200		52,941
Wealth Management, Inc. (a)		2,600		46,179
Welcia Holdings Co. Ltd. (a)		2,400		152,470
Will Group, Inc. (a)		8,600		98,119
World Holdings Co. Ltd. (a)		2,500		44,207
Yakult Honsha Co. Ltd. (a)		600		33,068
Yamaha Corp. (a)		1,000		55,443
Yokohama Reito Co. Ltd. (a)		11,700		107,014
Yorozu Corp. (a)		2,600		34,901
Yotai Refractories Co. Ltd. (a)		5,300		34,837
Z Holdings Corp. (a)		19,000		80,220
				54,741,004
Jersey - 1.9%
boohoo Group PLC (a)(b)		11,719		46,281
Experian PLC (a)		185,233		6,279,343
Genel Energy PLC (a)		26,342		66,187
Man Group PLC (a)		19,052		39,902
Petrofac Ltd. (a)		6,230		31,767
WNS Holdings Ltd. - ADR (b)		3,100		205,065
WPP PLC (a)		45,666		642,628
				7,311,173
Luxembourg - 0.1%
Corestate Capital Holding SA (a)		3,380		142,236
PLAY Communications SA (a)		7,226		66,630
Reinet Investments SCA (a)		2,183		43,294
SES SA - ADR (a)		790		11,104
				263,264
Malaysia - 0.2%
Bermaz Auto Berhad (a)		99,600		51,151
Carlsberg Brewery Malaysia Berhad (a)		6,100		43,869
Genting Malaysia Berhad (a)		613,400		493,736
MMC Corp. Berhad (a)		361,900		87,224
Serba Dinamik Holdings Berhad (a)		72,200		38,868
Sunway Berhad (a)		88,072		38,753
				753,601
Mexico - 0.9%
America Movil SAB de CV		181,800		145,190
Controladora Vuela Cia de Aviacion SAB de CV - Class A (b)		36,300		37,975
Gentera SAB de CV		43,700		44,815
Grupo Aeroportuario del Centro Norte SAB de CV		16,700		125,033
Kimberly-Clark de Mexico SAB de CV - Class A		135,500		269,674
Qualitas Controladora SAB de CV		39,300		165,535
Regional SAB de CV		6,500		36,441
Wal-Mart de Mexico SAB de CV		870,531		2,499,136
				3,323,799
Netherlands - 3.0%
Airbus SE (a)		885		129,888
Argenx SE (a)(b)		272		43,749
ASML Holding NV (a)		4,600		1,361,866
ASML Holding NV - ADR		12,179		3,604,253
ASR Nederland NV (a)		3,262		122,246
EXOR NV (a)		4,707		364,942
Ferrari NV (a)		2,115		351,167
Fiat Chrysler Automobiles NV (a)		39,411		584,331
ING Groep NV (a)		194,213		2,334,919
Intertrust NV (a)		7,731		150,337
Koninklijke Ahold Delhaize NV (a)		21,582		541,115
Koninklijke DSM NV (a)		622		81,324
Koninklijke KPN NV (a)		60,401		178,750
Koninklijke Philips NV (a)		16,961		829,120
Koninklijke Volkerwessels NV (a)		4,162		102,569
NN Group NV (a)		7,320		278,328
Randstad NV (a)		777		47,611
SBM Offshore NV (a)		3,983		74,415
Unilever NV (a)		4,099		235,246
Wolters Kluwer NV (a)		2,034		148,514
				11,564,690
New Zealand - 0.1%
Fisher & Paykel Healthcare Corp. Ltd. (a)		6,714		100,482
Fletcher Building Ltd. (a)		10,240		35,100
Infratil Ltd. (a)		39,918		135,497
Meridian Energy Ltd. (a)		63,794		214,891
Metlifecare Ltd. (a)		8,926		41,045
				527,015
Norway - 0.2%
Aker BP ASA (a)		4,293		140,898
DNB ASA (a)		4,394		82,224
Equinor ASA (a)		4,607		91,874
Europris ASA (a)		19,452		76,537
Kongsberg Gruppen ASA (a)		3,262		51,260
Salmar ASA (a)		2,537		130,012
Telenor ASA (a)		10,539		188,919
				761,724
Philippines - 0.1%
Altus San Nicolas Corp. (b)(c)(e)		1,826		364
First Gen Corp. (a)		78,100		37,226
Globe Telecom, Inc. (a)		2,915		116,245
Manila Electric Co. (a)		18,980		118,743
PLDT, Inc. (a)		1,010		19,810
Robinsons Land Corp. (a)		53,400		29,036
SM Prime Holdings, Inc. (a)		22,900		19,007
				340,431
Poland - 0.1%
Bank Millennium SA (a)(b)		37,677		57,985
Enea SA (a)(b)		24,535		51,201
LPP SA (a)		68		158,085
mBank SA (a)(b)		1,002		102,845
Powszechna Kasa Oszczednosci Bank Polski SA (a)		15,385		139,675
				509,791
Portugal - 0.1%
Banco Comercial Portugues SA (a)		292,049		66,646
Galp Energia SGPS SA (a)		1,662		27,902
Mota-Engil SGPS SA (a)		30,151		63,398
Sonae SGPS SA (a)		102,699		104,890
				262,836
Republic of Korea - 2.3%
Autech Corp. (a)		3,346		33,741
BGF retail Co. Ltd. (a)		681		99,643
CammSys Corp. (a)(b)		14,896		39,748
Chongkundang Holdings Corp. (a)		613		53,442
CJ Corp. (a)		474		39,523
Classys, Inc. (a)		4,559		55,538
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a)(b)		3,190		76,550
Dawonsys Co. Ltd. (a)		4,663		63,706
DB HiTek Co. Ltd. (a)		2,524		60,237
Deutsch Motors, Inc. (a)(b)		9,896		65,565
DIO Corp. (a)(b)		1,094		39,692
Dongwon Development Co. Ltd. (a)		25,321		89,410
Doosan Bobcat, Inc. (a)		4,299		127,666
ENF Technology Co. Ltd. (a)		2,000		49,400
Fila Korea Ltd. (a)		1,185		54,147
Hana Financial Group, Inc. (a)		27,965		889,511
Handsome Co. Ltd. (a)		2,179		59,445
Hankook Technology Group Co. Ltd. (a)		2,107		26,155
Hansol Chemical Co. Ltd. (a)		602		55,091
Hansol Technics Co. Ltd. (a)(b)		4,620		35,607
Hanwha Aerospace Co. Ltd. (a)(b)		1,890		57,170
HDC Hyundai Development Co. Engineering & Construction (a)		1,963		43,404
HLscience Co. Ltd. (a)		1,229		58,005
HS Industries Co. Ltd. (a)		3,770		38,667
Hyosung Advanced Materials Corp. (a)(b)		507		48,548
Hyundai Mobis Co. Ltd. (a)		206		45,576
iMarketKorea, Inc. (a)		6,997		62,753
INTOPS Co. Ltd. (a)		4,588		51,056
IS Dongseo Co. Ltd. (a)		2,786		79,401
Kakao Corp. (a)(b)		561		74,302
KIWOOM Securities Co. Ltd. (a)		846		57,920
Koentec Co. Ltd. (a)		6,922		59,477
Kolmar BNH Co. Ltd. (a)		2,668		63,908
Korea Electric Terminal Co. Ltd. (a)		939		34,676
Korea Zinc Co. Ltd. (a)		204		74,965
Kwang Dong Pharmaceutical Co. Ltd. (a)		5,512		31,660
LG Hausys Ltd. (a)		1,485		70,253
Mcnex Co. Ltd. (a)		3,132		101,639
ME2ON Co. Ltd. (a)(b)		5,985		29,644
Neowiz (a)(b)		2,956		43,186
NEPES Corp. (a)		1,394		28,876
Nexen Tire Corp. (a)		8,213		64,870
Orion Holdings Corp. (a)		2,609		40,096
Osstem Implant Co. Ltd. (a)(b)		1,889		69,107
Partron Co. Ltd. (a)		6,890		78,516
Pearl Abyss Corp. (a)(b)		89		14,258
POSCO (a)		11,270		2,290,783
Pyeong Hwa Automotive Co. Ltd. (a)		3,702		27,546
RFHIC Corp. (a)		2,168		68,562
Samsung Electronics Co. Ltd. (a)		18,951		913,190
Samsung Engineering Co. Ltd. (a)(b)		13,582		224,459
Samsung SDS Co. Ltd. (a)		498		83,577
Seojin System Co. Ltd. (a)		1,393		34,526
SFA Semicon Co. Ltd. (a)(b)		11,606		43,146
Shinhan Financial Group Co. Ltd. (a)(b)		38,390		1,439,348
Soulbrain Co. Ltd. (a)		554		40,484
Suprema, Inc. (a)(b)		2,616		76,331
Woongjin Coway Co. Ltd. (a)		734		59,010
Youngone Corp. (a)(b)		1,189		35,159
				8,771,871
Russian Federation - 0.9%
Inter RAO UES PJSC (a)		2,985,000		242,782
Magnitogorsk Iron & Steel Works PJSC (a)		81,500		55,118
MMC Norilsk Nickel PJSC (a)		3,471		1,067,846
Mobile TeleSystems PJSC - ADR		14,900		151,235
OGK-2 PJSC (a)(b)		11,289,000		102,438
Rosneft Oil Co. PJSC - GDR (a)		175,678		1,275,406
Rostelecom PJSC (a)(b)		47,522		59,984
Severstal PJSC (a)		9,501		143,690
Sistema PJSFC (a)(b)		188,351		46,328
Tatneft PJSC (a)		30,728		376,432
TGC-1 PJSC (a)(b)		336,572,723		70,007
Unipro PJSC (a)(b)		1,420,102		63,687
				3,654,953
Singapore - 1.2%
Ascott Real Estate Investment Trust (a)		48,446		48,340
Ascendas Real Estate Investment Trust (a)		7,500		16,570
DBS Group Holdings Ltd. (a)		79,000		1,523,218
Frencken Group Ltd. (a)		131,700		90,606
Keppel DC REIT (a)		47,700		73,802
Mapletree Commercial Trust (a)		258,600		459,856
Singapore Exchange Ltd. (a)		71,400		470,250
SPH REIT (a)		64,000		50,971
Wilmar International Ltd. (a)		656,000		2,009,787
Yangzijiang Shipbuilding Holdings Ltd. (a)		73,800		61,517
				4,804,917
South Africa - 0.4%
AECI Ltd. (a)		4,727		36,095
African Rainbow Minerals Ltd. (a)		9,428		110,381
Anglo American Platinum Ltd. (a)		308		28,686
Assore Ltd. (a)		2,718		52,747
Capitec Bank Holdings Ltd. (a)		124		12,802
Clicks Group Ltd. (a)		2,277		41,750
DataTec Ltd. (a)		13,975		33,047
Harmony Gold Mining Co. Ltd. - ADR (b)		9,200		33,396
Kumba Iron Ore Ltd. (a)		5,369		159,740
Liberty Holdings Ltd. (a)		15,947		126,082
Momentum Metropolitan Holdings (a)		109,379		170,615
Mr Price Group Ltd. (a)		2,688		35,093
MTN Group Ltd. (a)		48,270		284,559
Netcare Ltd. (a)		78,493		109,107
Northam Platinum Ltd. (a)(b)		4,978		43,896
Rand Merchant Investment Holdings Ltd. (a)		41,978		92,565
Standard Bank Group Ltd. (a)		8,542		102,743
Super Group Ltd. (a)(b)		27,532		55,934
Vodacom Group Ltd. (a)		10,452		86,101
				1,615,339
Spain - 1.8%
ACS Actividades de Construccion y Servicios SA (a)		15,600		625,784
Amadeus IT Group SA (a)		37,979		3,110,371
Banco Bilbao Vizcaya Argentaria SA (a)		43,179		242,422
Banco Santander SA (a)		13,194		55,319
Bankia SA (a)		488,604		1,046,179
CIE Automotive SA (a)		7,843		186,127
Endesa SA (a)		1,556		41,553
Faes Farma SA (a)		34,785		195,770
Gestamp Automocion SA (a)		16,723		80,643
Grupo Catalana Occidente SA (a)		2,328		81,462
Grupo Empresarial San Jose SA (a)(b)		5,561		37,449
Iberdrola SA (a)		29,930		308,447
Indra Sistemas SA (a)(b)		13,120		150,292
Industria de Diseno Textil SA (a)		10,652		376,449
Masmovil Ibercom SA (a)(b)		3,121		71,326
Red Electrica Corp. SA (a)		5,497		110,764
Repsol SA (a)		17,356		272,667
Sacyr SA (a)		16,003		46,858
Tecnicas Reunidas SA (a)(b)		1,308		35,090
				7,074,972
Sweden - 2.6%
AcadeMedia AB (a)		6,617		39,090
AF Poyry AB (a)		2,054		47,969
Assa Abloy AB - Class B (a)		535		12,506
Atlas Copco AB - Class A (a)		95,556		3,814,182
Atlas Copco AB - Class B (a)		1,692		58,748
Axfood AB (a)		11,498		256,060
Betsson AB (a)		6,531		30,436
Bilia AB - Class A (a)		4,098		46,493
Biotage AB (a)		6,942		92,026
Evolution Gaming Group AB (a)		6,186		186,688
Fastighets AB Balder - B Shares (a)(b)		4,856		224,740
Fortnox AB		3,365		60,356
Hemfosa Fastigheter AB (a)		8,358		108,228
Hennes & Mauritz AB - Class B (a)		29,967		611,253
Hexagon AB - B Shares (a)		7,143		400,374
Hoist Finance AB (a)(b)		16,254		86,556
Indutrade AB (a)		4,553		162,812
Instalco AB (a)		6,909		99,464
Intrum AB (a)		4,479		133,822
Investor AB - B Shares (a)		4,980		271,877
Inwido AB (a)		14,488		111,590
KNOW IT AB (a)		2,184		48,761
Lifco AB (a)		4,002		244,476
Lindab International AB (a)		8,978		114,705
Loomis AB - Class B (a)		2,830		117,306
Lundin Petroleum AB (a)		6,250		212,215
Nordic Entertainment Group AB - Class B (a)		1,188		38,388
Nyfosa AB (a)(b)		8,572		74,156
Orexo AB (a)(b)		5,668		38,045
Recipharm AB - Class B (a)		4,780		76,168
Sandvik AB (a)		33,457		651,654
Scandic Hotels Group AB (a)		5,394		60,110
Skandinaviska Enskilda Banken AB - Class A (a)		10,120		95,126
SSAB AB - Class B (a)		23,027		75,247
Stillfront Group AB (a)(b)		1,261		49,558
Sweco AB - Class B (a)		4,430		170,789
Swedish Match AB (a)		3,573		184,069
Swedish Orphan Biovitrum AB (a)(b)		5,332		88,382
Telefonaktiebolaget LM Ericsson - B Shares (a)		57,770		504,784
Tethys Oil AB (a)		11,282		101,764
Trelleborg AB - Class B (a)		11,253		202,576
Vitrolife AB (a)		4,235		89,529
Volvo AB - B Shares (a)		11,015		184,404
				10,277,482
Switzerland - 8.4%
ABB Ltd. (a)		34,067		821,803
Adecco Group AG (a)		780		49,313
Alcon, Inc. (a)(b)		56,431		3,196,343
Belimo Holding AG (a)		35		263,715
Chubb Ltd.		23,756		3,697,859
Credit Suisse Group AG (a)		87,860		1,187,663
dormakaba Holding AG (a)		94		67,292
EMS-Chemie Holding AG (a)		619		406,952
Galenica AG (a)		2,397		148,042
Geberit AG (a)		6,002		3,368,811
Landis+Gyr Group AG (a)		875		90,953
Nestle SA (a)		52,567		5,691,181
Novartis AG (a)		15,233		1,442,407
Partners Group Holding AG (a)		751		688,312
Roche Holding AG (a)		14,875		4,834,417
SGS SA (a)		104		284,822
SIG Combibloc Group AG (a)		9,110		145,332
Sika AG (a)		17,600		3,305,201
Sonova Holding AG (a)		38		8,687
Sulzer AG (a)		532		59,304
Sunrise Communications Group AG (a)		1,667		130,964
Temenos AG (a)		924		146,167
UBS Group AG (a)		193,590		2,442,987
Vetropack Holding AG (a)		39		122,624
				32,601,151
Taiwan, Province of China - 5.5%
Advantech Co. Ltd. (a)		30,000		302,512
Basso Industry Corp. (a)		21,000		34,457
Bioteque Corp. (a)		15,000		65,272
Catcher Technology Co. Ltd. (a)		253,000		1,916,326
Cathay Financial Holding Co. Ltd. (a)(c)		37,000		52,535
Chang Wah Electromaterials, Inc. (a)		6,000		35,719
Chicony Electronics Co. Ltd. (a)		23,000		68,349
China Development Financial Holding Corp. (a)		765,000		248,477
China Life Insurance Co. Ltd. (a)(b)		256,976		219,394
China Metal Products (a)		68,000		71,236
Compal Electronics, Inc. (a)		882,000		555,536
Compeq Manufacturing Co. Ltd. (a)		29,000		43,731
Delta Electronics, Inc. (a)		32,000		161,932
Eclat Textile Co. Ltd. (a)		12,000		161,537
Egis Technology, Inc. (a)		5,000		39,504
Eva Airways Corp. (a)		144,177		66,128
Farglory Land Development Co. Ltd. (a)		44,000		59,129
Feng TAY Enterprise Co. Ltd. (a)		7,000		45,560
Formosa Petrochemical Corp. (a)		68,000		221,167
Genius Electronic Optical Co. Ltd. (a)		3,000		58,805
Giant Manufacturing Co. Ltd. (a)		4,000		28,475
Global Mixed Mode Technology, Inc. (a)		36,000		151,994
Great Wall Enterprise Co. Ltd. (a)		42,000		61,166
Hon Hai Precision Industry Co. Ltd. (a)		1,012,400		3,071,131
Innodisk Corp. (a)		7,000		40,442
Intai Technology Corp. (a)		13,000		57,940
International Games System Co. Ltd. (a)		8,000		104,070
Johnson Health Tech Co. Ltd. (a)		21,000		59,642
Kindom Development Co. Ltd. (a)		35,000		37,195
King Yuan Electronics Co. Ltd. (a)		275,000		344,965
Lanner Electronics, Inc. (a)		48,600		111,148
Li Cheng Enterprise Co. Ltd. (a)		34,344		55,056
Longwell Co. (a)		14,000		32,647
Lotus Pharmaceutical Co. Ltd. (a)(b)		10,041		38,451
MediaTek, Inc. (a)		24,000		355,610
Nantex Industry Co. Ltd. (a)		61,000		61,406
Nanya Technology Corp. (a)		12,000		33,583
Nien Made Enterprise Co. Ltd. (a)		20,000		185,009
Novatek Microelectronics Corp. (a)		52,000		381,004
Pan-International Industrial Corp. (a)		84,000		65,397
Parade Technologies Ltd. (a)		3,000		61,668
Pegavision Corp. (a)		7,170		43,501
Phison Electronics Corp. (a)		13,000		147,875
Powertech Technology, Inc. (a)		64,000		213,006
Radiant Opto-Electronics Corp. (a)		13,000		52,050
Realtek Semiconductor Corp. (a)		41,000		322,188
Ruentex Development Co. Ltd. (a)		182,000		274,664
Ruentex Industries Ltd. (a)		40,000		98,191
San Far Property Ltd. (a)		97,097		87,686
SCI Pharmtech, Inc. (a)		77,000		279,922
Shin Kong Financial Holding Co. Ltd. (a)		98,000		33,868
Shinkong Synthetic Fibers Corp. (a)		85,000		34,142
Sino-American Silicon Products, Inc. (a)		26,000		86,357
Standard Foods Corp. (a)		73,000		169,637
Taiwan Business Bank (a)		239,274		100,652
Taiwan Cement Corp. (a)		947		1,381
Taiwan FU Hsing Industrial Co. Ltd. (a)		30,000		43,931
Taiwan Semiconductor Manufacturing Co. Ltd. (a)		337,000		3,729,859
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		79,034		4,591,875
TOPBI International Holdings Ltd. (a)		27,575		86,905
TSC Auto ID Technology Co. Ltd. (a)		8,800		71,703
TYC Brother Industrial Co. Ltd. (a)		67,000		64,974
Unimicron Technology Corp. (a)		35,000		49,317
Uni-President Enterprises Corp. (a)		67,000		166,149
Unitech Printed Circuit Board Corp. (a)		41,000		46,152
United Integrated Services Co. Ltd. (a)		36,000		235,424
United Microelectronics Corp. (a)		910,000		498,634
Vanguard International Semiconductor Corp. (a)		30,000		79,361
Winbond Electronics Corp. (a)		16,000		10,456
				21,385,165
Thailand - 0.2%
Advanced Info Service PCL - NVDR (a)		40,400		286,874
Airports of Thailand PCL - NVDR (a)		25,500		63,122
Gunkul Engineering PCL - NVDR (a)		910,600		90,522
Major Cineplex Group PCL		154,000		129,724
PTG Energy PCL (a)		106,800		57,330
STP & I PCL - NVDR (a)		299,200		67,318
Vinythai PCL - NVDR (a)		44,900		37,809
Voltronic Power Technology Corp. (a)		3,150		75,195
				807,894
Turkey - 0.5%
Akbank T.A.S. (a)(b)		813,814		1,108,512
Anadolu Cam Sanayii AS (a)		71,296		52,230
Koza Altin Isletmeleri AS (a)(b)		5,405		67,239
Koza Anadolu Metal Madencilik Isletmeleri AS (a)(b)		26,802		45,187
Mavi Giyim Sanayi Ve Ticaret AS - Class B (a)(b)		9,404		91,486
Migros Ticaret AS (a)(b)		27,159		110,553
Otokar Otomotiv Ve Savunma Sanayi A.S. (a)		1,336		35,671
Soda Sanayii AS (a)		121,369		126,075
Tekfen Holding AS (a)		13,461		43,721
Trakya Cam Sanayii AS (a)		86,524		50,871
Vestel Elektronik Sanayi ve Ticaret AS (a)(b)		17,073		36,199
				1,767,744
United Kingdom - 11.2%
Admiral Group PLC (a)		7,163		218,891
Aggreko PLC (a)		16,916		186,803
AstraZeneca PLC (a)		1,886		188,775
Avast PLC (a)		34,835		209,344
Aviva PLC (a)		298,253		1,655,479
Bank of Georgia Group PLC (a)		2,479		53,548
Barclays PLC (a)		798,777		1,904,677
Barratt Developments PLC (a)		14,985		148,374
BHP Group PLC (a)		20,333		476,485
Bovis Homes Group PLC (a)		6,348		114,157
BP PLC (a)		49,587		311,944
Britvic PLC (a)		23,189		277,913
Bunzl PLC (a)		4,292		117,390
Burberry Group PLC (a)		5,320		155,322
Card Factory PLC (a)		42,680		83,668
Clinigen Group PLC (a)		6,200		76,094
Coats Group PLC (a)		82,910		81,930
Coca-Cola HBC AG (a)		1,531		52,039
Compass Group PLC (a)		168,148		4,214,115
ConvaTec Group PLC (a)		25,106		66,073
Countryside Properties PLC (a)		23,789		143,296
Cranswick PLC (a)		3,551		159,410
CVS Group PLC (a)		6,264		95,105
Dart Group PLC (a)		8,701		195,137
Diageo PLC (a)		19,740		831,784
Dialog Semiconductor PLC (a)(b)		1,864		94,668
Direct Line Insurance Group PLC (a)		91,520		378,671
Diversified Gas & Oil PLC (a)		43,486		61,412
Dunelm Group PLC (a)		18,111		277,328
Endava PLC - ADR (b)		800		37,280
Evraz PLC (a)		44,465		238,104
Firstgroup PLC (a)(b)		85,992		142,903
Forterra PLC (a)		18,022		82,666
Future PLC (a)		5,342		102,616
Games Workshop Group PLC (a)		3,465		279,953
Gamesys Group PLC (a)(b)		10,611		99,660
GlaxoSmithKline PLC (a)		27,291		641,262
Greggs PLC (a)		4,424		134,943
Hargreaves Lansdown PLC (a)		2,224		57,049
Hikma Pharmaceuticals PLC (a)		2,757		72,709
Hill & Smith Holdings PLC (a)		6,088		118,829
HSBC Holdings PLC (a)		299,694		2,346,153
ICON PLC (b)		11,986		2,064,349
Informa PLC (a)		2,401		27,308
IntegraFin Holdings PLC (a)		10,381		61,133
InterContinental Hotels Group PLC (a)		4,119		283,038
Intermediate Capital Group PLC (a)		13,135		280,158
Investec PLC (a)		34,022		199,941
J Sainsbury PLC (a)		570,256		1,738,865
John Wood Group PLC (a)		515,317		2,733,109
Judges Scientific PLC (a)		1,598		119,687
KAZ Minerals PLC (a)		13,806		97,103
Legal & General Group PLC (a)		16,163		64,928
M&G PLC (b)		9,618		30,219
Marshalls PLC (a)		9,492		108,189
Mitchells & Butlers PLC (a)(b)		32,608		198,408
Moneysupermarket.com Group PLC (a)		29,852		131,046
Morgan Advanced Materials PLC (a)		14,220		59,628
National Express Group PLC (a)		36,144		225,277
Next PLC (a)		1,252		116,666
OneSavings Bank PLC (a)		17,449		100,050
Persimmon PLC (a)		1,569		56,044
Plus500 Ltd. (a)		5,274		61,922
Pollen Street Secured Lending (a)		4,771		52,483
Prudential PLC (a)		5,908		113,202
QinetiQ Group PLC (a)		19,659		93,048
Redrow PLC (a)		16,330		161,183
RELX PLC (a)		4,605		116,246
Restore PLC (a)		9,254		67,420
Rhi Magnesita NV (a)		687		35,091
Rio Tinto PLC (a)		828		49,014
Royal Bank of Scotland Group PLC (a)		731,003		2,345,032
Royal Dutch Shell PLC - A Shares (a)		18,877		556,589
Senior PLC (a)		24,501		56,121
Smith & Nephew PLC (a)		121,105		2,918,739
Softcat PLC (a)		6,400		97,790
Sophos Group PLC (a)		17,636		130,233
Spirent Communications PLC (a)		13,169		43,935
SSP Group PLC (a)		5,321		45,811
Stagecoach Group PLC (a)		21,590		45,760
Standard Chartered PLC (a)		228,069		2,149,129
Synthomer PLC (a)		13,152		61,446
Tate & Lyle PLC (a)		53,526		539,323
Tesco PLC (a)		677,238		2,288,832
The Go-Ahead Group PLC (a)		2,003		58,696
TP ICAP PLC (a)		20,947		113,560
Travis Perkins PLC (a)		124,883		2,652,666
Unilever PLC (a)		911		52,148
Vodafone Group PLC (a)		1,375,105		2,669,612
WH Smith PLC (a)		3,666		126,345
William Hill PLC (a)		57,899		144,840
				43,725,321
United States - 3.4%
Constellium SE (b)		3,700		49,580
Frontline Ltd. (a)		4,236		53,708
Lululemon Athletica, Inc. (b)		11,328		2,624,358
Mettler-Toledo International, Inc. (b)		3,536		2,805,038
Mylan NV (b)		34,987		703,239
ResMed, Inc.		26,588		4,120,342
TechnipFMC PLC		118,575		2,542,248
Yum China Holdings, Inc.		7,800		374,478
				13,272,991
Virgin Islands (UK) - 0.0% (d)
Nomad Foods Ltd. (b)		1,500		33,555
Total Common Stocks (Cost $319,361,532)			$	381,891,527

PREFERRED STOCKS - 0.6%
Brazil - 0.2%
Azul SA (a)(b)		3,300	$	48,017
Banco Bradesco SA (a)		3,424		30,943
Banco do Estado do Rio Grande do Sul SA (a)		19,200		103,785
Cia Energetica de Minas Gerais (a)		50,200		172,915
Cia Paranaense de Energia (a)		4,500		77,607
Itau Unibanco Holding SA (a)		33,800		313,054
				746,321
Colombia - 0.1%
Bancolombia SA		10,107		140,818
Grupo Aval Acciones y Valores SA		121,564		53,992
				194,810
Germany - 0.0% (d)
Schaeffler AG (a)		3,400		36,711
Volkswagen AG (a)		315		62,004
				98,715
Republic of Korea - 0.3%
Hyundai Motor Co. (a)		19,076		1,181,509
Total Preferred Stocks (Cost $2,305,302)			$	2,221,355

RIGHT - 0.0% (d)
Australia - 0.0%
Charter Hall Long Wale (a)(b)		738	$	78
Total Right (Cost $143)			$	78

SHORT-TERM INVESTMENT - 0.6%
First American Government Obligations Fund - Class X, 1.508% (f)		2,402,569	$	2,402,569
Total Short-Term Investment (Cost $2,402,569)			$	2,402,569


Total Investments at Value - 99.1% (Cost $324,069,546)			$	386,515,529
Other Assets in Excess of Liabilities - 0.9%				3,589,749
Net Assets - 100.0%			$	390,105,278

Percentages are stated as a percent of net assets.

ADR American Depository Receipt

NVDR Non-voting Depository Receipt

GDR Global Depository Receipt

(a)

Level 2 security.

(b)

Non-income producing security.

(c)

Illiquid security. The total value of such securities is $197,893 as of December 31, 2019, representing 0.1% of net assets.

(d)

Represents less than 0.1%.

(e)

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 $364 as of December 31, 2019, representing 0.0% of net assets.

(f)

Rate listed is the 7-day effective yield as of December 31, 2019.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)

The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is 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 to open-end investment companies.

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

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	3/11/2020

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	3/11/2020

By (Signature and Title)*		/s/ Michael Wauters
		Michael Wauters
		Treasurer, Principal Financial Officer and Principal Accounting Officer

Date	3/11/2020

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